Encore Wire (WIRE) 10-Q 25 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		15,788,916
Entity Central Index Key	0000850460
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 614,088	$ 560,635
Accounts receivable, net of allowance of $2,455 and $2,455	471,246	475,291
Inventories, net	173,669	163,679
Income tax receivable	0	4,769
Prepaid expenses and other	3,151	6,201
Total current assets	1,262,154	1,210,575
Property, plant and equipment, net	779,017	756,863
Other assets	369	474
Total assets	2,041,540	1,967,912
Current liabilities:
Trade accounts payable	84,355	80,548
Accrued liabilities	69,157	79,590
Income taxes payable	14,895	0
Total current liabilities	168,407	160,138
Long-term liabilities:
Deferred income taxes and other	60,176	60,197
Total long-term liabilities	60,176	60,197
Total liabilities	228,583	220,335
Commitments and contingencies
Stockholders’ equity:
Preferred stock value	0	0
Common stock value	274	273
Additional paid-in capital	108,452	106,035
Treasury stock, at cost – 11,661,524 and 11,661,524 shares	(867,222)	(867,222)
Retained earnings	2,571,453	2,508,491
Total stockholders’ equity	1,812,957	1,747,577
Total liabilities and stockholders’ equity	$ 2,041,540	$ 1,967,912

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 2,455	$ 2,455
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)	27,442,440	27,276,834
Treasury stock (in shares)	11,661,524	11,661,524

Statements of Income

Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 632,661	$ 660,492
Cost of goods sold	496,672	455,407
Gross profit	135,989	205,085
Selling, general, and administrative expenses	61,088	58,704
Operating income	74,901	146,381
Net interest and other income	7,330	9,174
Income before income taxes	82,231	155,555
Provision for income taxes	18,954	36,072
Net income	$ 63,277	$ 119,483
Earnings per common and common equivalent share - basic (in usd per share)	$ 4.02	$ 6.60
Earnings per common and common equivalent share - diluted (in usd per share)	$ 3.92	$ 6.50
Weighted average common and common equivalent shares outstanding - basic (in shares)	15,738	18,099
Weighted average common and common equivalent shares outstanding - diluted (in shares)	16,143	18,369
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02

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, 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				(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)	(702,478)			(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, 2023		27,276,000
Beginning balance at Dec. 31, 2023	$ 1,747,577	$ 273	106,035	$ (867,222)	2,508,491
Beginning balance, treasury shares (in shares) at Dec. 31, 2023	(11,661,524)			(11,662,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 63,277				63,277
Exercise of stock options (in shares)		40,000
Exercise of stock options	1,728		1,728
Stock-based compensation (in shares)		126,000
Stock-based compensation	690	$ 1	689
Dividend declared	$ (315)				(315)
Purchase of treasury stock (in shares)	0
Ending balance (in shares) at Mar. 31, 2024		27,442,000
Ending balance at Mar. 31, 2024	$ 1,812,957	$ 274	$ 108,452	$ (867,222)	$ 2,571,453
Ending balance, treasury shares (in shares) at Mar. 31, 2024	(11,661,524)			(11,662,000)

Statements of Stockholders' E_2

Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in usd per share)	$ 0.02	$ 0.02

Statements of Cash Flow

Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net income	$ 63,277	$ 119,483
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,526	7,692
Deferred income taxes	(9)	(2,391)
Stock-based compensation attributable to equity awards	689	4,040
Other	221	673
Changes in operating assets and liabilities:
Accounts receivable	4,045	18,931
Inventories	(9,990)	(20,691)
Other assets	3,093	1,478
Trade accounts payable and accrued liabilities	(3,384)	(41,031)
Current income taxes receivable / payable	19,664	38,753
Net cash provided by operating activities	86,132	126,937
Investing Activities:
Purchases of property, plant and equipment	(34,242)	(31,768)
Proceeds from sale of assets	149	0
Net cash used in investing activities	(34,093)	(31,768)
Financing Activities:
Purchase of treasury stock	0	(128,252)
Proceeds from issuance of common stock, net	1,729	317
Dividends paid	(315)	(367)
Net cash provided by/(used in) financing activities	1,414	(128,302)
Net increase (decrease) in cash and cash equivalents	53,453	(33,133)
Cash and cash equivalents at beginning of period	560,635	730,557
Cash and cash equivalents at end of period	$ 614,088	$ 697,424

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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, 2023. 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. In March 2024, the SEC adopted “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Final Rule”). The Final Rule sets forth amendments to the SEC’s rules under the Securities Act of 1933 and Securities Exchange Act of 1934 that require registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rule requires information about a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. In addition, the Final Rule requires registrants to disclose how they assess and oversee climate-related risks. Shortly after the SEC voted to approve the Final Rule, several lawsuits were filed challenging the rule. The U.S. Judicial Panel on Multidistrict Litigation ordered that such lawsuits be consolidated and proceed in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC voluntarily stayed implementation of the Final Rule, pending resolution of the litigation challenging it. The timing regarding the resolution of such litigation is unknown at this time. The Company is evaluating the impact of the new rules on its financial statements. No new standards have been adopted in 2024.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consist of the following: In Thousands March 31, 2024 December 31, 2023 Raw materials $ 41,364 $ 64,512 Work-in-process 71,334 55,921 Finished goods 157,943 139,348 Total Inventory at FIFO cost 270,641 259,781 Adjust to LIFO cost (96,972) (96,102) Inventory, net $ 173,669 $ 163,679 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 March 31, 2024, 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	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	PROPERTY, PLANT and EQUIPMENT Property, plant and equipment consists of the following: In Thousands March 31, 2024 December 31, 2023 Land and land improvements $ 90,162 $ 90,162 Construction-in-progress 174,216 163,514 Buildings and improvements 313,281 313,691 Machinery and equipment 497,183 478,060 Furniture and fixtures 17,308 17,231 Property, plant and equipment, gross 1,092,150 1,062,658 Accumulated depreciation (313,133) (305,795) Property, plant and equipment, net $ 779,017 $ 756,863

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	ACCRUED LIABILITIES Accrued liabilities consist of the following: In Thousands March 31, 2024 December 31, 2023 Sales rebates payable $ 27,324 $ 39,123 SAR Liability 19,995 22,182 Property taxes payable 1,503 5,827 Accrued salaries 14,478 6,947 Other accrued liabilities 5,857 5,511 Total accrued liabilities $ 69,157 $ 79,590

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income taxes were accrued at an effective rate of 23.0% in the first quarter of 2024 versus 23.2% in the first quarter of 2023, 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	3 Months Ended
	Mar. 31, 2024
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 March 31, In Thousands 2024 2023 Numerator: Net income $ 63,277 $ 119,483 Denominator: Denominator for basic earnings per share – weighted average shares 15,738 18,099 Effect of dilutive securities: Employee stock awards 405 270 Denominator for diluted earnings per share – weighted average shares 16,143 18,369

Debt

Debt	3 Months Ended
	Mar. 31, 2024
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 matures on 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 2021 Credit Agreement as amended, the "Amended 2021 Credit Agreement") which replaced LIBOR with Bloomberg Short-Term Bank Yield Index ("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 March 31, 2024, 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 March 31, 2024.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
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 February 2024, authorizing the repurchase of up to 2,000,000 shares of our common stock. As of March 31, 2024, 2,000,000 shares remained authorized for repurchase through March 31, 2025. The Company did not repurchase shares of its stock in the three months ended March 31, 2024, compared to 702,478 shares repurchased in the three months ended March 31, 2023.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES There 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS As previously announced, on April 14, 2024, the Company entered into an Agreement and Plan of Merger (“Merger Agreement”) by and among the Company, Prysmian S.p.A., a company organized under the laws of the Republic of Italy (“Parent”), Applause Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and solely as provided in Section 9.12 therein, Prysmian Cables and Systems USA, LLC, a Delaware limited liability company, providing for the merger of Merger Sub with and into the Company, with the Company continuing as the surviving corporation and becoming a wholly owned subsidiary of Parent (“Merger”). Upon the consummation of the Merger, each outstanding share of common stock of the Company, par value $.01 per share (the “Common Stock”), as of immediately prior to the effective time of the Merger (other than certain enumerated exceptions in the Merger Agreement) will be converted into the right to receive (A) $290.00 per share in cash, plus, (B) if applicable, an amount in cash, rounded to the nearest cent, equal to $0.0635 per share multiplied by the number of calendar days elapsed after April 14, 2025 until and excluding the closing date of the Merger (with no such additional consideration if the closing date occurs on or prior to April 14, 2025). The Merger Agreement provides for a go-shop period that will expire at 11:59 p.m. on May 19, 2024, during which the Company has the right to solicit, encourage or facilitate the making of any alternative acquisition proposal. The transaction is expected to close in the second half of 2024, and is subject to customary closing conditions, including Hart-Scott-Rodino Act clearance. Under the Merger Agreement, the Company may be required to pay Parent a termination fee of up to $146.54 million if the Merger Agreement is terminated under certain specified circumstances and Parent may be required to pay a reverse termination fee of $180.00 million to the Company if the Merger Agreement is terminated under certain circumstances.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 63,277	$ 119,483

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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, 2023.
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. In March 2024, the SEC adopted “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Final Rule”). The Final Rule sets forth amendments to the SEC’s rules under the Securities Act of 1933 and Securities Exchange Act of 1934 that require registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rule requires information about a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. In addition, the Final Rule requires registrants to disclose how they assess and oversee climate-related risks. Shortly after the SEC voted to approve the Final Rule, several lawsuits were filed challenging the rule. The U.S. Judicial Panel on Multidistrict Litigation ordered that such lawsuits be consolidated and proceed in the U.S. Court of Appeals for the Eighth Circuit. On April 4, 2024, the SEC voluntarily stayed implementation of the Final Rule, pending resolution of the litigation challenging it. The timing regarding the resolution of such litigation is unknown at this time. The Company is evaluating the impact of the new rules on its financial statements. No new standards have been adopted in 2024.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consist of the following: In Thousands March 31, 2024 December 31, 2023 Raw materials $ 41,364 $ 64,512 Work-in-process 71,334 55,921 Finished goods 157,943 139,348 Total Inventory at FIFO cost 270,641 259,781 Adjust to LIFO cost (96,972) (96,102) Inventory, net $ 173,669 $ 163,679

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, plant and equipment consists of the following: In Thousands March 31, 2024 December 31, 2023 Land and land improvements $ 90,162 $ 90,162 Construction-in-progress 174,216 163,514 Buildings and improvements 313,281 313,691 Machinery and equipment 497,183 478,060 Furniture and fixtures 17,308 17,231 Property, plant and equipment, gross 1,092,150 1,062,658 Accumulated depreciation (313,133) (305,795) Property, plant and equipment, net $ 779,017 $ 756,863

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: In Thousands March 31, 2024 December 31, 2023 Sales rebates payable $ 27,324 $ 39,123 SAR Liability 19,995 22,182 Property taxes payable 1,503 5,827 Accrued salaries 14,478 6,947 Other accrued liabilities 5,857 5,511 Total accrued liabilities $ 69,157 $ 79,590

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, In Thousands 2024 2023 Numerator: Net income $ 63,277 $ 119,483 Denominator: Denominator for basic earnings per share – weighted average shares 15,738 18,099 Effect of dilutive securities: Employee stock awards 405 270 Denominator for diluted earnings per share – weighted average shares 16,143 18,369

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 41,364	$ 64,512
Work-in-process	71,334	55,921
Finished goods	157,943	139,348
Total Inventory at FIFO cost	270,641	259,781
Adjust to LIFO cost	(96,972)	(96,102)
Inventory, net	$ 173,669	$ 163,679

Inventories - Narrative (Detail

Inventories - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) inventory_pool	Mar. 31, 2023 USD ($)
Inventory Disclosure [Abstract]
Number of inventory pools | inventory_pool	2
Increase (decrease) in cost of goods sold from LIFO adjustment | $	$ 0.9	$ 23.9

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,092,150	$ 1,062,658
Accumulated depreciation	(313,133)	(305,795)
Property, plant and equipment, net	779,017	756,863
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	90,162	90,162
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	174,216	163,514
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	313,281	313,691
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	497,183	478,060
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 17,308	$ 17,231

Property, Plant and Equipment -

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 8.5	$ 7.7

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Sales rebates payable	$ 27,324	$ 39,123
SAR Liability	19,995	22,182
Property taxes payable	1,503	5,827
Accrued salaries	14,478	6,947
Other accrued liabilities	5,857	5,511
Total accrued liabilities	$ 69,157	$ 79,590

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	23%	23.20%

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
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 63,277	$ 119,483
Denominator:
Denominator for basic earnings per share – weighted average shares (in shares)	15,738	18,099
Effect of dilutive securities:
Denominator for diluted earnings per share – weighted average shares (in shares)	16,143	18,369
Employee stock awards
Effect of dilutive securities:
Employee stock awards (in shares)	405	270

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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

Debt (Details)

Debt (Details) - Credit Agreement	Oct. 20, 2022	Feb. 09, 2021 USD ($) bank	Mar. 31, 2024 USD ($)
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
Letters of credit outstanding			300,000
Remaining borrowing capacity			$ 199,700,000
Minimum
Line of Credit Facility [Line Items]
Percentage of commitment fee	0.20%
Maximum
Line of Credit Facility [Line Items]
Percentage of commitment fee	0.325%
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	1%
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	1.875%
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	1%
Credit Agreement Interest Rate Option Two | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	0%
Credit Agreement Interest Rate Option Two | Maximum | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	0.50%
Credit Agreement Interest Rate Option Two | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	0.375%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 29, 2024
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)	0	702,478

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 14, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, par value (in usd per share)		$ 0.01	$ 0.01
Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in usd per share)	$ 0.01
Business acquisition, share conversion price in cash (in usd per share)	290
Business acquisition, share conversion price in cash, multiplier (in usd per share)	$ 0.0635
Prysmian S.p.A | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, termination fee	$ 180,000
Prysmian S.p.A | Subsequent Event
Subsequent Event [Line Items]
Business acquisition, termination fee	$ 146,540