刀河控股公司2025年季度报告

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________Commission file number1-41642 Knife River Corporation(Exact name of registrant as specified in its charter) Large Accelerated Filer☒Accelerated Filer☐Non-Accelerated Filer☐Smaller Reporting Company☐ IndexIntroduction Item 1. Financial StatementsConsolidated Statements of Operations -- Three Months Ended March 31, 2025 and 2024 Consolidated Statements of Comprehensive Income -- Three Months Ended March 31, 2025 and 2024Consolidated Balance Sheets -- March 31, 2025 and 2024, and December31, 2024 of our vertically integrated business model. We share resources, including plants, equipment and people, across our variouslocations to maximize efficiency. We also transport our products by truck, rail and barge, depending on the particular market, to complete the vertical value chain. Our strategically located aggregate sites, ready-mix plants and asphalt plants, alongwith our fleet of ready-mix and dump trucks, enable us to better serve our customers. We believe our integrated andexpansive business model is a strong competitive advantage that provides scale, efficiency and operational excellence for thebenefit of customers, stockholders and the broader communities that we serve.In January 2025, we made a change to our organizational structure to better align with our business strategy. We reorganized segment presentation.Three of the reportable segments are aligned by key geographic areas, West, Mountain and Central, due to the production ofconstruction materials and related contracting services and one is based on product line. Each geographic segment offers avertically integrated suite of products and services, including aggregates, ready-mix concrete, asphalt and contractingservices, while the Energy Services segment, which has locations throughout our geographic footprint, produces and Adjustments to reconcile net loss to net cash used by operating activities: Pension and postretirement benefit plan net periodic benefit cost Gains on sales of assetsGain on bargain purchase (3,547)Equity in (losses) earnings of unconsolidated affiliates15Changes in current assets and liabilities, net of acquisitions:Receivables41,081 Accounts payable(12,772)Other current liabilities(40,255)Pension and postretirement benefit plan contributions(158)Other noncurrent changes3,140Net cash used in operating activities(125,277) Financing activities:Issuance of long-term debt 500,000Repayment of long-term debt(19)Debt issuance costs(11,070)Tax withholding on stock-based compensation(2,653)Net cash provided by (used in) financing activities486,258 The accompanying notes are an integral part of these consolidated financial statements. 8 Notes to ConsolidatedFinancial StatementsMarch31, 2025 and 2024(Unaudited)Note 1 -BackgroundAt Knife River, we are a people-first construction materials and contracting services company. We provide construction Central operating segment. The reorganization resulted infouroperating segments: West, Mountain, Central and Energy without allocating corporate expenses, which include corporate costs associated with accounting, legal, treasury, business development, information technology, human resources, and other corporate expenses that support the operating segments.Prior periods have been recast to conform to the current reportable segment presentation. All revenues and costs, as well as assets and liabilities, directly associated with our business activities are included in the consolidated financial statements. General corporate expenses are included in the Consolidated Statements of Operationswithin selling, general and administrative expenses and other income. closing adjustments. The results of operations and balance sheet accounts for Strata are included in the consolidatedfinancial statements from the date of acquisition. Note 3 -New accounting standardsThe following table provides a brief description of the accounting pronouncements applicable to Knife River and the potential impact on its consolidated financial statements and/or disclosures: StandardDescriptionStandard EffectiveDateImpact on financialstatements/disclosuresRecently adopted Financial Accounting Standards Board (FASB) accounting standards updates (ASU) Recently issued ASU's not yet adoptedASU 2024-03 -DisaggregationIn November 2024, the FASB issued guidance on modifying thedisclosure requirements to improve the disclosures for a publicentity's expenses and address requests from investors for moredetailed information about the types of expenses in commonlypresented expense captions. The guidance is to be appliedAnnual reportingperiods beginningafter December 15,2026 and interimreporting periodsWe are currently evaluating theimpact the guidance will have onour disclosures for the yearended December 31, 2027 andinterim periods for fiscal year Trade receivables