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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 110,546 $ 89,646
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 45,702 39,722
Amortization of intangible assets 15,045 13,237
Amortization of debt issuance costs 952 1,124
Deferred income taxes 7,418 4,857
Non-cash stock compensation expense 11,110 9,177
Gain on sale of property, equipment and real estate (518) (1,839)
Other non-cash adjustments 2,395 2,314
Change in assets and liabilities, net of effects of acquisitions    
Accounts receivable, net of allowances (68,365) (24,068)
Inventories (81,004) (494)
Accounts payable 121,405 68,456
Other assets and liabilities 42,508 (3,715)
Net cash provided by operating activities 207,194 198,417
Cash flows from investing activities    
Purchases of businesses, net of cash acquired 0 (85,780)
Purchases of property, equipment and real estate (71,037) (67,582)
Proceeds from sale of property, equipment and real estate 1,258 4,444
Insurance proceeds 0 107
Net cash used in investing activities (69,779) (148,811)
Cash flows from financing activities    
Proceeds from revolving credit facility 144,000 110,987
Repayments of proceeds from revolving credit facility (144,000) (110,987)
Repurchases of common stock under share repurchase program (1,416) (16,446)
Payments on finance lease obligations (4,613) (5,094)
Other financing activities, net (10,661) (5,530)
Net cash used in financing activities (16,690) (27,070)
Net increase in cash and cash equivalents 120,725 22,536
Cash and cash equivalents    
Beginning of period 165,496 150,723
End of period 286,221 173,259
Supplemental disclosure of non-cash transactions    
Accrued purchases of property and equipment 4,807 4,484
Acquisition-related holdback payments due at future date 3,462 4,527
Assets acquired under finance lease obligations 0 5,789
Right-of-use assets obtained in exchange for operating lease obligations $ 13,636 $ 34,836