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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 27,086 $ 28,075
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 15,864 15,597
Amortization 1,503 2,165
Change in deferred taxes and other liabilities (887) 1,792
Impairment of property, plant, equipment, and inventory 100 2,868
Non-cash interest expense 280 282
Compensation and benefits paid or payable in Class A Common Stock 378 745
Provision/(recovery) for credit losses from uncollected receivables and contract assets 309 1,858
Foreign currency remeasurement (gain)/loss on intercompany loans (1,732) (2,385)
Fair value adjustment on foreign currency options 58 (977)
Changes in operating assets and liabilities that provided/(used) cash:    
Accounts receivable (13,702) (15,674)
Contract assets (4,403) 272
Inventories (12,360) (7,549)
Prepaid expenses and other current assets (2,191) (1,976)
Income taxes prepaid and receivable (693) 1,829
Accounts payable 5,214 (375)
Accrued liabilities (23,137) (19,350)
Income taxes payable (10,996) (10,890)
Noncurrent receivables 867 614
Other noncurrent liabilities 7 (1,914)
Other, net 2,042 (398)
Net cash used in operating activities (16,393) (5,391)
INVESTING ACTIVITIES    
Purchases of property, plant and equipment (16,275) (15,719)
Purchased software 0 (35)
Net cash used in investing activities (16,275) (15,754)
FINANCING ACTIVITIES    
Proceeds from borrowings 58,000 77,000
Principal payments on debt (6,000) 0
Principal payments on finance lease liabilities 0 (390)
Purchase of Treasury shares 0 (42,230)
Taxes paid in lieu of share issuance (3,136) (770)
Proceeds from options exercised 0 7
Dividends paid (7,778) (6,742)
Net cash provided by financing activities 41,086 26,875
Effect of exchange rate changes on cash and cash equivalents 4,064 (351)
Increase in cash and cash equivalents 12,482 5,379
Cash and cash equivalents at beginning of period 291,776 302,036
Cash and cash equivalents at end of period $ 304,258 $ 307,415