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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities    
Net income [1],[2] $ 81,068 $ 87,151 [3]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 58,545 60,778
Deferred compensation 11,478 4,971
Realized and unrealized gains on long-term investments (2,806) (1,241)
Stock-based compensation 7,045 6,722
Deferred income taxes [1] (2,291) 6,846
Other non-cash items 2,192 1,370
Changes in assets and liabilities:    
Receivables, net (8,959) (34,807)
Inventories [1] 25,879 (23,366)
Other current assets (3,750) 727
Accounts payable and accrued liabilities (35,330) (6,906)
Pension liabilities (979) (5,059)
Environmental and legal liabilities 800 (763)
Deferred revenues (243) (243)
Net Cash Provided By Operating Activities 132,649 96,180
Cash Flows From Investing Activities    
Expenditures for property, plant and equipment (70,829) (62,895)
Business acquisition (Note 18)   (21,475)
Other, net 2,332 1,684
Net Cash Used In Investing Activities (68,497) (82,686)
Cash Flows From Financing Activities    
Revolving debt and bank overdrafts, net (6,929) 1,379
Other debt repayments (37,143) (5,714)
Dividends paid (16,911) (15,225)
Company stock repurchased (13,184) (13,500)
Stock option exercises 2,830 3,488
Other, net (3,101) (4,504)
Net Cash Used In Financing Activities (74,438) (34,076)
Effect of Exchange Rate Changes on Cash (3,913) (4,324)
Net Decrease in Cash and Cash Equivalents (14,199) (24,906)
Cash and Cash Equivalents at Beginning of Period 300,194 298,894
Cash and Cash Equivalents at End of Period 285,995 273,988
Supplemental Cash Flow Information    
Cash payments of income taxes, net of refunds/payments 21,698 25,190
Cash payments of interest $ 9,311 $ 8,553
[1] The 2018 amounts for the noted line items have been retrospectively changed from the amounts originally reported as a result of the Company’s first quarter 2019 change in method of accounting for U.S. inventory valuation from LIFO to FIFO.
[2] The 2018 amounts for the noted line items have been retrospectively changed from the amounts originally reported as a result of the Company’s first quarter 2019 change in method of accounting for U.S. inventory valuation from the last in, first out (LIFO) basis to the first in, first out (FIFO) basis.
[3] The retained earnings and net income amounts for the noted line items have been changed from the amounts originally reported as a result of the Company’s first quarter 2019 change in method of accounting for U.S. inventory valuation from LIFO to FIFO.