Consolidated Statements of Cash Flows
| For the years ended December 31 (In thousands) | 2011 | 2010 | 2009 |
|---|---|---|---|
Cash flows from operating activities |
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| Net earnings | $130,423 | $106,598 | $95,221 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | $88,300 | $79,946 | $76,480 |
| Net (gain) loss on sales and disposals or impairments of long-lived assets | (670) | 1,446 | 1,917 |
| Gain on bargain purchase | — | — | (1,937) |
| Gain on divestiture | (1,298) | — | — |
| Deferred income taxes | 3,345 | 2,828 | (6,470) |
| Share-based compensation | 9,621 | 13,378 | 15,264 |
| Changes in operating assets and liabilities, net of businesses acquired and disposed of: | |||
| Accounts receivable, net | (86,000) | (60,208) | 9,250 |
| Inventories, net | (23,429) | 10,640 | 17,819 |
| Progress payments | 11,264 | 6,493 | (8,573) |
| Accounts payable and accrued expenses | 15,628 | 9,925 | (30,565) |
| Deferred revenue | 53,498 | (20,913) | 28,724 |
| Income taxes payable | 3,917 | (1,122) | (11,326) |
| Net pension and post-retirement liabilities | (4,234) | 24,528 | 19,654 |
| Other current and long-term assets and liabilities | 1,997 | (1,829) | (8,879) |
| Total adjustments | $71,939 | $65,112 | $101,358 |
| Net cash provided by operating activities | $202,362 | $171,710 | $196,579 |
Cash flows from investing activities |
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| Proceeds from sales and disposals of long-lived assets | $2,497 | $744 | $3,789 |
| Acquisitions of intangible assets | (22) | (1,608) | (673) |
| Additions to property, plant, and equipment | (84,831) | (52,980) | (75,643) |
| Acquisition of businesses, net of cash acquired | (178,080) | (42,200) | (68,623) |
| Disposition of businesses | 8,100 | — | — |
| Net cash used for investing activities | $(252,336) | $(96,044) | $(141,150) |
Cash flows from financing activities |
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| Borrowings of debt | $1,302,600 | $513,100 | $711,059 |
| Principal payments on debt | (1,112,814) | (581,771) | (762,759) |
| Repurchases of company stock | (8,178) | — | — |
| Proceeds from exercise of share-based payments | 11,746 | 10,560 | 10,557 |
| Dividends paid | (14,893) | (14,729) | (14,559) |
| Excess tax benefits from share-based compensation | 1,343 | 985 | 378 |
| Net cash provided by (used for) financing activities | $179,804 | $(71,855) | $(55,324) |
| Effect of exchange-rate changes on cash | (3,562) | (702) | 4,200 |
| Net increase in cash and cash equivalents | 126,268 | 3,109 | 4,305 |
| Cash and cash equivalents at beginning of year | 68,119 | 65,010 | 60,705 |
| Cash and cash equivalents at end of year | $194,387 | $68,119 | $65,010 |
Supplemental disclosure of investing activities |
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| Fair value of assets acquired from current-year acquisitions | $204,363 | $49,939 | $81,103 |
| Additional consideration paid on prior year acquisitions | — | 1,153 | 1,835 |
| Liabilities assumed from current year acquisitions | (20,501) | (8,206) | (12,102) |
| Cash acquired | (5,782) | (686) | (276) |
| Gain on bargain purchase | — | — | (1,937) |
| Acquisition of businesses, net of cash acquired | $178,080 | $42,200 | $68,623 |