Joint Venture Investment (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of measurement period adjustments

The effect of these measurement period adjustments has been reflected in the consolidated financial statements for the period ended December 31, 2013.



Provisional amount of adjustments	Increase/(Decrease)
Timber and timberlands, net	$	10,348
Goodwill	10,496
Deferred tax liabilities	$	20,844

Summary of purchase price allocation

The following table summarizes the final fair values of the assets acquired and liabilities assumed at the acquisition date, including the measurement period adjustments discussed above:



	April 4, 2013
Accounts receivable, net	$	9,777
Inventory	2,465
Other current assets	6,767
Timber and timberlands, net	555,635
Other assets	11,415
Total identifiable assets acquired	586,059
Accounts payable	11,679
Current maturities of long-term debt	3,843
Accrued interest	2,038
Other current liabilities	3,624
Long-term debt (third party)	196,319
Long-term debt (shareholders) (a)	125,532
Other non-current liabilities	20,388
Total liabilities assumed	363,423
Net identifiable assets	222,636
Plus: Goodwill	10,496
Less: Fair value of equity method investment	(93,253		)
Purchase price	$	139,879


(a)	Long-term debt included $125.5 million of shareholder loans payable to the noncontrolling interest by the New Zealand JV. Subsequent to the acquisition date, $96.0 million of the noncontrolling interest’s shareholder loans were converted to preferred equity.

Summary of Pro Forma information

The amounts of revenue and earnings of the New Zealand JV included in the Company’s Consolidated Statements of Income and Comprehensive Income from the acquisition date through December 31, 2013 are as follows:



	Revenue and earnings from April 4, 2013 to December 31, 2013
Sales	$	145,719
Net Income	5,435

The following represents the pro forma consolidated sales and net income for the two years ended December 31, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2012.



	2013		2012
Sales	$	1,742,348	$	1,683,776
Net Income	372,039		271,589