DEBT (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Our debt consisted of the following at June 30, 2021:

	June 30, 2021
Debt, excluding Timber Funds:
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at June 30, 2021 (a)	$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000
Senior Notes due 2031 at a fixed interest rate of 2.75%	450,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.7% at June 30, 2021 (b)	200,000
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95%	24,171
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, with the following tranches
Due 2025 at a fixed interest rate of 6.1%	10,000
Due 2028 at a fixed interest rate of 4.1%	11,000
Due 2029 at a fixed interest rate of 5.3%	16,000
Due 2029 at a fixed interest rate of 5.4%	8,000
Total principal debt, excluding Timber Funds	1,394,171
Add: Fair value adjustments, excluding Timber Funds	7,478
Less: Unamortized discounts, excluding Timber Funds	(3,583)
Less: Current maturities of long-term debt, excluding Timber Funds	(199,830)
Less: Deferred financing costs, excluding Timber Funds	(5,348)
Total long-term debt, excluding Timber Funds	1,192,888
Debt, Timber Funds:
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (c)
Due 2022 at a variable interest rate of 2.0% at June 30, 2021	11,000
Due 2022 at a variable interest rate of 2.0% at June 30, 2021	14,000
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows: (d)
Due 2023 at a fixed interest rate of 5.1%	17,980
Due 2024 at a fixed interest rate of 4.5%	14,400
Total principal debt, Timber Funds	57,380
Add: Fair value adjustments, Timber Funds	2,382
Less: Deferred financing costs, Timber Funds	(7)
Total long-term debt, Timber Funds	59,755
Total long-term debt	$1,252,643

(a)    As of June 30, 2021, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.1% after consideration of interest rate swaps and estimated patronage refunds.

(b)    As of June 30, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds.

(c)    As of June 30, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%.

(d)    As of June 30, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds.

Schedule of Maturities of Long-Term Debt

Principal payments due during the next five years and thereafter are as follows:

	Excluding Timber Funds	Timber Funds	Total
2021	—	—	—
2022	325,000	25,000	350,000
2023	—	17,980	17,980
2024	—	14,400	14,400
2025	34,171	—	34,171
Thereafter	1,035,000	—	1,035,000
Total Debt	$1,394,171	$57,380	$1,451,551

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis:

	Covenant Requirement		Actual Ratio		Favorable
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		7.8 to 1		5.3
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	46	%	19	%

The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis:

	Covenant Requirement		Actual Ratio		Favorable
Covenant EBITDA to consolidated interest expense should not be less than	2.5 to 1		7.8 to 1		5.3
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	46	%	19	%