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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 8,975 $ 36,039
Adjustments to reconcile net income to cash used in operating activities    
Depreciation and amortization 10,269 9,797
Unrealized foreign exchange gains (200) (61)
Amortization of debt issuance costs 213 369
Share-based compensation 2,187 1,785
Gain on disposals of property, plant and equipment (2) 0
Deferred income taxes (1,194) 5,889
Changes in operating assets and liabilities    
Accounts receivable (102,181) (146,894)
Inventories 19,092 17,373
Accounts payable (2,652) 4,491
Accrued taxes (2,125) (7,941)
Other assets and liabilities (4,894) (10,912)
Cash flows used in operating activities (72,512) (90,065)
Cash flows from investing activities    
Additions to property, plant and equipment (5,741) (5,462)
Cash flows used in investing activities (5,741) (5,462)
Cash flows from financing activities    
Proceeds from short-term borrowings, net 125,133 140,778
Repayments of term loan facility (4,375) (7,031)
Repayments of delayed draw term loan A facility 0 (1,875)
Purchases of common stock (6,976) 0
Debt issuance costs (14) 0
Dividends paid on common stock (11,521) (11,872)
Payment of employee restricted stock tax withholdings (380) (10,924)
Cash flows provided by financing activities 101,867 109,076
Effect of foreign exchange rate changes on cash and restricted cash (1,874) 314
Net increase in cash and restricted cash 21,740 13,863
Cash and restricted cash, beginning of year 34,184 31,014
Cash and restricted cash, end of period 55,924 44,877
Supplemental information    
Non-cash additions to property, plant and equipment 1,161 222
Non-cash additions to right-of-use assets obtained in exchange for operating lease obligations 2,020 1,635
Non-cash additions to right-of-use assets obtained in exchange for finance lease obligations 357 0
Dividend equivalents rights (DERs) declared not paid 231 198
Share repurchase liability (Note 9) $ 6,976 $ 0