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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 339,781 $ 295,665 $ 405,031
Adjustments to reconcile to net cash provided by operating activities:      
Depreciation and amortization 173,792 117,967 102,469
Deferred income taxes 19,402 58,889 14,350
Gains on sale of assets (1,177) (184) (10,836)
Stock-based compensation 29,401 26,567 24,587
Loss on extinguishment of debt 38,810 0 0
Gain on deal contingent derivatives (12,505) 0 0
Pension contributions (22,433) (39,298) (46,347)
Litigation settlement 0 (56,000) 0
Product recall claim settlement, net of insurance proceeds received 235 0 0
Foreign currency gain on liquidation of entity 0 (12,217) 0
Changes in assets and liabilities, net of acquisitions:      
Changes in assets and liabilities, net of acquisitions: (49,958) (68,851) (21,544)
Trade receivables (117,641) (18,911) 15,452
Inventories 55,136 29,114 (7,642)
Accounts payable (2,289) 19,144 12,133
Accruals for incentive compensation (5,279) 22,679 49,103
Other assets (19,219) (3,866) (1,067)
Other liabilities 11,519 20,058 14,450
Net cash provided by operating activities 437,575 390,756 550,139
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash received (4,857,343) (192,328) (236,836)
Additions to property, plant and equipment (170,094) (128,973) (126,412)
Additions to intangible assets (3,326) 0 0
Proceeds from disposal of assets 8,176 16,139 6,856
Proceeds from disposal of subsidiaries, net of cash held 10,157 0 0
Maturity of net investment hedges (2,642) 1,434 637
Proceeds from life insurance contracts 1,837 3,798 292
Net cash used in investing activities (5,013,235) (299,930) (355,463)
Cash flows from financing activities:      
Cash dividends paid to shareholders (230,218) (206,118) (184,897)
Decrease in revolving credit facility and short term borrowing (927) (4,499) (131,074)
Deferred financing costs (33,668) (5,373) (5,788)
Repayments of debt (376,625) (250,000) (125,000)
Proceeds from issuance of long-term debt (3,256,742) (498,250) (555,559)
Proceeds from sales of equity securities, net of issuance costs 2,268,094 0 0
Gain (loss) on pre-issuance hedges 12,505 (5,310) (3,244)
Proceeds from issuance of stock in connection with stock plans 0 329 813
Employee withholding taxes paid (9,725) (11,768) (13,353)
Purchase of treasury stock (15,475) (58,069) (127,443)
Net cash provided by (used in) financing activities 4,870,703 (42,558) (34,427)
Effect of exchange rate changes on cash and cash equivalents (14,567) (4,214) (18,245)
Net change in cash, cash equivalents and restricted cash 280,476 44,054 142,004
Cash, cash equivalents and restricted cash at beginning of year 368,046 323,992 181,988
Cash, cash equivalents and restricted cash at end of year 648,522 368,046 323,992
Cash paid for:      
Interest, net of amounts capitalized 117,581 55,440 50,576
Income taxes 116,138 107,390 107,898
Noncash investing activities:      
Accrued capital expenditures $ 33,844 $ 37,556 $ 26,049