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Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 12,301 $ 7,177
Adjustments to net cash provided by (used in) operations:    
Depreciation and amortization 3,021 3,145
Deferred income taxes (563) 4,921
Share-based compensation expense 1,023 1,034
Loss on exit of business 989 0
Gain on sale of property and equipment (792) (16)
Gain from company-owned life insurance policy (4,364) 0
Other - net 630 318
Changes in operating assets and liabilities (17,420) (3,343)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (5,175) 13,236
INVESTING ACTIVITIES    
Capital expenditures [1] (8,010) (3,469)
Proceeds from the sale of property and equipment [1] 3,157 4
Proceeds from company-owned life insurance policy [1] 6,909 0
Acquisition of businesses, net of cash [1] (12,990) 0
NET CASH USED IN INVESTING ACTIVITIES [1] (10,934) (3,465)
FINANCING ACTIVITIES    
Decrease in notes payable to banks [1] (2,656) (3,811)
Proceeds from long-term debt [1] 49,958 15,242
Payments of long-term debt [1] (29,494) (27,106)
Dividends paid [1] (1,031) (1,131)
Proceeds from issuance of common shares [1] 116 0
Purchase of common shares for treasury [1] (66) 0
Purchase of common shares for treasury from related parties [1] (1,729) (3,678)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES [1] 15,098 (20,484)
Effects of exchange rate changes on cash, cash equivalents and restricted cash (765) 223
Net decrease in cash, cash equivalents and restricted cash (1,776) (10,490)
Cash, cash equivalents and restricted cash at beginning of year 36,406 45,175
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 34,630 $ 34,685
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the three months ended March 31, 2021 with a term loan in the principal amount of $20.5 million. For further information regarding this transaction, refer to Note L, “Debt Arrangements.”