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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 182,853 $ 191,644
Provision for losses on accounts receivable 3,918 3,454
Deferred income taxes and tax uncertainties (7,632) 21,035
Depreciation and amortization 62,249 56,294
Gains from sales of assets and write-offs (10,966) (7,465)
Stock-based compensation 6,757 7,456
Losses from equity method investment 8,374 6,388
Change in operating assets and liabilities – net of business acquisitions:    
Accounts receivable (95,419) (84,435)
Inventories 27,826 10,831
Prepaid expenses and other assets (25,943) 4,370
Trade accounts payable 18,051 30,827
Other current liabilities (64,171) (104,552)
Current income taxes payable 73,227 32,757
Accrued employment-related benefits cost 1,520 323
Other – net 302 (8,290)
Net cash provided by operating activities 180,946 160,637
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property, buildings and equipment (78,768) (51,797)
Proceeds from sales of assets 48,306 13,817
Equity method investment (7,067) (7,199)
Other – net 0 (206)
Net cash used in investing activities (37,529) (45,385)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in commercial paper 34,946 214,645
Borrowings under lines of credit 9,883 12,028
Payments against lines of credit (9,167) (11,060)
Proceeds from issuance of long-term debt 3,917 245
Payments of long-term debt (6,235) (125,014)
Proceeds from stock options exercised 26,345 5,206
Excess tax benefits from stock-based compensation 0 17,287
Payment for employee taxes withheld from stock awards (11,625) (6,906)
Purchase of treasury stock (159,146) (172,047)
Cash dividends paid (72,118) (72,632)
Net cash used in financing activities (183,200) (138,248)
Exchange rate effect on cash and cash equivalents 4,438 12,766
NET CHANGE IN CASH AND CASH EQUIVALENTS (35,345) (10,230)
Cash and cash equivalents at beginning of year 274,146 290,136
Cash and cash equivalents at end of period $ 238,801 $ 279,906