PotlatchDeltic (PCH) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		79,508,000
Entity Shell Company	false
Entity File Number	1-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 West First Avenue
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
City Area Code	(509)
Local Phone Number	835-1500
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock ($1 par value)
Trading symbol(s)	PCH
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues		$ 228,127	$ 257,962
Costs and expenses:
Cost of goods sold		212,160	224,350
Selling, general and administrative expenses		20,727	18,230
CatchMark merger-related expenses		0	2,209
Total costs and expenses		232,887	244,789
Operating income (loss)		(4,760)	13,173
Interest expense, net	[1]	282	(199)
Non-operating pension and other postretirement employee benefits		201	(228)
Other		(145)	10
Income (loss) before income taxes		(4,422)	12,756
Income taxes		4,117	3,504
Net income (loss)		$ (305)	$ 16,260
Net income (loss) per share:
Basic		$ 0	$ 0.2
Diluted		0	0.2
Dividends per share		$ 0.45	$ 0.45
Weighted-average shares outstanding
Basic		79,677	80,027
Diluted		79,677	80,167
[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 (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (305)	$ 16,260
Other comprehensive income (loss), net of tax:
Pension and other postretirement employee benefits	(229)	(131)
Cash flow hedges	15,925	(17,335)
Other comprehensive income (loss), net of tax	15,696	(17,466)
Comprehensive income (loss)	$ 15,391	$ (1,206)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 180,150	$ 230,118
Customer receivables, net	27,132	21,892
Inventories, net	77,572	78,665
Other current assets	84,844	46,258
Total current assets	369,698	376,933
Property, plant and equipment, net	375,891	372,832
Investment in real estate held for development and sale	55,524	56,321
Timber and timberlands, net	2,415,818	2,440,398
Intangible assets, net	15,196	15,640
Other long-term assets	176,812	169,132
Total assets	3,408,939	3,431,256
Current liabilities:
Accounts payable and accrued liabilities	80,697	82,383
Current portion of long-term debt	175,654	175,615
Current portion of pension and other postretirement employee benefits	4,535	4,535
Total current liabilities	260,886	262,533
Long-term debt	858,365	858,113
Pension and other postretirement employee benefits	68,391	67,856
Deferred tax liabilities, net	32,546	36,641
Other long-term obligations	35,479	35,015
Total liabilities	1,255,667	1,260,158
Commitments and contingencies
Stockholders' equity:
Preferred stock, authorized 4,000 shares, no shares issued	0	0
Common stock, $1 par value, 200,000 shares authorized, 79,508 and 79,365 shares issued and outstanding	79,508	79,365
Additional paid-in capital	2,306,499	2,303,992
Accumulated deficit	(351,463)	(315,291)
Accumulated other comprehensive income	118,728	103,032
Total stockholders’ equity	2,153,272	2,171,098
Total liabilities and stockholders' equity	$ 3,408,939	$ 3,431,256

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	200,000,000	200,000,000
Common stock, issued	79,508,000	79,365,000
Common stock, outstanding	79,508,000	79,365,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		$ (305)	$ 16,260
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		30,802	32,173
Basis of real estate sold		4,092	10,631
Change in deferred taxes		(4,145)	394
Pension and other postretirement employee benefits		1,143	1,611
Equity-based compensation expense		2,560	2,279
Interest received under swaps with other-than-insignificant financing element		(7,458)	(5,454)
Other, net		2,961	1,945
Change in working capital and operating-related activities, net		(13,252)	(17,205)
Real estate development expenditures		(1,135)	(2,408)
Funding of pension and other postretirement employee benefits		(914)	(1,087)
Proceeds from insurance recoveries		1,680	0
Net cash from operating activities		16,029	39,139
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions		(4,995)	(4,255)
Timberlands reforestation and roads		(7,874)	(6,118)
Acquisition of timber and timberlands		(31,438)	0
Interest received under swaps with other-than-insignificant financing element		6,938	5,055
Other, net		373	422
Net cash from investing activities		(36,996)	(4,896)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders		(35,779)	(35,962)
Other, net		(792)	(838)
Net cash from financing activities		(36,571)	(36,800)
Change in cash, cash equivalents and restricted cash		(57,538)	(2,557)
Cash, cash equivalents and restricted cash at beginning of period		237,688	345,591
Cash, cash equivalents and restricted cash at end of period		180,150	343,034
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property, plant and equipment additions		10,401	1,835
Accrued timberlands reforestation and roads		1,028	1,041
Cash and cash equivalents		180,150	325,632
Restricted cash included in other long-term assets	[1]	$ 0	$ 17,402
Restricted Cash, Asset, Statement of Financial Position [Extensible List]		Other long-term assets	Other long-term assets
Total cash, cash equivalents, and restricted cash		$ 180,150	$ 343,034
[1] 1 Amounts included in restricted cash represent proceeds held by a qualified intermediary that were or are intended to be reinvested in timber and timberlands. At March 31, 2024 and 2023, $ 0 and $ 14.0 million, respectively, was classified as Other current assets .

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Restricted Cash, Current	$ 0	$ 14
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance, beginning of period at Dec. 31, 2022	$ 2,263,153	$ 79,683	$ 2,294,797	$ (208,979)	$ 97,652
Balance, beginning of period (shares) at Dec. 31, 2022		79,683,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	16,260			16,260
Shares issued for stock compensation		$ 233	(233)
Shares issued for stock compensation (shares)		233,000
Equity-based compensation expense	2,279		2,279
Pension plans and OPEB obligations, net of tax	(131)				(131)
Cash flow hedges, net of tax	(17,335)				(17,335)
Common dividends	(35,962)			(35,962)
Other transactions, net	(1)		84	(85)
Balance, end of period at Mar. 31, 2023	2,228,263	$ 79,916	2,296,927	(228,766)	80,186
Balance, end of period (shares) at Mar. 31, 2023		79,916,000
Balance, beginning of period at Dec. 31, 2023	$ 2,171,098	$ 79,365	2,303,992	(315,291)	103,032
Balance, beginning of period (shares) at Dec. 31, 2023	79,365,000	79,365,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (305)			(305)
Shares issued for stock compensation		$ 143	(143)
Shares issued for stock compensation (shares)		143,000
Equity-based compensation expense	2,560		2,560
Pension plans and OPEB obligations, net of tax	(229)				(229)
Cash flow hedges, net of tax	15,925				15,925
Common dividends	(35,779)			(35,779)
Other transactions, net	2		90	(88)
Balance, end of period at Mar. 31, 2024	$ 2,153,272	$ 79,508	$ 2,306,499	$ (351,463)	$ 118,728
Balance, end of period (shares) at Mar. 31, 2024	79,508,000	79,508,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common dividends, per share	$ 0.45	$ 0.45

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (305)	$ 16,260

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended March 31, 2024, the following company officers adopted Rule 10b5-1 trading arrangements (as such term is defined in Item 408(a) of Regulation S-K under the Exchange Act), each on the dates specified below. Each trading arrangement authorizes the automatic sale of the number of shares required to generate sufficient proceeds to cover tax withholding obligations arising from the settlement of performance shares or restricted stock units, as applicable. The proceeds of the sales will be delivered to the company in satisfaction of the applicable withholding obligation, and the number of shares that will be sold to cover the tax withholding obligations is indeterminable. The duration of each arrangement will be until final settlement of the performance share award or restricted stock unit award, as applicable, on or around February 16, 2027. Name & Title Date of Adoption Eric J. Cremers President and Chief Executive Officer February 20, 2024 Wayne Wasechek Vice President and Chief Financial Officer March 6, 2024 Ashlee Townsend Cribb Vice President, Wood Products February 24, 2024 Darin R. Ball Vice President, Timberlands February 21, 2024 William R. DeReu Vice President, Real Estate February 20, 2024 Michele L. Tyler Vice President, General Counsel and Corporate Secretary February 26, 2024 Anna E. Torma Vice President, Public Affairs and Chief Sustainability Officer March 4, 2024 Robert L. Schwartz Vice President, Human Resources February 28, 2024 Glen F. Smith Chief Accounting Officer February 20, 2024 No other officers or directors adopted , modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such term is defined in Item 408(a) of Regulation S-K under the Exchange Act) during the three months ended March 31, 2024.
No Other Officer Or Director Other than CEO [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Eric J. Cremers [Member]
Trading Arrangements, by Individual
Name	Eric J. Cremers
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 20, 2024
Wayne Wasechek [Member]
Trading Arrangements, by Individual
Name	Wayne Wasechek
Title	Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 6, 2024
Ashlee Townsend Cribb [Member]
Trading Arrangements, by Individual
Name	Ashlee Townsend Cribb
Title	Vice President, Wood Products
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 24, 2024
Darin R. Ball [Member]
Trading Arrangements, by Individual
Name	Darin R. Ball
Title	Vice President, Timberlands
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 21, 2024
William R. DeReu [Member]
Trading Arrangements, by Individual
Name	William R. DeReu
Title	Vice President, Real Estate
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 20, 2024
Michele L. Tyler [Member]
Trading Arrangements, by Individual
Name	Michele L. Tyler
Title	Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 26, 2024
Anna E. Torma [Member]
Trading Arrangements, by Individual
Name	Anna E. Torma
Title	Vice President, Public Affairs and Chief Sustainability Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 4, 2024
Robert L. Schwartz [Member]
Trading Arrangements, by Individual
Name	Robert L. Schwartz
Title	Vice President, Human Resources
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 28, 2024
Glen F. Smith [Member]
Trading Arrangements, by Individual
Name	Glen F. Smith
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 20, 2024

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 nearly 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, 2023, as filed with the Securities and Exchange Commission on February 15, 2024. 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. Recently Adopted Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expense categories that are regularly reported to the chief operating decision maker and included in each reported measure of a segment’s profit or loss and increased interim disclosure requirements, among others. The adoption of this ASU on January 1, 2024, including the required retrospective application for all periods presented in the financial statements, will be reflected in our annual financial statements for the year ended December 31, 2024, and interim financial statements beginning in 2025. Management is currently evaluating the impact of this ASU on the company's financial statement disclosures. Recent Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. Management is curr ently evaluating this ASU to determine its impact on the company's financial statement disclosures. Reclassifications Certain prior period reclassifications were made to conform with the current period presentation. These reclassifications had no effect on reported net income (loss), net income (loss) per share, comprehensive income (loss), cash flows, total assets, total liabilities, or shareholders' equity as previously reported.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
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 and carbon sequestration. The Wood Products segment manufactures and sells lumber and plywood. The Real Estate segment includes the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives, a 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 sizable portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. These intercompany transactions are eliminated in consolidation. The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements , with the exception of the valuation of inventories, which are reported using the average cost method for purposes of reporting segment results. The following table presents our revenues by major product: Three Months Ended March 31, (in thousands) 2024 2023 Timberlands Northern region Sawlogs $ 33,806 $ 53,325 Pulpwood 65 403 Other 311 261 Total Northern revenues 34,182 53,989 Southern region Sawlogs 31,216 31,754 Pulpwood 15,648 16,132 Stumpage 7,632 9,233 Other 4,272 4,130 Total Southern revenues 58,768 61,249 Total Timberlands revenues 92,950 115,238 Wood Products Lumber 116,723 113,798 Residuals and Panels 31,875 38,997 Total Wood Products revenues 148,598 152,795 Real Estate Rural real estate 5,526 17,819 Development real estate 2,874 2,800 Other 2,707 3,244 Total Real Estate revenues 11,107 23,863 Total segment revenues 252,655 291,896 Intersegment Timberlands revenues 1 ( 24,528 ) ( 33,934 ) Total consolidated revenues $ 228,127 $ 257,962 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 (loss) before interest expense, net, 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 (loss) before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements . Three Months Ended March 31, (in thousands) 2024 2023 Adjusted EBITDDA: Timberlands $ 34,748 $ 46,639 Wood Products ( 139 ) ( 31 ) Real Estate 6,228 19,465 Corporate ( 12,665 ) ( 10,741 ) Eliminations and adjustments 1,550 2,445 Total Adjusted EBITDDA 29,722 57,777 Interest expense, net 1 282 ( 199 ) Depreciation, depletion and amortization ( 30,395 ) ( 31,764 ) Basis of real estate sold ( 4,092 ) ( 10,631 ) CatchMark merger-related expenses — ( 2,209 ) Non-operating pension and other postretirement employee benefits 201 ( 228 ) Gain on disposal of fixed assets 5 — Other ( 145 ) 10 Income (loss) before income taxes $ ( 4,422 ) $ 12,756 Depreciation, depletion and amortization: Timberlands $ 17,625 $ 20,461 Wood Products 12,516 11,035 Real Estate 138 156 Corporate 116 112 30,395 31,764 Bond discounts and deferred loan fees 1 407 409 Total depreciation, depletion and amortization $ 30,802 $ 32,173 Basis of real estate sold: Real Estate $ 4,094 $ 10,631 Eliminations and adjustments ( 2 ) — Total basis of real estate sold $ 4,092 $ 10,631 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	NO TE 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (in thousands) 2024 2023 Basic weighted-average shares outstanding 79,677 80,027 Incremental shares due to: Performance shares — 97 Restricted stock units — 43 Diluted weighted-average shares outstanding 79,677 80,167 For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. For the three months ended March 31, 2024 and 2023, there were approxi mately 421,500 and 134,000 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 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). 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), or through privately negotiated transactions. 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 shares were repurchased under the 2022 Repurchase Program during the three months ended March 31, 2024 and 2023. At March 31, 2024, we had remaining authorization of $ 125.0 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. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

Certain Balance Sheet Component

Certain Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) March 31, 2024 December 31, 2023 Logs $ 31,379 $ 39,011 Lumber, panels and veneer 39,613 34,621 Materials and supplies 25,260 23,713 Total inventories 96,252 97,345 Less: LIFO reserve ( 18,680 ) ( 18,680 ) Total inventories, net $ 77,572 $ 78,665 Property, plant and equipment (in thousands) March 31, 2024 December 31, 2023 Property, plant and equipment $ 697,182 $ 681,914 Less: accumulated depreciation ( 321,291 ) ( 309,082 ) Total property, plant and equipment, net $ 375,891 $ 372,832 Timber and timberlands (in thousands) March 31, 2024 December 31, 2023 Timber and timberlands $ 2,324,815 $ 2,347,300 Logging roads 91,003 93,098 Total timber and timberlands, net $ 2,415,818 $ 2,440,398 In January 2024, we entered into an agreement to sell approximately 34,000 acres of four-year average age Southern timberlands for approximately $ 58.0 million to Forest Investment Associates (FIA), subject to certain adjustments as defined in the agreement. The transaction is subject to customary closing conditions and is expected to close in the second quarter o f 2024. At March 31, 2024, $ 42.8 million of timber and timberlands basis associated with the pending sale to FIA was classified as real estate held for sale and is included in Other current assets on the Condensed Consolidated Balance Sheets . We generally consider assets to be held for sale at the point at which a sale contract is executed, the buyer has made a significant non-refundable earnest money deposit against the contracted purchase price, and there is a high degree of certainty a transaction will close. Additionally, in January 2024, we acquired 16,000 acres of timberlands in Arkansas for $ 31.4 million, including transaction costs. We funded the acquisition with cash on hand. Accounts payable and accrued liabilities (in thousands) March 31, 2024 December 31, 2023 Accrued payroll and benefits $ 16,692 $ 24,473 Accounts payable 11,258 12,521 Deferred revenue 1 8,000 10,455 Accrued taxes 7,222 5,712 Accrued interest 6,836 8,344 Other current liabilities 30,689 20,878 Total accounts payable and accrued liabilities $ 80,697 $ 82,383 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 any post-close obligations for real estate sales. These deferred revenues are recognized over the term of the respective contract, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	NO TE 5. DEBT TERM LOANS At March 31, 2024 our total outstanding principal on our long-term debt of $ 1.0 billion included $ 971.0 million of term loans under our Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender. Certain borrowings under the Amended Term Loan Agreement are at the one-month Secured Overnight Financing Rate (SOFR)-indexed variable rates, plus a spread between 1.61 % and 2.30 %. We have entered into SOFR-indexed interest rate swaps to fix the interest rate on these variable rate term loans. See Note: 6 Derivative Instruments for additional information. Approximately $ 175.7 million of our outstanding long-term debt was classified as current at March 31, 2024 on our accompanying Condensed Consolidated Balance Sheets , including a $ 110.0 million term loan and a $ 65.7 million revenue bond that mature during 2024 . CREDIT AGREEMENT On May 18, 2023, we entered into a First Amendment to the Third Amended and Restated Credit Agreement (Amended Credit Agreement). The Amended Credit Agreement provides for loans based on SOFR instead of the London Inter-Bank Offered Rate, or LIBOR, provides us the option to borrow based on a daily SOFR or term SOFR basis, and provides mechanics relating to the transition from the use of SOFR to a replacement benchmark rate upon the occurrence of certain transition events. The Amended Credit Agreement provides for a $ 300.0 million revolving line of credit that matures February 14, 2027 . As provided in the Amended Credit Agreement, borrowing capacity may be increased by up to an additional $ 500.0 million. The r evolving line of credit 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 reduces availability under the revolving line of credit. We may utilize borrowings under the Amended Credit Agreement to, among other things, refinance existing indebtedness and provide funding for working capital requirements, capital projects, acquisitions and other general corporate expenditures. At March 31, 2024, there were no borrowings under the revolving line of credit and appro ximately $ 0.7 million of our revolving line of credit was utilized for outstanding letters of credit. We were in compliance with all debt and credit agreement covenants at March 31, 2024.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2024
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. At March 31, 2024, we have interest rate swaps associated with $ 761.0 million of SOFR-indexed term loan debt. These cash flow hedges convert variable rates ranging from one-month SOFR plus 1.61 % to 2.30 %, to fixed rates ranging from 2.14 % to 4.83 % before patronage credits from lenders. At March 31, 2024, we also have $ 200.0 million of forward-starting interest rate swaps designated as cash flow hedges for expected future debt refinances that require settlement on the stated maturity date. The gross fair values of derivative instruments at March 31, 2024 and December 31, 2023, were $ 142.6 million and $ 129.1 million, respectively, all of which were classified in Other assets, non-current on our Condensed Consolidated Balance Sheets . Derivative instruments that mature within one year, as a whole, are classified as current. The following table details the effect of derivatives on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income (Loss) : Three Months Ended March 31, (in thousands) Location 2024 2023 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income (loss), net of tax $ 21,520 $ ( 13,591 ) Amounts reclassified from accumulated other comprehensive income to income, net of tax 1 Interest expense, net $ 5,595 $ 3,744 Interest expense, net $ 282 $ ( 199 ) 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 (loss) related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. For the three months ended March 31, 2024 and 2023, we amortized approximately $ 2.6 million and $ 2.5 million, respectively, of the off-market designated hedges which is included in Other, net within operating activities in the Condensed Consolidated Statements of Cash Flows . Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations . At March 31, 2024, the amount of net gains expected to be reclassified into earnings in the next 12 months is approximately $ 19.6 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 SOFR rates at the time of net swap cash payments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Derivative Instrument Detail [Abstract]
Fair Value Measurements	NO TE 7. FAIR VALUE MEASUREMENTS The following table presents the estimated fair values of our financial instruments: March 31, 2024 December 31, 2023 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 142,636 $ 142,636 $ 129,125 $ 129,125 Long-term debt, including current portion (Level 2): Term loans $ ( 970,082 ) $ ( 966,066 ) $ ( 969,919 ) $ ( 965,718 ) Revenue bonds ( 65,735 ) ( 64,786 ) ( 65,735 ) ( 64,786 ) Total long-term debt 1 $ ( 1,035,817 ) $ ( 1,030,852 ) $ ( 1,035,654 ) $ ( 1,030,504 ) Company owned life insurance asset (COLI) (Level 3) $ 5,361 $ 5,361 $ 5,220 $ 5,220 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	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Equity-Based Compensation	NO TE 8. EQUITY-BASED COMPENSATION We issue new shares of common stock to settle performance stock awards (PSAs), restricted stock units (RSUs) and deferred compensation stock equivalent units. At March 31, 2024, approximat ely 1.5 milli on shares were available for future use under our long-term incentive plans. Share-based compensation activity during the three months ended March 31, 2024, included the following: Granted Vested Forfeited Performance Share Awards (PSAs) 130,536 — 1,344 Restricted Stock Units (RSUs) 91,520 5,500 745 Approximately 0.1 million shares of common stock were issued to employees during the three months ended March 31, 2024, as a result of PSA and RSU vesting during 2023 and 2024. The following table details compensation expense and the related income tax benefit for company specific equity-based awards: Three Months Ended March 31, (in thousands) 2024 2023 Equity-based compensation expense: Performance share awards $ 1,369 $ 1,421 Restricted stock units 1,142 809 Deferred compensation stock equivalent units expense 49 49 Total equity-based compensation expense $ 2,560 $ 2,279 Total tax benefit recognized for equity-based expense $ 159 $ 122 Performance Share Awards The weighted-average grant date fair value of PSAs granted during the three months ended March 31, 2024, was $ 52.92 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 of common stock at the date of settlement equal to the dividends that would have been paid on the shares earned had the recipients owned the shares during the three-year period. The share awards 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 2024: Stock price as of valuation date $ 44.67 Risk-free rate 4.20 % Expected volatility 27.71 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed. Restricted Stock Units The weighted-average fair value of all RSUs granted during the three months ended March 31, 2024, was $ 44.72 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. The share awards are not considered participating securities.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 stockholders. 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 and discrete items.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	NO TE 10. LEASES We lease certain equipment, office space and land. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification March 31, 2024 December 31, 2023 Assets Operating lease assets Other long-term assets $ 9,810 $ 10,169 Finance lease assets 1 Property, plant and equipment, net 11,895 11,281 Total lease assets $ 21,705 $ 21,450 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,573 $ 2,575 Finance lease liabilities Accounts payable and accrued liabilities 4,797 4,525 Noncurrent: Operating lease liabilities Other long-term obligations 7,181 7,590 Finance lease liabilities Other long-term obligations 6,996 6,699 Total lease liabilities $ 21,547 $ 21,389 1 Finance lease assets are presented net of accumulated amortization of $ 10.8 million and $ 9.6 million at March 31, 2024 and December 31, 2023, respectively. The following table presents the components of lease expense: Three Months Ended March 31, (in thousands) 2024 2023 Operating lease costs 1 $ 839 $ 886 Finance lease costs: Amortization of leased assets 1,269 1,231 Interest expense 134 111 Net lease costs $ 2,242 $ 2,228 1 Excludes short-term leases and variable lease costs, which are immaterial. The following table presents supplemental cash flow information related to leases: Three Months Ended March 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 887 $ 891 Operating cash flows for finance leases $ 134 $ 111 Financing cash flows for finance leases $ 1,312 $ 1,237 Leased assets exchanged for new lease liabilities: Operating leases $ 393 $ — Finance leases $ 1,831 $ 526

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	3 Months Ended
	Mar. 31, 2024
Retirement Benefits, Description [Abstract]
Pension and Other Postretirement Employee Benefits	NO TE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended March 31, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 1,321 $ 1,356 $ 23 $ 27 Interest cost 3,123 3,138 219 294 Expected return on plan assets ( 3,237 ) ( 3,028 ) — — Amortization of prior service cost 5 11 — — Amortization of actuarial (gain) loss 20 ( 21 ) ( 331 ) ( 166 ) Total net periodic cost $ 1,232 $ 1,456 $ ( 89 ) $ 155 During the three months ended March 31, 2024 and 2023, funding of pension and other postretirement employee benefit plans was $ 0.9 million and $ 1.1 milli on, respectively.

Components of Accumulated Other

Components of Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Components of Accumulated Other Comprehensive Income	NO TE 12. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME The following table details changes in amounts included in our Accumulated Other Comprehensive Income (AOCI) by component on our Condensed Consolidated Balance Sheets , net of tax: Three Months Ended March 31, (in thousands) 2024 2023 Pension and Other Postretirement Employee Benefits Balance at beginning of period $ ( 18,925 ) $ ( 28,494 ) Unrecognized losses arising in AOCI during the period: Gross — — Tax effect — — Reclassifications from AOCI to earnings: Other 1 ( 306 ) ( 176 ) Tax effect 77 45 Net of tax amount ( 229 ) ( 131 ) Balance at end of period ( 19,154 ) ( 28,625 ) Cash Flow Hedges Balance at beginning of period 121,957 126,146 Unrecognized gains (losses) arising in AOCI during the period: Gross 21,872 ( 13,881 ) Tax effect ( 352 ) 290 Reclassifications from AOCI to earnings: Gross 2 ( 5,719 ) ( 3,837 ) Tax effect 124 93 Net of tax amount 15,925 ( 17,335 ) Balance at end of period 137,882 108,811 Accumulated other comprehensive income, end of period $ 118,728 $ 80,186 1 Included in the computation of net periodic pension costs. 2 Included in Interest expense, net on the Condensed Consolidated Statement of Operations . See Note 11: Pension and Other Postretirement Employee Benefits and Note 6: Derivative Instruments for additional information.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13. COMMITMENTS AND CONTINGENCIES At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may have to pay in connection with any legal proceeding would have a materially adverse effect on our consolidated financial position, operating results or net cash flow. ENVIRONMENTAL MATTER Pursuant to the 2002 Asset Purchase Agreement under which Sappi Cloquet LLC (Sappi) purchased our Cloquet, Minnesota pulp and paper mill (the Plant), we agreed to indemnify Sappi from certain environmental liabilities accruing from the pre-sale operations of the Plant. In February 2021, we were notified by Sappi that the Environmental Protection Agency (EPA) contacted Sappi about the opportunity to participate with the Minnesota Pollution Control Agency (MPCA) and the EPA in a voluntary federal sediment remediation program under the Great Lakes Legacy Act (GLLA) for a project in the St. Louis River Area of Concern, which runs from Cloquet, Minnesota to Lake Superior. The EPA’s invitation to Sappi made no demands on or claims against Sappi, nor have EPA or MPCA made any demands or claims against PotlatchDeltic. After multiple discussions with the MPCA and completion of our extensive due diligence on this matter, we informed the MPCA in January 2023 that we were interested in voluntarily participating in the remediation project at Thomson Reservoir (Project), and as a result, accrued $ 5.6 million at December 31, 2022 for our estimated contribution to the Project. In October 2023 we executed a Project agreement with the EPA and the MPCA and made a $ 3.4 million payment in November 2023 for our initial share of the Project costs. Our share of the total Project costs is estimated to be between $ 5.3 million and $ 5.9 million. At March 31, 2024, we have $ 2.2 million accrued for our estimated remaining contribution to the Project, all of which is included in accounts payable and accrued liabilities in our Condensed Consolidated Balance Sheets . While it is reasonably possible that costs may change as the Project work progresses, we are unable to estimate at this time the amount of change, if any, which may be required for our share of this matter in the future.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
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 nearly 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, 2023, as filed with the Securities and Exchange Commission on February 15, 2024. 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.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expense categories that are regularly reported to the chief operating decision maker and included in each reported measure of a segment’s profit or loss and increased interim disclosure requirements, among others. The adoption of this ASU on January 1, 2024, including the required retrospective application for all periods presented in the financial statements, will be reflected in our annual financial statements for the year ended December 31, 2024, and interim financial statements beginning in 2025. Management is currently evaluating the impact of this ASU on the company's financial statement disclosures. Recent Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. Management is curr ently evaluating this ASU to determine its impact on the company's financial statement disclosures.
Reclassifications	Reclassifications Certain prior period reclassifications were made to conform with the current period presentation. These reclassifications had no effect on reported net income (loss), net income (loss) per share, comprehensive income (loss), cash flows, total assets, total liabilities, or shareholders' equity as previously reported.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Summary of Revenues by Major Product	The following table presents our revenues by major product: Three Months Ended March 31, (in thousands) 2024 2023 Timberlands Northern region Sawlogs $ 33,806 $ 53,325 Pulpwood 65 403 Other 311 261 Total Northern revenues 34,182 53,989 Southern region Sawlogs 31,216 31,754 Pulpwood 15,648 16,132 Stumpage 7,632 9,233 Other 4,272 4,130 Total Southern revenues 58,768 61,249 Total Timberlands revenues 92,950 115,238 Wood Products Lumber 116,723 113,798 Residuals and Panels 31,875 38,997 Total Wood Products revenues 148,598 152,795 Real Estate Rural real estate 5,526 17,819 Development real estate 2,874 2,800 Other 2,707 3,244 Total Real Estate revenues 11,107 23,863 Total segment revenues 252,655 291,896 Intersegment Timberlands revenues 1 ( 24,528 ) ( 33,934 ) Total consolidated revenues $ 228,127 $ 257,962 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
Summary of Information by Business Segment	The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income (loss) before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements . Three Months Ended March 31, (in thousands) 2024 2023 Adjusted EBITDDA: Timberlands $ 34,748 $ 46,639 Wood Products ( 139 ) ( 31 ) Real Estate 6,228 19,465 Corporate ( 12,665 ) ( 10,741 ) Eliminations and adjustments 1,550 2,445 Total Adjusted EBITDDA 29,722 57,777 Interest expense, net 1 282 ( 199 ) Depreciation, depletion and amortization ( 30,395 ) ( 31,764 ) Basis of real estate sold ( 4,092 ) ( 10,631 ) CatchMark merger-related expenses — ( 2,209 ) Non-operating pension and other postretirement employee benefits 201 ( 228 ) Gain on disposal of fixed assets 5 — Other ( 145 ) 10 Income (loss) before income taxes $ ( 4,422 ) $ 12,756 Depreciation, depletion and amortization: Timberlands $ 17,625 $ 20,461 Wood Products 12,516 11,035 Real Estate 138 156 Corporate 116 112 30,395 31,764 Bond discounts and deferred loan fees 1 407 409 Total depreciation, depletion and amortization $ 30,802 $ 32,173 Basis of real estate sold: Real Estate $ 4,094 $ 10,631 Eliminations and adjustments ( 2 ) — Total basis of real estate sold $ 4,092 $ 10,631 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (in thousands) 2024 2023 Basic weighted-average shares outstanding 79,677 80,027 Incremental shares due to: Performance shares — 97 Restricted stock units — 43 Diluted weighted-average shares outstanding 79,677 80,167

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) March 31, 2024 December 31, 2023 Logs $ 31,379 $ 39,011 Lumber, panels and veneer 39,613 34,621 Materials and supplies 25,260 23,713 Total inventories 96,252 97,345 Less: LIFO reserve ( 18,680 ) ( 18,680 ) Total inventories, net $ 77,572 $ 78,665
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) March 31, 2024 December 31, 2023 Property, plant and equipment $ 697,182 $ 681,914 Less: accumulated depreciation ( 321,291 ) ( 309,082 ) Total property, plant and equipment, net $ 375,891 $ 372,832
Schedule of Timber and Timberlands	Timber and timberlands (in thousands) March 31, 2024 December 31, 2023 Timber and timberlands $ 2,324,815 $ 2,347,300 Logging roads 91,003 93,098 Total timber and timberlands, net $ 2,415,818 $ 2,440,398
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in thousands) March 31, 2024 December 31, 2023 Accrued payroll and benefits $ 16,692 $ 24,473 Accounts payable 11,258 12,521 Deferred revenue 1 8,000 10,455 Accrued taxes 7,222 5,712 Accrued interest 6,836 8,344 Other current liabilities 30,689 20,878 Total accounts payable and accrued liabilities $ 80,697 $ 82,383 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 any post-close obligations for real estate sales. These deferred revenues are recognized over the term of the respective contract, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instrument Detail [Abstract]
Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss)	The following table details the effect of derivatives on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income (Loss) : Three Months Ended March 31, (in thousands) Location 2024 2023 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income (loss), net of tax $ 21,520 $ ( 13,591 ) Amounts reclassified from accumulated other comprehensive income to income, net of tax 1 Interest expense, net $ 5,595 $ 3,744 Interest expense, net $ 282 $ ( 199 ) 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 (loss) related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. For the three months ended March 31, 2024 and 2023, we amortized approximately $ 2.6 million and $ 2.5 million, respectively, of the off-market designated hedges which is included in Other, net within operating activities in the Condensed Consolidated Statements of Cash Flows . Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: March 31, 2024 December 31, 2023 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 142,636 $ 142,636 $ 129,125 $ 129,125 Long-term debt, including current portion (Level 2): Term loans $ ( 970,082 ) $ ( 966,066 ) $ ( 969,919 ) $ ( 965,718 ) Revenue bonds ( 65,735 ) ( 64,786 ) ( 65,735 ) ( 64,786 ) Total long-term debt 1 $ ( 1,035,817 ) $ ( 1,030,852 ) $ ( 1,035,654 ) $ ( 1,030,504 ) Company owned life insurance asset (COLI) (Level 3) $ 5,361 $ 5,361 $ 5,220 $ 5,220 1 The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the three months ended March 31, 2024, included the following: Granted Vested Forfeited Performance Share Awards (PSAs) 130,536 — 1,344 Restricted Stock Units (RSUs) 91,520 5,500 745
Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards	The following table details compensation expense and the related income tax benefit for company specific equity-based awards: Three Months Ended March 31, (in thousands) 2024 2023 Equity-based compensation expense: Performance share awards $ 1,369 $ 1,421 Restricted stock units 1,142 809 Deferred compensation stock equivalent units expense 49 49 Total equity-based compensation expense $ 2,560 $ 2,279 Total tax benefit recognized for equity-based expense $ 159 $ 122
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 2024: Stock price as of valuation date $ 44.67 Risk-free rate 4.20 % Expected volatility 27.71 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities	The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification March 31, 2024 December 31, 2023 Assets Operating lease assets Other long-term assets $ 9,810 $ 10,169 Finance lease assets 1 Property, plant and equipment, net 11,895 11,281 Total lease assets $ 21,705 $ 21,450 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,573 $ 2,575 Finance lease liabilities Accounts payable and accrued liabilities 4,797 4,525 Noncurrent: Operating lease liabilities Other long-term obligations 7,181 7,590 Finance lease liabilities Other long-term obligations 6,996 6,699 Total lease liabilities $ 21,547 $ 21,389 1 Finance lease assets are presented net of accumulated amortization of $ 10.8 million and $ 9.6 million at March 31, 2024 and December 31, 2023, respectively.
Schedule of Components of Lease Expense	The following table presents the components of lease expense: Three Months Ended March 31, (in thousands) 2024 2023 Operating lease costs 1 $ 839 $ 886 Finance lease costs: Amortization of leased assets 1,269 1,231 Interest expense 134 111 Net lease costs $ 2,242 $ 2,228 1 Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Cash Flow Information Related Leases	The following table presents supplemental cash flow information related to leases: Three Months Ended March 31, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 887 $ 891 Operating cash flows for finance leases $ 134 $ 111 Financing cash flows for finance leases $ 1,312 $ 1,237 Leased assets exchanged for new lease liabilities: Operating leases $ 393 $ — Finance leases $ 1,831 $ 526

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits, Description [Abstract]
Components of Net Periodic Cost (Benefit)	The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended March 31, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 1,321 $ 1,356 $ 23 $ 27 Interest cost 3,123 3,138 219 294 Expected return on plan assets ( 3,237 ) ( 3,028 ) — — Amortization of prior service cost 5 11 — — Amortization of actuarial (gain) loss 20 ( 21 ) ( 331 ) ( 166 ) Total net periodic cost $ 1,232 $ 1,456 $ ( 89 ) $ 155

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income	The following table details changes in amounts included in our Accumulated Other Comprehensive Income (AOCI) by component on our Condensed Consolidated Balance Sheets , net of tax: Three Months Ended March 31, (in thousands) 2024 2023 Pension and Other Postretirement Employee Benefits Balance at beginning of period $ ( 18,925 ) $ ( 28,494 ) Unrecognized losses arising in AOCI during the period: Gross — — Tax effect — — Reclassifications from AOCI to earnings: Other 1 ( 306 ) ( 176 ) Tax effect 77 45 Net of tax amount ( 229 ) ( 131 ) Balance at end of period ( 19,154 ) ( 28,625 ) Cash Flow Hedges Balance at beginning of period 121,957 126,146 Unrecognized gains (losses) arising in AOCI during the period: Gross 21,872 ( 13,881 ) Tax effect ( 352 ) 290 Reclassifications from AOCI to earnings: Gross 2 ( 5,719 ) ( 3,837 ) Tax effect 124 93 Net of tax amount 15,925 ( 17,335 ) Balance at end of period 137,882 108,811 Accumulated other comprehensive income, end of period $ 118,728 $ 80,186 1 Included in the computation of net periodic pension costs. 2 Included in Interest expense, net on the Condensed Consolidated Statement of Operations .

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) a in Millions	Mar. 31, 2024 a
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Timber and timberlands acres owned	2.2

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 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
		Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenues		$ 228,127	$ 257,962
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		252,655	291,896
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(24,528)	(33,934)
Timberlands [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		92,950	115,238
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		34,182	53,989
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		33,806	53,325
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		65	403
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		311	261
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		58,768	61,249
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		31,216	31,754
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		15,648	16,132
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		7,632	9,233
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,272	4,130
Wood Products [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		148,598	152,795
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		116,723	113,798
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		31,875	38,997
Real Estate Segment [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		11,107	23,863
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		5,526	17,819
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		2,874	2,800
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ 2,707	$ 3,244
[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
		Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDDA		$ 29,722	$ 57,777
Interest expense, net	[1]	282	(199)
Depreciation, depletion and amortization		(30,395)	(31,764)
Basis of real estate sold		(4,092)	(10,631)
CatchMark merger-related expenses		0	(2,209)
Non-operating pension and other postretirement employee benefits		201	(228)
Gain on disposal of fixed assets		5	0
Other		(145)	10
Income (loss) before income taxes		(4,422)	12,756
Bond discounts and deferred loan fees	[1]	407	409
Total depreciation, depletion and amortization		30,802	32,173
Operating Segments [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization		30,395	31,764
Operating Segments [Member] | Timberlands [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		34,748	46,639
Depreciation, depletion and amortization		17,625	20,461
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(139)	(31)
Depreciation, depletion and amortization		12,516	11,035
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		6,228	19,465
Depreciation, depletion and amortization		138	156
Basis of real estate sold		4,094	10,631
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(12,665)	(10,741)
Depreciation, depletion and amortization		116	112
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		1,550	2,445
Basis of real estate sold		$ (2)	$ 0
[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings per Share [Line Items]
Basic weighted-average shares outstanding	79,677	80,027
Diluted weighted-average shares outstanding	79,677	80,167
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	0	97
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	0	43

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Aug. 31, 2022
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	421,500	134,000
2022 Repurchase Program [Member]
Earnings per Share [Line Items]
Number of shares repurchased	0	0
Stock repurchase program, remaining amount	$ 125
Maximum [Member] | 2022 Repurchase Program [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount			$ 200

Certain Balance Sheet Compone_3

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Logs	$ 31,379	$ 39,011
Lumber, panels and veneer	39,613	34,621
Materials and supplies	25,260	23,713
Inventories gross	96,252	97,345
Less: LIFO reserve	(18,680)	(18,680)
Total inventories	$ 77,572	$ 78,665

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 697,182	$ 681,914
Less: accumulated depreciation	(321,291)	(309,082)
Total property, plant and equipment, net	$ 375,891	$ 372,832

Certain Balance Sheet Compone_5

Certain Balance Sheet Components - (Narrative) (Details) $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($) a	Mar. 31, 2024 USD ($)
Southern Region [Member]
Property, Plant and Equipment [Line Items]
Acres for timberland sale | a	34,000
Arkansas [Member]
Property, Plant and Equipment [Line Items]
Acres acquired through timberland purchase | a	16,000
Aggregate amount paid or expected to pay to acquire timberlands	$ 31.4
Forest Investment Associates | Southern Region [Member]
Property, Plant and Equipment [Line Items]
Expected proceeds from sale of timberlands	$ 58
Other current assets | Forest Investment Associates
Property, Plant and Equipment [Line Items]
Apporoximately of Held for sale		$ 42.8

Certain Balance Sheet Compone_6

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Timber And Timberlands [Abstract]
Timber and timberlands	$ 2,324,815	$ 2,347,300
Logging roads	91,003	93,098
Total timber and timberlands, net	$ 2,415,818	$ 2,440,398

Certain Balance Sheet Compone_7

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued payroll and benefits		$ 16,692	$ 24,473
Accounts payable		11,258	12,521
Deferred revenue	[1]	8,000	10,455
Accrued taxes		7,222	5,712
Accrued interest		6,836	8,344
Other current liabilities		30,689	20,878
Total accounts payable and accrued liabilities		$ 80,697	$ 82,383
[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 any post-close obligations for real estate sales. These deferred revenues are recognized over the term of the respective contract, 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 ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	May 18, 2023
Debt Instrument [Line Items]
Outstanding long-term debt current	$ 175,654,000	$ 175,615,000
Long-term principal	1,000,000,000
Term Loans [Member]
Debt Instrument [Line Items]
Outstanding long-term debt current	$ 110,000,000
Debt instrument maturity date	2024
Revenue Bonds [Member]
Debt Instrument [Line Items]
Outstanding long-term debt current	$ 65,700,000
Debt instrument maturity date	2024
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding	$ 700,000
Maximum borrowing capacity			$ 75,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving line of credit borrowings	$ 0
Debt instrument, maturity date	Feb. 14, 2027
Maximum borrowing capacity			300,000,000
Amount available to increase borrowing capacity			500,000,000
Swing Line Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 25,000,000
Amended Term Loan Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding	$ 971,000,000
Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.61%
Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Net gains expected to be reclassified into earnings in the next 12 months	$ 19.6
Cash Flow Hedging [Member] | Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Derivative assets related to interest rate swaps	142.6	$ 129.1
Interest Rate Swaps [Member] | Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 200
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	1.61%
LIBOR variable interest rate	2.14%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	2.30%
LIBOR variable interest rate	4.83%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 761

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, net of tax		$ 15,925	$ (17,335)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest expense, net
Interest expense, net	[1]	$ 282	(199)
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		21,520	(13,591)
Amounts reclassified from accumulated other comprehensive income to income, net of tax	[2]	$ 5,595	$ 3,744
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest expense, net	Interest expense, net
[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations . 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 (loss) related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. For the three months ended March 31, 2024 and 2023, we amortized approximately $ 2.6 million and $ 2.5 million, respectively, of the off-market designated hedges which is included in Other, net within operating activities in the Condensed Consolidated Statements of Cash Flows . Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations .

Derivative Instruments - (Effec

Derivative Instruments - (Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss)) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instrument [Abstract]
Amortization of off-market designated hedges	$ 2.6	$ 2.5

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	$ (1,035,817)	$ (1,035,654)
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		142,636	129,125
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		(970,082)	(969,919)
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 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		5,361	5,220
Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(1,030,852)	(1,030,504)
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		142,636	129,125
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		(966,066)	(965,718)
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		(64,786)	(64,786)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 5,361	$ 5,220
[1] The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
PSA and RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for stock compensation (shares)	0.1	0.1
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted	$ 52.92
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	$ 44.72
Long-Term Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future use	1.5

Equity-Based Compensation (Shar

Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 shares
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	130,536
Vested	0
Forfeited	1,344
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	91,520
Vested	5,500
Forfeited	745

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
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2,560	$ 2,279
Deferred compensation stock equivalent units expense	49	49
Total tax benefit recognized for equity-based expense	159	122
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,369	1,421
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 1,142	$ 809

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance Share Awards [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date	$ 44.67
Risk-free rate	4.20%
Expected volatility	27.71%
Expected dividend yield	0%	[1]
Expected term (years)	3 years
[1] 1 Full dividend reinvestment assumed.

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
ASSETS
Operating lease assets		$ 9,810	$ 10,169
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets, Noncurrent	Other Assets, Noncurrent
Finance lease assets	[1]	$ 11,895	$ 11,281
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total lease assets		$ 21,705	$ 21,450
Current:
Operating lease liabilities		$ 2,573	$ 2,575
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Finance lease liabilities		$ 4,797	$ 4,525
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Noncurrent:
Operating lease liabilities		$ 7,181	$ 7,590
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance lease liabilities		$ 6,996	$ 6,699
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities		$ 21,547	$ 21,389
[1] 1 Finance lease assets are presented net of accumulated amortization of $ 10.8 million and $ 9.6 million at March 31, 2024 and December 31, 2023, respectively.

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Parentheticals) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Accumulated amortization of finance lease assets	$ 10.8	$ 9.6

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease costs	[1]	$ 839	$ 886
Finance lease costs:
Amortization of leased assets		1,269	1,231
Interest expense		134	111
Net lease costs		$ 2,242	$ 2,228
[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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 887	$ 891
Operating cash flows for finance leases	134	111
Financing cash flows for finance leases	1,312	1,237
Leased assets exchanged for new lease liabilities:
Operating leases	393	0
Finance leases	$ 1,831	$ 526

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,321	$ 1,356
Interest cost	3,123	3,138
Expected return on plan assets	(3,237)	(3,028)
Amortization of prior service cost	5	11
Amortization of actuarial (gain) loss	20	(21)
Total net periodic cost	1,232	1,456
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	23	27
Interest cost	219	294
Expected return on plan assets	0	0
Amortization of prior service cost	0	0
Amortization of actuarial (gain) loss	(331)	(166)
Total net periodic cost	$ (89)	$ 155

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans	$ 914	$ 1,087

Components of Accumulated Oth_3

Components of Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		$ 2,171,098	$ 2,263,153
Reclassifications from AOCI to earnings:
Balance, end of period		2,153,272	2,228,263
Pension and Other Postretirement Employee Benefits [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		(18,925)	(28,494)
Unrecognized gains (losses) arising in AOCI during the period:
Gross		0	0
Tax effect		0	0
Reclassifications from AOCI to earnings:
Other	[1]	(306)	(176)
Tax effect		77	45
Net of tax amount		(229)	(131)
Balance, end of period		(19,154)	(28,625)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		121,957	126,146
Unrecognized gains (losses) arising in AOCI during the period:
Gross		21,872	(13,881)
Tax effect		(352)	290
Reclassifications from AOCI to earnings:
Gross	[2]	(5,719)	(3,837)
Tax effect		124	93
Net of tax amount		15,925	(17,335)
Balance, end of period		137,882	108,811
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		103,032	97,652
Reclassifications from AOCI to earnings:
Balance, end of period		$ 118,728	$ 80,186
[1] Included in the computation of net periodic pension costs. Included in Interest expense, net on the Condensed Consolidated Statement of Operations .

CatchMark Merger - Additional I

CatchMark Merger - Additional Information (Details) $ in Thousands, a in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) a shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 shares
Business Acquisition [Line Items]
Timber and timberlands acres owned | a	2.2
Common stock, issued | shares	79,508,000		79,365,000
CatchMark merger-related expenses | $	$ 0	$ 2,209

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Thomson Reservoir Sediment Remediation Project [Member] - USD ($) $ in Millions	1 Months Ended
	Nov. 30, 2023	Mar. 31, 2024	Dec. 31, 2022
Site Contingency [Line Items]
Accrued amount		$ 2.2	$ 5.6
Payment for initial share of project costs	$ 3.4
Minimum [Member]
Site Contingency [Line Items]
Share of total project cost		5.3
Maximum [Member]
Site Contingency [Line Items]
Share of total project cost		$ 5.9