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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities:      
Net income $ 49,990 $ 47,319 $ 87,651
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 71,425 49,162 50,073
Equity compensation expense 13,532 12,305 11,223
Deferred income taxes (13,406) (17,549) (3,325)
Equity in undistributed income of unconsolidated joint ventures (4,877) (5,319) (5,501)
Dividends received from unconsolidated joint ventures 7,075 5,375 4,431
Pension settlement charges (63) 53,213 0
Pension and other postretirement benefits (160) (943) (1,552)
Asbestos-related charges (682) 1,720 704
Loss (gain) on sale or disposal of property, plant and equipment 41 756 (164)
Impairment charges 639 1,537 1,506
Provision (benefit) for credit losses 223 437 236
Changes in assets and liabilities:      
Accounts receivable (8,934) 20,677 (3,824)
Contract assets (4,120) 273 (22,728)
Inventories 34,687 (1,200) (19,013)
Pension and postretirement benefit contributions (253) (103) (25,354)
Other current assets (217) (1,519) (648)
Accounts payable and other accrued expenses 10,084 (9,139) (7,886)
Other, net 10,072 4,321 991
Net cash provided by operating activities 165,056 161,323 66,820
Investing Activities:      
Acquisition of business, net of cash received 0 0 (77,969)
Isola asset acquisition 0 0 (43,434)
Capital expenditures (40,385) (51,597) (47,115)
Proceeds from the sale of property, plant and equipment, net 0 9 1,081
Return of capital from unconsolidated joint ventures 0 2,625 0
Net cash used in investing activities (40,385) (48,963) (167,437)
Financing Activities:      
Proceeds from borrowings under revolving credit facility 150,000 0 102,500
Line of credit issuance costs (1,862) 0 0
Repayment of debt principal and finance lease obligations (248,330) (105,886) (6,162)
Payments of taxes related to net share settlement of equity awards (5,357) (7,550) (6,600)
Proceeds from the exercise of stock options, net 0 344 861
Proceeds from issuance of shares to employee stock purchase plan 1,360 1,249 1,082
Share repurchases 0 0 (2,999)
Net cash (used in) provided by financing activities (104,189) (111,843) 88,682
Effect of exchange rate fluctuations on cash 4,454 (1,406) (1,486)
Net decrease in cash and cash equivalents 24,936 (889) (13,421)
Cash and cash equivalents at beginning of period 166,849 167,738 181,159
Cash and cash equivalents at end of period 191,785 166,849 167,738
Supplemental Disclosures:      
Accrued capital additions 715 3,420 2,744
Interest, net of amounts capitalized 7,251 7,762 7,040
Income taxes $ 29,983 $ 17,593 $ 29,161