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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net earnings $ 914,043 $ 470,813
Adjustments to reconcile net earnings to cash provided by operating activities:    
Depreciation and amortization 170,378 156,687
Stock-based compensation expense 24,679 18,723
Gain on disposition (529,280) 0
Other, net 42,884 16,404
Cash effect of changes in assets and liabilities:    
Accounts receivable, net (140,882) (32,060)
Inventories (32,088) (15,957)
Prepaid expenses and other assets (20,518) (18,390)
Accounts payable 33,696 (40,216)
Accrued compensation and employee benefits (54,504) (52,545)
Accrued expenses and other liabilities (11,939) (30,635)
Accrued and deferred taxes, net (26,214) (36,286)
Net cash provided by operating activities 370,255 436,538
Investing Activities:    
Additions to property, plant and equipment (85,347) (88,454)
Acquisitions, net of cash and cash equivalents acquired (144,872) 0
Proceeds from disposition, net of cash transferred 674,727 0
Other 13,508 2,444
Net cash provided by (used in) investing activities 458,016 (86,010)
Financing Activities:    
Repurchase of common stock, including prepayment under accelerated share repurchase program (500,000) 0
Change in commercial paper and other short-term borrowings, net (257,811) (289,597)
Dividends paid to stockholders (141,644) (141,474)
Payments to settle employee tax obligations on exercise of share-based awards (9,910) (11,068)
Other (2,074) (2,350)
Net cash used in financing activities (911,439) (444,489)
Effect of exchange rate changes on cash and cash equivalents (3,941) (1,130)
Net decrease in cash and cash equivalents (87,109) (95,091)
Cash and cash equivalents at beginning of period, including cash held for sale [1] 415,861 380,868
Cash and cash equivalents at end of period $ 328,752 $ 285,777
[1] Cash held for sale as of December 31, 2023 and 2022 totaled $17,300 and $0, respectively.