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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING CASH FLOW                  
Net earnings (loss) $ (45,045) $ (20,756) $ (497,744) $ 67,899 $ (1,228,397) $ 165,767 $ (1,553,124) $ 232,853 $ 226,764
Adjustments to reconcile net earnings (loss) to operating cash flow:                  
Loss on pension settlement             (137,898) (21,900) (184)
Write-off of cumulative translation loss             83,665 0 0
Depreciation 45,264 51,907 87,871 102,503 129,014 150,592 154,599 197,585 206,113
Amortization of intangibles 4,567 4,747 9,043 9,403 13,032 14,327 15,882 19,071 19,156
(Earnings) loss from equity method investments, net of distributions 2,115 1,854 7,891 1,919 6,510 506 9,348 980 2,849
Gain on sale of joint venture interest             0 (124,942) 0
(Gain) loss on sales of property, plant and equipment (1,858) (2,153) (3,552) (7,347) 5,690 (124,942) 7,284 (22,132) (22,746)
Loss on impairment     39,115 0 347,411 (15,595) 383,017 0 0
Amortization of stock-based awards 13,242 13,917 29,803 23,990 27,513 34,735 36,075 43,029 40,669
Deferred compensation trust (26,145) 1,025 (34,412) (2,826) (36,989) (14,915) (55,820) 18,010 (49,539)
Deferred compensation obligation 28,584 930 36,593 3,145 34,827 19,320 54,490 (22,272) 52,615
Deferred taxes (21,174) (40,517) (127,664) 3,548 316,407 17,556 320,633 60,709 100,144
Net retirement plan accrual (contributions) (3,577) (5,235) (1,827) (3,056) (1,821) (16,552) (2,325) (38,372) (9,030)
Changes in assets and liabilities (16,566) (139,759) 541,541 (331,087) 443,662 (242,693) 633,029 (227,732) 25,948
Other 3,117 (1,962) 4,777 (691) 10,039 609 (5,633) 3,477 8,844
Operating cash flow (17,476) (136,002) 91,435 (132,600) 66,898 (11,285) 219,018 162,164 601,971
INVESTING CASH FLOW                  
Purchases of marketable securities             (31,165) (483,513) (237,360)
Proceeds from sales and maturities of marketable securities             238,539 541,104 216,436
Capital expenditures             (180,842) (210,998) (283,107)
Proceeds from sales of property, plant and equipment             65,977 81,038 96,102
Proceeds from sale of joint venture interest             0 124,942 0
Investments in partnerships and joint ventures             (52,305) (73,145) (273,117)
Return of capital from partnerships and joint ventures             24,065 22,284 3,249
Proceeds from company owned life insurance             16,414 1,040 359
Other             (211) (1,369) (6,840)
Investing cash flow             80,472 1,383 (484,278)
FINANCING CASH FLOW                  
Repurchase of common stock             0 (50,022) 0
Dividends paid             (118,073) (118,734) (117,995)
Proceeds from issuance of Senior Notes             0 598,722 0
Repayment of 3.375% Senior Notes             0 (503,285) 0
Repayment of borrowings under revolving line of credit             0 0 (53,455)
Debt issuance costs             0 (5,061) 0
Distributions paid to NCI             (33,674) (63,523) (47,215)
Capital contributions by NCI             64,646 5,128 6,397
Taxes paid on vested restricted stock             (3,572) (5,686) (6,186)
Stock options exercised             1,466 7,258 9,380
Other             11,908 (5,288) (6,428)
Financing cash flow             (77,299) (140,491) (215,502)
Effect of exchange rate changes on cash             10,262 (62,385) 51,448
Increase (decrease) in cash and cash equivalents             232,453 (39,329) (46,361)
Cash and cash equivalents at beginning of year $ 1,764,746 $ 1,804,075 $ 1,764,746 $ 1,804,075 $ 1,764,746 $ 1,804,075 1,764,746 1,804,075 1,850,436
Cash and cash equivalents at end of year             $ 1,997,199 $ 1,764,746 $ 1,804,075