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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
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) | 2024 |  |  | 2023 |
Timberlands |  |  |  |  |
Northern region |  |  |  |  |
Sawlogs | $ | 33,806 |  |  | $ | 53,325 |
Pulpwood |  | 65 |  |  |  | 403 |
Other |  | 311 |  |  |  | 261 |
Total Northern revenues |  | 34,182 |  |  |  | 53,989 |
Southern region |  |  |  |  |
Sawlogs |  | 31,216 |  |  |  | 31,754 |
Pulpwood |  | 15,648 |  |  |  | 16,132 |
Stumpage |  | 7,632 |  |  |  | 9,233 |
Other |  | 4,272 |  |  |  | 4,130 |
Total Southern revenues |  | 58,768 |  |  |  | 61,249 |
Total Timberlands revenues |  | 92,950 |  |  |  | 115,238 |
Wood Products |  |  |  |  |
Lumber |  | 116,723 |  |  |  | 113,798 |
Residuals and Panels |  | 31,875 |  |  |  | 38,997 |
Total Wood Products revenues |  | 148,598 |  |  |  | 152,795 |
Real Estate |  |  |  |  |
Rural real estate |  | 5,526 |  |  |  | 17,819 |
Development real estate |  | 2,874 |  |  |  | 2,800 |
Other |  | 2,707 |  |  |  | 3,244 |
Total Real Estate revenues |  | 11,107 |  |  |  | 23,863 |
Total segment revenues |  | 252,655 |  |  |  | 291,896 |
Intersegment Timberlands revenues 1 |  | (24,528 | ) |  |  | (33,934 | )
Total consolidated revenues | $ | 228,127 |  |  | $ | 257,962 |
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 (loss) before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements.
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Adjusted EBITDDA: |  |  |  |  |  |
Timberlands |  | $ | 34,748 |  |  | $ | 46,639 |
Wood Products |  |  | (139 | ) |  |  | (31 | )
Real Estate |  |  | 6,228 |  |  |  | 19,465 |
Corporate |  |  | (12,665 | ) |  |  | (10,741 | )
Eliminations and adjustments |  |  | 1,550 |  |  |  | 2,445 |
Total Adjusted EBITDDA |  |  | 29,722 |  |  |  | 57,777 |
Interest expense, net 1 |  |  | 282 |  |  |  | (199 | )
Depreciation, depletion and amortization |  |  | (30,395 | ) |  |  | (31,764 | )
Basis of real estate sold |  |  | (4,092 | ) |  |  | (10,631 | )
CatchMark merger-related expenses |  |  | — |  |  |  | (2,209 | )
Non-operating pension and other postretirement employee benefits |  |  | 201 |  |  |  | (228 | )
Gain on disposal of fixed assets |  |  | 5 |  |  |  | — |
Other |  |  | (145 | ) |  |  | 10 |
Income (loss) before income taxes |  | $ | (4,422 | ) |  | $ | 12,756 |
Depreciation, depletion and amortization: |  |  |  |  |  |
Timberlands |  | $ | 17,625 |  |  | $ | 20,461 |
Wood Products |  |  | 12,516 |  |  |  | 11,035 |
Real Estate |  |  | 138 |  |  |  | 156 |
Corporate |  |  | 116 |  |  |  | 112 |
|  |  | 30,395 |  |  |  | 31,764 |
Bond discounts and deferred loan fees 1 |  |  | 407 |  |  |  | 409 |
Total depreciation, depletion and amortization |  | $ | 30,802 |  |  | $ | 32,173 |
Basis of real estate sold: |  |  |  |  |  |
Real Estate |  | $ | 4,094 |  |  | $ | 10,631 |
Eliminations and adjustments |  |  | (2 | ) |  |  | — |
Total basis of real estate sold |  | $ | 4,092 |  |  | $ | 10,631 |
1 | Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

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