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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities    
Net income $ 45,769 $ 33,770
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 7,265 6,051
Amortization of intangible assets 5,342 5,632
Amortization of original issue discount and deferred financing costs 1,177 1,177
Deferred income taxes 5,151 4,283
Share-based compensation expense [1] 3,594 3,106
Other 66 102
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 46,970 18,744
Inventories (41,644) (48,798)
Other assets (1,293) 2,658
Accounts payable (37,176) (9,439)
Accrued wages and employee benefits (14,148) 813
Other accrued liabilities (5,762) 11,065
Excess tax benefits from equity awards (740) (196)
Net cash provided by operating activities 14,571 28,968
Investing activities    
Proceeds from sale of property and equipment 23 1
Proceeds from beneficial interests in securitization transactions 743 867
Expenditures for property and equipment (15,902) (6,496)
Acquisition of business, net of cash acquired (61,549) (369)
Net cash used in investing activities (76,685) (5,997)
Financing activities    
Proceeds from short-term borrowings 13,531 14,315
Repayments of short-term borrowings (13,282) (3,911)
Repayments of long-term borrowings and finance lease obligations (908) (408)
Stock repurchases (25,656)
Cash dividends paid to noncontrolling interest of subsidiary (314)
Taxes paid related to equity awards (3,156) (1,626)
Proceeds from exercise of stock options 2,193 1,400
Net cash used in financing activities (1,622) (16,200)
Effect of exchange rate changes on cash and cash equivalents 520 919
Net (decrease) increase in cash and cash equivalents (63,216) 7,690
Cash and cash equivalents at beginning of period 224,482 138,472
Cash and cash equivalents at end of period $ 161,266 $ 146,162
[1] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.