XML 16 R5.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 17,678 $ 14,917
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,870 6,040
Provision (benefit) for doubtful accounts 289 (234)
Provision for warranties 3,615 4,146
Deferred compensation provision 380 392
Stock-based compensation 511 359
Tax benefit from stock incentive plans 0 (347)
Deferred income tax benefit 0 (2,013)
Gain on disposition of fixed assets (71) (13)
Distributions to SERP participants (92) 0
Change in operating assets and liabilities:    
Sale (purchase) of trading securities, net (678) 327
Trade and other receivables (17,667) (22,001)
Inventories (4,728) (474)
Prepaid expenses (4,042) 2,561
Other assets 1,384 1,952
Accounts payable 8,193 5,233
Accrued product warranty (2,357) (3,384)
Customer deposits 22,138 (10,902)
Prepaid and income taxes payable, net 9,745 10,544
Other 4,895 (507)
Net cash provided by operating activities 45,063 6,596
Cash flows from investing activities:    
Expenditures for property and equipment (5,054) (6,873)
Proceeds from sale of property and equipment 111 55
Other (12) 0
Net cash used by investing activities (4,955) (6,818)
Cash flows from financing activities:    
Payment of dividends (2,304) (2,296)
Borrowings under bank loans 1,394 51,098
Repayments of bank loans (1,120) (50,012)
Tax benefit from stock issued under incentive plans 0 347
Sale (purchase) of Company shares held by SERP, net (20) 2,003
Withholding tax paid upon vesting of restricted stock units (1,022) (600)
Net cash provided (used) by financing activities (3,072) 540
Effect of exchange rates on cash 347 (877)
Net increase (decrease) in cash and cash equivalents 37,383 (559)
Cash and cash equivalents, beginning of period 25,062 13,023
Cash and cash equivalents, end of period $ 62,445 $ 12,464