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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 190,836 $ 204,827
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 80,259 80,174
Equity-based compensation 17,844 15,308
Deferred income taxes 5,927 12,091
Other adjustments (264) 728
Changes in certain assets and liabilities:    
Accounts receivable (154,072) (61,062)
Inventories 44,505 39,469
Other assets (1,541) 301
Accounts payable 51,596 3,206
Income taxes receivable/payable 52,385 49,850
Accrued expenses (76,194) (163,339)
Net cash provided by operating activities 211,281 181,553
Investing activities:    
Purchases of property, plant and equipment (217,535) (54,436)
Purchases of short-term investments (149,359) (49,677)
Proceeds from maturities of short-term investments 192,340 104,737
Acquisition of business, net of cash and restricted cash acquired   (93,412)
Other investing activities 518 364
Net cash used in investing activities (174,036) (92,424)
Financing activities:    
Issuance of current and long-term debt 216,261 121,234
Repayment of current and long-term debt (235,757) (115,271)
Dividends paid (51,481) (42,239)
Purchases of treasury stock (106,529) (84,308)
Other financing activities (6,152) (5,720)
Net cash used in financing activities (183,658) (126,304)
Decrease in cash, cash equivalents, and restricted cash (146,413) (37,175)
Cash, cash equivalents, and restricted cash at beginning of period 1,387,397 834,423
Cash, cash equivalents, and restricted cash at end of period 1,240,984 797,248
Supplemental disclosure information:    
Cash paid for interest 8,785 8,606
Cash paid for income taxes, net $ 518 $ 1,839