XML 11 R6.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 25,805 $ (305)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation, depletion and amortization 25,786 30,802
Basis of real estate sold 9,867 4,092
Change in deferred taxes (344) (4,145)
Pension and other postretirement employee benefits 1,631 1,143
Equity-based compensation expense 2,759 2,560
Amortization related to redesignated forward-starting interest rate swaps 2,810 2,643
Interest received under swaps with other-than-insignificant financing element (6,986) (7,458)
Other, net 1,888 318
Change in working capital and operating-related activities, net (9,259) (13,252)
Real estate development expenditures (3,326) (1,135)
Funding of pension and other postretirement employee benefits (1,580) (914)
Proceeds from insurance recoveries 0 1,680
Net cash from operating activities 49,051 16,029
CASH FLOWS FROM INVESTING ACTIVITIES    
Property, plant and equipment additions (12,114) (4,995)
Timberlands reforestation and roads (7,339) (7,874)
Acquisition of timber and timberlands (83) (31,438)
Interest received under swaps with other-than-insignificant financing element 6,579 6,938
Other, net 149 373
Net cash from investing activities (12,808) (36,996)
CASH FLOWS FROM FINANCING ACTIVITIES    
Distributions to common stockholders (35,435) (35,779)
Repurchase of common stock (3,922) 0
Other, net (1,043) (792)
Net cash from financing activities (40,400) (36,571)
Change in cash, cash equivalents and restricted cash (4,157) (57,538)
Cash, cash equivalents and restricted cash at beginning of period 151,725 237,688
Cash, cash equivalents and restricted cash at end of period 147,568 180,150
NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued property, plant and equipment additions 434 10,401
Accrued timberlands reforestation and roads 561 1,028
Repurchase of common stock pending settlement 225 0
Cash and cash equivalents 147,477 180,150
Restricted cash included in other long-term assets [1] $ 91 $ 0
Restricted Cash, Asset, Statement of Financial Position [Extensible List] Other long-term assets Other long-term assets
Total cash, cash equivalents, and restricted cash $ 147,568 $ 180,150
[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, 2025 and 2024, $0 were classified as Other current assets.