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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 55,562 $ 71,480
Non-controlling interests in subsidiaries’ earnings (loss) (7) (14)
Net income including non-controlling interests 55,555 71,466
Adjustments to reconcile Net income including non-controlling interests to Net cash provided by operating activities:    
Rationalization and asset impairment net (gains) charges (Note 6) (236) 1,424
Depreciation and amortization 21,028 18,901
Equity earnings in affiliates, net (162) (448)
Deferred income taxes (3,685) 1,317
Stock-based compensation 3,691 4,149
Other, net (4,188) (1,072)
Changes in operating assets and liabilities, net of effects from acquisitions:    
Increase in accounts receivable (25,698) (26,900)
Increase in inventories (17,401) (14,638)
Increase in other current assets (1,789) (8,701)
Decrease in trade accounts payable (16,676) (15,107)
Increase (decrease) in other current liabilities 13,482 (5,947)
Net change in other assets and liabilities (1,949) 1,434
NET CASH PROVIDED BY OPERATING ACTIVITIES 21,972 25,878
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (11,828) (16,251)
Proceeds from sale of property, plant and equipment 6,100 302
Other Investing Activities 0 2,000
NET CASH USED BY INVESTING ACTIVITIES (5,728) (13,949)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from short-term borrowings 126 0
Payments on short-term borrowings (1,747) 0
Amounts due banks, net 99,400 0
Payments on long-term borrowings (2) (3)
Proceeds from exercise of stock options 1,047 637
Purchase of shares for treasury (Note 8) (109,762) (75,584)
Cash dividends paid to shareholders (30,675) (30,560)
NET CASH USED BY FINANCING ACTIVITIES (41,613) (105,510)
Effect of Exchange Rate on Cash and Cash Equivalents (10,819) 1,866
Cash and Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (36,188) (91,715)
Cash and Cash Equivalents, Beginning Balance 199,563 358,849
Cash and Cash Equivalents, Ending Balance $ 163,375 $ 267,134