XML 16 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 330,057 $ 384,678
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation, depletion and amortization 67,960 57,365
Basis of real estate sold 25,024 22,733
Change in deferred taxes (1,359) 3,221
Pension and other postretirement employee benefits 10,936 16,595
Pension settlement charge 14,165 0
Equity-based compensation expense 16,141 6,345
Gain on fire damage (34,505) (4,394)
Other, net (455) 633
Change in working capital and operating-related activities, net 14,071 (20,082)
Real estate development expenditures (6,986) (6,434)
Funding of pension and other postretirement employee benefits (3,290) (7,418)
Proceeds from insurance recoveries 26,678 0
Net cash from operating activities 458,437 453,242
CASH FLOWS FROM INVESTING ACTIVITIES    
Property, plant and equipment additions (44,000) (26,291)
Timberlands reforestation and roads (12,220) (12,236)
Acquisition of timber and timberlands (96,081) (2,450)
Proceeds from property insurance 0 13,250
Cash acquired in CatchMark merger 23,571 0
Other, net 935 993
Net cash from investing activities (127,795) (26,734)
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions to common stockholders (96,578) (82,462)
Repurchase of common stock (4,527) 0
Proceeds from issuance of long-term debt 277,500 0
Repayments of long term debt (303,000) 0
Other, net (6,120) (3,619)
Net cash from financing activities (132,725) (86,081)
Change in cash, cash equivalents and restricted cash 197,917 340,427
Cash, cash equivalents and restricted cash at beginning of period 296,772 252,340
Cash, cash equivalents and restricted cash at end of period 494,689 592,767
NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued property, plant and equipment additions 4,429 2,695
Accrued timberlands reforestation and roads 2,749 1,590
Equity issued as consideration in the CatchMark merger 508,314 0
Long-term debt and other liabilities assumed in our merger with CatchMark 323,102 0
Cash and cash equivalents 484,018 592,767
Restricted cash included in other long-term assets [1] $ 10,671 $ 0
Restricted Cash, Asset, Statement of Financial Position [Extensible List] Other long-term assets Other long-term assets
Total cash, cash equivalents, and restricted cash $ 494,689 $ 592,767
[1]

1

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