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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income     $ 284,102 $ 319,011
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation, depletion and amortization $ 20,379 $ 17,432 40,253 35,831
Basis of real estate sold 7,325 7,213 18,179 16,036
Change in deferred taxes     (2,089) 562
Pension and other postretirement employee benefits     7,397 11,111
Pension settlement charge     14,165 0
Equity-based compensation expense     4,424 4,070
Gain on fire damage (9,868) 0 (9,592) 0
Other, net     (599) (295)
Change in working capital and operating-related activities, net     19,972 (37,154)
Real estate development expenditures     (5,190) (3,999)
Funding of pension and other postretirement employee benefits     (2,264) (3,833)
Proceeds from insurance recoveries     9,428 0
Net cash from operating activities     378,186 341,340
CASH FLOWS FROM INVESTING ACTIVITIES        
Property, plant and equipment additions     (36,777) (15,943)
Timberlands reforestation and roads     (8,388) (7,954)
Acquisition of timber and timberlands     (42,218) (2,192)
Other, net     (1,383) 635
Net cash from investing activities     (88,766) (25,454)
CASH FLOWS FROM FINANCING ACTIVITIES        
Distributions to common stockholders     (61,048) (54,973)
Repurchase of common stock     (4,156) 0
Repayments of long term debt     (3,000) 0
Other, net     (2,094) (1,223)
Net cash from financing activities     (70,298) (56,196)
Change in cash, cash equivalents and restricted cash     219,122 259,690
Cash, cash equivalents and restricted cash at beginning of period     296,772 252,340
Cash, cash equivalents and restricted cash at end of period 515,894 512,030 515,894 512,030
NONCASH INVESTING AND FINANCING ACTIVITIES        
Accrued property, plant and equipment additions     946 1,474
Accrued timberlands reforestation and roads     614 1,170
Cash and cash equivalents 511,157 512,030 511,157 512,030
Restricted cash included in other long-term assets [1] $ 4,737 $ 0 $ 4,737 $ 0
Restricted Cash, Asset, Statement of Financial Position [Extensible List] us-gaap:OtherAssetsMember us-gaap:OtherAssetsMember us-gaap:OtherAssetsMember us-gaap:OtherAssetsMember
Total cash, cash equivalents, and restricted cash $ 515,894 $ 512,030 $ 515,894 $ 512,030
[1]

1

Amounts included in restricted cash represent proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands.