Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Information by Business Segment

	Year Ended December 31,
(in thousands)	2019			2018			2017
Revenues:
Timberlands	$	322,693		$	354,950		$	278,199
Wood Products		540,408			680,931			441,157
Real Estate		78,872			54,566			30,655
		941,973			1,090,447			750,011
Intersegment Timberlands revenues1		(114,875	)		(115,868	)		(71,416	)
Total consolidated revenues	$	827,098		$	974,579		$	678,595
Adjusted EBITDDA:
Timberlands	$	133,987		$	169,834		$	126,707
Wood Products		12,901			130,583			80,624
Real Estate		62,650			40,304			25,720
Corporate		(36,257	)		(37,785	)		(34,302	)
Eliminations and adjustments		5,662			(5,743	)		(2,992	)
Total Adjusted EBITDDA		178,943			297,193			195,757
Basis of real estate sold		(20,554	)		(16,698	)		(6,827	)
Depreciation, depletion and amortization		(70,417	)		(70,848	)		(28,432	)
Interest expense, net2		(30,361	)		(35,227	)		(27,049	)
Loss on extinguishment of debt		(5,512	)		-			-
Non-operating pension and other postretirement employee benefits		(3,739	)		(7,648	)		(6,384	)
Loss on fixed assets		(865	)		(725	)		(204	)
Gain on sale of facility		9,176			—			—
Inventory purchase price adjustment in cost of goods sold3		—			(1,849	)		—
Deltic merger-related costs4		—			(22,119	)		(3,409	)
Environmental charges for Avery Landing		—			—			(4,978	)
Income before income taxes	$	56,671		$	142,079		$	118,474
Depreciation, depletion and amortization:
Timberlands	$	46,601		$	48,201		$	20,476
Wood Products		22,059			21,416			7,347
Real Estate		678			418			2
Corporate		1,079			813			607
		70,417			70,848			28,432
Bond discount and deferred loan fees2		1,688			2,313			1,480
Total depreciation, depletion and amortization	$	72,105		$	73,161		$	29,912
Basis of real estate sold:
Real Estate	$	20,749		$	16,954		$	7,114
Elimination and adjustments		(195	)		(256	)		(287	)
Total basis of real estate sold	$	20,554		$	16,698		$	6,827
Assets:
Timberlands5	$	1,655,407		$	1,693,162		$	669,288
Wood Products		398,465			456,306			154,479
Real Estate6		87,421			93,208			952
		2,141,293			2,242,676			824,719
Corporate		93,766			83,176			128,360
Total consolidated assets	$	2,235,059		$	2,325,852		$	953,079
Capital Expenditures:7
Timberlands	$	17,500		$	17,232		$	15,120
Wood Products		37,232			27,341			10,723
Real Estate8		8,053			5,987			87
		62,785			50,560			25,930
Corporate		1,317			1,747			2,132
Total capital expenditures	$	64,102		$	52,307		$	28,062

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 on the Consolidated Statements of Income.

³ The effect of costs of goods sold for fair value adjustments to the carrying amounts of inventory acquired in business combinations.

See Note 2: Merger with Deltic.

⁴ For integration and restructuring costs related to the merger with Deltic see Note 2: Merger with Deltic.

⁵ We do not report rural real estate separate from Timberlands as we do not report these assets separately to management.

⁶ Real Estate assets primarily consist of real estate development acquired with the Deltic merger.

⁷ Does not include the acquisition of timber and timberlands, all of which were acquired by the Timberlands segment.

⁸ Real Estate capital expenditures include development expenditures of $7.3 million, $5.0 million and $0 for the year ended December 31, 2019, 2018 and 2017, respectively. 

Schedule of Revenues by Geographic Area

All of our timberlands, wood products facilities and other assets are located within the continental United States. Geographic information regarding our revenues for the years ended December 31 is as follows:

(in thousands)	2019		2018		2017
United States	$	825,105	$	972,457	$	676,956
Canada		128		624		481
Mexico		1,865		1,498		1,158
Total consolidated revenues	$	827,098	$	974,579	$	678,595