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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 472,224 $ 276,466 $ 206,115
Non-controlling interests in subsidiaries' income (loss) 0 114 29
Net income including non-controlling interests 472,224 276,580 206,144
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:      
Rationalization and asset impairment net charges (gains) (Note 7) 8,100 (1,054) 21,835
Depreciation and amortization 78,059 81,146 80,492
Equity earnings in affiliates, net 80 (499) (408)
Deferred income taxes (Note 13) (48,207) (28,556) (2,948)
Stock-based compensation 25,267 23,787 15,388
Pension settlement charges 0 126,502 8,119
Other, net 11,902 (16,975) (18,115)
Changes in operating assets and liabilities, net of effects from acquisitions:      
(Increase) decrease in accounts receivable (65,010) (65,844) 3,582
(Increase) decrease in inventories (81,188) (154,347) 22,751
(Increase) decrease in other current assets (18,297) (23,913) 14,711
Increase (decrease) in trade accounts payable 16,852 82,394 (17,919)
(Decrease) increase in other current liabilities (8,199) 68,292 22,310
Net change in other assets and liabilities (8,197) (2,450) (4,580)
NET CASH PROVIDED BY OPERATING ACTIVITIES 383,386 365,063 351,362
CASH FLOWS FROM INVESTING ACTIVITIES      
Capital expenditures (71,883) (62,531) (59,201)
Acquisition of businesses, net of cash acquired (Note 4) (436,298) (156,106) 0
Proceeds from sale of property, plant and equipment 3,331 6,781 7,667
Other investing activities 159 6,500 2,321
NET CASH USED BY INVESTING ACTIVITIES (504,691) (205,356) (49,213)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from (payments on) short-term borrowings 34,351 46,476 (31,760)
Proceeds from (payments on) long-term borrowings 405,444 (508) 0
Proceeds from exercise of stock options 6,385 19,232 17,192
Purchase of shares for treasury (181,293) (164,526) (113,455)
Cash dividends paid to shareholders (130,724) (121,851) (118,118)
Other financing activities (438) (763) 0
NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES 133,725 (221,940) (246,141)
Effect of exchange rate changes on Cash and cash equivalents (8,228) (2,088) 1,708
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,192 (64,321) 57,716
Cash and cash equivalents at beginning of period 192,958 257,279 199,563
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 197,150 $ 192,958 $ 257,279