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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 545,248 $ 472,224 $ 276,580
Adjustments to reconcile Net income to Net cash provided by operating activities:      
Rationalization and asset impairment net charges (Note 7) 4,779 8,100 (1,054)
Depreciation and amortization 86,670 78,059 81,146
Gain on sale of property (36,187) 0 0
Deferred income taxes (Note 13) (20,926) (48,207) (28,556)
Stock-based compensation 26,231 25,267 23,787
Pension settlement net charges 0 0 126,502
Other, net (17,464) 11,982 (17,474)
Changes in operating assets and liabilities, net of effects from acquisitions:      
Decrease (increase) in accounts receivable 14,980 (65,010) (65,844)
Decrease (increase) in inventories 122,094 (81,188) (154,347)
(Increase) in other current assets (35,608) (18,297) (23,913)
(Decrease) increase in trade accounts payable (32,028) 16,852 82,394
Increase (decrease) in other current liabilities 10,056 (8,199) 68,292
Net change in other assets and liabilities (303) (8,197) (2,450)
NET CASH PROVIDED BY OPERATING ACTIVITIES 667,542 383,386 365,063
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (90,987) (71,883) (62,531)
Acquisition of businesses, net of cash acquired (Note 4) (32,685) (436,298) (156,106)
Proceeds from sale of property, plant and equipment 49,494 3,331 6,781
Other investing activities (551) 159 6,500
NET CASH USED BY INVESTING ACTIVITIES (74,729) (504,691) (205,356)
CASH FLOWS FROM FINANCING ACTIVITIES      
(Payments on) proceeds from short-term borrowings (79,873) 34,351 46,476
(Payments on) proceeds from long-term borrowings (8,109) 405,444 (508)
Proceeds from exercise of stock options 22,365 6,385 19,232
Purchase of shares for treasury (198,765) (181,293) (164,526)
Cash dividends paid to shareholders (148,010) (130,724) (121,851)
Other financing activities 0 (438) (763)
NET CASH (USED BY) PROVIDED BY FINANCING ACTIVITIES (412,392) 133,725 (221,940)
Effect of exchange rate changes on Cash and cash equivalents 16,216 (8,228) (2,088)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 196,637 4,192 (64,321)
Cash and cash equivalents at beginning of period 197,150 192,958 257,279
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 393,787 $ 197,150 $ 192,958