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Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 21,419 $ 12,301
Adjustments to reconcile net income to net cash provided by (used in) operations:    
Depreciation and amortization 4,275 3,021
Deferred income taxes (1,530) (563)
Share-based compensation expense 1,066 1,023
Gain from company owned life insurance policy   (4,364)
Loss on exit of business   989
Loss (gain) on sale of property and equipment 16 (792)
Other, net 1,942 630
Changes in operating assets and liabilities: (1,758) (17,420)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 25,430 (5,175)
INVESTING ACTIVITIES    
Capital expenditures (8,351) (8,010)
Proceeds from the sale of property and equipment 124 3,157
Proceeds from company owned life insurance policy   6,909
Acquisition of businesses, net of cash (14,068) (12,990)
NET CASH USED IN INVESTING ACTIVITIES (22,295) (10,934)
FINANCING ACTIVITIES    
Payments on notes payable to banks (4,524) (2,656)
Proceeds from long-term debt 50,389 49,958
Payments of long-term debt (50,633) (29,494)
Dividends paid (1,154) (1,031)
Proceeds from issuance of common shares 355 116
Purchase of common shares for treasury (116) (66)
Purchase of common shares for treasury from related parties (3,624) (1,729)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (9,307) 15,098
Effects of exchange rate changes on cash, cash equivalents and restricted cash 724 (765)
Net decrease in cash, cash equivalents and restricted cash (5,448) (1,776)
Cash, cash equivalents and restricted cash at beginning of year 37,239 36,406
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR $ 31,791 $ 34,630