XML 47 R7.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Statement of Cash Flows [Abstract]    
Cash and cash equivalents at beginning of year $ 555,320 $ 1,137,303
Cash flows from operating activities:    
Net income 498,114 593,090
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 156,718 150,511
Gain on sale of business 0 (218,705)
Gain on sale of property (11,079) 0
Stock-based compensation and other 15,169 11,785
Equity in net income of unconsolidated investments (net of tax) (106,727) (61,727)
Dividends received from unconsolidated investments and nonmarketable securities 62,982 32,794
Pension and postretirement expense (benefit) 1,641 (2,708)
Pension and postretirement contributions (10,728) (11,068)
Unrealized gain on investments in marketable securities (1,701) (1,615)
Deferred income taxes 7,726 43,400
Working capital changes (289,587) (131,813)
Other, net 23,110 (27,003)
Net cash provided by operating activities 345,638 376,941
Cash flows from investing activities:    
Acquisitions, net of cash acquired 0 (11,403)
Capital expenditures (608,456) (471,675)
Cash proceeds from divestitures, net 0 413,479
Proceeds from sale of property and equipment 10,356 0
Sales of (investments in) marketable securities, net 1,177 (761)
Investments in equity and other corporate investments (2,569) (5,346)
Net cash used in investing activities (599,492) (75,706)
Cash flows from financing activities:    
Other borrowings (repayments), net 232,183 (134,505)
Dividends paid to shareholders (113,321) (108,922)
Dividends paid to noncontrolling interests (57,212) (14,756)
Repurchases of common stock 0 (500,000)
Proceeds from exercise of stock options 4,814 2,302
Withholding taxes paid on stock-based compensation award distributions (10,774) (17,047)
Other (445) 0
Net cash provided by (used in) financing activities 55,245 (772,928)
Net effect of foreign exchange on cash and cash equivalents (38,888) (24,384)
Decrease in cash and cash equivalents (237,497) (496,077)
Cash and cash equivalents at end of period $ 317,823 $ 641,226