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Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 41,883 $ 26,022
Adjustments to reconcile net income to net cash provided by (used in) operations:    
Depreciation and amortization 8,964 6,874
Deferred income taxes (2,011) (2,591)
Share-based compensation expense 2,791 1,913
Loss on exit of business   1,196
Loss (gain) on sale of property and equipment 44 (842)
Gain from company owned life insurance policy   (4,364)
Other, net 4,096 659
Changes in operating assets and liabilities: (9,917) (35,044)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 45,850 (6,177)
INVESTING ACTIVITIES    
Capital expenditures (17,177) (13,809)
Proceeds from the sale of property and equipment 129 3,157
Proceeds from company owned life insurance policy   6,909
Acquisition of businesses, net of cash (12,089) (12,990)
NET CASH USED IN INVESTING ACTIVITIES (29,137) (16,733)
FINANCING ACTIVITIES    
(Payments) proceeds of notes payable to banks (4,243) 856
Proceeds from long-term debt 104,183 83,352
Payments of long-term debt (100,283) (64,940)
Dividends paid (2,143) (2,061)
Proceeds from issuance of common shares 664 117
Purchase of common shares for treasury (116) (66)
Purchase of common shares for treasury from related parties (9,724) (1,729)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (11,662) 15,529
Effects of exchange rate changes on cash, cash equivalents and restricted cash 870 1,078
Net increase (decrease) in cash, cash equivalents and restricted cash 5,921 (6,303)
Cash, cash equivalents and restricted cash at beginning of year 37,239 36,406
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 43,160 $ 30,103