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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities    
Net income $ 86,361 $ 59,159
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,257 13,668
Share-based compensation 3,086 5,247
Deferred income taxes, including change in valuation allowance (302) 465
Other, net 1,462 (231)
Changes in operating assets and liabilities, net of effects of acquisition:    
Receivables, net (15,582) (5,593)
Inventory (30,599) (7,588)
Prepaid expenses 1,165 1,206
Refundable income taxes (1,006) (2,086)
Accounts payable 12,613 (6,678)
Accrued expenses and other 1,220 15,859
Federal and state excise taxes payable (2,279) (1,961)
Other, net (143) (682)
Net cash provided by operating activities 72,253 70,785
Cash Flows from Investing Activities    
Additions to property, plant, and equipment (29,217) (37,257)
Purchase of business, net of cash acquired 0 (149,613)
Contributions to equity method investment (2,232) (988)
Other, net (315) (1,308)
Net cash used in investing activities (31,764) (189,166)
Cash Flows from Financing Activities    
Payment of dividends and dividend equivalents (7,984) (7,362)
Purchase of treasury stock (714) (767)
Loan fees paid related to borrowings 0 (666)
Principal payments on long-term debt (2,603) (813)
Proceeds from credit agreement - revolver 0 242,300
Payments on credit agreement - revolver 0 (32,300)
Payment on assumed debt as part of the Merger 0 (87,509)
Net cash provided by (used in) financing activities (11,301) 112,883
Effect of exchange rate changes on cash (82) (2)
Increase (decrease) in cash and cash equivalents 29,106 (5,500)
Cash and cash equivalents, beginning of period 21,568 21,662
Cash and cash equivalents, end of period $ 50,674 $ 16,162