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Subsequent Event | 3 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | NOTE 16. SUBSEQUENT EVENT On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and all states and several municipalities have declared public health emergencies. For the first quarter of 2020 each of our business segments produced strong results, however the COVID-19 pandemic has introduced significant economic and business uncertainty, along with volatile financial market conditions. Our Timberlands and Wood Products businesses have been deemed an essential business in states that have issued stay-at-home orders and as such, we plan to continue to operate each of our businesses at full capacity where market conditions allow while maintaining the health and safety of our employees, contractors, suppliers and customers. In our Wood Products segment, our industrial grade plywood product line has been more adversely impacted. As a result of decreased demand, we temporarily suspended operations at our St. Maries, Idaho industrial plywood facility beginning April 20, 2020. We will re-start our plywood facility when we have received enough orders to justify re-opening the facility, which we estimate to be sometime in May 2020. Further, we expect the economic impacts from COVID-19 to negatively impact our Chenal Valley real estate development. Additionally, we anticipate our current cash balances, cash flows from operations and our available sources of liquidity will be sufficient to meet our cash requirements. At March 31, 2020 we had approximately $79.5 million in cash and cash equivalents and availability of $379.0 million on our revolving line of credit. As the impact of COVID-19 pandemic on the economy and our operations evolves, we will continue to assess our liquidity needs. In the event of a sustained market deterioration, we may be required to assess liquidity options available to us, including accessing our revolving line of credit, reassessing our capital allocation strategy including the funding of our quarterly dividend, or take appropriate actions such as only proceeding with operating and capital spending that is critical.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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