XML 23 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities      
Net income $ 90,817 $ 40,345 $ 38,793
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 19,092 12,961 11,572
Gain on insurance recoveries (16,325) 0 0
Share-based compensation 5,555 3,002 3,304
Equity method investment loss 1,611 0 0
Deferred income taxes, including change in valuation allowance 6,772 593 252
Other, net 145 494 (116)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Receivables, net (6,031) (16,173) (2,134)
Inventory (14,214) (3,886) (28,162)
Prepaid expenses 2,586 (748) (728)
Income taxes payable (refundable) (6,242) 1,750 (275)
Accounts payable 5,301 1,817 2,107
Accrued expenses and other 738 11,537 (4,687)
Federal and state excise taxes payable (1,467) (34) 140
Other, net (75) 1,597 (344)
Net cash provided by operating activities 88,263 53,255 19,722
Cash Flows from Investing Activities      
Additions to property, plant, and equipment (47,389) (19,701) (16,730)
Purchase of business, net of cash acquired (149,005) (2,750) 0
Contributions to equity method investments (1,470) 0 0
Proceeds from property insurance recoveries 16,325 0 0
Proceeds from sale of property and other 0 2,906 0
Other, net (1,080) (102) (1,201)
Net cash used in investing activities (182,619) (19,647) (17,931)
Cash Flows from Financing Activities      
Payment of dividends and dividend equivalents (10,017) (8,188) (6,856)
Purchase of treasury stock (767) (4,411) (5,489)
Loan fees incurred with borrowings (7,050) (1,148) 0
Proceeds from long-term debt 0 0 20,000
Principal payments on long-term debt (1,620) (1,208) (386)
Proceeds from credit agreement - revolver 242,300 54,700 17,440
Payments on credit agreement - revolver (242,300) (55,000) (28,140)
Proceeds from convertible senior notes 201,250 0 0
Payment on assumed debt as part of the Merger (87,509) 0 0
Other, net 0 0 (76)
Net cash provided by (used in) financing activities 94,287 (15,255) (3,507)
Effect of exchange rate changes on cash and cash equivalents (25) 0 0
Increase (decrease) in cash and cash equivalents (94) 18,353 (1,716)
Cash and cash equivalents, beginning of year 21,662 3,309 5,025
Cash and cash equivalents, end of year $ 21,568 $ 21,662 $ 3,309