|
Consolidated Condensed Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2014
|
Sep. 30, 2013
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 69,774 |
$ 56,860 |
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
| Depreciation, depletion and amortization |
19,326 |
20,071 |
| Basis of real estate sold |
7,289 |
1,945 |
| Change in deferred taxes |
1,127 |
(1,870) |
| Employee benefit plans |
616 |
5,182 |
| Employee equity-based compensation expense |
3,058 |
3,271 |
| Other, net |
(1,805) |
(22) |
| Funding of qualified pension plans |
(3,550) |
0 |
| Working capital and operating related activities |
11,829 |
(10,370) |
| Net cash from operating activities |
107,664 |
75,067 |
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Change in short-term investments |
12,793 |
(6,272) |
| Transfer to company owned life insurance (COLI) |
(25,476) |
0 |
| Property, plant and equipment |
(9,174) |
(7,924) |
| Timberlands reforestation and timberland roads |
(7,840) |
(9,011) |
| Acquisition of timber and timberlands |
(3,143) |
0 |
| Other, net |
1,126 |
(901) |
| Net cash from investing activities |
(57,300) |
(11,564) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Distributions to common stockholders |
(42,621) |
(37,680) |
| Repayment of long-term debt |
0 |
(36,663) |
| Exercises of stock options |
128 |
1,798 |
| Deferred financing costs |
(957) |
(25) |
| Employee tax withholdings on equity-based compensation |
(1,092) |
(1,757) |
| Change in book overdrafts |
(2,919) |
19 |
| Other, net |
(190) |
(186) |
| Net cash from financing activities |
(47,651) |
(74,494) |
| Change in cash |
2,713 |
(10,991) |
| Cash at beginning of period |
5,586 |
16,985 |
| Cash at end of period |
8,299 |
5,994 |
| Cash paid during the period for: |
|
|
| Interest, net of amount capitalized |
11,164 |
12,463 |
| Income taxes, net |
$ 12,192 |
$ 15,658 |