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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES        
Net income $ 39,369 $ 31,440 $ 67,444 $ 59,050
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation 15,679 15,971 31,276 32,560
Amortization 1,433 2,280 3,598 4,573
Change in deferred taxes and other liabilities 804 974 2,596 5,416
Impairment of property, plant, equipment, and inventory (206) 353 2,662 538
Non-cash interest expense 279 265 561 310
Compensation and benefits paid or payable in Class A Common Stock 1,702 1,639 2,447 1,626
Provision for credit losses from uncollected receivables and contract assets (532) 27 1,326 (83)
Foreign currency remeasurement (gain)/loss on intercompany loans 1,125 (723) (1,260) (1,031)
Fair value adjustment on foreign currency options 596 1 (381) 140
Changes in operating assets and liabilities that provided/(used) cash:        
Accounts receivable 1,267 (129) (14,407) (3,365)
Contract assets (24,140) 9,539 (23,868) 25,643
Inventories (13,586) (1,821) (21,135) (10,384)
Prepaid expenses and other current assets (2,498) (606) (4,474) (1,505)
Income taxes prepaid and receivable (1,889) 1,156 (60) (309)
Accounts payable 7,851 (4,580) 7,476 4,608
Accrued liabilities 7,605 2,062 (11,745) (17,423)
Income taxes payable 3,151 4,121 (7,739) (3,956)
Noncurrent receivables 1,250 1,099 1,864 1,587
Other noncurrent liabilities (1,338) (2,166) (3,252) (4,263)
Other, net 5,182 1,051 4,784 1,908
Net cash provided by operating activities 43,104 61,953 37,713 95,640
INVESTING ACTIVITIES        
Purchases of property, plant and equipment (19,940) (10,302) (35,659) (22,836)
Purchased software (331) (286) (366) (288)
Net cash used in investing activities (20,271) (10,588) (36,025) (23,124)
FINANCING ACTIVITIES        
Proceeds from borrowings 58,000 0 135,000 8,000
Principal payments on debt 0 (34,002) 0 (56,009)
Principal payments on finance lease liabilities (264) (355) (654) (704)
Purchase of Treasury shares (42,550) 0 (84,780) 0
Taxes paid in lieu of share issuance 0 0 (770) (998)
Proceeds from options exercised 0 21 7 149
Dividends paid (6,657) (6,474) (13,399) (12,942)
Net cash provided by/(used in) financing activities 8,529 (40,810) 35,404 (62,504)
Effect of exchange rate changes on cash and cash equivalents (17,907) 4,904 (18,258) 2,002
Increase in cash and cash equivalents 13,455 15,459 18,834 12,014
Cash and cash equivalents at beginning of period 307,415 237,871 302,036 241,316
Cash and cash equivalents at end of period $ 320,870 $ 253,330 $ 320,870 $ 253,330