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Consolidated Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES      
Net earnings $ 46,649 $ 63,958 $ 51,137
Adjustments to net earnings      
Depreciation and amortization 44,829 36,138 30,978
Income tax expense 9,802 13,049 19,569
Interest expense 17,072 7,246 4,398
Non-cash charges in connection with manufacturing facility closures, restructuring and other related charges 6,136 133 5,204
Impairment of inventories 716 801 1,997
Share-based compensation expense 1,914 3,291 8,201
Pension and other post-retirement expense related to defined benefit plans 2,695 2,730 2,913
Loss (gain) on foreign exchange 1,933 (2,578) (510)
Other adjustments for non-cash items 928 (1,958) 276
Income taxes paid, net (1,577) (6,452) (7,193)
Contributions to defined benefit plans (13,802) (4,143) (1,268)
Cash flows from operating activities before changes in working capital items 117,295 112,215 115,702
Changes in working capital items      
Trade receivables (9,660) (6,847) (8,920)
Inventories (30,388) (9,969) (5,127)
Other current assets (6,523) 89 451
Accounts payable and accrued liabilities and share-based compensation liabilities, current 19,215 (1,493) 5,304
Provisions 859 (1,863) 725
Increase (decrease) in working capital (26,497) (20,083) (7,567)
Cash flows from operating activities 90,798 92,132 108,135
INVESTING ACTIVITIES      
Acquisition of subsidiaries, net of cash acquired (165,763) (67,027) (41,855)
Purchases of property, plant and equipment (75,781) (85,312) (49,972)
Purchase of intangible assets (1,558) (1,914) (88)
Other investing activities (173) 1,338 66
Cash flows from investing activities (243,275) (152,915) (91,849)
FINANCING ACTIVITIES      
Proceeds from borrowings 991,917 257,021 180,604
Repayment of borrowings (762,622) (162,107) (155,630)
Payments of debt issue costs (7,862) (683) (160)
Interest paid (10,901) (7,360) (4,739)
Proceeds from exercise of stock options 618 1,362 1,452
Repurchases of common shares (2,160) (7,451) (1,697)
Dividends paid (32,776) (33,199) (31,365)
Acquisition of non-controlling interest in Powerband through settlement of call option (9,869) 0 0
Cash outflow from capital transactions with non-controlling interest in Capstone (2,630) 0 0
Other financing activities 452 154 0
Cash flows from financing activities 164,167 47,737 (11,535)
Net increase (decrease) in cash 11,690 (13,046) 4,751
Effect of foreign exchange differences on cash (2,132) 1,183 (1,410)
Cash, beginning of year 9,093 20,956 17,615
Cash, end of year $ 18,651 $ 9,093 $ 20,956