XML 76 R2.htm IDEA: XBRL DOCUMENT

Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2024

USD ($)

PercentileRank

Dec. 31, 2023

USD ($)

PercentileRank

Dec. 31, 2022

USD ($)

PercentileRank

Dec. 31, 2021

USD ($)

PercentileRank

Dec. 31, 2020

USD ($)

PercentileRank

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

As discussed in our Compensation Discussion and Analysis, our executive compensation program is designed to reflect a strong focus on pay-for-performance to drive superior financial results and value creation and strongly align our executives’ interests with those of our shareholders. For more information about our pay-for-performance philosophy and how that is incorporated in our executive compensation program, see the discussion on Compensation Philosophy and Principals — Pay-for-Performance on page 28 of our Compensation Discussion and Analysis. The following table and accompanying disclosures report “compensation actually paid” (“CAP”) to our CEO and the average of such pay to our other NEOs (“Non-CEO NEOs”), along with other specified financial performance measures. The amounts shown for CAP are calculated in accordance with SEC rules and do not reflect the actual amount of compensation earned by or paid to our NEOs.

Pay Versus Performance Table


					Value of Initial Fixed $100 Investment Based on:
Year	Summary Compensation Table Total for CEO⁽¹⁾ ($)	Compensation Actually Paid to CEO⁽²⁾ ($)	Average Summary Compensation Table Total for Non-CEO NEOs⁽³⁾ ($)	Average Compensation Actually Paid to Non-CEO NEOs⁽⁴⁾ ($)	Total Shareholder Return ⁽⁵⁾ ($)	Peer Group Total Shareholder Return ⁽⁶⁾ ($)	Net Income (in millions) ⁽⁷⁾ ($)	One-Year Relative TSR (percentile rank)⁽⁸⁾
2024	12,952,945	4,514,762	3,718,751	1,805,156	112.54	126.58	396	29.6th
2023	13,022,431	15,217,383	3,806,336	3,882,166	134.98	131.14	839	44.1st
2022	12,969,306	6,616,958	3,660,540	2,012,724	114.30	114.65	1,880	61.6th
2021	12,715,531	17,032,291	4,028,448	4,631,147	143.50	141.81	2,607	46.3rd
2020	11,159,069	12,495,593	4,102,792	4,057,420	113.07	121.07	797	32.1st

(1)	Represents total compensation reported for our CEO, Mr. Stockfish, as set forth in the “Total” column of the Summary Compensation Table for the applicable year.

(2)	Represents CAP for Mr. Stockfish, as calculated in accordance with SEC rules. The following table shows the adjustments made to CEO total compensation in arriving at CAP for the applicable year.


Year	Summary Compensation Table Total for CEO ($)	Reported Grant Date Fair Value of Equity Awards^(a) ($)	Equity Award Adjustments ^(b) ($)	Reported Change in the Actuarial Present Value of Pension Benefits^(c) ($)	Pension Benefit Adjustments ^(d) ($)	Compensation Actually Paid to CEO ($)
2024	12,952,945	(9,552,782)	1,038,062	(159,317)	235,854	4,514,762
2023	13,022,431	(9,406,128)	11,709,348	(330,403)	222,135	15,217,383
2022	12,969,306	(8,765,081)	2,153,628	0	259,105	6,616,958
2021	12,715,531	(7,857,107)	12,240,850	(326,224)	259,241	17,032,291
2020	11,159,069	(6,942,865)	8,671,282	(581,691)	189,798	12,495,593

(a)	Represents amounts reported in the “Stock Awards” column in the Summary Compensation Table for each applicable year.

(b)

Equity award adjustments for each applicable year include the addition or subtraction of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the change in fair value as of the end of the applicable year (from the end of the prior fiscal year) of awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards granted in prior years that vested during the applicable year, the amount equal to the change in fair value as of the vesting date (from the end of the prior fiscal year); and (iv) for awards granted in prior years that were forfeited or otherwise determined to fail to meet vesting conditions during the applicable year, a deduction equal to the fair value of such awards at the end of the prior fiscal year. The dollar value of dividend equivalent units accrued on unvested equity awards during the applicable year is reflected in the fair value of such awards. There were no equity awards that were granted and vested in the same year for any applicable year, and we generally do not grant such awards. The valuation assumptions used to calculate fair values did not differ materially from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments for the CEO are set forth in the following table.


Year	Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($)	Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Previous Years ($)	Change in Fair Value from End of Prior Year to Vesting Date of Awards Granted in Prior Fiscal Year That Vested During the Fiscal Year ($)	Prior Year-End Fair Value of Equity Awards Forfeited During the Year ($)	Total Equity Award Adjustments ($)
2024	7,354,070	(5,993,095)	(322,913)	—	1,038,062
2023	10,131,574	1,016,653	561,121	—	11,709,348
2022	6,470,132	(4,294,677)	(21,827)	—	2,153,628
2021	10,006,949	2,141,378	92,523	—	12,240,850
2020	7,674,440	1,111,101	(114,259)	—	8,671,282

(c)	Represents amounts reported in the “Change in Pension Value” and “Nonqualified Deferred Compensation Earnings” columns of the Summary Compensation Table for each applicable year.

(d)

Pension benefit adjustments for each applicable year represent the actuarially determined service cost for services rendered during the applicable year calculated in accordance with U.S. GAAP. There were no plan amendments or initiations during the applicable year and thus no applicable cost of benefits for services rendered in periods prior to a plan amendment or initiation. The pension benefit adjustments were calculated as follows:


Year	Service Cost ($)	Prior Service Cost ($)	Total Pension Benefit Adjustments ($)
2024	235,854	—	235,854
2023	222,135	—	222,135
2022	259,105	—	259,105
2021	259,241	—	259,241
2020	189,798	—	189,798

(3)

Represents the average of the amounts of total compensation reported for our NEOs as a group, excluding Mr. Stockfish (“Non-CEO NEOs”) as set forth in the “Total” column of the Summary Compensation Table for the applicable year. Our Non-CEO NEOs for each year presented were as follows: for 2020, Russell S. Hagen, Adrian M. Blocker, James A. Kilberg and Keith J. O’Rear; for 2021, Nancy S. Loewe, Russell S. Hagen, Kristy T. Harlan and Keith J. O’Rear; for 2022, Nancy S. Loewe, David M. Wold, Russell S. Hagen, Travis A. Keatley and Keith J. O’Rear; for 2023, David M. Wold, Russell S. Hagen, Travis A. Keatley and Keith J. O’Rear; and for 2024, David M. Wold, Russell S. Hagen, Kristy T. Harlan, Travis A. Keatley and Keith J. O’Rear.

(4)	Represents the average amount of CAP for our Non-CEO NEOs as a group as calculated in accordance with SEC rules. The following table shows the adjustments made to the average total compensation of our Non-CEO NEOs in arriving at CAP for the applicable year.


Year	Average Reported Summary Compensation Table Total for Non-CEO NEOs ($)	Average Reported Grant Date Fair Value of Equity Awards ($)	Average Equity Award Adjustments^(a) ($)	Average Reported Change in the Actuarial Present Value of Pension Benefits ($)	Average Pension Benefit Adjustments^(b) ($)	Average Compensation Actually Paid to Non-CEO NEOs ($)
2024	3,718,751	(2,133,775)	357,000	(192,087)	55,267	1,805,156
2023	3,806,336	(2,005,675)	2,418,452	(406,507)	69,560	3,882,166
2022	3,660,540	(1,801,157)	95,212	(8,647)	66,776	2,012,724
2021	4,028,448	(1,860,787)	2,790,414	(367,558)	40,630	4,631,147
2020	4,102,792	(1,817,211)	2,378,401	(680,555)	73,993	4,057,420

(a)

Equity award adjustments for each of the Non-CEO NEOs used in calculating the total average equity award adjustments for the Non-CEO NEOs as a group are calculated using the same methodology as that used in calculating equity award adjustments for the CEO, which is described in detail above in footnote (2)(b). The following table shows the aggregate amounts deducted or added in calculating the total average equity awards adjustments for the Non-CEO NEOs.


Year	Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($)	Average Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Previous Years ($)	Average Change in Fair Value from End of Prior Year to Vesting Date of Awards Granted in Prior Fiscal Year That Vested During the Fiscal Year ($)	Average Prior Year-End Fair Value of Equity Awards Forfeited During the Year ($)	Total Equity Award Adjustments ($)
2024	1,636,913	(1,233,189)	(46,724)	—	357,000
2023	2,151,833	191,725	74,894	—	2,418,452
2022	1,050,009	(516,427)	(20,629)	(417,741)	95,212
2021	2,378,529	386,926	24,959	—	2,790,414
2020	2,018,468	414,516	(54,583)	—	2,378,401

(b)

The average pension benefit adjustments for each applicable year represent the actuarially determined service cost for services rendered during the applicable year calculated in accordance with U.S. GAAP. There were no plan amendments or initiations during the applicable year and thus no applicable cost of benefits for services rendered in periods prior to a plan amendment or initiation. The pension benefit adjustments were calculated as follows:


Year	Service Cost ($)	Prior Service Cost ($)	Total Pension Benefit Adjustments ($)
2024	55,267	—	55,267
2023	69,560	—	69,560
2022	66,776	—	66,776
2021	40,630	—	40,630
2020	73,993	—	73,993

(5)	Represents cumulative TSR of the company for the applicable year.

(6)	Represents cumulative TSR of the S&P Global Timber and Forestry Index for the applicable year.

(7)	Represents net income as reported in the company’s audited financial statements for the applicable year.

(8)

Represents the company’s percentile ranking for the applicable year based on its One-Year TSR relative to that of a comparator group of industry peers used in our PSU long-term incentive awards. The industry peer group for each applicable year corresponds to the composition of the peer group for the same PSU plan year. The Compensation Committee has identified One-Year Relative TSR as the “Company Selected Measure”. While the committee does not view this measure as the single most important financial measure of performance used in the company’s executive compensation program, we are required by SEC disclosure rules to select one such measure and identify it in the Pay Versus Performance Table as the “Company Selected Measure”. The committee chose this measure because relative TSR is the basis for the performance goal in the PSU plan, in which all NEOs participate. In the PSU plan, relative TSR is measured over a three-year performance period; however, pursuant to SEC guidance, we are required to disclose relative TSR for each fiscal year (a one-year period) in the table. Other important measures of performance, such as Adjusted EBITDA and RONA, are used in different combinations in our short-term incentive plan performance goals among the NEOs.

Company Selected Measure Name

One-Year Relative TSR

Named Executive Officers, Footnote

(1)	Represents total compensation reported for our CEO, Mr. Stockfish, as set forth in the “Total” column of the Summary Compensation Table for the applicable year.

(3)

Peer Group Issuers, Footnote

(6)	Represents cumulative TSR of the S&P Global Timber and Forestry Index for the applicable year.

PEO Total Compensation Amount

$ 12,952,945

$ 13,022,431

$ 12,969,306

$ 12,715,531

$ 11,159,069

PEO Actually Paid Compensation Amount

$ 4,514,762

15,217,383

6,616,958

17,032,291

12,495,593

Adjustment To PEO Compensation, Footnote

(2)	Represents CAP for Mr. Stockfish, as calculated in accordance with SEC rules. The following table shows the adjustments made to CEO total compensation in arriving at CAP for the applicable year.


Year	Summary Compensation Table Total for CEO ($)	Reported Grant Date Fair Value of Equity Awards^(a) ($)	Equity Award Adjustments ^(b) ($)	Reported Change in the Actuarial Present Value of Pension Benefits^(c) ($)	Pension Benefit Adjustments ^(d) ($)	Compensation Actually Paid to CEO ($)
2024	12,952,945	(9,552,782)	1,038,062	(159,317)	235,854	4,514,762
2023	13,022,431	(9,406,128)	11,709,348	(330,403)	222,135	15,217,383
2022	12,969,306	(8,765,081)	2,153,628	0	259,105	6,616,958
2021	12,715,531	(7,857,107)	12,240,850	(326,224)	259,241	17,032,291
2020	11,159,069	(6,942,865)	8,671,282	(581,691)	189,798	12,495,593

(a)	Represents amounts reported in the “Stock Awards” column in the Summary Compensation Table for each applicable year.

(b)


Year	Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($)	Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Previous Years ($)	Change in Fair Value from End of Prior Year to Vesting Date of Awards Granted in Prior Fiscal Year That Vested During the Fiscal Year ($)	Prior Year-End Fair Value of Equity Awards Forfeited During the Year ($)	Total Equity Award Adjustments ($)
2024	7,354,070	(5,993,095)	(322,913)	—	1,038,062
2023	10,131,574	1,016,653	561,121	—	11,709,348
2022	6,470,132	(4,294,677)	(21,827)	—	2,153,628
2021	10,006,949	2,141,378	92,523	—	12,240,850
2020	7,674,440	1,111,101	(114,259)	—	8,671,282

(c)	Represents amounts reported in the “Change in Pension Value” and “Nonqualified Deferred Compensation Earnings” columns of the Summary Compensation Table for each applicable year.

(d)


Year	Service Cost ($)	Prior Service Cost ($)	Total Pension Benefit Adjustments ($)
2024	235,854	—	235,854
2023	222,135	—	222,135
2022	259,105	—	259,105
2021	259,241	—	259,241
2020	189,798	—	189,798

Non-PEO NEO Average Total Compensation Amount

$ 3,718,751

3,806,336

3,660,540

4,028,448

4,102,792

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,805,156

3,882,166

2,012,724

4,631,147

4,057,420

Adjustment to Non-PEO NEO Compensation Footnote

(4)	Represents the average amount of CAP for our Non-CEO NEOs as a group as calculated in accordance with SEC rules. The following table shows the adjustments made to the average total compensation of our Non-CEO NEOs in arriving at CAP for the applicable year.


Year	Average Reported Summary Compensation Table Total for Non-CEO NEOs ($)	Average Reported Grant Date Fair Value of Equity Awards ($)	Average Equity Award Adjustments^(a) ($)	Average Reported Change in the Actuarial Present Value of Pension Benefits ($)	Average Pension Benefit Adjustments^(b) ($)	Average Compensation Actually Paid to Non-CEO NEOs ($)
2024	3,718,751	(2,133,775)	357,000	(192,087)	55,267	1,805,156
2023	3,806,336	(2,005,675)	2,418,452	(406,507)	69,560	3,882,166
2022	3,660,540	(1,801,157)	95,212	(8,647)	66,776	2,012,724
2021	4,028,448	(1,860,787)	2,790,414	(367,558)	40,630	4,631,147
2020	4,102,792	(1,817,211)	2,378,401	(680,555)	73,993	4,057,420

(a)


Year	Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($)	Average Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Previous Years ($)	Average Change in Fair Value from End of Prior Year to Vesting Date of Awards Granted in Prior Fiscal Year That Vested During the Fiscal Year ($)	Average Prior Year-End Fair Value of Equity Awards Forfeited During the Year ($)	Total Equity Award Adjustments ($)
2024	1,636,913	(1,233,189)	(46,724)	—	357,000
2023	2,151,833	191,725	74,894	—	2,418,452
2022	1,050,009	(516,427)	(20,629)	(417,741)	95,212
2021	2,378,529	386,926	24,959	—	2,790,414
2020	2,018,468	414,516	(54,583)	—	2,378,401

(b)


Year	Service Cost ($)	Prior Service Cost ($)	Total Pension Benefit Adjustments ($)
2024	55,267	—	55,267
2023	69,560	—	69,560
2022	66,776	—	66,776
2021	40,630	—	40,630
2020	73,993	—	73,993

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

Table of Financial Performance Measures

Set forth below are the financial measures of company performance that the Compensation Committee and the board of directors view as the most important in aligning the interests and incentives of our executives with those of the company and its shareholders. The measures in this table are not listed in order of importance. How we define and use these measures in our executive compensation program, as well as the Compensation Committee’s reasons for choosing them, is discussed in our Compensation Discussion and Analysis, beginning on page 24.


	Most Important Performance Measures
	Adjusted EBITDA
	Relative Total Shareholder Return
	Return on Net Assets (RONA)

Total Shareholder Return Amount

$ 112.54

134.98

114.3

143.5

113.07

Peer Group Total Shareholder Return Amount

126.58

131.14

114.65

141.81

121.07

Net Income (Loss)

$ 396,000,000

$ 839,000,000

$ 1,880,000,000

$ 2,607,000,000

$ 797,000,000

Company Selected Measure Amount | PercentileRank

29.6

44.1

61.6

46.3

32.1

PEO Name

Mr. Stockfish

Pension Benefits Adjustments, Footnote

(d)


Year	Service Cost ($)	Prior Service Cost ($)	Total Pension Benefit Adjustments ($)
2024	235,854	—	235,854
2023	222,135	—	222,135
2022	259,105	—	259,105
2021	259,241	—	259,241
2020	189,798	—	189,798

(b)


Year	Service Cost ($)	Prior Service Cost ($)	Total Pension Benefit Adjustments ($)
2024	55,267	—	55,267
2023	69,560	—	69,560
2022	66,776	—	66,776
2021	40,630	—	40,630
2020	73,993	—	73,993

Equity Awards Adjustments, Footnote

(b)


Year	Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($)	Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Previous Years ($)	Change in Fair Value from End of Prior Year to Vesting Date of Awards Granted in Prior Fiscal Year That Vested During the Fiscal Year ($)	Prior Year-End Fair Value of Equity Awards Forfeited During the Year ($)	Total Equity Award Adjustments ($)
2024	7,354,070	(5,993,095)	(322,913)	—	1,038,062
2023	10,131,574	1,016,653	561,121	—	11,709,348
2022	6,470,132	(4,294,677)	(21,827)	—	2,153,628
2021	10,006,949	2,141,378	92,523	—	12,240,850
2020	7,674,440	1,111,101	(114,259)	—	8,671,282

(a)


Year	Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted During the Year ($)	Average Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Previous Years ($)	Average Change in Fair Value from End of Prior Year to Vesting Date of Awards Granted in Prior Fiscal Year That Vested During the Fiscal Year ($)	Average Prior Year-End Fair Value of Equity Awards Forfeited During the Year ($)	Total Equity Award Adjustments ($)
2024	1,636,913	(1,233,189)	(46,724)	—	357,000
2023	2,151,833	191,725	74,894	—	2,418,452
2022	1,050,009	(516,427)	(20,629)	(417,741)	95,212
2021	2,378,529	386,926	24,959	—	2,790,414
2020	2,018,468	414,516	(54,583)	—	2,378,401