PotlatchDeltic (PCH) 10-Q 26 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 25, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	POTLATCH CORP
Trading Symbol	PCH
Entity Central Index Key	1,338,749
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		40,518,533

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues	$ 141,495	$ 128,747	$ 269,391	$ 262,872
Costs and expenses:
Cost of goods sold	113,377	109,441	223,192	217,213
Selling, general and administrative expenses	13,824	11,995	26,833	24,321
Loss on sale of central Idaho timber and timberlands	48,522		48,522
Total costs and expenses	175,723	121,436	298,547	241,534
Operating income (loss)	(34,228)	7,311	(29,156)	21,338
Interest expense, net	(8,206)	(8,016)	(14,231)	(16,085)
Income (loss) before income taxes	(42,434)	(705)	(43,387)	5,253
Income tax benefit	11,196	1,416	12,306	1,114
Net income (loss)	$ (31,238)	$ 711	$ (31,081)	$ 6,367
Net income (loss) per share:
Basic (in dollars per share)	$ (0.77)	$ 0.02	$ (0.76)	$ 0.16
Diluted (in dollars per share)	(0.77)	0.02	(0.76)	0.16
Distributions per share (in dollars per share)	$ 0.375	$ 0.375	$ 0.75	$ 0.75
Weighted-average shares outstanding (in thousands):
Basic (in shares)	40,784,129	40,842,672	40,836,503	40,822,326
Diluted (in shares)	40,784,129	40,963,488	40,836,503	40,932,852

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income Loss) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)		$ (31,238)	$ 711	$ (31,081)	$ 6,367
Other comprehensive income, net of tax:
Amortization of prior service credit included in net periodic cost, net of tax of $(815), $(848), $(1,630) and $(1,697)	[1]	(1,274)	(1,328)	(2,549)	(2,656)
Amortization of actuarial loss included in net periodic cost, net of tax of $1,826, $1,900, $3,521 and $3,837	[1]	2,857	2,974	5,507	6,003
Cash flow hedge, net of tax of $(264), $-, $(369) and $-		(413)	0	(577)	0
Other comprehensive income, net of tax		1,170	1,646	2,381	3,347
Comprehensive income (loss)		$ (30,068)	$ 2,357	$ (28,700)	$ 9,714
[1]	Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Amortization of prior service credit included in net periodic cost, tax effect	$ (815)	$ (848)	$ (1,630)	$ (1,697)
Amortization of actuarial loss included in net periodic cost, tax effect	1,826	1,900	3,521	3,837
Cash flow hedge, tax effect	$ (264)	$ 0	$ (369)	$ 0

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 25,301	$ 7,886
Short-term investments	40,077	39
Receivables, net	22,531	13,420
Inventories	30,045	35,162
Other assets	17,162	14,246
Total current assets	135,116	70,753
Property, plant and equipment, net	74,558	75,285
Timber and timberlands, net	643,814	816,599
Deferred tax assets, net	51,569	46,600
Other assets	9,088	7,375
Total assets	914,145	1,016,612
Current liabilities:
Revolving line of credit borrowings		30,000
Current portion of long-term debt	5,082	5,007
Accounts payable and accrued liabilities	48,290	39,740
Current portion of pension and other postretirement employee benefits	5,973	5,973
Total current liabilities	59,345	80,720
Long-term debt	581,205	598,874
Pension and other postretirement employee benefits	119,590	119,369
Other long-term obligations	13,462	13,913
Total liabilities	773,602	812,876
Commitments and contingencies
Total liabilities and stockholders' equity	914,145	1,016,612
Common stock, $1 par value	40,519	40,681
Additional paid-in capital	352,497	350,541
Accumulated deficit	(140,351)	(72,983)
Accumulated other comprehensive loss	(112,122)	(114,503)
Total stockholders’ equity	$ 140,543	$ 203,736

Consolidated Condensed Balance6

Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1

Consolidated Condensed Statemen

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (31,081)	$ 6,367
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion and amortization	16,474	15,597
Basis of real estate sold	5,421	1,008
Change in deferred taxes	(6,784)	(1,707)
Employee benefit plans	6,416	3,166
Equity-based compensation expense	2,176	2,259
Loss on sale of central Idaho timber and timberlands	48,522
Other, net	(1,280)	(5,496)
Change in working capital and operating-related activities, net	5,797	(4,538)
Net cash from operating activities	45,661	16,656
CASH FLOWS FROM INVESTING ACTIVITIES
Change in short-term investments	(40,038)	24,537
Property, plant and equipment	(3,488)	(12,248)
Timberlands reforestation and roads	(5,544)	(6,004)
Acquisition of timber and timberlands	(1,161)
Net proceeds from sale of central Idaho timber and timberlands	111,460
Other, net	109	433
Net cash from investing activities	61,338	6,718
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends to common stockholders	(30,453)	(30,507)
Repayment of revolving line of credit borrowings	(30,000)
Proceeds from revolving line of credit borrowings		15,000
Repayment of long-term debt	(47,600)
Proceeds from issuance of long-term debt	27,500
Repurchase of common stock	(5,956)
Change in book overdrafts	(2,836)	(2,246)
Employee tax withholdings on vested performance share awards	(102)	(1,445)
Other, net	(137)	(37)
Net cash from financing activities	(89,584)	(19,235)
Increase in cash	17,415	4,139
Cash at beginning of period	7,886	4,644
Cash at end of period	25,301	8,783
Cash paid (received) during the period for:
Interest, net of amounts capitalized	13,791	13,702
Income taxes, net	$ (1,740)	$ 1,512

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	NOTE 1. 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 condensed 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, 2015, as filed with the Securities and Exchange Commission on February 12, 2016. We believe that all adjustments necessary for a fair statement of the results of such interim periods have been included and all such adjustments are of a normal recurring nature.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share Basic Other Disclosures [Abstract]
Earnings per Share	NOTE 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands, except per share amounts) 2016 2015 2016 2015 Net income (loss) $ (31,238 ) $ 711 $ (31,081 ) $ 6,367 Basic weighted-average shares outstanding 40,784,129 40,842,672 40,836,503 40,822,326 Incremental shares due to: Performance shares — 100,915 — 92,130 Restricted stock units — 19,901 — 18,396 Diluted weighted-average shares outstanding 40,784,129 40,963,488 40,836,503 40,932,852 Basic net income (loss) per share $ (0.77 ) $ 0.02 $ (0.76 ) $ 0.16 Diluted net income (loss) per share $ (0.77 ) $ 0.02 $ (0.76 ) $ 0.16 No dilutive potential shares were included in the computation of diluted net income (loss) per share for the three and six months ended 2016 due to the net loss. For the three months ended June 30, 2016 and 2015, there were 107,769 and 1,000 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the six months ended June 30, 2016 and 2015, there were 67,846 and 80,726 anti-dilutive stock-based awards. Anti-dilutive stock-based awards could be dilutive in future periods. We repurchased 169,625 shares of common stock during the quarter at an average price of $35.08 per share totaling $6.0 million. The shares were retired and the excess repurchase price over par was allocated to accumulated deficit.

Certain Balance Sheet Component

Certain Balance Sheet Components	6 Months Ended
	Jun. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Supplemental Balance Sheet Disclosures	NOTE 4. CERTAIN BALANCE SHEET COMPONENTS INVENTORIES (Dollars in thousands) June 30, 2016 December 31, 2015 Inventories: Logs $ 4,882 $ 9,920 Lumber, plywood and veneer 16,533 16,932 Materials and supplies 8,630 8,310 Total inventories $ 30,045 $ 35,162 PROPERTY, PLANT AND EQUIPMENT (Dollars in thousands) June 30, 2016 December 31, 2015 Property, plant and equipment $ 250,502 $ 248,750 Less: accumulated depreciation (175,944 ) (173,465 ) Total property, plant and equipment, net $ 74,558 $ 75,285

Loss on Sale of Central Idaho T

Loss on Sale of Central Idaho Timber and Timberlands	6 Months Ended
	Jun. 30, 2016
Gain Loss On Sale Of Property [Abstract]
Loss on Sale of Central Idaho Timber and Timberlands	NOTE 5. LOSS ON SALE OF CENTRAL IDAHO TIMBER AND TIMBERLANDS On April 21, 2016, we sold approximately 172,000 acres of timberlands located in central Idaho for $114 million. The company purchased the property in 2007 and 2008 for the purpose of growing and harvesting timber and selling rural recreation parcels. In the recession of 2008 the central Idaho rural recreational real estate market collapsed and has not fully recovered. The sale frees up capital without having to wait for the rural recreation real estate market in central Idaho to recover. We recorded a loss of $48.5 million before taxes in our Real Estate segment in the second quarter of 2016. Historical earnings generated by the property have been positive, but not material. The asset group was classified as held and used as of March 31, 2016. Neither a signed letter of intent, nor an approved purchase agreement were in place as of that date. Because negotiations were underway with the buyer at the end of the first quarter, we believed that it was prudent to complete an undiscounted cash flow analysis to determine whether the asset group was impaired. Given the long period of time over which cash flows would be generated in the hold scenario and management’s belief that the likelihood that a sale would be completed was 20%, the undiscounted cash flows significantly exceeded the book basis of the asset group. Therefore, at March 31, 2016 management concluded that the asset group was not impaired and recorded the loss on sale in the second quarter of 2016.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	NOTE 6. DEBT In February 2016, we amended our term loan agreement to provide an additional loan in the amount of $27.5 million. This additional tranche refinanced $27.5 million of long-term debt that matured in December 2015 and February 2016. The new debt matures in 2026 and carries a rate equal to 3-month LIBOR plus 2.15% per annum. In June 2016, we repaid $42.6 million of revenue bonds. The bonds carried a rate of 5.9% and had a maturity date in 2026.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2016
Derivative Instrument Detail [Abstract]
Derivative Instruments	NOTE 7. DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset or liability to a particular risk, such as interest rate risk, are considered fair value hedges. We have seven fair value interest rate swaps to convert interest payments on fixed-rate debt to variable-rate 3-month LIBOR plus a spread. Derivatives designated and qualifying as a hedge of the exposure to variability in the cash flows of a specific asset or liability that is attributable to a particular risk, such as interest rate risk, are considered cash flow hedges. We have one interest rate swap to convert variable-rate debt, comprised of 3-month LIBOR plus a spread, to fixed-rate debt. Our cash flow hedge is expected to be highly effective in achieving offsetting cash flows attributable to the hedged interest rate risk through the term of the hedge. Therefore, changes in the fair value of the interest rate swap are recorded as a component of other comprehensive income and will be recognized in earnings when the hedged interest rate affects earnings. The amounts paid or received on this interest rate hedge will be recognized as adjustments to interest expense. As of June 30, 2016, the amount of net losses expected to be reclassified into earnings in the next 12 months is $0.3 million. The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets Asset Derivatives Liability Derivatives (Dollars in thousands) Location June 30, 2016 December 31, 2015 Location June 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate contracts Other assets, current $ 82 $ 7 Long-term debt $ 946 $ — Interest rate contracts Other assets, non-current 1,610 574 Total derivatives designated as hedging instruments $ 1,692 $ 581 $ 946 $ — The following table details the effect of derivatives on our Consolidated Statements of Income Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) Location 2016 2015 2016 2015 Derivatives designated in fair value hedging relationships: Realized gain on interest rate contracts 1 Interest expense $ 214 $ 409 $ 456 $ 788 Derivatives designated in cash flow hedging relationships: Gain (loss) recognized on derivative, net of tax of $(264) and $(369) (effective portion) Other Comprehensive Income $ (490 ) $ — $ (654 ) $ — Gain (loss) reclassified into income (effective portion) Interest expense (77 ) — (77 ) — Net effect on other comprehensive income (loss) $ (413 ) $ — $ (577 ) $ — 1 Condensed Consolidated Statements of Cash Flows

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2016
Derivative Instrument Detail [Abstract]
Financial Instruments	NOTE 8. FINANCIAL INSTRUMENTS The following table presents the estimated fair values of our financial instruments: June 30, 2016 December 31, 2015 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and short-term investments (Level 1) $ 65,378 $ 65,378 $ 7,925 $ 7,925 Asset related to interest rate swaps (Level 2) $ 1,692 $ 1,692 $ 581 $ 581 Liability related to interest rate swaps (Level 2) $ 946 $ 946 $ — $ — Long-term debt, including fair value adjustments related to hedging instruments (Level 2) $ 586,287 $ 609,232 $ 603,881 $ 626,021 Company owned life insurance asset (COLI) (Level 3) $ 1,683 $ 1,683 $ 687 $ 687 For cash and short-term investments, the carrying amount approximates fair value due to the short-term nature of these financial instruments. The fair value of the interest rate swaps were determined by discounting the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity and uses observable market-based inputs, including interest rate forward curves. The fair value of our long-term debt is estimated based upon the quoted market prices for the same or similar debt issues, or estimated based on average market prices for comparable debt when there is no quoted market price. The contract value of our COLI, the amount at which it could be redeemed, is used as a practical expedient to estimate fair value because market prices are not readily available.

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	6 Months Ended
	Jun. 30, 2016
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Postretirement Employee Benefits	NOTE 9. PENSION 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): Quarters Ended June 30, Pension OPEB (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 1,747 $ 1,531 $ 2 $ 4 Interest cost 4,258 4,259 355 345 Expected return on plan assets (4,734 ) (5,192 ) — — Amortization of prior service cost (credit) 129 152 (2,218 ) (2,328 ) Amortization of actuarial loss 4,253 4,408 430 466 Net periodic cost (benefit) $ 5,653 $ 5,158 $ (1,431 ) $ (1,513 ) Six Months Ended June 30, Pension OPEB (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 3,254 $ 3,061 $ 7 $ 11 Interest cost 8,510 8,518 710 728 Expected return on plan assets (9,500 ) (10,383 ) — — Amortization of prior service cost (credit) 259 303 (4,438 ) (4,656 ) Amortization of actuarial loss 8,170 8,816 858 1,024 Net periodic cost (benefit) $ 10,693 $ 10,315 $ (2,863 ) $ (2,893 ) During the six months ended June 30, 2016 and 2015, we paid non-qualified supplemental pension benefits of $0.7 million and $0.9 million. During the six months ended June 30, 2016 and 2015, we paid OPEB benefits of $1.9 million and $1.8 million. The following tables detail the pension and OPEB changes in accumulated other comprehensive loss (AOCL): Quarter ended June 30, 2016 (Dollars in thousands) Pension OPEB Total Balance at March 31 $ 125,776 $ (12,648 ) $ 113,128 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (79 ) 1,353 1,274 Actuarial loss (2,594 ) (263 ) (2,857 ) Total reclassification for the period (2,673 ) 1,090 (1,583 ) Balance at June 30 $ 123,103 $ (11,558 ) $ 111,545 Quarter ended June 30, 2015 (Dollars in thousands) Pension OPEB Total Balance at March 31 $ 131,480 $ (14,789 ) $ 116,691 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (92 ) 1,420 1,328 Actuarial loss (2,689 ) (285 ) (2,974 ) Total reclassification for the period (2,781 ) 1,135 (1,646 ) Balance at June 30 $ 128,699 $ (13,654 ) $ 115,045 Six Months Ended June 30, 2016 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 128,244 $ (13,741 ) $ 114,503 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (158 ) 2,707 2,549 Actuarial loss (4,983 ) (524 ) (5,507 ) Total reclassification for the period (5,141 ) 2,183 (2,958 ) Balance at June 30 $ 123,103 $ (11,558 ) $ 111,545 Six Months Ended June 30, 2015 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 134,261 $ (15,869 ) $ 118,392 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (184 ) 2,840 2,656 Actuarial loss (5,378 ) (625 ) (6,003 ) Total reclassification for the period (5,562 ) 2,215 (3,347 ) Balance at June 30 $ 128,699 $ (13,654 ) $ 115,045 1

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2016
Share Based Compensation [Abstract]
Equity-Based Compensation	NOTE 10. EQUITY-BASED COMPENSATION As of June 30, 2016, we had two stock incentive plans under which performance shares, restricted stock units (RSUs) and deferred compensation stock equivalent units outstanding. These plans have received shareholder approval. We were originally authorized to issue up to 1.6 million shares and 1.0 million shares under our 2005 Stock Incentive Plan and 2014 Stock Incentive Plan, respectively. At June 30, 2016, approximately 1.1 million shares were authorized for future use. We issue new shares of common stock to settle performance shares, restricted stock units and deferred compensation stock equivalent units. The following table details equity-based compensation expense and the related income tax benefit: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Employee equity-based compensation expense: Performance shares $ 951 $ 950 $ 1,705 $ 1,822 Restricted stock units 271 232 471 437 Total employee equity-based compensation expense $ 1,222 $ 1,182 $ 2,176 $ 2,259 Deferred compensation stock equivalent units expense $ 220 $ 47 $ 420 $ 166 Total tax benefit recognized for share-based expense $ 89 $ 78 $ 155 $ 152 PERFORMANCE SHARES The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2016 and 2015: Six Months Ended June 30, 2016 2015 Stock price as of valuation date $ 25.92 $ 40.00 Risk-free rate 0.88 % 1.07 % Expected volatility 23.82 % 21.09 % Expected dividends 5.79 % 3.75 % Expected term (years) 3.00 3.00 The following table summarizes outstanding performance share awards as of June 30, 2016, and changes during the six months ended June 30, 2016: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 161,049 $ 41.26 Granted 125,469 $ 30.02 Unvested shares outstanding at June 30 286,518 $ 36.64 $ 9,770 As of June 30, 2016, there was $5.1 million of unrecognized compensation cost related to unvested performance share awards, which is expected to be recognized over a weighted-average period of 1.7 years. RESTRICTED STOCK UNITS The following table summarizes outstanding RSU awards as of June 30, 2016, and changes during the six months ended June 30, 2016: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 44,531 $ 40.95 Granted 43,320 $ 26.08 Vested (2,000 ) $ 39.12 Unvested shares outstanding at June 30 85,851 $ 33.03 $ 2,928 The fair value of each RSU equaled our common share price on the date of grant. The total fair value of RSU awards that vested during the six months ended June 30, 2016 was $0.1 million. As of June 30, 2016, there was $1.6 million of total unrecognized compensation cost related to unvested RSU awards, which is expected to be recognized over a weighted-average period of 1.7 years. DEFERRED COMPENSATION STOCK EQUIVALENT UNITS A long-term incentive award is granted annually to our directors, and payable upon a director's separation from service. Directors may also elect to defer their annual retainers, payable in the form of stock. All stock unit equivalent accounts are credited with dividend equivalents. As of June 30, 2016, there were 148,248 shares outstanding that will be distributed in the future to directors as common stock. Issuance of restricted stock units awarded to certain officers and select employees may also be deferred. All stock unit equivalent accounts are credited with dividend equivalents. As of June 30, 2016, there were 65,357 RSUs which had vested, but issuance of the related stock had been deferred.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11. 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 conduct certain activities through our taxable REIT subsidiaries (TRS), which are subject to corporate level federal and state income taxes. These taxable activities are principally comprised of our wood products manufacturing operations and certain real estate investments. Therefore, income tax expense or benefit is primarily due to income or loss of the TRS, as well as permanent book versus tax differences. As a result of the loss on sale of central Idaho timberlands, in the second quarter of 2016 $5.5 million was reclassed from a net operating loss carryforward within deferred taxes to receivables, net.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12. COMMITMENTS AND CONTINGENCIES In January 2007, the Environmental Protection Agency (EPA) notified us that we are a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and the Clean Water Act for cleanup of a site known as Avery Landing in northern Idaho. We own a portion of the land at the Avery Landing site, which we acquired in 1980 from the Milwaukee Railroad. The land we own at the site and adjacent properties were contaminated with petroleum as a result of the Milwaukee Railroad's operations at the site prior to 1980. On July 5, 2011, the EPA issued an Action Memorandum for the Avery Landing site selecting contaminant extraction and off-site disposal as the remedial alternative. On May 23, 2012, we signed a consent order with the EPA pursuant to which we agreed to provide $1.75 million in funding for EPA cleanup on a portion of our property (including the adjacent riverbank owned by the Idaho Department of Lands). The EPA cleanup was completed in October 2012. On April 4, 2013, the EPA issued a unilateral administrative order requiring us to remediate the portion of the Avery Landing site that we own. Our remediation was completed in October 2013. On September 25, 2015 the EPA sent us a letter asserting that the EPA and the Department of Transportation (the current owner of a portion of the adjacent property remediated by the EPA) (DOT) had incurred $9.6 million in unreimbursed response costs associated with the site and that we were liable for such costs. We believe we have meritorious defenses to this claim and we intend to defend ourselves vigorously. We have reserved all of our rights to seek reimbursement for the costs of remediation from all parties potentially responsible. We executed a tolling agreement with the EPA and DOT suspending the statute of limitations on the claim until June 2016 in order to facilitate negotiations of a final settlement and release. In June 2016, the parties agreed to extend the tolling agreement through October 6, 2016 and settlement negotiations continue. We accrued $0.2 million for this matter in the first quarter of 2016 and an additional $0.8 million for this matter in the second quarter of 2016.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting Information Additional Information [Abstract]
Segment Information	NOTE 13. SEGMENT INFORMATION The following table summarizes information by business segment: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Revenues: Resource $ 54,826 $ 44,111 $ 103,536 $ 98,066 Wood Products 90,924 84,191 174,162 173,424 Real Estate 9,954 10,745 15,520 13,856 155,704 139,047 293,218 285,346 Elimination (14,209 ) (10,300 ) (23,827 ) (22,474 ) Total consolidated revenues $ 141,495 $ 128,747 $ 269,391 $ 262,872 Operating income (loss): Resource $ 15,672 $ 8,797 $ 25,879 $ 23,775 Wood Products 4,695 (1,953 ) 5,651 1,547 Real Estate 1 (43,429 ) 8,521 (41,354 ) 10,120 Eliminations and adjustments (969 ) 539 496 3,514 (24,031 ) 15,904 (9,328 ) 38,956 Corporate (10,197 ) (8,593 ) (19,828 ) (17,618 ) Operating income (loss) (34,228 ) 7,311 (29,156 ) 21,338 Interest expense, net (8,206 ) (8,016 ) (14,231 ) (16,085 ) Income (loss) before income taxes $ (42,434 ) $ (705 ) $ (43,387 ) $ 5,253 Depreciation, depletion and amortization: Resource $ 5,387 $ 4,797 $ 11,515 $ 11,051 Wood Products 1,800 1,661 3,701 3,237 Real Estate 1 15 3 30 7,188 6,473 15,219 14,318 Corporate 213 251 421 535 Bond discounts and deferred loan fees 468 369 834 744 Total depreciation, depletion and amortization $ 7,869 $ 7,093 $ 16,474 $ 15,597 Basis of real estate sold: Real Estate $ 3,509 $ 710 $ 5,754 $ 1,181 Eliminations and adjustments (122 ) (110 ) (333 ) (173 ) Total basis of real estate sold $ 3,387 $ 600 $ 5,421 $ 1,008 1 172,000 114 48.5

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 basic and diluted earnings per share: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands, except per share amounts) 2016 2015 2016 2015 Net income (loss) $ (31,238 ) $ 711 $ (31,081 ) $ 6,367 Basic weighted-average shares outstanding 40,784,129 40,842,672 40,836,503 40,822,326 Incremental shares due to: Performance shares — 100,915 — 92,130 Restricted stock units — 19,901 — 18,396 Diluted weighted-average shares outstanding 40,784,129 40,963,488 40,836,503 40,932,852 Basic net income (loss) per share $ (0.77 ) $ 0.02 $ (0.76 ) $ 0.16 Diluted net income (loss) per share $ (0.77 ) $ 0.02 $ (0.76 ) $ 0.16

Certain Balance Sheet Compone22

Certain Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory	(Dollars in thousands) June 30, 2016 December 31, 2015 Inventories: Logs $ 4,882 $ 9,920 Lumber, plywood and veneer 16,533 16,932 Materials and supplies 8,630 8,310 Total inventories $ 30,045 $ 35,162
Property, Plant and Equipment	(Dollars in thousands) June 30, 2016 December 31, 2015 Property, plant and equipment $ 250,502 $ 248,750 Less: accumulated depreciation (175,944 ) (173,465 ) Total property, plant and equipment, net $ 74,558 $ 75,285

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instrument Detail [Abstract]
Fair Values of Derivative Instruments	The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets Asset Derivatives Liability Derivatives (Dollars in thousands) Location June 30, 2016 December 31, 2015 Location June 30, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate contracts Other assets, current $ 82 $ 7 Long-term debt $ 946 $ — Interest rate contracts Other assets, non-current 1,610 574 Total derivatives designated as hedging instruments $ 1,692 $ 581 $ 946 $ —
Effect of Derivatives on Consolidated Statements of Income	The following table details the effect of derivatives on our Consolidated Statements of Income Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) Location 2016 2015 2016 2015 Derivatives designated in fair value hedging relationships: Realized gain on interest rate contracts 1 Interest expense $ 214 $ 409 $ 456 $ 788 Derivatives designated in cash flow hedging relationships: Gain (loss) recognized on derivative, net of tax of $(264) and $(369) (effective portion) Other Comprehensive Income $ (490 ) $ — $ (654 ) $ — Gain (loss) reclassified into income (effective portion) Interest expense (77 ) — (77 ) — Net effect on other comprehensive income (loss) $ (413 ) $ — $ (577 ) $ — 1 Condensed Consolidated Statements of Cash Flows

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instrument Detail [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the estimated fair values of our financial instruments: June 30, 2016 December 31, 2015 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and short-term investments (Level 1) $ 65,378 $ 65,378 $ 7,925 $ 7,925 Asset related to interest rate swaps (Level 2) $ 1,692 $ 1,692 $ 581 $ 581 Liability related to interest rate swaps (Level 2) $ 946 $ 946 $ — $ — Long-term debt, including fair value adjustments related to hedging instruments (Level 2) $ 586,287 $ 609,232 $ 603,881 $ 626,021 Company owned life insurance asset (COLI) (Level 3) $ 1,683 $ 1,683 $ 687 $ 687

Pension and Other Postretirem25

Pension and Other Postretirement Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2016
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): Quarters Ended June 30, Pension OPEB (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 1,747 $ 1,531 $ 2 $ 4 Interest cost 4,258 4,259 355 345 Expected return on plan assets (4,734 ) (5,192 ) — — Amortization of prior service cost (credit) 129 152 (2,218 ) (2,328 ) Amortization of actuarial loss 4,253 4,408 430 466 Net periodic cost (benefit) $ 5,653 $ 5,158 $ (1,431 ) $ (1,513 ) Six Months Ended June 30, Pension OPEB (Dollars in thousands) 2016 2015 2016 2015 Service cost $ 3,254 $ 3,061 $ 7 $ 11 Interest cost 8,510 8,518 710 728 Expected return on plan assets (9,500 ) (10,383 ) — — Amortization of prior service cost (credit) 259 303 (4,438 ) (4,656 ) Amortization of actuarial loss 8,170 8,816 858 1,024 Net periodic cost (benefit) $ 10,693 $ 10,315 $ (2,863 ) $ (2,893 )
Schedule of Accumulated Other Comprehensive Loss	The following tables detail the pension and OPEB changes in accumulated other comprehensive loss (AOCL): Quarter ended June 30, 2016 (Dollars in thousands) Pension OPEB Total Balance at March 31 $ 125,776 $ (12,648 ) $ 113,128 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (79 ) 1,353 1,274 Actuarial loss (2,594 ) (263 ) (2,857 ) Total reclassification for the period (2,673 ) 1,090 (1,583 ) Balance at June 30 $ 123,103 $ (11,558 ) $ 111,545 Quarter ended June 30, 2015 (Dollars in thousands) Pension OPEB Total Balance at March 31 $ 131,480 $ (14,789 ) $ 116,691 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (92 ) 1,420 1,328 Actuarial loss (2,689 ) (285 ) (2,974 ) Total reclassification for the period (2,781 ) 1,135 (1,646 ) Balance at June 30 $ 128,699 $ (13,654 ) $ 115,045 Six Months Ended June 30, 2016 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 128,244 $ (13,741 ) $ 114,503 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (158 ) 2,707 2,549 Actuarial loss (4,983 ) (524 ) (5,507 ) Total reclassification for the period (5,141 ) 2,183 (2,958 ) Balance at June 30 $ 123,103 $ (11,558 ) $ 111,545 Six Months Ended June 30, 2015 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 134,261 $ (15,869 ) $ 118,392 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (184 ) 2,840 2,656 Actuarial loss (5,378 ) (625 ) (6,003 ) Total reclassification for the period (5,562 ) 2,215 (3,347 ) Balance at June 30 $ 128,699 $ (13,654 ) $ 115,045 1

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Share Based Compensation [Abstract]
Details of Equity-Based Compensation Expense	The following table details equity-based compensation expense and the related income tax benefit: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Employee equity-based compensation expense: Performance shares $ 951 $ 950 $ 1,705 $ 1,822 Restricted stock units 271 232 471 437 Total employee equity-based compensation expense $ 1,222 $ 1,182 $ 2,176 $ 2,259 Deferred compensation stock equivalent units expense $ 220 $ 47 $ 420 $ 166 Total tax benefit recognized for share-based expense $ 89 $ 78 $ 155 $ 152
Fair Value of Performance Share Awards	The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2016 and 2015: Six Months Ended June 30, 2016 2015 Stock price as of valuation date $ 25.92 $ 40.00 Risk-free rate 0.88 % 1.07 % Expected volatility 23.82 % 21.09 % Expected dividends 5.79 % 3.75 % Expected term (years) 3.00 3.00
Summary of Outstanding Performance Share Awards	The following table summarizes outstanding performance share awards as of June 30, 2016, and changes during the six months ended June 30, 2016: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 161,049 $ 41.26 Granted 125,469 $ 30.02 Unvested shares outstanding at June 30 286,518 $ 36.64 $ 9,770
Summary of Outstanding RSU Awards	The following table summarizes outstanding RSU awards as of June 30, 2016, and changes during the six months ended June 30, 2016: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 44,531 $ 40.95 Granted 43,320 $ 26.08 Vested (2,000 ) $ 39.12 Unvested shares outstanding at June 30 85,851 $ 33.03 $ 2,928

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting Information Additional Information [Abstract]
Summary of Information by Business Segment	The following table summarizes information by business segment: Quarters Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2016 2015 2016 2015 Revenues: Resource $ 54,826 $ 44,111 $ 103,536 $ 98,066 Wood Products 90,924 84,191 174,162 173,424 Real Estate 9,954 10,745 15,520 13,856 155,704 139,047 293,218 285,346 Elimination (14,209 ) (10,300 ) (23,827 ) (22,474 ) Total consolidated revenues $ 141,495 $ 128,747 $ 269,391 $ 262,872 Operating income (loss): Resource $ 15,672 $ 8,797 $ 25,879 $ 23,775 Wood Products 4,695 (1,953 ) 5,651 1,547 Real Estate 1 (43,429 ) 8,521 (41,354 ) 10,120 Eliminations and adjustments (969 ) 539 496 3,514 (24,031 ) 15,904 (9,328 ) 38,956 Corporate (10,197 ) (8,593 ) (19,828 ) (17,618 ) Operating income (loss) (34,228 ) 7,311 (29,156 ) 21,338 Interest expense, net (8,206 ) (8,016 ) (14,231 ) (16,085 ) Income (loss) before income taxes $ (42,434 ) $ (705 ) $ (43,387 ) $ 5,253 Depreciation, depletion and amortization: Resource $ 5,387 $ 4,797 $ 11,515 $ 11,051 Wood Products 1,800 1,661 3,701 3,237 Real Estate 1 15 3 30 7,188 6,473 15,219 14,318 Corporate 213 251 421 535 Bond discounts and deferred loan fees 468 369 834 744 Total depreciation, depletion and amortization $ 7,869 $ 7,093 $ 16,474 $ 15,597 Basis of real estate sold: Real Estate $ 3,509 $ 710 $ 5,754 $ 1,181 Eliminations and adjustments (122 ) (110 ) (333 ) (173 ) Total basis of real estate sold $ 3,387 $ 600 $ 5,421 $ 1,008 1 172,000 114 48.5

Recent Accounting Pronounceme28

Recent Accounting Pronouncements (Details) $ in Millions	Dec. 31, 2015USD ($)
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Operating Leases, Future Minimum Payments Due	$ 9.6
Allowance for doubtful accounts on accounts receivables	$ 0.4

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation Of Number Of Common Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings per Share [Line Items]
Net income (loss)	$ (31,238)	$ 711	$ (31,081)	$ 6,367
Basic weighted-average shares outstanding	40,784,129	40,842,672	40,836,503	40,822,326
Diluted weighted-average shares outstanding	40,784,129	40,963,488	40,836,503	40,932,852
Basic net income (loss) per share	$ (0.77)	$ 0.02	$ (0.76)	$ 0.16
Diluted net income (loss) per share	$ (0.77)	$ 0.02	$ (0.76)	$ 0.16
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares		100,915		92,130
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares		19,901		18,396

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	107,769	1,000	67,846	80,726
Number of dilutive potential shares included in computation of diluted net income (loss) per share	0		0
Common Stock [Member]
Earnings per Share [Line Items]
Common stock repurchased and retired, shares	169,625
Common stock repurchased and retired, average price per share	$ 35.08
Common stock repurchased and retired, value	$ 6

Certain Balance Sheet Compone31

Certain Balance Sheet Components (Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Logs	$ 4,882	$ 9,920
Lumber, plywood and veneer	16,533	16,932
Materials and supplies	8,630	8,310
Inventories, Total	$ 30,045	$ 35,162

Certain Balance Sheet Compone32

Certain Balance Sheet Components (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Property, plant and equipment	$ 250,502	$ 248,750
Less: accumulated depreciation	(175,944)	(173,465)
Property, plant and equipment, net	$ 74,558	$ 75,285

Loss on Sale of Central Idaho33

Loss on Sale of Central Idaho Timber and Timberlands (Details) $ in Millions	Apr. 21, 2016USD ($)a	Jun. 30, 2016USD ($)	Mar. 31, 2016
Timber And Timberlands [Line Items]
Acres sold through timberland sale | a	172,000
Land Sales	$ 114
Management's Belief that the Likelihood that a Sale would be Completed			20.00%
Real Estate [Member]
Timber And Timberlands [Line Items]
Net loss		$ 48.5

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2016	Feb. 29, 2016
Revenue Bonds [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Gross	$ 42.6
Debt Instrument, Interest Rate, Stated Percentage	5.90%
Debt instrument maturity date	2,026
Term Loans [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Gross		$ 27.5
Debt Instrument, Interest Rate, Stated Percentage	2.15%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Derivative Instrument Detail [Abstract]
Net losses expected to be reclassified into earnings in the next twelve months	$ 0.3

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value of Derivative Instruments) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 1,692	$ 581
Derivative Asset, Fair Value, Gross Liabilities	946	0
Interest rate contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	82	7
Interest rate contracts [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,610	574
Interest rate contracts [Member] | Long-term Debt [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Liabilities	$ 946	$ 0

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Consolidated Statements of Income) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net effect on other comprehensive income (loss)		$ (413)	$ 0	$ (577)	$ 0
Cash Flow Hedging [Member] | Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized on derivative, net of tax of $(264) and $(369) (effective portion)		(490)	0	(654)	0
Interest Expense [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain on interest rate contracts	[1]	214	409	456	788
Interest Expense [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified into income (effective portion)		$ (77)	$ 0	$ (77)	$ 0
[1]	Realized gain on hedging instruments consists of net cash settlements and interest accruals on the fair value interest rate swaps during the periods. Net cash settlements are included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows

Derivative Instruments (Effec38

Derivative Instruments (Effect of Derivatives on Consolidated Statements of Income) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instrument [Abstract]
Gain (loss) recognized on derivative (effective portion), tax effect	$ (264)	$ 0	$ (369)	$ 0

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and short-term investments, Carrying Amount	$ 65,378	$ 7,925
Cash and short-term investments, Fair Value	65,378	7,925
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including fair value adjustments related to hedging instruments, Carrying Amount	586,287	603,881
Long-term debt, including fair value adjustments related to hedging instruments, Fair Value	609,232	626,021
Level 2 [Member] | Interest rate contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset related to interest rate swaps, Carrying Amount	1,692	581
Liability related to interest rate swaps, Carrying Amount	946	0
Asset related to interest rate swaps, Fair Value	1,692	581
Liability related to interest rate swap, Fair Value	946	0
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)	$ 1,683	$ 687

Pension and Other Postretirem40

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,747	$ 1,531	$ 3,254	$ 3,061
Interest cost	4,258	4,259	8,510	8,518
Expected return on plan assets	(4,734)	(5,192)	(9,500)	(10,383)
Amortization of prior service cost (credit)	129	152	259	303
Amortization of actuarial loss	4,253	4,408	8,170	8,816
Net periodic cost (benefit)	5,653	5,158	10,693	10,315
Other Postretirement Employee Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	4	7	11
Interest cost	355	345	710	728
Amortization of prior service cost (credit)	(2,218)	(2,328)	(4,438)	(4,656)
Amortization of actuarial loss	430	466	858	1,024
Net periodic cost (benefit)	$ (1,431)	$ (1,513)	$ (2,863)	$ (2,893)

Pension and Other Postretirem41

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Other Postretirement Benefits Payments	$ 1.9	$ 1.8
Non-Qualified Supplemental Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 0.7	$ 0.9

Pension and Other Postretirem42

Pension and Other Postretirement Employee Benefits (Change in Accumulated Other Comprehensive Loss (AOCL)) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Loss [Roll Forward]
AOCL at beginning of period		$ 113,128	$ 116,691	$ 114,503	$ 118,392
Prior service credit (cost)	[1]	1,274	1,328	2,549	2,656
Actuarial loss	[1]	(2,857)	(2,974)	(5,507)	(6,003)
Total reclassification for the period	[1]	(1,583)	(1,646)	(2,958)	(3,347)
AOCL at end of period		111,545	115,045	111,545	115,045
Pension Plans [Member]
Accumulated Other Comprehensive Loss [Roll Forward]
AOCL at beginning of period		125,776	131,480	128,244	134,261
Prior service credit (cost)	[1]	(79)	(92)	(158)	(184)
Actuarial loss	[1]	(2,594)	(2,689)	(4,983)	(5,378)
Total reclassification for the period	[1]	(2,673)	(2,781)	(5,141)	(5,562)
AOCL at end of period		123,103	128,699	123,103	128,699
Other Postretirement Employee Benefits [Member]
Accumulated Other Comprehensive Loss [Roll Forward]
AOCL at beginning of period		(12,648)	(14,789)	(13,741)	(15,869)
Prior service credit (cost)	[1]	1,353	1,420	2,707	2,840
Actuarial loss	[1]	(263)	(285)	(524)	(625)
Total reclassification for the period	[1]	1,090	1,135	2,183	2,215
AOCL at end of period		$ (11,558)	$ (13,654)	$ (11,558)	$ (13,654)
[1]	Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Unit, Vested, Issuance Deferred	65,357
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Outstanding	148,248
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 5.1
Weighted average period (in years)	1 year 8 months 12 days
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 1.6
Weighted average period (in years)	1 year 8 months 12 days
Total fair value of RSU awards vested | $	$ 0.1
2005 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	1,600,000
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	1,000,000
2005 and 2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	1,100,000

Equity-Based Compensation (Deta

Equity-Based Compensation (Details Of Equity-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	$ 1,222	$ 1,182	$ 2,176	$ 2,259
Deferred compensation stock equivalent units expense	220	47	420	166
Total tax benefit recognized for share-based expense	89	78	155	152
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	951	950	1,705	1,822
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	$ 271	$ 232	$ 471	$ 437

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards) (Details) - Performance Shares [Member] - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date (in dollars per share)	$ 25.92	$ 40
Risk-free rate	0.88%	1.07%
Expected volatility	23.82%	21.09%
Expected dividends	5.79%	3.75%
Expected term (years)	3 years	3 years

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary Of Outstanding Performance Shares/Restricted Stock Units) (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
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 | shares	161,049
Granted (in shares) | shares	125,469
Unvested shares outstanding at June 30, Shares | shares	286,518
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	$ 41.26
Granted, Weighted Av.g Exercise Price (in dollars per share) | $ / shares	30.02
Unvested shares outstanding at June 30, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	$ 36.64
Aggregate Intrinsic Value | $	$ 9,770
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 | shares	44,531
Granted (in shares) | shares	43,320
Vested (in shares) | shares	(2,000)
Unvested shares outstanding at June 30, Shares | shares	85,851
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	$ 40.95
Granted, Weighted Av.g Exercise Price (in dollars per share) | $ / shares	26.08
Vested, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	39.12
Unvested shares outstanding at June 30, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ / shares	$ 33.03
Aggregate Intrinsic Value | $	$ 2,928

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)
Central Idaho Timberlands [Member]
Income Taxes [Line Items]
Reclassification of operating loss carryforwards to deferred tax assets receivables, net	$ 5.5

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 25, 2015	May 23, 2012	Jun. 30, 2016	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Loss Contingency Accrual, Payments		$ 1,750
Loss Contingency, Damages Sought, Value	$ 9,600
Loss Contingency Accrual			$ 800	$ 200

Segment Information (Summary Of

Segment Information (Summary Of Information By Business Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Segment Revenues		$ 141,495	$ 128,747	$ 269,391	$ 262,872
Operating Income (loss)		(34,228)	7,311	(29,156)	21,338
Interest expense, net		(8,206)	(8,016)	(14,231)	(16,085)
Income (loss) before income taxes		(42,434)	(705)	(43,387)	5,253
Depreciation, depletion and amortization		7,869	7,093	16,474	15,597
Bond Discounts and Deferred Loan Fees		468	369	834	744
Basis of real estate sold		3,387	600	5,421	1,008
Operating Segments [Member]
Segment Reporting Information [Line Items]
Segment Revenues		155,704	139,047	293,218	285,346
Operating Income (loss)		(24,031)	15,904	(9,328)	38,956
Depreciation, depletion and amortization		7,188	6,473	15,219	14,318
Operating Segments [Member] | Resource [Member]
Segment Reporting Information [Line Items]
Segment Revenues		54,826	44,111	103,536	98,066
Operating Income (loss)		15,672	8,797	25,879	23,775
Depreciation, depletion and amortization		5,387	4,797	11,515	11,051
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Segment Revenues		90,924	84,191	174,162	173,424
Operating Income (loss)		4,695	(1,953)	5,651	1,547
Depreciation, depletion and amortization		1,800	1,661	3,701	3,237
Operating Segments [Member] | Real Estate [Member]
Segment Reporting Information [Line Items]
Segment Revenues		9,954	10,745	15,520	13,856
Operating Income (loss)	[1]	(43,429)	8,521	(41,354)	10,120
Depreciation, depletion and amortization		1	15	3	30
Basis of real estate sold		3,509	710	5,754	1,181
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Segment Revenues		(14,209)	(10,300)	(23,827)	(22,474)
Operating Income (loss)		(969)	539	496	3,514
Basis of real estate sold		(122)	(110)	(333)	(173)
Corporate [Member]
Segment Reporting Information [Line Items]
Operating Income (loss)		(10,197)	(8,593)	(19,828)	(17,618)
Depreciation, depletion and amortization		$ 213	$ 251	$ 421	$ 535
[1]	In the second quarter of 2016, we sold approximately 172,000 acres of timberlands located in central Idaho for $114 million at a loss of $48.5 million before taxes.

Segment Information (Summary 50

Segment Information (Summary Of Information By Business Segment) (Parenthetical) (Details) $ in Millions	Apr. 21, 2016USD ($)a	Jun. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Acres sold through timberland sale | a	172,000
Land Sales	$ 114
Real Estate [Member]
Segment Reporting Information [Line Items]
Net loss		$ 48.5
Operating Segments [Member] | Real Estate [Member]
Segment Reporting Information [Line Items]
Net loss	$ 48.5