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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 123,415 $ 121,931
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Rationalization and asset impairment net charges 64 0
Depreciation and amortization 21,586 21,295
Deferred income taxes (7,348) (7,019)
Stock-based compensation 14,190 11,634
Other, net 5,104 (2,117)
Changes in operating assets and liabilities, net of effects from acquisitions:    
Increase in accounts receivable (9,603) (27,664)
(Increase) decrease in inventories (9,416) 5,881
Decrease (increase) in other current assets 3,331 (16,587)
Increase in trade accounts payable 3,957 6,841
(Decrease) increase in other current liabilities (8,121) 10,505
Net change in other assets and liabilities (3,865) (769)
NET CASH PROVIDED BY OPERATING ACTIVITIES 133,294 123,931
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (26,256) (18,787)
Proceeds from sale of property, plant and equipment 316 3,314
Other investing activities 0 (576)
NET CASH USED BY INVESTING ACTIVITIES (25,940) (16,049)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from (payments on) short-term borrowings 2,016 (43,940)
Payments on long-term borrowings (169) (111)
Proceeds from exercise of stock options 24,438 2,476
Purchase of shares for treasury (110,405) (32,158)
Cash dividends paid to shareholders (41,280) (37,583)
NET CASH USED BY FINANCING ACTIVITIES (125,400) (111,316)
Effect of exchange rate changes on Cash and cash equivalents (763) 5,087
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (18,809) 1,653
Cash and cash equivalents at beginning of period 393,787 197,150
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 374,978 $ 198,803