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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table presents our revenues by major product:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Timberlands |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs | $ | 62,930 |  |  | $ | 86,773 |  |  | $ | 144,434 |  |  | $ | 162,954 |
Pulpwood |  | 587 |  |  |  | 197 |  |  |  | 979 |  |  |  | 696 |
Other |  | 213 |  |  |  | 235 |  |  |  | 516 |  |  |  | 535 |
Total Northern revenues |  | 63,730 |  |  |  | 87,205 |  |  |  | 145,929 |  |  |  | 164,185 |
Southern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | 24,365 |  |  |  | 21,013 |  |  |  | 47,746 |  |  |  | 43,429 |
Pulpwood |  | 12,221 |  |  |  | 10,163 |  |  |  | 23,848 |  |  |  | 19,324 |
Stumpage |  | 2,108 |  |  |  | 271 |  |  |  | 5,466 |  |  |  | 1,035 |
Other |  | 3,062 |  |  |  | 2,564 |  |  |  | 6,154 |  |  |  | 5,159 |
Total Southern revenues |  | 41,756 |  |  |  | 34,011 |  |  |  | 83,214 |  |  |  | 68,947 |
Total Timberlands revenues |  | 105,486 |  |  |  | 121,216 |  |  |  | 229,143 |  |  |  | 233,132 |
Wood Products |  |  |  |  |  |  |  |  |  |  |
Lumber |  | 219,924 |  |  |  | 308,480 |  |  |  | 470,688 |  |  |  | 538,162 |
Residuals and Panels |  | 46,709 |  |  |  | 49,193 |  |  |  | 91,687 |  |  |  | 88,807 |
Total Wood Products revenues |  | 266,633 |  |  |  | 357,673 |  |  |  | 562,375 |  |  |  | 626,969 |
Real Estate |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  | 16,440 |  |  |  | 11,505 |  |  |  | 38,086 |  |  |  | 21,530 |
Development real estate |  | 7,946 |  |  |  | 1,774 |  |  |  | 18,224 |  |  |  | 9,827 |
Other |  | 2,350 |  |  |  | 2,719 |  |  |  | 4,491 |  |  |  | 4,954 |
Total Real Estate revenues |  | 26,736 |  |  |  | 15,998 |  |  |  | 60,801 |  |  |  | 36,311 |
Total segment revenues |  | 398,855 |  |  |  | 494,887 |  |  |  | 852,319 |  |  |  | 896,412 |
Intersegment Timberlands revenues 1 |  | (39,258 | ) |  |  | (47,381 | ) |  |  | (81,372 | ) |  |  | (94,713 | )
Total consolidated revenues | $ | 359,597 |  |  | $ | 447,506 |  |  | $ | 770,947 |  |  | $ | 801,699 |
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 June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 57,890 |  |  | $ | 77,259 |  |  | $ | 134,324 |  |  | $ | 145,117 |
Wood Products |  |  | 107,256 |  |  |  | 204,533 |  |  |  | 257,207 |  |  |  | 330,088 |
Real Estate |  |  | 21,816 |  |  |  | 11,788 |  |  |  | 51,940 |  |  |  | 28,381 |
Corporate |  |  | (13,912 | ) |  |  | (12,822 | ) |  |  | (23,496 | ) |  |  | (23,532 | )
Eliminations and adjustments |  |  | 2,120 |  |  |  | (5,774 | ) |  |  | 757 |  |  |  | (10,084 | )
Total Adjusted EBITDDA |  |  | 175,170 |  |  |  | 274,984 |  |  |  | 420,732 |  |  |  | 469,970 |
Interest expense, net 1 |  |  | (7,419 | ) |  |  | (8,199 | ) |  |  | (10,313 | ) |  |  | (11,773 | )
Depreciation, depletion and amortization |  |  | (20,007 | ) |  |  | (17,029 | ) |  |  | (39,509 | ) |  |  | (35,025 | )
Basis of real estate sold |  |  | (7,325 | ) |  |  | (7,213 | ) |  |  | (18,179 | ) |  |  | (16,036 | )
Gain on fire damage |  |  | 9,868 |  |  |  | — |  |  |  | 9,592 |  |  |  | — |
Pension settlement charge |  |  | — |  |  |  | — |  |  |  | (14,165 | ) |  |  | — |
Non-operating pension and other postretirement employee benefits |  |  | (1,809 | ) |  |  | (3,271 | ) |  |  | (3,738 | ) |  |  | (6,685 | )
Gain (loss) on disposal of fixed assets |  |  | 13 |  |  |  | (527 | ) |  |  | 16 |  |  |  | (561 | )
Income before income taxes |  | $ | 148,491 |  |  | $ | 238,745 |  |  | $ | 344,436 |  |  | $ | 399,890 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 11,563 |  |  | $ | 10,482 |  |  | $ | 23,724 |  |  | $ | 21,899 |
Wood Products |  |  | 8,136 |  |  |  | 6,179 |  |  |  | 15,157 |  |  |  | 12,382 |
Real Estate |  |  | 173 |  |  |  | 160 |  |  |  | 343 |  |  |  | 315 |
Corporate |  |  | 135 |  |  |  | 208 |  |  |  | 285 |  |  |  | 429 |
|  |  | 20,007 |  |  |  | 17,029 |  |  |  | 39,509 |  |  |  | 35,025 |
Bond discounts and deferred loan fees 1 |  |  | 372 |  |  |  | 403 |  |  |  | 744 |  |  |  | 806 |
Total depreciation, depletion and amortization |  | $ | 20,379 |  |  | $ | 17,432 |  |  | $ | 40,253 |  |  | $ | 35,831 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 7,328 |  |  | $ | 7,219 |  |  | $ | 18,188 |  |  | $ | 16,048 |
Eliminations and adjustments |  |  | (3 | ) |  |  | (6 | ) |  |  | (9 | ) |  |  | (12 | )
Total basis of real estate sold |  | $ | 7,325 |  |  | $ | 7,213 |  |  | $ | 18,179 |  |  | $ | 16,036 |
1 | Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

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