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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:    
Net income $ 34,785 $ 76,079
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 48,562 37,176
Equity compensation expense 10,317 9,294
Deferred income taxes (9,987) (5,565)
Equity in undistributed income of unconsolidated joint ventures (3,177) (4,077)
Dividends received from unconsolidated joint ventures 7,075 5,375
Pension settlement benefits (63) 0
Pension and other postretirement benefits (149) (503)
Asbestos-related charges 0 67
Loss on sale or disposal of property, plant and equipment 49 278
Impairment charges 386 1,537
Provision (benefit) for doubtful accounts (63) 16
Changes in assets and liabilities:    
Accounts receivable (14,702) 3,668
Contract assets 394 (1,342)
Inventories 25,008 (7,788)
Pension and postretirement benefit contributions (248) (16)
Other current assets 1,876 641
Accounts payable and other accrued expenses 5,236 (2,552)
Other, net 8,374 3,384
Net cash provided by operating activities 113,673 115,672
Investing Activities:    
Capital expenditures (28,944) (38,827)
Proceeds from the sale of property, plant and equipment, net 0 9
Return of capital from unconsolidated joint ventures 0 2,625
Net cash used in investing activities (28,944) (36,193)
Financing Activities:    
Proceeds from borrowings under revolving credit facility 150,000 0
Repayment of debt principal and finance lease obligations (213,299) (98,294)
Payments of taxes related to net share settlement of equity awards (5,107) (7,309)
Proceeds from the exercise of stock options, net 0 344
Proceeds from issuance of shares to employee stock purchase plan 1,373 1,249
Net cash provided by (used in) financing activities (67,033) (104,010)
Effect of exchange rate fluctuations on cash 1,578 (2,460)
Net increase (decrease) in cash and cash equivalents 19,274 (26,991)
Cash and cash equivalents at beginning of period 166,849 167,738
Cash and cash equivalents at end of period 186,123 140,747
Supplemental Disclosures:    
Accrued capital additions 1,493 1,999
Interest, net of amounts capitalized 4,301 6,449
Income taxes $ 21,645 $ 16,018