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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 243,974 $ 250,401
Discontinued operations, net of tax (65,752) 103,504
Income from continuing operations 309,726 146,897
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 158,877 158,622
Deferred income taxes 63,745 13,697
Provision for credit losses 9,769 3,554
Amortization of debt issuance costs 991 725
Employee stock-based compensation costs 3,943 5,689
Pension and postretirement benefit plan net periodic benefit credit (4,086) (5,494)
Unrealized Gain (Loss) on investment in Knife River (170,170) 0
Unrealized (gains) losses on investments (3,501) 12,357
Gains on sales of assets (6,761) (4,925)
Changes in current assets and liabilities, net of acquisitions:    
Receivables 161,366 (107,314)
Inventories (19,694) (43,649)
Other current assets (68,161) (32,241)
Accounts payable (132,323) 89,876
Other current liabilities 42,310 40,931
Pension and postretirement benefit plan contributions (7,541) (62)
Other noncurrent changes (3,362) (24,981)
Net cash provided by continuing operations 335,128 253,682
Net cash provided by (used in) discontinued operations (160,214) 31,251
Net cash provided by operating activities 174,914 284,933
Investing activities:    
Capital expenditures (370,585) (341,162)
Net proceeds from sale or disposition of property and other 13,238 (4,101)
Investments (3,339) (2,185)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations (360,686) (347,448)
Cash Provided by (Used in) Investing Activities, Discontinued Operations (55,012) (117,900)
Net cash used in investing activities (415,698) (465,348)
Financing activities:    
Issuance of short-term borrowings 461,400 0
Repayment of short-term borrowings (193,500) 0
Issuance of long-term debt 411,900 220,429
Repayment of long-term debt (434,994) 0
Debt issuance costs (1,844) (334)
Net proceeds from issuance of common stock 0 (149)
Dividends paid (135,861) (132,687)
Repurchase of common stock (4,811) (7,399)
Tax withholding on stock-based compensation (3,040) (4,904)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations 99,250 74,956
Cash Provided by (Used in) Financing Activities, Discontinued Operations 93,509 125,918
Net Cash Provided by (Used in) Financing Activities, Total 192,759 200,874
Increase (decrease) in cash and cash equivalents (48,025) 20,459
Cash and cash equivalents -- beginning of year 80,518 54,161
Cash and cash equivalents -- end of period $ 32,493 $ 74,620