Encore Wire (WIRE) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-20278
Entity Registrant Name	ENCORE WIRE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2274963
Entity Address, Address Line One	1329 Millwood Road
Entity Address, City or Town	McKinney
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75069
City Area Code	972
Local Phone Number	562-9473
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	WIRE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,256,016
Entity Central Index Key	0000850460
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 294,860	$ 183,123
Accounts receivable, net of allowance of $3,800 and $2,215	536,178	275,781
Inventories, net	90,727	92,322
Income tax receivable	0	1,256
Prepaid expenses and other	4,146	2,651
Total current assets	925,911	555,133
Property, plant and equipment - at cost:
Land and land improvements	72,838	60,662
Construction-in-progress	60,097	91,688
Buildings and improvements	215,452	153,094
Machinery and equipment	391,491	373,902
Furniture and fixtures	13,646	15,345
Total property, plant and equipment	753,524	694,691
Accumulated depreciation	(286,656)	(283,923)
Property, plant and equipment - net	466,868	410,768
Other assets	602	553
Total assets	1,393,381	966,454
Current liabilities:
Trade accounts payable	67,475	56,726
Accrued liabilities	68,623	36,866
Income taxes payable	15,932	0
Total current liabilities	152,030	93,592
Deferred income taxes and other	34,476	35,133
Commitments and contingencies
Stockholders’ equity:
Preferred stock value	0	0
Common stock value	271	270
Additional paid-in capital	71,217	67,885
Treasury stock, at cost – 6,862,084 and 6,468,705 shares	(144,450)	(111,718)
Retained earnings	1,279,837	881,292
Total stockholders’ equity	1,206,875	837,729
Total liabilities and stockholders’ equity	$ 1,393,381	$ 966,454

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 3,800	$ 2,215
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	27,060,100	27,025,388
Treasury stock, shares (in shares)	6,862,084	6,468,705

Statements of Income

Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 716,320	$ 339,700	$ 1,904,869	$ 896,125
Cost of goods sold	445,554	286,241	1,272,256	760,393
Gross profit	270,766	53,459	632,613	135,732
Selling, general, and administrative expenses	43,816	26,350	116,109	69,394
Operating income	226,950	27,109	516,504	66,338
Net interest and other income	52	39	116	1,190
Income before income taxes	227,002	27,148	516,620	67,528
Provision for income taxes	51,464	6,136	116,840	15,561
Net income	$ 175,538	$ 21,012	$ 399,780	$ 51,967
Earnings per common and common equivalent share - basic (in usd per share)	$ 8.60	$ 1.02	$ 19.48	$ 2.52
Earnings per common and common equivalent share - diluted (in usd per share)	$ 8.51	$ 1.02	$ 19.31	$ 2.51
Weighted average common and common equivalent shares outstanding - basic (in shares)	20,421	20,548	20,523	20,613
Weighted average common and common equivalent shares outstanding - diluted (in shares)	20,629	20,602	20,703	20,664
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02	$ 0.06	$ 0.06

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2019		26,939,000		(6,027,000)
Beginning balance at Dec. 31, 2019	$ 779,096	$ 269	$ 63,009	$ (91,056)	$ 806,874
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,607				18,607
Stock-based compensation (in shares)		8,000
Stock-based compensation	460		460
Dividends declared	(411)				(411)
Purchase of treasury stock (in shares)				(439,000)
Purchase of treasury stock	(20,580)			$ (20,580)
Ending balance (in shares) at Mar. 31, 2020		26,947,000		(6,466,000)
Ending balance at Mar. 31, 2020	777,172	$ 269	63,469	$ (111,636)	825,070
Beginning balance (in shares) at Dec. 31, 2019		26,939,000		(6,027,000)
Beginning balance at Dec. 31, 2019	779,096	$ 269	63,009	$ (91,056)	806,874
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 51,967
Purchase of treasury stock (in shares)	(441,250)
Ending balance (in shares) at Sep. 30, 2020		27,025,000		(6,468,000)
Ending balance at Sep. 30, 2020	$ 813,650	$ 270	67,494	$ (111,718)	857,604
Beginning balance (in shares) at Mar. 31, 2020		26,947,000		(6,466,000)
Beginning balance at Mar. 31, 2020	777,172	$ 269	63,469	$ (111,636)	825,070
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	12,347				12,347
Exercise of stock options (in shares)		53,000
Exercise of stock options	2,455	$ 1	2,454
Stock-based compensation (in shares)		5,000
Stock-based compensation	631		631
Dividends declared	(412)				(412)
Purchase of treasury stock (in shares)				(2,000)
Purchase of treasury stock	(82)			$ (82)
Ending balance (in shares) at Jun. 30, 2020		27,005,000		(6,468,000)
Ending balance at Jun. 30, 2020	792,111	$ 270	66,554	$ (111,718)	837,005
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,012				21,012
Exercise of stock options (in shares)		16,000
Exercise of stock options	544		544
Stock-based compensation (in shares)		4,000
Stock-based compensation	396		396
Dividends declared	(413)				(413)
Ending balance (in shares) at Sep. 30, 2020		27,025,000		(6,468,000)
Ending balance at Sep. 30, 2020	813,650	$ 270	67,494	$ (111,718)	857,604
Beginning balance (in shares) at Dec. 31, 2020		27,025,000		(6,468,000)
Beginning balance at Dec. 31, 2020	837,729	$ 270	67,885	$ (111,718)	881,292
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,189				41,189
Exercise of stock options (in shares)		3,000
Exercise of stock options	155		155
Stock-based compensation (in shares)		13,000
Stock-based compensation	737		737
Dividends declared	(413)				(413)
Ending balance (in shares) at Mar. 31, 2021		27,041,000		(6,468,000)
Ending balance at Mar. 31, 2021	879,397	$ 270	68,777	$ (111,718)	922,068
Beginning balance (in shares) at Dec. 31, 2020		27,025,000		(6,468,000)
Beginning balance at Dec. 31, 2020	837,729	$ 270	67,885	$ (111,718)	881,292
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 399,780
Purchase of treasury stock (in shares)	(393,379)
Ending balance (in shares) at Sep. 30, 2021		27,060,000		(6,862,000)
Ending balance at Sep. 30, 2021	$ 1,206,875	$ 271	71,217	$ (144,450)	1,279,837
Beginning balance (in shares) at Mar. 31, 2021		27,041,000		(6,468,000)
Beginning balance at Mar. 31, 2021	879,397	$ 270	68,777	$ (111,718)	922,068
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	183,053				183,053
Exercise of stock options (in shares)		9,000
Exercise of stock options	259	$ 1	258
Stock-based compensation (in shares)		6,000
Stock-based compensation	1,331		1,331
Dividends declared	(415)				(415)
Ending balance (in shares) at Jun. 30, 2021		27,056,000		(6,468,000)
Ending balance at Jun. 30, 2021	1,063,625	$ 271	70,366	$ (111,718)	1,104,706
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	175,538				175,538
Stock-based compensation (in shares)		4,000
Stock-based compensation	851		851
Dividends declared	(407)				(407)
Purchase of treasury stock (in shares)				(394,000)
Purchase of treasury stock	(32,732)			$ (32,732)
Ending balance (in shares) at Sep. 30, 2021		27,060,000		(6,862,000)
Ending balance at Sep. 30, 2021	$ 1,206,875	$ 271	$ 71,217	$ (144,450)	$ 1,279,837

Statement of Stockholders' Equi

Statement of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.06	$ 0.06

Statements of Cash Flow

Statements of Cash Flow - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities:
Net income	$ 399,780	$ 51,967
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,154	14,314
Deferred income taxes	(639)	3,082
Stock-based compensation attributable to equity awards	2,919	1,487
Other	5,085	518
Changes in operating assets and liabilities:
Accounts receivable	(261,860)	(34,812)
Inventories	1,595	2,513
Other assets	(1,014)	(1,333)
Trade accounts payable and accrued liabilities	50,716	11,762
Current income taxes receivable / payable	17,188	5,022
Net cash provided by operating activities	230,924	54,520
Investing Activities:
Purchases of property, plant and equipment	(85,489)	(49,569)
Proceeds from sale of assets	405	90
Net cash used in investing activities	(85,084)	(49,479)
Financing Activities:
Deferred financing fees	(550)	0
Purchase of treasury stock	(32,732)	(20,662)
Proceeds from issuance of common stock, net	414	2,999
Dividends paid	(1,235)	(1,240)
Net cash used in financing activities	(34,103)	(18,903)
Net increase (decrease) in cash and cash equivalents	111,737	(13,862)
Cash and cash equivalents at beginning of period	183,123	230,965
Cash and cash equivalents at end of period	$ 294,860	$ 217,103

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. The Company is unable to predict the impact that COVID-19, or any ongoing variants, may have on our financial position and operating results in future periods. The duration or re-emergence of the outbreak and its long-term impact on our business remain uncertain. Revenue Recognition Our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms. Revenue is measured as the amount of consideration we expect to receive in exchange for fulfilling product orders. The amount of consideration we expect to receive and revenue we recognize includes estimates for trade payment discounts and customer rebates which are estimated using historical experience and other relevant factors and is recorded within the same period that the revenue is recognized. We review and update these estimates regularly and the impact of any adjustments are recognized in the period the adjustments are identified. The adjustments resulting from updated estimates of trade payment discounts and customer rebates were not material. Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP, along with the Securities and Exchange Commission ("SEC") and Public Company Accounting Oversight Board (“PCAOB”) issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. The following are those ASUs that are relevant to the Company. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. This ASU is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. We adopted this new standard January 1, 2021, and it has had no material impact on the Company's financial statements or disclosures.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories are stated at the lower of cost, determined by the last-in, first-out (LIFO) method, or market. Inventories consist of the following: In Thousands September 30, 2021 December 31, 2020 Raw materials $ 55,088 $ 40,842 Work-in-process 48,443 30,311 Finished goods 101,203 88,544 Total Inventory at FIFO cost 204,734 159,697 Adjust to LIFO cost (114,007) (67,375) Inventory, net $ 90,727 $ 92,322 Inventories are stated at the lower of cost, using the last-in, first out (“LIFO”) method, or market. The Company maintains two inventory pools for LIFO purposes. As permitted by U.S. generally accepted accounting principles, the Company maintains its inventory costs and cost of goods sold on a first-in, first-out (“FIFO”) basis and makes a monthly adjustment to adjust total inventory and cost of goods sold from FIFO to LIFO. The Company applies the lower of cost or market (“LCM”) test by comparing the LIFO cost of its raw materials, work-in-process and finished goods inventories to estimated market values, which are based primarily upon the most recent quoted market price of copper and other material prices as of the end of each reporting period. The Company performs a lower of cost or market calculation quarterly. As of September 30, 2021, no LCM adjustment was required. However, decreases in copper and other material prices could necessitate establishing an LCM reserve in future periods. Additionally, future reductions in the quantity of inventory on hand could cause copper or other raw materials that are carried in inventory at costs different from the cost of copper and other raw materials in the period in which the reduction occurs to be included in costs of goods sold for that period at the different price. In the third quarter of 2021, LIFO adjustments were recorded, increasing cost of sales by $0.6 million, compared to LIFO adjustments increasing cost of sales by $14.5 million in the third quarter of 2020. In the nine months ended September 30, 2021, LIFO adjustments were recorded, increasing cost of sales by $46.6 million, compared to LIFO adjustments increasing cost of sales by $5.6 million in the nine months ended September 30, 2020.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2021
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands September 30, 2021 December 31, 2020 Sales rebates payable $ 36,495 $ 19,317 SAR Liability 10,001 5,343 Property taxes payable 3,764 4,427 Accrued salaries 11,869 4,096 Other accrued liabilities 6,494 3,683 Total accrued liabilities $ 68,623 $ 36,866

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income taxes were accrued at an effective rate of 22.7% in the third quarter of 2021 versus 22.6% in the third quarter of 2020, consistent with the Company’s estimated liabilities. In all periods, the differences between the provisions for income taxes and the income taxes computed using the federal income tax statutory rate are due primarily to the incremental taxes accrued for state and local taxes.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Earnings per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock awards, treated as common stock equivalents, is calculated using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share: Quarter Ended September 30, Nine Months Ended September 30, In Thousands 2021 2020 2021 2020 Numerator: Net income $ 175,538 $ 21,012 $ 399,780 $ 51,967 Denominator: Denominator for basic earnings per share – weighted average shares 20,421 20,548 20,523 20,613 Effect of dilutive securities: Employee stock awards 208 54 180 51 Denominator for diluted earnings per share – weighted average shares 20,629 20,602 20,703 20,664 The weighted average number of employee stock awards excluded from the determination of diluted earnings per common and common equivalent share for the third quarter was 49 in 2021 and 165,424 in 2020. The weighted average number of employee stock awards excluded from the determination of diluted earnings per common and common equivalent share for the nine months ended September 30 was 16 in 2021 and 214,881 in 2020. Such awards were anti-dilutive for their respective periods.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	DEBT On February 9, 2021, the Company terminated its previous credit agreement and entered into a new Credit Agreement (the “2021 Credit Agreement”) with two banks, Bank of America, N.A., as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as syndication agent. The 2021 Credit Agreement extends through February 9, 2026 and provides for maximum borrowings of $200.0 million. At our request, and subject to certain conditions, the commitments under the 2021 Credit Agreement may be increased by a maximum of up to $100.0 million as long as existing or new lenders agree to provide such additional commitments. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) LIBOR plus a margin that varies from 1.000% to 1.875% depending upon the Leverage Ratio (as defined in the 2021 Credit Agreement), or (2) the base rate (which is the highest of the federal funds rate plus 0.5%, the prime rate, or LIBOR plus 1.0%) plus 0% to 0.375% (depending upon the Leverage Ratio). A commitment fee ranging from 0.200% to 0.325% (depending upon the Leverage Ratio) is payable on the unused line of credit. At September 30, 2021, there were no borrowings outstanding under the 2021 Credit Agreement, and letters of credit outstanding in the amount of $0.6 million left $199.4 million of credit available under the 2021 Credit Agreement. Obligations under the 2021 Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. Obligations under the 2021 Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of September 30, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY On November 10, 2006, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to an authorized number of shares of its common stock from time to time in open market or private transactions, at the Company's discretion. This authorization originally expired on December 31, 2007, and the Company’s Board of Directors has authorized several increases and annual extensions of this stock repurchase program, most recently on May 5, 2021, authorizing the repurchase of up to 1,000,000 shares of our common stock. As of September 30, 2021, 606,621 shares remained authorized for repurchase through March 31, 2022. The Company repurchased 393,379 shares of its stock in the nine months ended September 30, 2021 compared to 441,250 shares in the nine months ended September 30, 2020.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIESThere are no material pending proceedings to which the Company is a party or to which any of its property is subject. However, the Company is from time to time involved in litigation, certain other claims and arbitration matters arising in the ordinary course of its business.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited financial statements of Encore Wire Corporation (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Results of operations for interim periods presented do not necessarily indicate the results that may be expected for the entire year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Revenue Recognition	Revenue Recognition Our revenue is derived by fulfilling customer orders for the purchase of our products, which include electrical building wire and cable. We recognize revenue at the point in time that control of the ordered products is transferred to the customer, which is typically upon shipment to the customer from our manufacturing facilities and based on agreed upon shipping terms on the related purchase order. Amounts billed and due from our customers are classified as accounts receivables on the balance sheet and require payment on a short-term basis through standard payment terms.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the sole source of authoritative U.S. GAAP, along with the Securities and Exchange Commission ("SEC") and Public Company Accounting Oversight Board (“PCAOB”) issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standard Update (“ASU”) to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. The following are those ASUs that are relevant to the Company. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. This ASU is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. We adopted this new standard January 1, 2021, and it has had no material impact on the Company's financial statements or disclosures.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: In Thousands September 30, 2021 December 31, 2020 Raw materials $ 55,088 $ 40,842 Work-in-process 48,443 30,311 Finished goods 101,203 88,544 Total Inventory at FIFO cost 204,734 159,697 Adjust to LIFO cost (114,007) (67,375) Inventory, net $ 90,727 $ 92,322

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: In Thousands September 30, 2021 December 31, 2020 Sales rebates payable $ 36,495 $ 19,317 SAR Liability 10,001 5,343 Property taxes payable 3,764 4,427 Accrued salaries 11,869 4,096 Other accrued liabilities 6,494 3,683 Total accrued liabilities $ 68,623 $ 36,866

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Quarter Ended September 30, Nine Months Ended September 30, In Thousands 2021 2020 2021 2020 Numerator: Net income $ 175,538 $ 21,012 $ 399,780 $ 51,967 Denominator: Denominator for basic earnings per share – weighted average shares 20,421 20,548 20,523 20,613 Effect of dilutive securities: Employee stock awards 208 54 180 51 Denominator for diluted earnings per share – weighted average shares 20,629 20,602 20,703 20,664

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 55,088	$ 40,842
Work-in-process	48,443	30,311
Finished goods	101,203	88,544
Total Inventory at FIFO cost	204,734	159,697
Adjust to LIFO cost	(114,007)	(67,375)
Inventory, net	$ 90,727	$ 92,322

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Inventory Disclosure [Abstract]
Increase in cost of sales from LIFO adjustment	$ 0.6	$ 14.5	$ 46.6	$ 5.6

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Sales rebates payable	$ 36,495	$ 19,317
SAR Liability	10,001	5,343
Property taxes payable	3,764	4,427
Accrued salaries	11,869	4,096
Other accrued liabilities	6,494	3,683
Total accrued liabilities	$ 68,623	$ 36,866

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	22.70%	22.60%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income	$ 175,538	$ 183,053	$ 41,189	$ 21,012	$ 12,347	$ 18,607	$ 399,780	$ 51,967
Denominator:
Denominator for basic earnings per share – weighted average shares (in shares)	20,421			20,548			20,523	20,613
Effect of dilutive securities:
Denominator for diluted earnings per share – weighted average shares (in shares)	20,629			20,602			20,703	20,664
Employee stock awards
Effect of dilutive securities:
Employee stock awards (in shares)	208			54			180	51

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Weighted average employee stock options excluded from the determination of diluted net income per common and common equivalent share (in shares)	49	165,424	16	214,881

Debt (Details)

Debt (Details)	Feb. 09, 2021USD ($)bank	Sep. 30, 2021USD ($)
Line of Credit Facility [Line Items]
Number of banks to which company is party to a credit agreement | bank	2
Outstanding borrowings		$ 0
Letters of credit outstanding		600,000
Remaining borrowing capacity		$ 199,400,000
Credit Agreement
Line of Credit Facility [Line Items]
Calculated maximum borrowings	$ 200,000,000
Available increase in borrowings under Credit Agreement	$ 100,000,000
Credit Agreement | Minimum
Line of Credit Facility [Line Items]
Percentage of commitment fee	0.20%
Credit Agreement | Maximum
Line of Credit Facility [Line Items]
Percentage of commitment fee	0.325%
Credit Agreement | Credit Agreement Interest Rate Option One | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1.00%
Credit Agreement | Credit Agreement Interest Rate Option One | Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1.875%
Credit Agreement | Credit Agreement Interest Rate Option Two | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1.00%
Credit Agreement | Credit Agreement Interest Rate Option Two | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.00%
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.50%
Credit Agreement | Credit Agreement Interest Rate Option Two | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	0.375%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	May 05, 2021
Equity [Abstract]
Number of shares authorized to be repurchased (in shares)			1,000,000
Repurchase of common stock authorized remaining (in shares)	606,621
Purchase of treasury stock (in shares)	393,379	441,250