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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities:      
Net earnings $ 1,123,818 $ 683,451 $ 677,918
Adjustments to reconcile net earnings to cash from operating activities:      
Depreciation and amortization 290,123 279,051 272,287
Stock-based compensation 31,111 25,026 29,702
Gain on dispositions (206,338) (5,213) 0
Provision for losses on accounts receivable (net of recoveries) 5,053 11,171 5,933
Deferred income taxes (48,322) (25,643) (11,966)
Employee benefit plan expense 11,897 7,205 5,844
Loss on assets held for sale 0 0 46,946
Loss on extinguishment of debt 0 0 23,543
Other, net (7,368) (6,593) (3,652)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):      
Accounts receivable (201,540) 122,407 (7,903)
Inventories (297,623) 10,519 (56,870)
Prepaid expenses and other assets (14,303) (17,915) (25,797)
Accounts payable 229,334 (95,636) 12,670
Accrued compensation and employee benefits 65,482 12,277 15,580
Accrued expenses and other liabilities 60,734 129,916 (7,056)
Accrued taxes 88,190 (5,412) (10,437)
Contributions to employee benefit plans (14,383) (19,801) (21,436)
Net cash provided by operating activities 1,115,865 1,104,810 945,306
Investing Activities:      
Additions to property, plant and equipment (171,465) (165,692) (186,804)
Acquisitions (net of cash and cash equivalents acquired) (1,112,075) (335,786) (215,687)
Proceeds from sale of property, plant and equipment 7,070 7,207 4,168
Proceeds from dispositions 274,982 15,400 24,218
Other 8,735 (2,508) (10,150)
Net cash used in investing activities (992,753) (481,379) (384,255)
Financing Activities:      
Change in commercial paper and notes payable, net 105,000 (84,700) (135,650)
Proceeds from long-term debt 0 0 847,469
Repayment of long-term debt 0 0 (805,112)
Dividends to stockholders (286,896) (284,312) (282,197)
Purchase of common stock (21,637) (106,279) (143,280)
Payments for employee tax obligations upon exercise of share-based awards (41,924) (28,476) (37,370)
Other (4,423) (2,523) (1,902)
Net cash used in financing activities (249,880) (506,290) (558,042)
Effect of exchange rate changes on cash and cash equivalents (803) (1,319) (1,977)
Net (decrease) increase in cash and cash equivalents (127,571) 115,822 1,032
Cash and cash equivalents at beginning of year 513,075 397,253 396,221
Cash and cash equivalents at end of year 385,504 513,075 397,253
Supplemental information - cash paid during the year for:      
Income taxes 233,631 199,657 191,084
Interest $ 102,139 $ 108,119 $ 126,753