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Segment Information | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Segment Information | NOTE 5. SEGMENT INFORMATION Our businesses are organized into three reportable operating segments: Timberlands, Wood Products and Real Estate. The Timberlands segment includes planting and harvesting trees and building and maintaining roads. The Timberlands segment also generates revenues from non-timber resources such as hunting leases, recreation permits and leases, mineral rights contracts, oil and gas royalties and carbon sequestration. The Wood Products segment manufactures and markets lumber and plywood. The Real Estate segment includes the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives, master planned community development and a country club. Our Timberlands segment supplies our Wood Products segment with a portion of its wood fiber needs. These intersegment revenues are based on prevailing market prices and typically represent a sizeable portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. These intercompany transactions are eliminated in consolidation. The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements, with the exception of the valuation of inventories which are reported using the average cost method for purposes of reporting segment results. Management primarily evaluates the performance of its segments and allocates resources to them based upon Adjusted EBITDDA. EBITDDA is calculated as net income (loss) before interest expense, income taxes, basis of real estate sold, depreciation, depletion and amortization. Adjusted EBITDDA further excludes certain specific items that are considered to hinder comparison of the performance of our businesses either year-on-year or with other businesses. Management uses Adjusted EBITDDA to compare the operating performance of our segments on a consistent basis and to evaluate the performance and effectiveness of each segment’s operational strategies. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies. The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income (loss) before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements.
|  | Three Months Ended June 30, |  |  |  |  | Six Months Ended June 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  |  |  | 2020 |  |  |  |  | 2019 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 67,345 |  |  | $ | 66,881 |  |  |  |  | $ | 149,770 |  |  |  |  | $ | 135,039 |
Wood Products |  |  | 126,216 |  |  |  | 138,030 |  |  |  |  |  | 271,216 |  |  |  |  |  | 270,336 |
Real Estate |  |  | 13,105 |  |  |  | 36,432 |  |  |  |  |  | 24,074 |  |  |  |  |  | 42,596 |
|  |  | 206,666 |  |  |  | 241,343 |  |  |  |  |  | 445,060 |  |  |  |  |  | 447,971 |
Intersegment Timberlands revenues1 |  |  | (25,111 | ) |  |  | (25,762 | ) |  |  |  |  | (54,625 | ) |  |  |  |  | (50,674 | )
Consolidated revenues |  | $ | 181,555 |  |  | $ | 215,581 |  |  |  |  | $ | 390,435 |  |  |  |  | $ | 397,297 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 25,659 |  |  | $ | 26,131 |  |  |  |  | $ | 60,641 |  |  |  |  | $ | 52,981 |
Wood Products |  |  | 10,907 |  |  |  | (2,071 | ) |  |  |  |  | 24,136 |  |  |  |  |  | 5,155 |
Real Estate |  |  | 9,256 |  |  |  | 31,316 |  |  |  |  |  | 16,596 |  |  |  |  |  | 34,019 |
Corporate |  |  | (10,534 | ) |  |  | (9,346 | ) |  |  |  |  | (19,206 | ) |  |  |  |  | (20,000 | )
Eliminations and adjustments |  |  | 85 |  |  |  | 3,050 |  |  |  |  |  | 777 |  |  |  |  |  | 5,177 |
Total Adjusted EBITDDA |  |  | 35,373 |  |  |  | 49,080 |  |  |  |  |  | 82,944 |  |  |  |  |  | 77,332 |
Interest expense, net2 |  |  | (8,339 | ) |  |  | (7,882 | ) |  |  |  |  | (12,037 | ) |  |  |  |  | (13,346 | )
Depreciation, depletion and amortization |  |  | (17,765 | ) |  |  | (16,727 | ) |  |  |  |  | (36,403 | ) |  |  |  |  | (32,524 | )
Basis of real estate sold |  |  | (2,693 | ) |  |  | (7,427 | ) |  |  |  |  | (9,191 | ) |  |  |  |  | (8,983 | )
Loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | (5,512 | )
Pension settlement charge |  |  | — |  |  |  | — |  |  |  |  |  | (42,988 | ) |  |  |  |  | — |
Non-operating pension and other postretirement employee benefits |  |  | (3,478 | ) |  |  | (889 | ) |  |  |  |  | (7,113 | ) |  |  |  |  | (1,869 | )
Gain on sale of facility |  |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 9,176 |
(Loss) gain on disposal of fixed assets |  |  | (7 | ) |  |  | 30 |  |  |  |  |  | 185 |  |  |  |  |  | 62 |
Income (loss) before income taxes |  | $ | 3,091 |  |  | $ | 16,185 |  |  |  |  | $ | (24,603 | ) |  |  |  | $ | 24,336 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 11,566 |  |  | $ | 10,469 |  |  |  |  | $ | 24,157 |  |  |  |  | $ | 20,734 |
Wood Products |  |  | 5,798 |  |  |  | 5,861 |  |  |  |  |  | 11,428 |  |  |  |  |  | 10,903 |
Real Estate |  |  | 156 |  |  |  | 147 |  |  |  |  |  | 316 |  |  |  |  |  | 356 |
Corporate |  |  | 245 |  |  |  | 250 |  |  |  |  |  | 502 |  |  |  |  |  | 531 |
|  |  | 17,765 |  |  |  | 16,727 |  |  |  |  |  | 36,403 |  |  |  |  |  | 32,524 |
Bond discounts and deferred loan fees2 |  |  | 406 |  |  |  | 410 |  |  |  |  |  | 812 |  |  |  |  |  | 887 |
Total depreciation, depletion and amortization |  | $ | 18,171 |  |  | $ | 17,137 |  |  |  |  | $ | 37,215 |  |  |  |  | $ | 33,411 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 3,212 |  |  | $ | 7,455 |  |  |  |  | $ | 9,716 |  |  |  |  | $ | 9,043 |
Eliminations and adjustments |  |  | (519 | ) |  |  | (28 | ) |  |  |  |  | (525 | ) |  |  |  |  | (60 | )
Total basis of real estate sold |  | $ | 2,693 |  |  | $ | 7,427 |  |  |  |  | $ | 9,191 |  |  |  |  | $ | 8,983 |
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 Operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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