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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net income $ 241,220 $ 159,557 $ 97,178
Adjustment to reconcile net income to net cash provided by operating activities:      
Depreciation, Total 25,296 23,127 21,465
Amortization of Intangible Assets, Total 22,112 28,861 32,953
Amortization of original issue discount and deferred financing costs 4,749 3,516 3,940
Loss on extinguishment of debt [1] 1,332 574
Loss on change in contractual interest rate [2] 2,957
Deferred income taxes 23,600 19,502 38,297
Share-based compensation expense [3] 14,563 10,205 9,493
Other 2,474 410 127
Net changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (43,243) (32,857) (21,223)
Inventories (152,594) (22,986) 14,680
Other assets (6,362) (14,783) 406
Accounts payable 86,359 42,788 32,908
Accrued wages and employee benefits 12,626 6,105 5,196
Other accrued liabilities 16,972 37,029 10,091
Excess tax benefits from equity awards (1,877) (3,152) (7,920)
Net cash provided by operating activities 247,227 257,322 241,122
Investing activities      
Proceeds from sale of property and equipment 214 82 1,360
Proceeds from beneficial interest in securitization transactions 3,933 3,794 12,287
Expenditures for property and equipment (47,601) (33,261) (30,467)
Acquisition of business, net of cash acquired (65,440) 1,257 (61,386)
Deposit paid related to acquisition (15,329)
Net cash used in investing activities (108,894) (28,128) (93,535)
Financing activities      
Proceeds from short-term borrowings 53,965 101,991 28,712
Proceeds from long-term borrowings 51,425 3,069
Repayments of short-term borrowings (27,880) (114,874) (27,755)
Repayments of long-term borrowings and capital lease obligations (101,827) (117,475) (37,627)
Stock repurchases (25,656) (30,012) (149,937)
Payment of debt issuance costs (1,702) (3,901) (4,557)
Cash dividends paid (314) (76)
Taxes paid related to equity awards (5,659) (5,892) (14,008)
Proceeds from the exercise of stock options 5,614 6,951 1,623
Excess tax benefits from equity awards 7,920
Net cash used in financing activities (52,034) (160,143) (195,705)
Effect of exchange rate changes on cash and cash equivalents (289) 2,149 (467)
Net increase (decrease) in cash and cash equivalents 86,010 71,200 (48,585)
Cash and cash equivalents at beginning of period 138,472 67,272 115,857
Cash and cash equivalents at end of period 224,482 138,472 67,272
Supplemental disclosure of cash flow information      
Interest 41,007 41,105 42,456
Income taxes $ 41,044 $ 23,836 $ 8,889
[1] Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayments.
[2] For the year ended December 31, 2016, represents a non-cash loss relating to the continued 25 basis point increase in borrowing costs as a result of the credit agreement leverage ratio remaining above 3.0 times based on projections at that time. Following the May 2017 Term Loan amendment, which removed the pricing grid based on leverage ratio achieved, gains or losses on changes in contractual interest rate will no longer be recorded in the statements of comprehensive income. Refer to Note 10, "Credit Agreements," to the consolidated financial statements for further information on the gains and losses on changes in the contractual interest rate.
[3] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.