Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Trading Symbol | POPE | |
Entity Registrant Name | POPE RESOURCES LTD PARTNERSHIP | |
Entity Central Index Key | 784,011 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 4,336,323 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Partnership cash and cash equivalents | $ 11,045 | $ 14,505 |
ORM Timber Funds cash | 7,348 | 9,523 |
Cash and cash equivalents | 18,393 | 24,028 |
Short-term investments | 0 | 1,000 |
Accounts receivable, net | 2,938 | 2,419 |
Land and timber held for sale | 3,957 | 7,160 |
Prepaid expenses and other | 1,152 | 2,873 |
Total current assets | 26,440 | 37,480 |
Properties and equipment, at cost | ||
Timber and roads, net of accumulated depletion (2015 - $100,477; 2014 - $93,359) | 223,852 | 227,144 |
Timberland | 47,799 | 47,933 |
Land held for development | 27,498 | 26,040 |
Buildings and equipment, net of accumulated depreciation (2015 - $7,268; 2014 - $6,849) | 5,809 | 6,039 |
Total property and equipment, at cost | 304,958 | 307,156 |
Other assets | 504 | 441 |
Total assets | 331,902 | 345,077 |
Current liabilities | ||
Accounts payable | 1,823 | 1,293 |
Accrued liabilities | 3,949 | 3,196 |
Current portion of long-term debt | 113 | 5,109 |
Deferred revenue | 192 | 668 |
Current portion of environmental remediation liability | 14,797 | 3,700 |
Other current liabilities | 319 | 248 |
Total current liabilities | 21,193 | 14,214 |
Long-term debt, net of current portion | 84,787 | 84,872 |
Environmental remediation and other long-term liabilities | 5,417 | 18,362 |
Partners' capital and noncontrolling interests | ||
General partners' capital (units issued and outstanding 2015 - 60; 2014 - 60) | 1,018 | 1,003 |
Limited partners' capital (units issued and outstanding 2015 - 4,238; 2014 - 4,224) | 64,186 | 63,213 |
Noncontrolling interests | 155,301 | 163,413 |
Total partners' capital and noncontrolling interests | 220,505 | 227,629 |
Total liabilities, partners' capital and noncontrolling interests | $ 331,902 | $ 345,077 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Timber and roads, accumulated depletion | $ 100,477 | $ 93,359 |
Buildings and equipment, accumulated depreciation | $ 7,268 | $ 6,849 |
General partners' capital, units issued | 60,000 | 60,000 |
General partners' capital, units outstanding | 60,000 | 60,000 |
Limited partners' capital, units issued | 4,238,000 | 4,224,000 |
Limited partners' capital, units outstanding | 4,238,000 | 4,224,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 15,208 | $ 13,755 | $ 56,020 | $ 70,117 |
Cost of sales | (9,746) | (9,125) | (33,058) | (39,426) |
Operating expenses | (4,030) | (3,686) | (10,889) | (10,590) |
General and administrative expenses | (1,202) | (941) | (3,590) | (2,713) |
Gain (loss) on sale of timberland | (1,103) | 9,188 | (1,103) | 9,188 |
Income (loss) from operations | (873) | 9,191 | 7,380 | 26,576 |
Interest expense, net | (726) | (659) | (2,248) | (1,862) |
Income (loss) before income taxes | (1,599) | 8,532 | 5,132 | 24,714 |
Income tax expense | (1) | (259) | (369) | (485) |
Net income (loss) | (1,600) | 8,273 | 4,763 | 24,229 |
Net (income) loss attributable to noncontrolling interests - ORM Timber Funds | 2,215 | (6,773) | 3,950 | (8,642) |
Net and comprehensive income attributable to unitholders | 615 | 1,500 | 8,713 | 15,587 |
Allocable to general partners | 9 | 21 | 122 | 214 |
Allocable to limited partners | 606 | 1,479 | 8,591 | 15,373 |
Net and comprehensive income attributable to unitholders | $ 615 | $ 1,500 | $ 8,713 | $ 15,587 |
Basic and diluted earnings per unit attributable to unit holders (in dollars per unit) | $ 0.13 | $ 0.34 | $ 2.01 | $ 3.52 |
Basic and diluted weighted average units outstanding | 4,298 | 4,350 | 4,297 | 4,376 |
Distributions per unit (in dollars per unit) | $ 0.7 | $ 0.65 | $ 2 | $ 1.85 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 4,763 | $ 24,229 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depletion | 7,198 | 9,382 |
Equity-based compensation | 722 | 698 |
Excess tax benefit of equity-based compensation | (5) | 0 |
Depreciation and amortization | 466 | 542 |
Deferred taxes | 199 | 207 |
Cost of land sold | 9,246 | 8,377 |
(Gain) loss on sale of timberland | 1,103 | (9,188) |
Cash flows from changes in operating accounts | ||
Accounts receivable, net | (519) | (345) |
Prepaid expenses and other assets | 1,510 | 13 |
Real estate project expenditures | (7,053) | (3,438) |
Accounts payable and accrued liabilities | 1,282 | (1,527) |
Deferred revenue | (477) | 294 |
Environmental remediation | (1,579) | (694) |
Other current and long-term liabilities | 47 | (159) |
Net cash provided by operating activities | 16,903 | 28,391 |
Cash flows from investing activities | ||
Purchase of short-term investments | 0 | (4,000) |
Maturity of short-term investments | 1,000 | 0 |
Reforestation and roads | (1,473) | (1,543) |
Buildings and equipment | (197) | (253) |
Acquisition of timberland - Partnership | (4,851) | (3,921) |
Proceeds from sale of timberland | 1,001 | 38,147 |
Net cash provided by (used in) investing activities | (4,520) | 28,430 |
Cash flows from financing activities | ||
Repayment of long-term debt | (5,081) | (82) |
Unit repurchase | 0 | (7,363) |
Proceeds from preferred stock issuance - ORM Timber Funds | 0 | 125 |
Payroll taxes paid on unit net settlements | (107) | (196) |
Excess tax benefit of equity-based compensation | 5 | 0 |
Cash distributions to unitholders | (8,672) | (8,225) |
Cash distributions - ORM Timber Funds, net of distributions to Partnership | (4,163) | (5,854) |
Net cash used in financing activities | (18,018) | (21,595) |
Net increase (decrease) in cash and cash equivalents | (5,635) | 35,226 |
Cash and cash equivalents at beginning of period | 24,028 | 6,960 |
Cash and cash equivalents at end of period | $ 18,393 | $ 42,186 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | The condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 and the related condensed consolidated statements of comprehensive income for the three- and nine-month periods and cash flows for the nine-month periods ended September 30, 2015 and 2014 have been prepared by Pope Resources, A Delaware Limited Partnership (the “Partnership”), pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated financial statements are unaudited, but, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments and accruals) necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The financial information as of December 31, 2014 , is derived from the Partnership’s audited consolidated financial statements and notes thereto for the year ended December 31, 2014 , and should be read in conjunction with such financial statements and notes. The results of operations for the interim periods are not indicative of the results of operations that may be achieved for the entire fiscal year ending December 31, 2015 . |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | The financial statements in the Partnership’s 2014 annual report on Form 10-K include a summary of significant accounting policies of the Partnership and should be read in conjunction with this Quarterly Report on Form 10-Q. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2018. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Partnership has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. The ASU amends the consolidation guidance for variable interest entities (VIEs) and general partners' investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. Management does not believe the adoption of ASU 2015-02 will have a material impact on the Partnership's consolidated financial position, results of operations or disclosure requirements of its consolidated financial statements. |
Partners' Capital Notes Disclos
Partners' Capital Notes Disclosure | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Partners' Capital Notes Disclosure | The Partnership has two general partners: Pope MGP, Inc. and Pope EGP, Inc. In total, these two entities own 60,000 partnership units. The allocation of distributions, profits and losses between the general and limited partners is pro rata across all units outstanding. |
Balance Sheet Of Partnership Co
Balance Sheet Of Partnership Co-Investments | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Of Partnership Co-Investments | ORM Timber Fund I, LP (Fund I), ORM Timber Fund II, Inc. (Fund II), and ORM Timber Fund III (REIT) Inc. (Fund III), collectively “the Funds”, were formed by Olympic Resource Management LLC (ORMLLC), a wholly owned subsidiary of Pope Resources, for the purpose of attracting capital to purchase timberlands. The objective of these Funds is to generate a return on investments through the acquisition, management, value enhancement and sale of timberland properties. Each Fund will operate for a term of ten years from the end of the respective investment period. Fund I has sold all its timberland holdings and will terminate in 2015, prior to its scheduled termination in August 2017. Fund II is scheduled to terminate in March 2021 and Fund III will terminate on the tenth anniversary of the completion of its investment period. Fund III’s investment period will end at the earlier of placement of all committed capital or July 31, 2016. Pope Resources and ORMLLC together own 20% of Funds I and II and 5% of Fund III. The Funds are consolidated into the Partnership’s financial statements based in part on ORMLLC’s controlling role as the general partner or managing member of the Funds. The consolidated financial statements exclude management fees paid by the Funds to ORMLLC as they are eliminated in consolidation. See note 5 for a breakdown of operating results before and after such eliminations. The portion of these fees, among other items of income and expense, attributed to third-party investors is reflected as an adjustment to income in the Partnership’s Condensed Consolidated Statement of Comprehensive Income under the caption “Net (income) loss attributable to noncontrolling interests - ORM Timber Funds.” In October 2015, Fund I distributed $5.9 million to its investors, of which $1.1 million was the Partnership's portion. This distribution represents the remaining proceeds from the 2014 sale of Fund I's tree farms. The Partnership’s condensed consolidated balance sheet included assets and liabilities of the Funds as of September 30, 2015 and December 31, 2014 , which were as follows: (in thousands) September 30, 2015 December 31, 2014 Assets: Cash $ 7,348 $ 9,523 Other current assets 1,274 1,108 Total current assets 8,622 10,631 Properties and equipment, net of accumulated depletion and depreciation (2015 - $32,495; 2014 - $26,738) 223,254 230,123 Other long-term assets 140 156 Total assets $ 232,016 $ 240,910 Liabilities and equity: Current liabilities $ 2,203 $ 1,891 Long-term debt 57,380 57,380 Total liabilities 59,583 59,271 Funds' equity 172,433 181,639 Total liabilities and equity $ 232,016 $ 240,910 |
Segment Reporting Disclosure
Segment Reporting Disclosure | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | In the presentation of the Partnership’s revenue and operating income (loss) by segment, all intersegment revenue and expense is eliminated to determine operating income (loss) reported externally. The following tables reconcile internally reported income (loss) from operations to externally reported income (loss) from operations by business segment, for the three and nine months ended September 30, 2015 and 2014 : Fee Timber Three Months Ended September 30, (in thousands) Pope Resources ORM Timber Funds Total Fee Timber Timberland Management Real Estate Other Consolidated 2015 Revenue - internal $ 6,506 $ 4,910 $ 11,416 $ 779 $ 3,931 $ — $ 16,126 Eliminations (100 ) — (100 ) (779 ) (39 ) — (918 ) Revenue - external 6,406 4,910 11,316 — 3,892 — 15,208 Cost of sales (2,463 ) (3,888 ) (6,351 ) — (3,395 ) — (9,746 ) Operating, general and administrative expenses - internal (1,678 ) (1,637 ) (3,315 ) (594 ) (1,005 ) (1,236 ) (6,150 ) Eliminations — 779 779 100 5 34 918 Operating, general and administrative expenses - external (1,678 ) (858 ) (2,536 ) (494 ) (1,000 ) (1,202 ) (5,232 ) Gain (loss) on sale of timberland — (1,103 ) (1,103 ) — — — (1,103 ) Income (loss) from operations - internal 2,365 (1,718 ) 647 185 (469 ) (1,236 ) (873 ) Eliminations (100 ) 779 679 (679 ) (34 ) 34 — Income (loss) from operations - external $ 2,265 $ (939 ) $ 1,326 $ (494 ) $ (503 ) $ (1,202 ) $ (873 ) 2014 Revenue - internal $ 6,216 $ 6,321 $ 12,537 $ 814 $ 1,402 $ — $ 14,753 Eliminations (154 ) — (154 ) (814 ) (30 ) — (998 ) Revenue - external 6,062 6,321 12,383 — 1,372 — 13,755 Cost of sales (3,112 ) (4,932 ) (8,044 ) — (1,081 ) — (9,125 ) Operating, general and administrative expenses - internal (1,400 ) (1,671 ) (3,071 ) (695 ) (888 ) (971 ) (5,625 ) Eliminations — 814 814 154 — 30 998 Operating, general and administrative expenses -external (1,400 ) (857 ) (2,257 ) (541 ) (888 ) (941 ) (4,627 ) Gain (loss) on sale of timberland — 9,188 9,188 — — — 9,188 Income (loss) from operations - internal 1,704 8,906 10,610 119 (567 ) (971 ) 9,191 Eliminations (154 ) 814 660 (660 ) (30 ) 30 — Income (loss) from operations - external $ 1,550 $ 9,720 $ 11,270 $ (541 ) $ (597 ) $ (941 ) $ 9,191 Fee Timber Nine Months Ended September 30, (in thousands) Pope Resources ORM Timber Funds Total Fee Timber Timberland Management Real Estate Other Consolidated 2015 Revenue - internal $ 20,213 $ 16,567 $ 36,780 $ 2,380 $ 19,592 $ — $ 58,752 Eliminations (246 ) — (246 ) (2,380 ) (106 ) — (2,732 ) Revenue - external 19,967 16,567 36,534 — 19,486 — 56,020 Cost of sales (8,371 ) (13,420 ) (21,791 ) — (11,267 ) — (33,058 ) Operating, general and administrative expenses - internal (3,979 ) (4,267 ) (8,246 ) (2,254 ) (3,029 ) (3,682 ) (17,211 ) Eliminations — 2,380 2,380 246 14 92 2,732 Operating, general and administrative expenses - external (3,979 ) (1,887 ) (5,866 ) (2,008 ) (3,015 ) (3,590 ) (14,479 ) Gain (loss) on sale of timberland — (1,103 ) (1,103 ) — — — (1,103 ) Income (loss) from operations - internal 7,863 (2,223 ) 5,640 126 5,296 (3,682 ) 7,380 Eliminations (246 ) 2,380 2,134 (2,134 ) (92 ) 92 — Income (loss) from operations - external $ 7,617 $ 157 $ 7,774 $ (2,008 ) $ 5,204 $ (3,590 ) $ 7,380 2014 Revenue - internal $ 26,398 $ 26,058 $ 52,456 $ 2,529 $ 18,219 $ — $ 73,204 Eliminations (469 ) — (469 ) (2,529 ) (89 ) — (3,087 ) Revenue - external 25,929 26,058 51,987 — 18,130 — 70,117 Cost of sales (11,266 ) (18,217 ) (29,483 ) — (9,943 ) — (39,426 ) Operating, general and administrative expenses - internal (3,930 ) (4,751 ) (8,681 ) (2,130 ) (2,777 ) (2,802 ) (16,390 ) Eliminations — 2,529 2,529 469 — 89 3,087 Operating, general and administrative expenses - external (3,930 ) (2,222 ) (6,152 ) (1,661 ) (2,777 ) (2,713 ) (13,303 ) Gain (loss) on sale of timberland — 9,188 9,188 — — — 9,188 Income (loss) from operations - internal 11,202 12,278 23,480 399 5,499 (2,802 ) 26,576 Eliminations (469 ) 2,529 2,060 (2,060 ) (89 ) 89 — Income (loss) from operations - external $ 10,733 $ 14,807 $ 25,540 $ (1,661 ) $ 5,410 $ (2,713 ) $ 26,576 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic and diluted earnings per unit are calculated by dividing net income attributable to unitholders, adjusted for non-forfeitable distributions paid out to unvested restricted unitholders and preferred shareholders of Fund II and Fund III, by the weighted average units outstanding during the period. There were no dilutive securities outstanding during the periods presented. The following table shows the calculation of basic and diluted income per unit: Quarter Ended Nine Months Ended (in thousands, except per unit amounts) 2015 2014 2015 2014 Net income attributable to Pope Resources' unitholders $ 615 $ 1,500 $ 8,713 $ 15,587 Less: Net income attributable to unvested restricted unitholders (27 ) (23 ) (55 ) (168 ) Preferred share dividends - ORM Timber Funds (8 ) (8 ) (23 ) (23 ) Net income for calculation of earnings per unit $ 580 $ 1,469 $ 8,635 $ 15,396 Basic and diluted weighted average units outstanding 4,298 4,350 4,297 4,376 Basic and diluted earnings per unit $ 0.13 $ 0.34 $ 2.01 $ 3.52 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | In the first quarter of 2015 , the Partnership granted 7,550 restricted units pursuant to the management incentive compensation program. These restricted units vest ratably over four years with the grant date fair value equal to the market price on the date of grant. Simultaneous with the restricted unit grant to management, members of our Board of Directors received 4,500 restricted units. Restricted units granted to directors are not part of the management incentive compensation program, but are included in the calculation of total equity compensation expense. These awards to directors vest 50% on the third anniversary and 50% on the fourth anniversary of the date of grant. Total equity compensation expense is recognized over the vesting period. Grants to retirement-eligible individuals on the date of grant are expensed immediately. We recognized $142,000 and $177,000 of equity compensation expense in the third quarter of 2015 and 2014 , respectively, and $722,000 and $698,000 for the nine months ended September 30, 2015 and 2014 , respectively, related to these incentive compensation programs. |
Cash Flow, Supplemental Disclos
Cash Flow, Supplemental Disclosures | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures | Supplemental disclosure of cash flow information: interest paid, net of amounts capitalized, totaled $2.3 million and $1.8 million for the first nine months of 2015 and 2014 , respectively. The Partnership paid income taxes of $236,000 and $71,000 during the first nine months of 2015 and 2014 , respectively. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | The Partnership’s financial instruments include cash and cash equivalents, short-term investments and accounts receivable, for which the carrying amount of each represents fair value based on current market interest rates or their short-term nature. Carrying amounts of contracts receivable, although long-term, also approximate fair value based on current market rates. The Partnership’s and the Funds’ fixed-rate debt collectively have a carrying value of $84.9 million and $90.0 million as of September 30, 2015 and December 31, 2014 , respectively. The estimated fair value of this debt, based on current interest rates for similar instruments (Level 2 inputs in the Fair Value Hierarchy), is approximately $90.8 million and $96.0 million , as of September 30, 2015 and December 31, 2014 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Partnership had an accrual for estimated environmental remediation costs of $20.1 million and $21.7 million as of September 30, 2015 and December 31, 2014 , respectively. The environmental remediation liability represents management’s estimate of payments to be made to monitor and remediate certain areas in and around Port Gamble Bay, and at Port Ludlow, Washington. In December of 2013, a consent decree and Clean-up Action Plan (CAP) related to Port Gamble were finalized with the Washington State Department of Ecology (DOE) and filed with Kitsap County Superior Court. The design of the remediation project was substantially completed in the second quarter of 2015 and, in the third quarter, the Partnership selected a contractor to complete the remediation work. Management's cost estimates for the project are based on amounts included in the construction contract and estimates for project management and other professional fees. Remediation activity began in late September of 2015 and will continue through 2017, followed by a period of monitoring activity. The environmental remediation liability also includes estimated costs related to a separate remediation effort within the resort community of Port Ludlow. The liability for this project consists primarily of ongoing monitoring activity. The environmental liability at September 30, 2015 is comprised of $14.8 million that management expects to expend in the next 12 months and $5.3 million thereafter. Activity in the environmental liability is as follows: (in thousands) Balance at Beginning of the Period Additions to Accrual Expenditures for Remediation Balance at Period-end Year ended December 31, 2013 $ 13,942 $ — $ 701 $ 13,241 Year ended December 31, 2014 13,241 10,000 1,590 21,651 Quarter ended March 31, 2015 21,651 — 286 21,365 Quarter ended June 30, 2015 21,365 — 286 21,079 Quarter ended September 30, 2015 $ 21,079 $ — $ 1,007 $ 20,072 |
Balance Sheet Of Partnership 16
Balance Sheet Of Partnership Co-Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds | The Partnership’s condensed consolidated balance sheet included assets and liabilities of the Funds as of September 30, 2015 and December 31, 2014 , which were as follows: (in thousands) September 30, 2015 December 31, 2014 Assets: Cash $ 7,348 $ 9,523 Other current assets 1,274 1,108 Total current assets 8,622 10,631 Properties and equipment, net of accumulated depletion and depreciation (2015 - $32,495; 2014 - $26,738) 223,254 230,123 Other long-term assets 140 156 Total assets $ 232,016 $ 240,910 Liabilities and equity: Current liabilities $ 2,203 $ 1,891 Long-term debt 57,380 57,380 Total liabilities 59,583 59,271 Funds' equity 172,433 181,639 Total liabilities and equity $ 232,016 $ 240,910 |
Segment Reporting Disclosure (T
Segment Reporting Disclosure (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Internally Reported Income (Loss) from Operations to Externally Reported Income (Loss) from Operations by Business Segment | The following tables reconcile internally reported income (loss) from operations to externally reported income (loss) from operations by business segment, for the three and nine months ended September 30, 2015 and 2014 : Fee Timber Three Months Ended September 30, (in thousands) Pope Resources ORM Timber Funds Total Fee Timber Timberland Management Real Estate Other Consolidated 2015 Revenue - internal $ 6,506 $ 4,910 $ 11,416 $ 779 $ 3,931 $ — $ 16,126 Eliminations (100 ) — (100 ) (779 ) (39 ) — (918 ) Revenue - external 6,406 4,910 11,316 — 3,892 — 15,208 Cost of sales (2,463 ) (3,888 ) (6,351 ) — (3,395 ) — (9,746 ) Operating, general and administrative expenses - internal (1,678 ) (1,637 ) (3,315 ) (594 ) (1,005 ) (1,236 ) (6,150 ) Eliminations — 779 779 100 5 34 918 Operating, general and administrative expenses - external (1,678 ) (858 ) (2,536 ) (494 ) (1,000 ) (1,202 ) (5,232 ) Gain (loss) on sale of timberland — (1,103 ) (1,103 ) — — — (1,103 ) Income (loss) from operations - internal 2,365 (1,718 ) 647 185 (469 ) (1,236 ) (873 ) Eliminations (100 ) 779 679 (679 ) (34 ) 34 — Income (loss) from operations - external $ 2,265 $ (939 ) $ 1,326 $ (494 ) $ (503 ) $ (1,202 ) $ (873 ) 2014 Revenue - internal $ 6,216 $ 6,321 $ 12,537 $ 814 $ 1,402 $ — $ 14,753 Eliminations (154 ) — (154 ) (814 ) (30 ) — (998 ) Revenue - external 6,062 6,321 12,383 — 1,372 — 13,755 Cost of sales (3,112 ) (4,932 ) (8,044 ) — (1,081 ) — (9,125 ) Operating, general and administrative expenses - internal (1,400 ) (1,671 ) (3,071 ) (695 ) (888 ) (971 ) (5,625 ) Eliminations — 814 814 154 — 30 998 Operating, general and administrative expenses -external (1,400 ) (857 ) (2,257 ) (541 ) (888 ) (941 ) (4,627 ) Gain (loss) on sale of timberland — 9,188 9,188 — — — 9,188 Income (loss) from operations - internal 1,704 8,906 10,610 119 (567 ) (971 ) 9,191 Eliminations (154 ) 814 660 (660 ) (30 ) 30 — Income (loss) from operations - external $ 1,550 $ 9,720 $ 11,270 $ (541 ) $ (597 ) $ (941 ) $ 9,191 Fee Timber Nine Months Ended September 30, (in thousands) Pope Resources ORM Timber Funds Total Fee Timber Timberland Management Real Estate Other Consolidated 2015 Revenue - internal $ 20,213 $ 16,567 $ 36,780 $ 2,380 $ 19,592 $ — $ 58,752 Eliminations (246 ) — (246 ) (2,380 ) (106 ) — (2,732 ) Revenue - external 19,967 16,567 36,534 — 19,486 — 56,020 Cost of sales (8,371 ) (13,420 ) (21,791 ) — (11,267 ) — (33,058 ) Operating, general and administrative expenses - internal (3,979 ) (4,267 ) (8,246 ) (2,254 ) (3,029 ) (3,682 ) (17,211 ) Eliminations — 2,380 2,380 246 14 92 2,732 Operating, general and administrative expenses - external (3,979 ) (1,887 ) (5,866 ) (2,008 ) (3,015 ) (3,590 ) (14,479 ) Gain (loss) on sale of timberland — (1,103 ) (1,103 ) — — — (1,103 ) Income (loss) from operations - internal 7,863 (2,223 ) 5,640 126 5,296 (3,682 ) 7,380 Eliminations (246 ) 2,380 2,134 (2,134 ) (92 ) 92 — Income (loss) from operations - external $ 7,617 $ 157 $ 7,774 $ (2,008 ) $ 5,204 $ (3,590 ) $ 7,380 2014 Revenue - internal $ 26,398 $ 26,058 $ 52,456 $ 2,529 $ 18,219 $ — $ 73,204 Eliminations (469 ) — (469 ) (2,529 ) (89 ) — (3,087 ) Revenue - external 25,929 26,058 51,987 — 18,130 — 70,117 Cost of sales (11,266 ) (18,217 ) (29,483 ) — (9,943 ) — (39,426 ) Operating, general and administrative expenses - internal (3,930 ) (4,751 ) (8,681 ) (2,130 ) (2,777 ) (2,802 ) (16,390 ) Eliminations — 2,529 2,529 469 — 89 3,087 Operating, general and administrative expenses - external (3,930 ) (2,222 ) (6,152 ) (1,661 ) (2,777 ) (2,713 ) (13,303 ) Gain (loss) on sale of timberland — 9,188 9,188 — — — 9,188 Income (loss) from operations - internal 11,202 12,278 23,480 399 5,499 (2,802 ) 26,576 Eliminations (469 ) 2,529 2,060 (2,060 ) (89 ) 89 — Income (loss) from operations - external $ 10,733 $ 14,807 $ 25,540 $ (1,661 ) $ 5,410 $ (2,713 ) $ 26,576 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Income (Loss) per Unit | The following table shows the calculation of basic and diluted income per unit: Quarter Ended Nine Months Ended (in thousands, except per unit amounts) 2015 2014 2015 2014 Net income attributable to Pope Resources' unitholders $ 615 $ 1,500 $ 8,713 $ 15,587 Less: Net income attributable to unvested restricted unitholders (27 ) (23 ) (55 ) (168 ) Preferred share dividends - ORM Timber Funds (8 ) (8 ) (23 ) (23 ) Net income for calculation of earnings per unit $ 580 $ 1,469 $ 8,635 $ 15,396 Basic and diluted weighted average units outstanding 4,298 4,350 4,297 4,376 Basic and diluted earnings per unit $ 0.13 $ 0.34 $ 2.01 $ 3.52 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Activity in Environmental | Activity in the environmental liability is as follows: (in thousands) Balance at Beginning of the Period Additions to Accrual Expenditures for Remediation Balance at Period-end Year ended December 31, 2013 $ 13,942 $ — $ 701 $ 13,241 Year ended December 31, 2014 13,241 10,000 1,590 21,651 Quarter ended March 31, 2015 21,651 — 286 21,365 Quarter ended June 30, 2015 21,365 — 286 21,079 Quarter ended September 30, 2015 $ 21,079 $ — $ 1,007 $ 20,072 |
Partners' Capital Notes Discl20
Partners' Capital Notes Disclosure (Detail) | Sep. 30, 2015Partnershares | Dec. 31, 2014shares |
Equity [Abstract] | ||
Number of general partners | 2 | |
Number of partnership units owned by two general partners | shares | 60,000 | 60,000 |
Balance Sheet Of Partnership 21
Balance Sheet Of Partnership Co-Investments (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Oct. 31, 2015 | Sep. 30, 2015 | |
Fund I | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Operating term for Fund | 10 years | |
Termination agreement date | 2017-08 | |
Pope Resources and ORMLLC combined ownership percentage | 20.00% | |
Fund I | Subsequent Event | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Proceeds from investment in Fund I | $ 5.9 | |
Fund II | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Operating term for Fund | 10 years | |
Termination agreement date | 2021-03 | |
Pope Resources and ORMLLC combined ownership percentage | 20.00% | |
Fund III | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Operating term for Fund | 10 years | |
Termination agreement description | Fund III will terminate on the tenth anniversary of the completion of its investment period. Fund III’s investment period will end at the earlier of placement of all committed capital or July 31, 2016. | |
Pope Resources and ORMLLC combined ownership percentage | 5.00% | |
Partnership Interest | Fund I | Subsequent Event | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Proceeds from investment in Fund I | $ 1.1 |
Balance Sheet Of Partnership 22
Balance Sheet Of Partnership Co-Investments (Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash | $ 7,348 | $ 9,523 |
Total current assets | 26,440 | 37,480 |
Properties and equipment, net of accumulated depletion and depreciation (2015 - $33,495; 2014 - $26,738) | 304,958 | 307,156 |
Other long-term assets | 504 | 441 |
Total assets | 331,902 | 345,077 |
Liabilities and equity: | ||
Current liabilities | 319 | 248 |
Long-term debt, net of current portion | 84,787 | 84,872 |
Total liabilities, partners' capital and noncontrolling interests | 331,902 | 345,077 |
ORM Timber Funds | ||
Assets: | ||
Cash | 7,348 | 9,523 |
Other current assets | 1,274 | 1,108 |
Total current assets | 8,622 | 10,631 |
Properties and equipment, net of accumulated depletion and depreciation (2015 - $33,495; 2014 - $26,738) | 223,254 | 230,123 |
Other long-term assets | 140 | 156 |
Total assets | 232,016 | 240,910 |
Liabilities and equity: | ||
Current liabilities | 2,203 | 1,891 |
Long-term debt, net of current portion | 57,380 | 57,380 |
Total liabilities | 59,583 | 59,271 |
Funds' equity | 172,433 | 181,639 |
Total liabilities, partners' capital and noncontrolling interests | $ 232,016 | $ 240,910 |
Balance Sheet Of Partnership 23
Balance Sheet Of Partnership Co-Investments (Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds - Non Printing) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Timber, Timberland and roads, accumulated depletion | $ 100,477 | $ 93,359 |
ORM Timber Funds | ||
Condensed Financial Statements, Captions [Line Items] | ||
Timber, Timberland and roads, accumulated depletion | $ 32,495 | $ 26,738 |
Segment Reporting Disclosure (D
Segment Reporting Disclosure (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | $ 15,208 | $ 13,755 | $ 56,020 | $ 70,117 |
Cost of sales | (9,746) | (9,125) | (33,058) | (39,426) |
Operating, general and administrative expenses | (5,232) | (4,627) | (14,479) | (13,303) |
Gain (loss) on sale of timberland | (1,103) | 9,188 | (1,103) | 9,188 |
Income (loss) from operations | (873) | 9,191 | 7,380 | 26,576 |
Fee Timber | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 11,316 | 12,383 | 36,534 | 51,987 |
Cost of sales | (6,351) | (8,044) | (21,791) | (29,483) |
Operating, general and administrative expenses | (2,536) | (2,257) | (5,866) | (6,152) |
Gain (loss) on sale of timberland | (1,103) | 9,188 | (1,103) | 9,188 |
Income (loss) from operations | 1,326 | 11,270 | 7,774 | 25,540 |
Fee Timber | Pope Resources | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 6,406 | 6,062 | 19,967 | 25,929 |
Cost of sales | (2,463) | (3,112) | (8,371) | (11,266) |
Operating, general and administrative expenses | (1,678) | (1,400) | (3,979) | (3,930) |
Income (loss) from operations | 2,265 | 1,550 | 7,617 | 10,733 |
Fee Timber | ORM Timber Funds | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 4,910 | 6,321 | 16,567 | 26,058 |
Cost of sales | (3,888) | (4,932) | (13,420) | (18,217) |
Operating, general and administrative expenses | (858) | (857) | (1,887) | (2,222) |
Gain (loss) on sale of timberland | (1,103) | 9,188 | (1,103) | 9,188 |
Income (loss) from operations | (939) | 9,720 | 157 | 14,807 |
Timberland Management | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | (494) | (541) | (2,008) | (1,661) |
Income (loss) from operations | (494) | (541) | (2,008) | (1,661) |
Real Estate | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 3,892 | 1,372 | 19,486 | 18,130 |
Cost of sales | (3,395) | (1,081) | (11,267) | (9,943) |
Operating, general and administrative expenses | (1,000) | (888) | (3,015) | (2,777) |
Income (loss) from operations | (503) | (597) | 5,204 | 5,410 |
Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | (1,202) | (941) | (3,590) | (2,713) |
Income (loss) from operations | (1,202) | (941) | (3,590) | (2,713) |
Internal | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 16,126 | 14,753 | 58,752 | 73,204 |
Operating, general and administrative expenses | (6,150) | (5,625) | (17,211) | (16,390) |
Income (loss) from operations | (873) | 9,191 | 7,380 | 26,576 |
Internal | Fee Timber | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 11,416 | 12,537 | 36,780 | 52,456 |
Operating, general and administrative expenses | (3,315) | (3,071) | (8,246) | (8,681) |
Income (loss) from operations | 647 | 10,610 | 5,640 | 23,480 |
Internal | Fee Timber | Pope Resources | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 6,506 | 6,216 | 20,213 | 26,398 |
Operating, general and administrative expenses | (1,678) | (1,400) | (3,979) | (3,930) |
Income (loss) from operations | 2,365 | 1,704 | 7,863 | 11,202 |
Internal | Fee Timber | ORM Timber Funds | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 4,910 | 6,321 | 16,567 | 26,058 |
Operating, general and administrative expenses | (1,637) | (1,671) | (4,267) | (4,751) |
Income (loss) from operations | (1,718) | 8,906 | (2,223) | 12,278 |
Internal | Timberland Management | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 779 | 814 | 2,380 | 2,529 |
Operating, general and administrative expenses | (594) | (695) | (2,254) | (2,130) |
Income (loss) from operations | 185 | 119 | 126 | 399 |
Internal | Real Estate | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 3,931 | 1,402 | 19,592 | 18,219 |
Operating, general and administrative expenses | (1,005) | (888) | (3,029) | (2,777) |
Income (loss) from operations | (469) | (567) | 5,296 | 5,499 |
Internal | Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | (1,236) | (971) | (3,682) | (2,802) |
Income (loss) from operations | (1,236) | (971) | (3,682) | (2,802) |
Eliminations | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (918) | (998) | (2,732) | (3,087) |
Operating, general and administrative expenses | 918 | 998 | 2,732 | 3,087 |
Income (loss) from operations | 0 | |||
Eliminations | Fee Timber | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (100) | (154) | (246) | (469) |
Operating, general and administrative expenses | 779 | 814 | 2,380 | 2,529 |
Income (loss) from operations | 679 | 660 | 2,134 | 2,060 |
Eliminations | Fee Timber | Pope Resources | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (100) | (154) | (246) | (469) |
Operating, general and administrative expenses | 0 | 0 | ||
Income (loss) from operations | (100) | (154) | (246) | (469) |
Eliminations | Fee Timber | ORM Timber Funds | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | 779 | 814 | 2,380 | 2,529 |
Income (loss) from operations | 779 | 814 | 2,380 | 2,529 |
Eliminations | Timberland Management | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (779) | (814) | (2,380) | (2,529) |
Operating, general and administrative expenses | 100 | 154 | 246 | 469 |
Income (loss) from operations | (679) | (660) | (2,134) | (2,060) |
Eliminations | Real Estate | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (39) | (30) | (106) | (89) |
Operating, general and administrative expenses | 5 | 0 | 14 | 0 |
Income (loss) from operations | (34) | (30) | (92) | (89) |
Eliminations | Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | 34 | 30 | 92 | 89 |
Income (loss) from operations | $ 34 | $ 30 | $ 92 | $ 89 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Pope Resources' unitholders | $ 615 | $ 1,500 | $ 8,713 | $ 15,587 |
Net income attributable to unvested restricted unitholders | (27) | (23) | (55) | (168) |
Preferred share dividends - ORM Timber Funds | (8) | (8) | (23) | (23) |
Net income for calculation of earnings per unit | $ 580 | $ 1,469 | $ 8,635 | $ 15,396 |
Basic and diluted weighted average units outstanding (units) | 4,298 | 4,350 | 4,297 | 4,376 |
Basic and diluted earnings per unit attributable to unit holders (in dollars per unit) | $ 0.13 | $ 0.34 | $ 2.01 | $ 3.52 |
Stock Based Compensation (Detai
Stock Based Compensation (Detail) - Restricted Units - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation units, granted in period | 7,550 | ||||
Vesting period of restricted stock unit award | 4 years | ||||
Long Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation expense | $ 142 | $ 177 | $ 722 | $ 698 | |
Board of Directors Chairman | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation units, granted in period | 4,500 | ||||
Board of Directors Chairman | Third anniversary | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 50.00% | ||||
Board of Directors Chairman | Fourth anniversary | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 50.00% |
Cash Flow, Supplemental Discl27
Cash Flow, Supplemental Disclosures (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid, net of amounts capitalized | $ 2,300 | $ 1,800 |
Income tax paid | $ 236 | $ 71 |
Fair Value Disclosures (Detail)
Fair Value Disclosures (Detail) - Fixed-Rate Debt - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding carrying value | $ 84.9 | $ 84.9 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding fair value | $ 90.8 | $ 96 |
Commitments and Contingencies29
Commitments and Contingencies (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Accrual for estimated environmental remediation costs | $ 20,072 | $ 21,079 | $ 21,365 | $ 21,651 | $ 13,241 | $ 13,942 |
Additions to accrual | 0 | $ 0 | $ 0 | $ 10,000 | $ 0 | |
Environmental liability, next 12 months | 14,800 | |||||
Environmental liability thereafter | $ 5,300 |
Commitments and Contingencies30
Commitments and Contingencies (Changes in Environmental Liability) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Beginning balance | $ 21,079 | $ 21,365 | $ 21,651 | $ 13,241 | $ 13,942 |
Additions to accrual | 0 | 0 | 0 | 10,000 | 0 |
Expenditures for remediation | 1,007 | 286 | 286 | 1,590 | 701 |
Ending balance | $ 20,072 | $ 21,079 | $ 21,365 | $ 21,651 | $ 13,241 |