Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023			2022			2023			2022
Timberlands
Northern region
Sawlogs	$	48,538		$	78,668		$	138,685		$	223,102
Pulpwood		330			582			1,102			1,561
Other		362			281			995			797
Total Northern revenues		49,230			79,531			140,782			225,460
Southern region
Sawlogs		31,863			29,618			91,419			77,364
Pulpwood		17,503			17,694			48,641			41,542
Stumpage		7,057			4,028			20,438			9,494
Other		4,155			3,705			12,383			9,859
Total Southern revenues		60,578			55,045			172,881			138,259
Total Timberlands revenues		109,808			134,576			313,663			363,719
Wood Products
Lumber		132,852			151,540			379,939			622,228
Residuals and Panels		32,256			41,891			105,633			133,578
Total Wood Products revenues		165,108			193,431			485,572			755,806
Real Estate
Rural real estate		11,616			6,182			34,005			44,268
Development real estate		4,289			10,205			16,498			28,429
Other		3,247			2,621			9,576			7,112
Total Real Estate revenues		19,152			19,008			60,079			79,809
Total segment revenues		294,068			347,015			859,314			1,199,334
Intersegment Timberlands revenues1		(28,559	)		(40,322	)		(89,736	)		(121,694	)
Other intersegment revenues		—			—			(6	)		—
Total consolidated revenues	$	265,509		$	306,693		$	769,572		$	1,077,640

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)	2023			2022			2023			2022
Adjusted EBITDDA:
Timberlands	$	42,062		$	64,482		$	118,017		$	198,806
Wood Products		15,039			31,258			26,975			288,465
Real Estate		14,165			14,140			45,867			66,080
Corporate		(11,696	)		(12,629	)		(32,958	)		(36,125	)
Eliminations and adjustments		(3,292	)		3,839			1,599			4,596
Total Adjusted EBITDDA		56,278			101,090			159,500			521,822
Interest expense, net1		(7,971	)		(8,280	)		(15,783	)		(18,593	)
Depreciation, depletion and amortization		(30,248	)		(27,329	)		(89,099	)		(66,838	)
Basis of real estate sold		(6,109	)		(6,845	)		(21,624	)		(25,024	)
CatchMark merger-related expenses		—			(26,007	)		(2,453	)		(26,007	)
Gain on fire damage		16,326			24,913			39,436			34,505
Pension settlement charge		—			—			—			(14,165	)
Non-operating pension and other postretirement employee benefit costs		(228	)		(1,808	)		(685	)		(5,546	)
(Loss) gain on disposal of fixed assets		(18	)		23			(39	)		39
Other		370			(1	)		638			(1	)
Income before income taxes	$	28,400		$	55,756		$	69,891		$	400,192
Depreciation, depletion and amortization:
Timberlands	$	19,267		$	16,963		$	55,623		$	40,687
Wood Products		10,740			10,069			32,723			25,226
Real Estate		120			175			397			518
Corporate		121			122			356			407
		30,248			27,329			89,099			66,838
Bond discounts and deferred loan fees1		410			378			1,228			1,122
Total depreciation, depletion and amortization	$	30,658		$	27,707		$	90,327		$	67,960
Basis of real estate sold:
Real Estate	$	6,111		$	6,845		$	21,629		$	25,033
Eliminations and adjustments		(2	)		—			(5	)		(9	)
Total basis of real estate sold	$	6,109		$	6,845		$	21,624		$	25,024

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