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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 281,108 $ 414,707 $ 367,489
Income from discontinued operations, net of tax 100,035 84,590 250,237
Income from continuing operations 181,073 330,117 117,252
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 200,078 190,450 188,560
Deferred income taxes (16,078) (1,309) 20,187
Provision for credit losses 6,558 7,422 5,409
Amortization of debt issuance costs 1,828 1,013 885
Employee stock-based compensation costs 8,423 5,505 7,913
Pension and postretirement benefit plan net periodic benefit credit (3,837) (5,380) (7,323)
Unrealized (gains) losses on investments (5,942) (7,431) 10,119
(Gains) losses on sales of assets (857) (347) 15
Gain on tax-free exchange of the retained shares in Knife River 0 (186,556) 0
Changes in current assets and liabilities, net of acquisitions:      
Receivables (30,310) 79,111 (91,193)
Inventories 246 (21,729) 243
Other current assets 80,977 (48,492) 14,522
Accounts payable (443) (87,209) 84,547
Other current liabilities (5,252) 73,365 (26,873)
Pension and postretirement benefit plan contributions (3,000) (7,643) (81)
Other noncurrent changes (1,651) (15,554) (2,567)
Net cash provided by continuing operations 411,813 305,333 321,615
Net cash provided by discontinued operations 90,505 27,294 188,449
Net cash provided by operating activities 502,318 332,627 510,064
Investing activities:      
Capital expenditures (522,824) (484,136) (442,582)
Net proceeds from sale or disposition of property 691 260 3
Cost of removal, net of salvage value (5,539) 1,170 (11,779)
Investments (5,155) (2,423) (2,571)
Proceeds from investment cost basis withdrawal 9,000 20,000 0
Net cash used in continuing operations (523,827) (465,129) (456,929)
Net cash used in discontinued operations (28,858) (75,662) (181,952)
Net cash used in investing activities (552,685) (540,791) (638,881)
Financing activities:      
Issuance of short-term borrowings 0 810,000 11,500
Repayment of short-term borrowings (95,000) (433,901) 0
Issuance of long-term debt 308,600 594,700 214,969
Repayment of long-term debt (182,135) (568,883) (38,764)
Debt issuance costs (2,456) (2,521) (1,129)
Costs of issuance of common stock (50) 0 (150)
Dividends paid (102,939) (161,316) (176,915)
Repurchase of common stock 0 (4,811) (7,399)
Tax withholding on stock-based compensation (2,623) (3,040) (4,904)
Net cash (used in) provided by continuing operations (76,603) 230,228 (2,792)
Net cash provided by (used in) discontinued operations 116,899 (25,606) 157,965
Net cash provided by financing activities 40,296 204,622 155,173
(Decrease) increase in cash, cash equivalents and restricted cash (10,071) (3,542) 26,356
Cash, cash equivalents and restricted cash - beginning of year 76,975 [1] 80,517 [1] 54,161
Cash, cash equivalents and restricted cash - end of year [1] $ 66,904 $ 76,975 $ 80,517
[1]
*Includes cash of discontinued operations of $16.5 million and $9.7 million for the years ended December 31, 2023 and 2022, respectively.