| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | |||||||||||
Net income | |||||||||||
472,800 | 611,100 | 365,500 | 250,100 | 319,700 | 251,300 | 209,700 | 270,200 | 180,300 | 145,600 | 144,600 | 55,800 |
Reconciliation of net income to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
88,400 | 86,400 | 84,900 | 75,100 | 73,500 | 64,700 | 75,400 | 74,600 | 68,100 | 58,800 | 56,600 | 59,400 |
Amortization | |||||||||||
117,000 | 104,200 | 84,200 | 62,700 | 55,800 | 39,300 | 38,500 | 30,300 | 19,900 | 13,100 | 10,900 | 9,600 |
Lease expense | |||||||||||
27,500 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Impairment charges | |||||||||||
- | - | - | 141,500 | 0 | - | 100,300 | 6,400 | - | 200 | 20,900 | 131,800 |
Stock-based compensation | |||||||||||
26,100 | 23,900 | 13,200 | -2,600 | 2,700 | 3,300 | 11,900 | 8,500 | 12,500 | 12,000 | 13,900 | 12,000 |
Non-cash pension settlement | |||||||||||
- | - | - | - | - | - | - | 5,600 | - | - | - | - |
Gain on sale of businesses | |||||||||||
- | - | - | - | - | - | 6,200 | 3,700 | - | - | - | - |
Earnings in equity investments | |||||||||||
- | - | - | - | - | - | - | - | - | - | 200 | 500 |
Loss on sale of property and equipment, net | |||||||||||
- | - | - | - | - | - | 1,300 | -2,100 | -1,800 | 17,500 | 1,700 | -200 |
Loss on uncollectible note receivable | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -4,900 |
Tax benefits from stock-based compensation | |||||||||||
- | - | - | - | - | - | - | - | - | - | 100 | 100 |
Gain on insurance settlements related to property, plant and equipment | |||||||||||
- | - | - | - | - | - | - | - | - | - | 24,300 | - |
Deferred taxes | |||||||||||
-8,900 | -800 | -58,500 | -25,000 | -15,800 | -9,900 | -61,700 | -13,800 | 1,800 | 7,500 | 8,300 | -22,400 |
Gain on sale of discontinued operations, net of tax | |||||||||||
0 | 250,400 | 0 | 0 | - | - | - | - | - | - | - | - |
Other operating activities, net | |||||||||||
-5,400 | 18,800 | -13,900 | 6,000 | 1,300 | 2,400 | - | -200 | - | 600 | 1,300 | - |
Foreign exchange gain | |||||||||||
- | - | - | - | - | - | -100 | -100 | 2,100 | 1,800 | -200 | 2,200 |
Changes in assets and liabilities, excluding effects of acquisitions: | |||||||||||
Receivables | |||||||||||
25,700 | 54,500 | 53,900 | -300 | 11,800 | 18,100 | -8,400 | -21,000 | 71,400 | 71,700 | -79,900 | -49,800 |
Inventories | |||||||||||
1,900 | 29,000 | 48,500 | 12,200 | -23,000 | 27,700 | -35,600 | -26,500 | 75,800 | 56,300 | -157,300 | -8,300 |
Prepaid expenses and other assets | |||||||||||
3,600 | 2,000 | 20,100 | 9,200 | -6,700 | 5,500 | -11,100 | -48,800 | -7,300 | 17,900 | - | - |
Accounts payable | |||||||||||
16,500 | -39,500 | 42,700 | 21,600 | -2,900 | -5,100 | -20,600 | -15,700 | 50,900 | 38,300 | - | - |
Accrued and other current liabilities | |||||||||||
5,200 | -99,900 | 20,600 | 23,100 | 62,900 | 14,500 | 12,600 | 14,900 | -11,000 | -2,000 | - | - |
Contract liabilities | |||||||||||
18,500 | 11,800 | 19,300 | 11,700 | 15,500 | - | - | - | - | - | - | - |
Accounts payable and accrued expenses | |||||||||||
- | - | - | - | - | - | - | - | - | - | -22,100 | -28,900 |
Income taxes | |||||||||||
- | - | - | - | - | - | - | - | - | - | 15,100 | -16,800 |
Other long-term liabilities | |||||||||||
-34,200 | -3,300 | -4,600 | 100 | 1,200 | -8,500 | 900 | 9,900 | 8,900 | -300 | -40,800 | 13,300 |
Net cash provided by operating activities | |||||||||||
703,100 | 339,200 | 458,700 | 531,200 | 529,200 | 295,900 | 414,700 | 485,900 | 191,200 | 107,400 | 417,200 | 274,200 |
Investing activities: | |||||||||||
Acquisitions, net of cash acquired | |||||||||||
616,400 | 19,500 | 934,300 | 185,500 | 598,900 | 194,000 | - | 314,300 | 392,900 | 343,400 | 80,800 | 290,700 |
Capital expenditures | |||||||||||
88,900 | 120,700 | 159,900 | 108,800 | 72,100 | 118,800 | 110,800 | 140,400 | 79,600 | 64,600 | 48,200 | 68,000 |
Proceeds from sale of discontinued operation | |||||||||||
0 | 758,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from insurance settlements related to property, plant and equipment | |||||||||||
- | - | - | - | - | - | - | - | - | - | 30,000 | - |
Other investing activities, net | |||||||||||
-10,400 | -11,400 | 100 | -900 | -200 | -15,000 | - | - | -200 | 200 | -300 | -400 |
Proceeds from sale of property and equipment | |||||||||||
- | - | - | - | - | - | 11,900 | - | 3,500 | 9,100 | 9,200 | 4,100 |
Proceeds from sale of business | |||||||||||
- | - | - | - | - | - | 369,000 | 25,800 | 5,300 | -59,800 | - | - |
Proceeds from hedging activities | |||||||||||
- | - | - | - | - | - | - | 400 | - | - | - | - |
Net cash used in investing activities | |||||||||||
-694,900 | 629,200 | -1,094,300 | -293,400 | -670,800 | -297,800 | 270,100 | -428,500 | -463,500 | -339,300 | -89,500 | -354,200 |
Financing activities: | |||||||||||
Repayments of revolving credit facility | |||||||||||
0 | 0 | 1,189,000 | 0 | 0 | - | - | - | - | - | - | - |
Net change in short-term borrowings and revolving credit lines | |||||||||||
- | - | - | - | - | - | - | -357,400 | 346,900 | 10,000 | -235,400 | 178,400 |
Proceeds from notes | |||||||||||
0 | 0 | 997,200 | 0 | 0 | - | - | 348,900 | - | 248,900 | - | - |
Repayment of notes | |||||||||||
- | - | - | 150,000 | 1,500 | 1,500 | 1,500 | - | - | - | - | 100,000 |
Borrowings from revolving credit facility | |||||||||||
0 | 0 | 1,189,000 | 0 | 0 | - | - | - | - | - | - | - |
Repurchases of common stock | |||||||||||
382,100 | 459,800 | 268,400 | 75,000 | 137,200 | - | - | - | - | - | 1,300 | 4,800 |
Debt issuance costs | |||||||||||
- | - | - | - | - | - | 600 | 2,900 | 1,800 | 1,900 | - | - |
Redemption of Hawk bonds | |||||||||||
- | - | - | - | - | - | - | - | 59,000 | - | - | - |
Acquisition date value of contingent consideration settled | |||||||||||
- | - | - | - | - | - | 5,200 | - | - | - | - | - |
Dividends paid | |||||||||||
102,900 | 93,500 | 92,100 | 84,500 | 72,300 | 61,200 | 53,700 | 48,000 | 43,500 | 40,600 | 38,600 | 36,600 |
Financing costs | |||||||||||
0 | 0 | 8,300 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from exercise of stock options | |||||||||||
37,000 | 22,700 | 8,400 | 48,400 | 39,400 | 42,500 | 19,500 | 38,800 | 13,800 | 7,400 | 1,000 | -1,900 |
Withholding tax paid related to stock-based compensation | |||||||||||
10,400 | 10,100 | 9,600 | - | - | - | - | - | - | - | - | - |
Other financing activities, net | |||||||||||
-2,800 | 0 | 0 | - | -1,400 | - | - | - | - | - | - | - |
Tax benefits from stock-based compensation | |||||||||||
- | - | - | - | - | - | - | - | - | - | 100 | 100 |
Net cash used in financing activities | |||||||||||
-461,200 | -540,700 | 627,200 | -261,100 | -173,000 | -20,200 | -41,500 | -20,600 | 256,400 | 223,800 | -274,200 | 35,200 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | |||||||||||
600 | -1,100 | 2,700 | -2,100 | -5,500 | -1,600 | -1,300 | 1,000 | 1,200 | 1,200 | 100 | -900 |
Change in cash and cash equivalents | |||||||||||
-452,400 | 426,600 | -5,700 | -25,400 | -320,100 | -23,700 | 642,000 | 37,800 | -14,700 | -6,900 | 53,600 | -45,700 |
Less: change in cash and cash equivalents of discontinued operations | |||||||||||
0 | 1,300 | 1,000 | 300 | - | - | - | - | - | - | - | - |