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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables summarize the segment information for the three months ended March 31, 2025 and 2024:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Sales | $50,944 |  |  | $21,404 |  |  | $10,167 |  |  | $407 |  |  | — |  |  | $82,922 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cut & haul costs | (12,521) |  |  | (9,340) |  |  | — |  |  | — |  |  | — |  |  | (21,861) |
Port / freight costs | — |  |  | (14) |  |  | — |  |  | (4) |  |  | — |  |  | (18) |
Depreciation, depletion and amortization | (16,899) |  |  | (5,606) |  |  | (564) |  |  | — |  |  | (424) |  |  | (23,493) |
Non-cash cost of land and improved development | — |  |  | — |  |  | (2,399) |  |  | — |  |  | — |  |  | (2,399) |
Other costs and expenses (a) | (11,374) |  |  | (5,696) |  |  | (8,154) |  |  | (857) |  |  | (9,011) |  |  | (35,092) |
Operating income (loss) | $10,150 |  |  | $748 |  |  | ($950) |  |  | ($454) |  |  | ($9,435) |  |  | $59 |
Add: Restructuring charges (b) | — |  |  | — |  |  | — |  |  | — |  |  | 1,110 |  |  | 1,110 |
Add: Depreciation, depletion and amortization | 16,899 |  |  | 5,606 |  |  | 564 |  |  | — |  |  | 424 |  |  | 23,493 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | 2,399 |  |  | — |  |  | — |  |  | 2,399 |
Adjusted EBITDA | $27,049 |  |  | $6,354 |  |  | $2,013 |  |  | ($454) |  |  | ($7,901) |  |  | $27,061 |
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income |  | ($3,518) |
Depreciation, depletion and amortization |  | (23,493) |
Non-cash cost of land and improved development |  | (2,399) |
Non-operating expense |  | (1,842) |
Restructuring charges (b) |  | (1,110) |
Loss from Continuing Operations Before Income Taxes |  | ($5,301) |
Income tax expense |  | (291) |
Loss from Continuing Operations |  | ($5,592) |
Income from discontinued operations, net of tax |  | 2,507 |
Net Loss |  | ($3,085) |
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (b)Restructuring charges include severance costs related to workforce optimization initiatives. Restructuring charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.”
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Trading |  | Corporate and Other |  | Total
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Sales | $69,978 |  |  | $25,192 |  |  | $15,564 |  |  | $2,970 |  |  | — |  |  | $113,704 |
Costs and Expenses |  |  |  |  |  |  |  |  |  |  |
Cut & haul costs | (13,398) |  |  | (10,837) |  |  | — |  |  | — |  |  | — |  |  | (24,235) |
Port / freight costs | (1,216) |  |  | (1,239) |  |  | — |  |  | (1,327) |  |  | — |  |  | (3,782) |
Depreciation, depletion and amortization | (21,796) |  |  | (9,075) |  |  | (1,749) |  |  | — |  |  | (443) |  |  | (33,063) |
Non-cash cost of land and improved development | — |  |  | — |  |  | (2,953) |  |  | — |  |  | — |  |  | (2,953) |
Other costs and expenses (a) | (10,563) |  |  | (8,401) |  |  | (10,990) |  |  | (1,639) |  |  | (9,446) |  |  | (41,039) |
Operating income (loss) | $23,005 |  |  | ($4,360) |  |  | ($128) |  |  | $4 |  |  | ($9,889) |  |  | $8,632 |
Add: Depreciation, depletion and amortization | 21,796 |  |  | 9,075 |  |  | 1,749 |  |  | — |  |  | 443 |  |  | 33,063 |
Add: Non-cash cost of land and improved development | — |  |  | — |  |  | 2,953 |  |  | — |  |  | — |  |  | 2,953 |
Adjusted EBITDA | $44,801 |  |  | $4,715 |  |  | $4,574 |  |  | $4 |  |  | ($9,446) |  |  | $44,648 |
Reconciliation of segment results to consolidated income before taxes
Interest, net and miscellaneous income |  | ($7,054) |
Depreciation, depletion and amortization |  | (33,063) |
Non-cash cost of land and improved development |  | (2,953) |
Non-operating expense |  | (7,079) |
Loss from Continuing Operations Before Income Taxes |  | ($5,501) |
Income tax benefit |  | 991 |
Loss from Continuing Operations |  | ($4,510) |
Income from discontinued operations, net of tax |  | 6,816 |
Net Income |  | $2,306 |
(a)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses.
| Three Months Ended March 31,
| 2025 |  | 2024
Capital Expenditures |  |  |
Southern Timber | $9,615 |  |  | $11,003 |
Pacific Northwest Timber | 2,366 |  |  | 4,119 |
Real Estate | 42 |  |  | 79 |
Corporate and other | — |  |  | 59 |
Total Capital Expenditures | $12,023 |  |  | $15,260 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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