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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities:    
Net earnings $ 470,813 $ 515,771
Adjustments to reconcile net earnings to cash provided by operating activities:    
Depreciation and amortization 156,687 154,294
Stock-based compensation expense 18,723 18,331
Reclassification of foreign currency translation losses to earnings 0 5,915
Other, net 16,404 (8,152)
Cash effect of changes in assets and liabilities:    
Accounts receivable, net (32,060) (204,676)
Inventories (15,957) (223,804)
Prepaid expenses and other assets (18,390) (17,923)
Accounts payable (40,216) 147,829
Accrued compensation and employee benefits (52,545) (72,802)
Accrued expenses and other liabilities (30,635) (4,937)
Accrued and deferred taxes, net (36,286) (107,390)
Net cash provided by operating activities 436,538 202,456
Investing Activities:    
Additions to property, plant and equipment (88,454) (100,577)
Acquisitions, net of cash and cash equivalents acquired 0 (8,453)
Proceeds from sale of property, plant and equipment 3,171 3,898
Other (727) (10,721)
Net cash used in investing activities (86,010) (115,853)
Financing Activities:    
Repurchase of common stock 0 (85,000)
Change in commercial paper and other short-term borrowings, net (289,597) 287,952
Dividends paid to stockholders (141,474) (144,056)
Payments to settle employee tax obligations on exercise of share-based awards (11,068) (12,106)
Other (2,350) (1,525)
Net cash (used in) provided by financing activities (444,489) 45,265
Effect of exchange rate changes on cash and cash equivalents (1,130) (2,001)
Net (decrease) increase in cash and cash equivalents (95,091) 129,867
Cash and cash equivalents at beginning of period 380,868 385,504
Cash and cash equivalents at end of period $ 285,777 $ 515,371