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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 1,058,640 $ 1,087,060
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property, equipment and intangibles 168,045 158,917
Amortization of debt discount and issuance costs 2,242 2,207
Deferred income taxes 28,302 21,922
Share-based compensation programs 12,702 12,575
Other 283 1,382
Changes in operating assets and liabilities:    
Accounts receivable (60,593) (45,359)
Inventory (318,756) 6,357
Accounts payable 563,012 398,785
Income taxes payable 12,013 12,408
Other (73,917) 56,578
Net cash provided by operating activities 1,391,973 1,712,832
Investing activities:    
Purchases of property and equipment (228,921) (222,607)
Proceeds from sale of property and equipment 8,222 4,566
Investment in tax credit equity investments (4,080) (1,768)
Other (86) (1,083)
Net cash used in investing activities (224,865) (220,892)
Financing activities:    
Proceeds from borrowings on revolving credit facility 785,800 0
Payments on revolving credit facility (785,800) 0
Proceeds from the issuance of long-term debt 847,314 0
Principal payments on long-term debt 0 (300,000)
Payment of debt issuance costs (6,323) (3,299)
Repurchases of common stock (2,151,242) (1,064,189)
Net proceeds from issuance of common stock 35,112 41,921
Other (350) (313)
Net cash used in financing activities (1,275,489) (1,325,880)
Effect of exchange rate changes on cash 172 (82)
Net (decrease) increase in cash and cash equivalents (108,209) 165,978
Net (decrease) increase in cash and cash equivalents (108,209) 165,978
Cash and cash equivalents at beginning of the period 362,113 465,640
Cash and cash equivalents at end of the period 253,904 631,618
Supplemental disclosures of cash flow information:    
Income taxes paid 291,695 292,673
Interest paid, net of capitalized interest $ 68,318 $ 76,788