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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 117,888 $ 133,441
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,279 57,964
Non-cash lease expense 34,087 33,494
Stock-based compensation 15,439 9,649
Foreign currency losses 1,203 4,145
Loss on disposal of assets 2,516 0
Deferred taxes (7,931) 1,945
Changes in operating assets and liabilities:    
Accounts receivable (9,273) (3,981)
Inventories, net 4,882 6,775
Prepaid expenses and other 4,180 (21,097)
Other assets (76,487) (27,101)
Accounts payable 15,884 (6,609)
Accrued expenses 99,438 (62,679)
Other liabilities 27,343 2,082
Net cash provided by operating activities 284,448 128,028
Cash flows from investing activities:    
Purchases of property and equipment (48,810) (52,784)
Proceeds on investment sales 7,630 11,160
Purchases of investments (8,759) (8,432)
Acquisitions and investments in equity investees 0 (8,073)
Net cash used in investing activities (49,939) (58,129)
Cash flows from financing activities:    
Exercise of employee stock options and taxes paid related to the net shares settlement of stock awards 3,321 (2,326)
Payment of cash dividends (59,287) (61,636)
Repurchases of shares of common stock (127,361) (825)
Payments of debt (135,000) (209,455)
Proceeds from debt 115,000 145,000
Net cash used in financing activities (203,327) (129,242)
Effect of exchange rate changes on cash (102) (7,534)
Net increase (decrease) in cash and cash equivalents 31,080 (66,877)
Cash and cash equivalents, beginning of period 335,630 386,911
Cash and cash equivalents, end of period $ 366,710 $ 320,034