Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

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)	2023			2022
Timberlands
Northern region
Sawlogs	$	53,325		$	81,504
Pulpwood		403			392
Other		261			303
Total Northern revenues		53,989			82,199
Southern region
Sawlogs		31,754			23,381
Pulpwood		16,132			11,627
Stumpage		9,233			3,358
Other		4,130			3,092
Total Southern revenues		61,249			41,458
Total Timberlands revenues		115,238			123,657
Wood Products
Lumber		113,798			250,764
Residuals and Panels		38,997			44,978
Total Wood Products revenues		152,795			295,742
Real Estate
Rural real estate		17,819			21,646
Development real estate		2,800			10,278
Other		3,244			2,141
Total Real Estate revenues		23,863			34,065
Total segment revenues		291,896			453,464
Intersegment Timberlands revenues1		(33,934	)		(42,114	)
Total consolidated revenues	$	257,962		$	411,350

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)	2023			2022
Adjusted EBITDDA:
Timberlands	$	46,639		$	76,434
Wood Products		(31	)		149,951
Real Estate		19,465			30,124
Corporate		(10,741	)		(9,584	)
Eliminations and adjustments		2,445			(1,363	)
Total Adjusted EBITDDA		57,777			245,562
Interest expense, net1		(199	)		(2,894	)
Depreciation, depletion and amortization		(31,764	)		(19,502	)
Basis of real estate sold		(10,631	)		(10,854	)
CatchMark merger-related expenses		(2,209	)		—
Loss on fire damage		—			(276	)
Pension settlement charge		—			(14,165	)
Non-operating pension and other postretirement employee benefit costs		(228	)		(1,929	)
Gain on disposal of fixed assets		—			3
Other		10			—
Income before income taxes	$	12,756		$	195,945
Depreciation, depletion and amortization:
Timberlands	$	20,461		$	12,161
Wood Products		11,035			7,021
Real Estate		156			170
Corporate		112			150
		31,764			19,502
Bond discounts and deferred loan fees1		409			372
Total depreciation, depletion and amortization	$	32,173		$	19,874
Basis of real estate sold:
Real Estate	$	10,631		$	10,860
Eliminations and adjustments		—			(6	)
Total basis of real estate sold	$	10,631		$	10,854

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