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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income     $ 62,241 $ 330,057
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation, depletion and amortization $ 30,658 $ 27,707 90,327 67,960
Basis of real estate sold 6,109 6,845 21,624 25,024
Change in deferred taxes     (3,979) (1,359)
Pension and other postretirement employee benefits     4,833 10,936
Pension settlement charge       14,165
Equity-based compensation expense     6,472 16,141
Gain on fire damage (16,326) (24,913) (39,436) (34,505)
Interest received under swaps with other-than-insignificant financing element     (18,651)  
Other, net     5,648 (455)
Change in working capital and operating-related activities, net     (24,107) 14,071
Real estate development expenditures     (7,243) (6,986)
Funding of pension and other postretirement employee benefits     (2,176) (3,290)
Proceeds from insurance recoveries     21,755 26,678
Net cash from operating activities     117,308 458,437
CASH FLOWS FROM INVESTING ACTIVITIES        
Property, plant and equipment additions     (28,068) (44,000)
Timberlands reforestation and roads     (17,013) (12,220)
Acquisition of timber and timberlands     (1,676) (96,081)
Proceeds from property insurance     1,356  
Cash acquired in CatchMark merger       23,571
Interest received under swaps with other-than-insignificant financing element     17,279  
Other, net     700 935
Net cash from investing activities     (27,422) (127,795)
CASH FLOWS FROM FINANCING ACTIVITIES        
Distributions to common stockholders     (107,880) (96,578)
Repurchase of common stock     (11,406) (4,527)
Proceeds from issuance of long-term debt       277,500
Repayments of long term debt       (303,000)
Other, net     (2,315) (6,120)
Net cash from financing activities     (121,601) (132,725)
Change in cash, cash equivalents and restricted cash     (31,715) 197,917
Cash, cash equivalents and restricted cash at beginning of period     345,591 296,772
Cash, cash equivalents and restricted cash at end of period 313,876 494,689 313,876 494,689
NONCASH INVESTING AND FINANCING ACTIVITIES        
Accrued property, plant and equipment additions     20,141 4,429
Accrued timberlands reforestation and roads     2,834 2,749
Repurchase of common stock pending settlement     1,723  
Equity issued as consideration in the CatchMark merger       508,314
Long-term debt and other liabilities assumed in merger with CatchMark       323,102
Cash and cash equivalents 302,799 484,018 302,799 484,018
Restricted cash included in other long-term assets [1] $ 11,077 $ 10,671 $ 11,077 $ 10,671
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 $ 313,876 $ 494,689 $ 313,876 $ 494,689
[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 September 30, 2023 and 2022, $1.8 million and $0, respectively, was classified as Other current assets.