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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income $ 438,755 $ 190,836
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 86,919 80,259
Equity-based compensation 17,040 17,844
Deferred income taxes 66,744 5,927
Other adjustments (662) (264)
Changes in certain assets and liabilities:    
Accounts receivable (394,545) (154,072)
Inventories (374,588) 44,505
Other assets 5,828 (1,541)
Accounts payable 360,681 51,596
Income taxes receivable/payable 59,593 52,385
Accrued expenses (3,574) (76,194)
Net cash provided by operating activities 262,191 211,281
Investing activities:    
Purchases of property, plant and equipment (309,863) (217,535)
Purchases of short-term investments   (149,359)
Proceeds from maturities of short-term investments   192,340
Other investing activities 390 518
Net cash used in investing activities (309,473) (174,036)
Financing activities:    
Issuance of current and long-term debt 297,441 216,261
Repayment of current and long-term debt (304,284) (235,757)
Dividends paid (52,729) (51,481)
Purchases of treasury stock   (106,529)
Other financing activities (16,598) (6,152)
Net cash used in financing activities (76,170) (183,658)
Decrease in cash, cash equivalents, and restricted cash (123,452) (146,413)
Cash, cash equivalents, and restricted cash at beginning of period 1,374,122 1,387,397
Cash, cash equivalents, and restricted cash at end of period 1,250,670 1,240,984
Supplemental disclosure information:    
Cash paid for interest 11,315 8,785
Cash paid for income taxes, net $ 2,142 $ 518