Deltic Timber (DEL) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 14, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	DEL
Entity Registrant Name	DELTIC TIMBER CORP
Entity Central Index Key	1,022,469
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		12,143,300

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 4,507	$ 5,429
Trade accounts receivable, net of allowance for doubtful accounts of $115 and $130, respectively	12,052	6,995
Inventories	11,356	11,917
Prepaid expenses and other current assets	6,828	6,392
Total current assets	34,743	30,733
Investment in real estate held for development and sale	58,493	58,418
Timber and timberlands - net	362,623	361,856
Property, plant, and equipment - net	88,291	85,495
Deferred charges and other assets	2,637	2,665
Total assets	546,787	539,167
Current liabilities
Current maturities of long-term debt	39,932	39,917
Trade accounts payable	7,871	8,837
Accrued taxes other than income taxes	2,620	2,118
Deferred revenues and other accrued liabilities	6,288	7,607
Total current liabilities	56,711	58,479
Long-term debt	207,842	183,836
Deferred tax liabilities - net	962	525
Other noncurrent liabilities	$ 42,771	$ 42,359
Commitments and contingencies
Stockholders' equity
Cumulative preferred stock-$.01 par, authorized 20,000,000 shares, none issued
Common stock-$.01 par, authorized 50,000,000 shares, 12,813,879 shares issued	$ 128	$ 128
Capital in excess of par value	85,860	87,822
Retained earnings	201,139	201,959
Treasury stock	(37,172)	(24,347)
Accumulated other comprehensive loss	(11,454)	(11,594)
Total stockholders' equity	238,501	253,968
Total liabilities and stockholders' equity	$ 546,787	$ 539,167

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance for doubtful accounts	$ 115	$ 130
Cumulative preferred stock, par value	$ 0.01	$ 0.01
Cumulative preferred stock, shares authorized	20,000,000	20,000,000
Cumulative preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,813,879	12,813,879

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 50,624	$ 48,379
Costs and expenses
Cost of sales	36,512	34,016
Depreciation, amortization, and cost of fee timber harvested	5,873	4,985
General and administrative expenses	5,022	4,862
Total costs and expenses	47,407	43,863
Operating income	3,217	4,516
Interest income	2	1
Interest and other debt expense, net of capitalized interest	(2,696)	(1,628)
Other income	51	107
Income before income taxes	574	2,996
Income tax expense	(179)	(1,083)
Net income	$ 395	$ 1,913
Earnings per common share
Basic	$ 0.03	$ 0.15
Assuming dilution	0.03	0.15
Dividends declared per common share	0.10	0.10
Dividends paid per common share	$ 0.10	$ 0.10
Weighted average common shares outstanding (thousands)
Basic	12,051	12,453
Assuming dilution	12,097	12,506

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 395	$ 1,913
Reclassification adjustment for gains/(losses) included in net income (net of tax):
Amortization of prior service cost	0	1
Amortization of actuarial loss	140	232
Amortization of plan amendment		(8)
Other comprehensive income	140	225
Comprehensive income	$ 535	$ 2,138

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net income	$ 395	$ 1,913
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization, and cost of fee timber harvested	5,873	4,985
Deferred income taxes	(55)	(127)
Real estate development expenditures	(729)	(248)
Real estate costs recovered upon sale	588	71
Stock-based compensation expense	877	831
Net increase in liabilities for pension and other postretirement benefits	631	903
Net decrease in deferred compensation for stock-based liabilities	(551)	(940)
(Increase)/decrease in operating working capital other than cash and cash equivalents	(4,633)	1,807
Other - changes in assets and liabilities	384	35
Net cash provided by operating activities	2,780	9,230
Investing activities
Capital expenditures requiring cash, excluding real estate development	(9,298)	(5,244)
Timberland acquisition expenditures requiring cash	(121)	(17)
Net change in purchased stumpage inventory	(1,374)	(466)
Net change in funds held by trustee	1	0
Other - net	87	112
Net cash required by investing activities	(10,705)	(5,615)
Financing activities
Proceeds from borrowings	24,000	0
Repayments of borrowings	0	(1,000)
Treasury stock purchases	(15,174)	(16)
Common stock dividends paid	(1,215)	(1,261)
Proceeds from stock option exercises	0	529
Excess tax benefits from stock-based compensation expense	(88)	53
Other - net	(520)	(186)
Net cash provided/(required) by financing activities	7,003	(1,881)
Net increase/(decrease) in cash and cash equivalents	(922)	1,734
Cash and cash equivalents at January 1	5,429	2,761
Cash and cash equivalents at March 31	$ 4,507	$ 4,495

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred stock [Member]	Common stock [Member]	Capital in excess of par value [Member]	Retained earnings [Member]	Treasury Stock [Member]	Accumulated other comprehensive loss [Member]
Balance at beginning of period at Dec. 31, 2014			$ 128	$ 86,575	$ 204,327	$ (11,978)	$ (11,411)
Exercise of stock options				(85)
Net income	$ 1,913				1,913
Shares purchased - 277,670 and 249 shares, respectively						(16)
Change in other comprehensive income, net of tax							225
Stock-based compensation expense				831
Common stock dividends					(1,261)
Shares issued for incentive plans - 38,170 and 39,500 shares, respectively						2,203
Restricted stock awards	(1,590)			(1,590)
Tax effect of stock awards				(354)
Balance at end of period at Mar. 31, 2015	269,507		128	85,377	204,979	(9,791)	(11,186)
Balance at beginning of period at Dec. 31, 2015	253,968			87,822	201,959	(24,347)	(11,594)
Net income	395				395
Shares purchased - 277,670 and 249 shares, respectively						(15,174)
Change in other comprehensive income, net of tax							140
Stock-based compensation expense				877
Common stock dividends					(1,215)
Shares issued for incentive plans - 38,170 and 39,500 shares, respectively						2,349
Restricted stock awards	(2,349)			(2,349)
Tax effect of stock awards				(490)
Balance at end of period at Mar. 31, 2016	$ 238,501		$ 128	$ 85,860	$ 201,139	$ (37,172)	$ (11,454)

Consolidated Statements of Sto8

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cumulative preferred stock, par value	$ 0.01	$ 0.01
Cumulative preferred stock, shares authorized	20,000,000	20,000,000
Cumulative preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,813,879	12,813,879
Treasury stock shares, balance at beginning of year	430,240	231,790
Treasury stock, shares purchased	277,670	249
Treasury stock, shares issued for incentive plans	38,170	39,500
Treasury stock shares, balance at end of year	669,740	192,539

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Accounting Policies	Note 1 – Accounting Policies Basis of Presentation The consolidated financial statements have been prepared by Deltic Timber Corporation (the “Company” or “Deltic”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the Securities and Exchange Commission. Although management of the Company believes the disclosures contained herein are adequate to make the information presented not misleading, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2015. Preparation of consolidated financial statements requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management believes the accompanying consolidated financial statements contain all adjustments, including normal recurring accruals and adjustments, which in the opinion of management are necessary to present fairly its financial position as of March 31, 2016, and the results of its operations and cash flows for the three months ended March 31, 2016 and 2015. These consolidated financial statements are not necessarily indicative of results to be expected for the full year. The Company has evaluated subsequent events through the date the financial statements were issued. Recently Issued Authoritative Accounting Pronouncements and Guidance In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, “Leases”, which supercedes Topic 840 and among other things, requires lessees to recognize most leases on-balance sheet. The new standard is effective for the Company on January 1, 2019 and is not expected to have a material impact on its financial statements. On March 30, 2016, FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. This ASU changes several aspects of the accounting for share-based payments award transactions, including accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding requirements, and the classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. This update is effective for the Company on January 1, 2017. The Company is evaluating what effect ASU 2016-09 will have on its consolidated financial statements and related disclosures.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Note 2 – Inventories Inventories at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Raw materials - Logs $ 2,185 1,975 - Del-Tin – wood fiber 635 615 Finished goods - Lumber 3,313 4,142 - Medium density fiberboard (“MDF”) 2,571 2,516 - MDF consigned to others 838 1,031 Supplies 1,814 1,638 $ 11,356 11,917

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Note 3 – Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Short-term deferred tax assets $ 2,129 2,131 Refundable income taxes 2,890 3,062 Prepaid expenses 820 687 Other current assets 989 512 $ 6,828 6,392

Timber and Timberlands

Timber and Timberlands	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Timber and Timberlands	Note 4 – Timber and Timberlands Timber and timberlands at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Purchased stumpage inventory $ 3,811 2,437 Timberlands 155,927 155,997 Fee timber 327,972 326,327 Logging facilities 1,221 1,221 488,931 485,982 Less accumulated cost of fee timber harvested and facilities depreciation (126,474 ) (124,292 ) Strategic timber and timberlands 362,457 361,690 Non-strategic timber and timberlands 166 166 $ 362,623 361,856 During the first quarter of 2016, Deltic acquired approximately 79 acres of timber and timberland for $121,000, while during the same period of 2015 the Company acquired 40 acres of timber and timberland in an exchange transaction valued at $39,000. Deltic invests in and holds strategic fee timber as a productive asset, and any expenditure to acquire such timber and timberlands is an investing activity in the Company’s Consolidated Statements of Cash Flows. In 1999, the Company initiated a program to identify and sell non-strategic timberlands and use the sales proceeds to purchase pine timberlands that are strategic to its operations. In 2008, Deltic identified approximately 10,000 acres of non-strategic timberlands that existed within its timberlands base to be sold. Other non-strategic acreage exists within the Company’s land base, but Deltic has not completely identified the number of acres that fit within this category. As the Company identifies these acres and determines that they are either smaller tracts of pine timberlands that cannot be strategically managed or tracts of hardwood bottomland that cannot be converted into pine-growing acreage, they will be sold. As of March 31, 2016, approximately 250 acres of these lands were available for sale. Included in the Woodlands operating income were gains from sales of timberland of $26,000 for the three months ended March 31, 2015 while there were no sales in the first quarter of 2016. Occasionally Deltic engages in land-for-land exchanges that are recorded as sales due to the nature of the land involved. For the period ended March 31, 2015, $25,000 of gains were included in operating income from non-monetary exchanges and there were none for the period ended March 31, 2016.

Property, Plant, and Equipment

Property, Plant, and Equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Note 5 – Property, Plant, and Equipment Property, plant, and equipment at the balance sheet dates consisted of the following: (Thousands of dollars) March 31, Dec. 31, Land $ 947 947 Land improvements 11,981 10,409 Buildings and structures 25,307 23,900 Machinery and equipment 161,893 158,385 200,128 193,641 Less accumulated depreciation (111,837 ) (108,146 ) $ 88,291 85,495

Deferred Revenues and Other Acc

Deferred Revenues and Other Accrued Liabilities	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Deferred Revenues and Other Accrued Liabilities	Note 6 – Deferred Revenues and Other Accrued Liabilities Deferred revenues and other accrued liabilities at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Deferred revenues – current $ 2,129 2,877 Vacation accrual 1,431 1,360 Deferred compensation 62 619 All other current liabilities 2,666 2,751 $ 6,288 7,607

Other Noncurrent Liabilities

Other Noncurrent Liabilities	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Other Noncurrent Liabilities	Note 7 – Other Noncurrent Liabilities Other noncurrent liabilities at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Accumulated postretirement benefit obligation $ 12,454 12,295 Supplemental pension plan 12,829 12,764 Accrued pension liability 15,888 15,698 Deferred revenue – long-term portion 127 115 Other noncurrent liabilities 1,473 1,487 $ 42,771 42,359

Credit Facilities

Credit Facilities	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Credit Facilities	Note 8 – Credit Facilities Effective January 6, 2016, Deltic entered into a second amendment to the Company’s Second Amended and Restated Revolving Credit Agreement with the consent of the lenders thereto, in which it exercised the first of its two options and extended the termination date by one year to November 17, 2020. On February 4, 2016, and pursuant to its Second Amended and Restated Revolving Credit Agreement, Deltic elected to replace two lenders in the Credit Agreement. Accordingly the respective rights and obligations of Wells Fargo Bank, NA and Branch Banking and Trust Company were assigned to one new lender, Greenstone Farm Credit Services, ACA, and one existing lender, American AgCredit, PCA, in the amounts of $27,000,000 and $123,000,000, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 – Income Taxes The Company’s effective tax rate for the three months ended March 31, 2016, was 31 percent due to the benefit of a lower income tax rate on sales of timber held 15 years or longer during the year 2016. This compares to an effective income tax rate of 36 percent for the period ended March 31, 2015. The Company’s policy is to recognize interest expense related to unrecognized tax benefits in interest expense and penalties in other expenses. During the three months ended March 31, 2016, there were no unrecognized tax benefits recorded on the balance sheet. The Company is no longer subject to U.S. federal and state examinations by tax authorities for years before 2012.

Employee and Retiree Benefit Pl

Employee and Retiree Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee and Retiree Benefit Plans	Note 10 – Employee and Retiree Benefit Plans Components of net periodic retirement expense and other postretirement benefits expense consisted of the following: Three Months Ended (Thousands of dollars) 2016 2015 Defined Benefit funded retirement plan Service cost $ 411 490 Interest cost 524 505 Expected return on plan assets (594 ) (603 ) Amortization of prior service cost — 1 Recognized actuarial loss 212 210 Net retirement expense $ 553 603 Defined Benefit unfunded retirement plan Service cost $ 53 130 Interest cost 80 123 Recognized actuarial loss 19 152 Net retirement expense $ 152 405 Other postretirement benefit plan Service cost $ 95 132 Interest cost 144 140 Recognized actuarial loss — 20 Amortization of plan amendment — (12 ) Net other postretirement benefits expense $ 239 280 The Company made contributions to its qualified plan of $150,000 during the first three months of 2016, and expects to continue to fund the plan at a level of $100,000 per month over the remainder of 2016. The expected long-term rate of return on pension plan assets is 7.50 percent. Effective January 1, 2015, Deltic closed the defined benefit funded retirement plan to any new or rehired salaried and hourly non-represented entrants. In connection with this closure, additional Company 401(k) contributions are made for all employees hired on or after that date.

Other Comprehensive Income Disc

Other Comprehensive Income Disclosures	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Other Comprehensive Income Disclosures	Note 11 – Other Comprehensive Income Disclosures The following tables detail the changes in accumulated other comprehensive loss (“AOCL”) by component for the three months ended March 31, 2016 and 2015: Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Thousands of dollars) Defined Defined Other Total AOCL at January 1, 2016 $ (7,071 ) (4,309 ) (214 ) (11,594 ) Amounts reclassified from AOCL 129 11 — 140 Net current period other comprehensive income 129 11 — 140 AOCL at March 31, 2016 $ (6,942 ) (4,298 ) (214 ) (11,454 ) AOCL at January 1, 2015 $ (7,615 ) (3,064 ) (732 ) (11,411 ) Amounts reclassified from AOCL 128 92 5 225 Net current period other comprehensive income/(loss) 128 92 5 225 AOCL at March 31, 2015 $ (7,487 ) (2,972 ) (727 ) (11,186 ) Reclassification Out of Accumulated Other Comprehensive Loss Details about AOCL Components Three Months Ended March 31, 2016 (Thousands of dollars) Defined Defined Other Total Amortization of actuarial losses $ 212 19 — 231 Total before tax 212 19 — 231 Income tax expense (83 ) (8 ) — (91 ) Total reclassifications – net of tax $ 129 11 — 140 Three Months Ended March 31, 2015 (Thousands of dollars) Defined Defined Other Total Amortization of prior service costs $ 1 — — 1 Amortization of actuarial losses 210 152 20 382 Amortization of plan amendment — — (12 ) (12 ) Total before tax 211 152 8 371 Income tax expense (83 ) (60 ) (3 ) (146 ) Total reclassifications – net of tax $ 128 92 5 225 Amounts in parentheses indicate expenses. These items are included in the computation of net periodic retirement and postretirement costs. See Note 10 – Employee and Retiree Benefit Plans. Tax Effects by Component Three Months Ended March 31, 2016 (Thousands of dollars) Before Tax Net of Amortization of actuarial losses $ 231 (91 ) 140 $ 231 (91 ) 140 Three Months Ended March 31, 2015 (Thousands of dollars) Before Tax Net of Amortization of prior service costs $ 1 — 1 Amortization of actuarial losses 382 (150 ) 232 Amortization of plan amendment (12) 4 (8 ) $ 371 (146 ) 225

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 12 – Stock-Based Compensation The Consolidated Statements of Income for the three months ended March 31, 2016 and 2015, included $877,000 and $831,000, respectively, of stock-based compensation expense reflected in general and administrative expenses. Assumptions for the valuation of 2016 stock options and restricted stock performance units consisted of the following: 2016 Expected term of options (in years) 6.27 Weighted expected volatility 38.16 % Dividend yield .59 % Risk-free interest rate – performance restricted shares 1.34 % Risk-free interest rate – options 2.13 % Stock price as of valuation date $ 55.94 Restricted performance share valuation $ 67.52 Grant date fair value – stock options $ 20.39 Stock Options – Options Shares Weighted Weighted Aggregate Outstanding at January 1, 2016 147,870 $ 63.86 Granted 28,533 55.94 Forfeited (350 ) 53.75 Outstanding at March 31, 2016 176,053 $ 62.59 6.6 $ 330 Exercisable at March 31, 2016 111,959 $ 63.26 5.3 $ 210 The aggregate intrinsic value in the table above is the sum of the amounts by which the quoted market price of the Company’s common stock exceeded the exercise price of the options at March 31, 2016, for those options for which the quoted market price was in excess of the exercise price. This amount changes over time based on changes in the fair market value of the Company’s stock. As of March 31, 2016, there was $1,342,000 of unrecognized compensation cost related to nonvested stock options. That cost is expected to be recognized over a weighted-average period of 2.6 years. Restricted Stock and Restricted Stock Units – Nonvested Restricted Stock Shares Weighted Grant-Date Nonvested at January 1, 2016 87,105 $ 67.04 Granted 26,338 55.94 Vested (17,912 ) 67.67 Nonvested at March 31, 2016 95,531 $ 63.86 As of March 31, 2016, there was $3,474,000 of unrecognized compensation cost related to nonvested restricted stock. That cost is expected to be recognized over a weighted-average period of 2.4 years. Performance Units – Nonvested Restricted Stock Performance Units Shares Weighted Grant-Date Nonvested at January 1, 2016 63,900 $ 83.24 Granted 23,095 67.52 Units not meeting vesting conditions (11,263 ) 90.61 Nonvested at March 31, 2016 75,732 $ 77.35 As of March 31, 2016, there was $3,517,000 of unrecognized compensation cost related to nonvested restricted stock performance units. That cost is expected to be recognized over a weighted-average period of 2.5 years.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 13 – Contingencies At various times, the Company may be involved in litigation incidental to its operations. Currently there are no material legal proceedings outstanding.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 14 – Fair Value of Financial Instruments Fair Value Measurement Accounting establishes a fair value hierarchy based on the quality of inputs used to measure fair value, with Level 1 being the highest quality and Level 3 being the lowest quality. Level 1 inputs are quoted prices in active markets on identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1. Level 3 inputs are unobservable inputs which reflect assumptions about pricing by market participants. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Nonqualified employee savings plan The fair value measurements for the Company’s financial liabilities accounted for at fair value on a recurring basis at March 31, 2016, are presented in the following table: (Thousands of dollars) Fair Value Measurements at Reporting Date Using: March 31, Quoted Prices in Significant Significant Level 1 Level 2 Level 3 Liabilities Nonqualified employee savings plan $ 1,473 1,473 — — Long-term debt, including current maturities — The following table presents the carrying amounts and estimated fair values of financial instruments held by the Company at March 31, 2016 and 2015. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The table excludes financial instruments included in current assets and liabilities, except current maturities of long-term debt, all of which have fair values approximating carrying values. March 31, 2016 December 31, 2015 . (Thousands of dollars) Carrying Estimated Carrying Estimated Financial liabilities Long-term debt, including current maturities $ 247,774 253,005 $ 223,753 225,123

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings per Common Share	Note 15 – Earnings per Common Share The amounts used in computing earnings per share and the effect on income and weighted average number of shares outstanding of dilutive potential common stock consisted of the following: Three Months Ended (Thousands, except per share amounts) 2016 2015 Net earnings allocated to common stock $ 390 1,891 Net earnings allocated to participating securities 5 22 Net income allocated to common stock and participating securities $ 395 1,913 Weighted average number of common shares used in basic EPS 12,051 12,453 Effect of dilutive stock awards 46 53 Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution 12,097 12,506 Earnings per common share Basic $ .03 .15 Assuming dilution $ .03 .15 Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The following table provides information about potentially dilutive securities that were outstanding but were not included in the computation of diluted earnings per share because they were anti-dilutive, or in the case of the restricted performance shares, did not meet the metrics established for awarding. Three Months Ended 2016 2015 Options 124,208 73,151 Restricted performance shares 75,732 44,451

Supplemental Cash Flow Disclosu

Supplemental Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Disclosures	Note 16 – Supplemental Cash Flow Disclosures Additional information concerning cash flows is as follows: Three Months Ended (Thousands of dollars) 2016 2015 Income taxes paid in cash $ 150 — Interest paid 2,824 924 Interest capitalized (62 ) (11 ) Non-cash investing and financing activities excluded from the statement of cash flows include: Three Months Ended (Thousands of dollars) 2016 2015 Issuance of restricted stock $ 2,349 1,590 Land exchanges — 39 Capital expenditures accrued, not paid 1,358 228 Insurance recoveries accrued for equipment — 886 (Increases)/decreases in working capital, other than cash and cash equivalents, consisted of the following: Three Months Ended (Thousands of dollars) 2016 2015 Trade accounts receivable $ (5,057 ) (660 ) Insurance receivables* — (1,349 ) Inventories 561 674 Refundable income tax 172 1,050 Prepaid expenses and other current assets (666 ) (126 ) Trade accounts payable 392 1,614 Accrued taxes other than income taxes 502 493 Income taxes payable — 108 Deferred revenues and other accrued liabilities (537 ) 3 $ (4,633 ) 1,807 * Does not include capital items.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Business Segments	Note 17 – Business Segments Information about the Company’s business segments consisted of the following: Three Months Ended (Thousands of dollars) 2016 2015 Net sales Woodlands $ 10,460 11,038 Manufacturing 2 43,831 42,147 Real Estate 2,229 1,486 Eliminations 1 (5,896 ) (6,292 ) $ 50,624 48,379 Income before income taxes Operating income Woodlands $ 5,317 6,486 Manufacturing 2 3,282 3,537 Real Estate (590 ) (829 ) Corporate (4,721 ) (4,565 ) Eliminations (71 ) (113 ) Operating income 3,217 4,516 Interest income 2 1 Interest and other debt expense, net of capitalized interest (2,696 ) (1,628 ) Other income 51 107 $ 574 2,996 Depreciation, amortization, and cost of fee timber harvested Woodlands $ 2,220 1,707 Manufacturing 3,529 3,176 Real Estate 92 91 Corporate 32 11 $ 5,873 4,985 Capital expenditures Woodlands $ 1,454 1,308 Manufacturing 6,461 4,143 Real Estate 729 267 Corporate 25 2 $ 8,669 5,720 Timberland acquisition expenditures $ 121 56 1 Primarily intersegment sales of timber from Woodlands to Manufacturing. 2 During March 2015, the Company experienced a fire in the press at its MDF plant in El Dorado that affected the operating results.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared by Deltic Timber Corporation (the “Company” or “Deltic”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the Securities and Exchange Commission. Although management of the Company believes the disclosures contained herein are adequate to make the information presented not misleading, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2015. Preparation of consolidated financial statements requires management to make estimates and assumptions. These estimates and assumptions affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management believes the accompanying consolidated financial statements contain all adjustments, including normal recurring accruals and adjustments, which in the opinion of management are necessary to present fairly its financial position as of March 31, 2016, and the results of its operations and cash flows for the three months ended March 31, 2016 and 2015. These consolidated financial statements are not necessarily indicative of results to be expected for the full year. The Company has evaluated subsequent events through the date the financial statements were issued.
Recently Issued Authoritative Accounting Pronouncements and Guidance	Recently Issued Authoritative Accounting Pronouncements and Guidance In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, “Leases”, which supercedes Topic 840 and among other things, requires lessees to recognize most leases on-balance sheet. The new standard is effective for the Company on January 1, 2019 and is not expected to have a material impact on its financial statements. On March 30, 2016, FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. This ASU changes several aspects of the accounting for share-based payments award transactions, including accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding requirements, and the classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. This update is effective for the Company on January 1, 2017. The Company is evaluating what effect ASU 2016-09 will have on its consolidated financial statements and related disclosures.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Raw materials - Logs $ 2,185 1,975 - Del-Tin – wood fiber 635 615 Finished goods - Lumber 3,313 4,142 - Medium density fiberboard (“MDF”) 2,571 2,516 - MDF consigned to others 838 1,031 Supplies 1,814 1,638 $ 11,356 11,917

Prepaid Expenses and Other Cu28

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Short-term deferred tax assets $ 2,129 2,131 Refundable income taxes 2,890 3,062 Prepaid expenses 820 687 Other current assets 989 512 $ 6,828 6,392

Timber and Timberlands (Tables)

Timber and Timberlands (Tables)	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Summary of Timber and Timberlands	Timber and timberlands at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Purchased stumpage inventory $ 3,811 2,437 Timberlands 155,927 155,997 Fee timber 327,972 326,327 Logging facilities 1,221 1,221 488,931 485,982 Less accumulated cost of fee timber harvested and facilities depreciation (126,474 ) (124,292 ) Strategic timber and timberlands 362,457 361,690 Non-strategic timber and timberlands 166 166 $ 362,623 361,856

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, plant, and equipment at the balance sheet dates consisted of the following: (Thousands of dollars) March 31, Dec. 31, Land $ 947 947 Land improvements 11,981 10,409 Buildings and structures 25,307 23,900 Machinery and equipment 161,893 158,385 200,128 193,641 Less accumulated depreciation (111,837 ) (108,146 ) $ 88,291 85,495

Deferred Revenues and Other A31

Deferred Revenues and Other Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Deferred Revenues and Other Accrued Liabilities	Deferred revenues and other accrued liabilities at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Deferred revenues – current $ 2,129 2,877 Vacation accrual 1,431 1,360 Deferred compensation 62 619 All other current liabilities 2,666 2,751 $ 6,288 7,607

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Other Noncurrent Liabilities	Other noncurrent liabilities at the balance sheet dates consisted of the following: March 31, Dec. 31, (Thousands of dollars) 2016 2015 Accumulated postretirement benefit obligation $ 12,454 12,295 Supplemental pension plan 12,829 12,764 Accrued pension liability 15,888 15,698 Deferred revenue – long-term portion 127 115 Other noncurrent liabilities 1,473 1,487 $ 42,771 42,359

Employee and Retiree Benefit 33

Employee and Retiree Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement Expense and Other Postretirement Benefits Expense	Components of net periodic retirement expense and other postretirement benefits expense consisted of the following: Three Months Ended (Thousands of dollars) 2016 2015 Defined Benefit funded retirement plan Service cost $ 411 490 Interest cost 524 505 Expected return on plan assets (594 ) (603 ) Amortization of prior service cost — 1 Recognized actuarial loss 212 210 Net retirement expense $ 553 603 Defined Benefit unfunded retirement plan Service cost $ 53 130 Interest cost 80 123 Recognized actuarial loss 19 152 Net retirement expense $ 152 405 Other postretirement benefit plan Service cost $ 95 132 Interest cost 144 140 Recognized actuarial loss — 20 Amortization of plan amendment — (12 ) Net other postretirement benefits expense $ 239 280

Other Comprehensive Income Di34

Other Comprehensive Income Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax)	Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Thousands of dollars) Defined Defined Other Total AOCL at January 1, 2016 $ (7,071 ) (4,309 ) (214 ) (11,594 ) Amounts reclassified from AOCL 129 11 — 140 Net current period other comprehensive income 129 11 — 140 AOCL at March 31, 2016 $ (6,942 ) (4,298 ) (214 ) (11,454 ) AOCL at January 1, 2015 $ (7,615 ) (3,064 ) (732 ) (11,411 ) Amounts reclassified from AOCL 128 92 5 225 Net current period other comprehensive income/(loss) 128 92 5 225 AOCL at March 31, 2015 $ (7,487 ) (2,972 ) (727 ) (11,186 )
Reclassification Out of Accumulated Other Comprehensive Loss	Reclassification Out of Accumulated Other Comprehensive Loss Details about AOCL Components Three Months Ended March 31, 2016 (Thousands of dollars) Defined Defined Other Total Amortization of actuarial losses $ 212 19 — 231 Total before tax 212 19 — 231 Income tax expense (83 ) (8 ) — (91 ) Total reclassifications – net of tax $ 129 11 — 140 Three Months Ended March 31, 2015 (Thousands of dollars) Defined Defined Other Total Amortization of prior service costs $ 1 — — 1 Amortization of actuarial losses 210 152 20 382 Amortization of plan amendment — — (12 ) (12 ) Total before tax 211 152 8 371 Income tax expense (83 ) (60 ) (3 ) (146 ) Total reclassifications – net of tax $ 128 92 5 225 Amounts in parentheses indicate expenses. These items are included in the computation of net periodic retirement and postretirement costs. See Note 10 – Employee and Retiree Benefit Plans.
Tax Effects by Component	Tax Effects by Component Three Months Ended March 31, 2016 (Thousands of dollars) Before Tax Net of Amortization of actuarial losses $ 231 (91 ) 140 $ 231 (91 ) 140 Three Months Ended March 31, 2015 (Thousands of dollars) Before Tax Net of Amortization of prior service costs $ 1 — 1 Amortization of actuarial losses 382 (150 ) 232 Amortization of plan amendment (12) 4 (8 ) $ 371 (146 ) 225

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Valuation of Stock Options and Restricted Stock Performance Units	Assumptions for the valuation of 2016 stock options and restricted stock performance units consisted of the following: 2016 Expected term of options (in years) 6.27 Weighted expected volatility 38.16 % Dividend yield .59 % Risk-free interest rate – performance restricted shares 1.34 % Risk-free interest rate – options 2.13 % Stock price as of valuation date $ 55.94 Restricted performance share valuation $ 67.52 Grant date fair value – stock options $ 20.39
Summary of Stock Options	A summary of stock options as of March 31, 2016, and changes during the three- month period then ended are presented below: Options Shares Weighted Weighted Aggregate Outstanding at January 1, 2016 147,870 $ 63.86 Granted 28,533 55.94 Forfeited (350 ) 53.75 Outstanding at March 31, 2016 176,053 $ 62.59 6.6 $ 330 Exercisable at March 31, 2016 111,959 $ 63.26 5.3 $ 210
Summary of Nonvested Restricted Stock	A summary of nonvested restricted stock as of March 31, 2016, and changes during the three-month period then ended are presented below: Nonvested Restricted Stock Shares Weighted Grant-Date Nonvested at January 1, 2016 87,105 $ 67.04 Granted 26,338 55.94 Vested (17,912 ) 67.67 Nonvested at March 31, 2016 95,531 $ 63.86
Summary of Nonvested Restricted Stock Performance Units	A summary of nonvested restricted stock performance units as of March 31, 2016, and changes during the three months then ended are presented below: Nonvested Restricted Stock Performance Units Shares Weighted Grant-Date Nonvested at January 1, 2016 63,900 $ 83.24 Granted 23,095 67.52 Units not meeting vesting conditions (11,263 ) 90.61 Nonvested at March 31, 2016 75,732 $ 77.35

Fair Value of Financial Instr36

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements for Financial Liabilities Accounted on a Recurring Basis	The fair value measurements for the Company’s financial liabilities accounted for at fair value on a recurring basis at March 31, 2016, are presented in the following table: (Thousands of dollars) Fair Value Measurements at Reporting Date Using: March 31, Quoted Prices in Significant Significant Level 1 Level 2 Level 3 Liabilities Nonqualified employee savings plan $ 1,473 1,473 — —
Carrying Amounts and Estimated Fair Values of Financial Instruments	The table excludes financial instruments included in current assets and liabilities, except current maturities of long-term debt, all of which have fair values approximating carrying values. March 31, 2016 December 31, 2015 . (Thousands of dollars) Carrying Estimated Carrying Estimated Financial liabilities Long-term debt, including current maturities $ 247,774 253,005 $ 223,753 225,123

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The amounts used in computing earnings per share and the effect on income and weighted average number of shares outstanding of dilutive potential common stock consisted of the following: Three Months Ended (Thousands, except per share amounts) 2016 2015 Net earnings allocated to common stock $ 390 1,891 Net earnings allocated to participating securities 5 22 Net income allocated to common stock and participating securities $ 395 1,913 Weighted average number of common shares used in basic EPS 12,051 12,453 Effect of dilutive stock awards 46 53 Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution 12,097 12,506 Earnings per common share Basic $ .03 .15 Assuming dilution $ .03 .15
Information about Potentially Dilutive Securities Outstanding	The following table provides information about potentially dilutive securities that were outstanding but were not included in the computation of diluted earnings per share because they were anti-dilutive, or in the case of the restricted performance shares, did not meet the metrics established for awarding. Three Months Ended 2016 2015 Options 124,208 73,151 Restricted performance shares 75,732 44,451

Supplemental Cash Flow Disclo38

Supplemental Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Interest and Income Taxes Information Concerning Cash Flows	Additional information concerning cash flows is as follows: Three Months Ended (Thousands of dollars) 2016 2015 Income taxes paid in cash $ 150 — Interest paid 2,824 924 Interest capitalized (62 ) (11 )
Non-cash Investing and Financing Activities	Non-cash investing and financing activities excluded from the statement of cash flows include: Three Months Ended (Thousands of dollars) 2016 2015 Issuance of restricted stock $ 2,349 1,590 Land exchanges — 39 Capital expenditures accrued, not paid 1,358 228 Insurance recoveries accrued for equipment — 886
(Increases)/Decreases in Working Capital, Other Than Cash and Cash Equivalents	(Increases)/decreases in working capital, other than cash and cash equivalents, consisted of the following: Three Months Ended (Thousands of dollars) 2016 2015 Trade accounts receivable $ (5,057 ) (660 ) Insurance receivables* — (1,349 ) Inventories 561 674 Refundable income tax 172 1,050 Prepaid expenses and other current assets (666 ) (126 ) Trade accounts payable 392 1,614 Accrued taxes other than income taxes 502 493 Income taxes payable — 108 Deferred revenues and other accrued liabilities (537 ) 3 $ (4,633 ) 1,807 * Does not include capital items.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Summary of Company's Business Segments	Information about the Company’s business segments consisted of the following: Three Months Ended (Thousands of dollars) 2016 2015 Net sales Woodlands $ 10,460 11,038 Manufacturing 2 43,831 42,147 Real Estate 2,229 1,486 Eliminations 1 (5,896 ) (6,292 ) $ 50,624 48,379 Income before income taxes Operating income Woodlands $ 5,317 6,486 Manufacturing 2 3,282 3,537 Real Estate (590 ) (829 ) Corporate (4,721 ) (4,565 ) Eliminations (71 ) (113 ) Operating income 3,217 4,516 Interest income 2 1 Interest and other debt expense, net of capitalized interest (2,696 ) (1,628 ) Other income 51 107 $ 574 2,996 Depreciation, amortization, and cost of fee timber harvested Woodlands $ 2,220 1,707 Manufacturing 3,529 3,176 Real Estate 92 91 Corporate 32 11 $ 5,873 4,985 Capital expenditures Woodlands $ 1,454 1,308 Manufacturing 6,461 4,143 Real Estate 729 267 Corporate 25 2 $ 8,669 5,720 Timberland acquisition expenditures $ 121 56 1 Primarily intersegment sales of timber from Woodlands to Manufacturing. 2 During March 2015, the Company experienced a fire in the press at its MDF plant in El Dorado that affected the operating results.

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventories
Supplies	$ 1,814	$ 1,638
Inventory	11,356	11,917
Logs [Member]
Inventories
Raw materials	2,185	1,975
Del-Tin - wood fiber [Member]
Inventories
Raw materials	635	615
Lumber [Member]
Inventories
Finished goods	3,313	4,142
Medium density fiberboard [Member]
Inventories
Finished goods	2,571	2,516
Finished goods - consigned	$ 838	$ 1,031

Prepaid Expenses and Other Cu41

Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Prepaid Expense and Other Assets, Current [Abstract]
Short-term deferred tax assets	$ 2,129	$ 2,131
Refundable income taxes	2,890	3,062
Prepaid expenses	820	687
Other current assets	989	512
Prepaid expenses and other current assets	$ 6,828	$ 6,392

Timber and Timberlands - Summar

Timber and Timberlands - Summary of Timber and Timberlands (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Purchased stumpage inventory	$ 3,811	$ 2,437
Timberlands	155,927	155,997
Fee timber	327,972	326,327
Logging facilities	1,221	1,221
Gross	488,931	485,982
Less accumulated cost of fee timber harvested and facilities depreciation	(126,474)	(124,292)
Timber and timberlands - net	362,623	361,856
Strategic timber and timberlands [Member]
Property, Plant and Equipment [Line Items]
Timber and timberlands - net	362,457	361,690
Non-strategic timber and timberlands [Member]
Property, Plant and Equipment [Line Items]
Timber and timberlands - net	$ 166	$ 166

Timber and Timberlands - Additi

Timber and Timberlands - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)a	Mar. 31, 2015USD ($)a	Dec. 31, 2008a
Timber And Timberlands Textual [Abstract]
Timberlands acquired | a	79	40
Exchange transaction	$ 0	$ 39,000
Timberland acquisition expenditures	$ 121,000	56,000
Acres of non- strategic timberlands | a			10,000
Acres of timber land available for sale | a	250
Gains on sales of timberland	$ 0	26,000
Gain recognized on transfer	$ 0	$ 25,000

Property, Plant, and Equipmen44

Property, Plant, and Equipment - Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 200,128	$ 193,641
Less accumulated depreciation	(111,837)	(108,146)
Property, plant, and equipment, net	88,291	85,495
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	947	947
Land improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	11,981	10,409
Buildings and structures [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	25,307	23,900
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 161,893	$ 158,385

Deferred Revenues and Other A45

Deferred Revenues and Other Accrued Liabilities - Deferred Revenues and Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred revenues - current	$ 2,129	$ 2,877
Vacation accrual	1,431	1,360
Deferred compensation	62	619
All other current liabilities	2,666	2,751
Deferred revenues and other accrued liabilities	$ 6,288	$ 7,607

Other Noncurrent Liabilities -

Other Noncurrent Liabilities - Other Noncurrent Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Accumulated postretirement benefit obligation	$ 12,454	$ 12,295
Supplemental pension plan	12,829	12,764
Accrued pension liability	15,888	15,698
Deferred revenue - long-term portion	127	115
Other noncurrent liabilities	1,473	1,487
Other noncurrent liabilities, net	$ 42,771	$ 42,359

Credit Facilities - Additional

Credit Facilities - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 06, 2016	Feb. 04, 2016
Second Amended And Restated Revolving Credit Facility [Member]
Credit Facilities [Line Items]
Termination date	Nov. 17, 2020
Second Amended and Restated Revolving Credit Agreement [Member] | Greenstone Farm Credit Services [Member]
Credit Facilities [Line Items]
Amount available on credit facility		$ 27,000
Second Amended and Restated Revolving Credit Agreement [Member] | American AgCredit [Member]
Credit Facilities [Line Items]
Amount available on credit facility		$ 123,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Benefit [Line Items]
Effective income tax rate on timber gains	31.00%
Effective income tax rate		36.00%
Unrecognized tax benefits	$ 0
Minimum [Member]
Income Tax Benefit [Line Items]
Timber gain held by the company in years	15 years

Employee and Retiree Benefit 49

Employee and Retiree Benefit Plans - Retirement Expense and Other Postretirement Benefits Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Defined Benefit Funded Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 411	$ 490
Interest cost	524	505
Expected return on plan assets	(594)	(603)
Amortization of prior service cost	0	1
Recognized actuarial loss	212	210
Net retirement expense	553	603
Defined Benefit Unfunded Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	53	130
Interest cost	80	123
Recognized actuarial loss	19	152
Net retirement expense	152	405
Other Post-Retirement Benefit Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	95	132
Interest cost	144	140
Recognized actuarial loss	0	20
Amortization of plan amendment	0	(12)
Net retirement expense	$ 239	$ 280

Employee and Retiree Benefit 50

Employee and Retiree Benefit Plans - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Percentage of expected long-term rate of return on pension plan	7.50%
Employer contributions	$ 150
Expected employer contributions, remainder of fiscal year	$ 100

Other Comprehensive Income Di51

Other Comprehensive Income Disclosures - Changes in Accumulated Other Comprehensive Loss by Component (Net of Tax) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	$ (11,594)
Ending Balance, March 31	(11,454)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	(11,594)	$ (11,411)
Amounts reclassified from AOCL	140	225
Net current period other comprehensive income	140	225
Ending Balance, March 31	(11,454)	(11,186)
Accumulated Defined Benefit Plans Adjustment [Member] | Defined Benefit Funded Retirement Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	(7,071)	(7,615)
Amounts reclassified from AOCL	129	128
Net current period other comprehensive income	129	128
Ending Balance, March 31	(6,942)	(7,487)
Accumulated Defined Benefit Plans Adjustment [Member] | Defined Benefit Unfunded Retirement Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	(4,309)	(3,064)
Amounts reclassified from AOCL	11	92
Net current period other comprehensive income	11	92
Ending Balance, March 31	(4,298)	(2,972)
Accumulated Defined Benefit Plans Adjustment [Member] | Other Post-Retirement Benefit Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance, January 1	(214)	(732)
Amounts reclassified from AOCL	0	5
Net current period other comprehensive income	0	5
Ending Balance, March 31	$ (214)	$ (727)

Other Comprehensive Income Di52

Other Comprehensive Income Disclosures - Reclassification Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service costs		$ 1
Amortization of actuarial losses	$ 231	382
Amortization of plan amendment		(12)
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service costs		1
Amortization of actuarial losses	231	382
Amortization of plan amendment		(12)
Total before tax	231	371
Income tax expense	(91)	(146)
Total reclassifications - net of tax	140	225
Accumulated Defined Benefit Plans Adjustment [Member] | Defined Benefit Funded Retirement Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service costs		1
Amortization of actuarial losses	212	210
Total before tax	212	211
Income tax expense	(83)	(83)
Total reclassifications - net of tax	129	128
Accumulated Defined Benefit Plans Adjustment [Member] | Defined Benefit Unfunded Retirement Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses	19	152
Total before tax	19	152
Income tax expense	(8)	(60)
Total reclassifications - net of tax	11	92
Accumulated Defined Benefit Plans Adjustment [Member] | Other Post-Retirement Benefit Plan [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of actuarial losses		20
Amortization of plan amendment		(12)
Total before tax		8
Income tax expense		(3)
Total reclassifications - net of tax	$ 0	$ 5

Other Comprehensive Income Di53

Other Comprehensive Income Disclosures - Tax Effects by Component (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect [Abstract]
Amortization of prior service costs, Before Tax Amount		$ 1
Amortization of actuarial losses, Before Tax Amount	$ 231	382
Amortization of plan amendment, Before tax amount		(12)
Total, Before Tax Amount	231	371
Amortization of prior service costs, Tax (Expenses) or benefits		0
Amortization of actuarial losses, Tax (Expenses) or benefits	(91)	(150)
Amortization of plan amendment, Tax (Expenses) or benefits		4
Total, Tax (Expense) or Benefit	(91)	(146)
Amortization of prior service costs, Net of Tax Amount	0	1
Amortization of actuarial losses, Net of Tax Amount	140	232
Amortization of plan amendment, Net of Tax Amount		(8)
Total, Net of Tax Amount	$ 140	$ 225

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Based Compensation Expense	$ 877	$ 831
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock	$ 1,342
Cost not yet recognized over a weighted-average period	2 years 7 months 6 days
Nonvested Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock	$ 3,474
Cost not yet recognized over a weighted-average period	2 years 4 months 24 days
Nonvested Restricted Stock Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock	$ 3,517
Cost not yet recognized over a weighted-average period	2 years 6 months

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation of Stock Options and Restricted Stock Performance Units (Detail)	3 Months Ended
	Mar. 31, 2016$ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected term of options (in years)	6 years 3 months 7 days
Weighted expected volatility	38.16%
Dividend yield	0.59%
Risk-free interest rate - performance restricted shares	1.34%
Risk-free interest rate - options	2.13%
Stock price as of valuation date	$ 55.94
Restricted performance share valuation	67.52
Grant date fair value - stock options	$ 20.39

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Options (Detail) - Stock Options [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Shares, beginning balance | shares	147,870
Shares, Granted | shares	28,533
Shares, Forfeited | shares	(350)
Outstanding Shares, ending balance | shares	176,053
Shares, Exercisable | shares	111,959
Outstanding Weighted Average Exercise Price, beginning | $ / shares	$ 63.86
Weighted Average Exercise Price, Granted | $ / shares	55.94
Weighted Average Exercise Price, Forfeited | $ / shares	53.75
Outstanding Weighted Average Exercise Price, ending | $ / shares	62.59
Outstanding Weighted Average Exercise Price, Exercisable | $ / shares	$ 63.26
Outstanding Weighted Average Remaining Contractual Term (Years), Ending	6 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable	5 years 3 months 18 days
Outstanding Aggregate Intrinsic Value, Ending | $	$ 330
Aggregate Intrinsic Values, Exercisable | $	$ 210

Stock-Based Compensation - Su57

Stock-Based Compensation - Summary of Nonvested Restricted Stock (Detail)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant-Date Fair Value Nonvested, Granted	$ 67.52
Nonvested Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Nonvested, Beginning Balance | shares	87,105
Shares Nonvested, Granted | shares	26,338
Shares Nonvested, Vested | shares	(17,912)
Shares Nonvested, Ending Balance | shares	95,531
Weighted Average Grant-Date Fair Value Nonvested, Beginning Balance	$ 67.04
Weighted Average Grant-Date Fair Value Nonvested, Granted	55.94
Weighted Average Grant-Date Fair Value Nonvested, Vested	67.67
Weighted Average Grant-Date Fair Value Nonvested, Ending Balance	$ 63.86

Stock-Based Compensation - Su58

Stock-Based Compensation - Summary of Nonvested Restricted Stock Performance Units (Detail)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted Average Grant-Date Fair Value Nonvested, Granted	$ 67.52
Nonvested Restricted Stock Performance Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Nonvested, Beginning Balance | shares	63,900
Shares Nonvested, Granted | shares	23,095
Shares Nonvested, Units not meeting vesting conditions | shares	(11,263)
Shares Nonvested, Ending Balance | shares	75,732
Weighted Average Grant-Date Fair Value Nonvested, Beginning Balance	$ 83.24
Weighted Average Grant-Date Fair Value Nonvested, Granted	67.52
Weighted Average Grant-Date Fair Value Nonvested, Units not meeting vesting conditions	90.61
Weighted Average Grant-Date Fair Value Nonvested, Ending Balance	$ 77.35

Fair Value of Financial Instr59

Fair Value of Financial Instruments - Fair Value Measurements for Financial Liabilities Accounted on a Recurring Basis (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Liabilities
Nonqualified employee savings plan	$ 1,473
Quoted Prices in Active Markets for Identical Liabilities Inputs Level 1 [Member]
Liabilities
Nonqualified employee savings plan	$ 1,473

Fair Value of Financial Instr60

Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial liabilities
Long-term debt, including current maturities, Carrying Amount	$ 247,774	$ 223,753
Long-term debt, including current maturities, Estimated Fair Value	$ 253,005	$ 225,123

Earnings per Common Share - Com

Earnings per Common Share - Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net earnings allocated to common stock	$ 390	$ 1,891
Net earnings allocated to participating securities	5	22
Net income allocated to common stock and participating securities	$ 395	$ 1,913
Weighted average number of common shares used in basic EPS	12,051	12,453
Effect of dilutive stock awards	46	53
Weighted average number of common shares and dilutive potential common stock used in EPS assuming dilution	12,097	12,506
Earnings per common share
Basic	$ 0.03	$ 0.15
Assuming dilution	$ 0.03	$ 0.15

Earnings per Common Share - Inf

Earnings per Common Share - Information about Potentially Dilutive Securities Outstanding (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares outstanding not included in the computation of diluted earnings per share	124,208	73,151
Performance Restricted Shares [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive shares outstanding not included in the computation of diluted earnings per share	75,732	44,451

Supplemental Cash Flow Disclo63

Supplemental Cash Flow Disclosures - Interest and Income Taxes Information Concerning Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Information [Abstract]
Income taxes paid in cash	$ 150	$ 0
Interest paid	2,824	924
Interest capitalized	$ (62)	$ (11)

Supplemental Cash Flow Disclo64

Supplemental Cash Flow Disclosures - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Issuance of restricted stock	$ 2,349	$ 1,590
Land exchanges	0	39
Capital expenditures accrued, not paid	1,358	228
Insurance recoveries accrued for equipment	$ 0	$ 886

Supplemental Cash Flow Disclo65

Supplemental Cash Flow Disclosures - (Increases)/Decreases in Working Capital Other Than Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Increase (Decrease) in Other Operating Assets and Liabilities, Net [Abstract]
Trade accounts receivable	$ (5,057)	$ (660)
Insurance receivables	0	(1,349)
Inventories	561	674
Refundable income tax	172	1,050
Prepaid expenses and other current assets	(666)	(126)
Trade accounts payable	392	1,614
Accrued taxes other than income taxes	502	493
Income taxes payable	0	108
Deferred revenues and other accrued liabilities	(537)	3
Other Current Assets and Liabilities, Net	$ (4,633)	$ 1,807

Business Segments - Summary of

Business Segments - Summary of Company's Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net sales
Net sales	$ 50,624	$ 48,379
Operating income
Operating income	3,217	4,516
Interest income	2	1
Interest and other debt expense, net of capitalized interest	(2,696)	(1,628)
Other income	51	107
Income before income taxes	574	2,996
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	5,873	4,985
Depreciation, amortization, and cost of fee timber harvested	5,873	4,985
Capital expenditures
Capital expenditures	8,669	5,720
Timberland acquisition expenditures	121	56
Operating Segments [Member] | Woodlands [Member]
Net sales
Net sales	10,460	11,038
Operating income
Operating income	5,317	6,486
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	2,220	1,707
Depreciation, amortization, and cost of fee timber harvested	2,220	1,707
Capital expenditures
Capital expenditures	1,454	1,308
Operating Segments [Member] | Manufacturing [Member]
Net sales
Net sales	43,831	42,147
Operating income
Operating income	3,282	3,537
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	3,529	3,176
Depreciation, amortization, and cost of fee timber harvested	3,529	3,176
Capital expenditures
Capital expenditures	6,461	4,143
Operating Segments [Member] | Real Estate [Member]
Net sales
Net sales	2,229	1,486
Operating income
Operating income	(590)	(829)
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	92	91
Depreciation, amortization, and cost of fee timber harvested	92	91
Capital expenditures
Capital expenditures	729	267
Operating Segments [Member] | Corporate [Member]
Operating income
Operating income	(4,721)	(4,565)
Depreciation, amortization, and cost of fee timber harvested
Depreciation, amortization, and cost of fee timber harvested	32	11
Depreciation, amortization, and cost of fee timber harvested	32	11
Capital expenditures
Capital expenditures	25	2
Eliminations [Member]
Net sales
Net sales	(5,896)	(6,292)
Operating income
Operating income	$ (71)	$ (113)