XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 28,181 $ 15,286
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation 16,506 17,735
Amortization 5,356 4,259
Provision for doubtful accounts 120 40
Deferred income taxes (3,100) (944)
Loss (gain) on the sale of property, plant and equipment (239) 14
Gain on assets held for sale (393) 0
Stock-based compensation expense 8,487 6,863
Changes in operating assets and liabilities    
Accounts receivable (91,200) 18,959
Contract assets (23,929) (11,850)
Inventories (146,178) (88,634)
Prepaid expenses and other assets (8,794) (8,372)
Accounts payable 69,943 92,677
Advance payments from customers 55,433 4,563
Accrued liabilities (12,177) (11,854)
Operating leases (470) (485)
Income taxes 8,944 2,016
Net cash (used in) provided by operations (93,510) 40,273
Cash flows from investing activities:    
Additions to property, plant and equipment (23,201) (16,681)
Proceeds from the sale of property, plant and equipment 280 116
Proceeds from the sale of assets held for sale 5,372 0
Additions to purchased software (1,770) (1,938)
Other 5 72
Net cash used in investing activities (19,314) (18,431)
Cash flows from financing activities:    
Debt issuance costs (555) 0
Proceeds from stock options exercised 459 346
Employee taxes paid for with shares withheld (3,014) (2,973)
Dividends paid (11,628) (11,577)
Borrowings under credit agreement 398,000 0
Principal payments on credit agreement (263,000) (3,750)
Principal payments on finance leases (82) (793)
Share repurchases (9,391) (30,319)
Net cash provided by (used in) financing activities 110,789 (49,066)
Effect of exchange rate changes (5,795) 1,677
Net decrease in cash and cash equivalents and restricted cash (7,830) (25,547)
Cash and cash equivalents and restricted cash at beginning of year 271,749 395,990
Cash and cash equivalents and restricted cash at end of period $ 263,919 $ 370,443