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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Consolidated net income $ 721,574 $ 407,376 $ 524,788
Adjustments to reconcile consolidated net income to net cash provided by operations:      
Depreciation and amortization 186,384 153,599 159,195
Amortization of stock-based compensation 46,238 39,122 39,825
Equity in (earnings) losses of affiliated companies 2,332 (3,424) (7,573)
Loss on extinguishment of debt 0 59,545 0
Deferred income taxes 1,236 38,412 28,740
(Gain) loss on investments, net 14,166 8,020 (2,300)
Loss on disposition of businesses, net 3,604 21,000 0
Impairment of property, plant and equipment 0 4,761 0
Other 9,198 5,705 5,972
Change in assets and liabilities, net of effects of acquired and disposed businesses:      
Accounts receivable (1,007,308) (1,079,094) (600,925)
Inventories (618,875) (379,835) (403,980)
Accounts payable 936,423 816,602 582,165
Accrued expenses 112,123 (5,013) 46,439
Other assets and liabilities (134,405) 37,781 (12,674)
Net cash provided by operating activities 272,690 124,557 359,672
Cash flows from investing activities:      
Cash consideration paid for acquired businesses, net of cash acquired (331,563) (3,628) (64,751)
Proceeds from disposition of businesses 32,013 0 0
Acquisition of property, plant, and equipment (135,336) (203,949) (164,695)
Proceeds from sale of property, plant, and equipment 5,421 24,433 0
Cash paid for customer relationship intangible asset (20,000) 0 0
Other (13,500) (5,614) (12,000)
Net cash used for investing activities (462,965) (188,758) (241,446)
Cash flows from financing activities:      
Change in short-term and other borrowings 192,192 (41,316) 48,684
Proceeds from long-term bank borrowings, net 306,635 47,760 313,000
Proceeds from note offering, net 0 986,203 0
Redemption of notes (300,000) (558,887) 0
Proceeds from exercise of stock options 8,819 22,195 18,967
Repurchases of common stock (243,305) (174,239) (216,446)
Purchase of shares from non-controlling interest 0 (23,350) 0
Other (1,174) (1,620) (2,007)
Net cash provided by (used for) financing activities (36,833) 256,746 162,198
Effect of exchange rate changes on cash 6,352 3,218 (19,194)
Net increase (decrease) in cash and cash equivalents (220,756) 195,763 261,230
Cash and cash equivalents at beginning of year 730,083 534,320 273,090
Cash and cash equivalents at end of year $ 509,327 $ 730,083 $ 534,320