PotlatchDeltic (PCH) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		78,763,000
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				9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 255,131		$ 265,509		$ 803,929		$ 769,572
Costs and expenses:
Cost of goods sold	227,556		226,303		722,189		665,716
Selling, general and administrative expenses	20,403		19,303		61,882		55,118
CatchMark merger-related expenses	0		0		0		2,453
Gain on fire damage	0		(16,326)		0		(39,436)
Total costs and expenses	247,959		229,280		784,071		683,851
Operating income	7,172		36,229		19,858		85,721
Interest expense, net	(9,635)	[1]	(7,971)	[1]	(18,049)	[2]	(15,783)	[2]
Non-operating pension and other postretirement employee benefits	200		(228)		602		(685)
Other	1,516		370		1,348		638
Income (loss) before income taxes	(747)		28,400		3,759		69,891
Income taxes	4,056		(4,725)		12,923		(7,650)
Net income	$ 3,309		$ 23,675		$ 16,682		$ 62,241
Net income per share:
Basic	$ 0.04		$ 0.3		$ 0.21		$ 0.78
Diluted	0.04		0.29		0.21		0.78
Dividends per share	$ 0.45		$ 0.45		$ 1.35		$ 1.35
Weighted-average shares outstanding
Basic	79,173		80,132		79,494		80,102
Diluted	79,277		80,379		79,563		80,279
[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 (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 3,309	$ 23,675	$ 16,682	$ 62,241
Other comprehensive income (loss), net of tax:
Pension and other postretirement employee benefits	(230)	(132)	(689)	(607)
Cash flow hedges	(28,713)	28,464	(9,177)	28,848
Other comprehensive income (loss), net of tax	(28,943)	28,332	(9,866)	28,241
Comprehensive income (loss)	$ (25,634)	$ 52,007	$ 6,816	$ 90,482

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 161,131	$ 230,118
Customer receivables, net	29,550	21,892
Inventories, net	79,894	78,665
Other current assets	50,623	46,258
Total current assets	321,198	376,933
Property, plant and equipment, net	395,908	372,832
Investment in real estate held for development and sale	51,769	56,321
Timber and timberlands, net	2,375,157	2,440,398
Intangible assets, net	14,306	15,640
Other long-term assets	148,766	169,132
Total assets	3,307,104	3,431,256
Current liabilities:
Accounts payable and accrued liabilities	90,290	82,383
Current portion of long-term debt	165,113	175,615
Current portion of pension and other postretirement employee benefits	4,535	4,535
Total current liabilities	259,938	262,533
Long-term debt	869,486	858,113
Pension and other postretirement employee benefits	64,902	67,856
Deferred tax liabilities, net	23,936	36,641
Other long-term obligations	36,817	35,015
Total liabilities	1,255,079	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, 78,862 and 79,365 shares issued and outstanding	78,862	79,365
Additional paid-in capital	2,312,586	2,303,992
Accumulated deficit	(432,589)	(315,291)
Accumulated other comprehensive income	93,166	103,032
Total stockholders’ equity	2,052,025	2,171,098
Total liabilities and stockholders' equity	$ 3,307,104	$ 3,431,256

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 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	78,862,000	79,365,000
Common stock, outstanding	78,862,000	79,365,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income				$ 16,682	$ 62,241
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		$ 25,893	$ 30,658	86,369	90,327
Basis of real estate sold		12,905	6,109	73,522	21,624
Change in deferred taxes				(11,896)	(3,979)
Pension and other postretirement employee benefits				3,431	4,833
Equity-based compensation expense				8,468	6,472
Gain on fire damage		0	(16,326)	0	(39,436)
Interest received under swaps with other-than-insignificant financing element				(22,503)	(18,651)
Other, net				6,953	5,648
Change in working capital and operating-related activities, net				(7,036)	(24,107)
Real estate development expenditures				(5,305)	(7,243)
Funding of pension and other postretirement employee benefits				(7,303)	(2,176)
Proceeds from insurance recoveries				1,680	21,755
Net cash from operating activities				143,062	117,308
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions				(52,178)	(28,068)
Timberlands reforestation and roads				(19,290)	(17,013)
Acquisition of timber and timberlands				(32,303)	(1,676)
Proceeds from property insurance					1,356
Interest received under swaps with other-than-insignificant financing element				20,934	17,279
Other, net				752	700
Net cash from investing activities				(82,085)	(27,422)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders				(106,942)	(107,880)
Repurchase of common stock				(27,413)	(11,406)
Other, net				(3,179)	(2,315)
Net cash from financing activities				(137,534)	(121,601)
Change in cash, cash equivalents and restricted cash				(76,557)	(31,715)
Cash, cash equivalents and restricted cash at beginning of period				237,688	345,591
Cash, cash equivalents and restricted cash at end of period		161,131	313,876	161,131	313,876
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property, plant and equipment additions				985	20,141
Accrued timberlands reforestation and roads				2,365	2,834
Repurchase of common stock pending settlement				0	1,723
Cash and cash equivalents		161,131	302,799	161,131	302,799
Restricted cash included in other long-term assets	[1]	$ 0	$ 11,077	$ 0	$ 11,077
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		$ 161,131	$ 313,876	$ 161,131	$ 313,876
[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 September 30, 2024 an d 2023, $ 0 a nd $ 1.8 million, respectively, was classified as Other current assets .

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Restricted Cash, Current	$ 0	$ 1.8
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	62,241
Cash flow hedges, net of tax	28,848
Balance, end of period at Sep. 30, 2023	2,239,097	$ 79,628	2,301,301	(267,725)	125,893
Balance, end of period (shares) at Sep. 30, 2023		79,628,000
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,675			23,675
Equity-based compensation expense	2,616		2,616
Repurchase of common stock	(12,735)	$ (283)		(12,452)
Repurchase of common stock (shares)		(283,000)
Pension plans and OPEB obligations, net of tax	(132)				(132)
Cash flow hedges, net of tax	28,464				28,464
Dividends on common stock	(35,960)			(35,960)
Other transactions, net			92	(92)
Balance, end of period at Sep. 30, 2023	2,239,097	$ 79,628	2,301,301	(267,725)	125,893
Balance, end of period (shares) at Sep. 30, 2023		79,628,000
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	$ 16,682
Cash flow hedges, net of tax	(9,177)
Balance, end of period at Sep. 30, 2024	$ 2,052,025	$ 78,862	2,312,586	(432,589)	93,166
Balance, end of period (shares) at Sep. 30, 2024	78,862,000	78,862,000
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,309			3,309
Shares issued for stock compensation		$ 16	(16)
Shares issued for stock compensation (shares)		16,000
Equity-based compensation expense	2,946		2,946
Repurchase of common stock	(2,400)	$ (56)		(2,344)
Repurchase of common stock (shares)		(56,000)
Pension plans and OPEB obligations, net of tax	(230)				(230)
Cash flow hedges, net of tax	(28,713)				(28,713)
Dividends on common stock	(35,486)			(35,486)
Other transactions, net			101	(101)
Balance, end of period at Sep. 30, 2024	$ 2,052,025	$ 78,862	$ 2,312,586	$ (432,589)	$ 93,166
Balance, end of period (shares) at Sep. 30, 2024	78,862,000	78,862,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common dividends, per share	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45	$ 0.45

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,309	$ 13,678	$ (305)	$ 23,675	$ 22,306	$ 16,260	$ 16,682	$ 62,241

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended September 30, 2024, the following company officers adopted Rule 10b5-1 trading arrangements (as defined in Item 408(a) of Regulation S-K under the Exchange Act), each on the dates specified below. Each trading arrangement authorizes the automatic sale of the number of shares required to generate sufficient proceeds to cover the tax withholding obligation (calculated at the officer’s minimum or maximum withholding rate, as determined by the terms of the respective officer's trading arrangement) in connection with the settlement of performance shares or restricted stock units granted to the respective officer under the company’s equity incentive plans. The proceeds of the sales will be delivered to the company in satisfaction of the applicable tax withholding obligation and used to pay any fees, commissions and costs of sale. The number of shares that will be sold to cover the applicable tax withholding obligation is indeterminable and the duration of each arrangement is perpetual until terminated by the applicable company officer. Name & Title Date of Adoption Eric J. Cremers President and Chief Executive Officer August 12, 2024 Wayne Wasechek Vice President and Chief Financial Officer August 1, 2024 Ashlee Townsend Cribb Vice President, Wood Products August 1, 2024 Darin R. Ball Vice President, Timberlands August 5, 2024 William R. DeReu Vice President, Real Estate August 12, 2024 Michele L. Tyler Vice President, General Counsel and Corporate Secretary August 1, 2024 Anna E. Torma Vice President, Public Affairs and Chief Sustainability Officer August 15, 2024 Robert L. Schwartz Vice President, Human Resources August 5, 2024 Glen F. Smith Chief Accounting Officer August 14, 2024 No other officers or directors adopted , modified , or terminated any "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements," as each term is defined in Item 408(a) of Regulation S-K under the Exchange Act.
No Other Officer Or Director Other than CEO [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Eric J. Cremers [Member]
Trading Arrangements, by Individual
Name	Eric J. Cremers
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 12, 2024
Wayne Wasechek [Member]
Trading Arrangements, by Individual
Name	Wayne Wasechek
Title	Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 1, 2024
Ashlee Townsend Cribb [Member]
Trading Arrangements, by Individual
Name	Ashlee Townsend Cribb
Title	Vice President, Wood Products
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 1, 2024
Darin R. Ball [Member]
Trading Arrangements, by Individual
Name	Darin R. Ball
Title	Vice President, Timberlands
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 5, 2024
William R. DeReu [Member]
Trading Arrangements, by Individual
Name	William R. DeReu
Title	Vice President, Real Estate
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 12, 2024
Michele L. Tyler [Member]
Trading Arrangements, by Individual
Name	Michele L. Tyler
Title	Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 1, 2024
Anna E. Torma [Member]
Trading Arrangements, by Individual
Name	Anna E. Torma
Title	Vice President, Public Affairs and Chief Sustainability Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 15, 2024
Robert L. Schwartz [Member]
Trading Arrangements, by Individual
Name	Robert L. Schwartz
Title	Vice President, Human Resources
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 5, 2024
Glen F. Smith [Member]
Trading Arrangements, by Individual
Name	Glen F. Smith
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 14, 2024

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, there were no significant changes to our obligation under the Thomson Reservoir Project. At September 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. The application of this new guidance is not expected to have an impact on the company’s consolidated financial condition, results of operations, or cash flows, as the guidance pertains to disclosure only. 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 disaggregated information in the rate reconciliation and disaggregated by jurisdiction of income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and early adoption is permitted. Management is evaluating this ASU and currently does not expect it will have an impact on the company’s consolidated financial condition, results of operations, or cash flows, as the guidance pertains to disclosure only.

Segment Information

Segment Information	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Timberlands Northern region Sawlogs $ 46,236 $ 48,538 $ 120,606 $ 138,685 Pulpwood 232 330 512 1,102 Other 365 362 1,051 995 Total Northern revenues 46,833 49,230 122,169 140,782 Southern region Sawlogs 31,711 31,863 97,236 91,419 Pulpwood 18,383 17,503 49,346 48,641 Stumpage 3,899 7,057 15,619 20,438 Other 4,306 4,155 12,514 12,383 Total Southern revenues 58,299 60,578 174,715 172,881 Total Timberlands revenues 105,132 109,808 296,884 313,663 Wood Products Lumber 107,473 132,852 345,084 379,939 Residuals and Panels 31,939 32,256 96,505 105,633 Total Wood Products revenues 139,412 165,108 441,589 485,572 Real Estate Rural real estate 24,409 11,616 114,788 34,005 Development real estate 10,912 4,289 21,274 16,498 Other 3,380 3,247 9,478 9,576 Total Real Estate revenues 38,701 19,152 145,540 60,079 Total segment revenues 283,245 294,068 884,013 859,314 Intersegment Timberlands revenues 1 ( 28,114 ) ( 28,559 ) ( 80,084 ) ( 89,736 ) Other intersegment revenues — — — ( 6 ) Total consolidated revenues $ 255,131 $ 265,509 $ 803,929 $ 769,572 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Adjusted EBITDDA: Timberlands $ 35,824 $ 42,062 $ 104,696 $ 118,017 Wood Products ( 9,581 ) 15,039 ( 16,525 ) 26,975 Real Estate 31,861 14,165 127,657 45,867 Corporate ( 12,203 ) ( 11,696 ) ( 36,624 ) ( 32,958 ) Eliminations and adjustments 1 ( 3,292 ) ( 407 ) 1,599 Total Adjusted EBITDDA 45,902 56,278 178,797 159,500 Interest expense, net 1 ( 9,635 ) ( 7,971 ) ( 18,049 ) ( 15,783 ) Depreciation, depletion and amortization ( 25,487 ) ( 30,248 ) ( 85,150 ) ( 89,099 ) Basis of real estate sold ( 12,905 ) ( 6,109 ) ( 73,522 ) ( 21,624 ) CatchMark merger-related expenses — — — ( 2,453 ) Gain on fire damage — 16,326 — 39,436 Non-operating pension and other postretirement employee benefits 200 ( 228 ) 602 ( 685 ) Loss on disposal of assets ( 338 ) ( 18 ) ( 267 ) ( 39 ) Other 1,516 370 1,348 638 Income (loss) before income taxes $ ( 747 ) $ 28,400 $ 3,759 $ 69,891 Depreciation, depletion and amortization: Timberlands $ 16,778 $ 19,267 $ 51,193 $ 55,623 Wood Products 8,395 10,740 33,138 32,723 Real Estate 138 120 412 397 Corporate 176 121 407 356 25,487 30,248 85,150 89,099 Bond discounts and deferred loan fees 1 406 410 1,219 1,228 Total depreciation, depletion and amortization $ 25,893 $ 30,658 $ 86,369 $ 90,327 Basis of real estate sold: Real Estate $ 12,908 $ 6,111 $ 73,530 $ 21,629 Eliminations and adjustments ( 3 ) ( 2 ) ( 8 ) ( 5 ) Total basis of real estate sold $ 12,905 $ 6,109 $ 73,522 $ 21,624 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Basic weighted-average shares outstanding 79,173 80,132 79,494 80,102 Incremental shares due to: Performance shares 30 182 19 137 Restricted stock units 74 65 50 40 Diluted weighted-average shares outstanding 79,277 80,379 79,563 80,279 For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. For the three and nine months ended September 30, 2024, there were approx imately 50,000 and 138,000 stock- based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the three and nine months ended September 30, 2023, there were approxim ately 2,000 and 28,000 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 nine months e nded September 30, 2024, we repurchased 56,851 and 666,475 shares of our common stock, respectively, for total consideration of $ 2.4 million and $ 27.4 million, respectively, under the 2022 Repurchase Plan. During the three and nine months ended September 30, 2023, we repurchased 282,988 and 291,749 shares of our common stock, respectively, for total consideration of $ 12.7 million and $ 13.1 million, respectively, under the 2022 Repurchase Plan. At September 30, 2024, we had remaining authorization of $ 97.6 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	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) September 30, 2024 December 31, 2023 Logs $ 34,745 $ 39,011 Lumber, panels and veneer 35,547 34,621 Materials and supplies 28,282 23,713 Total inventories 98,574 97,345 Less: LIFO reserve ( 18,680 ) ( 18,680 ) Total inventories, net $ 79,894 $ 78,665 Property, plant and equipment (in thousands) September 30, 2024 December 31, 2023 Property, plant and equipment $ 692,163 $ 681,914 Less: accumulated depreciation ( 296,255 ) ( 309,082 ) Total property, plant and equipment, net $ 395,908 $ 372,832 Timber and timberlands (in thousands) September 30, 2024 December 31, 2023 Timber and timberlands $ 2,281,659 $ 2,347,300 Logging roads 93,498 93,098 Total timber and timberlands, net $ 2,375,157 $ 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) September 30, 2024 December 31, 2023 Accrued payroll and benefits $ 20,770 $ 24,473 Accounts payable 18,527 12,521 Deferred revenue 1 14,084 10,455 Accrued interest 6,625 8,344 Accrued taxes 6,375 5,712 Other current liabilities 23,909 20,878 Total accounts payable and accrued liabilities $ 90,290 $ 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	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	NO TE 5. DEBT TERM LOANS At September 30, 2024, our total outstanding principal on our long-term debt of $ 1.0 billion included $ 971.0 million of term loans under our Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender. Approximately $ 165.7 million of our outstanding long-term debt was classified as current at September 30, 2024 on our accompanying Condensed Consolidated Balance Sheets , including a $ 65.7 million revenue bond that matured in October 2024 and a $ 100.0 million term loan that matures in August 2025 . Certain borrowings under the Amended Term Loan Agreement are at the one-month Secured Overnight Financing Rate ( SOFR )-indexed variable rates, plus an applicable margin 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. On November 1, 2024, we entered into a tenth amendment to the Amended Term Loan Agreement, which provided for a new 8-year term loan of $ 38.0 million maturing on November 1, 2032 , a new 9-year term loan of $ 38.0 million maturing on November 1, 2033 , and a new 10-year term loan of $ 100.0 million maturing on November 1, 2034 (collectively, the New Term Loans). The proceeds of the New Term Loans were used to refinance a $ 110.0 million term loan under the Amended Term Loan agreement that matured on November 1, 2024 , and to replenish cash used to repay the $ 65.7 million revenue bond that matured in October 2024 . The New Term Loans bear interest at a rate equal to daily simple SOFR plus an applicable margin ranging between 2.20 % and 2.30 % per annum depending on their respective maturity date. The New Term Loans provide for a cost-of-capital reset at year five whereby the applicable margin may be reset at the sole discretion of the lender. In connection with the New Term Loans, we terminated $ 125.0 million of our forward-starting interest rate swaps and transferred the value realized from their termination into three new daily simple SOFR-indexed interest rate swaps to fix the interest rates associated with the New Term Loans. See Note 6: Derivative Instruments for additional information. 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 September 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 September 30, 2024.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 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 September 30, 2024, we had 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. Additionally, at September 30, 2024, we had $ 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. On October 22, 2024, we terminated $ 125.0 million of the forward-starting interest rate swaps and transferred the value realized from their termination into three new interest rate swaps to hedge the variability in future cash flows on the New Term Loans. These new daily simple SOFR-indexed interest rate swaps effectively fixed the interest rates associated with the New Term Loans between 4.02 % and 4.28 %, before patronage credits from lenders, depending on the maturity date of the associated term loan. Following these transactions, we had one remaining forward-starting interest rate swap of $ 75.0 million available to fix the interest rate on future debt refinancings. See Note 5: Debt for additional information. The gross fair values of derivative instruments at September 30, 2024 and December 31, 2023 were $ 111.7 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 September 30, Nine Months Ended September 30, (in thousands) Location 2024 2023 2024 2023 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income (loss), net of tax $ ( 23,130 ) $ 33,607 $ 7,574 $ 42,353 Amounts reclassified from accumulated other comprehensive income to income, net of tax 1 Interest expense, net $ 5,583 $ 5,143 $ 16,751 $ 13,505 Interest expense, net $ 9,635 $ 7,971 $ 18,049 $ 15,783 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 nine months ended September 30, 2024 and 2023, we amortized approximately $ 8.0 million and $ 7.7 million, respectively, of the off-market designated hedges which is inc luded 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 September 30, 2024, the amount of net gains expected to be reclassified into earnings in the next 12 months is approximately $ 12.3 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	9 Months Ended
	Sep. 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: September 30, 2024 December 31, 2023 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 111,735 $ 111,735 $ 129,125 $ 129,125 Long-term debt, including current portion (Level 2): Term loans $ ( 970,407 ) $ ( 969,050 ) $ ( 969,919 ) $ ( 965,718 ) Revenue bonds ( 65,735 ) ( 65,735 ) ( 65,735 ) ( 64,786 ) Total long-term debt 1 $ ( 1,036,142 ) $ ( 1,034,785 ) $ ( 1,035,654 ) $ ( 1,030,504 ) Company owned life insurance asset (COLI) (Level 3) $ 6,046 $ 6,046 $ 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	9 Months Ended
	Sep. 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 share awards (PSAs), restricted stock units (RSUs) and deferred compensation stock equivalent units. At September 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 nine months ended September 30, 2024 included the following: Granted Vested Forfeited Performance Share Awards (PSAs) 130,536 — 2,767 Restricted Stock Units (RSUs) 121,726 45,014 1,657 Approximately 0.1 million shares of common stock were issued to employees during the nine months ended September 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Equity-based compensation expense: Performance share awards $ 1,635 $ 1,483 $ 4,628 $ 3,623 Restricted stock units 1,260 1,084 3,691 2,702 Deferred compensation stock equivalent units expense 51 49 149 147 Total equity-based compensation expense $ 2,946 $ 2,616 $ 8,468 $ 6,472 Total tax benefit recognized for equity-based expense $ 197 $ 135 $ 554 $ 394 Performance Share Awards The weighted-average grant date fair value of PSAs granted during the nine months ended September 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 nine months ended September 30, 2024, was $ 44.31 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	9 Months Ended
	Sep. 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 (each, a 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 second quarter of 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 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 in the second quarter of 2023.

Leases

Leases	9 Months Ended
	Sep. 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 September 30, 2024 December 31, 2023 Assets Operating lease assets Other long-term assets $ 10,927 $ 10,169 Finance lease assets 1 Property, plant and equipment, net 12,436 11,281 Total lease assets $ 23,363 $ 21,450 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 3,032 $ 2,575 Finance lease liabilities Accounts payable and accrued liabilities 5,285 4,525 Noncurrent: Operating lease liabilities Other long-term obligations 7,727 7,590 Finance lease liabilities Other long-term obligations 7,069 6,699 Total lease liabilities $ 23,113 $ 21,389 1 Finance lease assets are presented net of accumulated amortization of $ 13.6 million and $ 9.6 million at September 30, 2024 and December 31, 2023, respectively. The following table presents the components of lease expense: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease costs 1 $ 893 $ 772 $ 2,593 $ 2,454 Finance lease costs: Amortization of leased assets 1,441 1,206 4,061 3,768 Interest expense 152 115 431 339 Net lease costs $ 2,486 $ 2,093 $ 7,085 $ 6,561 1 Excludes short-term leases and variable lease costs, which are immaterial. The following table presents supplemental cash flow information related to leases: Nine Months Ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,757 $ 2,498 Operating cash flows for finance leases $ 431 $ 339 Financing cash flows for finance leases $ 4,142 $ 3,662 Leased assets exchanged for new lease liabilities: Operating leases $ 2,989 $ 2,407 Finance leases $ 5,215 $ 2,604

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	9 Months Ended
	Sep. 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 benefit plans (OPEB): Three Months Ended September 30, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 1,321 $ 1,355 $ 22 $ 27 Interest cost 3,124 3,139 220 294 Expected return on plan assets ( 3,237 ) ( 3,028 ) — — Amortization of prior service cost 5 10 — — Amortization of actuarial (gain) loss 19 ( 21 ) ( 331 ) ( 166 ) Total net periodic cost $ 1,232 $ 1,455 $ ( 89 ) $ 155 Nine Months Ended September 30, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 3,964 $ 4,066 $ 69 $ 82 Interest cost 9,369 9,414 658 881 Expected return on plan assets ( 9,711 ) ( 9,081 ) — — Amortization of prior service cost 15 32 — — Amortization of actuarial (gain) loss 59 ( 63 ) ( 992 ) ( 498 ) Net periodic cost $ 3,696 $ 4,368 $ ( 265 ) $ 465 During the nine months ended September 30, 2024 and 2023, funding of non-qualified pension and other postretirement employee benefit plans was $ 3.3 million and $ 2.2 million, respectively. During the nine months ended September 30, 2024 and 2023, we made contributions to our qualified pension benefit plan of $ 4.0 million and $ 0 , respectively .

Components of Accumulated Other

Components of Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Pension and Other Postretirement Employee Benefits Balance at beginning of period $ ( 19,384 ) $ ( 28,969 ) $ ( 18,925 ) $ ( 28,494 ) Reclassifications from AOCI to earnings: Other 1 ( 307 ) ( 177 ) ( 918 ) ( 529 ) Tax effect 77 45 229 133 Net of tax amount ( 230 ) ( 132 ) ( 689 ) ( 396 ) Other reclassifications — — — ( 211 ) Balance at end of period ( 19,614 ) ( 29,101 ) ( 19,614 ) ( 29,101 ) Cash Flow Hedges Balance at beginning of period 141,493 126,530 121,957 126,146 Unrecognized gains (losses) arising in AOCI during the period: Gross ( 23,502 ) 34,334 7,695 43,207 Tax effect 372 ( 727 ) ( 121 ) ( 899 ) Reclassifications from AOCI to earnings: Gross 2 ( 5,708 ) ( 5,266 ) ( 17,124 ) ( 13,829 ) Tax effect 125 123 373 324 Net of tax amount ( 28,713 ) 28,464 ( 9,177 ) 28,803 Other reclassifications — — — 45 Balance at end of period 112,780 154,994 112,780 154,994 Accumulated other comprehensive income, end of period $ 93,166 $ 125,893 $ 93,166 $ 125,893 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, there were no significant changes to our obligation under the Thomson Reservoir Project. At September 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. The application of this new guidance is not expected to have an impact on the company’s consolidated financial condition, results of operations, or cash flows, as the guidance pertains to disclosure only. 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 disaggregated information in the rate reconciliation and disaggregated by jurisdiction of income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024, may be applied prospectively or retrospectively, and early adoption is permitted. Management is evaluating this ASU and currently does not expect it will have an impact on the company’s consolidated financial condition, results of operations, or cash flows, as the guidance pertains to disclosure only.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Summary of Revenues by Major Product	The following table presents our revenues by major product: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Timberlands Northern region Sawlogs $ 46,236 $ 48,538 $ 120,606 $ 138,685 Pulpwood 232 330 512 1,102 Other 365 362 1,051 995 Total Northern revenues 46,833 49,230 122,169 140,782 Southern region Sawlogs 31,711 31,863 97,236 91,419 Pulpwood 18,383 17,503 49,346 48,641 Stumpage 3,899 7,057 15,619 20,438 Other 4,306 4,155 12,514 12,383 Total Southern revenues 58,299 60,578 174,715 172,881 Total Timberlands revenues 105,132 109,808 296,884 313,663 Wood Products Lumber 107,473 132,852 345,084 379,939 Residuals and Panels 31,939 32,256 96,505 105,633 Total Wood Products revenues 139,412 165,108 441,589 485,572 Real Estate Rural real estate 24,409 11,616 114,788 34,005 Development real estate 10,912 4,289 21,274 16,498 Other 3,380 3,247 9,478 9,576 Total Real Estate revenues 38,701 19,152 145,540 60,079 Total segment revenues 283,245 294,068 884,013 859,314 Intersegment Timberlands revenues 1 ( 28,114 ) ( 28,559 ) ( 80,084 ) ( 89,736 ) Other intersegment revenues — — — ( 6 ) Total consolidated revenues $ 255,131 $ 265,509 $ 803,929 $ 769,572 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Adjusted EBITDDA: Timberlands $ 35,824 $ 42,062 $ 104,696 $ 118,017 Wood Products ( 9,581 ) 15,039 ( 16,525 ) 26,975 Real Estate 31,861 14,165 127,657 45,867 Corporate ( 12,203 ) ( 11,696 ) ( 36,624 ) ( 32,958 ) Eliminations and adjustments 1 ( 3,292 ) ( 407 ) 1,599 Total Adjusted EBITDDA 45,902 56,278 178,797 159,500 Interest expense, net 1 ( 9,635 ) ( 7,971 ) ( 18,049 ) ( 15,783 ) Depreciation, depletion and amortization ( 25,487 ) ( 30,248 ) ( 85,150 ) ( 89,099 ) Basis of real estate sold ( 12,905 ) ( 6,109 ) ( 73,522 ) ( 21,624 ) CatchMark merger-related expenses — — — ( 2,453 ) Gain on fire damage — 16,326 — 39,436 Non-operating pension and other postretirement employee benefits 200 ( 228 ) 602 ( 685 ) Loss on disposal of assets ( 338 ) ( 18 ) ( 267 ) ( 39 ) Other 1,516 370 1,348 638 Income (loss) before income taxes $ ( 747 ) $ 28,400 $ 3,759 $ 69,891 Depreciation, depletion and amortization: Timberlands $ 16,778 $ 19,267 $ 51,193 $ 55,623 Wood Products 8,395 10,740 33,138 32,723 Real Estate 138 120 412 397 Corporate 176 121 407 356 25,487 30,248 85,150 89,099 Bond discounts and deferred loan fees 1 406 410 1,219 1,228 Total depreciation, depletion and amortization $ 25,893 $ 30,658 $ 86,369 $ 90,327 Basis of real estate sold: Real Estate $ 12,908 $ 6,111 $ 73,530 $ 21,629 Eliminations and adjustments ( 3 ) ( 2 ) ( 8 ) ( 5 ) Total basis of real estate sold $ 12,905 $ 6,109 $ 73,522 $ 21,624 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Basic weighted-average shares outstanding 79,173 80,132 79,494 80,102 Incremental shares due to: Performance shares 30 182 19 137 Restricted stock units 74 65 50 40 Diluted weighted-average shares outstanding 79,277 80,379 79,563 80,279

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) September 30, 2024 December 31, 2023 Logs $ 34,745 $ 39,011 Lumber, panels and veneer 35,547 34,621 Materials and supplies 28,282 23,713 Total inventories 98,574 97,345 Less: LIFO reserve ( 18,680 ) ( 18,680 ) Total inventories, net $ 79,894 $ 78,665
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) September 30, 2024 December 31, 2023 Property, plant and equipment $ 692,163 $ 681,914 Less: accumulated depreciation ( 296,255 ) ( 309,082 ) Total property, plant and equipment, net $ 395,908 $ 372,832
Schedule of Timber and Timberlands	Timber and timberlands (in thousands) September 30, 2024 December 31, 2023 Timber and timberlands $ 2,281,659 $ 2,347,300 Logging roads 93,498 93,098 Total timber and timberlands, net $ 2,375,157 $ 2,440,398
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in thousands) September 30, 2024 December 31, 2023 Accrued payroll and benefits $ 20,770 $ 24,473 Accounts payable 18,527 12,521 Deferred revenue 1 14,084 10,455 Accrued interest 6,625 8,344 Accrued taxes 6,375 5,712 Other current liabilities 23,909 20,878 Total accounts payable and accrued liabilities $ 90,290 $ 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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands) Location 2024 2023 2024 2023 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income (loss), net of tax $ ( 23,130 ) $ 33,607 $ 7,574 $ 42,353 Amounts reclassified from accumulated other comprehensive income to income, net of tax 1 Interest expense, net $ 5,583 $ 5,143 $ 16,751 $ 13,505 Interest expense, net $ 9,635 $ 7,971 $ 18,049 $ 15,783 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 nine months ended September 30, 2024 and 2023, we amortized approximately $ 8.0 million and $ 7.7 million, respectively, of the off-market designated hedges which is inc luded 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)	9 Months Ended
	Sep. 30, 2024
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: September 30, 2024 December 31, 2023 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 111,735 $ 111,735 $ 129,125 $ 129,125 Long-term debt, including current portion (Level 2): Term loans $ ( 970,407 ) $ ( 969,050 ) $ ( 969,919 ) $ ( 965,718 ) Revenue bonds ( 65,735 ) ( 65,735 ) ( 65,735 ) ( 64,786 ) Total long-term debt 1 $ ( 1,036,142 ) $ ( 1,034,785 ) $ ( 1,035,654 ) $ ( 1,030,504 ) Company owned life insurance asset (COLI) (Level 3) $ 6,046 $ 6,046 $ 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)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the nine months ended September 30, 2024 included the following: Granted Vested Forfeited Performance Share Awards (PSAs) 130,536 — 2,767 Restricted Stock Units (RSUs) 121,726 45,014 1,657
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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Equity-based compensation expense: Performance share awards $ 1,635 $ 1,483 $ 4,628 $ 3,623 Restricted stock units 1,260 1,084 3,691 2,702 Deferred compensation stock equivalent units expense 51 49 149 147 Total equity-based compensation expense $ 2,946 $ 2,616 $ 8,468 $ 6,472 Total tax benefit recognized for equity-based expense $ 197 $ 135 $ 554 $ 394
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)	9 Months Ended
	Sep. 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 September 30, 2024 December 31, 2023 Assets Operating lease assets Other long-term assets $ 10,927 $ 10,169 Finance lease assets 1 Property, plant and equipment, net 12,436 11,281 Total lease assets $ 23,363 $ 21,450 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 3,032 $ 2,575 Finance lease liabilities Accounts payable and accrued liabilities 5,285 4,525 Noncurrent: Operating lease liabilities Other long-term obligations 7,727 7,590 Finance lease liabilities Other long-term obligations 7,069 6,699 Total lease liabilities $ 23,113 $ 21,389 1 Finance lease assets are presented net of accumulated amortization of $ 13.6 million and $ 9.6 million at September 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease costs 1 $ 893 $ 772 $ 2,593 $ 2,454 Finance lease costs: Amortization of leased assets 1,441 1,206 4,061 3,768 Interest expense 152 115 431 339 Net lease costs $ 2,486 $ 2,093 $ 7,085 $ 6,561 1 Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Cash Flow Information Related Leases	The following table presents supplemental cash flow information related to leases: Nine Months Ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,757 $ 2,498 Operating cash flows for finance leases $ 431 $ 339 Financing cash flows for finance leases $ 4,142 $ 3,662 Leased assets exchanged for new lease liabilities: Operating leases $ 2,989 $ 2,407 Finance leases $ 5,215 $ 2,604

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	9 Months Ended
	Sep. 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 benefit plans (OPEB): Three Months Ended September 30, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 1,321 $ 1,355 $ 22 $ 27 Interest cost 3,124 3,139 220 294 Expected return on plan assets ( 3,237 ) ( 3,028 ) — — Amortization of prior service cost 5 10 — — Amortization of actuarial (gain) loss 19 ( 21 ) ( 331 ) ( 166 ) Total net periodic cost $ 1,232 $ 1,455 $ ( 89 ) $ 155 Nine Months Ended September 30, Pension OPEB (in thousands) 2024 2023 2024 2023 Service cost $ 3,964 $ 4,066 $ 69 $ 82 Interest cost 9,369 9,414 658 881 Expected return on plan assets ( 9,711 ) ( 9,081 ) — — Amortization of prior service cost 15 32 — — Amortization of actuarial (gain) loss 59 ( 63 ) ( 992 ) ( 498 ) Net periodic cost $ 3,696 $ 4,368 $ ( 265 ) $ 465

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Pension and Other Postretirement Employee Benefits Balance at beginning of period $ ( 19,384 ) $ ( 28,969 ) $ ( 18,925 ) $ ( 28,494 ) Reclassifications from AOCI to earnings: Other 1 ( 307 ) ( 177 ) ( 918 ) ( 529 ) Tax effect 77 45 229 133 Net of tax amount ( 230 ) ( 132 ) ( 689 ) ( 396 ) Other reclassifications — — — ( 211 ) Balance at end of period ( 19,614 ) ( 29,101 ) ( 19,614 ) ( 29,101 ) Cash Flow Hedges Balance at beginning of period 141,493 126,530 121,957 126,146 Unrecognized gains (losses) arising in AOCI during the period: Gross ( 23,502 ) 34,334 7,695 43,207 Tax effect 372 ( 727 ) ( 121 ) ( 899 ) Reclassifications from AOCI to earnings: Gross 2 ( 5,708 ) ( 5,266 ) ( 17,124 ) ( 13,829 ) Tax effect 125 123 373 324 Net of tax amount ( 28,713 ) 28,464 ( 9,177 ) 28,803 Other reclassifications — — — 45 Balance at end of period 112,780 154,994 112,780 154,994 Accumulated other comprehensive income, end of period $ 93,166 $ 125,893 $ 93,166 $ 125,893 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	Sep. 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)	9 Months Ended
	Sep. 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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenues		$ 255,131	$ 265,509	$ 803,929	$ 769,572
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		283,245	294,068	884,013	859,314
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(28,114)	(28,559)	(80,084)	(89,736)
Other Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues		0	0	0	(6)
Timberlands [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		105,132	109,808	296,884	313,663
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		46,833	49,230	122,169	140,782
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		46,236	48,538	120,606	138,685
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		232	330	512	1,102
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		365	362	1,051	995
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		58,299	60,578	174,715	172,881
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		31,711	31,863	97,236	91,419
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		18,383	17,503	49,346	48,641
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		3,899	7,057	15,619	20,438
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,306	4,155	12,514	12,383
Wood Products [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		139,412	165,108	441,589	485,572
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		107,473	132,852	345,084	379,939
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		31,939	32,256	96,505	105,633
Real Estate Segment [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		38,701	19,152	145,540	60,079
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		24,409	11,616	114,788	34,005
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		10,912	4,289	21,274	16,498
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ 3,380	$ 3,247	$ 9,478	$ 9,576
[1] Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Segment Information (Summary _2

Segment Information (Summary of Information by Business Segment) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDDA	$ 45,902		$ 56,278		$ 178,797		$ 159,500
Interest expense, net	(9,635)	[1]	(7,971)	[1]	(18,049)	[2]	(15,783)	[2]
Depreciation, depletion and amortization	(25,487)		(30,248)		(85,150)		(89,099)
Basis of real estate sold	(12,905)		(6,109)		(73,522)		(21,624)
CatchMark merger-related expenses	0		0		0		(2,453)
Gain on fire damage	0		16,326		0		39,436
Non-operating pension and other postretirement employee benefits	200		(228)		602		(685)
Loss on disposal of assets	(338)		(18)		(267)		(39)
Other	1,516		370		1,348		638
Income (loss) before income taxes	(747)		28,400		3,759		69,891
Bond discounts and deferred loan fees	406	[1]	410	[1]	1,219	[2]	1,228	[2]
Total depreciation, depletion and amortization	25,893		30,658		86,369		90,327
Operating Segments [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	25,487		30,248		85,150		89,099
Operating Segments [Member] | Timberlands [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA	35,824		42,062		104,696		118,017
Depreciation, depletion and amortization	16,778		19,267		51,193		55,623
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA	(9,581)		15,039		(16,525)		26,975
Depreciation, depletion and amortization	8,395		10,740		33,138		32,723
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA	31,861		14,165		127,657		45,867
Depreciation, depletion and amortization	138		120		412		397
Basis of real estate sold	12,908		6,111		73,530		21,629
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA	(12,203)		(11,696)		(36,624)		(32,958)
Depreciation, depletion and amortization	176		121		407		356
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA	1		(3,292)		(407)		1,599
Basis of real estate sold	$ (3)		$ (2)		$ (8)		$ (5)
[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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per Share [Line Items]
Basic weighted-average shares outstanding	79,173	80,132	79,494	80,102
Diluted weighted-average shares outstanding	79,277	80,379	79,563	80,279
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	30	182	19	137
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	74	65	50	40

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 31, 2022
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	50,000		2,000		138,000	28,000
Number of shares repurchased, cost	$ 2,400	$ 25,012	$ 12,735	$ 394
2022 Repurchase Program [Member]
Earnings per Share [Line Items]
Number of shares repurchased	56,851		282,988		666,475	291,749
Number of shares repurchased, cost	$ 2,400		$ 12,700		$ 27,400	$ 13,100
Stock repurchase program, remaining amount	$ 97,600				$ 97,600
Maximum [Member] | 2022 Repurchase Program [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount							$ 200,000

Certain Balance Sheet Compone_3

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Logs	$ 34,745	$ 39,011
Lumber, panels and veneer	35,547	34,621
Materials and supplies	28,282	23,713
Inventories gross	98,574	97,345
Less: LIFO reserve	(18,680)	(18,680)
Total inventories	$ 79,894	$ 78,665

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 692,163	$ 681,914
Less: accumulated depreciation	(296,255)	(309,082)
Total property, plant and equipment, net	$ 395,908	$ 372,832

Certain Balance Sheet Compone_5

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Timber And Timberlands [Abstract]
Timber and timberlands	$ 2,281,659	$ 2,347,300
Logging roads	93,498	93,098
Total timber and timberlands, net	$ 2,375,157	$ 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		Sep. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued payroll and benefits		$ 20,770	$ 24,473
Accounts payable		18,527	12,521
Deferred revenue	[1]	14,084	10,455
Accrued interest		6,625	8,344
Accrued taxes		6,375	5,712
Other current liabilities		23,909	20,878
Total accounts payable and accrued liabilities		$ 90,290	$ 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 ($)		9 Months Ended
	Nov. 01, 2024	Sep. 30, 2024	May 18, 2023
Debt Instrument [Line Items]
Outstanding long-term debt current, gross		$ 165,700,000
Long-term amount		$ 1,000,000,000
Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.61%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.30%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Term Loans [Member]
Debt Instrument [Line Items]
Outstanding long-term debt current, gross		$ 100,000,000
Debt instrument maturity date		2025
Term Loans [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Outstanding long-term debt		$ 125,000,000
Term Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.20%
Term Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.30%
Revenue Bonds [Member]
Debt Instrument [Line Items]
Outstanding long-term debt current, gross		$ 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
Amended Term Loan Agreement [Member] | New Term Loan [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of debt		$ 110,000,000
Debt instrument, maturity date		Nov. 01, 2024
Amended Term Loan Agreement [Member] | Revenue Bonds [Member]
Debt Instrument [Line Items]
Outstanding long-term debt current, gross		$ 65,700,000
Debt instrument maturity date		2024
Eight Year Term Loan [Member] | Amended Term Loan Agreement [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument term	8 years
Long-term amount	$ 38,000,000
Debt instrument, maturity date	Nov. 01, 2032
Nine Year Term Loan [Member] | Amended Term Loan Agreement [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument term	9 years
Long-term amount	$ 38,000,000
Debt instrument, maturity date	Nov. 01, 2033
Ten Year Term Loan [Member] | Amended Term Loan Agreement [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument term	10 years
Long-term amount	$ 100,000,000
Debt instrument, maturity date	Nov. 01, 2034

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions		9 Months Ended
	Oct. 22, 2024	Sep. 30, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Net gains expected to be reclassified into earnings in the next 12 months		$ 12.3
Minimum [Member]
Derivatives Fair Value [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Maximum [Member]
Derivatives Fair Value [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Cash Flow Hedging [Member] | Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Derivative assets related to interest rate swaps		$ 111.7	$ 129.1
Interest Rate Swaps [Member] | Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt		125
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] | Subsequent Event [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 75
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Daily Simple Secured Overnight Financing Rate [Member]
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] | Minimum [Member] | Subsequent Event [Member]
Derivatives Fair Value [Line Items]
LIBOR variable interest rate	4.02%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Daily Simple Secured Overnight Financing Rate [Member]
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] | Maximum [Member] | Subsequent Event [Member]
Derivatives Fair Value [Line Items]
LIBOR variable interest rate	4.28%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Daily Simple Secured Overnight Financing Rate [Member]
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt		$ 761
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | New Term Loan [Member] | Subsequent Event [Member]
Derivatives Fair Value [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Daily Simple Secured Overnight Financing Rate [Member]
Termination amount	$ 125

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

9 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Derivative Instruments, Gain (Loss) [Line Items]

Cash flow hedges, net of tax

$ (28,713)

$ 3,611

$ 15,925

$ 28,464

$ 17,719

$ (17,335)

$ (9,177)

$ 28,848

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

$ 9,635

[1]

$ 7,971

[1]

$ 18,049

[2]

$ 15,783

[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

(23,130)

33,607

7,574

42,353

Amounts reclassified from accumulated other comprehensive income to income, net of tax

[3]

$ 5,583

$ 5,143

$ 16,751

$ 13,505

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 nine months ended September 30, 2024 and 2023, we amortized approximately $ 8.0 million and $ 7.7 million, respectively, of the off-market designated hedges which is inc luded 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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Derivative Instrument [Abstract]
Amortization of off-market designated hedges	$ 8	$ 7.7

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Sep. 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]	$ (1,036,142)	$ (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		111,735	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		(970,407)	(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)		6,046	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]	(1,034,785)	(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		111,735	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		(969,050)	(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		(65,735)	(64,786)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 6,046	$ 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	9 Months Ended
	Sep. 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	$ 44.31
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	9 Months Ended
	Sep. 30, 2024 shares
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	130,536
Vested	0
Forfeited	2,767
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	121,726
Vested	45,014
Forfeited	1,657

Equity-Based Compensation (Deta

Equity-Based Compensation (Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2,946	$ 2,616	$ 8,468	$ 6,472
Deferred compensation stock equivalent units expense	51	49	149	147
Total tax benefit recognized for equity-based expense	197	135	554	394
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,635	1,483	4,628	3,623
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 1,260	$ 1,084	$ 3,691	$ 2,702

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance Share Awards [Member]	9 Months Ended
	Sep. 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) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Decrease in net deferred tax liability	$ 1

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
ASSETS
Operating lease assets		$ 10,927	$ 10,169
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets, Noncurrent	Other Assets, Noncurrent
Finance lease assets	[1]	$ 12,436	$ 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		$ 23,363	$ 21,450
Current:
Operating lease liabilities		$ 3,032	$ 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		$ 5,285	$ 4,525
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Noncurrent:
Operating lease liabilities		$ 7,727	$ 7,590
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance lease liabilities		$ 7,069	$ 6,699
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities		$ 23,113	$ 21,389
[1] 1 Finance lease assets are presented net of accumulated amortization of $ 13.6 million and $ 9.6 million at September 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	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Accumulated amortization of finance lease assets	$ 13.6	$ 9.6

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease costs	[1]	$ 893	$ 772	$ 2,593	$ 2,454
Finance lease costs:
Amortization of leased assets		1,441	1,206	4,061	3,768
Interest expense		152	115	431	339
Net lease costs		$ 2,486	$ 2,093	$ 7,085	$ 6,561
[1] 1 Excludes short-term leases and variable lease costs, which are immaterial.

Leases - Schedule of Suppleme_3

Leases - Schedule of Supplemental Cash Flow Information Related Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 2,757	$ 2,498
Operating cash flows for finance leases	431	339
Financing cash flows for finance leases	4,142	3,662
Leased assets exchanged for new lease liabilities:
Operating leases	2,989	2,407
Finance leases	$ 5,215	$ 2,604

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,321	$ 1,355	$ 3,964	$ 4,066
Interest cost	3,124	3,139	9,369	9,414
Expected return on plan assets	(3,237)	(3,028)	(9,711)	(9,081)
Amortization of prior service cost	5	10	15	32
Amortization of actuarial (gain) loss	19	(21)	59	(63)
Total net periodic cost	1,232	1,455	3,696	4,368
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	22	27	69	82
Interest cost	220	294	658	881
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of actuarial (gain) loss	(331)	(166)	(992)	(498)
Total net periodic cost	$ (89)	$ 155	$ (265)	$ 465

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans	$ 7,303	$ 2,176
Non-Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans	3,300	2,200
Qualified Plan [Member] | Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions to pension benefit plan	$ 4,000	$ 0

Components of Accumulated Oth_3

Components of Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		$ 2,112,599	$ 2,233,169	$ 2,171,098	$ 2,263,153
Reclassifications from AOCI to earnings:
Balance, end of period		2,052,025	2,239,097	2,052,025	2,239,097
Pension and Other Postretirement Employee Benefits [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		(19,384)	(28,969)	(18,925)	(28,494)
Reclassifications from AOCI to earnings:
Other	[1]	(307)	(177)	(918)	(529)
Tax effect		77	45	229	133
Net of tax amount		(230)	(132)	(689)	(396)
Other reclassifications		0	0	0	(211)
Balance, end of period		(19,614)	(29,101)	(19,614)	(29,101)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		141,493	126,530	121,957	126,146
Unrecognized gains (losses) arising in AOCI during the period:
Gross		(23,502)	34,334	7,695	43,207
Tax effect		372	(727)	(121)	(899)
Reclassifications from AOCI to earnings:
Gross	[2]	(5,708)	(5,266)	(17,124)	(13,829)
Tax effect		125	123	373	324
Net of tax amount		(28,713)	28,464	(9,177)	28,803
Other reclassifications		0	0	0	45
Balance, end of period		112,780	154,994	112,780	154,994
Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		122,109	97,561	103,032	97,652
Reclassifications from AOCI to earnings:
Balance, end of period		$ 93,166	$ 125,893	$ 93,166	$ 125,893
[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		9 Months Ended
	Sep. 30, 2024 USD ($) a shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) a shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 shares
Business Acquisition [Line Items]
Timber and timberlands acres owned | a	2.1		2.1
Common stock, issued | shares	78,862,000		78,862,000		79,365,000
CatchMark merger-related expenses | $	$ 0	$ 0	$ 0	$ 2,453

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)
Thomson Reservoir Sediment Remediation Project [Member]
Site Contingency [Line Items]
Accrued amount	$ 2.2