Cash flows from operating activities |
|
|
|
| Net earnings |
$95,221 |
$109,390 |
$104,328 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
76,480 |
74,251 |
62,699 |
| Net loss on sales and disposals of long-lived assets |
1,917 |
804 |
388 |
| Gain on bargain purchase |
(1,937) |
- |
- |
| Deferred income taxes |
(6,470) |
(6,370) |
(8,144) |
| Share-based compensation |
15,264 |
13,663 |
10,912 |
| Changes in operating assets and liabilities, net of businesses acquired and disposed of: |
|
|
|
| Decrease (increase) in receivables |
9,250 |
(20,230) |
(63,998) |
| Decrease (increase) in inventories |
17,819 |
(46,564) |
(50,290) |
| (Decrease) increase in progress payments |
(8,573) |
8,227 |
(2,274) |
| (Decrease) increase in accounts payable and accrued expenses |
(30,565) |
8,582 |
31,078 |
| Increase in deferred revenue |
28,724 |
33,332 |
53,065 |
| Increase (decrease) in income taxes payable |
(11,326) |
(4,044) |
(6,020) |
| (Decrease) increase in net pension and postretirement liabilities |
19,654 |
11,416 |
5,540 |
| Decrease (increase) in other current and long-term assets |
2,319 |
2,250 |
(2,668) |
| (Decrease) increase in other current and long-term liabilities |
(11,198) |
(4,886) |
4,520 |
| Total adjustments |
101,358 |
70,431 |
34,808 |
| Net cash provided by operating activities |
196,579 |
179,821 |
139,136 |
Cash flows from investing activities |
|
|
|
| Proceeds from sales and disposals of long-lived assets |
3,789 |
8,143 |
174 |
| Acquisitions of intangible assets |
(673) |
(311) |
(3,722) |
| Additions to property, plant and equipment |
(75,643) |
(103,657) |
(54,433) |
| Acquisition of businesses, net of cash acquired |
(68,623) |
(48,557) |
(289,348) |
| Net cash used for investing activities |
(141,150) |
(144,382) |
(347,329) |
Cash flows from financing activities |
|
|
|
| Borrowings of debt |
711,059 |
598,000 |
751,500 |
| Principal payments on debt |
(762,759) |
(622,580) |
(604,560) |
| Proceeds from exercise of stock options |
10,557 |
9,905 |
9,661 |
| Dividends paid |
(14,559) |
(14,381) |
(12,440) |
| Excess tax benefits from share-based compensation |
378 |
1,544 |
2,590 |
| Net cash (used for) provided by financing activities |
(55,324) |
(27,512) |
146,751 |
| Effect of exchange-rate changes on cash |
4,200 |
(13,742) |
3,445 |
| Net increase (decrease) in cash and cash equivalents |
4,305 |
(5,815) |
(57,997) |
| Cash and cash equivalents at beginning of year |
60,705 |
66,520 |
124,517 |
| Cash and cash equivalents at end of year |
$65,010 |
$60,705 |
$66,520 |
Supplemental disclosure of investing activities |
|
|
|
| Fair value of assets acquired from acquisitions |
$81,103 |
$133,159 |
$315,842 |
| Additional consideration paid (received) on prior year acquisitions |
1,835 |
(1,447) |
9,433 |
| Liabilities assumed from current year acquisitions |
(12,102) |
(75,156) |
(35,706) |
| Cash acquired |
(276) |
(7,999) |
(221) |
| Gain on bargain purchase |
(1,937) |
- |
- |
| Acquisition of businesses, net of cash acquired |
$68,623 |
$48,557 |
$289,348 |
