|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating Activities: |
|
|
| Net income |
$ 13,627 |
$ 14,580 |
| Adjustments to reconcile net income to cash from operating activities: |
|
|
| Depreciation and amortization |
7,973 |
6,469 |
| Stock-based compensation expense |
1,598 |
1,758 |
| Deferred income taxes |
1,276 |
15 |
| Equity in undistributed income of unconsolidated joint ventures |
(919) |
(977) |
| Dividends received from unconsolidated joint ventures |
780 |
905 |
| Pension and postretirement benefits |
(294) |
(642) |
| Gain from the sale of property, plant and equipment |
0 |
(21) |
| Changes in operating assets and liabilities, excluding effects of acquisition of businesses: |
|
|
| Accounts receivable, accounts receivable other and taxes receivable |
(5,299) |
(8,192) |
| Accounts receivable, joint ventures |
(333) |
412 |
| Inventories |
(6,664) |
2,626 |
| Pension contribution |
0 |
(765) |
| Other current assets |
(3,431) |
(377) |
| Accounts payable and other accrued expenses |
4,352 |
2,463 |
| Other, net |
243 |
(470) |
| Net cash provided by (used in) operating activities |
12,909 |
17,784 |
| Investing Activities: |
|
|
| Acquisition of business, net of cash acquired |
(155,778) |
0 |
| Capital expenditures |
(8,486) |
(2,233) |
| Proceeds from the sale of property, plant and equipment, net |
0 |
21 |
| Net cash provided by (used in) investing activities |
(164,264) |
(2,212) |
| Financing Activities: |
|
|
| Proceeds from long term borrowings |
125,000 |
0 |
| Repayment of debt principal and long term lease obligation |
(5,065) |
(3,826) |
| Proceeds from sale of capital stock, net |
5,290 |
10,539 |
| Issuance of restricted stock shares |
(2,258) |
(687) |
| Proceeds from issuance of shares to employee stock purchase plan |
345 |
335 |
| Net cash provided by (used in) financing activities |
123,312 |
6,361 |
| Effect of exchange rate fluctuations on cash |
(9,474) |
2,641 |
| Net increase (decrease) in cash and cash equivalents |
(37,517) |
24,574 |
| Cash and cash equivalents at beginning of year |
237,375 |
191,884 |
| Cash and cash equivalents at end of quarter |
$ 199,858 |
$ 216,458 |