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Segment Information | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Segment Information | NOTE 2. SEGMENT INFORMATION Our operations are organized into three reportable segments: Timberlands, Wood Products and Real Estate. Management activities in the Timberlands segment include 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. Activities in the Real Estate segment include our rural timberland-holdings sales program, 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. The following table presents our revenues by major product:
| Three Months Ended June 30, |  |  |  |  | Six Months Ended June 30, |
(in thousands) | 2021 |  |  |  |  | 2020 |  |  |  |  | 2021 |  |  |  |  | 2020 |
Timberlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sawlogs | $ | 86,773 |  |  |  |  | $ | 30,638 |  |  |  |  | $ | 162,954 |  |  |  |  | $ | 72,045 |
Pulpwood |  | 197 |  |  |  |  |  | 1,236 |  |  |  |  |  | 696 |  |  |  |  |  | 2,671 |
Stumpage |  | — |  |  |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | 316 |
Other |  | 235 |  |  |  |  |  | 292 |  |  |  |  |  | 535 |  |  |  |  |  | 595 |
Total Northern revenues |  | 87,205 |  |  |  |  |  | 32,166 |  |  |  |  |  | 164,185 |  |  |  |  |  | 75,627 |
Southern region |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | 21,013 |  |  |  |  |  | 21,205 |  |  |  |  |  | 43,429 |  |  |  |  |  | 45,144 |
Pulpwood |  | 10,163 |  |  |  |  |  | 10,872 |  |  |  |  |  | 19,324 |  |  |  |  |  | 22,073 |
Stumpage |  | 271 |  |  |  |  |  | 817 |  |  |  |  |  | 1,035 |  |  |  |  |  | 1,646 |
Other |  | 2,564 |  |  |  |  |  | 2,285 |  |  |  |  |  | 5,159 |  |  |  |  |  | 5,280 |
Total Southern revenues |  | 34,011 |  |  |  |  |  | 35,179 |  |  |  |  |  | 68,947 |  |  |  |  |  | 74,143 |
Total Timberlands revenues |  | 121,216 |  |  |  |  |  | 67,345 |  |  |  |  |  | 233,132 |  |  |  |  |  | 149,770 |
Wood Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lumber |  | 308,480 |  |  |  |  |  | 102,793 |  |  |  |  |  | 538,162 |  |  |  |  |  | 214,732 |
Residuals and Panels |  | 49,193 |  |  |  |  |  | 23,423 |  |  |  |  |  | 88,807 |  |  |  |  |  | 56,484 |
Total Wood Products revenues |  | 357,673 |  |  |  |  |  | 126,216 |  |  |  |  |  | 626,969 |  |  |  |  |  | 271,216 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  | 11,505 |  |  |  |  |  | 9,879 |  |  |  |  |  | 21,530 |  |  |  |  |  | 17,171 |
Development real estate |  | 1,774 |  |  |  |  |  | 1,672 |  |  |  |  |  | 9,827 |  |  |  |  |  | 3,964 |
Other |  | 2,719 |  |  |  |  |  | 1,554 |  |  |  |  |  | 4,954 |  |  |  |  |  | 2,939 |
Total Real Estate revenues |  | 15,998 |  |  |  |  |  | 13,105 |  |  |  |  |  | 36,311 |  |  |  |  |  | 24,074 |
Total segment revenues |  | 494,887 |  |  |  |  |  | 206,666 |  |  |  |  |  | 896,412 |  |  |  |  |  | 445,060 |
Intersegment Timberlands revenues1 |  | (47,381 | ) |  |  |  |  | (25,111 | ) |  |  |  |  | (94,713 | ) |  |  |  |  | (54,625 | )
Total consolidated revenues | $ | 447,506 |  |  |  |  | $ | 181,555 |  |  |  |  | $ | 801,699 |  |  |  |  | $ | 390,435 |
1 | Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
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 operating 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) |  | 2021 |  |  | 2020 |  |  |  |  | 2021 |  |  |  |  | 2020 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 77,259 |  |  | $ | 25,659 |  |  |  |  | $ | 145,117 |  |  |  |  | $ | 60,641 |
Wood Products |  |  | 204,533 |  |  |  | 10,907 |  |  |  |  |  | 330,088 |  |  |  |  |  | 24,136 |
Real Estate |  |  | 11,788 |  |  |  | 9,256 |  |  |  |  |  | 28,381 |  |  |  |  |  | 16,596 |
Corporate |  |  | (12,822 | ) |  |  | (10,534 | ) |  |  |  |  | (23,532 | ) |  |  |  |  | (19,206 | )
Eliminations and adjustments |  |  | (5,774 | ) |  |  | 85 |  |  |  |  |  | (10,084 | ) |  |  |  |  | 777 |
Total Adjusted EBITDDA |  |  | 274,984 |  |  |  | 35,373 |  |  |  |  |  | 469,970 |  |  |  |  |  | 82,944 |
Interest expense, net1 |  |  | (8,199 | ) |  |  | (8,339 | ) |  |  |  |  | (11,773 | ) |  |  |  |  | (12,037 | )
Depreciation, depletion and amortization |  |  | (17,029 | ) |  |  | (17,765 | ) |  |  |  |  | (35,025 | ) |  |  |  |  | (36,403 | )
Basis of real estate sold |  |  | (7,213 | ) |  |  | (2,693 | ) |  |  |  |  | (16,036 | ) |  |  |  |  | (9,191 | )
Pension settlement charge |  |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  |  |  | (42,988 | )
Non-operating pension and other postretirement employee benefits |  |  | (3,271 | ) |  |  | (3,478 | ) |  |  |  |  | (6,685 | ) |  |  |  |  | (7,113 | )
(Loss) gain on disposal of fixed assets |  |  | (527 | ) |  |  | (7 | ) |  |  |  |  | (561 | ) |  |  |  |  | 185 |
Income (loss) before income taxes |  | $ | 238,745 |  |  | $ | 3,091 |  |  |  |  | $ | 399,890 |  |  |  |  | $ | (24,603 | )
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 10,482 |  |  | $ | 11,566 |  |  |  |  | $ | 21,899 |  |  |  |  | $ | 24,157 |
Wood Products |  |  | 6,179 |  |  |  | 5,798 |  |  |  |  |  | 12,382 |  |  |  |  |  | 11,428 |
Real Estate |  |  | 160 |  |  |  | 156 |  |  |  |  |  | 315 |  |  |  |  |  | 316 |
Corporate |  |  | 208 |  |  |  | 245 |  |  |  |  |  | 429 |  |  |  |  |  | 502 |
|  |  | 17,029 |  |  |  | 17,765 |  |  |  |  |  | 35,025 |  |  |  |  |  | 36,403 |
Bond discounts and deferred loan fees1 |  |  | 403 |  |  |  | 406 |  |  |  |  |  | 806 |  |  |  |  |  | 812 |
Total depreciation, depletion and amortization |  | $ | 17,432 |  |  | $ | 18,171 |  |  |  |  | $ | 35,831 |  |  |  |  | $ | 37,215 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 7,219 |  |  | $ | 3,212 |  |  |  |  | $ | 16,048 |  |  |  |  | $ | 9,716 |
Eliminations and adjustments |  |  | (6 | ) |  |  | (519 | ) |  |  |  |  | (12 | ) |  |  |  |  | (525 | )
Total basis of real estate sold |  | $ | 7,213 |  |  | $ | 2,693 |  |  |  |  | $ | 16,036 |  |  |  |  | $ | 9,191 |
1 | Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

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