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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt consisted of the following at December 31, 2020 and 2019:
| 2020 |  | 2019
Debt, excluding Timber Funds: |  |  |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.8% at December 31, 2020 | $350,000 |  |  | $350,000 |
Senior Notes due 2022 at a fixed interest rate of 3.75% | 325,000 |  |  | 325,000 |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.1% at December 31, 2020 | 300,000 |  |  | 300,000 |
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at December 31, 2020 | 250,000 |  |  | — |
Revolving Credit Facility borrowings due 2025 at an average variable interest rate of 1.7% at December 31, 2020 | — |  |  | 82,000 |
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% | 24,903 |  |  | — |
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% | 11,601 |  |  | — |
Due 2028 at a fixed interest rate of 4.1% | 12,018 |  |  | — |
Due 2033 at a fixed interest rate of 5.3% | 19,430 |  |  | — |
Due 2036 at a fixed interest rate of 5.4% | 9,868 |  |  | — |
Total debt, excluding Timber Funds | 1,302,820 |  |  | 1,057,000 |
Less: Current maturities of long-term debt | — |  |  | (82,000) |
Less: Deferred financing costs, excluding Timber Funds | (2,484) |  |  | (1,871) |
Long-term debt, net of deferred financing costs, excluding Timber Funds | 1,300,336 |  |  | 973,129 |
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% | 19,563 |  |  | — |
Due 2024 at a fixed interest rate of 4.5% | 15,626 |  |  | — |
Total debt, Timber Funds | 60,189 |  |  | — |
Less: Deferred financing costs, Timber Funds | (10) |  |  | — |
Long-term debt, net of deferred financing costs, Timber Funds | 60,179 |  |  | — |
Long-term debt, net of deferred financing costs | $1,360,515 |  |  | $973,129 |
(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:
| 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 | 284,903 |  |  | — |  |  | 284,903 |
Thereafter | 685,000 |  |  | — |  |  | 685,000 |
Total debt | $1,294,903 |  |  | $57,380 |  |  | $1,352,283 |
Schedule of Credit Facilities | The pertinent details of each tranche of the NWFCS Credit Facility we assumed are as follows:
Tranche | Stated Fixed Interest Rate |  | Effective Fixed Interest Rate (a) |  | Stated Principal Amount |  | Est. Fair Value at Merger Date (b)
Tranche 2 (Due 2025) | 6.1 | % |  | 4.8 | % |  | $10,000 |  |  | $11,838 |
Tranche 4 (Due 2028) | 4.1 | % |  | 3.1 | % |  | 11,000 |  |  | 12,108 |
Tranches 6 & 7 (Due 2033) | 5.3 | % |  | 4.2 | % |  | 16,000 |  |  | 19,609 |
Tranche 8 (Due 2036) | 5.4 | % |  | 4.3 | % |  | 8,000 |  |  | 9,947 |
Total NWFCS Credit Facility assumed |  |  |  |  | $45,000 |  |  | $53,502 |
(a)Estimated effective fixed interest rates as of December 31, 2020 after consideration of estimated patronage refunds. (b)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each tranche.
Schedule of Mortgages Payable | The pertinent details of the Fund II Mortgages Payable are as follows:
Maturity Date |  | Stated Fixed Interest Rate (a) |  | Stated Principal Amount |  | Est. Fair Value at Merger Date (b)
September 2022 |  | 2.0 | % |  | $11,000 |  |  | $11,061 |
September 2022 |  | 2.0 | % |  | 14,000 |  |  | 14,023 |
|  |  |  | $25,000 |  |  | $25,084 |
(a)Beginning January 1, 2021, this will transition from a fixed to a variable interest rate of 3-month LIBOR plus 1.700%. (b)The fair market value premium has been amortized as a benefit to interest expense over the original maturity term of each mortgage. The pertinent details of the Fund III Mortgages Payable are as follows:
Maturity Date |  | Stated Fixed Interest Rate |  | Effective Fixed Interest Rate (a) |  | Stated Principal Amount |  | Est. Fair Value at Merger Date (b)
December 2023 |  | 5.1 | % |  | 3.9 | % |  | $17,980 |  |  | $19,915 |
October 2024 |  | 4.5 | % |  | 3.2 | % |  | 14,400 |  |  | 15,844 |
|  |  |  |  |  | $32,380 |  |  | $35,759 |
(a)Estimated effective fixed interest rates as of December 31, 2020 after consideration of estimated patronage refunds. (b)The fair market value premium will be amortized as a benefit to interest expense over the maturity term of each mortgage.
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2020, 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 |  | 9.20 to 1 |  | 6.70
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 47 | % |  | 18 | %
The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2020, are calculated on a trailing 12-month basis:
| Covenant Requirement |  | Actual Ratio |  | Favorable
Covenant loan-to-appraised value shall not exceed | 50% |  | 12% |  | 38 | %
Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 |  | 9.20 to 1 |  | 6.70
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 47 | % |  | 18 | %

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