XML 48 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jul. 03, 2015
Jun. 27, 2014
Cash flows from operating activities:    
Earnings from continuing operations $ 34,440 $ 28,653
Adjustments to reconcile earnings from continuing operations to net cash provided by (used in) operating activities of continuing operations:    
Depreciation and amortization 18,583 16,916
Accretion of convertible notes discount 1,004 953
Provision for doubtful accounts 1,103 352
Net (gain) / loss on sale of assets (405) 173
Net loss on derivative instruments 251 289
Stock compensation expense 4,024 3,293
Excess tax benefit from share-based compensation arrangements (312) (732)
Deferred income taxes (3,993) 2,640
Changes in assets and liabilities, excluding effects of acquisitions/divestures:    
Accounts receivable 3,748 (37,604)
Inventories (7,285) 10,048
Income tax refunds receivable 0 1,990
Other current assets (3,366) 403
Accounts payable-trade 16,184 (555)
Accrued Contract losses (111) (1,253)
Advances on contracts 4,152 (5,984)
Other accruals and payables (9,152) 5,066
Income taxes payable (1,206) (91)
Pension liabilities (6,150) (8,332)
Other long-term liabilities (3,020) (3,422)
Net cash provided by (used in) operating activities of continuing operations 48,489 12,803
Net cash provided by (used in) operating activities of discontinued operations 0 (661)
Net cash provided by (used in) operating activities 48,489 12,142
Cash flows from investing activities:    
Proceeds from sale of assets 551 63
Expenditures for property, plant & equipment (13,475) (18,051)
Acquisition of businesses (11,556) (75,518)
Other, net (536) (1,049)
Cash used in investing activities of continuing operations (25,016) (94,555)
Cash used in investing activities of discontinued operations 0 (2)
Cash used in investing activities (25,016) (94,557)
Cash flows from financing activities:    
Net borrowings under revolving credit agreements (27,711) 88,541
Proceeds from Issuance of Long-term Debt 100,000 0
Debt repayment (81,250) (2,500)
Net change in book overdraft (2,614) 1,676
Proceeds from exercise of employee stock awards 3,262 4,639
Purchase of treasury shares (4,162) (843)
Dividends paid (9,236) (8,616)
Payments of Debt Issuance Costs (2,482) 0
Other (52) 0
Windfall tax benefit 312 732
Cash provided by (used in) financing activities of continuing operations (23,933) 83,629
Cash provided by (used in) financing activities of discontinued operations 0 0
Cash provided by (used in) financing activities (23,933) 83,629
Net increase (decrease) in cash and cash equivalents (460) 1,214
Effect of exchange rate changes on cash and cash equivalents (427) 78
Cash and cash equivalents at beginning of period 12,411 10,384
Cash and cash equivalents at end of period $ 11,524 $ 11,676