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Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES    
Net income $ 17,733 $ 21,318
Adjustments to reconcile net income to net cash provided by (used in) operations:    
Depreciation and amortization 9,844 9,295
Provision for accounts receivable allowances 1,327 853
Provision for inventory reserves 1,288 1,728
Deferred income taxes (1,503) (480)
Share-based compensation expense 3,344 2,301
Gain on sale of property and equipment (47) (147)
Other - net (35) 152
Changes in operating assets and liabilities    
Accounts receivable (12,865) (17,471)
Inventories (6,891) (9,912)
Trade accounts payable and accrued liabilities 11,591 8,870
Income taxes - net 1,880 (726)
Contributions to company pension plan 0 (5,340)
Other - net (4,997) (3,354)
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,669 7,087
INVESTING ACTIVITIES    
Capital expenditures (21,950) (7,292)
Proceeds from the sale of property and equipment 48 3
Purchase of marketable securities (496) (4,690)
Proceeds from marketable securities 2,309 2,953
Purchase of company owned life insurance policy (2,309) (2,953)
Acquisition of businesses, net of cash acquired (18,894) 0
NET CASH USED IN INVESTING ACTIVITIES (41,292) (11,979)
FINANCING ACTIVITIES    
(Decrease) increase in notes payable to banks (1,478) 3,131
Proceeds from long-term debt 70,730 57,488
Payments of long-term debt (41,578) (59,295)
Dividends paid (3,226) (3,121)
Proceeds from issuance of common shares 29 1,146
Purchase of common shares for treasury (2,397) (155)
Purchase of common shares for treasury from related parties (2,104) (3,971)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 19,976 (4,777)
Effects of exchange rate changes on cash and cash equivalents (1,778) (1,569)
Net (decrease) increase in cash, cash equivalents and restricted cash (2,425) (11,238)
Cash, cash equivalents and restricted cash at beginning of year 43,910 45,579
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD [1] $ 41,485 $ 34,341
[1] Includes restricted cash of $.3 million at both September 30, 2019 and December 31, 2018. For further information regarding restricted cash, refer to Note P, “Debt Arrangements.”