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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 27,866 $ 47,547
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:    
Depreciation and amortization 21,461 20,895
Amortization of deferred financing cost 370 294
Increase (decrease) to allowance for expected credit losses 333 (561)
Increase to inventory reserves 2,010 4,354
Equity income from joint ventures (2,181) (3,553)
Employee stock ownership plan allocation 2,225 1,722
Stock-based compensation 5,243 6,327
(Increase) decrease in deferred income taxes (3,299) 245
Loss on discontinued operations, net of tax 28,201 17,076
Change in assets and liabilities:    
(Increase) in accounts receivable (38,850) (51,887)
(Increase) decrease in inventories 54,286 (75,300)
(Increase) decrease in prepaid expenses and other current assets 2,916 (6,270)
Increase (decrease) in accounts payable 15,852 (31,844)
Increase in sundry payables and accrued expenses 12,345 3,807
Net change in other assets and liabilities 4,115 (8,327)
Net cash provided by (used in) operating activities 132,893 (75,475)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of and investment in businesses (3,954) 0
Cash acquired in step acquisition 6,779 0
Capital expenditures (17,977) (19,499)
Other investing activities 95 12
Net cash used in investing activities (15,057) (19,487)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings under the term loan 0 100,000
Repayments of term loan (3,750) (1,250)
Net borrowings (repayments) under revolving credit facilities (88,350) 44,452
Net repayments of other debt and lease obligations (49) (1,745)
Purchase of treasury stock 0 (29,656)
Payments of debt issuance costs 0 (2,128)
Increase (decrease) in overdraft balances 253 (54)
Dividends paid (18,846) (17,602)
Dividends paid to noncontrolling interest (255) 0
Net cash provided by (used in) financing activities (110,997) 92,017
Effect of exchange rate changes on cash 496 (1,285)
Net increase (decrease) in cash and cash equivalents 7,335 (4,230)
CASH AND CASH EQUIVALENTS at beginning of period 21,150 21,755
CASH AND CASH EQUIVALENTS at end of period 28,485 17,525
Cash paid during the period for:    
Interest 11,749 5,828
Income taxes $ 11,352 $ 21,837