DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt consisted of the following at December 31, 2021 and 2020:

	2021	2020
Debt, excluding Timber Funds:
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at December 31, 2021	$350,000	$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000	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 1.75% at December 31, 2021	200,000	300,000
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at December 31, 2020	—	250,000
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95%	23,588	24,903
New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64%	27,519	—
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, collateralized by Core Timberlands, with the following tranches: (a)
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 2033 at a fixed interest rate of 5.3%	—	16,000
Due 2036 at a fixed interest rate of 5.4%	—	8,000
Total principal debt, excluding Timber Funds	1,376,107	1,294,903
Add: Fair value adjustments, excluding Timber Funds	—	7,917
Less: Unamortized discounts, excluding Timber Funds	(3,426)	—
Less: Current maturities of long-term debt, excluding Timber Funds	(124,965)	—
Less: Deferred financing costs, excluding Timber Funds	(4,897)	(2,484)
Total long-term debt, excluding Timber Funds	1,242,819	1,300,336
Debt, Timber Funds:
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (a)
Due 2022 at a fixed interest rate of 2.0%	—	11,000
Due 2022 at a fixed interest rate of 2.0%	—	14,000
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows: (a)
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	—	2,809
Less: Deferred financing costs, Timber Funds	—	(10)
Total long-term debt, Timber Funds	—	60,179
Total long-term debt	$1,242,819	$1,360,515

(a)    See the section below labeled “Long-Term Debt Assumed in the Pope Resources Merger” for additional details.

Schedule of Maturities of Long-term Debt

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

2022	$325,000
2023	—
2024	—
2025	23,588
2026	227,519
Thereafter	800,000
Total debt	$1,376,107

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of December 31, 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		12.6 to 1		10.1
Covenant debt to covenant net worth plus covenant debt shall not exceed	65	%	43	%	22	%