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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating activities:        
Net income $ 104,277 $ 152,608 $ 373,878 $ 554,181
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 81,752 79,470 240,732 240,555
Equity-based compensation 9,486 8,841 36,850 33,229
Deferred income taxes 10,388 11,311 30,949 34,952
Other adjustments 17,237 (1,116) 21,701 (952)
Changes in certain assets and liabilities:        
Accounts receivable (58,271) 85,633 (57,991) 95,195
Inventories (38,236) 35,479 83,790 139,889
Other assets (3,894) 39 5,702 7,632
Accounts payable 645 1,111 121,764 (54,167)
Income taxes receivable/payable (27,127) 6,293 33,251 19,715
Accrued expenses 55,533 64,533 (41,545) (83,001)
Net cash provided by operating activities 151,790 444,202 849,081 987,228
Investing activities:        
Purchases of property, plant and equipment (327,647) (154,131) (854,898) (293,687)
Purchases of short-term investments   (34,884) (149,359) (134,026)
Proceeds from maturities of short-term investments 69,545 79,508 411,533 293,279
Acquisition of business, net of cash and restricted cash acquired (59,012) (3,694) (59,012) (97,106)
Other investing activities 380 2,746 1,701 4,023
Net cash used in investing activities (316,734) (110,455) (650,035) (227,517)
Financing activities:        
Issuance of current and long-term debt 295,814 128,230 1,611,849 374,686
Repayment of current and long-term debt (305,911) (119,988) (1,645,482) (369,134)
Dividends paid (52,592) (52,751) (156,657) (148,493)
Purchases of treasury stock   (114,950) (106,529) (292,394)
Other financing activities (1,587) (1,527) (16,502) (7,259)
Net cash used in financing activities (64,276) (160,986) (313,321) (442,594)
Increase (decrease) in cash, cash equivalents, and restricted cash (229,220) 172,761 (114,275) 317,117
Cash, cash equivalents, and restricted cash at beginning of period 1,502,342 978,779 1,387,397 834,423
Cash, cash equivalents, and restricted cash at end of period 1,273,122 1,151,540 1,273,122 1,151,540
Supplemental disclosure information:        
Cash paid for interest 8,597 9,115 77,050 71,702
Cash paid for income taxes, net $ 43,900 $ 29,794 $ 45,848 $ 116,149