Knife River Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
KNF$58.43-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years ended December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| (In thousands) | |||
| Operating activities: | |||
| Net income | $182,872 | $116,220 | $129,755 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 123,805 | 117,798 | 100,974 |
| Deferred income taxes | (1,606) | 2,078 | 32,858 |
| Provision for credit losses | 2,001 | 538 | 48 |
| Amortization of debt issuance costs | 3,115 | 483 | 402 |
| Employee stock-based compensation costs | 2,888 | 1,272 | 1,852 |
| Pension and postretirement benefit plan net periodic benefit cost | 1,182 | 1,306 | 1,092 |
| Unrealized (gains) losses on investments | (2,202) | 2,525 | (1,632) |
| Gains on sale of assets | (27) | (14,092) | (6,638) |
| Equity in (loss) earnings of unconsolidated affiliates | (286) | 438 | (373) |
| Changes in current assets and liabilities, net of acquisitions: | |||
| Receivables | (54,817) | (32,506) | 15,357 |
| Due from related-party | 16,050 | (8,004) | 2,889 |
| Inventories | 3,654 | (31,033) | (42,441) |
| Other current assets | (19,556) | 44 | (4,574) |
| Accounts payable | 33,092 | 17,489 | (13,899) |
| Due to related-party | (7,310) | 3,578 | (957) |
| Other current liabilities | 48,977 | 21,417 | (21,011) |
| Pension and postretirement benefit plan contributions | (1,756) | (426) | (392) |
| Other noncurrent changes | 5,650 | 8,319 | (12,070) |
| Net cash provided by operating activities | 335,726 | 207,444 | 181,240 |
| Investing activities: | |||
| Capital expenditures | (124,283) | (178,162) | (174,229) |
| Acquisitions, net of cash acquired | — | 1,745 | (235,218) |
| Net proceeds from sale or disposition of property and other | 8,284 | 22,878 | 12,017 |
| Investments | (1,890) | (2,339) | (837) |
| Net cash used in investing activities | (117,889) | (155,878) | (398,267) |
| Financing activities: | |||
| Issuance of current related-party notes | — | 208,000 | — |
| Issuance (repayment) of long-term related-party notes, net | 205,275 | (207,007) | 281,983 |
| Issuance of long-term debt | 700,000 | — | — |
| Repayment of long-term debt | (3,653) | (298) | (221) |
| Debt issuance costs | (16,640) | (807) | — |
| Net transfers to Centennial | (850,589) | (55,212) | (57,959) |
| Net cash provided by (used in) financing activities | 34,393 | (55,324) | 223,803 |
| Increase (decrease) in cash, cash equivalents and restricted cash | 252,230 | (3,758) | 6,776 |
| Cash, cash equivalents and restricted cash - beginning of year | 10,090 | 13,848 | 7,072 |
| Cash, cash equivalents and restricted cash - end of year | $262,320 | $10,090 | $13,848 |
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