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VARIABLE INTEREST ENTITIES | 12 Months Ended
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Dec. 31, 2021
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”) As mentioned in Note 1 — Summary of Significa nt Accounting Policies and Note 7 — Noncontrolling Interests, we sold the rights to manage Fund III and Fund IV, as well as our ownership interests in both funds in July 2021. As a result, Timber Fund III and IV balance sheets and results of operations are only included in our consolidated financial statements through the date of the sale. In addition, we completed the liquidation of Fund II timberland assets through three separate transactions during the third and fourth quarters of 2021. As of December 31, 2021, we continue to maintain a 20% ownership interest in Fund II, which is scheduled to terminate in March 2023. Prior to the termination of Fund II, the remaining capital will be distributed to Fund II investors. We continue to have the power to direct the activities that most significantly impact Fund II’s economic success. Therefore, we are considered the primary beneficiary and consolidate Fund II under ASC 810 — Consolidation. For further information on the Funds, see Note 7 — Noncontrolling Interests. The assets, liabilities and equity of Fund II as of December 31, 2021, were as follows:
Timber Funds | 2021
Assets: |
Cash and cash equivalents | $3,493 |
Restricted cash, Timber Funds (Note 24) | 6,341 |
Accounts receivable | 9 |
Intercompany receivable (a) | 41 |
Other current assets | 26 |
Total current assets | 9,910 |
Total assets | $9,910 |
Liabilities and Equity: |
Accounts payable | $22 |
Accrued taxes | 32 |
Distributions payable, Timber Funds (b) | 6,341 |
Other current liabilities (c) | 3,546 |
Total current liabilities | 9,941 |
Funds’ equity | (31) |
Total liabilities and equity | $9,910 |
(a)Includes amounts due from other consolidated entities. These amounts are eliminated in the Consolidated Balance Sheets. (b)Represents the portion of proceeds from Fund II Timberland Dispositions required to be distributed to noncontrolling interests. (c)Includes $3.5 million of proceeds from Fund II Timberland Dispositions required to be distributed to other consolidated entities. These amounts are eliminated in the Consolidated Balance Sheets. Ferncliff Investors We maintain an ownership interest in Ferncliff Investors, a real estate joint venture entity. Based upon an analysis under the variable interest entity guidance, 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 7 — Noncontrolling Interests. The assets, liabilities and equity of Ferncliff Investors as of December 31, 2021, were as follows:
Ferncliff Investors | 2021
Assets: |
Cash and cash equivalents | $1,508 |
Total current assets | 1,508 |
Total assets | $1,508 |
Liabilities and equity: |
Total current liabilities | $472 |
Total non-current liabilities | 2,170 |
Total liabilities | $2,642 |
Ferncliff Investors’ equity | (1,134) |
Total liabilities and equity | $1,508 |

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- 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
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