Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows from operating activities:      
Net (loss) income $ (139,616) $ (281,704) $ 80,310
Net loss (income) from discontinued operations 141,410 335,984 (49,190)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 65,955 65,333 61,244
Amortization 13,786 11,593 13,537
Amortization of deferred financing costs and original issue discount 1,907 2,515 2,799
Debt extinguishment costs 21,166 22,658 3,400
Foreign currency exchange (gain) loss 4,716 (5,264) 1,228
Pension and postretirement healthcare (benefit) expense (302) 416 1,471
Pension and postretirement healthcare benefit funding 0 (3,264) (4,955)
Deferred income tax (benefit) provision 4,548 (60,060) 3,898
Net loss on asset disposals 5,666 4,722 4,559
Stock compensation 31,838 17,194 13,281
Equity in net income from affiliated companies (27,737) (21,065) (45,808)
Dividends received from affiliated companies 35,000 40,000 40,000
Other, net (2,930) (3,478) (3,185)
Working capital changes that provided (used) cash, excluding the effect of acquisitions and dispositions:      
Receivables (33,476) 6,971 4,486
Inventories 631 (2,976) (4,226)
Prepaids and other current assets (7,827) (1,359) 2,883
Accounts payable 10,006 6,868 541
Accrued liabilities 12,597 5,015 6,903
Net cash provided by operating activities, continuing operations 137,338 140,099 133,176
Net cash provided by operating activities, discontinued operations (7,420) 83,499 134,587
Net cash provided by operating activities 129,918 223,598 267,763
Cash flows from investing activities:      
Purchases of property, plant and equipment (60,045) (54,837) (55,252)
Proceeds from business divestiture, net of cash and indebtedness 978,449 624,256 0
Proceeds from sale of assets 0 2,375 0
Business combinations, net of cash acquired (42,639) 0 0
Other, net (12) 0 469
Net cash provided by (used in) investing activities, continuing operations 875,753 571,794 (54,783)
Net cash (used in) provided by investing activities, discontinued operations (40,021) (20,322) 19,424
Net cash provided by (used in) investing activities 835,732 551,472 (35,359)
Cash flows from financing activities:      
Draw down of revolving credit facilities 0 126,500 175,500
Repayments of revolving credit facilities 0 (126,500) (175,500)
Issuance of long-term debt, net of original issue discount and financing fees 897,750 640,340 0
Debt issuance costs (1,293) (8,987) 0
Repayments of long-term debt (1,430,863) (1,091,134) (215,000)
Debt prepayment fees (8,481) (10,550) 0
Proceeds from financing obligation 16,005 0 0
Dividends paid to stockholders 435,593 243,749 0
Repurchases of common shares 0 (2,059) 0
Tax withholdings on equity award vesting (1,470) (2,539) (3,563)
Proceeds from stock options exercised 746 373 3,975
Repayments of financing obligation (1,435) 0 0
Other 1,545 (1,875) (155)
Net cash used in financing activities, continuing operations (963,089) (720,180) (214,743)
Net cash used in financing activities, discontinued operations (1,144) (2,640) (1,350)
Net cash used in financing activities (964,233) (722,820) (216,093)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,253 11,052 (2,120)
Net change in cash, cash equivalents and restricted cash 3,670 63,302 14,191
Cash, cash equivalents and restricted cash at beginning of period 137,219 73,917 59,726
Cash, cash equivalents and restricted cash at end of period 140,889 137,219 73,917
Less cash, cash equivalents and restricted cash of discontinued operations 0 (22,202) (36,505)
Cash, cash equivalents and restricted cash at end of period of continuing operations $ 140,889 $ 115,017 $ 37,412