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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 17,782 $ 29,264
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 56,140 51,722
Amortization of intangibles 1,959 2,249
Pension settlement expense 89 1,634
Share-based compensation expense 5,071 4,859
Provision for losses on accounts receivable 999 621
Change in deferred income taxes (5,170) 5,124
Gain on sale of property and equipment and lease termination (3,581) (1,469)
Changes in operating assets and liabilities:    
Receivables 9,626 1,781
Prepaid expenses 1,444 (3,323)
Other assets 4,358 (2,798)
Income taxes 8,413 (3,042)
Operating right-of-use assets and lease liabilities, net (230) 159
Accounts payable, accrued expenses, and other liabilities (14,833) (6,310)
NET CASH PROVIDED BY OPERATING ACTIVITIES 82,067 80,471
INVESTING ACTIVITIES    
Purchases of property, plant and equipment, net of financings (16,209) (41,909)
Proceeds from sale of property and equipment 7,670 3,798
Purchases of short-term investments (97,493) (43,327)
Proceeds from sale of short-term investments 46,725 33,332
Capitalization of internally developed software (6,495) (5,535)
NET CASH USED IN INVESTING ACTIVITIES (65,802) (53,641)
FINANCING ACTIVITIES    
Borrowings under credit facilities 180,000  
Borrowings under accounts receivable securitization program 45,000  
Proceeds from notes payable   9,552
Payments on long-term debt (29,185) (29,984)
Net change in book overdrafts 615 (4,398)
Payment of common stock dividends (4,082) (4,102)
Purchases of treasury stock (3,162) (5,171)
Payments for tax withheld on share-based compensation (1,070) (1,182)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 188,116 (35,285)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 204,381 (8,455)
Cash and cash equivalent at beginning of period 201,909 190,186
CASH AND CASH EQUIVALENTS CASH AT END OF PERIOD 406,290 181,731
NONCASH INVESTING ACTIVITIES    
Equipment financed 13,566 10,964
Accruals for equipment received 857 19,402
Lease liabilities arising from obtaining right-of-use assets $ 23,727 $ 23,049