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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Summary of Information by Business Segment

 

 

Three Months Ended March 31,

 

(in thousands)

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

Resource

 

$

68,158

 

 

$

76,506

 

Wood Products

 

 

132,306

 

 

 

139,815

 

Real Estate

 

 

6,164

 

 

 

10,555

 

 

 

 

206,628

 

 

 

226,876

 

Intersegment Resource revenues1

 

 

(24,912

)

 

 

(26,979

)

Consolidated revenues

 

$

181,716

 

 

$

199,897

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDDA:

 

 

 

 

 

 

 

 

Resource

 

$

26,850

 

 

$

37,697

 

Wood Products

 

 

7,226

 

 

 

28,950

 

Real Estate

 

 

2,703

 

 

 

8,002

 

Corporate

 

 

(10,654

)

 

 

(8,716

)

Eliminations and adjustments

 

 

2,127

 

 

 

(1,201

)

Total Adjusted EBITDDA

 

 

28,252

 

 

 

64,732

 

Basis of real estate sold

 

 

(1,556

)

 

 

(3,605

)

Depreciation, depletion and amortization

 

 

(15,797

)

 

 

(12,196

)

Interest expense, net2

 

 

(5,464

)

 

 

(5,660

)

Loss on extinguishment of debt

 

 

(5,512

)

 

 

—

 

Non-operating pension and other postretirement employee benefits

 

 

(980

)

 

 

(1,857

)

Gain on fixed assets

 

 

32

 

 

 

4

 

Gain on sale of facility

 

 

9,176

 

 

 

—

 

Inventory purchase price adjustment in cost of goods sold3

 

 

—

 

 

 

(1,849

)

Deltic merger-related costs4

 

 

—

 

 

 

(19,255

)

Income before income taxes

 

$

8,151

 

 

$

20,314

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

Resource

 

$

10,265

 

 

$

8,646

 

Wood Products

 

 

5,042

 

 

 

3,354

 

Real Estate

 

 

209

 

 

 

40

 

Corporate

 

 

281

 

 

 

156

 

 

 

 

15,797

 

 

 

12,196

 

Bond discounts and deferred loan fees2

 

 

477

 

 

 

439

 

Total depreciation, depletion and amortization

 

$

16,274

 

 

$

12,635

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold:

 

 

 

 

 

 

 

 

Real Estate

 

$

1,588

 

 

$

3,723

 

Eliminations and adjustments

 

 

(32

)

 

 

(118

)

Total basis of real estate sold

 

$

1,556

 

 

$

3,605

 

1

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

2

Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income.

3

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

4

For integration and restructuring costs related to the merger with Deltic see Note 3: Merger with Deltic.
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:

(in thousands)

 

March 31, 2019

 

 

December 31, 2018

 

Total assets:

 

 

 

 

 

 

 

 

Resource1

 

$

1,686,471

 

 

$

1,693,162

 

Wood Products

 

 

385,534

 

 

 

456,306

 

Real Estate2

 

 

93,526

 

 

 

93,208

 

 

 

 

2,165,531

 

 

 

2,242,676

 

Corporate

 

 

107,683

 

 

 

83,176

 

Total consolidated assets

 

$

2,273,214

 

 

$

2,325,852

 

 

 

 

 

 

 

 

 

 

 

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.