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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities    
Net income $ 62,733 $ 35,486
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,924 8,425
Share-based compensation 2,131 4,767
Deferred income taxes, including change in valuation allowance 125 (1,568)
Other, net 82 (69)
Changes in operating assets and liabilities, net of effects of acquisition:    
Receivables, net (13,142) 7,531
Inventory (27,508) (408)
Prepaid expenses 266 (897)
Income taxes payable 141 1,017
Accounts payable 11,438 (12,996)
Accrued expenses and other (4,791) 7,987
Federal and state excise taxes payable 681 716
Other, net (61) (2,537)
Net cash provided by operating activities 43,019 47,454
Cash Flows from Investing Activities    
Additions to property, plant, and equipment (18,087) (18,336)
Purchase of business, net of cash acquired 0 (149,599)
Contributions to equity method investment (1,028) (988)
Other, net (369) (1,312)
Net cash used in investing activities (19,484) (170,235)
Cash Flows from Financing Activities    
Payment of dividends and dividend equivalents (5,322) (4,707)
Purchase of treasury stock (713) (765)
Loan fees paid related to borrowings 0 (666)
Principal payments on long-term debt (1,614) 0
Proceeds from credit agreement - revolver 0 242,300
Payments on credit agreement - revolver 0 (10,306)
Payment on assumed debt as part of the Merger 0 (87,497)
Net cash provided by (used in) financing activities (7,649) 138,359
Effect of exchange rate changes on cash (39) 3
Increase in cash and cash equivalents 15,847 15,581
Cash and cash equivalents, beginning of period 21,568 21,662
Cash and cash equivalents, end of period $ 37,415 $ 37,243