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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 1,947 $ 13,159
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 31,009 24,048
Loss (gain) on disposition of property, plant and equipment 67 (55)
Stock compensation expense 3,422 2,627
Changes in assets and liabilities, net of the effects of acquisition:    
Accounts receivable (896) (2,209)
Inventories (6,500) (7,062)
Prepaid expenses and other current assets (11,416) (3,412)
Accounts payable (1,494) 6,450
Accrued liabilities (22,984) (636)
Deferred income taxes 9,792 1,356
Long-term retirement benefits (4,395) (3,883)
Other (867) 1,832
Net cash (used) provided by operating activities (2,315) 32,215
Investing activities:    
Proceeds from disposition of property, plant and equipment 20 190
Capital expenditures (12,838) (10,946)
Business acquisitions, net of cash acquired 159 0
Other 0 (525)
Net cash used by investing activities (12,659) (11,281)
Financing activities:    
Net change in other borrowings 10,049 (109)
Payments on long-term debt (70,587) (44,343)
Proceeds from the issuance of long-term debt 90,000 31,208
Proceeds from the issuance of common stock 67 94
Dividends paid (8,111) (8,096)
Withholding taxes paid on stock issuances (71) (252)
Cash settlement of foreign currency hedges related to intercompany financing 11,213 (1,353)
Other (1,556) (2,492)
Net cash provided (used) by financing activities 8,578 (22,637)
Effect of exchange rate changes on cash flows (1,546) 1,438
(Decrease) increase in cash, cash equivalents and restricted cash (7,942) (265)
Cash, cash equivalents and restricted cash at beginning of period 92,039 81,128
Cash, cash equivalents and restricted cash at end of period 84,097 80,863
Less: Restricted cash, included in Prepaid expenses and other current assets 0 (2,179)
Less: Cash, included in Assets held for sale (2,459) 0
Cash and cash equivalents at end of period $ 81,638 $ 78,684