DEBT	6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	DEBT As of March 31, 2015, the Senior Exchangeable Notes due 2015 were exchangeable at the option of the holders for the calendar quarter ended June 30, 2015. According to the indenture, the notes became exchangeable on May 15, 2015 through maturity. The notes mature in August of 2015 and the Company has both the ability and intent to refinance $100 million of these notes. Therefore, this amount is classified as long-term debt. Approximately $30 million of the exchangeable notes are expected to be paid with the Company’s available cash and, as such, are classified as current maturities of long-term debt as of June 30, 2015. Net draws of $27.0 million were made in the second quarter of 2015 on the revolving credit facility. At June 30, 2015, the Company had available borrowings of $153.2 million under the revolving credit facility, net of $1.8 million to secure its outstanding letters of credit, and additional draws available of $100 million under the term credit agreement. As of June 30, 2015, the New Zealand JV had $160 million of long-term variable rate debt maturing in September 2016. This debt is subject to interest rate risk resulting from changes in the 90-day New Zealand Bank bill rate (“BKBM”). However, the New Zealand JV uses interest rate swaps to manage its exposure to interest rate movements on its bank loan by swapping a portion of these borrowings from floating rates to fixed rates. The notional amount of the outstanding interest rate swap contracts at June 30, 2015 was $129.0 million, or 81 percent of the variable rate debt. The interest rate swap contracts have maturities extending through January 2020. The periodic interest rate on New Zealand JV debt is BKBM plus 80 basis points with an additional 80 basis point credit line fee. The Company estimates the periodic effective interest rate on New Zealand JV debt for the second quarter was approximately 6.5% after consideration of interest rate swaps. During the six months ended June 30, 2015, the New Zealand JV had made additional borrowings and repayments of $2.1 million on its working capital facility. Additional draws totaling $16 million remain available on the working capital facility. In addition, the New Zealand JV paid $1.4 million of its shareholder loan held with the non-controlling interest party. Favorable changes in exchange rates through June 30, 2015 decreased debt on a U.S. dollar basis for the revolving facility and shareholder loan by $24.1 million and $3.5 million, respectively. There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the 2014 Form 10-K. Subsequent Event On August 5, 2015, the Company announced the closing of a nine-year $350 million term loan facility and a five-year $200 million revolving credit facility (the “Credit Agreement”). In addition, the Company has entered into an interest rate swap transaction to fix the cost of the term loan facility over its nine-year term. Based on the swap rate, the company’s current leverage ratio and the pricing grid, the all-in fixed-rate cost of the term loan facility (net of estimated patronage payments) is expected to be approximately 3.3% and the floating-rate cost of the revolving credit facility will be LIBOR + 1.25%. The Company intends to use approximately $160 million of proceeds from the term loan facility to fund a capital infusion into the New Zealand JV, which the New Zealand JV will in turn use for repayment of all outstanding amounts under its existing NZ$235 million credit facility plus NZ$7 million of related fees and expenses (assuming an exchange rate of US$0.66 per NZ$1.00). The investment into the New Zealand JV is subject to certain closing conditions, including New Zealand Overseas Investment Office approval and the preparation of customary transaction documents. The remaining proceeds of the term loan facility will be used to fund repayment of the company’s 4.50% senior exchangeable notes maturing August 2015 (approximately $131 million), to fund repayment of amounts outstanding under the Company’s existing revolving credit facility (approximately $45 million), to pay transaction fees and expenses (approximately $2 million), and for cash and general corporate purposes (approximately $12 million). In order to provide timing flexibility with respect to the New Zealand JV recapitalization, the term loan facility provides that proceeds can be drawn in up to two advances for up to eight months post-closing. The Credit Agreement contains financial covenants related to leverage and interest coverage, as well as other affirmative and negative covenants relating to, among other things, dividends, liens, mergers, dispositions of timber and timberlands, subsidiary debt, sales and issuances of capital stock of subsidiaries, and affiliate transactions.

DEBT

As of March 31, 2015, the Senior Exchangeable Notes due 2015 were exchangeable at the option of the holders for the calendar quarter ended June 30, 2015. According to the indenture, the notes became exchangeable on May 15, 2015 through maturity. The notes mature in August of 2015 and the Company has both the ability and intent to refinance $100 million of these notes. Therefore, this amount is classified as long-term debt. Approximately $30 million of the exchangeable notes are expected to be paid with the Company’s available cash and, as such, are classified as current maturities of long-term debt as of June 30, 2015.

Net draws of $27.0 million were made in the second quarter of 2015 on the revolving credit facility. At June 30, 2015, the Company had available borrowings of $153.2 million under the revolving credit facility, net of $1.8 million to secure its outstanding letters of credit, and additional draws available of $100 million under the term credit agreement.

As of June 30, 2015, the New Zealand JV had $160 million of long-term variable rate debt maturing in September 2016. This debt is subject to interest rate risk resulting from changes in the 90-day New Zealand Bank bill rate (“BKBM”). However, the New Zealand JV uses interest rate swaps to manage its exposure to interest rate movements on its bank loan by swapping a portion of these borrowings from floating rates to fixed rates. The notional amount of the outstanding interest rate swap contracts at June 30, 2015 was $129.0 million, or 81 percent of the variable rate debt. The interest rate swap contracts have maturities extending through January 2020. The periodic interest rate on New Zealand JV debt is BKBM plus 80 basis points with an additional 80 basis point credit line fee. The Company estimates the periodic effective interest rate on New Zealand JV debt for the second quarter was approximately 6.5% after consideration of interest rate swaps.

During the six months ended June 30, 2015, the New Zealand JV had made additional borrowings and repayments of $2.1 million on its working capital facility. Additional draws totaling $16 million remain available on the working capital facility. In addition, the New Zealand JV paid $1.4 million of its shareholder loan held with the non-controlling interest party. Favorable changes in exchange rates through June 30, 2015 decreased debt on a U.S. dollar basis for the revolving facility and shareholder loan by $24.1 million and $3.5 million, respectively.

There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the 2014 Form 10-K.

Subsequent Event

On August 5, 2015, the Company announced the closing of a nine-year $350 million term loan facility and a five-year $200 million revolving credit facility (the “Credit Agreement”). In addition, the Company has entered into an interest rate swap transaction to fix the cost of the term loan facility over its nine-year term. Based on the swap rate, the company’s current leverage ratio and the pricing grid, the all-in fixed-rate cost of the term loan facility (net of estimated patronage payments) is expected to be approximately 3.3% and the floating-rate cost of the revolving credit facility will be LIBOR + 1.25%. The Company intends to use approximately $160 million of proceeds from the term loan facility to fund a capital infusion into the New Zealand JV, which the New Zealand JV will in turn use for repayment of all outstanding amounts under its existing NZ$235 million credit facility plus NZ$7 million of related fees and expenses (assuming an exchange rate of US$0.66 per NZ$1.00). The investment into the New Zealand JV is subject to certain closing conditions, including New Zealand Overseas Investment Office approval and the preparation of customary transaction documents. The remaining proceeds of the term loan facility will be used to fund repayment of the company’s 4.50% senior exchangeable notes maturing August 2015 (approximately $131 million), to fund repayment of amounts outstanding under the Company’s existing revolving credit facility (approximately $45 million), to pay transaction fees and expenses (approximately $2 million), and for cash and general corporate purposes (approximately $12 million). In order to provide timing flexibility with respect to the New Zealand JV recapitalization, the term loan facility provides that proceeds can be drawn in up to two advances for up to eight months post-closing. The Credit Agreement contains financial covenants related to leverage and interest coverage, as well as other affirmative and negative covenants relating to, among other things, dividends, liens, mergers, dispositions of timber and timberlands, subsidiary debt, sales and issuances of capital stock of subsidiaries, and affiliate transactions.