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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 71,480 $ 60,824
Non-controlling interests in subsidiaries’ earnings (loss) (14) (4)
Net income including non-controlling interests 71,466 60,820
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:    
Rationalization and asset impairment net charges (Note 6) 1,424 676
Depreciation and amortization 18,901 18,134
Equity earnings in affiliates, net (448) (538)
Deferred income taxes 1,317 7,955
Stock-based compensation 4,149 4,419
Other, net (1,072) (5,072)
Changes in operating assets and liabilities, net of effects from acquisitions:    
Increase in accounts receivable (26,900) (40,468)
Increase in inventories (14,638) (28,052)
Increase in other current assets (8,701) (1,458)
(Decrease) increase in trade accounts payable (15,107) 3,191
(Decrease) increase in other current liabilities (5,947) 22,966
Net change in other assets and liabilities 1,434 1,204
NET CASH PROVIDED BY OPERATING ACTIVITIES 25,878 43,777
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (16,251) (14,657)
Payments to Acquire Businesses, Net of Cash Acquired 0 6,235
Proceeds from sale of property, plant and equipment 302 118
Purchase of marketable securities 0 (89,545)
Proceeds from marketable securities 0 131,966
Other Investing Activities 2,000 0
NET CASH (USED BY) PROVIDED BY INVESTING ACTIVITIES (13,949) 34,117
CASH FLOWS FROM FINANCING ACTIVITIES    
Amounts due banks, net 0 (60)
Payments on long-term borrowings (3) (3)
Proceeds from exercise of stock options 637 1,962
Purchase of shares for treasury (Note 8) (75,584) (14,724)
Cash dividends paid to shareholders (30,560) (25,661)
NET CASH USED BY FINANCING ACTIVITIES (105,510) (38,486)
Effect of Exchange Rate on Cash and Cash Equivalents 1,866 2,947
Cash and Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (91,715) 42,355
Cash and Cash Equivalents, Beginning Balance 358,849 326,701
Cash and Cash Equivalents, Ending Balance $ 267,134 $ 369,056