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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Operating activities:    
Net income $ 60,003 $ 79,907
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 22,154 21,736
Amortization of intangibles 8,952 9,451
Stock-based compensation $ 7,997 7,168
Non-cash inventory charge 2,769
Excess tax benefit on share-based compensation $ (1,500) $ (2,477)
Net loss on pension settlement, net of tax 19,472
Loss on sale of assets 308 $ 673
Changes in operating assets and liabilities:    
Accounts receivable (18,274) (9,728)
Inventories (4,203) (4,118)
Accounts payable 4,216 3,024
Accrued expenses (including post-retirement) 6,577 (7,080)
Accrued payroll and severance 3,598 (1,198)
Accrued taxes 4,006 5,756
Prepaid expenses and other 277 (2,052)
Net cash provided by operating activities $ 113,583 103,831
Investing activities:    
Acquisition of business, net of cash acquired (52,768)
Purchases of property, plant, and equipment $ (35,016) $ (19,422)
Decrease in entrusted loan receivable $ 5,930
Proceeds from maturities of short-term investments $ 6,770
Proceeds from sale of assets $ 38 72
Net cash used in investing activities (29,048) (65,348)
Financing activities:    
Proceeds from revolving credit facility 49,000 97,500
Payments of revolving credit facility (25,000) (37,000)
Payments of term loan (3,750) $ (3,750)
Payments of entrusted loan (5,930)
Debt issuance costs (42) $ (108)
Cash dividends paid (17,864) (15,543)
Purchases of common stock (31,252) (14,283)
Proceeds from exercise of stock options 6,186 12,170
Excess tax benefit on share-based compensation 1,500 2,477
Net cash (used in) provided by financing activities (27,152) 41,463
Effect of exchange rate changes on cash and cash equivalents (18,314) (6,862)
Increase in cash and cash equivalents 39,069 73,084
Cash and cash equivalents at beginning of period 297,571 305,192
Cash and cash equivalents at end of period $ 336,640 $ 378,276