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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
Cash flows from operating activities:    
Net earnings $ 65,475 $ 77,746
Adjustments to reconcile net earnings to net cash flows from operations:    
Depreciation and amortization 40,584 40,583
Noncash loss on trading securities 34 28
Impairment of property, plant and equipment 2,258 0
Impairment of goodwill and intangible assets 16,638 0
Stock-based compensation 5,671 6,370
Defined benefit pension plan benefit (3,547) (259)
Contribution to defined benefit pension plan (17,138) (13,682)
(Gain) loss on sale of property, plant and equipment 86 (278)
Equity in loss in nonconsolidated subsidiaries 479 0
Deferred income taxes (866) 5,710
Changes in assets and liabilities:    
Receivables (28,896) (19,633)
Inventories (39,313) (16,308)
Prepaid expenses and other assets (13,984) (13,367)
Contract asset - costs and profits in excess of billings 16,147 (11,400)
Accounts payable 39,775 7,973
Accrued expenses 42,197 62,467
Other noncurrent liabilities (1,210) (5,582)
Income taxes refundable 26,354 (6,931)
Net cash flows from operating activities 150,744 113,437
Cash flows from investing activities:    
Purchase of property, plant and equipment (48,165) (49,310)
Proceeds from sale of assets 169 466
Acquisitions, net of cash acquired (15,862) (81,841)
Settlement of net investment hedges (11,983) (11,184)
Other, net (1,137) 3,893
Net cash flows from investing activities (53,012) (115,608)
Cash flows from financing activities:    
Proceeds from short-term agreements 3,006 14,994
Payments on short-term agreements (9,261) (5,108)
Proceeds from long-term borrowings 88,872 31,000
Principal payments on long-term borrowings (75,568) (10,386)
Dividends paid (17,704) (16,425)
Dividends to noncontrolling interest (5,642) (4,459)
Purchase of noncontrolling interest (55,916) (27,845)
Purchase of treasury shares (20,481) (38,350)
Proceeds from exercises under stock plans 724 1,744
Purchase of common treasury shares—stock plan exercises (5) (827)
Net cash flows from financing activities (91,975) (55,662)
Effect of exchange rate changes on cash and cash equivalents (5,951) 1,567
Net change in cash and cash equivalents (194) (56,266)
Cash, cash equivalents, and restricted cash—beginning of year 353,542 313,210
Cash, cash equivalents, and restricted cash—end of period $ 353,348 $ 256,944