Curtiss wright corp (CW)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash flows from operating activities:
Net earnings

51,761

89,408

82,510

80,072

55,593

82,835

74,483

74,788

43,643

67,750

63,944

50,650

32,547

68,615

45,932

39,963

32,819

69,849

33,884

25,737

15,991

16,750

25,033

36,391

35,164

47,307

36,361

33,370

20,943

38,493

11,299

22,740

41,312

38,164

31,913

31,796

24,516

32,163

27,784

25,898

16,335

Adjustments to reconcile net earnings to net cash used for operating activities
Depreciation and amortization

28,142

25,414

25,398

25,807

25,793

25,803

25,889

26,656

24,601

25,180

24,854

25,035

24,926

23,589

23,432

24,500

24,487

24,382

24,890

25,830

25,708

27,997

29,548

30,434

30,952

31,837

29,427

29,833

30,400

24,742

22,516

23,104

23,534

23,104

22,952

21,722

20,522

21,073

19,837

19,526

19,510

Gain on divestiture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Gain (Loss) on Disposition of Other Assets

-

-

-

-

-

-

-

-

2,108

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on sale of businesses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,232

-2,261

-14,750

1,252

-14,006

-8,072

-7,106

0

-

-

-

-

714

-232

-153

29,583

-

-

-

-

-

-

-

-

Gain on sale/disposal of long-lived assets

387

4,759

215

5,576

504

589

-366

200

697

-254

28

159

38

1,875

166

21

7

-113

389

166

503

-230

-13

-406

17

-37

-132

5

87

1,077

-730

-602

669

273

95

256

46

-467

-306

-637

-36

Deferred income taxes

2,809

-41,439

-798

-176

1,626

-13,504

-612

-2,252

7,806

7,103

429

-873

-877

5,164

-20,515

2,188

11,939

-78,218

-2,355

16,547

491

15,111

1,435

13,635

-2,940

-11,808

4,228

1,140

512

2,577

975

1,692

-1,373

-2,255

1,865

-212

-2,743

-366

1,669

-526

2,051

Share-based compensation

3,340

2,407

4,282

3,485

3,495

2,248

4,045

3,210

4,591

2,399

3,157

2,652

3,364

1,665

2,828

2,262

2,723

2,248

2,599

2,006

2,620

1,958

2,256

1,884

2,402

1,874

2,293

512

2,670

1,959

2,666

2,122

2,681

2,076

2,352

2,400

2,793

5,458

2,729

2,694

2,497

Inventory Write-down

1,205

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of assets held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

40,813

23,796

17,573

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in operating assets and liabilities, net of businesses acquired and divested:
Accounts receivable, net

1,614

-32,175

7,167

44,981

-7,360

-21,880

21,850

55,071

2,451

-21,816

10,958

19,873

7,373

3,508

-9,919

1,692

-86,973

64,027

-16,634

19,720

9,993

-29,876

-2,770

8,959

10,842

19,789

-17,255

-13,092

3,959

-9,420

-20,144

-24,959

27,999

1,940

44,919

-3,109

35,100

-21,284

16,128

34,657

24,478

Inventories, net

24,099

-5,102

-2,493

-10,944

22,024

-9,266

6,838

14,973

28,652

-20,603

1,426

-4,222

3,688

-23,004

4,086

-3,239

17,766

-25,315

13,465

5,711

10,178

-8,576

-1,653

15,089

14,515

-10,836

14,727

10,736

10,872

-6,737

2,463

14,443

19,931

-11,949

-2,252

12,773

22,551

-20,497

528

-3,300

11,868

Progress payments

1,906

9,789

-4,599

-1,950

1,594

10,357

-5,954

9,839

-3,121

449

1,641

-519

-797

-1,511

4,439

1,118

-1,463

3,305

2,630

-2,138

-117

3,278

-3,085

-2,387

-4,777

1,458

3,283

-1,632

-9,240

1,498

-7,308

-1,715

-398

12,339

-1,986

1,318

-407

-354

-1,089

4,478

3,458

Accounts payable and accrued expenses

-98,179

68,271

530

21,443

-108,873

81,319

6,232

40,943

-79,564

46,985

5,567

27,447

-75,676

62,287

7,694

15,140

-80,996

54,639

1,695

2,265

-59,046

36,219

6,495

15,923

-42,490

15,370

27,925

1,813

-36,541

21,165

14,413

-13,294

-29,574

36,584

-1,637

14,888

-34,207

22,188

1,385

13,490

-27,138

Deferred revenue

-23,298

17,384

13,472

17,042

-11,764

11,439

-6,222

11,455

6,410

20,126

5,601

7,428

3,743

-26,021

5,784

7,648

1,505

32,739

-5,785

3,923

-26,038

5,946

-1,905

29,343

-8,913

6,022

-9,293

-4,087

77

-27,629

-4,389

-19,954

17,536

31,630

19,288

-4,775

5,581

4,167

-15,243

-1,665

-7,993

Income taxes payable

22,783

-18,301

-196

-9,076

11,948

-1,227

92

-9,119

1,407

5,879

1,859

-10,968

-2,249

2,861

34,348

-14,893

-10,519

-27,186

50,712

-15,388

-15,574

44,999

-7,977

-8,947

10,871

-5,139

-1,212

-8,782

-1,678

12,732

-6,483

-10,090

19,052

-3,869

7,502

-7,461

7,745

3,309

225

-8,426

3,770

Net pension and postretirement liabilities

-149,468

-382

-1,239

56

255

2,561

1,945

439

-48,704

-634

3,074

3,060

-2,019

682

2,311

-2,032

2,444

3,377

-4,291

2,889

-141,585

4,394

-15,280

-11,391

-4,154

10,522

-22,904

5,818

4,934

8,822

-13,899

1,223

2,722

7,095

-4,310

3,318

-10,337

5,504

6,466

6,072

6,486

Other Operating Activities, Cash Flow Statement

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

20,405

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other current and long-term assets and liabilities

3,665

-5,414

-4,158

8,034

13,169

-9,614

-714

-12,273

-5,577

-21,471

-4,672

2,229

-3,196

12,889

494

-8,951

2,284

2,258

2,441

-8,997

-7,572

906

202

-10,661

5,334

-2,171

-817

-1,545

-1,761

-8,311

2,724

-1,013

2,029

12,160

-3,787

-4,764

-1,449

3,707

-787

706

1,165

Other current and long-term liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,906

-4,530

-4,500

Total adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

26,042

-67,301

-

7,322

-313

-39,334

Net cash used for operating activities

-192,576

262,389

118,629

92,244

-51,858

237,298

72,290

97,947

-71,262

226,405

101,375

85,873

-24,941

155,985

110,581

86,371

70,260

167,170

106,579

59,821

-171,091

178,593

68,756

99,010

-14,593

103,441

73,585

61,881

-1,080

98,536

35,698

22,959

-4,719

149,031

37,769

57,838

-42,785

133,807

35,106

25,585

-22,999

Cash flows from investing activities:
Proceeds from sale/disposal of long-lived assets

2,006

4,994

1,179

7,652

1,268

3,622

1,167

3,509

819

4,979

1,441

264

85

2,470

960

41

203

363

1,077

0

837

-107

373

-101

429

-194

598

385

559

1,580

608

369

0

914

1,276

189

118

0

725

-455

474

Proceeds from divestiture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,597

14,211

18,720

4,010

98,869

1,998

52,098

0

-

-

-

-

0

898

0

51,225

0

8,100

0

0

-

-

-

-

Payments to Acquire Intangible Assets

0

-

10

10

137

-

0

0

1,500

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-678

660

-150

1,929

0

6

16

0

97

-86

111

1,486

Additions to property, plant, and equipment

18,637

19,833

16,448

16,437

17,034

23,130

10,435

10,881

8,971

17,831

11,586

12,914

10,374

20,649

10,394

6,908

8,825

11,664

8,159

6,593

9,096

12,635

18,484

17,631

18,365

14,366

25,750

17,116

15,010

26,911

15,327

20,549

20,167

24,026

22,757

18,294

19,245

13,967

16,459

11,465

10,878

Payments to Acquire Businesses, Gross

51,043

135,134

0

1,038

49,037

0

-2,570

212,737

0

0

0

-6,742

239,372

0

0

295

0

-35

35

0

13,228

2

0

1,505

32,857

134,905

3,344

-606

98,492

454,208

0

6,231

0

45,736

78,740

40,354

13,250

0

121

40,926

1,153

Payments for (Proceeds from) Previous Acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21

0

0

436

0

759

0

230

360

2,196

2,336

1,771

1,372

176

976

0

-

-

-

-

-1,153

0

0

1,153

Net cash used for investing activities

-67,674

-149,988

-15,279

-9,833

-64,940

-18,329

-6,698

-220,837

-9,652

-12,776

-3,983

-5,908

-249,661

-18,743

-8,407

-7,162

-8,622

-16,884

7,094

12,127

-17,913

86,125

-14,515

32,861

-51,023

-149,825

-30,692

-18,461

-114,714

-480,233

-14,657

-27,237

29,129

-68,848

-92,127

-58,475

-32,377

-14,064

-15,769

-52,957

-13,043

Cash flows from financing activities:
Borrowings under revolving credit facility

188,724

2,305

28,069

3,481

3,837

2,385

2,833

364,046

3,716

2,774

2,148

2,616

120

335

3,749

1,364

2,391

1,483

41,447

26,098

1,296

1,099

895

199,080

163,483

372,374

89,306

104,354

417,075

-

-

-

-

-

-

-

-

-

-

-

-

Borrowings of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

100,000

0

400,000

0

0

0

0

-

-

-

273,500

126,500

124,000

121,600

141,000

Payment of revolving credit facility

42,297

2,384

27,989

3,642

3,919

3,166

2,768

364,069

2,884

3,032

2,560

2,375

209

469

4,060

1,164

2,737

1,613

41,096

26,025

1,400

613

954

249,114

164,089

322,241

89,131

118,656

699,120

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

80

-

-

-

0

-76

26

25

25

-

-

-

220,524

256,524

134,252

285,367

-94,372

Repurchases of common stock

112,013

12,797

12,799

12,594

12,471

119,694

32,783

33,787

12,328

13,188

12,485

13,569

12,885

24,953

25,338

25,350

29,608

108,906

88,110

50,129

46,985

20,665

20,644

18,898

5,013

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from share-based compensation

5,066

827

5,532

734

4,677

805

4,775

209

6,151

2,325

6,480

179

5,195

3,941

5,261

5,188

7,910

14,090

5,363

1,637

7,616

3,258

8,448

5,341

21,135

5,894

12,703

1,520

7,333

1,379

5,058

715

8,340

1,077

4,754

20

5,895

829

4,228

311

5,192

Proceeds from (Payments for) Other Financing Activities

-212

-212

-205

-198

-197

-195

-192

-184

-181

-180

-176

-112

-224

-166

-161

-154

-154

-1,010

148

141

140

138

158

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

4,330

551

1,692

4,528

4,876

453

499

3,291

1,893

1,060

1,248

5,409

1,364

463

310

0

35

1

1

20

475

1

864

3

763

55

137

30

Net cash provided by (used for) financing activities

39,268

-26,778

-14,655

-18,639

-8,073

-182,970

-34,735

-40,408

-5,526

-174,544

-12,333

-19,018

-8,003

-28,473

-25,777

-24,221

-17,670

-102,913

-96,300

-53,963

-36,042

-27,367

-17,376

-68,540

20,845

47,897

-16,368

-16,679

125,288

253,123

818

-8,035

8,335

61,202

50,578

9,150

58,874

-135,809

-9,654

21,758

51,850

Effect of exchange-rate changes on cash

-12,294

7,698

-7,327

-1,856

3,233

-5,850

-3,838

-14,322

7,838

3,844

4,421

8,858

1,663

-6,974

-7,495

-9,100

4,598

-6,601

-14,428

11,401

-9,476

-9,706

-8,534

2,842

-2,556

2,419

1,794

-2,495

-2,720

1,051

4,606

-5,670

3,932

-1,980

-4,326

2,609

135

272

2,486

-2,345

-1,115

Net decrease in cash and cash equivalents

-233,276

93,321

81,368

61,916

-121,638

30,149

27,019

-177,620

-78,602

42,929

89,480

69,805

-280,942

101,795

68,902

45,888

48,566

40,772

2,945

29,386

-234,522

227,645

28,331

66,173

-47,327

3,932

28,319

24,246

6,774

-127,523

26,465

-17,983

36,677

139,405

-8,106

11,122

-16,153

-15,794

12,169

-7,959

14,693

Supplemental disclosure of non-cash activities:
Capital expenditures incurred but not yet paid

818

1,927

3

-179

264

1,509

259

243

182

220

-885

271

1,370

1,824

-87

195

580

1,681

80

-155

502

2,253

-733

211

1,160

3,046

-781

90

2,191

-2,192

-188

-365

4,223

2,645

-192

401

746

-

-

-

-

Property and equipment under build to suit transaction

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-151

2,510

4,368

8,008

6,225

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of businesses, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

121

40,926

1,153