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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income $ 501,609 $ 300,438
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and intangibles 79,757 73,963
Amortization of debt discount and issuance costs 1,070 1,035
Deferred income taxes 10,551 (58,732)
Share-based compensation programs 6,292 5,875
Other 920 1,739
Changes in operating assets and liabilities:    
Accounts receivable (37,917) (12,208)
Inventory 30,915 (106,937)
Accounts payable 134,091 156,584
Income taxes payable 138,196 131,949
Other 25,188 (34,613)
Net cash provided by operating activities 890,672 459,093
Investing activities:    
Purchases of property and equipment (94,879) (133,284)
Proceeds from sale of property and equipment 2,097 1,901
Investment in tax credit equity investments (6) (95,259)
Other (969) 0
Net cash used in investing activities (93,757) (226,642)
Financing activities:    
Proceeds from borrowings on revolving credit facility 0 1,052,000
Payments on revolving credit facility 0 (969,000)
Proceeds from the issuance of long-term debt 0 499,795
Payment of debt issuance costs 0 (2,990)
Repurchases of common stock (664,548) (574,052)
Net proceeds from issuance of common stock 13,557 9,800
Other (313) (253)
Net cash (used in) provided by financing activities (651,304) 15,300
Effect of exchange rate changes on cash (371) (1,090)
Net increase in cash and cash equivalents 145,240 246,661
Cash and cash equivalents at beginning of the period 465,640 40,406
Cash and cash equivalents at end of the period 610,880 287,067
Supplemental disclosures of cash flow information:    
Income taxes paid 5,567 4,975
Interest paid, net of capitalized interest $ 37,485 $ 46,282