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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net income $ 23,361 $ 1,902
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,387 28,032
Amortization of intangibles 967 981
Pension settlement expense   89
Share-based compensation expense 2,354 2,181
Provision for losses on accounts receivable (96) 1,383
Change in deferred income taxes (4,998) (2,815)
Gain on sale of property and equipment (8,635) (2,130)
Changes in operating assets and liabilities:    
Receivables (22,568) 3,874
Prepaid expenses (2,582) (3,429)
Other assets (164) 5,800
Income taxes 6,376 2,949
Operating right-of-use assets and lease liabilities, net 567 (138)
Accounts payable, accrued expenses, and other liabilities (1,435) (15,550)
NET CASH PROVIDED BY OPERATING ACTIVITIES 22,534 23,129
INVESTING ACTIVITIES    
Purchases of property, plant and equipment, net of financings (9,588) (6,738)
Proceeds from sale of property and equipment 10,079 4,692
Purchases of short-term investments (18,130) (73,973)
Proceeds from sale of short-term investments 24,418 12,210
Capitalization of internally developed software (5,705) (3,342)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 1,074 (67,151)
FINANCING ACTIVITIES    
Borrowings under credit facilities   180,000
Borrowings under accounts receivable securitization program   45,000
Payments on long-term debt (17,387) (14,598)
Net change in book overdrafts (5,434) (10,869)
Payment of common stock dividends (2,037) (2,033)
Purchases of treasury stock (1,001) (3,162)
Payments for tax withheld on share-based compensation (161) (60)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (26,020) 194,278
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,412) 150,256
Cash and cash equivalents at beginning of period 303,954 201,909
CASH AND CASH EQUIVALENTS CASH AT END OF PERIOD 301,542 352,165
NONCASH INVESTING ACTIVITIES    
Accruals for equipment received 233 39
Lease liabilities arising from obtaining right-of-use assets $ 1,959 $ 10,370