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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (305) $ 16,260
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation, depletion and amortization 30,802 32,173
Basis of real estate sold 4,092 10,631
Change in deferred taxes (4,145) 394
Pension and other postretirement employee benefits 1,143 1,611
Equity-based compensation expense 2,560 2,279
Interest received under swaps with other-than-insignificant financing element (7,458) (5,454)
Other, net 2,961 1,945
Change in working capital and operating-related activities, net (13,252) (17,205)
Real estate development expenditures (1,135) (2,408)
Funding of pension and other postretirement employee benefits (914) (1,087)
Proceeds from insurance recoveries 1,680 0
Net cash from operating activities 16,029 39,139
CASH FLOWS FROM INVESTING ACTIVITIES    
Property, plant and equipment additions (4,995) (4,255)
Timberlands reforestation and roads (7,874) (6,118)
Acquisition of timber and timberlands (31,438) 0
Interest received under swaps with other-than-insignificant financing element 6,938 5,055
Other, net 373 422
Net cash from investing activities (36,996) (4,896)
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions to common stockholders (35,779) (35,962)
Other, net (792) (838)
Net cash from financing activities (36,571) (36,800)
Change in cash, cash equivalents and restricted cash (57,538) (2,557)
Cash, cash equivalents and restricted cash at beginning of period 237,688 345,591
Cash, cash equivalents and restricted cash at end of period 180,150 343,034
NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued property, plant and equipment additions 10,401 1,835
Accrued timberlands reforestation and roads 1,028 1,041
Cash and cash equivalents 180,150 325,632
Restricted cash included in other long-term assets [1] $ 0 $ 17,402
Restricted Cash, Asset, Statement of Financial Position [Extensible List] Other long-term assets Other long-term assets
Total cash, cash equivalents, and restricted cash $ 180,150 $ 343,034
[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, 2024 and 2023, $0 and $14.0 million, respectively, was classified as Other current assets.