XML 44 R30.htm IDEA: XBRL DOCUMENT
v3.22.4

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table represents our revenues by major product:
|  | Year Ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Timberlands |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |
Sawlogs |  | $ | 286,970 |  |  | $ | 299,330 |  |  | $ | 213,030 |
Pulpwood |  |  | 2,038 |  |  |  | 1,134 |  |  |  | 4,502 |
Stumpage |  |  | — |  |  |  | — |  |  |  | 316 |
Other |  |  | 1,131 |  |  |  | 993 |  |  |  | 1,581 |
Total Northern revenues |  |  | 290,139 |  |  |  | 301,457 |  |  |  | 219,429 |
Southern region |  |  |  |  |  |  |  |  |
Sawlogs |  |  | 106,582 |  |  |  | 83,836 |  |  |  | 93,828 |
Pulpwood |  |  | 60,363 |  |  |  | 45,957 |  |  |  | 49,084 |
Stumpage |  |  | 13,903 |  |  |  | 7,533 |  |  |  | 4,077 |
Other |  |  | 14,603 |  |  |  | 10,664 |  |  |  | 10,101 |
Total Southern revenues |  |  | 195,451 |  |  |  | 147,990 |  |  |  | 157,090 |
Total Timberlands revenues |  |  | 485,590 |  |  |  | 449,447 |  |  |  | 376,519 |
Wood Products |  |  |  |  |  |  |  |  |
Lumber |  |  | 744,139 |  |  |  | 816,149 |  |  |  | 573,069 |
Residuals and Panels |  |  | 168,473 |  |  |  | 172,739 |  |  |  | 125,336 |
Total Wood Products revenues |  |  | 912,612 |  |  |  | 988,888 |  |  |  | 698,405 |
Real Estate |  |  |  |  |  |  |  |  |
Rural real estate |  |  | 48,039 |  |  |  | 37,622 |  |  |  | 81,979 |
Development real estate |  |  | 33,561 |  |  |  | 16,751 |  |  |  | 14,979 |
Other |  |  | 9,891 |  |  |  | 9,440 |  |  |  | 7,458 |
Total Real Estate revenues |  |  | 91,491 |  |  |  | 63,813 |  |  |  | 104,416 |
Total segment revenues |  |  | 1,489,693 |  |  |  | 1,502,148 |  |  |  | 1,179,340 |
Intersegment Timberlands revenues 1 |  |  | (158,913 | ) |  |  | (164,713 | ) |  |  | (138,410 | )
Total consolidated revenues |  | $ | 1,330,780 |  |  | $ | 1,337,435 |  |  | $ | 1,040,930 |
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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 249,373 |  |  | $ | 262,944 |  |  | $ | 182,802 |
Wood Products |  |  | 290,907 |  |  |  | 393,858 |  |  |  | 176,095 |
Real Estate |  |  | 73,258 |  |  |  | 47,457 |  |  |  | 86,476 |
Corporate |  |  | (49,314 | ) |  |  | (47,393 | ) |  |  | (48,451 | )
Eliminations and adjustments |  |  | 9,931 |  |  |  | (3,995 | ) |  |  | (14,694 | )
Total Adjusted EBITDDA |  |  | 574,155 |  |  |  | 652,871 |  |  |  | 382,228 |
Interest expense, net 1 |  |  | (27,400 | ) |  |  | (29,275 | ) |  |  | (29,463 | )
Depreciation, depletion and amortization |  |  | (96,700 | ) |  |  | (75,633 | ) |  |  | (76,261 | )
Basis of real estate sold |  |  | (29,921 | ) |  |  | (27,360 | ) |  |  | (25,348 | )
Environmental charge |  |  | (5,550 | ) |  |  | — |  |  |  | — |
CatchMark merger-related expenses |  |  | (27,325 | ) |  |  | — |  |  |  | — |
Gain on fire damage |  |  | 34,505 |  |  |  | 3,361 |  |  |  | — |
Pension settlement charge |  |  | (14,165 | ) |  |  | — |  |  |  | (42,988 | )
Non-operating pension and other postretirement employee benefits |  |  | (8,138 | ) |  |  | (13,227 | ) |  |  | (14,226 | )
(Loss) gain on fixed assets |  |  | (82 | ) |  |  | (1,721 | ) |  |  | 11 |
Other |  |  | (67 | ) |  |  | — |  |  |  | — |
Income before income taxes |  | $ | 399,312 |  |  | $ | 509,016 |  |  | $ | 193,953 |
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) |  | 2022 |  |  | 2021 |  |  | 2020 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 59,532 |  |  | $ | 45,403 |  |  | $ | 51,047 |
Wood Products |  |  | 35,953 |  |  |  | 28,802 |  |  |  | 23,611 |
Real Estate |  |  | 695 |  |  |  | 640 |  |  |  | 620 |
Corporate |  |  | 520 |  |  |  | 788 |  |  |  | 983 |
|  |  | 96,700 |  |  |  | 75,633 |  |  |  | 76,261 |
Bond discount and deferred loan fees 1 |  |  | 1,534 |  |  |  | 1,792 |  |  |  | 1,624 |
Total depreciation, depletion and amortization |  | $ | 98,234 |  |  | $ | 77,425 |  |  | $ | 77,885 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 29,932 |  |  | $ | 27,381 |  |  | $ | 25,990 |
Elimination and adjustments |  |  | (11 | ) |  |  | (21 | ) |  |  | (642 | )
Total basis of real estate sold |  | $ | 29,921 |  |  | $ | 27,360 |  |  | $ | 25,348 |
Assets: |  |  |  |  |  |  |  |  |
Timberlands 2 |  | $ | 2,545,608 |  |  | $ | 1,713,582 |  |  | $ | 1,617,809 |
Wood Products |  |  | 441,196 |  |  |  | 435,300 |  |  |  | 421,066 |
Real Estate 3 |  |  | 71,949 |  |  |  | 81,561 |  |  |  | 89,509 |
|  |  | 3,058,753 |  |  |  | 2,230,443 |  |  |  | 2,128,384 |
Corporate |  |  | 491,802 |  |  |  | 304,772 |  |  |  | 252,681 |
Total consolidated assets |  | $ | 3,550,555 |  |  | $ | 2,535,215 |  |  | $ | 2,381,065 |
Capital Expenditures:4 |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 17,752 |  |  | $ | 16,163 |  |  | $ | 16,252 |
Wood Products |  |  | 55,913 |  |  |  | 38,360 |  |  |  | 21,565 |
Real Estate 5 |  |  | 8,757 |  |  |  | 9,798 |  |  |  | 7,088 |
|  |  | 82,422 |  |  |  | 64,321 |  |  |  | 44,905 |
Corporate |  |  | 374 |  |  |  | 256 |  |  |  | 728 |
Total capital expenditures |  | $ | 82,796 |  |  | $ | 64,577 |  |  | $ | 45,633 |
1 | Included within interest expense, net 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 $8.1 million, $9.2 million and $6.7 million for the year ended December 31, 2022, 2021 and 2020, respectively.

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration