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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 379,890 $ 324,281
Adjustments to reconcile to net cash provided by operating activities    
Depreciation and amortization 235,429 95,994
Deferred income taxes (35,134) 20,623
Losses (gains) on sale of assets 1,136 (435)
Stock-based compensation 26,426 22,041
Pension contributions (16,390) (15,983)
Loss on extinguishment of debt 0 38,810
Gain on deal contingent derivatives 0 (12,505)
Product recall claim settlement, net of insurance proceeds received 0 (3,090)
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (22,878) (93,198)
Inventories (84,140) (92,705)
Accounts payable (39,332) (17,198)
Accruals for incentive compensation (20,726) (10,753)
Other current payables and accrued expenses (12,161) 386
Other assets (58,016) (61,597)
Other liabilities 28,931 7,287
Net cash provided by operating activities 383,035 201,958
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash received (49,065) (22)
Additions to property, plant and equipment (160,449) (102,421)
Additions to intangible assets (6,070) 0
Proceeds from life insurance contracts 1,890 1,837
Maturity of net investment hedges 0 (2,642)
Proceeds from disposal of assets 34,607 961
Proceeds from unwinding of cross currency swap derivative instruments 25,900 0
Contingent consideration paid (4,655) 0
Net cash used in investing activities (157,842) (102,287)
Cash flows from financing activities:    
Cash dividends paid to shareholders (233,477) (163,318)
Increase in revolving credit facility and short term borrowings 11 112,483
Deferred financing costs 0 (21,944)
Repayments on debt (100,785) (288,810)
Proceeds from issuance of long-term debt 0 2,926,414
Contingent consideration paid (21,791) 0
Proceeds from sales of equity securities, net of issuance costs 0 2,268,965
Proceeds from pre-issuance hedges 0 12,505
Proceeds from issuance of stock in connection with stock options 200 0
Employee withholding taxes paid (9,966) (9,725)
Purchase of treasury stock 0 (15,475)
Net cash (used in) provided by financing activities (365,808) 4,821,095
Effect of exchange rate changes on cash, cash equivalents and restricted cash (3,853) (14,353)
Net change in cash, cash equivalents and restricted cash (144,468) 4,906,413
Cash, cash equivalents and restricted cash at beginning of year 648,522 368,046
Cash, cash equivalents and restricted cash at end of period 504,054 5,274,459
Supplemental Disclosures:    
Interest paid, net of amounts capitalized 122,121 91,874
Income taxes paid 98,819 86,672
Accrued capital expenditures $ 15,826 $ 18,247