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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating activities:        
Net income $ 196,746 $ 362,572 $ 401,573 $ 588,047
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 80,911 79,120 161,085 155,255
Equity-based compensation 9,080 8,041 24,388 20,882
Deferred income taxes 11,550 11,993 23,641 21,538
Other adjustments (564) (145) 164 (115)
Changes in certain assets and liabilities:        
Accounts receivable 70,624 (163,465) 9,562 (282,283)
Inventories 64,941 (90,312) 104,410 (171,023)
Other assets 7,292 (630) 7,593 (735)
Accounts payable (58,484) 48,919 (55,278) 115,251
Income taxes receivable/payable (36,428) 22,579 13,422 86,541
Accrued expenses 15,805 47,361 (147,534) (29,390)
Net cash provided by operating activities 361,473 326,033 543,026 503,968
Investing activities:        
Purchases of property, plant and equipment (85,120) (55,203) (139,556) (105,809)
Purchases of short-term investments (49,465) (50,000) (99,142) (90,000)
Proceeds from maturities of short-term investments 109,034   213,771  
Acquisition of business, net of cash and restricted cash acquired   (396,409) (93,412) (396,409)
Other investing activities 913 657 1,277 886
Net cash used in investing activities (24,638) (500,955) (117,062) (591,332)
Financing activities:        
Issuance of current and long-term debt 125,222 124,571 246,456 217,629
Repayment of current and long-term debt (133,875) (118,089) (249,146) (231,123)
Dividends paid (53,503) (44,268) (95,742) (81,065)
Purchases of treasury stock (93,136) (49,145) (177,444) (118,414)
Other financing activities (12) (3,144) (5,732) (8,324)
Net cash used in financing activities (155,304) (90,075) (281,608) (221,297)
Increase (decrease) in cash, cash equivalents, and restricted cash 181,531 (264,997) 144,356 (308,661)
Cash, cash equivalents, and restricted cash at beginning of period 797,248 991,421 834,423 1,035,085
Cash, cash equivalents, and restricted cash at end of period 978,779 726,424 978,779 726,424
Supplemental disclosure information:        
Cash paid for interest 53,981 53,226 62,587 61,855
Cash paid for income taxes, net $ 84,516 $ 79,995 $ 86,355 $ 78,950