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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net earnings $ 81,895 $ 83,961
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 40,878 37,958
Stock compensation expense 12,267 9,838
Deferred income taxes (2,422) 1,513
Provision for doubtful accounts 1 379
Unrealized gain on foreign currency transactions and deferred compensation (778) (1,262)
Asset impairment and loss on disposal of assets 6,858 282
Change in fair value of contingent consideration liability (9,900) 0
Changes in assets and liabilities    
Accounts receivable 2,606 (14,678)
Inventories 2,545 (30,370)
Prepaid expenses and other current assets (2,703) (690)
Accounts payable and accrued expenses (6,429) 14,358
Income taxes (7,742) (5,732)
Other (721) 1,324
Net cash provided by operating activities 116,355 96,881
Cash flows from investing activities:    
Cash paid for acquisitions, net of cash acquired (1,252) (365,780)
Capital expenditures and intangible assets acquired (26,317) (35,793)
Proceeds from sale of assets 1,881 198
Proceeds from settlement of net investment hedge 2,740 0
Investment in affiliates 0 (150)
Net cash used in investing activities (22,948) (401,525)
Cash flows from financing activities:    
Proceeds from revolving loan 18,000 435,000
Principal payments on revolving loan (78,000) (81,000)
Principal payments on acquired debt 0 (30,782)
Cash paid for financing costs 0 (1,232)
Principal payments on finance lease (166) (125)
Proceeds from stock options exercised 3,888 2,172
Dividends paid (22,872) (20,708)
Purchase of common stock (4,025) (35,245)
Net cash (used in) provided by financing activities (83,175) 268,080
Effect of exchange rate changes on cash 160 (10,186)
Increase (decrease) in cash and cash equivalents 10,392 (46,750)
Cash and cash equivalents beginning of period 66,560 103,239
Cash and cash equivalents end of period $ 76,952 $ 56,489