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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income (loss) from continuing operations $ (59,117) $ 6,504
Loss from discontinued operations, net of income taxes 0 (554)
Net income (loss) (59,117) 5,950
Adjustments to reconcile net income (loss) to cash used in operating activities:    
Depreciation and amortization 32,220 34,377
Bad debt expense, net 0 1,255
Stock-based compensation expense 2,596 1,818
Deferred federal income tax (8,051) (6,947)
Asset impairment 87,156 0
Other 3,225 3,048
Changes in operating assets and liabilities:    
Accounts receivable 125,113 (215,012)
Inventories 178,010 (136,820)
Commodity derivatives 83,148 (277,761)
Other current and non-current assets (17,543) (38,810)
Payables and other current and non-current liabilities (760,292) (446,096)
Net cash used in operating activities (333,535) (1,074,998)
Investing Activities    
Purchases of property, plant and equipment and capitalized software (25,470) (20,722)
Purchases of investments 0 (1,333)
Purchases of Rail assets 0 (3,186)
Proceeds from sale of Rail assets 2,871 248
Other 2,792 72
Net cash used in investing activities (19,807) (24,921)
Financing Activities    
Net receipts under short-term lines of credit 363,619 796,209
Proceeds from issuance of short-term debt 0 350,000
Payments of short-term debt 0 (200,000)
Payments of long-term debt (30,251) (7,566)
Contributions from noncontrolling interest owner 0 2,450
Distributions to noncontrolling interest owner (9,980) (9,980)
Payments of debt issuance costs (5) (7,310)
Dividends paid (6,279) (6,144)
Proceeds from exercises of stock options 0 5,024
Common stock repurchased (1,671) 0
Value of shares withheld for taxes (6,616) (3,319)
Other 0 393
Net cash provided by financing activities 308,817 919,757
Effect of exchange rates on cash and cash equivalents 109 99
Decrease in cash and cash equivalents (44,416) (180,063)
Cash and cash equivalents at beginning of period 115,269 216,444
Cash and cash equivalents at end of period $ 70,853 $ 36,381