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Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 272,447 $ 219,233
Adjustments to reconcile net income to total operating activities:    
Depreciation and amortization 78,121 64,617
Deferred income taxes (497) 8,095
Share-based compensation expense 9,571 11,440
Gain on sale of facilities (7,054) 0
Net change in assets and liabilities, net of acquisitions (138,897) (13,275)
Pension contributions (2,137) (2,038)
Other, net (10,213) (3,665)
Total operating activities 201,341 284,407
Investing activities:    
Additions to property, plant and equipment (26,389) (17,537)
Purchases of businesses, net of cash acquired 0 (263,948)
Proceeds from sale of facilities 11,754 0
Other, net (246) (3,017)
Total investing activities (14,881) (284,502)
Financing activities:    
Net change in short-term borrowings 19,977 (32,950)
Repurchases of common stock (156,724) (7,997)
Cash dividends paid (50,778) (46,033)
Proceeds from stock option exercises 8,262 6,925
Other, net (8,180) (3,951)
Total financing activities (187,443) (84,006)
Effect of exchange rate changes on cash and cash equivalents (5,485) (5,061)
Decrease in cash and cash equivalents (6,468) (89,162)
Cash and cash equivalents:    
Beginning of period 346,772 1,212,822
End of period $ 340,304 $ 1,123,660