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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income $ 144,738 $ 134,572 $ 95,128
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,031 16,597 16,860
Deferred income taxes 7,706 1,037 194
Stock-based compensation 6,930 6,344 5,187
Loss on disposal of property, plant and equipment 285 47 1,738
Other non-cash adjustments (218) (406) (406)
Changes in operating assets and liabilities:      
Accounts receivable 12,701 (24,281) (10,486)
Inventories 1,695 (23,276) (3,635)
Prepaid expenses and other assets (1,652) (613) (2,194)
Accounts payable (16,666) 21,131 (4,804)
Accrued expenses and other liabilities (10,823) 5,040 2,488
Income taxes receivable/payable (2,375) 1,929 1,795
Net cash provided by operating activities 156,352 138,121 101,865
Investing Activities      
Expenditures for property, plant and equipment and intangibles (67,265) (33,816) (15,040)
Proceeds from sales of property, plant and equipment 21 83 55
Acquisition of business, net of cash acquired     (71,804)
Net cash used in investing activities (67,244) (33,733) (86,789)
Financing Activities      
Borrowings under line of credit 89,500 172,250 201,000
Principal payments under line of credit (89,500) (172,250) (201,000)
Repurchases of common stock (46,545) (30,085) (3,617)
Proceeds from employee stock purchase and option plans 1,089 882 391
Financing costs (518)    
Net cash used in financing activities (45,974) (29,203) (3,226)
Net increase in cash and cash equivalents 43,134 75,185 11,850
Cash and cash equivalents, beginning of period 105,699 30,514 18,664
Cash and cash equivalents, end of period 148,833 105,699 30,514
Supplemental Disclosure:      
Cash paid for interest 321 662 418
Cash paid for income taxes, net $ 39,612 $ 48,238 $ 44,802