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Statements of Consolidated Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 63,337 $ 54,399 $ 35,721
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and amortization 18,914 16,430 15,564
Provision for accounts receivable allowances 3,441 2,169 2,895
Provision for inventory reserves 8,081 2,352 3,052
Deferred income taxes (2,232) (2,656) 6,544
Share-based compensation expense 4,948 4,596 4,163
Goodwill impairment 0 6,529 0
Gain from company owned life insurance policy   (4,364)  
Loss on exit of business   1,025  
Gain on sale of property and equipment (2,478) (775) (184)
Other, net 435 92 656
Changes in operating assets and liabilities      
Accounts receivable 16,969 (28,049) (11,576)
Inventories (4,952) (36,979) (24,154)
Prepaid expenses 5,961 5,051 (2,974)
Trade accounts payable and accrued liabilities 2,302 6,707 11,558
Accrued income and other taxes (937) 2,005 (4,332)
Contributions to company pension plan (1,500) (2,132)  
Other, net (4,647) (247) (3,335)
NET CASH PROVIDED BY OPERATING ACTIVITIES 107,642 26,153 33,598
INVESTING ACTIVITIES      
Capital expenditures (35,332) (40,598) (18,384)
Proceeds from the sale of property and equipment 2,631 3,169 141
Proceeds from company owned life insurance policy   6,909  
Acquisition of businesses, net of cash (12,089) (16,235)  
NET CASH USED IN INVESTING ACTIVITIES (44,790) (46,755) (18,243)
FINANCING ACTIVITIES      
(Payments) Proceeds of notes payable to banks (11,081) 2,214 376
Proceeds from long-term debt 169,172 185,016 98,919
Payments of long-term debt (186,179) (155,929) (113,537)
Dividends paid (4,106) (4,099) (4,128)
Proceeds from issuance of common shares 2,164 808 409
Purchase of common shares for treasury (728) (158) (177)
Purchase of common shares for treasury from related parties (18,164) (5,309) (5,092)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (48,922) 22,543 (23,230)
Effects of exchange rate changes on cash, cash equivalents and restricted cash 2,438 (1,108) (894)
Net increase (decrease) in cash, cash equivalents and restricted cash 16,368 833 (8,769)
Cash, cash equivalents and restricted cash at beginning of year 37,239 [1] 36,406 [1] 45,175
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR [1] $ 53,607 $ 37,239 $ 36,406
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the year ended December 31, 2021 with a term loan in the principal amount of $20.5 million. For further information regarding this transaction, refer to Note 7 of the Notes to the Consolidated Financial Statements.