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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net earnings $ 301,045 $ 303,790
Loss on assets held for sale 0 46,946
Adjustments to reconcile net earnings to cash from operating activities:    
Depreciation and amortization 136,355 135,507
Share-based compensation expense 8,220 16,617
Gain on sale of businesses (5,770) 0
Other, net (9,021) (5,373)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):    
Accounts receivable, net 73,317 (63,228)
Inventories (80,883) (93,554)
Prepaid expenses and other assets (12,975) (23,359)
Accounts payable (72,009) (7,128)
Accrued compensation and employee benefits (63,621) (50,246)
Accrued expenses and other liabilities 55,736 (20,915)
Accrued and deferred taxes, net 17,278 (5,824)
Net cash provided by operating activities 347,672 233,233
Investing Activities    
Additions to property, plant and equipment (79,171) (91,092)
Acquisitions, net of cash acquired (238,839) (215,304)
Proceeds from sale of property, plant, and equipment 2,886 2,633
Proceeds from sale of businesses 16,850 24,218
Other 0 (7,900)
Net cash (used in) provided by investing activities (298,274) (287,445)
Financing Activities    
Repurchase of common stock, including prepayment under an accelerated share repurchase program (52,916) 0
Change in commercial paper and notes payable 420,300 137,350
Dividends paid to stockholders (141,570) (139,730)
Payments to settle employee tax obligations on exercise of share-based awards (11,217) (21,209)
Other (1,101) (940)
Net cash used in by financing activities 213,496 (24,529)
Effect of Exchange Rate on Cash and Cash Equivalents (11,115) 3,846
Net (decrease) increase in cash and cash equivalents 251,779 (74,895)
Cash and cash equivalents at beginning of period 397,253 396,221
Cash and cash equivalents at end of period $ 649,032 $ 321,326