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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 414,707 $ 367,489 $ 378,131
Less: income (loss) from discontinued operations, net of tax (65,718) 116,721 135,609
Income from continuing operations 480,425 250,768 242,522
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 213,598 210,028 198,240
Deferred income taxes (4,414) 21,248 27,393
Provision for credit losses 13,624 5,595 1,037
Amortization of debt issuance costs 1,207 978 930
Employee stock-based compensation costs 6,309 8,982 12,857
Pension and postretirement benefit plan net periodic benefit credit (5,380) (7,323) (5,990)
Unrealized losses (gains) on investments (7,493) 10,207 (6,096)
Gains on sales of assets (8,521) (6,631) (6,418)
Gain on tax-free exchange of the retained shares in Knife River (186,556) 0 0
Changes in current assets and liabilities, net of acquisitions:      
Receivables 110,434 (330,809) (75,380)
Inventories (27,594) (15,555) 138
Other current assets (52,882) (9,404) (67,389)
Accounts payable (76,679) 172,664 25,511
Other current liabilities 66,997 7,569 3,462
Pension and postretirement benefit plan contributions (7,643) (82) (83)
Other noncurrent changes (22,675) (10,582) (51,787)
Net cash provided by continuing operations 492,757 307,653 298,947
Net cash (used in) provided by discontinued operations (160,130) 202,411 196,830
Net cash provided by operating activities 332,627 510,064 495,777
Investing activities:      
Capital expenditures (519,726) (478,425) (485,197)
Acquisitions, net of cash acquired 0 0 (2,500)
Net proceeds from sale or disposition of property 16,474 11,340 14,585
Cost of removal, net of salvage value 1,170 (11,780) (11,363)
Investments 16,302 (4,138) (3,136)
Net cash used in continuing operations (485,780) (483,003) (487,611)
Net cash used in discontinued operations (55,011) (155,878) (398,267)
Net cash used in investing activities of continuing operations (540,791) (638,881) (885,878)
Financing activities:      
Issuance of short-term borrowings 810,000 38,500 50,000
Repayment of short-term borrowings (460,901) 0 (100,000)
Issuance of long-term debt 726,700 373,046 272,043
Repayment of long-term debt (792,998) (65,764) (24,758)
Debt issuance costs (2,521) (1,129) (918)
Proceeds from issuance of common stock 0 (150) 88,767
Dividends paid (161,316) (176,915) (171,354)
Repurchase of common stock (4,811) (7,399) (6,701)
Tax withholding on stock-based compensation (3,040) (4,904) (4,126)
Net cash provided by continuing operations 111,113 155,285 102,953
Net cash provided by (used in) discontinued operations 93,509 (112) 281,762
Net cash provided by financing activities 204,622 155,173 384,715
Increase (decrease) in cash, cash equivalents and restricted cash (3,542) 26,356 (5,386)
Cash, cash equivalents and restricted cash - beginning of year 80,517 [1] 54,161 [1] 59,547
Cash, cash equivalents and restricted cash - end of year [1] $ 76,975 $ 80,517 $ 54,161
[1]
*Includes cash of discontinued operations of $10.1 million and $10.4 million for the years ended December 31, 2022 and 2021, respectively.