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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 261,485 $ 216,050
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 14,870 13,991
Gain on disposal of property and equipment (115) (187)
Stock-based compensation 15,324 13,439
Deferred income taxes 472  
Effect on cash of changes in operating assets and liabilities:    
Accounts receivable (116,426) (72,699)
Distributor receivables 2,923 3,279
Inventories (24,004) (11,274)
Prepaid expenses and other current assets (21,492) (19,646)
Prepaid income taxes (25,224) 52,410
Accounts payable 18,565 (22,616)
Accrued liabilities (2,262) (14,985)
Accrued promotional allowances 23,103 15,971
Accrued distributor terminations 10,272 71
Accrued compensation (21,832) (18,350)
Income taxes payable (4,125) (1,059)
Other liabilities 1,338 1,108
Deferred revenue (9,476) (6,592)
Net cash provided by operating activities 123,396 148,911
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of available-for-sale investments 232,387 334,216
Purchases of available-for-sale investments (175,314) (247,421)
Purchases of property and equipment (8,485) (13,049)
Proceeds from sale of property and equipment 184 3,397
Decrease in intangibles 298 280
Increase in other assets (2,291) (1,549)
Net cash provided by investing activities 46,779 75,874
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on debt (393) (543)
Issuance of common stock 35,163 6,501
Purchases of common stock held in treasury (222,792) (251,950)
Net cash used in financing activities (188,022) (245,992)
Effect of exchange rate changes on cash and cash equivalents (1,322) 3,945
NET DECREASE IN CASH AND CASH EQUIVALENTS (19,169) (17,262)
CASH AND CASH EQUIVALENTS, beginning of period 637,513 528,622
CASH AND CASH EQUIVALENTS, end of period 618,344 511,360
Cash paid during the period for:    
Interest 15 16
Income taxes $ 82,002 $ 15,223