PotlatchDeltic (PCH) 10-Q 23 Apr 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 21, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Entity Registrant Name	'POTLATCH CORP	'
Entity Central Index Key	'0001338749	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	40,590,655
Entity Well-known Seasoned Issuer	'Yes	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues	$139,579	$139,253
Costs and expenses:	'	'
Cost of goods sold	98,593	98,299
Selling, general and administrative expenses	9,677	13,596
Environmental remediation charge	0	750
Total costs and expenses	108,270	112,645
Operating income	31,309	26,608
Interest expense, net	-5,460	-6,336
Income before income taxes	25,849	20,272
Income tax provision	-5,499	-4,785
Net income	$20,350	$15,487
Net income per share:	'	'
Basic (in dollars per share)	$0.50	$0.38
Diluted (in dollars per share)	$0.50	$0.38
Distributions per share (in dollars per share)	$0.35	$0.31
Weighted average shares outstanding (in thousands):	'	'
Basic (in shares)	40,561,017	40,435,608
Diluted (in shares)	40,682,108	40,612,974

Consolidated_Statement_of_Comp

Consolidated Statement of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Net income	$20,350		$15,487
Other comprehensive income, net of tax:	'		'
Amortization of prior service credit included in net periodic cost, net of tax of $(867) and $(870)	-1,356	[1]	-1,362	[1]
Amortization of actuarial loss included in net periodic cost, net of tax of $1,677 and $2,246	2,622	[1]	3,513	[1]
Other comprehensive income, net of tax	1,266	[1]	2,151	[1]
Comprehensive income	$21,616	[1]	$17,638
[1]	(a) Amortization of prior service cost (credit) and amortization of actuarial loss are included in the computation of net periodic cost.

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Parentheticals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Amortization of prior service credit included in net periodic cost, tax effect	($867)	($870)
Amortization of actuarial loss included in net periodic cost, tax effect	$1,677	$2,246

Consolidated_Condensed_Balance

Consolidated Condensed Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash	$9,364	$5,586
Short-term investments	66,950	52,251
Receivables, net	12,593	16,572
Inventories	34,231	36,275
Deferred tax assets	7,724	7,724
Other assets	8,239	11,961
Total current assets	139,101	130,369
Property, plant and equipment, net	60,071	59,976
Timber and timberlands, net	451,109	455,871
Deferred tax assets	20,833	21,576
Other assets	12,766	12,738
Total assets	683,880	680,530
Current liabilities:	'	'
Current installments on long-term debt	0	0
Accounts payable and accrued liabilities	49,462	50,318
Total current liabilities	49,462	50,318
Long-term debt	320,014	320,092
Liability for pensions and other postretirement employee benefits	82,448	83,619
Other long-term obligations	20,658	22,353
Stockholders’ equity	211,298	204,148
Total liabilities and stockholders' equity	683,880	680,530
Shares outstanding (in thousands)	40,589	40,537
Working capital	$89,639	$80,051
Current ratio	2.8	2.6

Consolidated_Condensed_Stateme

Consolidated Condensed Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$20,350	$15,487
Adjustments to reconcile net income to net cash from operating activities:	'	'
Depreciation, depletion and amortization	6,104	6,867
Basis of real estate sold	4,622	457
Change in deferred taxes	-164	215
Employee benefit plans	-178	2,799
Employee equity-based compensation expense	908	1,072
Other, net	-581	-41
Working capital and operating related activities	8,923	1,078
Net cash from operating activities	39,984	27,934
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Change in short-term investments	-14,699	7,639
Additions to property, plant and equipment	-2,168	-2,321
Additions to timber and timberlands	-1,469	-2,311
Other, net	108	-373
Net cash from investing activities	-18,228	2,634
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Distributions to common stockholders	-14,206	-12,552
Repayment of long-term debt	0	-27,650
Issuance of common stock	0	667
Employee tax withholdings on equity-based compensation	-1,068	-1,685
Change in book overdrafts	-2,636	-2,030
Other, net	-68	-24
Net cash from financing activities	-17,978	-43,274
Change in cash	3,778	-12,706
Cash at beginning of period	5,586	16,985
Cash at end of period	9,364	4,279
Cash paid during the period for:	'	'
Interest, net of amount capitalized	693	1,550
Income taxes, net	$11	$112

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	BASIS OF PRESENTATION
	For purposes of this report, any reference to “Potlatch,” “the company,” “we,” “us,” and “our” means Potlatch Corporation and all of its wholly owned subsidiaries, except where the context indicates otherwise.
	The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements; certain disclosures normally provided in accordance with generally accepted accounting principles in the United States have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission on February 14, 2014. We believe that all adjustments necessary for a fair statement of the results of such interim periods have been included.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	INCOME TAXES
	As a real estate investment trust (REIT), we generally are not subject to federal and state corporate income taxes on income of the REIT that we distribute to our shareholders. We are, however, subject to corporate taxes on built-in gains (the excess of fair market value over tax basis on January 1, 2006) on sales of real property held by the REIT during the first ten years following the REIT conversion. The sale of standing timber is not subject to built-in gains tax. The Small Business Jobs Act of 2010 modified the built-in gains provisions to exempt sales of real properties in 2011, if five years of the recognition period had elapsed before January 1, 2011. The American Taxpayer Relief Act of 2012 extended the reduced five-year holding period for sales occurring in 2012 and 2013. Accordingly, the built-in gains tax did not apply to sales of real property that occurred in 2011, 2012 and 2013.
	We conduct certain activities through our taxable REIT subsidiaries (TRS), which are subject to corporate level federal and state income taxes. These activities are principally comprised of our wood products manufacturing operations and certain real estate investments held for development and resale.
	For the three months ended March 31, 2014 and 2013, we recorded income tax provisions of $5.5 million and $4.8 million, respectively, primarily due to pre-tax income of the TRS.

Earnings_per_Share

Earnings per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share, Basic, Other Disclosures [Abstract]	'
Earnings per Share	'
	EARNINGS PER SHARE
	The following table reconciles the number of shares used in calculating the basic and diluted earnings per share for the three months ended March 31:
		Three Months Ended
		March 31,
	(Dollars in thousands, except per-share amounts)	2014		2013
	Net income	$	20,350	$	15,487
	Basic weighted average shares outstanding	40,561,017		40,435,608
	Incremental shares due to:
	Performance shares	60,517		95,523
	Restricted stock units	57,740		63,607
	Stock options	2,834		18,236
	Diluted weighted average shares outstanding	40,682,108		40,612,974
	Basic net income per share	$	0.5	$	0.38
	Diluted net income per share	$	0.5	$	0.38
	Antidilutive shares excluded from the calculation:
	Performance shares	69,054		64,905
	Restricted stock units	—		4,264
	Total antidilutive shares excluded from the calculation	69,054		69,169

EquityBased_Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2014
Share-based Compensation [Abstract]	'
Equity-Based Compensation	'
	EQUITY-BASED COMPENSATION
	As of March 31, 2014, we had three stock incentive plans under which performance share grants, restricted stock unit (RSU) grants and stock options were outstanding, with approximately 196,000 shares authorized for future use under the 2005 Stock Incentive Plan.
	The following table details our equity-based compensation expense and director deferred compensation expense for the three months ended March 31:
		Three Months Ended
		March 31,
	(Dollars in thousands)	2014				2013
	Employee equity-based compensation expense:
	Performance shares	$	734			$	862
	Restricted stock units	174				210
	Total employee equity-based compensation expense	$	908			$	1,072
	Total tax benefit recognized from equity-based plans	$	74			$	76
	Director deferred compensation (income) expense	$	(441	)		$	1,290
	PERFORMANCE SHARES
	The following table presents the key inputs used in the Monte Carlo simulation method to calculate the fair value of the performance share awards in 2014 and 2013, and the resulting fair values:
		2014				2013
	Shares granted	87,441				83,111
	Stock price as of valuation date	$	39.76			$	45.31
	Risk-free rate	0.72		%		0.4		%
	Fair value of a performance share	$	45.57			$	62.78
	The following table summarizes outstanding performance share awards as of March 31, 2014, and changes during the three months ended March 31, 2014:
	(Dollars in thousands, except grant date fair value)	Shares			Weighted Avg.				Aggregate
					Grant Date				Intrinsic Value
					Fair Value
	Unvested shares outstanding at January 1	155,814			$	48.73
	Granted	87,441			45.57
	Forfeited	—			—
	Unvested shares outstanding at March 31	243,255			47.6				$	9,412
	As of March 31, 2014, there was $7.2 million of unrecognized compensation cost related to unvested performance share awards, which is expected to be recognized over a weighted average period of 1.8 years.
	RESTRICTED STOCK UNITS
	The following table summarizes outstanding RSU awards as of March 31, 2014, and changes during the three months ended March 31, 2014:
	(Dollars in thousands, except grant date fair value)	Shares			Weighted Avg.				Aggregate
					Grant Date				Intrinsic Value
					Fair Value
	Unvested shares outstanding at January 1	37,461			$	38.69
	Granted	13,349			39.66
	Vested	(3,350	)		44.08
	Forfeited	—			—
	Unvested shares outstanding at March 31	47,460			38.58				$	2,643
	For RSU awards granted during the period, the fair value of each unit was determined on the date of grant using the grant date market price. The total fair value of RSU awards vested during the three months ended March 31, 2014 was $0.1 million. As of March 31, 2014, there was $1.1 million of total unrecognized compensation cost related to unvested RSU awards, which is expected to be recognized over a weighted average period of 1.6 years.
	STOCK OPTIONS
	The following table summarizes outstanding stock options as of March 31, 2014, and changes during the three months ended March 31, 2014:
	(Dollars in thousands, except exercise prices)	Shares			Weighted Avg.				Aggregate
					Exercise Price				Intrinsic Value
	Outstanding at January 1	12,859			$	30.92
	Shares exercised	—			—
	Shares canceled or expired	—			—
	Outstanding and exercisable at March 31	12,859			30.92				$	100
	There were no unvested options outstanding during the three months ended March 31, 2014. Cash received from stock options exercised during the three months ended March 31, 2013 was $0.7 million.
	The following table summarizes outstanding stock options as of March 31, 2014:
		Options Outstanding and Exercisable
	Exercise Price	Outstanding			Weighted Avg.
					Remaining
					Contractual Life
	$30.92	12,859			0.67 years

Inventories

Inventories	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Inventories	'
	INVENTORIES
	The following table details the composition of our inventories:
	(Dollars in thousands)	March 31,		December 31, 2013
		2014
	Inventories:
	Lumber and other manufactured wood products	$	19,859	$	15,967
	Logs	9,006		14,975
	Materials and supplies	5,366		5,333
		$	34,231	$	36,275

Pension_Plans_and_Other_Postre

Pension Plans and Other Postretirement Employee Benefits	3 Months Ended
	Mar. 31, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract]	'
Pension Plans and Other Postretirement Employee Benefits	'
	PENSION PLANS AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS
	The following tables detail the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB) for the three months ended March 31:
		Pension Plans						Other Postretirement
								Employee Benefits
	(Dollars in thousands)	2014			2013			2014			2013
	Service cost	$	1,201		$	1,413		$	23		$	23
	Interest cost	4,809			4,454			499			458
	Expected return on plan assets	(6,130		)	(6,524		)	—			—
	Amortization of prior service cost (credit)	187			195			(2,410		)	(2,427		)
	Amortization of actuarial loss	3,620			4,944			679			815
	Net periodic cost (benefit)	$	3,687		$	4,482		$	(1,209	)	$	(1,131	)
	During the three months ended March 31, 2014, we made non-qualified supplemental pension plan payments of $0.4 million.
	The following tables detail the changes in accumulated other comprehensive loss (AOCL) by component for the three months ended March 31:
		2014
	(Dollars in thousands)	Pension Plans			Other Postretirement			Total
					Employee Benefits
	AOCL at January 1							$	98,720
	Amortization of defined benefit items, net of tax(a)
	Prior service cost (credit)	$	(114	)	$	1,470		1,356
	Actuarial loss	(2,208		)	(414		)	(2,622		)
	Total reclassification for the period	$	(2,322	)	$	1,056		(1,266		)
	AOCL at March 31							$	97,454
		2013
	(Dollars in thousands)	Pension Plans			Other Postretirement			Total
					Employee Benefits
	AOCL at January 1							$	140,898
	Amortization of defined benefit items, net of tax(a)
	Prior service cost (credit)	$	(119	)	$	1,481		1,362
	Actuarial loss	(3,016		)	(497		)	(3,513		)
	Total reclassification for the period	$	(3,135	)	$	984		(2,151		)
	AOCL at March 31							$	138,747
	(a) Amortization of prior service cost (credit) and amortization of actuarial loss are included in the computation of net periodic cost.

Financial_Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Instrument Detail [Abstract]	'
Financial Instruments	'
	FINANCIAL INSTRUMENTS
	The following table presents the estimated fair values of our financial instruments as of the balance sheet dates:
		March 31, 2014								December 31, 2013
	(Dollars in thousands)	Carrying				Fair				Carrying		Fair
		Amount				Value				Amount		Value
	Cash and short-term investments (Level 1)	$	76,314			$	76,314			$	57,837	$	57,837
	Derivative asset related to interest rate swaps (Level 2)	1,679				1,679				1,830		1,830
	Long-term debt, including fair value adjustments related to fair value hedges (Level 2)	320,014				352,515				320,092		347,869
	FAIR VALUE HEDGES OF INTEREST RATE RISK
	The following table presents the gross fair values of derivative instruments on our Consolidated Condensed Balance Sheets as of the balance sheet dates:
	(Dollars in thousands)	Balance Sheet Location		March 31,				December 31,
				2014				2013
	Derivatives designated as hedging instruments:
	Interest rate contracts	Other noncurrent assets		$	1,679			$	1,830
	Total derivatives designated as hedging instruments			$	1,679			$	1,830
	The following table details the effect of derivatives on the Consolidated Statements of Income for the three months ended March 31:
		Location of Gain Recognized in Income		Gain Recognized in Income
				Three Months Ended
				March 31,
	(Dollars in thousands)			2014				2013
	Derivatives designated in fair value hedging relationships:
	Realized gain on interest rate contract(1)	Interest expense		$	254			$	246
	Net gain recognized in income from fair value hedges			$	254			$	246
	(1)	Realized gain on hedging instrument consists of net cash settlements and interest accruals on the interest rate swaps during the periods.
	No net unrealized gain or loss associated with the interest rate swaps was recognized in income for any of the periods presented because we recognized no hedge ineffectiveness.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	COMMITMENTS AND CONTINGENCIES
	There have been no material changes to our commitments and contingencies as reported in "Note 15: Commitments and Contingencies" in the Notes to Consolidated Financial Statements in our 2013 Annual Report on Form 10-K.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Reporting Information, Additional Information [Abstract]	'
Segment Information	'
	SEGMENT INFORMATION
	The following table summarizes information by business segment for the three months ended March 31:
		Three Months Ended
		March 31,
	(Dollars in thousands)	2014			2013
	Revenues:
	Resource	$	51,905		$	54,968
	Wood Products	87,804			91,544
	Real Estate	14,439			4,635
		154,148			151,147
	Elimination of intersegment revenues - Resource	(14,569		)	(11,894		)
	Total consolidated revenues	$	139,579		$	139,253
	Operating income:
	Resource	$	16,224		$	15,525
	Wood Products	12,707			18,910
	Real Estate	8,271			3,083
	Eliminations and adjustments	842			489
		38,044			38,007
	Corporate	(6,735		)	(11,399		)
	Operating income	31,309			26,608
	Interest expense	(5,460		)	(6,336		)
	Income before income taxes	$	25,849		$	20,272
	Depreciation, depletion and amortization:
	Resource	$	3,916		$	4,592
	Wood Products	1,529			1,509
	Real Estate	15			13
		5,460			6,114
	Corporate	644			753
	Total depreciation, depletion and amortization	$	6,104		$	6,867
	Basis of real estate sold:
	Real Estate	$	5,167		$	616
	Eliminations and adjustments	(545		)	(159		)
	Total basis of real estate sold	$	4,622		$	457

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share, Basic, Other Disclosures [Abstract]	'
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted EPS	'
	The following table reconciles the number of shares used in calculating the basic and diluted earnings per share for the three months ended March 31:
		Three Months Ended
		March 31,
	(Dollars in thousands, except per-share amounts)	2014		2013
	Net income	$	20,350	$	15,487
	Basic weighted average shares outstanding	40,561,017		40,435,608
	Incremental shares due to:
	Performance shares	60,517		95,523
	Restricted stock units	57,740		63,607
	Stock options	2,834		18,236
	Diluted weighted average shares outstanding	40,682,108		40,612,974
	Basic net income per share	$	0.5	$	0.38
	Diluted net income per share	$	0.5	$	0.38
	Antidilutive shares excluded from the calculation:
	Performance shares	69,054		64,905
	Restricted stock units	—		4,264
	Total antidilutive shares excluded from the calculation	69,054		69,169

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Details of Compensation Expense	'
	The following table details our equity-based compensation expense and director deferred compensation expense for the three months ended March 31:
		Three Months Ended
		March 31,
	(Dollars in thousands)	2014				2013
	Employee equity-based compensation expense:
	Performance shares	$	734			$	862
	Restricted stock units	174				210
	Total employee equity-based compensation expense	$	908			$	1,072
	Total tax benefit recognized from equity-based plans	$	74			$	76
	Director deferred compensation (income) expense	$	(441	)		$	1,290
Fair Value of Performance Share Awards	'
	The following table presents the key inputs used in the Monte Carlo simulation method to calculate the fair value of the performance share awards in 2014 and 2013, and the resulting fair values:
		2014				2013
	Shares granted	87,441				83,111
	Stock price as of valuation date	$	39.76			$	45.31
	Risk-free rate	0.72		%		0.4		%
	Fair value of a performance share	$	45.57			$	62.78
Summary of Outstanding Performance Share Awards	'
	The following table summarizes outstanding performance share awards as of March 31, 2014, and changes during the three months ended March 31, 2014:
	(Dollars in thousands, except grant date fair value)	Shares			Weighted Avg.				Aggregate
					Grant Date				Intrinsic Value
					Fair Value
	Unvested shares outstanding at January 1	155,814			$	48.73
	Granted	87,441			45.57
	Forfeited	—			—
	Unvested shares outstanding at March 31	243,255			47.6				$	9,412
Summary of Outstanding RSU Awards	'
	The following table summarizes outstanding RSU awards as of March 31, 2014, and changes during the three months ended March 31, 2014:
	(Dollars in thousands, except grant date fair value)	Shares			Weighted Avg.				Aggregate
					Grant Date				Intrinsic Value
					Fair Value
	Unvested shares outstanding at January 1	37,461			$	38.69
	Granted	13,349			39.66
	Vested	(3,350	)		44.08
	Forfeited	—			—
	Unvested shares outstanding at March 31	47,460			38.58				$	2,643
Summary of Outstanding Stock Options	'
	The following table summarizes outstanding stock options as of March 31, 2014, and changes during the three months ended March 31, 2014:
	(Dollars in thousands, except exercise prices)	Shares			Weighted Avg.				Aggregate
					Exercise Price				Intrinsic Value
	Outstanding at January 1	12,859			$	30.92
	Shares exercised	—			—
	Shares canceled or expired	—			—
	Outstanding and exercisable at March 31	12,859			30.92				$	100
Summary of Outstanding Stock Options by Exercise Price Range	'
	The following table summarizes outstanding stock options as of March 31, 2014:
		Options Outstanding and Exercisable
	Exercise Price	Outstanding			Weighted Avg.
					Remaining
					Contractual Life
	$30.92	12,859			0.67 years

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory	'
	The following table details the composition of our inventories:
	(Dollars in thousands)	March 31,		December 31, 2013
		2014
	Inventories:
	Lumber and other manufactured wood products	$	19,859	$	15,967
	Logs	9,006		14,975
	Materials and supplies	5,366		5,333
		$	34,231	$	36,275

Pension_Plans_and_Other_Postre1

Pension Plans and Other Postretirement Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract]	'
Components of Net Periodic Cost (Benefit)	'
	The following tables detail the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB) for the three months ended March 31:
		Pension Plans						Other Postretirement
								Employee Benefits
	(Dollars in thousands)	2014			2013			2014			2013
	Service cost	$	1,201		$	1,413		$	23		$	23
	Interest cost	4,809			4,454			499			458
	Expected return on plan assets	(6,130		)	(6,524		)	—			—
	Amortization of prior service cost (credit)	187			195			(2,410		)	(2,427		)
	Amortization of actuarial loss	3,620			4,944			679			815
	Net periodic cost (benefit)	$	3,687		$	4,482		$	(1,209	)	$	(1,131	)
Schedule of Accumulated Other Comprehensive Loss	'
	The following tables detail the changes in accumulated other comprehensive loss (AOCL) by component for the three months ended March 31:
		2014
	(Dollars in thousands)	Pension Plans			Other Postretirement			Total
					Employee Benefits
	AOCL at January 1							$	98,720
	Amortization of defined benefit items, net of tax(a)
	Prior service cost (credit)	$	(114	)	$	1,470		1,356
	Actuarial loss	(2,208		)	(414		)	(2,622		)
	Total reclassification for the period	$	(2,322	)	$	1,056		(1,266		)
	AOCL at March 31							$	97,454
		2013
	(Dollars in thousands)	Pension Plans			Other Postretirement			Total
					Employee Benefits
	AOCL at January 1							$	140,898
	Amortization of defined benefit items, net of tax(a)
	Prior service cost (credit)	$	(119	)	$	1,481		1,362
	Actuarial loss	(3,016		)	(497		)	(3,513		)
	Total reclassification for the period	$	(3,135	)	$	984		(2,151		)
	AOCL at March 31							$	138,747
	(a) Amortization of prior service cost (credit) and amortization of actuarial loss are included in the computation of net periodic cost.

Financial_Instruments_Tables

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instrument Detail [Abstract]	'
Fair Value, by Balance Sheet Grouping	'
	The following table presents the estimated fair values of our financial instruments as of the balance sheet dates:
		March 31, 2014								December 31, 2013
	(Dollars in thousands)	Carrying				Fair				Carrying		Fair
		Amount				Value				Amount		Value
	Cash and short-term investments (Level 1)	$	76,314			$	76,314			$	57,837	$	57,837
	Derivative asset related to interest rate swaps (Level 2)	1,679				1,679				1,830		1,830
	Long-term debt, including fair value adjustments related to fair value hedges (Level 2)	320,014				352,515				320,092		347,869
Fair Values of Derivative Instruments	'
	The following table presents the gross fair values of derivative instruments on our Consolidated Condensed Balance Sheets as of the balance sheet dates:
	(Dollars in thousands)	Balance Sheet Location		March 31,				December 31,
				2014				2013
	Derivatives designated as hedging instruments:
	Interest rate contracts	Other noncurrent assets		$	1,679			$	1,830
	Total derivatives designated as hedging instruments			$	1,679			$	1,830
Effect of Derivatives on Consolidated Condensed Statements of Income	'
	The following table details the effect of derivatives on the Consolidated Statements of Income for the three months ended March 31:
		Location of Gain Recognized in Income		Gain Recognized in Income
				Three Months Ended
				March 31,
	(Dollars in thousands)			2014				2013
	Derivatives designated in fair value hedging relationships:
	Realized gain on interest rate contract(1)	Interest expense		$	254			$	246
	Net gain recognized in income from fair value hedges			$	254			$	246
	(1)	Realized gain on hedging instrument consists of net cash settlements and interest accruals on the interest rate swaps during the periods.

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting Information, Additional Information [Abstract]	'
Summary of Information by Business Segment	'
	The following table summarizes information by business segment for the three months ended March 31:
		Three Months Ended
		March 31,
	(Dollars in thousands)	2014			2013
	Revenues:
	Resource	$	51,905		$	54,968
	Wood Products	87,804			91,544
	Real Estate	14,439			4,635
		154,148			151,147
	Elimination of intersegment revenues - Resource	(14,569		)	(11,894		)
	Total consolidated revenues	$	139,579		$	139,253
	Operating income:
	Resource	$	16,224		$	15,525
	Wood Products	12,707			18,910
	Real Estate	8,271			3,083
	Eliminations and adjustments	842			489
		38,044			38,007
	Corporate	(6,735		)	(11,399		)
	Operating income	31,309			26,608
	Interest expense	(5,460		)	(6,336		)
	Income before income taxes	$	25,849		$	20,272
	Depreciation, depletion and amortization:
	Resource	$	3,916		$	4,592
	Wood Products	1,529			1,509
	Real Estate	15			13
		5,460			6,114
	Corporate	644			753
	Total depreciation, depletion and amortization	$	6,104		$	6,867
	Basis of real estate sold:
	Real Estate	$	5,167		$	616
	Eliminations and adjustments	(545		)	(159		)
	Total basis of real estate sold	$	4,622		$	457

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income tax provision	($5,499)	($4,785)

Earnings_per_Share_Reconciliat

Earnings per Share (Reconciliation Of Number Of Common Shares Used In Calculating Basic And Diluted EPS) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings per Share [Line Items]	'	'
Net income	$20,350	$15,487
Basic weighted-average shares outstanding (in shares)	40,561,017	40,435,608
Diluted weighted-average shares outstanding (in shares)	40,682,108	40,612,974
Basic net income per share (in shares)	$0.50	$0.38
Diluted net income per share (in shares)	$0.50	$0.38
Total anti-dilutive shares excluded from the calculation (in shares)	69,054	69,169
Performance shares [Member]	'	'
Earnings per Share [Line Items]	'	'
Incremental shares (in shares)	60,517	95,523
Total anti-dilutive shares excluded from the calculation (in shares)	69,054	64,905
Restricted stock units [Member]	'	'
Earnings per Share [Line Items]	'	'
Incremental shares (in shares)	57,740	63,607
Total anti-dilutive shares excluded from the calculation (in shares)	0	4,264
Stock options [Member]	'	'
Earnings per Share [Line Items]	'	'
Incremental shares (in shares)	2,834	18,236

EquityBased_Compensation_Narra

Equity-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Shares authorized (in shares)	196,000	'
Cash received from stock options exercises	$0	$667,000
Performance shares [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Unrecognized compensation cost	7,200,000	'
Weighted average period (in years)	'1 year 9 months 15 days	'
Restricted stock units [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total fair value of RSU awards vested	100,000	'
Unrecognized compensation cost	$1,100,000	'
Weighted average period (in years)	'1 year 7 months 4 days	'

EquityBased_Compensation_Detai

Equity-Based Compensation (Details Of Compensation Expense) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Employee equity-based compensation expense	$908	$1,072
Actual tax benefit realized for tax deductions from equity-based plans	74	76
Director deferred compensation expense (income)	-441	1,290
Performance shares [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Employee equity-based compensation expense	734	862
Restricted stock units [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Employee equity-based compensation expense	$174	$210

EquityBased_Compensation_Fair_

Equity-Based Compensation (Fair Value Of Performance Share Awards) (Details) (Performance shares [Member], USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Performance shares [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Shares granted (in shares)	87,441	83,111
Stock price as of valuation date (in dollars per share)	$39.76	$45.31
Risk-free rate	0.72%	0.40%
Fair value of a performance share (in dollars per share)	$45.57	$62.78

EquityBased_Compensation_Summa

Equity-Based Compensation (Summary Of Outstanding Performance Share Awards / Restricted Stock Units) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Performance shares [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Unvested shares outstanding at January 1, Shares	155,814	'
Granted (in shares)	87,441	83,111
Forfeited (in shares)	0	'
Unvested shares outstanding at September 30, Shares	243,255	'
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share)	$48.73	'
Granted, Weighted Av.g Exercise Price (in dollars per share)	$45.57	$62.78
Forfeited, Weighted Avg. Grant Date Fair Value (in dollars per share)	$0	'
Unvested shares outstanding at September 30, Weighted Avg. Grant Date Fair Value (in dollars per share)	$47.60	'
Aggregate Intrinsic Value	$9,412	'
Restricted Stock Units (RSUs) [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Unvested shares outstanding at January 1, Shares	37,461	'
Granted (in shares)	13,349	'
Vested (in shares)	-3,350	'
Forfeited (in shares)	0	'
Unvested shares outstanding at September 30, Shares	47,460	'
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share)	$38.69	'
Granted, Weighted Av.g Exercise Price (in dollars per share)	$39.66	'
Vested, Weighted Avg. Grant Date Fair Value (in dollars per share)	$44.08	'
Forfeited, Weighted Avg. Grant Date Fair Value (in dollars per share)	$0	'
Unvested shares outstanding at September 30, Weighted Avg. Grant Date Fair Value (in dollars per share)	$38.58	'
Aggregate Intrinsic Value	$2,643	'

EquityBased_Compensation_Summa1

Equity-Based Compensation (Summary Of Outstanding Stock Options) (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'
Outstanding at January 1, (in shares)	12,859
Shares exercised, (in shares)	0
Shares canceled or expired, (in shares)	0
Outstanding and exercisable at September 30, (in shares)	12,859
Outstanding at January 1, Weighted Avg. Exercise Price (in dollars per share)	$30.92
Shares exercised, Weighted Avg. Exercise Price (in dollars per share)	$0
Shares canceled or expired, Weighted Avg. Exercise Price (in dollars per share)	$0
Outstanding and exercisable at September 30, Weighted Avg. Exercise Price (in dollars per share)	$30.92
Outstanding and exercisable at September 30, Aggregate Intrinsic Value	$100

EquityBased_Compensation_Summa2

Equity-Based Compensation (Summary of Outstanding Stock Options By Exercise Price Range) (Details) (30.9204)	3 Months Ended
	Mar. 31, 2014
30.9204	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Options outstanding (in shares)	12,859
Weighted Avg. Remaining Contractual Life (in years)	'8 months 1 day

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Lumber and other manufactured wood products	$19,859	$15,967
Logs	9,006	14,975
Materials and supplies	5,366	5,333
Inventories, Total	$34,231	$36,275

Pension_Plans_and_Other_Postre2

Pension Plans and Other Postretirement Employee Benefits (Narrative) (Details) (Non-Qualified Supplemental Pension Plans [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Non-Qualified Supplemental Pension Plans [Member]	'
Defined Benefit Plan Disclosure [Line Items]	'
Contributions	$0.40

Pension_Plans_and_Other_Postre3

Pension Plans and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Pension Plans [Member]	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'
Service cost	$1,201	$1,413
Interest cost	4,809	4,454
Expected return on plan assets	-6,130	-6,524
Amortization of prior service cost (credit)	187	195
Amortization of actuarial loss	3,620	4,944
Net periodic cost (benefit)	3,687	4,482
Other Postretirement Employee Benefits [Member]	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'
Service cost	23	23
Interest cost	499	458
Expected return on plan assets	0	0
Amortization of prior service cost (credit)	-2,410	-2,427
Amortization of actuarial loss	679	815
Net periodic cost (benefit)	($1,209)	($1,131)

Pension_Plans_and_Other_Postre4

Pension Plans and Other Postretirement Employee Benefits (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
AOCL at beginning of period	$98,720		$140,898
Prior service cost (credit)	1,356	[1]	1,362	[1]
Actuarial loss	-2,622	[1]	-3,513	[1]
Total reclassification for the period	-1,266	[1]	-2,151	[1]
AOCL at end of period	97,454		138,747
Other Postretirement Employee Benefits [Member]	'		'
Prior service cost (credit)	1,470	[1]	1,481	[1]
Actuarial loss	-414	[1]	-497	[1]
Total reclassification for the period	1,056	[1]	984	[1]
Pension Plans [Member]	'		'
Prior service cost (credit)	-114	[1]	-119	[1]
Actuarial loss	-2,208	[1]	-3,016	[1]
Total reclassification for the period	($2,322)	[1]	($3,135)	[1]
[1]	(a) Amortization of prior service cost (credit) and amortization of actuarial loss are included in the computation of net periodic cost.

Financial_Instruments_Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Cash and short-term investments, Carrying Amount	$76,314	$57,837
Cash and short-term investments, Fair Value	76,314	57,837
Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Long-term debt, including current installments on long-term debt and fair value adjustments related to fair value hedges, Carrying Amount	320,014	320,092
Long-term debt, including current installments on long-term debt and fair value adjustments related to fair value hedges, Fair Value	352,515	347,869
Level 2 [Member] | Interest rate contracts [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Derivative asset related to interest rate swaps, Carrying Amount	1,679	1,830
Derivative asset related to interest rate swaps, Fair Value	$1,679	$1,830

Financial_Instruments_Fair_Val

Financial Instruments (Fair Values Of Derivative Instruments) (Details) (Derivatives designated as hedging instruments [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Fair Value of Derivative Assets	$1,679	$1,830
Other assets (non-current) [Member] | Interest rate contracts [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Fair Value of Derivative Assets	$1,679	$1,830

Financial_Instruments_Effect_O

Financial Instruments (Effect Of Derivatives On Consolidated Condensed Statements Of Operations And Comprehensive Income) (Details) (Derivatives designated as hedging instruments [Member], Interest rate contracts [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'		'
Net gain (loss) recognized in income	$254		$246
Interest expense [Member]	'		'
Derivative Instruments, Gain (Loss) [Line Items]	'		'
Realized gain on hedging instrument	$254	[1]	$246	[1]
[1]	1) Realized gain on hedging instrument consists of net cash settlements and interest accruals on the interest rate swaps during the periods.

Segment_Information_Summary_Of

Segment Information (Summary Of Information By Business Segment) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'
Segment Revenues	$139,579	$139,253
Operating Income	25,849	20,272
Operating Income (Loss)	31,309	26,608
Interest Expense	-5,460	-6,336
Depreciation, depletion and amortization	6,104	6,867
Basis of real estate sold	4,622	457
Operating Segments [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Segment Revenues	154,148	151,147
Operating Income	38,044	38,007
Depreciation, depletion and amortization	5,460	6,114
Resource [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Segment Revenues	51,905	54,968
Operating Income	16,224	15,525
Depreciation, depletion and amortization	3,916	4,592
Real Estate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Segment Revenues	14,439	4,635
Operating Income	8,271	3,083
Depreciation, depletion and amortization	15	13
Basis of real estate sold	5,167	616
Wood Products [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Segment Revenues	87,804	91,544
Operating Income	12,707	18,910
Depreciation, depletion and amortization	1,529	1,509
Eliminations and Adjustments [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Segment Revenues	-14,569	-11,894
Operating Income	842	489
Corporate [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Operating Income	-6,735	-11,399
Depreciation, depletion and amortization	644	753
Basis of Real Estate Sold Eliminations and Adjustments [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Basis of real estate sold	($545)	($159)