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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 362,131 $ 767,042 $ 645,607
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 631,508 612,702 563,582
Amortization of deferred debt issuance costs and premiums 3,523 3,247 2,508
Deferred income taxes 13,394 (11,623) 10,676
Gain on disposal of fixed assets, net (2,200) (2,807) (1,446)
Share-based compensation 8,277 13,562 10,970
Other, net 16,660 (1,957) 13,752
Changes in assets and liabilities:      
Accounts receivable 205,491 (103,990) (298,854)
Inventories 233,797 (148,137) (190,555)
Other current assets 2,673 (23,802) 5,335
Other assets 10,875 (34,835) 14,746
Trade accounts payable (134,618) 86,574 215,646
Accrued expenses (48,389) (40,637) 108,283
Pension and severance obligations (844) (10,547) (30,013)
Net operating lease ROU asset 50,650 (14,483) (14,781)
Operating lease liabilities (52,543) 1,574 16,293
Other non-current liabilities (30,365) 6,873 49,546
Net cash provided by operating activities 1,270,020 1,098,756 1,121,295
Cash flows from investing activities:      
Payments for property, plant and equipment (749,467) (908,294) (779,779)
Proceeds from sale of property, plant and equipment 8,444 3,148 3,157
Proceeds from foreign exchange forward contracts 44,013 33,578 16,608
Payments for foreign exchange forward contracts (75,786) (104,703) (69,835)
Payments for short-term investments (657,583) (438,803) (414,208)
Proceeds from sale of short-term investments 94,242 33,972 87,273
Proceeds from maturities of short-term investments 379,344 370,924 204,679
Other investing activities 4,883 3,009 8,226
Net cash used in investing activities (951,910) (1,007,169) (943,879)
Cash flows from financing activities:      
Proceeds from revolving credit facilities 370,000 80,000 0
Payments of revolving credit facilities (370,000) (80,000) 0
Proceeds from short-term debt 20,712 29,711 15,514
Payments of short-term debt (19,448) (27,187) (19,927)
Proceeds from issuance of long-term debt 168,335 366,386 353,587
Payments of long-term debt (175,427) (214,290) (316,635)
Payments for debt issuance costs (1,385) (7,297) (1,294)
Payments of finance lease obligations (66,398) (40,673) (20,373)
Proceeds from issuance of stock through share-based compensation plans 3,562 5,635 12,787
Payments of dividends (74,686) (55,116) (51,213)
Other financing activities (4,472) (1,572) (2,548)
Net cash (used in) provided by financing activities (149,207) 55,597 (30,102)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash (10,692) (16,299) (17,990)
Net increase in cash, cash equivalents and restricted cash 158,211 130,885 129,324
Cash, cash equivalents and restricted cash, beginning of period 962,406 831,521 702,197
Cash, cash equivalents and restricted cash, end of period 1,120,617 962,406 831,521
Cash paid during the period for:      
Interest 54,306 54,355 46,932
Income taxes 90,458 97,333 24,011
Non-cash investing and financing activities:      
Property, plant and equipment included in capital expenditures payable 104,109 142,160 211,421
Right of use assets acquired through operating lease liabilities 6,270 64,849 63,314
Right of use assets acquired through finance lease liabilities 58,232 58,166 73,894
Dividends declared and unpaid $ 0 $ 25 $ 58