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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities:    
Net income $ 264,934 $ 255,374
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and intangibles 57,008 52,778
Amortization of debt discount and issuance costs 642 546
Deferred income taxes 2,611 (3,322)
Share-based compensation programs 5,428 5,178
Other 1,810 1,481
Changes in operating assets and liabilities:    
Accounts receivable 219 (19,206)
Inventory (93,167) (70,745)
Accounts payable 51,230 174,378
Income taxes payable 116,009 127,638
Other (30,024) (20,979) [1]
Net cash provided by operating activities 376,700 503,121 [1]
Investing activities:    
Purchases of property and equipment (110,632) (103,974)
Proceeds from sale of property and equipment 245 864
Payments received on notes receivable 0 1,047
Other (636) 0
Net cash used in investing activities (111,023) (102,063)
Financing activities:    
Proceeds from borrowings on revolving credit facility 482,000 0
Payments on revolving credit facility (392,000) 0
Proceeds from the issuance of long-term debt 0 499,160
Payments of debt issuance costs 0 (3,725)
Repurchases of common stock (490,330) (312,656)
Net proceeds from issuance of common stock 15,750 16,074
Other (156) (204) [1]
Net cash (used in) provided by financing activities (384,736) 198,649 [1]
Net (decrease) increase in cash and cash equivalents (119,059) 599,707
Cash and cash equivalents at beginning of the period 146,598 [2] 116,301
Cash and cash equivalents at end of the period 27,539 716,008
Supplemental disclosures of cash flow information:    
Income taxes paid 0 23,765
Interest paid, net of capitalized interest $ 31,954 $ 23,063
[1] Certain prior period amounts have been reclassified to conform to current period presentation. See Note 9 “Recent Accounting Pronouncements” to the condensed consolidated financial statements in this report for more information.
[2] The balance sheet at December 31, 2016, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.