| (In thousands of dollars) | ||||
| Cash flows from operating activities | ||||
| Net earnings | $80,780 | $73,009 | $69,491 | |
| Noncash adjustments: | ||||
| Depreciation and amortization | 28,341 | 26,136 | 22,685 | |
| Changes in certain working capital components | 38,714 |
(112,763) |
(70,180) |
|
| Net cash from operating activities | 147,835 | (13,618) | 21,996 | |
| Cash flows from investing activities | ||||
| Capital expenditures | (39,731) | (36,548) | (33,982) | |
| Short-term investments | (39,266) | 46,702 | 67,986 | |
| Increase in intangibles and other assets | (8,446) |
(10,694) |
(31,192) |
|
| Net cash from investing activities | (87,443) | (540) | 2,812 | |
| Cash flows from financing activities | ||||
| Increase in short-term borrowings | 13,342 | 25,154 | 7,228 | |
| Dividend payments | (33,150) | (31,579) | (29,638) | |
| Exercise of stock options and restricted stock awards | 2,698 |
1,180 |
1,206 |
|
| Net cash from financing activities | (17,110) | (5,245) | (21,204) | |
| Net change in cash and equivalents | 43,282 |
(19,403) |
3,604 |
|
| Cash and equivalents at beginning of year | 33,408 |
52,811 |
49,207 |
|
| Cash and equivalents at end of year | $76,690 |
$33,408 |
$52,811 |
|
|
See accompanying Notes to Financial Statements. |
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