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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:      
Net income $ 243,638 $ 214,090 $ 242,227
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation 193,781 180,513 166,944
Amortization 41,072 39,787 27,608
Stock-based compensation 38,870 34,148 23,893
Provision for CECL in 2021 and 2020 and allowance for doubtful accounts in 2019 1,601 865 782
Loss on disposition of fixed assets 217 2,627 344
Net gain on remeasurement of equity securities (4,709) (64) 0
Deferred income taxes (14,356) (8,198) 8,746
Defined benefit plan expense 29,188 23,372 15,342
Equity in results of affiliates 692 1,443 (135)
Impairment loss 376 0 0
Change in fair value of contingent consideration 2,768 5,230 0
Changes in balance sheet items, excluding effects from foreign currency adjustments and acquisitions:      
Accounts and other receivables (123,251) 13,455 8,811
Inventories (79,961) 13,722 605
Prepaid and other current assets (5,538) (3,078) 6,596
Accounts payable, accrued and other liabilities 52,305 65,592 9,997
Income taxes payable (4,631) (6,091) 5,658
Retirement and deferred compensation plan liabilities (8,726) (7,267) (3,956)
Other changes, net 107 7 995
Net Cash Provided by Operations 363,443 570,153 514,457
Cash Flows from Investing Activities:      
Capital expenditures (307,935) (245,954) (242,276)
Proceeds from government grants 2,003 0 0
Proceeds from sale of property, plant and equipment 5,231 5,261 4,301
Purchase of short-term investments (497) (243) 0
Acquisition of business, net of cash acquired (148,420) (164,181) (106,328)
Acquisition of intangible assets 0 (6,092) (4,806)
Investment in equity securities (6,870) (39,628) (3,530)
Proceeds from sale of investment in equity securities 2,434 0 16,487
Notes receivable, net (3,185) (1,141) (116)
Net Cash Used by Investing Activities (457,239) (451,978) (336,268)
Cash Flows from Financing Activities:      
Proceeds from notes payable and overdrafts 14,931 22,342 50,854
Repayments of notes payable and overdrafts (13,701) (36,314) (53,269)
Proceeds and repayments of short term revolving credit facility, net 92,863 27,000 (52,096)
Proceeds from long-term obligations 11,703 4,852 10,523
Repayments of long-term obligations (68,845) (64,735) (67,276)
Payment of contingent consideration obligation 0 (2,765) 0
Dividends paid (98,509) (92,658) (90,208)
Credit facility costs (1,718) 0 0
Proceeds from stock option exercises 59,906 68,555 90,834
Purchase of treasury stock (78,148) 0 (86,497)
Net Cash Used by Financing Activities (81,518) (73,723) (197,135)
Effect of Exchange Rate Changes on Cash (6,731) 13,545 (904)
Net (Decrease) Increase in Cash and Equivalents and Restricted Cash (182,045) 57,997 (19,850)
Cash and Equivalents and Restricted Cash at Beginning of Period 304,970 246,973 266,823
Cash and Equivalents and Restricted Cash at End of Period 122,925 304,970 246,973
Supplemental Cash Flow Disclosure:      
Interest paid 29,070 33,317 34,422
Income taxes paid $ 94,968 $ 93,575 $ 86,097