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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities    
Net income $ 59,159 $ 28,713
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,668 9,618
Gain on sale of assets 5 337
Share-based compensation 5,247 2,693
Deferred income taxes, including change in valuation allowance 465 460
Other, net (236) 0
Changes in operating assets and liabilities, net of effects of acquisition:    
Receivables, net (5,593) (11,683)
Inventory (7,588) (5,673)
Prepaid expenses 1,206 (2,032)
Income taxes payable (2,086) (673)
Accounts payable (6,678) 2,057
Accrued expenses and other 15,859 5,647
Federal and state liquor taxes payable (1,961) 139
Other, net (682) (146)
Net cash provided by operating activities 70,785 29,457
Cash Flows from Investing Activities    
Additions to property, plant, and equipment (37,257) (13,507)
Purchase of business, net of cash acquired (149,613) (2,750)
Contributions to equity method investment (988) 0
Proceeds from sale of property 0 688
Other, net (1,308) 56
Net cash used in investing activities (189,166) (15,513)
Cash Flows from Financing Activities    
Payment of dividends and dividend equivalents (7,362) (6,144)
Purchase of treasury stock (767) (4,395)
Loan fees paid related to borrowings (666) (1,148)
Principal payments on long-term debt (813) (300)
Proceeds from credit agreement - revolver 242,300 54,700
Payments on credit agreement - revolver (32,300) (40,000)
Payment on assumed debt as part of the Merger (87,509) 0
Net cash provided by financing activities 112,883 2,713
Effect of exchange rate changes on cash (2) 0
Increase (decrease) in cash and cash equivalents (5,500) 16,657
Cash and cash equivalents, beginning of period 21,662 3,309
Cash and cash equivalents, end of period $ 16,162 $ 19,966