XML 34 R18.htm IDEA: XBRL DOCUMENT v3.21.2
VARIABLE INTEREST ENTITIES
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
ORM Timber Fund II, Inc. (Fund II), ORM Timber Fund III LLC (Fund III), and ORM Timber Fund IV LLC. (Fund IV) (Collectively, the “Funds”)
We are the manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and maintain ownership interests in the Funds of 20%, 5%, and 15%, respectively. We determined, based upon an analysis under the variable interest entity guidance, that we have the power to direct the activities that most significantly impact the Funds’ economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate the Funds. For further information on the Funds, see Note 6 — Noncontrolling Interests.
The assets, liabilities and equity of the Funds as of June 30, 2021, were as follows:
Timber FundsJune 30, 2021
Assets:
Cash and cash equivalents$4,469 
Accounts receivable3,239 
Assets held for sale (Note 23)
104,291 
Other current assets68 
Total current assets112,067 
Timber and timberlands, net of depletion and amortization316,249 
Other assets74 
Total assets$428,390 
Liabilities and Equity:
Accounts payable$1,127 
Intercompany payable (a)880 
Accrued taxes292 
Accrued interest508 
Deferred revenue339 
Other current liabilities464 
Total current liabilities3,610 
Long-term debt, net of deferred financing costs59,755 
Funds’ equity365,025 
Total liabilities and equity$428,390 
(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.
Ferncliff Investors
We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, we have the power to direct the activities that most significantly impact the joint venture’s economic success. Therefore, we are considered the primary beneficiary and are required under ASC 810 — Consolidation to consolidate Ferncliff Investors. For further information on Ferncliff Investors, see Note 6 — Noncontrolling Interests.
The assets, liabilities and equity of Ferncliff Investors as of June 30, 2021, were as follows:
Ferncliff InvestorsJune 30, 2021
Assets:
Cash and cash equivalents$295 
Total current assets295 
Advances to real estate joint venture entity1,000 
Total assets$1,295 
Liabilities and equity:
Total liabilities$1,818 
Ferncliff Investors’ equity(523)
Total liabilities and equity$1,295