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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net earnings (loss) $ (1,366,333) $ 215,128
Adjustments to reconcile net earnings (loss) to cash provided (utilized) by operating activities:    
Depreciation of fixed assets 129,014 150,592
Amortization of intangibles 13,032 14,327
(Earnings) loss from equity method investments, net of distributions 6,510 506
Gain on sale of joint venture interest 0 (124,942)
Loss (gain) on sale of property, plant and equipment 5,690 (15,595)
Impairment of long-lived assets 347,411 0
Amortization of stock-based awards 27,513 34,735
Deferred compensation trust (36,989) (14,915)
Deferred compensation obligation 34,827 19,320
Deferred taxes 270,996 30,969
Net retirement plan accrual (contributions) (1,821) (16,552)
Changes in operating assets and liabilities 627,009 (305,467)
Other items 10,039 609
Cash provided (utilized) by operating activities 66,898 (11,285)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of marketable securities (31,165) (317,747)
Proceeds from the sales and maturities of marketable securities 197,923 347,131
Capital expenditures (140,058) (148,671)
Proceeds from disposal of property, plant and equipment 56,431 60,863
Investments in partnerships and joint ventures (34,502) (33,799)
Return of capital from partnerships and joint ventures 11,733 20,484
Other items 2,071 (1,041)
Cash provided (utilized) by investing activities 74,678 (71,740)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid (88,708) (89,193)
Proceeds from issuance of 4.250% Senior Notes 0 598,722
Repayment of 3.375% Senior Notes 0 (503,285)
Net proceeds from issuance of commercial paper 0 24,449
Debt issuance costs 0 (4,974)
Distributions paid to noncontrolling interests (26,123) (34,688)
Capital contributions by noncontrolling interests 10,581 4,293
Taxes paid on vested restricted stock (3,572) (5,686)
Stock options exercised 1,466 7,170
Other items (1,990) (9,737)
Cash utilized by financing activities (87,140) (8,374)
Effect of exchange rate changes on cash (14,078) (32,880)
Cash and cash equivalents at end of period 1,805,104  
Increase (decrease) in cash and cash equivalents 40,358 (124,279)
Cash and cash equivalents at beginning of period 1,764,746 1,804,075
Cash and cash equivalents at end of period $ 1,805,104 $ 1,679,796