Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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)	2024			2023
Timberlands
Northern region
Sawlogs	$	33,806		$	53,325
Pulpwood		65			403
Other		311			261
Total Northern revenues		34,182			53,989
Southern region
Sawlogs		31,216			31,754
Pulpwood		15,648			16,132
Stumpage		7,632			9,233
Other		4,272			4,130
Total Southern revenues		58,768			61,249
Total Timberlands revenues		92,950			115,238
Wood Products
Lumber		116,723			113,798
Residuals and Panels		31,875			38,997
Total Wood Products revenues		148,598			152,795
Real Estate
Rural real estate		5,526			17,819
Development real estate		2,874			2,800
Other		2,707			3,244
Total Real Estate revenues		11,107			23,863
Total segment revenues		252,655			291,896
Intersegment Timberlands revenues1		(24,528	)		(33,934	)
Total consolidated revenues	$	228,127		$	257,962

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 (loss) before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements.

	Three Months Ended March 31,
(in thousands)	2024			2023
Adjusted EBITDDA:
Timberlands	$	34,748		$	46,639
Wood Products		(139	)		(31	)
Real Estate		6,228			19,465
Corporate		(12,665	)		(10,741	)
Eliminations and adjustments		1,550			2,445
Total Adjusted EBITDDA		29,722			57,777
Interest expense, net1		282			(199	)
Depreciation, depletion and amortization		(30,395	)		(31,764	)
Basis of real estate sold		(4,092	)		(10,631	)
CatchMark merger-related expenses		—			(2,209	)
Non-operating pension and other postretirement employee benefits		201			(228	)
Gain on disposal of fixed assets		5			—
Other		(145	)		10
Income (loss) before income taxes	$	(4,422	)	$	12,756
Depreciation, depletion and amortization:
Timberlands	$	17,625		$	20,461
Wood Products		12,516			11,035
Real Estate		138			156
Corporate		116			112
		30,395			31,764
Bond discounts and deferred loan fees1		407			409
Total depreciation, depletion and amortization	$	30,802		$	32,173
Basis of real estate sold:
Real Estate	$	4,094		$	10,631
Eliminations and adjustments		(2	)		—
Total basis of real estate sold	$	4,092		$	10,631

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