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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows provided by (used in) operating activities:    
Net income $ 248,623 $ 158,970
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 163,454 156,780
Rationalization charges 7,247 48,594
Stock compensation expense 13,880 12,669
Loss on early extinguishment of debt 1,481 1,676
Other changes that provided (used) cash, net of effects from acquisitions:    
Trade accounts receivable, net (311,008) (250,783)
Inventories 2,435 (75,414)
Trade accounts payable (73,814) (63,609)
Accrued liabilities 57,187 (10,475)
Other, net 8,981 19,181
Net cash provided by (used in) operating activities 118,466 (2,411)
Cash flows provided by (used in) investing activities:    
Purchase of businesses, purchase price (940,875) 0
Capital expenditures (165,163) (166,848)
Other, net 999 509
Net cash used in investing activities (1,105,039) (166,339)
Cash flows provided by (used in) financing activities:    
Borrowings under revolving loans 993,406 1,139,329
Repayments under revolving loans (748,539) (464,759)
Proceeds from issuance of long-term debt 1,639,661 0
Repayments of long-term debt (766,170) (308,161)
Changes in outstanding checks - principally vendors (79,006) (83,670)
Dividends paid on common stock (40,432) (38,615)
Debt issuance costs (10,265) 0
Repurchase of common stock (13,155) (27,364)
Net cash provided by financing activities 975,500 216,760
Effect of exchange rate changes on cash and cash equivalents 1,008 (3,440)
Cash and cash equivalents:    
Net (decrease) increase (10,065) 44,570
Balance at beginning of year 203,824 72,819
Balance at end of period 193,759 117,389
Interest paid, net 70,948 97,630
Income taxes paid, net $ 91,378 $ 31,067