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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Summary of Revenues by Major Product | The following table presents our revenues by major product:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(in thousands) | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Timberlands |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs | $ | 40,564 |  |  | $ | 36,822 |  |  | $ | 74,370 |  |  | $ | 90,147 |
Pulpwood |  | 215 |  |  |  | 369 |  |  |  | 280 |  |  |  | 772 |
Other |  | 375 |  |  |  | 372 |  |  |  | 686 |  |  |  | 633 |
Total Northern revenues |  | 41,154 |  |  |  | 37,563 |  |  |  | 75,336 |  |  |  | 91,552 |
Southern region |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | 34,309 |  |  |  | 27,802 |  |  |  | 65,525 |  |  |  | 59,556 |
Pulpwood |  | 15,315 |  |  |  | 15,006 |  |  |  | 30,963 |  |  |  | 31,138 |
Stumpage |  | 4,088 |  |  |  | 4,148 |  |  |  | 11,720 |  |  |  | 13,381 |
Other |  | 3,936 |  |  |  | 4,098 |  |  |  | 8,208 |  |  |  | 8,228 |
Total Southern revenues |  | 57,648 |  |  |  | 51,054 |  |  |  | 116,416 |  |  |  | 112,303 |
Total Timberlands revenues |  | 98,802 |  |  |  | 88,617 |  |  |  | 191,752 |  |  |  | 203,855 |
Wood Products |  |  |  |  |  |  |  |  |  |  |
Lumber |  | 120,888 |  |  |  | 133,289 |  |  |  | 237,611 |  |  |  | 247,087 |
Residuals and Panels |  | 32,691 |  |  |  | 34,380 |  |  |  | 64,566 |  |  |  | 73,377 |
Total Wood Products revenues |  | 153,579 |  |  |  | 167,669 |  |  |  | 302,177 |  |  |  | 320,464 |
Real Estate |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  | 84,853 |  |  |  | 4,570 |  |  |  | 90,379 |  |  |  | 22,389 |
Development real estate |  | 7,488 |  |  |  | 9,409 |  |  |  | 10,362 |  |  |  | 12,209 |
Other |  | 3,391 |  |  |  | 3,085 |  |  |  | 6,098 |  |  |  | 6,329 |
Total Real Estate revenues |  | 95,732 |  |  |  | 17,064 |  |  |  | 106,839 |  |  |  | 40,927 |
Total segment revenues |  | 348,113 |  |  |  | 273,350 |  |  |  | 600,768 |  |  |  | 565,246 |
Intersegment Timberlands revenues 1 |  | (27,442 | ) |  |  | (27,243 | ) |  |  | (51,970 | ) |  |  | (61,177 | )
Other intersegment revenues |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (6 | )
Total consolidated revenues | $ | 320,671 |  |  | $ | 246,101 |  |  | $ | 548,798 |  |  | $ | 504,063 |
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 June 30, |  |  | Six Months Ended June 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Adjusted EBITDDA: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 34,124 |  |  | $ | 29,316 |  |  | $ | 68,872 |  |  | $ | 75,955 |
Wood Products |  |  | (6,805 | ) |  |  | 11,967 |  |  |  | (6,944 | ) |  |  | 11,936 |
Real Estate |  |  | 89,568 |  |  |  | 12,237 |  |  |  | 95,796 |  |  |  | 31,702 |
Corporate |  |  | (11,756 | ) |  |  | (10,521 | ) |  |  | (24,421 | ) |  |  | (21,262 | )
Eliminations and adjustments |  |  | (1,958 | ) |  |  | 2,446 |  |  |  | (408 | ) |  |  | 4,891 |
Total Adjusted EBITDDA |  |  | 103,173 |  |  |  | 45,445 |  |  |  | 132,895 |  |  |  | 103,222 |
Interest expense, net 1 |  |  | (8,696 | ) |  |  | (7,613 | ) |  |  | (8,414 | ) |  |  | (7,812 | )
Depreciation, depletion and amortization |  |  | (29,268 | ) |  |  | (27,087 | ) |  |  | (59,663 | ) |  |  | (58,851 | )
Basis of real estate sold |  |  | (56,525 | ) |  |  | (4,884 | ) |  |  | (60,617 | ) |  |  | (15,515 | )
CatchMark merger-related expenses |  |  | — |  |  |  | (244 | ) |  |  | — |  |  |  | (2,453 | )
Gain (loss) on fire damage |  |  | — |  |  |  | 23,110 |  |  |  | — |  |  |  | 23,110 |
Non-operating pension and other postretirement employee benefits |  |  | 201 |  |  |  | (229 | ) |  |  | 402 |  |  |  | (457 | )
Gain (loss) on disposal of fixed assets |  |  | 66 |  |  |  | (21 | ) |  |  | 71 |  |  |  | (21 | )
Other |  |  | (23 | ) |  |  | 258 |  |  |  | (168 | ) |  |  | 268 |
Income before income taxes |  | $ | 8,928 |  |  | $ | 28,735 |  |  | $ | 4,506 |  |  | $ | 41,491 |
Depreciation, depletion and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Timberlands |  | $ | 16,790 |  |  | $ | 15,895 |  |  | $ | 34,415 |  |  | $ | 36,356 |
Wood Products |  |  | 12,227 |  |  |  | 10,948 |  |  |  | 24,743 |  |  |  | 21,983 |
Real Estate |  |  | 136 |  |  |  | 121 |  |  |  | 274 |  |  |  | 277 |
Corporate |  |  | 115 |  |  |  | 123 |  |  |  | 231 |  |  |  | 235 |
|  |  | 29,268 |  |  |  | 27,087 |  |  |  | 59,663 |  |  |  | 58,851 |
Bond discounts and deferred loan fees 1 |  |  | 406 |  |  |  | 409 |  |  |  | 813 |  |  |  | 818 |
Total depreciation, depletion and amortization |  | $ | 29,674 |  |  | $ | 27,496 |  |  | $ | 60,476 |  |  | $ | 59,669 |
Basis of real estate sold: |  |  |  |  |  |  |  |  |  |  |  |
Real Estate |  | $ | 56,528 |  |  | $ | 4,887 |  |  | $ | 60,622 |  |  | $ | 15,518 |
Eliminations and adjustments |  |  | (3 | ) |  |  | (3 | ) |  |  | (5 | ) |  |  | (3 | )
Total basis of real estate sold |  | $ | 56,525 |  |  | $ | 4,884 |  |  | $ | 60,617 |  |  | $ | 15,515 |
1 | Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

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