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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income $ 217,710 $ 136,535
Net income from discontinued operations 0 14,189
Net income from continuing operations 217,710 122,346
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:    
Depreciation and amortization 72,296 67,254
Share-based compensation 6,235 4,495
Excess tax benefits from share-based compensation (1,764) (221)
Changes in operating assets and liabilities 6,465 (166,014)
Net cash provided by operating activities from continuing operations 300,942 27,860
Investing activities:    
Purchases of property, plant and equipment (48,391) (38,914)
Proceeds from sale of property, plant and equipment 16,863 3,327
Proceeds from divestitures of businesses 10,345 10,442
Acquisitions of businesses and other investing activities (19,489) (3,833)
Net cash used in investing activities from continuing operations (40,672) (28,978)
Financing activities:    
Proceeds from debt 31,599 1,318,905
Payments on debt (26,767) (1,057,667)
Share-based awards exercised (5,429) (341)
Dividends paid (114,043) (110,851)
Purchases of stock 0 (95,719)
Other financing activities (1,354) (871)
Net cash (used in) provided by financing activities from continuing operations (115,994) 53,456
Cash flows from discontinued operations:    
Net cash provided by operating activities from discontinued operations 0 46,200
Net cash used in investing activities from discontinued operations 0 (6,495)
Net cash provided by financing activities from discontinued operations 0 0
Net cash provided by discontinued operations 0 39,705
Effect of exchange rate changes on cash and cash equivalents (16,454) (14,566)
Net increase in cash and cash equivalents 127,822 77,477
Cash and cash equivalents at beginning of period 990,166 276,992
Cash and cash equivalents at end of period $ 1,117,988 $ 354,469