XML 39 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Interim Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating Activities    
Net income $ 29,800 $ 30,070
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 304 (73)
Depreciation 7,764 6,585
Amortization of intangibles 676 0
Amortization of debt issuance 130 95
Stock-based compensation expense 1,801 1,146
Excess tax benefits from stock-based payment arrangements (437) (221)
Provision for deferred income tax (benefit) expense (2,808) (983)
Gain on sale of property, plant and equipment (936) (253)
Changes in operating assets and liabilities, net of amounts acquired:    
Accounts receivable (13,141) (20,857)
Inventories (28,423) (11,818)
Prepaid expenses and other assets 2,752 (1,405)
Trade accounts payable and accrued liabilities 24,307 17,761
Income taxes payable 3,637 (2,195)
Other long-term liabilities (1,016) (898)
Net cash provided by operating activities 24,410 16,954
Investing Activities    
Acquisitions, net of cash acquired (196,363) (1,021)
Purchase of property, plant and equipment (6,689) (9,910)
Proceeds from sale of property, plant and equipment 1,064 429
Net cash used in investing activities (201,988) (10,502)
Financing Activities    
Borrowings on bank revolving credit facility 248,000 0
Repayments on bank revolving credit facility (58,000) 0
Principal payments on long-term debt and capital leases (434) (223)
Proceeds from issuance of debt 780 0
Debt issuance cost (818) 0
Dividends paid (2,540) (2,526)
Proceeds from sale of common stock 427 1,248
Excess tax benefits from stock-based payment arrangements 437 221
Cost of common stock repurchased (note 4) (34,204) 0
Net cash provided by (used in) financing activities 153,648 (1,280)
Effect of exchange rate changes on cash and cash equivalents (1,386) 140
Net change in cash and cash equivalents (25,316) 5,312
Cash and cash equivalents at beginning of the period 63,960 48,291
Cash and cash equivalents at end of the period 38,644 53,603
Cash paid during the period for:    
Interest 1,859 888
Income taxes $ 14,242 $ 15,550