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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net income $ 18,332 $ 17,631
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,344 5,602
Gain on sale of assets (8) (138)
Share-based compensation 1,801 2,267
Deferred income taxes, including change in valuation allowance (99) 547
Changes in operating assets and liabilities:    
Receivables, net (13,174) (2,807)
Inventory (9,983) (9,238)
Prepaid expenses (1,973) (514)
Income taxes payable (refundable) 5,778 (4,692)
Accounts payable (4,218) (2,883)
Accrued expenses 3,258 (2,750)
Deferred credits (139) (166)
Other, net 67 211
Net cash provided by operating activities 5,986 3,070
Cash Flows from Investing Activities    
Additions to property, plant, and equipment (10,177) (6,192)
Deferred compensation plan investments 0 (1,177)
Acquisition of business (2,750) 0
Proceeds from sale of property 688 0
Other, net (168) 0
Net cash used in investing activities (12,407) (7,369)
Cash Flows from Financing Activities    
Payment of dividends and dividend equivalents (4,101) (3,427)
Purchase of treasury stock (4,395) (5,467)
Loan fees paid related to borrowings (1,148) 0
Proceeds from long-term debt 0 20,000
Principal payments on long-term debt (199) (192)
Proceeds from credit agreement - revolver 54,700 12,625
Payments on credit agreement - revolver (30,000) (22,025)
Other, net 0 (78)
Net cash provided by financing activities 14,857 1,436
Increase (decrease) in cash and cash equivalents 8,436 (2,863)
Cash and cash equivalents, beginning of period 3,309 5,025
Cash and cash equivalents, end of period $ 11,745 $ 2,162