Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Revenues by Major Product

The following table represents our revenues by major product:

	Year Ended December 31,
(in thousands)	2023			2022			2021
Timberlands
Northern region
Sawlogs	$	174,498		$	286,970		$	299,330
Pulpwood		1,247			2,038			1,134
Other		1,445			1,131			993
Total Northern revenues		177,190			290,139			301,457
Southern region
Sawlogs		121,940			106,582			83,836
Pulpwood		68,104			60,363			45,957
Stumpage		27,206			13,903			7,533
Other		16,637			14,603			10,664
Total Southern revenues		233,887			195,451			147,990
Total Timberlands revenues		411,077			485,590			449,447
Wood Products
Lumber		498,308			744,139			816,149
Residuals and Panels		137,364			168,473			172,739
Total Wood Products revenues		635,672			912,612			988,888
Real Estate
Rural real estate		54,542			48,039			37,622
Development real estate		20,582			33,561			16,751
Other		12,864			9,891			9,440
Total Real Estate revenues		87,988			91,491			63,813
Total segment revenues		1,134,737			1,489,693			1,502,148
Intersegment Timberlands revenues1		(110,656	)		(158,913	)		(164,713	)
Other intersegment revenues		(6	)		—			—
Total consolidated revenues	$	1,024,075		$	1,330,780		$	1,337,435

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 Consolidated Financial Statements.

	Year Ended December 31,
(in thousands)	2023			2022			2021
Adjusted EBITDDA:
Timberlands	$	151,321		$	249,373		$	262,944
Wood Products		20,487			290,907			393,858
Real Estate		67,775			73,258			47,457
Corporate		(45,406	)		(49,314	)		(47,393	)
Eliminations and adjustments		6,057			9,931			(3,995	)
Total Adjusted EBITDDA		200,234			574,155			652,871
Interest expense, net1		(24,218	)		(27,400	)		(29,275	)
Depreciation, depletion and amortization		(119,518	)		(96,700	)		(75,633	)
Basis of real estate sold		(31,392	)		(29,921	)		(27,360	)
Environmental charge		—			(5,550	)		—
CatchMark merger-related expenses		(2,453	)		(27,325	)		—
Gain on fire damage		39,436			34,505			3,361
Pension settlement charge		—			(14,165	)		—
Non-operating pension and other postretirement employee benefits		(914	)		(8,138	)		(13,227	)
Loss on fixed assets		(557	)		(82	)		(1,721	)
Other		1,267			(67	)		—
Income before income taxes	$	61,885		$	399,312		$	509,016

1 Includes amortization of bond discounts and deferred loan fees.

The following table summarizes additional reportable segment financial information:

	Year Ended December 31,
(in thousands)	2023			2022			2021
Depreciation, depletion and amortization:
Timberlands	$	75,009		$	59,532		$	45,403
Wood Products		43,506			35,953			28,802
Real Estate		526			695			640
Corporate		477			520			788
		119,518			96,700			75,633
Bond discount and deferred loan fees1		1,636			1,534			1,792
Total depreciation, depletion and amortization	$	121,154		$	98,234		$	77,425
Basis of real estate sold:
Real Estate	$	31,431		$	29,932		$	27,381
Elimination and adjustments		(39	)		(11	)		(21	)
Total basis of real estate sold	$	31,392		$	29,921		$	27,360
Assets:
Timberlands2	$	2,476,147		$	2,545,608		$	1,713,582
Wood Products		498,782			441,196			435,300
Real Estate3		74,242			71,949			81,561
		3,049,171			3,058,753			2,230,443
Corporate		382,085			491,802			304,772
Total consolidated assets	$	3,431,256		$	3,550,555		$	2,535,215
Capital Expenditures:4
Timberlands	$	23,922		$	17,752		$	16,163
Wood Products		94,688			55,913			38,360
Real Estate5		12,187			8,757			9,798
		130,797			82,422			64,321
Corporate		486			374			256
Total capital expenditures	$	131,283		$	82,796		$	64,577

1	Included within interest expense, net in the Consolidated Statements of Operations.
2	We do not report rural real estate separately from Timberlands as we do not report these assets separately to management.
3	Real Estate assets primarily consist of the master planned community development and a country club, both located in Arkansas.
4	Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment.
5	Real Estate capital expenditures include development expenditures of $11.5 million, $8.1 million and $9.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.