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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows provided by (used in) operating activities:    
Net income $ 167,757 $ 135,772
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 122,386 104,197
Rationalization charges 10,711 4,741
Stock compensation expense 10,337 9,056
Loss on early extinguishment of debt 883 1,481
Other changes that provided (used) cash, net of effects from acquisitions:    
Trade accounts receivable, net (277,768) (179,949)
Inventories (233,815) (148,141)
Trade accounts payable 31,825 (68,026)
Accrued liabilities (24,316) 67,936
Other, net (17,313) 9,129
Net cash used in operating activities (209,313) (63,804)
Cash flows provided by (used in) investing activities:    
Purchase of businesses, net of cash acquired 2,305 (941,102)
Capital expenditures (123,604) (106,436)
Other, net 4,914 983
Net cash used in investing activities (116,385) (1,046,555)
Cash flows provided by (used in) financing activities:    
Borrowings under revolving loans 318,141 927,302
Repayments under revolving loans (105,856) (570,955)
Proceeds from issuance of long-term debt 499,725 1,639,661
Repayments of long-term debt (500,000) (766,170)
Changes in outstanding checks - principally vendors (84,216) (79,006)
Dividends paid on common stock (31,564) (27,121)
Debt issuance costs (4,905) (10,265)
Repurchase of common stock (8,538) (13,155)
Net cash provided by financing activities 82,787 1,100,291
Effect of exchange rate changes on cash and cash equivalents (1,749) (2,674)
Cash and cash equivalents:    
Net decrease (244,660) (12,742)
Balance at beginning of year 409,481 203,824
Balance at end of period 164,821 191,082
Interest paid, net 48,026 38,058
Income taxes paid, net $ 47,297 $ 28,974