Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 20, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PCH | |
Entity Registrant Name | POTLATCH CORP | |
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 | 40,610,865 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenues | $ 163,229 | $ 141,495 | $ 312,910 | $ 269,391 |
Costs and expenses: | ||||
Cost of goods sold | 111,556 | 113,377 | 224,339 | 223,192 |
Selling, general and administrative expenses | 14,165 | 13,824 | 27,154 | 26,833 |
Gain on lumber price swap | (3,265) | (3,265) | ||
Loss on sale of central Idaho timber and timberlands | 48,522 | 48,522 | ||
Total costs and expenses | 122,456 | 175,723 | 248,228 | 298,547 |
Operating income (loss) | 40,773 | (34,228) | 64,682 | (29,156) |
Interest expense, net | (7,348) | (8,206) | (12,318) | (14,231) |
Income (loss) before income taxes | 33,425 | (42,434) | 52,364 | (43,387) |
Income tax (provision) benefit | (9,181) | 11,196 | (11,199) | 12,306 |
Net income (loss) | $ 24,244 | $ (31,238) | $ 41,165 | $ (31,081) |
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ 0.59 | $ (0.77) | $ 1.01 | $ (0.76) |
Diluted (in dollars per share) | 0.59 | (0.77) | 1 | (0.76) |
Distributions per share (in dollars per share) | $ 0.375 | $ 0.375 | $ 0.75 | $ 0.75 |
Weighted-average shares outstanding (in thousands): | ||||
Basic (in shares) | 40,822,726 | 40,784,129 | 40,802,057 | 40,836,503 |
Diluted (in shares) | 41,218,969 | 40,784,129 | 41,143,695 | 40,836,503 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 24,244 | $ (31,238) | $ 41,165 | $ (31,081) | |
Other comprehensive income, net of tax: | |||||
Amortization of prior service credit included in net periodic cost, net of tax benefit of $(838), $(815), $(1,675) and $(1,630) | [1] | (1,310) | (1,274) | (2,620) | (2,549) |
Amortization of actuarial loss included in net periodic cost, net of tax expense of $1,465, $1,826, $3,124 and $3,521 | [1] | 2,292 | 2,857 | 4,887 | 5,507 |
Cash flow hedge, net of tax of $(118), $(264), $(87) and $(369) | (185) | (413) | (137) | (577) | |
Other comprehensive income, net of tax | 797 | 1,170 | 2,130 | 2,381 | |
Comprehensive income (loss) | $ 25,041 | $ (30,068) | $ 43,295 | $ (28,700) | |
[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 Com4
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Amortization of prior service credit included in net periodic cost, tax benefit | $ (838) | $ (815) | $ (1,675) | $ (1,630) |
Amortization of actuarial loss included in net periodic cost, tax expense | 1,465 | 1,826 | 3,124 | 3,521 |
Cash flow hedge, tax effect | $ (118) | $ (264) | $ (87) | $ (369) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 110,324 | $ 82,584 |
Receivables, net | 23,536 | 17,284 |
Inventories | 40,124 | 52,622 |
Other assets | 12,396 | 11,155 |
Total current assets | 186,380 | 163,645 |
Property, plant and equipment, net | 74,671 | 72,820 |
Timber and timberlands, net | 639,178 | 641,856 |
Deferred tax assets, net | 39,445 | 42,051 |
Other assets | 7,100 | 7,309 |
Total assets | 946,774 | 927,681 |
Current liabilities: | ||
Current portion of long-term debt | 20,349 | 11,032 |
Accounts payable and accrued liabilities | 53,130 | 43,710 |
Current portion of pension and other postretirement employee benefits | 5,839 | 5,839 |
Total current liabilities | 79,318 | 60,581 |
Long-term debt | 558,853 | 572,956 |
Pension and other postretirement employee benefits | 123,745 | 123,284 |
Other long-term obligations | 14,529 | 14,586 |
Total liabilities | 776,445 | 771,407 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $1 par value | 40,610 | 40,519 |
Additional paid-in capital | 356,453 | 355,274 |
Accumulated deficit | (118,120) | (128,775) |
Accumulated other comprehensive loss | (108,614) | (110,744) |
Total stockholders’ equity | 170,329 | 156,274 |
Total liabilities and stockholders' equity | $ 946,774 | $ 927,681 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 41,165 | $ (31,081) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation, depletion and amortization | 13,343 | 16,474 |
Basis of real estate sold | 5,772 | 5,421 |
Change in deferred taxes | 1,244 | (6,784) |
Pension and other postretirement employee benefits | 6,575 | 7,830 |
Equity-based compensation expense | 2,348 | 2,176 |
Loss on sale of central Idaho timber and timberlands | 48,522 | |
Other, net | (983) | (1,280) |
Change in working capital and operating-related activities, net | 9,919 | 4,383 |
Net cash from operating activities | 79,383 | 45,661 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (5,939) | (3,488) |
Timberlands reforestation and roads | (5,792) | (5,544) |
Acquisition of timber and timberlands | (3,132) | (1,161) |
Net proceeds from sale of central Idaho timber and timberlands | 111,460 | |
Other, net | (74) | 109 |
Net cash from investing activities | (14,937) | 101,376 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends to common stockholders | (30,457) | (30,453) |
Repayment of revolving line of credit borrowings | (30,000) | |
Repayment of long-term debt | (5,000) | (47,600) |
Proceeds from issuance of long-term debt | 27,500 | |
Repurchase of common stock | (5,956) | |
Other, net | (1,249) | (3,075) |
Net cash from financing activities | (36,706) | (89,584) |
Change in cash and cash equivalents | 27,740 | 57,453 |
Cash and cash equivalents at beginning of period | 82,584 | 7,925 |
Cash and cash equivalents at end of period | 110,324 | 65,378 |
Cash paid (received) during the period for: | ||
Interest, net of amounts capitalized | 11,735 | 13,791 |
Income taxes, net | $ 4,857 | $ (1,740) |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016, as filed with the Securities and Exchange Commission on February 17, 2017. 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. Certain 2016 amounts on the Condensed Consolidated Statements of Cash Flows within Cash Flows from Operating Activities have been reclassified to conform to the 2017 presentation. There is no change to previously reported net cash from operating activities. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share-Based Payment Accounting In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers: Topic 606 Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2017 | |
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: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands, except per share amounts) 2017 2016 2017 2016 Net income (loss) $ 24,244 $ (31,238 ) $ 41,165 $ (31,081 ) Basic weighted-average shares outstanding 40,822,726 40,784,129 40,802,057 40,836,503 Incremental shares due to: Performance shares 355,844 — 305,625 — Restricted stock units 40,399 — 36,013 — Diluted weighted-average shares outstanding 41,218,969 40,784,129 41,143,695 40,836,503 Basic net income (loss) per share $ 0.59 $ (0.77 ) $ 1.01 $ (0.76 ) Diluted net income (loss) per share $ 0.59 $ (0.77 ) $ 1.00 $ (0.76 ) For the three and six months ended June 30, 2017, there were 0 and 18,289 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the three and six months ended June 30, 2016, no dilutive potential shares were included in the computation of diluted net income (loss) per share due to the net loss. Anti-dilutive stock-based awards could be dilutive in future periods. |
Certain Balance Sheet Component
Certain Balance Sheet Components | 6 Months Ended |
Jun. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Components | NOTE 4. CERTAIN BALANCE SHEET COMPONENTS INVENTORIES (Dollars in thousands) June 30, 2017 December 31, 2016 Logs $ 9,108 $ 23,342 Lumber, plywood and veneer 21,996 20,500 Materials and supplies 9,020 8,780 Total inventories $ 40,124 $ 52,622 PROPERTY, PLANT AND EQUIPMENT (Dollars in thousands) June 30, 2017 December 31, 2016 Property, plant and equipment $ 255,907 $ 250,913 Less: accumulated depreciation (181,236 ) (178,093 ) Total property, plant and equipment, net $ 74,671 $ 72,820 TIMBER AND TIMBERLANDS (Dollars in thousands) June 30, 2017 December 31, 2016 Timber and timberlands $ 570,341 $ 572,273 Logging roads 68,837 69,583 Total timber and timberlands, net $ 639,178 $ 641,856 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. The sale freed 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 were positive, but not material. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | NOTE 5. 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 five 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, 2017, the amount of net losses expected to be reclassified into earnings in the next 12 months is $0.1 million. Derivatives not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, commodity price movements or other identified risks, but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly into income. In April 2017, we entered into a lumber price swap to fix the price on a total of 36 million board feet (mmbf) of southern yellow pine with an effective date of July 1, 2017 and a termination date of December 31, 2017. Under the contract, cash settlement on 6 mmbf occurs monthly. 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, 2017 December 31, 2016 Location June 30, 2017 December 31, 2016 Derivatives designated in fair value hedging relationships: Interest rate contracts Other assets, current $ 99 $ 32 $ — $ — Interest rate contracts Other assets, non-current — 215 Other long-term obligations 115 91 $ 99 $ 247 $ 115 $ 91 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, non-current $ 924 $ 1,148 $ — $ — Derivatives not designated as hedging instruments: Lumber price swap Other assets, current $ 3,265 $ — $ — $ — The following table details the effect of derivatives on our Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) Location 2017 2016 2017 2016 Derivatives designated in fair value hedging relationships: Interest rate contracts Realized gain on interest rate contracts 1 Interest expense $ 123 $ 214 $ 290 $ 456 Derivatives designated in cash flow hedging relationships: Interest rate contracts Loss recognized in other comprehensive income, net of tax (effective portion) $ (226 ) $ (490 ) $ (228 ) $ (654 ) Loss reclassified from accumulated other comprehensive income (effective portion) 1 Interest expense $ (41 ) $ (77 ) $ (91 ) $ (77 ) Derivatives not designated as hedging instruments: Lumber price contracts Realized gain on lumber price swap $ — $ — $ — $ — Unrealized gain on lumber price swap Gain on lumber price swap 3,265 — 3,265 — Net gain on lumber price contracts $ 3,265 $ — $ 3,265 $ — 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 . |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instrument Detail [Abstract] | |
Financial Instruments | NOTE 6. FINANCIAL INSTRUMENTS The following table presents the estimated fair values of our financial instruments: June 30, 2017 December 31, 2016 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (Level 1) $ 110,324 $ 110,324 $ 82,584 $ 82,584 Derivative assets related to interest rate swaps (Level 2) $ 1,023 $ 1,023 $ 1,395 $ 1,395 Derivative liabilities related to interest rate swaps (Level 2) $ (115 ) $ (115 ) $ (91 ) $ (91 ) Derivative asset related to lumber price swap (Level 2) $ 3,265 $ 3,265 $ — $ — Long-term debt, including current portion (Level 2): Term loans $ (349,500 ) $ (353,882 ) $ (349,500 ) $ (350,909 ) Senior notes (149,399 ) (162,750 ) (149,271 ) (164,250 ) Revenue bonds (65,735 ) (65,209 ) (65,735 ) (62,205 ) Medium-term notes (17,250 ) (18,563 ) (22,250 ) (23,926 ) Total long-term debt 1 $ (581,884 ) $ (600,404 ) $ (586,756 ) $ (601,290 ) Company owned life insurance asset (COLI) (Level 3) $ 1,114 $ 1,114 $ 70 $ 70 1 The carrying amount of long-term debt includes principal and unamortized discounts. For cash and cash equivalents and revolving line of credit borrowings, the carrying amount approximates fair value due to the short-term nature of these financial instruments. The fair value of interest rate and lumber price swaps are determined using discounted cash flow analysis on 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 and commodity price forward curves. The fair value of our long-term debt is estimated based upon quoted market prices for 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 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, 2017 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Employee Benefits | NOTE 7. 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): Three Months Ended June 30, Pension OPEB (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 1,515 $ 1,747 $ 4 $ 2 Interest cost 3,967 4,258 310 355 Expected return on plan assets (4,601 ) (4,734 ) — — Amortization of prior service cost (credit) 72 129 (2,220 ) (2,218 ) Amortization of actuarial loss 3,386 4,253 371 430 Net periodic cost (benefit) $ 4,339 $ 5,653 $ (1,535 ) $ (1,431 ) Six Months Ended June 30, Pension OPEB (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 3,377 $ 3,254 $ 7 $ 7 Interest cost 8,048 8,510 631 710 Expected return on plan assets (9,204 ) (9,500 ) — — Amortization of prior service cost (credit) 144 259 (4,439 ) (4,438 ) Amortization of actuarial loss 7,242 8,170 769 858 Net periodic cost (benefit) $ 9,607 $ 10,693 $ (3,032 ) $ (2,863 ) During the six months ended June 30, 2017 and 2016, we paid non-qualified supplemental pension benefits of $0.8 million and $0.7 million and OPEB benefits of $1.6 million and $1.9 million, respectively. The following tables detail the pension and OPEB changes in accumulated other comprehensive loss (AOCL) on our Condensed Consolidated Balance Sheets Three Months Ended June 30, 2017 (Dollars in thousands) Pension OPEB Total Balance at March 31 $ 118,231 $ (8,071 ) $ 110,160 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (44 ) 1,354 1,310 Actuarial loss (2,066 ) (226 ) (2,292 ) Total reclassification for the period (2,110 ) 1,128 (982 ) Balance at June 30 $ 116,121 $ (6,943 ) $ 109,178 Three Months 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 Six Months Ended June 30, 2017 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 120,627 $ (9,182 ) $ 111,445 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (88 ) 2,708 2,620 Actuarial loss (4,418 ) (469 ) (4,887 ) Total reclassification for the period (4,506 ) 2,239 (2,267 ) Balance at June 30 $ 116,121 $ (6,943 ) $ 109,178 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 1 Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit). |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | NOTE 8. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS The following table details the changes in our accumulated other comprehensive loss (AOCL) on our Condensed Consolidated Balance Sheets (Dollars in thousands) Gains and losses on cash flow hedge Pension and other postretirement employee benefits Total Balance at January 1 $ (701 ) $ 111,445 $ 110,744 Other comprehensive (income) loss before reclassifications 228 (2,267 ) (2,039 ) Amounts reclassified from accumulated other comprehensive loss (91 ) - (91 ) Net current period other comprehensive (income) loss 137 (2,267 ) (2,130 ) Balance at June 30 $ (564 ) $ 109,178 $ 108,614 Amounts in parenthesis indicate credits. See Note 5: Derivative Instruments Note 7: Pension and Other Postretirement Employee Benefits |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Share Based Compensation [Abstract] | |
Equity-Based Compensation | NOTE 9. EQUITY-BASED COMPENSATION As of June 30, 2017, we had two stock incentive plans under which performance shares, restricted stock units (RSUs) and deferred compensation stock equivalent units were 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, 2017, approximately 1.0 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: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Employee equity-based compensation expense: Performance shares $ 905 $ 951 $ 1,773 $ 1,705 Restricted stock units 286 271 575 471 Total employee equity-based compensation expense $ 1,191 $ 1,222 $ 2,348 $ 2,176 Deferred compensation stock equivalent units expense $ 161 $ 220 $ 322 $ 420 Total tax benefit recognized for share-based expense $ 96 $ 89 $ 189 $ 155 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 2017 and 2016: Six Months Ended June 30, 2017 2016 Stock price as of valuation date $ 43.60 $ 25.92 Risk-free rate 1.61 % 0.88 % Expected volatility 24.22 % 23.82 % Expected dividends 3.44 % 5.79 % Expected term (years) 3.00 3.00 Fair value $ 53.85 $ 30.02 The following table summarizes outstanding performance share awards as of June 30, 2017, and changes during the six months ended June 30, 2017: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 203,788 $ 32.59 Granted 78,033 $ 53.85 Forfeited (2,187 ) $ 39.15 Unvested shares outstanding at June 30 279,634 $ 38.47 $ 12,779 As of June 30, 2017, there was $5.8 million of unrecognized compensation cost related to unvested performance share awards, which is expected to be recognized over a weighted-average period of 1.5 years. RESTRICTED STOCK UNITS The following table summarizes outstanding RSU awards as of June 30, 2017, and changes during the six months ended June 30, 2017: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 71,420 $ 31.61 Granted 26,507 $ 43.64 Vested (2,000 ) $ 32.85 Forfeited (728 ) $ 32.70 Unvested shares outstanding at June 30 95,199 $ 34.93 $ 4,351 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, 2017 was de minimis. As of June 30, 2017, 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 1.4 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 quarterly retainers, which may be payable in the form of stock. All stock unit equivalent accounts are credited with dividend equivalents. As of June 30, 2017, there were 136,226 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, 2017, there were 72,942 RSUs which had vested, but issuance of the related stock had been deferred. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10. 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. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11. 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. In 2016, the EPA confirmed that Potlatch had completed the cleanup and subsequent monitoring required by the unilateral order. 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 $9.8 million in unreimbursed response costs associated with the site and that we were liable for such costs. We executed a tolling agreement with the EPA and DOT suspending the statute of limitations on the claim until September 2016 in order to facilitate negotiations of a final settlement and release. In September, the parties agreed to extend the tolling agreement through October 6, 2016. The tolling agreement was further extended through February 22, 2017; in January 2017, Settlement negotiations continue. If settlement efforts prove to be unsuccessful, we believe we have meritorious defenses to this claim and we intend to defend ourselves vigorously. 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. It is reasonably possible that our liability may exceed our accrual by up to approximately $2 million. We have reserved all of our rights to seek reimbursement for the costs of remediation from all parties potentially responsible. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting Information Additional Information [Abstract] | |
Segment Information | NOTE 12. SEGMENT INFORMATION The following table summarizes information by business segment: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Revenues: Resource $ 55,924 $ 54,826 $ 107,692 $ 103,536 Wood Products 114,529 90,924 210,121 174,162 Real Estate 8,136 9,954 22,640 15,520 178,589 155,704 340,453 293,218 Intersegment Resource revenues 1 (15,360 ) (14,209 ) (27,543 ) (23,827 ) Total consolidated revenues $ 163,229 $ 141,495 $ 312,910 $ 269,391 Income (loss) before income taxes: Resource $ 19,520 $ 15,672 $ 34,449 $ 25,879 Wood Products 24,705 4,695 33,389 5,651 Real Estate 2 5,725 (43,429 ) 14,368 (41,354 ) Eliminations and adjustments 1,053 (969 ) 2,112 496 51,003 (24,031 ) 84,318 (9,328 ) Corporate (10,230 ) (10,197 ) (19,636 ) (19,828 ) Operating income (loss) 40,773 (34,228 ) 64,682 (29,156 ) Interest expense, net (7,348 ) (8,206 ) (12,318 ) (14,231 ) Income (loss) before income taxes $ 33,425 $ (42,434 ) $ 52,364 $ (43,387 ) Depreciation, depletion and amortization: Resource $ 4,274 $ 5,387 $ 8,658 $ 11,515 Wood Products 1,839 1,800 3,666 3,701 Real Estate — 1 1 3 6,113 7,188 12,325 15,219 Corporate 158 213 275 421 Bond discounts and deferred loan fees 370 468 743 834 Total depreciation, depletion and amortization $ 6,641 $ 7,869 $ 13,343 $ 16,474 Basis of real estate sold: Real Estate $ 1,047 $ 3,509 $ 5,856 $ 5,754 Eliminations and adjustments (65 ) (122 ) (84 ) (333 ) Total basis of real estate sold $ 982 $ 3,387 $ 5,772 $ 5,421 1 Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment. 2 In the second quarter of 2016, we sold approximately 172,000 114 48.5 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands, except per share amounts) 2017 2016 2017 2016 Net income (loss) $ 24,244 $ (31,238 ) $ 41,165 $ (31,081 ) Basic weighted-average shares outstanding 40,822,726 40,784,129 40,802,057 40,836,503 Incremental shares due to: Performance shares 355,844 — 305,625 — Restricted stock units 40,399 — 36,013 — Diluted weighted-average shares outstanding 41,218,969 40,784,129 41,143,695 40,836,503 Basic net income (loss) per share $ 0.59 $ (0.77 ) $ 1.01 $ (0.76 ) Diluted net income (loss) per share $ 0.59 $ (0.77 ) $ 1.00 $ (0.76 ) |
Certain Balance Sheet Compone21
Certain Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventories | (Dollars in thousands) June 30, 2017 December 31, 2016 Logs $ 9,108 $ 23,342 Lumber, plywood and veneer 21,996 20,500 Materials and supplies 9,020 8,780 Total inventories $ 40,124 $ 52,622 |
Schedule of Property, Plant and Equipment | (Dollars in thousands) June 30, 2017 December 31, 2016 Property, plant and equipment $ 255,907 $ 250,913 Less: accumulated depreciation (181,236 ) (178,093 ) Total property, plant and equipment, net $ 74,671 $ 72,820 |
Schedule of Timber and Timberlands | (Dollars in thousands) June 30, 2017 December 31, 2016 Timber and timberlands $ 570,341 $ 572,273 Logging roads 68,837 69,583 Total timber and timberlands, net $ 639,178 $ 641,856 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2017 December 31, 2016 Location June 30, 2017 December 31, 2016 Derivatives designated in fair value hedging relationships: Interest rate contracts Other assets, current $ 99 $ 32 $ — $ — Interest rate contracts Other assets, non-current — 215 Other long-term obligations 115 91 $ 99 $ 247 $ 115 $ 91 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, non-current $ 924 $ 1,148 $ — $ — Derivatives not designated as hedging instruments: Lumber price swap Other assets, current $ 3,265 $ — $ — $ — |
Effect of Derivatives on Consolidated Statements of Income (Loss) | The following table details the effect of derivatives on our Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) Location 2017 2016 2017 2016 Derivatives designated in fair value hedging relationships: Interest rate contracts Realized gain on interest rate contracts 1 Interest expense $ 123 $ 214 $ 290 $ 456 Derivatives designated in cash flow hedging relationships: Interest rate contracts Loss recognized in other comprehensive income, net of tax (effective portion) $ (226 ) $ (490 ) $ (228 ) $ (654 ) Loss reclassified from accumulated other comprehensive income (effective portion) 1 Interest expense $ (41 ) $ (77 ) $ (91 ) $ (77 ) Derivatives not designated as hedging instruments: Lumber price contracts Realized gain on lumber price swap $ — $ — $ — $ — Unrealized gain on lumber price swap Gain on lumber price swap 3,265 — 3,265 — Net gain on lumber price contracts $ 3,265 $ — $ 3,265 $ — 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 . |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instrument Detail [Abstract] | |
Estimated Fair Value of Financial Instruments | The following table presents the estimated fair values of our financial instruments: June 30, 2017 December 31, 2016 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (Level 1) $ 110,324 $ 110,324 $ 82,584 $ 82,584 Derivative assets related to interest rate swaps (Level 2) $ 1,023 $ 1,023 $ 1,395 $ 1,395 Derivative liabilities related to interest rate swaps (Level 2) $ (115 ) $ (115 ) $ (91 ) $ (91 ) Derivative asset related to lumber price swap (Level 2) $ 3,265 $ 3,265 $ — $ — Long-term debt, including current portion (Level 2): Term loans $ (349,500 ) $ (353,882 ) $ (349,500 ) $ (350,909 ) Senior notes (149,399 ) (162,750 ) (149,271 ) (164,250 ) Revenue bonds (65,735 ) (65,209 ) (65,735 ) (62,205 ) Medium-term notes (17,250 ) (18,563 ) (22,250 ) (23,926 ) Total long-term debt 1 $ (581,884 ) $ (600,404 ) $ (586,756 ) $ (601,290 ) Company owned life insurance asset (COLI) (Level 3) $ 1,114 $ 1,114 $ 70 $ 70 1 The carrying amount of long-term debt includes principal and unamortized discounts. |
Pension and Other Postretirem24
Pension and Other Postretirement Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): Three Months Ended June 30, Pension OPEB (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 1,515 $ 1,747 $ 4 $ 2 Interest cost 3,967 4,258 310 355 Expected return on plan assets (4,601 ) (4,734 ) — — Amortization of prior service cost (credit) 72 129 (2,220 ) (2,218 ) Amortization of actuarial loss 3,386 4,253 371 430 Net periodic cost (benefit) $ 4,339 $ 5,653 $ (1,535 ) $ (1,431 ) Six Months Ended June 30, Pension OPEB (Dollars in thousands) 2017 2016 2017 2016 Service cost $ 3,377 $ 3,254 $ 7 $ 7 Interest cost 8,048 8,510 631 710 Expected return on plan assets (9,204 ) (9,500 ) — — Amortization of prior service cost (credit) 144 259 (4,439 ) (4,438 ) Amortization of actuarial loss 7,242 8,170 769 858 Net periodic cost (benefit) $ 9,607 $ 10,693 $ (3,032 ) $ (2,863 ) |
Schedule of Accumulated Other Comprehensive Loss (AOCL) | The following tables detail the pension and OPEB changes in accumulated other comprehensive loss (AOCL) on our Condensed Consolidated Balance Sheets Three Months Ended June 30, 2017 (Dollars in thousands) Pension OPEB Total Balance at March 31 $ 118,231 $ (8,071 ) $ 110,160 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (44 ) 1,354 1,310 Actuarial loss (2,066 ) (226 ) (2,292 ) Total reclassification for the period (2,110 ) 1,128 (982 ) Balance at June 30 $ 116,121 $ (6,943 ) $ 109,178 Three Months 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 Six Months Ended June 30, 2017 (Dollars in thousands) Pension OPEB Total Balance at January 1 $ 120,627 $ (9,182 ) $ 111,445 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (88 ) 2,708 2,620 Actuarial loss (4,418 ) (469 ) (4,887 ) Total reclassification for the period (4,506 ) 2,239 (2,267 ) Balance at June 30 $ 116,121 $ (6,943 ) $ 109,178 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 1 Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit). |
Components of Accumulated Oth25
Components of Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The following table details the changes in our accumulated other comprehensive loss (AOCL) on our Condensed Consolidated Balance Sheets (Dollars in thousands) Gains and losses on cash flow hedge Pension and other postretirement employee benefits Total Balance at January 1 $ (701 ) $ 111,445 $ 110,744 Other comprehensive (income) loss before reclassifications 228 (2,267 ) (2,039 ) Amounts reclassified from accumulated other comprehensive loss (91 ) - (91 ) Net current period other comprehensive (income) loss 137 (2,267 ) (2,130 ) Balance at June 30 $ (564 ) $ 109,178 $ 108,614 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Share Based Compensation [Abstract] | |
Details of Equity-Based Compensation Expense | The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Employee equity-based compensation expense: Performance shares $ 905 $ 951 $ 1,773 $ 1,705 Restricted stock units 286 271 575 471 Total employee equity-based compensation expense $ 1,191 $ 1,222 $ 2,348 $ 2,176 Deferred compensation stock equivalent units expense $ 161 $ 220 $ 322 $ 420 Total tax benefit recognized for share-based expense $ 96 $ 89 $ 189 $ 155 |
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 2017 and 2016: Six Months Ended June 30, 2017 2016 Stock price as of valuation date $ 43.60 $ 25.92 Risk-free rate 1.61 % 0.88 % Expected volatility 24.22 % 23.82 % Expected dividends 3.44 % 5.79 % Expected term (years) 3.00 3.00 Fair value $ 53.85 $ 30.02 |
Summary of Outstanding Performance Share Awards | The following table summarizes outstanding performance share awards as of June 30, 2017, and changes during the six months ended June 30, 2017: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 203,788 $ 32.59 Granted 78,033 $ 53.85 Forfeited (2,187 ) $ 39.15 Unvested shares outstanding at June 30 279,634 $ 38.47 $ 12,779 |
Summary of Outstanding RSU Awards | The following table summarizes outstanding RSU awards as of June 30, 2017, and changes during the six months ended June 30, 2017: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1 71,420 $ 31.61 Granted 26,507 $ 43.64 Vested (2,000 ) $ 32.85 Forfeited (728 ) $ 32.70 Unvested shares outstanding at June 30 95,199 $ 34.93 $ 4,351 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting Information Additional Information [Abstract] | |
Summary of Information by Business Segment | Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2017 2016 2017 2016 Revenues: Resource $ 55,924 $ 54,826 $ 107,692 $ 103,536 Wood Products 114,529 90,924 210,121 174,162 Real Estate 8,136 9,954 22,640 15,520 178,589 155,704 340,453 293,218 Intersegment Resource revenues 1 (15,360 ) (14,209 ) (27,543 ) (23,827 ) Total consolidated revenues $ 163,229 $ 141,495 $ 312,910 $ 269,391 Income (loss) before income taxes: Resource $ 19,520 $ 15,672 $ 34,449 $ 25,879 Wood Products 24,705 4,695 33,389 5,651 Real Estate 2 5,725 (43,429 ) 14,368 (41,354 ) Eliminations and adjustments 1,053 (969 ) 2,112 496 51,003 (24,031 ) 84,318 (9,328 ) Corporate (10,230 ) (10,197 ) (19,636 ) (19,828 ) Operating income (loss) 40,773 (34,228 ) 64,682 (29,156 ) Interest expense, net (7,348 ) (8,206 ) (12,318 ) (14,231 ) Income (loss) before income taxes $ 33,425 $ (42,434 ) $ 52,364 $ (43,387 ) Depreciation, depletion and amortization: Resource $ 4,274 $ 5,387 $ 8,658 $ 11,515 Wood Products 1,839 1,800 3,666 3,701 Real Estate — 1 1 3 6,113 7,188 12,325 15,219 Corporate 158 213 275 421 Bond discounts and deferred loan fees 370 468 743 834 Total depreciation, depletion and amortization $ 6,641 $ 7,869 $ 13,343 $ 16,474 Basis of real estate sold: Real Estate $ 1,047 $ 3,509 $ 5,856 $ 5,754 Eliminations and adjustments (65 ) (122 ) (84 ) (333 ) Total basis of real estate sold $ 982 $ 3,387 $ 5,772 $ 5,421 1 Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment. 2 In the second quarter of 2016, we sold approximately 172,000 114 48.5 |
Recent Accounting Pronounceme28
Recent Accounting Pronouncements (Narrative) (Details) - Pension and Other Postretirement Employee Benefit [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Net periodic pension and other postretirement employee benefit cost | $ 15.7 |
Service cost | $ 6.5 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings per Share [Line Items] | ||||
Net income (loss) | $ 24,244 | $ (31,238) | $ 41,165 | $ (31,081) |
Basic weighted-average shares outstanding | 40,822,726 | 40,784,129 | 40,802,057 | 40,836,503 |
Diluted weighted-average shares outstanding | 41,218,969 | 40,784,129 | 41,143,695 | 40,836,503 |
Basic net income (loss) per share | $ 0.59 | $ (0.77) | $ 1.01 | $ (0.76) |
Diluted net income (loss) per share | $ 0.59 | $ (0.77) | $ 1 | $ (0.76) |
Performance shares [Member] | ||||
Earnings per Share [Line Items] | ||||
Incremental shares | 355,844 | 305,625 | ||
Restricted stock units [Member] | ||||
Earnings per Share [Line Items] | ||||
Incremental shares | 40,399 | 36,013 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Total anti-dilutive shares excluded from the calculation (in shares) | 0 | 18,289 | ||
Number of dilutive potential shares included in computation of diluted net income (loss) per share | 0 | 0 |
Certain Balance Sheet Compone31
Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Logs | $ 9,108 | $ 23,342 |
Lumber, plywood and veneer | 21,996 | 20,500 |
Materials and supplies | 9,020 | 8,780 |
Total inventories | $ 40,124 | $ 52,622 |
Certain Balance Sheet Compone32
Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Abstract] | ||
Property, plant and equipment | $ 255,907 | $ 250,913 |
Less: accumulated depreciation | (181,236) | (178,093) |
Total property, plant and equipment, net | $ 74,671 | $ 72,820 |
Certain Balance Sheet Compone33
Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Timber And Timberlands [Abstract] | ||
Timber and timberlands | $ 570,341 | $ 572,273 |
Logging roads | 68,837 | 69,583 |
Total timber and timberlands, net | $ 639,178 | $ 641,856 |
Certain Balance Sheet Compone34
Certain Balance Sheet Components (Narrative) (Details) $ in Millions | Apr. 21, 2016USD ($)a | Jun. 30, 2016USD ($)a |
Timber And Timberlands [Line Items] | ||
Acres sold through timberland sale | a | 172,000 | 172,000 |
Land Sales | $ 114 | $ 114 |
Real Estate [Member] | ||
Timber And Timberlands [Line Items] | ||
Net loss | $ 48.5 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Millions | 1 Months Ended | 6 Months Ended |
Apr. 30, 2017MMcf | Jun. 30, 2017USD ($)Derivative | |
Derivatives, Fair Value [Line Items] | ||
Net losses expected to be reclassified into earnings in the next twelve months | $ | $ 0.1 | |
Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of interest rate swap agreements | Derivative | 5 | |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of interest rate swap agreements | Derivative | 1 | |
Commodity Contract [Member] | Swap [Member] | Derivatives not designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Volume of southern yellow pine in lumber price swap | MMcf | 3 | |
Commodity swap contract, effective date | Jul. 1, 2017 | |
Commodity swap contract, termination date | Dec. 31, 2017 | |
Volume of southern yellow pine for which monthly cash settlement occur | MMcf | 0.5 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Designated as Hedging Instrument | Fair Value Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 99 | $ 247 |
Liability Derivatives, Fair Value | 115 | 91 |
Designated as Hedging Instrument | Fair Value Hedging [Member] | Interest rate contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 99 | 32 |
Designated as Hedging Instrument | Fair Value Hedging [Member] | Interest rate contracts [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 215 | |
Designated as Hedging Instrument | Fair Value Hedging [Member] | Interest rate contracts [Member] | Other Long-term Obligations [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 115 | 91 |
Designated as Hedging Instrument | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 924 | $ 1,148 |
Derivatives not designated as Hedging Instrument [Member] | Lumber Price Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 3,265 |
Derivative Instruments (Effect
Derivative Instruments (Effect of Derivatives on Consolidated Statements of Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Designated as Hedging Instrument | Fair Value Hedging [Member] | Interest rate contracts [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Realized gain on interest rate contracts | [1] | $ 123 | $ 214 | $ 290 | $ 456 |
Designated as Hedging Instrument | Cash Flow Hedging [Member] | Interest rate contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Loss recognized in other comprehensive income, net of tax (effective portion) | (226) | (490) | (228) | (654) | |
Designated as Hedging Instrument | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Loss reclassified from accumulated other comprehensive income (effective portion) | [1] | (41) | $ (77) | (91) | $ (77) |
Derivatives not designated as Hedging Instrument [Member] | Lumber Price Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gain on lumber price contracts | 3,265 | 3,265 | |||
Derivatives not designated as Hedging Instrument [Member] | Lumber Price Contracts [Member] | Gain On Lumber Hedge | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized gain on lumber price swap | $ 3,265 | $ 3,265 | |||
[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 |
Financial Instruments (Estimate
Financial Instruments (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Carrying Amount [Member] | Level 1 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 110,324 | $ 82,584 | |
Carrying Amount [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | [1] | (581,884) | (586,756) |
Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative assets | 1,023 | 1,395 | |
Derivative liabilities related to interest rate swaps | (115) | (91) | |
Carrying Amount [Member] | Level 2 [Member] | Lumber Price Contracts [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative assets | 3,265 | ||
Carrying Amount [Member] | Level 2 [Member] | Term Loans [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | (349,500) | (349,500) | |
Carrying Amount [Member] | Level 2 [Member] | Senior notes [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | (149,399) | (149,271) | |
Carrying Amount [Member] | Level 2 [Member] | Revenue bonds [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | (65,735) | (65,735) | |
Carrying Amount [Member] | Level 2 [Member] | Medium-term notes [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | (17,250) | (22,250) | |
Carrying Amount [Member] | Level 3 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Company owned life insurance asset (COLI) | 1,114 | 70 | |
Fair Value [Member] | Level 1 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 110,324 | 82,584 | |
Fair Value [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | [1] | (600,404) | (601,290) |
Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative assets | 1,023 | 1,395 | |
Derivative liabilities related to interest rate swaps | (115) | (91) | |
Fair Value [Member] | Level 2 [Member] | Lumber Price Contracts [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative assets | 3,265 | ||
Fair Value [Member] | Level 2 [Member] | Term Loans [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | (353,882) | (350,909) | |
Fair Value [Member] | Level 2 [Member] | Senior notes [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | (162,750) | (164,250) | |
Fair Value [Member] | Level 2 [Member] | Revenue bonds [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | (65,209) | (62,205) | |
Fair Value [Member] | Level 2 [Member] | Medium-term notes [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | (18,563) | (23,926) | |
Fair Value [Member] | Level 3 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Company owned life insurance asset (COLI) | $ 1,114 | $ 70 | |
[1] | The carrying amount of long-term debt includes principal and unamortized discounts. |
Pension and Other Postretirem39
Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1,515 | $ 1,747 | $ 3,377 | $ 3,254 |
Interest cost | 3,967 | 4,258 | 8,048 | 8,510 |
Expected return on plan assets | (4,601) | (4,734) | (9,204) | (9,500) |
Amortization of prior service cost (credit) | 72 | 129 | 144 | 259 |
Amortization of actuarial loss | 3,386 | 4,253 | 7,242 | 8,170 |
Net periodic cost (benefit) | 4,339 | 5,653 | 9,607 | 10,693 |
Other Postretirement Employee Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 2 | 7 | 7 |
Interest cost | 310 | 355 | 631 | 710 |
Amortization of prior service cost (credit) | (2,220) | (2,218) | (4,439) | (4,438) |
Amortization of actuarial loss | 371 | 430 | 769 | 858 |
Net periodic cost (benefit) | $ (1,535) | $ (1,431) | $ (3,032) | $ (2,863) |
Pension and Other Postretirem40
Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Other Postretirement Benefits Payments | $ 1.6 | $ 1.9 |
Non-Qualified Supplemental Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions | $ 0.8 | $ 0.7 |
Pension and Other Postretirem41
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI at beginning of period | $ 110,160 | $ 113,128 | $ 111,445 | $ 114,503 | |
Prior service credit (cost) | [1] | 1,310 | 1,274 | 2,620 | 2,549 |
Actuarial loss | [1] | (2,292) | (2,857) | (4,887) | (5,507) |
Total reclassification for the period | [1] | (982) | (1,583) | (2,267) | (2,958) |
AOCI at end of period | 109,178 | 111,545 | 109,178 | 111,545 | |
Pension Plans [Member] | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI at beginning of period | 118,231 | 125,776 | 120,627 | 128,244 | |
Prior service credit (cost) | [1] | (44) | (79) | (88) | (158) |
Actuarial loss | [1] | (2,066) | (2,594) | (4,418) | (4,983) |
Total reclassification for the period | [1] | (2,110) | (2,673) | (4,506) | (5,141) |
AOCI at end of period | 116,121 | 123,103 | 116,121 | 123,103 | |
Other Postretirement Employee Benefits [Member] | |||||
Accumulated Other Comprehensive Income [Roll Forward] | |||||
AOCI at beginning of period | (8,071) | (12,648) | (9,182) | (13,741) | |
Prior service credit (cost) | [1] | 1,354 | 1,353 | 2,708 | 2,707 |
Actuarial loss | [1] | (226) | (263) | (469) | (524) |
Total reclassification for the period | [1] | 1,128 | 1,090 | 2,239 | 2,183 |
AOCI at end of period | $ (6,943) | $ (11,558) | $ (6,943) | $ (11,558) | |
[1] | Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit). |
Components of Accumulated Oth42
Components of Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at January 1 | $ (156,274) | |||
Other comprehensive (income) loss before reclassifications | (2,039) | |||
Amounts reclassified from accumulated other comprehensive loss | (91) | |||
Net current period other comprehensive (income) loss | $ (797) | $ (1,170) | (2,130) | $ (2,381) |
Balance at June 30 | (170,329) | (170,329) | ||
Gains and losses on cash flow hedge [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at January 1 | (701) | |||
Other comprehensive (income) loss before reclassifications | 228 | |||
Amounts reclassified from accumulated other comprehensive loss | (91) | |||
Net current period other comprehensive (income) loss | 137 | |||
Balance at June 30 | (564) | (564) | ||
Pension and other postretirement employee benefits [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at January 1 | 111,445 | |||
Other comprehensive (income) loss before reclassifications | (2,267) | |||
Net current period other comprehensive (income) loss | (2,267) | |||
Balance at June 30 | 109,178 | 109,178 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance at January 1 | 110,744 | |||
Balance at June 30 | $ 108,614 | $ 108,614 |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Unit, Vested, Issuance Deferred | 72,942 |
Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, shares reserved for future issuance | 136,226 |
Performance shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 5.8 |
Weighted average period (in years) | 1 year 6 months |
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 4 months 24 days |
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 | 1,000,000 |
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, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee equity-based compensation expense | $ 1,191 | $ 1,222 | $ 2,348 | $ 2,176 |
Deferred compensation stock equivalent units expense | 161 | 220 | 322 | 420 |
Total tax benefit recognized for share-based expense | 96 | 89 | 189 | 155 |
Performance shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee equity-based compensation expense | 905 | 951 | 1,773 | 1,705 |
Restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee equity-based compensation expense | $ 286 | $ 271 | $ 575 | $ 471 |
Equity-Based Compensation (Fair
Equity-Based Compensation (Fair Value of Performance Share Awards) (Details) - Performance Shares [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price as of valuation date (in dollars per share) | $ 43.60 | $ 25.92 |
Risk-free rate | 1.61% | 0.88% |
Expected volatility | 24.22% | 23.82% |
Expected dividends | 3.44% | 5.79% |
Expected term (years) | 3 years | 3 years |
Fair value | $ 53.85 | $ 30.02 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary Of Outstanding Performance Shares/Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
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 | 203,788 | |
Granted (in shares) | 78,033 | |
Forfeited (in shares) | (2,187) | |
Unvested shares outstanding at June 30, Shares | 279,634 | |
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) | $ 32.59 | |
Granted, Weighted Avg. Exercise Price (in dollars per share) | 53.85 | $ 30.02 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 39.15 | |
Unvested shares outstanding at June 30, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ 38.47 | |
Aggregate Intrinsic Value | $ 12,779 | |
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 | 71,420 | |
Granted (in shares) | 26,507 | |
Vested (in shares) | (2,000) | |
Forfeited (in shares) | (728) | |
Unvested shares outstanding at June 30, Shares | 95,199 | |
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) | $ 31.61 | |
Granted, Weighted Avg. Exercise Price (in dollars per share) | 43.64 | |
Vested, Weighted Avg. Grant Date Fair Value (in dollars per share) | 32.85 | |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 32.70 | |
Unvested shares outstanding at June 30, Weighted Avg. Grant Date Fair Value (in dollars per share) | $ 34.93 | |
Aggregate Intrinsic Value | $ 4,351 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Sep. 25, 2015 | May 23, 2012 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
Site Contingency [Line Items] | |||||
Loss Contingency Accrual, Payments | $ 1,750 | ||||
Loss Contingency, Damages Sought, Value | $ 9,800 | ||||
Loss Contingency Accrual | $ 800 | $ 200 | |||
Extended tolling agreement for final settlement and release | Sep. 22, 2017 | ||||
Maximum [Member] | |||||
Site Contingency [Line Items] | |||||
Loss contingency, estimate of possible liability | $ 2,000 |
Segment Information (Summary Of
Segment Information (Summary Of Information By Business Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Segment Reporting Information [Line Items] | |||||
Segment Revenues | $ 163,229 | $ 141,495 | $ 312,910 | $ 269,391 | |
Operating income (loss) | 40,773 | (34,228) | 64,682 | (29,156) | |
Interest expense, net | (7,348) | (8,206) | (12,318) | (14,231) | |
Income (loss) before income taxes | 33,425 | (42,434) | 52,364 | (43,387) | |
Depreciation, depletion and amortization | 6,641 | 7,869 | 13,343 | 16,474 | |
Bond discounts and deferred loan fees | 370 | 468 | 743 | 834 | |
Basis of real estate sold | 982 | 3,387 | 5,772 | 5,421 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Revenues | 178,589 | 155,704 | 340,453 | 293,218 | |
Operating income (loss) | 51,003 | (24,031) | 84,318 | (9,328) | |
Depreciation, depletion and amortization | 6,113 | 7,188 | 12,325 | 15,219 | |
Operating Segments [Member] | Resource [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Revenues | 55,924 | 54,826 | 107,692 | 103,536 | |
Operating income (loss) | 19,520 | 15,672 | 34,449 | 25,879 | |
Depreciation, depletion and amortization | 4,274 | 5,387 | 8,658 | 11,515 | |
Operating Segments [Member] | Wood Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Revenues | 114,529 | 90,924 | 210,121 | 174,162 | |
Operating income (loss) | 24,705 | 4,695 | 33,389 | 5,651 | |
Depreciation, depletion and amortization | 1,839 | 1,800 | 3,666 | 3,701 | |
Operating Segments [Member] | Real Estate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Revenues | 8,136 | 9,954 | 22,640 | 15,520 | |
Operating income (loss) | [1] | 5,725 | (43,429) | 14,368 | (41,354) |
Depreciation, depletion and amortization | 1 | 1 | 3 | ||
Basis of real estate sold | 1,047 | 3,509 | 5,856 | 5,754 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Revenues | [2] | (15,360) | (14,209) | (27,543) | (23,827) |
Operating income (loss) | 1,053 | (969) | 2,112 | 496 | |
Basis of real estate sold | (65) | (122) | (84) | (333) | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (10,230) | (10,197) | (19,636) | (19,828) | |
Depreciation, depletion and amortization | $ 158 | $ 213 | $ 275 | $ 421 | |
[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. | ||||
[2] | Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment. |
Segment Information (Summary 49
Segment Information (Summary Of Information By Business Segment) (Parenthetical) (Details) $ in Millions | Apr. 21, 2016USD ($)a | Jun. 30, 2016USD ($)a |
Segment Reporting Information [Line Items] | ||
Acres sold through timberland sale | a | 172,000 | 172,000 |
Land Sales | $ 114 | $ 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 |