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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 612,167 $ 623,775
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 197,053 177,896
Share-based compensation 19,820 15,417
Excess tax benefits from share-based compensation (4,054) (3,079)
Other non-operating activities (22,329) 0
Changes in operating assets and liabilities (57,445) 111,517
Net cash provided by operating activities 745,212 925,526
Investing activities:    
Purchases of property, plant and equipment (182,612) (91,942)
Proceeds from divestitures of businesses 416,784 0
Acquisitions of businesses and other investing activities (625,565) (153,988)
Net cash used in investing activities (391,393) (245,930)
Financing activities:    
Proceeds from debt 3,928,716 3,406,975
Payments on debt (3,749,509) (3,710,934)
Share-based awards exercised (7,495) (5,860)
Dividends paid (328,106) (310,310)
Purchases of stock (73,052) (1,918)
Net cash used in financing activities (229,446) (622,047)
Effect of exchange rate changes on cash and cash equivalents (6,645) (13,343)
Net increase in cash and cash equivalents 117,728 44,206
Cash and cash equivalents at beginning of period 333,547 314,899
Cash and cash equivalents at end of period $ 451,275 $ 359,105