XML 51 R35.htm IDEA: XBRL DOCUMENT
v3.20.2

VARIABLE INTEREST ENTITIES | 9 Months Ended
--- | ---
Sep. 30, 2020
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”) In the Mergers, we became manager of three private equity timber funds, Fund II, Fund III, and Fund IV, and obtained 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 5 — Noncontrolling Interests. The assets, liabilities and equity of the Funds as of September 30, 2020, were as follows:
Timber Funds | September 30, 2020
Assets: |
Cash and cash equivalents | $2,973 |
Accounts receivable | 4,437 |
Prepaid expenses | 38 |
Other current assets | 361 |
Total current assets | 7,809 |
Timber and timberlands, net of depletion and amortization | 452,777 |
Total assets | $460,586 |
Liabilities and Equity: |
Accounts payable | $907 |
Intercompany payable (a) | 552 |
Accrued taxes | 353 |
Accrued interest | 432 |
Deferred revenue | 275 |
Other current liabilities | 732 |
Total current liabilities | 3,251 |
Long-term debt, net of deferred financing costs | 60,391 |
Funds’ equity | 396,944 |
Total liabilities and equity | $460,586 |
(a)Includes management fees and other expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets. Ferncliff Investors We also acquired in the Mergers an ownership interest in a real estate joint venture entity. 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 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 5 — Noncontrolling Interests. The assets, liabilities and equity of Ferncliff Investors as of September 30, 2020, were as follows:
Ferncliff Investors | September 30, 2020
Assets: |
Cash and cash equivalents | $2 |
Prepaid expenses | 740 |
Total current assets | 742 |
Investment in real estate joint venture entity | 2,927 |
Advances to real estate joint venture entity | 1,000 |
Total assets | $4,669 |
Liabilities and equity: |
Intercompany payable (a) | $8 |
Total current liabilities | 8 |
Ferncliff Investors’ equity | 4,661 |
Total liabilities and equity | $4,669 |
(a)Includes miscellaneous expenses payable to the Operating Partnership. These amounts are eliminated in the Consolidated Balance Sheets.

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
Name: | us-gaap_VariableInterestEntityDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration