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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 78,786 $ 179,474
Non-controlling interests in subsidiaries’ loss (73) (929)
Net income including non-controlling interests 78,713 178,545
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:    
Rationalization and asset impairment charges 6,120 29,447
Depreciation and amortization 47,897 53,017
Equity earnings in affiliates, net (252) (1,901)
Deferred income taxes (57,690) 6,155
Stock-based compensation 5,942 6,268
Pension expense and settlement charges 151,848 9,634
Pension contributions and payments (52,121) (34,643)
Foreign Currency (Gain) Loss (13,264) 19,968
Other, net 12,705 (2,350)
Changes in operating assets and liabilities, net of effects from acquisitions:    
Decrease (increase) in accounts receivable 14,661 (22,388)
Decrease (increase) in inventories 27,824 (11,153)
Increase in other current assets (4,766) (27,963)
Decrease in trade accounts payable (34,629) (11,534)
Increase in other current liabilities 51,798 81,262
Net change in other long-term assets and liabilities 650 (4,311)
NET CASH PROVIDED BY OPERATING ACTIVITIES 235,436 268,053
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (40,187) (55,430)
Acquisition of businesses, net of cash acquired (33,882) (892)
Proceeds from sale of property, plant and equipment 2,173 17,046
Other Investing Activities (79) 778
NET CASH USED BY INVESTING ACTIVITIES (71,975) (38,498)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from short-term borrowings 10,618 8,135
Payments on short-term borrowings (8,739) (11,463)
Amounts due banks, net (37,089) 75,958
Proceeds from Issuance of Long-term Debt 356,369 57
Payments on long-term borrowings (6,739) (1,573)
Proceeds from exercise of stock options 4,600 5,945
Excess tax benefits from stock-based compensation 1,487 3,361
Purchase of shares for treasury (297,804) (249,403)
Cash dividends paid to shareholders (65,942) (55,395)
Other financing activities (8,040) (2,330)
NET CASH USED BY FINANCING ACTIVITIES (51,279) (226,708)
Effect of exchange rate changes on Cash and cash equivalents (26,216) (23,149)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 85,966 (20,302)
Cash and cash equivalents at beginning of period 278,379 299,825
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 364,345 $ 279,523