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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities:    
Net income $ 59,873 $ 27,779
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 20,997 25,858
Equity compensation expense 8,394 7,022
Deferred income taxes 3,881 (8,976)
Equity in undistributed income of unconsolidated joint ventures (4,111) (2,240)
Dividends received from unconsolidated joint ventures 1,754 1,785
Pension settlement benefits 0 (63)
Pension and other postretirement benefits (190) (100)
(Gain) loss on sale or disposal of property, plant and equipment (682) 53
UTIS fire fixed asset and inventory write-offs 1,211 0
Provision (benefit) for credit losses (342) 54
Changes in assets and liabilities:    
Accounts receivable (24,609) (6,623)
Proceeds from insurance/government subsidies related to operations 148 0
Contract assets (3,710) 3,174
Inventories (10,527) 7,910
Pension and postretirement benefit contributions (151) (244)
Other current assets (3,767) 414
Accounts payable and other accrued expenses 14,547 (6,129)
Other, net 3,490 5,285
Net cash provided by operating activities 66,206 54,959
Investing Activities:    
Capital expenditures (21,415) (18,150)
Proceeds from the sale of property, plant and equipment, net 714 0
Net cash used in investing activities (20,701) (18,150)
Financing Activities:    
Proceeds from borrowings under revolving credit facility 0 150,000
Repayment of debt principal and finance lease obligations (29,652) (50,193)
Payments of taxes related to net share settlement of equity awards (2,684) (5,029)
Proceeds from issuance of shares to employee stock purchase plan 704 664
Net cash (used in) provided by financing activities (31,632) 95,442
Effect of exchange rate fluctuations on cash (1,713) (358)
Net increase in cash and cash equivalents 12,160 131,893
Cash and cash equivalents at beginning of period 191,785 166,849
Cash and cash equivalents at end of period 203,945 298,742
Supplemental Disclosures:    
Accrued capital additions 7,403 4,144
Interest, net of amounts capitalized 964 3,311
Income taxes $ 18,036 $ 15,644