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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Change in accrual for purchases of property, plant and equipment included in accounts payable $ 5,917 $ 7,075
Cash flows from operating activities:    
Net income 471,323 96,939
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 89,681 92,324
Amortization 11,941 7,620
Deferred income tax expense 11,500 1,996
Equity income of unconsolidated entities, net (151) 0
Dividends from unconsolidated entities 125 88
Gain on sale from discontinued business (527,980) 0
Loss on early extinguishment of debt 5,314  
Other, net 2,187 2,485
Changes in assets and liabilities:    
Accounts receivable (12,395) (29,022)
Inventories (43,477) (18,852)
Contract assets (5,269) (10,427)
Right-of-use assets 11,204 0
Accounts payable 5,615 17,547
Accrued interest payable 7,398 (15)
Accrued compensation (12,802) (10,438)
Advances on contracts (17,067) (12,339)
Operating lease liabilities (10,919) 0
Retirement plan liabilities, net (18,800) (28,743)
Increase (Decrease) in Accrued Taxes Payable 102,940 0
Other assets and liabilities (20,339) (14,149)
Net cash provided by operating activities 50,029 95,014
Cash flows from investing activities:    
Purchases of property, plant and equipment (147,071) (91,302)
Purchases of businesses, net of cash acquired (623,495) (56,389)
Proceeds from Divestiture of Businesses 599,685 0
Proceeds from sales of assets 7,560 9,096
Purchase of intangible assets (1,246) 0
Net payments from settlement of foreign currency forward exchange contracts 1,453 3,244
Payments for interest rate swap terminations (2,758) 0
Net cash used by investing activities (165,872) (135,351)
Cash flows from financing activities:    
Short-term borrowings, net (1,417) (543)
Current maturities and long-term debt:    
Additions 781,987 128,158
Reductions (604,616) (75,104)
Dividends paid to noncontrolling interest 3,103 5,446
Sale of noncontrolling interests 4,026 477
Common stock acquired for treasury (25,752) 0
Stock-based compensation - Employee taxes paid (11,202) (3,685)
Deferred financing costs 11,073 537
Net cash provided by financing activities 128,850 43,320
Effect of exchange rate changes on cash and cash equivalents, including restricted cash (2,234) (4,641)
Net increase (decrease) in cash and cash equivalents, including restricted cash 10,773 (1,658)
Cash and cash equivalents, including restricted cash, at beginning of period 67,146 66,209
Cash and cash equivalents, including restricted cash, at end of period $ 77,919 $ 64,551