XML 23 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Statement of Cash Flows [Abstract]      
Net income $ 89,734 $ 67,888 $ 63,531
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of assets (780) (389) (325)
Depreciation and amortization 27,927 26,821 27,918
Write-off of software development project 2,212 3,140 0
Impairment of goodwill 0 0 530
Gain on contingent consideration adjustment 0 (245) (545)
Deferred income taxes (869) 2,537 2,181
Noncash compensation related to stock plans 13,946 11,958 13,190
Excess tax benefit of options exercised (273) (78) (79)
Provision for (recovery of) doubtful accounts (83) 440 151
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Trade accounts receivable (7,548) (16,818) (4,568)
Inventories (36,617) 17,208 (22,428)
Other current assets (2,180) 6,274 (3,683)
Other noncurrent assets 336 (1,301) (600)
Trade accounts payable 5,785 (1,035) (11,266)
Accrued liabilities 272 (5,148) 2,270
Accrued profit sharing trust contributions 757 417 (382)
Accrued cash profit sharing and commissions 2,064 2,530 81
Other long-term liabilities 242 (2,930) 2,607
Accrued workers’ compensation (1,024) 492 (490)
Income taxes payable 1,046 2,446 (872)
Net cash provided by operating activities 94,947 114,207 67,221
Cash flows from investing activities      
Capital expenditures (42,002) (34,186) (23,715)
Business acquisitions, net of cash acquired (5,361) (4,179) (220)
Invest in Equity Investments (2,500) 0 0
Loan made to customer 0 0 (281)
Loan repayment by customer 0 244 39
Proceeds from sale of assets 1,320 293 672
Net cash used in investing activities (48,543) (37,828) (23,505)
Cash flows from financing activities      
Repayment of line of credit and other borrowings 0 (17) (77)
Contingent consideration of asset acquisitions (27) (1,177) (1,293)
Debt issuance costs (1,125) 0 0
Repurchase of common stock (53,502) (47,144) (2,981)
Issuance of Company’s common stock 7,976 9,720 4,582
Issuance of Company’s common stock 273 78 79
Dividends paid (32,711) (29,352) (25,918)
Net cash used in financing activities (79,116) (67,892) (25,608)
Effect of exchange rate changes on cash 424 (9,969) (9,009)
Net increase (decrease) in cash and cash equivalents (32,288) (1,482) 9,099
Cash and cash equivalents at beginning of year 258,825 260,307 251,208
Cash and cash equivalents at end of year 226,537 258,825 260,307
Cash paid during the year for      
Interest 284 249 117
Income taxes 49,425 34,008 34,977
Noncash activity during the year for      
Capital expenditures 2,318 1,214 1,031
Stock-based compensation 315 552 402
Dividends declared but not paid 8,535 7,716 6,843
Contribution in excess of pension benefit cost $ 0 $ 0 $ 39