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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 194,392 $ 248,894
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 115,435 90,610
Share-based compensation 8,574 8,564
Excess tax benefits from share-based compensation (182) (3,461)
Other operating activities, including changes in operating assets and liabilities (359,046) (26,301)
Net cash (used in) provided by operating activities (40,827) 318,306
Investing activities:    
Purchases of property, plant and equipment (119,840) (115,690)
Proceeds from sale of property, plant and equipment 15,814 68,462
Acquisitions of businesses (74,127) (134,677)
Proceeds from divestitures of businesses 0 3,381
Other investing activities 23,335 80
Net cash used in investing activities (154,818) (178,444)
Financing activities:    
Proceeds from debt 20,011 14
Payments on debt (522,352) (660)
Net proceeds of commercial paper 772,108 0
Shares issued from employee incentive plans (502) (2,211)
Dividends paid (134,355) (132,635)
Purchases of stock 0 (37,500)
Other financing activities (6,168) (2,231)
Net cash provided by (used in) financing activities 128,742 (175,223)
Effect of exchange rate changes on cash and cash equivalents 7,359 (17,058)
Net decrease in cash and cash equivalents (59,544) (52,419)
Cash and cash equivalents at beginning of period 479,991 1,102,007
Cash and cash equivalents at end of period $ 420,447 $ 1,049,588