XML 24 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net earnings $ 55,435 $ 90,954 $ 57,393
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:      
Depreciation and amortization 28,298 27,243 26,323
Amortization of deferred financing cost 421 228 228
Increase (decrease) to allowance for expected credit losses (757) 451 396
Increase (decrease) to inventory reserves 6,035 (585) 5,962
Customer bankruptcy charge 7,002 0 0
Intangible asset impairment 0 0 2,600
Equity income from joint ventures (3,464) (3,295) (820)
Employee Stock Ownership Plan allocation 2,296 2,513 2,301
Stock-based compensation 8,178 9,479 8,101
(Increase) in deferred income taxes (713) (1,801) (8,334)
Increase in tax valuation allowance 1,068 466 864
Loss on discontinued operations, net of tax 17,691 8,467 23,024
Change in assets and liabilities:      
(Increase) decrease in accounts receivable 6,916 28,464 (71,933)
(Increase) decrease in inventories (67,495) (107,609) 17,984
(Increase) in prepaid expenses and other current assets (5,509) (843) (370)
Increase (decrease) in accounts payable (48,604) 33,046 7,428
Increase (decrease) in sundry payables and accrued expenses (29,089) 13,430 40,651
Net changes in other assets and liabilities (5,242) (15,044) (13,902)
Net cash provided by (used in) operating activities (27,533) 85,564 97,896
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of and investments in businesses (1,934) (125,419) 0
Capital expenditures (25,956) (25,875) (17,820)
Other investing activities 73 45 21
Net cash used in investing activities (27,817) (151,249) (17,799)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings under term loan 100,000 0 0
Repayments of term loan (2,500) 0 0
Net borrowings (repayments) under revolving credit facilities 16,702 115,298 (42,460)
Net borrowings (repayments) of other debt and capital lease obligations (2,895) 3,048 (4,248)
Purchase of treasury stock (29,656) (26,862) (13,482)
Payments of debt issuance costs (2,128) 0 0
Increase (decrease) in overdraft balances (595) 247 (108)
Dividends paid (23,428) (22,179) (11,218)
Dividends paid to noncontrolling interest 0 (540) 0
Net cash provided by (used in) financing activities 55,500 69,012 (71,516)
Effect of exchange rate changes on cash (755) (1,060) 535
Net increase (decrease) in cash and cash equivalents (605) 2,267 9,116
CASH AND CASH EQUIVALENTS at beginning of year 21,755 19,488 10,372
CASH AND CASH EQUIVALENTS at end of year 21,150 21,755 19,488
Cash paid during the year for:      
Interest 9,892 1,721 2,187
Income taxes $ 25,015 $ 26,323 $ 24,640