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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 289,812 $ 371,089
Provision for losses on accounts receivable 12,769 8,282
Deferred income taxes and tax uncertainties (7,339) 4,565
Depreciation and amortization 128,195 113,496
Net losses (gains) from sales of assets and non-cash charges 12,537 (15,564)
Stock-based compensation 20,030 21,135
Losses from equity method investment 14,495 11,815
Change in operating assets and liabilities – net of business acquisitions:    
Accounts receivable (136,844) (98,394)
Inventories 29,936 8,733
Prepaid expenses and other assets (24,232) (6,143)
Trade accounts payable 36,817 43,338
Other current liabilities (18,989) (112,256)
Current income taxes payable 6,360 (1,368)
Accrued employment-related benefits cost 3,655 3,877
Other – net 4,976 (9,512)
Net cash provided by operating activities 372,178 343,093
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property, buildings and equipment (131,147) (105,717)
Proceeds from sales of assets 69,758 43,119
Equity method investment (13,300) (10,340)
Other – net (146) (597)
Net cash used in investing activities (74,835) (73,535)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (decrease) increase in commercial paper (269,841) 19,888
Borrowings under lines of credit 30,374 18,501
Payments against lines of credit (18,036) (19,306)
Proceeds from issuance of long-term debt 415,672 393,284
Payments of long-term debt (7,799) (129,981)
Proceeds from stock options exercised 27,064 26,191
Payments for employee taxes withheld from stock awards (16,719) (16,704)
Excess tax benefits from stock-based compensation 0 9,770
Purchase of treasury stock (313,562) (412,647)
Cash dividends paid (151,637) (147,480)
Net cash used in financing activities (304,484) (258,484)
Exchange rate effect on cash and cash equivalents 8,060 14,787
NET CHANGE IN CASH AND CASH EQUIVALENTS 919 25,861
Cash and cash equivalents at beginning of year 274,146 290,136
Cash and cash equivalents at end of period $ 275,065 $ 315,997