| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net earnings | |||||||||||
159,466 | 100,306 | 122,319 | 178,391 | 45,333 | 189,318 | 280,460 | 238,916 | 237,226 | 100,413 | 153,941 | 136,220 |
Adjustments to reconcile net earnings to net cash flows from operations: | |||||||||||
Depreciation and amortization | |||||||||||
82,264 | 82,827 | 84,957 | 82,417 | 91,144 | 89,328 | 77,436 | 70,218 | 74,560 | 59,663 | 44,748 | 39,597 |
Noncash loss on trading securities | |||||||||||
172 | 62 | -237 | -586 | -4,555 | -3,795 | 0 | - | - | - | - | - |
Impairment of property, plant and equipment | |||||||||||
- | - | - | - | 19,836,000 | 0 | - | - | - | - | - | - |
Non-cash after-tax loss on deconsolidation | |||||||||||
- | - | - | - | 0 | 0 | -12,011 | - | - | - | - | - |
Impairment of assets - restructuring activities | |||||||||||
- | - | - | - | - | - | 12,161 | - | - | - | - | - |
Impairment of goodwill & intangible assets | |||||||||||
0 | 15,780 | 0 | 0 | 41,970 | 0 | 0 | - | - | - | - | - |
Loss on divestiture of grinding media business | |||||||||||
0 | -6,084 | 0 | 0 | - | - | - | - | - | - | - | - |
Non-cash debt refinancing costs | |||||||||||
- | - | - | - | - | 2,478 | 0 | - | - | - | - | - |
Stock-based compensation | |||||||||||
11,587 | 10,392 | 10,706 | 9,931 | 7,244 | 6,730 | 6,513 | 5,829 | 5,931 | 7,154 | 6,586 | 4,736 |
Defined benefit pension plan benefit | |||||||||||
-513 | -2,251 | 648 | 1,870 | -610 | 2,638 | 6,569 | 4,281 | 5,449 | 5,874 | - | - |
Change in fair value of contingent consideration | |||||||||||
- | - | - | -3,242 | 0 | -4,300 | 0 | - | - | - | - | - |
Contribution to defined benefit pension plan | |||||||||||
18,461 | 1,537 | 40,245 | 1,488 | 16,500 | 18,173 | 17,619 | 11,591 | 11,860 | - | - | - |
(Gain) loss on sale of property, plant and equipment | |||||||||||
2,513 | 225 | 3,924 | -631 | -2,327 | -392 | 4,318 | -321 | -693 | -3,203 | -1,182 | 303 |
Equity in earnings in nonconsolidated subsidiaries | |||||||||||
- | - | - | 0 | -247 | 29 | 835 | 6,128 | 8,059 | 2,439 | 751 | 914 |
Deferred income taxes | |||||||||||
3,940 | -1,659 | 39,755 | -23,685 | 4,858 | 5,251 | -10,141 | 3,720 | -84,962 | 5,017 | 7,375 | -4,502 |
Other | |||||||||||
- | - | - | - | - | - | - | - | - | 393 | 505 | 2,867 |
Changes in assets and liabilities: | |||||||||||
Receivables | |||||||||||
-5,408 | -12,571 | 49,112 | -24,622 | -50,267 | -907 | 12,708 | 84,890 | 17,430 | 51,793 | -74,182 | 59,587 |
Inventories | |||||||||||
-12,313 | 13,774 | 57,442 | 11,461 | -3,296 | -21,458 | -13,431 | 13,613 | 118,866 | -22,321 | -107,245 | 83,408 |
Prepaid expenses and other assets | |||||||||||
-4,413 | 11,048 | 6,214 | 1,925 | -10,844 | 13,594 | -4,115 | -1,243 | 4,042 | -4,365 | 7,268 | -3,944 |
Contract asset - costs and profits in excess of billings | |||||||||||
29,274 | 32,932 | -176 | -3,063 | - | - | - | - | - | - | - | - |
Accounts payable | |||||||||||
-21,410 | -1,486 | 39,405 | 104 | -6,805 | -34,321 | 12,448 | -6,249 | 42,637 | -872 | -19,718 | 9,989 |
Accrued expenses | |||||||||||
108,784 | 49 | -1,998 | -12,207 | 8,918 | -34,778 | 21,698 | 20,640 | 11,845 | -7,542 | -3,020 | 8,424 |
Other noncurrent liabilities | |||||||||||
-1,274 | -10,888 | -7,228 | -23,880 | -1,764 | 1,755 | -1,474 | -4,350 | -5,881 | -598 | -700 | -1,083 |
Income taxes refundable | |||||||||||
-6,944 | -4,139 | 1,108 | 7,994 | 7,107 | -39,803 | -3,305 | -21,250 | 22,430 | 7,847 | -13,777 | -2,145 |
Payment of deferred compensation | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -1,260 |
Net cash flows from operating activities | |||||||||||
307,614 | 153,008 | 133,148 | 232,820 | 272,267 | 174,096 | 396,442 | 197,097 | 149,671 | 152,220 | 349,520 | 52,575 |
Purchase of property, plant and equipment | |||||||||||
97,425 | 71,985 | 55,266 | 57,920 | 45,468 | 73,023 | 106,753 | 97,074 | 83,069 | 36,092 | 44,129 | 50,879 |
Proceeds from sale of assets | |||||||||||
5,556 | 63,103 | 8,185 | 5,126 | 3,249 | 2,489 | 37,582 | 6,025 | 3,706 | 11,387 | 1,331 | 3,829 |
Acquisitions, net of cash acquired | |||||||||||
81,841 | 143,020 | 5,362 | 0 | 12,778 | 185,710 | 63,152 | 45,687 | 1,539 | 249,057 | - | 146,713 |
Proceeds from settlement of net investment hedge | |||||||||||
-11,184 | 1,621 | -5,123 | 0 | 0 | - | - | - | - | - | - | - |
Investments in nonconsolidated subsidiaries | |||||||||||
6,169 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Other, net | |||||||||||
-545 | 1,922 | 2,295 | 255 | -6,826 | 619 | -602 | -44 | 3,161 | -11,049 | 797 | 314 |
Net cash flows from investing activities | |||||||||||
-168,150 | -155,445 | -49,615 | -53,049 | -48,171 | -256,863 | -131,721 | -136,692 | -84,063 | -262,713 | -43,595 | -194,077 |
Borrowings (payments) under short-term agreements | |||||||||||
11,327 | 10,543 | -585 | -200 | -12,853 | -4,472 | 5,510 | 1,828 | 2,698 | -3,075 | -7,652 | 1,712 |
Proceeds from long-term borrowings | |||||||||||
31,000 | 251,655 | 0 | 0 | 68,000 | 652,211 | 274 | 39,126 | 277,832 | 491,680 | 10,001 | 188,893 |
Principal payments on long-term borrowings | |||||||||||
10,768 | 262,191 | 887 | 2,006 | 69,098 | 357,858 | 591 | 39,564 | 271,245 | 183,285 | 187,969 | 75,474 |
Settlement of financial derivatives | |||||||||||
0 | 2,467 | 0 | 0 | - | 4,981 | 0 | - | 3,568 | - | - | - |
Retirement of Delta plc preference shares | |||||||||||
- | - | - | - | - | - | - | - | - | 4,467 | - | - |
Debt issuance costs | |||||||||||
0 | 2,322 | 0 | 0 | - | 7,644 | 0 | 1,747 | 1,339 | 3,858 | - | - |
vmi_PaymentsOnDeconsolidationOfSubsidiary | |||||||||||
- | - | - | - | - | - | 11,615 | - | - | - | - | - |
Dividends paid | |||||||||||
32,642 | 33,726 | 33,862 | 34,053 | 35,357 | 32,443 | 25,414 | 21,520 | 18,227 | 16,588 | 14,695 | 12,251 |
Dividends to noncontrolling interest | |||||||||||
7,737 | 7,055 | 5,674 | 2,938 | 2,634 | 2,919 | 1,767 | 1,944 | 4,958 | 13,071 | 956 | 538 |
Proceeds from sale of partial ownership interest | |||||||||||
- | - | - | - | - | - | - | 1,404 | - | - | - | - |
Purchase of treasury shares | |||||||||||
- | - | - | - | - | - | - | - | - | - | -669 | 11 |
Purchase of treasury shares | |||||||||||
62,915 | 114,805 | 0 | 53,800 | 168,983 | 395,045 | 0 | - | 4,802 | 876 | 4,067 | 8,504 |
Purchase of noncontrolling interest | |||||||||||
27,845 | 5,510 | 0 | 11,009 | 0 | 0 | 9,324 | - | 25,253 | - | - | - |
Proceeds from exercises under stock plans | |||||||||||
13,619 | 7,357 | 35,159 | 11,153 | 13,075 | 14,572 | 16,348 | 21,827 | 20,008 | 4,464 | 4,942 | 7,519 |
Excess tax benefits from stock option exercises | |||||||||||
- | - | - | - | 1,699 | 4,264 | 5,306 | 5,494 | 3,033 | 2,021 | 2,665 | 7,385 |
Purchase of common treasury shares—stock plan exercises | |||||||||||
12,989 | 3,589 | 26,161 | 2,305 | 13,854 | 15,403 | 16,107 | 21,259 | 20,090 | 3,260 | - | - |
Net cash flows from financing activities | |||||||||||
-98,950 | -162,110 | -32,010 | -95,158 | -220,005 | -139,756 | -37,380 | -16,355 | -45,911 | 269,685 | -198,400 | 108,753 |
Effect of exchange rate changes on cash and cash equivalents | |||||||||||
-182 | -15,048 | 27,682 | -20,087 | -26,596 | -19,604 | -27,764 | 7,185 | -3,707 | 6,926 | 4,694 | -5,216 |
Net change in cash and cash equivalents | |||||||||||
40,332 | -179,595 | 79,205 | 64,526 | -22,505 | -242,127 | 199,577 | 51,235 | 15,990 | 166,118 | 112,219 | -37,965 |