5 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Net sales (Note 3)
2 unchanged sentences
General and administrative expenses
−Removed: Other operating (income) costs, net (Note 13)
+Added: Other operating costs, net (Note 13)
Operating income
12 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Other comprehensive income:
8 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE
+Added: SEPTEMBER 30,
Current assets:
26 unchanged sentences
issued and outstanding:
−Removed: 727,519 thousand shares at June 30, 2024 and 729,753 thousand shares at December 31, 2023
+Added: 726,758 thousand shares at September 30, 2024 and 729,753 thousand shares at December 31, 2023
Other capital
7 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Cash flows from operations:
−Removed: Noncash charges to earnings:
+Added: Noncash charges (credits) to earnings:
Depreciation, depletion and amortization
17 unchanged sentences
Net proceeds from issuance of long-term debt (Note 8)
+Added: Payments on long-term debt (Note 8)
Repurchases of common shares (Note 4)
12 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Common shares:
34 unchanged sentences
SHARE-BASED COMPENSATION
−Removed: OTHER OPERATING (INCOME) COSTS, NET
+Added: OTHER OPERATING COSTS, NET
TIMBERLAND ACQUISITONS
+Added: RESTRICTED CASH
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
−Removed: FOR THE QUARTERS AND YEAR-TO-DATE PERIODS ENDED JUNE 30, 2024 AND 2023
+Added: FOR THE QUARTERS AND YEAR-TO-DATE PERIODS ENDED SEPTEMBER 30, 2024 AND 2023
BASIS O F PRESENTATION
22 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Sales to unaffiliated customers:
17 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Net sales to unaffiliated customers:
25 unchanged sentences
Our basic and diluted earnings per share were:
−Removed: ● $ 0.24 during second quarter 2024 and $ 0.39 during year-to-date 2024;
−Removed: ● $ 0.31 during second quarter 2023 and $ 0.52 during year-to-date 2023.
+Added: ● $ 0.04 during third quarter 2024 and $ 0.43 during year-to-date 2024;
+Added: ● $ 0.33 during third quarter 2023 and $ 0.85 during year-to-date 2023.
Basic earnings per share is net earnings divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued.
3 unchanged sentences
SHARES IN THOUSANDS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Weighted average common shares outstanding – basic
12 unchanged sentences
SHARES IN THOUSANDS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Stock options
3 unchanged sentences
Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program).
−Removed: We repurchased 1,669,145 common shares for approximately $ 50 million (including transaction fees) under the 2021 Repurchase Program during second quarter 2024 and 3,141,514 common shares for approximately $ 99 million (including transaction fees) under the 2021 Share Repurchase Program during year-to-date 2024.
−Removed: As of June 30, 2024, we had remaining authorization of $ 152 million for future share repurchases.
−Removed: During year-to-date 2023 , we repurchased 2,805,434 common shares for approximately $ 85 million (including transaction fees) under the 2021 Repurchase Program.
+Added: We repurchased 820,706 common shares for approximately $ 26 million (including transaction fees) under the 2021 Repurchase Program during third quarter 2024 and 3,962,220 common shares for approximately $ 125 million (including transaction fees) under the 2021 Share Repurchase Program during year-to-date 2024.
+Added: During third quarter 2023, we repurchased 757,510 common shares for approximately $ 25 million (including transaction fees) and 3,562,944 common shares for approximately $ 110 million (including transaction fees) during year-to-date 2023 under the 2021 Repurchase Program.
+Added: As of September 30, 2024, we had remaining authorization of $ 127 million for future share repurchases.
All common stock repurchases under the 2021 Repurchase Program were made in open-market transactions.
1 unchanged sentence
We record a liability for repurchases that have not yet been settled as of period end.
−Removed: There were 15,765 unsettled shares (approximately $ 1 million) as of June 30, 2024 and 13,866 unsettled shares (approximately $ 1 million) as of December 31, 2023 .
+Added: There were 11,564 unsettled shares (less than $ 1 million) as of September 30, 2024 and 13,866 unsettled shares (approximately $ 1 million) as of December 31, 2023 .
Inventories include raw materials, work-in-process and finished goods, as well as materials and supplies.
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
LIFO inventories:
13 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Interest cost
7 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Interest cost
6 unchanged sentences
For certain assets, primarily private equity funds, the information available consists of net asset values as of an interim date, cash flows between the interim date and the end of the year and market events.
−Removed: We evaluate the year-end estimated fair value of pension plan assets in second quarter of each year to incorporate final net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K.
+Added: We evaluate the year-end estimated fair value of pension plan assets in the second quarter of each year to incorporate final net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K.
No adjustments to the fair value of assets or projected benefit obligations were necessary during second quarter 2024 .
2 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
Compensation and employee benefit costs
3 unchanged sentences
LONG-TERM DEBT AND LINE OF CREDIT
+Added: In July 2023, we repaid $ 118 million of our 7.125 percent notes at maturity.
In May 2023, we completed an offering of debt securities by issuing $ 750 million of 4.750 percent notes due in May 2026 .
2 unchanged sentences
Borrowings will bear interest at a floating rate based on either the adjusted term Secured Overnight Financing Rate (SOFR) plus a spread or a mutually agreed upon base rate plus a sprea d.
−Removed: We had no outstanding borrowings on our credit facility as of June 30, 2024 and December 31, 2023 .
+Added: We had no outstanding borrowings on our credit facility as of September 30, 2024 and December 31, 2023 .
FAIR VALUE OF FINANCIAL INSTRUMENTS
The estimated fair value and carrying value of our long-term debt consisted of the following:
+Added: SEPTEMBER 30,
DOLLAR AMOUNTS IN MILLIONS
17 unchanged sentences
● have been notified that we may be a potentially responsible party related to the cleanup of other hazardous waste sites for which proceedings have not yet been initiated.
−Removed: As of June 30, 2024, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 79 million.
+Added: As of September 30, 2024, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 80 million.
These amounts are recorded in "Accrued liabilities" and "Other liabilities" on our Consolidated Balance Sheet .
4 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Balance at beginning of period
−Removed: Other comprehensive (loss) income before reclassifications
+Added: Other comprehensive loss before reclassifications
Amounts reclassified from accumulated other comprehensive loss to earnings (2)
3 unchanged sentences
Balance at beginning of period
−Removed: Other comprehensive (loss) income before reclassifications
+Added: Other comprehensive loss before reclassifications
Amounts reclassified from accumulated other comprehensive loss to earnings (2)
4 unchanged sentences
Translation adjustments
−Removed: Total other comprehensive (loss) income
+Added: Total other comprehensive income (loss)
Balance at end of period
26 unchanged sentences
21.50 % – 27.60 %
−Removed: OTHER OPERAT ING (INCOME) COSTS, NET
−Removed: Other operating (income) costs, net were comprised of the following:
+Added: OTHER OPERAT ING COSTS, NET
+Added: Other operating costs, net were comprised of the following:
QUARTER ENDED
1 unchanged sentence
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
+Added: SEPTEMBER 2024
+Added: SEPTEMBER 2023
Environmental remediation charges
−Removed: Foreign exchange losses (gains), net
Litigation expense, net
1 unchanged sentence
Research and development expenses
−Removed: Total other operating (income) costs, net
+Added: Restructuring, impairments and other charges
+Added: Total other operating costs, net
+Added: Asset Impairment
+Added: During third quarter 2024, we recorded a $ 10 million noncash impairment charge related to the indefinite curtailment of our New Bern lumber mill.
+Added: The loss was attributable to our Wood Products segment and was recorded within “Other operating costs, net” in our Consolidated Statement of Operations .
As a real estate investment trust (REIT), we generally are not subject to federal corporate income taxes on REIT taxable income that is distributed to shareholders.
−Removed: We are required to pay corporate income taxes on earnings of our wholly-owned Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and a portion of our Timberlands and Real Estate & ENR segments.
−Removed: The quarterly provision for income taxes is based on our current estimate of the annual effective tax rate and is adjusted for discrete taxable events that have occurred during the year.
+Added: We are required to pay corporate income taxes on earnings of our Taxable REIT Subsidiaries (TRSs), which include our Wood Products segment and a portion of our Timberlands and Real Estate & ENR segments.
+Added: The quarterly provision for income taxes is based on our current estimate of the annual effective tax rate and is adjusted for discrete taxable events that have occurr ed during the year.
Our 2024 estimated annual effective tax rate, excluding discrete items, differs from the U.S.
−Removed: federal statutory tax rate of 21 percent primarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings.
+Added: federal statutory tax rate of 21 percent p rimarily due to state and foreign income taxes and tax benefits associated with our nontaxable REIT earnings.
TIMBERLAND ACQUISITIONS
−Removed: On July 25, 2024, we announced acquisitions totaling 84 thousand acres of Alabama timberlands for approximately $ 244 million.
−Removed: The first transaction was completed o n May 30, 2024 and was comprised of 13 thousand acres for approximately $ 48 million.
+Added: On July 25, 2024, we announced acquisitions totaling 84 thousand acres of Alabama timberlands for $ 244 million.
+Added: The first transaction was completed on May 30, 2024 and was comprised of 13 thousand acres for $ 48 million.
We recorded $ 47 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 1 million of related assets in "Property and equipment, net" on our Consolidated Balance Sheet .
−Removed: The remaining transactions are subject to customary closing conditions and are expected to close in second half 2024.
+Added: The second transaction was completed o n August 28, 2024 and was comprised of 32 thousand acres for $ 82 million.
+Added: We recorded $ 81 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 1 million of related assets in "Property and equipment, net" on our Consolidated Balance Sheet .
+Added: The third transaction was completed on October 9, 2024 and was comprised of 39 thousand acres for $ 114 million.
+Added: On July 19, 2023, we completed the purchase of 22 thousand acres of Mississippi timberlands for $ 60 million.
+Added: We recorded $ 59 million of timberland assets in "Timber and timberlands at cost, less depletion" and $ 1 million of related assets in "Property and equipment, net" on our Consolidated Balance Sheet .
+Added: RESTRICTED CASH
+Added: The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on our Consolidated Balance Sheet that sum to the total of the amounts shown in the Consolidated Statement of Cash Flows :
+Added: DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
+Added: SEPTEMBER 30,
+Added: Cash and cash equivalents
+Added: Restricted cash included in other assets (1)
+Added: Total cash, cash equivalents and restricted cash
+Added: (1) Amounts included in restricted cash as of September 30, 2024 are comprised of proceeds held by a qualified intermediary that were subsequently reinvested in timber and timberlands through a like-kind exchange transaction.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.