Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (unaudited)

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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Apr. 01, 2017
Cash flows from operating activities:    
Net income $ 11,911 $ 10,211
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,729 5,091
Loss on disposal of assets   139
Stock-based compensation expense 916 975
Amortization of debt issuance costs 98 70
Allowance for doubtful accounts 65 63
Provision for slow moving inventory (80) 466
Provision (benefit) for deferred income taxes 55 (12)
Amortization of acquisition related inventory step-up   1,774
Change in fair value of contingent consideration 402  
Unrealized forward contract losses 505  
(Increase) decrease in:    
Accounts receivable (9,683) (11,766)
Inventories 940 (3,952)
Income taxes receivable   371
Other current assets (219) (1,183)
Other assets (251) 197
Increase (decrease) in:    
Accounts payable 1,114 4,566
Accrued expenses and other liabilities 1,469 1,508
Income taxes payable 2,671 3,765
Other noncurrent liabilities 17 150
Net cash provided by operating activities 14,659 12,433
Cash flows from investing activities:    
Capital expenditures (4,237) (758)
Proceeds from dispositions of equipment 3  
Proceeds from sale of short-term investments   2,096
Net cash (used in) provided by investing activities (4,234) 1,338
Cash flows from financing activities:    
Repayment of borrowings on revolving credit facility (116,000) (16,000)
Borrowings on long-term debt 932  
Proceeds from stock issued 240,163 205
Dividends to shareholders (2,437) (2,963)
Payment of employee tax withholding (240)  
Net cash provided by (used in) financing activities 122,418 (18,758)
Effect of exchange rate changes on cash and cash equivalents 1,803 1,172
Net increase (decrease) in cash and cash equivalents 134,646 (3,815)
Cash and cash equivalents, beginning of period 63,882 74,221
Cash and cash equivalents, end of period 198,528 70,406
Cash paid:    
Income taxes 1,068 366
Interest $ 939 658
Supplemental disclosure of noncash transactions:    
Common stock issued for shared distribution through accrued expenses and other liabilities   601
Unrealized gain on available for sale securities   $ 129