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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows provided by (used in) operating activities:    
Net income $ 84,875 $ 73,281
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 69,067 60,872
Rationalization charges 1,379 10,357
Stock compensation expense 4,879 5,010
Loss on early extinguishment of debt 1,481 883
Other changes that provided (used) cash, net of effects from acquisitions:    
Trade accounts receivable, net (141,113) (103,549)
Inventories (222,137) (118,132)
Trade accounts payable (29,881) (59,825)
Accrued liabilities (23,291) (32,062)
Other, net (12,660) (8,983)
Net cash used in operating activities (267,401) (172,148)
Cash flows provided by (used in) investing activities:    
Purchase of businesses, net of cash acquired (1,333) 0
Capital expenditures (68,491) (68,764)
Other, net (203) 402
Net cash used in investing activities (70,027) (68,362)
Cash flows provided by (used in) financing activities:    
Borrowings under revolving loans 544,624 170,457
Repayments under revolving loans (24,408) (31,310)
Proceeds from issuance of long-term debt 0 499,725
Repayments of long-term debt (300,000) (500,000)
Changes in outstanding checks - principally vendors (225,863) (84,216)
Dividends paid on common stock (18,722) (16,055)
Debt issuance costs 0 (4,633)
Repurchase of common stock (11,474) (8,275)
Net cash (used in) provided by financing activities (35,843) 25,693
Effect of exchange rate changes on cash and cash equivalents 1,396 (4,533)
Cash and cash equivalents:    
Net decrease (371,875) (219,350)
Balance at beginning of year 631,439 409,481
Balance at end of period 259,564 190,131
Interest paid, net 33,116 31,655
Income taxes paid, net $ 6,718 $ 15,297