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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | NOTE 2. SEG MENT 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 and carbon sequestration. The Wood Products segment manufactures and markets 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, master planned community development and a country club. Sales outside of the United States are inconsequential and no single customer represented more than 10% of our consolidated revenues during 2023, 2022 or 2021. 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 represent a significant 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 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. For additional information regarding valuation of inventories and our revenue recognition policy, see Note 1: Summary of Significant Accounting Policies. 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.
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, net, 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 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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- 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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