PotlatchDeltic (PCH) 10-Q 28 Oct 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 25, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		80,776,600
Entity Shell Company	false
Entity File Number	1-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 West First Avenue
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
City Area Code	(509)
Local Phone Number	835-1500
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock ($1 par value)
Trading symbol(s)	PCH
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues		$ 306,693	$ 287,330	$ 1,077,640	$ 1,089,029
Costs and expenses:
Cost of goods sold		220,876	190,602	592,057	537,683
Selling, general and administrative expenses		18,878	18,512	55,584	54,782
CatchMark merger-related expenses		26,007	0	26,007	0
Gain on fire damage		(24,913)	(4,394)	(34,505)	(4,394)
Total costs and expenses		240,848	204,720	639,143	588,071
Operating income		65,845	82,610	438,497	500,958
Interest expense, net	[1]	(8,280)	(8,641)	(18,593)	(20,414)
Pension settlement charge		0	0	(14,165)	0
Non-operating pension and other postretirement employee benefit costs		(1,808)	(3,271)	(5,546)	(9,956)
Other		(1)	0	(1)	0
Income before income taxes		55,756	70,698	400,192	470,588
Income taxes		(9,801)	(5,031)	(70,135)	(85,910)
Net income		$ 45,955	$ 65,667	$ 330,057	$ 384,678
Net income per share:
Basic		$ 0.64	$ 0.98	$ 4.70	$ 5.72
Diluted		0.64	0.97	4.69	5.69
Dividends per share		$ 0.44	$ 0.41	$ 1.32	$ 1.23
Weighted-average shares outstanding
Basic		71,486	67,315	70,171	67,275
Diluted		71,632	67,648	70,308	67,588
[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 45,955	$ 65,667	$ 330,057	$ 384,678
Other comprehensive income (loss):
Net loss arising during the period, net of tax benefit of $0, $0, $1,570 and $0	0	0	(4,587)	0
Effect of pension settlement, net of tax expense of $0, $0, $3,612 and $0	0	0	10,553	0
Amortization of actuarial loss included in net income, net of tax expense of $270, $1,073, $1,012 and $3,254	784	3,050	2,954	9,258
Amortization of prior service cost (credit) included in net income, net of tax expense (benefit) of $44, $(73), $133 and $(217)	130	(204)	389	(614)
Cash flow hedges, net of tax (benefit) expense of $(4,093), $397, $973 and $2,249	32,725	6,636	118,530	39,580
Other comprehensive income, net of tax	33,639	9,482	127,839	48,224
Comprehensive income	$ 79,594	$ 75,149	$ 457,896	$ 432,902

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss arising during the period, tax benefit	$ 0	$ 0	$ 1,570	$ 0
Effect of pension settlement, tax expense	0	0	3,612	0
Amortization of actuarial loss included in net income, tax expense	270	1,073	1,012	3,254
Amortization of prior service credit included in net income, tax expense (benefit)	44	(73)	133	(217)
Cash flow hedge, tax (benefit) expense	$ (4,093)	$ 397	$ 973	$ 2,249

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 484,018	$ 296,151
Customer receivables, net	37,224	31,028
Inventories, net	62,584	72,369
Other current assets	41,551	21,630
Total current assets	625,377	421,178
Property, plant and equipment, net	319,232	292,320
Investment in real estate held for development and sale	57,458	65,604
Timber and timberlands, net	2,520,505	1,682,671
Intangible assets, net	17,906	15,491
Other long-term assets	184,310	57,951
Total assets	3,724,788	2,535,215
Current liabilities:
Accounts payable and accrued liabilities	111,607	78,209
Current portion of long-term debt	39,996	42,977
Current portion of pension and other postretirement employee benefits	4,993	4,993
Total current liabilities	156,596	126,179
Long-term debt	992,507	715,279
Pension and other postretirement employee benefits	92,990	83,674
Deferred tax liabilities, net	38,469	34,874
Other long-term obligations	38,807	49,076
Total liabilities	1,319,369	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 80,777 and 69,064 shares	80,777	69,064
Additional paid-in capital	2,292,130	1,781,217
Accumulated deficit	(52,089)	(280,910)
Accumulated other comprehensive income (loss)	84,601	(43,238)
Total stockholders’ equity	2,405,419	1,526,133
Total liabilities and stockholders' equity	$ 3,724,788	$ 2,535,215

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 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	80,777,000	69,064,000
Common stock, outstanding	80,777,000	69,064,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$ 330,057	$ 384,678
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		67,960	57,365
Basis of real estate sold		25,024	22,733
Change in deferred taxes		(1,359)	3,221
Pension and other postretirement employee benefits		10,936	16,595
Pension settlement charge		14,165	0
Equity-based compensation expense		16,141	6,345
Gain on fire damage		(34,505)	(4,394)
Other, net		(455)	633
Change in working capital and operating-related activities, net		14,071	(20,082)
Real estate development expenditures		(6,986)	(6,434)
Funding of pension and other postretirement employee benefits		(3,290)	(7,418)
Proceeds from insurance recoveries		26,678	0
Net cash from operating activities		458,437	453,242
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions		(44,000)	(26,291)
Timberlands reforestation and roads		(12,220)	(12,236)
Acquisition of timber and timberlands		(96,081)	(2,450)
Proceeds from property insurance		0	13,250
Cash acquired in CatchMark merger		23,571	0
Other, net		935	993
Net cash from investing activities		(127,795)	(26,734)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders		(96,578)	(82,462)
Repurchase of common stock		(4,527)	0
Proceeds from issuance of long-term debt		277,500	0
Repayments of long term debt		(303,000)	0
Other, net		(6,120)	(3,619)
Net cash from financing activities		(132,725)	(86,081)
Change in cash, cash equivalents and restricted cash		197,917	340,427
Cash, cash equivalents and restricted cash at beginning of period		296,772	252,340
Cash, cash equivalents and restricted cash at end of period		494,689	592,767
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property, plant and equipment additions		4,429	2,695
Accrued timberlands reforestation and roads		2,749	1,590
Equity issued as consideration in the CatchMark merger		508,314	0
Long-term debt and other liabilities assumed in our merger with CatchMark		323,102	0
Cash and cash equivalents		484,018	592,767
Restricted cash included in other long-term assets	[1]	$ 10,671	$ 0
Restricted Cash, Asset, Statement of Financial Position [Extensible List]		Other long-term assets	Other long-term assets
Total cash, cash equivalents, and restricted cash		$ 494,689	$ 592,767
[1] 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	CatchMark Merger [Member]	Common Stock [Member]	Common Stock [Member] CatchMark Merger [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] CatchMark Merger [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (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, 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	384,678
Cash flow hedges, net of tax	39,580
Balance, end of period at Sep. 30, 2021	1,660,106		$ 67,100		1,679,332		(13,561)	(72,765)
Balance, end of period (shares) at Sep. 30, 2021			67,100,000
Balance, beginning of period at Mar. 31, 2021	1,477,549		$ 67,042		1,676,421		(211,985)	(53,929)
Balance, beginning of period (shares) at Mar. 31, 2021			67,042,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	187,905						187,905
Shares issued for stock compensation			$ 3		(3)
Shares issued for stock compensation (shares)			3,000
Equity-based compensation expense	2,140				2,140
Pension plans and OPEB obligations, net of tax	2,845							2,845
Cash flow hedges, net of tax	(31,163)							(31,163)
Dividends on common stock	(27,489)						(27,489)
Other transactions, net	2				103		(101)
Balance, end of period at Jun. 30, 2021	1,611,789		$ 67,045		1,678,661		(51,670)	(82,247)
Balance, end of period (shares) at Jun. 30, 2021			67,045,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	65,667						65,667
Shares issued for stock compensation			$ 55		(55)
Shares issued for stock compensation (shares)			55,000
Equity-based compensation expense	2,275				2,275
Pension plans and OPEB obligations, net of tax	2,846							2,846
Cash flow hedges, net of tax	6,636							6,636
Dividends on common stock	(27,489)						(27,489)
Other transactions, net	(1,618)				(1,549)		(69)
Balance, end of period at Sep. 30, 2021	1,660,106		$ 67,100		1,679,332		(13,561)	(72,765)
Balance, end of period (shares) at Sep. 30, 2021			67,100,000
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
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	$ 330,057
Cash flow hedges, net of tax	118,530
Balance, end of period at Sep. 30, 2022	$ 2,405,419		$ 80,777		2,292,130		(52,089)	84,601
Balance, end of period (shares) at Sep. 30, 2022	80,777,000		80,777,000
Balance, beginning of period at Mar. 31, 2022	$ 1,712,198		$ 69,372		1,782,940		(147,632)	7,518
Balance, beginning of period (shares) at Mar. 31, 2022			69,372,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	120,222						120,222
Shares issued for stock compensation			$ 3		(3)
Shares issued for stock compensation (shares)			3,000
Equity-based compensation expense	2,368				2,368
Repurchase of common stock	(4,156)		$ (95)				(4,061)
Repurchase of common stock (shares)			(95,000)
Pension plans and OPEB obligations, net of tax	915							915
Cash flow hedges, net of tax	42,529							42,529
Dividends on common stock	(30,524)						(30,524)
Other transactions, net	(1)				78		(79)
Balance, end of period at Jun. 30, 2022	1,843,551		$ 69,280		1,785,383		(62,074)	50,962
Balance, end of period (shares) at Jun. 30, 2022			69,280,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,955						45,955
Shares issued for stock compensation			$ 31		(31)
Shares issued for stock compensation (shares)			31,000
Equity-based compensation expense	2,409				2,409
Repurchase of common stock	(371)		$ (8)				(363)
Repurchase of common stock (shares)			(8,000)
Pension plans and OPEB obligations, net of tax	914							914
Cash flow hedges, net of tax	32,725							32,725
Dividends on common stock	(35,530)						(35,530)
Common stock issued for CatchMark merger		$ 515,766		$ 11,474		$ 504,292
Common stock issued for CatchMark merger (Shares)				11,474,000
Other transactions, net					77		(77)
Balance, end of period at Sep. 30, 2022	$ 2,405,419		$ 80,777		$ 2,292,130		$ (52,089)	$ 84,601
Balance, end of period (shares) at Sep. 30, 2022	80,777,000		80,777,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock, per share	$ 0.44	$ 0.44	$ 0.44	$ 0.41	$ 0.41	$ 0.41

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 nine states. We are engaged in activities associated with timberland management, including the sale of timber, the management of approximately 2.2 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. 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. In determining whether an acquisition should be accounted for as a business combination or asset acquisition, we first determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is accounted for as an asset acquisition. If this is not the case, we then further evaluate whether the single identifiable asset or group of similar identifiable assets and activities includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the transaction is accounted for as a business combination. We account for business combinations using the acquisition method of accounting which requires that (i) identifiable assets acquired (including identifiable intangible assets) and liabilities assumed generally be measured and recognized at fair value as of the acquisition date and (ii) the excess of the purchase price over the net fair value of identifiable assets acquired and liabilities assumed be recognized as goodwill, which is not amortized for accounting purposes but is subject to testing for impairment at least annually. We measure and recognize asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets. 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 transaction costs directly attributable to the acquisition are considered a component of the cost of the acquisition in an asset acquisition. See Note 13: CatchMark Merger for additional information. 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 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 U.S. Federal Reserve, in conjunction with the Alternative Reference Rate Committee, a steering committee comprised of large U.S. financial institutions, has recommended replacing LIBOR with the Secured Overnight Financing Rate (SOFR). The guidance in ASU 2020-04, which can be applied immediately, is optional and may be elected over time as reference 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 the associated interest rate swaps, and $ 290.0 million of forward starting interest rate swaps have an interest rate tied to LIBOR. We are working with our lenders and counterparties to modify the benchmark rate from LIBOR to SOFR in our variable rate term loans and interest rate derivative agreements. We expect to complete this conversion by the end of 2022 . We do not expect our adoption of ASU 2020-04 will have a material impact on our consolidated financial statements.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Timberlands Northern region Sawlogs $ 78,668 $ 88,244 $ 223,102 $ 251,198 Pulpwood 582 119 1,561 815 Other 281 205 797 740 Total Northern revenues 79,531 88,568 225,460 252,753 Southern region Sawlogs 29,618 22,191 77,364 65,620 Pulpwood 17,694 13,843 41,542 33,167 Stumpage 4,028 2,275 9,494 3,310 Other 3,705 2,666 9,859 7,825 Total Southern revenues 55,045 40,975 138,259 109,922 Total Timberlands revenues 134,576 129,543 363,719 362,675 Wood Products Lumber 151,540 141,255 622,228 679,417 Residuals and Panels 41,891 46,505 133,578 135,312 Total Wood Products revenues 193,431 187,760 755,806 814,729 Real Estate Rural real estate 6,182 6,939 44,268 28,469 Development real estate 10,205 4,260 28,429 14,087 Other 2,621 2,298 7,112 7,252 Total Real Estate revenues 19,008 13,497 79,809 49,808 Total segment revenues 347,015 330,800 1,199,334 1,227,212 Intersegment Timberlands revenues 1 ( 40,322 ) ( 43,470 ) ( 121,694 ) ( 138,183 ) Total consolidated revenues $ 306,693 $ 287,330 $ 1,077,640 $ 1,089,029 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. 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 September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Adjusted EBITDDA: Timberlands $ 64,482 $ 76,023 $ 198,806 $ 221,140 Wood Products 31,258 26,566 288,465 356,654 Real Estate 14,140 9,069 66,080 37,450 Corporate ( 12,629 ) ( 11,496 ) ( 36,125 ) ( 35,028 ) Eliminations and adjustments 3,839 7,021 4,596 ( 3,063 ) Total Adjusted EBITDDA 101,090 107,183 521,822 577,153 Interest expense, net 1 ( 8,280 ) ( 8,641 ) ( 18,593 ) ( 20,414 ) Depreciation, depletion and amortization ( 27,329 ) ( 21,131 ) ( 66,838 ) ( 56,156 ) Basis of real estate sold ( 6,845 ) ( 6,697 ) ( 25,024 ) ( 22,733 ) CatchMark merger-related expenses ( 26,007 ) — ( 26,007 ) — Gain on fire damage 24,913 4,394 34,505 4,394 Pension settlement charge — — ( 14,165 ) — Non-operating pension and other postretirement employee benefits ( 1,808 ) ( 3,271 ) ( 5,546 ) ( 9,956 ) Gain (loss) on disposal of fixed assets 23 ( 1,139 ) 39 ( 1,700 ) Other ( 1 ) — ( 1 ) — Income before income taxes $ 55,756 $ 70,698 $ 400,192 $ 470,588 Depreciation, depletion and amortization: Timberlands $ 16,963 $ 11,893 $ 40,687 $ 33,792 Wood Products 10,069 8,879 25,226 21,261 Real Estate 175 162 518 477 Corporate 122 197 407 626 27,329 21,131 66,838 56,156 Bond discounts and deferred loan fees 1 378 403 1,122 1,209 Total depreciation, depletion and amortization $ 27,707 $ 21,534 $ 67,960 $ 57,365 Basis of real estate sold: Real Estate $ 6,845 $ 6,703 $ 25,033 $ 22,751 Eliminations and adjustments — ( 6 ) ( 9 ) ( 18 ) Total basis of real estate sold $ 6,845 $ 6,697 $ 25,024 $ 22,733 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Basic weighted-average shares outstanding 71,486 67,315 70,171 67,275 Incremental shares due to: Performance shares 111 272 104 257 Restricted stock units 35 61 33 56 Diluted weighted-average shares outstanding 71,632 67,648 70,308 67,588 For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. For the three and nine months ended September 30, 2022, there were approximately 117,000 and 136,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the three and nine months ended September 30, 2021, there were approximately 101,000 and 88,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. 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 2018 Repurchase Program). During the three and nine months ended September 30, 2022, we repurchased 8,444 and 103,010 shares of our common stock (at a total consideration of $ 0.4 million and $ 4.5 million), respectively, under the 2018 Repurchase Program. All common stock purchases were made in open-market transactions. We did no t repurchase any shares during the nine months ended September 31, 2021. On August 31, 2022, our board of directors authorized management to repurchase up to $ 200.0 million of our common stock with no set time limit for the repurchase (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under the 2018 Repurchase Program. Shares under the 2022 Repurchase Program may be repurchased in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the Trading Plan). The timing, manner, price and amount of repurchases will be determined according to, and subject to, the terms of the Trading Plan, and, subject to the terms of the Trading Plan, the 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. No sh ares were repurchased under the 2022 Repurchase Program during the nine months ended September 30, 2022. At September 30, 2022, we had remaining authorization of $ 200.0 million for future stock repurchases under the 2022 Repurchase Program. Transaction costs are not counted against authorized funds. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

Certain Balance Sheet Component

Certain Balance Sheet Components	9 Months Ended
	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) September 30, 2022 December 31, 2021 Logs $ 25,179 $ 41,199 Lumber, panels and veneer 37,893 34,528 Materials and supplies 20,650 17,780 Total inventories 83,722 93,507 Less: LIFO reserve ( 21,138 ) ( 21,138 ) Total inventories, net $ 62,584 $ 72,369 Property, plant and equipment (in thousands) September 30, 2022 December 31, 2021 Property, plant and equipment $ 583,747 $ 532,324 Less: accumulated depreciation ( 264,515 ) ( 240,004 ) Total property, plant and equipment, net $ 319,232 $ 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, under which we filed a claim with the insurance carriers. Insurance recoveries are recorded when deemed probable and reasonably estimable. The new equipment has been installed and the start-up phase and log processing began in late September 2022, with expected completion by the end of 2022. We also expect to finalize our insurance claim and receive the remaining insurance proceeds in 2023. Damaged and obsolete fixed asset write-offs, disposal costs and insurance recoveries for the Ola, Arkansas sawmill fire and gain on fire damage consists of the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Fixed asset write-offs $ — $ 7,436 $ — $ 9,544 Disposal costs 87 1,062 924 1,062 Total fixed asset loss on disposal 87 8,498 924 10,606 Insurance recoveries ( 25,000 ) ( 12,892 ) ( 35,000 ) ( 15,000 ) Gain on fire damage at Ola ( 24,913 ) ( 4,394 ) ( 34,076 ) ( 4,394 ) Insurance recoveries on timberlands fire damage — — ( 429 ) — Gain on fire damage $ ( 24,913 ) $ ( 4,394 ) $ ( 34,505 ) $ ( 4,394 ) Timber and timberlands (in thousands) September 30, 2022 December 31, 2021 Timber and timberlands $ 2,428,840 $ 1,597,011 Logging roads 91,665 85,660 Total timber and timberlands, net $ 2,520,505 $ 1,682,671 During the nine months ended September 30, 2022, we were the successful bidder for three bolt-on timberland transactions, aggregating approximately $ 101 million, consisting of approximately 46,000 acres in Mississippi and Arkansas. Additionally, on September 14, 2022, we completed our merger with CatchMark Timber Trust, Inc. (CatchMark) which consists of approximately 348,000 acres in Alabama, Georgia and South Carolina. See Note 13: CatchMark Merger for additional information. Accounts payable and accrued liabilities (in thousands) September 30, 2022 December 31, 2021 Income taxes payable $ 9,457 $ 1,134 Accrued payroll and benefits 30,812 28,944 Accounts payable 15,898 12,749 Deferred revenue 1 13,201 8,392 Other accrued taxes 9,793 5,714 Accrued interest 5,274 6,046 Other current liabilities 27,172 15,230 Total accounts payable and accrued liabilities $ 111,607 $ 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	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	NO TE 5. DEBT TERM LOANS On September 14, 2022, through a seventh amendment to the Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender, we refinanced $ 277.5 million of long-term debt assumed in the CatchMark merger. See Note 13 : CatchMark Merger for additional information. The amendment to the Amended Term Loan Agreement provided for a new 5-year term loan in the principal amount of $ 138.75 million maturing on September 1, 2027 , and a new 8-year term loan in the principal amount of $ 138.75 million maturing on September 1, 2030 (collectively the New Term Loans). The New Term Loans bear interest at a rate equal to one-month SOFR plus 2.0 % per annum. In addition, the 8-year term loan provides for a cost-of-capital reset at year five. In connection with the refinance, we entered into two one-month SOFR based interest rate swaps to fix the interest rates on the New Term Loans at 2.50 % and 2.66 % respectively, before patronage credits from lenders. At September 30, 2022, our total outstanding principal on our long-term debt of $ 1.04 billion included $ 971.0 million of term loans under the Amended Term Loan Agreement, including the New Term Loans and a $ 40.0 million term loan that we expect to refinance upon its maturity in December 2022 . In addition to the New Term Loans, 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 LIBOR based interest rate swaps to fix the interest rate on these LIBOR base rate term loans. See Note: 6 Derivative Instruments for additional information. CREDIT AGREEMENT At September 30, 2022, there were no borrowings under our $ 300.0 million revolving line of credit and approximately $ 11.0 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 sub facilities reduce availability under the revolving line of credit. We may utilize borrowings under the credit facility to, among other things, refinance existing indebtedness and provide funding for working capital requirements, capital projects, acquisitions and other general corporate expenditures. We were in compliance with all debt and credit agreement covenants at September 30, 2022.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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. All 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. As of September 30, 2022, we have interest rate swaps associated with $ 403.5 million of LIBOR based term loans. 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 % before patronage credits from lenders. We held $ 567.5 million of one-month LIBOR based forward starting interest rate swaps designated as cash flow hedges prior to the termination of certain forward starting swaps noted below. These forward starting interest rate swaps were entered into in March 2020, to effectively hedge the variability in future benchmark interest payments attributable to changes in interest rates on $ 567.5 million of expected future debt refinances through January 2029 , with expected interest payments through January 2039 , by converting the benchmark interest rate. On September 15, 2022, we terminated $ 277.5 million of these forward starting interest rate swaps and transferred the value realized from their termination into two new swaps to hedge the variability in future cash flows on the SOFR based New Term Loans of $ 277.5 million. These two new one-month SOFR based interest rate swaps with a notional amount of $ 138.75 million each effectively fix the interest rates at 2.50 % and 2.66 % on the New Term Loans before patronage credits from lenders. See Note 5: Debt for additional information. As of September 30, 2022, we have $ 290.0 million of remaining forward starting interest rate swaps. These cash flow hedges for expected future debt refinances require settlement on the stated maturity date. Additionally, in connection with the CatchMark merger, we acquired two LIBOR based interest rate swaps with a combined notional amount of $ 275.0 million which were used to fix the interest rates on CatchMark’s long-term debt. These interest rate swaps had a fair value of $ 19.2 million at the date of the CatchMark merger. We terminated these interest rate swaps and transferred the value realized from their termination into an existing $ 150.0 million LIBOR based interest rate swap associated with a $ 150.0 million term loan maturing January 1, 2029 , resulting in the reduction of the LIBOR based swap rate from 2.71 % to 0.49 %. At September 30, 2022, the amount of net gains expected to be reclassified into earnings in the next 12 months is approximately $ 11.5 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 and SOFR rates, as applicable, at the time of net swap cash payments. The gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets are as follows: Asset Derivatives Liability Derivatives (in thousands) Location September 30, 2022 December 31, 2021 Location September 30, 2022 December 31, 2021 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 8,889 $ 2,191 Accounts payable and accrued liabilities 1 $ — $ — Interest rate contracts Other assets, non-current 138,795 31,306 Other long-term obligations — 24,060 $ 147,684 $ 33,497 $ — $ 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 September 30, Nine Months Ended September 30, (in thousands) Location 2022 2021 2022 2021 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income recognized in other comprehensive income, net of tax $ 32,895 $ 4,310 $ 115,256 $ 32,741 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1 Interest expense $ 170 $ ( 2,326 ) $ ( 3,274 ) $ ( 6,839 ) Interest expense, net $ 8,280 $ 8,641 $ 18,593 $ 20,414 1 Realized gains and losses on interest rate contracts consist of realized net cash received or paid and interest accruals on the interest rate swaps during the periods in addition to amortization of amounts out of other comprehensive income related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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: September 30, 2022 December 31, 2021 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 147,684 $ 147,684 $ 33,497 $ 33,497 Derivative liabilities related to interest rate swaps (Level 2) $ — $ — $ ( 24,060 ) $ ( 24,060 ) Long-term debt, including current portion (Level 2): Term loans $ ( 969,107 ) $ ( 961,581 ) $ ( 691,119 ) $ ( 705,135 ) Revenue bonds ( 65,735 ) ( 64,349 ) ( 65,735 ) ( 69,278 ) Medium-term notes — — ( 3,000 ) ( 3,007 ) Total long-term debt 1 $ ( 1,034,842 ) $ ( 1,025,930 ) $ ( 759,854 ) $ ( 777,420 ) Company owned life insurance asset (COLI) (Level 3) $ 4,305 $ 4,305 $ 3,923 $ 3,923 1 The carrying amount of long-term debt includes principal and unamortized discounts. The fair value of interest rate swaps is 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	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Equity-Based Compensation	NO TE 8. EQUITY-BASED COMPENSATION On May 2, 2022, our stockholders approved the PotlatchDeltic Corporation Amended and Restated 2019 Long-Term Incentive Plan to increase the number of shares available for issuance by 1.4 million shares. At September 30, 2022, approximately 2.1 million shares are available for future use under our long-term incentive plans. Share-based compensation activity during the nine months ended September 30, 2022, included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 92,490 — 971 Restricted Stock Units (RSUs) 58,549 39,594 1,323 Approximately 0.3 million shares of common stock were issued to employees during the nine months ended September 30, 2022, as a result of PSA and RSU vesting during 2021 and 2022. The following details compensation expense and the related income tax benefit for company specific equity-based awards: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Equity-based compensation expense: Performance share awards $ 1,535 $ 1,416 $ 4,351 $ 4,012 Restricted stock units 825 805 2,335 2,197 Deferred compensation stock equivalent units expense 49 54 147 136 Total equity-based compensation expense $ 2,409 $ 2,275 $ 6,833 $ 6,345 Total tax benefit recognized for equity-based expense $ 119 $ 125 $ 338 $ 321 Additionally, during the three months ended September 30, 2022, we recognized a $ 9.3 million expense for the accelerated vesting of CatchMark equity awards related to the CatchMark merger which is included in CatchMark merger-related expenses on the Condensed Consolidated Statements of Operations . See Note 13: CatchMark Merger for additional information. 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 nine months ended September 30, 2022, was $ 53.73 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	9 Months Ended
	Sep. 30, 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. In conjunction with the CatchMark merger (see Note 13: CatchMark Merger ) , we recorded uncertain tax position liabilities totaling $ 9.4 million, including $ 0.5 million for accrued interest, related to the treatment of certain intercompany transactions between CatchMark's REIT and its taxable REIT subsidiary. These liabilities are included in Other long-term obligations in our Condensed Consolidated Balance Sheets .

Leases

Leases	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Assets Operating lease assets Other long-term assets $ 10,071 $ 8,514 Finance lease assets 1 Property, plant and equipment, net 13,365 10,663 Total lease assets $ 23,436 $ 19,177 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,819 $ 3,021 Finance lease liabilities Accounts payable and accrued liabilitie s 4,883 3,577 Noncurrent: Operating lease liabilities Other long-term obligations 7,219 5,598 Finance lease liabilities Other long-term obligations 8,318 6,972 Total lease liabilities $ 23,239 $ 19,168 1 Finance lease assets are presented net of accumulated amortization of $ 7.6 million and $ 4.5 million as of September 30, 2022 and December 31, 2021, respectively. The following table presents the components of lease expense: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Operating lease costs 1 $ 805 $ 1,156 $ 2,633 $ 3,769 Finance lease costs: Amortization of leased assets 1,137 741 3,061 1,963 Interest on lease liabilities 90 60 226 162 Net lease costs $ 2,032 $ 1,957 $ 5,920 $ 5,894 1 Excludes short-term leases and variable lease costs, which are immaterial. The following table presents supplemental cash flow information related to leases: Nine Months Ended September 30, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,733 $ 3,723 Operating cash flows for finance leases $ 226 $ 162 Financing cash flows for finance leases $ 3,110 $ 1,963 Leased assets exchanged for new lease liabilities: Operating leases 1 $ 3,931 $ 213 Finance leases $ 5,761 $ 3,916 1 Includes $ 2.4 million for an office lease assumed in the CatchMark merger. See Note 13: CatchMark Merger .

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	9 Months Ended
	Sep. 30, 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. 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. The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended September 30, Pension OPEB (in thousands) 2022 2021 2022 2021 Service cost $ 1,652 $ 2,045 $ 79 $ 168 Interest cost 2,611 2,633 228 317 Expected return on plan assets ( 2,259 ) ( 3,525 ) — — Amortization of prior service cost (credit) 19 21 155 ( 298 ) Amortization of actuarial loss (gain) 1,150 3,578 ( 96 ) 545 Total net periodic cost $ 3,173 $ 4,752 $ 366 $ 732 Nine Months Ended September 30, Pension OPEB (in thousands) 2022 2021 2022 2021 Service cost $ 5,153 $ 6,135 $ 237 $ 504 Interest cost 8,034 7,899 686 951 Expected return on plan assets ( 7,662 ) ( 10,575 ) — — Amortization of prior service cost (credit) 55 63 467 ( 894 ) Amortization of actuarial loss (gain) 4,252 10,877 ( 286 ) 1,635 Net periodic cost before pension settlement charge 9,832 14,399 1,104 2,196 Pension settlement charge 14,165 — — — Net periodic cost $ 23,997 $ 14,399 $ 1,104 $ 2,196 During the nine months ended September 30, 2022 and 2021, funding of pension and other postretirement employee benefit plans was $ 3.3 million and $ 7.4 million, respectively.

Components of Accumulated Other

Components of Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (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 September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Pension Plans Balance at beginning of period $ 41,274 $ 73,592 $ 49,579 $ 79,025 Net loss arising during the period — — 4,587 — Effect of pension settlement — — ( 10,553 ) — Amounts reclassified from AOCI to earnings ( 869 ) ( 2,664 ) ( 3,208 ) ( 8,097 ) Balance at end of period 40,405 70,928 40,405 70,928 Other Postretirement Benefit Plans Balance at beginning of period 1,700 14,418 1,790 14,783 Amounts reclassified from AOCI to earnings ( 45 ) ( 182 ) ( 135 ) ( 547 ) Balance at end of period 1,655 14,236 1,655 14,236 Cash Flow Hedges Balance at beginning of period ( 93,936 ) ( 5,763 ) ( 8,131 ) 27,181 Amounts arising during the period ( 32,895 ) ( 4,310 ) ( 115,256 ) ( 32,741 ) Amounts reclassified from AOCI to earnings 170 ( 2,326 ) ( 3,274 ) ( 6,839 ) Balance at end of period ( 126,661 ) ( 12,399 ) ( 126,661 ) ( 12,399 ) Accumulated other comprehensive (income) loss, end of period $ ( 84,601 ) $ 72,765 $ ( 84,601 ) $ 72,765 See Note 11: Pension and Other Postretirement Employee Benefits and Note 6: Derivative Instruments for additional information.

CatchMark Merger

CatchMark Merger	9 Months Ended
	Sep. 30, 2022
CatchMark Merger [Abstract]
CatchMark Merger	NOTE 13. CATCHMARK MERGER On September 14, 2022, CatchMark and CatchMark Timber Operating Partnership, L.P. (the Partnership) merged into a wholly owned subsidiary (Merger Sub) of PotlatchDeltic, pursuant to the terms of a merger agreement dated May 29, 2022, with the Merger Sub surviving the mergers. CatchMark owned approximately 348,000 acres of superior site index timberlands located in Alabama, Georgia and South Carolina. Under the terms of the merger agreement, immediately prior to the mergers all outstanding unvested CatchMark equity awards and Partnership Long-term Incentive Plan (LTIP) Units were deemed fully vested, at maximum performance to the extent applicable, and converted to shares of CatchMark common stock and common partnership units of the Partnership (Partnership OP Units), respectively. CatchMark stockholders and the holders of the Partnership OP Units received 0.230 shares of PotlatchDeltic common stock for each share of CatchMark common stock and for each Partnership OP Unit and cash in lieu of fractional shares at the effective time of the merg er. As a result of the merger, we issued approximately 11.5 million shares of PotlatchDeltic common stock, including (i) 11.3 million shares in exchange for the outstanding shares of CatchMark common stock, which included unvested CatchMark share-based awards that fully vested upon closing of the merger; and (ii) 0.2 million shares in exchange for the Partnership OP Units. Immediately following the merger, we refinanced $ 277.5 million of CatchMark's $ 300.0 million outstanding long-term debt and repaid the remaining $ 22.5 million with cash on hand. We also entered into $ 277.5 million of interest rate swaps to fix the interest rates on the refinanced long-term debt. Refer to Note 5: Debt and Note 6: Derivative Instruments for further information. Based on guidance of ASC Topic 805, Business Combinations , we accounted for the transaction as an asset acquisition due to the determination that substantially all of the fair value of the assets acquired was concentrated in the acquired timber and timberlands asset group. See Note 1: Basis of Presentation for information on accounting and significant estimates associated with business combinations and asset acquisitions. The CatchMark timber and timberlands assets and operations are included in our Timberlands segment within the Southern region. The following table summarizes the cost of the acquisition for accounting purposes: (in thousands, except shares and per share amounts) Total CatchMark shares and Partnership OP units outstanding to be converted 1 48,688,754 Exchange ratio 2 0.23 PotlatchDeltic shares issued as merger consideration 11,198,413 Price per PotlatchDeltic common share 3 $ 44.95 Value of PotlatchDeltic common shares issued as merger consideration $ 503,369 Attribution to consideration transferred for pre-merger services 4 4,945 Total value of equity consideration 508,314 Cash paid in lieu of fractional shares 101 Transaction costs capitalized 5 9,341 Purchase consideration $ 517,756 1. Number of shares of CatchMark common stock and Partnership OP units issued and outstanding as of September 14, 2022, immediately prior to the merger, net of fractional shares. These shares exclude 1.5 million unvested CatchMark share-based awards that fully vested, were exchanged for PotlatchDeltic shares upon closing of the merger and were allocated between the pre-merger and post-merger periods. 2. Exchange ratio per the merger agreement. 3. Closing price of PotlatchDeltic common stock on September 14, 2022. 4. Represents the fair value of CatchMark unvested share-based awards that fully vested upon closing of the merger allocated to the pre-merger period, net of impact from shares withheld to cover employee taxes. 5. Transaction costs include items such as investment banking fees, legal services, and other professional fees directly attributable to the merger. These costs are capitalized in an asset acquisition. The following table reflects the fair value of assets acquired and liabilities assumed: (in thousands) ASSETS Cash and cash equivalents $ 23,571 Other current assets 2,764 Intangible assets 3,000 Timber and timberlands 782,258 Other long-term assets 1 29,265 Total assets acquired 840,858 LIABILITIES Accounts payable and accrued liabilities 10,781 Long-term debt 300,000 Deferred tax liabilities, net 795 Other long-term liabilities 2 11,526 Total liabilities assumed 323,102 Net assets acquired $ 517,756 1. Includes $ 19.2 million for interest rate swap contracts. See Note 6: Derivative Instruments for additional information. 2. Includes $ 9.4 million in uncertain tax position liabilities. See Note 9: Income Taxes for additional information. During the three months ended September 30, 2022, we incurred non-capitalizable merger costs in connection with the CatchMark merger as follows: (in thousands) Severance benefits 1 $ 7,513 Partnership OP Units' tax gross-up 2 8,124 Share-based compensation 3 9,307 Other 1,063 Total merger expenses $ 26,007 1. Qualifying change-in-control and termination benefits for CatchMark executive officers and employees. 2. Tax gross-up payments to holders of Partnership OP Units, as defined in the merger agreement. 3. Share-based compensation for the acceleration of CatchMark equity awards that fully vested upon closing of the merger and were allocated to the post-merger period. These costs are included in CatchMark merger related expenses in our Condensed Consolidated Statements of Operations.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 nine states. We are engaged in activities associated with timberland management, including the sale of timber, the management of approximately 2.2 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.
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. In determining whether an acquisition should be accounted for as a business combination or asset acquisition, we first determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is accounted for as an asset acquisition. If this is not the case, we then further evaluate whether the single identifiable asset or group of similar identifiable assets and activities includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the transaction is accounted for as a business combination. We account for business combinations using the acquisition method of accounting which requires that (i) identifiable assets acquired (including identifiable intangible assets) and liabilities assumed generally be measured and recognized at fair value as of the acquisition date and (ii) the excess of the purchase price over the net fair value of identifiable assets acquired and liabilities assumed be recognized as goodwill, which is not amortized for accounting purposes but is subject to testing for impairment at least annually. We measure and recognize asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets. 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 transaction costs directly attributable to the acquisition are considered a component of the cost of the acquisition in an asset acquisition. See Note 13: CatchMark Merger for additional information.
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 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 U.S. Federal Reserve, in conjunction with the Alternative Reference Rate Committee, a steering committee comprised of large U.S. financial institutions, has recommended replacing LIBOR with the Secured Overnight Financing Rate (SOFR). The guidance in ASU 2020-04, which can be applied immediately, is optional and may be elected over time as reference 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 the associated interest rate swaps, and $ 290.0 million of forward starting interest rate swaps have an interest rate tied to LIBOR. We are working with our lenders and counterparties to modify the benchmark rate from LIBOR to SOFR in our variable rate term loans and interest rate derivative agreements. We expect to complete this conversion by the end of 2022 . We do not expect our adoption of ASU 2020-04 will have a material impact on our consolidated financial statements.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary of Revenues by Major Product	The following table presents our revenues by major product: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Timberlands Northern region Sawlogs $ 78,668 $ 88,244 $ 223,102 $ 251,198 Pulpwood 582 119 1,561 815 Other 281 205 797 740 Total Northern revenues 79,531 88,568 225,460 252,753 Southern region Sawlogs 29,618 22,191 77,364 65,620 Pulpwood 17,694 13,843 41,542 33,167 Stumpage 4,028 2,275 9,494 3,310 Other 3,705 2,666 9,859 7,825 Total Southern revenues 55,045 40,975 138,259 109,922 Total Timberlands revenues 134,576 129,543 363,719 362,675 Wood Products Lumber 151,540 141,255 622,228 679,417 Residuals and Panels 41,891 46,505 133,578 135,312 Total Wood Products revenues 193,431 187,760 755,806 814,729 Real Estate Rural real estate 6,182 6,939 44,268 28,469 Development real estate 10,205 4,260 28,429 14,087 Other 2,621 2,298 7,112 7,252 Total Real Estate revenues 19,008 13,497 79,809 49,808 Total segment revenues 347,015 330,800 1,199,334 1,227,212 Intersegment Timberlands revenues 1 ( 40,322 ) ( 43,470 ) ( 121,694 ) ( 138,183 ) Total consolidated revenues $ 306,693 $ 287,330 $ 1,077,640 $ 1,089,029 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
Summary of Information by Business Segment	The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements . Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Adjusted EBITDDA: Timberlands $ 64,482 $ 76,023 $ 198,806 $ 221,140 Wood Products 31,258 26,566 288,465 356,654 Real Estate 14,140 9,069 66,080 37,450 Corporate ( 12,629 ) ( 11,496 ) ( 36,125 ) ( 35,028 ) Eliminations and adjustments 3,839 7,021 4,596 ( 3,063 ) Total Adjusted EBITDDA 101,090 107,183 521,822 577,153 Interest expense, net 1 ( 8,280 ) ( 8,641 ) ( 18,593 ) ( 20,414 ) Depreciation, depletion and amortization ( 27,329 ) ( 21,131 ) ( 66,838 ) ( 56,156 ) Basis of real estate sold ( 6,845 ) ( 6,697 ) ( 25,024 ) ( 22,733 ) CatchMark merger-related expenses ( 26,007 ) — ( 26,007 ) — Gain on fire damage 24,913 4,394 34,505 4,394 Pension settlement charge — — ( 14,165 ) — Non-operating pension and other postretirement employee benefits ( 1,808 ) ( 3,271 ) ( 5,546 ) ( 9,956 ) Gain (loss) on disposal of fixed assets 23 ( 1,139 ) 39 ( 1,700 ) Other ( 1 ) — ( 1 ) — Income before income taxes $ 55,756 $ 70,698 $ 400,192 $ 470,588 Depreciation, depletion and amortization: Timberlands $ 16,963 $ 11,893 $ 40,687 $ 33,792 Wood Products 10,069 8,879 25,226 21,261 Real Estate 175 162 518 477 Corporate 122 197 407 626 27,329 21,131 66,838 56,156 Bond discounts and deferred loan fees 1 378 403 1,122 1,209 Total depreciation, depletion and amortization $ 27,707 $ 21,534 $ 67,960 $ 57,365 Basis of real estate sold: Real Estate $ 6,845 $ 6,703 $ 25,033 $ 22,751 Eliminations and adjustments — ( 6 ) ( 9 ) ( 18 ) Total basis of real estate sold $ 6,845 $ 6,697 $ 25,024 $ 22,733 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Basic weighted-average shares outstanding 71,486 67,315 70,171 67,275 Incremental shares due to: Performance shares 111 272 104 257 Restricted stock units 35 61 33 56 Diluted weighted-average shares outstanding 71,632 67,648 70,308 67,588

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) September 30, 2022 December 31, 2021 Logs $ 25,179 $ 41,199 Lumber, panels and veneer 37,893 34,528 Materials and supplies 20,650 17,780 Total inventories 83,722 93,507 Less: LIFO reserve ( 21,138 ) ( 21,138 ) Total inventories, net $ 62,584 $ 72,369
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) September 30, 2022 December 31, 2021 Property, plant and equipment $ 583,747 $ 532,324 Less: accumulated depreciation ( 264,515 ) ( 240,004 ) Total property, plant and equipment, net $ 319,232 $ 292,320
Schedule of Damaged and obsolete Fixed Asset Write-Offs, Disposal Costs, Insurance Recoveries for Ola, Arkansas Sawmill Fire and Gain on Fire Damage	Damaged and obsolete fixed asset write-offs, disposal costs and insurance recoveries for the Ola, Arkansas sawmill fire and gain on fire damage consists of the following: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Fixed asset write-offs $ — $ 7,436 $ — $ 9,544 Disposal costs 87 1,062 924 1,062 Total fixed asset loss on disposal 87 8,498 924 10,606 Insurance recoveries ( 25,000 ) ( 12,892 ) ( 35,000 ) ( 15,000 ) Gain on fire damage at Ola ( 24,913 ) ( 4,394 ) ( 34,076 ) ( 4,394 ) Insurance recoveries on timberlands fire damage — — ( 429 ) — Gain on fire damage $ ( 24,913 ) $ ( 4,394 ) $ ( 34,505 ) $ ( 4,394 )
Schedule of Timber and Timberlands	Timber and timberlands (in thousands) September 30, 2022 December 31, 2021 Timber and timberlands $ 2,428,840 $ 1,597,011 Logging roads 91,665 85,660 Total timber and timberlands, net $ 2,520,505 $ 1,682,671
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in thousands) September 30, 2022 December 31, 2021 Income taxes payable $ 9,457 $ 1,134 Accrued payroll and benefits 30,812 28,944 Accounts payable 15,898 12,749 Deferred revenue 1 13,201 8,392 Other accrued taxes 9,793 5,714 Accrued interest 5,274 6,046 Other current liabilities 27,172 15,230 Total accounts payable and accrued liabilities $ 111,607 $ 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)	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Location September 30, 2022 December 31, 2021 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 8,889 $ 2,191 Accounts payable and accrued liabilities 1 $ — $ — Interest rate contracts Other assets, non-current 138,795 31,306 Other long-term obligations — 24,060 $ 147,684 $ 33,497 $ — $ 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 September 30, Nine Months Ended September 30, (in thousands) Location 2022 2021 2022 2021 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income recognized in other comprehensive income, net of tax $ 32,895 $ 4,310 $ 115,256 $ 32,741 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1 Interest expense $ 170 $ ( 2,326 ) $ ( 3,274 ) $ ( 6,839 ) Interest expense, net $ 8,280 $ 8,641 $ 18,593 $ 20,414 1 Realized gains and losses on interest rate contracts consist of realized net cash received or paid and interest accruals on the interest rate swaps during the periods in addition to amortization of amounts out of other comprehensive income related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: September 30, 2022 December 31, 2021 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 147,684 $ 147,684 $ 33,497 $ 33,497 Derivative liabilities related to interest rate swaps (Level 2) $ — $ — $ ( 24,060 ) $ ( 24,060 ) Long-term debt, including current portion (Level 2): Term loans $ ( 969,107 ) $ ( 961,581 ) $ ( 691,119 ) $ ( 705,135 ) Revenue bonds ( 65,735 ) ( 64,349 ) ( 65,735 ) ( 69,278 ) Medium-term notes — — ( 3,000 ) ( 3,007 ) Total long-term debt 1 $ ( 1,034,842 ) $ ( 1,025,930 ) $ ( 759,854 ) $ ( 777,420 ) Company owned life insurance asset (COLI) (Level 3) $ 4,305 $ 4,305 $ 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)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the nine months ended September 30, 2022, included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 92,490 — 971 Restricted Stock Units (RSUs) 58,549 39,594 1,323
Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards	The following details compensation expense and the related income tax benefit for company specific equity-based awards: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Equity-based compensation expense: Performance share awards $ 1,535 $ 1,416 $ 4,351 $ 4,012 Restricted stock units 825 805 2,335 2,197 Deferred compensation stock equivalent units expense 49 54 147 136 Total equity-based compensation expense $ 2,409 $ 2,275 $ 6,833 $ 6,345 Total tax benefit recognized for equity-based expense $ 119 $ 125 $ 338 $ 321
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)	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Assets Operating lease assets Other long-term assets $ 10,071 $ 8,514 Finance lease assets 1 Property, plant and equipment, net 13,365 10,663 Total lease assets $ 23,436 $ 19,177 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,819 $ 3,021 Finance lease liabilities Accounts payable and accrued liabilitie s 4,883 3,577 Noncurrent: Operating lease liabilities Other long-term obligations 7,219 5,598 Finance lease liabilities Other long-term obligations 8,318 6,972 Total lease liabilities $ 23,239 $ 19,168 1 Finance lease assets are presented net of accumulated amortization of $ 7.6 million and $ 4.5 million as of September 30, 2022 and December 31, 2021, respectively.
Schedule of Components of Lease Expense	The following table presents the components of lease expense: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Operating lease costs 1 $ 805 $ 1,156 $ 2,633 $ 3,769 Finance lease costs: Amortization of leased assets 1,137 741 3,061 1,963 Interest on lease liabilities 90 60 226 162 Net lease costs $ 2,032 $ 1,957 $ 5,920 $ 5,894 1 Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Cash Flow Information Related Leases	The following table presents supplemental cash flow information related to leases: Nine Months Ended September 30, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,733 $ 3,723 Operating cash flows for finance leases $ 226 $ 162 Financing cash flows for finance leases $ 3,110 $ 1,963 Leased assets exchanged for new lease liabilities: Operating leases 1 $ 3,931 $ 213 Finance leases $ 5,761 $ 3,916 1 Includes $ 2.4 million for an office lease assumed in the CatchMark merger. See Note 13: CatchMark Merger .

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Pension OPEB (in thousands) 2022 2021 2022 2021 Service cost $ 1,652 $ 2,045 $ 79 $ 168 Interest cost 2,611 2,633 228 317 Expected return on plan assets ( 2,259 ) ( 3,525 ) — — Amortization of prior service cost (credit) 19 21 155 ( 298 ) Amortization of actuarial loss (gain) 1,150 3,578 ( 96 ) 545 Total net periodic cost $ 3,173 $ 4,752 $ 366 $ 732 Nine Months Ended September 30, Pension OPEB (in thousands) 2022 2021 2022 2021 Service cost $ 5,153 $ 6,135 $ 237 $ 504 Interest cost 8,034 7,899 686 951 Expected return on plan assets ( 7,662 ) ( 10,575 ) — — Amortization of prior service cost (credit) 55 63 467 ( 894 ) Amortization of actuarial loss (gain) 4,252 10,877 ( 286 ) 1,635 Net periodic cost before pension settlement charge 9,832 14,399 1,104 2,196 Pension settlement charge 14,165 — — — Net periodic cost $ 23,997 $ 14,399 $ 1,104 $ 2,196

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Changes in 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 September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Pension Plans Balance at beginning of period $ 41,274 $ 73,592 $ 49,579 $ 79,025 Net loss arising during the period — — 4,587 — Effect of pension settlement — — ( 10,553 ) — Amounts reclassified from AOCI to earnings ( 869 ) ( 2,664 ) ( 3,208 ) ( 8,097 ) Balance at end of period 40,405 70,928 40,405 70,928 Other Postretirement Benefit Plans Balance at beginning of period 1,700 14,418 1,790 14,783 Amounts reclassified from AOCI to earnings ( 45 ) ( 182 ) ( 135 ) ( 547 ) Balance at end of period 1,655 14,236 1,655 14,236 Cash Flow Hedges Balance at beginning of period ( 93,936 ) ( 5,763 ) ( 8,131 ) 27,181 Amounts arising during the period ( 32,895 ) ( 4,310 ) ( 115,256 ) ( 32,741 ) Amounts reclassified from AOCI to earnings 170 ( 2,326 ) ( 3,274 ) ( 6,839 ) Balance at end of period ( 126,661 ) ( 12,399 ) ( 126,661 ) ( 12,399 ) Accumulated other comprehensive (income) loss, end of period $ ( 84,601 ) $ 72,765 $ ( 84,601 ) $ 72,765

CatchMark Merger (Tables)

CatchMark Merger (Tables)	9 Months Ended
	Sep. 30, 2022
CatchMark Merger [Abstract]
Schedule of Cost of Acquisition for Accounting Purposes	The following table summarizes the cost of the acquisition for accounting purposes: (in thousands, except shares and per share amounts) Total CatchMark shares and Partnership OP units outstanding to be converted 1 48,688,754 Exchange ratio 2 0.23 PotlatchDeltic shares issued as merger consideration 11,198,413 Price per PotlatchDeltic common share 3 $ 44.95 Value of PotlatchDeltic common shares issued as merger consideration $ 503,369 Attribution to consideration transferred for pre-merger services 4 4,945 Total value of equity consideration 508,314 Cash paid in lieu of fractional shares 101 Transaction costs capitalized 5 9,341 Purchase consideration $ 517,756 1. Number of shares of CatchMark common stock and Partnership OP units issued and outstanding as of September 14, 2022, immediately prior to the merger, net of fractional shares. These shares exclude 1.5 million unvested CatchMark share-based awards that fully vested, were exchanged for PotlatchDeltic shares upon closing of the merger and were allocated between the pre-merger and post-merger periods. 2. Exchange ratio per the merger agreement. 3. Closing price of PotlatchDeltic common stock on September 14, 2022. 4. Represents the fair value of CatchMark unvested share-based awards that fully vested upon closing of the merger allocated to the pre-merger period, net of impact from shares withheld to cover employee taxes. 5. Transaction costs include items such as investment banking fees, legal services, and other professional fees directly attributable to the merger. These costs are capitalized in an asset acquisition.
Schedule of Fair Value of Assets Acquired and Liabilities Assumed	The following table reflects the fair value of assets acquired and liabilities assumed: (in thousands) ASSETS Cash and cash equivalents $ 23,571 Other current assets 2,764 Intangible assets 3,000 Timber and timberlands 782,258 Other long-term assets 1 29,265 Total assets acquired 840,858 LIABILITIES Accounts payable and accrued liabilities 10,781 Long-term debt 300,000 Deferred tax liabilities, net 795 Other long-term liabilities 2 11,526 Total liabilities assumed 323,102 Net assets acquired $ 517,756 1. Includes $ 19.2 million for interest rate swap contracts. See Note 6: Derivative Instruments for additional information. 2. Includes $ 9.4 million in uncertain tax position liabilities. See Note 9: Income Taxes for additional information.
Schedule Of Non-capitalizable Merger Costs	During the three months ended September 30, 2022, we incurred non-capitalizable merger costs in connection with the CatchMark merger as follows: (in thousands) Severance benefits 1 $ 7,513 Partnership OP Units' tax gross-up 2 8,124 Share-based compensation 3 9,307 Other 1,063 Total merger expenses $ 26,007 1. Qualifying change-in-control and termination benefits for CatchMark executive officers and employees. 2. Tax gross-up payments to holders of Partnership OP Units, as defined in the merger agreement. 3. Share-based compensation for the acceleration of CatchMark equity awards that fully vested upon closing of the merger and were allocated to the post-merger period.

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) a in Millions, $ in Millions	Sep. 30, 2022 USD ($) a
Derivatives, Fair Value [Line Items]
Timber and timberlands acres owned | a	2.2
Term loans	$ 403.5
Term loan debt	403.5
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Term loans	290
Term loan debt	290
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Term Loans Maturing December Two Thousand Twenty Through January Two Thousand Twenty Nine [Member]
Derivatives, Fair Value [Line Items]
Term loans	290
Term loan debt	$ 290

Segment Information (Narrative)

Segment Information (Narrative) (Details)	9 Months Ended
	Sep. 30, 2022 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information (Summary of

Segment Information (Summary of Revenues by Major Product) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation Of Revenue [Line Items]
Revenues		$ 306,693	$ 287,330	$ 1,077,640	$ 1,089,029
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		347,015	330,800	1,199,334	1,227,212
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(40,322)	(43,470)	(121,694)	(138,183)
Timberlands [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		134,576	129,543	363,719	362,675
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		79,531	88,568	225,460	252,753
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		78,668	88,244	223,102	251,198
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		582	119	1,561	815
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		281	205	797	740
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		55,045	40,975	138,259	109,922
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		29,618	22,191	77,364	65,620
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		17,694	13,843	41,542	33,167
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,028	2,275	9,494	3,310
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		3,705	2,666	9,859	7,825
Wood Products [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		193,431	187,760	755,806	814,729
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		151,540	141,255	622,228	679,417
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		41,891	46,505	133,578	135,312
Real Estate Segment [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		19,008	13,497	79,809	49,808
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		6,182	6,939	44,268	28,469
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		10,205	4,260	28,429	14,087
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ 2,621	$ 2,298	$ 7,112	$ 7,252
[1] Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Segment Information (Summary _2

Segment Information (Summary of Information by Business Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDDA		$ 101,090	$ 107,183	$ 521,822	$ 577,153
Interest expense, net	[1]	(8,280)	(8,641)	(18,593)	(20,414)
Depreciation, depletion and amortization		(27,329)	(21,131)	(66,838)	(56,156)
Basis of real estate sold		(6,845)	(6,697)	(25,024)	(22,733)
CatchMark merger-related expenses		(26,007)	0	(26,007)	0
Gain on fire damage		24,913	4,394	34,505	4,394
Pension settlement charge		0	0	(14,165)	0
Non-operating pension and other postretirement employee benefits		(1,808)	(3,271)	(5,546)	(9,956)
Gain (loss) on disposal of fixed assets		(23)	1,139	39	(1,700)
Other		(1)	0	(1)	0
Income before income taxes		55,756	70,698	400,192	470,588
Bond discounts and deferred loan fees	[1]	378	403	1,122	1,209
Total depreciation, depletion and amortization		27,707	21,534	67,960	57,365
Operating Segments [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization		27,329	21,131	66,838	56,156
Operating Segments [Member] | Timberlands [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		64,482	76,023	198,806	221,140
Depreciation, depletion and amortization		16,963	11,893	40,687	33,792
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		31,258	26,566	288,465	356,654
Depreciation, depletion and amortization		10,069	8,879	25,226	21,261
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		14,140	9,069	66,080	37,450
Depreciation, depletion and amortization		175	162	518	477
Basis of real estate sold		(6,845)	(6,703)	(25,033)	(22,751)
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(12,629)	(11,496)	(36,125)	(35,028)
Depreciation, depletion and amortization		122	197	407	626
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(3,839)	7,021	4,596	(3,063)
Basis of real estate sold		$ 0	$ 6	$ 9	$ 18
[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per Share [Line Items]
Basic weighted-average shares outstanding	71,486	67,315	70,171	67,275
Diluted weighted-average shares outstanding	71,632	67,648	70,308	67,588
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	111	272	104	257
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	35	61	33	56

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Aug. 31, 2022	Aug. 30, 2018
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	117,000		101,000	136,000	88,000
Number of shares repurchased, cost	$ 371	$ 4,156
2018 Repurchase Program [Member]
Earnings per Share [Line Items]
Number of shares repurchased	8,444			103,010	0
Number of shares repurchased, cost	$ 400			$ 4,500
2022 Repurchase Program [Member]
Earnings per Share [Line Items]
Number of shares repurchased				0
Stock repurchase program, remaining amount	$ 200,000			$ 200,000
Maximum [Member] | 2018 Repurchase Program [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount							$ 100,000
Maximum [Member] | 2022 Repurchase Program [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount						$ 200,000

Certain Balance Sheet Compone_3

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Logs	$ 25,179	$ 41,199
Lumber, panels and veneer	37,893	34,528
Materials and supplies	20,650	17,780
Inventories gross	83,722	93,507
Less: LIFO reserve	(21,138)	(21,138)
Total inventories	$ 62,584	$ 72,369

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 583,747	$ 532,324
Less: accumulated depreciation	(264,515)	(240,004)
Total property, plant and equipment, net	$ 319,232	$ 292,320

Certain Balance Sheet Compone_5

Certain Balance Sheet Components (Schedule of Damaged and Obsolete Fixed Asset Write-Offs, Disposal Costs, Insurance Recoveries for Ola, Arkansas Sawmill Fire and Gain on Fire Damage) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Gain on fire damage	$ (24,913)	$ (4,394)	$ (34,505)	$ (4,394)
Ola Arkansas Sawmill [Member]
Property, Plant and Equipment [Line Items]
Fixed asset write-offs	0	7,436	0	9,544
Disposal costs	87	1,062	924	1,062
Total fixed asset loss on disposal	87	8,498	924	10,606
Insurance recoveries	(25,000)	(12,892)	(35,000)	(15,000)
Gain on fire damage	(24,913)	(4,394)	(34,076)	(4,394)
Timber Properties [Member]
Property, Plant and Equipment [Line Items]
Insurance recoveries	$ 0	$ 0	$ (429)	$ 0

Certain Balance Sheet Compone_6

Certain Balance Sheet Components - (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) a	Sep. 14, 2022 a
Property, Plant and Equipment [Line Items]
Aggregate amount paid or expected to pay to acquire timberlands | $	$ 101
Mississippi and Arkansas [Member]
Property, Plant and Equipment [Line Items]
Acres acquired through timberland purchase	46,000
CatchMark Timber Trust, Inc [Member] | Alabama, Georgia and South Carolina [Member]
Property, Plant and Equipment [Line Items]
Acres acquired through timberland purchase		348,000

Certain Balance Sheet Compone_7

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Timber And Timberlands [Abstract]
Timber and timberlands	$ 2,428,840	$ 1,597,011
Logging roads	91,665	85,660
Total timber and timberlands, net	$ 2,520,505	$ 1,682,671

Certain Balance Sheet Compone_8

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Income taxes payable		$ 9,457	$ 1,134
Accrued payroll and benefits		30,812	28,944
Accounts payable		15,898	12,749
Deferred revenue	[1]	13,201	8,392
Other accrued taxes		9,793	5,714
Accrued interest		5,274	6,046
Other current liabilities		27,172	15,230
Total accounts payable and accrued liabilities		$ 111,607	$ 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 Thousands		1 Months Ended	9 Months Ended
	Sep. 14, 2022	Jan. 31, 2019	Sep. 30, 2022
Debt Instrument [Line Items]
Long-term principal			$ 1,040,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding			11,000
Maximum borrowing capacity			75,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			300,000
Amount available to increase borrowing capacity			500,000
Swing Line Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			25,000
Amended Term Loan Agreement [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 277,500
Line of credit facility, amount outstanding			971,000
Outstanding long-term debt, current			$ 40,000
Term loan maturity period			2022-12
Amended Term Loan Agreement [Member] | 5-year Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument term	5 years
Long-term principal	$ 138,750
Debt instrument, maturity date	Sep. 01, 2027
Amended Term Loan Agreement [Member] | 8-year Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument term	8 years
Long-term principal	$ 138,750
Debt instrument, maturity date	Sep. 01, 2030
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.68%	2.10%
Secured Overnight Financing Rate (SOFR) [Member] | Amended Term Loan Agreement [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Secured Overnight Financing Rate (SOFR) [Member] | Amended Term Loan Agreement [Member] | 5-year Term Loan [Member]
Debt Instrument [Line Items]
Interest rate	2.50%
Secured Overnight Financing Rate (SOFR) [Member] | Amended Term Loan Agreement [Member] | 8-year Term Loan [Member]
Debt Instrument [Line Items]
Interest rate	2.66%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 15, 2022	Sep. 14, 2022
Derivatives Fair Value [Line Items]
Term loan debt	$ 403,500
Net gains expected to be reclassified into earnings in the next 12 months	11,500
Interest Rate Swaps [Member] | Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt	403,500
Interest Rate Swaps [Member] | Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 290,000
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | CatchMark Merger [Member]
Derivatives Fair Value [Line Items]
Notional amount			$ 275,000
Derivative assets related to interest rate swaps			19,200
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | LIBOR [Member]
Derivatives Fair Value [Line Items]
Term loan debt			$ 150,000
Debt instrument, maturity date	Jan. 01, 2029
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | SOFR [Member]
Derivatives Fair Value [Line Items]
Term loan debt		$ 277,500
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%		2.71%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member] | SOFR [Member]
Derivatives Fair Value [Line Items]
LIBOR variable interest rate			2.50%
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%		0.49%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Maximum [Member] | SOFR [Member]
Derivatives Fair Value [Line Items]
LIBOR variable interest rate			2.66%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member] | LIBOR [Member]
Derivatives Fair Value [Line Items]
Term loan debt			$ 150,000
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans Maturing in March 2020 through January 2029 [Member] | LIBOR [Member]
Derivatives Fair Value [Line Items]
Term loan debt			567,500
Term loan maturity period	2029-01
Term loan expected interest payments period	2039-01
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | New Term Loan [Member] | SOFR [Member]
Derivatives Fair Value [Line Items]
Termination amount		$ 277,500
Notional amount			$ 138,750
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	$ 290,000

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		Sep. 30, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		$ 147,684	$ 33,497
Liability Derivatives, Fair Value		0	24,060
Interest rate contracts [Member] | Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		138,795	31,306
Interest rate contracts [Member] | Other Assets Current [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	[1]	8,889	2,191
Interest rate contracts [Member] | Other Long-term Obligations [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value		0	24,060
Interest rate contracts [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	[1]	$ 0	$ 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						9 Months Ended
		Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, net of tax		$ 32,725	$ 42,529	$ 43,276	$ 6,636	$ (31,163)	$ 64,107	$ 118,530	$ 39,580
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest expense, net			Interest expense, net			Interest expense, net	Interest expense, net
Interest expense, net	[1]	$ 8,280			$ 8,641			$ 18,593	$ 20,414
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		32,895			4,310			115,256	32,741
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	[2]	$ 170			$ (2,326)			$ (3,274)	$ (6,839)
[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations . Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Sep. 30, 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]	$ (1,034,842)	$ (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		147,684	33,497
Derivative liabilities related to interest rate swaps		0	(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		(969,107)	(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		0	(3,000)
Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		4,305	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]	(1,025,930)	(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		147,684	33,497
Derivative liabilities related to interest rate swaps		0	(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		(961,581)	(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		(64,349)	(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		0	(3,007)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 4,305	$ 3,923
[1] The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	May 02, 2022
PSA and RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for stock compensation (shares)		0.3
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted		$ 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%
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%
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted		$ 53.73
CatchMark Merger [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting cost	$ 9.3
Long-Term Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future use	2.1	2.1	1.4

Equity-Based Compensation (Shar

Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 shares
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	92,490
Vested	0
Forfeited	971
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	58,549
Vested	39,594
Forfeited	1,323

Equity-Based Compensation (Deta

Equity-Based Compensation (Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2,409	$ 2,275	$ 6,833	$ 6,345
Deferred compensation stock equivalent units expense	49	54	147	136
Total tax benefit recognized for equity-based expense	119	125	338	321
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,535	1,416	4,351	4,012
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 825	$ 805	$ 2,335	$ 2,197

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance Share Awards [Member]	9 Months Ended
	Sep. 30, 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 dividend yield	0%	[1]
Expected term (years)	3 years
[1] 1 Full dividend reinvestment assumed.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Uncertain tax position liabilities	$ 9.4
Uncertain tax position liabilities, accrued interest	$ 0.5

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Dec. 31, 2021
ASSETS
Operating lease assets		$ 10,071	$ 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]	$ 13,365	$ 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		$ 23,436	$ 19,177
Current liabilities:
Operating lease liabilities		$ 2,819	$ 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		$ 4,883	$ 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		$ 7,219	$ 5,598
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Finance lease liabilities		$ 8,318	$ 6,972
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Total lease liabilities		$ 23,239	$ 19,168
[1] 1 Finance lease assets are presented net of accumulated amortization of $ 7.6 million and $ 4.5 million as of September 30, 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	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Accumulated amortization of finance lease assets	$ 7.6	$ 4.5

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease costs	[1]	$ 805	$ 1,156	$ 2,633	$ 3,769
Finance lease costs:
Amortization of leased assets		1,137	741	3,061	1,963
Interest on lease liabilities		90	60	226	162
Net lease costs		$ 2,032	$ 1,957	$ 5,920	$ 5,894
[1] 1 Excludes short-term leases and variable lease costs, which are immaterial.

Leases - Schedule of Suppleme_3

Leases - Schedule of Supplemental Cash Flow Information Related Leases (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$ 2,733	$ 3,723
Operating cash flows for finance leases		226	162
Financing cash flows for finance leases		3,110	1,963
Leased assets exchanged for new lease liabilities:
Operating leases	[1]	3,931	213
Finance leases		$ 5,761	$ 3,916
[1] 1 Includes $ 2.4 million for an office lease assumed in the CatchMark merger. See Note 13: CatchMark Merger .

Leases - Schedule of Suppleme_4

Leases - Schedule of Supplemental Cash Flow Information Related Leases (Parentheticals) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Operating Leased Assets [Line Items]
Operating leases	[1]	$ 3,931	$ 213
CatchMark Merger [Member]
Operating Leased Assets [Line Items]
Operating leases		$ 2,400	$ 2,400
[1] 1 Includes $ 2.4 million for an office lease assumed in the CatchMark merger. See Note 13: CatchMark Merger .

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,652	$ 2,045	$ 5,153	$ 6,135
Interest cost	2,611	2,633	8,034	7,899
Expected return on plan assets	(2,259)	(3,525)	(7,662)	(10,575)
Amortization of prior service cost (credit)	19	21	55	63
Amortization of actuarial loss (gain)	1,150	3,578	4,252	10,877
Net periodic cost before pension settlement charge			9,832	14,399
Pension settlement charge			14,165	0
Total net periodic cost	3,173	4,752	23,997	14,399
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	79	168	237	504
Interest cost	228	317	686	951
Expected return on plan assets	0	0	0	0
Amortization of prior service cost (credit)	155	(298)	467	(894)
Amortization of actuarial loss (gain)	(96)	545	(286)	1,635
Net periodic cost before pension settlement charge			1,104	2,196
Pension settlement charge			0	0
Total net periodic cost	$ 366	$ 732	$ 1,104	$ 2,196

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans	$ 3,290,000	$ 7,418,000
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%
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 Income (Loss) (Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ (1,843,551)	$ (1,611,789)	$ (1,526,133)	$ (1,304,953)
Effect of pension settlement	0	0	(10,553)	0
Balance at end of period	(2,405,419)	(1,660,106)	(2,405,419)	(1,660,106)
Pension Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	41,274	73,592	49,579	79,025
Net (gain) loss arising during the period	0	0	4,587	0
Effect of pension settlement	0	0	(10,553)	0
Amounts reclassified from AOCI to earnings	(869)	(2,664)	(3,208)	(8,097)
Balance at end of period	40,405	70,928	40,405	70,928
Other Postretirement Benefit Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	1,700	14,418	1,790	14,783
Amounts reclassified from AOCI to earnings	(45)	(182)	(135)	(547)
Balance at end of period	1,655	14,236	1,655	14,236
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(93,936)	(5,763)	(8,131)	27,181
Net (gain) loss arising during the period	(32,895)	(4,310)	(115,256)	(32,741)
Amounts reclassified from AOCI to earnings	170	(2,326)	(3,274)	(6,839)
Balance at end of period	(126,661)	(12,399)	(126,661)	(12,399)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(50,962)	82,247	43,238	120,989
Balance at end of period	$ (84,601)	$ 72,765	$ (84,601)	$ 72,765

CatchMark Merger - Additional I

CatchMark Merger - Additional Information (Details) $ in Millions	Sep. 14, 2022 USD ($) a shares	Sep. 30, 2022 USD ($) a shares	Dec. 31, 2021 shares
Business Acquisition [Line Items]
Timber and timberlands acres owned | a		2,200,000
Common stock, issued | shares		80,777,000	69,064,000
Term loan debt		$ 403.5
CatchMark [Member]
Business Acquisition [Line Items]
Common stock, issued | shares	11,300,000
Proceeds from Issuance of debt	$ 277.5
Outstanding long-term debt	300
Repayments of Debt	22.5
CatchMark [Member] | Interest Rate Swaps [Member]
Business Acquisition [Line Items]
Term loan debt	$ 277.5
CatchMark and CatchMark Timber Operating Partnership, LP [Member]
Business Acquisition [Line Items]
Common stock, issued | shares	11,500,000
Common stock of exchange ratio	0.230
CatchMark Timber Operating Partnership, LP [Member]
Business Acquisition [Line Items]
Common stock, issued | shares	200,000
CatchMark Timber Trust, Inc [Member] | Alabama, Georgia and South Carolina [Member]
Business Acquisition [Line Items]
Timber and timberlands acres owned | a	348,000

CatchMark Merger - Schedule of

CatchMark Merger - Schedule of Cost of Acquisition for Accounting Purposes (Details) - CatchMark Merger [Member] $ / shares in Units, $ in Thousands	Sep. 14, 2022 USD ($) $ / shares shares
Asset Acquisition [Line Items]
Total CatchMark shares and Partnership OP units outstanding to be converted | shares	48,688,754	[1]
Exchange ratio	0.23	[2]
PotlatchDeltic shares issued as merger consideration | shares	11,198,413
Price per PotlatchDeltic common share | $ / shares	$ 44.95	[3]
Value of PotlatchDeltic common shares issued as merger consideration	$ 503,369
Attribution to consideration transferred for pre-merger services	4,945	[4]
Total value of equity consideration	508,314
Cash paid in lieu of fractional shares	101
Transaction costs capitalized	9,341	[5]
Consideration transferred	$ 517,756
[1] Number of shares of CatchMark common stock and Partnership OP units issued and outstanding as of September 14, 2022, immediately prior to the merger, net of fractional shares. These shares exclude 1.5 million unvested CatchMark share-based awards that fully vested, were exchanged for PotlatchDeltic shares upon closing of the merger and were allocated between the pre-merger and post-merger periods. Exchange ratio per the merger agreement. Closing price of PotlatchDeltic common stock on September 14, 2022. Represents the fair value of CatchMark unvested share-based awards that fully vested upon closing of the merger allocated to the pre-merger period, net of impact from shares withheld to cover employee taxes. Transaction costs include items such as investment banking fees, legal services, and other professional fees directly attributable to the merger. These costs are capitalized in an asset acquisition.

CatchMark Merger - Schedule o_2

CatchMark Merger - Schedule of Cost of Acquisition for Accounting Purposes (Parenthetical) (Details) shares in Millions	Sep. 14, 2022 shares
CatchMark Merger [Member]
Asset Acquisition [Line Items]
Unvested share based awards	1.5

CatchMark Merger - Schedule o_3

CatchMark Merger - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - CatchMark Merger [Member] $ in Thousands	Sep. 14, 2022 USD ($)
ASSETS
Cash and cash equivalents	$ 23,571
Other current assets	2,764
Intangible assets	3,000
Timber and timberlands	782,258
Other long-term assets	29,265	[1]
Total assets acquired	840,858
LIABILITIES
Accounts payable and accrued liabilities	10,781
Long-term debt	300,000
Deferred tax liabilities, net	795
Other long-term liabilities	11,526	[2]
Total liabilities assumed	323,102
Net assets acquired	$ 517,756
[1] Includes $ 19.2 million for interest rate swap contracts. See Note 6: Derivative Instruments for additional information. Includes $ 9.4 million in uncertain tax position liabilities. See Note 9: Income Taxes for additional information.

CatchMark Merger - Schedule o_4

CatchMark Merger - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) - CatchMark Merger [Member] $ in Millions	Sep. 14, 2022 USD ($)
Asset Acquisition [Line Items]
Uncertain tax positions liabilities and associated accrued interest and penalties	$ 9.4
Interest rate swap contracts	$ 19.2

CatchMark Merger - Schedule o_5

CatchMark Merger - Schedule of Non-Capitalizable Merger Costs - Schedule of Non-Capitalizable Merger Costs (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Total merger expenses		$ 26,007	$ 0	$ 26,007	$ 0
CatchMark Merger [Member]
Business Acquisition [Line Items]
Severance benefits	[1]	7,513
Partnership OP Units' tax gross-up	[2]	8,124
Share-based compensation	[3]	9,307
Other		1,063
Total merger expenses		$ 26,007
[1] Qualifying change-in-control and termination benefits for CatchMark executive officers and employees. Tax gross-up payments to holders of Partnership OP Units, as defined in the merger agreement. Share-based compensation for the acceleration of CatchMark equity awards that fully vested upon closing of the merger and were allocated to the post-merger period.