5 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Net sales ( Note 3 )
2 unchanged sentences
General and administrative expenses
−Removed: Other operating costs, net ( Note 13 )
+Added: Other operating costs (income), net ( Note 13 )
Operating income
13 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Other comprehensive income (loss):
2 unchanged sentences
Changes in unamortized net prior service credit, net of tax expense of $ 0 , $ 0 , $ 1 and $ 0
−Removed: Total other comprehensive income
+Added: Total other comprehensive income (loss)
Total comprehensive income
3 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PAR VALUE
+Added: SEPTEMBER 30,
Current assets:
12 unchanged sentences
Current liabilities:
+Added: Current maturities of long-term debt ( Note 8 )
Accounts payable
11 unchanged sentences
issued and outstanding:
−Removed: 741,738 thousand shares at June 30, 2022 and 747,301 thousand shares at December 31, 2021
+Added: 737,547 thousand shares at September 30, 2022 and 747,301 thousand shares at December 31, 2021
Other capital
7 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Cash flows from operations:
5 unchanged sentences
Share-based compensation expense ( Note 12 )
+Added: Gain on sale of timberlands ( Note 16 )
Loss on debt extinguishment ( Note 8 )
9 unchanged sentences
Acquisition of timberlands ( Note 16 )
+Added: Proceeds from sale of timberlands ( Note 16 )
Net cash from investing activities
18 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS, EXCEPT PER-SHARE FIGURES
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Common shares:
16 unchanged sentences
Balance at beginning of period
−Removed: Other comprehensive income
+Added: Other comprehensive income (loss)
Balance at end of period ( Note 11 )
15 unchanged sentences
SHARE-BASED COMPENSATION
−Removed: OTHER OPERATING COSTS, NET
+Added: OTHER OPERATING COSTS (INCOME), NET
RESTRICTED CASH
−Removed: TIMBERLAND ACQUISITIONS
+Added: TIMBERLAND ACQUISITIONS AND DIVESTITURES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
−Removed: FOR THE QUARTERS AND YEAR-TO-DATE PERIODS ENDED JUNE 30, 2022 AND 2021
+Added: FOR THE QUARTERS AND YEAR-TO-DATE PERIODS ENDED SEPTEMBER 30, 2022 AND 2021
BASIS OF PRESENTATION
22 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Sales to unaffiliated customers:
18 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Net sales to unaffiliated customers:
25 unchanged sentences
Our basic and diluted earnings per share were:
−Removed: $ 1.06 during second quarter 2022 and $ 2.09 during year-to-date 2022;
−Removed: $ 1.37 during second quarter 2021 and $ 2.28 during year-to date 2021.
+Added: $ 0.42 during third quarter 2022 and $ 2.51 during year-to-date 2022;
+Added: $ 0.64 during third quarter 2021 and $ 2.92 during year-to-date 2021.
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 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Weighted average common shares outstanding – basic
12 unchanged sentences
SHARES IN THOUSANDS
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: Stock options
Performance share units
2 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 3,784,787 common shares for approximately $ 138 million under the 2021 Repurchase Program during second quarter 2022 and 6,982,462 common shares for approximately $ 259 million under the 2021 Repurchase Program during year-to-date 2022.
−Removed: As of June 30, 2022, we had remaining authorization of $ 668 million for future share repurchases.
−Removed: We did no t repurchase shares during year-to-date 2021.
−Removed: All common stock repurchases under the 2021 Repurchase Program were made in open-market transactions.
+Added: We repurchased 4,234,838 common shares for approximately $ 145 million (including transaction fees) under the 2021 Repurchase Program during third quarter 2022 and 11,217,300 common shares for approximately $ 404 million (including transaction fees) under the 2021 Repurchase Program during year-to-date 2022.
+Added: As of September 30, 2022, we had remaining authorization of $ 523 million for future share repurchases.
+Added: During year-to-date 2021, we repurchased 780,228 common shares for approximately $ 26 million (including transaction fees) under the 2019 Repurchase Program.
+Added: All common stock repurchases under the 2019 Repurchase Program and 2021 Repurchase Program were made in open-market transactions.
We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed.
We record a liability for repurchases that have not yet been settled as of period end.
−Removed: There were no unsettled repurchases as of June 30, 2022, or December 31, 2021.
+Added: There were 64,135 unsettled shares (approximately $ 2 million) as of September 30, 2022 and no unsettled shares as of December 31, 2021.
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 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Interest cost
7 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Interest cost
14 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
Compensation and employee benefit costs
8 unchanged sentences
We paid holders an aggregate $ 1.2 billion in cash reflecting principal, premium to par and tender premium.
−Removed: A net pretax charge of $ 276 million ($ 207
−Removed: million after-tax) was included in the Consolidated Statement of Operations in first quarter 2022 for premiums to retire $ 931 million of principal plus unamortized debt issuance costs and unamortized debt discounts in connection with the early debt retirement .
+Added: A net pretax charge of $ 276 million ($ 207 million after-tax) was included in the Consolidated Statement of Operations in first quarter 2022 for premiums to retire $ 931 million of principal plus unamortized debt issuance costs and unamortized debt discounts in connection with the early debt retirement.
+Added: In May 2021, we repaid our $ 225 million variable-rate term loan that was scheduled to mature in July 2026 .
In January 2020, we refinanced and extended our $ 1.5 billion five-year senior unsecured revolving credit facility, which expires in January 2025 .
Borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks.
−Removed: We had no outstanding borrowings on our credit facility as of June 30, 2022 and December 31, 2021.
+Added: We had no outstanding borrowings on our credit facility as of September 30, 2022 and December 31, 2021.
FAIR VALUE OF FINANCIAL INSTRUMENTS
1 unchanged sentence
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
DECEMBER 31, 2021
18 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, 2022, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 62 million.
+Added: As of September 30, 2022, our total accrual for future estimated remediation costs on active Superfund sites and other sites for which we are potentially responsible was approximately $ 63 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 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
Balance at beginning of period
12 unchanged sentences
Translation adjustments
−Removed: Total other comprehensive income (loss)
+Added: Total other comprehensive loss
Balance at end of period
27 unchanged sentences
Calculated as an average of the high and low prices on grant date.
−Removed: OTHER OPERATING COSTS, NET
−Removed: Other operating costs, net were comprised of the following:
+Added: OTHER OPERATING COSTS (INCOME), NET
+Added: Other operating costs (income), net were comprised of the following:
QUARTER ENDED
1 unchanged sentence
DOLLAR AMOUNTS IN MILLIONS
−Removed: Foreign exchange losses (gains), net
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: SEPTEMBER 2022
+Added: SEPTEMBER 2021
+Added: Foreign exchange gains, net
+Added: Gain on sale of timberlands
Litigation expense, net
Research and development expenses
−Removed: Total other operating costs, net
+Added: Total other operating costs (income), net
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.
6 unchanged sentences
DOLLAR AMOUNTS IN MILLIONS
+Added: SEPTEMBER 30,
+Added: SEPTEMBER 30,
Cash and cash equivalents
Restricted cash included in other assets (1)
−Removed: Restricted cash included in prepaid expenses and other current assets
Total cash, cash equivalents and restricted cash
−Removed: Amounts included in restricted cash as of December 31, 2021 were comprised of proceeds held by a qualified intermediary that were intended to be reinvested in timber and timberlands through a like-kind exchange transaction.
+Added: Amounts included in restricted cash as of September 30, 2021 and December 31, 2021 were comprised of proceeds held by a qualified intermediary that were intended to be reinvested in timber and timberlands through a like-kind exchange transaction.
In first quarter 2022, the proceeds were released as a like-kind property was not identified.
−Removed: TIMBERLAND ACQUISITIONS
+Added: TIMBERLAND ACQUISITIONS AND DIVESTITURES
+Added: Carolinas Acquisition
On April 14, 2022, we announced an agreement to purchase 81 thousand acres of North and South Carolina timberlands for approximately $ 265 million.
We completed the purchase on May 18, 2022 and recorded $ 263 million of timberland assets in “Timber and timberlands at cost, less depletion” and $ 2 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet .
+Added: Washington Divestiture
+Added: On April 30, 2021, we announced an agreement to sell 145 thousand acres of timberlands in the North Cascades region of Washington.
+Added: On July 7, 2021, we completed the sale for $ 261 million in cash proceeds, which is net of purchase price adjustments and closing costs.
+Added: This transaction was structured as a like-kind exchange along with the Alabama acquisition discussed below.
+Added: As a result of the sale, a gain of $ 32 million was recorded in the Timberlands segment in our third quarter 2021 Consolidated Statement of Operations .
+Added: This divestiture was not considered a strategic shift that had, or will have, a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations.
+Added: Alabama Acquisition
On February 25, 2021, we announced an agreement to purchase 69 thousand acres of southwest Alabama timberlands for approximately $ 149 million.
We completed the purchase on April 27, 2021 and recorded $ 148 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: This transaction was structured as a like-kind exchange.
+Added: As discussed above, this transaction was structured as a like-kind exchange.
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.