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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities    
Net income $ 28,713 $ 25,846
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,618 8,537
Loss (gain) on sale of assets 337 (138)
Share-based compensation 2,693 2,752
Deferred income taxes, including change in valuation allowance 460 952
Changes in operating assets and liabilities:    
Receivables, net (11,683) (1,757)
Inventory (5,673) (17,424)
Prepaid expenses (2,032) (326)
Refundable income taxes (673) (2,138)
Accounts payable 2,196 (331)
Accrued expenses 5,647 (3,236)
Deferred credits (198) (249)
Other, net 52 (75)
Net cash provided by operating activities 29,457 12,413
Cash Flows from Investing Activities    
Additions to property, plant, and equipment (13,507) (10,375)
Deferred compensation plan investments 0 (1,189)
Acquisition of business (2,750) 0
Proceeds from sale of property 688 0
Other, net 56 0
Net cash used in investing activities (15,513) (11,564)
Cash Flows from Financing Activities    
Payment of dividends and dividend equivalents (6,144) (5,141)
Purchase of treasury stock (4,395) (5,470)
Loan fees paid related to borrowings (1,148) 0
Proceeds from long-term debt 0 20,000
Principal payments on long-term debt (300) (288)
Proceeds from credit agreement - revolver 54,700 14,140
Payments on credit agreement - revolver (40,000) (24,640)
Other, net 0 (78)
Net cash provided by (used in) financing activities 2,713 (1,477)
Increase (decrease) in cash and cash equivalents 16,657 (628)
Cash and cash equivalents, beginning of period 3,309 5,025
Cash and cash equivalents, end of period $ 19,966 $ 4,397