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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 29, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net earnings $ 79,801 $ 75,160
Adjustments to reconcile net earnings to net cash flows from operations:    
Depreciation and amortization 40,583 41,657
Noncash loss on trading securities 28 229
Impairment of property, plant and equipment 0 2,791
Loss on divestiture of grinding media business 0 6,084
Stock-based compensation 6,370 5,374
Defined benefit pension plan benefit (259) (1,159)
Contribution to defined benefit pension plan (13,682) (731)
Gain on sale of property, plant and equipment (278) (287)
Deferred income taxes 5,710 2,500
Changes in assets and liabilities:    
Receivables (19,633) 10,664
Inventories (18,363) (20,592)
Prepaid expenses and other assets (13,367) (9,184)
Contract asset - costs and profits in excess of billings (11,400) (24,912)
Accounts payable 7,973 (18,645)
Accrued expenses 62,467 (10,523)
Other noncurrent liabilities (5,582) (480)
Income taxes refundable (6,931) (4,288)
Net cash flows from operating activities 113,437 53,658
Cash flows from investing activities:    
Purchase of property, plant and equipment (49,310) (31,816)
Proceeds from sale of assets 466 64,393
Acquisitions, net of cash acquired (81,841) (9,300)
Settlement of net investment hedges 11,184 (1,621)
Other, net 3,893 2,404
Net cash flows from investing activities (115,608) 24,060
Cash flows from financing activities:    
Proceeds from short-term agreements 9,886 130
Proceeds from long-term borrowings 31,000 237,641
Principal payments on long-term borrowings (10,386) (495)
Settlement of financial derivatives 0 (2,467)
Debt issuance costs 0 (2,322)
Dividends paid (16,425) (17,003)
Dividends to noncontrolling interest (4,459) (4,852)
Purchase of noncontrolling interest (27,845) (5,510)
Purchase of treasury shares (38,350) (43,999)
Proceeds from exercises under stock plans 1,744 5,711
Purchase of common treasury shares—stock plan exercises (827) (1,769)
Net cash flows from financing activities (55,662) 165,065
Effect of exchange rate changes on cash and cash equivalents 1,567 (13,000)
Net change in cash and cash equivalents (56,266) 229,783
Cash, cash equivalents, and restricted cash—beginning of year 313,210 492,805
Cash, cash equivalents, and restricted cash—end of year $ 256,944 $ 722,588