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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows – Operating activities:    
Net earnings, including noncontrolling interests $ 66,323 $ 172,902
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:    
Depreciation 63,887 69,320
Amortization of intangible and other assets 8,788 10,134
Stock-based compensation 24,104 22,507
Foreign currency, asset write downs and other non-cash adjustments 19,519 (8,284)
Change in assets and liabilities:    
Accounts receivable, net 24,324 (11,994)
Inventories, net (51,974) (64,280)
Contract assets, net (37,328) (35,607)
Prepaid expenses and other assets, net 6,051 (26,194)
Accounts payable (21,756) (11,994)
Contract liabilities (22,468) 26,641
Accrued liabilities and income taxes payable 24,257 (8,459)
Retirement obligations and other 22,729 9,257
Net deferred taxes (10,827) (726)
Net cash flows provided (used) by operating activities 115,629 143,223
Cash flows – Investing activities:    
Capital expenditures (47,919) (45,276)
Proceeds from disposal of assets and other 13,759 40,773
Net cash flows provided (used) by investing activities (34,160) (4,503)
Cash flows – Financing activities:    
Payments on long-term debt (191,258) (105,000)
Proceeds from short-term financing 0 75,000
Payments on short-term financing 0 (75,000)
Proceeds from issuance of senior notes 498,280 0
Payments of deferred loan cost (4,572) 0
Proceeds under other financing arrangements 154 2,572
Payments under other financing arrangements (5,773) (8,903)
Repurchases of common shares 32,112 5,432
Payments related to tax withholding for stock-based compensation (4,521) (3,835)
Payments of dividends (78,106) (74,695)
Other (3,120) (252)
Net cash flows provided (used) by financing activities 178,972 (195,545)
Effect of exchange rate changes on cash (10,243) (17,009)
Net change in cash and cash equivalents 250,198 (73,834)
Cash and cash equivalents at beginning of period 670,980 619,683
Cash and cash equivalents at end of period $ 921,178 $ 545,849