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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net income $ 109,910 $ 89,620
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 15,702 7,915
Stock-based compensation 4,308 4,303
Gain on disposal of property, plant and equipment (1,083) (134)
Other non-cash adjustments (226) (233)
Changes in operating assets and liabilities:    
Accounts receivable (157,117) (171,220)
Inventories (8,994) 6,457
Prepaid expenses and other assets (6,878) (2,335)
Accounts payable 14,907 12,195
Accrued expenses and other liabilities 10,763 (591)
Income taxes receivable/payable 466 21,691
Net cash used in operating activities (18,242) (32,332)
Investing Activities    
Expenditures for property, plant and equipment (94,831) (62,613)
Proceeds from sales of property, plant and equipment 1,314 2,146
Net cash used in investing activities (93,517) (60,467)
Financing Activities    
Borrowings under line of credit 286,000 173,000
Principal payments under line of credit (236,500) (173,000)
Repurchases of common stock (54,832) (44,124)
Financing costs   (361)
Proceeds from employee stock purchase and option plans 860 688
Net cash used in financing activities (4,472) (43,797)
Net decrease in cash and cash equivalents (116,231) (136,596)
Cash and cash equivalents, beginning of period 121,701 148,833
Cash and cash equivalents, end of period 5,470 12,237
Supplemental Disclosure:    
Cash paid for interest, net of amounts capitalized   143
Cash paid for income taxes, net $ 36,457 $ 7,813