| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES: | |||||||||
Net income | |||||||||
48,900 | 47,735 | 39,280 | 195,791 | 27,087 | -16,064 | 25,008 | -18,155 | -26,958 | -59,032 |
Less: Income / (loss) from discontinued operations, net of tax | |||||||||
-28,219 | 8,032 | 25,576 | 10,324 | -14,105 | 10,265 | 45,602 | 6,948 | 15,723 | - |
Income from continuing operations | |||||||||
77,119 | 39,703 | 13,704 | 185,467 | 41,192 | -26,329 | -20,594 | -25,103 | -42,681 | - |
Adjustments required to reconcile income from continuing operations to net cash used in continuing operating activities: | |||||||||
Non-cash restructuring and asset impairment charges, net | |||||||||
- | - | 15,000 | - | 4,558 | 11,227 | 575 | 0 | 9,999 | 1,787 |
Term Loan re-pricing fees | |||||||||
- | - | - | - | 87 | 0 | 0 | - | - | - |
Premium on notes redemption and other fees | |||||||||
- | - | - | - | - | 48,448 | 0 | 0 | - | - |
Deferred income tax provision | |||||||||
-3,334 | 41,702 | 6,547 | -130,964 | -198 | -9,688 | 10,156 | -2,127 | -8,925 | -13,053 |
Depreciation and amortization | |||||||||
54,815 | 50,471 | 47,861 | 72,542 | 79,101 | 88,838 | 89,902 | 102,583 | 105,703 | 147,705 |
Gain from debt repurchase/letter of credit reduction | |||||||||
- | - | - | - | - | - | - | - | - | -33,661 |
Non-cash share-based compensation | |||||||||
3,413 | 2,219 | 2,455 | 2,322 | 4,712 | 4,743 | 9,613 | 15,174 | 3,047 | 0 |
Pension income, net of contributions | |||||||||
4,270 | 11,512 | 1,999 | 14,116 | 11,275 | 17,131 | -2,568 | 18,336 | -7,114 | -2,102 |
Change in working capital and other operating items | |||||||||
29,496 | -4,408 | -13,608 | 13,838 | 37,547 | -27,682 | -4,525 | 22,003 | -26,493 | -7,231 |
Net cash used in continuing operating activities | |||||||||
98,247 | 126,991 | 97,176 | 101,413 | 80,630 | 127,790 | 96,745 | 86,860 | 86,522 | 48,875 |
INVESTING ACTIVITIES: | |||||||||
Cash disbursed for purchases of property, plant, and equipment, net | |||||||||
83,141 | 67,240 | 72,194 | 119,749 | 89,808 | 78,034 | 92,334 | 100,829 | 85,036 | 85,995 |
Proceeds from disposition of Brazilian facility | |||||||||
- | - | - | - | - | 0 | - | - | - | - |
Proceeds from disposition of European operations, net | |||||||||
14,883 | - | - | - | - | 12,040 | 0 | 0 | - | - |
(Investment in) / return from joint venture | |||||||||
- | - | - | - | 760 | - | - | - | - | - |
Proceeds from sale of China joint ventures, net | |||||||||
4,314 | 15,944 | 4,546 | - | - | - | - | - | - | - |
Investment in joint venture | |||||||||
- | - | - | - | - | 6,293 | 0 | 0 | - | - |
Acquisition, net of cash | |||||||||
- | - | - | 21,740 | - | 0 | - | - | - | - |
Net assets acquired, net of cash acquired | |||||||||
- | - | - | - | - | - | - | 22,300 | 16,687 | 0 |
Net cash provided by / (used in) continuing investing activities | |||||||||
-63,944 | -51,296 | -67,648 | -141,489 | -90,568 | -72,287 | -92,334 | -123,129 | -101,723 | -85,995 |
FINANCING ACTIVITIES: | |||||||||
Proceeds from borrowings | |||||||||
104,303 | 485,368 | 494,442 | 125,290 | 121,807 | 547,944 | 634,650 | 654,420 | 412,357 | 436,172 |
Repayments of borrowings | |||||||||
104,508 | 498,553 | 491,849 | 133,116 | 127,131 | - | - | - | 431,517 | 375,501 |
Repayment on Term Loan Credit Facility | |||||||||
- | - | - | - | - | 598,457 | 638,281 | 580,220 | - | - |
Voluntary repayments on Term Loan Credit Facility | |||||||||
-50,000 | - | -50,000 | -25,000 | 33,145 | 417,900 | - | - | - | - |
Preferred units dividends | |||||||||
- | - | - | - | - | - | - | - | 95 | 388 |
Proceeds from borrowings on Term Loan Credit Facility | |||||||||
- | - | - | - | - | - | 0 | 0 | - | 13,250 |
Debt financing costs | |||||||||
- | 4,747 | - | - | 3,595 | 10,878 | 0 | 0 | 8,356 | 1,488 |
Original issuance discount | |||||||||
- | 1,808 | - | - | - | - | - | - | - | - |
Proceeds from termination of cross currency swaps | |||||||||
- | - | - | 32,377 | - | 0 | - | - | - | - |
Redemption of notes | |||||||||
- | - | - | - | - | 361,992 | 0 | 42,008 | - | - |
Premium paid on notes redemption and other fees | |||||||||
- | - | - | - | - | 43,078 | 0 | 0 | - | - |
Premium paid on re-pricing of Term Loan Credit Facility and other fees | |||||||||
- | - | - | - | - | 4,318 | 0 | 0 | - | - |
Dividend payment to Tower stockholders | |||||||||
10,088 | 9,221 | 8,570 | 2,111 | - | 0 | - | - | - | - |
Secondary stock offering transaction costs | |||||||||
- | - | - | - | 75 | 814 | 0 | - | - | - |
Proceeds from stock options exercised | |||||||||
251 | 1,313 | 305 | 204 | 2,631 | 2,226 | 0 | - | - | - |
Purchase of treasury stock | |||||||||
474 | 763 | 19,578 | 6,551 | 922 | 297 | 3,167 | 5,130 | 0 | 0 |
Repayments of term debt | |||||||||
- | - | - | - | - | - | - | - | 3,484 | 16,381 |
Repayment of first lien term loan | |||||||||
- | - | - | - | - | - | - | - | 414,172 | 0 |
Issuance of senior secured notes | |||||||||
- | - | - | - | - | - | - | - | 417,203 | 0 |
Retirement of senior secured notes | |||||||||
- | - | - | - | - | - | - | - | 26,000 | 0 |
Noncontrolling interest dividends and other activity | |||||||||
- | - | - | 2,633 | 10,189 | 9,329 | 0 | 0 | 5,257 | 4,866 |
Net proceeds from initial public offering | |||||||||
- | - | - | - | - | - | - | - | 74,021 | 0 |
Net cash used in continuing financing activities | |||||||||
-60,516 | -28,411 | -75,250 | -11,540 | 15,671 | -61,093 | -6,798 | 27,062 | 14,700 | 50,798 |
Discontinued operations: | |||||||||
Net cash from discontinued operating activities | |||||||||
74,455 | 26,645 | 61,117 | 15,586 | 36,238 | 25,558 | -5,980 | 13,598 | 33,837 | - |
Net cash used in discontinued investing activities | |||||||||
-47,587 | -39,504 | -47,678 | 41,809 | -8,078 | 1,732 | -78,789 | -19,580 | -15,459 | - |
Net cash used in discontinued financing activities | |||||||||
-26,456 | 8,649 | -11,347 | -11,361 | -19,002 | -4,491 | 61,988 | -763 | -14,889 | - |
Net cash from / (used in) discontinued operations | |||||||||
412 | -4,210 | 2,092 | 46,034 | 9,158 | 22,799 | -22,781 | -6,745 | 3,489 | - |
Effect of exchange rate changes on continuing cash and cash equivalents | |||||||||
-2,446 | 4,256 | -623 | -5,508 | -5,492 | 3,728 | 4,127 | 591 | -2,445 | 9,304 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | |||||||||
-28,247 | 47,330 | -44,253 | -11,090 | 9,399 | 20,937 | -21,041 | -15,361 | 543 | 22,982 |
Supplemental Cash Flow Information: | |||||||||
Interest paid, net of amounts capitalized | |||||||||
20,949 | 20,553 | 17,217 | 20,253 | 22,979 | 46,160 | 51,311 | 55,169 | 34,322 | 52,429 |
Income taxes paid | |||||||||
5,665 | 2,580 | 2,255 | 6,545 | 9,189 | 9,586 | 6,372 | 15,278 | 14,384 | 14,950 |
Non-cash Investing Activities: | |||||||||
Capital expenditures in liabilities for purchases of property, plant, and equipment | |||||||||
19,399 | 9,746 | 6,372 | 17,896 | 3,946 | 3,802 | 6,426 | 21,254 | 18,257 | 24,396 |
Contribution of joint venture | |||||||||
- | - | - | - | - | - | 12,097 | 5,946 | 0 | 0 |
Cumulative preferred stock units accrued | |||||||||
- | - | - | - | - | - | - | - | 10,612 | 15,699 |
Contribution of indebtedness | |||||||||
- | - | - | - | - | - | - | - | 25,000 | 0 |
Conversion of preferred units to common shares | |||||||||
- | - | - | - | - | - | - | - | 181,527 | 0 |