Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 24,651 $ 27,120
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 34,147 32,153
Amortization 7,019 7,051
Amortization of deferred financing costs and original issue discount 1,024 1,002
Foreign currency exchange (gain) loss (632) 1,148
Deferred income tax provision 1,283 11,285
Net loss on asset disposals 2,306 706
Stock compensation 9,070 12,679
Equity in net income from affiliated companies (11,597) (14,253)
Dividends received from affiliated companies 10,000 30,000
Other, net 6,255 (4,364)
Working capital changes that provided (used) cash:    
Receivables (3,019) (33,152)
Inventories (2,987) (3,091)
Prepaids and other current assets (5,724) (47)
Accounts payable (1,468) 9,671
Accrued liabilities (29,188) (25,053)
Net cash provided by operating activities 41,140 52,855
Cash flows from investing activities:    
Purchases of property, plant and equipment (39,227) (25,835)
Payments for business divestiture, net of cash 0 (3,744)
Other, net 0 81
Net cash used in investing activities (39,227) (29,498)
Cash flows from financing activities:    
Draw down of revolving credit facilities 14,500 0
Repayments of revolving credit facilities (14,500) 0
Repayments of long-term debt (4,500) (4,500)
Repurchases of common shares (73,373) (7,127)
Tax withholdings on equity award vesting (866) (332)
Repayment of financing obligation (1,433) 0
Other, net 294 45
Net cash used in financing activities (79,878) (11,914)
Effect of exchange rate changes on cash and cash equivalents (3,723) (1,104)
Net change in cash and cash equivalents (81,688) 10,339
Cash and cash equivalents at beginning of period 110,920 140,889
Cash and cash equivalents at end of period $ 29,232 $ 151,228