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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING CASH FLOW    
Net earnings (loss) $ (256,450) $ (45,045)
Adjustments to reconcile net earnings (loss) to operating cash flow:    
Loss on impairment - continuing operations 297,604 0
Loss on impairment - discontinued operations 100,000 0
Depreciation 26,528 45,264
Amortization of intangibles 2,189 4,567
(Earnings) loss from equity method investments, net of distributions 1,354 2,115
(Gain) loss on sales of property, plant and equipment (948) (1,858)
Amortization of stock-based awards 5,977 13,242
Deferred compensation trust 44,346 (26,145)
Deferred compensation obligation (48,944) 28,584
Deferred taxes (5,055) (21,174)
Net retirement plan accrual (contributions) (5,833) (3,577)
Changes in assets and liabilities (227,504) (16,566)
Other 2,993 3,117
Operating cash flow (63,743) (17,476)
INVESTING CASH FLOW    
Purchases of marketable securities (6,115) (8,180)
Proceeds from the sales and maturities of marketable securities 6,921 124,299
Capital expenditures (30,094) (48,172)
Proceeds from sales of property, plant and equipment 13,465 10,720
Investments in partnerships and joint ventures (5,971) (12,001)
Other 56 1,090
Investing cash flow (21,738) 67,756
FINANCING CASH FLOW    
Dividends paid (14,700) (30,005)
Other borrowings 22,203 7,692
Distributions paid to NCI (2,751) (10,152)
Capital contributions by NCI 19,968 4,767
Taxes paid on vested restricted stock (1,208) (3,549)
Stock options exercised 0 1,466
Other (884) (39)
Financing cash flow 22,628 (29,820)
Effect of exchange rate changes on cash (63,472) 20,571
Increase (decrease) in cash and cash equivalents (126,325) 41,031
Cash and cash equivalents at beginning of period 1,997,199 1,764,746
Cash and cash equivalents at end of period $ 1,870,874 $ 1,805,777