Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
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 | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 4,349,477 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Partnership cash | $ 912 | $ 6,310 |
ORM Timber Funds cash | 1,892 | 3,396 |
Cash | 2,804 | 9,706 |
Accounts receivable, net | 2,601 | 3,238 |
Land held for sale | 6,624 | 3,642 |
Prepaid expenses and other | 651 | 810 |
Total current assets | 12,680 | 17,396 |
Properties and equipment, at cost | ||
Timber and roads, net of accumulated depletion (2016 - $107,600; 2015 - $103,378) | 263,300 | 266,104 |
Timberland | 53,950 | 53,879 |
Land held for development | 26,860 | 25,653 |
Buildings and equipment, net of accumulated depreciation (2016 - $7,520; 2015 - $7,251) | 5,847 | 6,024 |
Total property and equipment, at cost | 349,957 | 351,660 |
Deposit for acquisition of timberland | 1,581 | 0 |
Other assets | 969 | 1,000 |
Total assets | 365,187 | 370,056 |
Current liabilities | ||
Accounts payable | 1,856 | 1,384 |
Accrued liabilities | 3,393 | 3,442 |
Current portion of long-term debt | 117 | 114 |
Deferred revenue | 317 | 278 |
Current portion of environmental remediation liability | 11,905 | 11,200 |
Other current liabilities | 329 | 322 |
Total current liabilities | 17,917 | 16,740 |
Long-term debt, net of current portion | 93,749 | 84,537 |
Environmental remediation and other long-term liabilities | 809 | 5,713 |
Partners' capital and noncontrolling interests | ||
General partners' capital (units issued and outstanding 2016 - 60; 2015 - 60) | 922 | 1,009 |
Limited partners' capital (units issued and outstanding 2016 - 4,253; 2015 - 4,240) | 57,381 | 63,539 |
Noncontrolling interests | 194,409 | 198,518 |
Total partners' capital and noncontrolling interests | 252,712 | 263,066 |
Total liabilities, partners' capital and noncontrolling interests | $ 365,187 | $ 370,056 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Timber and roads, accumulated depletion | $ 107,600 | $ 103,378 |
Buildings and equipment, accumulated depreciation | $ 7,520 | $ 7,251 |
General partners' capital, units issued | 60,000 | 60,000 |
General partners' capital, units outstanding | 60,000 | 60,000 |
Limited partners' capital, units issued | 4,253,000 | 4,240,000 |
Limited partners' capital, units outstanding | 4,253,000 | 4,240,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 12,713 | $ 13,904 | $ 23,782 | $ 40,812 |
Cost of sales | (7,471) | (8,815) | (14,611) | (23,312) |
Operating expenses | (4,041) | (3,711) | (7,414) | (6,859) |
General and administrative expenses | (1,059) | (1,198) | (2,663) | (2,388) |
Gain on sale of timberland | 0 | 0 | 226 | 0 |
Income (loss) from operations | 142 | 180 | (680) | 8,253 |
Interest expense, net | (747) | (777) | (1,405) | (1,522) |
Income (loss) before income taxes | (605) | (597) | (2,085) | 6,731 |
Income tax expense | 0 | (28) | (50) | (368) |
Net income (loss) | (605) | (625) | (2,135) | 6,363 |
Net and comprehensive loss attributable to noncontrolling interests - ORM Timber Funds | 1,041 | 914 | 1,536 | 1,735 |
Net and comprehensive income (loss) attributable to unitholders | 436 | 289 | (599) | 8,098 |
Allocable to general partners | 6 | 4 | 113 | |
Allocable to limited partners | 430 | 285 | 7,985 | |
Net and comprehensive income (loss) attributable to unitholders | $ 436 | $ 289 | $ (599) | $ 8,098 |
Basic and diluted earnings (loss) per unit attributable to unit holders (in dollars per unit) | $ 0.09 | $ 0.06 | $ (0.15) | $ 1.87 |
Basic and diluted weighted average units outstanding (units) | 4,313 | 4,298 | 4,312 | 4,296 |
Distributions per unit (in dollars per unit) | $ 0.7 | $ 0.65 | $ 1.4 | $ 1.3 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital Statement - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Total | Noncontrolling Interests | General Partners | Limited Partners |
Partners' Capital, Beginning of the Period at Dec. 31, 2015 | $ 263,066 | $ 198,518 | $ 1,009 | $ 63,539 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Allocable to general partners | (8) | |||
Allocable to limited partners | (591) | |||
Net income (loss) | (2,135) | (1,536) | ||
Partners' Capital Account, Distributions | (8,661) | (85) | (6,003) | |
Payments of Capital Distribution to Subsidiary Owners | 2,573 | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 594 | 8 | 586 | |
Adjustments Related to Tax Withholding for Share-based Compensation | (152) | (2) | (150) | |
Partners' Capital, End of the Period at Jun. 30, 2016 | $ 252,712 | $ 194,409 | $ 922 | $ 57,381 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net income (loss) | $ (2,135) | $ 6,363 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Depletion | 4,193 | 4,948 |
Equity-based compensation | 594 | 580 |
Excess tax benefit of equity-based compensation | 0 | (5) |
Depreciation and amortization | 371 | 314 |
Deferred taxes | 0 | 203 |
Cost of land sold | 1,037 | 6,503 |
Gain on sale of timberland | (226) | 0 |
Gain on disposal of property and equipment | (24) | 0 |
Cash flows from changes in operating accounts | ||
Accounts receivable, net | 638 | 1,397 |
Prepaid expenses and other assets | 188 | (2,735) |
Real estate project expenditures | (5,225) | (4,615) |
Accounts payable and accrued liabilities | 447 | (288) |
Deferred revenue | 40 | 64 |
Environmental remediation | (4,175) | (572) |
Other current and long-term liabilities | (20) | 35 |
Net cash provided by (used in) operating activities | (4,297) | 12,192 |
Cash flows from investing activities | ||
Maturity of short-term investments | 0 | 1,000 |
Reforestation and roads | (918) | (1,098) |
Buildings and equipment | (140) | (166) |
Deposit for acquisition of timberland - Partnership | (1,581) | 0 |
Proceeds from sale of timberland - Funds | 723 | 0 |
Net cash used in investing activities | (2,985) | (3,140) |
Cash flows from financing activities | ||
Borrowings on line of credit, net | 9,250 | 0 |
Repayment of long-term debt | (57) | (55) |
Payroll taxes paid on unit net settlements | (152) | (107) |
Excess tax benefit of equity-based compensation | 0 | 5 |
Cash distributions to unitholders | (6,088) | (5,637) |
Cash distributions - ORM Timber Funds, net of distributions to Partnership | (2,573) | (4,163) |
Net cash provided by (used in) financing activities | 380 | (9,957) |
Net decrease in cash | (6,902) | (905) |
Cash at beginning of period | 9,706 | 24,028 |
Cash at end of period | 2,804 | 23,123 |
Partnership | ||
Cash flows from investing activities | ||
Acquisition of timberland - Partnership | $ (1,069) | $ (2,876) |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | The condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015 and the related condensed consolidated statements of comprehensive income for the three- and six-month periods and cash flows for the six-month periods ended June 30, 2016 and 2015 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, 2015 is derived from the Partnership’s audited consolidated financial statements and notes thereto for the year ended December 31, 2015 , 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, 2016 . |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | The financial statements in the Partnership’s 2015 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. 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. Management has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In February 2016, the FASB issued ASU 2016-02, Leases, which requires substantially all leases to be reflected on the balance sheet as a liability and a right-of-use asset. The ASU will replace existing lease accounting guidance in U.S. GAAP when it becomes effective on January 1, 2019, though early application is permitted. The standard will be applied on a modified retrospective basis in which certain optional practical expedients may be applied. Due to the Partnership's limited leasing activity, management does not expect the effect of this standard to be material to its ongoing financial reporting. The Partnership adopted ASU 2015-17, Balance Sheet Classification of Deferred Taxes, effective January 1, 2016. In accordance with this standard, all deferred tax assets and liabilities are classified as noncurrent on the Partnership's condensed consolidated balance sheets. Our adoption of this ASU did not have a material impact on our consolidated financial statements and related disclosures. |
Partners' Capital Notes Disclos
Partners' Capital Notes Disclosure | 6 Months Ended |
Jun. 30, 2016 | |
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 among the general and limited partners is pro rata across all units outstanding. |
Balance Sheet Of Partnership Co
Balance Sheet Of Partnership Co-Investments | 6 Months Ended |
Jun. 30, 2016 | |
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 the Partnership, 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 sold all of its timberland holdings in 2014 and terminated in 2015. Fund II is scheduled to terminate in March 2021 and Fund III is scheduled to terminate in December 2025. Pope Resources and ORMLLC together owned 20% of Fund I, currently own 20% of Fund II and 5% of Fund III. The Funds are considered variable interest entities because their organizational and governance structures are the functional equivalent of a limited partnership. As the general partner or managing member of the Funds, the Partnership is the primary beneficiary of each of the Funds as it has the authority to direct the activities that most significantly impact their economic performance, as well as the right to receive benefits and obligation to absorb losses that could potentially be significant to the Funds. Accordingly, the Funds are consolidated into the Partnership’s financial statements. Additionally, the obligations of each of the Funds do not have any recourse to the Partnership. The Partnership’s condensed consolidated balance sheet included assets and liabilities of the Funds as of June 30, 2016 and December 31, 2015 , which were as follows: (in thousands) June 30, 2016 December 31, 2015 Assets: Cash $ 1,892 $ 3,396 Other current assets 1,085 602 Total current assets 2,977 3,998 Properties and equipment, net of accumulated depletion and depreciation (2016 - $38,096; 2015 - $34,757) 268,456 271,850 Total assets $ 271,433 $ 275,848 Liabilities and equity: Current liabilities $ 1,760 $ 1,723 Long-term debt 57,257 57,246 Total liabilities 59,017 58,969 Funds' equity 212,416 216,879 Total liabilities and equity $ 271,433 $ 275,848 |
Segment Reporting Disclosure
Segment Reporting Disclosure | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 and 2015 : Fee Timber Three Months Ended June 30, (in thousands) Pope Resources ORM Timber Funds Total Fee Timber Timberland Management Real Estate Other Consolidated 2016 Revenue - internal $ 8,186 $ 4,136 $ 12,322 $ 788 $ 516 $ — $ 13,626 Eliminations (52 ) — (52 ) (788 ) (73 ) — (913 ) Revenue - external 8,134 4,136 12,270 — 443 — 12,713 Cost of sales (3,789 ) (3,197 ) (6,986 ) — (485 ) — (7,471 ) Operating, general and administrative expenses - internal (1,597 ) (1,544 ) (3,141 ) (665 ) (1,133 ) (1,074 ) (6,013 ) Eliminations 32 794 826 62 10 15 913 Operating, general and administrative expenses - external (1,565 ) (750 ) (2,315 ) (603 ) (1,123 ) (1,059 ) (5,100 ) Income (loss) from operations - internal 2,800 (605 ) 2,195 123 (1,102 ) (1,074 ) 142 Eliminations (20 ) 794 774 (726 ) (63 ) 15 — Income (loss) from operations - external $ 2,780 $ 189 $ 2,969 $ (603 ) $ (1,165 ) $ (1,059 ) $ 142 2015 Revenue - internal $ 4,835 $ 4,501 $ 9,336 $ 767 $ 4,665 $ — $ 14,768 Eliminations (64 ) — (64 ) (767 ) (33 ) — (864 ) Revenue - external 4,771 4,501 9,272 — 4,632 — 13,904 Cost of sales (2,301 ) (3,537 ) (5,838 ) — (2,977 ) — (8,815 ) Operating, general and administrative expenses - internal (1,206 ) (1,407 ) (2,613 ) (849 ) (1,084 ) (1,227 ) (5,773 ) Eliminations — 767 767 64 4 29 864 Operating, general and administrative expenses -external (1,206 ) (640 ) (1,846 ) (785 ) (1,080 ) (1,198 ) (4,909 ) Income (loss) from operations - internal 1,328 (443 ) 885 (82 ) 604 (1,227 ) 180 Eliminations (64 ) 767 703 (703 ) (29 ) 29 — Income (loss) from operations - external $ 1,264 $ 324 $ 1,588 $ (785 ) $ 575 $ (1,198 ) $ 180 Fee Timber Six Months Ended June 30, (in thousands) Pope Resources ORM Timber Funds Total Fee Timber Timberland Management Real Estate Other Consolidated 2016 Revenue - internal $ 12,624 $ 9,498 $ 22,122 $ 1,611 $ 1,900 $ — $ 25,633 Eliminations (100 ) — (100 ) (1,603 ) (148 ) — (1,851 ) Revenue - external 12,524 9,498 22,022 8 1,752 — 23,782 Cost of sales (5,397 ) (7,482 ) (12,879 ) — (1,732 ) — (14,611 ) Operating, general and administrative expenses - internal (2,797 ) (2,787 ) (5,584 ) (1,406 ) (2,241 ) (2,697 ) (11,928 ) Eliminations 59 1,609 1,668 129 20 34 1,851 Operating, general and administrative expenses - external (2,738 ) (1,178 ) (3,916 ) (1,277 ) (2,221 ) (2,663 ) (10,077 ) Gain on sale of timberland — 226 226 — — — 226 Income (loss) from operations - internal 4,430 (545 ) 3,885 205 (2,073 ) (2,697 ) (680 ) Eliminations (41 ) 1,609 1,568 (1,474 ) (128 ) 34 — Income (loss) from operations - external $ 4,389 $ 1,064 $ 5,453 $ (1,269 ) $ (2,201 ) $ (2,663 ) $ (680 ) 2015 Revenue - internal $ 13,707 $ 11,657 $ 25,364 $ 1,601 $ 15,661 $ — $ 42,626 Eliminations (146 ) — (146 ) (1,601 ) (67 ) — (1,814 ) Revenue - external 13,561 11,657 25,218 — 15,594 — 40,812 Cost of sales (5,908 ) (9,532 ) (15,440 ) — (7,872 ) — (23,312 ) Operating, general and administrative expenses - internal (2,301 ) (2,630 ) (4,931 ) (1,660 ) (2,024 ) (2,446 ) (11,061 ) Eliminations — 1,601 1,601 146 9 58 1,814 Operating, general and administrative expenses - external (2,301 ) (1,029 ) (3,330 ) (1,514 ) (2,015 ) (2,388 ) (9,247 ) Income (loss) from operations - internal 5,498 (505 ) 4,993 (59 ) 5,765 (2,446 ) 8,253 Eliminations (146 ) 1,601 1,455 (1,455 ) (58 ) 58 — Income (loss) from operations - external $ 5,352 $ 1,096 $ 6,448 $ (1,514 ) $ 5,707 $ (2,388 ) $ 8,253 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic and diluted earnings per unit are calculated by dividing net income (loss) 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 (loss) per unit: Quarter Ended Six Months Ended (in thousands, except per unit amounts) 2016 2015 2016 2015 Net income (loss) attributable to Pope Resources' unitholders $ 436 $ 289 $ (599 ) $ 8,098 Less: Net income attributable to unvested restricted unitholders (25 ) (25 ) (50 ) (37 ) Preferred share dividends - ORM Timber Funds (8 ) (8 ) (16 ) (16 ) Net income (loss) for calculation of earnings (loss) per unit $ 403 $ 256 $ (665 ) $ 8,045 Basic and diluted weighted average units outstanding 4,313 4,298 4,312 4,296 Basic and diluted earnings (loss) per unit $ 0.09 $ 0.06 $ (0.15 ) $ 1.87 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | In the first quarter of 2016 , the Partnership granted 10,400 restricted units pursuant to the management incentive compensation program and 3,880 restricted units to members of the Board of Directors. These restricted units vest ratably over four years with the grant date fair value equal to the market price on the date of grant. During the six months ended June 30, 2016 , 924 units were granted with no restrictions to certain board members who elected to receive their quarterly board compensation in the form of units rather than cash. Units granted to directors are included in the calculation of total equity compensation expense, which is recognized over the vesting period, for restricted units, or immediately for unrestricted units. Grants to retirement-eligible individuals on the date of grant are expensed immediately. We recognized $178,000 and $242,000 of equity compensation expense in the second quarter of 2016 and 2015 , respectively, and $594,000 and $580,000 for the six months ended June 30, 2016 and 2015 , respectively, related to these compensation programs. |
Cash Flow, Supplemental Disclos
Cash Flow, Supplemental Disclosures | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures | Supplemental disclosure of cash flow information: interest paid, net of amounts capitalized, totaled $1.2 million and $1.4 million for the first six months of 2016 and 2015 , respectively. Income taxes paid totaled $146,000 and $205,000 during the first six months of 2016 and 2015 , respectively. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | The Partnership’s financial instruments include cash and cash equivalents 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 $84.8 million and $84.9 million as of June 30, 2016 and December 31, 2015 , 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 $93.5 million and $89.8 million , as of June 30, 2016 and December 31, 2015 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Partnership had an accrual for estimated environmental remediation costs of $12.6 million and $16.8 million as of June 30, 2016 and December 31, 2015 , 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, 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. In the third quarter of 2015, the Partnership selected a contractor to complete the remediation work. Remediation activity began in late September of 2015 and will continue through 2017, followed by a period of monitoring activity. 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. The environmental liability at June 30, 2016 is comprised of $11.9 million that management expects to expend in the next 12 months and $0.7 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, 2014 13,241 10,000 1,590 21,651 Year ended December 31, 2015 21,651 — 4,890 16,761 Quarter ended March 31, 2016 16,761 — 3,222 13,539 Quarter ended June 30, 2016 $ 13,539 $ — $ 952 $ 12,587 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | In July 2016, the Partnership closed on the acquisition of a 7,324 -acre tree farm in western Washington for $31.9 million . It consists of 6,746 owned acres and a timber deed on 578 acres that expires in 2051 . The acquisition was financed with a new $32.0 million credit facility issued under the existing master loan agreement with Northwest Farm Credit Services (NWFCS) and is comprised of three segments, all of which require quarterly interest-only payments with principal due at maturity. The two fixed rate loan segments are for $11.0 million each, one of which matures in July 2026 and the other of which matures in July 2028 . These segments bear interest at 3.89% and 4.13% , respectively. The third segment is for $10.0 million , matures in July 2023 and bears interest at a variable rate based on the one-month LIBOR plus a margin of 2.20% . As with the Partnership's other debt arrangements with NWFCS, this loan will be included in the lender's annual patronage program, which rebates a portion of the interest paid in the prior year back to the borrower. The loan is not collateralized by the timberland acquired in this transaction, but rather by the same portions of the Partnership's timberland that are already pledged as collateral for the Partnership's existing credit facility with NWFCS. In July 2016, the Partnership closed on sale of 144 acres of undeveloped land in Kitsap County, Washington for $1.1 million . In August 2016, the Partnership entered into a $21.0 million loan agreement issued under the existing master loan agreement with NWFCS. Advances under the loan require quarterly interest-only payments with principal due at maturity in July 2027 . Advances under the loan agreement can bear interest at a variable rate based on the one-month LIBOR plus a margin of 1.85% (base rate loan segment) or at fixed rates based on the lender's rate pricing index, for terms of one through eleven years, plus a margin of 1.95% (fixed rate loan segment). In addition, base rate loan segments can be converted to fixed rate loan segments, though no more than four fixed rate loan segments may be outstanding at any time. The Partnership will draw $11.0 million as a base rate loan segment in August 2016 and will use the proceeds to pay down its operating line of credit so that its full capacity is available to fund either Real Estate lot development, environmental remediation expenditures, or other liquidity needs. The remaining $10.0 million under the loan agreement will be available for borrowing through March 31, 2017 . As with the Partnership's other debt arrangements with NWFCS, this loan will be included in the lender's annual patronage program, which rebates a portion the interest paid in the prior year back to the borrower. The loan is collateralized by the same portions of the Partnership's timberland that are already pledged as collateral for the Partnerships existing credit facility with NWFCS. |
Balance Sheet Of Partnership 18
Balance Sheet Of Partnership Co-Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015 , which were as follows: (in thousands) June 30, 2016 December 31, 2015 Assets: Cash $ 1,892 $ 3,396 Other current assets 1,085 602 Total current assets 2,977 3,998 Properties and equipment, net of accumulated depletion and depreciation (2016 - $38,096; 2015 - $34,757) 268,456 271,850 Total assets $ 271,433 $ 275,848 Liabilities and equity: Current liabilities $ 1,760 $ 1,723 Long-term debt 57,257 57,246 Total liabilities 59,017 58,969 Funds' equity 212,416 216,879 Total liabilities and equity $ 271,433 $ 275,848 |
Segment Reporting Disclosure (T
Segment Reporting Disclosure (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016 and 2015 : Fee Timber Three Months Ended June 30, (in thousands) Pope Resources ORM Timber Funds Total Fee Timber Timberland Management Real Estate Other Consolidated 2016 Revenue - internal $ 8,186 $ 4,136 $ 12,322 $ 788 $ 516 $ — $ 13,626 Eliminations (52 ) — (52 ) (788 ) (73 ) — (913 ) Revenue - external 8,134 4,136 12,270 — 443 — 12,713 Cost of sales (3,789 ) (3,197 ) (6,986 ) — (485 ) — (7,471 ) Operating, general and administrative expenses - internal (1,597 ) (1,544 ) (3,141 ) (665 ) (1,133 ) (1,074 ) (6,013 ) Eliminations 32 794 826 62 10 15 913 Operating, general and administrative expenses - external (1,565 ) (750 ) (2,315 ) (603 ) (1,123 ) (1,059 ) (5,100 ) Income (loss) from operations - internal 2,800 (605 ) 2,195 123 (1,102 ) (1,074 ) 142 Eliminations (20 ) 794 774 (726 ) (63 ) 15 — Income (loss) from operations - external $ 2,780 $ 189 $ 2,969 $ (603 ) $ (1,165 ) $ (1,059 ) $ 142 2015 Revenue - internal $ 4,835 $ 4,501 $ 9,336 $ 767 $ 4,665 $ — $ 14,768 Eliminations (64 ) — (64 ) (767 ) (33 ) — (864 ) Revenue - external 4,771 4,501 9,272 — 4,632 — 13,904 Cost of sales (2,301 ) (3,537 ) (5,838 ) — (2,977 ) — (8,815 ) Operating, general and administrative expenses - internal (1,206 ) (1,407 ) (2,613 ) (849 ) (1,084 ) (1,227 ) (5,773 ) Eliminations — 767 767 64 4 29 864 Operating, general and administrative expenses -external (1,206 ) (640 ) (1,846 ) (785 ) (1,080 ) (1,198 ) (4,909 ) Income (loss) from operations - internal 1,328 (443 ) 885 (82 ) 604 (1,227 ) 180 Eliminations (64 ) 767 703 (703 ) (29 ) 29 — Income (loss) from operations - external $ 1,264 $ 324 $ 1,588 $ (785 ) $ 575 $ (1,198 ) $ 180 Fee Timber Six Months Ended June 30, (in thousands) Pope Resources ORM Timber Funds Total Fee Timber Timberland Management Real Estate Other Consolidated 2016 Revenue - internal $ 12,624 $ 9,498 $ 22,122 $ 1,611 $ 1,900 $ — $ 25,633 Eliminations (100 ) — (100 ) (1,603 ) (148 ) — (1,851 ) Revenue - external 12,524 9,498 22,022 8 1,752 — 23,782 Cost of sales (5,397 ) (7,482 ) (12,879 ) — (1,732 ) — (14,611 ) Operating, general and administrative expenses - internal (2,797 ) (2,787 ) (5,584 ) (1,406 ) (2,241 ) (2,697 ) (11,928 ) Eliminations 59 1,609 1,668 129 20 34 1,851 Operating, general and administrative expenses - external (2,738 ) (1,178 ) (3,916 ) (1,277 ) (2,221 ) (2,663 ) (10,077 ) Gain on sale of timberland — 226 226 — — — 226 Income (loss) from operations - internal 4,430 (545 ) 3,885 205 (2,073 ) (2,697 ) (680 ) Eliminations (41 ) 1,609 1,568 (1,474 ) (128 ) 34 — Income (loss) from operations - external $ 4,389 $ 1,064 $ 5,453 $ (1,269 ) $ (2,201 ) $ (2,663 ) $ (680 ) 2015 Revenue - internal $ 13,707 $ 11,657 $ 25,364 $ 1,601 $ 15,661 $ — $ 42,626 Eliminations (146 ) — (146 ) (1,601 ) (67 ) — (1,814 ) Revenue - external 13,561 11,657 25,218 — 15,594 — 40,812 Cost of sales (5,908 ) (9,532 ) (15,440 ) — (7,872 ) — (23,312 ) Operating, general and administrative expenses - internal (2,301 ) (2,630 ) (4,931 ) (1,660 ) (2,024 ) (2,446 ) (11,061 ) Eliminations — 1,601 1,601 146 9 58 1,814 Operating, general and administrative expenses - external (2,301 ) (1,029 ) (3,330 ) (1,514 ) (2,015 ) (2,388 ) (9,247 ) Income (loss) from operations - internal 5,498 (505 ) 4,993 (59 ) 5,765 (2,446 ) 8,253 Eliminations (146 ) 1,601 1,455 (1,455 ) (58 ) 58 — Income (loss) from operations - external $ 5,352 $ 1,096 $ 6,448 $ (1,514 ) $ 5,707 $ (2,388 ) $ 8,253 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Income (Loss) per Unit | The following table shows the calculation of basic and diluted income (loss) per unit: Quarter Ended Six Months Ended (in thousands, except per unit amounts) 2016 2015 2016 2015 Net income (loss) attributable to Pope Resources' unitholders $ 436 $ 289 $ (599 ) $ 8,098 Less: Net income attributable to unvested restricted unitholders (25 ) (25 ) (50 ) (37 ) Preferred share dividends - ORM Timber Funds (8 ) (8 ) (16 ) (16 ) Net income (loss) for calculation of earnings (loss) per unit $ 403 $ 256 $ (665 ) $ 8,045 Basic and diluted weighted average units outstanding 4,313 4,298 4,312 4,296 Basic and diluted earnings (loss) per unit $ 0.09 $ 0.06 $ (0.15 ) $ 1.87 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2014 13,241 10,000 1,590 21,651 Year ended December 31, 2015 21,651 — 4,890 16,761 Quarter ended March 31, 2016 16,761 — 3,222 13,539 Quarter ended June 30, 2016 $ 13,539 $ — $ 952 $ 12,587 |
Partners' Capital Notes Discl22
Partners' Capital Notes Disclosure (Detail) | Jun. 30, 2016Partnershares | Dec. 31, 2015shares |
Equity [Abstract] | ||
Number of general partners | Partner | 2 | |
Number of partnership units owned by two general partners | shares | 60,000 | 60,000 |
Balance Sheet Of Partnership 23
Balance Sheet Of Partnership Co-Investments (Narrative) (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
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 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 is scheduled to terminate in December 2025. |
Pope Resources and ORMLLC combined ownership percentage | 5.00% |
Balance Sheet Of Partnership 24
Balance Sheet Of Partnership Co-Investments (Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash | $ 1,892 | $ 3,396 |
Total current assets | 12,680 | 17,396 |
Properties and equipment, net of accumulated depletion and depreciation (2016 - $38,096; 2015 - $34,757) | 349,957 | 351,660 |
Total assets | 365,187 | 370,056 |
Liabilities and equity: | ||
Current liabilities | 329 | 322 |
Long-term debt | 93,749 | 84,537 |
Total liabilities, partners' capital and noncontrolling interests | 365,187 | 370,056 |
ORM Timber Funds | ||
Assets: | ||
Cash | 1,892 | 3,396 |
Other current assets | 1,085 | 602 |
Total current assets | 2,977 | 3,998 |
Properties and equipment, net of accumulated depletion and depreciation (2016 - $38,096; 2015 - $34,757) | 268,456 | 271,850 |
Total assets | 271,433 | 275,848 |
Liabilities and equity: | ||
Current liabilities | 1,760 | 1,723 |
Long-term debt | 57,257 | 57,246 |
Total liabilities | 59,017 | 58,969 |
Funds' equity | 212,416 | 216,879 |
Total liabilities, partners' capital and noncontrolling interests | $ 271,433 | $ 275,848 |
Balance Sheet Of Partnership 25
Balance Sheet Of Partnership Co-Investments (Partnership's Consolidated Balance Sheet included Assets and Liabilities of Funds - Non Printing) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||
Timber, Timberland and roads, accumulated depletion | $ 107,600 | $ 103,378 |
ORM Timber Funds | ||
Condensed Financial Statements, Captions [Line Items] | ||
Timber, Timberland and roads, accumulated depletion | $ 38,096 | $ 34,757 |
Segment Reporting Disclosure (D
Segment Reporting Disclosure (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | $ 12,713 | $ 13,904 | $ 23,782 | $ 40,812 |
Cost of sales | (7,471) | (8,815) | (14,611) | (23,312) |
Operating, general and administrative expenses | (5,100) | (4,909) | (10,077) | (9,247) |
Gain on sale of timberland | 0 | 0 | 226 | 0 |
Income (loss) from operations | 142 | 180 | (680) | 8,253 |
Fee Timber | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 12,270 | 9,272 | 22,022 | 25,218 |
Cost of sales | (6,986) | (5,838) | (12,879) | (15,440) |
Operating, general and administrative expenses | (2,315) | (1,846) | (3,916) | (3,330) |
Gain on sale of timberland | 226 | |||
Income (loss) from operations | 2,969 | 1,588 | 5,453 | 6,448 |
Fee Timber | Pope Resources | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 8,134 | 4,771 | 12,524 | 13,561 |
Cost of sales | (3,789) | (2,301) | (5,397) | (5,908) |
Operating, general and administrative expenses | (1,565) | (1,206) | (2,738) | (2,301) |
Income (loss) from operations | 2,780 | 1,264 | 4,389 | 5,352 |
Fee Timber | ORM Timber Funds | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 4,136 | 4,501 | 9,498 | 11,657 |
Cost of sales | (3,197) | (3,537) | (7,482) | (9,532) |
Operating, general and administrative expenses | (750) | (640) | (1,178) | (1,029) |
Gain on sale of timberland | 226 | |||
Income (loss) from operations | 189 | 324 | 1,064 | 1,096 |
Timberland Management | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | (603) | (785) | (1,277) | (1,514) |
Income (loss) from operations | (603) | (785) | (1,269) | (1,514) |
Real Estate | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 443 | 4,632 | 1,752 | 15,594 |
Cost of sales | (485) | (2,977) | (1,732) | (7,872) |
Operating, general and administrative expenses | (1,123) | (1,080) | (2,221) | (2,015) |
Income (loss) from operations | (1,165) | 575 | (2,201) | 5,707 |
Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | (1,059) | (1,198) | (2,663) | (2,388) |
Income (loss) from operations | (1,059) | (1,198) | (2,663) | (2,388) |
Internal | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 13,626 | 14,768 | 25,633 | 42,626 |
Operating, general and administrative expenses | (6,013) | (5,773) | (11,928) | (11,061) |
Income (loss) from operations | 142 | 180 | (680) | 8,253 |
Internal | Fee Timber | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 12,322 | 9,336 | 22,122 | 25,364 |
Operating, general and administrative expenses | (3,141) | (2,613) | (5,584) | (4,931) |
Income (loss) from operations | 2,195 | 885 | 3,885 | 4,993 |
Internal | Fee Timber | Pope Resources | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 8,186 | 4,835 | 12,624 | 13,707 |
Operating, general and administrative expenses | (1,597) | (1,206) | (2,797) | (2,301) |
Income (loss) from operations | 2,800 | 1,328 | 4,430 | 5,498 |
Internal | Fee Timber | ORM Timber Funds | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 4,136 | 4,501 | 9,498 | 11,657 |
Operating, general and administrative expenses | (1,544) | (1,407) | (2,787) | (2,630) |
Income (loss) from operations | (605) | (443) | (545) | (505) |
Internal | Timberland Management | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 788 | 767 | 1,611 | 1,601 |
Operating, general and administrative expenses | (665) | (849) | (1,406) | (1,660) |
Income (loss) from operations | 123 | (82) | 205 | (59) |
Internal | Real Estate | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | 516 | 4,665 | 1,900 | 15,661 |
Operating, general and administrative expenses | (1,133) | (1,084) | (2,241) | (2,024) |
Income (loss) from operations | (1,102) | 604 | (2,073) | 5,765 |
Internal | Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | (1,074) | (1,227) | (2,697) | (2,446) |
Income (loss) from operations | (1,074) | (1,227) | (2,697) | (2,446) |
Eliminations | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (913) | (864) | (1,851) | (1,814) |
Operating, general and administrative expenses | 913 | 864 | 1,851 | 1,814 |
Income (loss) from operations | 0 | |||
Eliminations | Fee Timber | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (52) | (64) | (100) | (146) |
Operating, general and administrative expenses | 826 | 767 | 1,668 | 1,601 |
Income (loss) from operations | 774 | 703 | 1,568 | 1,455 |
Eliminations | Fee Timber | Pope Resources | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (52) | (64) | (100) | (146) |
Operating, general and administrative expenses | 0 | 0 | ||
Income (loss) from operations | (20) | (64) | (41) | (146) |
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 | 794 | 767 | 1,609 | 1,601 |
Income (loss) from operations | 794 | 767 | 1,609 | 1,601 |
Eliminations | Timberland Management | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (788) | (767) | (1,603) | (1,601) |
Operating, general and administrative expenses | 62 | 64 | 129 | 146 |
Income (loss) from operations | (726) | (703) | (1,474) | (1,455) |
Eliminations | Real Estate | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue | (73) | (33) | (148) | (67) |
Operating, general and administrative expenses | 10 | 4 | 20 | 9 |
Income (loss) from operations | (63) | (29) | (128) | (58) |
Eliminations | Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating, general and administrative expenses | 15 | 29 | 34 | 58 |
Income (loss) from operations | $ 15 | $ 29 | $ 34 | $ 58 |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Pope Resources' unitholders | $ 436 | $ 289 | $ (599) | $ 8,098 |
Net income attributable to unvested restricted unitholders | (25) | (25) | (50) | (37) |
Preferred share dividends - ORM Timber Funds | (8) | (8) | (16) | (16) |
Net income (loss) for calculation of earnings (loss) per unit | $ 403 | $ 256 | $ (665) | $ 8,045 |
Basic and diluted weighted average units outstanding (units) | 4,313 | 4,298 | 4,312 | 4,296 |
Basic and diluted earnings (loss) per unit (in dollars per unit) | $ 0.09 | $ 0.06 | $ (0.15) | $ 1.87 |
Stock Based Compensation (Detai
Stock Based Compensation (Detail) - Restricted Units - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation units, granted in period | 10,400 | ||||
Vesting period of restricted stock unit award | 4 years | ||||
Long Term Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation expense | $ 178 | $ 242 | $ 594 | $ 580 | |
Board of Directors Chairman | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation units, granted in period | 3,880 |
Cash Flow, Supplemental Discl29
Cash Flow, Supplemental Disclosures (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid, net of amounts capitalized | $ 1,200 | $ 1,400 |
Income tax paid | $ 146 | $ 205 |
Fair Value Disclosures (Detail)
Fair Value Disclosures (Detail) - Fixed-Rate Debt - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding carrying value | $ 84.8 | $ 84.9 |
Fair Value, Inputs, Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt outstanding fair value | $ 93.5 | $ 89.8 |
Commitments and Contingencies31
Commitments and Contingencies (Narrative) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |||||
Accrual for estimated environmental remediation costs | $ 12,587 | $ 13,539 | $ 16,761 | $ 21,651 | $ 13,241 |
Environmental liability, next 12 months | 11,900 | ||||
Environmental liability thereafter | $ 700 |
Commitments and Contingencies32
Commitments and Contingencies (Changes in Environmental Liability) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||
Beginning balance | $ 13,539 | $ 16,761 | $ 21,651 | $ 13,241 |
Additions to Accrual | 0 | 0 | 0 | 10,000 |
Expenditures for remediation | 952 | 3,222 | 4,890 | 1,590 |
Ending balance | $ 12,587 | $ 13,539 | $ 16,761 | $ 21,651 |
Subsequent Events (Details)
Subsequent Events (Details) | Aug. 06, 2016USD ($) | Jul. 31, 2016USD ($)a | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) |
Subsequent Event [Line Items] | ||||
Expected proceeds from line of credit | $ 9,250,000 | $ 0 | ||
Northwest Farm Credit Services | Line of Credit | 4.13% Credit Facility, Due July 2028 | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 11,000 | |||
Subsequent Event | Western Washington | ||||
Subsequent Event [Line Items] | ||||
Area of land acquired | a | 7,324 | |||
Assets acquired | $ 31,900,000 | |||
Subsequent Event | Kitsap County, Washington | ||||
Subsequent Event [Line Items] | ||||
Area of land divested | a | 144 | |||
Proceeds from sale of undeveloped land | $ 1,100,000 | |||
Subsequent Event | Northwest Farm Credit Services | Line of Credit | ||||
Subsequent Event [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 21,000,000 | $ 32,000,000 | ||
Subsequent Event | Northwest Farm Credit Services | Line of Credit | Forecast | ||||
Subsequent Event [Line Items] | ||||
Expected proceeds from line of credit | 11,000,000 | |||
Line of Credit Facility, Capacity Available for Trade Purchases | $ 10,000,000 | |||
Subsequent Event | Northwest Farm Credit Services | Line of Credit | LIBOR | Minimum | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | |||
Subsequent Event | Northwest Farm Credit Services | Line of Credit | LIBOR | Maximum | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
Subsequent Event | Northwest Farm Credit Services | Line of Credit | 3.89% Credit Facility, Due July 2026 | ||||
Subsequent Event [Line Items] | ||||
Stated interest rate | 3.89% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 11,000,000 | |||
Subsequent Event | Northwest Farm Credit Services | Line of Credit | 4.13% Credit Facility, Due July 2028 | ||||
Subsequent Event [Line Items] | ||||
Stated interest rate | 4.13% | |||
Subsequent Event | Northwest Farm Credit Services | Line of Credit | 2.20% Credit Facility, Due July 2023 | ||||
Subsequent Event [Line Items] | ||||
Stated interest rate | 2.20% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |||
Subsequent Event | Owned land | Western Washington | ||||
Subsequent Event [Line Items] | ||||
Area of land acquired | a | 6,746 | |||
Subsequent Event | Timber deed | Western Washington | ||||
Subsequent Event [Line Items] | ||||
Area of land acquired | a | 578 |