XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities    
Net income $ 183,705 $ 132,331
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 25,604 12,450
Stock-based compensation 6,195 5,919
Gain on disposal of property, plant and equipment (1,057) (138)
Other non-cash adjustments (40) (28)
Changes in operating assets and liabilities:    
Accounts receivable (158,813) (174,954)
Inventories (5,399) 4,525
Prepaid expenses and other assets (4,311) (694)
Accounts payable 17,219 14,447
Accrued expenses and other liabilities 28,472 13,286
Income taxes receivable/payable 21,484 5,370
Net cash provided by operating activities 113,059 12,514
Investing Activities    
Expenditures for property, plant and equipment (124,451) (99,696)
Proceeds from sales of property, plant and equipment 1,355 2,150
Net cash used in investing activities (123,096) (97,546)
Financing Activities    
Borrowings under line of credit 416,000 235,000
Principal payments under line of credit (416,000) (235,000)
Repurchases of common stock (58,945) (44,437)
Financing costs   (361)
Proceeds from employee stock purchase and option plans 1,323 1,078
Net cash used in financing activities (57,622) (43,720)
Net decrease in cash and cash equivalents (67,659) (128,752)
Cash and cash equivalents, beginning of period 121,701 148,833
Cash and cash equivalents, end of period 54,042 20,081
Supplemental Disclosure:    
Cash paid for interest, net of amounts capitalized   155
Cash paid for income taxes, net $ 39,750 $ 38,567