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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Summary of Information by Business Segment

The following table summarizes information on revenues, Adjusted EBITDDA, depreciation, depletion and amortization and basis of real estate sold for each of the company’s reportable segments and includes a reconciliation of total Adjusted EBITDDA to income before income taxes:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(Dollars in thousands)

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resource

 

$

111,421

 

 

$

94,705

 

 

$

280,438

 

 

$

202,397

 

Wood Products

 

 

199,025

 

 

 

116,487

 

 

 

532,425

 

 

 

326,608

 

Real Estate

 

 

11,233

 

 

 

3,282

 

 

 

38,219

 

 

 

25,922

 

 

 

 

321,679

 

 

 

214,474

 

 

 

851,082

 

 

 

554,927

 

Intersegment Resource revenues1

 

 

(32,480

)

 

 

(24,033

)

 

 

(93,753

)

 

 

(51,576

)

Consolidated revenues

 

$

289,199

 

 

$

190,441

 

 

$

757,329

 

 

$

503,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resource

 

$

58,680

 

 

$

48,034

 

 

$

140,068

 

 

$

91,200

 

Wood Products

 

 

46,446

 

 

 

24,395

 

 

 

126,962

 

 

 

58,660

 

Real Estate

 

 

7,467

 

 

 

2,094

 

 

 

27,769

 

 

 

22,333

 

Corporate

 

 

(8,989

)

 

 

(9,108

)

 

 

(28,969

)

 

 

(25,809

)

Eliminations and adjustments

 

 

(1,794

)

 

 

(3,180

)

 

 

(5,080

)

 

 

(1,152

)

Total Adjusted EBITDDA

 

 

101,810

 

 

 

62,235

 

 

 

260,750

 

 

 

145,232

 

Basis of real estate sold

 

 

(4,248

)

 

 

(579

)

 

 

(10,673

)

 

 

(6,351

)

Depreciation, depletion and amortization

 

 

(18,836

)

 

 

(8,196

)

 

 

(51,982

)

 

 

(20,796

)

Interest expense, net

 

 

(10,109

)

 

 

(7,336

)

 

 

(25,125

)

 

 

(19,654

)

Non-operating pension and other postretirement employee benefits

 

 

(1,942

)

 

 

(1,596

)

 

 

(5,707

)

 

 

(4,788

)

Gain (loss) on fixed assets

 

 

(12

)

 

 

—

 

 

 

(11

)

 

 

(16

)

Lumber price swap2

 

 

—

 

 

 

(3,066

)

 

 

—

 

 

 

199

 

Inventory purchase price adjustment in cost of goods sold3

 

 

—

 

 

 

—

 

 

 

(1,849

)

 

 

—

 

Environmental charges for Avery Landing

 

 

—

 

 

 

(4,978

)

 

 

—

 

 

 

(4,978

)

Deltic merger-related costs4

 

 

(972

)

 

 

(27

)

 

 

(21,245

)

 

 

(27

)

Income before income taxes

 

$

65,691

 

 

$

36,457

 

 

$

144,158

 

 

$

88,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resource

 

$

12,730

 

 

$

6,207

 

 

$

35,974

 

 

$

14,865

 

Wood Products

 

 

5,827

 

 

 

1,821

 

 

 

15,250

 

 

 

5,487

 

Real Estate

 

 

81

 

 

 

—

 

 

 

198

 

 

 

1

 

Corporate

 

 

198

 

 

 

168

 

 

 

560

 

 

 

443

 

 

 

 

18,836

 

 

 

8,196

 

 

 

51,982

 

 

 

20,796

 

Bond discounts and deferred loan fees5

 

 

609

 

 

 

369

 

 

 

1,703

 

 

 

1,112

 

Total depreciation, depletion and amortization

 

$

19,445

 

 

$

8,565

 

 

$

53,685

 

 

$

21,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

$

4,267

 

 

$

618

 

 

$

10,886

 

 

$

6,474

 

Eliminations and adjustments

 

 

(19

)

 

 

(39

)

 

 

(213

)

 

 

(123

)

Total basis of real estate sold

 

$

4,248

 

 

$

579

 

 

$

10,673

 

 

$

6,351

 

1

Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment.

2

Includes change in unrealized (gain) loss and $1 million in cash settlements.

3

The effect on cost of goods sold for fair value adjustments to the carrying amounts of inventory acquired in business combinations.

4

For integration and restructuring costs related to the merger with Deltic see Note 13: Merger, Integration and Other Costs.

5

Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income.
Reconciliation of Business Segment Total Assets to Total Assets

A reconciliation of our business segment total assets to total assets in the Condensed Consolidated Balance Sheet is as follows:

(Dollars in thousands)

 

September 30, 2018

 

 

December 31, 2017

 

Total assets:

 

 

 

 

 

 

 

 

Resource1

 

$

1,719,703

 

 

$

670,240

 

Wood Products

 

 

468,622

 

 

 

154,479

 

Real Estate2

 

 

89,190

 

 

 

—

 

 

 

 

2,277,515

 

 

 

824,719

 

Corporate

 

 

135,556

 

 

 

128,360

 

Total consolidated assets

 

$

2,413,071

 

 

$

953,079

 

 

 

 

 

 

 

 

 

 

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

2          Real Estate assets primarily consist of real estate development acquired with the Deltic merger.