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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net income $ 71,608 $ 88,247
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,251 47,070
(Gain) loss on disposition of property, plant and equipment (38) 52
Stock compensation expense 6,294 5,469
Changes in assets and liabilities:    
Accounts receivable 11,691 (22,623)
Inventories 5,639 (23,057)
Prepaid expenses and other current assets (11,927) (9,905)
Accounts payable (10,355) 5,282
Accrued liabilities (3,843) 12,595
Deferred income taxes (1,706) (6,492)
Long-term retirement benefits (2,682) (725)
Long-term tax liability (6,949) (7,465)
Other 172 133
Net cash provided by operating activities 108,155 88,581
Investing activities:    
Proceeds from disposition of property, plant and equipment 173 478
Capital expenditures (25,434) (24,335)
Revenue sharing program payments 0 (5,800)
Other 0 (1,000)
Net cash used in investing activities (25,261) (30,657)
Financing activities:    
Net change in other borrowings 25,012 16,795
Payments on long-term debt (222,322) (313,512)
Proceeds from the issuance of long-term debt 175,918 353,089
Proceeds from the issuance of common stock 1,169 435
Common stock repurchases (50,347) (118,115)
Dividends paid (16,303) (15,795)
Withholding taxes paid on stock issuances (186) (175)
Other (1,715) (2,550)
Net cash used in financing activities (88,774) (79,828)
Effect of exchange rate changes on cash flows 31 (2,924)
Decrease in cash and cash equivalents (5,849) (24,828)
Cash and cash equivalents at beginning of period 100,719 145,290
Cash and cash equivalents at end of period $ 94,870 $ 120,462