Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2018

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, 2018

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	-		$	35,285		$	203,910		$	(29,340	)	$	209,855
Costs of products sold		945			32,727			175,651			(29,340	)		179,983
Gross profit (loss)		(945	)		2,558			28,259			—			29,872
Selling, general and administrative
expenses		10,557			43			15,199			—			25,799
Gain on dispositions of plant
equipment and timberlands, net		—			(249	)		—			—			(249	)
Operating income (loss)		(11,502	)		2,764			13,060			—			4,322
Other non-operating
income (expense)
Interest expense		(4,439	)		(629	)		(446	)		1,549			(3,965	)
Interest income		134			1,528			34			(1,549	)		147
Equity in earnings of subsidiaries		13,217			10,783			—			(24,000	)		—
Other, net		341			1,077			835			—			2,253
Total other non-operating
income (expense)		9,253			12,759			423			(24,000	)		(1,565	)
Income (loss) from continuing operations before income taxes		(2,249	)		15,523			13,483			(24,000	)		2,757
Income tax provision (benefit)		(1,544	)		2,349			2,657			—			3,462
Income (loss) from continuing operations		(705	)		13,174			10,826			(24,000	)		(705	)
Discontinued operations:
Income (loss) from discontinued operations before income taxes		(114,656	)		—			—			—			(114,656	)
Income tax provision (benefit)		(19,530	)		—			—			—			(19,530	)
Income (loss) from discontinued operations		(95,126	)		—			—			—			(95,126	)
Net income (loss)		(95,831	)		13,174			10,826			(24,000	)		(95,831	)
Other comprehensive income (loss)		19,971			(1,767	)		(3,187	)		4,954			19,971
Comprehensive income (loss)	$	(75,860	)	$	11,407		$	7,639		$	(19,046	)	$	(75,860	)

Condensed Consolidating Statement of Income for the nine months ended September 30, 2018

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net sales	$	-		$	87,617		$	628,624		$	(79,435	)	$	636,806
Costs of products sold		4,254			82,089			530,165			(79,435	)		537,073
Gross profit (loss)		(4,254	)		5,528			98,459			—			99,733
Selling, general and administrative
expenses		35,457			1,716			44,742			—			81,915
(Gain) loss on dispositions of plant
equipment and timberlands, net		(17	)		(1,929	)		7			—			(1,939	)
Operating income (loss)		(39,694	)		5,741			53,710			—			19,757
Other non-operating
income (expense)
Interest expense		(12,773	)		(1,670	)		(1,320	)		4,526			(11,237	)
Interest income		413			4,219			121			(4,526	)		227
Equity in earnings of subsidiaries		49,421			45,745			—			(95,166	)
Other, net		(1,634	)		(1,657	)		4,422			—			1,131
Total other non-operating
income (expense)		35,427			46,637			3,223			(95,166	)		(9,879	)
Income (loss) before income taxes		(4,267	)		52,378			56,933			(95,166	)		9,878
Income tax provision (benefit)		(7,108	)		3,022			11,123			—			7,037
Income (loss) from continuing operations		2,841			49,356			45,810			(95,166	)		2,841
Discontinued operations:
Income (loss) from discontinued operations before income taxes		(128,714	)		—			—			—			(128,714	)
Income tax provision (benefit)		(28,361	)		—			—			—			(28,361	)
Income (loss) from discontinued operations		(100,353	)		—			—			—			(100,353	)
Net income (loss)		(97,512	)		49,356			45,810			(95,166	)		(97,512	)
Other comprehensive income (loss)		8,338			(19,318	)		(19,301	)		38,619			8,338
Comprehensive income (loss)	$	(89,174	)	$	30,038		$	26,509		$	(56,547	)	$	(89,174	)

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	$	-		$	20,588		$	211,331		$	(21,799	)	$	210,120
Costs of products sold		1,596			19,525			173,423			(21,799	)		172,745
Gross profit		(1,596	)		1,063			37,908			—			37,375
Selling, general and administrative
Expenses		12,414			536			14,133			—			27,083
(Gain) loss on dispositions of plant
equipment and timberlands, net		1			(114	)		20			—			(93	)
Operating income (loss)		(14,011	)		641			23,755			—			10,385
Other non-operating
income (expense)
Interest expense		(4,018	)		(300	)		(436	)		1,430			(3,324	)
Interest income		160			1,316			5			(1,430	)		51
Equity in earnings of subsidiaries		17,880			18,096			—			(35,976	)		—
Other, net		589			(1,920	)		944			—			(387	)
Total other non-operating
income (expense)		14,611			17,192			513			(35,976	)		(3,660	)
Income (loss) from continuing operations before income taxes		600			17,833			24,268			(35,976	)		6,725
Income tax provision (benefit)		(4,445	)		(47	)		6,172			—			1,680
Income (loss) from continuing operations		5,045			17,880			18,096			(35,976	)		5,045
Discontinued operations:
Income from discontinued operations before income taxes		9,661			—			—			—			9,661
Income tax provision		2,601			—			—			—			2,601
Income from discontinued operations		7,060			—			—			—			7,060
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	$	-		$	63,173		$	591,926		$	(64,064	)	$	591,035
Costs of products sold		1,223			60,158			488,466			(64,064	)		485,783
Gross profit		(1,223	)		3,015			103,460			—			105,252
Selling, general and administrative
Expenses		37,022			846			43,662			—			81,530
(Gain) loss on dispositions of plant
equipment and timberlands, net		—			(188	)		20			—			(168	)
Operating income (loss)		(38,245	)		2,357			59,778			—			23,890
Other non-operating
income (expense)
Interest expense		(12,078	)		(619	)		(1,377	)		4,049			(10,025	)
Interest income		451			3,714			93			(4,049	)		209
Equity in earnings of subsidiaries		50,298			51,197			—			(101,495	)		—
Other, net		1,873			(6,445	)		4,014			—			(558	)
Total other non-operating
income (expense)		40,544			47,847			2,730			(101,495	)		(10,374	)
Income before income taxes		2,299			50,204			62,508			(101,495	)		13,516
Income tax provision (benefit)		(6,788	)		(94	)		11,311			—			4,429
Income (loss) from continuing operations		9,087			50,298			51,197			(101,495	)		9,087
Discontinued operations:
Income from discontinued operations before income taxes		14,422			—			—			—			14,422
Income tax provision		5,515			—			—			—			5,515
Income from discontinued operations		8,907			—			—			—			8,907
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 Balance Sheet

Condensed Consolidating Balance Sheet as of September 30, 2018

In thousands	Parent Company			Guarantors		Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Cash and cash equivalents	$	1,735		$	3,682	$	228,653	$	—		$	234,070
Other current assets		87,635			273,697		301,068		(343,585	)		318,815
Current assets held for sale		188,322			—		—		—			188,322
Plant, equipment and timberlands, net		24,618			86,722		386,228		—			497,568
Investments in subsidiaries		848,832			659,978		—		(1,508,810	)		—
Other assets		99,394			—		140,875		—			240,269
Noncurrent assets held for sale		271,731			—		—		—			271,731
Total assets	$	1,522,267		$	1,024,079	$	1,056,824	$	(1,852,395	)	$	1,750,775
Liabilities and Shareholders' Equity
Current liabilities	$	312,663		$	97,154	$	154,003	$	(343,585	)	$	220,235
Current liabilities held for sale		110,163			—		—		—			110,163
Long-term debt		406,962			68,000		160,444		—			635,406
Deferred income taxes		(14,346	)		18,293		52,652		—			56,599
Other long-term liabilities		59,399			654		20,893		—			80,946
Long-term liabilities held for sale		40,480			—		—		—			40,480
Total liabilities		915,321			184,101		387,992		(343,585	)		1,143,829
Shareholders’ equity		606,946			839,978		668,832		(1,508,810	)		606,946
Total liabilities and shareholders’ equity	$	1,522,267		$	1,024,079	$	1,056,824	$	(1,852,395	)	$	1,750,775

Condensed Consolidating Balance Sheet as of December 31, 2017

In thousands	Parent Company		Guarantors		Non Guarantors		Adjustments/ Eliminations			Consolidated
Assets
Cash and cash equivalents	$	1,292	$	720	$	114,207	$	-		$	116,219
Other current assets		59,341		217,822		279,626		(277,989	)		278,800
Current assets held for sale		189,952		—		—		—		$	189,952
Plant, equipment and timberlands, net		24,671		80,992		409,520		—			515,183
Investments in subsidiaries		829,895		653,128		—		(1,483,023	)		—
Other assets		82,201		—		140,529		—			222,730
Noncurrent assets held for sale		407,911		—		—		—			407,911
Total assets	$	1,595,263	$	952,662	$	943,882	$	(1,761,012	)	$	1,730,795
Liabilities and Shareholders' Equity
Current liabilities	$	289,967	$	54,640	$	167,738	$	(277,989	)	$	234,356
Current liabilities held for sale		112,820		—		—		—			112,820
Long-term debt		368,496		51,000		50,602		—			470,098
Deferred income taxes		14,081		16,814		52,676		—			83,571
Other long-term liabilities		59,598		313		19,738		—			79,649
Long-term liabilities held for sale		41,373		—		—		—			41,373
Total liabilities		886,335		122,767		290,754		(277,989	)		1,021,867
Shareholders’ equity		708,928		829,895		653,128		(1,483,023	)		708,928
Total liabilities and shareholders’ equity	$	1,595,263	$	952,662	$	943,882	$	(1,761,012	)	$	1,730,795

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2018

In thousands	Parent Company			Guarantors			Non Guarantors			Adjustments/ Eliminations			Consolidated
Net cash provided (used) by
Operating activities	$	(40,899	)	$	3,350		$	41,337		$	(20,000	)	$	(16,212	)
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(3,655	)		(13,834	)		(14,666	)		—			(32,155	)
Proceeds from disposals of plant, equipment and timberlands, net		17			2,046			10			—			2,073
Advances of intercompany loans		—			(5,285	)		—			5,285			—
Intercompany capital contributed		—			(315	)		—			315			—
Intercompany capital returned		—			20,000			—			(20,000	)		—
Other		(68	)		—			—			—			(68	)
Total investing activities		(3,706	)		2,612			(14,656	)		(14,400	)		(30,150	)
Financing activities
Net borrowings of long-term debt		38,007			17,000			111,381			—			166,388
Payment of dividends to shareholders		(17,064	)		—			—			—			(17,064	)
Borrowings of intercompany loans		5,285			—			—			(5,285	)		—
Intercompany capital received		—			—			315			(315	)		—
Intercompany capital returned		—			—			(20,000	)		20,000			—
Payment of intercompany dividend		—			(20,000	)		—			20,000			—
Payments related to share-based compensation awards and other		(1,008	)		—			—			—			(1,008	)
Total financing activities		25,220			(3,000	)		91,696			34,400			148,316
Effect of exchange rate on cash		—			—			(3,931	)		—			(3,931	)
Net increase (decrease) in cash		(19,385	)		2,962			114,446			—			98,023
Change in cash from discontinued operations		19,828			—			—			—			19,828
Cash at the beginning of period		1,292			720			114,207			—			116,219
Cash at the end of period	$	1,735		$	3,682		$	228,653		$	0		$	234,070

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	$	(49,361	)	$	(3,241	)	$	73,103		$	-		$	20,501
Investing activities
Expenditures for purchases of plant, equipment and timberlands		(11,221	)		(32,847	)		(13,910	)		—			(57,978	)
Proceeds from disposals of plant, equipment and timberlands, net		—			209			—			—			209
Repayments from intercompany loans		—			12,000			—			(12,000	)		—
Advances of intercompany loans		—			(13,500	)		—			13,500			—
Intercompany capital contributed		(2,000	)		(400	)		—			2,400			—
Intercompany capital returned		—			—			—			—			—
Other		(100	)		—			—			—			(100	)
Total investing activities		(13,321	)		(34,538	)		(13,910	)		3,900			(57,869	)
Financing activities
Net borrowings (repayments) of long-term debt		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	)		—
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		7,183			(779	)		34,330			—			40,734
Change in cash from discontinued operations		(11,891	)		—			—			—			(11,891	)
Cash at the beginning of period		5,082			1,461			48,901			—			55,444
Cash at the end of period	$	374		$	682		$	83,231		$	0		$	84,287