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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows – Operating activities:    
Net earnings, including noncontrolling interests $ 59,496 $ 16,459
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:    
Depreciation 23,361 24,693
Amortization of intangible and other assets 4,105 4,220
Stock-based compensation 7,609 3,962
Foreign currency and other non-cash adjustments (15,454) (7,227)
Change in assets and liabilities:    
Accounts receivable, net 8,174 41,850
Inventories, net (49,478) (48,599)
Contract assets, net 1,631 (64,402)
Prepaid expenses and other assets, net (5,128) 203
Accounts payable (15,399) (59,645)
Contract liabilities 5,567 (3,870)
Accrued liabilities and income taxes payable 11,462 (32,583)
Retirement obligations and other (652) (2,024)
Net deferred taxes 3,225 6,236
Net cash flows provided (used) by operating activities 38,519 (120,727)
Cash flows – Investing activities:    
Capital expenditures (10,638) (13,490)
Proceeds from other 39,211 600
Net cash flows provided (used) by investing activities 28,573 (12,890)
Cash flows – Financing activities:    
Payments on long-term debt (15,000) (15,000)
Proceeds under other financing arrangements 1,660 76
Payments under other financing arrangements (2,484) (4,198)
Excess tax benefits from stock-based payment arrangements (2,861) (2,288)
Payments of dividends (24,909) (24,826)
Other (192) (619)
Net cash flows provided (used) by financing activities (43,786) (46,855)
Effect of exchange rate changes on cash (5,279) 12,684
Net change in cash and cash equivalents 18,027 (167,788)
Cash and cash equivalents at beginning of period 619,683 703,445
Cash and cash equivalents at end of period $ 637,710 $ 535,657