XML 100 R6.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:    
Net income $ 76,079 $ 63,199
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 37,176 35,320
Equity compensation expense 9,294 8,536
Deferred income taxes (5,565) (17)
Equity in undistributed income of unconsolidated joint ventures (4,077) (4,453)
Dividends received from unconsolidated joint ventures 5,375 4,431
Pension and other postretirement benefits (503) (1,193)
Asbestos-related charges 67 0
Loss (gain) on sale or disposal of property, plant and equipment 278 (161)
Impairment charges 1,537 477
Provision (benefit) for doubtful accounts 16 (264)
Changes in assets and liabilities:    
Accounts receivable 3,668 (14,012)
Contract assets (1,342) (20,260)
Inventories (7,788) (11,840)
Pension and postretirement benefit contributions (16) (25,347)
Other current assets 641 146
Accounts payable and other accrued expenses (2,552) (4,354)
Other, net 3,384 3,216
Net cash provided by operating activities 115,672 33,424
Investing Activities:    
Acquisition of business, net of cash received 0 (78,571)
Isola asset acquisition 0 (43,434)
Capital expenditures (38,827) (36,557)
Proceeds from the sale of property, plant and equipment, net 9 1,027
Return of capital from unconsolidated joint ventures 2,625 0
Net cash used in investing activities (36,193) (157,535)
Financing Activities:    
Proceeds from borrowings under revolving credit facility 0 102,500
Repayment of debt principal and finance lease obligations (98,294) (1,046)
Payments of taxes related to net share settlement of equity awards (7,309) (6,492)
Proceeds from the exercise of stock options, net 344 734
Proceeds from issuance of shares to employee stock purchase plan 1,249 1,082
Share repurchases 0 (2,999)
Net cash (used in) provided by financing activities (104,010) 93,779
Effect of exchange rate fluctuations on cash (2,460) (1,271)
Net decrease in cash and cash equivalents (26,991) (31,603)
Cash and cash equivalents at beginning of period 167,738 181,159
Cash and cash equivalents at end of period 140,747 149,556
Supplemental Disclosures:    
Accrued capital additions 1,999 2,099
Interest, net of amounts capitalized 6,449 4,662
Income taxes $ 16,018 $ 23,357