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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 95,745 $ 161,334
(Loss) income from discontinued operations, net of tax (899) 66,357
Income from continuing operations 96,644 94,977
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 103,114 99,456
Deferred income taxes (19,003) (6,980)
Provision for credit losses 3,179 3,103
Amortization of debt issuance costs 619 730
Employee stock-based compensation costs 3,284 4,431
Pension and postretirement benefit plan net periodic benefit credit (534) (1,895)
Unrealized gains on investments (2,557) (2,920)
Changes in current assets and liabilities, net of acquisitions:    
Receivables 129,471 112,216
Inventories 24,957 22,709
Other current assets 86,740 29,252
Accounts payable (47,580) (56,702)
Other current liabilities (28,493) (13,025)
Pension and postretirement benefit plan contributions (2,465) (509)
Other noncurrent changes (11,790) 14,501
Net cash provided by continuing operations 335,586 299,344
Net cash (used in) provided by discontinued operations (702) 2,225
Net cash provided by operating activities 334,884 301,569
Investing activities:    
Capital expenditures (173,982) (226,939)
Net proceeds from sale or disposition of property 0 9
Cost of removal, net of salvage value (2,577) (3,624)
Investments (2,858) (2,914)
Proceeds from investment excess cash and cost basis withdrawal 5,000 9,000
Net cash used in continuing operations (174,417) (224,468)
Net cash used in discontinued operations 0 (11,496)
Net cash used in investing activities (174,417) (235,964)
Financing activities:    
Repayment of short-term borrowings 0 (95,000)
Issuance of long-term debt 0 113,700
Repayment of long-term debt (111,008) (11,127)
Debt issuance costs (11) (1,637)
Costs of issuance of common stock 0 (50)
Dividends paid (53,075) (51,405)
Tax withholding on stock-based compensation (4,476) (2,623)
Net cash used in continuing operations (168,570) (48,142)
Net cash used in discontinued operations 0 0
Net cash used in financing activities (168,570) (48,142)
(Decrease) increase in cash, cash equivalents and restricted cash (8,103) 17,463
Cash, cash equivalents and restricted cash - beginning of year 66,904 76,975
Cash, cash equivalents and restricted cash - end of period * [1] $ 58,801 $ 94,438
[1]
*Includes cash of discontinued operations of $15.7 million at June 30, 2024.