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Consolidated Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net earnings $ 70,005 $ 73,455 $ 41,224
Adjustments to net earnings      
Depreciation and amortization 65,547 63,840 61,415
Income tax expense 24,064 19,121 16,310
Interest expense 27,676 29,436 31,690
Early redemption premium and other costs (Note 14) 14,412 0 0
Non-cash charges in connection with manufacturing facility closures, restructuring and other related charges (Note 4) 0 596 799
Impairment of inventories (Note 7) 5,240 1,179 2,877
Share-based compensation expense (Note 18) 21,655 22,879 501
Pension and other post-retirement expense related to defined benefit plans 1,944 2,057 2,073
Contingent consideration liability fair value adjustment (Note 24) 0 (11,005) 0
Valuation adjustment to non-controlling interest put options (Note 24) 12,007 2,470 3,339
(Gain) loss on foreign exchange (48) 38 (790)
Other adjustments for non-cash items 573 868 1,484
Income taxes paid, net (25,846) (24,610) (11,995)
Contributions to defined benefit plans (1,178) (1,129) (1,261)
Cash flows from operating activities before changes in working capital items 216,051 179,195 147,666
Changes in working capital items      
Trade receivables (40,726) (25,947) (3,893)
Inventories (86,759) (4,742) 4,341
Other current assets (3,471) 383 127
Accounts payable and accrued liabilities 91,440 29,014 (11,571)
Share-based compensation settlements (13,205) 0 0
Provisions (2,923) 1,682 (1,658)
Increase (decrease) in working capital items (55,644) 390 (12,654)
Cash flows from operating activities 160,407 179,585 135,012
INVESTING ACTIVITIES      
Acquisition of subsidiaries, net of cash acquired (Note 19) (34,660) (35,704) 0
Purchases of property, plant and equipment (81,268) (45,828) (48,165)
Purchase of intangible assets (5,627) (1,854) (2,259)
Other investing activities 192 579 1,508
Cash flows from investing activities (121,363) (82,807) (48,916)
FINANCING ACTIVITIES      
Proceeds from borrowings (Note 14) 797,429 302,031 190,673
Repayment of borrowings and lease liabilities (Note 14) (739,127) (325,881) (225,902)
Payments of debt issue costs (Note 14) (8,279) 0 (70)
Payments of early redemption premium and other costs (Note 14) (14,444) 0 0
Interest paid (27,907) (28,764) (32,934)
Proceeds from exercise of stock options (Note 18) 2,664 271 3,278
Dividends paid (Note 18) (38,641) (35,386) (33,992)
Dividends paid to non-controlling interest in GPCP Inc. 0 (100) 0
Other financing activities 1,223 0 82
Cash flows from financing activities (27,082) (87,829) (98,865)
Net increase in cash 11,962 8,949 (12,769)
Effect of foreign exchange differences on cash (2,137) 471 1,165
Cash, beginning of year 16,467 7,047 18,651
Cash, end of year $ 26,292 $ 16,467 $ 7,047