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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table represents our revenues by major product:
|  | Year Ended December 31, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Timberlands |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |
Sawlogs |  | $ | 174,498 |  |  | $ | 286,970 |  |  | $ | 299,330 |
Pulpwood |  |  | 1,247 |  |  |  | 2,038 |  |  |  | 1,134 |
Other |  |  | 1,445 |  |  |  | 1,131 |  |  |  | 993 |
Total Northern revenues |  |  | 177,190 |  |  |  | 290,139 |  |  |  | 301,457 |
Southern region |  |  |  |  |  |  |  |  |
Sawlogs |  |  | 121,940 |  |  |  | 106,582 |  |  |  | 83,836 |
Pulpwood |  |  | 68,104 |  |  |  | 60,363 |  |  |  | 45,957 |
Stumpage |  |  | 27,206 |  |  |  | 13,903 |  |  |  | 7,533 |
Other |  |  | 16,637 |  |  |  | 14,603 |  |  |  | 10,664 |
Total Southern revenues |  |  | 233,887 |  |  |  | 195,451 |  |  |  | 147,990 |
Total Timberlands revenues |  |  | 411,077 |  |  |  | 485,590 |  |  |  | 449,447 |
Wood Products |  |  |  |  |  |  |  |  |
Lumber |  |  | 498,308 |  |  |  | 744,139 |  |  |  | 816,149 |
Residuals and Panels |  |  | 137,364 |  |  |  | 168,473 |  |  |  | 172,739 |
Total Wood Products revenues |  |  | 635,672 |  |  |  | 912,612 |  |  |  | 988,888 |
Real Estate |  |  |  |  |  |  |  |  |
Rural real estate |  |  | 54,542 |  |  |  | 48,039 |  |  |  | 37,622 |
Development real estate |  |  | 20,582 |  |  |  | 33,561 |  |  |  | 16,751 |
Other |  |  | 12,864 |  |  |  | 9,891 |  |  |  | 9,440 |
Total Real Estate revenues |  |  | 87,988 |  |  |  | 91,491 |  |  |  | 63,813 |
Total segment revenues |  |  | 1,134,737 |  |  |  | 1,489,693 |  |  |  | 1,502,148 |
Intersegment Timberlands revenues 1 |  |  | (110,656 | ) |  |  | (158,913 | ) |  |  | (164,713 | )
Other intersegment revenues |  |  | (6 | ) |  |  | — |  |  |  | — |
Total consolidated revenues |  | $ | 1,024,075 |  |  | $ | 1,330,780 |  |  | $ | 1,337,435 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 151,321 |  |  | $ | 249,373 |  |  | $ | 262,944 |
Wood Products |  |  | 20,487 |  |  |  | 290,907 |  |  |  | 393,858 |
Real Estate |  |  | 67,775 |  |  |  | 73,258 |  |  |  | 47,457 |
Corporate |  |  | (45,406 | ) |  |  | (49,314 | ) |  |  | (47,393 | )
Eliminations and adjustments |  |  | 6,057 |  |  |  | 9,931 |  |  |  | (3,995 | )
Total Adjusted EBITDDA |  |  | 200,234 |  |  |  | 574,155 |  |  |  | 652,871 |
Interest expense, net 1 |  |  | (24,218 | ) |  |  | (27,400 | ) |  |  | (29,275 | )
Depreciation, depletion and amortization |  |  | (119,518 | ) |  |  | (96,700 | ) |  |  | (75,633 | )
Basis of real estate sold |  |  | (31,392 | ) |  |  | (29,921 | ) |  |  | (27,360 | )
Environmental charge |  |  | — |  |  |  | (5,550 | ) |  |  | — |
CatchMark merger-related expenses |  |  | (2,453 | ) |  |  | (27,325 | ) |  |  | — |
Gain on fire damage |  |  | 39,436 |  |  |  | 34,505 |  |  |  | 3,361 |
Pension settlement charge |  |  | — |  |  |  | (14,165 | ) |  |  | — |
Non-operating pension and other postretirement employee benefits |  |  | (914 | ) |  |  | (8,138 | ) |  |  | (13,227 | )
Loss on fixed assets |  |  | (557 | ) |  |  | (82 | ) |  |  | (1,721 | )
Other |  |  | 1,267 |  |  |  | (67 | ) |  |  | — |
Income before income taxes |  | $ | 61,885 |  |  | $ | 399,312 |  |  | $ | 509,016 |
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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 75,009 |  |  | $ | 59,532 |  |  | $ | 45,403 |
Wood Products |  |  | 43,506 |  |  |  | 35,953 |  |  |  | 28,802 |
Real Estate |  |  | 526 |  |  |  | 695 |  |  |  | 640 |
Corporate |  |  | 477 |  |  |  | 520 |  |  |  | 788 |
|  |  | 119,518 |  |  |  | 96,700 |  |  |  | 75,633 |
Bond discount and deferred loan fees 1 |  |  | 1,636 |  |  |  | 1,534 |  |  |  | 1,792 |
Total depreciation, depletion and amortization |  | $ | 121,154 |  |  | $ | 98,234 |  |  | $ | 77,425 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 31,431 |  |  | $ | 29,932 |  |  | $ | 27,381 |
Elimination and adjustments |  |  | (39 | ) |  |  | (11 | ) |  |  | (21 | )
Total basis of real estate sold |  | $ | 31,392 |  |  | $ | 29,921 |  |  | $ | 27,360 |
Assets: |  |  |  |  |  |  |  |  |
Timberlands 2 |  | $ | 2,476,147 |  |  | $ | 2,545,608 |  |  | $ | 1,713,582 |
Wood Products |  |  | 498,782 |  |  |  | 441,196 |  |  |  | 435,300 |
Real Estate 3 |  |  | 74,242 |  |  |  | 71,949 |  |  |  | 81,561 |
|  |  | 3,049,171 |  |  |  | 3,058,753 |  |  |  | 2,230,443 |
Corporate |  |  | 382,085 |  |  |  | 491,802 |  |  |  | 304,772 |
Total consolidated assets |  | $ | 3,431,256 |  |  | $ | 3,550,555 |  |  | $ | 2,535,215 |
Capital Expenditures:4 |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 23,922 |  |  | $ | 17,752 |  |  | $ | 16,163 |
Wood Products |  |  | 94,688 |  |  |  | 55,913 |  |  |  | 38,360 |
Real Estate 5 |  |  | 12,187 |  |  |  | 8,757 |  |  |  | 9,798 |
|  |  | 130,797 |  |  |  | 82,422 |  |  |  | 64,321 |
Corporate |  |  | 486 |  |  |  | 374 |  |  |  | 256 |
Total capital expenditures |  | $ | 131,283 |  |  | $ | 82,796 |  |  | $ | 64,577 |
1 | Included within interest expense, net in the Consolidated Statements of Operations.
2 | We do not report rural real estate separately 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 $11.5 million, $8.1 million and $9.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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