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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net income $ 39,351 $ 26,258
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 11,054 9,892
Stock compensation expense 4,171 6,091
Gain on sale of business (1,881) 0
Exit activity costs, non-cash 346 0
(Benefit of) provision for deferred income taxes (216) 278
Other, net 1,018 2,437
Changes in operating assets and liabilities, excluding the effects of acquisitions:    
Accounts receivable (25,842) (41,156)
Inventories 5,661 13,464
Other current assets and other assets 1,996 (4,983)
Accounts payable (1,732) 4,012
Accrued expenses and other non-current liabilities (41,181) (9,807)
Net cash (used in) provided by operating activities (7,255) 6,486
Cash Flows from Investing Activities    
Acquisitions, net of cash acquired (54,385) (264)
Net proceeds from sale of property and equipment 59 60
Purchases of property, plant, and equipment (5,231) (6,265)
Net proceeds from sale of business 704 0
Net cash used in investing activities (58,853) (6,469)
Cash Flows from Financing Activities    
Long-term debt payments 0 (212,000)
Payment of debt issuance costs 0 (1,235)
Purchase of treasury stock at market prices (4,462) (3,149)
Net proceeds from issuance of common stock 78 208
Net cash used in financing activities (4,384) (216,176)
Effect of exchange rate changes on cash (12) 1,035
Net decrease in cash and cash equivalents (70,504) (215,124)
Cash and cash equivalents at beginning of year 191,363 297,006
Cash and cash equivalents at end of period $ 120,859 $ 81,882