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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 250,083 $ 228,564
Adjustments to reconcile to net cash provided by operating activities    
Depreciation and amortization 154,814 64,968
Deferred income taxes (27,214) 14,342
Losses on sale of assets 764 1,195
Stock-based compensation 18,300 15,173
Pension contributions (10,681) (9,963)
Product recall claim settlement, net of insurance proceeds received 0 (12,969)
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (87,111) (99,963)
Inventories (71,545) (67,940)
Accounts payable (7,645) (7,139)
Accruals for incentive compensation (29,338) (25,158)
Other current payables and accrued expenses (11,934) 11,028
Other assets (29,989) (65,620)
Other liabilities 36,412 8,651
Net cash provided by operating activities 184,916 55,169
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash received (49,064) (22)
Additions to property, plant and equipment (119,094) (67,421)
Proceeds from life insurance contracts 1,890 0
Maturity of net investment hedges 0 (2,642)
Proceeds from disposal of assets 24,685 618
Contingent consideration paid (4,655) 0
Net cash used in investing activities (146,238) (69,467)
Cash flows from financing activities:    
Cash dividends paid to shareholders (155,578) (108,824)
Increase in revolving credit facility and short term borrowings 8 110,259
Deferred financing costs 0 (1,401)
Repayments on debt (47,417) 0
Contingent consideration paid (21,791) 0
Proceeds from issuance of stock in connection with stock options 200 0
Employee withholding taxes paid (9,855) (9,096)
Purchase of treasury stock 0 (15,475)
Net cash used in financing activities (234,433) (24,537)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,053 (6,788)
Net change in cash, cash equivalents and restricted cash (193,702) (45,623)
Cash, cash equivalents and restricted cash at beginning of year 648,522 368,046
Cash, cash equivalents and restricted cash at end of period 454,820 322,423
Supplemental Disclosures:    
Interest paid, net of amounts capitalized 70,479 74,422
Income taxes paid 73,911 57,809
Accrued capital expenditures $ 18,780 $ 19,160