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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 132,331 $ 109,241
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,450 10,477
Stock-based compensation 5,919 5,844
(Gain) loss on disposal of property, plant and equipment (138) 90
Other non-cash adjustments (28) (372)
Changes in operating assets and liabilities:    
Accounts receivable (174,954) (26,225)
Inventories 4,525 13,878
Prepaid expenses and other assets (694) 2,129
Accounts payable 14,447 (6,443)
Accrued expenses and other liabilities 13,286 (10,262)
Income taxes receivable/payable 5,370 629
Net cash provided by operating activities 12,514 98,986
Investing Activities    
Expenditures for property, plant and equipment (99,696) (36,926)
Proceeds from sales of property, plant and equipment 2,150 21
Net cash used in investing activities (97,546) (36,905)
Financing Activities    
Borrowings under line of credit 235,000 89,500
Principal payments under line of credit (235,000) (89,500)
Repurchases of common stock (44,437) (35,216)
Proceeds from employee stock purchase and option plans 1,078 718
Financing costs (361)  
Net cash used in financing activities (43,720) (34,498)
Net (decrease) increase in cash and cash equivalents (128,752) 27,583
Cash and cash equivalents, beginning of period 148,833 105,699
Cash and cash equivalents, end of period 20,081 133,282
Supplemental Disclosure:    
Cash paid for interest 155 321
Cash paid for income taxes, net $ 38,567 $ 32,872