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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 183,433 $ 174,549
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 37,194 33,269
Stock-based compensation 7,384 3,531
Loss (gain) on disposal of property, plant and equipment 1,081 (43)
Other non-cash adjustments (169) (171)
Changes in operating assets and liabilities:    
Accounts receivable (102,852) 62,343
Inventories 80,971 (48,362)
Prepaid expenses and other assets 4,376 7,125
Accounts payable 10,678 (3,769)
Accrued expenses and other liabilities 39,039 8,842
Income taxes receivable/payable 27,090 7,079
Net cash provided by operating activities 288,225 244,393
INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (112,920) (108,163)
Proceeds from sales of property, plant and equipment   45
Net cash used in investing activities (112,920) (108,118)
FINANCING ACTIVITIES    
Borrowings under line of credit 509,500 156,000
Principal payments under line of credit (675,000) (80,000)
Repurchases of common stock (18,441) (347,957)
Proceeds from employee stock purchase and option plans 925 1,381
Financing costs 30 (867)
Net cash used in financing activities (182,986) (271,443)
Net decrease in cash and cash equivalents (7,681) (135,168)
Cash and cash equivalents, beginning of period 12,325 141,053
Cash and cash equivalents, end of period 4,644 5,885
Supplemental Disclosure:    
Cash paid for interest, net of capitalized interest 4,165  
Cash paid for income taxes, net 35,106 50,585
Supplemental non-cash investing and financing disclosure:    
Capital expenditures in accounts payable $ 1,183 $ 787