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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 48,219 $ 46,399
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 19,313 19,261
Amortization of deferred financing cost 171 169
Increase to allowance for doubtful accounts 389 301
Increase to inventory reserves 4,624 3,006
Equity income from joint ventures (810) (2,630)
Employee stock ownership plan allocation 1,726 1,889
Stock-based compensation 6,067 5,742
Increase (decrease) in deferred income taxes (2,525) 3,232
Loss on discontinued operations, net of tax 9,456 9,914
Change in assets and liabilities:    
Increase in accounts receivable (104,020) (16,583)
Decrease in inventories 53,330 11,824
(Increase) decrease in prepaid expenses and other current assets 5,634 (6,502)
Decrease in accounts payable (13,117) (24,107)
Increase (decrease) in sundry payables and accrued expenses 51,867 (2,551)
Net change in other assets and liabilities (1,719) (6,260)
Net cash provided by operating activities 78,605 43,104
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of and investments in businesses 0 (43,490)
Net proceeds from sale of Grapevine, Texas facility 0 4,801
Capital expenditures (13,170) (12,329)
Other investing activities 14 47
Net cash used in investing activities (13,156) (50,971)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings (payments) under line-of-credit agreements (44,044) 34,523
Net borrowings (payments) of other debt and capital lease obligations (808) 133
Purchase of treasury stock (8,726) (10,738)
Increase in overdraft balances 86 1,109
Dividends paid (5,615) (15,429)
Net cash provided by (used in) financing activities (59,107) 9,598
Effect of exchange rate changes on cash 67 390
Net increase in cash and cash equivalents 6,409 2,121
CASH AND CASH EQUIVALENTS at beginning of period 10,372 11,138
CASH AND CASH EQUIVALENTS at end of period 16,781 13,259
Cash paid during the period for:    
Interest 2,023 4,083
Income taxes $ 9,777 $ 18,114