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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities    
Net Income $ 243,551 $ 217,649
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 20,648 19,499
Amortization 1,049 1,408
Share-based compensation 10,243 9,793
Equity earnings in unconsolidated investments, net (210) (167)
Other 5,334 3,584
Changes in operating assets and liabilities, net of effects of acquisitions:    
Receivables (98,538) (93,911)
Product inventories 68,827 (80,142)
Prepaid expenses and other assets 1,231 143
Accounts payable (29,782) (40,143)
Accrued expenses and other current liabilities 20,900 13,547
Net cash provided by (used in) operating activities 243,253 51,260
Investing activities    
Acquisition of businesses, net of cash acquired (8,913) (578)
Purchases of property and equipment, net of sale proceeds (26,926) (27,976)
Net cash used in investing activities (35,839) (28,554)
Financing activities    
Proceeds from revolving line of credit 836,534 820,967
Payments on revolving line of credit (1,011,430) (813,996)
Proceeds from asset-backed financing 189,000 193,400
Payments on asset-backed financing (136,300) (138,400)
Proceeds from short-term borrowings and current portion of long-term debt 27,633 16,118
Payments on short-term borrowings and current portion of long-term debt (24,962) (17,610)
Payments of deferred and contingent acquisition consideration (311) (265)
Payments of deferred financing costs 0 (8)
Proceeds from stock issued under share-based compensation plans 17,042 12,732
Payments of cash dividends (61,752) (51,371)
Purchases of treasury stock (23,188) (38,906)
Net cash (used in) provided by financing activities (187,734) (17,339)
Effect of exchange rate changes on cash and cash equivalents 655 386
Change in cash and cash equivalents 20,335 5,753
Cash and cash equivalents at beginning of period 16,358 29,940
Cash and cash equivalents at end of period $ 36,693 $ 35,693