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v3.23.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2023
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) | 2023 |  |  | 2022 |
Timberlands |  |  |  |  |
Northern region |  |  |  |  |
Sawlogs | $ | 53,325 |  |  | $ | 81,504 |
Pulpwood |  | 403 |  |  |  | 392 |
Other |  | 261 |  |  |  | 303 |
Total Northern revenues |  | 53,989 |  |  |  | 82,199 |
Southern region |  |  |  |  |
Sawlogs |  | 31,754 |  |  |  | 23,381 |
Pulpwood |  | 16,132 |  |  |  | 11,627 |
Stumpage |  | 9,233 |  |  |  | 3,358 |
Other |  | 4,130 |  |  |  | 3,092 |
Total Southern revenues |  | 61,249 |  |  |  | 41,458 |
Total Timberlands revenues |  | 115,238 |  |  |  | 123,657 |
Wood Products |  |  |  |  |
Lumber |  | 113,798 |  |  |  | 250,764 |
Residuals and Panels |  | 38,997 |  |  |  | 44,978 |
Total Wood Products revenues |  | 152,795 |  |  |  | 295,742 |
Real Estate |  |  |  |  |
Rural real estate |  | 17,819 |  |  |  | 21,646 |
Development real estate |  | 2,800 |  |  |  | 10,278 |
Other |  | 3,244 |  |  |  | 2,141 |
Total Real Estate revenues |  | 23,863 |  |  |  | 34,065 |
Total segment revenues |  | 291,896 |  |  |  | 453,464 |
Intersegment Timberlands revenues 1 |  | (33,934 | ) |  |  | (42,114 | )
Total consolidated revenues | $ | 257,962 |  |  | $ | 411,350 |
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) |  | 2023 |  |  | 2022 |
Adjusted EBITDDA: |  |  |  |  |  |
Timberlands |  | $ | 46,639 |  |  | $ | 76,434 |
Wood Products |  |  | (31 | ) |  |  | 149,951 |
Real Estate |  |  | 19,465 |  |  |  | 30,124 |
Corporate |  |  | (10,741 | ) |  |  | (9,584 | )
Eliminations and adjustments |  |  | 2,445 |  |  |  | (1,363 | )
Total Adjusted EBITDDA |  |  | 57,777 |  |  |  | 245,562 |
Interest expense, net 1 |  |  | (199 | ) |  |  | (2,894 | )
Depreciation, depletion and amortization |  |  | (31,764 | ) |  |  | (19,502 | )
Basis of real estate sold |  |  | (10,631 | ) |  |  | (10,854 | )
CatchMark merger-related expenses |  |  | (2,209 | ) |  |  | — |
Loss on fire damage |  |  | — |  |  |  | (276 | )
Pension settlement charge |  |  | — |  |  |  | (14,165 | )
Non-operating pension and other postretirement employee benefit costs |  |  | (228 | ) |  |  | (1,929 | )
Gain on disposal of fixed assets |  |  | — |  |  |  | 3 |
Other |  |  | 10 |  |  |  | — |
Income before income taxes |  | $ | 12,756 |  |  | $ | 195,945 |
Depreciation, depletion and amortization: |  |  |  |  |  |
Timberlands |  | $ | 20,461 |  |  | $ | 12,161 |
Wood Products |  |  | 11,035 |  |  |  | 7,021 |
Real Estate |  |  | 156 |  |  |  | 170 |
Corporate |  |  | 112 |  |  |  | 150 |
|  |  | 31,764 |  |  |  | 19,502 |
Bond discounts and deferred loan fees 1 |  |  | 409 |  |  |  | 372 |
Total depreciation, depletion and amortization |  | $ | 32,173 |  |  | $ | 19,874 |
Basis of real estate sold: |  |  |  |  |  |
Real Estate |  | $ | 10,631 |  |  | $ | 10,860 |
Eliminations and adjustments |  |  | — |  |  |  | (6 | )
Total basis of real estate sold |  | $ | 10,631 |  |  | $ | 10,854 |
1 | Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

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