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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income     $ 16,682 $ 62,241
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation, depletion and amortization $ 25,893 $ 30,658 86,369 90,327
Basis of real estate sold 12,905 6,109 73,522 21,624
Change in deferred taxes     (11,896) (3,979)
Pension and other postretirement employee benefits     3,431 4,833
Equity-based compensation expense     8,468 6,472
Gain on fire damage 0 (16,326) 0 (39,436)
Interest received under swaps with other-than-insignificant financing element     (22,503) (18,651)
Other, net     6,953 5,648
Change in working capital and operating-related activities, net     (7,036) (24,107)
Real estate development expenditures     (5,305) (7,243)
Funding of pension and other postretirement employee benefits     (7,303) (2,176)
Proceeds from insurance recoveries     1,680 21,755
Net cash from operating activities     143,062 117,308
CASH FLOWS FROM INVESTING ACTIVITIES        
Property, plant and equipment additions     (52,178) (28,068)
Timberlands reforestation and roads     (19,290) (17,013)
Acquisition of timber and timberlands     (32,303) (1,676)
Proceeds from property insurance       1,356
Interest received under swaps with other-than-insignificant financing element     20,934 17,279
Other, net     752 700
Net cash from investing activities     (82,085) (27,422)
CASH FLOWS FROM FINANCING ACTIVITIES        
Distributions to common stockholders     (106,942) (107,880)
Repurchase of common stock     (27,413) (11,406)
Other, net     (3,179) (2,315)
Net cash from financing activities     (137,534) (121,601)
Change in cash, cash equivalents and restricted cash     (76,557) (31,715)
Cash, cash equivalents and restricted cash at beginning of period     237,688 345,591
Cash, cash equivalents and restricted cash at end of period 161,131 313,876 161,131 313,876
NONCASH INVESTING AND FINANCING ACTIVITIES        
Accrued property, plant and equipment additions     985 20,141
Accrued timberlands reforestation and roads     2,365 2,834
Repurchase of common stock pending settlement     0 1,723
Cash and cash equivalents 161,131 302,799 161,131 302,799
Restricted cash included in other long-term assets [1] $ 0 $ 11,077 $ 0 $ 11,077
Restricted Cash, Asset, Statement of Financial Position [Extensible List] Other long-term assets Other long-term assets Other long-term assets Other long-term assets
Total cash, cash equivalents, and restricted cash $ 161,131 $ 313,876 $ 161,131 $ 313,876
[1]

1

Amounts included in restricted cash represent proceeds held by a qualified intermediary that were or are intended to be reinvested in timber and timberlands. At September 30, 2024 and 2023, $0 and $1.8 million, respectively, was classified as Other current assets.