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Consolidated Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net earnings $ 73,455 $ 41,224 $ 46,649
Adjustments to net earnings      
Depreciation and amortization 63,840 61,415 44,829
Income tax expense 19,121 16,310 9,802
Interest expense 29,436 31,690 17,072
Non-cash charges in connection with manufacturing facility closures, restructuring and other related charges 596 799 6,136
Impairment of inventories 1,179 2,877 716
Share-based compensation expense (Note 18) 22,879 501 1,914
Pension and other post-retirement expense related to defined benefit plans 2,057 2,073 2,695
Contingent consideration liability fair value adjustment (Note 24) (11,005) 0 0
Loss (gain) on foreign exchange 38 (790) 1,933
Other adjustments for non-cash items 3,338 4,823 928
Income taxes paid, net (24,610) (11,995) (1,577)
Contributions to defined benefit plans (1,129) (1,261) (13,802)
Cash flows from operating activities before changes in working capital items 179,195 147,666 117,295
Changes in working capital items      
Trade receivables (25,947) (3,893) (9,660)
Inventories (4,742) 4,341 (30,388)
Other current assets 383 127 (6,523)
Accounts payable and accrued liabilities and share-based compensation settlements 29,014 (11,571) 19,215
Provisions 1,682 (1,658) 859
Increase (decrease) in working capital items 390 (12,654) (26,497)
Cash flows from operating activities 179,585 135,012 90,798
INVESTING ACTIVITIES      
Acquisition of subsidiaries, net of cash acquired (Note 19) (35,704) 0 (165,763)
Purchases of property, plant and equipment (45,828) (48,165) (75,781)
Purchase of intangible assets (1,854) (2,259) (1,558)
Other investing activities 579 1,508 (173)
Cash flows from investing activities (82,807) (48,916) (243,275)
FINANCING ACTIVITIES      
Proceeds from borrowings 302,031 190,673 991,917
Repayment of borrowings and lease liabilities (325,881) (225,902) (762,622)
Payments of debt issue costs 0 (70) (7,862)
Interest paid (28,764) (32,934) (10,901)
Proceeds from exercise of stock options 271 3,278 618
Repurchases of common shares 0 (329) (2,160)
Dividends paid (35,386) (33,992) (32,776)
Dividends paid to non-controlling interest in GPCP Inc. (100) 0 0
Acquisition of non-controlling interest in Powerband through settlement of call option 0 0 (9,869)
Cash outflow from capital transactions with non-controlling interest in Capstone 0 0 (2,630)
Other financing activities 0 411 452
Cash flows from financing activities (87,829) (98,865) 164,167
Net increase (decrease) in cash 8,949 (12,769) 11,690
Effect of foreign exchange differences on cash 471 1,165 (2,132)
Cash, beginning of year 7,047 18,651 9,093
Cash, end of year $ 16,467 $ 7,047 $ 18,651