XML 70 R6.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 8,627 $ 12,216
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 6,539 6,178
Amortization of deferred financing cost 57 56
Increase to allowance for doubtful accounts 299 920
Increase to inventory reserves 1,403 357
Equity (income) from joint ventures (6) (661)
Employee Stock Ownership Plan allocation 575 630
Stock-based compensation 2,103 1,900
Decrease in deferred income taxes 609 1,213
Loss on discontinued operations, net of tax 994 888
Change in assets and liabilities:    
Increase in accounts receivable (32,681) (22,252)
Increase in inventories (5,339) (14,656)
(Increase) decrease in prepaid expenses and other current assets 1,303 (282)
Increase (decrease) in accounts payable (11,883) 1,181
Decrease in sundry payables and accrued expenses (2,684) (12,911)
Net changes in other assets and liabilities (2,705) (1,503)
Net cash used in operating activities (32,789) (26,726)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net proceeds from sale of Grapevine, Texas facility 0 4,801
Capital expenditures (4,422) (3,084)
Other investing activities 6 29
Net cash provided by (used in) investing activities (4,416) 1,746
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings under line-of-credit agreements 52,540 35,029
Net borrowings (payments) of other debt and capital lease obligations 528 (271)
Purchase of treasury stock (8,726) (5,835)
Increase in overdraft balances 1,248 1,409
Dividends paid (5,615) (5,159)
Net cash provided by financing activities 39,975 25,173
Effect of exchange rate changes on cash 126 415
Net increase in cash and cash equivalents 2,896 608
CASH AND CASH EQUIVALENTS at beginning of period 10,372 11,138
CASH AND CASH EQUIVALENTS at end of period 13,268 11,746
Cash paid during the period for:    
Interest 811 974
Income taxes $ 937 $ 2,156