Financial Instruments, Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2012

Carrying Amounts And Estimated Fair Values Of Financial Instruments

The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties.

	June 30, 2012
	Fair Value								Carrying Amount
	Level 1		Level 2		Level 3		Total
	(thousands)
Financial assets:
Timber notes receivable
Wachovia	$	—	$	982,028	$	—	$	982,028	$	817,500
Lehman	$	—	$	—	$	32,188	$	32,188	$	32,188
Financial liabilities:
Recourse debt	$	31,055	$	194,604	$	—	$	225,659	$	237,394
Non-recourse debt
Wachovia	$	—	$	891,827	$	—	$	891,827	$	735,000
Lehman	$	—	$	—	$	81,750	$	81,750	$	735,000
	December 31, 2011
	Fair Value								Carrying Amount
	Level 1		Level 2		Level 3		Total
	(thousands)
Financial assets:
Timber notes receivable
Wachovia	$	—	$	943,706	$	—	$	943,706	$	817,500
Lehman	$	—	$	—	$	81,750	$	81,750	$	81,750
Financial liabilities:
Recourse debt	$	62,293	$	178,461	$	—	$	240,754	$	268,190
Non-recourse debt
Wachovia	$	—	$	858,779	$	—	$	858,779	$	735,000
Lehman	$	—	$	—	$	81,750	$	81,750	$	735,000