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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 from Operating Activities:      
Net income $ 284,176 $ 239,555 $ 243,638
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation 203,873 190,132 193,781
Amortization 44,720 43,574 41,072
Stock-based compensation 41,293 40,937 38,870
Provision for CECL 8,077 3,213 1,601
(Gain) loss on disposition of fixed assets (3,584) 397 217
Net (gain) loss on remeasurement of equity securities (1,413) 2,110 (4,709)
Deferred income taxes (19,883) (12,106) (14,356)
Defined benefit plan expense 14,198 24,560 29,188
Equity in results of affiliates (2,226) (467) 692
Impairment loss 257 307 376
Change in fair value of contingent consideration 0 (8,598) 2,768
Changes in balance sheet items, excluding effects from foreign currency adjustments and acquisitions:      
Accounts and other receivables 15,431 (27,937) (123,251)
Inventories (10,641) (60,354) (79,961)
Prepaid and other current assets (3,900) (6,787) (5,538)
Accounts payable, accrued and other liabilities 14,596 55,098 52,305
Income taxes payable (8,301) 17,081 (4,631)
Retirement and deferred compensation plan liabilities 2,984 (13,093) (8,726)
Other changes, net (4,418) (9,005) 107
Net Cash Provided by Operations 575,239 478,617 363,443
Cash Flows from Investing Activities:      
Capital expenditures (312,342) (310,427) (307,935)
Proceeds from government grants 0 27,795 2,003
Proceeds from sale of property, plant and equipment 5,348 93 5,231
Maturity of short-term investments 0 740 0
Purchase of short-term investments 0 0 (497)
Acquisition of business, net of cash acquired and release of escrow (16,570) (4,100) (148,420)
Acquisition of intangible assets, net (6,061) (5,189) 0
Investment in equity securities 0 0 (6,870)
Proceeds from sale of investment in equity securities 5,604 1,599 2,434
Notes receivable, net (442) (6,153) (3,185)
Net Cash Used by Investing Activities (324,463) (295,642) (457,239)
Cash Flows from Financing Activities:      
Proceeds from notes payable and overdrafts 25,531 39,944 14,931
Repayments of notes payable and overdrafts (28,643) (38,837) (13,701)
Proceeds and (repayments) of short term revolving credit facility, net 76,966 (143,055) 92,863
Proceeds from long-term obligations 403 412,021 11,703
Repayments of long-term obligations (125,809) (265,085) (68,845)
Payment of contingent consideration obligation (22,750) 0 0
Dividends paid (103,683) (99,461) (98,509)
Credit facility costs 0 (4,009) (1,718)
Proceeds from stock option exercises 53,983 28,512 59,906
Purchase of treasury stock (47,552) (92,126) (78,148)
Net Cash Used by Financing Activities (171,554) (162,096) (81,518)
Effect of Exchange Rate Changes on Cash 2,189 (1,072) (6,731)
Net Increase (Decrease) in Cash and Equivalents and Restricted Cash 81,411 19,807 (182,045)
Cash and Equivalents and Restricted Cash at Beginning of Period 142,732 122,925 304,970
Cash and Equivalents and Restricted Cash at End of Period 224,143 142,732 122,925
Supplemental Cash Flow Disclosure:      
Interest paid 39,599 35,509 29,070
Income taxes paid 111,994 87,529 94,968
Restricted cash included in the line item prepaid and other on the Condensed Consolidated Balance Sheets as shown below represents amounts held in escrow.      
Cash and equivalents 223,643 141,732 122,925
Restricted cash included in prepaid and other 500 1,000 0
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows $ 224,143 $ 142,732 $ 122,925