XML 23 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net earnings $ 16,699 $ 16,993 $ 18,153
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities -      
Depreciation 3,956 3,670 3,612
Amortization 349 387 426
Bad debt expense 621 76 235
Deferred income taxes 2,187 (2,645) 346
Net gain on remeasurement of contingent consideration 0 0 (458)
Net foreign currency transaction (gains) losses (146) (513) 961
Stock-based compensation 1,622 1,559 1,559
Pension contributions (4,000) (2,400) (2,633)
Pension expense [1] 995 3,184 3,699
Impairment of property, plant and equipment 0 113 0
Impairment of trademark 0 1,770 0
Increase in cash surrender value of life insurance (517) (573) (573)
Changes in operating assets and liabilities -      
Accounts receivable 637 3,179 1,009
Inventories 9,634 27,313 (28,282)
Prepaid expenses and other assets 486 (1,595) 2,237
Accounts payable (2,813) (1,378) (1,995)
Accrued liabilities and other 3,720 (1,447) (3,587)
Accrued income taxes 124 (811) (105)
Excess tax benefits from stock-based compensation (37) 0 0
Net cash provided by (used for) operating activities 33,517 46,882 (5,396)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of marketable securities (15,597) (6,287) (3,033)
Proceeds from maturities of marketable securities 17,565 5,745 8,191
Life insurance premiums paid (155) (155) (155)
Purchases of property, plant and equipment (1,578) (5,992) (2,481)
Net cash provided by (used for) investing activities 235 (6,689) 2,522
CASH FLOWS FROM FINANCING ACTIVITIES:      
Cash dividends paid (8,877) (8,720) (8,452)
Cash dividends paid to noncontrolling interest of subsidiary (204) (170) 0
Shares purchased and retired (15,190) (10,967) (9,858)
Proceeds from stock options exercised 4,284 2,994 6,144
Taxes paid related to the net share settlement of equity awards (154) (11) (331)
Payment of contingent consideration 0 (5,217) 0
Proceeds from bank borrowings 31,570 121,959 160,534
Repayments of bank borrowings (35,838) (144,340) (139,290)
Excess tax benefits from stock-based compensation 0 20 391
Net cash (used for) provided by financing activities (24,409) (44,452) 9,138
Effect of exchange rate changes on cash and cash equivalents 400 43 (837)
Net increase (decrease) in cash and cash equivalents 9,743 (4,216) 5,427
CASH AND CASH EQUIVALENTS at beginning of year 13,710 17,926 12,499
CASH AND CASH EQUIVALENTS at end of year 23,453 13,710 17,926
SUPPLEMENTAL CASH FLOW INFORMATION:      
Income taxes paid, net of refunds 4,901 8,505 10,341
Interest paid $ 15 $ 436 $ 181
[1] The decrease in net periodic pension cost in 2017 was a result of freezing benefit accruals under the plan, effective December 31, 2016.