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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows provided by (used in) operating activities:    
Net income $ 261,536 $ 316,253
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 200,747 201,912
Rationalization charges 13,212 7,533
Stock compensation expense 11,348 12,917
Loss on early extinguishment of debt 0 1,481
Other changes that provided (used) cash, net of effects from acquisitions:    
Trade accounts receivable, net (638,282) (459,131)
Inventories (152,891) (92,181)
Trade accounts payable (233,724) (165,717)
Accrued liabilities (31,055) 64,458
Other, net (26,933) (5,047)
Net cash (used in) operating activities (596,042) (117,522)
Cash flows provided by (used in) investing activities:    
Purchase of businesses, net of cash acquired 0 (1,333)
Capital expenditures (173,453) (162,271)
Other, net 2,895 1,993
Net cash (used in) investing activities (170,558) (161,611)
Cash flows provided by (used in) financing activities:    
Borrowings under revolving loans 1,119,960 813,628
Repayments under revolving loans (283,275) (290,327)
Proceeds from issuance of long-term debt 8,649 6,042
Repayments of long-term debt (52,650) (300,314)
Changes in outstanding checks - principally vendors (61,433) (225,863)
Dividends paid on common stock (59,712) (54,325)
Repurchase of common stock (183,939) (39,402)
Net cash provided by (used in) financing activities 487,600 (90,561)
Effect of exchange rate changes on cash and cash equivalents 502 (18,136)
Cash and cash equivalents:    
Net (decrease) (278,498) (387,830)
Balance at beginning of year 585,622 631,439
Balance at end of period 307,124 243,609
Interest paid, net 123,944 91,037
Income taxes paid, net $ 95,911 $ 66,959