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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows provided by (used in) operating activities:      
Net income $ 325,965 $ 340,848 $ 359,081
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 263,233 262,788 250,360
Amortization of debt discount and debt issuance costs 5,365 5,457 5,568
Rationalization charges 8,412 74,081 15,010
Stock compensation expense 15,572 16,832 20,921
Loss on early extinguishment of debt 0 1,481 1,372
Deferred income tax provision (benefit) 33,108 (32,181) 59,577
Other changes that provided (used) cash, net of effects from acquisitions:      
Trade accounts receivable, net 73,697 30,367 (81,473)
Inventories (162,266) 5,797 (109,548)
Trade accounts payable (3,820) 20,245 171,972
Accrued liabilities (54,860) 42,846 (30,293)
Other, net (21,810) (20,149) (105,706)
Net cash provided by operating activities 482,596 748,412 556,841
Cash flows provided by (used in) investing activities:      
Purchase of businesses, net of cash acquired 0 (2,504) (745,670)
Capital expenditures (226,810) (215,761) (232,264)
Proceeds from asset sales 1,755 3,351 2,799
Other, net 1,242 (691) (824)
Net cash (used in) investing activities (223,813) (215,605) (975,959)
Cash flows provided by (used in) financing activities:      
Borrowings under revolving loans 1,122,095 828,561 1,185,437
Repayments under revolving loans (1,121,054) (818,551) (1,194,769)
Repayment of principal amounts under finance leases (2,911) (2,858) (1,295)
Changes in outstanding checks – principally vendors 99,144 (164,430) 141,647
Proceeds from issuance of long-term debt 12,305 6,042 1,499,725
Repayments of long-term debt (58,083) (301,285) (900,000)
Debt issuance costs 0 0 (11,073)
Dividends paid on common stock (78,894) (71,948) (62,495)
Repurchase of common stock (183,993) (45,124) (8,573)
Net cash (used in) provided by financing activities (211,391) (569,593) 648,604
Effect of exchange rate changes on cash and cash equivalents 9,909 (9,031) (7,528)
Cash and cash equivalents:      
Net increase (decrease) 57,301 (45,817) 221,958
Balance at beginning of year 585,622 631,439 409,481
Balance at end of year 642,923 585,622 631,439
Interest paid, net 155,399 123,726 101,665
Income taxes paid, net of refunds $ 116,382 $ 93,864 $ 94,426