XML 61 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
OPERATING ACTIVITIES    
Net income $ 235,626 $ 122,515
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 79,659 64,592
Non-cash cost of real estate sold 2,593 2,401
Stock-based incentive compensation expense 6,226 9,460
Amortization of debt discount/premium 837 3,863
Deferred income taxes 38,107 (15,044)
Tax benefit of AFMC for CBPC exchange (18,761) 0
Amortization of losses from pension and postretirement plans 11,617 9,391
Gain on sale of discontinued operations, net (42,670) 0
Gain on consolidation of New Zealand joint venture (16,098) 0
Other (8,936) (586)
Changes in operating assets and liabilities:    
Receivables (11,782) (13,773)
Inventories 27,325 7,096
Accounts payable 19,535 (9,518)
Income tax receivable/payable (5,626) 31,758
All other operating activities (7,654) 1,524
Payment to exchange AFMC for CBPC (70,311) 0
Expenditures for dispositions and discontinued operations (4,015) (4,803)
CASH PROVIDED BY OPERATING ACTIVITIES 235,672 208,876
INVESTING ACTIVITIES    
Capital expenditures (94,126) (76,246)
Purchase of additional interest in New Zealand joint venture (139,879) 0
Purchase of timberlands (10,447) (8,687)
Jesup mill cellulose specialties expansion (gross purchases of $114,449 and $72,662, net of purchases on account of $14,264 and $8,664) (100,185) (63,998)
Proceeds from disposition of Wood Products business, net of income tax payments of $11,137 72,953 0
Change in restricted cash 7,603 (14,427)
Other 20,076 (704)
CASH USED FOR INVESTING ACTIVITIES (244,005) (164,062)
FINANCING ACTIVITIES    
Issuance of debt 455,000 355,000
Repayment of debt (273,087) (188,110)
Dividends paid (113,222) (98,201)
Proceeds from the issuance of common shares 6,643 3,980
Excess tax benefits on stock-based compensation 7,399 4,234
Debt issuance costs 0 (3,653)
Repurchase of common shares (11,241) (7,783)
CASH PROVIDED BY FINANCING ACTIVITIES 71,492 65,467
EFFECT OF EXCHANGE RATE CHANGES ON CASH (174) 219
CASH AND CASH EQUIVALENTS    
Change in cash and cash equivalents 62,985 110,500
Balance, beginning of year 280,596 78,603
Balance, end of period 343,581 189,103
Cash paid during the period:    
Interest 16,754 10,936
Income taxes 84,508 10,989
Non-cash investing activity:    
Capital assets purchased on account 59,729 30,175
Non-cash financing activity:    
Shareholder debt assumed in acquisition of New Zealand joint venture 125,532 0
Conversion of Matariki shareholder debt to preferred equity [Member]
   
Non-cash financing activity:    
Conversion of shareholder debt to equity noncontrolling interest $ (95,961) $ 0