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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 118,167 $ 160,127
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 24,198 21,804
Stock-based compensation 4,562 3,282
Gain on disposal of property, plant and equipment 1,081 (43)
Other non-cash adjustments (388) (365)
Changes in operating assets and liabilities:    
Accounts receivable (168,751) (26,988)
Inventories 67,348 (17,119)
Prepaid expenses and other assets 2,046 949
Accounts payable 13,816 32,943
Accrued expenses and other liabilities 20,686 13,175
Income taxes receivable/payable 25,016 2,227
Net cash provided by operating activities 107,781 189,992
INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (82,357) (66,606)
Proceeds from sales of property, plant and equipment   45
Net cash used in investing activities (82,357) (66,561)
FINANCING ACTIVITIES    
Borrowings under line of credit 330,000  
Principal payments under line of credit (346,000)  
Repurchases of common stock (18,192) (247,921)
Proceeds from employee stock purchase and option plans 639 951
Financing costs 30 (866)
Net cash used in financing activities (33,523) (247,836)
Net decrease in cash and cash equivalents (8,099) (124,405)
Cash and cash equivalents, beginning of period 12,325 141,053
Cash and cash equivalents, end of period 4,226 16,648
Supplemental Disclosure:    
Cash paid for interest, net of capitalized interest 2,602  
Cash paid for income taxes, net 15,348 48,915
Supplemental non-cash investing and financing disclosure:    
Capital expenditures in accounts payable $ 1,523 $ 21