| (In thousands of dollars) | ||||
| Cash flows from operating activities | ||||
| Net earnings | $73,009 | $69,491 | $61,057 | |
| Noncash adjustments: | ||||
| Depreciation and amortization | 26,136 | 22,685 | 19,105 | |
| Changes in certain working capital components | (112,763) |
(70,180) |
(17,275) |
|
| Net cash from operating activities | (13,618) | 21,996 | 62,887 | |
| Cash flows from investing activities | ||||
| Capital expenditures | (36,548) | (33,982) | (18,433) | |
| Short-term investments | 46,702 | 67,986 | 2,265 | |
| Increase in intangibles and other assets | (10,694) |
(31,192) |
(13,610) |
|
| Net cash from investing activities | (540) | 2,812 | (29,778) | |
| Cash flows from financing activities | ||||
| Increase in short-term borrowings | 25,154 | 7,228 | 6,275 | |
| Dividend payments | (31,579) | (29,638) | (26,570) | |
| Exercise of stock options and restricted stock awards | 1,180 |
1,206 |
373 |
|
| Net cash from financing activities | (5,245) | (21,204) | (19,922) | |
| Net change in cash and equivalents | (19,403) |
3,604 |
13,187 |
|
| Cash and equivalents at beginning of year | 52,811 |
49,207 |
36,020 |
|
| Cash and equivalents at end of year | $33,408 | $52,811 | $49,207 | |
|
See accompanying Notes to Financial Statements. |
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