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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

The following table represents our revenues by major product:


	Year Ended December 31,
(in thousands)	2024			2023			2022
Timberlands
Northern region
Sawlogs	$	159,001		$	174,498		$	286,970
Pulpwood		831			1,247			2,038
Other		1,451			1,445			1,131
Total Northern revenues		161,283			177,190			290,139

Southern region
Sawlogs		127,630			121,940			106,582
Pulpwood		65,462			68,104			60,363
Stumpage		20,538			27,206			13,903
Other		17,256			16,637			14,603
Total Southern revenues		230,886			233,887			195,451

Total Timberlands revenues		392,169			411,077			485,590

Wood Products
Lumber		470,937			498,308			744,139
Residuals and Panels		130,987			137,364			168,473
Total Wood Products revenues		601,924			635,672			912,612

Real Estate
Rural real estate		132,090			54,542			48,039
Development real estate		25,854			20,582			33,561
Other		12,685			12,864			9,891
Total Real Estate revenues		170,629			87,988			91,491

Total segment revenues		1,164,722			1,134,737			1,489,693
Intersegment Timberlands revenues1		(102,646	)		(110,656	)		(158,913	)
Other intersegment revenues		—			(6	)		—
Total consolidated revenues	$	1,062,076		$	1,024,075		$	1,330,780

Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Summary of Information by Business Segment

The following tables summarize information for each of the company’s reportable segments including a reconciliation of Segment operating income (loss) as the closest measurement to GAAP for the reportable segments, Segment Adjusted EBITDDA and Total Adjusted EBITDDA to consolidated income before income taxes. Corporate information is included to reconcile segment data to the Consolidated Financial Statements.


	Year Ended December 31, 2024
(in thousands)	Timberlands		Wood Products			Real Estate			Total
Revenues from external customers	$	289,523	$	601,924		$	170,629		$	1,062,076
Intersegment Timberlands revenues1		102,646		—			—			102,646
		392,169		601,924			170,629			1,164,722

Cost of goods sold2
Fiber costs2		—		289,456			—			289,456
Freight, logging and hauling2		206,727		75,978			—			282,705
Manufacturing costs2,3		—		232,910			—			232,910
Inventory change2		—		(3,189	)		—			(3,189	)
Depreciation, depletion and amortization2		66,445		42,155			462			109,062
Basis in real estate sold2		—		—			86,878			86,878
Other4		36,628		913			16,033			53,574
		309,800		638,223			103,373			1,051,396
Segment selling, general and administrative expenses5		11,395		14,489			7,654			33,538
Segment operating income (loss)		70,974		(50,788	)		59,602			79,788

Depreciation, depletion and amortization6		67,755		42,585			549			110,889
Basis in real estate sold		—		—			86,878			86,878
Net gain (loss) on disposal of assets		—		549			(8	)		541
Segment Adjusted EBITDDA	$	138,729	$	(7,654	)	$	147,021		$	278,096
Corporate Adjusted EBITDDA7										(49,065	)
Eliminations and adjustments8										3,069
Total Adjusted EBITDDA										232,100
Interest expense, net										(28,923	)
Depreciation, depletion and amortization9										(111,497	)
Basis in real estate sold										(86,870	)
Non-operating pension and other postretirement employee benefits										803
Loss on disposal of assets										(541	)
Other										3,115
Income before income taxes									$	8,187

The footnotes below the table for the year ended December 31, 2022 are also applicable to the above table.


	Year Ended December 31, 2023
(in thousands)	Timberlands		Wood Products			Real Estate		Total
Revenues from external customers	$	300,421	$	635,672		$	87,982	$	1,024,075
Intersegment Timberlands revenues1		110,656		—			—		110,656
Other intersegment revenues		—		—			6		6
		411,077		635,672			87,988		1,134,737

Cost of goods sold2
Fiber costs2		—		299,511			—		299,511
Freight, logging and hauling2		213,054		78,520			—		291,574
Manufacturing costs2,3		—		220,645			—		220,645
Inventory change2		—		2,992			—		2,992
Depreciation, depletion and amortization2		73,346		43,071			440		116,857
Basis in real estate sold2		—		—			31,431		31,431
Other4		38,267		909			14,147		53,323
		324,667		645,648			46,018		1,016,333
Segment selling, general and administrative expenses5		10,104		13,574			6,162		29,840
Segment operating income (loss)		76,306		(23,550	)		35,808		88,564

Depreciation, depletion and amortization6		75,009		43,506			526		119,041
Basis in real estate sold		—		—			31,431		31,431
Net gain on disposal of assets		6		531			10		547
Segment Adjusted EBITDDA	$	151,321	$	20,487		$	67,775	$	239,583
Corporate Adjusted EBITDDA7									(45,406	)
Eliminations and adjustments8									6,057
Total Adjusted EBITDDA									200,234
Interest expense, net									(24,218	)
Depreciation, depletion and amortization9									(119,518	)
Basis in real estate sold									(31,392	)
CatchMark merger-related expenses									(2,453	)
Gain on fire damage									39,436
Non-operating pension and other postretirement employee benefits									(914	)
Loss on disposal of assets									(557	)
Other									1,267
Income before income taxes								$	61,885

The footnotes below the table for the year ended December 31, 2022 are also applicable to the above table.


	Year Ended December 31, 2022
(in thousands)	Timberlands		Wood Products			Real Estate		Total
Revenues from external customers	$	326,677	$	912,612		$	91,491	$	1,330,780
Intersegment revenues1		158,913		—			—		158,913
		485,590		912,612			91,491		1,489,693

Cost of goods sold2
Fiber costs2		—		322,487			—		322,487
Freight, logging and hauling2		193,095		75,554			—		268,649
Manufacturing costs2,3		—		214,338			—		214,338
Inventory change2		—		(3,606	)		—		(3,606	)
Depreciation, depletion and amortization2		58,367		35,518			609		94,494
Basis in real estate sold2		—		—			29,932		29,932
Other4		35,421		404			13,500		49,325
		286,883		644,695			44,041		975,619
Segment selling, general and administrative expenses5		8,869		12,963			4,819		26,651
Segment operating income		189,838		254,954			42,631		487,423

Depreciation, depletion and amortization6		59,532		35,953			695		96,180
Basis in real estate sold		—		—			29,932		29,932
Net gain on disposal of assets		3		—			—		3
Segment Adjusted EBITDDA	$	249,373	$	290,907		$	73,258	$	613,538
Corporate Adjusted EBITDDA7									(49,314	)
Eliminations and adjustments8									9,931
Total Adjusted EBITDDA									574,155
Interest expense, net									(27,400	)
Depreciation, depletion and amortization9									(96,700	)
Basis in real estate sold									(29,921	)
Pension settlement charge									(14,165	)
CatchMark merger-related expenses									(27,325	)
Gain on fire damage									34,505
Environmental charge									(5,550	)
Non-operating pension and other postretirement employee benefits									(8,138	)
Loss on disposal of assets									(82	)
Other									(67	)
Income before income taxes								$	399,312

Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Significant expenses categories align with the segment-level information that is regularly provided to the CODM.

Intersegment expenses are included with the amounts shown.

Manufacturing costs include, but are not limited to, wages, benefits, repairs, maintenance, supplies, heat/power, electricity and other

utilities, depreciation and amortization, and membership dues.

Includes, but is not limited to, the following:

Timberlands - forest management, roads, employee wages and benefits and property taxes.

Wood Products - pension and other post-retirement benefit plan service costs for active plan participants.

Real Estate - land sale commissions, land sale closing costs, property taxes, and costs from the company-owned country club.

Segment selling, general and administrative expenses includes depreciation and amortization.

Includes depreciation and amortization classified as selling, general and administrative expenses.

Corporate Adjusted EBITDDA includes costs specifically not allocated to the segments including, but not limited to, certain corporate

department direct expenses and employee wages and benefits. Corporate Adjusted EBITDDA is regularly provided to the CODM.

Includes elimination of intersegment profit in ending Wood Products inventory for logs purchased from our Timberlands segment and LIFO adjustments.

Excludes amortization of bond discounts and deferred loan fees which are reported within interest expense, net on the Consolidated

Statements of Operations.

The following table summarizes additional reportable segment financial information:


	Year Ended December 31,
(in thousands)	2024			2023			2022
Depreciation, depletion and amortization:
Timberlands	$	67,755		$	75,009		$	59,532
Wood Products		42,585			43,506			35,953
Real Estate		549			526			695
Corporate		608			477			520
		111,497			119,518			96,700
Bond discount and deferred loan fees1		1,601			1,636			1,534
Total depreciation, depletion and amortization	$	113,098		$	121,154		$	98,234
Basis of real estate sold:
Real Estate	$	86,878		$	31,431		$	29,932
Elimination and adjustments		(8	)		(39	)		(11	)
Total basis of real estate sold	$	86,870		$	31,392		$	29,921
Assets:
Timberlands2	$	2,396,642		$	2,476,147		$	2,545,608
Wood Products		537,665			498,782			441,196
Real Estate3		67,527			74,242			71,949
		3,001,834			3,049,171			3,058,753
Corporate		303,609			382,085			491,802
Total consolidated assets	$	3,305,443		$	3,431,256		$	3,550,555
Capital Expenditures:4
Timberlands	$	24,795		$	23,922		$	17,752
Wood Products		61,054			94,688			55,913
Real Estate5		9,546			12,187			8,757
		95,395			130,797			82,422
Corporate		1,348			486			374
Total capital expenditures	$	96,743		$	131,283		$	82,796

Included within interest expense, net in the Consolidated Statements of Operations.

We do not report rural real estate separately from Timberlands as we do not report these assets separately to management.

Real Estate assets primarily consist of the master planned community development and a country club.

Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment.

Real Estate capital expenditures include development expenditures of $8.1 million, $11.5 million, and $8.1 million for the years ended December 31, 2024, 2023, and 2022, respectively.