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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Operating activities:        
Net income $ 152,608 $ 397,906 $ 554,181 $ 985,953
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 79,470 81,383 240,555 236,638
Equity-based compensation 8,841 7,978 33,229 28,860
Deferred income taxes 11,311 23,899 34,952 45,437
Other adjustments (1,116) 312 (952) 197
Changes in certain assets and liabilities:        
Accounts receivable 85,633 (48,024) 95,195 (330,307)
Inventories 35,479 (69,885) 139,889 (240,908)
Other assets 39 (6,429) 7,632 (7,164)
Accounts payable 1,111 (14,883) (54,167) 100,368
Income taxes receivable/payable 6,293 (31,127) 19,715 55,414
Accrued expenses 64,533 79,310 (83,001) 49,920
Net cash provided by operating activities 444,202 420,440 987,228 924,408
Investing activities:        
Purchases of property, plant and equipment (154,131) (70,668) (293,687) (176,477)
Purchases of short-term investments (34,884) (35,000) (134,026) (125,000)
Proceeds from maturities of short-term investments 79,508 10,000 293,279 10,000
Acquisition of business, net of cash and restricted cash acquired (3,694) (37,589) (97,106) (433,998)
Other investing activities 2,746 576 4,023 1,462
Net cash used in investing activities (110,455) (132,681) (227,517) (724,013)
Financing activities:        
Issuance of current and long-term debt 128,230 110,041 374,686 327,670
Repayment of current and long-term debt (119,988) (115,039) (369,134) (346,162)
Dividends paid (52,751) (44,081) (148,493) (125,146)
Purchases of treasury stock (114,950) (74,965) (292,394) (193,379)
Other financing activities (1,527)   (7,259) (8,324)
Net cash used in financing activities (160,986) (124,044) (442,594) (345,341)
Increase (decrease) in cash, cash equivalents, and restricted cash 172,761 163,715 317,117 (144,946)
Cash, cash equivalents, and restricted cash at beginning of period 978,779 726,424 834,423 1,035,085
Cash, cash equivalents, and restricted cash at end of period 1,151,540 890,139 1,151,540 890,139
Supplemental disclosure information:        
Cash paid for interest 9,115 8,643 71,702 70,498
Cash paid for income taxes, net $ 29,794 $ 119,802 $ 116,149 $ 198,752