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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 127,211 $ 111,214
Adjustments to reconcile to net cash provided by operating activities    
Depreciation and amortization 80,595 81,775
Deferred income taxes 2,221 (12,389)
Losses (gains) on sale of assets 754 (188)
Stock-based compensation 8,624 7,604
Pension contributions (5,397) (3,956)
Changes in assets and liabilities, net of acquisitions:    
Trade receivables (133,291) (55,935)
Inventories (568) (24,719)
Accounts payable (31,635) 8,988
Accruals for incentive compensation (19,340) (36,969)
Other current payables and accrued expenses (65,158) (11,321)
Other assets 42,462 (9,978)
Other liabilities 10,467 (6,894)
Net cash provided by operating activities 16,945 47,232
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash received 0 (33,895)
Additions to property, plant and equipment (48,294) (57,609)
Proceeds from life insurance contracts 1,739 1,890
Proceeds from disposal of assets 3,806 3,970
Contingent consideration paid 0 (4,655)
Net cash used in investing activities (42,749) (90,299)
Cash flows from financing activities:    
Cash dividends paid to shareholders (80,038) (77,779)
Increase in revolving credit facility and short term borrowings 169 2,895
Repayments on debt (11,584) (36,156)
Contingent consideration paid (327) 0
Purchases of redeemable noncontrolling interest (14,173) 0
Proceeds from issuance of stock in connection with stock options 0 200
Employee withholding taxes paid (1,275) (1,339)
Net cash used in financing activities (107,228) (112,179)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (42,529) 3,853
Net change in cash, cash equivalents and restricted cash (175,561) (151,393)
Cash, cash equivalents and restricted cash at beginning of year 623,945 648,522
Cash, cash equivalents and restricted cash at end of period 448,384 497,129
Supplemental Disclosures:    
Interest paid, net of amounts capitalized 41,755 48,506
Income taxes paid 32,636 33,326
Accrued capital expenditures $ 19,013 $ 14,241