XML 47 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
OPERATING ACTIVITIES    
Net income $ 43,292 $ 147,735
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 46,759 35,992
Non-cash cost of real estate sold 978 633
Stock-based incentive compensation expense 3,103 3,280
Deferred income taxes 5,596 1,832
Tax benefit of AFMC for CBPC exchange 0 (18,761)
Amortization of losses from pension and postretirement plans 3,028 6,279
Gain on sale of discontinued operations, net 0 (42,670)
Gain on foreign currency forward contracts 0 (1,881)
Other (287) (4,656)
Changes in operating assets and liabilities:    
Receivables (15,950) (8,778)
Inventories (950) 11,197
Accounts payable 13,929 15,386
Income tax receivable/payable 1,339 15,915
All other operating activities 935 99
Payment to exchange AFMC for CBPC 0 (70,311)
Expenditures for dispositions and discontinued operations (2,498) (1,631)
CASH PROVIDED BY OPERATING ACTIVITIES 99,274 89,660
INVESTING ACTIVITIES    
Capital expenditures (36,755) (32,664)
Purchase of timberlands (10,637) (1,560)
Jesup mill cellulose specialties expansion (gross purchases of $0 and $57,693, net of purchases on account of $0 and $20,959) 0 (36,734)
Proceeds from disposition of Wood Products business 0 83,741
Change in restricted cash 45,312 9,908
Other 1,592 1,790
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES (488) 24,481
FINANCING ACTIVITIES    
Issuance of debt 31,819 100,000
Repayment of debt (110,000) (170,000)
Dividends paid (62,545) (57,744)
Proceeds from the issuance of common shares 2,027 4,091
Excess tax (deficiencies) benefits on stock-based compensation (1,240) 6,191
Repurchase of common shares (1,754) (11,241)
Other (679) 0
CASH USED FOR FINANCING ACTIVITIES (142,372) (128,703)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 13 (17)
CASH AND CASH EQUIVALENTS    
Change in cash and cash equivalents (43,573) (14,579)
Balance, beginning of year 199,644 280,596
Balance, end of period 156,071 266,017
Cash paid during the period:    
Interest 8,990 3,562
Income taxes 7,134 70,403
Non-cash investing activity:    
Capital assets purchased on account $ 17,891 $ 49,094