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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 293,109 $ 287,066 $ 247,503
Non-controlling interests in subsidiaries' (loss) earnings (26) (73) (28)
Net income including non-controlling interests 293,083 286,993 247,475
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:      
Rationalization and asset impairment net charges (gains) (Notes 5 and 7) 3,500 (5,978) 1,441
Bargain purchase gain (Note 4) 0 0 (49,650)
Net impact of U.S. Tax Act (Note 14) 0 399 28,616
Depreciation and amortization 81,487 72,346 68,115
Equity earnings in affiliates, net (1,427) (3,034) (337)
Deferred income taxes (Note 14) 13,019 1,490 4,058
Stock-based compensation (Note 10) 16,624 18,554 12,698
Pension expense, settlements and curtailments 261 3,068 2,517
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net (7,601) 0 0
Other, net (8,416) (11,002) 1,402
Changes in operating assets and liabilities, net of effects from acquisitions:      
Decrease (increase) in accounts receivable 50,394 (4,061) (16,811)
(Increase) decrease in inventories (12,023) (23,904) 19,448
Decrease (increase) in other current assets 14,269 1,324 (8,143)
(Decrease) increase in trade accounts payable (8,339) 3,636 17,871
Decrease in other current liabilities (31,223) (13,657) (13)
Net change in other assets and liabilities (423) 2,978 6,158
Net Cash Provided by (Used in) Operating Activities 403,185 329,152 334,845
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (69,615) (71,246) (61,656)
Acquisition of businesses, net of cash acquired (Note 4) (134,717) (101,792) (72,468)
Proceeds from sale of property, plant, and equipment 9,509 16,755 2,301
Purchase of marketable securities 0 (268,335) (205,584)
Proceeds from marketable securities 0 447,459 65,380
Other investing activities 2,000 (2,000) 0
Net Cash Provided by (Used in) Investing Activities (192,823) 20,841 (272,027)
CASH FLOWS FROM FINANCING ACTIVITIES      
Amounts due banks, net 24,429 (835) (491)
Proceeds from long-term borrowings 0 0 34
Payments on long-term borrowings (107) (107) (39)
Proceeds from exercise of stock options 14,347 4,690 16,627
Purchase of shares for treasury (292,693) (201,650) (43,164)
Cash dividends paid to shareholders (117,920) (102,058) (92,452)
Other Financing Activities 0 (2,170) (15,552)
Net Cash Provided by (Used in) Financing Activities (371,944) (302,130) (135,037)
Effect of exchange rate changes on cash and cash equivalents 2,296 (15,715) 19,741
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (159,286) 32,148 (52,478)
Cash and cash equivalents at beginning of year 358,849 326,701 379,179
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 199,563 $ 358,849 $ 326,701