Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Income

Condensed Consolidating Statement of Income for the

three months ended September 30, 2015

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Net sales

222,803

19,005

197,589

(19,437

)

419,960

Energy and related sales, net

1,153

—

1,153

Total revenues

223,956

19,005

197,589

(19,437

)

421,113

Costs of products sold

197,906

17,299

165,437

(19,437

)

361,205

Gross profit

26,050

1,706

32,152

—

59,908

Selling, general and administrative expenses

24,764

)

15,036

—

39,792

Gains on dispositions of plant, equipment and timberlands, net

)

—

(119

)

—

(123

)

Operating income

1,290

1,714

17,235

—

20,239

Other non-operating income (expense)

Interest expense

(4,346

)

—

(23,201

)

23,230

(4,317

)

Interest income

181

23,129

(23,231

)

Equity in earnings of subsidiaries

14,173

(9,366

)

—

(4,808

)

—

Other, net

(961

)

718

—

(220

)

Total other non-operating income (expense)

9,047

13,786

(22,472

)

(4,809

)

(4,447

)

Income (loss) before income taxes

10,337

15,500

(5,237

)

(4,809

)

15,792

Income tax provision (benefit)

(3,167

)

1,270

4,185

—

2,288

Net income (loss)

13,504

14,230

(9,422

)

(4,809

)

13,504

Other comprehensive income (loss)

(3,002

)

(5,954

)

(7,752

)

13,706

(3,002

)

Comprehensive income (loss)

10,502

8,276

(17,174

)

8,897

10,502

Condensed Consolidating Statement of Income for the

three months ended September 30, 2014


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	236,182		$	17,735		$	228,699		$	(17,524	)	$	465,092
Energy and related sales, net		860			—			—			—			860

Total revenues		237,042			17,735			228,699			(17,524	)		465,952
Costs of products sold		197,182			17,019			188,762			(17,524	)		385,439

Gross profit		39,860			716			39,937			—			80,513
Selling, general and administrative expenses		19,352			589			17,946			—			37,886
Gains on dispositions of plant, equipment and timberlands, net		(1,590	)		—			—			—			(1,590	)

Operating income		22,098			127			21,991			—			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
Equity in earnings of subsidiaries		14,935			(74,502	)		—			59,566			—
Other, net		(383	)		9			202			5			(167	)

Total other non-operating income (expense)		9,914			15,458			(89,751	)		59,570			(4,808	)

Income (loss) before income taxes		32,012			15,585			(67,760	)		59,570			39,409
Income tax provision (benefit)		1,640			1,091			6,306			—			9,037

Net income (loss)		30,372			14,494			(74,066	)		59,570			30,372
Other comprehensive income (loss)		(29,577	)		(25,843	)		16,924			8,919			(29,577	)

Comprehensive income (loss)	$	795		$	(11,349	)	$	(57,142	)	$	68,489		$	795

Condensed Consolidating Statement of Income for the

nine months ended September 30, 2015

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Net sales

655,599

61,822

590,466

(59,655

)

1,248,232

Energy and related sales, net

3,936

—

3,936

Total revenues

659,535

61,822

590,466

(59,655

)

1,252,168

Costs of products sold

614,060

58,554

494,360

(59,655

)

1,107,319

Gross profit

45,475

3,268

96,106

—

144,849

Selling, general and administrative expenses

57,607

947

41,647

—

100,201

Gains on dispositions of plant, equipment and timberlands, net

(1,526

)

(1,183

)

(179

)

—

(2,888

)

Operating income (loss)

(10,606

)

3,504

54,638

—

47,536

Other non-operating income (expense)

Interest expense

(13,771

)

—

(35,965

)

36,559

(13,177

)

Interest income

513

36,226

(36,559

)

232

Equity in earnings of subsidiaries

48,775

11,879

—

(60,654

)

—

Other, net

(2,423

)

(136

)

2,367

—

(192

)

Total other non-operating income (expense)

33,094

47,969

(33,546

)

(60,654

)

(13,137

)

Income before income taxes

22,488

51,473

21,092

(60,654

)

34,399

Income tax provision (benefit)

(7,789

)

2,586

9,325

—

4,122

Net income

30,277

48,887

11,767

(60,654

)

30,277

Other comprehensive income (loss)

(21,200

)

(30,607

)

21,156

9,451

(21,200

)

Comprehensive income

9,077

18,280

32,923

(51,203

)

9,077

Condensed Consolidating Statement of Income for the

nine months ended September 30, 2014


In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	679,877		$	56,138		$	685,350		$	(55,211	)	$	1,366,154
Energy and related sales, net		6,912			—			—			—			6,912

Total revenues		686,789			56,138			685,350			(55,211	)		1,373,066
Costs of products sold		629,984			53,491			567,812			(55,211	)		1,196,076

Gross profit		56,805			2,647			117,538			—			176,990
Selling, general and administrative expenses		53,699			1,431			48,622			—			103,751
Gains on dispositions of plant, equipment and timberlands, net		(2,565	)		(1,316	)		—			—			(3,881	)

Operating income		5,671			2,532			68,916			—			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
Equity in earnings of subsidiaries		56,784			(38,229	)		—			(18,555	)		—
Other, net		(1,603	)		30			1,673			5			105

Total other non-operating income (expense)		41,365			56,966			(93,777	)		(18,551	)		(13,997	)

Income (loss) before income taxes		47,036			59,498			(24,861	)		(18,551	)		63,123
Income tax provision (benefit)		(2,653	)		2,719			13,368			—			13,434

Net income (loss)		49,689			56,779			(38,229	)		(18,551	)		49,689
Other comprehensive income (loss)		(23,586	)		(26,392	)		18,907			7,485			(23,586	)

Comprehensive income (loss)	$	26,103		$	30,387		$	(19,322	)	$	(11,066	)	$	26,103

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of

September 30, 2015

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Assets

Cash and cash equivalents

28,626

297

44,742

—

73,665

Other current assets

232,486

260,054

261,431

(268,192

)

485,779

Plant, equipment and timberlands, net

283,712

1,005

412,607

—

697,324

Investments in subsidiaries

734,303

504,783

—

(1,239,086

)

—

Other assets

132,732

—

148,732

(485

)

280,979

Total assets

1,411,859

766,139

867,512

(1,507,763

)

1,537,747

Liabilities and Shareholders’ Equity

Current liabilities

368,220

31,720

163,984

(271,574

)

292,350

Long-term debt

250,000

—

131,535

—

381,535

Deferred income taxes

48,226

(505

)

50,110

3,376

101,207

Other long-term liabilities

99,297

17,209

—

116,539

Total liabilities

765,743

31,248

362,838

(268,198

)

891,631

Shareholders’ equity

646,116

734,891

504,674

(1,239,565

)

646,116

Total liabilities and shareholders’ equity

1,411,859

766,139

867,512

(1,507,763

)

1,537,747

Condensed Consolidating Balance Sheet as of

December 31, 2014


In thousands	Parent Company		Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated

Assets
Cash and cash equivalents	$	42,208	$	509		$	57,120		$	—		$	99,837
Other current assets		216,940		439,910			254,911			(436,976	)		474,785
Plant, equipment and timberlands, net		255,255		996			441,357			—			697,608
Investments in subsidiaries		826,084		401,540			—			(1,227,624	)		—
Other assets		121,125		—			186,128			(17,979	)		289,274

Total assets	$	1,461,612	$	842,955		$	939,516		$	(1,682,579	)	$	1,561,504


Liabilities and Shareholders’ Equity
Current liabilities		403,662		13,143			307,184			(444,258	)		279,731
Long-term debt		250,000		—			721,457			(572,579	)		398,878
Deferred income taxes		46,483		(506	)		70,328			(12,289	)		104,016
Other long-term liabilities		112,358		24			11,608			5,780			129,770
Total liabilities		812,503		12,661			1,110,577			(1,023,346	)		912,395
Shareholders’ equity		649,109		830,294			(171,061	)		(659,233	)		649,109

Total liabilities and shareholders’ equity	$	1,461,612	$	842,955		$	939,516		$	(1,682,579	)	$	1,561,504

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the

nine months ended September 30, 2015

In thousands

Parent
Company

Guarantors

Non
Guarantors

Adjustments/
Eliminations

Consolidated

Net cash provided (used) by

Operating activities

9,927

152

60,444

—

70,523

Investing activities

Expenditures for purchases of plant, equipment and timberlands

(52,331

)

(42

)

(21,907

)

—

(74,280

)

Proceeds from disposal plant, equipment and timberlands, net

1,584

1,213

384

—

3,181

Repayments from intercompany loans

1,465

53,855

—

(55,320

)

—

Advances of intercompany loans

—

(44,590

)

—

44,590

—

Intercompany capital (contributed) returned

10,500

(300

)

—

(10,200

)

—

Acquisitions, net of cash acquired

—

(224

)

—

(224

)

Other

(1,600

)

—

(1,600

)

Total investing activities

(40,382

)

10,136

(21,747

)

(20,930

)

(72,923

)

Financing activities

Net repayments of indebtedness

—

(3,387

)

—

(3,387

)

Payments of borrowing costs

(1,329

)

—

(1,329

)

Payment of dividends to shareholders

(15,215

)

—

(15,215

)

Repayments of intercompany loans

(9,158

)

—

(46,162

)

55,320

—

Borrowings of intercompany loans

44,590

—

(44,590

)

—

Intercompany capital received (returned)

—

(10,500

)

300

10,200

—

Payments related to share-based compensation awards and other

(2,015

)

—

(2,015

)

Total financing activities

16,873

(10,500

)

(49,249

)

20,930

(21,946

)

Effect of exchange rate on cash

—

(1,826

)

—

(1,826

)

Net decrease in cash

(13,582

)

(212

)

(12,378

)

—

(26,172

)

Cash at the beginning of period

42,208

509

57,120

—

99,837

Cash at the end of period

28,626

297

44,742

—

73,665

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		$	3,371		$	17,297		$	—		$	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 proceeds from indebtedness		—			—			(18,128	)		—			(18,128	)
Payment of dividends to shareholders		(13,935	)		—			—			—			(13,935	)
Repurchases of common stock		(12,180	)		—			—			—			(12,180	)
Borrowings of intercompany loans		15,540			—			—			(15,540	)		—
Repayments of intercompany loans		—			—			(10,409	)		10,409			—
Payments related to share-based compensation 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	)		(405	)		(32,914	)		—			(69,227	)
Cash at the beginning of period		56,216			495			66,171			—			122,882

Cash at the end of period	$	20,308		$	90		$	33,257		$	—		$	53,655