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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income     $ 33,159 $ 13,373
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation, depletion and amortization $ 26,751 $ 29,674 52,537 60,476
Basis of real estate sold 11,481 56,525 21,348 60,617
Change in deferred taxes     (3,875) (8,839)
Pension and other postretirement employee benefits     3,263 2,288
Equity-based compensation expense     5,954 5,522
Amortization related to redesignated forward-starting interest rate swaps     5,651 5,286
Interest received under swaps with other-than-insignificant financing element     (13,936) (14,967)
Other, net     1,163 26
Change in working capital and operating-related activities, net     (4,508) (3,996)
Real estate development expenditures (2,800) (1,600) (6,104) (2,722)
Funding of pension and other postretirement employee benefits     (4,602) (2,135)
Proceeds from insurance recoveries     0 1,680
Net cash from operating activities     90,050 116,609
CASH FLOWS FROM INVESTING ACTIVITIES        
Property, plant and equipment additions     (15,750) (26,603)
Timberlands reforestation and roads     (11,336) (12,814)
Acquisition of timber and timberlands     (374) (31,481)
Interest received under swaps with other-than-insignificant financing element     13,123 13,924
Other, net     975 618
Net cash from investing activities     (13,362) (56,356)
CASH FLOWS FROM FINANCING ACTIVITIES        
Distributions to common stockholders     (70,213) (71,456)
Repurchase of common stock     (60,030) (23,905)
Other, net     (2,126) (2,236)
Net cash from financing activities     (132,369) (97,597)
Change in cash, cash equivalents and restricted cash     (55,681) (37,344)
Cash, cash equivalents and restricted cash at beginning of period     151,725 237,688
Cash, cash equivalents and restricted cash at end of period 96,044 200,344 96,044 200,344
NONCASH INVESTING AND FINANCING ACTIVITIES        
Accrued property, plant and equipment additions     814 1,177
Accrued timberlands reforestation and roads     1,842 1,912
Repurchase of common stock pending settlement     0 1,107
Cash and cash equivalents 95,277 199,723 95,277 199,723
Restricted cash included in other long-term assets [1] $ 767 $ 621 $ 767 $ 621
Restricted Cash, Statement of Financial Position [Extensible Enumeration] Other Assets, Current, Other Assets, Noncurrent Other Assets, Current, Other Assets, Noncurrent Other Assets, Current, Other Assets, Noncurrent Other Assets, Current, Other Assets, Noncurrent
Total cash, cash equivalents, and restricted cash $ 96,044 $ 200,344 $ 96,044 $ 200,344
[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, 2025 and 2024, $0.1 million and $0 were classified as Other current assets.