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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 19,438 $ 21,000
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 6,952 6,514
Amortization of deferred financing cost 67 57
Increase to allowance for expected credit losses 200 81
Increase to inventory reserves 1,188 47
Equity income from joint ventures (939) (363)
Employee Stock Ownership Plan allocation 574 628
Stock-based compensation 1,980 1,796
Decrease in deferred income taxes 188 1,065
Loss on discontinued operations, net of tax 1,116 1,164
Change in assets and liabilities:    
(Increase) decrease in accounts receivable (44,706) 23,533
Increase in inventories (67,662) (46,255)
Decrease in prepaid expenses and other current assets 2,171 3,753
Increase in accounts payable 1,942 8,419
Decrease in sundry payables and accrued expenses (21,226) (29,549)
Net change in other assets and liabilities (5,245) (3,288)
Net cash used in operating activities (103,962) (11,398)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of and investments in businesses, net of cash acquired 0 (2,081)
Capital expenditures (6,449) (4,966)
Other investing activities 0 2
Net cash used in investing activities (6,449) (7,045)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings under line-of-credit agreements 120,152 30,968
Net borrowings of other debt and lease obligations 188 1,440
Purchase of treasury stock (6,517) (11,096)
Increase in overdraft balances 444 373
Dividends paid (5,935) (5,588)
Net cash provided by financing activities 108,332 16,097
Effect of exchange rate changes on cash 323 (42)
Net decrease in cash and cash equivalents (1,756) (2,388)
CASH AND CASH EQUIVALENTS at beginning of period 21,755 19,488
CASH AND CASH EQUIVALENTS at end of period 19,999 17,100
Cash paid during the period for:    
Interest 644 147
Income taxes $ 3,793 $ 1,666