Encore Wire (WIRE) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		16,805,483
Entity Central Index Key	0000850460
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 667,790	$ 730,557
Accounts receivable, net of allowance of $2,500 and $3,800	463,318	498,762
Inventories, net	163,215	153,187
Income tax receivable	25,566	15,143
Prepaid expenses and other	8,625	3,992
Total current assets	1,328,514	1,401,641
Property, plant and equipment, net	683,747	616,601
Other assets	518	490
Total assets	2,012,779	2,018,732
Current liabilities:
Trade accounts payable	90,725	62,780
Accrued liabilities	70,725	81,381
Total current liabilities	161,450	144,161
Long-term liabilities:
Deferred income taxes and other	54,437	55,905
Total long-term liabilities	54,437	55,905
Total liabilities	215,887	200,066
Commitments and contingencies
Stockholders’ equity:
Preferred stock value	0	0
Common stock value	272	271
Additional paid-in capital	94,468	83,622
Treasury stock, at cost – 10,475,141 and 8,999,732 shares	(658,798)	(402,639)
Retained earnings	2,360,950	2,137,412
Total stockholders’ equity	1,796,892	1,818,666
Total liabilities and stockholders’ equity	$ 2,012,779	$ 2,018,732

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 2,500	$ 3,800
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)	27,252,624	27,139,611
Treasury stock (in shares)	10,475,141	8,999,732

Statements of Income

Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 636,460	$ 838,235	$ 1,296,952	$ 1,561,307
Cost of goods sold	470,312	517,463	925,719	996,788
Gross profit	166,148	320,772	371,233	564,519
Selling, general, and administrative expenses	38,671	50,405	97,375	86,616
Operating income	127,477	270,367	273,858	477,903
Net interest and other income	8,067	647	17,241	762
Income before income taxes	135,544	271,014	291,099	478,665
Provision for income taxes	30,803	60,476	66,875	106,595
Net income	$ 104,741	$ 210,538	$ 224,224	$ 372,070
Earnings per common and common equivalent share - basic (in usd per share)	$ 6.13	$ 10.84	$ 12.75	$ 18.88
Earnings per common and common equivalent share - diluted (in usd per share)	$ 6.01	$ 10.71	$ 12.53	$ 18.62
Weighted average common and common equivalent shares outstanding - basic (in shares)	17,093	19,419	17,593	19,709
Weighted average common and common equivalent shares outstanding - diluted (in shares)	17,431	19,666	17,897	19,982
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02	$ 0.04	$ 0.04

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, 2021		27,083,000
Beginning balance at Dec. 31, 2021	$ 1,339,089	$ 271	$ 72,753	$ (155,014)	$ 1,421,079
Beginning balance, treasury shares (in shares) at Dec. 31, 2021				(6,944,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	161,531				161,531
Exercise of stock options (in shares)		3,000
Exercise of stock options	155		155
Stock-based compensation (in shares)		42,000
Stock-based compensation	1,939		1,939
Dividend declared	(394)				(394)
Purchase of treasury stock (in shares)				(501,000)
Purchase of treasury stock	(58,383)			$ (58,383)
Ending balance (in shares) at Mar. 31, 2022		27,128,000
Ending balance at Mar. 31, 2022	1,443,937	$ 271	74,847	$ (213,397)	1,582,216
Ending balance, treasury shares (in shares) at Mar. 31, 2022				(7,445,000)
Beginning balance (in shares) at Dec. 31, 2021		27,083,000
Beginning balance at Dec. 31, 2021	1,339,089	$ 271	72,753	$ (155,014)	1,421,079
Beginning balance, treasury shares (in shares) at Dec. 31, 2021				(6,944,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 372,070
Purchase of treasury stock (in shares)	(1,108,022)
Ending balance (in shares) at Jun. 30, 2022		27,133,000
Ending balance at Jun. 30, 2022	$ 1,583,896	$ 271	78,123	$ (286,870)	1,792,372
Ending balance, treasury shares (in shares) at Jun. 30, 2022				(8,052,000)
Beginning balance (in shares) at Mar. 31, 2022		27,128,000
Beginning balance at Mar. 31, 2022	1,443,937	$ 271	74,847	$ (213,397)	1,582,216
Beginning balance, treasury shares (in shares) at Mar. 31, 2022				(7,445,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	210,538				210,538
Stock-based compensation (in shares)		5,000
Stock-based compensation	3,276		3,276
Dividend declared	(382)				(382)
Purchase of treasury stock (in shares)				(607,000)
Purchase of treasury stock	(73,473)			$ (73,473)
Ending balance (in shares) at Jun. 30, 2022		27,133,000
Ending balance at Jun. 30, 2022	1,583,896	$ 271	78,123	$ (286,870)	1,792,372
Ending balance, treasury shares (in shares) at Jun. 30, 2022				(8,052,000)
Beginning balance (in shares) at Dec. 31, 2022		27,139,000
Beginning balance at Dec. 31, 2022	$ 1,818,666	$ 271	83,622	$ (402,639)	2,137,412
Beginning balance, treasury shares (in shares) at Dec. 31, 2022	(8,999,732)			(9,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 119,483				119,483
Exercise of stock options (in shares)		10,000
Exercise of stock options	316		316
Stock-based compensation (in shares)		93,000
Stock-based compensation	4,041	$ 1	4,040
Dividend declared	(350)				(350)
Purchase of treasury stock (in shares)				(702,000)
Purchase of treasury stock	(128,252)			$ (128,252)
Ending balance (in shares) at Mar. 31, 2023		27,242,000
Ending balance at Mar. 31, 2023	1,813,904	$ 272	87,978	$ (530,891)	2,256,545
Ending balance, treasury shares (in shares) at Mar. 31, 2023				(9,702,000)
Beginning balance (in shares) at Dec. 31, 2022		27,139,000
Beginning balance at Dec. 31, 2022	$ 1,818,666	$ 271	83,622	$ (402,639)	2,137,412
Beginning balance, treasury shares (in shares) at Dec. 31, 2022	(8,999,732)			(9,000,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 224,224
Purchase of treasury stock (in shares)	(1,475,409)
Ending balance (in shares) at Jun. 30, 2023		27,253,000
Ending balance at Jun. 30, 2023	$ 1,796,892	$ 272	94,468	$ (658,798)	2,360,950
Ending balance, treasury shares (in shares) at Jun. 30, 2023	(10,475,141)			(10,475,000)
Beginning balance (in shares) at Mar. 31, 2023		27,242,000
Beginning balance at Mar. 31, 2023	$ 1,813,904	$ 272	87,978	$ (530,891)	2,256,545
Beginning balance, treasury shares (in shares) at Mar. 31, 2023				(9,702,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	104,741				104,741
Exercise of stock options (in shares)		2,000
Exercise of stock options	103		103
Stock-based compensation (in shares)		9,000
Stock-based compensation	6,387		6,387
Dividend declared	(336)				(336)
Purchase of treasury stock (in shares)				(773,000)
Purchase of treasury stock	(127,907)			$ (127,907)
Ending balance (in shares) at Jun. 30, 2023		27,253,000
Ending balance at Jun. 30, 2023	$ 1,796,892	$ 272	$ 94,468	$ (658,798)	$ 2,360,950
Ending balance, treasury shares (in shares) at Jun. 30, 2023	(10,475,141)			(10,475,000)

Statements of Stockholders' E_2

Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02	$ 0.02	$ 0.02	$ 0.04	$ 0.04

Statements of Cash Flow

Statements of Cash Flow - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net income	$ 224,224	$ 372,070
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,780	12,521
Provision for bad debt	1,300	0
Deferred income taxes	(1,461)	3,315
Stock-based compensation attributable to equity awards	10,427	5,215
Other	1,407	128
Changes in operating assets and liabilities:
Accounts receivable	34,144	(115,006)
Inventories	(10,028)	(20,602)
Other assets	(4,681)	(6,866)
Trade accounts payable and accrued liabilities	5,347	(15,126)
Current income taxes receivable / payable	(10,423)	2,640
Net cash provided by operating activities	266,036	238,289
Investing Activities:
Purchases of property, plant and equipment	(74,736)	(75,246)
Proceeds from sale of assets	2	0
Net cash used in investing activities	(74,734)	(75,246)
Financing Activities:
Purchase of treasury stock	(253,773)	(131,856)
Proceeds from issuance of common stock, net	420	155
Dividends paid	(716)	(792)
Net cash used in financing activities	(254,069)	(132,493)
Net increase (decrease) in cash and cash equivalents	(62,767)	30,550
Cash and cash equivalents at beginning of period	730,557	438,990
Cash and cash equivalents at end of period	$ 667,790	$ 469,540

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022. In March 2020, the World Health Organization (the "WHO") declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide, and, in May 2023, the WHO determined COVID-19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern. The Company has not experienced a material impact on its business or its liquidity on account of COVID-19 and is unable to predict any reemergence of any outbreak or its potential long-term impact on our business. 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 includes estimates for trade payment discounts and customer rebates, which are estimated using historical experience and other relevant factors, and are 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. No new standards have been adopted in 2023.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consist of the following: In Thousands June 30, 2023 December 31, 2022 Raw materials $ 55,886 $ 69,567 Work-in-process 62,132 42,611 Finished goods 148,409 138,943 Total Inventory at FIFO cost 266,427 251,121 Adjust to LIFO cost (103,212) (97,934) Inventory, net $ 163,215 $ 153,187 Inventories are stated at the lower of cost, determined by the last-in, first-out (“LIFO”) method, or market. The Company maintains two inventory pools for LIFO purposes. As permitted by U.S. GAAP, 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 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 on 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 June 30, 2023, 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.

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	PROPERTY, PLANT and EQUIPMENT Property, plant and equipment consists of the following: In Thousands June 30, 2023 December 31, 2022 Land and land improvements $ 85,318 $ 85,286 Construction-in-progress 142,884 125,809 Buildings and improvements 280,477 232,758 Machinery and equipment 452,080 438,303 Furniture and fixtures 16,468 15,178 Property, plant and equipment, gross 977,227 897,334 Accumulated depreciation (293,480) (280,733) Property, plant and equipment, net $ 683,747 $ 616,601 In the second quarter of 2023, depreciation expense was $8.1 million, compared to $6.3 million in the second quarter of 2022. Depreciation expense was $15.7 million in the six months ended June 30, 2023, compared to $12.5 million in the six months ended June 30, 2022.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands June 30, 2023 December 31, 2022 Sales rebates payable $ 29,768 $ 40,909 SAR Liability 16,419 20,282 Property taxes payable 2,669 5,287 Accrued salaries 15,716 7,616 Other accrued liabilities 6,153 7,287 Total accrued liabilities $ 70,725 $ 81,381

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income taxes were accrued at an effective rate of 22.7% in the second quarter of 2023 versus 22.3% in the second quarter of 2022, 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 and the Section 162(m) limitation on executive compensation.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Earnings per common and common equivalent share is 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 June 30, Six Months Ended June 30, In Thousands 2023 2022 2023 2022 Numerator: Net income $ 104,741 $ 210,538 $ 224,224 $ 372,070 Denominator: Denominator for basic earnings per share – weighted average shares 17,093 19,419 17,593 19,709 Effect of dilutive securities: Employee stock awards 338 247 304 273 Denominator for diluted earnings per share – weighted average shares 17,431 19,666 17,897 19,982

Debt

Debt	6 Months Ended
	Jun. 30, 2023
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. The 2021 Credit Agreement contains provisions to replace LIBOR with a replacement rate as described in the 2021 Credit Agreement. On October 20, 2022, the Company entered into the First Amendment to the 2021 Credit Agreement (the "Amended 2021 Credit Agreement") which replaced LIBOR with BSBY as permitted under the 2021 Credit Agreement. Borrowings under the line of credit bear interest, at the Company’s option, at either (1) BSBY 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 BSBY 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. As of June 30, 2023, there were no borrowings outstanding under the Amended 2021 Credit Agreement, and letters of credit outstanding in the amount of $0.3 million left $199.7 million of credit available under the Amended 2021 Credit Agreement. Obligations under the Amended 2021 Credit Agreement are the only contractual borrowing obligations or commercial borrowing commitments of the Company. The foregoing description of the Amended 2021 Credit Agreement is not complete and is qualified in its entirety by reference to the full text of the Amended 2021 Credit Agreement (filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and incorporated herein by reference). Obligations under the Amended 2021 Credit Agreement are unsecured and contain customary covenants and events of default. The Company was in compliance with the covenants as of and for the period ended June 30, 2023.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
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 in June 2023, authorizing the repurchase of up to 2,000,000 shares of our common stock. As of June 30, 2023, 2,000,000 shares remained authorized for repurchase through March 31, 2024. The Company repurchased 1,475,409 shares of our stock in the six months ended June 30, 2023 compared to 1,108,022 shares in the six months ended June 30, 2022.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2023
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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 104,741	$ 119,483	$ 210,538	$ 161,531	$ 224,224	$ 372,070

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022.
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. No new standards have been adopted in 2023.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: In Thousands June 30, 2023 December 31, 2022 Raw materials $ 55,886 $ 69,567 Work-in-process 62,132 42,611 Finished goods 148,409 138,943 Total Inventory at FIFO cost 266,427 251,121 Adjust to LIFO cost (103,212) (97,934) Inventory, net $ 163,215 $ 153,187

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following: In Thousands June 30, 2023 December 31, 2022 Land and land improvements $ 85,318 $ 85,286 Construction-in-progress 142,884 125,809 Buildings and improvements 280,477 232,758 Machinery and equipment 452,080 438,303 Furniture and fixtures 16,468 15,178 Property, plant and equipment, gross 977,227 897,334 Accumulated depreciation (293,480) (280,733) Property, plant and equipment, net $ 683,747 $ 616,601

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: In Thousands June 30, 2023 December 31, 2022 Sales rebates payable $ 29,768 $ 40,909 SAR Liability 16,419 20,282 Property taxes payable 2,669 5,287 Accrued salaries 15,716 7,616 Other accrued liabilities 6,153 7,287 Total accrued liabilities $ 70,725 $ 81,381

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, Six Months Ended June 30, In Thousands 2023 2022 2023 2022 Numerator: Net income $ 104,741 $ 210,538 $ 224,224 $ 372,070 Denominator: Denominator for basic earnings per share – weighted average shares 17,093 19,419 17,593 19,709 Effect of dilutive securities: Employee stock awards 338 247 304 273 Denominator for diluted earnings per share – weighted average shares 17,431 19,666 17,897 19,982

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 55,886	$ 69,567
Work-in-process	62,132	42,611
Finished goods	148,409	138,943
Total Inventory at FIFO cost	266,427	251,121
Adjust to LIFO cost	(103,212)	(97,934)
Inventory, net	$ 163,215	$ 153,187

Inventories - Narrative (Detail

Inventories - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) pool	Jun. 30, 2022 USD ($)
Inventory Disclosure [Abstract]
Number of inventory pools | pool			2
Increase (decrease) in cost of goods sold from LIFO adjustment | $	$ (18.6)	$ (11.5)	$ 5.3	$ 1.4

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 977,227	$ 897,334
Accumulated depreciation	(293,480)	(280,733)
Property, plant and equipment, net	683,747	616,601
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	85,318	85,286
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	142,884	125,809
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	280,477	232,758
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	452,080	438,303
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,468	$ 15,178

Property, Plant and Equipment -

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 8.1	$ 6.3	$ 15.7	$ 12.5

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Sales rebates payable	$ 29,768	$ 40,909
SAR Liability	16,419	20,282
Property taxes payable	2,669	5,287
Accrued salaries	15,716	7,616
Other accrued liabilities	6,153	7,287
Total accrued liabilities	$ 70,725	$ 81,381

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	22.70%	22.30%

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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 104,741	$ 119,483	$ 210,538	$ 161,531	$ 224,224	$ 372,070
Denominator:
Denominator for basic earnings per share – weighted average shares (in shares)	17,093		19,419		17,593	19,709
Effect of dilutive securities:
Denominator for diluted earnings per share – weighted average shares (in shares)	17,431		19,666		17,897	19,982
Employee stock awards
Effect of dilutive securities:
Employee stock awards (in shares)	338		247		304	273

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive employee stock options excluded from the determination of diluted net income per common and common equivalent share (in shares)	0	0	0	0

Debt (Details)

Debt (Details)	Oct. 20, 2022	Feb. 09, 2021 USD ($) bank	Jun. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Letters of credit outstanding			$ 300,000
Remaining borrowing capacity			199,700,000
Credit Agreement
Line of Credit Facility [Line Items]
Number of banks to which company is party to a credit agreement | bank		2
Calculated maximum borrowings		$ 200,000,000
Available increase in borrowings under credit agreement		$ 100,000,000
Outstanding borrowings			$ 0
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 | Bloomberg Short-Term Bank Yield Index (BSBY)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1%
Credit Agreement | Credit Agreement Interest Rate Option One | Maximum | Bloomberg Short-Term Bank Yield Index (BSBY)
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 | Bloomberg Short-Term Bank Yield Index (BSBY)
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate (as a percent)	1%
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%
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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Number of shares authorized to be repurchased (in shares)	2,000,000
Repurchase of common stock authorized remaining (in shares)	2,000,000
Purchase of treasury stock (in shares)	1,475,409	1,108,022