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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income $ 176,068 $ 118,167
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 27,606 24,198
Deferred Income Taxes (5,212) 0
Stock-based compensation 6,992 4,562
Loss on disposal of property, plant and equipment 2,262 1,081
Other non-cash adjustments 243 (388)
Changes in operating assets and liabilities:    
Accounts receivable (228,901) (168,751)
Inventories (41,769) 67,348
Prepaid expenses and other assets (850) 2,046
Accounts payable 35,768 13,816
Accrued expenses and other liabilities 28,688 20,686
Income taxes receivable/payable 18,746 25,016
Net cash provided by operating activities 19,641 107,781
INVESTING ACTIVITIES    
Expenditures for property, plant and equipment (73,202) (82,357)
Proceeds from sales of property, plant and equipment 106 0
Net cash used in investing activities (73,096) (82,357)
FINANCING ACTIVITIES    
Borrowings under line of credit 438,300 330,000
Principal payments under line of credit (380,800) (346,000)
Repurchases of common stock (5,570) (18,192)
Proceeds from employee stock purchase and option plans 738 639
Financing costs 0 30
Net cash provided by (used in) financing activities 52,668 (33,523)
Net decrease in cash and cash equivalents (787) (8,099)
Cash and cash equivalents, beginning of period 1,959 12,325
Cash and cash equivalents, end of period 1,172 4,226
Supplemental Disclosure:    
Cash paid for interest, net of capitalized interest 0 2,602
Cash paid for income taxes, net 46,320 15,348
Supplemental non-cash investing and financing disclosure:    
Capital expenditures in accounts payable and accrued expenses $ 21,169 $ 1,523