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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net earnings $ 11,957 $ 19,438
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 7,082 6,952
Amortization of deferred financing cost 124 67
Increase to allowance for expected credit losses 388 200
Increase to inventory reserves 962 1,188
Equity income from joint ventures (154) (939)
Employee Stock Ownership Plan allocation 742 574
Stock-based compensation 1,532 1,980
Decrease in deferred income taxes 213 188
Loss on discontinued operations, net of tax 780 1,116
Change in assets and liabilities:    
Increase in accounts receivable (42,617) (44,706)
(Increase) decrease in inventories 6,195 (67,662)
Decrease in prepaid expenses and other current assets 1,165 2,171
Increase in accounts payable 4,809 1,942
Decrease in sundry payables and accrued expenses (10,656) (21,226)
Net changes in other assets and liabilities (2,964) (5,245)
Net cash used in operating activities (20,442) (103,962)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (4,363) (6,449)
Other investing activities 13 0
Net cash used in investing activities (4,350) (6,449)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of term loan (1,250) 0
Net borrowings under revolving credit facilities 34,750 120,152
Net borrowings (repayment) of other debt and lease obligations (22) 188
Purchase of treasury stock 0 (6,517)
Increase in overdraft balances 125 444
Dividends paid (6,261) (5,935)
Net cash provided by financing activities 27,342 108,332
Effect of exchange rate changes on cash 496 323
Net increase (decrease) in cash and cash equivalents 3,046 (1,756)
CASH AND CASH EQUIVALENTS at beginning of period 21,150 21,755
CASH AND CASH EQUIVALENTS at end of period 24,196 19,999
Cash paid during the period for:    
Interest 3,970 644
Income taxes $ 3,163 $ 3,793