Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
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 | 78,913,000 | |
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 | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||||
Income Statement [Abstract] | ||||||||
Revenues | $ 320,671 | $ 246,101 | $ 548,798 | $ 504,063 | ||||
Costs and expenses: | ||||||||
Cost of goods sold | 282,473 | 215,063 | 494,633 | 439,413 | ||||
Selling, general and administrative expenses | 20,752 | 17,585 | 41,479 | 35,815 | ||||
CatchMark merger-related expenses | 0 | 244 | 0 | 2,453 | ||||
Gain on fire damage | 0 | (23,110) | 0 | (23,110) | ||||
Total costs and expenses | 303,225 | 209,782 | 536,112 | 454,571 | ||||
Operating income | 17,446 | 36,319 | 12,686 | 49,492 | ||||
Interest expense, net | (8,696) | [1] | (7,613) | [1] | (8,414) | [2] | (7,812) | [2] |
Non-operating pension and other postretirement employee benefits | 201 | (229) | 402 | (457) | ||||
Other | (23) | 258 | (168) | 268 | ||||
Income before income taxes | 8,928 | 28,735 | 4,506 | 41,491 | ||||
Income taxes | 4,750 | (6,429) | 8,867 | (2,925) | ||||
Net income | $ 13,678 | $ 22,306 | $ 13,373 | $ 38,566 | ||||
Net income per share: | ||||||||
Basic | $ 0.17 | $ 0.28 | $ 0.17 | $ 0.48 | ||||
Diluted | 0.17 | 0.28 | 0.17 | 0.48 | ||||
Dividends per share | $ 0.45 | $ 0.45 | $ 0.9 | $ 0.9 | ||||
Weighted-average shares outstanding | ||||||||
Basic | 79,627 | 80,145 | 79,656 | 80,087 | ||||
Diluted | 79,741 | 80,416 | 79,756 | 80,297 | ||||
[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations . Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 13,678 | $ 22,306 | $ 13,373 | $ 38,566 |
Other comprehensive income (loss), net of tax: | ||||
Pension and other postretirement employee benefits | (230) | (344) | (459) | (475) |
Cash flow hedges | 3,611 | 17,719 | 19,536 | 384 |
Other comprehensive income (loss), net of tax | 3,381 | 17,375 | 19,077 | (91) |
Comprehensive income | $ 17,059 | $ 39,681 | $ 32,450 | $ 38,475 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 199,723 | $ 230,118 |
Customer receivables, net | 29,977 | 21,892 |
Inventories, net | 80,097 | 78,665 |
Other current assets | 47,132 | 46,258 |
Total current assets | 356,929 | 376,933 |
Property, plant and equipment, net | 377,060 | 372,832 |
Investment in real estate held for development and sale | 55,298 | 56,321 |
Timber and timberlands, net | 2,394,709 | 2,440,398 |
Intangible assets, net | 14,751 | 15,640 |
Other long-term assets | 180,304 | 169,132 |
Total assets | 3,379,051 | 3,431,256 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 95,477 | 82,383 |
Current portion of long-term debt | 175,692 | 175,615 |
Current portion of pension and other postretirement employee benefits | 4,535 | 4,535 |
Total current liabilities | 275,704 | 262,533 |
Long-term debt | 858,617 | 858,113 |
Pension and other postretirement employee benefits | 68,621 | 67,856 |
Deferred tax liabilities, net | 27,680 | 36,641 |
Other long-term obligations | 35,830 | 35,015 |
Total liabilities | 1,266,452 | 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, 78,902 and 79,365 shares issued and outstanding | 78,902 | 79,365 |
Additional paid-in capital | 2,309,555 | 2,303,992 |
Accumulated deficit | (397,967) | (315,291) |
Accumulated other comprehensive income | 122,109 | 103,032 |
Total stockholders’ equity | 2,112,599 | 2,171,098 |
Total liabilities and stockholders' equity | $ 3,379,051 | $ 3,431,256 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 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 | 78,902,000 | 79,365,000 |
Common stock, outstanding | 78,902,000 | 79,365,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $ 13,373 | $ 38,566 | |||
Adjustments to reconcile net income to net cash from operating activities: | |||||
Depreciation, depletion and amortization | $ 29,674 | $ 27,496 | 60,476 | 59,669 | |
Basis of real estate sold | 56,525 | 4,884 | 60,617 | 15,515 | |
Change in deferred taxes | (8,839) | (2,215) | |||
Pension and other postretirement employee benefits | 2,288 | 3,223 | |||
Equity-based compensation expense | 5,522 | 3,856 | |||
Gain on fire damage | 0 | (23,110) | 0 | (23,110) | |
Interest received under swaps with other-than-insignificant financing element | (14,967) | (11,767) | |||
Other, net | 5,312 | 3,856 | |||
Change in working capital and operating-related activities, net | (3,996) | (14,334) | |||
Real estate development expenditures | (2,722) | (4,304) | |||
Funding of pension and other postretirement employee benefits | (2,135) | (2,304) | |||
Proceeds from insurance recoveries | 1,680 | 9,706 | |||
Net cash from operating activities | 116,609 | 76,357 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Property, plant and equipment additions | (26,603) | (10,135) | |||
Timberlands reforestation and roads | (12,814) | (10,714) | |||
Acquisition of timber and timberlands | (31,481) | (1,621) | |||
Interest received under swaps with other-than-insignificant financing element | 13,924 | 10,904 | |||
Other, net | 618 | 664 | |||
Net cash from investing activities | (56,356) | (10,902) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Distributions to common stockholders | (71,456) | (71,920) | |||
Repurchase of common stock | (23,905) | (394) | |||
Other, net | (2,236) | (1,955) | |||
Net cash from financing activities | (97,597) | (74,269) | |||
Change in cash, cash equivalents and restricted cash | (37,344) | (8,814) | |||
Cash, cash equivalents and restricted cash at beginning of period | 237,688 | 345,591 | |||
Cash, cash equivalents and restricted cash at end of period | 200,344 | 336,777 | 200,344 | 336,777 | |
NONCASH INVESTING AND FINANCING ACTIVITIES | |||||
Accrued property, plant and equipment additions | 1,177 | 178 | |||
Accrued timberlands reforestation and roads | 1,912 | 2,460 | |||
Repurchase of common stock pending settlement | 1,107 | 0 | |||
Cash and cash equivalents | 199,723 | 331,225 | 199,723 | 331,225 | |
Restricted cash included in other long-term assets | [1] | $ 621 | $ 5,552 | $ 621 | $ 5,552 |
Restricted Cash, Asset, Statement of Financial Position [Extensible List] | Other long-term assets | Other long-term assets | Other long-term assets | Other long-term assets | |
Total cash, cash equivalents, and restricted cash | $ 200,344 | $ 336,777 | $ 200,344 | $ 336,777 | |
[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 June 30, 2024 an d 2023, $ 0 a nd $ 3.2 million, respectively, was classified as Other current assets . |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2024 | Jun. 30, 2023 |
Statement of Cash Flows [Abstract] | ||
Restricted Cash, Current | $ 0 | $ 3.2 |
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 | 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) | |||
Dividends on common stock | (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, 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 | 38,566 | ||||
Cash flow hedges, net of tax | 384 | ||||
Balance, end of period at Jun. 30, 2023 | 2,233,169 | $ 79,911 | 2,298,593 | (242,896) | 97,561 |
Balance, end of period (shares) at Jun. 30, 2023 | 79,911,000 | ||||
Balance, beginning of period at Mar. 31, 2023 | 2,228,263 | $ 79,916 | 2,296,927 | (228,766) | 80,186 |
Balance, beginning of period (shares) at Mar. 31, 2023 | 79,916,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 22,306 | 22,306 | |||
Shares issued for stock compensation | $ 4 | (4) | |||
Shares issued for stock compensation (shares) | 4,000 | ||||
Equity-based compensation expense | 1,577 | 1,577 | |||
Repurchase of common stock | (394) | $ (9) | (385) | ||
Repurchase of common stock (shares) | (9,000) | ||||
Pension plans and OPEB obligations, net of tax | (344) | (344) | |||
Cash flow hedges, net of tax | 17,719 | 17,719 | |||
Dividends on common stock | (35,958) | (35,958) | |||
Other transactions, net | 93 | (93) | |||
Balance, end of period at Jun. 30, 2023 | 2,233,169 | $ 79,911 | 2,298,593 | (242,896) | 97,561 |
Balance, end of period (shares) at Jun. 30, 2023 | 79,911,000 | ||||
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 | $ (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 | |||
Dividends on common stock | (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 | ||||
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 | $ 13,373 | ||||
Cash flow hedges, net of tax | 19,536 | ||||
Balance, end of period at Jun. 30, 2024 | $ 2,112,599 | $ 78,902 | 2,309,555 | (397,967) | 122,109 |
Balance, end of period (shares) at Jun. 30, 2024 | 78,902,000 | 78,902,000 | |||
Balance, beginning of period at Mar. 31, 2024 | $ 2,153,272 | $ 79,508 | 2,306,499 | (351,463) | 118,728 |
Balance, beginning of period (shares) at Mar. 31, 2024 | 79,508,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 13,678 | 13,678 | |||
Shares issued for stock compensation | $ 4 | (4) | |||
Shares issued for stock compensation (shares) | 4,000 | ||||
Equity-based compensation expense | 2,962 | 2,962 | |||
Repurchase of common stock | (25,012) | $ (610) | (24,402) | ||
Repurchase of common stock (shares) | (610,000) | ||||
Pension plans and OPEB obligations, net of tax | (230) | (230) | |||
Cash flow hedges, net of tax | 3,611 | 3,611 | |||
Dividends on common stock | (35,677) | (35,677) | |||
Other transactions, net | (5) | 98 | (103) | ||
Balance, end of period at Jun. 30, 2024 | $ 2,112,599 | $ 78,902 | $ 2,309,555 | $ (397,967) | $ 122,109 |
Balance, end of period (shares) at Jun. 30, 2024 | 78,902,000 | 78,902,000 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common dividends, per share | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ 13,678 | $ (305) | $ 22,306 | $ 16,260 | $ 13,373 | $ 38,566 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
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 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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 ownership and management of over 2.1 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 United States 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. Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may have to pay in connection with any legal proceeding would have a material adverse effect on our consolidated financial position or net cash flow. Additionally, during the three and six months ended June 30, 2024, there were no significant changes to our obligation under the Thomson Reservoir Project. At June 30, 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 . For further information on the project, refer to Note 18: Commitments and Contingencies in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023. 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. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Timberlands Northern region Sawlogs $ 40,564 $ 36,822 $ 74,370 $ 90,147 Pulpwood 215 369 280 772 Other 375 372 686 633 Total Northern revenues 41,154 37,563 75,336 91,552 Southern region Sawlogs 34,309 27,802 65,525 59,556 Pulpwood 15,315 15,006 30,963 31,138 Stumpage 4,088 4,148 11,720 13,381 Other 3,936 4,098 8,208 8,228 Total Southern revenues 57,648 51,054 116,416 112,303 Total Timberlands revenues 98,802 88,617 191,752 203,855 Wood Products Lumber 120,888 133,289 237,611 247,087 Residuals and Panels 32,691 34,380 64,566 73,377 Total Wood Products revenues 153,579 167,669 302,177 320,464 Real Estate Rural real estate 84,853 4,570 90,379 22,389 Development real estate 7,488 9,409 10,362 12,209 Other 3,391 3,085 6,098 6,329 Total Real Estate revenues 95,732 17,064 106,839 40,927 Total segment revenues 348,113 273,350 600,768 565,246 Intersegment Timberlands revenues 1 ( 27,442 ) ( 27,243 ) ( 51,970 ) ( 61,177 ) Other intersegment revenues — ( 6 ) — ( 6 ) Total consolidated revenues $ 320,671 $ 246,101 $ 548,798 $ 504,063 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Adjusted EBITDDA: Timberlands $ 34,124 $ 29,316 $ 68,872 $ 75,955 Wood Products ( 6,805 ) 11,967 ( 6,944 ) 11,936 Real Estate 89,568 12,237 95,796 31,702 Corporate ( 11,756 ) ( 10,521 ) ( 24,421 ) ( 21,262 ) Eliminations and adjustments ( 1,958 ) 2,446 ( 408 ) 4,891 Total Adjusted EBITDDA 103,173 45,445 132,895 103,222 Interest expense, net 1 ( 8,696 ) ( 7,613 ) ( 8,414 ) ( 7,812 ) Depreciation, depletion and amortization ( 29,268 ) ( 27,087 ) ( 59,663 ) ( 58,851 ) Basis of real estate sold ( 56,525 ) ( 4,884 ) ( 60,617 ) ( 15,515 ) CatchMark merger-related expenses — ( 244 ) — ( 2,453 ) Gain (loss) on fire damage — 23,110 — 23,110 Non-operating pension and other postretirement employee benefits 201 ( 229 ) 402 ( 457 ) Gain (loss) on disposal of fixed assets 66 ( 21 ) 71 ( 21 ) Other ( 23 ) 258 ( 168 ) 268 Income before income taxes $ 8,928 $ 28,735 $ 4,506 $ 41,491 Depreciation, depletion and amortization: Timberlands $ 16,790 $ 15,895 $ 34,415 $ 36,356 Wood Products 12,227 10,948 24,743 21,983 Real Estate 136 121 274 277 Corporate 115 123 231 235 29,268 27,087 59,663 58,851 Bond discounts and deferred loan fees 1 406 409 813 818 Total depreciation, depletion and amortization $ 29,674 $ 27,496 $ 60,476 $ 59,669 Basis of real estate sold: Real Estate $ 56,528 $ 4,887 $ 60,622 $ 15,518 Eliminations and adjustments ( 3 ) ( 3 ) ( 5 ) ( 3 ) Total basis of real estate sold $ 56,525 $ 4,884 $ 60,617 $ 15,515 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Basic weighted-average shares outstanding 79,627 80,145 79,656 80,087 Incremental shares due to: Performance shares 49 226 42 177 Restricted stock units 65 45 58 33 Diluted weighted-average shares outstanding 79,741 80,416 79,756 80,297 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 six months ended June 30, 2024, there were approx imately 19,000 and 78,000 stock- based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the three and six months ended June 30, 2023, there were approxim ately 34,000 and 68,000 s tock-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 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (a 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 a Trading Plan, and, subject to the terms of a Trading Plan, the 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. During the three and six months ended June 30, 2024, we repurchased 609,624 shares of our common stock for total consideration of $ 25.0 million under the 2022 Repurchase Plan. During the three and six months ended June 30, 2023, we repurchased 8,761 shares of our common stock for total consideration of $ 0.4 million under the 2022 Repurchase Plan. At June 30, 2024, we had remaining authorization of $ 100.0 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 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 | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Certain Balance Sheet Components | NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) June 30, 2024 December 31, 2023 Logs $ 32,417 $ 39,011 Lumber, panels and veneer 39,198 34,621 Materials and supplies 27,162 23,713 Total inventories 98,777 97,345 Less: LIFO reserve ( 18,680 ) ( 18,680 ) Total inventories, net $ 80,097 $ 78,665 Property, plant and equipment (in thousands) June 30, 2024 December 31, 2023 Property, plant and equipment $ 710,727 $ 681,914 Less: accumulated depreciation ( 333,667 ) ( 309,082 ) Total property, plant and equipment, net $ 377,060 $ 372,832 Timber and timberlands (in thousands) June 30, 2024 December 31, 2023 Timber and timberlands $ 2,302,657 $ 2,347,300 Logging roads 92,052 93,098 Total timber and timberlands, net $ 2,394,709 $ 2,440,398 On June 17, 2024, we completed the sale of 34,100 acres of four-year average age Southern timberlands to Forest Investment Associates (FIA) for $ 56.7 million. Additionally, in January 2024, we acquired 16,000 acres of mature 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) June 30, 2024 December 31, 2023 Accrued payroll and benefits $ 22,047 $ 24,473 Accounts payable 16,760 12,521 Deferred revenue 1 15,863 10,455 Accrued interest 8,158 8,344 Accrued taxes 7,303 5,712 Other current liabilities 25,346 20,878 Total accounts payable and accrued liabilities $ 95,477 $ 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 | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | NO TE 5. DEBT TERM LOANS At June 30, 2024 our total outstanding principa l 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 June 30, 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 June 30, 2024, there were no borrowings under the revolving line of credit and appro ximately $ 0.6 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 June 30, 2024. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2024, we also have $ 200.0 million of forward-starting interest rate swaps designated as cash flow hedges for expected future debt refinancings that require settlement on the stated maturity date. The gross fair values of derivative instruments at June 30, 2024 and December 31, 2023, were $ 143.6 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 June 30, Six Months Ended June 30, (in thousands) Location 2024 2023 2024 2023 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income recognized in other comprehensive income, net of tax $ 9,184 $ 22,337 $ 30,704 $ 8,746 Amounts reclassified from accumulated other comprehensive income to income, net of tax 1 Interest expense, net $ 5,573 $ 4,618 $ 11,168 $ 8,362 Interest expense, net $ 8,696 $ 7,613 $ 8,414 $ 7,812 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. For the six months ended June 30, 2024 and 2023, we amortized approxi mately $ 5.3 millio n and $ 5.1 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 June 30, 2024, the amount of net gains expected to be reclassified into earnings in the next 12 months is approximately $ 20.0 million. However, this expected amount to be reclassified into earnings is subject to volatility as the ultimate amount recognized in earnings is based on the SOFR rates at the time of net swap cash payments. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 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: June 30, 2024 December 31, 2023 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 143,619 $ 143,619 $ 129,125 $ 129,125 Long-term debt, including current portion (Level 2): Term loans $ ( 970,244 ) $ ( 967,096 ) $ ( 969,919 ) $ ( 965,718 ) Revenue bonds ( 65,735 ) ( 65,406 ) ( 65,735 ) ( 64,786 ) Total long-term debt 1 $ ( 1,035,979 ) $ ( 1,032,502 ) $ ( 1,035,654 ) $ ( 1,030,504 ) Company owned life insurance asset (COLI) (Level 3) $ 5,668 $ 5,668 $ 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 | 6 Months Ended |
Jun. 30, 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 June 30, 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 six months ended June 30, 2024 included the following: Granted Vested Forfeited Performance Share Awards (PSAs) 130,536 — 1,344 Restricted Stock Units (RSUs) 120,226 30,709 745 Approximately 0.1 million shares of common stock were issued to employees during the six months ended June 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Equity-based compensation expense: Performance share awards $ 1,624 $ 719 $ 2,993 $ 2,140 Restricted stock units 1,289 809 2,431 1,618 Deferred compensation stock equivalent units expense 49 49 98 98 Total equity-based compensation expense $ 2,962 $ 1,577 $ 5,522 $ 3,856 Total tax benefit recognized for equity-based expense $ 198 $ 137 $ 357 $ 259 Performance Share Awards The weighted-average grant date fair value of PSAs granted during the six months ended June 30, 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 six months ended June 30, 2024, was $ 44.32 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 | 6 Months Ended |
Jun. 30, 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. During the three and six months ended June 30, 2023, we reduced our federal effected deferred blended state tax rate. This reduction was a result of changes in tax laws enacted in the second quarter of 2023 in certain states in which our TRSs operate. The effect of the change resulted in a $ 1.0 million reduction to our net deferred tax liability and an offsetting reduction to tax expense, all of which was recorded as a discrete item for the three and six months ended June 30, 2023. |
Leases
Leases | 6 Months Ended |
Jun. 30, 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 June 30, 2024 December 31, 2023 Assets Operating lease assets Other long-term assets $ 10,961 $ 10,169 Finance lease assets 1 Property, plant and equipment, net 11,757 11,281 Total lease assets $ 22,718 $ 21,450 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,946 $ 2,575 Finance lease liabilities Accounts payable and accrued liabilities 4,866 4,525 Noncurrent: Operating lease liabilities Other long-term obligations 8,010 7,590 Finance lease liabilities Other long-term obligations 6,815 6,699 Total lease liabilities $ 22,637 $ 21,389 1 Finance lease assets are presented net of accumulated amortization of $ 12.2 million and $ 9.6 million at June 30, 2024 and December 31, 2023, respectively. The following table presents the components of lease expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease costs 1 $ 861 $ 796 $ 1,700 $ 1,682 Finance lease costs: Amortization of leased assets 1,351 1,331 2,620 2,562 Interest expense 145 113 279 224 Net lease costs $ 2,357 $ 2,240 $ 4,599 $ 4,468 1 Excludes short-term leases and variable lease costs, which are immaterial. The following table presents supplemental cash flow information related to leases: Six Months Ended June 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,715 $ 1,629 Operating cash flows for finance leases $ 279 $ 213 Financing cash flows for finance leases $ 2,662 $ 2,817 Leased assets exchanged for new lease liabilities: Operating leases $ 2,287 $ 1,149 Finance leases $ 3,062 $ 2,111 |
Pension and Other Postretiremen
Pension and Other Postretirement Employee Benefits | 6 Months Ended |
Jun. 30, 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 June 30, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 1,322 $ 1,355 $ 24 $ 28 Interest cost 3,122 3,137 219 293 Expected return on plan assets ( 3,237 ) ( 3,025 ) — — Amortization of prior service cost 5 11 — — Amortization of actuarial (gain) loss 20 ( 21 ) ( 330 ) ( 166 ) Total net periodic cost $ 1,232 $ 1,457 $ ( 87 ) $ 155 Six Months Ended June 30, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 2,643 $ 2,711 $ 47 $ 55 Interest cost 6,245 6,275 438 587 Expected return on plan assets ( 6,474 ) ( 6,053 ) — — Amortization of prior service cost 10 22 — — Amortization of actuarial (gain) loss 40 ( 42 ) ( 661 ) ( 332 ) Net periodic cost $ 2,464 $ 2,913 $ ( 176 ) $ 310 During the six months ended June 30, 2024 and 2023, funding of pension and other postretirement employee benefit plans was $ 2.1 million and $ 2.3 milli on, respectively. |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Pension and Other Postretirement Employee Benefits Balance at beginning of period $ ( 19,154 ) $ ( 28,625 ) $ ( 18,925 ) $ ( 28,494 ) Reclassifications from AOCI to earnings: Other 1 ( 305 ) ( 176 ) ( 611 ) ( 352 ) Tax effect 75 43 152 88 Net of tax amount ( 230 ) ( 133 ) ( 459 ) ( 264 ) Other reclassifications — ( 211 ) — ( 211 ) Balance at end of period ( 19,384 ) ( 28,969 ) ( 19,384 ) ( 28,969 ) Cash Flow Hedges Balance at beginning of period 137,882 108,811 121,957 126,146 Unrecognized gains (losses) arising in AOCI during the period: Gross 9,325 22,754 31,197 8,873 Tax effect ( 141 ) ( 462 ) ( 493 ) ( 172 ) Reclassifications from AOCI to earnings: Gross 2 ( 5,697 ) ( 4,726 ) ( 11,416 ) ( 8,563 ) Tax effect 124 108 248 201 Net of tax amount 3,611 17,674 19,536 339 Other reclassifications — 45 — 45 Balance at end of period 141,493 126,530 141,493 126,530 Accumulated other comprehensive income, end of period $ 122,109 $ 97,561 $ 122,109 $ 97,561 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. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 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 ownership and management of over 2.1 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 United States 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. |
Commitments and Contingencies | Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may have to pay in connection with any legal proceeding would have a material adverse effect on our consolidated financial position or net cash flow. Additionally, during the three and six months ended June 30, 2024, there were no significant changes to our obligation under the Thomson Reservoir Project. At June 30, 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 . For further information on the project, refer to Note 18: Commitments and Contingencies in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023. |
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. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Summary of Revenues by Major Product | The following table presents our revenues by major product: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Timberlands Northern region Sawlogs $ 40,564 $ 36,822 $ 74,370 $ 90,147 Pulpwood 215 369 280 772 Other 375 372 686 633 Total Northern revenues 41,154 37,563 75,336 91,552 Southern region Sawlogs 34,309 27,802 65,525 59,556 Pulpwood 15,315 15,006 30,963 31,138 Stumpage 4,088 4,148 11,720 13,381 Other 3,936 4,098 8,208 8,228 Total Southern revenues 57,648 51,054 116,416 112,303 Total Timberlands revenues 98,802 88,617 191,752 203,855 Wood Products Lumber 120,888 133,289 237,611 247,087 Residuals and Panels 32,691 34,380 64,566 73,377 Total Wood Products revenues 153,579 167,669 302,177 320,464 Real Estate Rural real estate 84,853 4,570 90,379 22,389 Development real estate 7,488 9,409 10,362 12,209 Other 3,391 3,085 6,098 6,329 Total Real Estate revenues 95,732 17,064 106,839 40,927 Total segment revenues 348,113 273,350 600,768 565,246 Intersegment Timberlands revenues 1 ( 27,442 ) ( 27,243 ) ( 51,970 ) ( 61,177 ) Other intersegment revenues — ( 6 ) — ( 6 ) Total consolidated revenues $ 320,671 $ 246,101 $ 548,798 $ 504,063 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Adjusted EBITDDA: Timberlands $ 34,124 $ 29,316 $ 68,872 $ 75,955 Wood Products ( 6,805 ) 11,967 ( 6,944 ) 11,936 Real Estate 89,568 12,237 95,796 31,702 Corporate ( 11,756 ) ( 10,521 ) ( 24,421 ) ( 21,262 ) Eliminations and adjustments ( 1,958 ) 2,446 ( 408 ) 4,891 Total Adjusted EBITDDA 103,173 45,445 132,895 103,222 Interest expense, net 1 ( 8,696 ) ( 7,613 ) ( 8,414 ) ( 7,812 ) Depreciation, depletion and amortization ( 29,268 ) ( 27,087 ) ( 59,663 ) ( 58,851 ) Basis of real estate sold ( 56,525 ) ( 4,884 ) ( 60,617 ) ( 15,515 ) CatchMark merger-related expenses — ( 244 ) — ( 2,453 ) Gain (loss) on fire damage — 23,110 — 23,110 Non-operating pension and other postretirement employee benefits 201 ( 229 ) 402 ( 457 ) Gain (loss) on disposal of fixed assets 66 ( 21 ) 71 ( 21 ) Other ( 23 ) 258 ( 168 ) 268 Income before income taxes $ 8,928 $ 28,735 $ 4,506 $ 41,491 Depreciation, depletion and amortization: Timberlands $ 16,790 $ 15,895 $ 34,415 $ 36,356 Wood Products 12,227 10,948 24,743 21,983 Real Estate 136 121 274 277 Corporate 115 123 231 235 29,268 27,087 59,663 58,851 Bond discounts and deferred loan fees 1 406 409 813 818 Total depreciation, depletion and amortization $ 29,674 $ 27,496 $ 60,476 $ 59,669 Basis of real estate sold: Real Estate $ 56,528 $ 4,887 $ 60,622 $ 15,518 Eliminations and adjustments ( 3 ) ( 3 ) ( 5 ) ( 3 ) Total basis of real estate sold $ 56,525 $ 4,884 $ 60,617 $ 15,515 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) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Basic weighted-average shares outstanding 79,627 80,145 79,656 80,087 Incremental shares due to: Performance shares 49 226 42 177 Restricted stock units 65 45 58 33 Diluted weighted-average shares outstanding 79,741 80,416 79,756 80,297 |
Certain Balance Sheet Compone_2
Certain Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventories | Inventories (in thousands) June 30, 2024 December 31, 2023 Logs $ 32,417 $ 39,011 Lumber, panels and veneer 39,198 34,621 Materials and supplies 27,162 23,713 Total inventories 98,777 97,345 Less: LIFO reserve ( 18,680 ) ( 18,680 ) Total inventories, net $ 80,097 $ 78,665 |
Schedule of Property, Plant and Equipment | Property, plant and equipment (in thousands) June 30, 2024 December 31, 2023 Property, plant and equipment $ 710,727 $ 681,914 Less: accumulated depreciation ( 333,667 ) ( 309,082 ) Total property, plant and equipment, net $ 377,060 $ 372,832 |
Schedule of Timber and Timberlands | Timber and timberlands (in thousands) June 30, 2024 December 31, 2023 Timber and timberlands $ 2,302,657 $ 2,347,300 Logging roads 92,052 93,098 Total timber and timberlands, net $ 2,394,709 $ 2,440,398 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities (in thousands) June 30, 2024 December 31, 2023 Accrued payroll and benefits $ 22,047 $ 24,473 Accounts payable 16,760 12,521 Deferred revenue 1 15,863 10,455 Accrued interest 8,158 8,344 Accrued taxes 7,303 5,712 Other current liabilities 25,346 20,878 Total accounts payable and accrued liabilities $ 95,477 $ 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) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) Location 2024 2023 2024 2023 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income recognized in other comprehensive income, net of tax $ 9,184 $ 22,337 $ 30,704 $ 8,746 Amounts reclassified from accumulated other comprehensive income to income, net of tax 1 Interest expense, net $ 5,573 $ 4,618 $ 11,168 $ 8,362 Interest expense, net $ 8,696 $ 7,613 $ 8,414 $ 7,812 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. For the six months ended June 30, 2024 and 2023, we amortized approxi mately $ 5.3 millio n and $ 5.1 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) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instrument Detail [Abstract] | |
Estimated Fair Value of Financial Instruments | The following table presents the estimated fair values of our financial instruments: June 30, 2024 December 31, 2023 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 143,619 $ 143,619 $ 129,125 $ 129,125 Long-term debt, including current portion (Level 2): Term loans $ ( 970,244 ) $ ( 967,096 ) $ ( 969,919 ) $ ( 965,718 ) Revenue bonds ( 65,735 ) ( 65,406 ) ( 65,735 ) ( 64,786 ) Total long-term debt 1 $ ( 1,035,979 ) $ ( 1,032,502 ) $ ( 1,035,654 ) $ ( 1,030,504 ) Company owned life insurance asset (COLI) (Level 3) $ 5,668 $ 5,668 $ 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) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Compensation Activity | Share-based compensation activity during the six months ended June 30, 2024 included the following: Granted Vested Forfeited Performance Share Awards (PSAs) 130,536 — 1,344 Restricted Stock Units (RSUs) 120,226 30,709 745 |
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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Equity-based compensation expense: Performance share awards $ 1,624 $ 719 $ 2,993 $ 2,140 Restricted stock units 1,289 809 2,431 1,618 Deferred compensation stock equivalent units expense 49 49 98 98 Total equity-based compensation expense $ 2,962 $ 1,577 $ 5,522 $ 3,856 Total tax benefit recognized for equity-based expense $ 198 $ 137 $ 357 $ 259 |
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) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 December 31, 2023 Assets Operating lease assets Other long-term assets $ 10,961 $ 10,169 Finance lease assets 1 Property, plant and equipment, net 11,757 11,281 Total lease assets $ 22,718 $ 21,450 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,946 $ 2,575 Finance lease liabilities Accounts payable and accrued liabilities 4,866 4,525 Noncurrent: Operating lease liabilities Other long-term obligations 8,010 7,590 Finance lease liabilities Other long-term obligations 6,815 6,699 Total lease liabilities $ 22,637 $ 21,389 1 Finance lease assets are presented net of accumulated amortization of $ 12.2 million and $ 9.6 million at June 30, 2024 and December 31, 2023, respectively. |
Schedule of Components of Lease Expense | The following table presents the components of lease expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease costs 1 $ 861 $ 796 $ 1,700 $ 1,682 Finance lease costs: Amortization of leased assets 1,351 1,331 2,620 2,562 Interest expense 145 113 279 224 Net lease costs $ 2,357 $ 2,240 $ 4,599 $ 4,468 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: Six Months Ended June 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,715 $ 1,629 Operating cash flows for finance leases $ 279 $ 213 Financing cash flows for finance leases $ 2,662 $ 2,817 Leased assets exchanged for new lease liabilities: Operating leases $ 2,287 $ 1,149 Finance leases $ 3,062 $ 2,111 |
Pension and Other Postretirem_2
Pension and Other Postretirement Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 1,322 $ 1,355 $ 24 $ 28 Interest cost 3,122 3,137 219 293 Expected return on plan assets ( 3,237 ) ( 3,025 ) — — Amortization of prior service cost 5 11 — — Amortization of actuarial (gain) loss 20 ( 21 ) ( 330 ) ( 166 ) Total net periodic cost $ 1,232 $ 1,457 $ ( 87 ) $ 155 Six Months Ended June 30, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 2,643 $ 2,711 $ 47 $ 55 Interest cost 6,245 6,275 438 587 Expected return on plan assets ( 6,474 ) ( 6,053 ) — — Amortization of prior service cost 10 22 — — Amortization of actuarial (gain) loss 40 ( 42 ) ( 661 ) ( 332 ) Net periodic cost $ 2,464 $ 2,913 $ ( 176 ) $ 310 |
Components of Accumulated Oth_2
Components of Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Pension and Other Postretirement Employee Benefits Balance at beginning of period $ ( 19,154 ) $ ( 28,625 ) $ ( 18,925 ) $ ( 28,494 ) Reclassifications from AOCI to earnings: Other 1 ( 305 ) ( 176 ) ( 611 ) ( 352 ) Tax effect 75 43 152 88 Net of tax amount ( 230 ) ( 133 ) ( 459 ) ( 264 ) Other reclassifications — ( 211 ) — ( 211 ) Balance at end of period ( 19,384 ) ( 28,969 ) ( 19,384 ) ( 28,969 ) Cash Flow Hedges Balance at beginning of period 137,882 108,811 121,957 126,146 Unrecognized gains (losses) arising in AOCI during the period: Gross 9,325 22,754 31,197 8,873 Tax effect ( 141 ) ( 462 ) ( 493 ) ( 172 ) Reclassifications from AOCI to earnings: Gross 2 ( 5,697 ) ( 4,726 ) ( 11,416 ) ( 8,563 ) Tax effect 124 108 248 201 Net of tax amount 3,611 17,674 19,536 339 Other reclassifications — 45 — 45 Balance at end of period 141,493 126,530 141,493 126,530 Accumulated other comprehensive income, end of period $ 122,109 $ 97,561 $ 122,109 $ 97,561 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, $ in Millions | Jun. 30, 2024 USD ($) a |
Basis of Presentation [Line Items] | |
Timber and timberlands acres owned | a | 2.1 |
Thomson Reservoir Sediment Remediation Project | |
Basis of Presentation [Line Items] | |
Accrued amount | $ | $ 2.2 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | $ 320,671 | $ 246,101 | $ 548,798 | $ 504,063 | |
Operating Segments [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 348,113 | 273,350 | 600,768 | 565,246 | |
Intersegment Eliminations [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | [1] | (27,442) | (27,243) | (51,970) | (61,177) |
Other Intersegment Eliminations [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 0 | (6) | 0 | (6) | |
Timberlands [Member] | Operating Segments [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 98,802 | 88,617 | 191,752 | 203,855 | |
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 41,154 | 37,563 | 75,336 | 91,552 | |
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 40,564 | 36,822 | 74,370 | 90,147 | |
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 215 | 369 | 280 | 772 | |
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 375 | 372 | 686 | 633 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 57,648 | 51,054 | 116,416 | 112,303 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 34,309 | 27,802 | 65,525 | 59,556 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 15,315 | 15,006 | 30,963 | 31,138 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 4,088 | 4,148 | 11,720 | 13,381 | |
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 3,936 | 4,098 | 8,208 | 8,228 | |
Wood Products [Member] | Operating Segments [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 153,579 | 167,669 | 302,177 | 320,464 | |
Wood Products [Member] | Operating Segments [Member] | Lumber [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 120,888 | 133,289 | 237,611 | 247,087 | |
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 32,691 | 34,380 | 64,566 | 73,377 | |
Real Estate Segment [Member] | Operating Segments [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 95,732 | 17,064 | 106,839 | 40,927 | |
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 84,853 | 4,570 | 90,379 | 22,389 | |
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | 7,488 | 9,409 | 10,362 | 12,209 | |
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Revenues | $ 3,391 | $ 3,085 | $ 6,098 | $ 6,329 | |
[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 | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDDA | $ 103,173 | $ 45,445 | $ 132,895 | $ 103,222 | ||||
Interest expense, net | (8,696) | [1] | (7,613) | [1] | (8,414) | [2] | (7,812) | [2] |
Depreciation, depletion and amortization | (29,268) | (27,087) | (59,663) | (58,851) | ||||
Basis of real estate sold | (56,525) | (4,884) | (60,617) | (15,515) | ||||
CatchMark merger-related expenses | 0 | (244) | 0 | (2,453) | ||||
Gain (loss) on fire damage | 0 | 23,110 | 0 | 23,110 | ||||
Non-operating pension and other postretirement employee benefits | 201 | (229) | 402 | (457) | ||||
Gain (loss) on disposal of fixed assets | 66 | (21) | 71 | (21) | ||||
Other | (23) | 258 | (168) | 268 | ||||
Income before income taxes | 8,928 | 28,735 | 4,506 | 41,491 | ||||
Bond discounts and deferred loan fees | 406 | [1] | 409 | [1] | 813 | [2] | 818 | [2] |
Total depreciation, depletion and amortization | 29,674 | 27,496 | 60,476 | 59,669 | ||||
Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation, depletion and amortization | 29,268 | 27,087 | 59,663 | 58,851 | ||||
Operating Segments [Member] | Timberlands [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDDA | 34,124 | 29,316 | 68,872 | 75,955 | ||||
Depreciation, depletion and amortization | 16,790 | 15,895 | 34,415 | 36,356 | ||||
Operating Segments [Member] | Wood Products [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDDA | (6,805) | 11,967 | (6,944) | 11,936 | ||||
Depreciation, depletion and amortization | 12,227 | 10,948 | 24,743 | 21,983 | ||||
Operating Segments [Member] | Real Estate Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDDA | 89,568 | 12,237 | 95,796 | 31,702 | ||||
Depreciation, depletion and amortization | 136 | 121 | 274 | 277 | ||||
Basis of real estate sold | 56,528 | 4,887 | 60,622 | 15,518 | ||||
Corporate [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDDA | (11,756) | (10,521) | (24,421) | (21,262) | ||||
Depreciation, depletion and amortization | 115 | 123 | 231 | 235 | ||||
Intersegment Eliminations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDDA | (1,958) | 2,446 | (408) | 4,891 | ||||
Basis of real estate sold | $ (3) | $ (3) | $ (5) | $ (3) | ||||
[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations . Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings per Share [Line Items] | ||||
Basic weighted-average shares outstanding | 79,627 | 80,145 | 79,656 | 80,087 |
Diluted weighted-average shares outstanding | 79,741 | 80,416 | 79,756 | 80,297 |
Performance shares [Member] | ||||
Earnings per Share [Line Items] | ||||
Incremental shares | 49 | 226 | 42 | 177 |
Restricted stock units [Member] | ||||
Earnings per Share [Line Items] | ||||
Incremental shares | 65 | 45 | 58 | 33 |
Earnings per Share (Narrative)
Earnings per Share (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Aug. 31, 2022 | |
Earnings per Share [Line Items] | |||||
Total anti-dilutive shares excluded from the calculation (in shares) | 19,000 | 34,000 | 78,000 | 68,000 | |
Number of shares repurchased, cost | $ 25,012 | $ 394 | |||
2022 Repurchase Program [Member] | |||||
Earnings per Share [Line Items] | |||||
Number of shares repurchased | 609,624 | 8,761 | 609,624 | 8,761 | |
Number of shares repurchased, cost | $ 25,000 | $ 400 | $ 25,000 | $ 400 | |
Stock repurchase program, remaining amount | $ 100,000 | $ 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Logs | $ 32,417 | $ 39,011 |
Lumber, panels and veneer | 39,198 | 34,621 |
Materials and supplies | 27,162 | 23,713 |
Inventories gross | 98,777 | 97,345 |
Less: LIFO reserve | (18,680) | (18,680) |
Total inventories | $ 80,097 | $ 78,665 |
Certain Balance Sheet Compone_4
Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment | $ 710,727 | $ 681,914 |
Less: accumulated depreciation | (333,667) | (309,082) |
Total property, plant and equipment, net | $ 377,060 | $ 372,832 |
Certain Balance Sheet Compone_5
Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Timber And Timberlands [Abstract] | ||
Timber and timberlands | $ 2,302,657 | $ 2,347,300 |
Logging roads | 92,052 | 93,098 |
Total timber and timberlands, net | $ 2,394,709 | $ 2,440,398 |
Certain Balance Sheet Compone_6
Certain Balance Sheet Components - (Narrative) (Details) $ in Millions | 1 Months Ended | |
Jun. 17, 2024 USD ($) a | Jan. 31, 2024 USD ($) a | |
Southern Region [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres for timberland sale | a | 34,100 | |
Arkansas [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acres acquired through mature timberland purchase | a | 16,000 | |
Aggregate amount paid or expected to pay to acquire mature timberlands | $ | $ 31.4 | |
Forest Investment Associates | Southern Region [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Expected proceeds from sale of timberlands | $ | $ 56.7 |
Certain Balance Sheet Compone_7
Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||
Accrued payroll and benefits | $ 22,047 | $ 24,473 | |
Accounts payable | 16,760 | 12,521 | |
Deferred revenue | [1] | 15,863 | 10,455 |
Accrued interest | 8,158 | 8,344 | |
Accrued taxes | 7,303 | 5,712 | |
Other current liabilities | 25,346 | 20,878 | |
Total accounts payable and accrued liabilities | $ 95,477 | $ 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 ($) | 6 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | May 18, 2023 | |
Debt Instrument [Line Items] | |||
Outstanding long-term debt current | $ 175,692,000 | $ 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 | $ 600,000 | ||
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 | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Derivatives Fair Value [Line Items] | ||
Net gains expected to be reclassified into earnings in the next 12 months | $ 20 | |
Cash Flow Hedging [Member] | Other Noncurrent Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative assets related to interest rate swaps | 143.6 | $ 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 | 6 Months Ended | |||||||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Cash flow hedges, net of tax | $ 3,611 | $ 15,925 | $ 17,719 | $ (17,335) | $ 19,536 | $ 384 | |||||
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 | $ 8,696 | [1] | $ 7,613 | [1] | $ 8,414 | [2] | $ 7,812 | [2] | |||
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 | 9,184 | 22,337 | 30,704 | 8,746 | |||||||
Amounts reclassified from accumulated other comprehensive income to income, net of tax | [3] | $ 5,573 | $ 4,618 | $ 11,168 | $ 8,362 | ||||||
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 | 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 . Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. 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. For the six months ended June 30, 2024 and 2023, we amortized approxi mately $ 5.3 millio n and $ 5.1 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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instrument [Abstract] | ||
Amortization of off-market designated hedges | $ 5.3 | $ 5.1 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 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] | $ (1,035,979) | $ (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 | 143,619 | 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 | (970,244) | (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) | 5,668 | 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] | (1,032,502) | (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 | 143,619 | 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 | (967,096) | (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 | (65,406) | (64,786) | |
Fair Value [Member] | Level 3 [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Company owned life insurance asset (COLI) | $ 5,668 | $ 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 in Millions | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
PSA and RSU [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares issued for stock compensation (shares) | shares | 0.1 |
Performance Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of shares granted | $ / shares | $ 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 | $ / shares | $ 44.32 |
Long-Term Incentive Plans [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for future use | shares | 1.5 |
Equity-Based Compensation (Shar
Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 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 | 120,226 |
Vested | 30,709 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 2,962 | $ 1,577 | $ 5,522 | $ 3,856 |
Deferred compensation stock equivalent units expense | 49 | 49 | 98 | 98 |
Total tax benefit recognized for equity-based expense | 198 | 137 | 357 | 259 |
Performance Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | 1,624 | 719 | 2,993 | 2,140 |
Restricted stock units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 1,289 | $ 809 | $ 2,431 | $ 1,618 |
Equity-Based Compensation (Fair
Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance Share Awards [Member] | 6 Months Ended | |
Jun. 30, 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. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Decrease in net deferred tax liability | $ 1 | $ 1 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Operating lease assets | $ 10,961 | $ 10,169 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Finance lease assets | [1] | $ 11,757 | $ 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 | $ 22,718 | $ 21,450 | |
Current: | |||
Operating lease liabilities | $ 2,946 | $ 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 | $ 4,866 | $ 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 | $ 8,010 | $ 7,590 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Finance lease liabilities | $ 6,815 | $ 6,699 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Total lease liabilities | $ 22,637 | $ 21,389 | |
[1] 1 Finance lease assets are presented net of accumulated amortization of $ 12.2 million and $ 9.6 million at June 30, 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Accumulated amortization of finance lease assets | $ 12.2 | $ 9.6 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Leases [Abstract] | |||||
Operating lease costs | [1] | $ 861 | $ 796 | $ 1,700 | $ 1,682 |
Finance lease costs: | |||||
Amortization of leased assets | 1,351 | 1,331 | 2,620 | 2,562 | |
Interest expense | 145 | 113 | 279 | 224 | |
Net lease costs | $ 2,357 | $ 2,240 | $ 4,599 | $ 4,468 | |
[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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 1,715 | $ 1,629 |
Operating cash flows for finance leases | 279 | 213 |
Financing cash flows for finance leases | 2,662 | 2,817 |
Leased assets exchanged for new lease liabilities: | ||
Operating leases | 2,287 | 1,149 |
Finance leases | $ 3,062 | $ 2,111 |
Pension and Other Postretirem_3
Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1,322 | $ 1,355 | $ 2,643 | $ 2,711 |
Interest cost | 3,122 | 3,137 | 6,245 | 6,275 |
Expected return on plan assets | (3,237) | (3,025) | (6,474) | (6,053) |
Amortization of prior service cost | 5 | 11 | 10 | 22 |
Amortization of actuarial (gain) loss | 20 | (21) | 40 | (42) |
Total net periodic cost | 1,232 | 1,457 | 2,464 | 2,913 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 24 | 28 | 47 | 55 |
Interest cost | 219 | 293 | 438 | 587 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of actuarial (gain) loss | (330) | (166) | (661) | (332) |
Total net periodic cost | $ (87) | $ 155 | $ (176) | $ 310 |
Pension and Other Postretirem_4
Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Funding of pension and other postretirement benefit plans | $ 2,135 | $ 2,304 |
Components of Accumulated Oth_3
Components of Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance, beginning of period | $ 2,153,272 | $ 2,228,263 | $ 2,171,098 | $ 2,263,153 | |
Reclassifications from AOCI to earnings: | |||||
Balance, end of period | 2,112,599 | 2,233,169 | 2,112,599 | 2,233,169 | |
Pension and Other Postretirement Employee Benefits [Member] | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance, beginning of period | (19,154) | (28,625) | (18,925) | (28,494) | |
Reclassifications from AOCI to earnings: | |||||
Other | [1] | (305) | (176) | (611) | (352) |
Tax effect | 75 | 43 | 152 | 88 | |
Net of tax amount | (230) | (133) | (459) | (264) | |
Other reclassifications | 0 | (211) | 0 | (211) | |
Balance, end of period | (19,384) | (28,969) | (19,384) | (28,969) | |
Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance, beginning of period | 137,882 | 108,811 | 121,957 | 126,146 | |
Unrecognized gains (losses) arising in AOCI during the period: | |||||
Gross | 9,325 | 22,754 | 31,197 | 8,873 | |
Tax effect | (141) | (462) | (493) | (172) | |
Reclassifications from AOCI to earnings: | |||||
Gross | [2] | (5,697) | (4,726) | (11,416) | (8,563) |
Tax effect | 124 | 108 | 248 | 201 | |
Net of tax amount | 3,611 | 17,674 | 19,536 | 339 | |
Other reclassifications | 0 | 45 | 0 | 45 | |
Balance, end of period | 141,493 | 126,530 | 141,493 | 126,530 | |
Accumulated Other Comprehensive Income [Member] | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance, beginning of period | 118,728 | 80,186 | 103,032 | 97,652 | |
Reclassifications from AOCI to earnings: | |||||
Balance, end of period | $ 122,109 | $ 97,561 | $ 122,109 | $ 97,561 | |
[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 | 6 Months Ended | |||
Jun. 30, 2024 USD ($) a shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) a shares | Jun. 30, 2023 USD ($) | Dec. 31, 2023 shares | |
Business Acquisition [Line Items] | |||||
Timber and timberlands acres owned | a | 2.1 | 2.1 | |||
Common stock, issued | shares | 78,902,000 | 78,902,000 | 79,365,000 | ||
CatchMark merger-related expenses | $ | $ 0 | $ 244 | $ 0 | $ 2,453 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Thomson Reservoir Sediment Remediation Project [Member] | |
Site Contingency [Line Items] | |
Accrued amount | $ 2.2 |