Consolidated Statements of Cash Flows
| For the years ended December 31 (In thousands) | 2012 | 2011 | 2010 |
|---|---|---|---|
Cash flows from operating activities |
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| Net earnings | $113,844 | $126,389 | $102,180 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | $93,896 | $88,300 | $79,946 |
| (Gain) loss on fixed asset disposals | (414) | (670) | 1,446 |
| Gain on bargain purchase | (910) | — | — |
| Gain on divestiture | (29,912) | (1,298) | — |
| Deferred income taxes | (3,871) | 3,345 | 2,828 |
| Share-based compensation | 9,428 | 9,621 | 13,378 |
| Impairment of assets | 4,988 | — | — |
| Changes in operating assets and liabilities, net of businesses acquired and disposed of: | |||
| Accounts receivable, net | 26,524 | (78,850) | (53,979) |
| Inventories, net | (30,100) | (21,123) | 11,401 |
| Progress payments | (7,923) | 11,264 | 6,493 |
| Accounts payable and accrued expenses | (7,290) | 15,628 | 9,925 |
| Deferred revenue | (34,436) | 51,724 | (20,734) |
| Income taxes | 15,211 | 3,917 | (1,122) |
| Net pension and post-retirement liabilities | (1,132) | (4,234) | 24,528 |
| Other current and long-term assets and liabilities | 4,571 | (2,160) | (4,791) |
| Net cash provided by operating activities | $152,474 | $201,853 | $171,499 |
Cash flows from investing activities |
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| Proceeds from sales and disposals of long-lived assets | $2,557 | $2,497 | $744 |
| Proceeds from divestitures | 52,123 | 8,100 | — |
| Acquisitions of intangible assets | (1,761) | (22) | (1,608) |
| Additions to property, plant, and equipment | (82,954) | (84,322) | (52,769) |
| Acquisition of businesses, net of cash acquired | (460,439) | (178,080) | (42,200) |
| Additional consideration paid on prior year acquisitions | (2,524) | — | — |
| Net cash used for investing activities | $(492,998) | $(251,827) | $(95,833) |
Cash flows from financing activities |
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| Borrowings of debt | $576,934 | $1,302,600 | $513,100 |
| Principal payments on debt | (296,145) | (1,112,814) | (581,771) |
| Repurchases of company stock | (25,705) | (8,178) | — |
| Proceeds from share-based compensation plans | 15,492 | 11,746 | 10,560 |
| Dividends paid | (16,392) | (14,893) | (14,729) |
| Excess tax benefits from share-based compensation | 57 | 1,343 | 985 |
| Net cash provided by (used for) financing activities | $254,241 | $179,804 | $(71,855) |
| Effect of exchange-rate changes on cash | 3,919 | (3,562) | (702) |
| Net increase (decrease) in cash and cash equivalents | (82,364) | 126,268 | 3,109 |
| Cash and cash equivalents at beginning of year | 194,387 | 68,119 | 65,010 |
| Cash and cash equivalents at end of year | $112,023 | $194,387 | $68,119 |
Supplemental disclosure of non-cash activities |
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| Capital expenditures incurred but not yet paid | $1,478 | $3,600 | $2,459 |
| Recognition of asset retirement obligation | $6,904 | — | — |