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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 81,066 $ 78,267
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 50,164 46,864
Amortization 4,614 5,044
Change in deferred taxes and other liabilities (1,264) (15,582)
Impairment of property, plant, equipment, and inventory 577 2,610
Non-cash interest expense 1,148 840
Non-cash portion of pension settlement expense 0 42,657
Compensation and benefits paid or payable in Class A Common Stock 5,189 3,282
Provision for credit losses from uncollected receivables and contract assets 641 885
Foreign currency remeasurement (gain) on intercompany loans (4,704) (6,629)
Fair value adjustment on foreign currency options 581 (409)
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:    
Accounts receivable (18,172) (20,260)
Contract assets (16,550) (37,201)
Inventories (293) (24,895)
Prepaid expenses and other current assets (3,030) (2,733)
Income taxes prepaid and receivable 1,597 (2,179)
Accounts payable (6,661) 5,081
Accrued liabilities (16,454) (12,624)
Income taxes payable (5,810) 2,639
Noncurrent receivables 2,276 2,976
Other noncurrent liabilities (3,602) (5,960)
Other, net 2,499 4,634
Net cash provided by operating activities 73,812 67,307
INVESTING ACTIVITIES    
Purchase of business, net of cash acquired (133,470) 0
Purchases of property, plant and equipment (48,850) (50,948)
Purchased software (276) (1,884)
Net cash used in investing activities (182,596) (52,832)
FINANCING ACTIVITIES    
Proceeds from borrowings 71,249 145,000
Principal payments on debt (51,479) (48,000)
Principal payments on finance lease liabilities 0 (654)
Debt acquisition costs (4,108) 0
Purchase of Treasury shares 0 (84,780)
Taxes paid in lieu of share issuance (3,136) (770)
Proceeds from options exercised 0 17
Dividends paid (23,365) (19,932)
Net cash used in financing activities (10,839) (9,119)
Effect of exchange rate changes on cash and cash equivalents (647) (30,910)
Decrease in cash and cash equivalents (120,270) (25,554)
Cash and cash equivalents at beginning of period 291,776 302,036
Cash and cash equivalents at end of period $ 171,506 $ 276,482