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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table presents our revenues by major product:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Timberlands |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs | $ | 78,668 |  |  | $ | 88,244 |  |  | $ | 223,102 |  |  | $ | 251,198 |
Pulpwood |  | 582 |  |  |  | 119 |  |  |  | 1,561 |  |  |  | 815 |
Other |  | 281 |  |  |  | 205 |  |  |  | 797 |  |  |  | 740 |
Total Northern revenues |  | 79,531 |  |  |  | 88,568 |  |  |  | 225,460 |  |  |  | 252,753 |
Southern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | 29,618 |  |  |  | 22,191 |  |  |  | 77,364 |  |  |  | 65,620 |
Pulpwood |  | 17,694 |  |  |  | 13,843 |  |  |  | 41,542 |  |  |  | 33,167 |
Stumpage |  | 4,028 |  |  |  | 2,275 |  |  |  | 9,494 |  |  |  | 3,310 |
Other |  | 3,705 |  |  |  | 2,666 |  |  |  | 9,859 |  |  |  | 7,825 |
Total Southern revenues |  | 55,045 |  |  |  | 40,975 |  |  |  | 138,259 |  |  |  | 109,922 |
Total Timberlands revenues |  | 134,576 |  |  |  | 129,543 |  |  |  | 363,719 |  |  |  | 362,675 |
Wood Products |  |  |  |  |  |  |  |  |  |  |
Lumber |  | 151,540 |  |  |  | 141,255 |  |  |  | 622,228 |  |  |  | 679,417 |
Residuals and Panels |  | 41,891 |  |  |  | 46,505 |  |  |  | 133,578 |  |  |  | 135,312 |
Total Wood Products revenues |  | 193,431 |  |  |  | 187,760 |  |  |  | 755,806 |  |  |  | 814,729 |
Real Estate |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  | 6,182 |  |  |  | 6,939 |  |  |  | 44,268 |  |  |  | 28,469 |
Development real estate |  | 10,205 |  |  |  | 4,260 |  |  |  | 28,429 |  |  |  | 14,087 |
Other |  | 2,621 |  |  |  | 2,298 |  |  |  | 7,112 |  |  |  | 7,252 |
Total Real Estate revenues |  | 19,008 |  |  |  | 13,497 |  |  |  | 79,809 |  |  |  | 49,808 |
Total segment revenues |  | 347,015 |  |  |  | 330,800 |  |  |  | 1,199,334 |  |  |  | 1,227,212 |
Intersegment Timberlands revenues 1 |  | (40,322 | ) |  |  | (43,470 | ) |  |  | (121,694 | ) |  |  | (138,183 | )
Total consolidated revenues | $ | 306,693 |  |  | $ | 287,330 |  |  | $ | 1,077,640 |  |  | $ | 1,089,029 |
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 September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 64,482 |  |  | $ | 76,023 |  |  | $ | 198,806 |  |  | $ | 221,140 |
Wood Products |  |  | 31,258 |  |  |  | 26,566 |  |  |  | 288,465 |  |  |  | 356,654 |
Real Estate |  |  | 14,140 |  |  |  | 9,069 |  |  |  | 66,080 |  |  |  | 37,450 |
Corporate |  |  | (12,629 | ) |  |  | (11,496 | ) |  |  | (36,125 | ) |  |  | (35,028 | )
Eliminations and adjustments |  |  | 3,839 |  |  |  | 7,021 |  |  |  | 4,596 |  |  |  | (3,063 | )
Total Adjusted EBITDDA |  |  | 101,090 |  |  |  | 107,183 |  |  |  | 521,822 |  |  |  | 577,153 |
Interest expense, net 1 |  |  | (8,280 | ) |  |  | (8,641 | ) |  |  | (18,593 | ) |  |  | (20,414 | )
Depreciation, depletion and amortization |  |  | (27,329 | ) |  |  | (21,131 | ) |  |  | (66,838 | ) |  |  | (56,156 | )
Basis of real estate sold |  |  | (6,845 | ) |  |  | (6,697 | ) |  |  | (25,024 | ) |  |  | (22,733 | )
CatchMark merger-related expenses |  |  | (26,007 | ) |  |  | — |  |  |  | (26,007 | ) |  |  | — |
Gain on fire damage |  |  | 24,913 |  |  |  | 4,394 |  |  |  | 34,505 |  |  |  | 4,394 |
Pension settlement charge |  |  | — |  |  |  | — |  |  |  | (14,165 | ) |  |  | — |
Non-operating pension and other postretirement employee benefits |  |  | (1,808 | ) |  |  | (3,271 | ) |  |  | (5,546 | ) |  |  | (9,956 | )
Gain (loss) on disposal of fixed assets |  |  | 23 |  |  |  | (1,139 | ) |  |  | 39 |  |  |  | (1,700 | )
Other |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | — |
Income before income taxes |  | $ | 55,756 |  |  | $ | 70,698 |  |  | $ | 400,192 |  |  | $ | 470,588 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 16,963 |  |  | $ | 11,893 |  |  | $ | 40,687 |  |  | $ | 33,792 |
Wood Products |  |  | 10,069 |  |  |  | 8,879 |  |  |  | 25,226 |  |  |  | 21,261 |
Real Estate |  |  | 175 |  |  |  | 162 |  |  |  | 518 |  |  |  | 477 |
Corporate |  |  | 122 |  |  |  | 197 |  |  |  | 407 |  |  |  | 626 |
|  |  | 27,329 |  |  |  | 21,131 |  |  |  | 66,838 |  |  |  | 56,156 |
Bond discounts and deferred loan fees 1 |  |  | 378 |  |  |  | 403 |  |  |  | 1,122 |  |  |  | 1,209 |
Total depreciation, depletion and amortization |  | $ | 27,707 |  |  | $ | 21,534 |  |  | $ | 67,960 |  |  | $ | 57,365 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 6,845 |  |  | $ | 6,703 |  |  | $ | 25,033 |  |  | $ | 22,751 |
Eliminations and adjustments |  |  | — |  |  |  | (6 | ) |  |  | (9 | ) |  |  | (18 | )
Total basis of real estate sold |  | $ | 6,845 |  |  | $ | 6,697 |  |  | $ | 25,024 |  |  | $ | 22,733 |
1 | Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

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