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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 93,380 $ 117,050
Adjustments to reconcile net income to cash provided by operating activities    
Depreciation and amortization 9,754 8,026
Non-cash lease expense 3,532 4,740
Share-based compensation 5,795 8,103
Loss on sale or disposal of property, plant and equipment 622 0
Amortization of premium on investment securities 0 14
Deferred income taxes (5,497) (1,746)
Change in operating assets and liabilities:    
Inventories 60,629 34,764
Prepaid expenses and other current assets 7,948 1,889
Other assets (4,674) (8,545)
Accounts payable and accrued expenses (35,343) (22,259)
Income taxes payable 989 795
Net cash flow provided by operating activities 137,135 142,831
Investing Activities    
Sale and maturities of investment securities 0 5,267
Purchase of investment securities (44,779) 0
Purchase of property and equipment (5,537) (7,617)
Net cash flow used in investing activities (50,316) (2,350)
Financing Activities    
Options exercised by directors 105 0
Net shares repurchased for employee taxes (3,348) (1,504)
Cash dividends paid to stockholders (55,039) (53,698)
Stock repurchases (3,602) (120,048)
Net cash flow used in financing activities (61,884) (175,250)
Foreign currency impact 125 296
Increase (Decrease) in cash and cash equivalents 25,060 (34,473)
Cash and cash equivalents - beginning of the period 87,691 104,183
Cash and cash equivalents - end of period 112,751 69,710
Supplemental disclosure of cash flow information:    
Income taxes paid 30,169 33,906
Dividends declared included in accounts payable $ 19,184 $ 19,395