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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net earnings $ 52,820 $ 58,712
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 27,074 23,861
Stock compensation expense 8,518 6,889
Deferred income taxes (573) 1,778
Provision for doubtful accounts 133 380
Unrealized (gain) loss on foreign currency transactions and deferred compensation (1,010) 188
Asset impairment and loss on disposal of assets 5,203 226
Change in fair value of contingent consideration liability (6,400) 0
Changes in assets and liabilities    
Accounts receivable 6,621 (15,506)
Inventories (5,332) (33,141)
Prepaid expenses and other current assets (5,389) (1,733)
Accounts payable and accrued expenses (5,451) 15,075
Income taxes (6,293) (779)
Other (92) (689)
Net cash provided by operating activities 69,829 55,261
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash acquired (341) (295,660)
Capital expenditures and intangible assets acquired (17,952) (20,799)
Proceeds from sale of assets 1,881 197
Proceeds from settlement of net investment hedge 2,740 0
Investment in affiliates 0 (150)
Net cash used in investing activities (13,672) (316,412)
Cash flows from financing activities:    
Proceeds from revolving loan 13,000 365,000
Principal payments on revolving loan (48,000) (40,000)
Principal payments on acquired debt 0 (30,648)
Principal payments on finance lease (110) (83)
Proceeds from stock options exercised 3,826 1,328
Dividends paid (22,869) (20,704)
Purchase of common stock (3,924) (35,199)
Net cash (used in) provided by financing activities (58,077) 239,694
Effect of exchange rate changes on cash 2,216 (5,599)
Increase (decrease) in cash and cash equivalents 296 (27,056)
Cash and cash equivalents beginning of period 66,560 103,239
Cash and cash equivalents end of period $ 66,856 $ 76,183