XML 17 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 41,131 $ 71,211
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 11,915 10,473
Stock-based compensation 1,972 2,226
Other non-cash adjustments 121 77
Changes in operating assets and liabilities:    
Accounts receivable (204,014) (49,825)
Inventories 13,571 (14,423)
Prepaid expenses and other assets 291 1,560
Accounts payable 2,975 36,605
Accrued expenses and other liabilities 3,361 (6,149)
Income taxes receivable/payable 13,206 22,124
Net cash (used in) provided by operating activities (115,471) 73,879
INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (39,192) (22,288)
Net cash used in investing activities (39,192) (22,288)
FINANCING ACTIVITIES    
Borrowings under line of credit 200,500  
Principal payments under line of credit (53,000)  
Repurchases of common stock (1,592) (77,929)
Proceeds from employee stock purchase and option plans 316 523
Financing costs 30 (50)
Net cash provided by (used in) financing activities 146,254 (77,456)
Net decrease in cash and cash equivalents (8,409) (25,865)
Cash and cash equivalents, beginning of period 12,325 141,053
Cash and cash equivalents, end of period 3,916 115,188
Supplemental Disclosure:    
Cash paid for interest, net of capitalized interest 1,817  
Cash paid for income taxes, net 733 1,604
Capital expenditures in accounts payable $ 229 $ 239