XML 18 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 7,989 $ 15,734
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 6,016 5,631
Amortization of deferred financing cost 86 86
Increase to allowance for doubtful accounts 110 534
Increase to inventory reserves 1,223 981
Amortization of deferred gain on sale of building (218) (262)
Equity (income) loss from joint ventures 171 (718)
Employee stock ownership plan allocation 639 540
Stock-based compensation 1,917 1,862
(Increase) decrease in deferred income taxes (77) 214
Loss on discontinued operations, net of tax 608 633
Change in assets and liabilities:    
Increase in accounts receivable (20,367) (45,325)
Increase in inventories (3,390) (19,344)
Decrease in prepaid expenses and other current assets 1,559 2,065
Increase in accounts payable 10,674 13,664
Decrease in sundry payables and accrued expenses (12,997) (2,269)
Net changes in other assets and liabilities (95) (910)
Net cash used in operating activities (6,152) (26,884)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of and investments in businesses (6,472) 0
Capital expenditures (6,903) (3,234)
Other investing activities 0 2
Net cash used in investing activities (13,375) (3,232)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings under line-of-credit agreements 33,000 27,234
Net borrowings (payments) of other debt and capital lease obligations 1,054 (10)
Purchase of treasury stock (3,221) (1,267)
Increase in overdraft balances 1,885 3,650
Dividends paid (4,721) (4,338)
Net cash provided by financing activities 27,997 25,269
Effect of exchange rate changes on cash 433 632
Net increase (decrease) in cash and cash equivalents 8,903 (4,215)
CASH AND CASH EQUIVALENTS at beginning of period 17,323 19,796
CASH AND CASH EQUIVALENTS at end of period 26,226 15,581
Cash paid during the period for:    
Interest 480 328
Income taxes 671 1,407
Noncash investing activity:    
Accrual for additional investment in China joint venture $ 3,473 $ 0