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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income $ 43,411 $ 45,769
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 8,335 7,265
Amortization of intangible assets 7,781 5,342
Amortization of original issue discount and deferred financing costs 642 1,177
Deferred income taxes 1,571 5,151
Share-based compensation expense [1] 4,574 3,594
Other 416 66
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (5,687) 46,970
Inventories (48,145) (41,644)
Other assets (6,017) (1,293)
Accounts payable 12,817 (37,176)
Accrued wages and employee benefits (18,125) (14,148)
Other accrued liabilities 12,976 (5,762)
Excess tax benefits from equity awards (3,203) (740)
Net cash provided by operating activities 11,346 14,571
Investing activities    
Proceeds from sale of property and equipment 0 23
Proceeds from beneficial interests in securitization transactions 618 743
Expenditures for property and equipment (12,894) (15,902)
Acquisition of business, net of cash acquired 0 (61,549)
Net cash used in investing activities (12,276) (76,685)
Financing activities    
Proceeds from short-term borrowings 20,694 13,531
Repayments of short-term borrowings (25,526) (13,282)
Repayments of long-term borrowings and finance lease obligations (1,176) (908)
Payment of contingent acquisition consideration (4,000) 0
Taxes paid related to equity awards (7,666) (3,156)
Proceeds from exercise of stock options 1,590 2,193
Net cash used in financing activities (16,084) (1,622)
Effect of exchange rate changes on cash and cash equivalents 1,587 520
Net decrease in cash and cash equivalents (15,427) (63,216)
Cash and cash equivalents at beginning of period 322,883 224,482
Cash and cash equivalents at end of period $ 307,456 $ 161,266
[1] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.