CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Cash flows from operating activities: |
|
|
|
|
|
| Net (loss) earnings |
$ (64,834)
|
$ 19,197
|
|
$ 8,603
|
|
| Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: |
|
|
|
|
|
| Impairment of goodwill and other intangible assets |
105,972
|
0
|
|
0
|
|
| Depreciation and amortization |
21,778
|
23,009
|
[1] |
20,367
|
[1] |
| Stock-based compensation |
2,817
|
2,815
|
|
2,717
|
|
| Amortization of deferred financing costs |
1,804
|
1,432
|
|
699
|
|
| Deferred income taxes |
(6,401)
|
(356)
|
|
(2,691)
|
|
| Realized and unrealized gains on foreign currency revaluation |
(3,063)
|
(5,095)
|
|
(4,313)
|
|
| (Gain) loss on disposal of property, plant and equipment |
(2,583)
|
426
|
|
273
|
|
| Other, net |
864
|
3,209
|
|
389
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
| Accounts receivable |
10,803
|
12,187
|
|
1,382
|
|
| Inventories |
(2,794)
|
12,951
|
|
9,121
|
|
| Other current assets |
(670)
|
846
|
|
693
|
|
| Other assets |
297
|
2,161
|
|
(450)
|
|
| Account payable |
(588)
|
(10,022)
|
|
(3,890)
|
|
| Accrued expenses |
(6,120)
|
(3,113)
|
|
(10,170)
|
|
| Other liabilities |
(16,565)
|
(295)
|
|
423
|
|
| Income taxes payable |
(2,114)
|
6,437
|
|
(696)
|
|
| Net cash provided by operating activities |
38,603
|
65,789
|
|
22,457
|
|
| Cash flows from investing activities: |
|
|
|
|
|
| Purchase of property, plant and equipment |
(8,223)
|
(9,891)
|
[1] |
(9,042)
|
[1] |
| Purchase of marketable securities |
0
|
0
|
|
(2,936)
|
|
| Purchase of company-owned life insurance |
(2,164)
|
(2,820)
|
|
(2,820)
|
|
| Payments for acquisitions, net of cash acquired |
0
|
0
|
|
(208,693)
|
|
| Proceeds from cash surrender of COLI policies |
0
|
0
|
|
5,756
|
|
| Proceeds from sale of marketable securities |
2,164
|
2,820
|
|
0
|
|
| Proceeds from disposal/sale of property, plant and equipment |
5,839
|
77
|
|
65
|
|
| Net cash used in investing activities |
(2,384)
|
(9,814)
|
|
(217,670)
|
|
| Cash flows from financing activities: |
|
|
|
|
|
| Dividends paid to common shareholders |
(3,245)
|
(3,238)
|
|
(3,160)
|
|
| Deferred financing costs |
(718)
|
(15)
|
|
(5,756)
|
|
| Borrowings under revolving credit line |
0
|
12,500
|
|
23,000
|
|
| Repayments under revolving credit line |
0
|
(35,500)
|
|
(12,000)
|
|
| Reduction in notes payable |
(126)
|
(123)
|
|
(161)
|
|
| Proceeds from long-term debt |
0
|
0
|
|
215,000
|
|
| Repayments of long-term debt |
(43,389)
|
(22,438)
|
|
(5,375)
|
|
| Net cash (used in) provided by financing activities |
(47,478)
|
(48,814)
|
|
211,548
|
|
| Effect of exchange rate changes on cash |
(370)
|
741
|
|
(1,320)
|
|
| Net (decrease) increase in cash and cash equivalents |
(11,629)
|
7,902
|
|
15,015
|
|
| Cash and cash equivalents - beginning of year |
85,040
|
77,138
|
|
62,123
|
|
| Cash and cash equivalents - end of year |
73,411
|
85,040
|
|
77,138
|
|
| Cash paid during the year for: |
|
|
|
|
|
| Income tax payments, net of refunds received |
2,459
|
580
|
|
4,686
|
|
| Interest payments |
4,843
|
6,153
|
|
3,210
|
|
| Details of acquisition (see Note 2): |
|
|
|
|
|
| Fair value of identifiable net assets acquired |
0
|
0
|
|
130,747
|
|
| Goodwill |
0
|
0
|
|
105,402
|
|
| Fair value of net assets acquired |
0
|
0
|
|
236,149
|
|
| Fair value of consideration transferred |
0
|
0
|
|
236,149
|
|
| Less: Cash acquired in acquisition |
0
|
0
|
|
(27,456)
|
|
| Cash paid for acquisition, net of cash acquired |
$ 0
|
$ 0
|
|
$ 208,693
|
|
|
|