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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:    
Net income $ 407,173 $ 337,248
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 71,437 65,422
Impairment charge 1,993 0
Provision for credit losses (Note 2 & Note 6) 5,235 618
Deferred income taxes (3,363) 2,403
Share-based compensation expense 23,008 22,623
Other 488 879
Changes in assets and liabilities:    
Accounts receivable (72,409) (24,451)
Inventories (25,091) (36,582)
Other assets and liabilities 30,579 (54,770)
Accounts payable 512 1,181
Deferred revenue (10,433) (10,826)
Net cash provided by operating activities 429,129 303,745
Cash Flows from Investing Activities:    
Purchases of property and equipment (92,768) (109,058)
Acquisition of intangible assets (668) (255)
Acquisitions of a business and equity investment, net of cash acquired (250) (304)
Net cash used by investing activities (93,686) (109,617)
Cash Flows from Financing Activities:    
Repayments on revolving credit facilities, net (289,625) (169,532)
Issuance of senior notes 200,000 100,000
Debt issuance costs (4,995) (154)
Payment of acquisition-related contingent consideration (1,580) (2,255)
Repurchases of common stock, net (182,815) (160,969)
Proceeds from exercises of stock options and employee stock purchase plans 39,230 28,739
Shares withheld for statutory tax withholding on restricted stock (9,029) (7,849)
Net cash used by financing activities (248,814) (212,020)
Net effect of changes in exchange rates on cash (1,368) (1,906)
Net increase (decrease) in cash and cash equivalents 85,261 (19,798)
Cash and cash equivalents at beginning of period 90,326 123,794
Cash and cash equivalents at end of period 175,587 103,996
Supplemental Cash Flow Information:    
Cash paid for income taxes 79,909 80,036
Unpaid property and equipment, reflected in accounts payable and accrued liabilities $ 7,708 $ 19,196