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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 28, 2019
Dec. 29, 2018
Dec. 30, 2017
Cash flows from operating activities:      
Net earnings $ 159,466 $ 100,306 $ 122,319
Adjustments to reconcile net earnings to net cash flows from operations:      
Depreciation and amortization 82,264 82,827 84,957
Noncash loss on trading securities 172 62 (237)
Contribution to defined benefit pension plan (18,461) (1,537) (40,245)
Impairment of property, plant and equipment 0 5,000 0
Impairment of goodwill & intangible assets 0 15,780 0
Loss on divestiture of grinding media business 0 6,084 0
Stock-based compensation 11,587 10,392 10,706
Defined benefit pension plan expense (benefit) (513) (2,251) 648
(Gain) loss on sale of property, plant and equipment (2,513) (225) (3,924)
Deferred income taxes 3,940 (1,659) 39,755
Changes in assets and liabilities (net of acquisitions):      
Receivables 5,408 12,571 (49,112)
Inventories 12,313 (13,774) (57,442)
Prepaid expenses 4,413 (11,048) (6,214)
Contract asset - costs and profits in excess of billings (29,274) (32,932) 176
Accounts payable (21,410) (1,486) 39,405
Accrued expenses 108,784 49 (1,998)
Other noncurrent liabilities (1,274) (10,888) (7,228)
Income taxes payable (refundable) (6,944) (4,139) 1,108
Net cash flows from operating activities 307,614 153,008 133,148
Cash flows from investing activities:      
Purchase of property, plant and equipment (97,425) (71,985) (55,266)
Proceeds from sale of assets 5,556 63,103 8,185
Acquisitions, net of cash acquired (81,841) (143,020) (5,362)
Proceeds from settlement of net investment hedge 11,184 (1,621) 5,123
Investments in nonconsolidated subsidiaries (6,169) 0 0
Other, net 545 (1,922) (2,295)
Net cash flows used in investing activities (168,150) (155,445) (49,615)
Cash flows from financing activities:      
Borrowings (payments) under short-term agreements 11,327 10,543 (585)
Proceeds from long-term borrowings 31,000 251,655 0
Principal payments on long-term borrowings (10,768) (262,191) (887)
Settlement of financial derivatives 0 (2,467) 0
Debt issuance costs 0 (2,322) 0
Dividends paid (32,642) (33,726) (33,862)
Dividends to noncontrolling interest (7,737) (7,055) (5,674)
Purchase of noncontrolling interest (27,845) (5,510) 0
Proceeds from exercises under stock plans 13,619 7,357 35,159
Purchase of treasury shares (62,915) (114,805) 0
Purchase of common treasury shares—stock plan exercises (12,989) (3,589) (26,161)
Net cash flows used in financing activities (98,950) (162,110) (32,010)
Effect of exchange rate changes on cash and cash equivalents (182) (15,048) 27,682
Net change in cash and cash equivalents 40,332 (179,595) 79,205
Cash, cash equivalents, and restricted cash—beginning of year 313,210 492,805 413,600
Cash, cash equivalents, and restricted cash—end of year $ 353,542 $ 313,210 $ 492,805