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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 245,838 $ 217,710
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 87,369 72,296
Share-based compensation 7,171 6,235
Excess tax benefits from share-based compensation (714) (1,764)
Changes in operating assets and liabilities 59,144 6,465
Net cash provided by operating activities 398,808 300,942
Investing activities:    
Purchases of property, plant and equipment (78,045) (48,391)
Proceeds from sale of property, plant and equipment 5,895 16,863
Proceeds from divestitures of businesses 25,939 10,345
Acquisitions of businesses and other investing activities (1,374,734) (19,489)
Net cash used in investing activities (1,420,945) (40,672)
Financing activities:    
Proceeds from debt 2,890,000 31,599
Payments on debt (1,784,585) (26,767)
Share-based awards exercised (1,063) (5,429)
Dividends paid (115,876) (114,043)
Purchases of stock (72,919) 0
Other financing activities (1,593) (1,354)
Net cash provided by (used in) financing activities 913,964 (115,994)
Effect of exchange rate changes on cash and cash equivalents 4,248 (16,454)
Net (decrease) increase in cash and cash equivalents (103,925) 127,822
Cash and cash equivalents at beginning of period 714,701 990,166
Cash and cash equivalents at end of period $ 610,776 $ 1,117,988