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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:      
Net income $ 214,090 $ 242,227 $ 194,766
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation 180,513 166,944 156,292
Amortization 39,787 27,608 15,455
Stock-based compensation 34,148 23,893 19,561
Provision for CECL in 2020 and allowance for doubtful accounts in 2019 and 2018 865 782 923
Loss (gain) on disposition of fixed assets 2,627 344 (770)
Net gain on remeasurement of equity securities (64) 0 (6,500)
Deferred income taxes (8,198) 8,746 (23,352)
Defined benefit plan expense 23,372 15,342 19,501
Equity in results of affiliates 1,443 (135) 229
Change in fair value of contingent consideration 5,230 0 0
Changes in balance sheet items, excluding effects from foreign currency adjustments:      
Accounts and other receivables 13,455 8,811 (66,968)
Inventories 13,722 605 (25,183)
Prepaid and other current assets (3,078) 6,596 (9,437)
Accounts payable, accrued and other liabilities 65,592 9,997 60,576
Income taxes payable (6,091) 5,658 (3,155)
Retirement and deferred compensation plan liabilities (7,267) (3,956) (22,762)
Other changes, net 7 995 4,452
Net Cash Provided by Operations 570,153 514,457 313,628
Cash Flows from Investing Activities:      
Capital expenditures (245,954) (242,276) (211,252)
Proceeds from sale of property, plant and equipment 5,261 4,301 4,466
Insurance proceeds 0 0 10,631
Purchase of short-term investments (243) 0 0
Acquisition of business, net of cash acquired (164,181) (106,328) (527,916)
Acquisition of intangible assets, net (6,092) (4,806) (611)
Investment in equity securities (39,628) (3,530) (10,000)
Proceeds from sale of investment in equity securities 0 16,487 0
Notes receivable, net (1,141) (116) (779)
Net Cash Used by Investing Activities (451,978) (336,268) (735,461)
Cash Flows from Financing Activities:      
Proceeds from notes payable and overdrafts 22,342 50,854 49,069
Repayments of notes payable and overdrafts (36,314) (53,269) (29,994)
Proceeds and repayments of short term revolving credit facility, net 27,000 (52,096) 81,063
Proceeds from long-term obligations 4,852 10,523 13,161
Repayments of long-term obligations (64,735) (67,276) (72,290)
Payment of contingent consideration obligation (2,765) 0 0
Dividends paid (92,658) (90,208) (82,346)
Proceeds from stock option exercises 68,555 90,834 88,156
Purchase of treasury stock 0 (86,497) (3,905)
Common stock repurchased and retired 0 0 (57,786)
Net Cash Used by Financing Activities (73,723) (197,135) (14,872)
Effect of Exchange Rate Changes on Cash 13,545 (904) (9,112)
Net Increase (Decrease) in Cash and Equivalents and Restricted Cash 57,997 (19,850) (445,817)
Cash and Equivalents and Restricted Cash at Beginning of Period 246,973 266,823 712,640
Cash and Equivalents and Restricted Cash at End of Period 304,970 246,973 266,823
Supplemental Cash Flow Disclosure:      
Interest paid 33,317 34,422 32,005
Income taxes paid $ 93,575 $ 86,097 $ 96,048