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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 16,260 $ 163,880
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation, depletion and amortization 32,173 19,874
Basis of real estate sold 10,631 10,854
Change in deferred taxes 394 (2,123)
Pension and other postretirement employee benefits 1,611 3,857
Pension settlement charge 0 14,165
Equity-based compensation expense 2,279 2,056
Loss on fire damage 0 276
Other, net (3,509) (291)
Change in working capital and operating-related activities, net (17,205) (21,208)
Real estate development expenditures (2,408) (2,161)
Funding of pension and other postretirement employee benefits (1,087) (1,296)
Net cash from operating activities 39,139 230,299
CASH FLOWS FROM INVESTING ACTIVITIES    
Property, plant and equipment additions (4,255) (12,566)
Timberlands reforestation and roads (6,118) (4,648)
Interest received under swaps with other-than-insignificant financing element 5,055 0
Other, net 422 92
Net cash from investing activities (4,896) (17,122)
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions to common stockholders (35,962) (30,524)
Repayments of long term debt 0 (3,000)
Other, net (838) (1,071)
Net cash from financing activities (36,800) (34,595)
Change in cash, cash equivalents and restricted cash (2,557) 178,582
Cash, cash equivalents and restricted cash at beginning of period 345,591 296,772
Cash, cash equivalents and restricted cash at end of period 343,034 475,354
NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued property, plant and equipment additions 1,835 1,516
Accrued timberlands reforestation and roads 1,041 98
Cash and cash equivalents 325,632 470,918
Restricted cash included in other long-term assets [1] $ 17,402 $ 4,436
Restricted Cash, Asset, Statement of Financial Position [Extensible List] Other long-term assets Other long-term assets
Total cash, cash equivalents, and restricted cash $ 343,034 $ 475,354
[1]

1

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

At March 31, 2023 and 2022, $14.0 million and $0, respectively, was classified in Other current assets.