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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net income $ 107,130 $ 108,872 $ 90,817
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 22,113 21,455 19,092
Impairment of long-lived assets and other 19,391 0 0
Gain on insurance recoveries 0 0 (16,325)
Share-based compensation 10,635 5,502 5,555
Equity method investment loss 337 2,220 1,611
Deferred income taxes, including change in valuation allowance (4,041) 1,011 6,772
Change in fair value of contingent consideration 7,100 0 0
Other, net 728 194 145
Changes in operating assets and liabilities, net of effects of acquisitions:      
Receivables, net (32,397) (16,786) (6,031)
Inventory (46,921) (44,350) (14,214)
Prepaid expenses (481) (1,468) 2,586
Income taxes payable (refundable) 3,136 1,212 (6,242)
Accounts payable (2,406) 10,626 5,301
Accrued expenses and other 348 1,984 738
Federal and state excise taxes payable (2,375) (2,365) (1,467)
Other, net 1,486 829 (75)
Net cash provided by operating activities 83,783 88,936 88,263
Cash Flows from Investing Activities      
Additions to property, plant, and equipment (55,267) (45,323) (47,389)
Purchase of business, net of cash acquired (103,712) 0 (149,005)
Contributions to equity method investments 0 (2,810) (1,470)
Proceeds from property insurance recoveries 0 0 16,325
Other, net (263) 320 (1,080)
Net cash used in investing activities (159,242) (47,813) (182,619)
Cash Flows from Financing Activities      
Payment of dividends and dividend equivalents (10,675) (10,646) (10,017)
Purchase of treasury stock (801) (715) (767)
Loan fees incurred with borrowings 0 0 (7,050)
Principal payments on long-term debt (5,600) (3,403) (1,620)
Proceeds from credit agreement - revolver 105,000 0 242,300
Payments on credit agreement - revolver (42,000) 0 (242,300)
Proceeds from convertible senior notes 0 0 201,250
Payment on assumed debt as part of the Merger 0 0 (87,509)
Net cash provided by (used in) financing activities 45,924 (14,764) 94,287
Effect of exchange rate changes on cash and cash equivalents 34 (38) (25)
Increase (decrease) in cash and cash equivalents (29,501) 26,321 (94)
Cash and cash equivalents, beginning of year 47,889 21,568 21,662
Cash and cash equivalents, end of year $ 18,388 $ 47,889 $ 21,568