XML 11 R6.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income     $ 13,373 $ 38,566
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation, depletion and amortization $ 29,674 $ 27,496 60,476 59,669
Basis of real estate sold 56,525 4,884 60,617 15,515
Change in deferred taxes     (8,839) (2,215)
Pension and other postretirement employee benefits     2,288 3,223
Equity-based compensation expense     5,522 3,856
Gain on fire damage 0 (23,110) 0 (23,110)
Interest received under swaps with other-than-insignificant financing element     (14,967) (11,767)
Other, net     5,312 3,856
Change in working capital and operating-related activities, net     (3,996) (14,334)
Real estate development expenditures     (2,722) (4,304)
Funding of pension and other postretirement employee benefits     (2,135) (2,304)
Proceeds from insurance recoveries     1,680 9,706
Net cash from operating activities     116,609 76,357
CASH FLOWS FROM INVESTING ACTIVITIES        
Property, plant and equipment additions     (26,603) (10,135)
Timberlands reforestation and roads     (12,814) (10,714)
Acquisition of timber and timberlands     (31,481) (1,621)
Interest received under swaps with other-than-insignificant financing element     13,924 10,904
Other, net     618 664
Net cash from investing activities     (56,356) (10,902)
CASH FLOWS FROM FINANCING ACTIVITIES        
Distributions to common stockholders     (71,456) (71,920)
Repurchase of common stock     (23,905) (394)
Other, net     (2,236) (1,955)
Net cash from financing activities     (97,597) (74,269)
Change in cash, cash equivalents and restricted cash     (37,344) (8,814)
Cash, cash equivalents and restricted cash at beginning of period     237,688 345,591
Cash, cash equivalents and restricted cash at end of period 200,344 336,777 200,344 336,777
NONCASH INVESTING AND FINANCING ACTIVITIES        
Accrued property, plant and equipment additions     1,177 178
Accrued timberlands reforestation and roads     1,912 2,460
Repurchase of common stock pending settlement     1,107 0
Cash and cash equivalents 199,723 331,225 199,723 331,225
Restricted cash included in other long-term assets [1] $ 621 $ 5,552 $ 621 $ 5,552
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 $ 200,344 $ 336,777 $ 200,344 $ 336,777
[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, 2024 and 2023, $0 and $3.2 million, respectively, was classified as Other current assets.