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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt consisted of the following at December 31, 2021 and 2020:
| 2021 |  | 2020
Debt, excluding Timber Funds: |  |  |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at December 31, 2021 | $350,000 |  |  | $350,000 |
Senior Notes due 2022 at a fixed interest rate of 3.75% | 325,000 |  |  | 325,000 |
Senior Notes due 2031 at a fixed interest rate of 2.75% | 450,000 |  |  | — |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.75% at December 31, 2021 | 200,000 |  |  | 300,000 |
2020 Incremental Term Loan Facility borrowings due 2025 at a variable interest rate of 2.0% at December 31, 2020 | — |  |  | 250,000 |
New Zealand subsidiary noncontrolling interest shareholder loan due 2025 at a fixed interest rate of 2.95% | 23,588 |  |  | 24,903 |
New Zealand subsidiary noncontrolling interest shareholder loan due 2026 at a fixed interest rate of 3.64% | 27,519 |  |  | — |
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% | — |  |  | 10,000 |
Due 2028 at a fixed interest rate of 4.1% | — |  |  | 11,000 |
Due 2033 at a fixed interest rate of 5.3% | — |  |  | 16,000 |
Due 2036 at a fixed interest rate of 5.4% | — |  |  | 8,000 |
Total principal debt, excluding Timber Funds | 1,376,107 |  |  | 1,294,903 |
Add: Fair value adjustments, excluding Timber Funds | — |  |  | 7,917 |
Less: Unamortized discounts, excluding Timber Funds | (3,426) |  |  | — |
Less: Current maturities of long-term debt, excluding Timber Funds | (124,965) |  |  | — |
Less: Deferred financing costs, excluding Timber Funds | (4,897) |  |  | (2,484) |
Total long-term debt, excluding Timber Funds | 1,242,819 |  |  | 1,300,336 |
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% | — |  |  | 17,980 |
Due 2024 at a fixed interest rate of 4.5% | — |  |  | 14,400 |
Total principal debt, Timber Funds | — |  |  | 57,380 |
Add: Fair value adjustments, Timber Funds | — |  |  | 2,809 |
Less: Deferred financing costs, Timber Funds | — |  |  | (10) |
Total long-term debt, Timber Funds | — |  |  | 60,179 |
Total long-term debt | $1,242,819 |  |  | $1,360,515 |
(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:
2022 | $325,000 |  |  |  |  |
2023 | — |  |  |  |  |
2024 | — |  |  |  |  |
2025 | 23,588 |  |  |  |  |
2026 | 227,519 |  |  |  |  |
Thereafter | 800,000 |  |  |  |  |
Total debt | $1,376,107 |  |  |  |  |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2021, 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 |  | 12.6 to 1 |  | 10.1
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 43 | % |  | 22 | %

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