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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities:    
Net earnings $ 515,771 $ 497,277
Adjustments to reconcile net earnings to cash from operating activities:    
Depreciation and amortization 154,294 145,325
Stock-based compensation expense 18,331 18,393
Reclassification of foreign currency translation losses to earnings 5,915 0
Other, net (8,152) (9,493)
Cash effect of changes in assets and liabilities:    
Accounts receivable, net (204,676) (192,192)
Inventories (223,804) (144,903)
Prepaid expenses and other assets (17,923) (23,133)
Accounts payable 147,829 149,588
Accrued compensation and employee benefits (72,802) (13,566)
Accrued expenses and other liabilities (4,937) 14,289
Accrued and deferred taxes, net (107,390) (4,328)
Net cash provided by operating activities 202,456 437,257
Investing Activities:    
Additions to property, plant and equipment (100,577) (73,231)
Acquisitions, net of cash acquired (8,453) (81,187)
Proceeds from sale of property, plant and equipment 3,898 6,088
Other (10,721) (2,873)
Net cash used in investing activities (115,853) (151,203)
Financing Activities:    
Repurchase of common stock (85,000) (21,637)
Borrowings in commercial paper and notes payable, net 287,952 0
Dividends paid to stockholders (144,056) (142,698)
Payments to settle employee tax obligations on exercise of share-based awards (12,106) (33,068)
Other (1,525) (2,785)
Net cash provided by (used in) financing activities 45,265 (200,188)
Effect of exchange rate changes on cash and cash equivalents (2,001) 2,418
Net increase in cash and cash equivalents 129,867 88,284
Cash and cash equivalents at beginning of period 385,504 513,075
Cash and cash equivalents at end of period $ 515,371 $ 601,359