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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table represents our revenues by major product:
|  | Year Ended December 31, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Timberlands |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |
Sawlogs |  | $ | 299,330 |  |  | $ | 213,030 |  |  | $ | 161,570 |
Pulpwood |  |  | 1,134 |  |  |  | 4,502 |  |  |  | 5,767 |
Stumpage |  |  | — |  |  |  | 316 |  |  |  | 109 |
Other |  |  | 993 |  |  |  | 1,581 |  |  |  | 1,970 |
Total Northern revenues |  |  | 301,457 |  |  |  | 219,429 |  |  |  | 169,416 |
Southern region |  |  |  |  |  |  |  |  |
Sawlogs |  |  | 83,836 |  |  |  | 93,828 |  |  |  | 88,048 |
Pulpwood |  |  | 45,957 |  |  |  | 49,084 |  |  |  | 53,315 |
Stumpage |  |  | 7,533 |  |  |  | 4,077 |  |  |  | 1,666 |
Other |  |  | 10,664 |  |  |  | 10,101 |  |  |  | 10,248 |
Total Southern revenues |  |  | 147,990 |  |  |  | 157,090 |  |  |  | 153,277 |
Total Timberlands revenues |  |  | 449,447 |  |  |  | 376,519 |  |  |  | 322,693 |
Wood Products |  |  |  |  |  |  |  |  |
Lumber |  |  | 816,149 |  |  |  | 573,069 |  |  |  | 396,648 |
Residuals and Panels |  |  | 172,739 |  |  |  | 125,336 |  |  |  | 143,760 |
Total Wood Products revenues |  |  | 988,888 |  |  |  | 698,405 |  |  |  | 540,408 |
Real Estate |  |  |  |  |  |  |  |  |
Rural real estate |  |  | 37,622 |  |  |  | 81,979 |  |  |  | 49,675 |
Development real estate |  |  | 16,751 |  |  |  | 14,979 |  |  |  | 22,363 |
Other |  |  | 9,440 |  |  |  | 7,458 |  |  |  | 6,834 |
Total Real Estate revenues |  |  | 63,813 |  |  |  | 104,416 |  |  |  | 78,872 |
Total segment revenues |  |  | 1,502,148 |  |  |  | 1,179,340 |  |  |  | 941,973 |
Intersegment Timberlands revenues 1 |  |  | (164,713 | ) |  |  | (138,410 | ) |  |  | (114,875 | )
Total consolidated revenues |  | $ | 1,337,435 |  |  | $ | 1,040,930 |  |  | $ | 827,098 |
1 | Intersegment revenues represent logs sold by our Timberlands segment to our 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) |  | 2021 |  |  | 2020 |  |  | 2019 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 262,944 |  |  | $ | 182,802 |  |  | $ | 133,987 |
Wood Products |  |  | 393,858 |  |  |  | 176,095 |  |  |  | 12,901 |
Real Estate |  |  | 47,457 |  |  |  | 86,476 |  |  |  | 62,650 |
Corporate |  |  | (47,393 | ) |  |  | (48,451 | ) |  |  | (36,257 | )
Eliminations and adjustments |  |  | (3,995 | ) |  |  | (14,694 | ) |  |  | 5,662 |
Total Adjusted EBITDDA |  |  | 652,871 |  |  |  | 382,228 |  |  |  | 178,943 |
Interest expense, net 1 |  |  | (29,275 | ) |  |  | (29,463 | ) |  |  | (30,361 | )
Depreciation, depletion and amortization |  |  | (75,633 | ) |  |  | (76,261 | ) |  |  | (70,417 | )
Basis of real estate sold |  |  | (27,360 | ) |  |  | (25,348 | ) |  |  | (20,554 | )
Net gain on fire damage |  |  | 3,361 |  |  |  | — |  |  |  | — |
Loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (5,512 | )
Pension settlement charge |  |  | — |  |  |  | (42,988 | ) |  |  | — |
Non-operating pension and other postretirement employee benefits |  |  | (13,227 | ) |  |  | (14,226 | ) |  |  | (3,739 | )
(Loss) gain on fixed assets |  |  | (1,721 | ) |  |  | 11 |  |  |  | (865 | )
Gain on sale of facility |  |  | — |  |  |  | — |  |  |  | 9,176 |
Income before income taxes |  | $ | 509,016 |  |  | $ | 193,953 |  |  | $ | 56,671 |
1 | Includes amortization of bond discounts and deferred loan fees.
The following table summarizes additional reportable segment financial information:
|  | Year Ended December 31, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 45,403 |  |  | $ | 51,047 |  |  | $ | 46,601 |
Wood Products |  |  | 28,802 |  |  |  | 23,611 |  |  |  | 22,059 |
Real Estate |  |  | 640 |  |  |  | 620 |  |  |  | 678 |
Corporate |  |  | 788 |  |  |  | 983 |  |  |  | 1,079 |
|  |  | 75,633 |  |  |  | 76,261 |  |  |  | 70,417 |
Bond discount and deferred loan fees 1 |  |  | 1,792 |  |  |  | 1,624 |  |  |  | 1,688 |
Total depreciation, depletion and amortization |  | $ | 77,425 |  |  | $ | 77,885 |  |  | $ | 72,105 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 27,381 |  |  | $ | 25,990 |  |  | $ | 20,749 |
Elimination and adjustments |  |  | (21 | ) |  |  | (642 | ) |  |  | (195 | )
Total basis of real estate sold |  | $ | 27,360 |  |  | $ | 25,348 |  |  | $ | 20,554 |
Assets: |  |  |  |  |  |  |  |  |
Timberlands 2 |  |  | 1,713,582 |  |  |  | 1,617,809 |  |  |  | 1,655,407 |
Wood Products |  |  | 435,300 |  |  |  | 421,066 |  |  |  | 398,465 |
Real Estate 3 |  |  | 81,561 |  |  |  | 89,509 |  |  |  | 87,421 |
|  |  | 2,230,443 |  |  |  | 2,128,384 |  |  |  | 2,141,293 |
Corporate |  |  | 304,772 |  |  |  | 252,681 |  |  |  | 93,766 |
Total consolidated assets |  | $ | 2,535,215 |  |  | $ | 2,381,065 |  |  | $ | 2,235,059 |
Capital Expenditures:4 |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 16,163 |  |  | $ | 16,252 |  |  | $ | 17,500 |
Wood Products |  |  | 38,360 |  |  |  | 21,565 |  |  |  | 37,232 |
Real Estate 5 |  |  | 9,798 |  |  |  | 7,088 |  |  |  | 8,053 |
|  |  | 64,321 |  |  |  | 44,905 |  |  |  | 62,785 |
Corporate |  |  | 256 |  |  |  | 728 |  |  |  | 1,317 |
Total capital expenditures |  | $ | 64,577 |  |  | $ | 45,633 |  |  | $ | 64,102 |
1 | Included within interest expense in 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 our Timberlands segment.
5 | Real Estate capital expenditures include development expenditures of $9.2 million, $6.7 million and $7.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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