RAYONIER ADVANCED MATERIALS INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
RYAM$5.61-1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities | |||
| Net income (loss) | $(101,835) | $(14,919) | $66,414 |
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
| Income from discontinued operations | (312) | (12,458) | (116,183) |
| Depreciation and amortization | 139,983 | 134,576 | 138,299 |
| Asset impairment | 62,300 | — | — |
| Stock-based compensation expense | 6,507 | 9,650 | 5,099 |
| Amortization of debt discount and issuance costs | 6,050 | 4,033 | 3,802 |
| Deferred income tax benefit | (27,713) | (3,948) | (37,094) |
| Increase in environmental liabilities | 4,764 | 4,595 | 6,099 |
| (Gain) loss on GreenFirst equity securities | — | (5,197) | 3,597 |
| Net periodic benefit cost of pension and postretirement plans | 3,578 | 5,290 | 16,095 |
| Unrealized (gain) loss on foreign currency | 1,900 | (5,666) | 3,978 |
| Loss on disposal of property, plant and equipment | 731 | 3,742 | 1,010 |
| Other | (361) | (651) | (5,556) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 19,979 | (33,824) | (11,518) |
| Inventories | 58,949 | (35,113) | (58,310) |
| Income tax receivable | (7,137) | 19,795 | 32,915 |
| Accounts payable | 13,757 | (8,266) | 7,376 |
| Accrued liabilities | (12,219) | 27,909 | 23,900 |
| Other | (15,729) | (8,359) | 8,871 |
| Contributions to pension and other postretirement plans | (11,533) | (7,915) | (8,552) |
| Expenditures for environmental liabilities | (5,385) | (4,461) | (6,556) |
| Cash provided by operating activities-continuing operations | 136,274 | 68,813 | 73,686 |
| Cash provided by operating activities-discontinued operations | — | — | 159,538 |
| Cash provided by operating activities | 136,274 | 68,813 | 233,224 |
| Investing activities | |||
| Capital expenditures, net of proceeds | (127,670) | (138,223) | (93,217) |
| Investment in equity method investment | (780) | (379) | (4,142) |
| Cash used in investing activities-continuing operations | (128,450) | (138,602) | (97,359) |
| Cash provided by investing activities-discontinued operations | 1,169 | 44,428 | 182,750 |
| Cash provided by (used in) investing activities | (127,281) | (94,174) | 85,391 |
| Financing activities | |||
| Borrowings of long-term debt | 465,030 | 5,721 | 4,393 |
| Repayments of long-term debt | (537,845) | (75,250) | (161,025) |
| Short-term financing, net | 1,369 | (3,153) | 2,028 |
| Debt issuance costs | (10,082) | — | (636) |
| Repurchase of common stock | (5,419) | (433) | (1,422) |
| Cash used in financing activities | (86,947) | (73,115) | (156,662) |
| Net increase (decrease) in cash and cash equivalents | (77,954) | (98,476) | 161,953 |
| Net effect of foreign exchange on cash and cash equivalents | 1,919 | (3,028) | (2,299) |
| Balance, beginning of period | 151,803 | 253,307 | 93,653 |
| Balance, end of period | $75,768 | $151,803 | $253,307 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental cash flow information: | |||
| Interest paid | $(51,017) | $(58,053) | $(46,770) |
| Income taxes refunded (paid), net | (7,239) | 15,200 | 34,715 |
| Capital assets purchased on account | 37,363 | 29,726 | 25,580 |
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