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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Cash Flows from Operating Activities:    
Net Income $ 54,586 $ 62,371
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation 48,297 47,638
Amortization 10,963 11,027
Stock-based compensation 15,042 13,362
Provision for CECL 2,203 1,393
Gain on disposition of fixed assets (302) (182)
Net (gain) loss on remeasurement of equity securities (188) 1,250
Deferred income taxes (5,483) (2,859)
Defined benefit plan expense 3,537 6,225
Equity in results of affiliates 131 86
Change in fair value of contingent consideration 0 (1,050)
Changes in balance sheet items, excluding effects from foreign currency adjustments:    
Accounts and other receivables (7,845) (28,977)
Inventories (17,415) (21,758)
Prepaid and other current assets (20,578) (10,629)
Accounts payable, accrued and other liabilities 24,639 32,012
Income taxes payable (364) 1,697
Retirement and deferred compensation plan liabilities (7,809) (19,913)
Other changes, net (1,110) 384
Net Cash Provided by Operations 98,304 92,077
Cash Flows from Investing Activities:    
Capital expenditures (77,825) (73,058)
Proceeds from government grants 0 7,955
Proceeds from sale of property, plant and equipment 635 446
Maturity of short-term investment 0 24
Acquisition of businesses, net of cash acquired and release of escrow (11,209) 0
Acquisition of intangible assets, net (650) 0
Proceeds from sale of investment in equity securities 0 1,088
Notes receivable, net (132) (4,876)
Net Cash Used by Investing Activities (89,181) (68,421)
Cash Flows from Financing Activities:    
Proceeds from notes payable and overdrafts 16,086 9,172
Repayments of notes payable and overdrafts (7,473) (11,293)
Repayments and proceeds of short term revolving credit facility, net 0 (144,345)
Proceeds from long-term obligations 210 402,153
Repayments of long-term obligations (2,888) (2,795)
Debt issuance costs 0 (3,766)
Dividends paid (24,848) (24,912)
Proceeds from stock option exercises 13,809 3,688
Purchase of treasury stock (19,729) (15,983)
Net Cash (Used) Provided by Financing Activities (24,833) 211,919
Effect of Exchange Rate Changes on Cash 788 (2,871)
Net (Decrease) Increase in Cash and Equivalents and Restricted Cash (14,922) 232,704
Cash and Equivalents and Restricted Cash at Beginning of Period 142,732 122,925
Cash and Equivalents and Restricted Cash at End of Period 127,810 355,629
Cash and equivalents 126,810 355,629
Restricted cash included in prepaid and other 1,000 0
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows $ 127,810 $ 355,629