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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table presents our revenues by major product:
| Three Months Ended March 31, |
(in thousands) | 2022 |  |  | 2021 |
Timberlands |  |  |  |  |
Northern region |  |  |  |  |
Sawlogs | $ | 81,504 |  |  | $ | 76,181 |
Pulpwood |  | 392 |  |  |  | 499 |
Other |  | 303 |  |  |  | 300 |
Total Northern revenues |  | 82,199 |  |  |  | 76,980 |
Southern region |  |  |  |  |
Sawlogs |  | 23,381 |  |  |  | 22,416 |
Pulpwood |  | 11,627 |  |  |  | 9,161 |
Stumpage |  | 3,358 |  |  |  | 764 |
Other |  | 3,092 |  |  |  | 2,595 |
Total Southern revenues |  | 41,458 |  |  |  | 34,936 |
Total Timberlands revenues |  | 123,657 |  |  |  | 111,916 |
Wood Products |  |  |  |  |
Lumber |  | 250,764 |  |  |  | 229,682 |
Residuals and Panels |  | 44,978 |  |  |  | 39,614 |
Total Wood Products revenues |  | 295,742 |  |  |  | 269,296 |
Real Estate |  |  |  |  |
Rural real estate |  | 21,646 |  |  |  | 10,025 |
Development real estate |  | 10,278 |  |  |  | 8,053 |
Other |  | 2,141 |  |  |  | 2,235 |
Total Real Estate revenues |  | 34,065 |  |  |  | 20,313 |
Total segment revenues |  | 453,464 |  |  |  | 401,525 |
Intersegment Timberlands revenues 1 |  | (42,114 | ) |  |  | (47,332 | )
Total consolidated revenues | $ | 411,350 |  |  | $ | 354,193 |
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 Condensed Consolidated Financial Statements.
|  | Three Months Ended March 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Adjusted EBITDDA: |  |  |  |  |  |
Timberlands |  | $ | 76,434 |  |  | $ | 67,858 |
Wood Products |  |  | 149,951 |  |  |  | 125,555 |
Real Estate |  |  | 30,124 |  |  |  | 16,593 |
Corporate |  |  | (9,584 | ) |  |  | (10,710 | )
Eliminations and adjustments |  |  | (1,363 | ) |  |  | (4,310 | )
Total Adjusted EBITDDA |  |  | 245,562 |  |  |  | 194,986 |
Interest expense, net 1 |  |  | (2,894 | ) |  |  | (3,574 | )
Depreciation, depletion and amortization |  |  | (19,502 | ) |  |  | (17,996 | )
Basis of real estate sold |  |  | (10,854 | ) |  |  | (8,823 | )
Net loss on fire damage |  |  | (276 | ) |  |  | — |
Pension settlement charge |  |  | (14,165 | ) |  |  | — |
Non-operating pension and other postretirement employee benefits |  |  | (1,929 | ) |  |  | (3,414 | )
Gain (loss) on disposal of fixed assets |  |  | 3 |  |  |  | (34 | )
Income before income taxes |  | $ | 195,945 |  |  | $ | 161,145 |
Depreciation, depletion and amortization: |  |  |  |  |  |
Timberlands |  | $ | 12,161 |  |  | $ | 11,417 |
Wood Products |  |  | 7,021 |  |  |  | 6,203 |
Real Estate |  |  | 170 |  |  |  | 155 |
Corporate |  |  | 150 |  |  |  | 221 |
|  |  | 19,502 |  |  |  | 17,996 |
Bond discounts and deferred loan fees 1 |  |  | 372 |  |  |  | 403 |
Total depreciation, depletion and amortization |  | $ | 19,874 |  |  | $ | 18,399 |
Basis of real estate sold: |  |  |  |  |  |
Real Estate |  | $ | 10,860 |  |  | $ | 8,829 |
Eliminations and adjustments |  |  | (6 | ) |  |  | (6 | )
Total basis of real estate sold |  | $ | 10,854 |  |  | $ | 8,823 |
1 | Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

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