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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows provided by (used in) operating activities:    
Net income $ 72,029 $ 84,875
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 66,176 69,067
Rationalization charges 4,121 1,379
Stock compensation expense 3,681 4,879
Loss on early extinguishment of debt 0 1,481
Other changes that provided (used) cash, net of effects from acquisitions:    
Trade accounts receivable, net (271,224) (141,113)
Inventories (279,982) (222,137)
Trade accounts payable (176,147) (29,881)
Accrued liabilities (49,812) (23,291)
Other, net (616) (12,660)
Net cash (used in) operating activities (631,774) (267,401)
Cash flows provided by (used in) investing activities:    
Purchase of businesses, net of cash acquired 0 (1,333)
Capital expenditures (67,871) (68,491)
Other, net 880 (203)
Net cash (used in) investing activities (66,991) (70,027)
Cash flows provided by (used in) financing activities:    
Borrowings under revolving loans 783,454 544,624
Repayments under revolving loans (29,100) (24,408)
Proceeds from issuance of long-term debt 2,146 0
Repayments of long-term debt (50,705) (300,000)
Changes in outstanding checks - principally vendors (61,433) (225,863)
Dividends paid on common stock (20,575) (18,722)
Repurchase of common stock (13,412) (11,474)
Net cash provided by (used in) financing activities 610,375 (35,843)
Effect of exchange rate changes on cash and cash equivalents 3,828 1,396
Cash and cash equivalents:    
Net (decrease) (84,562) (371,875)
Balance at beginning of year 585,622 631,439
Balance at end of period 501,060 259,564
Interest paid, net 34,764 33,116
Income taxes paid, net $ 20,086 $ 6,718