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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 771,020 $ 999,649
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 295,848 261,948
Share-based compensation 37,280 47,340
Excess tax benefits from share-based compensation (8,301) (6,770)
Other operating activities, including changes in operating assets and liabilities 378 (219,721)
Net cash provided by operating activities 1,096,225 1,082,446
Investing activities:    
Purchases of property, plant and equipment (385,590) (349,858)
Proceeds from sale of property, plant and equipment 74,215 7,339
Acquisitions of businesses (954,207) (218,177)
Proceeds from divestitures of businesses 3,401 0
Proceeds from sale of investments 0 80,482
Other investing activities 16,989 6,785
Net cash used in investing activities (1,245,192) (473,429)
Financing activities:    
Proceeds from debt 797,602 2,543,882
Payments on debt (124,337) (2,544,619)
Shares issued from employee incentive plans (16,524) (23,689)
Dividends paid (411,396) (393,420)
Purchases of stock (112,499) (172,347)
Other financing activities (8,018) (8,826)
Net cash provided by (used in) financing activities 124,828 (599,019)
Effect of exchange rate changes on cash and cash equivalents 250 (8,824)
Net (decrease) increase in cash and cash equivalents (23,889) 1,174
Cash and cash equivalents at beginning of period 1,102,007 653,463
Cash and cash equivalents at end of period $ 1,078,118 $ 654,637