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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income $ 42,402 $ 31,555
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3,851 3,394
Stock-based compensation 2,775 2,793
(Gain) loss on disposal of property, plant and equipment (123) 10
Other non-cash adjustments 32 31
Changes in operating assets and liabilities:    
Accounts receivable (162,780) (128,182)
Inventories (2,610) 7,645
Prepaid expenses and other assets 1,059 1,214
Accounts payable 8,865 (7,556)
Accrued expenses and other liabilities (14,089) (27,332)
Income taxes receivable/payable 11,850 6,438
Net cash used in operating activities (108,768) (109,990)
Investing Activities    
Expenditures for property, plant and equipment (22,733) (8,647)
Proceeds from sales of property, plant and equipment 2,136  
Net cash used in investing activities (20,597) (8,647)
Financing Activities    
Borrowings under line of credit 36,500 35,000
Principal payments under line of credit (8,000)  
Repurchases of common stock (42,929) (14,457)
Proceeds from employee stock purchase and option plans 300 302
Net cash (used in) provided by financing activities (14,129) 20,845
Net decrease in cash and cash equivalents (143,494) (97,792)
Cash and cash equivalents, beginning of period 148,833 105,699
Cash and cash equivalents, end of period 5,339 7,907
Supplemental Disclosure:    
Cash paid for interest 1 11
Cash paid for income taxes, net $ 1,405 $ 1,262