Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2016

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Income

Condensed Consolidating Statement of Income for the three months ended September 30, 2016

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	211,761		$	18,086		$	192,214		$	(16,760	)	$	405,301
Energy and related sales, net		1,346			—			—			—			1,346
Total revenues		213,107			18,086			192,214			(16,760	)		406,647
Costs of products sold		186,297			16,732			159,208			(16,760	)		345,477
Gross profit		26,810			1,354			33,006			—			61,170
Selling, general and administrative
expenses		21,048			(25	)		14,724			—			35,747
(Gain) loss on dispositions of plant
equipment and timberlands, net		7			—			(2	)		—			5
Operating income		5,755			1,379			18,284			—			25,418
Other non-operating
income (expense)
Interest expense		(4,332	)		(1	)		(751	)		1,189			(3,895	)
Interest income		173			1,063			5			(1,189	)		52
Equity in earnings of subsidiaries		17,228			16,225			—			(33,453	)		—
Other, net		(670	)		(819	)		916			—			(573	)
Total other non-operating
income (expense)		12,399			16,468			170			(33,453	)		(4,416	)
Income before income taxes		18,154			17,847			18,454			(33,453	)		21,002
Income tax provision (benefit)		(1,447	)		619			2,229			—			1,401
Net income		19,601			17,228			16,225			(33,453	)		19,601
Other comprehensive loss		(69	)		(2,307	)		(2,462	)		4,769			(69	)
Comprehensive income	$	19,532		$	14,921		$	13,763		$	(28,684	)	$	19,532

Condensed Consolidating Statement of Income for the nine months ended September 30, 2016

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	638,918		$	54,293		$	573,355		$	(52,634	)	$	1,213,932
Energy and related sales, net		4,013			—			—			—			4,013
Total revenues		642,931			54,293			573,355			(52,634	)		1,217,945
Costs of products sold		582,751			51,493			474,599			(52,634	)		1,056,209
Gross profit		60,180			2,800			98,756			—			161,736
Selling, general and administrative
expenses		62,115			(246	)		42,927			—			104,796
Loss on dispositions of plant
equipment and timberlands, net		11			—			20			—			31
Operating income (loss)		(1,946	)		3,046			55,809			—			56,909
Other non-operating
income (expense)
Interest expense		(13,036	)		(1	)		(2,352	)		3,425			(11,964	)
Interest income		523			3,056			50			(3,425	)		204
Equity in earnings of subsidiaries		46,485			44,050			—			(90,535	)		—
Other, net		(1,787	)		(2,220	)		3,051			—			(956	)
Total other non-operating
income (expense)		32,185			44,885			749			(90,535	)		(12,716	)
Income before income taxes		30,239			47,931			56,558			(90,535	)		44,193
Income tax provision (benefit)		(7,495	)		1,446			12,508			—			6,459
Net income		37,734			46,485			44,050			(90,535	)		37,734
Other comprehensive income (loss)		4,134			(2,691	)		(2,835	)		5,526			4,134
Comprehensive income	$	41,868		$	43,794		$	41,215		$	(85,009	)	$	41,868

Condensed Consolidating Statement of Income for the three months ended September 30, 2015

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	222,803		$	19,005		$	197,589		$	(19,437	)	$	419,960
Energy and related sales, net		1,153			—			—			—			1,153
Total revenues		223,956			19,005			197,589			(19,437	)		421,113
Costs of products sold		197,906			17,299			165,437			(19,437	)		361,205
Gross profit		26,050			1,706			32,152			—			59,908
Selling, general and administrative
expenses		24,764			(8	)		15,036			—			39,792
Gain on dispositions of plant
equipment and timberlands, net		(4	)		—			(119	)		—			(123	)
Operating income		1,290			1,714			17,235			—			20,239
Other non-operating
income (expense)
Interest expense		(4,346	)		—			(23,201	)		23,230			(4,317	)
Interest income		181			23,129			11			(23,231	)		90
Equity in earnings of subsidiaries		14,173			(9,366	)		—			(4,808	)		—
Other, net		(961	)		23			718			—			(220	)
Total other non-operating
income (expense)		9,047			13,786			(22,472	)		(4,809	)		(4,447	)
Income (loss) before income taxes		10,337			15,500			(5,237	)		(4,809	)		15,792
Income tax provision (benefit)		(3,167	)		1,270			4,185			—			2,288
Net income (loss)		13,504			14,230			(9,422	)		(4,809	)		13,504
Other comprehensive loss		(3,002	)		(5,954	)		(7,752	)		13,706			(3,002	)
Comprehensive income (loss)	$	10,502		$	8,276		$	(17,174	)	$	8,897		$	10,502

Condensed Consolidating Statement of Income for the nine months ended September 30, 2015

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	655,599		$	61,822		$	590,466		$	(59,655	)	$	1,248,232
Energy and related sales, net		3,936			—			—			—			3,936
Total revenues		659,535			61,822			590,466			(59,655	)		1,252,168
Costs of products sold		614,060			58,554			494,360			(59,655	)		1,107,319
Gross profit		45,475			3,268			96,106			—			144,849
Selling, general and administrative
expenses		57,607			947			41,647			—			100,201
Gains on dispositions of plant,
equipment and timberlands, net		(1,526	)		(1,183	)		(179	)		—			(2,888	)
Operating income (loss)		(10,606	)		3,504			54,638			—			47,536
Other non-operating
income (expense)
Interest expense		(13,771	)		—			(35,965	)		36,559			(13,177	)
Interest income		513			36,226			52			(36,559	)		232
Equity in earnings of subsidiaries		48,775			11,879			—			(60,654	)		—
Other, net		(2,423	)		(136	)		2,367			—			(192	)
Total other non-operating
income (expense)		33,094			47,969			(33,546	)		(60,654	)		(13,137	)
Income before income taxes		22,488			51,473			21,092			(60,654	)		34,399
Income tax provision (benefit)		(7,789	)		2,586			9,325			—			4,122
Net income		30,277			48,887			11,767			(60,654	)		30,277
Other comprehensive income (loss)		(21,200	)		(30,607	)		21,156			9,451			(21,200	)
Comprehensive income	$	9,077		$	18,280		$	32,923		$	(51,203	)	$	9,077

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of September 30, 2016

In thousands	Parent Company		Guarantors			Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Cash and cash equivalents	$	3,658	$	418		$	46,676	$	—		$	50,752
Other current assets		222,853		265,889			270,650		(280,576	)		478,816
Plant, equipment and timberlands, net		351,301		20,918			399,234		—			771,453
Investments in subsidiaries		798,376		548,865			—		(1,347,241	)		—
Other assets		115,900		—			137,318		—			253,218
Total assets	$	1,492,088	$	836,090		$	853,878	$	(1,627,817	)	$	1,554,239
Liabilities and Shareholders' Equity
Current liabilities	$	415,957	$	36,689		$	144,048	$	(280,576	)	$	316,118
Long-term debt		269,535		1,000			97,014		—			367,549
Deferred income taxes		26,048		(288	)		47,315		—			73,075
Other long-term liabilities		88,859		313			16,636		—			105,808
Total liabilities		800,399		37,714			305,013		(280,576	)		862,550
Shareholders’ equity		691,689		798,376			548,865		(1,347,241	)		691,689
Total liabilities and
shareholders’ equity	$	1,492,088	$	836,090		$	853,878	$	(1,627,817	)	$	1,554,239

Condensed Consolidating Balance Sheet as of December 31, 2015

In thousands	Parent Company		Guarantors			Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Cash and cash equivalents	$	59,130	$	465		$	45,709	$	—		$	105,304
Other current assets		199,690		238,515			239,367		(230,509	)		447,063
Plant, equipment and timberlands, net		286,334		1,114			411,416		—			698,864
Investments in subsidiaries		737,450		507,116			—		(1,244,566	)		—
Other assets		106,586		—			142,599		—			249,185
Total assets	$	1,389,190	$	747,210		$	839,091	$	(1,475,075	)	$	1,500,416
Liabilities and Shareholders' Equity
Current liabilities	$	363,037	$	9,725		$	162,081	$	(230,523	)	$	304,320
Long-term debt		247,075		—			106,221		—			353,296
Deferred income taxes		28,561		(79	)		47,976		—			76,458
Other long-term liabilities		87,270		—			15,825		—			103,095
Total liabilities		725,943		9,646			332,103		(230,523	)		837,169
Shareholders’ equity		663,247		737,564			506,988		(1,244,552	)		663,247
Total liabilities and
shareholders’ equity	$	1,389,190	$	747,210		$	839,091	$	(1,475,075	)	$	1,500,416

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2016

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	41,753		$	3,748		$	13,936		$	—		$	59,437
Investing activities
Expenditures for purchases of plant,
equipment and timberlands		(78,187	)		(21,066	)		(17,695	)		—			(116,948	)
Proceeds from disposals of plant,
equipment and timberlands, net		41			—			14			—			55
Repayments from intercompany loans		—			11,101			—			(11,101	)		—
Advances of intercompany loans		—			(12,330	)		—			12,330			—
Intercompany capital
contributed		(17,000	)		(500	)		—			17,500			—
Other		(400	)		—			—			—			(400	)
Total investing activities		(95,546	)		(22,795	)		(17,681	)		18,729			(117,293	)
Financing activities
Net long-term borrowings		—			—			14,983			—			14,983
Payments of borrowing costs		(136	)		—			—			—			(136	)
Payment of dividends
to shareholders		(16,134	)		—			—			—			(16,134	)
Repayments of intercompany loans		—			—			(11,101	)		11,101			—
Borrowings of intercompany loans		12,330			—			—			(12,330	)		—
Intercompany capital (returned)    received		—			17,000			500			(17,500	)		—
Proceeds from government grants		3,251			2,000			—			—			5,251
Payments related to share-based comp-
ensation awards and other		(990	)		—			—			—			(990	)
Total financing activities		(1,679	)		19,000			4,382			(18,729	)		2,974
Effect of exchange rate on cash		—			—			330			—			330
Net increase (decrease) in cash		(55,472	)		(47	)		967			—			(54,552	)
Cash at the beginning of period		59,130			465			45,709			—			105,304
Cash at the end of period	$	3,658		$	418		$	46,676		$	—		$	50,752

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2015

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	9,927		$	152		$	60,444		$	—		$	70,523
Investing activities
Expenditures for purchases of plant,
equipment and timberlands		(52,331	)		(42	)		(21,907	)		—			(74,280	)
Proceeds from disposals of plant,
equipment and timberlands, net		1,584			1,213			384			—			3,181
Repayments from intercompany loans		1,465			53,855			—			(55,320	)		—
Advances of intercompany loans		—			(44,590	)		—			44,590			—
Intercompany capital
(contributed) returned		10,500			(300	)		—			(10,200	)		—
Acquisitions, net of cash acquired		—			—			(224	)		—			(224	)
Other		(1,600	)		—			—			—			(1,600	)
Total investing activities		(40,382	)		10,136			(21,747	)		(20,930	)		(72,923	)
Financing activities
Net repayments of indebtedness		—			—			(3,387	)		—			(3,387	)
Payments of borrowing costs		(1,329	)		—			—			—			(1,329	)
Payment of dividends
to shareholders		(15,215	)		—			—			—			(15,215	)
Repayments of intercompany loans		(9,158	)		—			(46,162	)		55,320			—
Borrowings of intercompany loans		44,590			—			—			(44,590	)		—
Intercompany capital (returned)    received		—			(10,500	)		300			10,200			—
Payments related to share-based comp-
ensation awards and other		(2,015	)		—			—			—			(2,015	)
Total financing activities		16,873			(10,500	)		(49,249	)		20,930			(21,946	)
Effect of exchange rate on cash		—			—			(1,826	)		—			(1,826	)
Net decrease in cash		(13,582	)		(212	)		(12,378	)		—			(26,172	)
Cash at the beginning of period		42,208			509			57,120			—			99,837
Cash at the end of period	$	28,626		$	297		$	44,742		$	—		$	73,665