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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables summarize the segment information for the three years ended December 31:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Total
December 31, 2024 |  |  |  |  |  |  |
Sales (a) | $251,642 |  |  | $108,019 |  |  | $628,268 |  |  | $987,929 |
Costs and Expenses |  |  |  |  |  |  |
Cut & haul costs | (51,041) |  |  | (42,001) |  |  | — |  |  | (93,042) |
Port / freight costs | (2,883) |  |  | (5,077) |  |  | — |  |  | (7,960) |
Depreciation, depletion and amortization (a) | (73,409) |  |  | (31,668) |  |  | (162,941) |  |  | (268,018) |
Non-cash cost of land and improved development (a) | — |  |  | — |  |  | (78,962) |  |  | (78,962) |
Other costs and expenses (b) | (46,406) |  |  | (35,569) |  |  | (51,243) |  |  | (133,218) |
Reportable segment operating income (loss) | $77,903 |  |  | ($6,296) |  |  | $335,122 |  |  | $406,729 |
Add: Depreciation, depletion and amortization (c) | 73,409 |  |  | 31,668 |  |  | 6,986 |  |  | 112,063 |
Add: Non-cash cost of land and improved development (c) | — |  |  | — |  |  | 41,368 |  |  | 41,368 |
Less: Large Dispositions (d) | — |  |  | — |  |  | (291,078) |  |  | (291,078) |
Reportable segment adjusted EBITDA | $151,312 |  |  | $25,372 |  |  | $92,398 |  |  | $269,082 |
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (e) | ($38,843) |
Interest, net and miscellaneous income (f) | (25,544) |
Depreciation, depletion and amortization (c) | (113,854) |
Non-cash cost of land and improved development (c) | (41,368) |
Non-operating income | 1,275 |
Costs related to disposition initiatives (g) | (849) |
Restructuring charges (h) | (1,139) |
Large Dispositions (d) | 291,078 |
Income from Continuing Operations Before Income Taxes | $339,838 |
Income tax benefit | 1,022 |
Income from Continuing Operations | $340,860 |
Income from operations of discontinued operations, net of tax | 28,123 |
Net Income | $368,983 |
(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development includes $495.0 million, $156.0 million, and $37.6 million, respectively, from Large Dispositions. (b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (c)Excludes depreciation, depletion and amortization, and non-cash cost of land and improved development of $156.0 million, and $37.6 million, respectively, from Large Dispositions. (d)Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. The year ended December 31, 2024 includes the sale of approximately 200,000 acres for an aggregate sale price of $495.0 million. These dispositions consisted of approximately 91,000 acres in Southeast Oklahoma and 109,000 acres on the Olympic Peninsula in Northwest Washington. (e)All other EBITDA includes general corporate expenses. (f)Includes a $1.6 million gain from a terminated cash flow hedge. (g)Costs related to disposition initiatives include legal, advisory, and other due diligence costs incurred in connection with the Company’s asset disposition plan, which was announced in November 2023. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.” (h)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.”
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Total
December 31, 2023 |  |  |  |  |  |  |
Sales (a) | $265,134 |  |  | $133,276 |  |  | $389,963 |  |  | $788,373 |
Costs and Expenses |  |  |  |  |  |  |
Cut & haul costs | (57,964) |  |  | (56,565) |  |  | — |  |  | (114,529) |
Port / freight costs | (4,893) |  |  | (8,730) |  |  | — |  |  | (13,623) |
Depreciation, depletion and amortization (a) | (79,974) |  |  | (36,924) |  |  | (109,085) |  |  | (225,983) |
Non-cash cost of land and improved development (a) | — |  |  | — |  |  | (73,458) |  |  | (73,458) |
Other costs and expenses (b) | (45,968) |  |  | (39,725) |  |  | (50,815) |  |  | (136,508) |
Reportable segment operating income (loss) | $76,335 |  |  | ($8,668) |  |  | $156,605 |  |  | $224,272 |
Add: Depreciation, depletion and amortization (c) | 79,974 |  |  | 36,924 |  |  | 17,955 |  |  | 134,853 |
Add: Non-cash cost of land and improved development (c) | — |  |  | — |  |  | 29,768 |  |  | 29,768 |
Less: Large Dispositions (d) | — |  |  | — |  |  | (105,078) |  |  | (105,078) |
Reportable segment adjusted EBITDA | $156,309 |  |  | $28,256 |  |  | $99,250 |  |  | $283,815 |
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (e) | ($37,864) |
Interest, net and miscellaneous income | (43,367) |
Depreciation, depletion and amortization (c) | (136,565) |
Non-cash cost of land and improved development (c) | (29,768) |
Non-operating income | 18,278 |
Large Dispositions (d) | 105,078 |
Income from Continuing Operations Before Income Taxes | $159,607 |
Income tax expense | (293) |
Income from Continuing Operations | $159,314 |
Income from operations of discontinued operations, net of tax | 19,181 |
Net Income | $178,495 |
(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development includes $242.2 million, $91.1 million, and $43.7 million, respectively, from Large Dispositions. (b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (c)Excludes depreciation, depletion and amortization, and non-cash cost of land and improved development of $91.1 million, and $43.7 million, respectively, from Large Dispositions. (d)Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. The year ended December 31, 2023 includes the sale of approximately 55,000 acres in Oregon for $242.2 million. (e)All other EBITDA includes general corporate expenses.
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | Real Estate |  | Total
December 31, 2022 |  |  |  |  |  |  |
Sales (a) | $264,688 |  |  | $174,487 |  |  | $138,008 |  |  | $577,183 |
Costs and Expenses |  |  |  |  |  |  |
Cut & haul costs | (63,977) |  |  | (62,731) |  |  | — |  |  | (126,708) |
Port / freight costs | (7,034) |  |  | (6,037) |  |  | — |  |  | (13,071) |
Depreciation, depletion and amortization (a) | (60,298) |  |  | (48,024) |  |  | (22,216) |  |  | (130,538) |
Non-cash cost of land and improved development (a) | — |  |  | — |  |  | (32,934) |  |  | (32,934) |
Other costs and expenses (b) | (36,747) |  |  | (41,437) |  |  | (24,363) |  |  | (102,547) |
Reportable segment operating income | $96,632 |  |  | $16,258 |  |  | $58,495 |  |  | $171,385 |
Add: Depreciation, depletion and amortization (c) | 60,298 |  |  | 48,024 |  |  | 13,886 |  |  | 122,208 |
Add: Non-cash cost of land and improved development (c) | — |  |  | — |  |  | 28,374 |  |  | 28,374 |
Add: Timber write-offs resulting from casualty events (d) | — |  |  | 729 |  |  | — |  |  | 729 |
Less: Gain associated with the multi-family apartment complex sale attributable to NCI (e) | — |  |  | — |  |  | (11,480) |  |  | (11,480) |
Less: Large Dispositions (f) | — |  |  | — |  |  | (16,606) |  |  | (16,606) |
Reportable segment adjusted EBITDA | $156,930 |  |  | $65,011 |  |  | $72,669 |  |  | $294,610 |
Reconciliation of reportable segment results to consolidated income before taxes
All other EBITDA (g) | ($34,729) |
Interest, net and miscellaneous income | (30,537) |
Depreciation, depletion and amortization (c) | (123,463) |
Non-cash cost of land and improved development (c) | (28,374) |
Non-operating expense | (448) |
Timber write-offs resulting from casualty events (d) | (729) |
Gain associated with the multi-family apartment complex sale attributable to NCI (e) | 11,480 |
Large Dispositions (f) | 16,606 |
Income from Continuing Operations Before Income Taxes | $104,416 |
Income tax expense | (3,112) |
Income from Continuing Operations | $101,304 |
Income from operations of discontinued operations, net of tax | 21,487 |
Net Income | $122,791 |
(a)Real Estate segment sales, depreciation, depletion and amortization, and non-cash cost of land and improved development includes $30.5 million, $8.3 million, and $4.6 million, respectively from Large Dispositions. (b)Other costs and expenses for each reportable segment primarily includes other direct and indirect cost of sales and selling and general expenses. (c)Excludes depreciation, depletion, and amortization and non-cash cost of land and improved development of $8.3 million and $4.6 million. (d)Timber write-offs resulting from casualty events include the write-off and adjustments of merchantable and pre-merchantable timber volume damaged by casualty events that cannot be salvaged. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “cost of sales.” (e)The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests represents the gain recognized in connection with the sale of property by the Bainbridge Landing joint venture attributable to noncontrolling interests. The gain associated with the multi-family apartment complex sale attributable to noncontrolling interest is recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating (expense) income, net.” (f)Large Dispositions are defined as transactions involving the sale of productive timberland assets that exceed $20 million in size and do not reflect a demonstrable premium relative to timberland value. The year ended December 31, 2022 includes the sale of approximately 11,000 acres in Washington for $30.5 million. (g)All other EBITDA includes general corporate expenses.
| Gross Capital Expenditures
| 2024 |  | 2023 |  | 2022
Capital Expenditures (a) |  |  |  |  |
Southern Timber | $48,398 |  |  | $46,506 |  |  | $39,301 |
Pacific Northwest Timber | 13,340 |  |  | 17,371 |  |  | 16,770 |
Real Estate | 323 |  |  | 302 |  |  | 285 |
Corporate and other | 33 |  |  | 605 |  |  | — |
Total capital expenditures | $62,094 |  |  | $64,784 |  |  | $56,356 |
Timberland Acquisitions |  |  |  |  |
Southern Timber | $22,753 |  |  | $10,471 |  |  | $457,770 |
Pacific Northwest Timber | — |  |  | 3,591 |  |  | 26 |
Total timberland acquisitions | $22,753 |  |  | $14,062 |  |  | $457,796 |
Total Gross Capital Expenditures | $84,847 |  |  | $78,846 |  |  | $514,152 |
(a)Excludes timberland acquisitions presented separately, in addition to real estate development investments of $25.8 million, $23.1 million and $13.7 million in the years ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Geographical Operating Information |
| Geographical Operating Information (a)
| Sales |  | Operating Income |  | Identifiable Assets
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023
United States | $987,929 |  |  | $788,373 |  |  | $577,183 |  |  | $364,107 |  |  | $184,696 |  |  | $135,401 |  |  | $2,998,500 |  |  | $3,098,555 |
Total | $987,929 |  |  | $788,373 |  |  | $577,183 |  |  | $364,107 |  |  | $184,696 |  |  | $135,401 |  |  | $2,998,500 |  |  | $3,098,555 |
(a)The geographical information presented above only reflects the results of the Company's continuing operations. Sales, Operating Income, and Identifiable Assets for the New Zealand operations have been retrospectively excluded from this table and are included in the disclosures for Discontinued Operations (see Note 2 — Discontinued Operations).

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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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