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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 12,074 $ 3,217
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation 8,225 6,432
Amortization of intangibles 5,039 5,798
Net gain on sale of property, plant and equipment (645) (193)
Deferred income taxes (50) 661
Stock-based compensation 2,277 2,032
Impairment 986 817
Non-cash interest expense 213 296
Accounts receivable (113,524) (33,059)
Inventories (49,113) (63,422)
Prepaid expenses and other 2,913 (7,031)
Accounts payable and accrued liabilities 98,284 61,789
Other, net (1,246) 259
Net cash used in operating activities (34,567) (22,404)
Cash flows from investing activities    
Cash payments for capital expenditures (9,949) (4,165)
Proceeds from the sale of assets 1,445 203
Net cash used in investing activities (8,504) (3,962)
Cash flows from financing activities    
Proceeds from exercise of stock options 613 1,235
Dividends paid (4,337) (4,253)
Borrowings under revolving credit facilities 56,284 114
Payments under revolving credit facilities (318) (114)
Principal payments under finance lease obligations (59) (85)
Debt issuance costs paid (83) 0
Stock repurchases (8,013) (19,321)
Net cash provided by (used in) financing activities 44,087 (22,424)
Cash and cash equivalents:    
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,016 (48,790)
Cash, cash equivalents, and restricted cash at beginning of period 71,778 217,677
Cash, cash equivalents, and restricted cash at end of period 72,794 168,887
Supplemental disclosures of cash flow information:    
Cash paid for interest 273 1,436
Refunds received for income taxes (8,825) (403)
Period end balance of payables for property, plant, and equipment $ 2,960 $ 1,781