XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 161,334 $ 169,044
Discontinued operations, net of tax (138) (62,464)
Income from continuing operations 161,472 231,508
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 111,631 105,730
Deferred income taxes (8,580) 55,478
Provision for credit losses 2,968 5,862
Amortization of debt issuance costs 731 792
Employee stock-based compensation costs 5,120 1,740
Pension and postretirement benefit plan net periodic benefit credit (1,895) (2,775)
Unrealized gain on retained shares in Knife River 0 (140,020)
Unrealized gains on investments (3,235) (4,885)
Gains on sales of assets (2,547) (4,887)
Changes in current assets and liabilities, net of acquisitions:    
Receivables 24,127 124,306
Inventories 16,843 1,427
Other current assets 32,082 (27,614)
Accounts payable (35,853) (137,308)
Other current liabilities (10,760) 19,090
Pension and postretirement benefit plan contributions (509) (17)
Other noncurrent changes 10,112 1,606
Net cash provided by continuing operations 301,707 230,033
Net cash used in discontinued operations (138) (156,932)
Net cash provided by operating activities 301,569 73,101
Investing activities:    
Capital expenditures (243,456) (232,137)
Net proceeds from sale or disposition of property 5,421 9,491
Cost of removal, net of salvage value (3,624) 4,041
Investments (3,305) (2,974)
Proceeds from investment cost basis withdrawal 9,000 0
Net cash used in continuing operations (235,964) (221,579)
Net cash used in discontinued operations 0 (55,012)
Net cash used in investing activities (235,964) (276,591)
Financing activities:    
Issuance of short-term borrowings 0 500,000
Repayment of short-term borrowings (95,000) (193,500)
Issuance of long-term debt 113,700 389,500
Repayment of long-term debt (11,127) (506,191)
Debt issuance costs (1,637) (1,864)
Costs of issuance of common stock (50) 0
Dividends paid (51,405) (90,552)
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 (48,142) 89,542
Net cash provided by discontinued operations 0 94,300
Net cash (used in) provided by financing activities (48,142) 183,842
Increase (decrease) in cash, cash equivalents and restricted cash 17,463 (19,648)
Cash, cash equivalents and restricted cash - beginning of year 76,975 70,428
Cash, cash equivalents and restricted cash - end of period $ 94,438 50,780
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Knife River Corporation    
Adjustments to reconcile net income to net cash provided by operating activities:    
Unrealized gains on investments   $ (140,000)