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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income $ 137,340 $ 110,533 $ 82,406
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 27,312 27,378 26,167
Intangible asset impairment 11,300 3,797 0
Stock compensation expense 10,963 9,750 8,334
Gain on sale of business (25,265) 0 0
Exit activity costs, non-cash 31 2,771 16,266
(Benefit of) provision for deferred income taxes (486) 10,800 6,337
Other, net 5,865 12,492 1,506
Changes in operating assets and liabilities net of effects from acquisitions:      
Trade receivables and costs in excess of billings 17,914 (15,375) 32,754
Inventories (18,623) 45,908 14,377
Other current assets and other assets (22,515) 514 2,062
Accounts payable 26,528 (14,387) (76,260)
Accrued expenses and other non-current liabilities 3,900 24,295 (11,258)
Net cash provided by operating activities 174,264 218,476 102,691
Cash Flows from Investing Activities      
Purchases of property, plant, and equipment, net (19,930) (13,906) (20,062)
Acquisitions, net of cash acquired 0 (9,863) (51,621)
Net proceeds from sale of business 28,474 8,047 0
Net cash provided by (used in) investing activities 8,544 (15,722) (71,683)
Cash Flows from Financing Activities      
Long-term debt payments 0 (141,000) (138,000)
Proceeds from long-term debt 0 50,000 204,500
Payment of debt issuance costs 0 0 (2,013)
Purchase of common stock at market prices (12,189) (29,329) (89,494)
Net cash used in financing activities (12,189) (120,329) (25,007)
Effect of exchange rate changes on cash (565) (607) (1,242)
Net increase in cash and cash equivalents 170,054 81,818 4,759
Cash and cash equivalents at beginning of year 99,426 17,608 12,849
Cash and cash equivalents at end of year 269,480 99,426 17,608
Supplemental disclosure of cash flow information      
Cash paid for interest 1,050 3,553 3,542
Cash paid for income taxes $ 31,044 $ 23,447 $ 27,017