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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 100,898 $ 38,353
Discontinued operations, net of tax 0 (45,522)
Income from continuing operations 100,898 83,875
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 55,750 52,233
Deferred income taxes 1,059 9,613
Provision for credit losses 2,287 3,765
Amortization of debt issuance costs 228 248
Employee stock-based compensation costs 3,173 2,655
Pension and postretirement benefit plan net periodic benefit credit (964) (1,392)
Unrealized gains on investments (2,873) (3,066)
Gains on sales of assets (1,276) (1,545)
Changes in current assets and liabilities, net of acquisitions:    
Receivables 12,283 (19,299)
Inventories 28,127 9,053
Other current assets 36,570 (41,319)
Accounts payable (41,468) (96,054)
Other current liabilities (3,889) 50,322
Pension and postretirement benefit plan contributions (8) (9)
Other noncurrent changes (24,800) (11,380)
Net cash provided by continuing operations 165,097 37,700
Net cash used in discontinued operations 0 (81,348)
Net cash provided by (used in) operating activities 165,097 (43,648)
Investing activities:    
Capital expenditures (126,209) (111,641)
Net proceeds from sale or disposition of property 2,820 3,169
Salvage value, net of cost of removal 31 892
Investments (2,906) (2,690)
Proceeds from investment cost basis withdrawal 9,000 0
Net cash used in continuing operations (117,264) (110,270)
Net cash used in discontinued operations 0 (40,754)
Net cash used in investing activities (117,264) (151,024)
Financing activities:    
Issuance of short-term borrowings 0 275,000
Repayment of short-term borrowings (95,000) (20,000)
Issuance of long-term debt 89,200 43,835
Repayment of long-term debt (623) (169,823)
Debt issuance costs (527) (93)
Costs of issuance of common stock (35) 0
Dividends paid (25,904) (45,246)
Repurchase of common stock 0 (4,811)
Tax withholding on stock-based compensation (2,623) (3,040)
Net cash (used in) provided by continuing operations (35,512) 75,822
Net cash provided by discontinued operations 0 131,522
Net cash (used in) provided by financing activities (35,512) 207,344
Increase in cash, cash equivalents and restricted cash 12,321 12,672
Cash, cash equivalents and restricted cash - beginning of year 76,975 80,517
Cash, cash equivalents and restricted cash - end of period * [1] $ 89,296 $ 93,189
[1] Includes cash of discontinued operations of $7.2 million at March 31, 2023.