| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||||
Net earnings | ||||||||||
47,177 | 27,790 | 34,571 | 32,295 | 25,938 | 29,678 | 24,617 | 28,032 | 19,161 | 28,662 | 34,170 |
Adjustments to reconcile net earnings to net cash provided by operations: | ||||||||||
Depreciation | ||||||||||
11,569 | 11,354 | 12,056 | 10,715 | 9,993 | 8,891 | 8,512 | 7,587 | 7,144 | 6,704 | 6,731 |
Amortization | ||||||||||
12,577 | 12,961 | 12,342 | 11,727 | 10,606 | 6,773 | 4,982 | 4,467 | 2,347 | 1,755 | 1,427 |
Deferred income taxes | ||||||||||
-1,524 | -5,269 | -4,100 | 710 | -3,023 | -1,334 | 1,462 | -551 | -800 | 1,981 | 5,169 |
Pension termination settlement charges | ||||||||||
- | -19,900 | - | 0 | - | - | - | - | - | - | - |
Previously unrecognized tax benefits, including interest | ||||||||||
- | - | - | - | - | - | - | - | - | - | -8,599 |
Contributions to pension plan | ||||||||||
- | 2,860 | 825 | 1,000 | 0 | 0 | - | 1,097 | 0 | 4,700 | 10,100 |
Noncurrent employee benefits | ||||||||||
-40 | 464 | 714 | 660 | 1,261 | 4,417 | 1,392 | 122 | 4,704 | 2,266 | 3,670 |
Gain on legal settlement | ||||||||||
- | - | - | - | - | - | - | - | - | 740 | - |
Stock-based compensation expense | ||||||||||
1,214 | 4,174 | 1,725 | 1,537 | 1,541 | 1,449 | 1,388 | 1,266 | 1,470 | 1,365 | 1,172 |
Changes in: | ||||||||||
Receivables | ||||||||||
-5,451 | 7,999 | 967 | 3,561 | 5,511 | 997 | 3,991 | -812 | 616 | 3,777 | -1,347 |
Inventories | ||||||||||
1,220 | -4,859 | 6,167 | -955 | 7,116 | 6,943 | -247 | 4,743 | -42 | 14,886 | -7,015 |
Payables | ||||||||||
11,642 | -9,868 | 5,141 | - | - | - | - | - | - | - | - |
Prepaid expenses and other current assets | ||||||||||
7,732 | 5,062 | 6,237 | 961 | 1,632 | 2,060 | -368 | 905 | 850 | -55 | 209 |
Other liabilities | ||||||||||
1,600 | 9,906 | 1,498 | - | - | - | - | - | - | - | - |
Liabilities other than debt | ||||||||||
- | - | - | 3,108 | 3,774 | -4,139 | -4,159 | -188 | -1,285 | -289 | -5,205 |
Total adjustments | ||||||||||
33,537 | 32,560 | 15,180 | 23,890 | 9,893 | 6,057 | 10,201 | 6,770 | 12,156 | -10,266 | 2,418 |
Net cash provided by operations | ||||||||||
80,714 | 60,350 | 49,751 | 56,185 | 35,831 | 35,735 | 34,818 | 34,802 | 31,317 | 18,396 | 36,588 |
Investing activities: | ||||||||||
Property, plant and equipment expenditures | ||||||||||
7,496 | 8,643 | 15,069 | 10,596 | 19,766 | 12,332 | 14,311 | 8,202 | 5,336 | 9,238 | 7,750 |
Acquisitions, net of cash acquired | ||||||||||
- | 8,048 | 20,376 | 1,800 | 1,907 | 20,829 | 15,401 | 51,518 | 3,954 | 7,280 | - |
Investment in emerging technology company | ||||||||||
- | - | - | - | - | - | - | - | - | 1,500 | - |
Acquisition of intangible assets | ||||||||||
- | - | - | - | - | - | - | - | - | 8,028 | - |
Net cash used for investing activities | ||||||||||
-7,496 | -16,691 | -35,445 | -12,396 | -21,673 | -33,161 | -29,712 | -59,720 | -9,290 | -26,046 | -7,750 |
Financing activities: | ||||||||||
Net decrease in short-term debt | ||||||||||
-13,500 | -21,012 | 6,376 | -33,096 | -3,960 | 6,653 | 3,205 | 65,136 | -11,893 | 10,457 | -7,437 |
Payment of contingent acquisition consideration | ||||||||||
2,555 | 2,034 | - | 0 | - | - | - | - | - | - | - |
Repayments of long-term debt | ||||||||||
- | - | - | - | - | - | - | - | - | 5,429 | 9,750 |
Dividends paid | ||||||||||
18,595 | 16,265 | 14,215 | 12,461 | 11,261 | 10,633 | 10,004 | 9,513 | 9,023 | 7,784 | 6,830 |
Proceeds from exercise of stock options | ||||||||||
1,961 | 1,443 | 1,215 | 568 | 1,641 | 730 | 1,640 | 382 | 236 | 362 | 1,179 |
Tax benefit on stock options | ||||||||||
- | - | - | - | 141 | 38 | 382 | 297 | 190 | 525 | 1,162 |
Repurchase of treasury stock | ||||||||||
5,207 | 4,795 | 4,402 | 0 | 0 | - | - | 30,000 | 0 | 0 | - |
Employee benefit stock purchase | ||||||||||
- | - | - | - | - | - | - | - | - | 1,000 | - |
Issuance of treasury stock | ||||||||||
187 | 523 | 600 | 518 | 470 | 469 | 498 | 477 | 493 | 152 | 183 |
Net cash used for financing activities | ||||||||||
-37,709 | -42,140 | -10,426 | -44,471 | -12,969 | -2,743 | -4,279 | 26,779 | -19,997 | -2,717 | -21,493 |
Effect of foreign exchange rates on cash | ||||||||||
276 | 403 | -54 | -143 | 318 | -438 | -118 | -282 | -144 | 127 | -233 |
Increase in cash and cash equivalents | ||||||||||
35,785 | 1,922 | 3,826 | -825 | 1,507 | -607 | 709 | 1,579 | 1,886 | -10,240 | 7,112 |
Supplemental disclosures of cash flow information: | ||||||||||
Cash paid during the year for: | ||||||||||
Income taxes | ||||||||||
13,066 | 12,503 | 17,912 | 19,723 | 18,167 | 17,218 | 15,292 | 15,247 | 10,308 | -10,884 | 13,238 |
Interest | ||||||||||
268 | 1,175 | 867 | 952 | 1,246 | 1,144 | 1,114 | 1,113 | 324 | -330 | 861 |
Non cash transactions: | ||||||||||
Settlement of Innovative Metering Systems payables prior to the acquisition | ||||||||||
- | 3,246 | - | 0 | 2,866 | 2,623 | 0 | 0 | - | - | - |
Settlement of Carolina Meter & Supply payables prior to the acquisition | ||||||||||
- | - | 4,176 | 0 | 0 | 0 | 0 | - | - | - | - |