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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 225,950 $ 243,974
Less: income (loss) from discontinued operations, net of tax 2,319 (65,752)
Income from continuing operations 223,631 309,726
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 167,791 158,877
Deferred income taxes (12,289) 63,745
Provision for credit losses 4,902 9,769
Amortization of debt issuance costs 1,167 991
Employee stock-based compensation costs 7,067 3,943
Pension and postretirement benefit plan net periodic benefit credit (2,882) (4,086)
Unrealized gain on retained shares in Knife River 0 (170,170)
Unrealized gains on investments (5,813) (3,501)
Gains on sales of assets (5,754) (6,761)
Changes in current assets and liabilities, net of acquisitions:    
Receivables 14,510 161,366
Inventories (6,307) (19,694)
Other current assets 37,007 (68,161)
Accounts payable 7,176 (132,323)
Other current liabilities 47,057 42,310
Pension and postretirement benefit plan contributions (2,557) (7,541)
Other noncurrent changes (35,238) (3,362)
Net cash provided by continuing operations 439,468 335,128
Net cash provided by (used in) discontinued operations 2,318 (160,214)
Net cash provided by operating activities 441,786 174,914
Investing activities:    
Capital expenditures (400,989) (370,585)
Net proceeds from sale or disposition of property 9,590 12,508
Cost of removal, net of salvage value (6,133) 730
Investments (3,878) (3,339)
Proceeds from investment cost basis withdrawal 9,000 0
Net cash used in continuing operations (392,410) (360,686)
Net cash used in discontinued operations 0 (55,012)
Net cash used in investing activities (392,410) (415,698)
Financing activities:    
Issuance of short-term borrowings 0 461,400
Repayment of short-term borrowings (95,000) (193,500)
Issuance of long-term debt 302,400 411,900
Repayment of long-term debt (147,731) (434,994)
Debt issuance costs (2,416) (1,844)
Costs of issuance of common stock (50) 0
Dividends paid (76,915) (135,861)
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 (22,335) 99,250
Net cash provided by discontinued operations 0 93,509
Net cash (used in) provided by financing activities (22,335) 192,759
Increase (decrease) in cash, cash equivalents and restricted cash 27,041 (48,025)
Cash, cash equivalents and restricted cash - beginning of year 76,975 80,518
Cash, cash equivalents and restricted cash - end of period $ 104,016 $ 32,493