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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 216,620 $ 183,433
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 41,218 37,194
Deferred Income Taxes (5,212) 0
Stock-based compensation 9,663 7,384
Loss on disposal of property, plant and equipment 2,262 1,081
Other non-cash adjustments 46 (169)
Changes in operating assets and liabilities:    
Accounts receivable (98,924) (102,852)
Inventories (80,847) 80,971
Prepaid expenses and other assets 1,266 4,376
Accounts payable 681 10,678
Accrued expenses and other liabilities 52,125 39,039
Income taxes receivable/payable 13,504 27,090
Net cash provided by operating activities 152,402 288,225
INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (151,481) (112,920)
Proceeds from sales of property, plant and equipment 106 0
Net cash used in investing activities (151,375) (112,920)
FINANCING ACTIVITIES    
Borrowings under line of credit 608,300 509,500
Principal payments under line of credit (543,800) (675,000)
Repurchases of common stock (55,655) (18,441)
Proceeds from employee stock purchase and option plans 1,007 925
Financing costs 0 30
Net cash provided by (used in) financing activities 9,852 (182,986)
Net increase (decrease) in cash and cash equivalents 10,879 (7,681)
Cash and cash equivalents, beginning of period 1,959 12,325
Cash and cash equivalents, end of period 12,838 4,644
Supplemental Disclosure:    
Cash paid for interest, net of capitalized interest 0 4,165
Cash paid for income taxes, net 65,318 35,106
Supplemental non-cash investing and financing disclosure:    
Capital expenditures in accounts payable and accrued expenses 35,300 1,183
Excise tax on repurchases of common stock $ 402 $ 0