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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 544,438 $ 648,451
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 189,812 178,088
Share-based compensation 26,570 36,945
Excess tax benefits from share-based compensation (8,233) (6,431)
Other operating activities, including changes in operating assets and liabilities (140,672) (400,050)
Net cash provided by operating activities 611,915 457,003
Investing activities:    
Purchases of property, plant and equipment (259,245) (205,336)
Proceeds from sale of property, plant and equipment 73,645 4,762
Proceeds from divestitures of businesses 3,715 0
Proceeds from sale of investments 0 80,482
Acquisitions and other investing activities (580,141) (106,028)
Net cash used in investing activities (762,026) (226,120)
Financing activities:    
Proceeds from debt 539,722 1,668,757
Payments on debt (544,355) (1,602,138)
Shares issued from employee incentive plans (18,780) (23,155)
Dividends paid (272,021) (259,929)
Purchases of stock (74,999) (134,849)
Other financing activities (11,893) (6,436)
Net cash used in financing activities (382,326) (357,750)
Effect of exchange rate changes on cash and cash equivalents (14,293) 3,509
Net decrease in cash and cash equivalents (546,730) (123,358)
Cash and cash equivalents at beginning of period 1,102,007 653,463
Cash and cash equivalents at end of period $ 555,277 $ 530,105