XML 20 R5.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 367,372 $ 460,268 $ 339,781
Adjustments to reconcile to net cash provided by operating activities:      
Depreciation and amortization 325,360 323,330 173,792
Deferred income taxes (67,718) (59,279) 19,402
(Gains) losses on sale of assets 3,784 2,367 (1,177)
Stock-based compensation 35,798 34,482 29,401
Loss on extinguishment of debt 0 0 38,810
Gain on deal contingent derivatives 0 0 (12,505)
Pension contributions (24,227) (23,714) (22,433)
Changes in assets and liabilities, net of acquisitions:      
Changes in assets and liabilities, net of acquisitions: (60,979) 59,555 (49,958)
Trade receivables 17,924 (62,129) (117,641)
Inventories 27,923 55,464 55,136
Accounts payable 44,151 (22,357) (2,289)
Accruals for incentive compensation 57,341 5,488 (5,279)
Other assets 14,709 (66,650) (19,219)
Other liabilities (27,340) (7,860) 11,754
Net cash provided by operating activities 714,098 698,965 437,575
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash received 0 (49,065) (4,857,343)
Additions to property, plant and equipment (191,794) (235,978) (170,094)
Additions to intangible assets 0 (6,070) (3,326)
Proceeds from disposal of assets 17,189 42,112 8,176
Proceeds from disposal of subsidiaries, net of cash held 0 0 10,157
Proceeds from unwinding of cross currency swap derivative instruments 0 25,900 0
Contingent consideration paid 0 (4,655) 0
Maturity of net investment hedges (14,597) 0 (2,642)
Proceeds from life insurance contracts 1,739 1,890 1,837
Net cash used in investing activities (187,463) (225,866) (5,013,235)
Cash flows from financing activities:      
Cash dividends paid to shareholders (322,584) (313,510) (230,218)
Decrease in revolving credit facility and short term borrowing (429) (1,021) (927)
Deferred financing costs (3,205) 0 (33,668)
Repayments of debt (347,001) (155,261) (376,625)
Purchases of redeemable noncontrolling interest (21,566) 0 0
Proceeds from issuance of long-term debt (200,000) 0 (3,256,742)
Proceeds from sales of equity securities, net of issuance costs 0 0 2,268,094
Contingent consideration paid (8,684) (24,478) 0
Gain on pre-issuance hedges 0 0 12,505
Employee withholding taxes paid (8,101) (10,787) (9,725)
Purchase of treasury stock 0 0 (15,475)
Net cash (used in) provided by financing activities (511,570) (505,057) 4,870,703
Effect of exchange rate changes on cash, cash equivalents and restricted cash 20,862 7,381 (14,567)
Net change in cash, cash equivalents and restricted cash 35,927 (24,577) 280,476
Cash, cash equivalents and restricted cash at beginning of year 623,945 648,522 368,046
Cash, cash equivalents and restricted cash at end of year 659,872 623,945 648,522
Supplemental Disclosures:      
Interest paid, net of amounts capitalized 127,553 133,739 117,581
Income taxes paid 132,789 126,172 116,138
Accrued capital expenditures $ 40,608 $ 39,466 $ 33,844