Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summary of Revenues by Major Product

The following table presents our revenues by major product:

	Three Months Ended March 31,
(in thousands)	2022			2021
Timberlands
Northern region
Sawlogs	$	81,504		$	76,181
Pulpwood		392			499
Other		303			300
Total Northern revenues		82,199			76,980
Southern region
Sawlogs		23,381			22,416
Pulpwood		11,627			9,161
Stumpage		3,358			764
Other		3,092			2,595
Total Southern revenues		41,458			34,936
Total Timberlands revenues		123,657			111,916
Wood Products
Lumber		250,764			229,682
Residuals and Panels		44,978			39,614
Total Wood Products revenues		295,742			269,296
Real Estate
Rural real estate		21,646			10,025
Development real estate		10,278			8,053
Other		2,141			2,235
Total Real Estate revenues		34,065			20,313
Total segment revenues		453,464			401,525
Intersegment Timberlands revenues1		(42,114	)		(47,332	)
Total consolidated revenues	$	411,350		$	354,193

1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Summary of Information by Business Segment

The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements.

	Three Months Ended March 31,
(in thousands)	2022			2021
Adjusted EBITDDA:
Timberlands	$	76,434		$	67,858
Wood Products		149,951			125,555
Real Estate		30,124			16,593
Corporate		(9,584	)		(10,710	)
Eliminations and adjustments		(1,363	)		(4,310	)
Total Adjusted EBITDDA		245,562			194,986
Interest expense, net1		(2,894	)		(3,574	)
Depreciation, depletion and amortization		(19,502	)		(17,996	)
Basis of real estate sold		(10,854	)		(8,823	)
Net loss on fire damage		(276	)		—
Pension settlement charge		(14,165	)		—
Non-operating pension and other postretirement employee benefits		(1,929	)		(3,414	)
Gain (loss) on disposal of fixed assets		3			(34	)
Income before income taxes	$	195,945		$	161,145
Depreciation, depletion and amortization:
Timberlands	$	12,161		$	11,417
Wood Products		7,021			6,203
Real Estate		170			155
Corporate		150			221
		19,502			17,996
Bond discounts and deferred loan fees1		372			403
Total depreciation, depletion and amortization	$	19,874		$	18,399
Basis of real estate sold:
Real Estate	$	10,860		$	8,829
Eliminations and adjustments		(6	)		(6	)
Total basis of real estate sold	$	10,854		$	8,823

1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.