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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 25, 2021
Sep. 26, 2020
Cash flows from operating activities:    
Net earnings $ 169,911 $ 105,703
Adjustments to reconcile net earnings to net cash flows from operations:    
Depreciation and amortization 67,764 61,523
Noncash loss on trading securities 0 39
Impairment of property, plant and equipment 0 2,811
Impairment of goodwill and trade names 0 16,638
Stock-based compensation 17,895 8,736
Defined benefit pension plan benefit (11,051) (5,401)
Contribution to defined benefit pension plan (970) (17,398)
Gain on sale of property, plant and equipment (1,250) (60)
Equity in loss in nonconsolidated subsidiaries 1,079 755
Deferred income taxes (8,747) (3,750)
Changes in assets and liabilities:    
Receivables (30,709) (26,298)
Inventories (211,273) (32,992)
Prepaid expenses and other assets (current and non-current) (21,589) (19,157)
Contract assets (33,199) 28,597
Accounts payable 76,916 63,627
Accrued expenses 15,523 61,122
Contract liabilities 6,768 (1,475)
Other noncurrent liabilities 10,228 20,982
Income taxes payable/refundable 14,533 9,044
Net cash flows from operating activities 61,829 273,046
Cash flows from investing activities:    
Purchase of property, plant and equipment (80,509) (70,960)
Proceeds from sale of assets 1,655 911
Acquisitions, net of cash acquired (312,500) (15,862)
Settlement of net investment hedges 0 11,983
Other, net 1,891 2,543
Net cash flows from investing activities (389,463) (71,385)
Cash flows from financing activities:    
Proceeds from short-term borrowings 3,191 4,251
Payments on short-term borrowings (23,654) (10,713)
Proceeds from long-term borrowings 236,710 88,872
Principal payments on long-term borrowings (66,128) (76,417)
Dividends paid (30,794) (27,316)
Dividends to noncontrolling interest 0 (5,642)
Purchase of noncontrolling interest 0 (55,916)
Purchase of treasury shares (24,101) (28,006)
Proceeds from exercises under stock plans 22,747 980
Purchase of common treasury shares—stock plan exercises (16,955) (77)
Net cash flows from financing activities 101,016 (109,984)
Effect of exchange rate changes on cash and cash equivalents (4,313) (2,164)
Net change in cash and cash equivalents (230,931) 89,513
Cash and cash equivalents—beginning of year 400,726 353,542
Cash and cash equivalents—end of period $ 169,795 $ 443,055