XML 55 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 28, 2015
Jun. 29, 2014
Cash flows from operating activities:    
Net income $ 445,817 $ 288,632
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 75,070 76,521
Foreign currency transaction gain 0 (1,077)
Accretion of bond discount 0 228
Asset impairment 4,813 0
Gain on property disposals (1,331) (1,139)
Gain on investment securities 0 (48)
Share-based compensation 1,268 2,377
Deferred income tax benefit (4,781) (79,619)
Changes in operating assets and liabilities:    
Trade accounts and other receivables 35,014 (29,702)
Inventories 3,192 (28,257)
Prepaid expenses and other current assets 7,236 (20,054)
Accounts payable, accrued expenses and other current liabilities 53,960 24,918
Income taxes (35,554) 182,948
Long-term pension and other postretirement obligations 966 94
Other operating assets and liabilities 2,433 369
Cash provided by operating activities 588,103 416,191
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (87,694) (90,814)
Purchases of investment securities 0 (37,000)
Proceeds from sale or maturity of investment securities 0 133,950
Proceeds from property disposals 2,115 4,357
Cash provided by (used in) investing activities (85,579) 10,493
Cash flows from financing activities:    
Proceeds from revolving line of credit and long-term borrowings 1,680,000 0
Payments on revolving line of credit, long-term borrowings and capital lease obligations (683,705) (410,165)
Tax benefit related to share-based compensation 7,834 0
Sale of subsidiary common stock 0 332
Payment of capitalized loan costs (10,132) 0
Payment of special cash dividends (1,498,470) 0
Cash used in financing activities (504,473) (409,833)
Effect of exchange rate changes on cash and cash equivalents 0 2,355
Increase (decrease) in cash and cash equivalents (1,949) 19,206
Cash and cash equivalents, beginning of period 576,143 508,206
Cash and cash equivalents, end of period $ 574,194 $ 527,412