Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | POTLATCHDELTIC CORPORATION | ||
Entity Central Index Key | 0001338749 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | 69,083,913 | ||
Entity Public Float | $ 3,489.1 | ||
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 1st Ave | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Title of each class | Common Stock ($1 par value) | ||
Trading symbol(s) | PCH | ||
Name of each exchange on which registered | NASDAQ | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the 2022 annual meeting of stockholders expected to be filed with the Commission on or about March 29, 2022 are incorporated by reference in Part III hereof. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Seattle, Washington | ||
Auditor Firm ID | 185 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues | $ 1,337,435 | $ 1,040,930 | $ 827,098 | |
Costs and expenses: | ||||
Cost of goods sold | 715,846 | 687,781 | 682,066 | |
Selling, general and administrative expenses | 73,432 | 72,519 | 57,925 | |
Net gain on fire damage | (3,361) | |||
Gain on sale of facility | (9,176) | |||
Total costs and expenses | 785,917 | 760,300 | 730,815 | |
Operating income | 551,518 | 280,630 | 96,283 | |
Interest expense, net | [1] | (29,275) | (29,463) | (30,361) |
Pension settlement charge | (42,988) | |||
Loss on the extinguishment of debt | (5,512) | |||
Non-operating pension and other postretirement employee benefit costs | (13,227) | (14,226) | (3,739) | |
Income before income taxes | 509,016 | 193,953 | 56,671 | |
Income taxes | (85,156) | (27,123) | (1,010) | |
Net income | $ 423,860 | $ 166,830 | $ 55,661 | |
Net income per share: | ||||
Basic (in dollars per share) | $ 6.29 | $ 2.48 | $ 0.82 | |
Diluted (in dollars per share) | 6.26 | 2.47 | 0.82 | |
Dividends/Special distribution per share | $ 5.67 | $ 1.61 | $ 1.60 | |
Weighted-average shares outstanding (in thousands) | ||||
Basic (in shares) | 67,352 | 67,237 | 67,608 | |
Diluted (in shares) | 67,719 | 67,568 | 67,743 | |
[1] | Includes amortization of bond discounts and deferred loan fees. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 423,860 | $ 166,830 | $ 55,661 |
Other comprehensive income (loss), net of tax: | |||
Net gain (loss) arising during the period, net of tax expense (benefit) of $11,444, $(3,531) and $(1,348) | 31,525 | (10,053) | (3,836) |
Effect of pension settlement, net of tax benefit of $0, $11,117, and $0 | 31,811 | ||
Amortization of actuarial loss included in net income, net of tax expense of $4,901, $4,445 and $3,772 | 11,732 | 12,653 | 10,737 |
Amortization of prior service credit included in net income, net of tax benefit of $(288), $(303) and $(2,244) | (818) | (860) | (6,389) |
Cash flow hedges, net of tax expense (benefit) of $1,706, $396 and $(978) | 35,312 | (7,181) | (18,440) |
Other comprehensive income (loss), net of tax | 77,751 | 26,370 | (17,928) |
Comprehensive income | $ 501,611 | $ 193,200 | $ 37,733 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net gain (loss) arising during the period, tax expense (benefit) | $ 11,444 | $ (3,531) | $ (1,348) |
Effect of pension settlement, tax benefit | 0 | 11,177 | 0 |
Amortization of actuarial loss included in net income, tax expense | 4,901 | 4,445 | 3,772 |
Amortization of prior service credit included in net income, tax benefit | (288) | (303) | (2,244) |
Cash flow hedge, tax expense (benefit) | $ 1,706 | $ 396 | $ (978) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 296,151 | $ 252,340 |
Customer receivables, net | 31,028 | 26,606 |
Inventories, net | 72,369 | 62,036 |
Other current assets | 21,630 | 16,136 |
Total current assets | 421,178 | 357,118 |
Property, plant and equipment, net | 292,320 | 288,544 |
Investment in real estate held for development and sale | 65,604 | 72,355 |
Timber and timberlands, net | 1,682,671 | 1,600,061 |
Intangible assets, net | 15,491 | 16,270 |
Other long-term assets | 57,951 | 46,717 |
Total assets | 2,535,215 | 2,381,065 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 78,209 | 93,279 |
Current portion of long-term debt | 42,977 | 39,981 |
Current portion of pension and other postretirement employee benefits | 4,993 | 6,574 |
Total current liabilities | 126,179 | 139,834 |
Long-term debt | 715,279 | 717,366 |
Pension and other postretirement employee benefits | 83,674 | 128,807 |
Deferred tax liabilities, net | 34,874 | 17,740 |
Other long-term obligations | 49,076 | 72,365 |
Total liabilities | 1,009,082 | 1,076,112 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $1 par value, authorized 100,000 shares, issued 69,064 and 66,876 shares | 69,064 | 66,876 |
Additional paid-in capital | 1,781,217 | 1,674,576 |
Accumulated deficit | (280,910) | (315,510) |
Accumulated other comprehensive loss | (43,238) | (120,989) |
Total stockholders’ equity | 1,526,133 | 1,304,953 |
Total liabilities and stockholders' equity | $ 2,535,215 | $ 2,381,065 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, authorized | 4,000,000 | 4,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 69,064,000 | 66,876,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 423,860 | $ 166,830 | $ 55,661 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation, depletion and amortization | 77,425 | 77,885 | 72,105 |
Basis of real estate sold | 27,360 | 25,348 | 20,554 |
Gain on sale of facility | (9,176) | ||
Loss on extinguishment of debt | 5,512 | ||
Change in deferred taxes | 25 | (14,610) | (11,045) |
Pension and other postretirement employee benefits | 22,079 | 23,666 | 11,877 |
Pension settlement charge | 42,988 | ||
Equity-based compensation expense | 8,607 | 8,063 | 7,272 |
Net gain on fire damage | (3,361) | ||
Other, net | 363 | (1,269) | (2,324) |
Change in working capital and operating-related activities | |||
Receivables, net | (4,404) | (12,439) | 7,238 |
Inventories, net | (10,333) | 3,745 | (3,519) |
Other assets | 7,331 | 4,591 | 5,305 |
Accounts payable and accrued liabilities | (17,626) | 25,848 | (11,415) |
Other liabilities | (8,167) | 1,327 | 3,955 |
Real estate development expenditures | (9,229) | (6,706) | (7,254) |
Funding of pension and other postretirement employee benefits | (9,044) | (10,004) | (5,678) |
Net cash from operating activities | 504,886 | 335,263 | 139,068 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Property, plant and equipment additions | (38,947) | (22,693) | (39,153) |
Timberlands reforestation and roads | (16,401) | (16,234) | (17,695) |
Acquisition of timber and timberlands | (20,066) | (6,858) | (626) |
Proceeds on sale of facility | 1,000 | 58,793 | |
Proceeds from property insurance | 15,000 | ||
Other, net | 1,269 | 2,593 | 3,198 |
Net cash from investing activities | (59,145) | (42,192) | 4,517 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends to common stockholders | (388,241) | (107,853) | (107,722) |
Repurchase of common stock | (15,364) | (25,173) | |
Proceeds from issuance of long-term debt | 40,000 | 46,000 | 190,000 |
Repayment of long-term debt | (46,366) | (46,000) | (190,000) |
Premiums and fees on debt retirement | (4,865) | ||
Other, net | (6,702) | (1,768) | (1,012) |
Net cash from financing activities | (401,309) | (124,985) | (138,772) |
Change in cash, cash equivalents and restricted cash | 44,432 | 168,086 | 4,813 |
Cash, cash equivalents and restricted cash at beginning of period | 252,340 | 84,254 | 79,441 |
Cash, cash equivalents and restricted cash at end of period | $ 296,772 | $ 252,340 | $ 84,254 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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, 2018 | $ 1,314,779 | $ 67,570 | $ 1,659,031 | $ (282,391) | $ (129,431) |
Balance, beginning of period (shares) at Dec. 31, 2018 | 67,570,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 55,661 | 55,661 | |||
Equity-based compensation expense | 7,272 | 7,272 | |||
Shares issued for stock compensation | $ 337 | (337) | |||
Shares issued for stock compensation (shares) | 337,000 | ||||
Repurchase of common stock | $ (25,173) | $ (686) | (24,487) | ||
Repurchase of common stock (shares) | (686,240) | (686,000) | |||
Pension plans and OPEB obligations | $ 512 | 512 | |||
Cash flow hedges | (18,440) | (18,440) | |||
Common dividends | (107,722) | (107,722) | |||
Other transactions, net | (58) | 333 | (391) | ||
Balance, end of period at Dec. 31, 2019 | 1,226,831 | $ 67,221 | 1,666,299 | (359,330) | (147,359) |
Balance, end of period (shares) at Dec. 31, 2019 | 67,221,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 166,830 | 166,830 | |||
Equity-based compensation expense | 8,063 | 8,063 | |||
Shares issued for stock compensation | $ 144 | (144) | |||
Shares issued for stock compensation (shares) | 144,000 | ||||
Repurchase of common stock | $ (15,364) | $ (489) | (14,875) | ||
Repurchase of common stock (shares) | (489,850) | (489,000) | |||
Pension plans and OPEB obligations | $ 33,551 | 33,551 | |||
Cash flow hedges | (7,181) | (7,181) | |||
Common dividends | (107,853) | (107,853) | |||
Other transactions, net | 76 | 358 | (282) | ||
Balance, end of period at Dec. 31, 2020 | 1,304,953 | $ 66,876 | 1,674,576 | (315,510) | (120,989) |
Balance, end of period (shares) at Dec. 31, 2020 | 66,876,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 423,860 | 423,860 | |||
Equity-based compensation expense | 8,607 | 8,607 | |||
Shares issued for stock compensation | $ 226 | (226) | |||
Shares issued for stock compensation (shares) | 226,000 | ||||
Shares issued for Loutre acquisition | $ 100,930 | $ 1,962 | 98,968 | ||
Shares issued for Loutre acquisition (shares) | 1,962,000 | ||||
Repurchase of common stock (shares) | 0 | ||||
Pension plans and OPEB obligations | $ 42,439 | 42,439 | |||
Cash flow hedges | 35,312 | 35,312 | |||
Common dividends | (388,241) | (388,241) | |||
Other transactions, net | (1,727) | (708) | (1,019) | ||
Balance, end of period at Dec. 31, 2021 | $ 1,526,133 | $ 69,064 | $ 1,781,217 | $ (280,910) | $ (43,238) |
Balance, end of period (shares) at Dec. 31, 2021 | 69,064,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common dividends, per share | $ 5.67 | $ 1.61 | $ 1.60 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOT E 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 operations in seven states. We are engaged in activities associated with timberland management, including the sale of timber, the management of approximately 1.8 million acres of timberlands and the purchase and sale of timberlands. We are also engaged in the manufacture and sale of wood products and the development of real estate. Our timberlands, real estate development projects and all of our wood products facilities are located within the continental United States. The primary market for our products is the United States. We converted to a REIT effective January 1, 2006. CONSOLIDATION The Consolidated Financial Statements include the accounts of PotlatchDeltic Corporation and its subsidiaries after the elimination of intercompany transactions and accounts. There are no unconsolidated subsidiaries. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, which we refer to in this report as GAAP, requires management to make estimates and judgments affecting the amounts reported in the financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. Cash, Cash Equivalents and Restricted Cash Cash equivalents are investments that are highly liquid with original maturities of three months or less when purchased. The following provides a reconciliation of cash, cash equivalents, and restricted cash at December 31: (in thousands) 2021 2020 2019 Cash and cash equivalents $ 296,151 $ 252,340 $ 83,310 Restricted cash included in other long-term assets 1 621 — 944 Total cash, cash equivalents, and restricted cash $ 296,772 $ 252,340 $ 84,254 1 Consists of proceeds held by a qualified intermediary that are intended to be reinvested in timberlands. The following presents supplemental disclosures to the Consolidated Statements of Cash Flows : Years Ended December 31, (in thousands) 2021 2020 2019 NONCASH INVESTING AND FINANCING ACTIVITIES Accrued property, plant and equipment additions $ 1,521 $ 1,142 $ 1,396 Accrued timberlands reforestation and roads $ 1,190 $ 697 $ 352 Equity issued as consideration for our acquisition of Loutre $ 100,930 $ — $ — Long-term debt assumed in our acquisition of Loutre $ 6,366 $ — $ — Long-term debt assumed by buyer in sale of facility $ — $ — $ 29,000 CASH FLOW INFORMATION Cash paid during the year for: Interest, net of amounts capitalized $ 27,934 $ 28,518 $ 32,282 Income taxes, net $ 98,670 $ 25,790 $ 7,148 BUSINESS COMBINATIONS AND ACQUISITIONS We apply the principles provided in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations, to determine whether an acquisition involves an asset or a business. If the acquisition is determined to be a business combination, tangible and intangible assets acquired and liabilities assumed are recorded at their estimated fair value and goodwill, if any, is recognized for any differences between the fair value of consideration transferred and the estimated fair value of net assets acquired. If an acquisition is determined to be an asset acquisition, the purchase consideration is allocated to the acquired assets and liabilities based on their relative estimated fair values. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired assets on a relative estimated fair value basis. Transaction costs are expensed in a business combination and are considered a component of the cost of the acquisition in an asset acquisition. REVENUE RECOGNITION We recognize revenue in accordance ASC 606, Revenue from Contracts with Customers (ASC 606). For our Timberlands segment, we generate revenue predominantly in the form of delivered logs, pay-as-cut stumpage contracts, lump sum stumpage contracts and timber deeds. For our Wood Products segment we generate revenue from the sale of manufactured wood products and residual by-products. For our Real Estate segment, we generate revenue from the sale of rural real property deemed non-strategic or identified as having higher and better use alternatives and real estate development and subdivision activity. Performance Obligations A performance obligation, as defined in ASC 606, is a promise in a contract to transfer a distinct good or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue at the point in time, or over the period in which the performance obligation is satisfied. Performance obligations associated with delivered logs sales are typically recognized at the point the logs are delivered and scaled at our customers’ mills. Revenue is recognized on timber deeds and lump sum stumpage contracts generally upon closing or when the contracts are effective, which is the point at which the buyer assumes risk of loss associated with the standing timber. We enter into pay-as-cut contracts with customers that provide the customer with the right of access to harvest timber on a specified area of our land. At the execution of the agreement, the customer typically does not take title, control or risk of ownership to the timber. Revenue for pay-as-cut contracts is recognized once scaling occurs as that is the point when control of the harvested trees has transferred to the customer and we have a right to payment. Performance obligations associated with the sale of wood products are typically satisfied when the products are shipped (FOB shipping point) or upon delivery to our customer (FOB destination) depending on the terms of the customer contract. Shipping and handling costs for all wood products, log hauling costs and residual sales are accounted for as cost of goods sold in our Consolidated Statements of Operations . We also enter into vendor managed inventory (VMI) programs with certain customers whereby inventory is shipped to a VMI warehouse. For products shipped under VMI arrangements, revenue is recognized and billed when control transfers to the customer and we have no further obligations, which is generally once the customer pulls the inventory from the VMI warehouse. Performance obligations associated with real estate sales are generally satisfied at a point in time when all conditions of closing have been met and title transfers to the buyer. ASC 606 requires entities to consider significant financing components of contracts with customers, though allows for the use of a practical expedient when the period between satisfaction of a performance obligation and payment receipt is one year or less. Given the nature of our revenue transactions, we have elected to utilize this practical expedient. Contract Estimates There are no significant contract estimates as substantially all of our performance obligations are satisfied as of a point in time. The transaction price for log sales includes amounts billed for logging and hauling and generally equals the amount billed to our customer for logs delivered during the accounting period. For the limited number of log sales subject to a long-term supply agreement, the transaction price is variable but is known at the time of billing. For wood products sales, the transaction price is typically the amount billed to the customer for the products shipped but may be reduced slightly for estimated cash discounts and rebates. In general, a customer receivable is recorded as we deliver wood products, logs and residuals. We generally receive payment shortly after products have been received by our customers. For real estate sales we typically receive the entire consideration in cash at closing. At December 31, 2021 and 2020, the allowance for credit losses associated with our customer receivables was insignificant. See Note 2 Segment Information for information on our revenues by major products. INVENTORIES For most of our Wood Products operations, we use the last-in, first-out (LIFO) method to value log, lumber and plywood inventory as we believe the LIFO method more fairly presents the results of operations by more closely matching current costs with current revenue. Inventories valued under LIFO are stated at the lower of cost or market. All segment inventories are reported using the average cost method. The LIFO reserve and intersegment eliminations are recorded at the corporate level. Inventories not valued under LIFO are recorded at the lower of average cost or net realizable value. Expenses associated with idle capacity or abnormally low production are reflected in cost of goods sold in the periods incurred. See Note 4: Inventories for additional information. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are valued at cost less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method of depreciation. Major improvements and replacements of property are capitalized. Maintenance, repairs and minor improvements and replacements are expensed. Upon retirement or other disposition of property, applicable cost and accumulated depreciation are removed from the accounts. Any gains or losses are included in operating income. See Note 5: Property, Plant and Equipment for additional information. RECOVERY OF LONG-LIVED ASSETS Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their estimated remaining useful life. We also perform a test for recoverability when management has committed to a plan to sell or otherwise dispose of an asset group. Assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. In June 2021, we experienced a fire at our Ola, Arkansas sawmill and as a result wrote-off $ 9.5 million of net book value of property and equipment and recorded $ 2.6 million in disposal costs for the year ended December 31, 2021. See Note 5: Property, Plant and Equipment for further discussion on the fire at our Ola, Arkansas sawmill. There were no other events or changes in circumstances that indicated the carrying amounts of our other long-lived held and used assets were not recoverable during the years ended December 31, 2021, 2020 or 2019. For the years ended December 31, 2021, 2020 and 2019 we recorded losses on disposal of property, plant and equipment, excluding the losses from the Ola, Arkansas sawmill fire, of $ 1.7 million, $ 0 and $ 0.9 million, respectively. TIMBER AND TIMBERLANDS Timber and timberlands are valued at cost less accumulated depletion and depreciation. We capitalize costs related to stand establishment, which include the preparation of the land for planting, seeds or seedlings and tree planting costs, which include third-party labor costs, materials and other contract services. Upon completion of planting activities and field inspection to confirm the planting operation was successful, a plantation is considered “established.” Subsequent expenditures to maintain the integrity or enhance the growth of an established plantation or stand are expensed. Post-establishment expenses include vegetation control, fertilization, thinning operations and the replanting of seedlings lost through mortality. Forest management costs are considered current operating expenses and include property taxes and insurance, silviculture costs incurred subsequent to stand establishment, cruising of timber volume, property maintenance, salaries, supplies, travel, record-keeping, fire protection and other normal recurring administrative personnel costs. The components of timberland acquisitions are capitalized and allocated based on the relative estimated fair values of timberland, merchantable timber, pre-production timber (young growth that is not yet merchantable timber), logging roads and other land improvements. The estimated volume of current standing merchantable timber, which is a component of calculating our depletion rates, is updated at least annually to reflect increases due to the reclassification of pre-production timber to merchantable timber when it meets defined diameter specifications, the annual growth of merchantable timber and the acquisition of additional merchantable timber, decreases due to timber harvests and land sales and changes resulting from other factors, such as casualty losses. Timber volumes are estimated from cruises of the timber tracts, which are completed on our timberlands on approximately a five to ten year cycle. Depletion represents the amount charged to expense as timber is harvested. Rates at which timber is depleted are calculated annually for each of our depletion pools by dividing the beginning of year balance of the merchantable timber accounts by the volume of standing merchantable timber, after estimated timber volume updates. The base cost of logging roads, such as clearing, grading and ditching, is not depreciated and remains a capitalized item until disposition. Other portions of the initial logging road cost, such as bridges, culverts and gravel surfacing are depreciated over their useful lives, which range from 5 to 20 years . Costs associated with temporary logging road spurs, which are typically used for one harvest season, are expensed as incurred. See Note 6: Timber and Timberlands for additional information. INTANGIBLE ASSETS We have both indefinite-lived and long-lived intangible assets. Long-lived intangible assets include customer relationships and certain trade names we estimate have a finite life and are being amortized over 10 and 20 years, respectively, and are evaluated for impairment under our Recovery of Long-Lived Assets policy described above. At December 31, 2021 and 2020, the gross carrying amount of our long-lived intangible assets were $ 8.4 million and accumulated amortization was $ 3.1 million and $ 2.3 million, respectively. Amortization expense for the customer relationship and trade name totaled $ 0.8 million in 2021, 2020 and 2019 and is estimated to be $ 0.8 million annually for the next five years. Our indefinite-lived intangible assets consist of trade names and were $ 10.2 million at December 31, 2021 and 2020 and are not amortized. Rather, they are tested for potential impairments annually as of October 1, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the assets. We did no t impair any intangible assets during the years ended December 31, 2021, 2020 or 2019. COMPANY OWNED LIFE INSURANCE We are the beneficiary of insurance policies on the lives of certain past officers and employees. We have recognized the amount that could be realized upon surrender of the insurance policies in other assets in our Consolidated Balance Sheets . Company owned life insurance expense and interest income are included in selling, general and administrative expenses and interest expense, net, respectively, in the Consolidated Statements of Operations . The net effect of these amounts on income was not significant for the years ended December 31, 2021, 2020 and 2019. Cash receipts and disbursements are recorded as investing activities within Other, net in the Consolidated Statements of Cash Flows . DERIVATIVE INSTRUMENTS We use, from time to time, certain derivative instruments to mitigate exposure to volatility in interest rates and effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and cash flows. All derivatives, whether designated as a hedging relationship or not, are recorded in the Consolidated Balance Sheets at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we must designate the hedging instrument as a fair value hedge or cash flow hedge based on the exposure being hedged. At December 31, 2021 and 2020, we did no t hold any derivatives designated or qualifying as fair value hedges. For a cash flow hedge, the fair value of the effective portion of the derivative is recognized as an asset or liability with a corresponding amount in Accumulated Other Comprehensive Loss on our Consolidated Balance Sheets . Amounts recorded in Accumulated Other Comprehensive Loss are recognized in earnings when the underlying hedged transaction affects earnings. Ineffectiveness is measured by comparing the present value of the cumulative change in the expected future cash flows of the derivative and the present value of the cumulative change in the expected future cash flows of the related instrument. Any ineffective portion of a cash flow hedge is recognized in earnings immediately. If a hedge ceases to qualify for hedge accounting, the contract would continue to be carried on the balance sheet at fair value until settled and adjustments to the contract’s fair value would be recognized in earnings. If a forecasted transaction were no longer probable of occurring, amounts previously deferred in Accumulated Other Comprehensive Loss would be recognized immediately in earnings. For derivative instruments not designated as hedges, the change in fair value of the derivative is recognized in earnings each reporting period. We have International Swap Dealers Association ("ISDA") Master Agreements with each counterparty that permits the net settlement of amounts owed under the respective contracts. The ISDA Master Agreement is an industry standardized contract that governs all derivative contracts entered into between the company and the respective counterparty. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable or receivable for contracts due on the same date for similar types of derivative transactions. We have not elected to offset the fair value positions of the derivative contracts recorded in the Consolidated Balance Sheets . See Note: 10 Derivative Instruments for additional information. FAIR VALUE MEASUREMENTS We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including long-lived assets (asset groups) measured at fair value for an impairment assessment and pension plan assets measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date. • Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are observed. See Note: 11 Fair Value Measurements for additional information. EQUITY-BASED COMPENSATION Equity-based awards are measured at estimated fair value on the dates they are granted or modified. These measurements establish the cost of the equity-based awards for accounting purposes. Equity-based compensation expense is recognized over the awards’ applicable vesting period using the straight-line method. We account for forfeitures as they occur. Equity based compensation is classified in the Consolidated Statements of Operations based on the function to which the related services are provided. See Note 12: Equity-Based Compensation Plans for additional information. LEASES We lease certain equipment, office space and land. Right-of-use (ROU) 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. Operating and finance lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. Most leases include one or more options to renew, with renewal terms that can extend the lease term between one to five years . The exercise of lease renewal options is at our sole discretion. Under the operating lease model, lease expense is recognized on a straight-line basis over the lease term. Under the finance lease model, lease expense consists of the amortization of the ROU asset on a straight-line basis over the asset’s estimated useful life and interest expense calculated using the effective interest method. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our rental payments are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants and we do not have any significant sublease income. See Note 13: Leases for additional information. INCOME TAXES We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. We recognize the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income in the period that includes the enactment date of the rate change. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. See Note 14: Income Taxes for additional information. PENSION AND OTHER POSTRETIREMENT BENEFITS We recognize any overfunded or underfunded status of our defined benefit pension and other postretirement plans on our Consolidated Balance Sheets and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur. The funded status and the requirements for funding our pension plans are based on a number of actuarial assumptions that require judgment. The determination of net periodic pension and postretirement benefit costs includes: • costs of benefits provided in exchange for employees’ services rendered; • interest cost of the obligation; • expected long-term return on plan assets for funded plans; • amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plan; and • amortization of cumulative unrecognized net actuarial gains and losses – generally in excess of 10 percent of the greater of the benefit obligation or market-related value of plan assets at the beginning of the year – over the average remaining service period of the active employee group covered by the plan. Different assumptions would change the net periodic pension and postretirement benefit costs and the obligation of the benefit plans. See Note 15: Savings Plans, Pension Plans and Other Postretirement Employee Benefits for additional information. COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS We accrue estimates for resolution of any legal and other contingencies when losses are probable and estimable, in accordance with ASC 450, Contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. 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 receive or have to pay in connection with any legal proceeding would have a materially adverse effect on our consolidated financial position, operating results or net cash flow. NEW ACCOUNTING PRONOUNCEMENTS New Accounting Standards Adopted in 2021 There were no new accounting pronouncements adopted during 2021 that had a material impact on our consolidated financial statements or footnote disclosures. New Accounting Standards Being Evaluated In March 2020, the FASB issued Accounting Standards Update (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 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, such as the Secured Overnight Financing Rate (SOFR). The guidance in ASU 2020-04, which we 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. Our credit agreement, variable rate term loans with $ 403.5 million in principal, and interest rate derivative agreements have an interest rate tied to LIBOR. We continue to evaluate the impact of the guidance, are monitoring the developments regarding the alternative rates, will work with our lenders and counterparties to identify a suitable replacement rate, may amend certain debt and interest rate derivative agreements to accommodate those rates, and may apply elections allowed under the standard as applicable as additional changes in the market occur. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | NOT E 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. The Real Estate segment includes the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives, master planned community development and a country club. Sales outside of the United States are inconsequential and no single customer represented more than 10% of our consolidated revenues during 2021, 2020 or 2019. Our Timberlands segment supplies our Wood Products segment with a portion of its wood fiber needs. These intersegment revenues are based on prevailing market prices and represent a significant portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. These intercompany transactions are eliminated in consolidation. The reportable segments follow the same accounting policies used for our Consolidated Financial Statements, with the exception of the valuation of inventories which are reported using the average cost method for purposes of reporting segment results. For additional information regarding valuation of inventories and our revenue recognition policy see Note 1: Summary of Significant Accounting Policies . The following table represents our revenues by major product: Year Ended December 31, (in thousands) 2021 2020 2019 Timberlands Northern region Sawlogs $ 299,330 $ 213,030 $ 161,570 Pulpwood 1,134 4,502 5,767 Stumpage — 316 109 Other 993 1,581 1,970 Total Northern revenues 301,457 219,429 169,416 Southern region Sawlogs 83,836 93,828 88,048 Pulpwood 45,957 49,084 53,315 Stumpage 7,533 4,077 1,666 Other 10,664 10,101 10,248 Total Southern revenues 147,990 157,090 153,277 Total Timberlands revenues 449,447 376,519 322,693 Wood Products Lumber 816,149 573,069 396,648 Residuals and Panels 172,739 125,336 143,760 Total Wood Products revenues 988,888 698,405 540,408 Real Estate Rural real estate 37,622 81,979 49,675 Development real estate 16,751 14,979 22,363 Other 9,440 7,458 6,834 Total Real Estate revenues 63,813 104,416 78,872 Total segment revenues 1,502,148 1,179,340 941,973 Intersegment Timberlands revenues 1 ( 164,713 ) ( 138,410 ) ( 114,875 ) Total consolidated revenues $ 1,337,435 $ 1,040,930 $ 827,098 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 Consolidated Financial Statements . Year Ended December 31, (in thousands) 2021 2020 2019 Adjusted EBITDDA: Timberlands $ 262,944 $ 182,802 $ 133,987 Wood Products 393,858 176,095 12,901 Real Estate 47,457 86,476 62,650 Corporate ( 47,393 ) ( 48,451 ) ( 36,257 ) Eliminations and adjustments ( 3,995 ) ( 14,694 ) 5,662 Total Adjusted EBITDDA 652,871 382,228 178,943 Interest expense, net 1 ( 29,275 ) ( 29,463 ) ( 30,361 ) Depreciation, depletion and amortization ( 75,633 ) ( 76,261 ) ( 70,417 ) Basis of real estate sold ( 27,360 ) ( 25,348 ) ( 20,554 ) Net gain on fire damage 3,361 — — Loss on extinguishment of debt — — ( 5,512 ) Pension settlement charge — ( 42,988 ) — Non-operating pension and other postretirement employee benefits ( 13,227 ) ( 14,226 ) ( 3,739 ) (Loss) gain on fixed assets ( 1,721 ) 11 ( 865 ) Gain on sale of facility — — 9,176 Income before income taxes $ 509,016 $ 193,953 $ 56,671 1 Includes amortization of bond discounts and deferred loan fees. The following table summarizes additional reportable segment financial information: Year Ended December 31, (in thousands) 2021 2020 2019 Depreciation, depletion and amortization: Timberlands $ 45,403 $ 51,047 $ 46,601 Wood Products 28,802 23,611 22,059 Real Estate 640 620 678 Corporate 788 983 1,079 75,633 76,261 70,417 Bond discount and deferred loan fees 1 1,792 1,624 1,688 Total depreciation, depletion and amortization $ 77,425 $ 77,885 $ 72,105 Basis of real estate sold: Real Estate $ 27,381 $ 25,990 $ 20,749 Elimination and adjustments ( 21 ) ( 642 ) ( 195 ) Total basis of real estate sold $ 27,360 $ 25,348 $ 20,554 Assets: Timberlands 2 1,713,582 1,617,809 1,655,407 Wood Products 435,300 421,066 398,465 Real Estate 3 81,561 89,509 87,421 2,230,443 2,128,384 2,141,293 Corporate 304,772 252,681 93,766 Total consolidated assets $ 2,535,215 $ 2,381,065 $ 2,235,059 Capital Expenditures: 4 Timberlands $ 16,163 $ 16,252 $ 17,500 Wood Products 38,360 21,565 37,232 Real Estate 5 9,798 7,088 8,053 64,321 44,905 62,785 Corporate 256 728 1,317 Total capital expenditures $ 64,577 $ 45,633 $ 64,102 1 Included within interest expense in the Consolidated Statements of Operations. 2 We do not report rural real estate separate from Timberlands as we do not report these assets separately to management. 3 Real Estate assets primarily consist of the master planned community development and a country club, both located in Arkansas. 4 Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment. 5 Real Estate capital expenditures include development expenditures of $ 9.2 million, $ 6.7 million and $ 7.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | NOT E 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share for the years ended December 31: (in thousands) 2021 2020 2019 Basic weighted-average shares outstanding 67,352 67,237 67,608 Incremental shares due to: Performance shares 307 289 109 Restricted stock units 60 42 26 Diluted weighted-average shares outstanding 67,719 67,568 67,743 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. At December 31, 2021, 2020 and 2019, there were approximately 48,600 , 1,100 and 49,500 stock-based awards, respectively, which were excluded from the calculation of 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 the Trading Plan, and, subject to the terms of the Trading Plan and the Repurchase Program may be suspended, terminated or modified at any time for any reason. We did no t repurchase any shares under the Repurchase Program during the year ended December 31, 2021. Total shares repurchased under the Repurchase Program for the years ended December 31, 2020 and 2019 were 489,850 and 686,240 , respectively, for total consideration of $ 15.4 million and $ 25.2 million, respectively. All common stock purchases were made in open-market transactions. At December 31, 2021, we had remaining authorization of $ 59.5 million for future stock repurchases under the Repurchase Program. We record share purchases upon trade date, as opposed to the settlement date. We retire shares upon repurchase . Any excess repurchase price over par is recorded in accumulated deficit. There were no unsettled repurchases at December 31, 2021 and 2020. Dividends Generally, a REIT must distribute its taxable income each year and there is a 20 % limit on the value of our PotlatchDeltic TRS, including cash, that can be retained. Our strong financial performance, driven by record lumber and indexed sawlog prices, generated large cash balances in both our REIT and PotlatchDeltic TRS during 2021. As a result, on December 3, 2021 , our board of directors approved a special cash dividend of $ 4.00 per share, or $ 276.3 million in aggregate, that was paid on December 31, 2021 . On February 11, 2022 , the board of directors approved a quarterly cash dividend of $ 0.44 per share payable on March 31, 2022 to stockholders of record as of March 4, 2022 . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4. INVENTORIES Inventories consist of the following at December 31: (in thousands) 2021 2020 Logs $ 41,199 $ 31,210 Lumber, plywood and veneer 34,528 34,136 Materials and supplies 17,780 14,939 93,507 80,285 Less: LIFO reserve ( 21,138 ) ( 18,249 ) Total inventories $ 72,369 $ 62,036 If the last-in, first-out inventory had been carried at average cost, the values would have been higher by $ 21.1 million and $ 18.2 million at December 31, 2021 and 2020, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | NO TE 5. PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment consist of the following at December 31: (in thousands) Range of useful lives 2021 2020 Land $ 7,171 $ 7,333 Buildings and improvements 10 - 40 years 128,387 126,576 Machinery and equipment 2 - 25 years 375,860 377,782 Construction in progress 20,906 6,020 532,324 517,711 Less: accumulated depreciation ( 240,004 ) ( 229,167 ) Total property, plant and equipment, net $ 292,320 $ 288,544 Depreciation expense for property and equipment, including assets under finance leases, was $ 30.6 million, $ 25.2 million and $ 23.9 million in 2021, 2020 and 2019, respectively. Ola, Arkansas Sawmill Fire 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, under which we filed a claim with the insurance carriers. Damaged and obsolete fixed asset write-offs, disposal costs, insurance recoveries for the Ola, Arkansas sawmill fire and net gain on fire damage consist of the following for the year-ended December 31, 2021: (in thousands) Fixed asset write-offs $ ( 9,544 ) Disposal costs ( 2,595 ) Total fixed asset loss on disposal ( 12,139 ) Insurance recoveries 15,000 Net gain on fire damage at Ola 2,861 Net gain on timberlands fire damage 500 Net gain on fire damage $ 3,361 No business interruption recoveries were recorded during the year as discussions with the insurance carriers are ongoing. Business interruption recoveries will be recorded when deemed probable and reasonably estimable. Sale of Deltic MDF Facility In February 2019 we sold our Deltic Medium Density Fiberboard (MDF) facility to Roseburg Forest Products Co. for $ 92.0 million, consisting of $ 63.0 million in cash and assumption of $ 29.0 million of revenue bonds. The price was subject to post-closing adjustments for certain changes in working capital as defined in the purchase and sale agreement. The transaction resulted in a $ 9.2 million pre-tax gain on sale. Total cash proceeds received after working capital adjustments, closing costs and other expenses were approximately $ 59.8 million, of which $ 1.0 million was received in 2020 after satisfaction of certain covenants as outlined in the purchase and sale agreement. The sale of the MDF facility was not considered a strategic shift that had or will have a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations. |
Timber and Timberlands
Timber and Timberlands | 12 Months Ended |
Dec. 31, 2021 | |
Timber And Timberlands [Abstract] | |
Timber and Timberlands | NO TE 6. TIMBER AND TIMBERLANDS Timber and Timberlands consist of the following at December 31: (in thousands) 2021 2020 Timber and timberlands $ 1,597,011 $ 1,516,788 Logging roads 85,660 83,273 Total timber and timberlands, net $ 1,682,671 $ 1,600,061 Depletion from company-owned lands totaled $ 40.4 million, $ 46.3 million and $ 41.7 million in 2021, 2020 and 2019, respectively. Amortization of road costs, such as bridges, culverts and gravel surfacing, totaled $ 3.5 million, $ 3.6 million and $ 3.6 million in 2021, 2020 and 2019, respectively. Future payments due under timber cutting contracts at December 31, 2021 were $ 13.8 million. Loutre Land and Timber Company (Loutre) Merger On December 21, 2021, we merged with Loutre which owned and managed 51,340 acres of high-quality, well stocked timberlands in southern Arkansas and northern Louisiana. The acquisition cost of $ 107.7 million was satisfied through the issuance of 1.96 million shares of our common stock to the former Loutre shareholders valued at $ 100.9 million and the assumption of $ 6.8 million of liabilities, including $ 6.3 million of long-term debt which we paid off after the transaction closed. For accounting purposes, the fair value of the shares issued includes a discount for a required minimum holding period by the former Loutre shareholders. We accounted for the transaction as an asset acquisition as substantially all the value of the acquisition was concentrated in the acquired timber and timberlands. We allocated the cost of the acquisition to the net assets acquired based on their estimated fair values on the acquisition date. This resulted in an allocation of $ 105.2 million to timber and timberlands, $ 2.0 million to mineral rights and $ 0.5 million to other assets. Additionally, $ 0.6 million of transaction costs were capitalized. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | NOT E 7. OTHER ASSETS Other Current Assets consist of the following at December 31: (in thousands) 2021 2020 Real estate held for sale $ 12,013 $ 8,818 Prepaid expenses 4,134 4,032 Other 5,483 3,286 Total other current assets $ 21,630 $ 16,136 Other Long-Term Assets consist of the following at December 31: (in thousands) 2021 2020 Interest rate swaps $ 31,306 $ 18,466 Operating leases 8,514 11,081 Mineral rights 6,436 4,825 Investment in company owned life insurance (COLI), net 3,923 3,328 Real estate development costs 3,408 3,748 Debt issuance costs 2,260 1,288 Other 2,104 3,981 Total other long-term assets $ 57,951 $ 46,717 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract] | |
Accounts Payable and Accrued Liabilities | NO TE 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts Payable and Accrued Liabilities consist of the following at December 31: (in thousands) 2021 2020 Accrued payroll and benefits $ 28,944 $ 29,675 Accounts payable 12,749 9,724 Deferred revenue 1 8,392 8,789 Accrued taxes 6,848 20,780 Accrued interest 6,046 6,485 Other current liabilities 15,230 17,826 Total accounts payable and accrued liabilities $ 78,209 $ 93,279 1 Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for 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 initiation fees which are recognized over the average life of club membership. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | NO TE 9. DEBT Long-term Debt consists of the following at December 31: (in thousands) 2021 2020 Variable rate term loans 1 $ 403,500 $ 403,500 Fixed rate term loans 2 290,000 290,000 Revenue bonds 3 65,735 65,735 Medium-term notes 4 3,000 3,000 Long-term principal 762,235 762,235 Debt issuance costs ( 1,598 ) ( 1,857 ) Unamortized discounts ( 2,381 ) ( 3,031 ) Total long-term debt 758,256 757,347 Less: current portion of long-term debt ( 42,977 ) ( 39,981 ) Long-term debt $ 715,279 $ 717,366 1 Variable rate term loans are at rates of one or three-month LIBOR plus a spread between 1.85 % and 2.10 % and mature between 2026 and 2031 . At December 31, 2021, the one and three-month LIBOR rates were 0.10 % and 0.13 %, respectively. We have entered into interest rate swaps for these variable rate term loans to fix the interest rate. See Note 10: Derivative Instruments for additional information. 2 Fixed rate term loans are at rates between 4.05 % and 4.64 % and mature between 2022 and 2025 . 3 Revenue bonds have a fixed rate of 2.75 % and mature in 2024 . 4 Medium-term notes have a fixed rate of 8.75 % and were paid off upon maturity in January 2022 . TERM LOANS In December 2020, through a fourth amendment to the Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender, we refinanced existing term loans of $ 46.0 million that matured with a new term loan that matures in 2030 . The new term loan carries a variable interest rate of one-month LIBOR plus 2.10 %. In conjunction with the new term loan we entered into $ 46.0 million of interest rate swaps to fix the rate at 3.04 % before patronage credits from lenders. In December 2021, through a fifth amendment to the Amended Term Loan Agreement, we refinanced an existing term loan of $ 40.0 million that matured with a new term loan that matures in November 2031 . The new term loan carries a variable interest rate of one-month LIBOR plus 2.10 %. In conjunction with the new term loan we entered into $ 40.0 million of interest rate swaps to fix the rate at 3.10 % before patronage credits from lenders. See Note 10: Derivative Instruments for additional information on our derivative instruments. At December 31, 2021, $ 693.5 million was outstanding under our Amended Term Loan Agreement. DEBT ISSUANCE COSTS AND UNAMORTIZED DISCOUNTS Debt issuance costs represent the capitalized direct costs incurred related to the issuance of debt. These costs are amortized to interest expense over the terms of the respective borrowings. Unamortized discounts include a $ 4.9 million fair value adjustment to the $ 100.0 million term loan assumed in the Deltic merger. The unamortized balance of the fair value adjustment at December 31, 2021, was $ 2.4 million and will be amortized through the term loan’s maturity in 2025 . DEBT MATURITIES Scheduled principal payments due on long-term debt at December 31, 2021 are as follows: (in thousands) 2022 $ 43,000 2023 40,000 2024 175,735 2025 100,000 2026 27,500 Thereafter 376,000 Total $ 762,235 CREDIT AGREEMENT On December 14, 2021, we entered into the Third Amended and Restated Credit Agreement (Amended Credit Agreement). The Amended Credit Agreement extended the expiration date to February 14, 2027 and reduced our revolving line of credit from $ 380.0 million to $ 300.0 million. Under the terms of the Amended Credit Agreement, the amount of available principal may be increased up to an additional $ 500.0 million. The Amended 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 also utilize borrowings under the Amended Credit Agreement to, among other things, refinance existing indebtedness and provide funding for working capital requirements, capital projects, acquisitions and other general corporate expenditures. Pricing on the Amended Credit Agreement is set according to the type of borrowing. LIBOR Loans are issued at a rate equal to the LIBOR Rate plus an applicable rate, while Base Rate Loans are issued at a rate equal to a Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus one half of one percent, (b) LIBOR that would then be applicable to a new LIBOR loan with a one month interest period plus 1 %, and (c) the rate of interest in effect for such day as publicly announced from time to time by KeyBank as its "prime rate." The interest rates we pay for borrowings under either type of loan include an additional Applicable Rate, which can range from 0.85 % to 1.10 % for LIBOR loans and actual rate for Base Rate loans can range from 0 % to 0.10 % depending on our credit rating. Additionally, the Amended Credit Agreement provides mechanics relating to the transition from the use of LIBOR to a replacement benchmark rate upon the occurrence of certain transition events or elections made by the parties. As of December 31, 2021, we were able to borrow under the bank credit facility with an additional Applicable Rate of 1.025 % for LIBOR Loans and 0.025 % for Base Rate Loans. We also pay an annual fee of 0.175 % on the $ 300.0 million revolving line of credit. At December 31, 2021, there were no borrowings under the revolving line of credit and approximately $ 1.0 million of the credit facility was utilized by outstanding letters of credit. FINANCIAL COVENANTS The Amended Term Loan Agreement and the Amended Credit Agreement (collectively referred to as the Agreements) contain certain covenants that limit our ability and that of our subsidiaries to create liens, merge or consolidate, dispose of assets, incur indebtedness and guarantees, repurchase or redeem capital stock and indebtedness, make certain investments or acquisitions, enter into certain transactions with affiliates or change the nature of our business. The Agreements also contain financial maintenance covenants including the maintenance of a minimum interest coverage ratio and a maximum leverage ratio. We are permitted to pay dividends to our stockholders under the terms of the Agreements so long as we expect to remain in compliance with the financial maintenance covenants. We were in compliance with all debt and credit agreement covenants at December 31, 2021. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instrument Detail [Abstract] | |
Derivative Instruments | NO TE 10. 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 December 31, 2021, we have nine interest rate swaps associated with $ 403.5 million of term loan debt. These cash flow hedges convert variable rates ranging from one-month and three-month LIBOR plus 1.85 % to 2.10 %, to fixed rates ranging from 3.04 % to 4.75 %. Our cash flow hedges are expected to be highly effective in achieving the offsetting of cash flows attributable to the hedged interest rate risk through the term of the hedge. At December 31, 2021, the amount of net losses expected to be reclassified into earnings in the next 12 months is approximately $ 6.9 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. In December 2021 , we refinanced $ 40.0 million of existing term loans that matured with a new term loan maturing November 2031 . Upon completing the refinance of the term loans, we redesignated $ 40.0 million of forward starting interest rate swaps with terms consistent with the new term loan, which fixed the rate on the borrowing at 3.10 % before patronage credits from lenders. At December 31, 2021, we hold $ 567.5 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 $ 567.5 million of future debt refinances through January 2029 by converting the benchmark interest rates to fixed interest rates. In addition, these cash flow hedges for future debt refinances require settlement on the stated maturity date. The gross fair values of our cash flow derivative instruments on our Consolidated Balance Sheets as of December 31 are as follows: Asset Derivatives Liability Derivatives (in thousands) Location 2021 2020 Location 2021 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 2,191 $ 63 Accounts payable and accrued liabilities 1 $ — $ 1,010 Interest rate contracts Other assets, 31,306 18,466 Other long-term obligations 24,060 45,100 $ 33,497 $ 18,529 $ 24,060 $ 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 Consolidated Statements of Operations : Year Ended December 31, (in thousands) Location 2021 2020 2019 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income (loss), net of tax $ 26,206 $ ( 14,632 ) $ ( 19,824 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 1 Interest expense $ ( 9,106 ) $ ( 7,451 ) $ ( 1,384 ) Interest expense, net $ 29,275 $ 29,463 $ 30,361 1 Realized gains and 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 Consolidated Statements of Cash Flows . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instrument Detail [Abstract] | |
Fair Value Measurements | NOT E 11. FAIR VALUE MEASUREMENTS Carrying amounts and estimated fair values of our financial instruments as of December 31 are as follows: 2021 2020 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 33,497 $ 33,497 $ 18,529 $ 18,529 Derivative liabilities related to interest rate swaps (Level 2) $ ( 24,060 ) $ ( 24,060 ) $ ( 46,110 ) $ ( 46,110 ) Long-term debt, including current portion (Level 2): Term loans $ ( 691,119 ) $ ( 705,135 ) $ ( 690,469 ) $ ( 716,631 ) Revenue bonds ( 65,735 ) ( 69,278 ) ( 65,735 ) ( 67,885 ) Medium-term notes ( 3,000 ) ( 3,007 ) ( 3,000 ) ( 3,545 ) Total long-term debt 1 $ ( 759,854 ) $ ( 777,420 ) $ ( 759,204 ) $ ( 788,061 ) Company owned life insurance (Level 3) $ 3,923 $ 3,923 $ 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, based on third party sources, 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 value that approximates their fair value with only insignificant differences. This is primarily due to the short-term nature of these instruments. |
Equity-Based Compensation Plans
Equity-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation [Abstract] | |
Equity-Based Compensation Plans | NOTE 12. EQUITY-BASED COMPENSATION PLANS We issue new shares of common stock to settle performance stock awards (PSAs), restricted stock units (RSUs) and deferred compensation stock equivalent units. At December 31, 2021, approximately 0.9 million shares were available for future use under our long-term incentive plans. The following table details our compensation expense and the related income tax benefit for the years ended December 31: (in thousands) 2021 2020 2019 Employee equity-based compensation expense: Performance stock awards $ 5,381 $ 5,083 $ 4,605 Restricted stock units 3,041 2,904 2,595 Deferred compensation stock equivalent units expense 185 76 72 Total equity-based compensation expense $ 8,607 $ 8,063 $ 7,272 Total tax benefit recognized for shared-based payment awards $ 428 $ 357 $ 314 PERFORMANCE STOCK AWARDS During 2021, 2020 and 2019, officers and certain other employees of the company were granted PSA awards. 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. Performance shares are earned based on the company's total shareholder return (TSR) over a three-year performance period relative to the median TSR of performance peer group (weighted 50 %) and the company's TSR percentile ranking relative to all companies within the NAREIT All Equity REITs Index (of which we are a member) (weighted 50 %) over such performance period. TSR is calculated based on stock price appreciation plus cash and share distributions. 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 our 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 three-year 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. Since the awards contain a market condition, the effect of the market condition is reflected in the grant-date fair value, which is estimated using a Monte Carlo simulation. This method is used to estimate the stock prices of PotlatchDeltic and the selected peer companies at the end of the three-year performance period. The Monte Carlo simulation uses inputs such as stock prices and expected volatility of PotlatchDeltic and the peer group of companies as of the award date. Multiple simulations are generated, resulting in share prices and total shareholder return values for PotlatchDeltic and the peer group of companies. For each simulation, the total shareholder return of PotlatchDeltic is ranked against that of the peer group of companies. The future value of the performance share unit is calculated based on a multiplier for the median outperformance and percentile ranking and then discounted to present value. The discount rate is the risk-free rate as of the award date for a term consistent with the performance period. Awards are also credited with dividend equivalents at the end of the performance period, and as a result, award values are not adjusted for dividends. The following table presents the key inputs used in calculating the fair value of the PSAs and the resulting fair values: Year Ended December 31, 2021 2020 2019 Stock price as of valuation date $ 53.53 $ 42.16 $ 35.01 Risk-free rate 0.18 % 1.42 % 2.47 % Expected volatility 45.56 % 25.74 % 25.15 % Expected dividend yield 1 — — — Expected term (years) 3.00 3.00 3.00 Fair value of a performance share $ 69.72 $ 45.04 $ 37.87 1 Full dividend reinvestment assumed. T he following table summarizes outstanding PSAs as of December 31 and the changes during each year: 2021 2020 2019 (in thousands, except per share amounts) Shares Weighted Shares Weighted Shares Weighted Nonvested shares outstanding at January 1 253,266 $ 41.36 196,007 $ 50.15 142,238 $ 63.91 Granted 88,128 $ 69.72 125,001 $ 45.04 142,066 $ 37.87 Vested ( 129,666 ) $ 37.87 ( 63,456 ) $ 75.37 ( 75,048 ) $ 53.85 Forfeited ( 9,281 ) $ 58.32 ( 4,286 ) $ 47.07 ( 13,249 ) $ 45.35 Nonvested shares outstanding at December 31 202,447 $ 55.16 253,266 $ 41.36 196,007 $ 50.15 Total grant date fair value of PSA awards $ 4,910 $ 4,783 $ 4,041 Total fair value of PSA awards $ 12,015 $ 3,968 $ 3,561 As of December 31, 2021, there was $ 5.8 million of unrecognized compensation cost related to nonvested PSAs, which is expected to be recognized over a weighted average period of 1.4 years. RESTRICTED STOCK UNITS During 2021, 2020 and 2019, directors, officers, and certain other employees of the company were granted RSU awards that will vest from one to three years. RSU awards are credited with dividend equivalents for any dividends paid on the company's common stock during the vesting period. Recipients will receive dividend equivalents in the form of additional shares of common stock at the date the vested RSUs are settled. Any forfeited RSUs will not receive dividends. Therefore, the shares are not considered participating securities. The following table summarizes outstanding RSU awards as of December 31 and the changes during each year: 2021 2020 2019 (in thousands, except per share amounts) Shares Weighted Shares Weighted Shares Weighted Nonvested shares outstanding at January 1 139,492 $ 37.54 127,471 $ 39.83 72,020 $ 47.66 Granted 66,107 $ 54.52 68,263 $ 38.77 104,488 $ 36.80 Vested ( 68,606 ) $ 34.50 ( 52,908 ) $ 44.48 ( 43,102 ) $ 45.51 Forfeited ( 4,094 ) $ 49.35 ( 3,334 ) $ 40.20 ( 5,935 ) $ 40.26 Nonvested shares outstanding at December 31 132,899 $ 47.19 139,492 $ 37.54 127,471 $ 39.83 Total grant date fair value of RSU awards $ 2,367 $ 2,354 $ 1,961 Total fair value of RSU awards $ 4,130 $ 2,196 $ 1,771 As of December 31, 2021, there was $ 2.9 million of total unrecognized compensation cost related to nonvested RSU awards, which is expected to be recognized over a weighted average period of 1.3 years. DEFERRED COMPENSATION STOCK EQUIVALENT UNITS A long-term incentive award was granted annually to our directors through December 2017. The awards are payable upon a director's separation from service. Directors may also elect to defer their annual retainers, payable in the form of stock. Additionally, issuance of restricted stock units awarded to certain officers and employees may also be deferred. All stock unit equivalent accounts are credited with dividend equivalents. At December 31, 2021, shares outstanding that will be distributed in the future to directors or officers and employees as common stock were 174,559 and 7,247 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | NOT E 13. LEASES See Note 1: Summary of Significant Accounting Policies for details on our lease accounting policies. Balance Sheet Classification The following tables provide supplemental balance sheet information related to our leases as of December 31: (in thousands) Classification 2021 2020 Assets Operating lease assets Other long-term assets $ 8,514 $ 11,081 Finance lease assets 1 Property, plant and equipment, net 10,663 7,206 Total lease assets $ 19,177 $ 18,287 Liabilities Current Operating lease liabilities Accounts payable and accrued liabilities $ 3,021 $ 4,304 Finance lease liabilities Accounts payable and accrued liabilities 3,577 2,202 Noncurrent Operating lease liabilities Other long-term obligations 5,598 6,835 Finance lease liabilities Other long-term obligations 6,972 4,914 Total lease liabilities $ 19,168 $ 18,255 1 Finance lease assets are presented net of accumulated amortization of $ 4.5 million and $ 1.7 million as of December 31, 2021 and 2020, respectively. 2021 2020 Weighted-average remaining terms (years) Operating leases 3.88 3.80 Finance leases 3.66 3.59 Weighted-average discount rate Operating leases 3.84 % 4.13 % Finance leases 2.54 % 2.76 % Lease Costs The following table summarizes the components of our lease expense for the years ended December 31: (in thousands) 2021 2020 2019 Operating lease costs 1 $ 4,798 $ 5,640 $ 5,938 Finance lease costs: Amortization of leased assets 2,825 1,451 269 Interest on lease assets 227 153 40 Net lease costs $ 7,850 $ 7,244 $ 6,247 1 Excludes short-term leases and variable lease costs, which are immaterial. Operating lease costs and amortization of finance lease assets are included within costs of goods sold and selling, general and administrative expenses and interest on leased assets is included in interest expense, net on our Consolidated Statements of Operations . Other Lease Information The following table presents supplemental cash flow information related to leases for the years ended December 31: (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,745 $ 5,627 Operating cash flows for finance leases $ 227 $ 153 Financing cash flows for finance leases $ 2,846 $ 1,526 Leased assets exchanged for new lease liabilities: Operating leases $ 1,907 $ 447 Finance leases $ 6,279 $ 6,295 Maturity of Lease Liabilities At December 31, 2021, the future minimum lease payment obligations under noncancelable leases were as follows: (in thousands) Operating Leases Finance Leases 2022 $ 3,289 $ 3,800 2023 2,289 3,076 2024 1,349 2,213 2025 1,052 1,156 2026 1,008 554 Thereafter 292 240 Total lease payments 9,279 11,039 Less: interest 660 490 Present value of lease liabilities $ 8,619 $ 10,549 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NO TE 14. INCOME TAXES As a REIT, we generally are not subject to federal and state corporate income taxes on income from investments in real estate that we distribute to our shareholders. We conduct certain activities through our PotlatchDeltic 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 income or loss of the PotlatchDeltic TRS, as well as permanent book versus tax differences. We are also subject to corporate taxes on built-in gains (the excess of fair market value over tax basis on the merger date) on sales of former Deltic real property held by the REIT during the five years following the Deltic merger (until February 2023). The sale of standing timber is not subject to built-in gains tax. Income tax expense consists of the following for the years ended December 31: (in thousands) 2021 2020 2019 Current $ 85,131 $ 41,733 $ 12,055 Deferred 25 ( 14,610 ) ( 11,082 ) Net operating loss carryforwards — — 37 Income taxes $ 85,156 $ 27,123 $ 1,010 Income tax expense differs from the amount computed by applying the statutory federal income tax rate of 21 % to income before income taxes due to the following for the years ended December 31: (in thousands, except effective tax rate) 2021 2020 2019 U.S. federal statutory income tax $ 106,893 $ 40,730 $ 11,901 REIT income not subject to federal income tax ( 34,332 ) ( 16,949 ) ( 11,285 ) Change in valuation allowance — ( 395 ) ( 395 ) State income taxes, net of federal tax benefit 13,314 3,099 334 Other items, net ( 719 ) 638 455 Income taxes $ 85,156 $ 27,123 $ 1,010 Effective tax rate 16.7 % 14.0 % 1.8 % The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were: (in thousands) 2021 2020 Deferred tax assets: Pension and other postretirement employee benefits $ 22,610 $ 34,703 Inventories 387 552 Tax credits — 1,519 Nondeductible accruals 1,634 2,005 Incentive compensation 1,437 971 Employee benefits 1,444 1,323 Other 598 1,110 Total deferred tax assets 28,110 42,183 Deferred tax liabilities: Timber and timberlands, net ( 226 ) ( 354 ) Property, plant and equipment, net ( 53,800 ) ( 52,698 ) Intangible assets, net ( 3,466 ) ( 3,656 ) Real estate development ( 2,476 ) ( 1,236 ) Other ( 3,016 ) ( 1,979 ) Total deferred tax liabilities ( 62,984 ) ( 59,923 ) Deferred tax liabilities, net $ ( 34,874 ) $ ( 17,740 ) We believe it is more likely than not that we will have sufficient future taxable income to realize our deferred tax assets. At December 31, 2021, we had no state or federal net operating loss carryforwards and at December 31, 2021 and 2020, we had no material unrecognized tax benefits. We reflect accrued interest related to tax obligations, as well as penalties, in our provision for income taxes. For the years ended December 31, 2021, 2020 and 2019, we recognized insignificant amounts related to interest and penalties in our tax provision. At December 31, 2021, 2020 and 2019, we had insignificant amounts of accrued interest related to tax obligations and no accrued interest receivable with respect to open tax refunds. The following table summarizes the tax years subject to examination by major taxing jurisdictions: Jurisdiction Years Federal 2018 - 2021 Arkansas 2018 - 2021 Idaho 2018 - 2021 Michigan 2017 - 2021 Minnesota 2017 - 2021 |
Savings Plans, Pension Plans an
Savings Plans, Pension Plans and Other Postretirement Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits | NO TE 15. SAVINGS PLANS, PENSION PLANS AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS SAVINGS PLANS Substantially all of our employees are eligible to participate in 401(k) savings plans. In 2021, 2020 and 2019, we made matching 401(k) contributions on behalf of our employees of $ 4.0 million, $ 3.6 million and $ 3.9 million, respectively. Certain eligible employees who earn awards under our annual incentive plan are permitted to defer receipt of those awards. These employees may defer receipt of a minimum of 50 % and a maximum of 100 % of the award pursuant to rules established under our Management Deferred Compensation Plan. Eligible employees may also defer up to 50 % of their base salary under the Management Deferred Compensation Plan. At the employee's election, deferrals may be deemed invested in a company stock unit account, a directed investment account with certain deemed investments available under the 401(k) Plan or a combination of these investment vehicles. If company stock units are elected, dividend equivalents are credited to the units. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS On January 1, 2011, we closed the legacy Potlatch pension plans to any new salaried and hourly non-represented employees hired after that date. Upon merger with Deltic in 2018, we assumed one qualified pension plan, one nonqualified pension plan and one other postretirement benefit (OPEB) plan. The acquired plans have been frozen to new participants since 2014. Effective December 31, 2021, the Potlatch Salaried Retirement Plan (Salaried Plan) was amended and the three other qualified pension plans merged into the Salaried Plan creating one qualified pension plan renamed the PotlatchDeltic Retirement Plan. There were no impacts to vesting provisions or benefits to the participants of the former qualified defined benefit pension plans as a result of the merger into the Salaried Plan. Effective January 1, 2010, we restructured our OPEB plans. The level of health care subsidy was frozen for retirees so that all future increments in health care costs will be borne by the retirees. In addition, for retirees under age 65, a high deductible medical plan was created and all other existing health care plans were terminated. For retirees age 65 or over, the medical plan is divided into two components, with the company continuing to self-insure prescription drugs and providing a fully-insured medical supplemental plan through AARP/United Healthcare. Both health care plans require the retiree to contribute amounts in excess of the company subsidy in order to continue coverage. The Plan does not pay for vision, dental and life insurance for the retirees. The effect of these retiree plan changes was a reduction in the accumulated postretirement benefit obligation of $ 76.7 million, which was recognized in Accumulated Other Comprehensive Loss as of December 31, 2009 and was fully amortized as of December 31, 2019. 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. In connection with this transaction, we recorded a non-cash pretax settlement charge of $ 43.0 million as a result of accelerating the recognition of actuarial losses included in accumulated other comprehensive loss that would have been recognized in future periods. The settlement also triggered a remeasurement of plan assets and liabilities. We updated the discount rate used to measure our projected benefit obligation for the qualified pension plans as of February 29, 2020 and to calculate the related net periodic benefit cost for the remainder of 2020 to 2.95 % from 3.40 %. All other pension assumptions were unchanged. We use a December 31 measurement date for our benefit plans and obligations. We recognize the underfunded status of our defined benefit pension plans and OPEB plan obligations on our Consolidated Balance Sheets . We recognize changes in the funded status in the year in which changes occur in Accumulated Other Comprehensive Loss and amortize actuarial gains and losses in the Consolidated Statements of Operations as net periodic cost (benefit). Changes in benefit obligation, plan assets and funded status for our pension and OPEB plans are as follows: Pension Plans OPEB (in thousands) 2021 2020 2021 2020 Benefit obligation at beginning of year $ ( 408,429 ) $ ( 474,237 ) $ ( 50,835 ) $ ( 46,395 ) Service cost ( 8,182 ) ( 8,932 ) ( 670 ) ( 508 ) Interest cost ( 10,533 ) ( 12,263 ) ( 1,267 ) ( 1,502 ) Actuarial gain (loss) 17,204 ( 38,366 ) 16,614 ( 6,415 ) Benefits paid 23,735 23,614 3,900 3,985 Plan settlements — 101,755 — — Benefit obligation at end of year $ ( 386,205 ) $ ( 408,429 ) $ ( 32,258 ) $ ( 50,835 ) Fair value of plan assets at beginning of year $ 325,790 $ 398,468 $ — $ — Actual return on plan assets 22,597 46,672 — — Employer contributions and benefit payments 5,144 6,019 3,900 3,985 Benefits paid ( 23,735 ) ( 23,614 ) ( 3,900 ) ( 3,985 ) Plan settlements — ( 101,755 ) — — Fair value of plan assets at end of year $ 329,796 $ 325,790 $ — $ — Amounts recognized in the consolidated balance sheets: Current liabilities $ ( 2,462 ) $ ( 2,363 ) $ ( 2,531 ) $ ( 4,211 ) Noncurrent assets — 1,907 — — Noncurrent liabilities ( 53,947 ) ( 82,183 ) ( 29,727 ) ( 46,624 ) Funded status $ ( 56,409 ) $ ( 82,639 ) $ ( 32,258 ) $ ( 50,835 ) The accumulated benefit obligation for all defined benefit pension plans is determined using the actuarial present value of the vested benefits to which the employee is currently entitled and the employee’s expected date of separation for retirement. At December 31, 2021 and 2020, the accumulated benefit obligation for all defined benefit pension plans was $ 374.7 million and $ 390.3 million, respectively. Actuarial gain (loss) in our pension plans is primarily due to year over year changes in the discount rate. Actuarial gain (loss) for our OPEB plans is primarily due to year over year changes in the discount rate and assumptions associated with medical trends, claims and participant contributions. During 2021 and 2020, funding of pension and other postretirement employee benefit plans was $ 9.0 million and $ 10.0 million, respectively. Pension plans with projected benefit obligations greater than plan assets at December 31 are as follows: 2021 2020 Projected benefit obligations $ 386,205 $ 350,091 Fair value of plan assets $ 329,796 $ 265,546 Pension plans with accumulated benefit obligations greater than plan assets at December 31 are as follows: 2021 2020 Accumulated benefit obligations $ 374,719 $ 332,012 Fair value of plan assets $ 329,796 $ 265,546 PENSION ASSETS We utilize formal investment policy guidelines for our company-sponsored pension plan assets. Management is responsible for ensuring the investment policy and guidelines are adhered to and the investment objectives are met. The general policy states that plan assets will be invested to seek the greatest return consistent with the fiduciary character of the pension funds and to allow the plans to meet the need for timely pension benefit payments. The specific investment guidelines stipulate that management will maintain adequate liquidity for meeting expected benefit payments by reviewing, on a timely basis, contribution and benefit payment levels and appropriately revise long-term and short-term asset allocations. Management takes reasonable and prudent steps to preserve the value of pension fund assets and to avoid the risk of large losses. Major steps taken to provide this protection include the following: • Assets are diversified among various asset classes, such as global equities, fixed income, alternatives and liquid reserves. • Periodic reviews of allocations within these ranges are made to determine what adjustments should be made based on changing economic and market conditions and specific liquidity requirements. • Assets are managed by professional investment managers and may be invested in separately managed accounts or commingled funds. • Assets are not invested in PotlatchDeltic stock. The investment guidelines also provide that the individual investment managers are expected to achieve a reasonable rate of return over a market cycle. Emphasis will be placed on long-term performance versus short-term market aberrations. Factors to be considered in determining reasonable rates of return include performance achieved by a diverse cross section of other investment managers, performance of commonly used benchmarks (e.g., MSCI All-Country World Index, Barclays Long Credit Index), actuarial assumptions for return on plan investments and specific performance guidelines given to individual investment managers. The long-term targeted asset allocation ranges for the pension benefit plans’ asset categories are as follows: Asset Category Allocation Range Global equities 5 % - 35 % Fixed income securities 50 % - 100 % Alternatives, which may include equities and fixed income securities 0 % - 15 % Cash and cash equivalents 0 % - 5 % T he asset allocations of the pension benefit plans’ assets at December 31 by asset category are as follows: Pension Plans Asset Category 2021 2020 Global equities 20 % 32 % Fixed income securities 73 53 Other (includes cash and cash equivalents and alternatives) 7 15 Total 100 % 100 % The pension assets are stated at fair value. Refer to Note 1: Summary of Significant Accounting Policies for a discussion of the framework used to measure fair value. Assets within our defined benefit pension plans were invested as follows: (in thousands) December 31, 2021 Asset Category Level 1 Level 2 Total Cash and cash equivalents $ 4,269 $ — $ 4,269 Global equity securities 1 66,517 — 66,517 Fixed income securities 2 182,506 59,405 241,911 Alternatives 3 17,099 — 17,099 Total $ 270,391 $ 59,405 $ 329,796 (in thousands) December 31, 2020 Asset Category Level 1 Level 2 Total Cash and cash equivalents $ 5,571 $ — $ 5,571 Global equity securities 1 104,775 — 104,775 Fixed income securities 2 143,415 29,494 172,909 Alternatives 3 42,535 — 42,535 Total $ 296,296 $ 29,494 $ 325,790 1 Level 1 assets are international and domestic managed investments with quoted prices on major security markets and also include investments in registered investment company funds for which market quotations are generally readily available on the primary market or exchange on which they are traded. The global equity securities track the MSCI All-Country World Index. 2 Level 1 assets are investments in a diversified portfolio of fixed income instruments of varying maturities representing corporates, U.S. treasuries, municipals and futures. Level 2 assets are thinly traded investments in a diversified portfolio of fixed income instruments of varying maturities representing mostly corporates securities. Both Level 1 & Level 2 investments track the Bloomberg Barclay’s Long-term Credit Index. 3 Level 1 assets are long-term investment funds which are invested in tangible assets and real asset companies such as, infrastructure, natural resources and timber. There were no Level 3 investments held by the defined benefit pension plans at December 31, 2021 or 2020. PLAN ACTIVITY Pre-tax components of net periodic cost (benefit) recognized in our Consolidated Statements of Operations were as follows for the years ended December 31: Pension Plans OPEB (in thousands) 2021 2020 2019 2021 2020 2019 Service cost $ 8,182 $ 8,932 $ 7,767 $ 670 $ 508 $ 371 Interest cost 10,533 12,263 18,465 1,267 1,502 1,588 Expected return on plan assets ( 14,100 ) ( 15,474 ) ( 22,190 ) — — — Amortization of prior service cost (credit) 86 111 211 ( 1,192 ) ( 1,274 ) ( 8,844 ) Amortization of actuarial loss 14,455 15,426 13,497 2,178 1,672 1,012 Net periodic cost (benefit) before pension settlement charge 19,156 21,258 17,750 2,923 2,408 ( 5,873 ) Pension settlement charge — 42,988 — — — — Net periodic cost (benefit) $ 19,156 $ 64,246 $ 17,750 $ 2,923 $ 2,408 $ ( 5,873 ) The amounts recorded in Accumulated Other Comprehensive Loss on our Consolidated Balance Sheets , that have not yet been recognized as components of net periodic benefit costs at December 31, net of tax, consist of: Pension Plans OPEB (in thousands) 2021 2020 2021 2020 Net loss $ 49,476 $ 78,859 $ 2,075 $ 15,947 Prior service cost (credit) 103 166 ( 285 ) ( 1,164 ) Total amount unrecognized $ 49,579 $ 79,025 $ 1,790 $ 14,783 EXPECTED FUNDING AND BENEFIT PAYMENTS We are no t required to contribute to our qualified pension plans in 2022. Our non-qualified pension plan and other postretirement employee benefit plans are unfunded and benefit payments are paid from our general assets. We estimate that we will make non-qualified pension plan payments of $ 2.5 million and other postretirement employee benefit payments of $ 2.5 million in 2022, which are included below. Estimated future benefit payments, which reflect expected future service are as follows for the years indicated: (in thousands) Pension Plans OPEB 2022 $ 22,574 $ 2,532 2023 $ 22,944 $ 2,414 2024 $ 22,945 $ 2,192 2025 $ 22,730 $ 2,017 2026 $ 22,554 $ 1,926 2027–2031 $ 109,673 $ 8,447 ACTUARIAL ASSUMPTIONS The weighted average assumptions used to determine the benefit obligation for our pension and OPEB plans as of December 31 were: Pension Plans OPEB 2021 2020 2021 2020 Discount rate 3.00 % 2.65 % 2.95 % 2.60 % Rate of compensation increase 3.00 - 4.00 % 3.00 - 4.00 % — — The weighted average assumptions used for all pension and OPEB plans to determine the net periodic benefit cost for the years ended December 31 were: Pension Plans OPEB 2021 2020 2019 2021 2020 2019 Discount rate 2.65 % 3.40 % 4.40 % 2.60 % 3.40 % 4.40 % Expected return on plan assets 5.25 % 5.75 % 6.25 % — — — Rate of compensation increase 3.00 - 4.00 % 3.00 - 4.00 % 3.00 - 4.00 % — — — The discount rate used in the determination of pension and other postretirement employee benefit obligations was calculated using hypothetical bond portfolios to match the expected benefit payments under each of our pension plans and other postretirement employee benefit obligations based on bonds available at each year end with a rating of "AA" or better. The portfolios were well-diversified over corporate industrial, corporate financial, municipal, federal and foreign government issuers. Determining our expected return on plan assets requires a high degree of judgment. The expected return on plan assets assumption is based upon an analysis of historical long-term returns for various investment categories, as measured by appropriate indices. These indices are weighted based upon the extent to which plan assets are invested in the particular categories in arriving at our determination of a composite expected return. At December 31, 2021, the assumed health care cost trend rate used to calculate other postretirement employee benefit obligations was between 6.06 % and 6.58 % depending on the individual plan participant makeup and graded ratably to an assumption of 4.00 % in 2046. The actual rates of health care cost increases may vary significantly from the assumption used because of unanticipated changes in health care costs. |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | NO TE 16. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables detail the changes in our Accumulated Other Comprehensive Loss (AOCL) on our Consolidated Balance Sheets for the years ended December 31, 2021 and 2020, net of tax. (in thousands) 2021 2020 Pension Plans Balance at beginning of period $ 79,025 $ 117,028 Net (gain) loss arising during the period ( 19,147 ) 5,306 Effect of pension settlement - ( 31,811 ) Amounts reclassified from AOCL to earnings ( 10,299 ) ( 11,498 ) Balance at end of period 49,579 79,025 Other Postretirement Benefit Plans Balance at beginning of period 14,783 10,331 Net (gain) loss arising during the period ( 12,378 ) 4,747 Amounts reclassified from AOCL to earnings ( 615 ) ( 295 ) Balance at end of period 1,790 14,783 Cash Flow Hedges Balance at beginning of period 27,181 20,000 Net (gain) loss arising during the period ( 26,206 ) 14,632 Amounts reclassified from AOCL to earnings ( 9,106 ) ( 7,451 ) Balance at end of period ( 8,131 ) 27,181 Accumulated other comprehensive loss, end of period $ 43,238 $ 120,989 See Note 10: Derivative Instruments and Note 15: Savings Plans, Pension and Other Postretirement Employee Benefits for additional information. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 operations in seven states. We are engaged in activities associated with timberland management, including the sale of timber, the management of approximately 1.8 million acres of timberlands and the purchase and sale of timberlands. We are also engaged in the manufacture and sale of wood products and the development of real estate. Our timberlands, real estate development projects and all of our wood products facilities are located within the continental United States. The primary market for our products is the United States. We converted to a REIT effective January 1, 2006. |
Consolidation | CONSOLIDATION The Consolidated Financial Statements include the accounts of PotlatchDeltic Corporation and its subsidiaries after the elimination of intercompany transactions and accounts. There are no unconsolidated subsidiaries. |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, which we refer to in this report as GAAP, requires management to make estimates and judgments affecting the amounts reported in the financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. |
Cash and Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash equivalents are investments that are highly liquid with original maturities of three months or less when purchased. The following provides a reconciliation of cash, cash equivalents, and restricted cash at December 31: (in thousands) 2021 2020 2019 Cash and cash equivalents $ 296,151 $ 252,340 $ 83,310 Restricted cash included in other long-term assets 1 621 — 944 Total cash, cash equivalents, and restricted cash $ 296,772 $ 252,340 $ 84,254 1 Consists of proceeds held by a qualified intermediary that are intended to be reinvested in timberlands. The following presents supplemental disclosures to the Consolidated Statements of Cash Flows : Years Ended December 31, (in thousands) 2021 2020 2019 NONCASH INVESTING AND FINANCING ACTIVITIES Accrued property, plant and equipment additions $ 1,521 $ 1,142 $ 1,396 Accrued timberlands reforestation and roads $ 1,190 $ 697 $ 352 Equity issued as consideration for our acquisition of Loutre $ 100,930 $ — $ — Long-term debt assumed in our acquisition of Loutre $ 6,366 $ — $ — Long-term debt assumed by buyer in sale of facility $ — $ — $ 29,000 CASH FLOW INFORMATION Cash paid during the year for: Interest, net of amounts capitalized $ 27,934 $ 28,518 $ 32,282 Income taxes, net $ 98,670 $ 25,790 $ 7,148 |
Business Combinations and Acquisitions | BUSINESS COMBINATIONS AND ACQUISITIONS We apply the principles provided in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations, to determine whether an acquisition involves an asset or a business. If the acquisition is determined to be a business combination, tangible and intangible assets acquired and liabilities assumed are recorded at their estimated fair value and goodwill, if any, is recognized for any differences between the fair value of consideration transferred and the estimated fair value of net assets acquired. If an acquisition is determined to be an asset acquisition, the purchase consideration is allocated to the acquired assets and liabilities based on their relative estimated fair values. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired assets on a relative estimated fair value basis. Transaction costs are expensed in a business combination and are considered a component of the cost of the acquisition in an asset acquisition. |
Revenue Recognition | REVENUE RECOGNITION We recognize revenue in accordance ASC 606, Revenue from Contracts with Customers (ASC 606). For our Timberlands segment, we generate revenue predominantly in the form of delivered logs, pay-as-cut stumpage contracts, lump sum stumpage contracts and timber deeds. For our Wood Products segment we generate revenue from the sale of manufactured wood products and residual by-products. For our Real Estate segment, we generate revenue from the sale of rural real property deemed non-strategic or identified as having higher and better use alternatives and real estate development and subdivision activity. Performance Obligations A performance obligation, as defined in ASC 606, is a promise in a contract to transfer a distinct good or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue at the point in time, or over the period in which the performance obligation is satisfied. Performance obligations associated with delivered logs sales are typically recognized at the point the logs are delivered and scaled at our customers’ mills. Revenue is recognized on timber deeds and lump sum stumpage contracts generally upon closing or when the contracts are effective, which is the point at which the buyer assumes risk of loss associated with the standing timber. We enter into pay-as-cut contracts with customers that provide the customer with the right of access to harvest timber on a specified area of our land. At the execution of the agreement, the customer typically does not take title, control or risk of ownership to the timber. Revenue for pay-as-cut contracts is recognized once scaling occurs as that is the point when control of the harvested trees has transferred to the customer and we have a right to payment. Performance obligations associated with the sale of wood products are typically satisfied when the products are shipped (FOB shipping point) or upon delivery to our customer (FOB destination) depending on the terms of the customer contract. Shipping and handling costs for all wood products, log hauling costs and residual sales are accounted for as cost of goods sold in our Consolidated Statements of Operations . We also enter into vendor managed inventory (VMI) programs with certain customers whereby inventory is shipped to a VMI warehouse. For products shipped under VMI arrangements, revenue is recognized and billed when control transfers to the customer and we have no further obligations, which is generally once the customer pulls the inventory from the VMI warehouse. Performance obligations associated with real estate sales are generally satisfied at a point in time when all conditions of closing have been met and title transfers to the buyer. ASC 606 requires entities to consider significant financing components of contracts with customers, though allows for the use of a practical expedient when the period between satisfaction of a performance obligation and payment receipt is one year or less. Given the nature of our revenue transactions, we have elected to utilize this practical expedient. Contract Estimates There are no significant contract estimates as substantially all of our performance obligations are satisfied as of a point in time. The transaction price for log sales includes amounts billed for logging and hauling and generally equals the amount billed to our customer for logs delivered during the accounting period. For the limited number of log sales subject to a long-term supply agreement, the transaction price is variable but is known at the time of billing. For wood products sales, the transaction price is typically the amount billed to the customer for the products shipped but may be reduced slightly for estimated cash discounts and rebates. In general, a customer receivable is recorded as we deliver wood products, logs and residuals. We generally receive payment shortly after products have been received by our customers. For real estate sales we typically receive the entire consideration in cash at closing. At December 31, 2021 and 2020, the allowance for credit losses associated with our customer receivables was insignificant. See Note 2 Segment Information for information on our revenues by major products. |
Inventories | INVENTORIES For most of our Wood Products operations, we use the last-in, first-out (LIFO) method to value log, lumber and plywood inventory as we believe the LIFO method more fairly presents the results of operations by more closely matching current costs with current revenue. Inventories valued under LIFO are stated at the lower of cost or market. All segment inventories are reported using the average cost method. The LIFO reserve and intersegment eliminations are recorded at the corporate level. Inventories not valued under LIFO are recorded at the lower of average cost or net realizable value. Expenses associated with idle capacity or abnormally low production are reflected in cost of goods sold in the periods incurred. See Note 4: Inventories for additional information. |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are valued at cost less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method of depreciation. Major improvements and replacements of property are capitalized. Maintenance, repairs and minor improvements and replacements are expensed. Upon retirement or other disposition of property, applicable cost and accumulated depreciation are removed from the accounts. Any gains or losses are included in operating income. See Note 5: Property, Plant and Equipment for additional information. |
Recovery of Long-Lived Assets | RECOVERY OF LONG-LIVED ASSETS Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their estimated remaining useful life. We also perform a test for recoverability when management has committed to a plan to sell or otherwise dispose of an asset group. Assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. In June 2021, we experienced a fire at our Ola, Arkansas sawmill and as a result wrote-off $ 9.5 million of net book value of property and equipment and recorded $ 2.6 million in disposal costs for the year ended December 31, 2021. See Note 5: Property, Plant and Equipment for further discussion on the fire at our Ola, Arkansas sawmill. There were no other events or changes in circumstances that indicated the carrying amounts of our other long-lived held and used assets were not recoverable during the years ended December 31, 2021, 2020 or 2019. For the years ended December 31, 2021, 2020 and 2019 we recorded losses on disposal of property, plant and equipment, excluding the losses from the Ola, Arkansas sawmill fire, of $ 1.7 million, $ 0 and $ 0.9 million, respectively. |
Timber and Timberlands | TIMBER AND TIMBERLANDS Timber and timberlands are valued at cost less accumulated depletion and depreciation. We capitalize costs related to stand establishment, which include the preparation of the land for planting, seeds or seedlings and tree planting costs, which include third-party labor costs, materials and other contract services. Upon completion of planting activities and field inspection to confirm the planting operation was successful, a plantation is considered “established.” Subsequent expenditures to maintain the integrity or enhance the growth of an established plantation or stand are expensed. Post-establishment expenses include vegetation control, fertilization, thinning operations and the replanting of seedlings lost through mortality. Forest management costs are considered current operating expenses and include property taxes and insurance, silviculture costs incurred subsequent to stand establishment, cruising of timber volume, property maintenance, salaries, supplies, travel, record-keeping, fire protection and other normal recurring administrative personnel costs. The components of timberland acquisitions are capitalized and allocated based on the relative estimated fair values of timberland, merchantable timber, pre-production timber (young growth that is not yet merchantable timber), logging roads and other land improvements. The estimated volume of current standing merchantable timber, which is a component of calculating our depletion rates, is updated at least annually to reflect increases due to the reclassification of pre-production timber to merchantable timber when it meets defined diameter specifications, the annual growth of merchantable timber and the acquisition of additional merchantable timber, decreases due to timber harvests and land sales and changes resulting from other factors, such as casualty losses. Timber volumes are estimated from cruises of the timber tracts, which are completed on our timberlands on approximately a five to ten year cycle. Depletion represents the amount charged to expense as timber is harvested. Rates at which timber is depleted are calculated annually for each of our depletion pools by dividing the beginning of year balance of the merchantable timber accounts by the volume of standing merchantable timber, after estimated timber volume updates. The base cost of logging roads, such as clearing, grading and ditching, is not depreciated and remains a capitalized item until disposition. Other portions of the initial logging road cost, such as bridges, culverts and gravel surfacing are depreciated over their useful lives, which range from 5 to 20 years . Costs associated with temporary logging road spurs, which are typically used for one harvest season, are expensed as incurred. See Note 6: Timber and Timberlands for additional information. |
Intangible Assets | INTANGIBLE ASSETS We have both indefinite-lived and long-lived intangible assets. Long-lived intangible assets include customer relationships and certain trade names we estimate have a finite life and are being amortized over 10 and 20 years, respectively, and are evaluated for impairment under our Recovery of Long-Lived Assets policy described above. At December 31, 2021 and 2020, the gross carrying amount of our long-lived intangible assets were $ 8.4 million and accumulated amortization was $ 3.1 million and $ 2.3 million, respectively. Amortization expense for the customer relationship and trade name totaled $ 0.8 million in 2021, 2020 and 2019 and is estimated to be $ 0.8 million annually for the next five years. Our indefinite-lived intangible assets consist of trade names and were $ 10.2 million at December 31, 2021 and 2020 and are not amortized. Rather, they are tested for potential impairments annually as of October 1, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the assets. We did no t impair any intangible assets during the years ended December 31, 2021, 2020 or 2019. |
Company Owned Life Insurance | COMPANY OWNED LIFE INSURANCE We are the beneficiary of insurance policies on the lives of certain past officers and employees. We have recognized the amount that could be realized upon surrender of the insurance policies in other assets in our Consolidated Balance Sheets . Company owned life insurance expense and interest income are included in selling, general and administrative expenses and interest expense, net, respectively, in the Consolidated Statements of Operations . The net effect of these amounts on income was not significant for the years ended December 31, 2021, 2020 and 2019. Cash receipts and disbursements are recorded as investing activities within Other, net in the Consolidated Statements of Cash Flows . |
Derivative Instruments | DERIVATIVE INSTRUMENTS We use, from time to time, certain derivative instruments to mitigate exposure to volatility in interest rates and effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and cash flows. All derivatives, whether designated as a hedging relationship or not, are recorded in the Consolidated Balance Sheets at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we must designate the hedging instrument as a fair value hedge or cash flow hedge based on the exposure being hedged. At December 31, 2021 and 2020, we did no t hold any derivatives designated or qualifying as fair value hedges. For a cash flow hedge, the fair value of the effective portion of the derivative is recognized as an asset or liability with a corresponding amount in Accumulated Other Comprehensive Loss on our Consolidated Balance Sheets . Amounts recorded in Accumulated Other Comprehensive Loss are recognized in earnings when the underlying hedged transaction affects earnings. Ineffectiveness is measured by comparing the present value of the cumulative change in the expected future cash flows of the derivative and the present value of the cumulative change in the expected future cash flows of the related instrument. Any ineffective portion of a cash flow hedge is recognized in earnings immediately. If a hedge ceases to qualify for hedge accounting, the contract would continue to be carried on the balance sheet at fair value until settled and adjustments to the contract’s fair value would be recognized in earnings. If a forecasted transaction were no longer probable of occurring, amounts previously deferred in Accumulated Other Comprehensive Loss would be recognized immediately in earnings. For derivative instruments not designated as hedges, the change in fair value of the derivative is recognized in earnings each reporting period. We have International Swap Dealers Association ("ISDA") Master Agreements with each counterparty that permits the net settlement of amounts owed under the respective contracts. The ISDA Master Agreement is an industry standardized contract that governs all derivative contracts entered into between the company and the respective counterparty. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable or receivable for contracts due on the same date for similar types of derivative transactions. We have not elected to offset the fair value positions of the derivative contracts recorded in the Consolidated Balance Sheets . See Note: 10 Derivative Instruments for additional information. |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including long-lived assets (asset groups) measured at fair value for an impairment assessment and pension plan assets measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date. • Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are observed. See Note: 11 Fair Value Measurements for additional information. |
Equity-Based Compensation | EQUITY-BASED COMPENSATION Equity-based awards are measured at estimated fair value on the dates they are granted or modified. These measurements establish the cost of the equity-based awards for accounting purposes. Equity-based compensation expense is recognized over the awards’ applicable vesting period using the straight-line method. We account for forfeitures as they occur. Equity based compensation is classified in the Consolidated Statements of Operations based on the function to which the related services are provided. See Note 12: Equity-Based Compensation Plans for additional information. |
Leases | LEASES We lease certain equipment, office space and land. Right-of-use (ROU) 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. Operating and finance lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. Most leases include one or more options to renew, with renewal terms that can extend the lease term between one to five years . The exercise of lease renewal options is at our sole discretion. Under the operating lease model, lease expense is recognized on a straight-line basis over the lease term. Under the finance lease model, lease expense consists of the amortization of the ROU asset on a straight-line basis over the asset’s estimated useful life and interest expense calculated using the effective interest method. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our rental payments are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants and we do not have any significant sublease income. See Note 13: Leases for additional information. |
Income Taxes | INCOME TAXES We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. We recognize the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income in the period that includes the enactment date of the rate change. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. See Note 14: Income Taxes for additional information. |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS We recognize any overfunded or underfunded status of our defined benefit pension and other postretirement plans on our Consolidated Balance Sheets and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur. The funded status and the requirements for funding our pension plans are based on a number of actuarial assumptions that require judgment. The determination of net periodic pension and postretirement benefit costs includes: • costs of benefits provided in exchange for employees’ services rendered; • interest cost of the obligation; • expected long-term return on plan assets for funded plans; • amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plan; and • amortization of cumulative unrecognized net actuarial gains and losses – generally in excess of 10 percent of the greater of the benefit obligation or market-related value of plan assets at the beginning of the year – over the average remaining service period of the active employee group covered by the plan. Different assumptions would change the net periodic pension and postretirement benefit costs and the obligation of the benefit plans. See Note 15: Savings Plans, Pension Plans and Other Postretirement Employee Benefits for additional information. |
Commitments, Contingencies and Legal Matters | COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS We accrue estimates for resolution of any legal and other contingencies when losses are probable and estimable, in accordance with ASC 450, Contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. 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 receive or have to pay in connection with any legal proceeding would have a materially adverse effect on our consolidated financial position, operating results or net cash flow. |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS New Accounting Standards Adopted in 2021 There were no new accounting pronouncements adopted during 2021 that had a material impact on our consolidated financial statements or footnote disclosures. New Accounting Standards Being Evaluated In March 2020, the FASB issued Accounting Standards Update (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 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, such as the Secured Overnight Financing Rate (SOFR). The guidance in ASU 2020-04, which we 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. Our credit agreement, variable rate term loans with $ 403.5 million in principal, and interest rate derivative agreements have an interest rate tied to LIBOR. We continue to evaluate the impact of the guidance, are monitoring the developments regarding the alternative rates, will work with our lenders and counterparties to identify a suitable replacement rate, may amend certain debt and interest rate derivative agreements to accommodate those rates, and may apply elections allowed under the standard as applicable as additional changes in the market occur. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following provides a reconciliation of cash, cash equivalents, and restricted cash at December 31: (in thousands) 2021 2020 2019 Cash and cash equivalents $ 296,151 $ 252,340 $ 83,310 Restricted cash included in other long-term assets 1 621 — 944 Total cash, cash equivalents, and restricted cash $ 296,772 $ 252,340 $ 84,254 1 Consists of proceeds held by a qualified intermediary that are intended to be reinvested in timberlands. |
Supplemental Disclosures to Consolidated Statements of Cash Flows | The following presents supplemental disclosures to the Consolidated Statements of Cash Flows : Years Ended December 31, (in thousands) 2021 2020 2019 NONCASH INVESTING AND FINANCING ACTIVITIES Accrued property, plant and equipment additions $ 1,521 $ 1,142 $ 1,396 Accrued timberlands reforestation and roads $ 1,190 $ 697 $ 352 Equity issued as consideration for our acquisition of Loutre $ 100,930 $ — $ — Long-term debt assumed in our acquisition of Loutre $ 6,366 $ — $ — Long-term debt assumed by buyer in sale of facility $ — $ — $ 29,000 CASH FLOW INFORMATION Cash paid during the year for: Interest, net of amounts capitalized $ 27,934 $ 28,518 $ 32,282 Income taxes, net $ 98,670 $ 25,790 $ 7,148 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Revenues by Major Product | The following table represents our revenues by major product: Year Ended December 31, (in thousands) 2021 2020 2019 Timberlands Northern region Sawlogs $ 299,330 $ 213,030 $ 161,570 Pulpwood 1,134 4,502 5,767 Stumpage — 316 109 Other 993 1,581 1,970 Total Northern revenues 301,457 219,429 169,416 Southern region Sawlogs 83,836 93,828 88,048 Pulpwood 45,957 49,084 53,315 Stumpage 7,533 4,077 1,666 Other 10,664 10,101 10,248 Total Southern revenues 147,990 157,090 153,277 Total Timberlands revenues 449,447 376,519 322,693 Wood Products Lumber 816,149 573,069 396,648 Residuals and Panels 172,739 125,336 143,760 Total Wood Products revenues 988,888 698,405 540,408 Real Estate Rural real estate 37,622 81,979 49,675 Development real estate 16,751 14,979 22,363 Other 9,440 7,458 6,834 Total Real Estate revenues 63,813 104,416 78,872 Total segment revenues 1,502,148 1,179,340 941,973 Intersegment Timberlands revenues 1 ( 164,713 ) ( 138,410 ) ( 114,875 ) Total consolidated revenues $ 1,337,435 $ 1,040,930 $ 827,098 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. |
Summary of Information by Business Segment | The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Consolidated Financial Statements . Year Ended December 31, (in thousands) 2021 2020 2019 Adjusted EBITDDA: Timberlands $ 262,944 $ 182,802 $ 133,987 Wood Products 393,858 176,095 12,901 Real Estate 47,457 86,476 62,650 Corporate ( 47,393 ) ( 48,451 ) ( 36,257 ) Eliminations and adjustments ( 3,995 ) ( 14,694 ) 5,662 Total Adjusted EBITDDA 652,871 382,228 178,943 Interest expense, net 1 ( 29,275 ) ( 29,463 ) ( 30,361 ) Depreciation, depletion and amortization ( 75,633 ) ( 76,261 ) ( 70,417 ) Basis of real estate sold ( 27,360 ) ( 25,348 ) ( 20,554 ) Net gain on fire damage 3,361 — — Loss on extinguishment of debt — — ( 5,512 ) Pension settlement charge — ( 42,988 ) — Non-operating pension and other postretirement employee benefits ( 13,227 ) ( 14,226 ) ( 3,739 ) (Loss) gain on fixed assets ( 1,721 ) 11 ( 865 ) Gain on sale of facility — — 9,176 Income before income taxes $ 509,016 $ 193,953 $ 56,671 1 Includes amortization of bond discounts and deferred loan fees. The following table summarizes additional reportable segment financial information: Year Ended December 31, (in thousands) 2021 2020 2019 Depreciation, depletion and amortization: Timberlands $ 45,403 $ 51,047 $ 46,601 Wood Products 28,802 23,611 22,059 Real Estate 640 620 678 Corporate 788 983 1,079 75,633 76,261 70,417 Bond discount and deferred loan fees 1 1,792 1,624 1,688 Total depreciation, depletion and amortization $ 77,425 $ 77,885 $ 72,105 Basis of real estate sold: Real Estate $ 27,381 $ 25,990 $ 20,749 Elimination and adjustments ( 21 ) ( 642 ) ( 195 ) Total basis of real estate sold $ 27,360 $ 25,348 $ 20,554 Assets: Timberlands 2 1,713,582 1,617,809 1,655,407 Wood Products 435,300 421,066 398,465 Real Estate 3 81,561 89,509 87,421 2,230,443 2,128,384 2,141,293 Corporate 304,772 252,681 93,766 Total consolidated assets $ 2,535,215 $ 2,381,065 $ 2,235,059 Capital Expenditures: 4 Timberlands $ 16,163 $ 16,252 $ 17,500 Wood Products 38,360 21,565 37,232 Real Estate 5 9,798 7,088 8,053 64,321 44,905 62,785 Corporate 256 728 1,317 Total capital expenditures $ 64,577 $ 45,633 $ 64,102 1 Included within interest expense in the Consolidated Statements of Operations. 2 We do not report rural real estate separate from Timberlands as we do not report these assets separately to management. 3 Real Estate assets primarily consist of the master planned community development and a country club, both located in Arkansas. 4 Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment. 5 Real Estate capital expenditures include development expenditures of $ 9.2 million, $ 6.7 million and $ 7.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 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 for the years ended December 31: (in thousands) 2021 2020 2019 Basic weighted-average shares outstanding 67,352 67,237 67,608 Incremental shares due to: Performance shares 307 289 109 Restricted stock units 60 42 26 Diluted weighted-average shares outstanding 67,719 67,568 67,743 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following at December 31: (in thousands) 2021 2020 Logs $ 41,199 $ 31,210 Lumber, plywood and veneer 34,528 34,136 Materials and supplies 17,780 14,939 93,507 80,285 Less: LIFO reserve ( 21,138 ) ( 18,249 ) Total inventories $ 72,369 $ 62,036 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, Plant and Equipment consist of the following at December 31: (in thousands) Range of useful lives 2021 2020 Land $ 7,171 $ 7,333 Buildings and improvements 10 - 40 years 128,387 126,576 Machinery and equipment 2 - 25 years 375,860 377,782 Construction in progress 20,906 6,020 532,324 517,711 Less: accumulated depreciation ( 240,004 ) ( 229,167 ) Total property, plant and equipment, net $ 292,320 $ 288,544 |
Schedule of Damaged and obsolete Fixed Asset Write-Offs, Disposal Costs, Insurance Recoveries for Ola, Arkansas Sawmill Fire and Net Gain on Fire Damage | Damaged and obsolete fixed asset write-offs, disposal costs, insurance recoveries for the Ola, Arkansas sawmill fire and net gain on fire damage consist of the following for the year-ended December 31, 2021: (in thousands) Fixed asset write-offs $ ( 9,544 ) Disposal costs ( 2,595 ) Total fixed asset loss on disposal ( 12,139 ) Insurance recoveries 15,000 Net gain on fire damage at Ola 2,861 Net gain on timberlands fire damage 500 Net gain on fire damage $ 3,361 |
Timber and Timberlands (Tables)
Timber and Timberlands (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Timber And Timberlands [Abstract] | |
Schedule of Timber and Timberlands | Timber and Timberlands consist of the following at December 31: (in thousands) 2021 2020 Timber and timberlands $ 1,597,011 $ 1,516,788 Logging roads 85,660 83,273 Total timber and timberlands, net $ 1,682,671 $ 1,600,061 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Schedule of Other Current Assets | Other Current Assets consist of the following at December 31: (in thousands) 2021 2020 Real estate held for sale $ 12,013 $ 8,818 Prepaid expenses 4,134 4,032 Other 5,483 3,286 Total other current assets $ 21,630 $ 16,136 |
Schedule of Other Long-term Assets | Other Long-Term Assets consist of the following at December 31: (in thousands) 2021 2020 Interest rate swaps $ 31,306 $ 18,466 Operating leases 8,514 11,081 Mineral rights 6,436 4,825 Investment in company owned life insurance (COLI), net 3,923 3,328 Real estate development costs 3,408 3,748 Debt issuance costs 2,260 1,288 Other 2,104 3,981 Total other long-term assets $ 57,951 $ 46,717 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities consist of the following at December 31: (in thousands) 2021 2020 Accrued payroll and benefits $ 28,944 $ 29,675 Accounts payable 12,749 9,724 Deferred revenue 1 8,392 8,789 Accrued taxes 6,848 20,780 Accrued interest 6,046 6,485 Other current liabilities 15,230 17,826 Total accounts payable and accrued liabilities $ 78,209 $ 93,279 1 Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for 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 initiation fees which are recognized over the average life of club membership. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term Debt consists of the following at December 31: (in thousands) 2021 2020 Variable rate term loans 1 $ 403,500 $ 403,500 Fixed rate term loans 2 290,000 290,000 Revenue bonds 3 65,735 65,735 Medium-term notes 4 3,000 3,000 Long-term principal 762,235 762,235 Debt issuance costs ( 1,598 ) ( 1,857 ) Unamortized discounts ( 2,381 ) ( 3,031 ) Total long-term debt 758,256 757,347 Less: current portion of long-term debt ( 42,977 ) ( 39,981 ) Long-term debt $ 715,279 $ 717,366 1 Variable rate term loans are at rates of one or three-month LIBOR plus a spread between 1.85 % and 2.10 % and mature between 2026 and 2031 . At December 31, 2021, the one and three-month LIBOR rates were 0.10 % and 0.13 %, respectively. We have entered into interest rate swaps for these variable rate term loans to fix the interest rate. See Note 10: Derivative Instruments for additional information. 2 Fixed rate term loans are at rates between 4.05 % and 4.64 % and mature between 2022 and 2025 . 3 Revenue bonds have a fixed rate of 2.75 % and mature in 2024 . 4 Medium-term notes have a fixed rate of 8.75 % and were paid off upon maturity in January 2022 . |
Schedule of Maturities of Long-term Debt | Scheduled principal payments due on long-term debt at December 31, 2021 are as follows: (in thousands) 2022 $ 43,000 2023 40,000 2024 175,735 2025 100,000 2026 27,500 Thereafter 376,000 Total $ 762,235 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instrument Detail [Abstract] | |
Gross Fair Value of Cash Flow Derivative Instruments | The gross fair values of our cash flow derivative instruments on our Consolidated Balance Sheets as of December 31 are as follows: Asset Derivatives Liability Derivatives (in thousands) Location 2021 2020 Location 2021 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 2,191 $ 63 Accounts payable and accrued liabilities 1 $ — $ 1,010 Interest rate contracts Other assets, 31,306 18,466 Other long-term obligations 24,060 45,100 $ 33,497 $ 18,529 $ 24,060 $ 46,110 1 Derivative instruments that mature within one year, as a whole, are classified as current. |
Effect of Derivatives on Consolidated Statements of Operations | The following table details the effect of derivatives on our Consolidated Statements of Operations : Year Ended December 31, (in thousands) Location 2021 2020 2019 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income (loss), net of tax $ 26,206 $ ( 14,632 ) $ ( 19,824 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 1 Interest expense $ ( 9,106 ) $ ( 7,451 ) $ ( 1,384 ) Interest expense, net $ 29,275 $ 29,463 $ 30,361 1 Realized gains and 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 Consolidated Statements of Cash Flows . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instrument Detail [Abstract] | |
Carrying Amounts and Estimated Fair Value of Financial Instruments | Carrying amounts and estimated fair values of our financial instruments as of December 31 are as follows: 2021 2020 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 33,497 $ 33,497 $ 18,529 $ 18,529 Derivative liabilities related to interest rate swaps (Level 2) $ ( 24,060 ) $ ( 24,060 ) $ ( 46,110 ) $ ( 46,110 ) Long-term debt, including current portion (Level 2): Term loans $ ( 691,119 ) $ ( 705,135 ) $ ( 690,469 ) $ ( 716,631 ) Revenue bonds ( 65,735 ) ( 69,278 ) ( 65,735 ) ( 67,885 ) Medium-term notes ( 3,000 ) ( 3,007 ) ( 3,000 ) ( 3,545 ) Total long-term debt 1 $ ( 759,854 ) $ ( 777,420 ) $ ( 759,204 ) $ ( 788,061 ) Company owned life insurance (Level 3) $ 3,923 $ 3,923 $ 3,328 $ 3,328 1 The carrying amount of long-term debt includes principal and unamortized discounts. |
Equity-Based Compensation Pla_2
Equity-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Based Compensation [Abstract] | |
Details of Equity-Based Compensation Expense and Related Income Tax Benefit | The following table details our compensation expense and the related income tax benefit for the years ended December 31: (in thousands) 2021 2020 2019 Employee equity-based compensation expense: Performance stock awards $ 5,381 $ 5,083 $ 4,605 Restricted stock units 3,041 2,904 2,595 Deferred compensation stock equivalent units expense 185 76 72 Total equity-based compensation expense $ 8,607 $ 8,063 $ 7,272 Total tax benefit recognized for shared-based payment awards $ 428 $ 357 $ 314 |
Fair Value of Performance Share Awards | The following table presents the key inputs used in calculating the fair value of the PSAs and the resulting fair values: Year Ended December 31, 2021 2020 2019 Stock price as of valuation date $ 53.53 $ 42.16 $ 35.01 Risk-free rate 0.18 % 1.42 % 2.47 % Expected volatility 45.56 % 25.74 % 25.15 % Expected dividend yield 1 — — — Expected term (years) 3.00 3.00 3.00 Fair value of a performance share $ 69.72 $ 45.04 $ 37.87 1 Full dividend reinvestment assumed. |
Summary of Outstanding Performance Share Awards | he following table summarizes outstanding PSAs as of December 31 and the changes during each year: 2021 2020 2019 (in thousands, except per share amounts) Shares Weighted Shares Weighted Shares Weighted Nonvested shares outstanding at January 1 253,266 $ 41.36 196,007 $ 50.15 142,238 $ 63.91 Granted 88,128 $ 69.72 125,001 $ 45.04 142,066 $ 37.87 Vested ( 129,666 ) $ 37.87 ( 63,456 ) $ 75.37 ( 75,048 ) $ 53.85 Forfeited ( 9,281 ) $ 58.32 ( 4,286 ) $ 47.07 ( 13,249 ) $ 45.35 Nonvested shares outstanding at December 31 202,447 $ 55.16 253,266 $ 41.36 196,007 $ 50.15 Total grant date fair value of PSA awards $ 4,910 $ 4,783 $ 4,041 Total fair value of PSA awards $ 12,015 $ 3,968 $ 3,561 |
Summary of Outstanding RSU Awards | The following table summarizes outstanding RSU awards as of December 31 and the changes during each year: 2021 2020 2019 (in thousands, except per share amounts) Shares Weighted Shares Weighted Shares Weighted Nonvested shares outstanding at January 1 139,492 $ 37.54 127,471 $ 39.83 72,020 $ 47.66 Granted 66,107 $ 54.52 68,263 $ 38.77 104,488 $ 36.80 Vested ( 68,606 ) $ 34.50 ( 52,908 ) $ 44.48 ( 43,102 ) $ 45.51 Forfeited ( 4,094 ) $ 49.35 ( 3,334 ) $ 40.20 ( 5,935 ) $ 40.26 Nonvested shares outstanding at December 31 132,899 $ 47.19 139,492 $ 37.54 127,471 $ 39.83 Total grant date fair value of RSU awards $ 2,367 $ 2,354 $ 1,961 Total fair value of RSU awards $ 4,130 $ 2,196 $ 1,771 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee Lease Assets and Liabilities | The following tables provide supplemental balance sheet information related to our leases as of December 31: (in thousands) Classification 2021 2020 Assets Operating lease assets Other long-term assets $ 8,514 $ 11,081 Finance lease assets 1 Property, plant and equipment, net 10,663 7,206 Total lease assets $ 19,177 $ 18,287 Liabilities Current Operating lease liabilities Accounts payable and accrued liabilities $ 3,021 $ 4,304 Finance lease liabilities Accounts payable and accrued liabilities 3,577 2,202 Noncurrent Operating lease liabilities Other long-term obligations 5,598 6,835 Finance lease liabilities Other long-term obligations 6,972 4,914 Total lease liabilities $ 19,168 $ 18,255 1 Finance lease assets are presented net of accumulated amortization of $ 4.5 million and $ 1.7 million as of December 31, 2021 and 2020, respectively. |
Schedule Of Weighted Average Remaining Term And Discount Rates | 2021 2020 Weighted-average remaining terms (years) Operating leases 3.88 3.80 Finance leases 3.66 3.59 Weighted-average discount rate Operating leases 3.84 % 4.13 % Finance leases 2.54 % 2.76 % |
Schedule of Components of Lease Expense | The following table summarizes the components of our lease expense for the years ended December 31: (in thousands) 2021 2020 2019 Operating lease costs 1 $ 4,798 $ 5,640 $ 5,938 Finance lease costs: Amortization of leased assets 2,825 1,451 269 Interest on lease assets 227 153 40 Net lease costs $ 7,850 $ 7,244 $ 6,247 1 Excludes short-term leases and variable lease costs, which are immaterial. |
Schedule of Supplemental Cash Flow Information Related to Leases | The following table presents supplemental cash flow information related to leases for the years ended December 31: (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,745 $ 5,627 Operating cash flows for finance leases $ 227 $ 153 Financing cash flows for finance leases $ 2,846 $ 1,526 Leased assets exchanged for new lease liabilities: Operating leases $ 1,907 $ 447 Finance leases $ 6,279 $ 6,295 |
Schedule of Maturities of Operating and Finance Lease Liabilities | At December 31, 2021, the future minimum lease payment obligations under noncancelable leases were as follows: (in thousands) Operating Leases Finance Leases 2022 $ 3,289 $ 3,800 2023 2,289 3,076 2024 1,349 2,213 2025 1,052 1,156 2026 1,008 554 Thereafter 292 240 Total lease payments 9,279 11,039 Less: interest 660 490 Present value of lease liabilities $ 8,619 $ 10,549 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of the Income Tax Provision Allocated to Continuing Operations | Income tax expense consists of the following for the years ended December 31: (in thousands) 2021 2020 2019 Current $ 85,131 $ 41,733 $ 12,055 Deferred 25 ( 14,610 ) ( 11,082 ) Net operating loss carryforwards — — 37 Income taxes $ 85,156 $ 27,123 $ 1,010 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differs from the amount computed by applying the statutory federal income tax rate of 21 % to income before income taxes due to the following for the years ended December 31: (in thousands, except effective tax rate) 2021 2020 2019 U.S. federal statutory income tax $ 106,893 $ 40,730 $ 11,901 REIT income not subject to federal income tax ( 34,332 ) ( 16,949 ) ( 11,285 ) Change in valuation allowance — ( 395 ) ( 395 ) State income taxes, net of federal tax benefit 13,314 3,099 334 Other items, net ( 719 ) 638 455 Income taxes $ 85,156 $ 27,123 $ 1,010 Effective tax rate 16.7 % 14.0 % 1.8 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were: (in thousands) 2021 2020 Deferred tax assets: Pension and other postretirement employee benefits $ 22,610 $ 34,703 Inventories 387 552 Tax credits — 1,519 Nondeductible accruals 1,634 2,005 Incentive compensation 1,437 971 Employee benefits 1,444 1,323 Other 598 1,110 Total deferred tax assets 28,110 42,183 Deferred tax liabilities: Timber and timberlands, net ( 226 ) ( 354 ) Property, plant and equipment, net ( 53,800 ) ( 52,698 ) Intangible assets, net ( 3,466 ) ( 3,656 ) Real estate development ( 2,476 ) ( 1,236 ) Other ( 3,016 ) ( 1,979 ) Total deferred tax liabilities ( 62,984 ) ( 59,923 ) Deferred tax liabilities, net $ ( 34,874 ) $ ( 17,740 ) We believe it is more likely than not that we will have sufficient future taxable income to realize our deferred tax assets. |
Summary of Tax Years Subject to Examination by Major Taxing Jurisdictions | The following table summarizes the tax years subject to examination by major taxing jurisdictions: Jurisdiction Years Federal 2018 - 2021 Arkansas 2018 - 2021 Idaho 2018 - 2021 Michigan 2017 - 2021 Minnesota 2017 - 2021 |
Savings Plans, Pension Plans _2
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | Changes in benefit obligation, plan assets and funded status for our pension and OPEB plans are as follows: Pension Plans OPEB (in thousands) 2021 2020 2021 2020 Benefit obligation at beginning of year $ ( 408,429 ) $ ( 474,237 ) $ ( 50,835 ) $ ( 46,395 ) Service cost ( 8,182 ) ( 8,932 ) ( 670 ) ( 508 ) Interest cost ( 10,533 ) ( 12,263 ) ( 1,267 ) ( 1,502 ) Actuarial gain (loss) 17,204 ( 38,366 ) 16,614 ( 6,415 ) Benefits paid 23,735 23,614 3,900 3,985 Plan settlements — 101,755 — — Benefit obligation at end of year $ ( 386,205 ) $ ( 408,429 ) $ ( 32,258 ) $ ( 50,835 ) Fair value of plan assets at beginning of year $ 325,790 $ 398,468 $ — $ — Actual return on plan assets 22,597 46,672 — — Employer contributions and benefit payments 5,144 6,019 3,900 3,985 Benefits paid ( 23,735 ) ( 23,614 ) ( 3,900 ) ( 3,985 ) Plan settlements — ( 101,755 ) — — Fair value of plan assets at end of year $ 329,796 $ 325,790 $ — $ — Amounts recognized in the consolidated balance sheets: Current liabilities $ ( 2,462 ) $ ( 2,363 ) $ ( 2,531 ) $ ( 4,211 ) Noncurrent assets — 1,907 — — Noncurrent liabilities ( 53,947 ) ( 82,183 ) ( 29,727 ) ( 46,624 ) Funded status $ ( 56,409 ) $ ( 82,639 ) $ ( 32,258 ) $ ( 50,835 ) |
Pension Plans with Projected Benefit Obligations Greater than Plan Assets | Pension plans with projected benefit obligations greater than plan assets at December 31 are as follows: 2021 2020 Projected benefit obligations $ 386,205 $ 350,091 Fair value of plan assets $ 329,796 $ 265,546 |
Pension Plans with Accumulated Benefit Obligations Greater than Plan Assets | Pension plans with accumulated benefit obligations greater than plan assets at December 31 are as follows: 2021 2020 Accumulated benefit obligations $ 374,719 $ 332,012 Fair value of plan assets $ 329,796 $ 265,546 |
Long-term Targeted Asset Allocation Ranges | The long-term targeted asset allocation ranges for the pension benefit plans’ asset categories are as follows: Asset Category Allocation Range Global equities 5 % - 35 % Fixed income securities 50 % - 100 % Alternatives, which may include equities and fixed income securities 0 % - 15 % Cash and cash equivalents 0 % - 5 % |
Schedule of Actual Asset Allocations of the Pension Benefit Plans' Assets | he asset allocations of the pension benefit plans’ assets at December 31 by asset category are as follows: Pension Plans Asset Category 2021 2020 Global equities 20 % 32 % Fixed income securities 73 53 Other (includes cash and cash equivalents and alternatives) 7 15 Total 100 % 100 % |
Schedule of Allocation of Plan Assets | Assets within our defined benefit pension plans were invested as follows: (in thousands) December 31, 2021 Asset Category Level 1 Level 2 Total Cash and cash equivalents $ 4,269 $ — $ 4,269 Global equity securities 1 66,517 — 66,517 Fixed income securities 2 182,506 59,405 241,911 Alternatives 3 17,099 — 17,099 Total $ 270,391 $ 59,405 $ 329,796 (in thousands) December 31, 2020 Asset Category Level 1 Level 2 Total Cash and cash equivalents $ 5,571 $ — $ 5,571 Global equity securities 1 104,775 — 104,775 Fixed income securities 2 143,415 29,494 172,909 Alternatives 3 42,535 — 42,535 Total $ 296,296 $ 29,494 $ 325,790 1 Level 1 assets are international and domestic managed investments with quoted prices on major security markets and also include investments in registered investment company funds for which market quotations are generally readily available on the primary market or exchange on which they are traded. The global equity securities track the MSCI All-Country World Index. 2 Level 1 assets are investments in a diversified portfolio of fixed income instruments of varying maturities representing corporates, U.S. treasuries, municipals and futures. Level 2 assets are thinly traded investments in a diversified portfolio of fixed income instruments of varying maturities representing mostly corporates securities. Both Level 1 & Level 2 investments track the Bloomberg Barclay’s Long-term Credit Index. 3 Level 1 assets are long-term investment funds which are invested in tangible assets and real asset companies such as, infrastructure, natural resources and timber. |
Pre-tax Components of Net Periodic Cost (Benefit) | Pre-tax components of net periodic cost (benefit) recognized in our Consolidated Statements of Operations were as follows for the years ended December 31: Pension Plans OPEB (in thousands) 2021 2020 2019 2021 2020 2019 Service cost $ 8,182 $ 8,932 $ 7,767 $ 670 $ 508 $ 371 Interest cost 10,533 12,263 18,465 1,267 1,502 1,588 Expected return on plan assets ( 14,100 ) ( 15,474 ) ( 22,190 ) — — — Amortization of prior service cost (credit) 86 111 211 ( 1,192 ) ( 1,274 ) ( 8,844 ) Amortization of actuarial loss 14,455 15,426 13,497 2,178 1,672 1,012 Net periodic cost (benefit) before pension settlement charge 19,156 21,258 17,750 2,923 2,408 ( 5,873 ) Pension settlement charge — 42,988 — — — — Net periodic cost (benefit) $ 19,156 $ 64,246 $ 17,750 $ 2,923 $ 2,408 $ ( 5,873 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The amounts recorded in Accumulated Other Comprehensive Loss on our Consolidated Balance Sheets , that have not yet been recognized as components of net periodic benefit costs at December 31, net of tax, consist of: Pension Plans OPEB (in thousands) 2021 2020 2021 2020 Net loss $ 49,476 $ 78,859 $ 2,075 $ 15,947 Prior service cost (credit) 103 166 ( 285 ) ( 1,164 ) Total amount unrecognized $ 49,579 $ 79,025 $ 1,790 $ 14,783 |
Schedule of Expected Future Benefit Payments | Estimated future benefit payments, which reflect expected future service are as follows for the years indicated: (in thousands) Pension Plans OPEB 2022 $ 22,574 $ 2,532 2023 $ 22,944 $ 2,414 2024 $ 22,945 $ 2,192 2025 $ 22,730 $ 2,017 2026 $ 22,554 $ 1,926 2027–2031 $ 109,673 $ 8,447 |
Weighted Average Assumptions Used to Determine the Benefit Obligation for our Pension and OPEB Plans | The weighted average assumptions used to determine the benefit obligation for our pension and OPEB plans as of December 31 were: Pension Plans OPEB 2021 2020 2021 2020 Discount rate 3.00 % 2.65 % 2.95 % 2.60 % Rate of compensation increase 3.00 - 4.00 % 3.00 - 4.00 % — — |
Schedule of Weighted Average Assumptions Used for All Pension and OPEB Plans to Determine the Net Periodic Benefit Cost | The weighted average assumptions used for all pension and OPEB plans to determine the net periodic benefit cost for the years ended December 31 were: Pension Plans OPEB 2021 2020 2019 2021 2020 2019 Discount rate 2.65 % 3.40 % 4.40 % 2.60 % 3.40 % 4.40 % Expected return on plan assets 5.25 % 5.75 % 6.25 % — — — Rate of compensation increase 3.00 - 4.00 % 3.00 - 4.00 % 3.00 - 4.00 % — — — |
Components of Accumulated Oth_2
Components of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The following tables detail the changes in our Accumulated Other Comprehensive Loss (AOCL) on our Consolidated Balance Sheets for the years ended December 31, 2021 and 2020, net of tax. (in thousands) 2021 2020 Pension Plans Balance at beginning of period $ 79,025 $ 117,028 Net (gain) loss arising during the period ( 19,147 ) 5,306 Effect of pension settlement - ( 31,811 ) Amounts reclassified from AOCL to earnings ( 10,299 ) ( 11,498 ) Balance at end of period 49,579 79,025 Other Postretirement Benefit Plans Balance at beginning of period 14,783 10,331 Net (gain) loss arising during the period ( 12,378 ) 4,747 Amounts reclassified from AOCL to earnings ( 615 ) ( 295 ) Balance at end of period 1,790 14,783 Cash Flow Hedges Balance at beginning of period 27,181 20,000 Net (gain) loss arising during the period ( 26,206 ) 14,632 Amounts reclassified from AOCL to earnings ( 9,106 ) ( 7,451 ) Balance at end of period ( 8,131 ) 27,181 Accumulated other comprehensive loss, end of period $ 43,238 $ 120,989 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) a in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)a | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Principle Accounting Policies [Line Items] | |||
Timber And Timberlands Acres Owned | a | 1.8 | ||
Loss on disposal of property | $ 1,700,000 | $ 0 | $ 900,000 |
Gross carrying amount of long-lived intangible assets | 8,400,000 | 8,400,000 | |
Accumulated amortization | 3,100,000 | 2,300,000 | |
Indefinite-lived intangible assets, trade names | 10,200,000 | 10,200,000 | |
Impairment of intangible assets | $ 0 | 0 | 0 |
Defined benefit obligation of plan assets description | amortization of cumulative unrecognized net actuarial gains and losses – generally in excess of 10 percent of the greater of the benefit obligation or market-related value of plan assets at the beginning of the year – over the average remaining service period of the active employee group covered by the plan. | ||
Long-term principal | $ 762,235,000 | 762,235,000 | |
Variable Rate Term Loans [Member] | |||
Principle Accounting Policies [Line Items] | |||
Long-term principal | 403,500,000 | 403,500,000 | |
Designated as Hedging Instrument [Member] | |||
Principle Accounting Policies [Line Items] | |||
Derivative Fair Value Of Derivative Net | 0 | 0 | |
Customer Relationship and Trade Names [Member] | |||
Principle Accounting Policies [Line Items] | |||
Amortization expense | 800,000 | $ 800,000 | $ 800,000 |
Intangible assets estimated amortization expense, year one | 800,000 | ||
Intangible assets estimated amortization expense, year two | 800,000 | ||
Intangible assets estimated amortization expense, year three | 800,000 | ||
Intangible assets estimated amortization expense, year four | 800,000 | ||
Intangible assets estimated amortization expense, year five | $ 800,000 | ||
Intangible Assets, Amortization Period [Member] | Customer Relationships [Member] | |||
Principle Accounting Policies [Line Items] | |||
Finite-lived intangible asset, useful life | 10 years | ||
Intangible Assets, Amortization Period [Member] | Trade Names [Member] | |||
Principle Accounting Policies [Line Items] | |||
Finite-lived intangible asset, useful life | 20 years | ||
Minimum [Member] | |||
Principle Accounting Policies [Line Items] | |||
Operating leases, options to extend leases term | 1 year | ||
Maximum [Member] | |||
Principle Accounting Policies [Line Items] | |||
Operating leases, options to extend leases term | 5 years | ||
Timber and Timberlands [Member] | Minimum [Member] | |||
Principle Accounting Policies [Line Items] | |||
Timber volume estimate, review period | 5 years | ||
Property, plant and equipment, useful life | 5 years | ||
Timber and Timberlands [Member] | Maximum [Member] | |||
Principle Accounting Policies [Line Items] | |||
Timber volume estimate, review period | 10 years | ||
Property, plant and equipment, useful life | 20 years | ||
Ola, Arkansas Sawmill [Member] | |||
Principle Accounting Policies [Line Items] | |||
Write off of property and equipment | $ 9,500,000 | ||
Equipment disposal costs | $ 2,595,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 296,151 | $ 252,340 | $ 83,310 | |
Restricted cash included in other long-term assets | $ 621 | $ 944 | ||
Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Other Assets [Member] | Other Assets [Member] | Other Assets [Member] | |
Total cash, cash equivalents, and restricted cash | $ 296,772 | $ 252,340 | $ 84,254 | $ 79,441 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Supplemental Disclosures to Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued property, plant and equipment additions | $ 1,521 | $ 1,142 | $ 1,396 |
Accrued timberlands reforestation and roads | 1,190 | 697 | 352 |
Equity issued as consideration for our acquisition of Loutre | 100,930 | ||
Long-term debt assumed in our acquisition of Loutre | 6,366 | ||
Long-term debt assumed by buyer in sale of facility | 29,000 | ||
CASH FLOW INFORMATION | |||
Interest, net of amounts capitalized | 27,934 | 28,518 | 32,282 |
Income taxes, net | $ 98,670 | $ 25,790 | $ 7,148 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2021SegmentCustomer | Dec. 31, 2020Customer | Dec. 31, 2019Customer | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 3 | ||
Number of customers more than 10% of revenue | Customer | 0 | 0 | 0 |
Segment Information (Summary of
Segment Information (Summary of Revenues by Major Product) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | $ 1,337,435 | $ 1,040,930 | $ 827,098 | |
Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 1,502,148 | 1,179,340 | 941,973 | |
Intersegment Eliminations [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | [1] | (164,713) | (138,410) | (114,875) |
Timberlands [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 449,447 | 376,519 | 322,693 | |
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 301,457 | 219,429 | 169,416 | |
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 299,330 | 213,030 | 161,570 | |
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 1,134 | 4,502 | 5,767 | |
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Stumpage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 316 | 109 | ||
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 993 | 1,581 | 1,970 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 147,990 | 157,090 | 153,277 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 83,836 | 93,828 | 88,048 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 45,957 | 49,084 | 53,315 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 7,533 | 4,077 | 1,666 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 10,664 | 10,101 | 10,248 | |
Wood Products [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 988,888 | 698,405 | 540,408 | |
Wood Products [Member] | Operating Segments [Member] | Lumber [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 816,149 | 573,069 | 396,648 | |
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 172,739 | 125,336 | 143,760 | |
Real Estate Segment [Member] | Operating Segments [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 63,813 | 104,416 | 78,872 | |
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 37,622 | 81,979 | 49,675 | |
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | 9,440 | 7,458 | 6,834 | |
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues | $ 16,751 | $ 14,979 | $ 22,363 | |
[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 | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDDA | $ 652,871 | $ 382,228 | $ 178,943 | |
Interest expense, net | [1] | (29,275) | (29,463) | (30,361) |
Depreciation, depletion and amortization | (75,633) | (76,261) | (70,417) | |
Basis of real estate sold | (27,360) | (25,348) | (20,554) | |
Net gain on fire damage | 3,361 | |||
Loss on the extinguishment of debt | (5,512) | |||
Pension settlement charge | (42,988) | |||
Non-operating pension and other postretirement employee benefits | (13,227) | (14,226) | (3,739) | |
(Loss) gain on fixed assets | (1,721) | 11 | (865) | |
Gain on sale of facility | 9,176 | |||
Income before income taxes | 509,016 | 193,953 | 56,671 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | 75,633 | 76,261 | 70,417 | |
Operating Segments [Member] | Timberlands [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDDA | 262,944 | 182,802 | 133,987 | |
Depreciation, depletion and amortization | 45,403 | 51,047 | 46,601 | |
Operating Segments [Member] | Wood Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDDA | 393,858 | 176,095 | 12,901 | |
Depreciation, depletion and amortization | 28,802 | 23,611 | 22,059 | |
Operating Segments [Member] | Real Estate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDDA | 47,457 | 86,476 | 62,650 | |
Depreciation, depletion and amortization | 640 | 620 | 678 | |
Basis of real estate sold | (27,381) | (25,990) | (20,749) | |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDDA | (47,393) | (48,451) | (36,257) | |
Depreciation, depletion and amortization | 788 | 983 | 1,079 | |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDDA | (3,995) | (14,694) | 5,662 | |
Basis of real estate sold | $ 21 | $ 642 | $ 195 | |
[1] | Includes amortization of bond discounts and deferred loan fees. |
Segment Information (Summary _3
Segment Information (Summary of Additional Reportable Segment Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | $ (75,633) | $ (76,261) | $ (70,417) | |
Bond discount and deferred loan fees | [1] | 1,792 | 1,624 | 1,688 |
Total depreciation, depletion and amortization | 77,425 | 77,885 | 72,105 | |
Basis of real estate sold | 27,360 | 25,348 | 20,554 | |
Assets | 2,535,215 | 2,381,065 | 2,235,059 | |
Capital Expenditures | 64,577 | 45,633 | 64,102 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | 75,633 | 76,261 | 70,417 | |
Assets | 2,230,443 | 2,128,384 | 2,141,293 | |
Capital Expenditures | 64,321 | 44,905 | 62,785 | |
Operating Segments [Member] | Timberlands [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | 45,403 | 51,047 | 46,601 | |
Assets | [2] | 1,713,582 | 1,617,809 | 1,655,407 |
Capital Expenditures | [3] | 16,163 | 16,252 | 17,500 |
Operating Segments [Member] | Wood Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | 28,802 | 23,611 | 22,059 | |
Assets | 435,300 | 421,066 | 398,465 | |
Capital Expenditures | 38,360 | 21,565 | 37,232 | |
Operating Segments [Member] | Real Estate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | 640 | 620 | 678 | |
Basis of real estate sold | 27,381 | 25,990 | 20,749 | |
Assets | [4] | 81,561 | 89,509 | 87,421 |
Capital Expenditures | [5] | 9,798 | 7,088 | 8,053 |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation, depletion and amortization | 788 | 983 | 1,079 | |
Assets | 304,772 | 252,681 | 93,766 | |
Capital Expenditures | 256 | 728 | 1,317 | |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Basis of real estate sold | $ (21) | $ (642) | $ (195) | |
[1] | Included within interest expense in the Consolidated Statements of Operations. | |||
[2] | We do not report rural real estate separate from Timberlands as we do not report these assets separately to management. | |||
[3] | Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment. | |||
[4] | Real Estate assets primarily consist of the master planned community development and a country club, both located in Arkansas. | |||
[5] | Real Estate capital expenditures include development expenditures of $ 9.2 million, $ 6.7 million and $ 7.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Segment Information (Summary _4
Segment Information (Summary of Additional Reportable Segment Financial Information) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | |||
Real estate development expenditures | $ 9,229 | $ 6,706 | $ 7,254 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per Share [Line Items] | |||
Basic weighted-average shares outstanding | 67,352 | 67,237 | 67,608 |
Diluted weighted-average shares outstanding | 67,719 | 67,568 | 67,743 |
Performance shares [Member] | |||
Earnings per Share [Line Items] | |||
Incremental shares | 307 | 289 | 109 |
Restricted stock units [Member] | |||
Earnings per Share [Line Items] | |||
Incremental shares | 60 | 42 | 26 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 11, 2022 | Dec. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 30, 2018 |
Earnings per Share [Line Items] | ||||||
Total anti-dilutive shares excluded from the calculation (in shares) | 48,600 | 1,100 | 49,500 | |||
Number of shares repurchased | 0 | 489,850 | 686,240 | |||
Number of shares repurchased, cost | $ 15,364 | $ 25,173 | ||||
Stock repurchase program, remaining amount | $ 59,500 | |||||
Unsettled repurchase shares | 0 | 0 | ||||
Retained percentage limit on value of TRS | 20.00% | |||||
Deltic [Member] | Special Dividend [Member] | ||||||
Earnings per Share [Line Items] | ||||||
Dividend payable | $ 276,300 | |||||
Dividend payable, per share | $ 4 | |||||
Distribution, date of declared | Dec. 3, 2021 | |||||
Distribution, payable date | Dec. 31, 2021 | |||||
Deltic [Member] | Subsequent Event [Member] | ||||||
Earnings per Share [Line Items] | ||||||
Dividend payable, per share | $ 0.44 | |||||
Distribution, date of declared | Feb. 11, 2022 | |||||
Distribution, date of record | Mar. 4, 2022 | |||||
Distribution, payable date | Mar. 31, 2022 | |||||
Maximum [Member] | ||||||
Earnings per Share [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 100,000 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Logs | $ 41,199 | $ 31,210 |
Lumber, plywood and veneer | 34,528 | 34,136 |
Materials and supplies | 17,780 | 14,939 |
Inventories gross | 93,507 | 80,285 |
Less: LIFO reserve | (21,138) | (18,249) |
Total inventories | $ 72,369 | $ 62,036 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Last-In, First-Out Reserve | $ 21,138 | $ 18,249 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 532,324 | $ 517,711 |
Less: accumulated depreciation | (240,004) | (229,167) |
Total property, plant and equipment, net | 292,320 | 288,544 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 7,171 | 7,333 |
Buildings and Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 128,387 | 126,576 |
Buildings and Improvements [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Buildings and Improvements [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 40 years | |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 375,860 | 377,782 |
Machinery and Equipment | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
Machinery and Equipment | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 20,906 | $ 6,020 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 23 Months Ended | ||
Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Property Plant And Equipment [Line Items] | |||||
Depreciation expense | $ 30,600,000 | $ 25,200,000 | $ 23,900,000 | ||
Pre-tax gain on sale of facility | 9,176,000 | ||||
Total cash proceeds received after working capital adjustments, closing costs and other expenses | 1,000,000 | $ 58,793,000 | |||
Roseburg Forest Products Co [Member] | Deltic MDF Facility [Member] | |||||
Property Plant And Equipment [Line Items] | |||||
Total sale price | $ 92,000,000 | ||||
Cash sale price | 63,000,000 | ||||
Assumption sale price of revenue bonds | 29,000,000 | ||||
Pre-tax gain on sale of facility | $ 9,200,000 | ||||
Total cash proceeds received after working capital adjustments, closing costs and other expenses | $ 1,000,000 | $ 59,800,000 | |||
Ola, Arkansas Sawmill [Member] | |||||
Property Plant And Equipment [Line Items] | |||||
Business interruption recoveries | $ 0 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Schedule of Damaged and Obsolete Fixed Asset Write-Offs, Disposal Costs, Insurance Recoveries for Ola, Arkansas Sawmill Fire and Net Gain on Fire Damage) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Property, Plant and Equipment [Line Items] | |
Net gain on fire damage | $ 3,361 |
Ola, Arkansas Sawmill [Member] | |
Property, Plant and Equipment [Line Items] | |
Fixed asset write-offs | (9,544) |
Disposal costs | (2,595) |
Total fixed asset loss on disposal | (12,139) |
Insurance recoveries | 15,000 |
Net gain on fire damage | 2,861 |
Timberlands [Member] | |
Property, Plant and Equipment [Line Items] | |
Net gain on fire damage | $ 500 |
Timber and Timberlands (Schedul
Timber and Timberlands (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Timber And Timberlands [Abstract] | ||
Timber and timberlands | $ 1,597,011 | $ 1,516,788 |
Logging roads | 85,660 | 83,273 |
Total timber and timberlands, net | $ 1,682,671 | $ 1,600,061 |
Timber and Timberlands (Narrati
Timber and Timberlands (Narrative) (Details) shares in Thousands, $ in Millions | Dec. 21, 2021USD ($)ashares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Asset Acquisition [Line Items] | ||||
Depletion from Company Owned Lands | $ 40.4 | $ 46.3 | $ 41.7 | |
Amortization of Logging Roads | 3.5 | $ 3.6 | $ 3.6 | |
Future payments due under timber cutting contracts | $ 13.8 | |||
Assets of Loutre Land and Timber Company [Member] | ||||
Asset Acquisition [Line Items] | ||||
Acres acquired through timberland purchase | a | 51,340 | |||
Acquisition cost | $ 107.7 | |||
Shareholders equity | $ 100.9 | |||
Asset acquisition, shares issued | shares | 1,960 | |||
Liabilities assumed | $ 6.8 | |||
Long-term debt | 6.3 | |||
Transaction costs | 0.6 | |||
Assets of Loutre Land and Timber Company [Member] | Other Assets [Member] | ||||
Asset Acquisition [Line Items] | ||||
Fair value of assets acquired | 0.5 | |||
Assets of Loutre Land and Timber Company [Member] | Timber and Timberlands [Member] | ||||
Asset Acquisition [Line Items] | ||||
Fair value of assets acquired | 105.2 | |||
Assets of Loutre Land and Timber Company [Member] | Mineral Rights [Member] | ||||
Asset Acquisition [Line Items] | ||||
Fair value of assets acquired | $ 2 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Real estate held for sale | $ 12,013 | $ 8,818 |
Prepaid expenses | 4,134 | 4,032 |
Other | 5,483 | 3,286 |
Total other current assets | $ 21,630 | $ 16,136 |
Other Assets (Schedule of Oth_2
Other Assets (Schedule of Other Long-term Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets Noncurrent [Abstract] | ||
Interest rate swaps | $ 31,306 | $ 18,466 |
Operating leases | 8,514 | 11,081 |
Mineral rights | 6,436 | 4,825 |
Investment in company owned life insurance (COLI), net | 3,923 | 3,328 |
Real estate development costs | 3,408 | 3,748 |
Debt issuance costs | 2,260 | 1,288 |
Other | 2,104 | 3,981 |
Total other long-term assets | $ 57,951 | $ 46,717 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |||
Accrued payroll and benefits | $ 28,944 | $ 29,675 | |
Accounts payable | 12,749 | 9,724 | |
Deferred revenue | [1] | 8,392 | 8,789 |
Accrued taxes | 6,848 | 20,780 | |
Accrued interest | 6,046 | 6,485 | |
Other current liabilities | 15,230 | 17,826 | |
Total accounts payable and accrued liabilities | $ 78,209 | $ 93,279 | |
[1] | Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for 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 initiation fees which are recognized over the average life of club membership. |
Debt (Schedule of Long-Term Deb
Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term principal | $ 762,235 | $ 762,235 |
Debt issuance costs | (1,598) | (1,857) |
Unamortized discounts | (2,381) | (3,031) |
Total long-term debt | 758,256 | 757,347 |
Less: current portion of long-term debt | (42,977) | (39,981) |
Long-term debt | 715,279 | 717,366 |
Variable Rate Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term principal | 403,500 | 403,500 |
Fixed Rate Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term principal | 290,000 | 290,000 |
Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Long-term principal | 65,735 | 65,735 |
Medium Term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term principal | $ 3,000 | $ 3,000 |
Debt (Schedule of Long-Term D_2
Debt (Schedule of Long-Term Debt) (Parenthetical) (Details) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Interest Rate | 3.10% | 3.04% | 3.10% |
Debt instrument maturity date | 2030 | ||
Term loan maturity period | 2031-11 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | 2.10% | 1.00% |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||
Variable Rate Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument maturity start date | 2026 | ||
Debt instrument maturity end date | 2031 | ||
Variable Rate Term Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | ||
Interest rate variable | 0.10% | 0.10% | |
Variable Rate Term Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | ||
Interest rate variable | 0.13% | 0.13% | |
Fixed Rate Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument maturity start date | 2022 | ||
Debt instrument maturity end date | 2025 | ||
Fixed Rate Term Loans [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.05% | 4.05% | |
Fixed Rate Term Loans [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.64% | 4.64% | |
Revenue Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.75% | 2.75% | |
Debt instrument maturity date | 2024 | ||
Medium Term Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 8.75% | 8.75% | |
Term loan maturity period | 2022-01 |
Debt -Term Loans, Medium Term N
Debt -Term Loans, Medium Term Notes and Revenue Bonds - (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Debt | $ 40 | $ 46 | |
Interest Rate | 3.10% | 3.04% | 3.10% |
Debt instrument maturity date | 2030 | ||
Term loan maturity period | 2031-11 | ||
Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 40 | $ 46 | $ 40 |
Amended Term Loan Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, amount outstanding | $ 693.5 | $ 693.5 | |
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | 2.10% | 1.00% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Unamortized discounts | $ 3,031 | $ 2,381 |
Debt instrument maturity date | 2030 | |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discounts | 2,400 | |
Long-term Debt, Gross | $ 100,000 | |
Debt instrument maturity date | 2025 | |
Deltic [Member] | Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discounts | $ 4,900 |
Debt (Scheduled Payments Due on
Debt (Scheduled Payments Due on Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long Term Debt By Maturity [Abstract] | ||
2022 | $ 43,000 | |
2023 | 40,000 | |
2024 | 175,735 | |
2025 | 100,000 | |
2026 | 27,500 | |
Thereafter | 376,000 | |
Debt Instrument, Face Amount | $ 762,235 | $ 762,235 |
Debt - Credit Agreement - (Narr
Debt - Credit Agreement - (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 14, 2021 | Dec. 13, 2021 | |
Debt Instrument [Line Items] | |||||
Unused Capacity, Commitment Fee Percentage | 0.175% | ||||
Federal Fund Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.10% | 2.10% | 1.00% | ||
Additional Applicable Rate Added to Base Rate, Minimum | 1.025% | 1.025% | |||
Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Additional Applicable Rate Added to Base Rate, Minimum | 0.025% | 0.025% | |||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||
Minimum [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||||
Maximum [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | $ 380,000,000 | |||
Amount available to increase borrowing capacity | 500,000,000 | ||||
Revolving line of credit borrowings | $ 0 | $ 0 | |||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 75,000,000 | ||||
Line of credit facility, amount outstanding | $ 1,000,000 | $ 1,000,000 | |||
Swing Line Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 25,000,000 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2021USD ($)Derivative | Dec. 31, 2021USD ($)Derivative | Dec. 31, 2020USD ($) | |
Derivatives Fair Value [Line Items] | |||
Net losses expected to be reclassified into earnings in the next 12 months | $ 6.9 | ||
Term loan maturity period | 2031-11 | ||
Term Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Term loan debt | $ 100 | 100 | |
Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Term loan debt | $ 40 | $ 40 | $ 46 |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||
Derivatives Fair Value [Line Items] | |||
Number of interest rate swap agreements | Derivative | 9 | 9 | |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member] | |||
Derivatives Fair Value [Line Items] | |||
Swaps fixed interest rate | 3.04% | 3.04% | |
LIBOR variable interest rate | 1.85% | 1.85% | |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Maximum [Member] | |||
Derivatives Fair Value [Line Items] | |||
Swaps fixed interest rate | 4.75% | 4.75% | |
LIBOR variable interest rate | 2.10% | 2.10% | |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Term loan debt | $ 403.5 | $ 403.5 | |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans Maturing in December 2021 [Member] | |||
Derivatives Fair Value [Line Items] | |||
Term loan debt | $ 40 | 40 | |
Term loan maturity period | 2021-12 | ||
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loan Maturing November 2031 [Member] | |||
Derivatives Fair Value [Line Items] | |||
Term loan debt | $ 40 | $ 40 | |
Swaps fixed interest rate | 3.10% | 3.10% | |
Term loan maturity period | 2031-11 | ||
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans Maturing in December 2021 through January 2029 [Member] | |||
Derivatives Fair Value [Line Items] | |||
Term loan debt | $ 567.5 | $ 567.5 | |
Term loan maturity period | 2029-01 |
Derivative Instruments (Gross F
Derivative Instruments (Gross Fair Value of Cash Flow Derivative Instruments) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | $ 33,497 | $ 18,529 | |
Liability Derivatives, Fair Value | 24,060 | 46,110 | |
Interest rate contracts [Member] | Other Assets Current [Member] | |||
Derivatives Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | [1] | 2,191 | 63 |
Interest rate contracts [Member] | Other Noncurrent Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | 31,306 | 18,466 | |
Interest rate contracts [Member] | Accounts Payable and Accrued Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Liability Derivatives, Fair Value | [1] | 1,010 | |
Interest rate contracts [Member] | Other Long-term Obligations [Member] | |||
Derivatives Fair Value [Line Items] | |||
Liability Derivatives, Fair Value | $ 24,060 | $ 45,100 | |
[1] | 1 Derivative instruments that mature within one year, as a whole, are classified as current. |
Derivative Instruments (Effect
Derivative Instruments (Effect of Derivatives on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Income (loss) recognized in other comprehensive income (loss), net of tax | $ 35,312 | $ (7,181) | $ (18,440) | |
Interest expense, net | [1] | 29,275 | 29,463 | 30,361 |
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 (loss), net of tax | 26,206 | (14,632) | (19,824) | |
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 tax | [2] | $ (9,106) | $ (7,451) | $ (1,384) |
[1] | Includes amortization of bond discounts and deferred loan fees. | |||
[2] | Realized gains and 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 Consolidated Statements of Cash Flows . |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Carrying Amount [Member] | Level 2 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | [1] | $ (759,854) | $ (759,204) |
Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative assets related to interest rate swaps | 33,497 | 18,529 | |
Derivative liabilities related to interest rate swaps | (24,060) | (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 | (691,119) | (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 | 3,923 | 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] | (777,420) | (788,061) |
Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative assets related to interest rate swaps | 33,497 | 18,529 | |
Derivative liabilities related to interest rate swaps | (24,060) | (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 | (705,135) | (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 | (69,278) | (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 | (3,007) | (3,545) | |
Fair Value [Member] | Level 3 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Company owned life insurance | $ 3,923 | $ 3,328 | |
[1] | 1 The carrying amount of long-term debt includes principal and unamortized discounts. |
Equity-Based Compensation Pla_3
Equity-Based Compensation Plans (Narrative) (Details) shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, shares reserved for future issuance | 174,559 |
Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, shares reserved for future issuance | 7,247 |
Performance stock awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance share award granted under stock incentive plan, performance period | 3 years |
TSR of performance peer group weighted percentage | 50.00% |
TSR within NAREIT All Equity REIT weighted percentage | 50.00% |
Unrecognized compensation cost | $ | $ 5.8 |
Weighted average period (in years) | 1 year 4 months 24 days |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | $ | $ 2.9 |
Weighted average period (in years) | 1 year 3 months 18 days |
Minimum [Member] | Performance stock awards [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% |
Minimum [Member] | Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
Maximum [Member] | Performance stock awards [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% |
Maximum [Member] | Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Long-Term Incentive Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for future use | 900 |
Equity-Based Compensation Pla_4
Equity-Based Compensation Plans (Details of Equity-Based Compensation Expense and Related Income Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 8,607 | $ 8,063 | $ 7,272 |
Deferred compensation stock equivalent units expense | 185 | 76 | 72 |
Total tax benefit recognized for shared-based payment awards | 428 | 357 | 314 |
Performance stock awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | 5,381 | 5,083 | 4,605 |
Restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 3,041 | $ 2,904 | $ 2,595 |
Equity-Based Compensation Pla_5
Equity-Based Compensation Plans (Fair Value of Performance Share Awards) (Details) - Performance stock awards [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price as of valuation date (in dollars per share) | $ 53.53 | $ 42.16 | $ 35.01 |
Risk-free rate | 0.18% | 1.42% | 2.47% |
Expected volatility | 45.56% | 25.74% | 25.15% |
Expected term (years) | 3 years | 3 years | 3 years |
Fair value of a performance share | $ 69.72 | $ 45.04 | $ 37.87 |
Equity-Based Compensation Pla_6
Equity-Based Compensation Plans (Summary of Outstanding Performance Shares/Restricted Stock Units) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance stock awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares outstanding at January 1, Shares | 253,266 | 196,007 | 142,238 |
Granted (in shares) | 88,128 | 125,001 | 142,066 |
Vested (in shares) | (129,666) | (63,456) | (75,048) |
Forfeited (in shares) | (9,281) | (4,286) | (13,249) |
Nonvested shares outstanding at December 31, Shares | 202,447 | 253,266 | 196,007 |
Total grant date fair value of awards vested during the year | $ 4,910 | $ 4,783 | $ 4,041 |
Total fair value of awards vested during the year | $ 12,015 | $ 3,968 | $ 3,561 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Nonvested shares outstanding at January 1, Weighted Average Grant Date Fair Value (in dollars per share) | $ 41.36 | $ 50.15 | $ 63.91 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 69.72 | 45.04 | 37.87 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 37.87 | 75.37 | 53.85 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 58.32 | 47.07 | 45.35 |
Nonvested shares outstanding at December 31, Weighted Average Grant Date Fair Value (in dollars per share) | $ 55.16 | $ 41.36 | $ 50.15 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares outstanding at January 1, Shares | 139,492 | 127,471 | 72,020 |
Granted (in shares) | 66,107 | 68,263 | 104,488 |
Vested (in shares) | (68,606) | (52,908) | (43,102) |
Forfeited (in shares) | (4,094) | (3,334) | (5,935) |
Nonvested shares outstanding at December 31, Shares | 132,899 | 139,492 | 127,471 |
Total grant date fair value of awards vested during the year | $ 2,367 | $ 2,354 | $ 1,961 |
Total fair value of awards vested during the year | $ 4,130 | $ 2,196 | $ 1,771 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Nonvested shares outstanding at January 1, Weighted Average Grant Date Fair Value (in dollars per share) | $ 37.54 | $ 39.83 | $ 47.66 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 54.52 | 38.77 | 36.80 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 34.50 | 44.48 | 45.51 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 49.35 | 40.20 | 40.26 |
Nonvested shares outstanding at December 31, Weighted Average Grant Date Fair Value (in dollars per share) | $ 47.19 | $ 37.54 | $ 39.83 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||
Operating lease assets | $ 8,514 | $ 11,081 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets Noncurrent | Other Assets Noncurrent | |
Finance lease assets | $ 10,663 | $ 7,206 | [1] |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property Plant And Equipment Net | Property Plant And Equipment Net | |
Total lease assets | $ 19,177 | $ 18,287 | |
Current liabilities: | |||
Operating lease liabilities | $ 3,021 | $ 4,304 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable And Accrued Liabilities Current | Accounts Payable And Accrued Liabilities Current | |
Finance lease liabilities | $ 3,577 | $ 2,202 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable And Accrued Liabilities Current | Accounts Payable And Accrued Liabilities Current | |
Noncurrent | |||
Operating lease liabilities | $ 5,598 | $ 6,835 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities Noncurrent | Other Liabilities Noncurrent | |
Finance lease liabilities | $ 6,972 | $ 4,914 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities Noncurrent | Other Liabilities Noncurrent | |
Total lease liabilities | $ 19,168 | $ 18,255 | |
[1] | Finance lease assets are presented net of accumulated amortization of $ 4.5 million and $ 1.7 million as of December 31, 2021 and 2020, respectively. |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Balance Sheet Information Related Leases (Parentheticals) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Accumulated amortization of finance lease assets | $ 4.5 | $ 1.7 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Terms and Discount Rate (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted-average remaining terms (years) | ||
Operating leases | 3 years 10 months 17 days | 3 years 9 months 18 days |
Finance leases | 3 years 7 months 28 days | 3 years 7 months 2 days |
Weighted-average discount rate | ||
Operating leases | 3.84% | 4.13% |
Finance leases | 2.54% | 2.76% |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Leases [Abstract] | ||||
Operating lease costs | [1] | $ 4,798 | $ 5,640 | $ 5,938 |
Finance lease costs: | ||||
Amortization of leased assets | 2,825 | 1,451 | 269 | |
Interest on lease assets | 227 | 153 | 40 | |
Net lease costs | $ 7,850 | $ 7,244 | $ 6,247 | |
[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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 4,745 | $ 5,627 |
Operating cash flows for finance leases | 227 | 153 |
Financing cash flows for finance leases | 2,846 | 1,526 |
Leased assets exchanged for new lease liabilities: | ||
Operating leases | 1,907 | 447 |
Finance leases | $ 6,279 | $ 6,295 |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 3,289 |
2023 | 2,289 |
2024 | 1,349 |
2025 | 1,052 |
2026 | 1,008 |
Thereafter | 292 |
Total lease payments | 9,279 |
Less: interest | 660 |
Present value of lease liabilities | 8,619 |
Finance Leases | |
2022 | 3,800 |
2023 | 3,076 |
2024 | 2,213 |
2025 | 1,156 |
2026 | 554 |
Thereafter | 240 |
Total lease payments | 11,039 |
Less: interest | 490 |
Present value of lease liabilities | $ 10,549 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Unrecognized tax benefits that would impact effective tax rate | $ 0 | $ 0 | |
Statutory Federal Income Tax Rate | 21.00% | ||
Accrued interest receivable with respect to open tax refunds | $ 0 | 0 | $ 0 |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $ 0 | $ 0 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 85,131 | $ 41,733 | $ 12,055 |
Deferred | 25 | (14,610) | (11,082) |
Net operating loss carryforwards | 37 | ||
Income taxes | $ 85,156 | $ 27,123 | $ 1,010 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax | $ 106,893 | $ 40,730 | $ 11,901 |
REIT income not subject to federal income tax | (34,332) | (16,949) | (11,285) |
Change in valuation allowance | (395) | (395) | |
State income taxes, net of federal tax benefit | 13,314 | 3,099 | 334 |
Other items, net | (719) | 638 | 455 |
Income taxes | $ 85,156 | $ 27,123 | $ 1,010 |
Effective tax rate | 16.70% | 14.00% | 1.80% |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Pension and other postretirement employee benefits | $ 22,610 | $ 34,703 |
Inventories | 387 | 552 |
Tax credits | 1,519 | |
Nondeductible accruals | 1,634 | 2,005 |
Incentive compensation | 1,437 | 971 |
Employee benefits | 1,444 | 1,323 |
Other | 598 | 1,110 |
Total deferred tax assets | 28,110 | 42,183 |
Timber and timberlands, net | (226) | (354) |
Property, plant and equipment, net | (53,800) | (52,698) |
Intangible assets, net | (3,466) | (3,656) |
Real estate development | (2,476) | (1,236) |
Other | (3,016) | (1,979) |
Total deferred tax liabilities | (62,984) | (59,923) |
Deferred tax liabilities, net | $ (34,874) | $ (17,740) |
Income Taxes (Summary of Tax Ye
Income Taxes (Summary of Tax Years Subject to Examination by Major Taxing Jurisdictions) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Federal [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2018 |
Federal [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2021 |
Arkansas [Member] | State and Local [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2018 |
Arkansas [Member] | State and Local [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2021 |
Idaho [Member] | State and Local [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2018 |
Idaho [Member] | State and Local [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2021 |
Michigan [Member] | State and Local [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2017 |
Michigan [Member] | State and Local [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2021 |
Minnesota [Member] | State and Local [Member] | Earliest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2017 |
Minnesota [Member] | State and Local [Member] | Latest Tax Year [Member] | |
Income Tax Examination [Line Items] | |
Tax years subject to examination | 2021 |
Savings Plans, Pension Plans _3
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions by employer | $ 4,000,000 | $ 3,600,000 | $ 3,900,000 | |
Accumulated benefit obligation | 374,700,000 | 390,300,000 | ||
Funding of pension and other postretirement benefit plans | 9,044,000 | 10,004,000 | 5,678,000 | |
Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments in Level 3 | 0 | $ 0 | ||
Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 0 | |||
Accumulated Other Comprehensive Loss [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Decrease in accumulated postretirement benefit obligations | $ 76,700,000 | |||
Management Deferred Compensation Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Annual incentive plan, employee permitted minimum defer percentage | 50.00% | |||
Annual incentive plan, employee permitted maximum defer percentage | 100.00% | |||
Management Deferred Compensation Plan [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Basic salary defer percentage | 50.00% | |||
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Change in monthly retirement benefit amount | $ 0 | |||
Non-cash pretax settlement charge | 43,000,000 | |||
Discount rate used to measure projected benefit obligations for qualified pension plans | 3.00% | 2.65% | ||
Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 22,574,000 | |||
Pension Plans [Member] | Qualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate used to measure projected benefit obligations for qualified pension plans | 2.95% | 3.40% | ||
Pension Plans [Member] | Qualified Plan [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 | |||
Pension Plans [Member] | Nonqualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 2,500,000 | |||
Other Postretirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate used to measure projected benefit obligations for qualified pension plans | 2.95% | 2.60% | ||
Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 2,532,000 | |||
Defined Benefit Plan, Assumption Health Care Cost Trend Rate for Next Fiscal Year | 4.00% | |||
Other Postretirement Benefit Plans [Member] | Nonqualified Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 2,500,000 | |||
Other Postretirement Benefit Plans [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Health care cost trend rate assumed for next fiscal year | 6.06% | |||
Other Postretirement Benefit Plans [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Health care cost trend rate assumed for next fiscal year | 6.58% |
Savings Plans, Pension Plans _4
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Changes in Benefit Obligation, Plan Assets and Funded Status for Pension and OPEB Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amounts recognized in the consolidated balance sheets [Abstract] | |||
Noncurrent liabilities | $ (83,674) | $ (128,807) | |
Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | (408,429) | (474,237) | |
Service cost | (8,182) | (8,932) | $ (7,767) |
Interest cost | (10,533) | (12,263) | (18,465) |
Actuarial gain (loss) | 17,204 | (38,366) | |
Benefits paid | 23,735 | 23,614 | |
Plan settlements | 101,755 | ||
Benefit obligation at end of year | (386,205) | (408,429) | (474,237) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 325,790 | 398,468 | |
Actual return on plan assets | 22,597 | 46,672 | |
Employer contributions and benefit payments | 5,144 | 6,019 | |
Benefits paid | (23,735) | (23,614) | |
Plan settlements | (101,755) | ||
Fair value of plan assets at end of year | 329,796 | 325,790 | 398,468 |
Amounts recognized in the consolidated balance sheets [Abstract] | |||
Current liabilities | (2,462) | (2,363) | |
Noncurrent assets | 1,907 | ||
Noncurrent liabilities | (53,947) | (82,183) | |
Funded status | (56,409) | (82,639) | |
OPEB [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | (50,835) | (46,395) | |
Service cost | (670) | (508) | (371) |
Interest cost | (1,267) | (1,502) | (1,588) |
Actuarial gain (loss) | 16,614 | (6,415) | |
Benefits paid | 3,900 | 3,985 | |
Benefit obligation at end of year | (32,258) | (50,835) | $ (46,395) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions and benefit payments | 3,900 | 3,985 | |
Benefits paid | (3,900) | (3,985) | |
Amounts recognized in the consolidated balance sheets [Abstract] | |||
Current liabilities | (2,531) | (4,211) | |
Noncurrent liabilities | (29,727) | (46,624) | |
Funded status | $ (32,258) | $ (50,835) |
Savings Plans, Pension Plans _5
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Pension Plans with Projected Benefit Obligations Greater than Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Savings Plans Pension Plans And Other Postretirement Employee Benefits [Abstract] | ||
Projected benefit obligations | $ 386,205 | $ 350,091 |
Fair value of plan assets | $ 329,796 | $ 265,546 |
Savings Plans, Pension Plans _6
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Pension Plans with Accumulated Benefit Obligations Greater than Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Savings Plans Pension Plans And Other Postretirement Employee Benefits [Abstract] | ||
Accumulated benefit obligations | $ 374,719 | $ 332,012 |
Fair value of plan assets | $ 329,796 | $ 265,546 |
Savings Plans, Pension Plans _7
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Long-Term Targeted Asset Allocation Ranges) (Details) - Pension Plans [Member] | Dec. 31, 2021 |
Global Equities [Member] | Minimum [Member] | |
Long-term targeted asset allocation | 5.00% |
Global Equities [Member] | Maximum [Member] | |
Long-term targeted asset allocation | 35.00% |
Fixed Income Securities [Member] | Minimum [Member] | |
Long-term targeted asset allocation | 50.00% |
Fixed Income Securities [Member] | Maximum [Member] | |
Long-term targeted asset allocation | 100.00% |
Alternative Securities [Member] | Minimum [Member] | |
Long-term targeted asset allocation | 0.00% |
Alternative Securities [Member] | Maximum [Member] | |
Long-term targeted asset allocation | 15.00% |
Cash and Cash Equivalents [Member] | Minimum [Member] | |
Long-term targeted asset allocation | 0.00% |
Cash and Cash Equivalents [Member] | Maximum [Member] | |
Long-term targeted asset allocation | 5.00% |
Savings Plans, Pension Plans _8
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Actual Plan Asset Allocations of the Pension Benefit Plans' Assets) (Details) - Pension Plans [Member] | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Global Equities [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | 32.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 73.00% | 53.00% |
Other (Includes Cash and Cash Equivalents and Alternatives) [Member] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 7.00% | 15.00% |
Savings Plans, Pension Plans _9
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Assets within Defined Benefit Pension Plans Invested) (Details) - Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value of Plan Assets | $ 329,796 | $ 325,790 | $ 398,468 |
Cash and Cash Equivalents [Member] | |||
Fair Value of Plan Assets | 4,269 | 5,571 | |
Global Equities [Member] | |||
Fair Value of Plan Assets | 66,517 | 104,775 | |
Fixed Income Securities [Member] | |||
Fair Value of Plan Assets | 241,911 | 172,909 | |
Alternative Securities [Member] | |||
Fair Value of Plan Assets | 17,099 | 42,535 | |
Level 1 | |||
Fair Value of Plan Assets | 270,391 | 296,296 | |
Level 1 | Cash and Cash Equivalents [Member] | |||
Fair Value of Plan Assets | 4,269 | 5,571 | |
Level 1 | Global Equities [Member] | |||
Fair Value of Plan Assets | 66,517 | 104,775 | |
Level 1 | Fixed Income Securities [Member] | |||
Fair Value of Plan Assets | 182,506 | 143,415 | |
Level 1 | Alternative Securities [Member] | |||
Fair Value of Plan Assets | 17,099 | 42,535 | |
Level 2 [Member] | |||
Fair Value of Plan Assets | 59,405 | 29,494 | |
Level 2 [Member] | Fixed Income Securities [Member] | |||
Fair Value of Plan Assets | $ 59,405 | $ 29,494 |
Savings Plans, Pension Plans_10
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Pre-Tax Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8,182 | $ 8,932 | $ 7,767 |
Interest cost | 10,533 | 12,263 | 18,465 |
Expected return on plan assets | (14,100) | (15,474) | (22,190) |
Amortization of prior service cost (credit) | 86 | 111 | 211 |
Amortization of actuarial loss | 14,455 | 15,426 | 13,497 |
Net periodic cost (benefit) before pension settlement charge | 19,156 | 21,258 | 17,750 |
Pension settlement charge | 42,988 | ||
Net periodic cost (benefit) | 19,156 | 64,246 | 17,750 |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 670 | 508 | 371 |
Interest cost | 1,267 | 1,502 | 1,588 |
Amortization of prior service cost (credit) | (1,192) | (1,274) | (8,844) |
Amortization of actuarial loss | 2,178 | 1,672 | 1,012 |
Net periodic cost (benefit) before pension settlement charge | 2,923 | 2,408 | (5,873) |
Net periodic cost (benefit) | $ 2,923 | $ 2,408 | $ (5,873) |
Savings Plans, Pension Plans_11
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Amounts Recorded in AOCI on Consolidated Balance Sheets, Not Recognized as Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plans [Member] | ||
Net loss | $ 49,476 | $ 78,859 |
Prior service cost (credit) | 103 | 166 |
Total amount unrecognized | 49,579 | 79,025 |
OPEB [Member] | ||
Net loss | 2,075 | 15,947 |
Prior service cost (credit) | (285) | (1,164) |
Total amount unrecognized | $ 1,790 | $ 14,783 |
Savings Plans, Pension Plans_12
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Schedule of Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Plans [Member] | |
2022 | $ 22,574 |
2023 | 22,944 |
2024 | 22,945 |
2025 | 22,730 |
2026 | 22,554 |
2027-2031 | 109,673 |
OPEB [Member] | |
2022 | 2,532 |
2023 | 2,414 |
2024 | 2,192 |
2025 | 2,017 |
2026 | 1,926 |
2027-2031 | $ 8,447 |
Savings Plans, Pension Plans_13
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Weighted Average Assumptions Used to Determine the Benefit Obligation for our Pension and OPEB Plans) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plans [Member] | ||
Discount rate | 3.00% | 2.65% |
Pension Plans [Member] | Minimum [Member] | ||
Rate of compensation increase | 3.00% | 3.00% |
Pension Plans [Member] | Maximum [Member] | ||
Rate of compensation increase | 4.00% | 4.00% |
OPEB [Member] | ||
Discount rate | 2.95% | 2.60% |
Savings Plans, Pension Plans_14
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Weighted Average Assumptions Used for All Pension and OPEB Plans to Determine the Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plans [Member] | |||
Discount rate | 2.65% | 3.40% | 4.40% |
Expected return on plan assets | 5.25% | 5.75% | 6.25% |
Pension Plans [Member] | Minimum [Member] | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Pension Plans [Member] | Maximum [Member] | |||
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
OPEB [Member] | |||
Discount rate | 2.60% | 3.40% | 4.40% |
Components of Accumulated Oth_3
Components of Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | $ (1,304,953) | $ (1,226,831) |
Effect of pension settlement | (31,811) | |
Balance at end of period | (1,526,133) | (1,304,953) |
Pension Plans [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | 79,025 | 117,028 |
Net (gain) loss arising during the period | (19,147) | 5,306 |
Effect of pension settlement | (31,811) | |
Amounts reclassified from AOCL to earnings | (10,299) | (11,498) |
Balance at end of period | 49,579 | 79,025 |
Other Postretirement Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | 14,783 | 10,331 |
Net (gain) loss arising during the period | (12,378) | 4,747 |
Amounts reclassified from AOCL to earnings | (615) | (295) |
Balance at end of period | 1,790 | 14,783 |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | 27,181 | 20,000 |
Net (gain) loss arising during the period | (26,206) | 14,632 |
Amounts reclassified from AOCL to earnings | (9,106) | (7,451) |
Balance at end of period | (8,131) | 27,181 |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at beginning of period | 120,989 | 147,359 |
Balance at end of period | $ 43,238 | $ 120,989 |