XML 24 R10.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 306,288 $ 279,196 $ 244,677
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 69,080 60,674 61,722
Income of investees, net of dividends (13,023) (2,147) (7,969)
Provision for deferred taxes 40,091 7,890 3,794
Recognition of (gains) losses for pension and postretirement plans (36,647) 9,548 6,222
Stock-based compensation expense 18,613 16,844 12,726
Premium for early redemption of senior notes 10,752 0 0
Recognition of debt issuance costs from former debt instruments 4,212 665 0
Other, net 1,401 (1,457) 963
Changes in assets and liabilities, net of effects from acquisitions:      
Accounts receivable 84,006 (98,302) 15,605
Accounts payable 28,795 (1,241) 44,592
Retainages 3,875 (8,578) 11,477
Contracts in progress and advance billings on contracts (67,137) (53,242) (78,645)
Income taxes 4,116 1,157 (3,833)
Accrued and other current liabilities (1,991) 6,843 (14,135)
Pension liabilities, accrued postretirement benefit obligations and employee benefits (69,424) (29,311) (8,822)
Other, net 3,019 7,903 (9,006)
NET CASH PROVIDED BY OPERATING ACTIVITIES 386,026 196,442 279,368
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment (311,052) (255,027) (182,124)
Acquisition of businesses 0 (15,905) 0
Purchases of securities (4,739) (4,232) (4,208)
Sales and maturities of securities 5,553 6,360 5,874
Other, net 5,585 3,485 463
NET CASH USED IN INVESTING ACTIVITIES (304,653) (265,319) (179,995)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings of long-term debt 1,324,300 844,500 699,600
Repayments of long-term debt (999,300) (794,676) (654,095)
Premium for early redemption of senior notes (10,752) 0 0
Payment of debt issuance costs (4,838) (6,803) 0
Borrowings and repayments of bank overdraft (88,694) 88,694 0
Repurchases of common stock (225,786) (21,960) (20,000)
Dividends paid to common shareholders (79,668) (72,940) (65,374)
Exercises of stock options 2,033 2,812 4,446
Cash paid for shares withheld to satisfy employee taxes (5,042) (5,249) (9,190)
Other, net (2,389) (9,332) 900
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (90,136) 25,046 (43,713)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH 240 (271) 332
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (8,523) (44,102) 55,992
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 48,298 92,400 36,408
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD 39,775 48,298 92,400
Cash paid during the period for:      
Interest 50,840 38,267 39,670
Income taxes (net of refunds) 44,949 73,589 70,056
SCHEDULE OF NON-CASH INVESTING ACTIVITY:      
Accrued capital expenditures included in accounts payable $ 27,495 $ 51,492 $ 39,528