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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 46,942 $ 43,499
Adjustment to reconcile net income to net cash (used in) provided by operating activities:    
Provision for doubtful accounts 315 115
Depreciation - Property, plant and equipment 10,648 10,546
Depreciation - Rental equipment 3,765 4,418
Amortization of intangibles 7,679 7,321
Amortization of debt issuance 334 334
Stock-based compensation expense 3,121 2,556
Provision for deferred income tax (benefit) 349 500
Gain on sale of property, plant and equipment (69) (4,160)
Changes in operating assets and liabilities:    
Accounts receivable (74,024) (43,235)
Inventories (37,185) (34,621)
Rental equipment (2,501) (772)
Prepaid expenses and other assets (2,992) (13)
Trade accounts payable and accrued liabilities 2,263 27,283
Income taxes payable (1,028) (3,414)
Long-term tax payable (1,972) 454
Other assets and long-term liabilities, net 966 (1,415)
Net cash (used in) provided by operating activities (43,389) 9,396
Investing Activities    
Acquisitions, net of cash acquired (2,000) 0
Purchase of property, plant and equipment (14,965) (9,357)
Proceeds from sale of property, plant and equipment 181 9,312
Net cash used in investing activities (16,784) (45)
Financing Activities    
Borrowings on bank revolving credit facility 162,000 103,000
Repayments on bank revolving credit facility (53,000) (66,000)
Principal payments on long-term debt and finance leases (7,521) (7,537)
Dividends paid (4,272) (3,311)
Proceeds from exercise of stock options 547 1,403
Common stock repurchased (712) (1,229)
Net cash provided by financing activities 97,042 26,326
Effect of exchange rate changes on cash and cash equivalents (3,090) (242)
Net change in cash and cash equivalents 33,779 35,435
Cash and cash equivalents at beginning of the year 42,115 50,195
Cash and cash equivalents at end of the period 75,894 85,630
Cash paid during the period for:    
Interest 5,998 5,207
Income taxes $ 17,615 $ 15,647