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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table represents our revenues by major product:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Timberlands |  |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | $ | 213,030 |  |  | $ | 161,570 |  |  | $ | 205,977 |
Pulpwood |  |  | 4,502 |  |  |  | 5,767 |  |  |  | 5,996 |
Stumpage |  |  | 316 |  |  |  | 109 |  |  |  | 176 |
Other |  |  | 1,581 |  |  |  | 1,970 |  |  |  | 1,801 |
Total Northern revenues |  |  | 219,429 |  |  |  | 169,416 |  |  |  | 213,950 |
Southern region |  |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  |  | 93,828 |  |  |  | 88,048 |  |  |  | 81,460 |
Pulpwood |  |  | 49,084 |  |  |  | 53,315 |  |  |  | 48,585 |
Stumpage |  |  | 4,077 |  |  |  | 1,666 |  |  |  | 2,434 |
Other |  |  | 10,101 |  |  |  | 10,248 |  |  |  | 8,521 |
Total Southern revenues |  |  | 157,090 |  |  |  | 153,277 |  |  |  | 141,000 |
Total Timberlands revenues |  |  | 376,519 |  |  |  | 322,693 |  |  |  | 354,950 |
Wood Products |  |  |  |  |  |  |  |  |  |  |  |
Lumber |  |  | 573,069 |  |  |  | 396,648 |  |  |  | 464,180 |
Residuals and Panels |  |  | 125,336 |  |  |  | 143,760 |  |  |  | 216,751 |
Total Wood Products revenues |  |  | 698,405 |  |  |  | 540,408 |  |  |  | 680,931 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  |  | 81,979 |  |  |  | 49,675 |  |  |  | 36,024 |
Development real estate |  |  | 14,979 |  |  |  | 22,363 |  |  |  | 12,852 |
Other |  |  | 7,458 |  |  |  | 6,834 |  |  |  | 5,690 |
Total Real Estate revenues |  |  | 104,416 |  |  |  | 78,872 |  |  |  | 54,566 |
Total segment revenues |  |  | 1,179,340 |  |  |  | 941,973 |  |  |  | 1,090,447 |
Intersegment Timberlands revenues1 |  |  | (138,410 | ) |  |  | (114,875 | ) |  |  | (115,868 | )
Total consolidated revenues |  | $ | 1,040,930 |  |  | $ | 827,098 |  |  | $ | 974,579 |
1 | Intersegment revenues represent logs sold by our Timberlands segment to the Wood Products segment.
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 Consolidated Financial Statements.
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 182,802 |  |  | $ | 133,987 |  |  | $ | 169,834 |
Wood Products |  |  | 176,095 |  |  |  | 12,901 |  |  |  | 130,583 |
Real Estate |  |  | 86,476 |  |  |  | 62,650 |  |  |  | 40,304 |
Corporate |  |  | (48,451 | ) |  |  | (36,257 | ) |  |  | (37,785 | )
Eliminations and adjustments |  |  | (14,694 | ) |  |  | 5,662 |  |  |  | (5,743 | )
Total Adjusted EBITDDA |  |  | 382,228 |  |  |  | 178,943 |  |  |  | 297,193 |
Interest expense, net1 |  |  | (29,463 | ) |  |  | (30,361 | ) |  |  | (35,227 | )
Depreciation, depletion and amortization |  |  | (76,261 | ) |  |  | (70,417 | ) |  |  | (70,848 | )
Basis of real estate sold |  |  | (25,348 | ) |  |  | (20,554 | ) |  |  | (16,698 | )
Loss on extinguishment of debt |  |  | — |  |  |  | (5,512 | ) |  |  | — |
Pension settlement charge |  |  | (42,988 | ) |  |  | — |  |  |  | — |
Non-operating pension and other postretirement employee benefits |  |  | (14,226 | ) |  |  | (3,739 | ) |  |  | (7,648 | )
Gain (loss) on fixed assets |  |  | 11 |  |  |  | (865 | ) |  |  | (725 | )
Gain on sale of facility |  |  | — |  |  |  | 9,176 |  |  |  | — |
Inventory purchase price adjustment in cost of goods sold2 |  |  | — |  |  |  | — |  |  |  | (1,849 | )
Deltic merger-related costs3 |  |  | — |  |  |  | — |  |  |  | (22,119 | )
Income before income taxes |  | $ | 193,953 |  |  | $ | 56,671 |  |  | $ | 142,079 |
1 | Includes amortization of bond discounts and deferred loan fees.
2 | The effect of costs of goods sold for fair value adjustments to the carrying amounts of inventory acquired in business combinations.
See Note 2: Mergers and Divestitures.
3 | See Note 2: Mergers and Divestitures.
The following table summarizes additional reportable segment financial information:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 51,047 |  |  | $ | 46,601 |  |  | $ | 48,201 |
Wood Products |  |  | 23,611 |  |  |  | 22,059 |  |  |  | 21,416 |
Real Estate |  |  | 620 |  |  |  | 678 |  |  |  | 418 |
Corporate |  |  | 983 |  |  |  | 1,079 |  |  |  | 813 |
|  |  | 76,261 |  |  |  | 70,417 |  |  |  | 70,848 |
Bond discount and deferred loan fees1 |  |  | 1,624 |  |  |  | 1,688 |  |  |  | 2,313 |
Total depreciation, depletion and amortization |  | $ | 77,885 |  |  | $ | 72,105 |  |  | $ | 73,161 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 25,990 |  |  | $ | 20,749 |  |  | $ | 16,954 |
Elimination and adjustments |  |  | (642 | ) |  |  | (195 | ) |  |  | (256 | )
Total basis of real estate sold |  | $ | 25,348 |  |  | $ | 20,554 |  |  | $ | 16,698 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands2 |  |  | 1,617,809 |  |  |  | 1,655,407 |  |  |  | 1,693,162 |
Wood Products |  |  | 421,066 |  |  |  | 398,465 |  |  |  | 456,306 |
Real Estate3 |  |  | 89,509 |  |  |  | 87,421 |  |  |  | 93,208 |
|  |  | 2,128,384 |  |  |  | 2,141,293 |  |  |  | 2,242,676 |
Corporate |  |  | 252,681 |  |  |  | 93,766 |  |  |  | 83,176 |
Total consolidated assets |  | $ | 2,381,065 |  |  | $ | 2,235,059 |  |  | $ | 2,325,852 |
Capital Expenditures:4 |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 16,252 |  |  | $ | 17,500 |  |  | $ | 17,232 |
Wood Products |  |  | 21,565 |  |  |  | 37,232 |  |  |  | 27,341 |
Real Estate5 |  |  | 7,088 |  |  |  | 8,053 |  |  |  | 5,987 |
|  |  | 44,905 |  |  |  | 62,785 |  |  |  | 50,560 |
Corporate |  |  | 728 |  |  |  | 1,317 |  |  |  | 1,747 |
Total capital expenditures |  | $ | 45,633 |  |  | $ | 64,102 |  |  | $ | 52,307 |
1 | Included within interest expense on the Consolidated Statements of Operations.
2 | We do not report rural real estate separate from Timberlands as we do not report these assets separately to management.
3 | Real Estate assets primarily consist of the master planned community development and a country club, both located in Arkansas.
4 | Does not include the acquisition of timber and timberlands, all of which were acquired by the Timberlands segment.
5 | Real Estate capital expenditures include development expenditures of $6.7 million, $7.3 million and $5.0 million for the years ended December 31, 2020, 2019 and 2018, respectively.

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