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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities      
Net income $ 86,198 [1] $ 76,037 $ 57,081
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 74,967 66,985 63,804
Deferred compensation 16,805 6,500 (11,903)
Realized and unrealized gain on long-term investments (152) (21) (241)
Stock-based compensation 12,618 4,374 (68)
Deferred income taxes (8,426) 3,001 5,306
Other non-cash items 7,334 3,830 8,260
Changes in assets and liabilities, excluding effects of acquisitions:      
Receivables, net (17,180) 4,160 (21,229)
Inventories (3,774) 2,851 (18,521)
Other current assets 1,471 (3,410) 1,430
Accounts payable and accrued liabilities 38,261 21,219 (4,376)
Pension liabilities 607 932 (2,709)
Environmental and legal liabilities 4,561 (1,398) 6,493
Deferred revenues (1,128) (1,345) (732)
Net Cash Provided By Operating Activities [2] 212,162 183,715 82,595
Cash Flows From Investing Activities      
Expenditures for property, plant and equipment (103,076) (119,349) (101,819)
Business acquisitions, net of cash acquired (Note 20) (23,510) (5,133)  
Proceeds from sale of product line (Note 21)   3,262  
Other, net (3,935) (4,750) (7,402)
Net Cash Used In Investing Activities (130,521) (125,970) (109,221)
Cash Flows From Financing Activities      
Revolving debt and bank overdrafts, net 1,292 (26,217) 14,219
Other debt borrowings   100,000 4,923
Other debt repayments (15,069) (13,098) (12,656)
Dividends paid (17,329) (16,300) (15,387)
Company stock repurchased (2,408) (2,000) (7,924)
Stock option exercises 4,017 777 1,754
Other, net (275) (673) (421)
Net Cash Provided By (Used In) Financing Activities [2] (29,772) 42,489 (15,492)
Effect of Exchange Rate Changes on Cash (2,269) (9,306) (6,014)
Net Increase (Decrease) in Cash and Cash Equivalents 49,600 90,928 (48,132)
Cash and Cash Equivalents at Beginning of Year 176,143 85,215 133,347
Cash and Cash Equivalents at End of Year 225,743 176,143 85,215
Supplemental Cash Flow Information      
Cash payments of income taxes, net of refunds 30,581 21,784 23,142
Cash payments of interest $ 14,730 $ 11,943 $ 12,447
[1] The amounts for net income, net income attributable to Stepan Company and net income attributable to Stepan Company per diluted share for the first, second and third quarters of 2016 have been changed from the amounts originally reported as a result of the Company’s early adoption of ASU No. 2016-9, Compensation – Stock Compensation (Topic 718): Improvement to Employee Share-Based Payment Accounting. See Note 1 for additional information regarding ASU No. 2016-9. Below are the originally reported amounts for the items that changed: 2016 (In thousands, except per share data) First Second Third Net Income $27,657 $27,870 $20,432 Net Income Attributable to Stepan Company 27,654 27,865 20,427 Per Diluted Share 1.21 1.21 0.89
[2] Amounts for 2015 and 2014 have been changed from the amounts originally reported for the years ended December 31, 2015 and 2014 as a result of the Company’s adoption of the new accounting guidance regarding stock-based compensation. See Note 1 to the consolidated financial statements for additional information regarding Accounting Standards Update No. 2016-9.