XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 53,912 $ 67,444
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 32,299 31,276
Amortization 3,018 3,598
Change in deferred taxes and other liabilities 1,787 2,596
Impairment of property, plant, equipment, and inventory 532 2,662
Non-cash interest expense 565 561
Compensation and benefits paid or payable in Class A Common Stock 2,274 2,447
Provision for credit losses from uncollected receivables and contract assets 493 1,326
Foreign currency remeasurement (gain) on intercompany loans (3,198) (1,260)
Fair value adjustment on foreign currency options (123) (381)
Changes in operating assets and liabilities that provided/(used) cash:    
Accounts receivable (40,131) (14,407)
Contract assets 4,606 (23,868)
Inventories (9,174) (21,135)
Prepaid expenses and other current assets (2,700) (4,474)
Income taxes prepaid and receivable (381) (60)
Accounts payable (5,255) 7,476
Accrued liabilities (21,570) (11,745)
Income taxes payable (4,943) (7,739)
Noncurrent receivables 1,705 1,864
Other noncurrent liabilities (1,922) (3,252)
Other, net 2,881 4,784
Net cash provided by operating activities 14,675 37,713
INVESTING ACTIVITIES    
Purchases of property, plant and equipment (34,899) (35,659)
Purchased software (72) (366)
Net cash used in investing activities (34,971) (36,025)
FINANCING ACTIVITIES    
Proceeds from borrowings 61,000 135,000
Principal payments on debt (13,000) 0
Principal payments on finance lease liabilities 0 (654)
Purchase of Treasury shares 0 (84,780)
Taxes paid in lieu of share issuance (3,136) (770)
Proceeds from options exercised 0 7
Dividends paid (15,570) (13,399)
Net cash provided by financing activities 29,294 35,404
Effect of exchange rate changes on cash and cash equivalents 142 (18,258)
Increase in cash and cash equivalents 9,140 18,834
Cash and cash equivalents at beginning of period 291,776 302,036
Cash and cash equivalents at end of period $ 300,916 $ 320,870