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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Cash flows from operating activities:    
Net earnings $ 117,658 $ 65,475
Adjustments to reconcile net earnings to net cash flows from operations:    
Depreciation and amortization 44,063 40,584
Noncash loss on trading securities 0 34
Impairment of property, plant and equipment 0 2,258
Impairment of goodwill and trade names 0 16,638
Stock-based compensation 8,948 5,671
Defined benefit pension plan benefit (7,400) (3,547)
Contribution to defined benefit pension plan (970) (17,138)
(Gain)/Loss on sale of property, plant and equipment (1,330) 86
Equity in loss in nonconsolidated subsidiaries 719 479
Deferred income taxes (3,718) (866)
Changes in assets and liabilities:    
Receivables (45,398) (28,896)
Inventories (142,218) (39,313)
Prepaid expenses and other assets (current and non-current) (19,680) (13,984)
Contract assets (17,165) 16,147
Accounts payable 55,445 39,775
Accrued expenses (18,119) 21,323
Contract liabilities 24,963 20,874
Other noncurrent liabilities 52,229 (1,210)
Income taxes payable/refundable 22,158 26,354
Net cash flows from operating activities 70,185 150,744
Cash flows from investing activities:    
Purchase of property, plant and equipment (48,824) (48,165)
Proceeds from sale of assets 1,595 169
Acquisitions, net of cash acquired (312,500) (15,862)
Settlement of net investment hedges 0 11,983
Other, net (1,669) (1,137)
Net cash flows from investing activities (361,398) (53,012)
Cash flows from financing activities:    
Proceeds from short-term agreements 11,972 3,006
Payments on short-term agreements (17,021) (9,261)
Proceeds from long-term borrowings 149,342 88,872
Principal payments on long-term borrowings (15,421) (75,568)
Dividends paid (20,181) (17,704)
Dividends to noncontrolling interest 0 (5,642)
Purchase of noncontrolling interest 0 (55,916)
Purchase of treasury shares (21,600) (20,481)
Proceeds from exercises under stock plans 19,891 724
Purchase of common treasury shares—stock plan exercises (16,922) (5)
Net cash flows from financing activities 90,060 (91,975)
Effect of exchange rate changes on cash and cash equivalents (288) (5,951)
Net change in cash and cash equivalents (201,441) (194)
Cash and cash equivalents—beginning of year 400,726 353,542
Cash and cash equivalents—end of period $ 199,285 $ 353,348