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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 102,430 $ 152,321
Discontinued operations, net of tax 65 34
Income from continuing operations 102,365 152,287
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 164,880 147,384
Deferred income taxes 1,464 14,498
Provision for credit losses 2,244 (1,158)
Amortization of debt issuance costs 709 633
Employee stock-based compensation costs 5,378 8,724
Pension and postretirement benefit plan net periodic benefit credit (3,004) (2,457)
Unrealized (gains) losses on investments 13,210 (3,795)
Gains on sales of assets (5,434) (8,021)
Changes in current assets and liabilities, net of acquisitions:    
Receivables (242,252) (17,358)
Inventories (63,840) (25,330)
Other current assets 12,888 (52,768)
Accounts payable 104,451 (3,845)
Other current liabilities 29,178 (22,605)
Pension and postretirement benefit plan contributions (262) (225)
Other noncurrent changes (4,509) (3,095)
Net cash provided by continuing operations 117,466 182,869
Net cash used in discontinued operations (16) (58)
Net cash provided by operating activities 117,450 182,811
Investing activities:    
Capital expenditures (290,145) (261,937)
Acquisitions, net of cash acquired (524) (13,721)
Net proceeds from sale or disposition of property and other 4,324 12,402
Investments (4,680) (3,244)
Net cash used in investing activities (291,025) (266,500)
Financing activities:    
Issuance of short-term borrowings 100,000 50,000
Repayment of short-term borrowings 0 (50,000)
Issuance of long-term debt 334,329 171,774
Repayment of long-term debt (147,544) (48,151)
Debt issuance costs (1,068) (5)
Net proceeds from issuance of common stock (149) 54,649
Dividends paid (88,457) (85,351)
Repurchase of common stock (7,399) (6,701)
Tax withholding on stock-based compensation (4,904) (4,127)
Net cash provided by financing activities 184,808 82,088
Increase (decrease) in cash and cash equivalents 11,233 (1,601)
Cash and cash equivalents -- beginning of year 54,161 59,547
Cash and cash equivalents -- end of period $ 65,394 $ 57,946