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ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES | 3 Months Ended
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Mar. 31, 2025
Environmental Remediation Obligations [Abstract] |
ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES | ENVIRONMENTAL AND NATURAL RESOURCE DAMAGE LIABILITIES Federal and state environmental laws in our operating areas hold current and former property owners liable for cleanup or restoration. These laws often impose “strict liability,” meaning owners or operators didn’t necessarily cause, or even been aware of, the release of contaminated materials. Similarly, certain environmental laws allow state, federal, and tribal trustees (collectively, the “Trustees”) to bring suit against property owners for natural resource damages (“NRD”) resulting from releases of contaminants on or from their property, regardless of culpability for the release. Like cleanup liability, NRD liability can attach to property due to such contamination. Changes in environmental and NRD liabilities from December 31, 2024 to March 31, 2025 are shown below:
| Port Gamble, WA
Non-current portion at December 31, 2024 | $3,610
Plus: Current portion | 4,283
Total Balance at December 31, 2024 | 7,893
Expenditures charged to liabilities | (2,964)
Increase to liabilities (a) | 1,668
Total Balance at March 31, 2025 | 6,597
Less: Current portion | (1,765)
Non-current portion at March 31, 2025 | $4,832
(a)The increase in liabilities resulted from revised environmental and NRD cost estimates recognized during the three months ended March 31, 2025. We anticipate the upland mill site cleanup and NRD restoration will occur over the next one to two years, while the monitoring of Port Gamble Bay, mill site, and landfills will continue for an additional 15 to 20 years. NRD costs are subject to change as the restoration projects progress. It is reasonably possible that these components of the liability may increase as construction continues. Management continues to monitor the Port Gamble cleanup process and will make adjustments as needed. Should any future circumstances result in a change to the estimated cost of the project, we will record an appropriate adjustment to the liability in the period it becomes known and when we can reasonably estimate the amount. We do not currently anticipate any material loss in excess of the amounts accrued; however, we are not able to estimate a possible loss or range of loss, if any, in excess of the established liabilities. Our future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations, and the availability and application of technology. We do not expect the resolution of such uncertainties to have a material adverse effect on our consolidated financial position or liquidity.

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