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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 72,224 $ 48,219
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 20,160 19,313
Amortization of deferred financing cost 171 171
Increase to allowance for doubtful accounts 381 389
Increase (decrease) to inventory reserves (443) 4,624
Equity income from joint ventures (2,419) (810)
Employee stock ownership plan allocation 1,885 1,726
Stock-based compensation 7,189 6,067
(Increase) decrease in deferred income taxes 1 (2,525)
Loss on discontinued operations, net of tax 7,139 9,456
Change in assets and liabilities:    
(Increase) in accounts receivable (15,343) (83,878)
(Increase) decrease in inventories (52,742) 53,330
Decrease in prepaid expenses and other current assets 2,324 5,634
Increase (decrease) in accounts payable 24,228 (13,117)
Increase in sundry payables and accrued expenses 18,905 31,725
Net change in other assets and liabilities (4,522) (1,719)
Net cash provided by operating activities 79,138 78,605
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of and investments in businesses (124,663) 0
Capital expenditures (19,406) (13,170)
Other investing activities 29 14
Net cash used in investing activities (144,040) (13,156)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings (payments) under line-of-credit agreements 118,938 (44,044)
Net borrowings (payments) of other debt and finance lease obligations 2,916 (808)
Purchase of treasury stock (26,518) (8,726)
Increase in overdraft balances 455 86
Dividends paid (16,678) (5,615)
Net cash provided by (used in) financing activities 79,113 (59,107)
Effect of exchange rate changes on cash (555) 67
Net increase in cash and cash equivalents 13,656 6,409
CASH AND CASH EQUIVALENTS at beginning of period 19,488 10,372
CASH AND CASH EQUIVALENTS at end of period 33,144 16,781
Cash paid during the period for:    
Interest 1,094 2,023
Income taxes $ 18,361 $ 9,777