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CONSOLIDATED STATEMENT OF CASH FLOWS
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
Dec. 31, 2010
USD ($)
Cash flows from operating activities:      
Net income $ 254,134 $ 266,866 $ 263,557
Adjustments to reconcile to net cash provided by operating activities:      
Depreciation and Amortization 76,667 75,327 79,242
Deferred income taxes (15,878) 25,357 (13,301)
Gain on disposal of assets (4,461) (3,184) (3,681)
Stock-based compensation 19,716 20,547 18,382
Pension settlement/curtailment 874 3,583  
Spanish tax charges 72,362    
Payments pursuant to Spanish tax settlement (105,503)    
Changes in assets and liabilities:      
Trade receivables (33,056) (35,697) (12,143)
Inventories 4,571 (25,199) (86,250)
Accounts payable (740) (5,859) 39,973
Accruals for incentive compensation 34,632 (49,964) 45,709
Other current payables and accrued expenses 29,203 (45,491) 31,135
Changes in other assets (9,969) (22,428) (49,786)
Changes in other liabilities 1,244 (14,668) 2,299
Net cash provided by operating activities 323,796 189,190 315,136
Cash flows from investing activities:      
Additions to property, plant and equipment (126,140) (127,457) (106,301)
Proceeds from disposal of assets 1,763 705 1,657
Maturity/termination of net investment hedges 1,960 (2,475) 1,719
Purchase of life insurance contracts (1,127) (1,936) (3,858)
Proceeds from termination of life insurance contracts 9,283    
Net cash used in investing activities (114,261) (131,163) (106,783)
Cash flows from financing activities:      
Cash dividends paid to shareholders (130,943) (90,250) (81,181)
Net change in revolving credit facility borrowings and overdrafts 138,756 92,662 (103,190)
Repayments of long-term debt   (123,708)  
Proceeds from issuance of stock under stock plans 9,211 14,656 26,224
Excess tax benefits on stock-based payments 8,380 5,933 1,403
Net cash provided by (used in) financing activities 25,404 (100,707) (156,744)
Effect of exchange rate changes on cash and cash equivalents 1,204 (373) (412)
Net change in cash and cash equivalents 236,143 (43,053) 51,197
Cash and cash equivalents at beginning of year 88,279 131,332 80,135
Cash and cash equivalents at end of year 324,422 88,279 131,332
Cash paid for:      
Interest 48,077 54,310 54,087
Taxes 184,592 [1] 87,785 [1] 70,807 [1]
Noncash investing activities:      
Accrued capital expenditures $ 26,565 $ 24,050 $ 1,378
[1] The 2012 amount includes $105.5 million pursuant to the Spanish tax settlement (see Note 9).