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Guarantor Financial Statements (Tables)

12 Months Ended

Dec. 31, 2012

Guarantor Financial Statements [Abstract]

Condensed Consolidating Statement of Income

Condensed Consolidating Statement of Income for the

year ended December 31, 2012

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Net sales

894,777

53,838

683,022

(53,849

)

1,577,788

Energy and related sales, net

7,000

–

7,000

Total revenues

901,777

53,838

683,022

(53,849

)

1,584,788

Costs of products sold

794,364

49,061

581,544

(53,830

)

1,371,139

Gross profit

107,413

4,777

101,478

(19

)

213,649

Selling, general and administrative expenses

71,228

2,818

47,544

–

121,590

Gains on dispositions of plant, equipment and timberlands, net

(514

)

(9,276

)

(25

)

–

(9,815

)

Operating income

36,699

11,235

53,959

(19

)

101,874

Other non-operating income (expense)

Interest expense

(18,689

)

–

)

–

(18,694

)

Interest income

(2,867

)

6,831

(3,504

)

–

460

Other, net

40,332

749

1,283

(47,063

)

(4,699

)

Total other non-operating income (expense)

18,776

7,580

(2,226

)

(47,063

)

(22,933

)

Income (loss) before income taxes

55,475

18,815

51,733

(47,082

)

78,941

Income tax provision

(benefit)

(3,904

)

6,585

16,889

)

19,562

Net income (loss)

59,379

12,230

34,844

(47,074

)

59,379

Other comprehensive income

2,775

3,243

3,920

(7,163

)

2,775

Comprehensive income

62,154

15,473

38,764

(54,237

)

62,154

Condensed Consolidating Statement of Income for the

year ended December 31, 2011


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	875,077		$	50,837		$	728,077		$	(50,837	)	$	1,603,154
Energy and related sales, net		9,344			–			–			–			9,344
Total revenues		884,421			50,837			728,077			(50,837	)		1,612,498
Costs of products sold		787,216			47,330			622,841			(51,082	)		1,406,305
Gross profit		97,205			3,507			105,236			245			206,193
Selling, general and administrative expenses		70,632			2,681			51,558			–			124,871
Gains on dispositions of plant, equipment and timberlands, net		(348	)		(3,590	)		(12	)		–			(3,950	)
Operating income		26,921			4,416			53,690			245			85,272
Other non-operating income (expense)
Interest expense		(30,741	)		–			(1,053	)		–			(31,794	)
Interest income		2,706			7,838			(5,578	)		(4,300	)		666
Other, net		41,954			467			1,447			(47,167	)		(3,299	)
Total other non-operating income (expense)		13,919			8,305			(5,184	)		(51,467	)		(34,427	)
Income (loss) before income taxes		40,840			12,721			48,506			(51,222	)		50,845
Income tax provision (benefit)		(1,854	)		2,161			9,369			(1,525	)		8,151
Net income (loss)		42,694			10,560			39,137			(49,697	)		42,694
Other comprehensive income		(45,494	)		(3,350	)		(5,276	)		8,626			(45,494	)
Comprehensive income	$	(2,800	)	$	7,210		$	33,861		$	(41,071	)	$	(2,800	)

Condensed Consolidating Statement of Income for the

year ended December 31, 2010


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	842,615		$	49,919		$	612,716		$	(49,919	)	$	1,455,331
Energy and related sales – net		10,653			–			–			–			10,653
Total revenues		853,268			49,919			612,716			(49,919	)		1,465,984
Costs of products sold		753,562			43,468			532,454			(49,747	)		1,279,737
Gross profit		99,706			6,451			80,262			(172	)		186,247
Selling, general and administrative expenses		73,802			2,287			46,022			–			122,111
Gains on dispositions of plant, equipment and timberlands, net		(123	)		(373	)		43			–			(453	)
Operating income		26,027			4,537			34,197			(172	)		64,589
Other non-operating income (expense)
Interest expense		(24,306	)		–			(1,241	)		–			(25,547	)
Interest income		(657	)		7,445			(4,665	)		(1,315	)		808
Other, net		24,428			(1,218	)		330			(29,861	)		(6,321	)
Total other non-operating income (expense)		(535	)		6,227			(5,576	)		(31,176	)		(31,060	)
Income (loss) before income taxes		25,492			10,764			28,621			(31,348	)		33,529
Income tax provision (benefit)		(28,942	)		2,463			6,142			(568	)		(20,905	)
Net income (loss)		54,434			8,301			22,479			(30,708	)		54,434
Other comprehensive income		(1,362	)		(6,875	)		(15,406	)		22,281			(1,362	)
Comprehensive income	$	53,072		$	1,426		$	7,073		$	(8,499	)	$	53,072

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of December 31, 2012

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Assets

Current assets

Cash and cash equivalents

43,748

4,311

49,620

–

97,679

Other current assets

204,961

387,627

214,568

(385,977

)

421,179

Plant, equipment and timberlands, net

241,969

6,204

373,013

–

621,186

Other assets

787,348

160,741

45,133

(890,281

)

102,941

Total assets

1,278,026

558,883

682,334

(1,276,258

)

1,242,985

Liabilities and Shareholders’ Equity

Current liabilities

337,761

6,041

291,547

(384,441

)

250,908

Long-term debt

250,000

–

250,000

Deferred income taxes

34,604

3,691

40,972

(17,221

)

62,046

Other long-term liabilities

115,982

10,602

11,093

2,675

140,352

Total liabilities

738,347

20,334

343,612

(398,987

)

703,306

Shareholders’ equity

539,679

538,549

338,722

(877,271

)

539,679

Total liabilities and shareholders’ equity

1,278,026

558,883

682,334

(1,276,258

)

1,242,985

Condensed Consolidating Balance Sheet as of December 31, 2011


In thousands	Parent Company		Guarantors		Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	3,007	$	2,894	$	32,376	$	–		$	38,277
Other current assets		203,173		378,519		223,494		(421,050	)		384,136
Plant, equipment and timberlands, net		243,554		6,648		351,748		–			601,950
Other assets		736,733		175,945		48,610		(848,726	)		112,562
Total assets	$	1,186,467	$	564,006	$	656,228	$	(1,269,776	)	$	1,136,925

Liabilities and Shareholders’ Equity
Current liabilities	$	310,814	$	31,328	$	293,283	$	(424,185	)	$	211,240
Long-term debt		227,000		–		–		–			227,000
Deferred income taxes		42,252		4,079		39,511		(16,051	)		69,791
Other long-term liabilities		115,997		10,059		9,415		3,019			138,490
Total liabilities		696,063		45,466		342,209		(437,217	)		646,521
Shareholders’ equity		490,404		518,540		314,019		(832,559	)		490,404
Total liabilities and shareholders’ equity	$	1,186,467	$	564,006	$	656,228	$	(1,269,776	)	$	1,136,925

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the year

ended December 31, 2012

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Net cash provided (used) by

Operating activities

26,385

5,360

81,101

–

112,846

Investing activities

Expenditures for plant, equipment and timberlands

(23,064

)

(399

)

(35,289

)

–

(58,752

)

Proceeds from disposal plant, equipment and timberlands, net

662

9,574

–

10,272

Repayments from (advances of) intercompany loans, net and other

14,597

(4,518

)

(514

)

(9,565

)

–

Other

(225

)

–

(225

)

Total investing activities

(8,030

)

4,657

(35,767

)

(9,565

)

(48,705

)

Financing activities

Net proceeds from indebtedness

17,869

–

17,869

Payments of note offering costs

(4,748

)

–

(4,748

)

Payment of dividends to shareholders

(15,608

)

–

(15,608

)

Repurchases of common stock

(5,675

)

–

(5,675

)

(Repayments) borrowings of intercompany loans, net

27,875

(8,600

)

(28,840

)

9,565

–

Proceeds from stock options exercised and other

2,673

–

2,673

Total financing activities

22,386

(8,600

)

(28,840

)

9,565

(5,489

)

Effect of exchange rate on cash

–

750

–

750

Net increase in cash

40,741

1,417

17,244

–

59,402

Cash at the beginning of period

3,007

2,894

32,376

–

38,277

Cash at the end of period

43,748

4,311

49,620

–

97,679

Condensed Consolidating Statement of Cash Flows for the year

ended December 31, 2011


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	75,787		$	1,705		$	67,115		$	(4,300	)	$	140,307
Investing activities
Expenditures for plant, equipment and timberlands		(31,239	)		(124	)		(33,128	)		–			(64,491	)
Proceeds from disposal plant, equipment and timberlands, net		627			3,821			43			–			4,491
Proceeds from installment note receivable		–			–			43,170			–			43,170
Repayments from (advances of) intercompany loans, net		(11,924	)		(6,974	)		(7,600	)		26,498			–
Intecompany capital contributed		–			(16,000	)		–			16,000			–
Total investing activities		(42,536	)		(19,277	)		2,485			42,498			(16,830	)
Financing activities
Net (repayments of) proceeds from indebtedness		(76,563	)		–			(37,493	)		–			(114,056	)
Payments of note offering costs		(1,672	)		–			–			–			(1,672	)
Payment of dividends to shareholders		(16,611	)		–			–			–			(16,611	)
Repurchases of common stock		(48,033	)		–			–			–			(48,033	)
(Repayments) borrowings of intercompany loans, net		50,450			24,675			(48,627	)		(26,498	)		–
Intercompany capital received		–			–			16,000			(16,000	)		–
Payment of inter-company dividend		–			(4,300	)		–			4,300			–
Proceeds from stock options exercised and other		232			–			–			–			232
Total financing activities		(92,197	)		20,375			(70,120	)		(38,198	)		(180,140	)
Effect of exchange rate on cash		–			–			(848	)		–			(848	)
Net increase (decrease) in cash		(58,946	)		2,803			(1,368	)		–			(57,511	)
Cash at the beginning of period		61,953			91			33,744			–			95,788
Cash at the end of period	$	3,007		$	2,894		$	32,376		$	–		$	38,277

Condensed Consolidating Statement of Cash Flows for the year

ended December 31, 2010


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	137,406		$	(12,077	)	$	43,991		$	(1,315	)	$	168,005
Investing activities
Expenditures for plant, equipment and timberlands		(23,367	)		(695	)		(12,429	)		–			(36,491	)
Proceeds from disposal plant, equipment and timberlands, net		124			387			53			–			564
Repayments from (advances of) intercompany loans, net		(8,257	)		(105,294	)		6,895			106,656			–
Intercompany capital contributed, net		(143,520	)		(24,995	)		–			168,515			–
Acquisitions, net of cash acquired		–			–			(228,290	)		–			(228,290	)
Total investing activities		(175,020	)		(130,597	)		(233,771	)		275,171			(264,217	)
Financing activities
Net (repayments of) proceeds from indebtedness		81,000			–			(3,208	)		–			77,792
Payments of note offering costs		(5,340	)											(5,340	)
Payment of dividends to shareholders		(16,746	)		–			–			–			(16,746	)
(Repayments) borrowings of intercompany loans, net		(40,292	)		(425	)		147,373			(106,656	)		–
Intercompany capital received, net		–			143,520			24,995			(168,515	)		–
Payment of inter-company dividend		–			(1,315	)		–			1,315			–
Proceeds from stock options exercised and other		3,975			–			–			–			3,975
Total financing activities		22,597			141,780			169,160			(273,856	)		59,681
Effect of exchange rate on cash		–			–			(3,101	)		–			(3,101	)
Net decrease in cash		(15,017	)		(894	)		(23,721	)		–			(39,632	)
Cash at the beginning of period		76,970			985			57,465			–			135,420
Cash at the end of period	$	61,953		$	91		$	33,744		$	–		$	95,788