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Consolidated Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flow from operating activities:    
Net income $ 55,832 $ 75,700
Adjustments to reconcile net income to cash provided by operations:    
Depreciation and amortization 40,321 18,697
Deferred income tax (benefit) provision 5,539 (8,239)
Equity in earnings of non-consolidated affiliate 0 (910)
Post-retirement and pension plan 1,780 1,836
Currency gains (1,073) (14,768)
Stock-based compensation 3,883 3,404
Interest expense 5,732 1,029
Other charges (credits), net (3,893) 2,416
Increase in working capital (123,022) [1] (60,912) [1]
Increase in long-term assets and liabilities (3,062) (4,318)
Net cash provided by (used in) operating activities (17,963) 13,935
Cash flow from investing activities:    
Capital expenditures (61,823) (30,282)
Proceeds from repayment of loan to non-consolidated affiliate 0 6,000
Proceeds (payments) from derivative instruments 3,068 (120)
Net change in restricted cash 141 246
Cash paid for acquisition (6,500) 0
Other 308 203
Net cash used in investing activities (64,806) (23,953)
Cash flow from financing activities:    
Short-term debt (reductions) borrowings, net 11,438 (892)
Revolving Facility borrowings 160,000 0
Revolving Facility reductions (92,000) 0
Principal payments on long-term debt (116) (56)
Supply chain financing (1,326) 29,604
Proceeds from exercise of stock options 1,066 1,015
Purchase of treasury shares (655) (1,138)
Excess tax benefit from stock-based compensation 703 1,037
Long-term financing obligations (417) (562)
Revolver facility refinancing cost 0 (4,392)
Net cash provided by financing activities 78,693 24,616
Net increase (decrease) in cash and cash equivalents (4,076) 14,598
Effect of exchange rate changes on cash and cash equivalents 276 (1,403)
Cash and cash equivalents at beginning of period 13,096 50,181
Cash and cash equivalents at end of period $ 9,296 $ 63,376
[1] Net change in working capital due to the following components: Increase in current assets: Accounts and notes receivable, net $ (44,569 ) $ (47,099 ) Effect of factoring of accounts receivable (1,115 ) 0 Inventories (42,913 ) (53,830 ) Prepaid expenses and other current assets (2,884 ) (6,330 ) Restructuring payments (232 ) 0 Increase (decrease) in accounts payables and accruals 30,829 (15,633 ) (Decrease) in interest payable (28 ) (130 ) Increase in working capital $ (60,912 ) $ (123,022 )