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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 40,940 $ 16,114
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of business (18,647) 0
Depreciation and amortization 12,968 13,177
Inventory step-up amortization 0 2,053
Deferred income taxes (867) (4,358)
Stock based compensation 2,283 2,023
Pension settlement cost 0 4,870
Loss on disposition of property, plant and equipment 273 73
Changes in operating assets and liabilities:    
Accounts receivable (11,649) (13,184)
Inventories (11,817) 7,385
Accounts payable 2,511 1,065
Accrued payroll and other compensation (2,962) 1,469
Accrued taxes 5,987 1,763
Benefit plan liabilities (5,710) (3,950)
Other, net 1,587 1,999
Net cash provided by operating activities 14,897 30,499
Cash flows from investing activities:    
Business acquisitions, net of cash acquired 0 (79,407)
Proceeds from the sale of business, net 28,550 0
Capital expenditures (15,460) (8,641)
Acquisition earn out payments 0 (113)
Net cash provided by (used for) investing activities 13,090 (88,161)
Cash flows from financing activities:    
Proceeds from borrowings 0 60,000
Debt repayments (428) (491)
Common stock issued 1,211 1,566
Common stock repurchased (8,481) (504)
Excess tax benefit on stock awards 522 956
Net cash (used for) provided by financing activities (7,176) 61,527
Effect of exchange rate changes on cash (2,599) (2,705)
Increase in cash and cash equivalents 18,212 1,160
Cash and cash equivalents at beginning of period 62,051 75,407
Cash and cash equivalents at end of period 80,263 76,567
Non-cash capital expenditures included in accounts payable $ 2,400 $ 2,600