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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 income $ 11,195 $ 29,851 $ 25,188
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 21,158 11,914 12,692
LIFO expense 18,041 6,669 969
Pension expense 9,985 4,989 7,489
Contributions to pension plan (2,250) (2,000) (2,000)
Stock based compensation 2,957 2,396 42
Amortization of debt issuance fees 1,717 0 0
Deferred income tax charge (benefit) (1,086) 50 544
Other (128) (103) 11
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net (13,954) (8,702) 15,247
Inventories, net (32,772) (10,959) (6,279)
Accounts payable (2,250) 8,717 (6,845)
Commissions payable 2,051 2,718 (1,565)
Deferred revenue and customer deposits (2,329) 1,351 2,953
Accrued expenses and other (557) (1,631) 5,162
Income taxes 1,907 178 (2,446)
Net cash provided by operating activities 13,685 45,438 51,162
Cash flows from investing activities:      
Capital additions (17,986) (9,751) (7,999)
Acquisitions 527,993 (0) (0)
Other 306 582 295
Net cash used for investing activities (545,673) (9,169) (7,704)
Cash flows from financing activities:      
Cash dividends (17,872) (16,586) (15,394)
Treasury share repurchases (918) (1,245) (361)
Proceeds from bank borrowings 457,000 0 0
Payments to banks for borrowings 8,750 (0) (0)
Debt issuance fees 15,217 (0) (0)
Other (130) (722) (381)
Net cash provided by (used for) financing activities 414,113 (18,553) (16,136)
Effect of exchange rate changes on cash (536) (725) 326
Net increase (decrease) in cash and cash equivalents (118,411) 16,991 27,648
Cash and cash equivalents:      
Beginning of year 125,194 108,203 80,555
End of period $ 6,783 $ 125,194 $ 108,203