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Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Income

Condensed Consolidating Statement of Income for the Three months ended March 31, 2016

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net sales		$	217,888			$	18,646			$	184,466			$	(18,782	)		$	402,218
Energy and related sales, net			666				—				—				—				666
Total revenues			218,554				18,646				184,466				(18,782	)			402,884
Costs of products sold			191,959				18,050				153,814				(18,782	)			345,041
Gross profit			26,595				596				30,652				—				57,843
Selling, general and administrative expenses			18,445				(185	)			13,598				—				31,858
Loss on dispositions of plant, equipment and timberlands, net			2				—				22				—				24
Operating income			8,148				781				17,032				—				25,961
Other non-operating income (expense)
Interest expense			(4,415	)			—				(787	)			1,086				(4,116	)
Interest income			181				992				4				(1,086	)			91
Equity in earnings of subsidiaries			12,872				11,754				—				(24,626	)			—
Other, net			(542	)			20				(178	)			—				(700	)
Total other non-operating income (expense)			8,096				12,766				(961	)			(24,626	)			(4,725	)
Income before income taxes			16,244				13,547				16,071				(24,626	)			21,236
Income tax provision			76				675				4,317				—				5,068
Net income			16,168				12,872				11,754				(24,626	)			16,168
Other comprehensive income			15,742				13,553				13,117				(26,670	)			15,742
Comprehensive income		$	31,910			$	26,425			$	24,871			$	(51,296	)		$	31,910

Condensed Consolidating Statement of Income for the Three months ended March 31, 2015

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net sales		$	219,876			$	20,150			$	198,098			$	(20,655	)		$	417,469
Energy and related sales, net			2,068				—				—				—				2,068
Total revenues			221,944				20,150				198,098				(20,655	)			419,537
Costs of products sold			203,682				19,334				165,068				(20,655	)			367,429
Gross profit			18,262				816				33,030				—				52,108
Selling, general and administrative expenses			17,182				497				13,593				—				31,272
Gains on dispositions of plant, equipment and timberlands, net			(1,471	)			(1,183	)			—				—				(2,654	)
Operating income			2,551				1,502				19,437				—				23,490
Other non-operating income (expense)
Interest expense			(4,817	)			—				(6,394	)			6,703				(4,508	)
Interest income			163				6,599				5				(6,702	)			65
Equity in earnings of subsidiaries			17,084				10,194				—				(27,278	)			—
Other, net			(715	)			(130	)			659				(1	)			(187	)
Total other non-operating income (expense)			11,715				16,663				(5,730	)			(27,278	)			(4,630	)
Income before income taxes			14,266				18,165				13,707				(27,278	)			18,860
Income tax provision			341				1,081				3,513				—				4,935
Net income			13,925				17,084				10,194				(27,278	)			13,925
Other comprehensive income (loss)			(35,285	)			(38,550	)			38,848				(298	)			(35,285	)
Comprehensive income (loss)		$	(21,360	)		$	(21,466	)		$	49,042			$	(27,576	)		$	(21,360	)

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of March 31, 2016

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Assets
Cash and cash equivalents		$	29,155			$	5,995			$	35,112			$	—			$	70,262
Other current assets			199,170				247,480				257,534				(245,790	)			458,394
Plant, equipment and timberlands, net			305,347				14,782				415,794				—				735,923
Investments in subsidiaries			780,955				532,528				—				(1,313,483	)			—
Other assets			109,815				—				147,046				—				256,861
Total assets		$	1,424,442			$	800,785			$	855,486			$	(1,559,273	)		$	1,521,440
Liabilities and Shareholders’ Equity
Current liabilities		$	369,019			$	19,391			$	146,722			$	(245,789	)		$	289,343
Long-term debt			247,228				—				109,167				—				356,395
Deferred income taxes			31,118				125				50,397				—				81,640
Other long-term liabilities			86,905				314				16,672				—				103,891
Total liabilities			734,270				19,830				322,958				(245,789	)			831,269
Shareholders’ equity			690,172				780,955				532,528				(1,313,484	)			690,171
Total liabilities and shareholders’ equity		$	1,424,442			$	800,785			$	855,486			$	(1,559,273	)		$	1,521,440

Condensed Consolidating Balance Sheet as of December 31, 2015

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Assets
Cash and cash equivalents		$	59,130			$	465			$	45,709			$	—			$	105,304
Other current assets			199,690				238,515				239,367				(230,509	)			447,063
Plant, equipment and timberlands, net			286,334				1,114				411,416				—				698,864
Investments in subsidiaries			737,450				507,116				—				(1,244,566	)			—
Other assets			106,586				—				142,599				—				249,185
Total assets		$	1,389,190			$	747,210			$	839,091			$	(1,475,075	)		$	1,500,416
Liabilities and Shareholders’ Equity
Current liabilities		$	363,037			$	9,725			$	162,081			$	(230,523	)		$	304,320
Long-term debt			247,075				—				106,221				—				353,296
Deferred income taxes			28,561				(79	)			47,976				—				76,458
Other long-term liabilities			87,270				—				15,825				—				103,095
Total liabilities			725,943				9,646				332,103				(230,523	)			837,169
Shareholders’ equity			663,247				737,564				506,988				(1,244,552	)			663,247
Total liabilities and shareholders’ equity		$	1,389,190			$	747,210			$	839,091			$	(1,475,075	)		$	1,500,416

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the Three months ended March 31, 2016

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net cash provided (used) by Operating activities		$	10,563			$	(74	)		$	952			$	—			$	11,441
Investing activities
Expenditures for purchases of plant, equipment and timberlands			(22,297	)			(13,686	)			(7,311	)			—				(43,294	)
Proceeds from disposal plant, equipment and timberlands, net			21				—				12				—				33
Repayments from intercompany loans			—				4,000				—				(4,000	)			—
Advances of intercompany loans			—				(3,210	)			—				3,210				—
Intercompany capital contributed			(17,000	)			(500	)			—				17,500				—
Other			(300	)			—				—				—				(300	)
Total investing activities			(39,576	)			(13,396	)			(7,299	)			16,710				(43,561	)
Financing activities
Net repayments of indebtedness			—				—				(1,926	)			—				(1,926	)
Payments of borrowing costs			(51	)			—				—				—				(51	)
Payment of dividends to shareholders			(5,231	)			—				—				—				(5,231	)
Repayments of intercompany loans			—				—				(4,000	)			4,000				—
Borrowings of intercompany loans			3,210				—				—				(3,210	)			—
Intercompany capital (returned) received			—				17,000				500				(17,500	)			—
Proceeds from government grants			1,861				2,000				—				—				3,861
Payments related to share-based compensation awards and other			(751	)			—				—				—				(751	)
Total financing activities			(962	)			19,000				(5,426	)			(16,710	)			(4,098	)
Effect of exchange rate on cash			—				—				1,176				—				1,176
Net increase (decrease) in cash			(29,975	)			5,530				(10,597	)			—				(35,042	)
Cash at the beginning of period			59,130				465				45,709				—				105,304
Cash at the end of period		$	29,155			$	5,995			$	35,112			$	—			$	70,262

Condensed Consolidating Statement of Cash Flows for the Three months ended March 31, 2015

In thousands		Parent Company				Guarantors				Non Guarantors				Adjustments/ Eliminations				Consolidated
Net cash provided (used) by Operating activities		$	(975	)		$	(3	)		$	3,133			$	—			$	2,155
Investing activities
Expenditures for purchases of plant, equipment and timberlands			(14,513	)			—				(7,236	)			—				(21,749	)
Proceeds from disposal plant, equipment and timberlands, net			1,513				1,213				—				—				2,726
Repayments from intercompany loans			—				31,556				—				(31,556	)			—
Advances of intercompany loans			—				(30,690	)			—				30,690				—
Other			(1,600	)			—				—				—				(1,600	)
Total investing activities			(14,600	)			2,079				(7,236	)			(866	)			(20,623	)
Financing activities
Payments of borrowing costs			(1,008	)			—				—				—				(1,008	)
Payment of dividends to shareholders			(4,774	)			—				—				—				(4,774	)
Repayments of intercompany loans			—				—				(31,556	)			31,556				—
Borrowings of intercompany loans			30,690				—				—				(30,690	)			—
Payments related to share-based compensation awards and other			(1,408	)			—				—				—				(1,408	)
Total financing activities			23,500				—				(31,556	)			866				(7,190	)
Effect of exchange rate on cash			—				—				(2,609	)			—				(2,609	)
Net increase (decrease) in cash			7,925				2,076				(38,268	)			—				(28,267	)
Cash at the beginning of period			42,208				509				57,120				—				99,837
Cash at the end of period		$	50,133			$	2,585			$	18,852			$	—			$	71,570

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