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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net income $ 40,345 $ 38,793 $ 37,284
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 12,961 11,572 11,362
Share-based compensation 3,002 3,304 3,099
Deferred income taxes, including change in valuation allowance 593 252 1,665
Other, net 494 (116) 0
Changes in operating assets and liabilities:      
Receivables, net (16,173) (2,134) (4,450)
Inventory (3,886) (28,162) (15,620)
Prepaid expenses (748) (728) 862
Income taxes payable (refundable) 1,750 (275) 1,268
Accounts payable 1,817 2,107 (2,542)
Accrued expenses 11,503 (4,547) 551
Deferred credits 963 (332) (586)
Other, net 634 (12) 588
Net cash provided by operating activities 53,255 19,722 33,481
Cash Flows from Investing Activities      
Additions to property, plant, and equipment (19,701) (16,730) (31,046)
Acquisition of business (2,750) 0 0
Proceeds from sale of property and other 2,906 0 0
Other, net (102) (1,201) 0
Net cash used in investing activities (19,647) (17,931) (31,046)
Cash Flows from Financing Activities      
Payment of dividends and dividend equivalents (8,188) (6,856) (5,500)
Purchase of treasury stock (4,411) (5,489) (2,324)
Loan fees incurred with borrowings (1,148) 0 0
Proceeds from long-term debt 0 20,000 0
Principal payments on long-term debt (1,208) (386) (372)
Proceeds from credit agreement - revolver 54,700 17,440 28,966
Payments on credit agreement - revolver (55,000) (28,140) (21,264)
Other, net 0 (76) 0
Net cash used in financing activities (15,255) (3,507) (494)
Increase (decrease) in cash and cash equivalents 18,353 (1,716) 1,941
Cash and cash equivalents, beginning of year 3,309 5,025 3,084
Cash and cash equivalents, end of year $ 21,662 $ 3,309 $ 5,025