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LEASES LEASES | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
LEASES | LEASES ADOPTION OF ASC 842 For information on the adoption of ASC 842, including required transition disclosures, see Note 1 — Basis of Presentation. TIMBERLAND LEASES U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned land to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, the Company may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date. As of March 31, 2019, the New Zealand subsidiary has two CFLs comprising 9,000 acres under termination notice that are currently being relinquished as harvest activities are concluding, as well as two fixed-term CFLs comprising 3,000 acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 33,000 acres under termination notice that are currently being relinquished as harvest activities are concluding. OTHER NON-TIMBERLAND LEASES In addition to our timberland holdings, we lease properties for certain office locations. Our significant leased properties include a regional office in Lufkin, Texas; our Pacific Northwest Timber office in Hoquiam, Washington and our New Zealand Timber and Trading headquarters in Auckland, New Zealand. LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION The following table details the Company’s undiscounted lease obligations as of March 31, 2019 by type of lease and year of expiration:
|  |  |  | Year of Expiration
Lease obligations |  | Total |  | Remaining 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter
Operating lease liabilities |  | 198,899 |  |  | 8,623 |  |  | 10,071 |  |  | 9,217 |  |  | 8,321 |  |  | 8,285 |  |  | 154,382 |
Total Undiscounted Cash Flows |  | 198,899 |  |  |  | $8,623 |  |  |  | $10,071 |  |  |  | $9,217 |  |  |  | $8,321 |  |  |  | $8,285 |  |  |  | $154,382 |
Imputed interest |  | (93,224 | ) |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2019 |  | 105,675 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Current portion |  | (10,666 | ) |  |  |  |  |  |  |  |  |  |  |  |
Non-current portion at March 31, 2019 |  |  | $95,009 |  |  |  |  |  |  |  |  |  |  |  |  |
The following table details components of the Company’s lease cost for the three months ended March 31, 2019:
|  |  | Three Months Ended March 31,
Lease Cost Components |  |  | 2019
Operating lease cost |  |  | 2,437 |
Variable lease cost (a) |  |  | 76 |
Total lease cost (b) |  |  |  | $2,513 |
(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) | Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the three months ended March 31, 2019.
The following table details components of the Company’s lease cost for the three months ended March 31, 2019:
|  |  | Three Months Ended March 31,
Supplemental cash flow information related to leases: |  |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases |  |  | 973 |
Investing cash flows from operating leases |  |  | 1,464 |
Total cash flows from operating leases |  |  |  | $2,437 |
Weighted-average remaining lease term in years - operating leases |  |  | 29 |
Weighted-average discount rate - operating leases |  |  | 5 | %
The Company applied the following practical expedients upon adoption of the the new standard and allowed under ASC 842:
Practical Expedient |  | Description
Short-term leases |  | The Company does not record right-of-use assets or lease liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised).
Separation of lease and non-lease components |  | The Company does not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease

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- References No definition available. + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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