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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Profit for the year $ 867,871 $ 630,045 $ 1,662,132
Adjustments for:      
Depreciation and amortization 631,051 661,112 589,299
Income tax accruals less payments 66,561 (208,805) (154,366)
Equity in earnings of non-consolidated companies (57,555) (60,967) (102,772)
Interest accruals less payments 6,991 3,405 (13,014)
ICMS provision recovery, net of reversal of related asset (186,010) 0 0
Changes in provisions 623 (1,544) (7,659)
Changes in working capital [1] 352,795 572,684 (228,577)
Net foreign exchange results and others 78,919 51,689 (5,778)
Net cash provided by operating activities 1,761,246 1,647,619 1,739,265
Cash flows from investing activities      
Capital expenditures (560,013) (1,052,252) (520,250)
Recovery/(Loans) to non-consolidated companies 0 24,480  
Recovery/(Loans) to non-consolidated companies     (24,480)
(Increase)/Decrease in other investments (600,884) (163,800) 86,857
Proceeds from the sale of property, plant and equipment 1,044 788 861
Acquisition of non-controlling interest (17,014) (5,790) 0
Net cash used in investing activities (1,176,867) (1,196,574) (457,012)
Cash flows from financing activities      
Dividends paid in cash to company’s shareholders 0 (235,569) (215,938)
Dividends paid in cash to non-controlling interests 0 (28,530) (20,940)
Finance lease payments (42,144) (38,569) (7,565)
Proceeds from borrowings 245,668 1,529,766 1,188,731
Repayments of borrowings (709,778) (1,377,605) (2,266,560)
Net cash used in financing activities (506,254) (150,507) (1,322,272)
Increase (Decrease) in cash and cash equivalents 78,125 300,538 (40,019)
Movement in cash and cash equivalents      
Beginning of period 519,965 [2] 250,541 [2] 337,779
Effect of exchange rate changes and inflation adjustment (60,208) (31,114) (47,219)
End of period [2] 537,882 519,965 250,541
Non-cash transactions:      
Acquisition of PP&E under lease contract agreements 6,101 21,963 73,828
Non-cash items impacting working capital (18,000) (70,000) (74,500)
Restricted cash 54 69 2,216
Other deposits with maturity of more than three months $ 813,527 $ 212,271 $ 44,529
[1] The working capital is impacted by non-cash movement of $ (18.0) million as of December 31, 2020 ($(70.0) million and $(74.5) million as of December 31, 2019 and 2018, respectively) due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.
[2] It includes restricted cash of $54, $69 and $2,216 as of December 31, 2020, 2019 and 2018, respectively. In addition, the Company had other investments with a maturity of more than three months for $813,527, $212,271 and $44,529 as of December 31, 2020, 2019 and 2018, respectively.