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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows – Operating activities:    
Net earnings, including noncontrolling interests $ 154,367 $ 85,151
Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities:    
Depreciation 37,883 37,452
Amortization of intangible and other assets 4,391 5,158
Loss on sale of business 12,981 0
Stock-based compensation 17,400 15,878
Foreign currency, asset write downs and other non-cash adjustments 10,935 (8,418)
Change in assets and liabilities:    
Accounts receivable, net (168,540) (5,350)
Inventories 3,603 (99,240)
Contract assets, net (13,267) 9,917
Prepaid expenses and other, net 10,945 (105)
Accounts payable 14,376 7,118
Contract liabilities 10,894 10,831
Accrued liabilities (47,795) (2,091)
Retirement obligations and other liabilities 4,402 8,412
Net deferred taxes (3,100) (14,329)
Net cash flows provided (used) by operating activities 49,475 50,384
Cash flows – Investing activities:    
Capital expenditures (28,289) (31,893)
Payments for disposition of business (2,352) 0
Other 551 (941)
Net cash flows provided (used) by investing activities (30,090) (32,834)
Cash flows – Financing activities:    
Payments on term loan (30,000) (20,000)
Proceeds under revolving credit facility 100,000 150,000
Payments under revolving credit facility (25,000) (100,000)
Proceeds under other financing arrangements 562 197
Payments under other financing arrangements (1,460) (3,458)
Repurchases of common shares (16,161) 0
Payments related to tax withholding for stock-based compensation (9,093) (6,235)
Payments of dividends (55,259) (52,471)
Other (272) (320)
Net cash flows provided (used) by financing activities (36,683) (32,287)
Effect of exchange rate changes on cash and cash equivalents (13,297) 2,603
Net change in cash and cash equivalents (30,595) (12,134)
Cash and cash equivalents at beginning of period 545,678 434,971
Cash and cash equivalents at end of period $ 515,083 $ 422,837