XML 18 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Statement of Cash Flows [Abstract]    
Net income $ 42,544 $ 31,560
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of assets (682) (31)
Depreciation and amortization 14,878 14,716
Write-off of software development project 153 0
Gain on contingent consideration adjustment 0 (245)
Deferred income taxes 1,512 2,286
Noncash compensation related to stock plans 6,323 6,588
Excess tax benefit of options exercised and restricted stock units vested (41) (60)
Provision (recovery) for doubtful accounts (171) 17
Changes in operating assets and liabilities, net of acquisitions:    
Trade accounts receivable (39,030) (50,480)
Inventories (22,043) 2,092
Trade accounts payable 6,203 4,651
Income taxes payable 8,187 9,363
Accrued profit sharing trust contributions (2,102) (2,211)
Accrued cash profit sharing and commissions 7,105 7,705
Other current assets (849) 1,009
Accrued liabilities (4,121) (3,499)
Long-term liabilities (3,423) (269)
Accrued workers’ compensation (439) 356
Other noncurrent assets 3,739 1,204
Net cash provided by operating activities 17,743 24,752
Cash flows from investing activities    
Capital expenditures (17,549) (13,534)
Asset acquisitions, net of cash acquired 0 (779)
Proceeds from sale of property and equipment 1,198 113
Loan repayment by customer 0 243
Net cash used in investing activities (16,351) (13,957)
Cash flows from financing activities    
Deferred and contingent consideration paid for asset acquisition (27) (1,177)
Repurchase of common stock (3,502) (8,464)
Repayment of debt and line of credit borrowings 0 (17)
Issuance of common stock 2,525 5,576
Excess tax benefit of options exercised and restricted stock units vested 41 60
Dividends paid (15,442) (13,768)
Net cash used in financing activities (16,405) (17,790)
Effect of exchange rate changes on cash and cash equivalents 2,525 (4,700)
Net decrease in cash and cash equivalents (12,488) (11,695)
Cash and cash equivalents at beginning of period 258,825 260,307
Cash and cash equivalents at end of period 246,337 248,612
Noncash activity during the period    
Dividends declared but not paid 8,712 7,896
Issuance of Company’s common stock for compensation $ 315 $ 552