XML 52 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net income $ 34,501 $ 89,510
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 85,784 90,316
Non-cash cost of land sold and real estate development costs recovered upon sale 9,532 8,644
Stock-based incentive compensation expense 3,522 6,780
Deferred income taxes (4,745) 4,435
Non-cash adjustments to unrecognized tax benefit liability 135 (10,547)
Depreciation and amortization from discontinued operations 0 37,985
Amortization of losses from pension and postretirement plans 2,818 6,503
Other 1,074 2,946
Changes in operating assets and liabilities:    
Receivables 1,895 263
Inventories (9,403) 2,607
Accounts payable 1,854 33,297
Income tax receivable/payable (947) 756
All other operating activities 17,383 15,670
Expenditures for dispositions and discontinued operations 0 (5,096)
CASH PROVIDED BY OPERATING ACTIVITIES 143,403 284,069
INVESTING ACTIVITIES    
Capital expenditures (38,517) (45,242)
Capital expenditures from discontinued operations 0 (60,442)
Real estate development costs (1,745) (3,314)
Purchase of timberlands (88,466) (93,189)
Change in restricted cash (17,835) 47,318
Other 3,692 (478)
CASH USED FOR INVESTING ACTIVITIES (142,871) (155,347)
FINANCING ACTIVITIES    
Issuance of debt 379,027 1,295,163
Repayment of debt (300,871) (1,173,049)
Dividends paid (94,280) (225,877)
Proceeds from the issuance of common shares 1,322 4,645
Repurchase of common shares (73,621) (1,834)
Debt issuance costs (1,678) (12,380)
Net cash disbursed upon spin-off of Performance Fibers business 0 (31,420)
Other 0 (680)
CASH USED FOR FINANCING ACTIVITIES (90,101) (145,432)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (6,234) (103)
CASH AND CASH EQUIVALENTS    
Change in cash and cash equivalents (95,803) (16,813)
Balance, beginning of year 161,558 199,644
Balance, end of period 65,755 182,831
Cash paid during the period:    
Interest [1] 21,944 38,248
Income taxes 421 10,453
Non-cash investing activity:    
Capital assets purchased on account 1,945 2,310
Patronage refunds received, netted with interest paid $ 1,300 $ 2,100
[1] Interest paid is presented net of patronage refunds received of $1.3 million for the nine months ended September 30, 2015 and $2.1 million for the nine months ended September 30, 2014. For additional information on patronage refunds, see Note 13 — Debt in the 2014 Form 10-K.