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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows – Operating activities:    
Net earnings, including noncontrolling interests $ 190,534 $ 60,685
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:    
Depreciation 69,007 72,668
Amortization of intangible and other assets 10,134 12,548
Loss on disposition of businesses 0 7,727
Stock-based compensation 22,507 14,130
Foreign currency, asset impairments and other non-cash adjustments (8,284) 31,678
Change in assets and liabilities:    
Accounts receivable, net (13,351) (9,481)
Inventories, net (68,695) (46,699)
Contract assets, net (36,325) (54,822)
Prepaid expenses and other assets, net 3,786 (16,340)
Accounts payable (17,889) (29,963)
Contract liabilities 21,323 3,410
Accrued liabilities and income taxes payable (6,407) (13,690)
Retirement obligations and other (27,660) (1,480)
Net deferred taxes 5,311 (4,033)
Net cash flows provided (used) by operating activities 143,991 26,338
Cash flows – Investing activities:    
Capital expenditures (44,624) (49,976)
Proceeds from disposal of assets and other 40,773 4,062
(Payments) proceeds from disposition of businesses 0 3,663
Net cash flows provided (used) by investing activities (3,851) (49,577)
Cash flows – Financing activities:    
Payments on long-term debt (105,000) (45,000)
Proceeds from short-term financing 75,000 0
Payments on short-term financing (75,000) 0
Proceeds under other financing arrangements 2,572 2,720
Payments under other financing arrangements (8,903) (9,093)
Repurchases of common shares 5,432 0
Payments related to tax withholding for stock-based compensation (3,835) (2,972)
Payments of dividends (74,695) (74,548)
Other (251) (4,333)
Net cash flows provided (used) by financing activities (195,544) (133,226)
Effect of exchange rate changes on cash (17,009) (17,038)
Net change in cash and cash equivalents (72,413) (173,503)
Cash and cash equivalents at beginning of period 619,683 703,445
Cash and cash equivalents at end of period $ 547,270 $ 529,942