XML 21 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 111,610 $ 96,508 $ 118,768
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 70,374 62,480 65,130
Amortization 6,359 6,569 9,125
Change in deferred taxes and other liabilities (2,046) (8,496) 12,181
Impairment of property, plant, equipment, and inventory 1,773 1,808 856
Non-cash interest expense 1,404 1,118 875
Non-cash portion of pension settlement expense 0 42,657 0
Compensation and benefits paid or payable in Class A Common Stock 6,936 4,527 3,146
Provision/(recovery) for credit losses from uncollected receivables and contract assets 640 1,408 (1,299)
Foreign currency remeasurement (gain)/loss on intercompany loans (2,831) (4,434) (3,150)
Fair value adjustment on foreign currency options (139) (509) 169
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:      
Accounts receivable (11,038) (14,301) (7,734)
Contract assets (32,156) (36,434) 25,446
Inventories 15,093 (24,541) (9,942)
Prepaid expenses and other current assets 1,530 (4,134) (998)
Income taxes prepaid and receivable (2,897) (6,005) 3,944
Accounts payable (5,672) 8,572 9,492
Accrued liabilities (10,441) 3,226 (774)
Income taxes payable (1,988) 183 (477)
Noncurrent receivables 3,723 3,911 4,355
Other noncurrent liabilities (9,783) (10,133) (13,713)
Other, net 7,605 4,234 2,075
Net cash provided by operating activities 148,056 128,214 217,475
INVESTING ACTIVITIES      
Purchase of business, net of cash acquired (133,470) 0 0
Purchases of property, plant and equipment (83,560) (93,675) (52,793)
Purchased software (869) (2,673) (906)
Net cash used in investing activities (217,899) (96,348) (53,699)
FINANCING ACTIVITIES      
Proceeds from borrowings 78,040 162,000 8,000
Principal payments on debt (92,274) (73,000) (56,009)
Principal payments on finance lease liabilities 0 (654) (1,438)
Debt acquisition costs (4,108) 0 0
Purchase of Treasury shares 0 (84,780) (23,449)
Taxes paid in lieu of share issuance (3,136) (770) (998)
Proceeds from options exercised 0 17 153
Dividends paid (31,163) (26,465) (25,894)
Net cash used in financing activities (52,641) (23,652) (99,635)
Effect of exchange rate changes on cash and cash equivalents 4,128 (18,474) (3,421)
Increase/(decrease) in cash and cash equivalents (118,356) (10,260) 60,720
Cash and cash equivalents at beginning of period 291,776 302,036 241,316
Cash and cash equivalents at end of period $ 173,420 $ 291,776 $ 302,036