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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 259,262 $ 253,853
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Rationalization and asset impairment net charges (Note 6) 1,134 (113)
Depreciation and amortization 43,212 39,759
Equity earnings in affiliates, net (294) (180)
Deferred income taxes 3,774 (21,772)
Stock-based compensation 16,615 16,340
Other, net 1,291 9,254
Changes in operating assets and liabilities, net of effects from acquisitions:    
Increase in accounts receivable (18,890) (103,959)
Decrease (increase) in inventories 6,267 (112,594)
Increase in other current assets (13,275) (26,169)
Increase in trade accounts payable 1,566 44,252
Increase in other current liabilities 28,749 47,343
Net change in other assets and liabilities (6,635) (4,713)
NET CASH PROVIDED BY OPERATING ACTIVITIES 322,776 141,301
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (40,552) (34,602)
Acquisition of businesses, net of cash acquired (32,657) (22,095)
Proceeds from sale of property, plant and equipment 3,892 1,692
Purchase of marketable securities (7,029) 0
NET CASH USED BY INVESTING ACTIVITIES (76,346) (55,005)
CASH FLOWS FROM FINANCING ACTIVITIES    
(Payments on) proceeds from short-term borrowings (72,224) 64,960
(Payments on) proceeds from long-term borrowings (6,978) 6,869
Proceeds from exercise of stock options 12,010 1,417
Purchase of shares for treasury (85,234) (129,698)
Cash dividends paid to shareholders (74,472) (65,914)
NET CASH USED BY FINANCING ACTIVITIES (226,898) (122,366)
Effect of exchange rate changes on Cash and cash equivalents 3,801 (4,092)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 23,333 (40,162)
Cash and cash equivalents at beginning of period 197,150 192,958
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 220,483 $ 152,796