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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 51,396 $ 12,074
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation 6,493 8,225
Amortization of intangibles 3,203 5,039
Net gain on sale of property, plant and equipment 0 (645)
Deferred income taxes 39 (50)
Stock-based compensation 2,766 2,277
Impairment 0 986
Non-cash interest expense 244 213
Accounts receivable (1,021) (113,524)
Inventories (71,773) (49,113)
Prepaid expenses and other (3,156) 2,913
Accounts payable and accrued liabilities 81,735 98,284
Other, net (442) (1,246)
Net cash provided by (used in) operating activities 69,484 (34,567)
Cash flows from investing activities    
Cash payments for capital expenditures (31,423) (9,949)
Proceeds from the sale of assets 0 1,445
Net cash used in investing activities (31,423) (8,504)
Cash flows from financing activities    
Proceeds from exercise of stock options 144 613
Dividends paid (4,551) (4,337)
Borrowings under revolving credit facilities 43,294 56,284
Payments under revolving credit facilities (43,294) (318)
Principal payments under finance lease obligations 0 (59)
Debt issuance costs paid (88) (83)
Stock repurchases (23,566) (8,013)
Net cash (used in) provided by financing activities (28,061) 44,087
Cash and cash equivalents:    
Net increase in cash, cash equivalents, and restricted cash 10,000 1,016
Cash, cash equivalents, and restricted cash at beginning of period 58,245 71,778
Cash, cash equivalents, and restricted cash at end of period 68,245 72,794
Supplemental disclosures of cash flow information:    
Cash paid for interest 231 273
Net refunds received for income taxes (19) (8,825)
Period end balance of payables for property, plant, and equipment $ 10,975 $ 2,960