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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 460,268 $ 339,781 $ 295,665
Adjustments to reconcile to net cash provided by operating activities:      
Depreciation and amortization 323,330 173,792 117,967
Deferred income taxes (59,279) 19,402 58,889
Losses (gains) on sale of assets 2,367 (1,177) (184)
Stock-based compensation 34,482 29,401 26,567
Loss on extinguishment of debt 0 38,810 0
Gain on deal contingent derivatives 0 (12,505) 0
Pension contributions (23,714) (22,433) (39,298)
Litigation settlement 0 0 (56,000)
Foreign currency gain on liquidation of entity 0 0 (12,217)
Changes in assets and liabilities, net of acquisitions:      
Changes in assets and liabilities, net of acquisitions: 59,555 (49,958) (68,851)
Trade receivables (62,129) (117,641) (18,911)
Inventories 55,464 55,136 29,114
Accounts payable (22,357) (2,289) 19,144
Accruals for incentive compensation 5,488 (5,279) 22,679
Other assets (66,650) (19,219) (3,866)
Other liabilities (7,860) 11,754 20,058
Net cash provided by operating activities 698,965 437,575 390,756
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash received (49,065) (4,857,343) (192,328)
Additions to property, plant and equipment (235,978) (170,094) (128,973)
Additions to intangible assets (6,070) (3,326) 0
Proceeds from disposal of assets 42,112 8,176 16,139
Proceeds from disposal of subsidiaries, net of cash held 0 10,157 0
Proceeds from unwinding of cross currency swap derivative instruments 25,900 0 0
Contingent consideration paid (4,655) 0 0
Maturity of net investment hedges 0 (2,642) 1,434
Proceeds from life insurance contracts 1,890 1,837 3,798
Net cash used in investing activities (225,866) (5,013,235) (299,930)
Cash flows from financing activities:      
Cash dividends paid to shareholders (313,510) (230,218) (206,118)
Decrease in revolving credit facility and short term borrowing (1,021) (927) (4,499)
Deferred financing costs 0 (33,668) (5,373)
Repayments of debt (155,261) (376,625) (250,000)
Proceeds from issuance of long-term debt 0 (3,256,742) (498,250)
Proceeds from sales of equity securities, net of issuance costs 0 2,268,094 0
Contingent consideration paid (24,478) 0 0
Gain (loss) on pre-issuance hedges 0 12,505 (5,310)
Proceeds from issuance of stock in connection with stock plans 0 0 329
Employee withholding taxes paid (10,787) (9,725) (11,768)
Purchase of treasury stock 0 (15,475) (58,069)
Net cash (used in) provided by financing activities (505,057) 4,870,703 (42,558)
Effect of exchange rate changes on cash and cash equivalents 7,381 (14,567) (4,214)
Net change in cash, cash equivalents and restricted cash (24,577) 280,476 44,054
Cash, cash equivalents and restricted cash at beginning of year 648,522 368,046 323,992
Cash, cash equivalents and restricted cash at end of year 623,945 648,522 368,046
Cash paid for:      
Interest, net of amounts capitalized 133,739 117,581 55,440
Income taxes 126,172 116,138 107,390
Noncash investing activities:      
Accrued capital expenditures $ 39,466 $ 33,844 $ 37,556