PotlatchDeltic (PCH) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 26, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		69,372,304
Entity Shell Company	false
Entity File Number	1-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 West First Avenue
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
City Area Code	(509)
Local Phone Number	835-1500
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock ($1 par value)
Trading symbol(s)	PCH
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues		$ 411,350	$ 354,193
Costs and expenses:
Cost of goods sold		179,847	169,302
Selling, general and administrative expenses		16,294	16,758
Net loss on fire damage		276
Total costs and expenses		196,417	186,060
Operating income		214,933	168,133
Interest expense, net	[1]	(2,894)	(3,574)
Pension settlement charge		(14,165)
Non-operating pension and other postretirement employee benefit costs		(1,929)	(3,414)
Income before income taxes		195,945	161,145
Income taxes		(32,065)	(30,039)
Net income		$ 163,880	$ 131,106
Net income per share:
Basic		$ 2.36	$ 1.95
Diluted		2.35	1.94
Dividends per share		$ 0.44	$ 0.41
Weighted-average shares outstanding (in thousands)
Basic		69,419	67,207
Diluted		69,623	67,607
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 163,880	$ 131,106
Other comprehensive income (loss), net of tax:
Net loss arising during the period, net of tax benefit of $1,570 and $0	(4,587)	0
Effect of pension settlement, net of tax expense of $3,612 and $0	10,553	0
Amortization of actuarial loss included in net income, net of tax expense of $475 and $1,109	1,384	3,157
Amortization of prior service cost (credit) included in net income, net of tax expense (benefit) of $44 and $(73)	130	(204)
Cash flow hedges, net of tax expense of $2,249 and $4,031	43,276	64,107
Other comprehensive income, net of tax	50,756	67,060
Comprehensive income	$ 214,636	$ 198,166

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss arising during the period, tax benefit	$ 1,570	$ 0
Effect of pension settlement, tax expense	3,612	0
Amortization of actuarial loss included in net income, tax expense	475	1,109
Amortization of prior service credit included in net income, tax expense (benefit)	44	(73)
Cash flow hedge, tax expense	$ 2,249	$ 4,031

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 470,918	$ 296,151
Customer receivables, net	40,094	31,028
Inventories, net	67,673	72,369
Other current assets	21,938	21,630
Total current assets	600,623	421,178
Property, plant and equipment, net	297,710	292,320
Investment in real estate held for development and sale	61,562	65,604
Timber and timberlands, net	1,671,330	1,682,671
Intangible assets, net	15,296	15,491
Other long-term assets	87,095	57,951
Total assets	2,733,616	2,535,215
Current liabilities:
Accounts payable and accrued liabilities	101,589	78,209
Current portion of long-term debt	39,983	42,977
Current portion of pension and other postretirement employee benefits	4,993	4,993
Total current liabilities	146,565	126,179
Long-term debt	715,499	715,279
Pension and other postretirement employee benefits	90,359	83,674
Deferred tax liabilities, net	37,642	34,874
Other long-term obligations	31,353	49,076
Total liabilities	1,021,418	1,009,082
Commitments and contingencies
Stockholders' equity:
Preferred stock, authorized 4,000 shares, no shares issued
Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 69,372 and 69,064 shares	69,372	69,064
Additional paid-in capital	1,782,940	1,781,217
Accumulated deficit	(147,632)	(280,910)
Accumulated other comprehensive income (loss)	7,518	(43,238)
Total stockholders’ equity	1,712,198	1,526,133
Total liabilities and stockholders' equity	$ 2,733,616	$ 2,535,215

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	69,372,000	69,064,000
Common stock, outstanding	69,372,000	69,064,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$ 163,880	$ 131,106
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		19,874	18,399
Basis of real estate sold		10,854	8,823
Change in deferred taxes		(2,123)	1,490
Pension and other postretirement employee benefits		3,857	5,627
Pension settlement charge		14,165
Equity-based compensation expense		2,056	1,930
Net loss on fire damage		276
Other, net		(291)	(387)
Change in working capital and operating-related activities, net		21,208	6,713
Real estate development expenditures		(2,161)	(2,315)
Funding of pension and other postretirement employee benefits		(1,296)	(1,421)
Net cash from operating activities		230,299	169,965
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions		(12,566)	(7,762)
Timberlands reforestation and roads		(4,648)	(3,956)
Other, net		92	189
Net cash from investing activities		(17,122)	(11,529)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders		(30,524)	(27,484)
Repayments of long term debt		(3,000)
Other, net		(1,071)	(591)
Net cash from financing activities		(34,595)	(28,075)
Change in cash, cash equivalents and restricted cash		178,582	130,361
Cash, cash equivalents and restricted cash at beginning of period		296,772	252,340
Cash, cash equivalents and restricted cash at end of period		475,354	382,701
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property, plant and equipment additions		1,516	2,263
Accrued timberlands reforestation and roads		98	813
Cash and cash equivalents		470,918	382,032
Restricted cash included in other long-term assets	[1]	$ 4,436	$ 669
Restricted Cash, Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember
Total cash, cash equivalents, and restricted cash		$ 475,354	$ 382,701
[1]	Amounts included in restricted cash represent proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance, beginning of period at Dec. 31, 2020	$ 1,304,953	$ 66,876	$ 1,674,576	$ (315,510)	$ (120,989)
Balance, beginning of period (shares) at Dec. 31, 2020		66,876,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	131,106			131,106
Shares issued for stock compensation		$ 166	(166)
Shares issued for stock compensation (shares)		166,000
Equity-based compensation expense	1,930		1,930
Pension plans and OPEB obligations, net of tax	2,953				2,953
Cash flow hedges, net of tax	64,107				64,107
Dividends on common stock	(27,484)			(27,484)
Other transactions, net	(16)		81	(97)
Balance, end of period at Mar. 31, 2021	1,477,549	$ 67,042	1,676,421	(211,985)	(53,929)
Balance, end of period (shares) at Mar. 31, 2021		67,042,000
Balance, beginning of period at Dec. 31, 2021	$ 1,526,133	$ 69,064	1,781,217	(280,910)	(43,238)
Balance, beginning of period (shares) at Dec. 31, 2021	69,064,000	69,064,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 163,880			163,880
Shares issued for stock compensation		$ 308	(308)
Shares issued for stock compensation (shares)		308,000
Equity-based compensation expense	2,056		2,056
Pension plans and OPEB obligations, net of tax	7,480				7,480
Cash flow hedges, net of tax	43,276				43,276
Dividends on common stock	(30,524)			(30,524)
Other transactions, net	(103)		(25)	(78)
Balance, end of period at Mar. 31, 2022	$ 1,712,198	$ 69,372	$ 1,782,940	$ (147,632)	$ 7,518
Balance, end of period (shares) at Mar. 31, 2022	69,372,000	69,372,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock, per share	$ 0.44	$ 0.41

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NO TE 1. BASIS OF PRESENTATION General PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with 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 manufacturing 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. Condensed Consolidated Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements provide an overall view of our results and financial condition and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Condensed Consolidated Financial Statements , such adjustments are of a normal, recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain disclosures normally provided in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 17, 2022. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year. Use of Estimates The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and requires judgments affecting the amounts reported in the financial statements and the accompanying notes. Actual results may differ materially from our estimates. Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may receive or have to pay in connection with any legal proceeding would have a material adverse effect on our consolidated financial position, operating results or net cash flow. New Accounting Standards Being Evaluated In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by this guidance apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued as a result of reference rate reform. The guidance in ASU 2020-04, which can be applied immediately, is optional and may be elected over time as referen ce rate reform activities occur. This guidance is not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. 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 th e 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	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	NO TE 2. SEGMENT INFORMATION Our operations are organized into three reportable segments: Timberlands, Wood Products and Real Estate. Management activities in the Timberlands segment include planting and harvesting trees and building and maintaining roads. The Timberlands segment also generates revenues from non-timber resources such as hunting leases, recreation permits and leases, mineral rights contracts, oil and gas royalties and carbon sequestration. The Wood Products segment manufactures and markets lumber and plywood. Activities in the Real Estate segment include our rural timberland-holdings sales program, master planned community development and a country club. Our Timberlands segment supplies our Wood Products segment with a portion of its wood fiber needs. These intersegment revenues are based on prevailing market prices and typically represent a sizeable portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. These intercompany transactions are eliminated in consolidation. The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements , with the exception of the valuation of inventories, which are reported using the average cost method for purposes of reporting segment results. The following table presents our revenues by major product: Three Months Ended March 31, (in thousands) 2022 2021 Timberlands Northern region Sawlogs $ 81,504 $ 76,181 Pulpwood 392 499 Other 303 300 Total Northern revenues 82,199 76,980 Southern region Sawlogs 23,381 22,416 Pulpwood 11,627 9,161 Stumpage 3,358 764 Other 3,092 2,595 Total Southern revenues 41,458 34,936 Total Timberlands revenues 123,657 111,916 Wood Products Lumber 250,764 229,682 Residuals and Panels 44,978 39,614 Total Wood Products revenues 295,742 269,296 Real Estate Rural real estate 21,646 10,025 Development real estate 10,278 8,053 Other 2,141 2,235 Total Real Estate revenues 34,065 20,313 Total segment revenues 453,464 401,525 Intersegment Timberlands revenues 1 ( 42,114 ) ( 47,332 ) Total consolidated revenues $ 411,350 $ 354,193 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. Management uses Adjusted EBITDDA to evaluate the operating performance and effectiveness of operating strategies of our segments and allocation of resources to them. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies. 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. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies. The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements . Three Months Ended March 31, (in thousands) 2022 2021 Adjusted EBITDDA: Timberlands $ 76,434 $ 67,858 Wood Products 149,951 125,555 Real Estate 30,124 16,593 Corporate ( 9,584 ) ( 10,710 ) Eliminations and adjustments ( 1,363 ) ( 4,310 ) Total Adjusted EBITDDA 245,562 194,986 Interest expense, net 1 ( 2,894 ) ( 3,574 ) Depreciation, depletion and amortization ( 19,502 ) ( 17,996 ) Basis of real estate sold ( 10,854 ) ( 8,823 ) Net loss on fire damage ( 276 ) — Pension settlement charge ( 14,165 ) — Non-operating pension and other postretirement employee benefits ( 1,929 ) ( 3,414 ) Gain (loss) on disposal of fixed assets 3 ( 34 ) Income before income taxes $ 195,945 $ 161,145 Depreciation, depletion and amortization: Timberlands $ 12,161 $ 11,417 Wood Products 7,021 6,203 Real Estate 170 155 Corporate 150 221 19,502 17,996 Bond discounts and deferred loan fees 1 372 403 Total depreciation, depletion and amortization $ 19,874 $ 18,399 Basis of real estate sold: Real Estate $ 10,860 $ 8,829 Eliminations and adjustments ( 6 ) ( 6 ) Total basis of real estate sold $ 10,854 $ 8,823 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	NO TE 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (in thousands) 2022 2021 Basic weighted-average shares outstanding 69,419 67,207 Incremental shares due to: Performance shares 140 326 Restricted stock units 64 74 Diluted weighted-average shares outstanding 69,623 67,607 For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. For the three months ended March 31, 2022 and 2021, there were approximately 114,400 and 63,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as 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 may be repurchased under the Repurchase Program in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the Trading Plan). The timing, manner, price and amount of repurchases will be determined according to, and subject to, the terms of the Trading Plan, and, subject to the terms of the Trading Plan, the Repurchase Program may be suspended, terminated or modified at any time for any reason. We did no t repurchase any shares during the three months ended March 31, 2022 or 2021. At March 31, 2022, we had remaining authorization of $ 59.5 million for future stock repurchases under the Repurchase Program. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

Certain Balance Sheet Component

Certain Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) March 31, 2022 December 31, 2021 Logs $ 32,794 $ 41,199 Lumber, panels and veneer 37,539 34,528 Materials and supplies 18,478 17,780 Total inventories 88,811 93,507 Less: LIFO reserve ( 21,138 ) ( 21,138 ) Total inventories, net $ 67,673 $ 72,369 Property, plant and equipment (in thousands) March 31, 2022 December 31, 2021 Property, plant and equipment $ 545,163 $ 532,324 Less: accumulated depreciation ( 247,453 ) ( 240,004 ) Total property, plant and equipment, net $ 297,710 $ 292,320 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 and expect to be reimbursed for both property damage and business interruption losses by our insurance carriers, subject to an applicable deductible. We recognized a total of $ 15.0 million in initial insurance recoveries for property damage associated with the fire at the sawmill during the third quarter of 2021. No insurance recoveries for property damage or business interruption losses for the fire at the sawmill were recorded during the three months ended March 31, 2022 as discussions with the insurance carriers are ongoing. Insurance recoveries will be recorded when deemed probable and reasonably estimable. Timber and timberlands (in thousands) March 31, 2022 December 31, 2021 Timber and timberlands $ 1,586,628 $ 1,597,011 Logging roads 84,702 85,660 Total timber and timberlands, net $ 1,671,330 $ 1,682,671 Accounts payable and accrued liabilities (in thousands) March 31, 2022 December 31, 2021 Income taxes payable $ 35,421 $ 1,134 Accrued payroll and benefits 19,084 28,944 Accounts payable 10,419 12,749 Deferred revenue 1 9,671 8,392 Other accrued taxes 7,310 5,714 Accrued interest 4,468 6,046 Other current liabilities 15,216 15,230 Total accounts payable and accrued liabilities $ 101,589 $ 78,209 1 Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods has not transferred, member-related activities at an owned country club and certain post-close obligations for real estate sales. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	NO TE 5. DEBT At March 31, 2022, our total outstanding long-term debt included $ 693.5 million of term loans under our Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender. Included in the Amended Term Loan Agreement is a $ 40.0 million term loan that we expect to refinance upon its maturity in December 2022 . Certain borrowings under the Amended Term Loan Agreement are at variable rates of one or three-month LIBOR plus a spread between 1.68 % and 2.10 %. We have entered into interest rate swaps for these variable rate term loans to fix the interest rate. See Note: 6 Derivative Instruments for additional information. At March 31, 2022, there were no borrowings under our $ 300.0 million revolving line of credit and approximately $ 1.0 million of our revolving line of credit was utilized for outstanding letters of credit. As provided in the revolving line of credit agreement, borrowings may be increased by up to an additional $ 500.0 million. The revolving line of credit agreement also includes a sublimit of $ 75.0 million for the issuance of standby letters of credit and a sublimit of $ 25.0 million for swing line loans. Usage under either or both subfacilities reduces availability under the revolving line of credit. We may utilize borrowings under the credit facility to, among other things, refinance existing indebtedness and provide funding for working capital requirements, capital projects, acquisitions and other general corporate expenditures. We were in compliance with all debt and credit agreement covenants at March 31, 2022.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instrument Detail [Abstract]
Derivative Instruments	NO TE 6. DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to variability in the cash flows of a specific asset or liability that is attributable to a particular risk, such as interest rate risk, are considered cash flow hedges. As of March 31, 2022, we have interest rate swaps associated with $ 403.5 million of term loan debt. These swaps are cash flow hedges that convert variable rates ranging from one-month and three-month LIBOR plus 1.68 % 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 offsetting cash flows attributable to the hedged interest rate risk through the term of the hedges. At March 31, 2022, the amount of net losses expected to be reclassified into earnings in the next 12 months is approximately $ 1.4 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. As of March 31, 2022, we have $ 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 th rough January 2029 b y converting the benchmark interest rates to fixed interest rates. In addition, the cash flow hedges for future debt refinances require settlement on the stated maturity date. The gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets are as follows: Asset Derivatives Liability Derivatives (in thousands) Location March 31, 2022 December 31, 2021 Location March 31, 2022 December 31, 2021 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 4,673 $ 2,191 Accounts payable and accrued liabilities 1 $ — $ — Interest rate contracts Other assets, non-current 57,487 31,306 Other long-term obligations 7,197 24,060 $ 62,160 $ 33,497 $ 7,197 $ 24,060 1 Derivative instruments that mature within one year, as a whole, are classified as current. The following table details the effect of derivatives on our Condensed Consolidated Statements of Operations : Three Months Ended March 31, (in thousands) Location 2022 2021 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income recognized in other comprehensive income, net of tax $ 41,243 $ 61,875 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1 Interest expense $ ( 2,033 ) $ ( 2,232 ) Interest expense, net $ 2,894 $ 3,574 1 Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Derivative Instrument Detail [Abstract]
Fair Value Measurements	NO TE 7. FAIR VALUE MEASUREMENTS The following table presents the estimated fair values of our financial instruments: March 31, 2022 December 31, 2021 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 62,160 $ 62,160 $ 33,497 $ 33,497 Derivative liabilities related to interest rate swaps (Level 2) $ ( 7,197 ) $ ( 7,197 ) $ ( 24,060 ) $ ( 24,060 ) Long-term debt, including current portion (Level 2): Term loans $ ( 691,282 ) $ ( 694,353 ) $ ( 691,119 ) $ ( 705,135 ) Revenue bonds ( 65,735 ) ( 66,754 ) ( 65,735 ) ( 69,278 ) Medium-term notes — — ( 3,000 ) ( 3,007 ) Total long-term debt 1 $ ( 757,017 ) $ ( 761,107 ) $ ( 759,854 ) $ ( 777,420 ) Company owned life insurance asset (COLI) (Level 3) $ 4,002 $ 4,002 $ 3,923 $ 3,923 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, restricted cash, receivables and payables have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
Equity-Based Compensation	NO TE 8. EQUITY-BASED COMPENSATION At March 31, 2022, approximately 0.7 million shares are available for future use under our long-term incentive plans. Share-based compensation activity during the three months ended March 31, 2022 included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 92,490 — 971 Restricted Stock Units (RSUs) 34,324 500 1,323 Approximately 0.3 million shares of common stock were issued to employees during the three months ended March 31, 2022 as a result of PSA and RSU vesting during 2021 and 2022. The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended March 31, (in thousands) 2022 2021 Equity-based compensation expense: Performance share awards $ 1,298 $ 1,224 Restricted stock units 709 665 Deferred compensation stock equivalent units expense 49 41 Total equity-based compensation expense $ 2,056 $ 1,930 Total tax benefit recognized for equity-based expense $ 100 $ 89 Performance Share Awards The weighted average grant date fair value of PSAs granted in 2022 was $ 76.18 per share. PSAs granted under the stock incentive plans have a three-year performance period and shares are issued at the end of the period if the performance measures are met. The number of shares actually issued, as a percentage of the amount subject to the PSA, could range from 0 % to 200 %. PSAs granted under the stock incentive plans do not have voting rights unless and until shares are issued upon settlement. If shares are issued at the end of the performance measurement period, the recipients will receive dividend equivalents in the form of additional shares at the time of payment equal to the dividends that would have been paid on the shares earned had the recipients owned the shares during the three-year period. Therefore, the shares are not considered participating securities. The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards granted in 2022: Stock price as of valuation date $ 55.02 Risk-free rate 1.79 % Expected volatility 45.69 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed. Restricted Stock Units The weighted average fair value of all RSUs granted during the three months ended March 31, 2022 was $ 54.79 per share. The fair value of RSUs granted equaled our common share price on the date of grant factoring in any required post-vesting holding periods. The RSU awards granted accrue dividend equivalents based on dividends paid during the RSU vesting period. 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NO TE 9. INCOME TAXES As a REIT, we generally are not subject to federal and state corporate income taxes on income from investments in real estate, including our timberlands, that we distribute to our shareholders. We conduct certain activities through our PotlatchDeltic taxable REIT subsidiaries (TRS) which are subject to corporate level federal and state income taxes. These activities are principally comprised of our wood products manufacturing operations and certain real estate investments. Therefore, income tax expense or benefit is primarily due to pre-tax book income or loss of the TRS, as well as permanent book versus tax differences.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	NO TE 10. LEASES We lease certain equipment, office space and land. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification March 31, 2022 December 31, 2021 Assets Operating lease assets Other long-term assets $ 7,794 $ 8,514 Finance lease assets 1 Property, plant and equipment, net 10,012 10,663 Total lease assets $ 17,806 $ 19,177 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,845 $ 3,021 Finance lease liabilities Accounts payable and accrued liabilitie s 3,550 3,577 Noncurrent: Operating lease liabilities Other long-term obligations 5,013 5,598 Finance lease liabilities Other long-term obligations 6,342 6,972 Total lease liabilities $ 17,750 $ 19,168 1 Finance lease assets are presented net of accumulated amortization of $ 5.5 million and $ 4.5 million as of March 31, 2022 and December 31, 2021, respectively. The following table presents the components of lease expense: Three Months Ended March 31, (in thousands) 2022 2021 Operating lease costs 1 $ 947 $ 1,328 Finance lease costs: Amortization of leased assets 929 589 Interest on lease liabilities 67 51 Net lease costs $ 1,943 $ 1,968 1 Excludes short-term leases and variable lease costs, which are immaterial. The following table presents supplemental cash flow information related to leases: Three Months Ended March 31, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 994 $ 1,368 Operating cash flows for finance leases $ 67 $ 51 Financing cash flows for finance leases $ 938 $ 577 Leased assets exchanged for new lease liabilities: Operating leases $ 154 $ 124 Finance leases $ 281 $ 801

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	3 Months Ended
	Mar. 31, 2022
Retirement Benefits, Description [Abstract]
Pension and Other Postretirement Employee Benefits	NO TE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS In March 2022 we transferred $ 75.6 million of our qualified pension plan (the Plan) assets to an insurance company for the purchase of a group annuity contract. As a result of the transaction, the insurance company assumed responsibility for annuity administration and benefit payments to select retirees and terminated vested participants, with no change to participants' pension benefits. In connection with this transaction we recorded a non-cash pretax settlement charge of $ 14.2 million as a result of accelerating the recognition of actuarial losses included in Accumulated Other Comprehensive Income (Loss) that would have been recognized in future periods. The settlement triggered a remeasurement of the Plan's assets and liabilities. We updated the discount rate used to measure our projected benefit obligation for the Plan as of March 31, 2022, and to calculate the related net periodic benefit cost for the remainder of 2022 to 3.95 % from 3.00 %. All other pension assumptions remain unchanged. The net effect of the remeasurement was a $ 6.2 million reduction in the funded status of the Plan, primarily driven by lower returns on Plan assets. This change in funded status was reflected in our Condensed Consolidated Balance Sheets as of March 31, 2022. The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended March 31, Pension OPEB (in thousands) 2022 2021 2022 2021 Service cost $ 1,849 $ 2,045 $ 79 $ 168 Interest cost 2,812 2,633 229 317 Expected return on plan assets ( 3,145 ) ( 3,382 ) — — Amortization of prior service cost (credit) 18 21 156 ( 298 ) Amortization of actuarial loss (gain) 1,954 3,578 ( 95 ) 545 Net periodic cost before pension settlement charge 3,488 4,895 369 732 Pension settlement charge 14,165 — — — Total net periodic cost $ 17,653 $ 4,895 $ 369 $ 732 During the three months ended March 31, 2022 and 2021, funding of pension and other postretirement employee benefit plans was $ 1.3 million and $ 1.4 million, respectively.

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	NO TE 12. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table details changes in amounts included in our Accumulated Other Comprehensive Income (Loss) (AOCI) by component on our Condensed Consolidated Balance Sheets , net of tax: Three Months Ended March 31, (in thousands) 2022 2021 Pension Plans Balance at beginning of period $ 49,579 $ 79,025 Net loss arising during the period 4,587 — Effect of pension settlement ( 10,553 ) — Amounts reclassified from AOCI to earnings ( 1,469 ) ( 2,770 ) Balance at end of period 42,144 76,255 Other Postretirement Benefit Plans Balance at beginning of period 1,790 14,783 Amounts reclassified from AOCI to earnings ( 45 ) ( 183 ) Balance at end of period 1,745 14,600 Cash Flow Hedges Balance at beginning of period ( 8,131 ) 27,181 Amounts arising during the period ( 41,243 ) ( 61,875 ) Amounts reclassified from AOCI to earnings ( 2,033 ) ( 2,232 ) Balance at end of period ( 51,407 ) ( 36,926 ) Accumulated other comprehensive (income) loss, end of period $ ( 7,518 ) $ 53,929 See Note 11: Pension and Other Postretirement Employee Benefits and Note 6: Derivative Instruments for additional information.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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 manufacturing 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.
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements provide an overall view of our results and financial condition and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Condensed Consolidated Financial Statements , such adjustments are of a normal, recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain disclosures normally provided in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission on February 17, 2022. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year.
Use of Estimates	Use of Estimates The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and requires judgments affecting the amounts reported in the financial statements and the accompanying notes. Actual results may differ materially from our estimates.
Commitments and Contingencies	Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may receive or have to pay in connection with any legal proceeding would have a material adverse effect on our consolidated financial position, operating results or net cash flow.
New Accounting Standards Being Evaluated	New Accounting Standards Being Evaluated In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by this guidance apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued as a result of reference rate reform. The guidance in ASU 2020-04, which can be applied immediately, is optional and may be elected over time as referen ce rate reform activities occur. This guidance is not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. 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 th e 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 (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of Revenues by Major Product	The following table presents our revenues by major product: Three Months Ended March 31, (in thousands) 2022 2021 Timberlands Northern region Sawlogs $ 81,504 $ 76,181 Pulpwood 392 499 Other 303 300 Total Northern revenues 82,199 76,980 Southern region Sawlogs 23,381 22,416 Pulpwood 11,627 9,161 Stumpage 3,358 764 Other 3,092 2,595 Total Southern revenues 41,458 34,936 Total Timberlands revenues 123,657 111,916 Wood Products Lumber 250,764 229,682 Residuals and Panels 44,978 39,614 Total Wood Products revenues 295,742 269,296 Real Estate Rural real estate 21,646 10,025 Development real estate 10,278 8,053 Other 2,141 2,235 Total Real Estate revenues 34,065 20,313 Total segment revenues 453,464 401,525 Intersegment Timberlands revenues 1 ( 42,114 ) ( 47,332 ) Total consolidated revenues $ 411,350 $ 354,193 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
Summary of Information by Business Segment	The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements . Three Months Ended March 31, (in thousands) 2022 2021 Adjusted EBITDDA: Timberlands $ 76,434 $ 67,858 Wood Products 149,951 125,555 Real Estate 30,124 16,593 Corporate ( 9,584 ) ( 10,710 ) Eliminations and adjustments ( 1,363 ) ( 4,310 ) Total Adjusted EBITDDA 245,562 194,986 Interest expense, net 1 ( 2,894 ) ( 3,574 ) Depreciation, depletion and amortization ( 19,502 ) ( 17,996 ) Basis of real estate sold ( 10,854 ) ( 8,823 ) Net loss on fire damage ( 276 ) — Pension settlement charge ( 14,165 ) — Non-operating pension and other postretirement employee benefits ( 1,929 ) ( 3,414 ) Gain (loss) on disposal of fixed assets 3 ( 34 ) Income before income taxes $ 195,945 $ 161,145 Depreciation, depletion and amortization: Timberlands $ 12,161 $ 11,417 Wood Products 7,021 6,203 Real Estate 170 155 Corporate 150 221 19,502 17,996 Bond discounts and deferred loan fees 1 372 403 Total depreciation, depletion and amortization $ 19,874 $ 18,399 Basis of real estate sold: Real Estate $ 10,860 $ 8,829 Eliminations and adjustments ( 6 ) ( 6 ) Total basis of real estate sold $ 10,854 $ 8,823 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (in thousands) 2022 2021 Basic weighted-average shares outstanding 69,419 67,207 Incremental shares due to: Performance shares 140 326 Restricted stock units 64 74 Diluted weighted-average shares outstanding 69,623 67,607

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) March 31, 2022 December 31, 2021 Logs $ 32,794 $ 41,199 Lumber, panels and veneer 37,539 34,528 Materials and supplies 18,478 17,780 Total inventories 88,811 93,507 Less: LIFO reserve ( 21,138 ) ( 21,138 ) Total inventories, net $ 67,673 $ 72,369
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) March 31, 2022 December 31, 2021 Property, plant and equipment $ 545,163 $ 532,324 Less: accumulated depreciation ( 247,453 ) ( 240,004 ) Total property, plant and equipment, net $ 297,710 $ 292,320
Schedule of Timber and Timberlands	Timber and timberlands (in thousands) March 31, 2022 December 31, 2021 Timber and timberlands $ 1,586,628 $ 1,597,011 Logging roads 84,702 85,660 Total timber and timberlands, net $ 1,671,330 $ 1,682,671
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in thousands) March 31, 2022 December 31, 2021 Income taxes payable $ 35,421 $ 1,134 Accrued payroll and benefits 19,084 28,944 Accounts payable 10,419 12,749 Deferred revenue 1 9,671 8,392 Other accrued taxes 7,310 5,714 Accrued interest 4,468 6,046 Other current liabilities 15,216 15,230 Total accounts payable and accrued liabilities $ 101,589 $ 78,209 1 Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods has not transferred, member-related activities at an owned country club and certain post-close obligations for real estate sales. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instrument Detail [Abstract]
Gross Fair Values of Derivative Instruments	The gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets are as follows: Asset Derivatives Liability Derivatives (in thousands) Location March 31, 2022 December 31, 2021 Location March 31, 2022 December 31, 2021 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 4,673 $ 2,191 Accounts payable and accrued liabilities 1 $ — $ — Interest rate contracts Other assets, non-current 57,487 31,306 Other long-term obligations 7,197 24,060 $ 62,160 $ 33,497 $ 7,197 $ 24,060 1 Derivative instruments that mature within one year, as a whole, are classified as current.
Effect of Derivatives on Condensed Consolidated Statements of Operations	The following table details the effect of derivatives on our Condensed Consolidated Statements of Operations : Three Months Ended March 31, (in thousands) Location 2022 2021 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income recognized in other comprehensive income, net of tax $ 41,243 $ 61,875 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1 Interest expense $ ( 2,033 ) $ ( 2,232 ) Interest expense, net $ 2,894 $ 3,574 1 Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: March 31, 2022 December 31, 2021 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 62,160 $ 62,160 $ 33,497 $ 33,497 Derivative liabilities related to interest rate swaps (Level 2) $ ( 7,197 ) $ ( 7,197 ) $ ( 24,060 ) $ ( 24,060 ) Long-term debt, including current portion (Level 2): Term loans $ ( 691,282 ) $ ( 694,353 ) $ ( 691,119 ) $ ( 705,135 ) Revenue bonds ( 65,735 ) ( 66,754 ) ( 65,735 ) ( 69,278 ) Medium-term notes — — ( 3,000 ) ( 3,007 ) Total long-term debt 1 $ ( 757,017 ) $ ( 761,107 ) $ ( 759,854 ) $ ( 777,420 ) Company owned life insurance asset (COLI) (Level 3) $ 4,002 $ 4,002 $ 3,923 $ 3,923 1 The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the three months ended March 31, 2022 included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 92,490 — 971 Restricted Stock Units (RSUs) 34,324 500 1,323
Details of Equity-Based Compensation Expense and Related Income Tax Benefit	The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended March 31, (in thousands) 2022 2021 Equity-based compensation expense: Performance share awards $ 1,298 $ 1,224 Restricted stock units 709 665 Deferred compensation stock equivalent units expense 49 41 Total equity-based compensation expense $ 2,056 $ 1,930 Total tax benefit recognized for equity-based expense $ 100 $ 89
Fair Value of Performance Share Awards Granted	The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards granted in 2022: Stock price as of valuation date $ 55.02 Risk-free rate 1.79 % Expected volatility 45.69 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities	The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification March 31, 2022 December 31, 2021 Assets Operating lease assets Other long-term assets $ 7,794 $ 8,514 Finance lease assets 1 Property, plant and equipment, net 10,012 10,663 Total lease assets $ 17,806 $ 19,177 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,845 $ 3,021 Finance lease liabilities Accounts payable and accrued liabilitie s 3,550 3,577 Noncurrent: Operating lease liabilities Other long-term obligations 5,013 5,598 Finance lease liabilities Other long-term obligations 6,342 6,972 Total lease liabilities $ 17,750 $ 19,168 1 Finance lease assets are presented net of accumulated amortization of $ 5.5 million and $ 4.5 million as of March 31, 2022 and December 31, 2021, respectively.
Schedule of Components of Lease Expense	The following table presents the components of lease expense: Three Months Ended March 31, (in thousands) 2022 2021 Operating lease costs 1 $ 947 $ 1,328 Finance lease costs: Amortization of leased assets 929 589 Interest on lease liabilities 67 51 Net lease costs $ 1,943 $ 1,968 1 Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Cash Flow Information Related Leases	The following table presents supplemental cash flow information related to leases: Three Months Ended March 31, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 994 $ 1,368 Operating cash flows for finance leases $ 67 $ 51 Financing cash flows for finance leases $ 938 $ 577 Leased assets exchanged for new lease liabilities: Operating leases $ 154 $ 124 Finance leases $ 281 $ 801

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits, Description [Abstract]
Components of Net Periodic Cost (Benefit)	The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended March 31, Pension OPEB (in thousands) 2022 2021 2022 2021 Service cost $ 1,849 $ 2,045 $ 79 $ 168 Interest cost 2,812 2,633 229 317 Expected return on plan assets ( 3,145 ) ( 3,382 ) — — Amortization of prior service cost (credit) 18 21 156 ( 298 ) Amortization of actuarial loss (gain) 1,954 3,578 ( 95 ) 545 Net periodic cost before pension settlement charge 3,488 4,895 369 732 Pension settlement charge 14,165 — — — Total net periodic cost $ 17,653 $ 4,895 $ 369 $ 732

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	The following table details changes in amounts included in our Accumulated Other Comprehensive Income (Loss) (AOCI) by component on our Condensed Consolidated Balance Sheets , net of tax: Three Months Ended March 31, (in thousands) 2022 2021 Pension Plans Balance at beginning of period $ 49,579 $ 79,025 Net loss arising during the period 4,587 — Effect of pension settlement ( 10,553 ) — Amounts reclassified from AOCI to earnings ( 1,469 ) ( 2,770 ) Balance at end of period 42,144 76,255 Other Postretirement Benefit Plans Balance at beginning of period 1,790 14,783 Amounts reclassified from AOCI to earnings ( 45 ) ( 183 ) Balance at end of period 1,745 14,600 Cash Flow Hedges Balance at beginning of period ( 8,131 ) 27,181 Amounts arising during the period ( 41,243 ) ( 61,875 ) Amounts reclassified from AOCI to earnings ( 2,033 ) ( 2,232 ) Balance at end of period ( 51,407 ) ( 36,926 ) Accumulated other comprehensive (income) loss, end of period $ ( 7,518 ) $ 53,929

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) a in Millions, $ in Millions	Mar. 31, 2022USD ($)a
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Timber And Timberlands Acres Owned | a	1.8
Term loans | $	$ 403.5

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information (Summary of

Segment Information (Summary of Revenues by Major Product) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenues		$ 411,350	$ 354,193
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		453,464	401,525
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(42,114)	(47,332)
Timberlands [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		123,657	111,916
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		82,199	76,980
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		81,504	76,181
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		392	499
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		303	300
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		41,458	34,936
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		23,381	22,416
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		11,627	9,161
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		3,358	764
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		3,092	2,595
Wood Products [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		295,742	269,296
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		250,764	229,682
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		44,978	39,614
Real Estate Segment [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		34,065	20,313
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		21,646	10,025
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		10,278	8,053
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ 2,141	$ 2,235
[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		1 Months Ended	3 Months Ended
		Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDDA			$ 245,562	$ 194,986
Interest expense, net	[1]		(2,894)	(3,574)
Depreciation, depletion and amortization			(19,502)	(17,996)
Basis of real estate sold			10,854	8,823
Net loss on fire damage			(276)
Pension settlement charge		$ (14,165)	(14,165)
Non-operating pension and other postretirement employee benefits			(1,929)	(3,414)
Gain (loss) on disposal of fixed assets			(3)	34
Income before income taxes			195,945	161,145
Bond discounts and deferred loan fees	[1]		372	403
Total depreciation, depletion and amortization			19,874	18,399
Operating Segments [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization			19,502	17,996
Operating Segments [Member] | Timberlands [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA			76,434	67,858
Depreciation, depletion and amortization			12,161	11,417
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA			149,951	125,555
Depreciation, depletion and amortization			7,021	6,203
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA			30,124	16,593
Depreciation, depletion and amortization			170	155
Basis of real estate sold			10,860	8,829
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA			(9,584)	(10,710)
Depreciation, depletion and amortization			150	221
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA			1,363	(4,310)
Basis of real estate sold			$ (6)	$ (6)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings per Share [Line Items]
Basic weighted-average shares outstanding	69,419	67,207
Diluted weighted-average shares outstanding	69,623	67,607
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	140	326
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	64	74

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Aug. 30, 2018
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	114,400	63,000
Number of shares repurchased	0	0
Stock repurchase program, remaining amount	$ 59.5
Maximum [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount			$ 100

Certain Balance Sheet Compone_3

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Logs	$ 32,794	$ 41,199
Lumber, panels and veneer	37,539	34,528
Materials and supplies	18,478	17,780
Inventories gross	88,811	93,507
Less: LIFO reserve	(21,138)	(21,138)
Total inventories	$ 67,673	$ 72,369

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 545,163	$ 532,324
Less: accumulated depreciation	(247,453)	(240,004)
Total property, plant and equipment, net	$ 297,710	$ 292,320

Certain Balance Sheet Compone_5

Certain Balance Sheet Components - (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Gain on insurance recoveries on destroyed property	$ (276,000)
Ola, Arkansas Sawmill [Member]
Property, Plant and Equipment [Line Items]
Gain on insurance recoveries on destroyed property	0
Business interruption recoveries	$ 0
Proceeds From Insurance Recoveries For Property Loss		$ 15,000,000

Certain Balance Sheet Compone_6

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Timber And Timberlands [Abstract]
Timber and timberlands	$ 1,586,628	$ 1,597,011
Logging roads	84,702	85,660
Total timber and timberlands, net	$ 1,671,330	$ 1,682,671

Certain Balance Sheet Compone_7

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Income taxes payable		$ 35,421	$ 1,134
Accrued payroll and benefits		19,084	28,944
Accounts payable		10,419	12,749
Deferred revenue	[1]	9,671	8,392
Other accrued taxes		7,310	5,714
Accrued interest		4,468	6,046
Other current liabilities		15,216	15,230
Total accounts payable and accrued liabilities		$ 101,589	$ 78,209
[1]	Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods has not transferred, member-related activities at an owned country club and certain post-close obligations for real estate sales. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2022
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		$ 1
Maximum borrowing capacity		75
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		300
Amount available to increase borrowing capacity		500
Swing Line Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		25
Amended Term Loan Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		693.5
Outstanding long-term debt, current		$ 40
Term loan maturity period		2022-12
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.68%	2.10%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Derivatives Fair Value [Line Items]
Term loan debt	$ 403,500,000
Net losses expected to be reclassified into earnings in the next 12 months	$ 1,400,000
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	1.68%
LIBOR variable interest rate	3.04%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	2.10%
LIBOR variable interest rate	4.75%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 403,500
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans Maturing in December 2020 through January 2029 [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 567,500
Term loan maturity period	2029-01

Derivative Instruments (Gross F

Derivative Instruments (Gross Fair Value of Derivative Instruments) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		$ 62,160	$ 33,497
Liability Derivatives, Fair Value		7,197	24,060
Interest rate contracts [Member] | Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		57,487	31,306
Interest rate contracts [Member] | Other Assets Current [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	[1]	4,673	2,191
Interest rate contracts [Member] | Other Long-term Obligations [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value		7,197	24,060
Interest rate contracts [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	[1]	$ 0
[1]	Derivative instruments that mature within one year, as a whole, are classified as current.

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, net of tax		$ 43,276	$ 64,107
Interest expense, net	[1]	2,894	3,574
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, net of tax		41,243	61,875
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 income (loss), net of tax	[2]	$ (2,033)	$ (2,232)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .
[2]	Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	$ (757,017)	$ (759,854)
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		62,160	33,497
Derivative liabilities related to interest rate swaps		(7,197)	(24,060)
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		(691,282)	(691,119)
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)
Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		4,002	3,923
Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(761,107)	(777,420)
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		62,160	33,497
Derivative liabilities related to interest rate swaps		(7,197)	(24,060)
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		(694,353)	(705,135)
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		(66,754)	(69,278)
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)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 4,002	$ 3,923
[1]	The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022$ / sharesshares
PSA and RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for stock compensation (shares) | shares	0.3
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted | $ / shares	$ 76.18
Performance share award granted under stock incentive plan, performance period	3 years
Performance Share Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Actually Issued, as a Percent of the Amount Subject to the Performance Share Award	0.00%
Performance Share Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Actually Issued, as a Percent of the Amount Subject to the Performance Share Award	200.00%
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted | $ / shares	$ 54.79
Long-Term Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future use | shares	0.7

Equity-Based Compensation (Shar

Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2022shares
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	92,490
Forfeited	971
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	34,324
Vested	500
Forfeited	1,323

Equity-Based Compensation (Deta

Equity-Based Compensation (Details of Equity-Based Compensation Expense and Related Income Tax Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2,056	$ 1,930
Deferred compensation stock equivalent units expense	49	41
Total tax benefit recognized for equity-based expense	100	89
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,298	1,224
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 709	$ 665

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance Share Awards [Member]	3 Months Ended
	Mar. 31, 2022$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date	$ 55.02
Risk-free rate	1.79%
Expected volatility	45.69%
Expected term (years)	3 years

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Operating lease assets		$ 7,794	$ 8,514
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Other long-term assets	Other long-term assets
Finance lease assets	[1]	$ 10,012	$ 10,663
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Property, plant and equipment, net	Property, plant and equipment, net
Total lease assets		$ 17,806	$ 19,177
Current liabilities:
Operating lease liabilities		$ 2,845	$ 3,021
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Finance lease liabilities		$ 3,550	$ 3,577
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Noncurrent:
Operating lease liabilities		$ 5,013	$ 5,598
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Finance lease liabilities		$ 6,342	$ 6,972
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Total lease liabilities		$ 17,750	$ 19,168
[1]	Finance lease assets are presented net of accumulated amortization of $ 5.5 million and $ 4.5 million as of March 31, 2022 and December 31, 2021, respectively.

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Parentheticals) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Accumulated amortization of finance lease assets	$ 5.5	$ 4.5

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease costs	[1]	$ 947	$ 1,328
Finance lease costs:
Amortization of leased assets		929	589
Interest on lease liabilities		67	51
Net lease costs		$ 1,943	$ 1,968
[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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 994	$ 1,368
Operating cash flows for finance leases	67	51
Financing cash flows for finance leases	938	577
Leased assets exchanged for new lease liabilities:
Operating leases	154	124
Finance leases	$ 281	$ 801

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,849	$ 2,045
Interest cost	2,812	2,633
Expected return on plan assets	(3,145)	(3,382)
Amortization of prior service cost (credit)	18	21
Amortization of actuarial loss (gain)	1,954	3,578
Net periodic cost before pension settlement charge	3,488	4,895
Pension settlement charge	14,165
Total net periodic cost	17,653	4,895
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	79	168
Interest cost	229	317
Amortization of prior service cost (credit)	156	(298)
Amortization of actuarial loss (gain)	(95)	545
Net periodic cost before pension settlement charge	369	732
Total net periodic cost	$ 369	$ 732

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans	$ 1,296,000	$ 1,421,000
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Change in participants pension benefits	0
Non-cash pretax settlement charge	$ 14,200,000
Qualified Plan [Member] | Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate used to measure projected benefit obligations for plan	3.95%		3.00%
Qualified Plan [Member] | Pension Plans [Member] | Funded with Plan Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Transfer of outstanding pension benefit obligation related to qualified pension plans to insurance company	$ 75,600,000
Reduction in funded status of qualified pension plans	$ 6,200,000

Components of Accumulated Oth_3

Components of Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ (1,526,133)	$ (1,304,953)
Effect of pension settlement	(10,553)	0
Balance at end of period	(1,712,198)	(1,477,549)
Pension Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	49,579	79,025
Net (gain) loss arising during the period	4,587
Effect of pension settlement	(10,553)
Amounts reclassified from AOCI to earnings	(1,469)	(2,770)
Balance at end of period	42,144	76,255
Other Postretirement Benefit Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	1,790	14,783
Amounts reclassified from AOCI to earnings	(45)	(183)
Balance at end of period	1,745	14,600
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(8,131)	27,181
Net (gain) loss arising during the period	(41,243)	(61,875)
Amounts reclassified from AOCI to earnings	(2,033)	(2,232)
Balance at end of period	(51,407)	(36,926)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	43,238	120,989
Balance at end of period	$ (7,518)	$ 53,929