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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 $ 408,375 $ 430,158 $ 189,580
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense from property, plant and equipment and financing leases 153,472 147,962 157,320
Amortization of intangible assets and deferred proceeds, net 23,494 23,628 23,245
Fair value adjustment of acquisition related contingent consideration 159,354 32,301 146,308
Pension plan settlement expense 112,796 0 0
Deferred income taxes (49,021) 8,977 (9,183)
Loss on sale of property, plant and equipment 7,181 5,642 5,921
Amortization of debt costs 991 1,012 1,256
Deferred payroll taxes under CARES Act 0 (18,739) (18,739)
Impairment and abandonment of property, plant and equipment 0 0 3,200
Change in current assets less current liabilities 29,138 (74,784) 30,595
Change in other noncurrent assets 12,708 31,779 16,003
Change in other noncurrent liabilities (47,798) (33,430) (23,751)
Total adjustments 402,315 124,348 332,175
Net cash provided by operating activities 810,690 554,506 521,755
Cash Flows from Investing Activities:      
Additions to property, plant and equipment (282,304) (298,611) (155,693)
Investment in equity method investees (13,741) (3,094) (2,531)
Proceeds from the sale of property, plant and equipment 695 7,369 5,274
Acquisition of distribution rights 0 (30,649) (8,993)
Net cash used in investing activities (295,350) (324,985) (161,943)
Cash Flows from Financing Activities:      
Cash dividends paid (46,868) (9,374) (9,374)
Payments of acquisition related contingent consideration (28,208) (36,515) (39,097)
Payments on financing lease obligations (2,303) (2,988) (4,778)
Debt issuance fees (340) (310) (1,542)
Payments on term loan facility and senior notes 0 (125,000) (287,500)
Borrowings under term loan facility 0 0 70,000
Payments on revolving credit facility 0 0 (55,000)
Borrowings under revolving credit facility 0 0 55,000
Net cash used in financing activities (77,719) (174,187) (272,291)
Net increase in cash 437,621 55,334 87,521
Cash at beginning of year 197,648 142,314 54,793
Cash at end of year $ 635,269 $ 197,648 $ 142,314