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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities    
Net income (loss) $ 59,386 $ (31,078)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:    
Depreciation and amortization 95,154 93,898
Bad debt (recovery) expense, net (1,156) 6,290
Equity in earnings of affiliates, net of dividends (2,639) (209)
Gain on sales of Rail assets and related leases, net (4,987) (569)
(Gain) loss on sales of assets, net (1,266) 341
Stock-based compensation expense 4,112 5,016
Deferred federal income tax 170 21,761
Inventory write down 2,599 10,922
Other 2,971 2,797
Changes in operating assets and liabilities:    
Accounts receivable (58,338) (9,181)
Inventories 390,506 536,951
Commodity derivatives (250,691) 14,980
Other assets 35,568 (24,784)
Payables and other accrued expenses (516,883) (481,624)
Net cash (used in) provided by operating activities (245,494) 145,511
Investing Activities    
Purchases of Rail assets (4,751) (24,649)
Proceeds from sale of Rail assets 15,616 4,637
Purchases of property, plant and equipment and capitalized software (34,264) (44,644)
Proceeds from sale of assets 3,794 1,503
Purchase of investments (4,701) (2,849)
Other 832 0
Net cash used in investing activities (23,474) (66,002)
Financing Activities    
Net borrowings (payments) under lines of credit (258,157) (47,564)
Proceeds from issuance of short-term debt 608,250 0
Proceeds from issuance of long-term debt 108,300 165,975
Payments of long-term debt (177,586) (203,835)
Contributions from noncontrolling interest owner 2,940 4,409
Distributions to noncontrolling interest owner (25) (10,298)
Payments of debt issuance costs (2,059) (250)
Dividends paid (11,677) (11,469)
Other (2,436) (2,036)
Net cash provided by (used in) financing activities 267,550 (105,068)
Effect of exchange rates on cash and cash equivalents (167) 675
Decrease in cash and cash equivalents (1,585) (24,884)
Cash and cash equivalents at beginning of period 29,123 54,895
Cash and cash equivalents at end of period $ 27,538 $ 30,011