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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income $ 89,620 $ 67,265
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,915 6,792
Stock-based compensation 4,303 4,918
(Gain) loss on disposal of property, plant and equipment (134) 10
Other non-cash adjustments (233) (308)
Changes in operating assets and liabilities:    
Accounts receivable (171,220) (26,746)
Inventories 6,457 14,882
Prepaid expenses and other assets (2,335) 210
Accounts payable 12,195 (3,777)
Accrued expenses and other liabilities (591) (16,548)
Income taxes receivable/payable 21,691 (3,640)
Net cash (used in) provided by operating activities (32,332) 43,058
Investing Activities    
Expenditures for property, plant and equipment (62,613) (19,061)
Proceeds from sales of property, plant and equipment 2,146  
Net cash used in investing activities (60,467) (19,061)
Financing Activities    
Borrowings under line of credit 173,000 89,500
Principal payments under line of credit (173,000) (89,500)
Repurchases of common stock (44,124) (24,172)
Proceeds from employee stock purchase and option plans 688 560
Financing costs (361)  
Net cash used in financing activities (43,797) (23,612)
Net (decrease) increase in cash and cash equivalents (136,596) 385
Cash and cash equivalents, beginning of period 148,833 105,699
Cash and cash equivalents, end of period 12,237 106,084
Supplemental Disclosure:    
Cash paid for interest 143 321
Cash paid for income taxes, net $ 7,813 $ 23,371