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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities:      
Net income $ 166,186 $ 59,415 $ 135,601
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 94,238 90,150 80,154
Loss (gain) on disposition of property, plant and equipment 71 (246) (349)
Stock compensation expense 12,158 12,279 11,493
Effect of U.S. Tax Reform on deferred tax assets 0 4,152 0
Changes in assets and liabilities, net of the effects of acquisitions:      
Accounts receivable (10,960) (50,082) (23,057)
Inventories (12,369) (173) 1,989
Prepaid expenses and other current assets (2,890) (4,241) 569
Accounts payable 12,489 12,018 11,778
Accrued liabilities (580) 14,439 15,825
Deferred income taxes (18,876) 3,589 (2,210)
Long-term retirement benefits 1,632 (16,349) (15,492)
Long-term tax liability (6,809) 79,770 0
Other 2,909 (801) 1,345
Net cash provided by operating activities 237,199 203,920 217,646
Investing activities:      
Proceeds from disposition of property, plant and equipment 1,374 2,594 780
Capital expenditures (57,273) (58,712) (47,577)
Business acquisitions, net of cash acquired (430,487) (8,922) (128,613)
Component Repair Program payments 0 0 (4,100)
Revenue Sharing Program payments (5,800) 0 0
Other (1,000) (3,000) 0
Net cash used in investing activities (493,186) (68,040) (179,510)
Financing activities:      
Net change in other borrowings (5,145) (25,304) 8,375
Payments on long-term debt (433,904) (73,161) (321,506)
Proceeds from the issuance of long-term debt 841,036 129,118 303,277
Proceeds from the issuance of common stock 1,131 2,408 4,611
Common stock repurchases (138,275) (40,791) (20,520)
Dividends paid (32,206) (29,551) (27,435)
Withholding taxes paid on stock issuances (5,395) (5,380) (4,885)
Other (11,678) (21,090) 4,771
Net cash provided (used) by financing activities 215,564 (63,751) (53,312)
Effect of exchange rate changes on cash flows (4,148) 6,714 (2,303)
(Decrease) increase in cash and cash equivalents (44,571) 78,843 (17,479)
Cash and cash equivalents at beginning of year 145,290 66,447 83,926
Cash and cash equivalents at end of year $ 100,719 $ 145,290 $ 66,447