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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net income $ 114,056 $ 225,950
(Loss) income from discontinued operations, net of tax (938) 115,370
Income from continuing operations 114,994 110,580
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 155,160 149,292
Deferred income taxes (12,473) (6,719)
Provision for credit losses 5,404 4,953
Amortization of debt issuance costs 928 1,167
Employee stock-based compensation costs 4,920 6,033
Pension and postretirement benefit plan net periodic benefit credit (802) (2,882)
Unrealized gains on investments (4,772) (5,282)
Changes in current assets and liabilities, net of acquisitions:    
Receivables 136,261 128,063
Inventories (603) (2,092)
Other current assets 47,598 39,312
Accounts payable (47,736) (60,145)
Other current liabilities 13,815 16,311
Pension and postretirement benefit plan contributions (2,807) (2,799)
Other noncurrent changes (16,354) (23,249)
Net cash provided by continuing operations 393,533 352,543
Net cash (used in) provided by discontinued operations (740) 89,243
Net cash provided by operating activities 392,793 441,786
Investing activities:    
Capital expenditures (353,804) (366,483)
Cost of removal, net of salvage value (7,653) (6,130)
Investments (3,288) (3,308)
Proceeds from investment excess cash and cost basis withdrawal 5,000 9,000
Net cash used in continuing operations (359,745) (366,921)
Net cash used in discontinued operations 0 (25,489)
Net cash used in investing activities (359,745) (392,410)
Financing activities:    
Repayment of short-term borrowings 0 (95,000)
Issuance of long-term debt 123,100 302,400
Repayment of long-term debt (62,812) (147,731)
Debt issuance costs (226) (2,416)
Costs of issuance of common stock (47) (50)
Dividends paid (79,638) (76,915)
Tax withholding on stock-based compensation (4,476) (2,623)
Net cash used in continuing operations (24,099) (22,335)
Net cash used in discontinued operations 0 0
Net cash used in financing activities (24,099) (22,335)
(Decrease) increase in cash, cash equivalents and restricted cash 8,949 27,041
Cash, cash equivalents and restricted cash - beginning of year 66,904 76,975
Cash, cash equivalents and restricted cash - end of period [1] $ 75,853 $ 104,016
[1]
*Includes cash of discontinued operations of $15.7 million at September 30, 2024.