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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net Income $ 221,931 $ 180,161
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation 150,718 142,046
Amortization 33,494 32,772
Stock-based compensation 36,084 31,941
Provision for CECL 3,449 3,344
(Gain) loss on disposition of fixed assets (3,753) 315
Net (gain) loss on remeasurement of equity securities (1,839) 1,084
Deferred income taxes (16,978) (9,506)
Defined benefit plan expense 10,659 18,367
Equity in results of affiliates (1,514) 184
Change in fair value of contingent consideration 0 (2,265)
Changes in balance sheet items, excluding effects from foreign currency adjustments:    
Accounts and other receivables (43,061) (76,921)
Inventories (5,188) (62,139)
Prepaid and other current assets (19,236) (9,903)
Accounts payable, accrued and other liabilities 3,860 62,053
Income taxes payable (8,732) 15,470
Retirement and deferred compensation plan liabilities 1,323 (15,432)
Other changes, net (5,615) (5,222)
Net Cash Provided by Operations 355,602 306,349
Cash Flows from Investing Activities:    
Capital expenditures (231,199) (226,131)
Proceeds from government grants 0 17,058
Proceeds from sale of property, plant and equipment 6,037 778
Maturity of short-term investment 0 740
Acquisition of businesses, net of cash acquired and release of escrow (16,570) (4,100)
Acquisition of intangible assets, net (3,648) (5,189)
Proceeds from sale of investment in equity securities 5,604 1,599
Notes receivable, net 439 (7,155)
Net Cash Used by Investing Activities (239,337) (222,400)
Cash Flows from Financing Activities:    
Proceeds from notes payable and overdrafts 24,392 35,058
Repayments of notes payable and overdrafts (27,863) (33,417)
Proceeds and (repayments) of short term revolving credit facility, net 123,514 (93,468)
Proceeds from long-term obligations 257 406,550
Repayments of long-term obligations (117,289) (262,245)
Debt issuance costs 0 (4,009)
Payment of contingent consideration obligation (22,750) 0
Dividends paid (76,711) (74,656)
Proceeds from stock option exercises 39,742 18,411
Purchase of treasury stock (37,302) (72,329)
Net Cash Used by Financing Activities (94,010) (80,105)
Effect of Exchange Rate Changes on Cash (12,914) (957)
Net Increase in Cash and Equivalents and Restricted Cash 9,341 2,887
Cash and Equivalents and Restricted Cash at Beginning of Period 142,732 122,925
Cash and Equivalents and Restricted Cash at End of Period 152,073 125,812
Cash and equivalents 151,573 124,812
Restricted cash included in prepaid and other 500 1,000
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows $ 152,073 $ 125,812