XML 65 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Statement of Cash Flows [Abstract]    
Cash and cash equivalents at beginning of year $ 2,489,768 $ 477,239
Cash flows from operating activities:    
Net income 106,515 93,614
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 131,469 52,714
Write-offs associated with restructuring and other 0 6,333
Impairment of assets of discontinued operations 0 80,711
Stock-based compensation 9,193 7,319
Excess tax benefits realized from stock-based compensation arrangements (59) (767)
Equity in net income of unconsolidated investments (net of tax) (16,186) (19,550)
Dividends received from unconsolidated investments and nonmarketable securities 45,526 11,944
Pension and postretirement (benefit) expense (1,071) 17,917
Pension and postretirement contributions (10,973) (4,717)
Unrealized gain on investments in marketable securities (571) (703)
Deferred income taxes (41,207) (16,114)
Working capital changes (44,932) 63,235
Other, net (44,521) 3,211
Net cash provided by operating activities 133,183 295,147
Cash flows from investing activities:    
Acquisition of Rockwood, net of cash acquired (2,051,645) 0
Other acquisitions, net of cash acquired (48,845) 0
Capital expenditures (111,723) (46,670)
Decrease in restricted cash 57,550 0
Sales of marketable securities, net 1,433 642
Proceeds from repayment of advance to joint venture 2,156 0
Net cash used in investing activities (2,151,074) (46,028)
Cash flows from financing activities:    
Repayments of long-term debt (1,331,648) (3,016)
Proceeds from borrowings of long-term debt 1,000,000 0
Other borrowings (repayments), net 133,699 (13,083)
Dividends paid to shareholders (54,238) (41,316)
Dividends paid to noncontrolling interests (8,282) 0
Repurchases of common stock 0 (150,000)
Proceeds from exercise of stock options 342 2,355
Excess tax benefits realized from stock-based compensation arrangements 59 767
Withholding taxes paid on stock-based compensation award distributions (1,218) (3,150)
Debt financing costs (1,164) (1,372)
Other (3,882) 0
Net cash used in financing activities (266,332) (208,815)
Net effect of foreign exchange on cash and cash equivalents 1,693 (2,424)
(Decrease) increase in cash and cash equivalents (2,282,530) 37,880
Cash and cash equivalents at end of period $ 207,238 $ 515,119