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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income $ 277,854 $ 107,003
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 19,435 17,471
Amortization of intangible assets 20,031 15,448
Amortization of original issue discount and deferred financing costs 1,295 1,286
Loss on extinguishment of debt [1] 831 0
Deferred income taxes 7,003 8,029
Share-based compensation expense [2] 12,421 9,974
Loss (gain) on disposal of assets (3,978) 0
Other, net (142) 8,906
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (96,846) (19,021)
Inventories (163,820) (35,316)
Other assets (4,172) (1,220)
Accounts payable 186,041 (22,987)
Accrued wages and employee benefits 2,537 (3,604)
Other accrued liabilities 38,028 31,851
Excess tax benefits from equity awards (21,525) (4,706)
Net cash provided by operating activities 274,993 113,114
Investing activities    
Proceeds from sale of property and equipment 74 12
Proceeds from sale of investment 4,902 0
Proceeds from beneficial interests in securitization transactions 1,363 1,324
Contribution to equity method investment (216) 0
Expenditures for property and equipment (54,222) (26,332)
Acquisition of business, net of cash acquired (419,017) 0
Net cash used in investing activities (467,116) (24,996)
Financing activities    
Proceeds from short-term borrowings 57,589 122,489
Proceeds from long-term borrowings 50,000 81
Repayments of short-term borrowings (73,675) (125,745)
Repayments of long-term borrowings and finance lease obligations (53,095) (2,460)
Payment of contingent acquisition consideration (3,750) (4,000)
Payment of debt issuance costs (1,185) 0
Purchase of additional ownership interest (27,164) 0
Taxes paid related to equity awards (39,967) (10,951)
Proceeds from exercise of stock options 18,567 7,570
Net cash used in financing activities (72,680) (13,016)
Effect of exchange rate changes on cash and cash equivalents (239) (1,251)
Net (decrease) increase in cash and cash equivalents (265,042) 73,851
Cash and cash equivalents at beginning of period 655,128 322,883
Cash and cash equivalents at end of period $ 390,086 $ 396,734
[1] Represents the non-cash write-off of original issue discount and deferred financing costs due to 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.