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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating activities:        
Net income $ 151,012 $ 154,413 $ 502,625 $ 356,174
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 75,210 74,190 224,068 222,970
Equity-based compensation 6,875 5,946 24,558 23,716
Deferred income taxes 3,284 18,478 17,849 53,879
Other adjustments 8,202 161 8,055 1,376
Changes in certain assets and liabilities:        
Accounts receivable (36,123) 29,384 (193,233) (149,810)
Inventories (67,285) (76,013) (211,726) (102,339)
Other assets (9,234) 694 (1,703) 11,855
Accounts payable 44,887 (49,171) 133,251 117,220
Income taxes receivable/payable (12,929) (7,421) 5,803 40,960
Accrued expenses 62,249 45,701 38,058 69,361
Net cash provided by operating activities 226,148 196,362 547,605 645,362
Investing activities:        
Purchases of property, plant and equipment (42,795) (59,774) (127,746) (123,168)
Acquisition of business, net of cash acquired (5,518) (109,065) (5,518) (109,065)
Other investing activities 1,081 1,507 30,386 5,767
Net cash used in investing activities (47,232) (167,332) (102,878) (226,466)
Financing activities:        
Issuance of current and long-term debt 450,215 12,911 501,448 97,018
Repayment of current and long-term debt (294,913) (9,999) (331,339) (95,253)
Dividends paid (37,180) (34,124) (108,837) (101,639)
Purchases of treasury stock (99,085)   (237,154)  
Other financing activities (4,832) 1,005 (8,364) 5,435
Net cash provided by (used in) financing activities 14,205 (30,207) (184,246) (94,439)
Increase (decrease) in cash and equivalents 193,121 (1,177) 260,481 324,457
Cash and equivalents at beginning of period 908,843 1,052,666 841,483 727,032
Cash and equivalents at end of period 1,101,964 1,051,489 1,101,964 1,051,489
Supplemental disclosure information:        
Cash paid for interest 13,530 26,225 80,155 97,605
Cash paid for income taxes, net $ 93,123 $ 75,860 $ 246,793 $ 104,124