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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES  
Net Income$ 219,774$ 158,415
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation, depletion and amortization101,758115,687
Non-cash cost of real estate sold3,1086,531
Stock-based incentive compensation expense11,79311,610
Gain on sale of a portion of interest in the New Zealand joint venture0(11,545)
Amortization of convertible debt discount6,4716,103
Deferred income taxes(5,967)14,871
Excess tax benefits on stock-based compensation(4,951)(5,071)
Other9,0944,571
Changes in operating assets and liabilities:  
Receivables(24,071)(10,756)
Inventories(8,435)(3,481)
Accounts payable6,346(8,993)
Income tax receivable20,110190,997
Other current assets(11,244)(6,032)
Accrued liabilities26,99016,476
Other assets1,168629
Other non-current liabilities(18,759)(321)
Expenditures for dispositions and discontinued operations(6,915)(6,484)
CASH PROVIDED BY OPERATING ACTIVITIES326,270473,207
INVESTING ACTIVITIES  
Capital expenditures(87,156)(95,614)
Purchase of timberlands(94,162)0
Jesup mill cellulose specialties expansion(14,567)0
Change in restricted cash8,323(13,209)
Other7,0216,211
CASH USED FOR INVESTING ACTIVITIES(180,541)(102,612)
FINANCING ACTIVITIES  
Issuance of debt180,000157,000
Repayment of debt(180,000)(96,650)
Dividends paid(136,563)(120,156)
Proceeds from the issuance of common shares8,24821,532
Excess tax benefits on stock-based compensation4,9515,071
Debt issuance costs(2,027)(537)
Repurchase of common shares(7,909)(6,028)
CASH USED FOR FINANCING ACTIVITIES(133,300)(39,768)
EFFECT OF EXCHANGE RATE CHANGES ON CASH393(126)
CASH AND CASH EQUIVALENTS  
Change in cash and cash equivalents12,822330,701
Balance, beginning of year349,46374,964
Balance, end of period362,285405,665
Cash paid during the period:  
Interest23,70624,499
Income taxes4,9924,538
Non-cash investing activity:  
Capital assets purchased on account$ 16,504$ 9,800