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COMMITMENTS | 9 Months Ended
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Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS | COMMITMENTS The Company leases certain buildings, machinery, and equipment under various operating leases. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. At September 30, 2018, the future minimum payments under non-cancellable operating leases, timberland leases and other commitments were as follows:
| Operating Leases |  | Timberland Leases (a) |  | Commitments (b) |  | Total
Remaining 2018 |  | $331 |  |  |  | $3,888 |  |  |  | $5,480 |  |  |  | $9,699 |
2019 | 1,173 |  |  | 8,677 |  |  | 3,239 |  |  | 13,089 |
2020 | 1,017 |  |  | 8,300 |  |  | 787 |  |  | 10,104 |
2021 | 849 |  |  | 8,301 |  |  | 612 |  |  | 9,762 |
2022 | 701 |  |  | 8,063 |  |  | 587 |  |  | 9,351 |
Thereafter (c) | 717 |  |  | 142,876 |  |  | 929 |  |  | 144,522 |
|  | $4,788 |  |  |  | $180,105 |  |  |  | $11,634 |  |  |  | $196,527 |
(a) | The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.
(b) | Commitments include $0.5 million of pension contribution requirements remaining in 2018 based on actuarially determined estimates and IRS minimum funding requirements, payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), construction of the Company’s Wildlight development project and other purchase obligations.
(c) | Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35-year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one-year term. As of September 30, 2018, the New Zealand JV has two CFL’s under termination notice that are currently being relinquished as harvest activities are concluding, as well as two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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