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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 81,965 $ 100,898
(Loss) income from discontinued operations, net of tax (502) 26,163
Income from continuing operations 82,467 74,735
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 51,261 49,767
Deferred income taxes (13,687) 866
Provision for credit losses 3,152 2,698
Amortization of debt issuance costs 309 228
Employee stock-based compensation costs 1,646 2,829
Pension and postretirement benefit plan net periodic benefit credit (267) (964)
Unrealized losses (gains) on investments 470 (2,594)
Losses on sales of assets 71 6
Changes in current assets and liabilities, net of acquisitions:    
Receivables 15,128 12,130
Inventories 26,590 29,063
Other current assets 92,739 36,300
Accounts payable (28,034) (32,658)
Other current liabilities (11,324) (3,571)
Pension and postretirement benefit plan contributions (385) (8)
Other noncurrent changes (2,162) (24,813)
Net cash provided by continuing operations 217,974 144,014
Net cash (used in) provided by discontinued operations (502) 21,083
Net cash provided by operating activities 217,472 165,097
Investing activities:    
Capital expenditures (93,034) (116,986)
Net proceeds from sale or disposition of property 0 10
Salvage value, net of cost of removal 869 31
Investments (2,574) (2,580)
Proceeds from investment cost basis withdrawal 0 9,000
Net cash used in continuing operations (94,739) (110,525)
Net cash used in discontinued operations 0 (6,739)
Net cash used in investing activities (94,739) (117,264)
Financing activities:    
Repayment of short-term borrowings 0 (95,000)
Issuance of long-term debt 0 89,200
Repayment of long-term debt (99,104) (623)
Debt issuance costs (5) (527)
Costs of issuance of common stock 0 (35)
Dividends paid (26,511) (25,904)
Tax withholding on stock-based compensation (4,476) (2,623)
Net cash used in continuing operations (130,096) (35,512)
Net cash used in discontinued operations 0 0
Net cash used in financing activities (130,096) (35,512)
(Decrease) increase in cash, cash equivalents and restricted cash (7,363) 12,321
Cash, cash equivalents and restricted cash - beginning of year 66,904 76,975
Cash, cash equivalents and restricted cash - end of period * [1] $ 59,541 $ 89,296
[1]
*Includes cash of discontinued operations of $16.6 million at March 31, 2024.