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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities:    
Net income $ 88,247 $ 83,330
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 47,070 45,488
Loss (gain) on disposition of property, plant and equipment 52 (24)
Stock compensation expense 5,469 5,494
Changes in assets and liabilities, net of the effects of acquisitions:    
Accounts receivable (22,623) (18,304)
Inventories (23,057) (10,743)
Prepaid expenses and other current assets (9,905) (642)
Accounts payable 5,282 15,717
Accrued liabilities 12,595 8,517
Deferred income taxes (6,492) (14,569)
Long-term retirement benefits (725) (12,533)
Long-term tax liability (7,465) 0
Other 133 663
Net cash provided by operating activities 88,581 102,394
Investing activities:    
Proceeds from disposition of property, plant and equipment 478 205
Capital expenditures (24,335) (27,325)
Business acquisitions, net of cash acquired 0 (8,811)
Revenue sharing program payments (5,800) 0
Other (1,000) (3,000)
Net cash used by investing activities (30,657) (38,931)
Financing activities:    
Net change in other borrowings 16,795 (20,925)
Payments on long-term debt (313,512) (49,311)
Proceeds from the issuance of long-term debt 353,089 74,716
Proceeds from the issuance of common stock 435 1,148
Common stock repurchases (118,115) (5,383)
Dividends paid (15,795) (14,524)
Withholding taxes paid on stock issuances (175) (240)
Other (2,550) (14,451)
Net cash used by financing activities (79,828) (28,970)
Effect of exchange rate changes on cash flows (2,924) 3,865
(Decrease) increase in cash and cash equivalents (24,828) 38,358
Cash and cash equivalents at beginning of period 145,290 66,447
Cash and cash equivalents at end of period $ 120,462 $ 104,805