XML 16 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 66,813 $ 44,262
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 57,809 52,589
Basis of real estate sold 14,440 14,211
Gain on sale of facility   (9,176)
Loss on extinguishment of debt   5,512
Change in deferred taxes (14,387) (16,943)
Pension and other postretirement employee benefits 17,750 8,907
Pension settlement charge 42,988  
Equity-based compensation expense 5,928 5,362
Other, net (544) (2,692)
Change in working capital and operating-related activities, net 12,706 13,745
Real estate development expenditures (4,200) (5,738)
Funding of pension and other postretirement employee benefits (8,458) (4,612)
Net cash provided by operating activities 190,845 105,427
CASH FLOWS FROM INVESTING ACTIVITIES    
Property, plant and equipment additions (14,666) (25,596)
Timberlands reforestation and roads (12,345) (13,269)
Acquisition of timber and timberlands (4,738) (278)
Proceeds on sale of facility 1,000 58,793
Proceeds on disposition of property, plant and equipment 335 2,017
Other, net 2,149 520
Net cash (used in) provided by investing activities (28,265) 22,187
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions to common stockholders (80,434) (80,834)
Repurchase of common stock (15,364) (25,173)
Proceeds from issuance of long-term debt   150,000
Repayment of long-term debt   (150,000)
Premiums and fees on debt retirement   (4,865)
Other, net (1,032) (393)
Net cash used in financing activities (96,830) (111,265)
Change in cash, cash equivalents and restricted cash 65,750 16,349
Cash, cash equivalents and restricted cash at beginning of period 84,254 79,441
Cash, cash equivalents and restricted cash at end of period 150,004 95,790
NONCASH INVESTING AND FINANCING ACTIVITIES    
Long-term debt assumed by buyer in sale of facility   29,000
Accrued property, plant and equipment additions 3,785 453
Accrued timberlands reforestation and roads 1,536 1,406
Cash and cash equivalents 148,919 94,747
Restricted cash included in other long-term assets [1] $ 1,085 $ 1,043
Restricted Cash, Asset, Statement of Financial Position [Extensible List] us-gaap:OtherAssetsMember us-gaap:OtherAssetsMember
[1] Amounts included in restricted cash represent proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands.