| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||||||
Net earnings | ||||||||||||
1,370,910 | 2,481,084 | 1,380,571 | 900,416 | 193,030 | 778,564 | 585,529 | 593,126 | 860,984 | 206,323 | -237,178 | 2,144,911 | 1,765,448 |
Adjustments: | ||||||||||||
Depreciation | ||||||||||||
648,911 | 630,879 | 635,833 | 613,192 | 625,757 | 652,000 | 535,852 | 534,010 | 522,571 | 512,147 | 494,035 | 479,484 | 403,172 |
Amortization | ||||||||||||
85,742 | 88,758 | 91,228 | 73,862 | 74,260 | 72,423 | 74,356 | 73,011 | 67,829 | 70,455 | 72,388 | 69,423 | 24,384 |
Stock-based compensation | ||||||||||||
90,359 | 73,422 | 64,176 | 56,511 | 45,794 | 46,384 | 47,450 | 50,733 | 49,003 | 43,041 | 54,665 | 49,873 | 44,001 |
Deferred income taxes | ||||||||||||
99,157 | 3,017 | -221,173 | 71,455 | -246,836 | 70,801 | 56,564 | -25,274 | 58,051 | 138,262 | 88,546 | -293,476 | -81,206 |
Distributions from affiliates | ||||||||||||
37,459 | 30,196 | 49,295 | 40,602 | 15,132 | 53,738 | 8,708 | - | - | - | - | - | - |
Equity in losses (earnings) of unconsolidated affiliates | ||||||||||||
3,311 | 40,240 | 41,661 | 38,757 | 5,329 | 13,505 | 9,297 | -13,323 | -10,043 | -32,082 | -82,341 | -36,920 | -24,618 |
Impairment of assets | ||||||||||||
66,916 | 110,000 | - | - | - | - | - | - | - | - | - | 105,183 | 0 |
Impairments and losses on assets | ||||||||||||
- | - | - | - | 244,833 | 25,393 | 14,000 | 17,563 | - | - | - | - | - |
Impairment of non-current assets | ||||||||||||
- | - | - | - | - | - | - | 30,000 | 13,943 | - | - | - | - |
Changes in assets and liabilities (exclusive of acquisitions and dispositions): | ||||||||||||
Accounts receivable | ||||||||||||
-361,340 | 485,433 | 329,501 | 217,736 | -655,489 | 179,181 | 103,649 | -148,113 | 274,920 | 310,188 | -141,104 | -855,572 | 174,326 |
Inventories | ||||||||||||
-712,645 | 1,092,101 | 900,946 | 132,639 | -1,061,202 | -11,326 | 298,074 | 65,655 | 433,696 | 231,913 | -1,117,600 | 364,280 | 102,490 |
Accounts payable | ||||||||||||
-253,457 | 235,572 | 314,817 | 236,788 | -438,788 | -111,859 | 39,489 | -111,496 | 62,012 | 179,807 | 170,229 | -861,334 | 57,259 |
Federal income taxes | ||||||||||||
-180,325 | 163,743 | -107,577 | 3,555 | 62,656 | -111,687 | 77,950 | -28,022 | 930 | 180,821 | -422,116 | 278,663 | 13,332 |
Salaries, wages and related accruals | ||||||||||||
-186,755 | 204,796 | 87,700 | 133,625 | -56,267 | 67,973 | 7,155 | -60,363 | 129,340 | 56,641 | -419,800 | 129,927 | -42,931 |
Other operating activities | ||||||||||||
40,178 | 9,741 | -32,576 | -9,127 | 62,172 | 19,472 | -41,916 | -31,316 | 35,037 | 10,684 | -31,380 | 128,803 | -4,045 |
Cash provided by operating activities | ||||||||||||
2,809,413 | 2,393,952 | 1,055,338 | 1,750,001 | 2,168,761 | 1,342,898 | 1,077,949 | 1,200,385 | 1,031,053 | 866,794 | 1,173,194 | 2,502,063 | 1,935,306 |
Investing activities: | ||||||||||||
Capital expenditures | ||||||||||||
1,477,293 | 982,531 | 448,555 | 604,840 | 374,123 | 667,982 | 1,196,952 | 947,608 | 438,943 | 338,684 | 390,500 | 1,018,980 | 520,353 |
Investment in and advances to affiliates | ||||||||||||
45,834 | 121,412 | 59,000 | 63,167 | 80,409 | 97,841 | 85,053 | 180,472 | 95,950 | 434,006 | 63,563 | 720,713 | 31,435 |
Divestiture of affiliates | ||||||||||||
67,591 | - | - | 135,000 | - | - | - | - | - | - | - | - | 29,500 |
Repayment of advances to affiliates | ||||||||||||
- | - | - | - | - | 122,000 | 54,500 | 65,446 | 50,000 | 83,885 | - | - | - |
Disposition of plant and equipment | ||||||||||||
41,618 | 31,589 | 25,315 | 18,571 | 29,390 | 36,563 | 34,097 | 51,063 | 25,333 | 24,944 | 11,371 | 17,180 | 2,787 |
Acquisitions (net of cash acquired) | ||||||||||||
83,106 | 33,063 | 544,041 | 474,788 | 19,089 | 768,581 | - | 760,833 | 3,959 | 64,788 | 32,720 | 1,826,030 | 1,542,666 |
Purchase of investments | ||||||||||||
367,741 | - | 50,000 | 650,000 | 111,927 | 100,000 | 19,349 | 409,403 | 1,494,782 | 1,323,264 | 261,389 | 289,423 | 487,395 |
Proceeds from the sale of investments | ||||||||||||
67,701 | 50,000 | 150,000 | 600,000 | 111,452 | 27,529 | 92,761 | 1,667,142 | 1,285,763 | 394,640 | 36,389 | 499,709 | 1,687,578 |
Purchases of restricted investments | ||||||||||||
- | - | - | - | - | - | - | - | 564,994 | - | - | - | - |
Proceeds from the sale of restricted investments | ||||||||||||
- | - | - | - | - | - | 148,725 | 359,295 | 47,479 | - | - | - | - |
Changes in restricted cash | ||||||||||||
- | - | - | - | - | - | -126,438 | 48,625 | -530,165 | 598,482 | - | - | - |
Other investing activities | ||||||||||||
-2,873 | -25,348 | -7,389 | -14,106 | -3,010 | -10,250 | -4,863 | - | - | - | - | - | - |
Proceeds from currency derivative contracts | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 1,441,862 | 517,241 |
Settlement of currency derivative contracts | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 1,424,291 | 511,394 |
Cash used in investing activities | ||||||||||||
-1,794,191 | -1,030,069 | -918,892 | -1,025,118 | -441,696 | -1,438,062 | -839,970 | -203,995 | -659,888 | -2,255,755 | -700,412 | -3,320,686 | -856,137 |
Financing activities: | ||||||||||||
Net change in short-term debt | ||||||||||||
4,574 | 5,037 | 34,872 | -33,360 | -155,816 | 178,308 | -671 | 27,945 | -11,450 | 11,561 | -6,908 | -149,837 | -65,871 |
Proceeds from long-term debt, net of discount | ||||||||||||
- | 995,710 | - | - | - | - | 999,100 | - | - | 1,198,992 | - | 989,715 | 1,322,445 |
Repayment of long-term debt | ||||||||||||
- | 500,000 | 600,000 | - | 16,300 | 5,358 | 250,000 | 650,000 | - | 6,000 | 180,400 | - | 0 |
Bond issuance related costs | ||||||||||||
- | 7,625 | - | - | - | - | - | - | - | - | - | - | - |
Bond issuance costs | ||||||||||||
- | - | - | - | - | - | 7,625 | - | - | 4,050 | - | 6,937 | 9,200 |
Issuance of common stock | ||||||||||||
16,145 | 24,101 | 7,070 | 15,670 | 424 | 5,614 | - | 10,515 | 8,097 | 4,687 | 3,716 | 1,996,690 | 12,003 |
Payment of tax withholdings on certain stock-based compensation | ||||||||||||
25,047 | 22,123 | 14,408 | 12,387 | 11,718 | - | - | - | - | - | - | - | - |
Excess tax benefits from stock-based compensation | ||||||||||||
- | - | - | 2,784 | 2,000 | 3,400 | 2,955 | 4,700 | 1,000 | -700 | -3,100 | 10,600 | 13,000 |
Distributions to noncontrolling interests | ||||||||||||
76,347 | 56,179 | 90,974 | 99,588 | 71,938 | 63,705 | 76,798 | 74,848 | 61,720 | 55,380 | 190,233 | 275,075 | 263,086 |
Cash dividends | ||||||||||||
492,062 | 485,376 | 485,321 | 481,083 | 479,432 | 475,123 | 471,028 | 466,361 | 461,518 | 457,282 | 443,109 | 658,051 | 726,139 |
Acquisition of treasury stock | ||||||||||||
298,500 | 854,000 | 90,300 | 5,173 | 66,505 | 0 | 0 | - | - | - | - | 123,960 | 754,029 |
Other financing activities | ||||||||||||
-9,132 | -7,725 | -3,241 | -13,297 | -2,184 | -2,183 | 111 | 1,172 | 30,569 | - | - | - | - |
Cash used in financing activities | ||||||||||||
-880,410 | -908,177 | -1,242,306 | -626,434 | -801,469 | -359,047 | 196,044 | -1,146,877 | -495,022 | 691,828 | -820,034 | 1,783,145 | -470,877 |
Effect of exchange rate changes on cash | ||||||||||||
907 | -5,924 | 9,003 | 8,043 | -10,271 | -4,897 | -3,633 | 2,704 | -904 | 5,558 | 9,103 | -3,335 | - |
(Decrease) increase in cash and cash equivalents | ||||||||||||
135,719 | 449,782 | -1,096,857 | 106,492 | 915,325 | -459,108 | 430,390 | -147,783 | -124,761 | -691,575 | -338,149 | 961,187 | 608,292 |
Non-cash investing activity: | ||||||||||||
Change in accrued plant and equipment purchases and assets recorded under capital lease arrangements | ||||||||||||
- | - | - | -12,837 | 9,355 | -99,115 | 33,467 | 71,726 | 1,559 | 6,610 | - | - | - |