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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows provided by (used in) operating activities:      
Net income $ 340,848 $ 359,081 $ 308,722
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 262,788 250,360 219,098
Amortization of debt discount and debt issuance costs 5,457 5,568 4,543
Rationalization charges 74,081 15,010 16,031
Stock compensation expense 16,832 20,921 18,780
Loss on early extinguishment of debt 1,481 1,372 1,481
Deferred income tax (benefit) provision (32,181) 59,577 24,119
Other changes that provided (used) cash, net of effects from acquisitions:      
Trade accounts receivable, net 30,367 (81,473) (49,415)
Inventories 5,797 (109,548) 11,363
Trade accounts payable 20,245 171,972 21,303
Accrued liabilities 42,846 (30,293) 38,361
Other, net (20,149) (105,706) (11,879)
Net cash provided by operating activities 748,412 556,841 602,507
Cash flows provided by (used in) investing activities:      
Purchase of businesses, net of cash acquired (2,504) (745,670) (940,875)
Capital expenditures (215,761) (232,264) (224,177)
Other, net 2,660 1,975 1,868
Net cash (used in) investing activities (215,605) (975,959) (1,163,184)
Cash flows provided by (used in) financing activities:      
Borrowings under revolving loans 828,561 1,185,437 1,041,709
Repayments under revolving loans (821,409) (1,196,064) (1,054,520)
Changes in outstanding checks – principally vendors (164,430) 141,647 5,199
Proceeds from issuance of long-term debt 6,042 1,499,725 1,639,661
Repayments of long-term debt (301,285) (900,000) (766,170)
Debt issuance costs 0 (11,073) (10,265)
Dividends paid on common stock (71,948) (62,495) (53,643)
Repurchase of common stock (45,124) (8,573) (42,111)
Net cash (used in) provided by financing activities (569,593) 648,604 759,860
Effect of exchange rate changes on cash and cash equivalents (9,031) (7,528) 6,474
Cash and cash equivalents:      
Net (decrease) increase (45,817) 221,958 205,657
Balance at beginning of year 631,439 409,481 203,824
Balance at end of year 585,622 631,439 409,481
Interest paid, net 123,726 101,665 89,535
Income taxes paid, net of refunds $ 93,864 $ 94,426 $ 120,959