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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES      
Net income $ 43,941 $ 97,846 $ 373,798
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 113,708 119,980 116,854
Non-cash cost of land and real estate sold 12,509 13,264 10,212
Non-cash cost of New York timberland sale 0 0 53,990
Stock-based incentive compensation expense 4,484 7,869 11,683
Amortization of debt discount/premium 604 1,092 1,215
Deferred income taxes (1,475) 1,828 5,857
Tax benefit of AFMC for CBPC exchange 0 0 (18,761)
Non-cash adjustments to unrecognized tax benefit liability 135 (6,597) 3,967
Depreciation and amortization from discontinued operations 0 37,985 74,940
Amortization of losses from pension and postretirement plans 3,403 7,276 22,029
Gain on sale of discontinued operations, net 0 0 (42,121)
Gain related to consolidation of New Zealand joint venture 0 0 (16,098)
Loss on early redemption of exchangeable notes 0 0 3,974
Other 350 3,307 (6,082)
Changes in operating assets and liabilities:      
Receivables 2,034 4,300 11,100
Inventories (9,749) 3,926 (19,986)
Accounts payable 1,863 29,929 (1,655)
Income tax receivable/payable (894) 838 47,232
All other operating activities 6,251 2,669 (6,474)
Payment to exchange AFMC for CBPC 0 0 (70,311)
Expenditures for dispositions and discontinued operations 0 (5,096) (8,570)
CASH PROVIDED BY OPERATING ACTIVITIES 177,164 320,416 546,793
INVESTING ACTIVITIES      
Capital expenditures (57,293) (63,713) (63,203)
Capital expenditures from discontinued operations 0 (60,955) (103,092)
Real estate development investments (2,676) (3,674) (1,292)
Purchase of additional interest in New Zealand joint venture 0 0 (139,879)
Purchase of timberlands (98,409) (130,896) (20,401)
Proceeds from settlement of foreign currency hedge 2,804 0 1,701
Jesup mill cellulose specialties expansion 0 0 (148,262)
Proceeds from disposition of Wood Products business 0 0 62,720
Change in restricted cash (16,836) 62,256 (58,385)
Other 6,101 306 (447)
CASH USED FOR INVESTING ACTIVITIES (166,309) (196,676) (470,540)
FINANCING ACTIVITIES      
Issuance of debt 472,558 1,426,464 622,885
Repayment of debt (364,402) (1,289,637) (549,485)
Dividends paid (124,936) (257,517) (237,016)
Proceeds from the issuance of common shares 2,117 5,579 10,101
Excess tax benefits on stock-based compensation 0 0 8,413
Proceeds from repurchase of common shares (100,000) (1,858) (11,326)
Debt issuance costs (1,678) (12,380) 0
Net cash disbursed upon spin-off of Performance Fibers business 0 (31,420) 0
Other (122) (680) (713)
CASH USED FOR FINANCING ACTIVITIES (116,463) (161,449) (157,141)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (4,173) (377) (64)
CASH AND CASH EQUIVALENTS      
Change in cash and cash equivalents (109,781) (38,086) (80,952)
Balance, beginning of year 161,558 199,644 280,596
Balance, end of year 51,777 161,558 199,644
Cash paid during the year:      
Interest 33,011 47,640 44,156
Income taxes 277 8,789 99,120
Non-cash investing activity:      
Capital assets purchased on account 3,429 2,444 15,522
Purchase of timberlands 700 0 0
Non-cash financing activity:      
Shareholder debt assumed in acquisition of New Zealand joint venture 0 0 125,532
Conversion of shareholder debt to equity noncontrolling interest 0 0 (95,961)
Partial conversion of Senior Exchangeable Notes to equity $ 0 $ 0 $ 2,453