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Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statements of Income and Comprehensive Income

Condensed Consolidating Statements of Income and Comprehensive Income for the

three months ended September 30, 2014

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net sales		$	236,182			$	7			$	228,910			$	(7	)		$	465,092
Energy and related sales, net			860				—				—				—				860
Total revenues			237,042				7				228,910				(7	)			465,952
Costs of products sold			196,888				7				188,551				(7	)			385,439
Gross profit			40,154				—				40,359				—				80,513
Selling, general and administrative expenses			19,352				306				18,228				—				37,886
Gains on dispositions of plant, equipment and timberlands, net			(1,590	)			—				—				—				(1,590	)
Operating income (loss)			22,392				(306	)			22,131				—				44,217
Other non-operating income (expense)
Interest expense			(4,790	)			—				(90,098	)			90,217				(4,671	)
Interest income			152				89,951				145				(90,218	)			30
Other, net			14,491				90,952				202				(105,812	)			(167	)
Total other non-operating income (expense)			9,853				180,903				(89,751	)			(105,813	)			(4,808	)
Income (loss) before income taxes			32,245				180,597				(67,620	)			(105,813	)			39,409
Income tax provision			1,873				470				6,694				—				9,037
Net income (loss)			30,372				180,127				(74,314	)			(105,813	)			30,372
Other comprehensive income (loss)			(29,577	)			(25,844	)			16,924				8,920				(29,577	)
Comprehensive income (loss)		$	795			$	154,283			$	(57,390	)			96,893			$	795

Condensed Consolidating Statements of Income and Comprehensive Income for the

three months ended September 30, 2013

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net sales		$	225,690			$	3			$	230,958			$	(3	)		$	456,648
Energy and related sales, net			1,196				—				—				—				1,196
Total revenues			226,886				3				230,958				(3	)			457,844
Costs of products sold			199,596				3				192,209				(3	)			391,805
Gross profit			27,290				—				38,749				—				66,039
Selling, general and administrative expenses			16,203				190				18,087				—				34,480
(Gains) loss on dispositions of plant, equipment and timberlands, net			(285	)			—				3				—				(282	)
Operating income (loss)			11,372				(190	)			20,659				—				31,841
Other non-operating income (expense)
Interest expense			(4,721	)			—				(2,537	)			2,470				(4,788	)
Interest income			183				2,376				3				(2,470	)			92
Other, net			18,341				103				(587	)			(17,891	)			(34	)
Total other non-operating income (expense)			13,803				2,479				(3,121	)			(17,891	)			(4,730	)
Income before income taxes			25,175				2,289				17,538				(17,891	)			27,111
Income tax provision (benefit)			(8,944	)			(891	)			2,827				—				(7,008	)
Net income			34,119				3,180				14,711				(17,891	)			34,119
Other comprehensive income (loss)			17,903				6,400				(219	)			(6,181	)			17,903
Comprehensive income		$	52,022			$	9,580			$	14,492			$	(24,072	)		$	52,022

Condensed Consolidating Statements of Income and Comprehensive Income for the nine

months ended September 30, 2014

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net sales		$	679,877			$	28			$	686,277			$	(28	)		$	1,366,154
Energy and related sales – net			6,912				—				—				—				6,912
Total revenues			686,789				28				686,277				(28	)			1,373,066
Costs of products sold			629,360				28				566,716				(28	)			1,196,076
Gross profit			57,429				—				119,561				—				176,990
Selling, general and administrative expenses			53,699				462				49,590				—				103,751
Gains on dispositions of plant, equipment and timberlands, net			(2,565	)			(1,316	)			—				—				(3,881	)
Operating income			6,295				854				69,971				—				77,120
Other non-operating income (expense)
Interest expense			(14,284	)			—				(95,643	)			95,682				(14,245	)
Interest income			468				95,165				193				(95,683	)			143
Other, net			54,789				90,973				1,673				(147,330	)			105
Total other non-operating income (expense)			40,973				186,138				(93,777	)			(147,331	)			(13,997	)
Income (loss) before income taxes			47,268				186,992				(23,806	)			(147,331	)			63,123
Income tax provision (benefit)			(2,421	)			2,098				13,757				—				13,434
Net income (loss)			49,689				184,894				(37,563	)			(147,331	)			49,689
Other comprehensive income (loss)			(23,586	)			(26,392	)			18,907				7,485				(23,586	)
Comprehensive income (loss)		$	26,103			$	158,502			$	(18,656	)		$	(139,846	)		$	26,103

Condensed Consolidating Statements of Income and Comprehensive Income for the nine

months ended September 30, 2013

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net sales		$	669,792			$	15			$	618,012			$	(15	)		$	1,287,804
Energy and related sales, net			2,721				—				—				—				2,721
Total revenues			672,513				15				618,012				(15	)			1,290,525
Costs of products sold			609,524				15				516,747				(15	)			1,126,271
Gross profit			62,989				—				101,265				—				164,254
Selling, general and administrative expenses			54,256				293				47,946				—				102,495
Gains on dispositions of plant, equipment and timberlands, net			(374	)			—				—				—				(374	)
Operating income (loss)			9,107				(293	)			53,319				—				62,133
Other non-operating income (expense)
Interest expense			(14,141	)			—				(5,008	)			6,006				(13,143	)
Interest income			443				5,791				12				(6,006	)			240
Other, net			42,437				94				868				(43,011	)			388
Total other non-operating income (expense)			28,739				5,885				(4,128	)			(43,011	)			(12,515	)
Income before income taxes			37,846				5,592				49,191				(43,011	)			49,618
Income tax provision (benefit)			(12,835	)			419				11,353				—				(1,063	)
Net income			50,681				5,173				37,838				(43,011	)			50,681
Other comprehensive income			17,319				3,171				(5,078	)			1,907				17,319
Comprehensive income		$	68,000			$	8,344			$	32,760			$	(41,104	)		$	68,000

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of

September 30, 2014

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Assets
Cash and cash equivalents		$	20,308			$	93			$	33,254			$	—			$	53,655
Other current assets			238,216				420,388				313,091				(471,667	)			500,028
Plant, equipment and timberlands, net			250,066				998				440,576				—				691,640
Other assets			1,007,426				304,088				191,166				(1,151,259	)			351,421
Total assets		$	1,516,016			$	725,567			$	978,087			$	(1,622,926	)		$	1,596,744
Liabilities and Shareholders’ Equity
Current liabilities		$	400,103			$	5,026			$	323,128			$	(476,317	)		$	251,940
Long-term debt			250,000				—				749,491				(593,131	)			406,360
Deferred income taxes			73,961				(628	)			70,076				(12,732	)			130,677
Other long-term liabilities			103,772				—				11,792				4,023				119,587
Total liabilities			827,836				4,398				1,154,487				(1,078,157	)			908,564
Shareholders’ equity			688,180				721,169				(176,400	)			(544,769	)			688,180
Total liabilities and shareholders’ equity		$	1,516,016			$	725,567			$	978,087			$	(1,622,926	)		$	1,596,744

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

Condensed Consolidating Statement of Cash Flows for the nine

months ended September 30, 2014

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net cash provided (used) by
Operating activities		$	712			$	3,368			$	17,300			$	—			$	21,380
Investing activities
Expenditures for purchases of plant, equipment and timberlands			(26,368	)			—				(20,668	)			—				(47,036	)
Proceeds from disposal plant, equipment and timberlands, net			2,687				1,355				9				—				4,051
Repayments from intercompany loans			—				10,409				—				(10,409	)			—
Advances of intercompany loans			—				(15,540	)			—				15,540				—
Other			(600	)			—				—				—				(600	)
Total investing activities			(24,281	)			(3,776	)			(20,659	)			5,131				(43,585	)
Financing activities
Net repayments of indebtedness			—				—				(18,128	)			—				(18,128	)
Payment of dividends to shareholders			(13,935	)			—				—				—				(13,935	)
Repurchases of common stock			(12,180	)			—				—				—				(12,180	)
Repayments of intercompany loans			—				—				(10,409	)			10,409				—
Borrowings of intercompany loans			15,540				—				—				(15,540	)			—
Payments related to share-based comp- ensation awards and other			(1,764	)			—				—				—				(1,764	)
Total financing activities			(12,339	)			—				(28,537	)			(5,131	)			(46,007	)
Effect of exchange rate on cash			—				—				(1,015	)			—				(1,015	)
Net decrease in cash			(35,908	)			(408	)			(32,911	)			—				(69,227	)
Cash at the beginning of period			56,216				501				66,165				—				122,882
Cash at the end of period		$	20,308			$	93			$	33,254			$	—			$	53,655

Condensed Consolidating Statement of Cash Flows for the nine

months ended September 30, 2013

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net cash provided (used) by
Operating activities		$	30,380			$	10,857			$	54,247			$	209			$	95,693
Investing activities
Expenditures for purchases of plant, equipment and timberlands			(32,075	)			—				(53,805	)			(209	)			(86,089	)
Proceeds from disposal plant, equipment and timberlands, net			379				—				—				—				379
Repayments from intercompany loans			—				15,100				—				(15,100	)			—
Advances of intercompany loans			—				(30,066	)			—				30,066				—
Intercompany capital contributed			—				(91	)			—				91				—
Acquisitions, net of cash acquired			—				—				(210,911	)			—				(210,911	)
Other			(325	)			—				—				—				(325	)
Total investing activities			(32,021	)			(15,057	)			(264,716	)			14,848				(296,946	)
Financing activities
Net proceeds from indebtedness			—				—				182,230				—				182,230
Payments of note offering costs			(160	)			—				(259	)			—				(419	)
Payment of dividends to shareholders			(12,603	)			—				—				—				(12,603	)
Repayments of intercompany loans			(1,100	)			—				(14,000	)			15,100				—
Borrowings of intercompany loans			8,570				—				21,496				(30,066	)			—
Intercompany capital received			—				—				91				(91	)			—
Proceeds from stock options exercised and other			(2,332	)			—				—				—				(2,332	)
Total financing activities			(7,625	)			—				189,558				(15,057	)			166,876
Effect of exchange rate on cash			—				—				333				—				333
Net decrease in cash			(9,266	)			(4,200	)			(20,578	)			—				(34,044	)
Cash at the beginning of period			43,781				4,278				49,620				—				97,679
Cash at the end of period		$	34,515			$	78			$	29,042			$	—			$	63,635

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