Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2017

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Statement of Income

Condensed Consolidating Statement of Income for the six months ended June 30, 2017.

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	397,141		$	42,585		$	380,595		$	(42,266	)	$	778,055
Energy and related sales, net		2,110			—			—			—			2,110
Total revenues		399,251			42,585			380,595			(42,266	)		780,165
Costs of products sold		379,390			40,633			315,043			(42,266	)		692,800
Gross profit		19,861			1,952			65,552			—			87,365
Selling, general and administrative
expenses		37,246			310			29,529			—			67,085
(Gain) loss on dispositions of plant
equipment and timberlands, net		48			(74	)		—			—			(26	)
Operating income (loss)		(17,433	)		1,716			36,023			—			20,306
Other non-operating
income (expense)
Interest expense		(9,843	)		(319	)		(941	)		2,619			(8,484	)
Interest income		291			2,398			88			(2,619	)		158
Equity in earnings of subsidiaries		32,418			33,101			—			(65,519	)		—
Other, net		1,027			(4,525	)		3,070			—			(428	)
Total other non-operating
income (expense)		23,893			30,655			2,217			(65,519	)		(8,754	)
Income before income taxes		6,460			32,371			38,240			(65,519	)		11,552
Income tax provision (benefit)		571			(47	)		5,139			—			5,663
Net income		5,889			32,418			33,101			(65,519	)		5,889
Other comprehensive income		33,525			29,066			28,385			(57,451	)		33,525
Comprehensive income	$	39,414		$	61,484		$	61,486		$	(122,970	)	$	39,414

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

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	209,269		$	17,561		$	196,675		$	(17,092	)	$	406,413
Energy and related sales, net		2,001			—			—			—			2,001
Total revenues		211,270			17,561			196,675			(17,092	)		408,414
Costs of products sold		204,495			16,711			161,577			(17,092	)		365,691
Gross profit		6,775			850			35,098			—			42,723
Selling, general and administrative
expenses		22,622			(36	)		14,605			—			37,191
Loss on dispositions of plant
equipment and timberlands, net		2			—			—			—			2
Operating income (loss)		(15,849	)		886			20,493			—			5,530
Other non-operating
income (expense)
Interest expense		(4,289	)		—			(814	)		1,150			(3,953	)
Interest income		169			1,001			41			(1,150	)		61
Equity in earnings of subsidiaries		16,385			16,071			—			(32,456	)		—
Other, net		(575	)		(1,421	)		2,313			—			317
Total other non-operating
income (expense)		11,690			15,651			1,540			(32,456	)		(3,575	)
Income (loss) before income taxes		(4,159	)		16,537			22,033			(32,456	)		1,955
Income tax provision (benefit)		(6,124	)		152			5,962			—			(10	)
Net income		1,965			16,385			16,071			(32,456	)		1,965
Other comprehensive loss		(11,539	)		(13,937	)		(13,490	)		27,427			(11,539	)
Comprehensive income (loss)	$	(9,574	)	$	2,448		$	2,581		$	(5,029	)	$	(9,574	)

Condensed Consolidating Statement of Income for the six months ended June 30, 2016.

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	427,157		$	36,207		$	381,141		$	(35,874	)	$	808,631
Energy and related sales, net		2,667			—			—			—			2,667
Total revenues		429,824			36,207			381,141			(35,874	)		811,298
Costs of products sold		396,454			34,761			315,391			(35,874	)		710,732
Gross profit		33,370			1,446			65,750			—			100,566
Selling, general and administrative
expenses		41,067			(221	)		28,203			—			69,049
Loss on dispositions of plant
equipment and timberlands, net		4			—			22			—			26
Operating income (loss)		(7,701	)		1,667			37,525			—			31,491
Other non-operating
income (expense)
Interest expense		(8,704	)		—			(1,601	)		2,236			(8,069	)
Interest income		350			1,993			45			(2,236	)		152
Equity in earnings of subsidiaries		29,257			27,825			—			(57,082	)		—
Other, net		(1,117	)		(1,401	)		2,135			—			(383	)
Total other non-operating
income (expense)		19,786			28,417			579			(57,082	)		(8,300	)
Income before income taxes		12,085			30,084			38,104			(57,082	)		23,191
Income tax provision (benefit)		(6,048	)		827			10,279			—			5,058
Net income		18,133			29,257			27,825			(57,082	)		18,133
Other comprehensive income (loss)		4,203			(384	)		(373	)		757			4,203
Comprehensive income	$	22,336		$	28,873		$	27,452		$	(56,325	)	$	22,336

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet as of June 30, 2017

In thousands	Parent Company		Guarantors			Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Cash and cash equivalents	$	8,587	$	3,080		$	57,775	$	—		$	69,442
Other current assets		219,123		278,908			277,622		(304,886	)		470,767
Plant, equipment and timberlands, net		384,846		58,075			395,086		—			838,007
Investments in subsidiaries		851,050		601,864			—		(1,452,914	)		—
Other assets		127,334		—			136,231		—			263,565
Total assets	$	1,590,940	$	941,927		$	866,714	$	(1,757,800	)	$	1,641,781
Liabilities and Shareholders' Equity
Current liabilities	$	447,573	$	52,294		$	144,785	$	(304,888	)	$	339,764
Long-term debt		338,991		39,000			53,503		—			431,494
Deferred income taxes		13,083		(729	)		48,361		—			60,715
Other long-term liabilities		106,263		312			18,201		—			124,776
Total liabilities		905,910		90,877			264,850		(304,888	)		956,749
Shareholders’ equity		685,030		851,050			601,864		(1,452,912	)		685,032
Total liabilities and shareholders’ equity	$	1,590,940	$	941,927		$	866,714	$	(1,757,800	)	$	1,641,781

Condensed Consolidating Balance Sheet as of December 31, 2016

In thousands	Parent Company		Guarantors			Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Cash and cash equivalents	$	5,082	$	1,461		$	48,901	$	—		$	55,444
Other current assets		206,002		256,289			242,187		(265,663	)		438,815
Plant, equipment and timberlands, net		360,521		31,455			383,922		—			775,898
Investments in subsidiaries		789,565		540,029			—		(1,329,594	)		—
Other assets		123,010		—			128,092		—			251,102
Total assets	$	1,484,180	$	829,234		$	803,102	$	(1,595,257	)	$	1,521,259
Liabilities and Shareholders' Equity
Current liabilities	$	426,628	$	26,085		$	135,961	$	(265,663	)	$	323,011
Long-term debt		283,686		14,000			65,961		—			363,647
Deferred income taxes		10,221		(729	)		45,503		—			54,995
Other long-term liabilities		109,819		313			15,648		—			125,780
Total liabilities		830,354		39,669			263,073		(265,663	)		867,433
Shareholders’ equity		653,826		789,565			540,029		(1,329,594	)		653,826
Total liabilities and shareholders’ equity	$	1,484,180	$	829,234		$	803,102	$	(1,595,257	)	$	1,521,259

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2017

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	(12,072	)	$	(1,085	)	$	42,606		$	(685	)	$	28,764
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(40,739	)		(21,421	)		(8,887	)		—			(71,047	)
Proceeds from disposals of plant, equipment and timberlands, net		8			75			—			—			83
Repayments from intercompany loans		—			12,000			—			(12,000	)		—
Advances of intercompany loans		—			(12,550	)		—			12,550			—
Intercompany capital contributed		—			(400	)		—			400			—
Total investing activities		(40,731	)		(22,296	)		(8,887	)		950			(70,964	)
Financing activities
Net long-term borrowings		55,000			25,000			(16,292	)		—			63,708
Payment of dividends to shareholders		(11,130	)		—			—			—			(11,130	)
Repayments of intercompany loans		—			—			(12,000	)		12,000			—
Borrowings of intercompany loans		12,550			—			—			(12,550	)		—
Intercompany capital received		—			—			400			(400	)		—
Payment of intercompany dividend		—			—			(685	)		685			—
Payments related to share-based compensation awards and other		(112	)		—			—			—			(112	)
Total financing activities		56,308			25,000			(28,577	)		(265	)		52,466
Effect of exchange rate on cash		—			—			3,732			—			3,732
Net increase in cash		3,505			1,619			8,874			—			13,998
Cash at the beginning of period		5,082			1,461			48,901			—			55,444
Cash at the end of period	$	8,587		$	3,080		$	57,775		$	—		$	69,442

Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2016

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	17,067		$	2,821		$	16,752		$	—		$	36,640
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(51,043	)		(18,861	)		(10,487	)		—			(80,391	)
Proceeds from disposals of plant, equipment and timberlands, net		41			—			12			—			53
Repayments from intercompany loans		—			7,500			—			(7,500	)		—
Advances of intercompany loans		—			(7,880	)		—			7,880			—
Intercompany capital (contributed) returned		(17,000	)		(500	)		—			17,500			—
Other		(300	)		—			—			—			(300	)
Total investing activities		(68,302	)		(19,741	)		(10,475	)		17,880			(80,638	)
Financing activities
Net repayments of indebtedness		—			—			4,222			—			4,222
Payments of borrowing costs		(51	)		—			(85	)		—			(136	)
Payment of dividends to shareholders		(10,679	)		—			—			—			(10,679	)
Repayments of intercompany loans		—			—			(7,500	)		7,500			—
Borrowings of intercompany loans		7,880			—			—			(7,880	)		—
Intercompany capital (returned) received		—			17,000			500			(17,500	)		—
Proceeds from government grants		2,443			2,000			—			—			4,443
Payments related to share-based compensation awards and other		(976	)		—			—			—			(976	)
Total financing activities		(1,383	)		19,000			(2,863	)		(17,880	)		(3,126	)
Effect of exchange rate on cash		—			—			352			—			352
Net increase (decrease) in cash		(52,618	)		2,080			3,766			—			(46,772	)
Cash at the beginning of period		59,130			465			45,709			—			105,304
Cash at the end of period	$	6,512		$	2,545		$	49,475		$	—		$	58,532