XML 42 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 27, 2014
Sep. 30, 2013
OPERATING ACTIVITIES    
Net income $ 54,917 $ 168,967
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 62,115 51,142
Stock-based incentive compensation expense 5,614 4,845
Amortization of capitalized debt costs 550 0
Deferred income taxes 760 (12,027)
Increase in liabilities for disposed operations 20,019 0
Amortization of losses and prior service costs from pension and postretirement plans 5,662 6,298
Loss from sale/disposal of property, plant and equipment 988 1,260
Other 0 (583)
Changes in operating assets and liabilities:    
Receivables (21,405) (18,780)
Inventories 6,565 (1,918)
Accounts payable (10,556) 10,263
Accrued liabilities 24,979 1,966
All other operating activities (20,356) (22,623)
Expenditures for disposed operations (2,151) 0
CASH PROVIDED BY OPERATING ACTIVITIES 127,701 188,810
INVESTING ACTIVITIES    
Capital expenditures (60,214) (81,540)
Purchase of timber deeds (12,692) 0
Purchase of land (1,528) 0
Jesup plant cellulose specialties expansion 0 (137,392)
Other (1,450) (1,335)
CASH USED FOR INVESTING ACTIVITIES (75,884) (220,267)
FINANCING ACTIVITIES    
Issuance of debt 1,025,000 0
Repayment of debt (77,100) 0
Proceeds from the issuance of common stock 549 0
Debt issuance costs (15,432) 0
Common stock repurchased (92) 0
Net payments (to) from Rayonier (956,579) 31,457
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (23,654) 31,457
CASH AND CASH EQUIVALENTS    
Change in cash and cash equivalents 28,163 0
Balance, beginning of year 0 0
Balance, end of period 28,163 0
Cash paid during the period:    
Interest 1,881 0
Income taxes 18,350 0
Non-cash investing and financing activities:    
Capital assets purchased on account $ 7,935 $ 27,394