Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	203,205		$	20,588		$	211,331		$	(21,799	)	$	413,325
Energy and related sales, net		1,236			—			—			—			1,236
Total revenues		204,441			20,588			211,331			(21,799	)		414,561
Costs of products sold		188,677			19,525			173,423			(21,799	)		359,826
Gross profit		15,764			1,063			37,908			—			54,735
Selling, general and administrative
expenses		18,730			536			14,133			—			33,399
(Gain) loss on dispositions of plant
equipment and timberlands, net		70			(114	)		20			—			(24	)
Operating income (loss)		(3,036	)		641			23,755			—			21,360
Other non-operating
income (expense)
Interest expense		(5,241	)		(300	)		(436	)		1,430			(4,547	)
Interest income		160			1,316			5			(1,430	)		51
Equity in earnings of subsidiaries		17,880			18,096			—			(35,976	)		—
Other, net		498			(1,920	)		944			—			(478	)
Total other non-operating
income (expense)		13,297			17,192			513			(35,976	)		(4,974	)
Income before income taxes		10,261			17,833			24,268			(35,976	)		16,386
Income tax provision (benefit)		(1,844	)		(47	)		6,172			—			4,281
Net income		12,105			17,880			18,096			(35,976	)		12,105
Other comprehensive income		17,330			14,812			14,959			(29,771	)		17,330
Comprehensive income	$	29,435		$	32,692		$	33,055		$	(65,747	)	$	29,435

Condensed Consolidating Statement of Income for the nine months ended September 30, 2017

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	600,346		$	63,173		$	591,926		$	(64,065	)	$	1,191,380
Energy and related sales, net		3,346			—			—			—			3,346
Total revenues		603,692			63,173			591,926			(64,065	)		1,194,726
Costs of products sold		568,067			60,158			488,466			(64,065	)		1,052,626
Gross profit		35,625			3,015			103,460			—			142,100
Selling, general and administrative
expenses		55,976			846			43,662			—			100,484
(Gain) loss on dispositions of plant
equipment and timberlands, net		118			(188	)		20			—			(50	)
Operating income (loss)		(20,469	)		2,357			59,778			—			41,666
Other non-operating
income (expense)
Interest expense		(15,084	)		(619	)		(1,377	)		4,049			(13,031	)
Interest income		451			3,714			93			(4,049	)		209
Equity in earnings of subsidiaries		50,298			51,197			—			(101,495	)		—
Other, net		1,525			(6,445	)		4,014			—			(906	)
Total other non-operating
income (expense)		37,190			47,847			2,730			(101,495	)		(13,728	)
Income before income taxes		16,721			50,204			62,508			(101,495	)		27,938
Income tax provision (benefit)		(1,273	)		(94	)		11,311			—			9,944
Net income		17,994			50,298			51,197			(101,495	)		17,994
Other comprehensive income		50,855			43,878			43,344			(87,222	)		50,855
Comprehensive income	$	68,849		$	94,176		$	94,541		$	(188,717	)	$	68,849

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 Balance Sheet

Condensed Consolidating Balance Sheet as of September 30, 2017

In thousands	Parent Company		Guarantors			Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Cash and cash equivalents	$	374	$	682		$	83,231	$	—		$	84,287
Other current assets		226,678		287,440			289,956		(316,866	)		487,208
Plant, equipment and timberlands, net		383,014		70,093			402,910		—			856,017
Investments in subsidiaries		885,734		634,893			—		(1,520,627	)		—
Other assets		129,617		—			139,665		—			269,282
Total assets	$	1,625,417	$	993,108		$	915,762	$	(1,837,493	)	$	1,696,794
Liabilities and Shareholders' Equity
Current liabilities	$	436,791	$	58,602		$	157,486	$	(316,866	)	$	336,013
Long-term debt		357,441		49,000			52,584		—			459,025
Deferred income taxes		14,478		(541	)		51,660		—			65,597
Other long-term liabilities		106,111		313			19,139		—			125,563
Total liabilities		914,821		107,374			280,869		(316,866	)		986,198
Shareholders’ equity		710,596		885,734			634,893		(1,520,627	)		710,596
Total liabilities and shareholders’ equity	$	1,625,417	$	993,108		$	915,762	$	(1,837,493	)	$	1,696,794

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 nine months ended September 30, 2017

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	(17,066	)	$	(3,241	)	$	73,103		$	—		$	52,796
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(55,415	)		(32,847	)		(13,910	)		—			(102,172	)
Proceeds from disposals of plant, equipment and timberlands, net		8			209			—			—			217
Repayments from intercompany loans		—			12,000			—			(12,000	)		—
Advances of intercompany loans		—			(13,500	)		—			13,500			—
Intercompany capital contributed		(2,000	)		(400	)		—			2,400			—
Other		(100	)		—			—			—			(100	)
Total investing activities		(57,507	)		(34,538	)		(13,910	)		3,900			(102,055	)
Financing activities
Net long-term borrowings		73,298			35,000			(18,711	)		—			89,587
Payment of dividends to shareholders		(16,805	)		—			—			—			(16,805	)
Repayments of intercompany loans		—			—			(12,000	)		12,000			—
Borrowings of intercompany loans		13,500			—			—			(13,500	)		—
Intercompany capital received		—			2,000			400			(2,400	)		—
Payment of intercompany dividend		—			—			—			—			—
Payments related to share-based compensation awards and other		(128	)		—			—			—			(128	)
Total financing activities		69,865			37,000			(30,311	)		(3,900	)		72,654
Effect of exchange rate on cash		—			—			5,448			—			5,448
Net increase (decrease) in cash		(4,708	)		(779	)		34,330			—			28,843
Cash at the beginning of period		5,082			1,461			48,901			—			55,444
Cash at the end of period	$	374		$	682		$	83,231		$	—		$	84,287

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) returned		(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 compensation 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