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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 191,644 $ 214,146
Provision for losses on accounts receivable 3,454 2,558
Deferred income taxes and tax uncertainties 21,035 1,732
Depreciation and amortization 56,294 52,411
(Gains) from non-cash charges and sales of assets (7,465) 0
Stock-based compensation 7,456 9,161
Losses from equity method investment 6,388 0
Change in operating assets and liabilities – net of business acquisitions:    
Accounts receivable (84,435) (50,968)
Inventories 10,831 (2,808)
Prepaid expenses and other assets 4,370 34,433
Trade accounts payable 30,827 (7,326)
Other current liabilities (111,458) (160,239)
Current income taxes payable 32,757 62,893
Accrued employment-related benefits cost 323 2,296
Other – net (8,290) (2,080)
Net cash provided by operating activities 153,731 156,209
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to property, buildings and equipment (51,797) (99,489)
Proceeds from sales of assets 13,817 7,333
Equity method investment (7,199) 0
Other – net (206) (48)
Net cash used in investing activities (45,385) (92,204)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in commercial paper 214,645 190,000
Borrowings under lines of credit 12,028 14,380
Payments against lines of credit (11,060) (28,333)
Payments of long-term debt (124,769) (1,860)
Proceeds from stock options exercised 5,206 4,883
Excess tax benefits from stock-based compensation 17,287 4,319
Purchase of treasury stock (172,047) (149,992)
Cash dividends paid (72,632) (73,393)
Net cash used in financing activities (131,342) (39,996)
Exchange rate effect on cash and cash equivalents 12,766 (7,226)
NET CHANGE IN CASH AND CASH EQUIVALENTS (10,230) 16,783
Cash and cash equivalents at beginning of year 290,136 226,644
Cash and cash equivalents at end of period $ 279,906 $ 243,427