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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities:    
Net income $ 831,489 $ 791,661
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and intangibles 173,500 161,447
Amortization of debt discount and issuance costs 2,078 1,811
Deferred income taxes 41,848 4,439
Share-based compensation programs 14,835 14,371
Other 8,174 4,174
Changes in operating assets and liabilities:    
Accounts receivable (28,761) (35,312)
Inventory (208,338) (158,877)
Accounts payable 217,486 390,849
Income taxes payable 32,124 39,636
Other 2,984 60 [1]
Net cash provided by operating activities 1,087,419 1,214,259 [1]
Investing activities:    
Purchases of property and equipment (347,756) (356,234)
Proceeds from sale of property and equipment 1,906 2,489
Payments received on notes receivable 0 1,047
Other (2,072) 0
Net cash used in investing activities (347,922) (352,698)
Financing activities:    
Proceeds from borrowings on revolving credit facility 2,487,000 0
Payments on revolving credit facility (2,218,000) 0
Proceeds from the issuance of long-term debt 748,800 499,160
Payments of debt issuance costs (7,490) (4,125)
Repurchases of common stock (1,893,148) (959,789)
Net proceeds from issuance of common stock 34,186 47,419
Other (156) (207) [1]
Net cash used in financing activities (848,808) (417,542) [1]
Net (decrease) increase in cash and cash equivalents (109,311) 444,019
Cash and cash equivalents at beginning of the period 146,598 [2] 116,301
Cash and cash equivalents at end of the period 37,287 560,320
Supplemental disclosures of cash flow information:    
Income taxes paid 359,838 416,901
Interest paid, net of capitalized interest $ 72,252 $ 59,547
[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.