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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives | The following table contains information on the outstanding interest rate swaps as of March 31, 2026:
Outstanding Interest Rate Swaps (a)
Date Entered Into / Acquired | Years to Maturity | Notional Amount | Related Debt Facility | Fixed Rate of Swap | Bank Margin on Debt | Total Effective Interest Rate (b)
Hedging Instruments
April 2016 | < 1 year | $100,000 |  | 2016 Incremental Term Loan | 1.50 | % | 1.75 | % | 3.25 | %
April 2016 | < 1 year | 100,000 |  | 2016 Incremental Term Loan | 1.51 | % | 1.75 | % | 3.26 | %
February 2022 | 3 years | 200,000 |  | 2021 Incremental Term Loan | 0.67 | % | 1.92 | % | 2.59 | %
August 2024 | 2 years | 100,000 |  | 2015 Term Loan | 0.78 | % | 1.60 | % | 2.38 | %
August 2024 | 2 years | 50,000 |  | 2015 Term Loan | 0.64 | % | 1.60 | % | 2.24 | %
August 2024 | 2 years | 50,000 |  | 2015 Term Loan | 3.29 | % | 1.60 | % | 4.89 | %
Hedging Instruments Acquired in the PotlatchDeltic Merger (January 30, 2026)
January 2026 | 1 year | 138,750 |  | Term Loan Q | 0.50 | % | 2.00 | % | 2.50 | %
January 2026 | 2 years | 65,000 |  | Term Loan K | 2.79 | % | 1.94 | % | 4.73 | %
January 2026 | 2 years | 35,000 |  | Term Loan L | 2.79 | % | 1.94 | % | 4.73 | %
January 2026 | 3 years | 150,000 |  | Term Loan M | 0.43 | % | 1.60 | % | 2.03 | %
January 2026 | 4 years | 40,000 |  | Term Loan N | 1.26 | % | 1.59 | % | 2.85 | %
January 2026 | 4 years | 138,750 |  | Term Loan R | 0.66 | % | 2.00 | % | 2.66 | %
January 2026 | 5 years | 23,000 |  | Term Loan O | 0.87 | % | 2.18 | % | 3.05 | %
January 2026 | 5 years | 23,000 |  | Term Loan O | 0.87 | % | 2.18 | % | 3.05 | %
January 2026 | 6 years | 20,000 |  | Term Loan P | 0.93 | % | 2.10 | % | 3.03 | %
January 2026 | 6 years | 20,000 |  | Term Loan P | 0.93 | % | 2.10 | % | 3.03 | %
January 2026 | 7 years | 20,000 |  | Term Loan S | 0.98 | % | 2.30 | % | 3.28 | %
January 2026 | 7 years | 20,000 |  | Term Loan S | 0.97 | % | 2.30 | % | 3.27 | %
January 2026 | 7 years | 38,000 |  | Term Loan U | 1.82 | % | 2.20 | % | 4.02 | %
January 2026 | 8 years | 38,000 |  | Term Loan V | 2.02 | % | 2.25 | % | 4.27 | %
January 2026 | 8 years | 40,000 |  | Term Loan T | 1.05 | % | 2.30 | % | 3.35 | %
January 2026 | 9 years | 100,000 |  | Term Loan W | 1.98 | % | 2.30 | % | 4.28 | %
January 2026 | 9 years | 100,000 |  | Term Loan X | 1.81 | % | 2.30 | % | 4.11 | %
Total Notional |  | $1,609,500 |  |  |  |  |
(a)All interest rate swaps are designated as cash flow hedges and qualify for hedge accounting. (b)Rate is before estimated patronage payments.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table presents the pre-tax impact of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025:
|  |  |  |  | Three Months Ended March 31,
| Income Statement Location |  |  |  |  |  | 2026 |  | 2025
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Interest rate products | Other comprehensive income (loss), relating to continuing operations |  |  |  |  |  | $6,282 |  |  | ($4,247) |
| Interest expense, net |  |  |  |  |  | (4,010) |  |  | (4,511) |
| Total interest expense, net, as reported on the Consolidated Statements of Income and Comprehensive Income (Loss) |  |  |  |  |  | (14,301) |  |  | (6,394) |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025:
| Notional Amount |
| March 31, 2026 |  | December 31, 2025 |
Derivatives designated as cash flow hedges: |  |  |  |
Interest rate swaps (a) | $1,609,500 |  |  | $600,000 |  |
(a) The period-over-period increase in notional outstanding of $1,009,500 is attributable to the 17 PotlatchDeltic Merger Swaps re-designated as cash flow hedges on January 30, 2026.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025. The Company classifies the fair value of its derivative instruments as current or non-current based on the contractual settlement timing of each individual derivative:
| Location on Balance Sheet |  | Fair Value Assets (Liabilities) (a)
|  |  | March 31, 2026 |  | December 31, 2025
Derivatives designated as cash flow hedges: |  |  |  |
Interest rate swaps |  |  |  |  |
| Other current assets |  | $356 |  |  | $1,404 |
| Other assets |  | 124,515 |  |  | 25,438 |
Total derivative assets |  |  | $124,871 |  |  | $26,842 |
| Other non-current liabilities |  | — |  |  | ($23) |
Total derivative liabilities |  |  | — |  |  | ($23) |
(a) See Note 10 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

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