Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Summary of Revenues by Major Product

The following table presents our revenues by major product:

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2022			2021			2022			2021
Timberlands
Northern region
Sawlogs	$	78,668		$	88,244		$	223,102		$	251,198
Pulpwood		582			119			1,561			815
Other		281			205			797			740
Total Northern revenues		79,531			88,568			225,460			252,753
Southern region
Sawlogs		29,618			22,191			77,364			65,620
Pulpwood		17,694			13,843			41,542			33,167
Stumpage		4,028			2,275			9,494			3,310
Other		3,705			2,666			9,859			7,825
Total Southern revenues		55,045			40,975			138,259			109,922
Total Timberlands revenues		134,576			129,543			363,719			362,675
Wood Products
Lumber		151,540			141,255			622,228			679,417
Residuals and Panels		41,891			46,505			133,578			135,312
Total Wood Products revenues		193,431			187,760			755,806			814,729
Real Estate
Rural real estate		6,182			6,939			44,268			28,469
Development real estate		10,205			4,260			28,429			14,087
Other		2,621			2,298			7,112			7,252
Total Real Estate revenues		19,008			13,497			79,809			49,808
Total segment revenues		347,015			330,800			1,199,334			1,227,212
Intersegment Timberlands revenues1		(40,322	)		(43,470	)		(121,694	)		(138,183	)
Total consolidated revenues	$	306,693		$	287,330		$	1,077,640		$	1,089,029

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 September 30,						Nine Months Ended September 30,
(in thousands)	2022			2021			2022			2021
Adjusted EBITDDA:
Timberlands	$	64,482		$	76,023		$	198,806		$	221,140
Wood Products		31,258			26,566			288,465			356,654
Real Estate		14,140			9,069			66,080			37,450
Corporate		(12,629	)		(11,496	)		(36,125	)		(35,028	)
Eliminations and adjustments		3,839			7,021			4,596			(3,063	)
Total Adjusted EBITDDA		101,090			107,183			521,822			577,153
Interest expense, net1		(8,280	)		(8,641	)		(18,593	)		(20,414	)
Depreciation, depletion and amortization		(27,329	)		(21,131	)		(66,838	)		(56,156	)
Basis of real estate sold		(6,845	)		(6,697	)		(25,024	)		(22,733	)
CatchMark merger-related expenses		(26,007	)		—			(26,007	)		—
Gain on fire damage		24,913			4,394			34,505			4,394
Pension settlement charge		—			—			(14,165	)		—
Non-operating pension and other postretirement employee benefits		(1,808	)		(3,271	)		(5,546	)		(9,956	)
Gain (loss) on disposal of fixed assets		23			(1,139	)		39			(1,700	)
Other		(1	)		—			(1	)		—
Income before income taxes	$	55,756		$	70,698		$	400,192		$	470,588
Depreciation, depletion and amortization:
Timberlands	$	16,963		$	11,893		$	40,687		$	33,792
Wood Products		10,069			8,879			25,226			21,261
Real Estate		175			162			518			477
Corporate		122			197			407			626
		27,329			21,131			66,838			56,156
Bond discounts and deferred loan fees1		378			403			1,122			1,209
Total depreciation, depletion and amortization	$	27,707		$	21,534		$	67,960		$	57,365
Basis of real estate sold:
Real Estate	$	6,845		$	6,703		$	25,033		$	22,751
Eliminations and adjustments		—			(6	)		(9	)		(18	)
Total basis of real estate sold	$	6,845		$	6,697		$	25,024		$	22,733

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