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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 198,399 $ 127,478 $ 254,686
Non-controlling interests in subsidiaries' (loss) earnings (26) (66) (806)
Net income including non-controlling interests 198,373 127,412 253,880
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:      
Rationalization and asset impairment charges 0 6,269 29,574
Loss on deconsolidation of Venezuelan subsidiary 34,348 0 0
Depreciation and amortization 65,073 64,007 69,607
Equity earnings in affiliates, net (261) (530) (1,848)
Deferred income taxes (9,805) (55,728) 17,887
Stock-based compensation (Note 9) 10,332 7,932 8,416
Pension expense, settlements and curtailments 13,988 162,815 12,395
Pension contributions and payments (22,484) (53,547) (36,072)
Other, net (4,076) 958 18,095
Changes in operating assets and liabilities, net of effects from acquisitions:      
(Increase) decrease in accounts receivable (12,314) 56,741 5,876
Decrease (increase) in inventories 14,601 56,067 (5,718)
Decrease (increase) in other current assets 1,532 (19,972) 32,081
Increase (decrease) in accounts payable 29,627 (46,911) 2,135
Decrease in other current liabilities (18,440) (463) (3,736)
Net change in other assets and liabilities 2,909 5,808 (870)
NET CASH PROVIDED BY OPERATING ACTIVITIES 303,403 310,858 401,702
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (49,877) (50,507) (72,990)
Acquisition of businesses, net of cash acquired (Note 3) (71,567) (37,076) (24,230)
Proceeds from sale of property, plant, and equipment 1,127 2,310 17,457
Purchase of marketable securities (Note 1) (38,920) 0 0
Payments for (Proceeds from) Other Investing Activities 709 79 (778)
NET CASH USED BY INVESTING ACTIVITIES (159,946) (85,352) (78,985)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from short-term borrowings 1,892 12,505 11,124
Payments on short-term borrowings (1,822) (9,268) (12,226)
Amounts due banks, net 1,469 (37,466) 48,978
Proceeds from long-term borrowings 350,261 357,780 8,754
Payments on long-term borrowings (481) (6,945) (3,299)
Proceeds from exercise of stock options 25,049 5,996 9,116
Excess tax benefit from stock-based compensation 9,154 1,974 5,967
Purchase of shares for treasury (342,003) (399,494) (307,178)
Cash dividends paid to shareholders (87,330) (86,968) (73,261)
Other Financing Activities (19,043) (8,022) (2,330)
NET CASH USED BY FINANCING ACTIVITIES (62,854) (169,908) (314,355)
Effect of exchange rate changes on cash and cash equivalents (5,607) (29,794) (29,808)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 74,996 25,804 (21,446)
Cash and cash equivalents at beginning of year 304,183 278,379 299,825
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 379,179 $ 304,183 $ 278,379