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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 276,466 $ 206,115 $ 293,109
Non-controlling interests in subsidiaries' income (loss) 114 29 (26)
Net income including non-controlling interests 276,580 206,144 293,083
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:      
Rationalization and asset impairment net (gains) charges (Note 6) (1,054) 21,835 3,500
Depreciation and amortization 81,146 80,492 81,487
Equity earnings in affiliates, net (499) (408) (1,427)
Deferred income taxes (28,556) (2,948) 13,019
Stock-based compensation 23,787 15,388 16,624
Gain on change in control 0 0 (7,601)
Pension settlement charges 126,502 8,119 0
Other, net (16,975) (18,115) (8,155)
Changes in operating assets and liabilities, net of effects from acquisitions:      
(Increase) decrease in accounts receivable (65,844) 3,582 50,394
(Increase) decrease in inventories (154,347) 22,751 (12,023)
(Increase) decrease in other current assets (23,913) 14,711 14,269
Increase (decrease) in trade accounts payable 82,394 (17,919) (8,339)
Increase (decrease) in other current liabilities 68,292 22,310 (31,223)
Net change in other assets and liabilities (2,450) (4,580) (423)
NET CASH PROVIDED BY OPERATING ACTIVITIES 365,063 351,362 403,185
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (62,531) (59,201) (69,615)
Acquisition of businesses, net of cash acquired (156,106) 0 (134,717)
Proceeds from sale of property, plant and equipment 6,781 7,667 9,509
Other investing activities 6,500 2,321 2,000
NET CASH USED BY INVESTING ACTIVITIES (205,356) (49,213) (192,823)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net change in borrowings 45,968 (31,760) 24,322
Proceeds from exercise of stock options 19,232 17,192 14,347
Purchase of shares for treasury (Note 8) (164,526) (113,455) (292,693)
Cash dividends paid to shareholders (121,851) (118,118) (117,920)
Other financing activities (763) 0 0
NET CASH USED BY FINANCING ACTIVITIES (221,940) (246,141) (371,944)
Effect of exchange rate changes on Cash and cash equivalents (2,088) 1,708 2,296
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (64,321) 57,716 (159,286)
Cash and cash equivalents at beginning of period 257,279 199,563 358,849
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 192,958 $ 257,279 $ 199,563