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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 31,763 $ 52,131
Income from discontinued operations, net of tax 30 15
Income from continuing operations 31,733 52,116
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 80,121 73,723
Deferred income taxes (6,466) 9,843
Provision for credit losses 1,735 (317)
Amortization of debt issuance costs 341 332
Employee stock-based compensation costs 2,689 2,574
Pension & postretirement benefit plan net periodic benefit credit (1,491) (1,226)
Unrealized losses on investments 5,147 529
Gains on sales of assets (3,136) (2,919)
Changes in current assets and liabilities, net of acquisitions:    
Receivables (5,723) 89,724
Inventories (44,080) (25,613)
Other current assets 34,491 (46,837)
Accounts payable 2,980 (41,965)
Other current liabilities 13,086 (13,977)
Pension & postretirement benefit plan contributions (149) (119)
Other noncurrent changes 1,139 (223)
Net cash provided by continuing operations 112,417 95,645
Net cash used in discontinued operations (7) (25)
Net cash provided by operating activities 112,410 95,620
Investing activities:    
Capital expenditures (150,288) (111,091)
Acquisitions, net of cash acquired (524) (1,023)
Net proceeds from sale or disposition of property and other 4,586 9,035
Investments (4,442) (3,248)
Net cash used in investing activities (150,668) (106,327)
Financing activities:    
Issuance of short-term borrowings 100,000 50,000
Repayment of short-term borrowings 0 (50,000)
Issuance of long-term debt 150,000 93,298
Repayment of long-term debt (143,622) (53,301)
Debt issuance costs (718) (3)
Net proceeds from issuance of common stock (127) 19,699
Dividends paid (44,229) (42,611)
Repurchase of common stock (7,399) (6,701)
Tax withholding on stock-based compensation (4,904) (4,127)
Net cash provided by financing activities 49,001 6,254
Increase (decrease) in cash and cash equivalents 10,743 (4,453)
Cash and cash equivalents -- beginning of year 54,161 59,547
Cash and cash equivalents -- end of period $ 64,904 $ 55,094