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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities    
Net income $ 35,486 $ 18,332
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,425 6,344
Net loss attributable to noncontrolling interest (76) 0
Gain on sale of assets 0 (8)
Share-based compensation 4,767 1,801
Deferred income taxes, including change in valuation allowance (1,568) (99)
Unrealized gain on foreign currency 7 0
Changes in operating assets and liabilities, net of effects of acquisition:    
Receivables, net 7,531 (13,174)
Inventory (408) (9,983)
Prepaid expenses (897) (1,973)
Income taxes payable 1,017 5,778
Accounts payable (12,996) (4,218)
Accrued expenses and other 7,987 3,126
Federal and state liquor taxes payable 716 132
Other, net (2,537) (72)
Net cash provided by operating activities 47,454 5,986
Cash Flows from Investing Activities    
Additions to property, plant, and equipment (18,336) (10,177)
Purchase of business, net of cash acquired (149,599) (2,750)
Contributions to equity method investment (988) 0
Proceeds from sale of property 0 688
Other, net (1,312) (168)
Net cash used in investing activities (170,235) (12,407)
Cash Flows from Financing Activities    
Payment of dividends and dividend equivalents (4,707) (4,101)
Purchase of treasury stock (765) (4,395)
Loan fees paid related to borrowings (666) (1,148)
Principal payments on long-term debt 0 (199)
Proceeds from credit agreement - revolver 242,300 54,700
Payments on credit agreement - revolver (10,306) (30,000)
Payment on assumed debt as part of the Merger (87,497) 0
Net cash provided by financing activities 138,359 14,857
Effect of exchange rate changes on cash 3 0
Increase in cash and cash equivalents 15,581 8,436
Cash and cash equivalents, beginning of period 21,662 3,309
Cash and cash equivalents, end of period $ 37,243 $ 11,745