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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 363,078 $ 202,039
Non-controlling interests in subsidiaries' income (loss) 0 131
Net income including non-controlling interests 363,078 202,170
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:    
Rationalization and asset impairment net charges (gains) (Note 6) 7,776 (1,162)
Depreciation and amortization 59,009 60,558
Equity earnings (loss) in affiliates, net 254 (399)
Deferred income taxes (34,403) (28,428)
Stock-based compensation 20,949 18,215
Pension settlement charges 0 80,098
Other, net 15,867 (754)
Changes in operating assets and liabilities, net of effects from acquisitions:    
Increase in accounts receivable (64,569) (71,212)
Increase in inventories (135,578) (128,856)
Increase in other current assets (34,368) (10,610)
Increase in trade accounts payable 19,572 54,981
Increase in other current liabilities 66,838 89,569
Net change in other assets and liabilities (12,841) (9,045)
NET CASH PROVIDED BY OPERATING ACTIVITIES 271,584 255,125
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (52,301) (46,440)
Acquisition of businesses, net of cash acquired (22,294) (158,605)
Proceeds from sale of property, plant and equipment 2,338 3,847
Other investing activities 0 6,500
NET CASH USED BY INVESTING ACTIVITIES (72,257) (194,698)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in borrowings 14,999 32,295
Proceeds from exercise of stock options 2,168 7,921
Purchase of shares for treasury (Note 8) (156,216) (103,848)
Cash dividends paid to shareholders (98,377) (91,717)
Other financing activities 0 (763)
NET CASH USED BY FINANCING ACTIVITIES (237,426) (156,112)
Effect of exchange rate changes on Cash and cash equivalents (13,552) (1,035)
DECREASE IN CASH AND CASH EQUIVALENTS (51,651) (96,720)
Cash and cash equivalents at beginning of period 192,958 257,279
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 141,307 $ 160,559