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CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 270,748 $ 211,024 $ 228,013
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and other impairment charges 66,790 75,034 65,978
Stock-based compensation expense 19,780 16,122 12,964
Deferred income tax (2,601) (25,408) (20,199)
Non-cash interest expense 2,886 1,195 1,972
Pension settlement loss (gain) 12,155 0 (9,136)
Changes in operating assets and liabilities:      
Trade receivables, net (4,848) (6,006) (8,142)
Inventories, net (22,495) 17,958 (10,066)
Accounts payable 31,861 (19,819) (28,794)
Other operating assets and liabilities (18,877) 60,394 (18,232)
Net cash provided by operating activities 355,399 330,494 214,358
Cash flows from investing activities:      
Purchases of property, plant and equipment (51,779) (48,178) (40,243)
Proceeds from sale of property, plant and equipment 3,805 4,600 4,849
Acquisitions, net of cash received (153,664) (18,665) (149,029)
Payments for (Proceeds from) Other Investing Activities (4,058) 0 0
Net cash used in investing activities (205,696) (62,243) (184,423)
Cash flows from financing activities:      
Proceeds from borrowings on Senior Notes 700,000 0 0
Proceeds from borrowings on Term Loans 0 0 1,000,000
Repayments of borrowings on Term Loans (602,500) (12,500) 0
Proceeds from borrowings on revolving credit facility and other 205,000 574,150 805,881
Repayments of borrowings on revolving credit facility and other (237,005) (763,173) (585,491)
Payment of debt issuance costs and other (13,156) (972) (6,206)
Payment of dividends (16,992) (13,342) (6,054)
Consideration to Former Parent in connection with the Separation 0 0 (1,200,000)
Distributions to noncontrolling interest holders (3,678) (3,880) (3,420)
Transfers from Former Parent, net 0 0 2,847
Net cash provided by (used in) financing activities 31,669 (219,717) 7,557
Effect of foreign exchange rates on Cash and cash equivalents (34,017) (18,555) (6,677)
Increase in Cash and cash equivalents 147,355 29,979 30,815
Cash and cash equivalents, beginning of period 102,003 72,024 41,209
Cash and cash equivalents, end of period 249,358 102,003 72,024
Supplemental disclosures:      
Interest payments, net 62,280 79,148 34,678
Income tax payments, net $ 94,525 $ 132,902 $ 85,659