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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 28, 2019
Sep. 29, 2018
Cash flows from operating activities:    
Net earnings $ 122,064 $ 82,151
Adjustments to reconcile net earnings to net cash flows from operations:    
Depreciation and amortization 60,424 62,018
Noncash loss on trading securities (48) (62)
Impairment of property, plant and equipment 0 4,197
Impairment of goodwill & intangible assets 0 15,780
Loss on divestiture of grinding media business 0 6,084
Stock-based compensation 8,889 8,076
Defined benefit pension plan benefit (382) (1,713)
Contribution to defined benefit pension plan (17,426) (1,555)
Gain on sale of property, plant and equipment (465) (353)
Deferred income taxes 7,098 814
Changes in assets and liabilities:    
Receivables (21,117) (612)
Inventories 5,348 (33,004)
Prepaid expenses and other assets (14,451) (18,486)
Contract asset - costs and profits in excess of billings (7,850) (33,029)
Accounts payable (19,256) (19,069)
Accrued expenses 129,901 7,288
Other noncurrent liabilities (4,563) (1,249)
Income taxes refundable (8,936) (9,223)
Net cash flows from operating activities 239,230 68,053
Cash flows from investing activities:    
Purchase of property, plant and equipment (71,981) (48,919)
Proceeds from sale of assets 1,325 64,786
Acquisitions, net of cash acquired (81,841) (125,309)
Settlement of net investment hedges 11,184 (1,621)
Other, net 2,117 (2,371)
Net cash flows from investing activities (139,196) (113,434)
Cash flows from financing activities:    
Proceeds from short-term agreements 9,284 3,217
Proceeds from long-term borrowings 31,000 236,936
Principal payments on long-term borrowings (10,578) (252,952)
Settlement of financial derivatives 0 (2,467)
Debt issuance costs 0 (2,322)
Dividends paid (24,554) (25,415)
Dividends to noncontrolling interest (6,549) (5,737)
Purchase of noncontrolling interest (27,845) (5,510)
Purchase of treasury shares (55,172) (86,919)
Proceeds from exercises under stock plans 3,211 6,376
Purchase of common treasury shares—stock plan exercises (1,456) (1,914)
Net cash flows from financing activities (82,659) (136,707)
Effect of exchange rate changes on cash and cash equivalents (3,385) (15,095)
Net change in cash and cash equivalents 13,990 (197,183)
Cash, cash equivalents, and restricted cash—beginning of year 313,210 492,805
Cash, cash equivalents, and restricted cash—end of period $ 327,200 $ 295,622