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Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Information | NO TE 2. SEGMENT INFORMATION Our operations are organized into three reportable segments: Timberlands, Wood Products and Real Estate. Management activities in the Timberlands segment include planting and harvesting trees and building and maintaining roads. The Timberlands segment also generates revenues from non-timber resources such as hunting leases, recreation permits and leases, mineral rights contracts, oil and gas royalties and carbon sequestration. The Wood Products segment manufactures and sells lumber and plywood. The Real Estate segment includes the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives, a master planned community development and a country club. Our Timberlands segment supplies our Wood Products segment with a portion of its wood fiber needs. These intersegment revenues are based on prevailing market prices and typically represent a sizable portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. These intercompany transactions are eliminated in consolidation. The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements, with the exception of the valuation of inventories, which are reported using the average cost method for purposes of reporting segment results. The following table presents our revenues by major product:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Timberlands |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs | $ | 48,538 |  |  | $ | 78,668 |  |  | $ | 138,685 |  |  | $ | 223,102 |
Pulpwood |  | 330 |  |  |  | 582 |  |  |  | 1,102 |  |  |  | 1,561 |
Other |  | 362 |  |  |  | 281 |  |  |  | 995 |  |  |  | 797 |
Total Northern revenues |  | 49,230 |  |  |  | 79,531 |  |  |  | 140,782 |  |  |  | 225,460 |
Southern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | 31,863 |  |  |  | 29,618 |  |  |  | 91,419 |  |  |  | 77,364 |
Pulpwood |  | 17,503 |  |  |  | 17,694 |  |  |  | 48,641 |  |  |  | 41,542 |
Stumpage |  | 7,057 |  |  |  | 4,028 |  |  |  | 20,438 |  |  |  | 9,494 |
Other |  | 4,155 |  |  |  | 3,705 |  |  |  | 12,383 |  |  |  | 9,859 |
Total Southern revenues |  | 60,578 |  |  |  | 55,045 |  |  |  | 172,881 |  |  |  | 138,259 |
Total Timberlands revenues |  | 109,808 |  |  |  | 134,576 |  |  |  | 313,663 |  |  |  | 363,719 |
Wood Products |  |  |  |  |  |  |  |  |  |  |
Lumber |  | 132,852 |  |  |  | 151,540 |  |  |  | 379,939 |  |  |  | 622,228 |
Residuals and Panels |  | 32,256 |  |  |  | 41,891 |  |  |  | 105,633 |  |  |  | 133,578 |
Total Wood Products revenues |  | 165,108 |  |  |  | 193,431 |  |  |  | 485,572 |  |  |  | 755,806 |
Real Estate |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  | 11,616 |  |  |  | 6,182 |  |  |  | 34,005 |  |  |  | 44,268 |
Development real estate |  | 4,289 |  |  |  | 10,205 |  |  |  | 16,498 |  |  |  | 28,429 |
Other |  | 3,247 |  |  |  | 2,621 |  |  |  | 9,576 |  |  |  | 7,112 |
Total Real Estate revenues |  | 19,152 |  |  |  | 19,008 |  |  |  | 60,079 |  |  |  | 79,809 |
Total segment revenues |  | 294,068 |  |  |  | 347,015 |  |  |  | 859,314 |  |  |  | 1,199,334 |
Intersegment Timberlands revenues 1 |  | (28,559 | ) |  |  | (40,322 | ) |  |  | (89,736 | ) |  |  | (121,694 | )
Other intersegment revenues |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | — |
Total consolidated revenues | $ | 265,509 |  |  | $ | 306,693 |  |  | $ | 769,572 |  |  | $ | 1,077,640 |
1 | Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
Management uses Adjusted EBITDDA to evaluate the operating performance and effectiveness of operating strategies of our segments and allocation of resources to them. EBITDDA is calculated as net income before interest expense, income taxes, basis of real estate sold, depreciation, depletion and amortization. Adjusted EBITDDA further excludes certain specific items that are considered to hinder comparison of the performance of our businesses either year-on-year or with other businesses. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies. 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) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 42,062 |  |  | $ | 64,482 |  |  | $ | 118,017 |  |  | $ | 198,806 |
Wood Products |  |  | 15,039 |  |  |  | 31,258 |  |  |  | 26,975 |  |  |  | 288,465 |
Real Estate |  |  | 14,165 |  |  |  | 14,140 |  |  |  | 45,867 |  |  |  | 66,080 |
Corporate |  |  | (11,696 | ) |  |  | (12,629 | ) |  |  | (32,958 | ) |  |  | (36,125 | )
Eliminations and adjustments |  |  | (3,292 | ) |  |  | 3,839 |  |  |  | 1,599 |  |  |  | 4,596 |
Total Adjusted EBITDDA |  |  | 56,278 |  |  |  | 101,090 |  |  |  | 159,500 |  |  |  | 521,822 |
Interest expense, net 1 |  |  | (7,971 | ) |  |  | (8,280 | ) |  |  | (15,783 | ) |  |  | (18,593 | )
Depreciation, depletion and amortization |  |  | (30,248 | ) |  |  | (27,329 | ) |  |  | (89,099 | ) |  |  | (66,838 | )
Basis of real estate sold |  |  | (6,109 | ) |  |  | (6,845 | ) |  |  | (21,624 | ) |  |  | (25,024 | )
CatchMark merger-related expenses |  |  | — |  |  |  | (26,007 | ) |  |  | (2,453 | ) |  |  | (26,007 | )
Gain on fire damage |  |  | 16,326 |  |  |  | 24,913 |  |  |  | 39,436 |  |  |  | 34,505 |
Pension settlement charge |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,165 | )
Non-operating pension and other postretirement employee benefit costs |  |  | (228 | ) |  |  | (1,808 | ) |  |  | (685 | ) |  |  | (5,546 | )
(Loss) gain on disposal of fixed assets |  |  | (18 | ) |  |  | 23 |  |  |  | (39 | ) |  |  | 39 |
Other |  |  | 370 |  |  |  | (1 | ) |  |  | 638 |  |  |  | (1 | )
Income before income taxes |  | $ | 28,400 |  |  | $ | 55,756 |  |  | $ | 69,891 |  |  | $ | 400,192 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 19,267 |  |  | $ | 16,963 |  |  | $ | 55,623 |  |  | $ | 40,687 |
Wood Products |  |  | 10,740 |  |  |  | 10,069 |  |  |  | 32,723 |  |  |  | 25,226 |
Real Estate |  |  | 120 |  |  |  | 175 |  |  |  | 397 |  |  |  | 518 |
Corporate |  |  | 121 |  |  |  | 122 |  |  |  | 356 |  |  |  | 407 |
|  |  | 30,248 |  |  |  | 27,329 |  |  |  | 89,099 |  |  |  | 66,838 |
Bond discounts and deferred loan fees 1 |  |  | 410 |  |  |  | 378 |  |  |  | 1,228 |  |  |  | 1,122 |
Total depreciation, depletion and amortization |  | $ | 30,658 |  |  | $ | 27,707 |  |  | $ | 90,327 |  |  | $ | 67,960 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 6,111 |  |  | $ | 6,845 |  |  | $ | 21,629 |  |  | $ | 25,033 |
Eliminations and adjustments |  |  | (2 | ) |  |  | — |  |  |  | (5 | ) |  |  | (9 | )
Total basis of real estate sold |  | $ | 6,109 |  |  | $ | 6,845 |  |  | $ | 21,624 |  |  | $ | 25,024 |
1 | Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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