PotlatchDeltic (PCH) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		67,100,706
Entity Shell Company	false
Entity File Number	1-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 West First Avenue
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
City Area Code	(509)
Local Phone Number	835-1500
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock ($1 par value)
Trading symbol(s)	PCH
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenues		$ 287,330	$ 313,046	$ 1,089,029	$ 703,481
Costs and expenses:
Cost of goods sold		190,602	182,039	537,683	503,921
Selling, general and administrative expenses		18,512	21,046	54,782	52,064
Net gain on insurance recoveries		(4,394)		(4,394)
Total costs and expenses		204,720	203,085	588,071	555,985
Operating income		82,610	109,961	500,958	147,496
Interest expense, net	[1]	(8,641)	(8,557)	(20,414)	(20,594)
Pension settlement charge					(42,988)
Non-operating pension and other postretirement employee benefit costs		(3,271)	(3,557)	(9,956)	(10,670)
Income (loss) before income taxes		70,698	97,847	470,588	73,244
Income taxes		(5,031)	(16,840)	(85,910)	(6,431)
Net income (loss)		$ 65,667	$ 81,007	$ 384,678	$ 66,813
Net income (loss) per share:
Basic (in dollars per share)		$ 0.98	$ 1.21	$ 5.72	$ 0.99
Diluted (in dollars per share)		0.97	1.20	5.69	0.99
Dividends per share (in dollars per share)		$ 0.41	$ 0.40	$ 1.23	$ 1.20
Weighted-average shares outstanding:
Basic (in shares)		67,315	67,149	67,275	67,263
Diluted (in shares)		67,648	67,528	67,588	67,535
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 65,667	$ 81,007	$ 384,678	$ 66,813
Other comprehensive income (loss), net of tax:
Net loss arising during the period, net of tax benefit of $0, $0, $0, and $6,817	0	0	0	(19,402)
Effect of pension settlement, net of tax benefit of $0, $0, $0 and $11,177	0	0	0	31,811
Amortization of prior service credit included in net income, net of tax benefit of $73, $75, $217 and $227	(204)	(215)	(614)	(645)
Amortization of actuarial loss included in net income, net of tax expense of $1,073, $1,111, $3,254, and $3,334	3,050	3,163	9,258	9,489
Cash flow hedges, net of tax expense (benefit) of $397, $763, $2,249 and $(1,043)	6,636	11,332	39,580	(29,040)
Other comprehensive income (loss), net of tax	9,482	14,280	48,224	(7,787)
Comprehensive income (loss)	$ 75,149	$ 95,287	$ 432,902	$ 59,026

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss arising during the period, tax benefit	$ 0	$ 0	$ 0	$ 6,817
Effect of pension settlement, tax benefit	0	0	0	11,177
Amortization of prior service credit included in net income (loss), tax benefit	73	75	217	227
Amortization of actuarial loss included in net income (loss), tax expense	1,073	1,111	3,254	3,334
Cash flow hedge, tax expense (benefit)	$ 397	$ 763	$ 2,249	$ (1,043)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 592,767	$ 252,340
Customer receivables, net	27,789	26,606
Inventories, net	69,862	62,036
Other current assets	24,460	16,136
Total current assets	714,878	357,118
Property, plant and equipment, net	286,034	288,544
Investment in real estate held for development and sale	65,048	72,355
Timber and timberlands, net	1,572,475	1,600,061
Intangible assets, net	15,685	16,270
Other long-term assets	63,747	46,717
Total assets	2,717,867	2,381,065
Current liabilities:
Accounts payable and accrued liabilities	87,819	93,279
Current portion of long-term debt	42,996	39,981
Current portion of pension and other postretirement employee benefits	6,574	6,574
Total current liabilities	137,389	139,834
Long-term debt	715,122	717,366
Pension and other postretirement employee benefits	126,154	128,807
Deferred tax liabilities, net	26,247	17,740
Other long-term obligations	52,849	72,365
Total liabilities	1,057,761	1,076,112
Commitments and contingencies
Stockholders' equity:
Preferred stock, authorized 4,000 shares, no shares issued
Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 67,100 and 66,876 shares	67,100	66,876
Additional paid-in capital	1,679,332	1,674,576
Accumulated deficit	(13,561)	(315,510)
Accumulated other comprehensive loss	(72,765)	(120,989)
Total stockholders’ equity	1,660,106	1,304,953
Total liabilities and stockholders' equity	$ 2,717,867	$ 2,381,065

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, authorized	4,000	4,000
Preferred stock, issued	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	100,000	100,000
Common stock, issued	67,100	66,876
Common stock, outstanding	67,100	66,876

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income				$ 384,678	$ 66,813
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		$ 21,534	$ 20,594	57,365	57,809
Basis of real estate sold		6,697	5,249	22,733	14,440
Change in deferred taxes				3,221	(14,387)
Pension and other postretirement employee benefits				16,595	17,750
Pension settlement charge					42,988
Equity-based compensation expense				6,345	5,928
Net gain on insurance recoveries		(4,394)		(4,394)
Other, net				633	(544)
Change in working capital and operating-related activities, net				(20,082)	12,706
Real estate development expenditures				(6,434)	(4,200)
Funding of pension and other postretirement employee benefits				(7,418)	(8,458)
Net cash provided by operating activities				453,242	190,845
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions				(26,291)	(14,666)
Timberlands reforestation and roads				(12,236)	(12,345)
Acquisition of timber and timberlands				(2,450)	(4,738)
Proceeds from insurance recoveries - property, plant & equipment				13,250
Other, net				993	3,484
Net cash used in investing activities				(26,734)	(28,265)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders				(82,462)	(80,434)
Repurchase of common stock					(15,364)
Other, net				(3,619)	(1,032)
Net cash used in financing activities				(86,081)	(96,830)
Change in cash, cash equivalents and restricted cash				340,427	65,750
Cash, cash equivalents and restricted cash at beginning of period				252,340	84,254
Cash, cash equivalents and restricted cash at end of period		592,767	150,004	592,767	150,004
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property, plant and equipment additions				2,695	3,785
Accrued timberlands reforestation and roads				1,590	1,536
Cash and cash equivalents		$ 592,767	148,919	$ 592,767	148,919
Restricted cash included in other long-term assets	[1]		$ 1,085		$ 1,085
Restricted Cash, Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember
Total cash, cash equivalents, and restricted cash		$ 592,767	$ 150,004	$ 592,767	$ 150,004
[1]	Amounts included in restricted cash represent proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance, beginning of period at Dec. 31, 2019	$ 1,226,831	$ 67,221	$ 1,666,299	$ (359,330)	$ (147,359)
Balance, beginning of period (shares) at Dec. 31, 2019		67,221,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(16,832)			(16,832)
Shares issued for stock compensation		$ 131	(131)
Shares issued for stock compensation (shares)		131,000
Equity-based compensation expense	1,885		1,885
Pension plans and OPEB obligations, net of tax	15,578				15,578
Cash flow hedges, net of tax	(38,525)				(38,525)
Dividends on common stock	(26,941)			(26,941)
Repurchase of common stock	(12,355)	$ (401)		(11,954)
Repurchase of common stock (shares)		(401,000)
Other transactions, net	(27)		69	(96)
Balance, end of period at Mar. 31, 2020	1,149,614	$ 66,951	1,668,122	(415,153)	(170,306)
Balance, end of period (shares) at Mar. 31, 2020		66,951,000
Balance, beginning of period at Dec. 31, 2019	1,226,831	$ 67,221	1,666,299	(359,330)	(147,359)
Balance, beginning of period (shares) at Dec. 31, 2019		67,221,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	66,813
Cash flow hedges, net of tax	(29,040)
Repurchase of common stock	$ (15,400)
Repurchase of common stock (shares)	(489,850)
Balance, end of period at Sep. 30, 2020	$ 1,196,077	$ 66,872	1,672,351	(388,000)	(155,146)
Balance, end of period (shares) at Sep. 30, 2020		66,872,000
Balance, beginning of period at Mar. 31, 2020	1,149,614	$ 66,951	1,668,122	(415,153)	(170,306)
Balance, beginning of period (shares) at Mar. 31, 2020		66,951,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,638			2,638
Shares issued for stock compensation		$ 9	(9)
Shares issued for stock compensation (shares)		9,000
Equity-based compensation expense	1,980		1,980
Pension plans and OPEB obligations, net of tax	2,727				2,727
Cash flow hedges, net of tax	(1,847)				(1,847)
Dividends on common stock	(26,744)			(26,744)
Repurchase of common stock	(3,009)	$ (89)		(2,920)
Repurchase of common stock (shares)		(89,000)
Other transactions, net	117		91	26
Balance, end of period at Jun. 30, 2020	1,125,476	$ 66,871	1,670,184	(442,153)	(169,426)
Balance, end of period (shares) at Jun. 30, 2020		66,871,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	81,007			81,007
Shares issued for stock compensation		$ 1	(1)
Shares issued for stock compensation (shares)		1,000
Equity-based compensation expense	2,063		2,063
Pension plans and OPEB obligations, net of tax	2,948				2,948
Cash flow hedges, net of tax	11,332				11,332
Dividends on common stock	$ (26,749)			(26,749)
Repurchase of common stock (shares)	0
Other transactions, net			105	(105)
Balance, end of period at Sep. 30, 2020	$ 1,196,077	$ 66,872	1,672,351	(388,000)	(155,146)
Balance, end of period (shares) at Sep. 30, 2020		66,872,000
Balance, beginning of period at Dec. 31, 2020	$ 1,304,953	$ 66,876	1,674,576	(315,510)	(120,989)
Balance, beginning of period (shares) at Dec. 31, 2020	66,876,000	66,876,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 131,106			131,106
Shares issued for stock compensation		$ 166	(166)
Shares issued for stock compensation (shares)		166,000
Equity-based compensation expense	1,930		1,930
Pension plans and OPEB obligations, net of tax	2,953				2,953
Cash flow hedges, net of tax	64,107				64,107
Dividends on common stock	(27,484)			(27,484)
Other transactions, net	(16)		81	(97)
Balance, end of period at Mar. 31, 2021	1,477,549	$ 67,042	1,676,421	(211,985)	(53,929)
Balance, end of period (shares) at Mar. 31, 2021		67,042,000
Balance, beginning of period at Dec. 31, 2020	$ 1,304,953	$ 66,876	1,674,576	(315,510)	(120,989)
Balance, beginning of period (shares) at Dec. 31, 2020	66,876,000	66,876,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 384,678
Cash flow hedges, net of tax	$ 39,580
Repurchase of common stock (shares)	0
Balance, end of period at Sep. 30, 2021	$ 1,660,106	$ 67,100	1,679,332	(13,561)	(72,765)
Balance, end of period (shares) at Sep. 30, 2021	67,100,000	67,100,000
Balance, beginning of period at Mar. 31, 2021	$ 1,477,549	$ 67,042	1,676,421	(211,985)	(53,929)
Balance, beginning of period (shares) at Mar. 31, 2021		67,042,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	187,905			187,905
Shares issued for stock compensation		$ 3	(3)
Shares issued for stock compensation (shares)		3,000
Equity-based compensation expense	2,140		2,140
Pension plans and OPEB obligations, net of tax	2,845				2,845
Cash flow hedges, net of tax	(31,163)				(31,163)
Dividends on common stock	(27,489)			(27,489)
Other transactions, net	2		103	(101)
Balance, end of period at Jun. 30, 2021	1,611,789	$ 67,045	1,678,661	(51,670)	(82,247)
Balance, end of period (shares) at Jun. 30, 2021		67,045,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	65,667			65,667
Shares issued for stock compensation		$ 55	(55)
Shares issued for stock compensation (shares)		55,000
Equity-based compensation expense	2,275		2,275
Pension plans and OPEB obligations, net of tax	2,846				2,846
Cash flow hedges, net of tax	6,636				6,636
Dividends on common stock	(27,489)			(27,489)
Other transactions, net	(1,618)		(1,549)	(69)
Balance, end of period at Sep. 30, 2021	$ 1,660,106	$ 67,100	$ 1,679,332	$ (13,561)	$ (72,765)
Balance, end of period (shares) at Sep. 30, 2021	67,100,000	67,100,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Dividends on common stock, per share	$ 0.41	$ 0.41	$ 0.41	$ 0.40	$ 0.40	$ 0.40

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	NO TE 1. BASIS OF PRESENTATION General PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with ownership of approximately 1.8 million acres of timberlands. Our timberland activities include the sale of timber, the purchase of timberlands and the operation of a rural timberland sales program. We are also engaged in the manufacturing and sale of wood products and operate a residential and commercial real estate development business. Our timberlands, real estate development projects and all of our wood products facilities are located within the continental United States. Condensed Consolidated Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements provide an overall view of our results and financial condition and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Condensed Consolidated Financial Statements , such adjustments are of a normal, recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain disclosures normally provided in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission on February 18, 2021. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year. Use of Estimates The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and requires judgments affecting the amounts reported in the financial statements and the accompanying notes. Actual results may differ materially from our estimates. Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may have to pay in connection with any legal proceeding would have a material adverse effect on our consolidated financial position or net cash flow. New Accounting Standards Being Evaluated In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting impacts related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance in ASU 2020-04, which companies can apply immediately, is optional and may be elected over time as reference rate reform activities occur. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity was expected to be completed. A number of our debt instruments and associated interest rate derivative agreements have an interest rate tied to LIBOR. We are monitoring the developments regarding the alternative rates, will work with our lenders and counterparties to identify a suitable replacement rate and may amend certain debt and interest rate derivative agreements to accommodate those rates if the contract does not already specify a replacement rate. While the notional value of our agreements indexed to LIBOR is material, we are not yet able to reasonably estimate any expected impact to our Condensed Consolidated Financial Statements and related disclosures.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
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 markets lumber and plywood. Activities in the Real Estate segment include our rural timberland-holdings sales program, 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 sizeable 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) 2021 2020 2021 2020 Timberlands Northern region Sawlogs $ 88,244 $ 72,815 $ 251,198 $ 144,860 Pulpwood 119 1,243 815 3,914 Stumpage — — — 316 Other 205 855 740 1,450 Total Northern revenues 88,568 74,913 252,753 150,540 Southern region Sawlogs 22,191 25,462 65,620 70,606 Pulpwood 13,843 13,413 33,167 35,486 Stumpage 2,275 770 3,310 2,416 Other 2,666 2,427 7,825 7,707 Total Southern revenues 40,975 42,072 109,922 116,215 Total Timberlands revenues 129,543 116,985 362,675 266,755 Wood Products Lumber 141,255 185,558 679,417 400,290 Residuals and Panels 46,505 32,733 135,312 89,217 Total Wood Products revenues 187,760 218,291 814,729 489,507 Real Estate Rural real estate 6,939 13,284 28,469 30,455 Development real estate 4,260 2,157 14,087 6,121 Other 2,298 2,710 7,252 5,649 Total Real Estate revenues 13,497 18,151 49,808 42,225 Total segment revenues 330,800 353,427 1,227,212 798,487 Intersegment Timberlands revenues 1 ( 43,470 ) ( 40,381 ) ( 138,183 ) ( 95,006 ) Total consolidated revenues $ 287,330 $ 313,046 $ 1,089,029 $ 703,481 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. Management primarily evaluates the performance of its segments and allocates resources to them based upon Adjusted EBITDDA. 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. Management uses Adjusted EBITDDA to compare the operating performance of our segments on a consistent basis and to evaluate the performance and effectiveness of each segment’s operating strategies. 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) 2021 2020 2021 2020 Adjusted EBITDDA: Timberlands $ 76,023 $ 59,649 $ 221,140 $ 120,290 Wood Products 26,566 81,644 356,654 105,780 Real Estate 9,069 13,466 37,450 30,062 Corporate ( 11,496 ) ( 15,361 ) ( 35,028 ) ( 34,567 ) Eliminations and adjustments 7,021 ( 4,012 ) ( 3,063 ) ( 3,235 ) Total Adjusted EBITDDA 107,183 135,386 577,153 218,330 Interest expense, net 1 ( 8,641 ) ( 8,557 ) ( 20,414 ) ( 20,594 ) Depreciation, depletion and amortization ( 21,131 ) ( 20,187 ) ( 56,156 ) ( 56,590 ) Basis of real estate sold ( 6,697 ) ( 5,249 ) ( 22,733 ) ( 14,440 ) Net gain on insurance recoveries 4,394 — 4,394 — Pension settlement charge — — — ( 42,988 ) Non-operating pension and other postretirement employee benefits ( 3,271 ) ( 3,557 ) ( 9,956 ) ( 10,670 ) (Loss) gain on disposal of fixed assets ( 1,139 ) 11 ( 1,700 ) 196 Income before income taxes $ 70,698 $ 97,847 $ 470,588 $ 73,244 Depreciation, depletion and amortization: Timberlands $ 11,893 $ 13,821 $ 33,792 $ 37,978 Wood Products 8,879 5,983 21,261 17,411 Real Estate 162 149 477 465 Corporate 197 234 626 736 21,131 20,187 56,156 56,590 Bond discounts and deferred loan fees 1 403 407 1,209 1,219 Total depreciation, depletion and amortization $ 21,534 $ 20,594 $ 57,365 $ 57,809 Basis of real estate sold: Real Estate $ 6,703 $ 5,257 $ 22,751 $ 14,973 Eliminations and adjustments ( 6 ) ( 8 ) ( 18 ) ( 533 ) Total basis of real estate sold $ 6,697 $ 5,249 $ 22,733 $ 14,440 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	NO TE 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Basic weighted-average shares outstanding 67,315 67,149 67,275 67,263 Incremental shares due to: Performance shares 272 320 257 238 Restricted stock units 61 59 56 34 Diluted weighted-average shares outstanding 67,648 67,528 67,588 67,535 For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. For the three and nine months ended September 30, 2021, there were approximately 101,000 and 88,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the three and nine months ended September 30, 2020, there were approximately 0 and 47,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods. Share Repurchase Program On August 30, 2018, our board of directors authorized management to repurchase up to $ 100.0 million of common stock with no time limit set for the repurchase (the Repurchase Program). Shares under the Repurchase Program may be repurchased in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the Trading Plan). The timing, manner, price and amount of repurchases will be determined according to, and subject to, the terms of the Trading Plan, and, subject to the terms of the Trading Plan, the Repurchase Program may be suspended, terminated or modified at any time for any reason. We did no t repurchase any shares during the nine months ended September 30, 2021. No shares were repurchased during the three months ended September 30, 2020. During the nine months ended September 30, 2020, we repurchased 489,850 shares of common stock at a total consideration of $ 15.4 million under the Repurchase Program, all of which were made in open-market transactions. At September 30, 2021, we had remaining authorization of $ 59.5 million for future stock repurchases under the Repurchase Program. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

Certain Balance Sheet Component

Certain Balance Sheet Components	9 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) September 30, 2021 December 31, 2020 Logs $ 34,980 $ 31,210 Lumber, panels and veneer 35,716 34,136 Materials and supplies 17,415 14,939 Total inventories 88,111 80,285 Less: LIFO reserve ( 18,249 ) ( 18,249 ) Total inventories, net $ 69,862 $ 62,036 Property, plant and equipment (in thousands) September 30, 2021 December 31, 2020 Property, plant and equipment $ 521,271 $ 517,711 Less: accumulated depreciation ( 235,237 ) ( 229,167 ) Total property, plant and equipment, net $ 286,034 $ 288,544 Ola Arkansas sawmill fire (in thousands) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Fixed asset write-offs $ ( 7,436 ) $ ( 9,544 ) Disposal costs ( 1,061 ) ( 1,061 ) Total fixed asset loss on disposal ( 8,498 ) ( 10,606 ) Insurance recoveries 12,892 15,000 Net gain on insurance recoveries $ 4,394 $ 4,394 On June 13, 2021, a fire occurred at our Ola, Arkansas sawmill. There were no injuries or environmental issues from the fire. The damage was principally limited to the large log primary breakdown area of the mill. The planer mill, kiln, and shipping department were not affected. We have adequate property damage and business interruption insurance, subject to an applicable deductible. Based on our initial damage assessment, we wrote-off $ 2.1 million of net book value for property initially identified as destroyed and recognized a corresponding $ 2.1 million of insurance recoveries at June 30, 2021. During the quarter ended September 30, 2021, we were able to fully access the sawmill, further assess the damage and solidify a reconstruction plan for the sawmill. As a result, during the three months ended September 30, 2021, we wrote-off an additional $ 1.1 million of damaged equipment and $ 6.3 million of obsolete equipment due to the reconstruction plan and incurred approximately $ 1.1 million of disposal costs. Additionally, we recorded $ 12.9 million of insurance recoveries during the quarter ended September 30, 2021, resulting in the recognition of a $ 4.4 million net gain on insurance recoveries for the three and nine months ended September 30, 2021 . No business interruption recoveries were recorded during the three or nine months ended September 30, 2021 as discussions with the insurance carriers are ongoing. Business interruption recoveries will be recorded when deemed probable and reasonably estimable. Timber and timberlands (in thousands) September 30, 2021 December 31, 2020 Timber and timberlands $ 1,488,727 $ 1,516,788 Logging roads 83,748 83,273 Total timber and timberlands, net $ 1,572,475 $ 1,600,061 Accounts payable and accrued liabilities (in thousands) September 30, 2021 December 31, 2020 Accrued payroll and benefits $ 26,266 $ 29,675 Accounts payable 15,795 9,724 Deferred revenue 1 9,806 8,789 Other accrued taxes 8,957 6,025 Income taxes payable 6,778 14,755 Accrued interest 5,040 6,485 Other current liabilities 15,177 17,826 Total accounts payable and accrued liabilities $ 87,819 $ 93,279 1 Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods have not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	NO TE 5. DEBT At September 30, 2021, our total outstanding long-term debt included $ 693.5 million of term loans under our Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender. Included in the Amended Term Loan Agreement is a $ 40.0 million term loan maturing in December 2021 . Certain borrowings under the Amended Term Loan Agreement are at variable rates of one or three-month LIBOR plus a spread between 1.85 % and 2.10 %. We have entered into interest rate swaps for these variable rate term loans to fix the interest rate. See Note: 6 Derivative Instruments for additional information. At September 30, 2021, there were no borrowings under our $ 380.0 million revolving line of credit and approximately $ 1.0 million of our revolving line of credit was utilized for outstanding letters of credit. As provided in the revolving line of credit agreement, borrowings may be increased by up to an additional $ 420.0 million. The revolving line of credit agreement also includes a sublimit of $ 75.0 million for the issuance of standby letters of credit and a sublimit of $ 25.0 million for swing line loans. Usage under either or both subfacilities reduces availability under the revolving line of credit. We may utilize borrowings under the credit facility to, among other things, refinance existing indebtedness and provide funding for working capital requirements, capital projects, acquisitions and other general corporate expenditures. We were in compliance with all debt and credit agreement covenants at September 30, 2021.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instrument Detail [Abstract]
Derivative Instruments	NO TE 6. DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to variability in the cash flows of a specific asset or liability that is attributable to a particular risk, such as interest rate risk, are considered cash flow hedges. As of September 30, 2021, we have interest rate swaps associated with $ 403.5 million of term loan debt. These swaps are cash flow hedges that convert variable rates ranging from three-month and one-month LIBOR plus 1.85 % to 2.10 %, to fixed rates ranging from 3.04 % to 4.77 %. Our cash flow hedges are expected to be highly effective in achieving offsetting cash flows attributable to the hedged interest rate risk through the term of the hedges. At September 30, 2021, the amount of net losses expected to be reclassified into earnings in the next 12 months is approximately $ 8.0 million. However, this expected amount to be reclassified into earnings is subject to volatility as the ultimate amount recognized in earnings is based on the LIBOR rate at the time of net swap cash payments. We also hold $ 607.5 million of forward starting interest rate swaps designated as cash flow hedges. These forward starting interest rate swaps effectively hedge the variability in future benchmark interest payments attributable to changes in interest rates on $ 607.5 million of future debt refinances through January 2029 by converting the benchmark interest rates to fixed interest rates. In addition, the cash flow hedges for future debt refinances require settlement on the stated maturity date. At September 30, 2021, we have recorded derivative assets of $ 40.8 million associated with these forward starting interest rate swaps. The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets : Asset Derivatives Liability Derivatives (in thousands) Location September 30, 2021 December 31, 2020 Location September 30, 2021 December 31, 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 1,890 $ 63 Accounts payable and accrued liabilities 1 $ 189 $ 1,010 Interest rate contracts Other assets, non-current 40,480 18,466 Other long-term obligations 27,933 45,100 $ 42,370 $ 18,529 $ 28,122 $ 46,110 1 Derivative instruments that mature within one year, as a whole, are classified as current. The following table details the effect of derivatives on our Condensed Consolidated Statements of Operations : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Location 2021 2020 2021 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income, net of tax $ 4,310 $ 8,920 $ 32,741 $ ( 34,112 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 1 Interest expense $ ( 2,326 ) $ ( 2,412 ) $ ( 6,839 ) $ ( 5,072 ) Interest expense, net $ 8,641 $ 8,557 $ 20,414 $ 20,594 1 Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Derivative Instrument Detail [Abstract]
Fair Value Measurements	NO TE 7. FAIR VALUE MEASUREMENTS The following table presents the estimated fair values of our financial instruments: September 30, 2021 December 31, 2020 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 42,370 $ 42,370 $ 18,529 $ 18,529 Derivative liabilities related to interest rate swaps (Level 2) $ ( 28,122 ) $ ( 28,122 ) $ ( 46,110 ) $ ( 46,110 ) Long-term debt, including current portion (Level 2): Term loans $ ( 690,957 ) $ ( 709,351 ) $ ( 690,469 ) $ ( 716,631 ) Revenue bonds ( 65,735 ) ( 69,508 ) ( 65,735 ) ( 67,885 ) Medium-term notes ( 3,000 ) ( 3,050 ) ( 3,000 ) ( 3,545 ) Total long-term debt 1 $ ( 759,692 ) $ ( 781,909 ) $ ( 759,204 ) $ ( 788,061 ) Company owned life insurance asset (COLI) (Level 3) $ 3,857 $ 3,857 $ 3,328 $ 3,328 1 The carrying amount of long-term debt includes principal and unamortized discounts. The fair value of interest rate swaps are determined using a discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity and uses observable market-based inputs, including interest rate forward curves. The fair value of our long-term debt is estimated based upon quoted market prices for similar debt issues or estimated based on average market prices for comparable debt when there is no quoted market price. The contract value of our company owned life insurance is based on the amount at which it could be redeemed and, accordingly, approximates fair value. We believe that our other financial instruments, including cash and cash equivalents, receivables and payables have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share Based Compensation [Abstract]
Equity-Based Compensation	NO TE 8. EQUITY-BASED COMPENSATION At September 30, 2021, approximately 1.0 million shares are available for future use under our long-term incentive plans. Share-based compensation activity during the nine months ended September 30, 2021 included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 88,128 — 1,450 Restricted Stock Units (RSUs) 65,607 24,599 1,484 Approximately 0.1 million shares of common stock were issued to employees during the nine months ended September 30, 2021 as a result of PSA and RSU vesting during 2020 and 2021. Issuance of RSUs awarded to certain directors, officers and employees may be deferred at the individual's election. All deferred RSUs are credited with dividend equivalents. During the nine months ended September 30, 2021, approximately 0.1 million shares of common stock were issued for employees and directors where issuance had been deferred. The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Equity-based compensation expense: Performance share awards $ 1,416 $ 1,315 $ 4,012 $ 3,716 Restricted stock units 805 729 2,197 2,155 Deferred compensation stock equivalent units expense 54 19 136 57 Total equity-based compensation expense $ 2,275 $ 2,063 $ 6,345 $ 5,928 Total tax benefit recognized for equity-based expense $ 125 $ 97 $ 321 $ 273 Performance Share Awards The weighted average grant date fair value of PSAs granted in 2021 was $ 69.72 per share. PSAs granted under the stock incentive plans have a three-year performance period and shares are issued at the end of the period if the performance measures are met. The number of shares actually issued, as a percentage of the amount subject to the PSA, could range from 0 % to 200 %. PSAs granted under the stock incentive plans do not have voting rights unless and until shares are issued upon settlement. If shares are issued at the end of the performance measurement period, the recipients will receive dividend equivalents in the form of additional shares at the time of payment equal to the dividends that would have been paid on the shares earned had the recipients owned the shares during the three-year period. Therefore, the shares are not considered participating securities. The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards granted in 2021: Stock price as of valuation date $ 53.53 Risk-free rate 0.18 % Expected volatility 45.56 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed. Restricted Stock Units The weighted average fair value of all RSUs granted during the nine months ended September 30, 2021 was $ 54.53 per share. The fair value of RSUs granted equaled our common share price on the date of grant factoring in any required post-vesting holding periods. The RSU awards granted accrue dividend equivalents based on dividends paid during the RSU vesting period. The dividend equivalents will be converted into additional RSUs that vest in the same manner as the underlying RSU to which they relate. The terms of the awards state that the RSUs will vest in a given time period of one to four years . The vesting provisions for RSUs granted in 2021 were consistent with prior year grants.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NO TE 9. INCOME TAXES As a REIT, we generally are not subject to federal and state corporate income taxes on income from investments in real estate, including our timberlands, that we distribute to our shareholders. We conduct certain activities through our PotlatchDeltic taxable REIT subsidiaries (TRS) which are subject to corporate level federal and state income taxes. These activities are principally comprised of our wood products manufacturing operations and certain real estate investments. Therefore, income tax expense or benefit is primarily due to pre-tax book income or loss of the TRS, as well as permanent book versus tax differences.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	NO TE 10. LEASES We lease certain equipment, office space and land. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification September 30, 2021 December 31, 2020 Assets Operating lease assets Other long-term assets $ 7,790 $ 11,081 Finance lease assets 1 Property, plant and equipment, net 9,166 7,206 Total lease assets $ 16,956 $ 18,287 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,988 $ 4,304 Finance lease liabilities Accounts payable and accrued liabilitie s 3,004 2,202 Noncurrent: Operating lease liabilities Other long-term obligations 4,873 6,835 Finance lease liabilities Other long-term obligations 6,066 4,914 Total lease liabilities $ 16,931 $ 18,255 1 Finance lease assets are presented net of accumulated amortization of $ 3.7 million and $ 1.7 million as of September 30, 2021 and December 31, 2020, respectively. The following table presents the components of lease expense: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease costs 1 $ 1,156 $ 1,413 $ 3,769 $ 4,252 Finance lease costs: Amortization of leased assets 741 432 1,963 905 Interest on lease liabilities 60 44 162 103 Net lease costs $ 1,957 $ 1,889 $ 5,894 $ 5,260 1 Excludes short-term leases and variable lease costs, which are immaterial. The following table presents supplemental cash flow information related to leases: Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3,723 $ 4,244 Operating cash flows for finance leases $ 162 $ 103 Financing cash flows for finance leases $ 1,963 $ 968 Leased assets exchanged for new lease liabilities: Operating leases $ 213 $ 255 Finance leases $ 3,916 $ 5,630

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	9 Months Ended
	Sep. 30, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Postretirement Employee Benefits	NO TE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended September 30, Pension OPEB (in thousands) 2021 2020 2021 2020 Service cost $ 2,045 $ 2,233 $ 168 $ 127 Interest cost 2,633 3,066 317 376 Expected return on plan assets ( 3,525 ) ( 3,869 ) — — Amortization of prior service cost (credit) 21 29 ( 298 ) ( 319 ) Amortization of actuarial loss 3,578 3,856 545 418 Total net periodic cost $ 4,752 $ 5,315 $ 732 $ 602 Nine Months Ended September 30, Pension OPEB (in thousands) 2021 2020 2021 2020 Service cost $ 6,135 $ 6,699 $ 504 $ 381 Interest cost 7,899 9,198 951 1,127 Expected return on plan assets ( 10,575 ) ( 11,606 ) — — Amortization of prior service cost (credit) 63 85 ( 894 ) ( 957 ) Amortization of actuarial loss 10,877 11,569 1,635 1,254 Net periodic cost before pension settlement charge 14,399 15,945 2,196 1,805 Pension settlement charge — 42,988 — — Net periodic cost $ 14,399 $ 58,933 $ 2,196 $ 1,805 During the nine months ended September 30, 2021 and 2020, funding of pension and other postretirement employee benefit plans was $ 7.4 million and $ 8.5 million, respectively. Pension Annuitization In February 2020, we purchased a group annuity contract from an insurance company to transfer $ 101.1 million of our outstanding pension benefit obligation related to our qualified pension plans to the insurance company. This transaction was funded with plan assets. As a result of the transaction, the insurance company assumed responsibility for annuity administration and benefit payments to select retirees, with no change to their monthly retirement benefit payment amounts. The settlement triggered a remeasurement of plan assets and liabilities resulting in a reduction in the funded status of our qualified pension plans of approximately $ 26.2 million during the first quarter of 2020. In connection with this transaction, we recorded a non-cash pretax settlement charge of $ 43.0 million during the first quarter of 2020 in non-operating expense, net, as a result of accelerating the recognition of actuarial losses included in accumulated other comprehensive loss that would have been recognized in future periods.

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	NO TE 12. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS The following table details changes in amounts included in our accumulated other comprehensive loss (AOCL) by component on our Condensed Consolidated Balance Sheets , net of tax: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Pension Plans Balance at beginning of period $ 73,592 $ 98,870 $ 79,025 $ 117,028 Amounts arising during the period — — — 19,402 Effect of pension settlement — — — ( 31,811 ) Amounts reclassified from AOCL to earnings ( 2,664 ) ( 2,874 ) ( 8,097 ) ( 8,623 ) Balance at end of period $ 70,928 $ 95,996 $ 70,928 $ 95,996 Other Postretirement Benefit Plans Balance at beginning of period $ 14,418 $ 10,184 $ 14,783 $ 10,331 Amounts reclassified from AOCL to earnings ( 182 ) ( 74 ) ( 547 ) ( 221 ) Balance at end of period $ 14,236 $ 10,110 $ 14,236 $ 10,110 Cash Flow Hedges Balance at beginning of period $ ( 5,763 ) $ 60,372 $ 27,181 $ 20,000 Amounts arising during the period ( 4,310 ) ( 8,920 ) ( 32,741 ) 34,112 Amounts reclassified from AOCL to earnings ( 2,326 ) ( 2,412 ) ( 6,839 ) ( 5,072 ) Balance at end of period $ ( 12,399 ) $ 49,040 $ ( 12,399 ) $ 49,040 Accumulated other comprehensive loss, end of period $ 72,765 $ 155,146 $ 72,765 $ 155,146 See Note 11: Pension and Other Postretirement Employee Benefits and Note 6: Derivative Instruments for additional information.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
General	General PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with ownership of approximately 1.8 million acres of timberlands. Our timberland activities include the sale of timber, the purchase of timberlands and the operation of a rural timberland sales program. We are also engaged in the manufacturing and sale of wood products and operate a residential and commercial real estate development business. Our timberlands, real estate development projects and all of our wood products facilities are located within the continental United States.
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements provide an overall view of our results and financial condition and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Condensed Consolidated Financial Statements , such adjustments are of a normal, recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain disclosures normally provided in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission on February 18, 2021. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year.
Use of Estimates	Use of Estimates The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and requires judgments affecting the amounts reported in the financial statements and the accompanying notes. Actual results may differ materially from our estimates.
Commitments and Contingencies	Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may have to pay in connection with any legal proceeding would have a material adverse effect on our consolidated financial position or net cash flow.
New Accounting Standards Being Evaluated	New Accounting Standards Being Evaluated In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting impacts related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance in ASU 2020-04, which companies can apply immediately, is optional and may be elected over time as reference rate reform activities occur. Unlike other topics, the provisions of this update are only available until December 31, 2022, when the reference rate replacement activity was expected to be completed. A number of our debt instruments and associated interest rate derivative agreements have an interest rate tied to LIBOR. We are monitoring the developments regarding the alternative rates, will work with our lenders and counterparties to identify a suitable replacement rate and may amend certain debt and interest rate derivative agreements to accommodate those rates if the contract does not already specify a replacement rate. While the notional value of our agreements indexed to LIBOR is material, we are not yet able to reasonably estimate any expected impact to our Condensed Consolidated Financial Statements and related disclosures.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Summary of Revenues by Major Product	The following table presents our revenues by major product: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Timberlands Northern region Sawlogs $ 88,244 $ 72,815 $ 251,198 $ 144,860 Pulpwood 119 1,243 815 3,914 Stumpage — — — 316 Other 205 855 740 1,450 Total Northern revenues 88,568 74,913 252,753 150,540 Southern region Sawlogs 22,191 25,462 65,620 70,606 Pulpwood 13,843 13,413 33,167 35,486 Stumpage 2,275 770 3,310 2,416 Other 2,666 2,427 7,825 7,707 Total Southern revenues 40,975 42,072 109,922 116,215 Total Timberlands revenues 129,543 116,985 362,675 266,755 Wood Products Lumber 141,255 185,558 679,417 400,290 Residuals and Panels 46,505 32,733 135,312 89,217 Total Wood Products revenues 187,760 218,291 814,729 489,507 Real Estate Rural real estate 6,939 13,284 28,469 30,455 Development real estate 4,260 2,157 14,087 6,121 Other 2,298 2,710 7,252 5,649 Total Real Estate revenues 13,497 18,151 49,808 42,225 Total segment revenues 330,800 353,427 1,227,212 798,487 Intersegment Timberlands revenues 1 ( 43,470 ) ( 40,381 ) ( 138,183 ) ( 95,006 ) Total consolidated revenues $ 287,330 $ 313,046 $ 1,089,029 $ 703,481 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 Condensed Consolidated Financial Statements . Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Adjusted EBITDDA: Timberlands $ 76,023 $ 59,649 $ 221,140 $ 120,290 Wood Products 26,566 81,644 356,654 105,780 Real Estate 9,069 13,466 37,450 30,062 Corporate ( 11,496 ) ( 15,361 ) ( 35,028 ) ( 34,567 ) Eliminations and adjustments 7,021 ( 4,012 ) ( 3,063 ) ( 3,235 ) Total Adjusted EBITDDA 107,183 135,386 577,153 218,330 Interest expense, net 1 ( 8,641 ) ( 8,557 ) ( 20,414 ) ( 20,594 ) Depreciation, depletion and amortization ( 21,131 ) ( 20,187 ) ( 56,156 ) ( 56,590 ) Basis of real estate sold ( 6,697 ) ( 5,249 ) ( 22,733 ) ( 14,440 ) Net gain on insurance recoveries 4,394 — 4,394 — Pension settlement charge — — — ( 42,988 ) Non-operating pension and other postretirement employee benefits ( 3,271 ) ( 3,557 ) ( 9,956 ) ( 10,670 ) (Loss) gain on disposal of fixed assets ( 1,139 ) 11 ( 1,700 ) 196 Income before income taxes $ 70,698 $ 97,847 $ 470,588 $ 73,244 Depreciation, depletion and amortization: Timberlands $ 11,893 $ 13,821 $ 33,792 $ 37,978 Wood Products 8,879 5,983 21,261 17,411 Real Estate 162 149 477 465 Corporate 197 234 626 736 21,131 20,187 56,156 56,590 Bond discounts and deferred loan fees 1 403 407 1,209 1,219 Total depreciation, depletion and amortization $ 21,534 $ 20,594 $ 57,365 $ 57,809 Basis of real estate sold: Real Estate $ 6,703 $ 5,257 $ 22,751 $ 14,973 Eliminations and adjustments ( 6 ) ( 8 ) ( 18 ) ( 533 ) Total basis of real estate sold $ 6,697 $ 5,249 $ 22,733 $ 14,440 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Basic weighted-average shares outstanding 67,315 67,149 67,275 67,263 Incremental shares due to: Performance shares 272 320 257 238 Restricted stock units 61 59 56 34 Diluted weighted-average shares outstanding 67,648 67,528 67,588 67,535

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) September 30, 2021 December 31, 2020 Logs $ 34,980 $ 31,210 Lumber, panels and veneer 35,716 34,136 Materials and supplies 17,415 14,939 Total inventories 88,111 80,285 Less: LIFO reserve ( 18,249 ) ( 18,249 ) Total inventories, net $ 69,862 $ 62,036
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) September 30, 2021 December 31, 2020 Property, plant and equipment $ 521,271 $ 517,711 Less: accumulated depreciation ( 235,237 ) ( 229,167 ) Total property, plant and equipment, net $ 286,034 $ 288,544
Schedule of Ola Arkansas Sawmill Fire	Ola Arkansas sawmill fire (in thousands) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Fixed asset write-offs $ ( 7,436 ) $ ( 9,544 ) Disposal costs ( 1,061 ) ( 1,061 ) Total fixed asset loss on disposal ( 8,498 ) ( 10,606 ) Insurance recoveries 12,892 15,000 Net gain on insurance recoveries $ 4,394 $ 4,394
Schedule of Timber and Timberlands	Timber and timberlands (in thousands) September 30, 2021 December 31, 2020 Timber and timberlands $ 1,488,727 $ 1,516,788 Logging roads 83,748 83,273 Total timber and timberlands, net $ 1,572,475 $ 1,600,061
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in thousands) September 30, 2021 December 31, 2020 Accrued payroll and benefits $ 26,266 $ 29,675 Accounts payable 15,795 9,724 Deferred revenue 1 9,806 8,789 Other accrued taxes 8,957 6,025 Income taxes payable 6,778 14,755 Accrued interest 5,040 6,485 Other current liabilities 15,177 17,826 Total accounts payable and accrued liabilities $ 87,819 $ 93,279 1 Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods have not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instrument Detail [Abstract]
Gross Fair Values of Derivative Instruments	The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets : Asset Derivatives Liability Derivatives (in thousands) Location September 30, 2021 December 31, 2020 Location September 30, 2021 December 31, 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 1,890 $ 63 Accounts payable and accrued liabilities 1 $ 189 $ 1,010 Interest rate contracts Other assets, non-current 40,480 18,466 Other long-term obligations 27,933 45,100 $ 42,370 $ 18,529 $ 28,122 $ 46,110 1 Derivative instruments that mature within one year, as a whole, are classified as current.
Effect of Derivatives on Condensed Consolidated Statements of Operations	The following table details the effect of derivatives on our Condensed Consolidated Statements of Operations : Three Months Ended September 30, Nine Months Ended September 30, (in thousands) Location 2021 2020 2021 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income, net of tax $ 4,310 $ 8,920 $ 32,741 $ ( 34,112 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 1 Interest expense $ ( 2,326 ) $ ( 2,412 ) $ ( 6,839 ) $ ( 5,072 ) Interest expense, net $ 8,641 $ 8,557 $ 20,414 $ 20,594 1 Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: September 30, 2021 December 31, 2020 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 42,370 $ 42,370 $ 18,529 $ 18,529 Derivative liabilities related to interest rate swaps (Level 2) $ ( 28,122 ) $ ( 28,122 ) $ ( 46,110 ) $ ( 46,110 ) Long-term debt, including current portion (Level 2): Term loans $ ( 690,957 ) $ ( 709,351 ) $ ( 690,469 ) $ ( 716,631 ) Revenue bonds ( 65,735 ) ( 69,508 ) ( 65,735 ) ( 67,885 ) Medium-term notes ( 3,000 ) ( 3,050 ) ( 3,000 ) ( 3,545 ) Total long-term debt 1 $ ( 759,692 ) $ ( 781,909 ) $ ( 759,204 ) $ ( 788,061 ) Company owned life insurance asset (COLI) (Level 3) $ 3,857 $ 3,857 $ 3,328 $ 3,328 1 The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share Based Compensation [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the nine months ended September 30, 2021 included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 88,128 — 1,450 Restricted Stock Units (RSUs) 65,607 24,599 1,484
Details of Equity-Based Compensation Expense and Related Income Tax Benefit	The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Equity-based compensation expense: Performance share awards $ 1,416 $ 1,315 $ 4,012 $ 3,716 Restricted stock units 805 729 2,197 2,155 Deferred compensation stock equivalent units expense 54 19 136 57 Total equity-based compensation expense $ 2,275 $ 2,063 $ 6,345 $ 5,928 Total tax benefit recognized for equity-based expense $ 125 $ 97 $ 321 $ 273
Fair Value of Performance Share Awards Granted	The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards granted in 2021: Stock price as of valuation date $ 53.53 Risk-free rate 0.18 % Expected volatility 45.56 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities	The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification September 30, 2021 December 31, 2020 Assets Operating lease assets Other long-term assets $ 7,790 $ 11,081 Finance lease assets 1 Property, plant and equipment, net 9,166 7,206 Total lease assets $ 16,956 $ 18,287 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,988 $ 4,304 Finance lease liabilities Accounts payable and accrued liabilitie s 3,004 2,202 Noncurrent: Operating lease liabilities Other long-term obligations 4,873 6,835 Finance lease liabilities Other long-term obligations 6,066 4,914 Total lease liabilities $ 16,931 $ 18,255 1 Finance lease assets are presented net of accumulated amortization of $ 3.7 million and $ 1.7 million as of September 30, 2021 and December 31, 2020, respectively.
Schedule of Components of Lease Expense	The following table presents the components of lease expense: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating lease costs 1 $ 1,156 $ 1,413 $ 3,769 $ 4,252 Finance lease costs: Amortization of leased assets 741 432 1,963 905 Interest on lease liabilities 60 44 162 103 Net lease costs $ 1,957 $ 1,889 $ 5,894 $ 5,260 1 Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Cash Flow Information Related Leases	The following table presents supplemental cash flow information related to leases: Nine Months Ended September 30, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 3,723 $ 4,244 Operating cash flows for finance leases $ 162 $ 103 Financing cash flows for finance leases $ 1,963 $ 968 Leased assets exchanged for new lease liabilities: Operating leases $ 213 $ 255 Finance leases $ 3,916 $ 5,630

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Components of Net Periodic Cost (Benefit)	The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended September 30, Pension OPEB (in thousands) 2021 2020 2021 2020 Service cost $ 2,045 $ 2,233 $ 168 $ 127 Interest cost 2,633 3,066 317 376 Expected return on plan assets ( 3,525 ) ( 3,869 ) — — Amortization of prior service cost (credit) 21 29 ( 298 ) ( 319 ) Amortization of actuarial loss 3,578 3,856 545 418 Total net periodic cost $ 4,752 $ 5,315 $ 732 $ 602 Nine Months Ended September 30, Pension OPEB (in thousands) 2021 2020 2021 2020 Service cost $ 6,135 $ 6,699 $ 504 $ 381 Interest cost 7,899 9,198 951 1,127 Expected return on plan assets ( 10,575 ) ( 11,606 ) — — Amortization of prior service cost (credit) 63 85 ( 894 ) ( 957 ) Amortization of actuarial loss 10,877 11,569 1,635 1,254 Net periodic cost before pension settlement charge 14,399 15,945 2,196 1,805 Pension settlement charge — 42,988 — — Net periodic cost $ 14,399 $ 58,933 $ 2,196 $ 1,805

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	The following table details changes in amounts included in our accumulated other comprehensive loss (AOCL) by component on our Condensed Consolidated Balance Sheets , net of tax: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Pension Plans Balance at beginning of period $ 73,592 $ 98,870 $ 79,025 $ 117,028 Amounts arising during the period — — — 19,402 Effect of pension settlement — — — ( 31,811 ) Amounts reclassified from AOCL to earnings ( 2,664 ) ( 2,874 ) ( 8,097 ) ( 8,623 ) Balance at end of period $ 70,928 $ 95,996 $ 70,928 $ 95,996 Other Postretirement Benefit Plans Balance at beginning of period $ 14,418 $ 10,184 $ 14,783 $ 10,331 Amounts reclassified from AOCL to earnings ( 182 ) ( 74 ) ( 547 ) ( 221 ) Balance at end of period $ 14,236 $ 10,110 $ 14,236 $ 10,110 Cash Flow Hedges Balance at beginning of period $ ( 5,763 ) $ 60,372 $ 27,181 $ 20,000 Amounts arising during the period ( 4,310 ) ( 8,920 ) ( 32,741 ) 34,112 Amounts reclassified from AOCL to earnings ( 2,326 ) ( 2,412 ) ( 6,839 ) ( 5,072 ) Balance at end of period $ ( 12,399 ) $ 49,040 $ ( 12,399 ) $ 49,040 Accumulated other comprehensive loss, end of period $ 72,765 $ 155,146 $ 72,765 $ 155,146

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) a in Millions	Sep. 30, 2021a
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Timber And Timberlands Acres Owned	1.8

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information (Summary of

Segment Information (Summary of Revenues by Major Product) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenues		$ 287,330	$ 313,046	$ 1,089,029	$ 703,481
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		330,800	353,427	1,227,212	798,487
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(43,470)	(40,381)	(138,183)	(95,006)
Timberlands [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		129,543	116,985	362,675	266,755
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		88,568	74,913	252,753	150,540
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		88,244	72,815	251,198	144,860
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		119	1,243	815	3,914
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues					316
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		205	855	740	1,450
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		40,975	42,072	109,922	116,215
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		22,191	25,462	65,620	70,606
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		13,843	13,413	33,167	35,486
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		2,275	770	3,310	2,416
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		2,666	2,427	7,825	7,707
Wood Products [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		187,760	218,291	814,729	489,507
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		141,255	185,558	679,417	400,290
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		46,505	32,733	135,312	89,217
Real Estate Segment [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		13,497	18,151	49,808	42,225
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		6,939	13,284	28,469	30,455
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,260	2,157	14,087	6,121
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ 2,298	$ 2,710	$ 7,252	$ 5,649
[1]	Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Segment Information (Summary _2

Segment Information (Summary of Information by Business Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDDA		$ 107,183	$ 135,386	$ 577,153	$ 218,330
Interest expense, net	[1]	(8,641)	(8,557)	(20,414)	(20,594)
Depreciation, depletion and amortization		(21,131)	(20,187)	(56,156)	(56,590)
Basis of real estate sold		6,697	5,249	22,733	14,440
Net gain on insurance recoveries		4,394		4,394
Pension settlement charge					(42,988)
Non-operating pension and other postretirement employee benefits		(3,271)	(3,557)	(9,956)	(10,670)
(Loss) gain on disposal of fixed assets		(1,139)	11	(1,700)	196
Income (loss) before income taxes		70,698	97,847	470,588	73,244
Bond discounts and deferred loan fees	[1]	403	407	1,209	1,219
Total depreciation, depletion and amortization		21,534	20,594	57,365	57,809
Operating Segments [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization		21,131	20,187	56,156	56,590
Operating Segments [Member] | Timberlands [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		76,023	59,649	221,140	120,290
Depreciation, depletion and amortization		11,893	13,821	33,792	37,978
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		26,566	81,644	356,654	105,780
Depreciation, depletion and amortization		8,879	5,983	21,261	17,411
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		9,069	13,466	37,450	30,062
Depreciation, depletion and amortization		162	149	477	465
Basis of real estate sold		6,703	5,257	22,751	14,973
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(11,496)	(15,361)	(35,028)	(34,567)
Depreciation, depletion and amortization		197	234	626	736
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		7,021	(4,012)	(3,063)	(3,235)
Basis of real estate sold		$ (6)	$ (8)	$ (18)	$ (533)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings per Share [Line Items]
Basic weighted-average shares outstanding	67,315	67,149	67,275	67,263
Diluted weighted-average shares outstanding	67,648	67,528	67,588	67,535
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	272	320	257	238
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	61	59	56	34

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 30, 2018
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	101,000	0			88,000	47,000
Number of shares repurchased		0			0	489,850
Number of shares repurchased, cost			$ 3,009	$ 12,355		$ 15,400
Stock repurchase program, remaining amount	$ 59,500				$ 59,500
Maximum [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount							$ 100,000

Certain Balance Sheet Compone_3

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Logs	$ 34,980	$ 31,210
Lumber, panels and veneer	35,716	34,136
Materials and supplies	17,415	14,939
Inventories gross	88,111	80,285
Less: LIFO reserve	(18,249)	(18,249)
Total inventories	$ 69,862	$ 62,036

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Property, plant and equipment	$ 521,271	$ 517,711
Less: accumulated depreciation	(235,237)	(229,167)
Total property, plant and equipment, net	$ 286,034	$ 288,544

Certain Balance Sheet Compone_5

Certain Balance Sheet Components (Schedule of Ola Arkansas Sawmill Fire) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Insurance recoveries				$ 13,250
Net gain on insurance recoveries	$ 4,394			4,394
Ola, Arkansas Sawmill [Member]
Property, Plant and Equipment [Line Items]
Fixed asset write-offs	(7,436)	$ (2,100)		(9,544)
Disposal costs	(1,061)			(1,061)
Total fixed asset loss on disposal	(8,498)			(10,606)
Insurance recoveries	12,892		$ 2,100	15,000
Net gain on insurance recoveries	$ 4,394			$ 4,394

Certain Balance Sheet Compone_6

Certain Balance Sheet Components - (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Gain on insurance recoveries on destroyed property	$ 4,394,000			$ 4,394,000
Insurance recoveries				13,250,000
Ola, Arkansas Sawmill [Member]
Property, Plant and Equipment [Line Items]
Write off of property and equipment identified as destroyed and obsolete	7,436,000	$ 2,100,000		9,544,000
Additional write off amount for damaged equipment	1,100,000
Additional write off amount for obsolete equipment	6,300,000
Gain on insurance recoveries on destroyed property	4,394,000			4,394,000
Business interruption recoveries	0			0
Equipment disposal costs	1,061,000			1,061,000
Insurance recoveries	$ 12,892,000		$ 2,100,000	$ 15,000,000

Certain Balance Sheet Compone_7

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Timber And Timberlands [Abstract]
Timber and timberlands	$ 1,488,727	$ 1,516,788
Logging roads	83,748	83,273
Total timber and timberlands, net	$ 1,572,475	$ 1,600,061

Certain Balance Sheet Compone_8

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Accounts Payable And Accrued Liabilities Current [Abstract]
Accrued payroll and benefits		$ 26,266	$ 29,675
Accounts payable		15,795	9,724
Deferred revenue	[1]	9,806	8,789
Other accrued taxes		8,957	6,025
Income taxes payable		6,778	14,755
Accrued interest		5,040	6,485
Other current liabilities		15,177	17,826
Total accounts payable and accrued liabilities		$ 87,819	$ 93,279
[1]	Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods have not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2019	Sep. 30, 2021
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		$ 1
Maximum borrowing capacity		75
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		380
Amount available to increase borrowing capacity		420
Swing Line Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		25
Amended Term Loan Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		693.5
Outstanding long-term debt, current		$ 40
Term loan maturity period		2021-12
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%	2.10%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Derivatives Fair Value [Line Items]
Net losses expected to be reclassified into earnings in the next 12 months	$ 8
Interest Rate Swaps [Member] | Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Derivative assets	$ 40.8
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	3.04%
LIBOR variable interest rate	1.85%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	4.77%
LIBOR variable interest rate	2.10%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 403.5
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans Maturing in December 2020 through January 2029 [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 607.5
Term loan maturity period	2029-01

Derivative Instruments (Gross F

Derivative Instruments (Gross Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		$ 42,370	$ 18,529
Liability Derivatives, Fair Value		28,122	46,110
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		40,480	18,466
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other Assets Current [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	[1]	1,890	63
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other Long-term Obligations [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value		27,933	45,100
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	[1]	$ 189	$ 1,010
[1]	Derivative instruments that mature within one year, as a whole, are classified as current.

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense, net	[1]	$ 8,641	$ 8,557	$ 20,414	$ 20,594
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) recognized in other comprehensive income, net of tax		(4,310)	8,920	32,741	(34,112)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss, net of tax1	[2]	$ (2,326)	$ (2,412)	$ (6,839)	$ (5,072)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .
[2]	Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		$ 42,370	$ 18,529
Derivative liabilities related to interest rate swaps		(28,122)	(46,110)
Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(759,692)	(759,204)
Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		42,370	18,529
Derivative liabilities related to interest rate swaps		(28,122)	(46,110)
Carrying Amount [Member] | Level 2 [Member] | Term Loans [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(690,957)	(690,469)
Carrying Amount [Member] | Level 2 [Member] | Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(65,735)	(65,735)
Carrying Amount [Member] | Level 2 [Member] | Medium-term notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(3,000)	(3,000)
Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		3,857	3,328
Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(781,909)	(788,061)
Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		42,370	18,529
Derivative liabilities related to interest rate swaps		(28,122)	(46,110)
Fair Value [Member] | Level 2 [Member] | Term Loans [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(709,351)	(716,631)
Fair Value [Member] | Level 2 [Member] | Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(69,508)	(67,885)
Fair Value [Member] | Level 2 [Member] | Medium-term notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(3,050)	(3,545)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 3,857	$ 3,328
[1]	The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) shares in Millions	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock, deferred shares	0.1
PSA and RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for stock compensation (shares)	0.1
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted | $ / shares	$ 69.72
Performance share award granted under stock incentive plan, performance period	3 years
Performance stock awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Actually Issued, as a Percent of the Amount Subject to the Performance Share Award	0.00%
Performance stock awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Actually Issued, as a Percent of the Amount Subject to the Performance Share Award	200.00%
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted | $ / shares	$ 54.53
Restricted stock units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted stock units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Long-Term Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future use	1

Equity-Based Compensation (Shar

Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2021shares
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	88,128
Forfeited	1,450
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	65,607
Vested	24,599
Forfeited	1,484

Equity-Based Compensation (Deta

Equity-Based Compensation (Details of Equity-Based Compensation Expense and Related Income Tax Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2,275	$ 2,063	$ 6,345	$ 5,928
Deferred compensation stock equivalent units expense	54	19	136	57
Total tax benefit recognized for equity-based expense	125	97	321	273
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,416	1,315	4,012	3,716
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 805	$ 729	$ 2,197	$ 2,155

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance stock awards [Member]	9 Months Ended
	Sep. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date	$ 53.53
Risk-free rate	0.18%
Expected volatility	45.56%
Expected term (years)	3 years

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Operating lease assets		$ 7,790	$ 11,081
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Other long-term assets	Other long-term assets
Finance lease assets	[1]	$ 9,166	$ 7,206
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Property, plant and equipment, net	Property, plant and equipment, net
Total lease assets		$ 16,956	$ 18,287
Current liabilities:
Operating lease liabilities		$ 2,988	$ 4,304
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Finance lease liabilities		$ 3,004	$ 2,202
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Noncurrent:
Operating lease liabilities		$ 4,873	$ 6,835
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Finance lease liabilities		$ 6,066	$ 4,914
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Total lease liabilities		$ 16,931	$ 18,255
[1]	Finance lease assets are presented net of accumulated amortization of $ 3.7 million and $ 1.7 million as of September 30, 2021 and December 31, 2020, respectively.

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Parentheticals) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Accumulated amortization of finance lease assets	$ 3.7	$ 1.7

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease costs	[1]	$ 1,156	$ 1,413	$ 3,769	$ 4,252
Finance lease costs:
Amortization of leased assets		741	432	1,963	905
Interest on lease liabilities		60	44	162	103
Net lease costs		$ 1,957	$ 1,889	$ 5,894	$ 5,260
[1]	Excludes short-term leases and variable lease costs, which are immaterial.

Leases - Schedule of Suppleme_3

Leases - Schedule of Supplemental Cash Flow Information Related Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 3,723	$ 4,244
Operating cash flows for finance leases	162	103
Financing cash flows for finance leases	1,963	968
Leased assets exchanged for new lease liabilities:
Operating leases	213	255
Finance leases	$ 3,916	$ 5,630

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,045	$ 2,233	$ 6,135	$ 6,699
Interest cost	2,633	3,066	7,899	9,198
Expected return on plan assets	(3,525)	(3,869)	(10,575)	(11,606)
Amortization of prior service cost (credit)	21	29	63	85
Amortization of actuarial loss	3,578	3,856	10,877	11,569
Net periodic cost before pension settlement charge			14,399	15,945
Pension settlement charge				42,988
Total net periodic cost	4,752	5,315	14,399	58,933
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	168	127	504	381
Interest cost	317	376	951	1,127
Amortization of prior service cost (credit)	(298)	(319)	(894)	(957)
Amortization of actuarial loss	545	418	1,635	1,254
Net periodic cost before pension settlement charge			2,196	1,805
Total net periodic cost	$ 732	$ 602	$ 2,196	$ 1,805

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Feb. 29, 2020
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans		$ 7,418,000	$ 8,458,000
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Change in monthly retirement benefit amount		$ 0
Non-cash pretax settlement charge	$ 43,000,000
Qualified Plan [Member] | Pension Plans [Member] | Funded with Plan Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Transfer of outstanding pension benefit obligation related to qualified pension plans to insurance company				$ 101,100,000
Reduction in funded status of qualified pension plans	$ 26,200,000

Components of Accumulated Oth_3

Components of Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ (1,611,789)	$ (1,125,476)	$ (1,304,953)	$ (1,226,831)
Effect of pension settlement	0	0	0	(31,811)
Balance at end of period	(1,660,106)	(1,196,077)	(1,660,106)	(1,196,077)
Pension Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	73,592	98,870	79,025	117,028
Amounts arising during the period				19,402
Effect of pension settlement				(31,811)
Amounts reclassified from AOCL to earnings	(2,664)	(2,874)	(8,097)	(8,623)
Balance at end of period	70,928	95,996	70,928	95,996
Other Postretirement Benefit Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	14,418	10,184	14,783	10,331
Amounts reclassified from AOCL to earnings	(182)	(74)	(547)	(221)
Balance at end of period	14,236	10,110	14,236	10,110
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(5,763)	60,372	27,181	20,000
Amounts arising during the period	(4,310)	(8,920)	(32,741)	34,112
Amounts reclassified from AOCL to earnings	(2,326)	(2,412)	(6,839)	(5,072)
Balance at end of period	(12,399)	49,040	(12,399)	49,040
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	82,247	169,426	120,989	147,359
Balance at end of period	$ 72,765	$ 155,146	$ 72,765	$ 155,146