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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Operating activities:        
Net income $ 154,413 $ 58,867 $ 356,174 $ 111,146
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 74,190 74,211 222,970 221,306
Equity-based compensation 5,924 5,332 21,565 20,232
Deferred income taxes 18,478 13,130 53,879 46,214
Loss on disposal of assets 161 655 1,178 6,638
Changes in certain assets and liabilities:        
Accounts receivable 29,384 36,361 (149,810) 122,296
Inventories (76,013) (8,763) (102,339) 317,410
Other assets 694 (3,100) 12,053 8,794
Accounts payable (49,171) (62,757) 117,220 (127,075)
Income taxes receivable/payable (7,421) 19,888 40,960 29,309
Accrued expenses 45,701 30,554 69,361 (47,973)
Net cash provided by operating activities 196,340 164,378 643,211 708,297
Investing activities:        
Purchases of property, plant and equipment (59,774) (30,286) (123,168) (86,458)
Acquisition of business, net of cash acquired (109,065) (45,000) (109,065) (45,000)
Other investing activities 1,507 3,715 5,767 6,184
Net cash used in investing activities (167,332) (71,571) (226,466) (125,274)
Financing activities:        
Issuance of current and long-term debt 12,911 67,999 97,018 179,033
Repayment of current and long-term debt (9,999) (73,420) (95,253) (561,428)
Dividends paid (34,124) (33,282) (101,639) (94,281)
Stock option exercise proceeds, including related tax effect 1,027 302 7,602 7,261
Other financing activities   (17) (16) (1,181)
Net cash used in financing activities (30,185) (38,418) (92,288) (470,596)
Increase (decrease) in cash and equivalents (1,177) 54,389 324,457 112,427
Cash and equivalents at beginning of period 1,052,666 419,401 727,032 361,363
Cash and equivalents at end of period 1,051,489 473,790 1,051,489 473,790
Supplemental disclosure information:        
Cash paid for interest 26,225 26,701 97,605 115,345
Cash paid (received) for federal and state income taxes, net $ 75,860 $ 1,172 $ 104,124 $ (10,321)