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Consolidated Statements of Cash Flows
$ in Thousands, € in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 118,770 $ 152,105 $ 264,749 $ 251,168
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 72,930 76,154 144,309 152,361
Loss on disposal of businesses and impairment of net assets held for sale 2,485 33,497 2,236 48,520
Impairment of equity method investments     0 39,551
Stock-based compensation expense 8,000 8,000 15,763 13,659
Loss on debt extinguishment 0 0 12,751 0
Other     (3,554) (3,516)
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:        
Receivables, net     (5,111) (149,052)
Inventories     445,493 131,229
Prepaid income taxes/income taxes payable     84,125 25,967
Accounts payable     (172,140) 96,888
Other operating assets and liabilities     124,431 31,629
Net cash provided by operating activities     913,052 638,404
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment (32,763) (48,252) (77,301) (101,268)
Proceeds from disposals of property, plant and equipment     6,110 1,976
Acquisitions, net of cash acquired     (5,465) (14,767)
Proceeds from disposal of businesses, net of cash sold     4,602 0
Other investing activities, net     (3,917) (2,711)
Net cash used in investing activities     (75,971) (116,770)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Early-redemption premium     (9,498) 0
Repayment of U.S. Notes (2023)     (600,000) 0
Borrowings under revolving credit facilities     494,485 312,880
Repayments under revolving credit facilities     601,480 471,439
Repayments under term loans     8,750 4,375
Borrowings under receivables securitization facility     111,300 36,600
Repayments under receivables securitization facility     (111,300) (146,600)
Repayments of other debt, net     (66,073) (8,367)
Purchase of treasury stock   (120,000) (88,006) (190,762)
Other financing activities, net     10,832 (75)
Net cash used in financing activities     (890,154) (471,988)
Effect of exchange rate changes on cash, cash equivalents and restricted cash     (5,358) (102)
Net (decrease) increase in cash, cash equivalents and restricted cash     (58,431) 49,544
Cash, cash equivalents and restricted cash of continuing and discontinued operations, end of period 476,426 386,794 476,426 386,794
Less: Cash and cash equivalents of discontinued operations, end of period 0 5,372 0 5,372
Cash, cash equivalents and restricted cash, end of period 476,426 381,422 476,426 381,422
Reconciliation of cash, cash equivalents and restricted cash        
Cash and cash equivalents 476,426 375,967 476,426 375,967
Restricted cash included in Other noncurrent assets 0 5,455 0 5,455
Cash, cash equivalents and restricted cash, end of period $ 476,426 $ 381,422 476,426 381,422
Supplemental disclosure of cash paid for:        
Income taxes, net of refunds     24,452 88,001
Interest     55,910 75,259
Supplemental disclosure of noncash investing and financing activities:        
Leased assets obtained in exchange for new finance lease liabilities     8,225 7,568
Leased assets obtained in exchange for new operating lease liabilities     36,458 61,891
Noncash property, plant and equipment additions     7,200 14,227
Notes payable and other financing obligations, including notes issued, debt assumed and settlement of pre-existing balances in connection with business acquisitions and disposals     6,136 45,420
Notes receivable and contingent consideration receivable acquired in connection with disposal of businesses     8,549 0
Contingent consideration liabilities     $ 3,045 $ 5,377