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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 1,066,126 $ 1,024,130
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and intangibles 200,382 193,318
Amortization of debt discount and issuance costs 2,898 2,557
Deferred income taxes 12,383 17,234
Share-based compensation programs 16,578 15,144
Other 5,830 6,304
Changes in operating assets and liabilities:    
Accounts receivable (38,892) (32,799)
Inventory (154,986) (129,214)
Accounts payable 228,943 194,069
Income taxes payable 90,383 4,460
Other 60,031 46,816
Net cash provided by operating activities 1,489,676 1,342,019
Investing activities:    
Purchases of property and equipment (481,207) (350,461)
Proceeds from sale of property and equipment 5,479 3,353
Investment in tax credit equity investments (17,988) 0
Other 661 (716)
Net cash used in investing activities (493,055) (347,824)
Financing activities:    
Proceeds from borrowings on revolving credit facility 2,192,000 1,745,000
Payments on revolving credit facility (2,404,000) (2,046,000)
Proceeds from the issuance of long-term debt 499,955 498,660
Payments of debt issuance costs (3,991) (3,923)
Repurchases of common stock (1,307,983) (1,251,060)
Net proceeds from issuance of common stock 39,077 58,955
Other (190) (2,156)
Net cash used in financing activities (985,132) (1,000,524)
Net increase (decrease) in cash and cash equivalents 11,489 (6,329)
Cash and cash equivalents at beginning of the period 31,315 [1] 46,348
Cash and cash equivalents at end of the period 42,804 40,019
Supplemental disclosures of cash flow information:    
Income taxes paid 218,386 256,949
Interest paid, net of capitalized interest $ 110,014 $ 102,025
[1] The balance sheet at December 31, 2018, 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.