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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ (56,959) $ 88,055 $ 111,610
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 82,712 82,452 70,374
Amortization 5,202 6,842 6,359
Change in deferred taxes and other liabilities (43,315) (15,331) (2,046)
Impairment of property, plant, equipment, and inventory (390) 2,038 1,773
Non-cash interest expense 1,029 1,025 1,404
Contract loss provision 139,665 0 0
Share-based compensation 10,060 4,715 6,936
Provision/(recovery) for credit losses from uncollected receivables and contract assets (139) 310 640
Foreign currency remeasurement (gain)/loss on intercompany loans 8,883 81 (2,831)
Fair value adjustment on foreign currency options 0 0 (139)
Gain on sale of assets (1,566) (513) 0
Changes in operating assets and liabilities that provided/(used) cash, net of impact of business acquisition:      
Accounts receivable (724) 31,764 (11,038)
Contract assets (23,189) 12,289 (32,156)
Inventories 17,627 14,627 15,093
Prepaid expenses and other current assets 1,865 4,002 1,530
Income taxes prepaid and receivable (25,060) (8,574) (2,897)
Accounts payable 9,172 (3,084) (5,672)
Accrued liabilities 7,975 (1,275) (10,441)
Income taxes payable 14,507 6,918 (1,988)
Noncurrent receivables 0 (780) 3,723
Other noncurrent liabilities (2,550) (7,702) (9,783)
Other, net 7,669 582 7,605
Net cash provided by operating activities 152,474 218,441 148,056
INVESTING ACTIVITIES      
Purchase of business, net of cash acquired 0 0 (133,470)
Purchases of property, plant and equipment (69,830) (80,249) (83,560)
Purchased software (1,675) (958) (869)
Proceeds received from sale of assets 3,243 1,027 0
Net cash used in investing activities (68,262) (80,180) (217,899)
FINANCING ACTIVITIES      
Proceeds from borrowings 272,003 145,595 78,040
Principal payments on debt (147,044) (279,838) (92,274)
Debt acquisition costs 0 0 (4,108)
Purchase of Treasury shares (186,012) (14,175) 0
Taxes paid in lieu of share issuance (2,521) (2,931) (3,136)
Dividends paid (32,477) (32,483) (31,163)
Net cash used in financing activities (96,051) (183,832) (52,641)
Effect of exchange rate changes on cash and cash equivalents 8,906 (12,566) 4,128
(Decrease) in cash and cash equivalents (2,933) (58,137) (118,356)
Cash and cash equivalents at beginning of period 115,283 173,420 291,776
Cash and cash equivalents at end of period $ 112,350 $ 115,283 $ 173,420