Discontinued operations (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of discontinued operations, including balance sheet and income statement

The carrying amounts of the major classes of assets and liabilities of discontinued operations included in the Company’s Consolidated Balance Sheet at March 31, 2023 were as follows:

	March 31, 2023
Assets	(In Thousands)
Current assets:
Cash and cash equivalents	$	7,218
Receivables, net	205,564
Inventories	373,215
Prepayments and other current assets	34,899
Total current assets of discontinued operations	620,896
Noncurrent assets:
Net property, plant and equipment	1,317,368
Goodwill	274,540
Other intangible assets, net	12,763
Investments	35,542
Operating lease right-of-use assets	43,995
Other	3,403
Total noncurrent assets of discontinued operations	1,687,611
Total assets of discontinued operations	$	2,308,507
Liabilities
Current liabilities:
Short-term borrowings	$	208,000
Long-term debt due within one year	30,211
Accounts payable	118,175
Taxes payable	(1,402)
Accrued compensation	14,010
Operating lease liabilities due within one year	12,981
Other accrued liabilities	66,740
Total current liabilities of discontinued operations	448,715
Noncurrent liabilities:
Long-term debt	577,138
Deferred income taxes	175,062
Asset retirement obligations	33,462
Operating lease liabilities	31,014
Other	80,409
Total noncurrent liabilities of discontinued operations	897,085
Total liabilities of discontinued operations	$	1,345,800

The reconciliation of the major classes of income and expense constituting pretax loss from discontinued operations to the after-tax loss from discontinued operations on the Consolidated Statements of Income were as follows:

	Three Months Ended
	March 31,
	2023
	(In thousands)
Operating revenues	$	307,239
Operating expenses	351,274
Operating loss	(44,035)
Other income	493
Interest expense	14,067
Loss from discontinued operations before income taxes	(57,609)
Income taxes	(12,087)
Discontinued operations, net of tax	$	(45,522)