Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Consolidating Statements of Income and Comprehensive Income for the

three months ended March 31, 2014


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	225,831		$	18		$	229,890		$	(18	)	$	455,721
Energy and related sales, net		5,262			—			—			—			5,262

Total revenues		231,093			18			229,890			(18	)		460,983
Costs of products sold		216,716			17			189,228			(18	)		405,943

Gross profit		14,377			1			40,662			—			55,040
Selling, general and administrative expenses		17,793			13			15,745			—			33,551
(Gains) losses on dispositions of plant, equipment and timberlands, net		(812	)		—			3			—			(809	)

Operating income (loss)		(2,604	)		(12	)		24,914			—			22,298
Other non-operating income (expense)
Interest expense		(4,739	)		—			(2,731	)		2,658			(4,812	)
Interest income		153			2,559			7			(2,658	)		61
Other, net		21,618			10			1,082			(22,499	)		211

Total other non-operating income (expense)		17,032			2,569			(1,642	)		(22,499	)		(4,540	)

Income before income taxes		14,428			2,557			23,272			(22,499	)		17,758
Income tax provision (benefit)		(220	)		913			2,417			—			3,110

Net income		14,648			1,644			20,855			(22,499	)		14,648
Other comprehensive income		2,965			1			885			(886	)		2,965

Comprehensive income (loss)	$	17,613		$	1,645		$	21,740		$	(23,385	)	$	17,613

Condensed Consolidating Statements of Income and Comprehensive Income for the

three months ended March 31, 2013


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	227,116		$	6		$	178,072		$	(5	)	$	405,189
Energy and related sales, net		1,101			—			—			—			1,101

Total revenues		228,217			6			178,072			(5	)		406,290
Costs of products sold		198,947			5			149,968			(5	)		348,915

Gross profit		29,270			1			28,104			—			57,375
Selling, general and administrative expenses		21,128			14			12,345			—			33,487
Gains on dispositions of plant, equipment and timberlands, net		(73	)		—			—			—			(73	)

Operating income (loss)		8,215			(13	)		15,759			—			23,961
Other non-operating income (expense)
Interest expense		(4,716	)		—			(814	)		1,689			(3,841	)
Interest income		84			1,689			18			(1,689	)		102
Other, net		11,956			(4	)		740			(12,445	)		247

Total other non-operating income (expense)		7,324			1,685			(56	)		(12,445	)		(3,492	)

Income before income taxes		15,539			1,672			15,703			(12,445	)		20,469
Income tax provision (benefit)		(90	)		675			4,255			—			4,840

Net income		15,629			997			11,448			(12,445	)		15,629
Other comprehensive income (loss)		(7,689	)		(4,608	)		(7,978	)		12,586			(7,689	)

Comprehensive income (loss)	$	7,940		$	(3,611	)	$	3,470		$	141		$	7,940

Condensed Consolidating Balance Sheet as of

March 31, 2014


In thousands	Parent Company		Guarantors			Non Guarantors		Adjustments/ Eliminations			Consolidated

Assets
Cash and cash equivalents	$	41,133	$	232		$	33,420	$	—		$	74,785
Other current assets		212,640		331,139			288,578		(344,582	)		487,775
Plant, equipment and timberlands, net		244,809		1,036			471,886		—			717,731
Other assets		1,000,015		235,893			213,125		(1,080,328	)		368,705

Total assets	$	1,498,597	$	568,300		$	1,007,009	$	(1,424,910	)	$	1,648,996


Liabilities and Shareholders’ Equity
Current liabilities	$	374,451	$	3,030		$	240,477	$	(350,746	)	$	267,212
Long-term debt		250,000		—			496,352		(321,526	)		424,826
Deferred income taxes		72,281		(169	)		78,671		(12,281	)		138,502
Other long-term liabilities		105,015		—			13,881		2,710			121,606

Total liabilities		801,747		2,861			829,381		(681,843	)		952,146
Shareholders’ equity		696,850		565,439			177,628		(743,067	)		696,850

Total liabilities and shareholders’ equity	$	1,498,597	$	568,300		$	1,007,009	$	(1,424,910	)	$	1,648,996

Condensed Consolidating Balance Sheet as of

December 31, 2013


In thousands	Parent Company		Guarantors			Non Guarantors		Adjustments/ Eliminations			Consolidated

Assets
Cash and cash equivalents	$	56,216	$	501		$	66,165	$	—		$	122,882
Other current assets		208,814		327,152			253,779		(326,045	)		463,700
Plant, equipment and timberlands, net		247,243		1,054			475,043		—			723,340
Other assets		973,748		236,411			214,301		(1,055,972	)		368,488

Total assets	$	1,486,021	$	565,118		$	1,009,288	$	(1,382,017	)	$	1,678,410


Liabilities and Shareholders’ Equity
Current liabilities	$	375,535	$	2,855		$	247,855	$	(337,878	)	$	288,367
Long-term debt		250,000		—			513,120		(320,795	)		442,325
Deferred income taxes		70,989		(283	)		78,633		(8,319	)		141,020
Other long-term liabilities		105,021		—			13,792		3,409			122,222

Total liabilities		801,545		2,572			853,400		(663,583	)		993,934
Shareholders’ equity		684,476		562,546			155,888		(718,434	)		684,476

Total liabilities and shareholders’ equity	$	1,486,021	$	565,118		$	1,009,288	$	(1,382,017	)	$	1,678,410

Condensed Consolidating Statement of Cash Flows for the three

months ended March 31, 2014


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	(3,797	)	$	981		$	(7,394	)	$	—		$	(10,210	)
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(6,979	)		—			(7,456	)		—			(14,435	)
Proceeds from disposal plant, equipment and timberlands, net		838			—			1			—			839
Advances of intercompany loans		—			(1,250	)		—			1,250			—

Total investing activities		(6,141	)		(1,250	)		(7,455	)		1,250			(13,596	)
Financing activities
Net repayments of indebtedness		—			—			(17,933	)		—			(17,933	)
Payment of dividends to shareholders		(4,363	)		—			—			—			(4,363	)
Repurchases of common stock		(1,251	)		—			—			—			(1,251	)
Borrowings of intercompany loans		1,250			—			—			(1,250	)		—
Payments related to share-based compensation awards and other		(781	)		—			—			—			(781	)

Total financing activities		(5,145	)		—			(17,933	)		(1,250	)		(24,328	)
Effect of exchange rate on cash		—			—			37			—			37

Net decrease in cash		(15,083	)		(269	)		(32,745	)		—			(48,097	)
Cash at the beginning of period		56,216			501			66,165			—			122,882

Cash at the end of period	$	41,133		$	232		$	33,420		$	—		$	74,785

Condensed Consolidating Statement of Cash Flows for the three

months ended March 31, 2013


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated

Net cash provided (used) by
Operating activities	$	7,674		$	1,727		$	6,394		$	—		$	15,795
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(11,820	)		—			(19,571	)		—			(31,391	)
Proceeds from disposal plant, equipment and timberlands, net		73			—			—			—			73
Repayments from intercompany loans		—			6,193			—			(6,193	)		—
Advances of intercompany loans		—			(6,350	)		—			6,350			—
Intercompany capital contributed		—			(90	)		—			90			—
Other		(175	)		—			—			—			(175	)

Total investing activities		(11,922	)		(247	)		(19,571	)		247			(31,493	)
Financing activities
Payments of note offering costs		(108	)		—			—			—			(108	)
Payment of dividends to shareholders		(3,905	)		—			—			—			(3,905	)
Repayments of intercompany loans		(1,107	)		—			(5,086	)		6,193			—
Borrowings of intercompany loans		6,350			—			—			(6,350	)		—
Intercompany capital received		—			—			90			(90	)		—
Payments related to share-based compensation awards and other		(586	)		—			—			—			(586	)

Total financing activities		644			—			(4,996	)		(247	)		(4,599	)
Effect of exchange rate on cash		—			—			(942	)		—			(942	)

Net increase (decrease) in cash		(3,604	)		1,480			(19,115	)		—			(21,239	)
Cash at the beginning of period		43,781			4,278			49,620			—			97,679

Cash at the end of period	$	40,177		$	5,758		$	30,505		$	—		$	76,440