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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 70,310 $ 81,066
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 61,813 50,164
Amortization 5,190 4,614
Change in deferred taxes and other liabilities (7,552) (1,264)
Impairment of property, plant and equipment 1,425 577
Non-cash interest expense 769 1,148
Compensation and benefits paid or payable in Class A Common Stock 4,438 5,189
Provision/(recovery) for credit losses from uncollected receivables and contract assets 40 641
Foreign currency remeasurement loss/(gain) on intercompany loans 2,263 (4,704)
Fair value adjustment on foreign currency contracts 1,105 581
Gain on sale of assets (515) 0
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:    
Accounts receivable 17,980 (18,172)
Contract assets (15,194) (16,550)
Inventories 5,918 (293)
Prepaid expenses and other current assets 2,768 (3,030)
Income taxes prepaid and receivable 2,602 1,597
Accounts payable 7,316 (6,661)
Accrued liabilities (8,320) (16,454)
Income taxes payable (11,995) (5,810)
Noncurrent receivables (579) 2,276
Other noncurrent liabilities (17) (3,602)
Other, net 220 2,499
Net cash provided by operating activities 139,985 73,812
Cash flows from investing activities:    
Purchase of business, net of cash acquired 0 (133,470)
Purchases of property, plant and equipment (61,985) (48,850)
Purchased software (101) (276)
Proceeds received from sale of assets 1,033 0
Net cash used in investing activities (61,053) (182,596)
Cash flows from financing activities:    
Proceeds from borrowings 48,106 71,249
Principal payments on debt (142,691) (51,479)
Debt acquisition costs 0 (4,108)
Taxes paid in lieu of share issuance (2,832) (3,136)
Dividends paid (24,356) (23,365)
Net cash (used in)/provided by financing activities (121,773) (10,839)
Effect of exchange rate changes on cash and cash equivalents (3,357) (647)
(Decrease)/increase in cash and cash equivalents (46,198) (120,270)
Cash and cash equivalents at beginning of period 173,420 291,776
Cash and cash equivalents at end of period $ 127,222 $ 171,506