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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 644,333 $ 1,107,354
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 107,694 87,546
Equity-based compensation 16,078 16,519
Deferred income taxes 9,008 2,632
Other adjustments (10,006) 11,157
Changes in certain assets and liabilities:    
Accounts receivable (70,922) (447,234)
Inventories 141,112 14,315
Other assets 7,842 19,402
Accounts payable 117,312 (75,971)
Income taxes receivable/payable 189,247 341,905
Accrued expenses (417,915) (258,657)
Net cash provided by operating activities 733,783 818,968
Investing activities:    
Purchases of property, plant and equipment (226,319) (159,330)
Purchases of short-term investments (356,777)  
Proceeds from maturities of short term investments 271,107  
Investments in unconsolidated affiliates   (222,480)
Other investing activities 2,343 410
Net cash used in investing activities (309,646) (381,400)
Financing activities:    
Issuance of current and long-term debt 393,910 319,779
Repayment of current and long-term debt (405,279) (349,272)
Dividends paid (58,798) (50,699)
Purchases of treasury stock (353,997) (389,190)
Other financing activities (23,449) (22,527)
Net cash used in financing activities (447,613) (491,909)
Decrease in cash, cash equivalents, and restricted cash (23,476) (54,341)
Cash, cash equivalents, and restricted cash at beginning of period 1,633,919 1,249,369
Cash, cash equivalents, and restricted cash at end of period 1,610,443 1,195,028
Supplemental disclosure information:    
Cash paid for interest 9,596 9,168
Cash paid for income taxes, net $ 4,703 $ 9,948