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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net income $ 239,555 $ 243,638 $ 214,090
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation 190,132 193,781 180,513
Amortization 43,574 41,072 39,787
Stock-based compensation 40,937 38,870 34,148
Provision for CECL 3,213 1,601 865
Loss on disposition of fixed assets 397 217 2,627
Net loss (gain) on remeasurement of equity securities 2,110 (4,709) (64)
Deferred income taxes (12,106) (14,356) (8,198)
Defined benefit plan expense 24,560 29,188 23,372
Equity in results of affiliates (467) 692 1,443
Impairment loss 307 376 0
Change in fair value of contingent consideration (8,598) 2,768 5,230
Changes in balance sheet items, excluding effects from foreign currency adjustments and acquisitions:      
Accounts and other receivables (27,937) (123,251) 13,455
Inventories (60,354) (79,961) 13,722
Prepaid and other current assets (6,787) (5,538) (3,078)
Accounts payable, accrued and other liabilities 55,098 52,305 65,592
Income taxes payable 17,081 (4,631) (6,091)
Retirement and deferred compensation plan liabilities (13,093) (8,726) (7,267)
Other changes, net (9,005) 107 7
Net Cash Provided by Operations 478,617 363,443 570,153
Cash Flows from Investing Activities:      
Capital expenditures (310,427) (307,935) (245,954)
Proceeds from government grants 27,795 2,003 0
Proceeds from sale of property, plant and equipment 93 5,231 5,261
Maturity of short-term investments 740 0 0
Purchase of short-term investments 0 (497) (243)
Acquisition of business, net of cash acquired (4,100) (148,420) (164,181)
Acquisition of intangible assets (5,189) 0 (6,092)
Investment in equity securities 0 (6,870) (39,628)
Proceeds from sale of investment in equity securities 1,599 2,434 0
Notes receivable, net (6,153) (3,185) (1,141)
Net Cash Used by Investing Activities (295,642) (457,239) (451,978)
Cash Flows from Financing Activities:      
Proceeds from notes payable and overdrafts 39,944 14,931 22,342
Repayments of notes payable and overdrafts (38,837) (13,701) (36,314)
Proceeds and repayments of short term revolving credit facility, net (143,055) 92,863 27,000
Proceeds from long-term obligations 412,021 11,703 4,852
Repayments of long-term obligations (265,085) (68,845) (64,735)
Payment of contingent consideration obligation 0 0 (2,765)
Dividends paid (99,461) (98,509) (92,658)
Credit facility costs (4,009) (1,718) 0
Proceeds from stock option exercises 28,512 59,906 68,555
Purchase of treasury stock (92,126) (78,148) 0
Net Cash Used by Financing Activities (162,096) (81,518) (73,723)
Effect of Exchange Rate Changes on Cash (1,072) (6,731) 13,545
Net Increase (Decrease) in Cash and Equivalents and Restricted Cash 19,807 (182,045) 57,997
Cash and Equivalents and Restricted Cash at Beginning of Period 122,925 304,970 246,973
Cash and Equivalents and Restricted Cash at End of Period 142,732 122,925 304,970
Supplemental Cash Flow Disclosure:      
Interest paid 35,509 29,070 33,317
Income taxes paid $ 87,529 $ 94,968 $ 93,575