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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows provided by (used in) operating activities:    
Net income $ 150,919 $ 177,550
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 134,122 136,790
Rationalization charges 6,788 4,807
Stock compensation expense 7,156 8,870
Loss on early extinguishment of debt 0 1,481
Other changes that provided (used) cash, net of effects from acquisitions:    
Trade accounts receivable, net (397,413) (243,261)
Inventories (472,989) (475,171)
Trade accounts payable (143,180) 15,331
Accrued liabilities (78,545) 15,914
Other, net (18,606) 5,753
Net cash (used in) operating activities (811,748) (351,936)
Cash flows provided by (used in) investing activities:    
Purchase of businesses, net of cash acquired 0 (1,333)
Capital expenditures (118,204) (118,357)
Other, net 1,239 (688)
Net cash (used in) investing activities (116,965) (120,378)
Cash flows provided by (used in) financing activities:    
Borrowings under revolving loans 998,167 753,657
Repayments under revolving loans (244,554) (54,815)
Proceeds from issuance of long-term debt 5,094 0
Repayments of long-term debt (51,867) (300,000)
Changes in outstanding checks - principally vendors (61,433) (225,863)
Dividends paid on common stock (40,422) (36,680)
Repurchase of common stock (30,974) (39,402)
Net cash provided by financing activities 574,011 96,897
Effect of exchange rate changes on cash and cash equivalents 5,686 (8,179)
Cash and cash equivalents:    
Net (decrease) (349,016) (383,596)
Balance at beginning of year 585,622 631,439
Balance at end of period 236,606 247,843
Interest paid, net 80,623 59,297
Income taxes paid, net $ 84,884 $ 28,881