CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
OPERATING ACTIVITIES
Net income		$ 26,421	$ 27,793
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		34,329	36,491
Non-cash cost of land and improved development		412	4,030
Stock-based incentive compensation expense		1,510	1,477
Deferred income taxes		3,361	3,705
Amortization of losses from pension and postretirement plans		217	112
Gain on sale of large disposition of timberlands		(28,655)	0
Other		568	1,491
Changes in operating assets and liabilities:
Receivables		(5,316)	(8,195)
Inventories		(3,618)	(1,343)
Accounts payable		3,353	6,389
All other operating activities		(3,403)	(1,033)
CASH PROVIDED BY OPERATING ACTIVITIES		29,179	70,917
INVESTING ACTIVITIES
Capital expenditures		(17,176)	(14,122)
Real estate development investments		(1,727)	(1,677)
Purchase of timberlands		(24,122)	(12,349)
Net proceeds from large disposition of timberlands		115,666	0
Other		2,070	2,337
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES		74,711	(25,811)
FINANCING ACTIVITIES
Issuance of debt		20,000	0
Repayment of debt		(20,000)	0
Dividends paid		(34,907)	(34,877)
Proceeds from the issuance of common shares under incentive stock plan		66	597
Repurchase of common shares		0	(33)
Repurchase of common shares made under repurchase program		(3,152)	0
Distribution to minority shareholder		(725)	(3,594)
Other		0	(16)
CASH USED FOR FINANCING ACTIVITIES		(38,718)	(37,923)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(2,303)	843
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		62,869	8,026
Balance, beginning of year		69,968	156,454
Balance, end of period		132,837	164,480
Cash paid during the period:
Interest	[1]	2,595	2,120
Income taxes		185	631
Non-cash investing activity:
Capital assets purchased on account		$ 4,215	$ 3,354

[1] Interest paid is presented net of patronage payments received of $4.3 million and $3.9 million for the three months ended March 31, 2020 and March 31, 2019, respectively. For additional information on patronage payments, see Note 6 — Debt in the 2019 Form 10-K.