Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 75,321 $ 65,122
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22,334 21,559
Stock-based compensation expense 9,424 7,810
Amortization of debt issuance costs 1,276 552
Deferred income taxes (3,611) (4,115)
Bad debt expense 13,338 9,225
Excess tax benefits from stock-based awards (8,251) (4,981)
Other 673 135
Changes in current assets and liabilities:    
Accounts receivable 108,998 55,993
Inventories (50,087) (55,377)
Prepaid expenses and other assets (17,023) (14,035)
Accounts payable, accrued expenses and other current liabilities (80,092) (53,690)
Net cash provided by operating activities 72,300 28,198
Cash flows from investing activities:    
Capital expenditures (26,242) (15,901)
Other 6 (491)
Net cash used in investing activities (26,236) (16,392)
Cash flows from financing activities:    
Borrowings under term loan 500,000 0
Repayment of term loan (228,125) (6,250)
Borrowings under revolving credit facility 225,000 0
Repayment of revolving credit facility (50,000) 0
Repurchase of common stock (18,335) (50,979)
Payments of debt issuance costs (6,620) 0
Cash dividends paid (561,182) (26,429)
Proceeds from issuance of common stock 11,357 1,441
Tax withholdings related to stock-based awards (12,218) (8,653)
Excess tax benefits from stock-based awards 8,251 4,981
Net cash used in financing activities (131,872) (85,889)
Total cash used in continuing operations (85,808) (74,083)
Total cash used in discontinued operations 0 (18)
Net decrease in cash and cash equivalents (85,808) (74,101)
Cash and cash equivalents at beginning of period 159,985 196,433
Cash and cash equivalents at end of period $ 74,177 $ 122,332