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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 300,438 $ 321,152
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and intangibles 73,963 63,964
Amortization of debt discount and issuance costs 1,035 918
Deferred income taxes (58,732) 4,312
Share-based compensation programs 5,875 5,424
Other 1,739 2,245
Changes in operating assets and liabilities:    
Accounts receivable (12,208) (60,914)
Inventory (106,937) (35,405)
Accounts payable 156,584 60,918
Income taxes payable 131,949 82,476
Other (34,613) (4,468)
Net cash provided by operating activities 459,093 440,622
Investing activities:    
Purchases of property and equipment (133,284) (152,914)
Proceeds from sale of property and equipment 1,901 1,811
Investment in tax credit equity investments (95,259) 0
Other 0 (295)
Net cash used in investing activities (226,642) (151,398)
Financing activities:    
Proceeds from borrowings on revolving credit facility 1,052,000 874,000
Payments on revolving credit facility (969,000) (831,000)
Proceeds from the issuance of long-term debt 499,795 0
Payment of debt issuance costs (2,990) 0
Repurchases of common stock (574,052) (321,856)
Net proceeds from issuance of common stock 9,800 15,224
Other (253) (190)
Net cash provided by (used in) financing activities 15,300 (263,822)
Effect of exchange rate changes on cash (1,090) 0
Net increase in cash and cash equivalents 246,661 25,402
Cash and cash equivalents at beginning of the period 40,406 31,315
Cash and cash equivalents at end of the period 287,067 56,717
Supplemental disclosures of cash flow information:    
Income taxes paid 4,975 5,335
Interest paid, net of capitalized interest $ 46,282 $ 47,796