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Segment Information (Tables)

12 Months Ended

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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