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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      
Profit for the year $ 4,367,191 $ 867,871 $ 630,045
Adjustments for:      
Depreciation and amortization 591,790 631,051 661,112
Income tax accruals less payments 578,285 66,561 (208,805)
Equity in earnings of non-consolidated companies (400,732) (57,555) (60,967)
Interest accruals less payments 5,901 6,991 3,405
ICMS provision recovery, net of reversal of related asset 0 (186,010) 0
Changes in provisions 11,761 623 (1,544)
Changes in working capital [1] (2,617,789) 352,795 572,684
Net foreign exchange results and others 140,908 78,919 51,689
Net cash provided by operating activities 2,677,315 1,761,246 1,647,619
Cash flows from investing activities      
Capital expenditures (523,610) (560,013) (1,052,252)
Recovery/(Loans) to non-consolidated companies 0 0 24,480
Increase in other investments (579,010) (600,884) (163,800)
Proceeds from the sale of property, plant and equipment 1,752 1,044 788
Dividends received from non-consolidated companies 56,275 0 0
Acquisition of non-controlling interest (757) (17,014) (5,790)
Net cash used in investing activities (1,045,350) (1,176,867) (1,196,574)
Cash flows from financing activities      
Dividends paid in cash to company’s shareholders (569,292) 0 (235,569)
Dividends paid in cash to non-controlling interests 0 0 (28,530)
Finance lease payments (45,604) (42,144) (38,569)
Proceeds from borrowings 246,046 245,668 1,529,766
Repayments of borrowings (485,526) (709,778) (1,377,605)
Net cash used in financing activities (854,376) (506,254) (150,507)
Increase (Decrease) in cash and cash equivalents 777,589 78,125 300,538
Movement in cash and cash equivalents      
Beginning of period 537,882 [2] 519,965 [2] 250,541
Effect of exchange rate changes and inflation adjustment (38,866) (60,208) (31,114)
End of period [2] 1,276,605 537,882 519,965
Non-cash transactions:      
Acquisition of PP&E under lease contract agreements 13,758 6,101 21,963
Non-cash items impacting working capital (12,500) (18,000) (70,000)
Restricted cash 58 54 69
Other deposits with maturity of more than three months $ 1,357,484 $ 816,157 $ 215,273
[1] The working capital is impacted by non-cash movement of $ (12.5) million as of December 31, 2021 ($(18.0) million and $(70.0) million as of December 31, 2020 and 2019, 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 $58, $54 and $69 as of December 31, 2021, 2020 and 2019, respectively. In addition, the Company had other investments with a maturity of more than three months for $1,357,484, $816,157 and $215,273 as of December 31, 2021, 2020 and 2019, respectively.