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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net income $ 108,872 $ 90,817 $ 40,345
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 21,455 19,092 12,961
Gain on insurance recoveries 0 (16,325) 0
Share-based compensation 5,502 5,555 3,002
Equity method investment loss 2,220 1,611 0
Deferred income taxes, including change in valuation allowance 1,011 6,772 593
Other, net 194 145 494
Changes in operating assets and liabilities, net of effects of acquisitions:      
Receivables, net (16,786) (6,031) (16,173)
Inventory (44,350) (14,214) (3,886)
Prepaid expenses (1,468) 2,586 (748)
Income taxes payable (refundable) 1,212 (6,242) 1,750
Accounts payable 10,626 5,301 1,817
Accrued expenses and other 1,984 738 11,537
Federal and state excise taxes payable (2,365) (1,467) (34)
Other, net 829 (75) 1,597
Net cash provided by operating activities 88,936 88,263 53,255
Cash Flows from Investing Activities      
Additions to property, plant, and equipment (45,323) (47,389) (19,701)
Purchase of business, net of cash acquired 0 (149,005) (2,750)
Contributions to equity method investments (2,810) (1,470) 0
Proceeds from property insurance recoveries 0 16,325 0
Proceeds from sale of property and other 150 0 2,906
Other, net 170 (1,080) (102)
Net cash used in investing activities (47,813) (182,619) (19,647)
Cash Flows from Financing Activities      
Payment of dividends and dividend equivalents (10,646) (10,017) (8,188)
Purchase of treasury stock (715) (767) (4,411)
Loan fees incurred with borrowings 0 (7,050) (1,148)
Principal payments on long-term debt (3,403) (1,620) (1,208)
Proceeds from credit agreement - revolver 0 242,300 54,700
Payments on credit agreement - revolver 0 (242,300) (55,000)
Proceeds from convertible senior notes 0 201,250 0
Payment on assumed debt as part of the Merger 0 (87,509) 0
Net cash provided by (used in) financing activities (14,764) 94,287 (15,255)
Effect of exchange rate changes on cash and cash equivalents (38) (25) 0
Increase (decrease) in cash and cash equivalents 26,321 (94) 18,353
Cash and cash equivalents, beginning of year 21,568 21,662 3,309
Cash and cash equivalents, end of year $ 47,889 $ 21,568 $ 21,662