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Consolidated Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES      
Net earnings $ 41,224 $ 46,649 $ 63,958
Adjustments to net earnings      
Depreciation and amortization 61,415 44,829 36,138
Income tax expense 16,310 9,802 13,049
Interest expense 31,690 17,072 7,246
Non-cash charges in connection with manufacturing facility closures, restructuring and other related charges 799 6,136 133
Impairment of inventories 2,877 716 801
Share-based compensation expense 501 1,914 3,291
Pension and other post-retirement expense related to defined benefit plans 2,073 2,695 2,730
(Gain) loss on foreign exchange (790) 1,933 (2,578)
Other adjustments for non-cash items 4,823 928 (1,958)
Income taxes paid, net (11,995) (1,577) (6,452)
Contributions to defined benefit plans (1,261) (13,802) (4,143)
Cash flows from operating activities before changes in working capital items 147,666 117,295 112,215
Changes in working capital items      
Trade receivables (3,893) (9,660) (6,847)
Inventories 4,341 (30,388) (9,969)
Other current assets 127 (6,523) 89
Accounts payable and accrued liabilities and share-based compensation liabilities, current (11,571) 19,215 (1,493)
Provisions (1,658) 859 (1,863)
Decrease in working capital (12,654) (26,497) (20,083)
Cash flows from operating activities 135,012 90,798 92,132
INVESTING ACTIVITIES      
Acquisition of subsidiaries, net of cash acquired 0 (165,763) (67,027)
Purchases of property, plant and equipment (48,165) (75,781) (85,312)
Purchase of intangible assets (2,259) (1,558) (1,914)
Other investing activities 1,508 (173) 1,338
Cash flows from investing activities (48,916) (243,275) (152,915)
FINANCING ACTIVITIES      
Proceeds from borrowings 190,673 991,917 257,021
Repayment of borrowings and lease liabilities (225,902) (762,622) (162,107)
Payments of debt issue costs (70) (7,862) (683)
Interest paid (32,934) (10,901) (7,360)
Proceeds from exercise of stock options 3,278 618 1,362
Repurchases of common shares (329) (2,160) (7,451)
Dividends paid (33,992) (32,776) (33,199)
Acquisition of non-controlling interest in Powerband through settlement of call option 0 (9,869) 0
Cash outflow from capital transactions with non-controlling interest in Capstone 0 (2,630) 0
Other financing activities 411 452 154
Cash flows from financing activities (98,865) 164,167 47,737
Net (decrease) increase in cash (12,769) 11,690 (13,046)
Effect of foreign exchange differences on cash 1,165 (2,132) 1,183
Cash, beginning of year 18,651 9,093 20,956
Cash, end of year $ 7,047 $ 18,651 $ 9,093