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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net income $ 62,996 $ 62,733
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,490 10,924
Share-based compensation 3,637 2,131
Equity method investment loss 579 180
Deferred income taxes, including change in valuation allowance 2,129 125
Other, net 206 (98)
Changes in operating assets and liabilities, net of effects of acquisition:    
Receivables, net (35,833) (13,142)
Inventory (41,020) (27,508)
Prepaid expenses (2,076) 266
Income taxes payable (refundable) 2,010 141
Accounts payable 22,328 11,438
Accrued expenses and other (7,048) (4,791)
Federal and state excise taxes payable 1,319 681
Other, net 439 (61)
Net cash provided by operating activities 20,156 43,019
Cash Flows from Investing Activities    
Additions to property, plant, and equipment (30,055) (18,087)
Purchase of business, net of cash acquired (104,398) 0
Contributions to equity method investment 0 (1,028)
Other, net (1,136) (369)
Net cash used in investing activities (135,589) (19,484)
Cash Flows from Financing Activities    
Payment of dividends and dividend equivalents (5,337) (5,322)
Purchase of treasury stock (801) (713)
Proceeds from long-term debt 105,000 0
Principal payments on long-term debt (9,400) (1,614)
Net cash provided by (used in) financing activities 89,462 (7,649)
Effect of exchange rate changes on cash and cash equivalents 41 (39)
Increase (decrease) in cash and cash equivalents (25,930) 15,847
Cash and cash equivalents, beginning of period 47,889 21,568
Cash and cash equivalents, end of period $ 21,959 $ 37,415