XML 19 R6.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income $ 184,626 $ 208,737 $ 175,631
Adjustments to reconcile net income to net cash provided by operating activities:      
Goodwill impairment   54,245 0
Depreciation and amortization 44,298 35,946 17,939
Deferred income taxes 24,256 21,012 13,125
Loss on sale 15,423    
Stock-based compensation 5,329 8,438 7,131
Gain on disposal of property, plant and equipment (27) (45) (56)
Other non-cash adjustments (117) 40 51
Changes in operating assets and liabilities:      
Accounts receivable 42,513 (44,349) (28,286)
Inventories (64,454) (15,515) (12,132)
Prepaid expenses and other assets 7,925 (8,715) (358)
Accounts payable (5,595) (3,473) 11,353
Accrued expenses and other liabilities (14,385) (5,285) 7,655
Income taxes receivable/payable (23,572) 7,028 (4,759)
Net cash provided by operating activities 216,220 258,064 187,294
Investing Activities      
Expenditures for property, plant and equipment (176,228) (159,394) (172,823)
Proceeds from sale of assets 7,290    
Proceeds from sales of property, plant and equipment 54 1,355 2,165
Net cash used in investing activities (168,884) (158,039) (170,658)
Financing Activities      
Borrowings under line of credit 425,000 494,500 276,000
Principal payments under line of credit (203,000) (494,500) (276,000)
Repurchases of common stock (398,382) (82,473) (44,854)
Proceeds from employee stock purchase and option plans 1,742 1,800 1,446
Financing costs (1,424) 0 (360)
Net cash used in financing activities (176,064) (80,673) (43,768)
Net decrease increase in cash and cash equivalents (128,728) 19,352 (27,132)
Cash and cash equivalents at beginning of year 141,053 121,701 148,833
Cash and cash equivalents at end of year 12,325 141,053 121,701
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of capitalized interest 0 0 0
Cash paid for income taxes, net 59,934 38,614 50,744
Capital expenditures in accounts payable $ 1,814 $ 2,564 $ 12,853