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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net earnings $ 143,019 $ 79,078 $ 313,903
Adjustments to reconcile net earnings to net cash provided by operations:      
Depreciation and amortization 219,632 224,972 202,881
Provision (credit) for doubtful accounts (873) 1,289 224
Provision (benefit) for deferred income taxes 46,839 34,881 (256,263)
Loss (gain) on disposition of assets (8,152) (1,968) 4,487
Equity in earnings of affiliates, net of distributions and contributions 471 (355) 732
Impairment and other charges 35,525 85,407 105,712
Amortization of unearned share-based compensation 13,612 19,104 11,460
Amortization of leases (490) 0 0
Amortization of major maintenance costs 23,962 20,760 21,207
Amortization of debt issuance costs 1,702 1,218 986
Increase (decrease) in cash flows resulting from changes in:      
Accounts receivable 43,078 12,511 (60,405)
Inventory 122,773 (144,685) 19,673
Other assets (25,470) (38,090) (17,049)
Income taxes payable (2,503) (457) (11,823)
Accounts payable (57,405) 22,622 20,758
Accrued and other liabilities (43,907) 30,712 (3,105)
Net cash provided by operating activities 511,813 346,999 353,378
Cash flows from investing activities:      
Capital expenditures (248,164) (301,861) (177,222)
Acquisitions of businesses and marine equipment, net of cash acquired (262,491) (533,897) (470,101)
Proceeds from disposition of assets 57,657 53,392 54,229
Other 0 (250) 0
Net cash used in investing activities (452,998) (782,616) (593,094)
Cash flows from financing activities:      
Borrowings (payments) on bank credit facilities, net (417,376) (78,455) 269,859
Borrowings on long-term debt 500,000 499,295 0
Payments on long-term debt (125,000) 0 (13,721)
Payment of debt issue costs (2,397) (4,276) (1,243)
Return of investment to noncontrolling interests (817) (915) (862)
Proceeds from exercise of stock options 5,743 13,264 3,039
Purchase of treasury stock 0 (776) 0
Payments related to tax withholding for share-based compensation (2,031) (4,822) (2,881)
Acquisitions of noncontrolling interest 0 0 (7)
Net cash provided by (used in) financing activities (41,878) 423,315 254,184
Increase (decrease) in cash and cash equivalents 16,937 (12,302) 14,468
Cash and cash equivalents, beginning of year 7,800 20,102 5,634
Cash and cash equivalents, end of year 24,737 7,800 20,102
Cash paid during the period:      
Interest paid 55,766 40,772 21,663
Income taxes paid 2,926 640 27,196
Operating cash outflow from operating leases 39,376 0 0
Non-cash investing activity:      
Capital expenditures included in accounts payable 13,875 (16,441) 5,525
Stock issued in acquisition 0 0 366,554
Cash acquired in acquisition 0 2,313 98
Debt assumed in acquisition 0 0 13,724
Right-of-use assets obtained in exchange for lease obligations $ 21,195 $ 0 $ 0