Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Summary of Information by Business Segment

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2019			2018			2019			2018
Revenues:
Timberlands	$	66,881		$	92,511		$	135,039		$	169,017
Wood Products		138,030			193,585			270,336			333,400
Real Estate		36,432			16,431			42,596			26,986
		241,343			302,527			447,971			529,403
Intersegment Timberlands revenues1		(25,762	)		(34,294	)		(50,674	)		(61,273	)
Consolidated revenues	$	215,581		$	268,233		$	397,297		$	468,130
Adjusted EBITDDA:
Timberlands	$	26,131		$	43,691		$	52,981		$	81,388
Wood Products		(2,071	)		51,566			5,155			80,516
Real Estate		31,316			12,300			34,019			20,302
Corporate		(9,346	)		(11,264	)		(20,000	)		(19,980	)
Eliminations and adjustments		3,050			(2,085	)		5,177			(3,286	)
Total Adjusted EBITDDA		49,080			94,208			77,332			158,940
Basis of real estate sold		(7,427	)		(2,820	)		(8,983	)		(6,425	)
Depreciation, depletion and amortization		(16,727	)		(20,950	)		(32,524	)		(33,146	)
Interest expense, net2		(7,882	)		(9,356	)		(13,346	)		(15,016	)
Loss on extinguishment of debt		—			—			(5,512	)		—
Non-operating pension and other postretirement employee benefits		(889	)		(1,908	)		(1,869	)		(3,765	)
Gain (loss) on fixed assets		30			(3	)		62			1
Gain on sale of facility		—			—			9,176			—
Inventory purchase price adjustment in cost of goods sold3		—			—			—			(1,849	)
Deltic merger-related costs4		—			(1,018	)		—			(20,273	)
Income before income taxes	$	16,185		$	58,153		$	24,336		$	78,467
Depreciation, depletion and amortization:
Timberlands	$	10,469		$	14,598		$	20,734		$	23,244
Wood Products		5,861			6,069			10,903			9,423
Real Estate		147			77			356			117
Corporate		250			206			531			362
		16,727			20,950			32,524			33,146
Bond discounts and deferred loan fees2		410			655			887			1,094
Total depreciation, depletion and amortization	$	17,137		$	21,605		$	33,411		$	34,240
Basis of real estate sold:
Real Estate	$	7,455		$	2,896		$	9,043		$	6,619
Eliminations and adjustments		(28	)		(76	)		(60	)		(194	)
Total basis of real estate sold	$	7,427		$	2,820		$	8,983		$	6,425

^{1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.}

^{2 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements 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 Sheets is as follows:

(in thousands)	June 30, 2019		December 31, 2018
Total assets:
Timberlands1	$	1,680,766	$	1,693,162
Wood Products		379,370		456,306
Real Estate2		93,519		93,208
		2,153,655		2,242,676
Corporate		105,286		83,176
Total consolidated assets	$	2,258,941	$	2,325,852

^{1 We do not report rural real estate separate from Timberlands 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.}