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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities:    
Net income $ 118,663 $ 98,888
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 68,535 58,949
Gain on disposition of property, plant and equipment (96) (475)
Stock compensation expense 8,472 8,620
Changes in assets and liabilities, net of the effects of acquisitions:    
Accounts receivable (26,773) (18,461)
Inventories (11,454) 4,626
Prepaid expenses and other current assets (2,398) (296)
Accounts payable 14,134 9,799
Accrued liabilities 28,889 13,028
Deferred income taxes (18,063) 998
Long-term retirement benefits (11,469) (16,026)
Other (677) 461
Net cash provided by operating activities 167,763 160,111
Investing activities:    
Proceeds from disposition of property, plant and equipment 401 715
Capital expenditures (41,957) (32,920)
Business acquisitions, net of cash acquired (8,922) (120,675)
Component Repair Program payments 0 (900)
Other (3,000) 0
Net cash used by investing activities (53,478) (153,780)
Financing activities:    
Net change in other borrowings (14,103) (9,321)
Payments on long-term debt (60,897) (263,578)
Proceeds from the issuance of long-term debt 89,118 288,982
Proceeds from the issuance of common stock 1,731 2,463
Common stock repurchases (23,300) (15,660)
Dividends paid (22,042) (20,444)
Withholding taxes paid on stock issuances (4,851) (4,881)
Other (17,773) 3,406
Net cash used by financing activities (52,117) (19,033)
Effect of exchange rate changes on cash flows 5,856 717
Increase (decrease) in cash and cash equivalents 68,024 (11,985)
Cash and cash equivalents at beginning of period 66,447 83,926
Cash and cash equivalents at end of period $ 134,471 71,941
Recognition of liabilities with FOBHOA acquisition   $ 12,436