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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 $ 182,372 $ 164,523
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 22,842 18,332
Amortization of intangible assets 19,999 16,792
Amortization of original issue discount and deferred financing costs 3,597 3,554
Loss on extinguishment of debt [1] 0 1,332
Deferred income taxes 19,514 17,218
Share-based compensation expense [2] 11,477 9,910
Other 557 1,249
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (45,543) (55,649)
Inventories 27,190 (99,957)
Other assets 1,488 (16,488)
Accounts payable (83,174) 47,559
Accrued wages and employee benefits (7,517) 13,044
Other accrued liabilities (17,092) 18,011
Excess tax benefits from equity awards (1,908) (432)
Net cash provided by operating activities 133,802 138,998
Investing activities    
Proceeds from sale of property and equipment 83 213
Proceeds from beneficial interests in securitization transactions 2,036 2,825
Expenditures for property and equipment (45,447) (25,577)
Acquisition of business, net of cash acquired (120,863) (71,926)
Net cash used in investing activities (164,191) (94,465)
Financing activities    
Proceeds from short-term borrowings 68,802 28,332
Proceeds from long-term borrowings 0 51,425
Repayments of short-term borrowings (45,437) (12,478)
Repayments of long-term borrowings and finance lease obligations (3,110) (51,164)
Stock repurchases 0 (25,656)
Cash dividends paid to noncontrolling interest of subsidiary (285) (314)
Payment of debt issuance costs 0 (1,702)
Taxes paid related to equity awards (5,749) (2,777)
Proceeds from exercise of stock options 7,957 5,191
Net cash provided by (used in) financing activities 22,178 (9,143)
Effect of exchange rate changes on cash and cash equivalents (233) 139
Net (decrease) increase in cash and cash equivalents (8,444) 35,529
Cash and cash equivalents at beginning of period 224,482 138,472
Cash and cash equivalents at end of period $ 216,038 $ 174,001
[1] Represents the non-cash write-off of original issue discount and deferred financing costs due to a voluntary prepayment of Term Loan debt.
[2] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.