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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 29, 2019
Jun. 30, 2018
Operating activities:    
Net earnings $ 943,070 $ 1,093,727
Adjustments:    
Depreciation 321,979 316,402
Amortization 42,748 44,573
Stock-based compensation 61,260 51,905
Deferred income taxes 57,052 48,181
Distributions from affiliates 27,405 27,453
Equity in earnings of unconsolidated affiliates (4,044) (20,523)
Changes in assets and liabilities (exclusive of acquisitions and dispositions):    
Accounts receivable 112,015 (602,414)
Inventories 281,119 (676,266)
Accounts payable (248,671) 367,950
Federal income taxes (122,358) 208,996
Salaries, wages and related accruals (220,946) 1,631
Other operating activities (62,774) 8,977
Cash provided by operating activities 1,187,855 870,592
Investing activities:    
Capital expenditures (649,947) (361,486)
Investment in and advances to affiliates (11,170) (73,427)
Divestiture of affiliates 67,591  
Disposition of plant and equipment 18,396 17,297
Acquisitions (net of cash acquired) (9,495)  
Purchase of investments (50,000)  
Proceeds from the sale of investments   50,000
Other investing activities 2,176 1,378
Cash used in investing activities (632,449) (366,238)
Financing activities:    
Net change in short-term debt 2,217 6,334
Proceeds from long-term debt, net of discount   995,710
Repayment of long-term debt   (500,000)
Bond issuance related costs   (7,625)
Issuance of common stock 5,892 12,280
Payment of tax withholdings on certain stock-based compensation (15,446) (19,508)
Distributions to noncontrolling interests (67,380) (40,130)
Cash dividends (246,474) (243,649)
Acquisition of treasury stock (197,511) (170,315)
Other financing activities (4,346) (3,879)
Cash (used in) provided by financing activities (523,048) 29,218
Effect of exchange rate changes on cash 548 3,777
Increase in cash and cash equivalents 32,906 537,349
Cash and cash equivalents - beginning of year 1,398,886 949,104
Cash and cash equivalents - end of six months 1,431,792 1,486,453
Non-cash investing activity:    
Change in accrued plant and equipment purchases $ 39,862 $ 1,776