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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating activities:        
Net income $ 78,765 $ 196,746 $ 269,601 $ 401,573
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 78,721 80,911 158,980 161,085
Equity-based compensation 9,520 9,080 27,364 24,388
Deferred income taxes 14,634 11,550 20,561 23,641
Other adjustments 4,728 (564) 4,464 164
Changes in certain assets and liabilities:        
Accounts receivable 154,352 70,624 280 9,562
Inventories 77,521 64,941 122,026 104,410
Other assets 11,137 7,292 9,596 7,593
Accounts payable 69,523 (58,484) 121,119 (55,278)
Income taxes receivable/payable 7,993 (36,428) 60,378 13,422
Accrued expenses (20,884) 15,805 (97,078) (147,534)
Net cash provided by operating activities 486,010 361,473 697,291 543,026
Investing activities:        
Purchases of property, plant and equipment (309,716) (85,120) (527,251) (139,556)
Purchases of short-term investments   (49,465) (149,359) (99,142)
Proceeds from maturities of short-term investments 149,648 109,034 341,988 213,771
Acquisition of business, net of cash and restricted cash acquired       (93,412)
Other investing activities 803 913 1,321 1,277
Net cash used in investing activities (159,265) (24,638) (333,301) (117,062)
Financing activities:        
Issuance of current and long-term debt 1,099,774 125,222 1,316,035 246,456
Repayment of current and long-term debt (1,103,814) (133,875) (1,339,571) (249,146)
Dividends paid (52,584) (53,503) (104,065) (95,742)
Purchases of treasury stock   (93,136) (106,529) (177,444)
Other financing activities (8,763) (12) (14,915) (5,732)
Net cash used in financing activities (65,387) (155,304) (249,045) (281,608)
Increase in cash, cash equivalents, and restricted cash 261,358 181,531 114,945 144,356
Cash, cash equivalents, and restricted cash at beginning of period 1,240,984 797,248 1,387,397 834,423
Cash, cash equivalents, and restricted cash at end of period 1,502,342 978,779 1,502,342 978,779
Supplemental disclosure information:        
Cash paid for interest 59,668 53,981 68,453 62,587
Cash paid for income taxes, net $ 1,430 $ 84,516 $ 1,948 $ 86,355