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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows provided by (used in) operating activities:      
Net income $ 308,722 $ 193,814 $ 223,994
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 219,098 206,483 191,737
Amortization of debt discount and debt issuance costs 4,543 3,463 3,774
Rationalization charges 16,031 56,351 6,253
Stock compensation expense 18,780 17,078 14,923
Loss on early extinguishment of debt 1,481 1,676 2,493
Deferred income tax provision (benefit) 24,119 (20,859) 23,740
Other changes that provided (used) cash, net of effects from acquisitions:      
Trade accounts receivable, net (49,415) 3,800 516
Inventories 11,363 53 20,366
Trade accounts payable 21,303 16,453 61,095
Accrued liabilities 38,361 13,950 3,564
Other, net (11,879) 15,093 (45,935)
Net cash provided by operating activities 602,507 507,355 506,520
Cash flows provided by (used in) investing activities:      
Purchase of businesses, net of cash acquired (940,875) 0 0
Capital expenditures (224,177) (230,944) (190,973)
Other, net 1,868 854 1,051
Net cash used in investing activities (1,163,184) (230,090) (189,922)
Cash flows provided by (used in) financing activities:      
Borrowings under revolving loans 1,041,709 1,194,120 1,043,370
Repayments under revolving loans (1,054,520) (1,292,280) (991,006)
Changes in outstanding checks – principally vendors 5,199 (4,664) (4,125)
Proceeds from issuance of long-term debt 1,639,661 400,000 0
Repayments of long-term debt (766,170) (359,432) (286,200)
Debt issuance costs (10,265) (4,825) (3,272)
Dividends paid on common stock (53,643) (50,840) (44,549)
Repurchase of common stock (42,111) (27,604) (7,828)
Net cash provided by (used in) financing activities 759,860 (145,525) (293,610)
Effect of exchange rate changes on cash and cash equivalents 6,474 (735) (3,702)
Cash and cash equivalents:      
Net increase 205,657 131,005 19,286
Balance at beginning of year 203,824 72,819 53,533
Balance at end of year 409,481 203,824 72,819
Interest paid, net 89,535 108,798 118,377
Income taxes paid, net of refunds $ 120,959 $ 40,650 $ 47,172