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Consolidated Statements of Cash Flows
$ in Thousands, € in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 193,931 $ 152,593 $ 458,680 $ 403,761
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 76,327 77,878 220,636 230,239
Impairment of equity method investments     0 39,551
Loss on disposal of businesses and impairment of net assets held for sale (503) (3,601) 1,733 44,919
Stock-based compensation expense 7,000 7,000 22,851 20,837
Loss (gain) on debt extinguishment 0 (128) 12,751 (128)
Other     (12,053) (13,192)
Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:        
Receivables, net     (28,622) (102,381)
Inventories     535,348 148,237
Prepaid income taxes/income taxes payable     (22,510) 40,711
Accounts payable     (105,719) 90,879
Other operating assets and liabilities     51,546 61,738
Net cash provided by operating activities     1,134,641 965,171
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchases of property, plant and equipment (32,648) (64,283) (109,949) (165,551)
Proceeds from disposals of property, plant and equipment     12,937 6,402
Acquisitions, net of cash acquired     (7,107) (14,517)
Proceeds from disposal of businesses, net of cash sold     4,603 19,505
Investments in unconsolidated subsidiaries     (6,917) (6,894)
Other investing activities, net     0 966
Net cash used in investing activities     (106,433) (160,089)
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     599,485 390,275
Repayments under revolving credit facilities     949,381 613,758
Repayments under term loans     13,125 6,563
Borrowings under receivables securitization facility     111,300 36,600
Repayments under receivables securitization facility     (111,300) (146,600)
Payments of notes issued from acquisitions     0 (19,123)
Repayments of other debt, net     (74,822) (31,587)
Purchase of treasury stock   (101,000) (88,006) (291,813)
Other financing activities, net     15,436 7,125
Net cash used in financing activities     (1,150,783) (689,694)
Effect of exchange rate changes on cash, cash equivalents and restricted cash     9,100 (9,702)
Net (decrease) increase in cash, cash equivalents and restricted cash     (113,475) 105,686
Cash, cash equivalents and restricted cash of continuing and discontinued operations, end of period 421,382 442,936 421,382 442,936
Less: Cash and cash equivalents of discontinued operations, end of period 0 4,328 0 4,328
Cash, cash equivalents and restricted cash, end of period 421,382 438,608 421,382 438,608
Reconciliation of cash, cash equivalents and restricted cash        
Cash and cash equivalents 421,382 433,391 421,382 433,391
Restricted cash included in Other noncurrent assets 0 5,217 0 5,217
Cash, cash equivalents and restricted cash, end of period $ 421,382 $ 438,608 421,382 438,608
Supplemental disclosure of cash paid for:        
Income taxes, net of refunds     210,952 134,998
Interest     97,858 86,525
Supplemental disclosure of noncash investing and financing activities:        
Leased assets obtained in exchange for new finance lease liabilities     14,716 9,639
Leased assets obtained in exchange for new operating lease liabilities     57,603 126,336
Noncash property, plant and equipment additions     8,339 6,597
Notes payable and other financing obligations, including notes issued, debt assumed and settlement of pre-existing balances in connection with business acquisitions and disposals     4,593 45,311
Notes receivable and contingent consideration receivable acquired in connection with disposal of businesses     8,549 14,196
Contingent consideration liabilities     $ 3,045 $ 5,377