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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income $ 208,737 $ 175,631 $ 144,738
Adjustments to reconcile net income to net cash provided by operating activities:      
Goodwill impairment losses 54,245 0 0
Depreciation and amortization 35,946 17,939 14,031
Deferred income taxes 21,012 13,125 7,706
Stock-based compensation 8,438 7,131 6,930
(Gain) loss on disposal of property, plant and equipment (45) (56) 285
Other non-cash adjustments 40 51 (218)
Changes in operating assets and liabilities:      
Accounts receivable (44,349) (28,286) 12,701
Inventories (15,515) (12,132) 1,695
Prepaid expenses and other assets (8,715) (358) (1,652)
Accounts payable (3,473) 11,353 (16,666)
Accrued expenses and other liabilities (5,285) 7,655 (10,823)
Income taxes receivable/payable 7,028 (4,759) (2,375)
Net cash provided by operating activities 258,064 187,294 156,352
Investing Activities      
Expenditures for property, plant and equipment and intangibles (159,394) (172,823) (67,265)
Proceeds from sales of property, plant and equipment 1,355 2,165 21
Net cash used in investing activities (158,039) (170,658) (67,244)
Financing Activities      
Borrowings under line of credit 494,500 276,000 89,500
Principal payments under line of credit (494,500) (276,000) (89,500)
Repurchases of common stock (82,473) (44,854) (46,545)
Proceeds from employee stock purchase and option plans 1,800 1,446 1,089
Financing costs   (360) (518)
Net cash used in financing activities (80,673) (43,768) (45,974)
Net increase (decrease) in cash and cash equivalents 19,352 (27,132) 43,134
Cash and cash equivalents at beginning of year 121,701 148,833 105,699
Cash and cash equivalents at end of year 141,053 121,701 148,833
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of capitalized interest 0 0 0
Cash paid for income taxes, net $ 38,614 $ 50,744 $ 39,612