XML 95 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash provided (required) by operating activities:      
Net income $ 52,960 $ 93,191 $ 110,519
Adjustments to reconcile net income (loss) to net cash provided (required) by operating activities:      
Depreciation 68,557 72,569 59,161
Amortization 51,381 51,892 53,701
Stock-based compensation 10,250 5,375 2,236
Loss (gain) on sale of fixed assets and business, net 429 (1,173) (934)
Impairment of long-lived assets 1,874 990 3,581
Provision for doubtful accounts 4,955 2,007 954
Amortization of deferred loan costs and accretion of discount 2,590 1,671 0
Deferred income taxes (13,874) 1,492 (73,501)
Employee benefit plan expense 1,883 3,340 1,064
Other 3,464 1,885 (6,142)
Changes in operating assets and liabilities (net of effects of acquisitions and foreign exchange):      
Receivables 25,948 (55,378) (61,573)
Inventories 19,065 (40,018) (13,808)
Prepaid expenses and other current assets (10,742) (3,750) (5,116)
Accounts payable (20,526) 40,393 31,827
Accrued compensation and employee benefits (6,358) 8,454 5,616
Accrued expenses and other liabilities 4,406 12,095 (165)
Leased assets (40,700) (25,867) (27,788)
Other 337 (5,268) (3,582)
Net cash provided by operating activities 155,899 163,900 76,050
Cash provided (required) by investing activities:      
Capital expenditures (39,780) (57,918) (36,654)
Proceeds from sale of fixed assets 4,598 1,187 3,547
Proceeds from (payment on) sale of businesses (2,194)    
Proceeds from (payment on) sale of businesses   2,473 0
Acquisition (net of cash and cash equivalents acquired) (12,500) 0 (8,842)
Purchase price adjustments on acquisition 0 53 0
Net cash required by investing activities (49,876) (54,205) (41,949)
Cash provided (required) by financing activities:      
Proceeds from long-term debt, net of discounts 36,500 713,963 0
Payment of debt issue costs 0 (16,006) 0
Repayment of long-term debt (141,500) (45,000) (599)
Distributions to Dover Corporation, net 0 (736,557) (31,192)
Distribution to noncontrolling interest 0 (2,720) (1,212)
Payment of capital lease obligations (5,555) (4,518) (3,690)
Payments related to taxes withheld on stock-based compensation (1,848) 0 0
Net cash required by financing activities (112,403) (90,838) (36,693)
Effect of exchange rate changes on cash and cash equivalents (162) (737) 277
Net increase (decrease) in cash and cash equivalents (6,542) 18,120 (2,315)
Cash and cash equivalents at beginning of period 41,832 23,712 26,027
Cash and cash equivalents at end of period $ 35,290 $ 41,832 $ 23,712