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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Change in accrual for purchases of property, plant and equipment included in accounts payable $ 12,804 $ 4,965
Cash flows from operating activities:    
Net income 33,466 62,288
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 59,857 62,005
Amortization 5,792 4,566
Deferred income tax expense (benefit) (3,823) 340
Equity income of unconsolidated entities, net (70) 0
Other, net 2,561 3,037
Changes in assets and liabilities:    
Accounts receivable (27,034) (21,445)
Inventories (20,497) (11,175)
Contract assets (69) (1,393)
Right-of-use assets 7,228 0
Accounts payable 10,917 7,359
Accrued interest payable 285 (58)
Accrued compensation (14,525) (16,045)
Advances on contracts (10,381) (13,116)
Operating lease liabilities (6,894) 0
Retirement plan liabilities, net (13,146) (18,330)
Other assets and liabilities (18,295) (11,334)
Net cash provided by operating activities 5,372 46,699
Cash flows from investing activities:    
Purchases of property, plant and equipment (91,201) (56,496)
Purchases of businesses, net of cash acquired (584,485) (56,389)
Proceeds from sales of assets 2,205 3,153
Purchase of intangible assets (525) 0
Net payments from settlement of foreign currency forward exchange contracts (691) (2,942)
Payments for interest rate swap terminations (2,758) 0
Net cash used by investing activities (677,455) (112,674)
Cash flows from financing activities:    
Short-term borrowings, net 84 (2,977)
Current maturities and long-term debt:    
Additions 740,360 124,858
Reductions (3,333) (43,193)
Dividends paid to noncontrolling interest 3,098 4,609
Sale of noncontrolling interests 876 477
Stock-based compensation - Employee taxes paid (11,167) (3,614)
Deferred financing costs 9,464 354
Net cash provided by financing activities 714,258 70,588
Effect of exchange rate changes on cash and cash equivalents, including restricted cash (242) (3,735)
Net increase in cash and cash equivalents, including restricted cash 41,933 878
Cash and cash equivalents, including restricted cash, at beginning of period 67,146 66,209
Cash and cash equivalents, including restricted cash, at end of period $ 109,079 $ 67,087