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Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Summary of Information by Business Segment

The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements.

		Three Months Ended September 30,										Nine Months Ended September 30,
(in thousands)		2020				2019						2020						2019
Revenues:
Timberlands		$	116,985			$	98,809					$	266,755					$	233,848
Wood Products			218,291				143,643						489,507						413,979
Real Estate			18,151				18,863						42,225						61,459
			353,427				261,315						798,487						709,286
Intersegment Timberlands revenues1			(40,381	)			(35,013	)					(95,006	)					(85,687	)
Consolidated revenues		$	313,046			$	226,302					$	703,481					$	623,599
Adjusted EBITDDA:
Timberlands		$	59,649			$	42,996					$	120,290					$	95,977
Wood Products			81,644				5,903						105,780						11,058
Real Estate			13,466				14,678						30,062						48,697
Corporate			(15,361	)			(6,930	)					(34,567	)					(26,930	)
Eliminations and adjustments			(4,012	)			(1,635	)					(3,235	)					3,542
Total Adjusted EBITDDA			135,386				55,012						218,330						132,344
Interest expense, net2			(8,557	)			(8,475	)					(20,594	)					(21,821	)
Depreciation, depletion and amortization			(20,187	)			(18,786	)					(56,590	)					(51,310	)
Basis of real estate sold			(5,249	)			(5,228	)					(14,440	)					(14,211	)
Loss on extinguishment of debt			—				—						—						(5,512	)
Pension settlement charge			—				—						(42,988	)					—
Non-operating pension and other postretirement employee benefits			(3,557	)			(935	)					(10,670	)					(2,804	)
Gain on sale of facility			—				—						—						9,176
Gain on disposal of fixed assets			11				198						196						260
Income before income taxes		$	97,847			$	21,786					$	73,244					$	46,122
Depreciation, depletion and amortization:
Timberlands		$	13,821			$	12,627					$	37,978					$	33,361
Wood Products			5,983				5,763						17,411						16,666
Real Estate			149				152						465						508
Corporate			234				244						736						775
			20,187				18,786						56,590						51,310
Bond discounts and deferred loan fees2			407				392						1,219						1,279
Total depreciation, depletion and amortization		$	20,594			$	19,178					$	57,809					$	52,589
Basis of real estate sold:
Real Estate		$	5,257			$	5,283					$	14,973					$	14,326
Eliminations and adjustments			(8	)			(55	)					(533	)					(115	)
Total basis of real estate sold		$	5,249			$	5,228					$	14,440					$	14,211

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

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
-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 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

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