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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING CASH FLOW    
Net earnings (loss) $ (251,072) $ (1,228,398)
Adjustments to reconcile net earnings (loss) to operating cash flow:    
Impairment expense - Cont Ops 297,604 347,411
Impairment expense - Disc Ops 100,000 0
Depreciation 76,619 129,014
Amortization of intangibles 2,673 13,032
(Earnings) loss from equity method investments, net of distributions (2,005) 6,510
Loss on sale of investment 10,780 0
(Gain) loss on sales of assets (828) 5,690
Amortization of stock-based awards 11,571 27,513
Deferred compensation trust (4,810) (36,989)
Deferred compensation obligation 3,136 34,827
Deferred taxes (23,673) 316,407
Net retirement plan accrual (contributions) (8,507) (1,821)
Changes in assets and liabilities (62,230) 443,663
Other (5,018) 10,039
Operating cash flow 144,240 66,898
INVESTING CASH FLOW    
Purchases of marketable securities (23,589) (31,165)
Proceeds from the sales and maturities of marketable securities 13,339 197,923
Capital expenditures (80,786) (140,058)
Proceeds from sales of property, plant and equipment 34,964 56,431
Proceeds from sales of businesses 19,885 0
Investments in partnerships and joint ventures (25,252) (34,502)
Return of capital from partnerships and joint ventures 433 11,733
Proceeds from company owned life insurance 4,574 12,245
Other (317) 2,071
Investing cash flow (56,749) 74,678
FINANCING CASH FLOW    
Dividends paid (28,720) (88,708)
Other borrowings 13,527 21,206
Distributions paid to NCI (19,288) (26,123)
Capital contributions by NCI 82,109 10,581
Taxes paid on vested restricted stock (1,313) (3,572)
Stock options exercised 0 1,466
Other (356) (1,990)
Financing cash flow 45,959 (87,140)
Effect of exchange rate changes on cash (36,867) (14,078)
Increase (decrease) in cash and cash equivalents 96,583 40,358
Cash and cash equivalents at beginning of period 1,997,199 1,764,746
Cash and cash equivalents at end of period $ 2,093,782 $ 1,805,104