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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income     $ 38,566 $ 284,102
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation, depletion and amortization $ 27,496 $ 20,379 59,669 40,253
Basis of real estate sold 4,884 7,325 15,515 18,179
Change in deferred taxes     (2,215) (2,089)
Pension and other postretirement employee benefits     3,223 7,397
Pension settlement charge       14,165
Equity-based compensation expense     3,856 4,424
Gain on fire damage (23,110) (9,868) (23,110) (9,592)
Interest received under swaps with other-than-insignificant financing element     (11,767)  
Other, net     3,856 (599)
Change in working capital and operating-related activities, net     (14,334) 19,972
Real estate development expenditures     (4,304) (5,190)
Funding of pension and other postretirement employee benefits     (2,304) (2,264)
Proceeds from insurance recoveries     9,706 9,428
Net cash from operating activities     76,357 378,186
CASH FLOWS FROM INVESTING ACTIVITIES        
Property, plant and equipment additions     (10,135) (36,777)
Timberlands reforestation and roads     (10,714) (8,388)
Acquisition of timber and timberlands     (1,621) (42,218)
Interest received under swaps with other-than-insignificant financing element     10,904  
Other, net     664 (1,383)
Net cash from investing activities     (10,902) (88,766)
CASH FLOWS FROM FINANCING ACTIVITIES        
Distributions to common stockholders     (71,920) (61,048)
Repurchase of common stock     (394) (4,156)
Repayments of long term debt       (3,000)
Other, net     (1,955) (2,094)
Net cash from financing activities     (74,269) (70,298)
Change in cash, cash equivalents and restricted cash     (8,814) 219,122
Cash, cash equivalents and restricted cash at beginning of period     345,591 296,772
Cash, cash equivalents and restricted cash at end of period 336,777 515,894 336,777 515,894
NONCASH INVESTING AND FINANCING ACTIVITIES        
Accrued property, plant and equipment additions     178 946
Accrued timberlands reforestation and roads     2,460 614
Cash and cash equivalents 331,225 511,157 331,225 511,157
Restricted cash included in other long-term assets [1] $ 5,552 $ 4,737 $ 5,552 $ 4,737
Restricted Cash, Asset, Statement of Financial Position [Extensible List] Other long-term assets Other long-term assets Other long-term assets Other long-term assets
Total cash, cash equivalents, and restricted cash $ 336,777 $ 515,894 $ 336,777 $ 515,894
[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 June 30, 2023 and 2022, $3.2 million and $0, respectively, was classified in Other current assets.