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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows provided by (used in) operating activities:      
Net income $ 359,081 $ 308,722 $ 193,814
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 250,360 219,098 206,483
Amortization of debt discount and debt issuance costs 5,568 4,543 3,463
Rationalization charges 15,010 16,031 56,351
Stock compensation expense 20,921 18,780 17,078
Loss on early extinguishment of debt 1,372 1,481 1,676
Deferred income tax provision (benefit) 59,577 24,119 (20,859)
Other changes that provided (used) cash, net of effects from acquisitions:      
Trade accounts receivable, net (81,473) (49,415) 3,800
Inventories (109,548) 11,363 53
Trade accounts payable 171,972 21,303 16,453
Accrued liabilities (30,293) 38,361 13,950
Other, net (105,706) (11,879) 15,093
Net cash provided by operating activities 556,841 602,507 507,355
Cash flows provided by (used in) investing activities:      
Purchase of businesses, net of cash acquired (745,670) (940,875) 0
Capital expenditures (232,264) (224,177) (230,944)
Other, net 1,975 1,868 854
Net cash used in investing activities (975,959) (1,163,184) (230,090)
Cash flows provided by (used in) financing activities:      
Borrowings under revolving loans 1,185,437 1,041,709 1,194,120
Repayments under revolving loans (1,196,064) (1,054,520) (1,292,280)
Changes in outstanding checks – principally vendors 141,647 5,199 (4,664)
Proceeds from issuance of long-term debt 1,499,725 1,639,661 400,000
Repayments of long-term debt (900,000) (766,170) (359,432)
Debt issuance costs (11,073) (10,265) (4,825)
Dividends paid on common stock (62,495) (53,643) (50,840)
Repurchase of common stock (8,573) (42,111) (27,604)
Net cash provided by (used in) financing activities 648,604 759,860 (145,525)
Effect of exchange rate changes on cash and cash equivalents (7,528) 6,474 (735)
Cash and cash equivalents:      
Net increase 221,958 205,657 131,005
Balance at beginning of year 409,481 203,824 72,819
Balance at end of year 631,439 409,481 203,824
Interest paid, net 101,665 89,535 108,798
Income taxes paid, net of refunds $ 94,426 $ 120,959 $ 40,650