XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 333,900 $ 423,860 $ 166,830
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation, depletion and amortization 98,234 77,425 77,885
Basis of real estate sold 29,921 27,360 25,348
Change in deferred taxes (5,257) 25 (14,610)
Pension and other postretirement employee benefits 15,259 22,079 23,666
Pension settlement charge 14,165 0 42,988
Equity-based compensation expense 18,497 8,607 8,063
Gain on fire damage (34,505) (3,361) 0
Other, net (1,235) 363 (1,269)
Change in working capital and operating-related activities, net of mergers      
Receivables, net 9,418 (4,404) (12,439)
Inventories, net 4,410 (10,333) 3,745
Other assets (7,629) 7,331 4,591
Accounts payable and accrued liabilities 97 (17,626) 25,848
Other liabilities 3,115 (8,167) 1,327
Real estate development expenditures (8,102) (9,229) (6,706)
Funding of pension and other postretirement employee benefits (5,065) (9,044) (10,004)
Proceeds from insurance recoveries 26,678 0 0
Net cash from operating activities 491,901 504,886 335,263
CASH FLOWS FROM INVESTING ACTIVITIES      
Property, plant and equipment additions (56,976) (38,947) (22,693)
Timberlands reforestation and roads (17,718) (16,401) (16,234)
Acquisition of timber and timberlands (110,110) (20,066) (6,858)
Proceeds from property insurance 8,750 15,000 0
Cash acquired in CatchMark merger 23,571 0 0
Other, net 4,963 1,269 3,593
Net cash from investing activities (147,520) (59,145) (42,192)
CASH FLOWS FROM FINANCING ACTIVITIES      
Distribution to common stockholders (208,133) (388,241) (107,853)
Repurchase of common stock (54,549) 0 (15,364)
Proceeds from issuance of long-term debt 317,500 40,000 46,000
Repayment of long-term debt (343,000) (46,366) (46,000)
Other, net (7,380) (6,702) (1,768)
Net cash from financing activities (295,562) (401,309) (124,985)
Change in cash, cash equivalents and restricted cash 48,819 44,432 168,086
Cash, cash equivalents and restricted cash at beginning of period 296,772 252,340 84,254
Cash, cash equivalents and restricted cash at end of period $ 345,591 $ 296,772 $ 252,340