v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net income $ 76,084 $ 86,361
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,272 16,257
Impairment of long-lived assets and other 18,334 0
Share-based compensation 5,651 3,086
Equity method investment loss 191 1,036
Deferred income taxes, including change in valuation allowance (2,112) (302)
Change in fair value of contingent consideration 4,200 0
Other, net 376 426
Changes in operating assets and liabilities, net of effects of acquisition:    
Receivables, net (14,980) (15,582)
Inventory (42,015) (30,599)
Prepaid expenses (1,517) 1,165
Income taxes payable (refundable) 2,134 (1,006)
Accounts payable (10,069) 12,613
Accrued expenses and other (2,471) 1,220
Federal and state excise taxes payable (1,908) (2,279)
Other, net 435 (143)
Net cash provided by operating activities 48,605 72,253
Cash Flows from Investing Activities    
Additions to property, plant, and equipment (42,062) (29,217)
Purchase of business, net of cash acquired (103,712) 0
Contributions to equity method investment 0 (2,232)
Other, net (916) (315)
Net cash used in investing activities (146,690) (31,764)
Cash Flows from Financing Activities    
Payment of dividends and dividend equivalents (8,006) (7,984)
Purchase of treasury stock (801) (714)
Proceeds from long-term debt 105,000 0
Principal payments on long-term debt (18,000) (2,603)
Net cash provided by (used in) financing activities 78,193 (11,301)
Effect of exchange rate changes on cash and cash equivalents 33 (82)
Increase (decrease) in cash and cash equivalents (19,859) 29,106
Cash and cash equivalents, beginning of period 47,889 21,568
Cash and cash equivalents, end of period $ 28,030 $ 50,674

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