PotlatchDeltic (PCH) 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	PCH
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	1,338,749
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		62,755,031

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues		$ 199,897	$ 149,681
Costs and expenses:
Cost of goods sold		139,155	112,498
Selling, general and administrative expenses		13,656	11,368
Deltic merger-related costs	[1]	19,255
Total costs and expenses		172,066	123,866
Operating income		27,831	25,815
Interest expense, net		(5,660)	(4,970)
Non-operating pension and other postretirement benefit costs		(1,857)	(1,906)
Income before income taxes		20,314	18,939
Income tax		(5,717)	(2,018)
Net income		$ 14,597	$ 16,921
Net income per share:
Basic (in dollars per share)		$ 0.29	$ 0.41
Diluted (in dollars per share)		0.29	0.41
Dividends per share (in dollars per share)		$ 0.40	$ 0.375
Weighted-average shares outstanding (in thousands):
Basic (in shares)		50,424,910	40,777,901
Diluted (in shares)		50,786,184	41,070,609
[1]	For integration and restructuring costs related to the merger with Deltic see Note 14: Merger, Integration and Other Costs.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income		$ 14,597	$ 16,921
Other comprehensive income, net of tax:
Amortization of prior service credit included in net income, net of tax benefit of $(565) and $(837)	[1]	(1,608)	(1,310)
Amortization of actuarial loss included in net income, net of tax expense of $1,172 and $1,659	[1]	3,333	2,595
Cash flow hedge, net of tax (benefit) expense of $(32) and $31		(990)	48
Other comprehensive income, net of tax		735	1,333
Comprehensive income		$ 15,332	$ 18,254
[1]	Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Amortization of prior service credit included in net income, tax benefit	$ (565)	$ (837)
Amortization of actuarial loss included in net income, tax expense	1,172	1,659
Cash flow hedge, tax (benefit) expense	$ (32)	$ 31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 102,340	$ 120,457
Customer receivables, net	28,212	11,240
Inventories	62,153	50,132
Other current assets	21,824	11,478
Total current assets	214,529	193,307
Property, plant and equipment, net	343,176	77,229
Investment in real estate held for development and sale	78,454
Timber and timberlands, net	1,704,341	654,476
Deferred tax assets, net		19,796
Trade name and customer relationships intangibles	19,000
Other long-term assets	12,853	8,271
Total assets	2,372,353	953,079
Current liabilities:
Accounts payable and accrued liabilities	75,241	55,201
Current portion of long-term debt		14,263
Current portion of pension and other postretirement employee benefits	6,057	5,334
Total current liabilities	81,298	74,798
Long-term debt	782,974	559,056
Pension and other postretirement employee benefits	131,959	103,524
Deferred tax liabilities, net	22,927
Other long-term obligations	17,753	15,159
Total liabilities	1,036,911	752,537
Commitments and contingencies
Stockholders' equity:
Common stock, $1 par value	62,755	40,612
Additional paid-in capital	1,480,402	359,144
Accumulated deficit	(90,334)	(104,363)
Accumulated other comprehensive loss	(117,381)	(94,851)
Total stockholders’ equity	1,335,442	200,542
Total liabilities and stockholders' equity	$ 2,372,353	$ 953,079

Condensed Consolidated Balance6

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 14,597	$ 16,921
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	12,635	6,702
Basis of real estate sold	3,605	4,790
Real estate development expenditures	(608)
Change in deferred taxes	(1,058)	(351)
Pension and other postretirement employee benefits	3,814	3,771
Equity-based compensation expense	3,094	1,157
Other, net	(542)	(1,007)
Funding of qualified pension plans	(8,098)
Change in working capital and operating-related activities, net	7,475	9,966
Net cash from operating activities	34,914	41,949
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(3,632)	(3,636)
Timberlands reforestation and roads	(2,860)	(2,645)
Other, net	232	(102)
Cash and cash equivalents acquired in Deltic merger	3,419
Net cash from investing activities	(2,841)	(6,383)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends to common stockholders	(25,102)	(15,228)
Proceeds from Potlatch revolving line of credit	100,000
Repayment of Potlatch revolving line of credit	(100,000)
Revolving line of credit repayment attributable to Deltic	(106,000)
Proceeds from issue of long-term debt	100,000
Repayment of long-term debt	(14,250)
Debt issuance costs	(2,409)
Other, net	(2,429)	(1,258)
Net cash from financing activities	(50,190)	(16,486)
Change in cash and cash equivalents	(18,117)	19,080
Cash and cash equivalents at beginning of period	120,457	82,584
Cash and cash equivalents at end of period	102,340	101,664
Cash paid (received) during the period for:
Interest, net of amounts capitalized	4,979	3,130
Income taxes, net	(113)	$ 148
Deltic [Member]
NONCASH INVESTING AND FINANCING ACTIVITIES
Equity issued as consideration for our merger with Deltic	$ 1,142,775

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	NOTE 1. BASIS OF PRESENTATION Our unaudited condensed consolidated financial statements provide an overall view of our results and financial condition and include the results of Deltic Timber Corporation (Deltic) beginning February 21, 2018, the first full business day following the merger of Deltic into Portland Merger, LLC, a wholly-owned subsidiary of Potlatch (see Note 3: Merger with Deltic Intercompany transactions and accounts have been eliminated in consolidation. The accompanying unaudited Condensed Consolidated Financial Statements 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. The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Certain disclosures normally provided in accordance with accounting principles generally accepted in the United States 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, 2017, as filed with the Securities and Exchange Commission on February 16, 2018. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year. RECLASSIFICATIONS Components of prior year pension plan and other postretirement benefit plan costs were reclassified to non-operating pension and other postretirement benefit costs to conform to the 2018 presentation. See Note 2: Recent Accounting Pronouncements

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Standards – Recently Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014‑09, Revenue from Contracts with Customers: Topic 606 Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date Note 5: Revenue Recognition In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Consolidated Statements of Income March 31, 2017 (Dollars in thousands) Previously Reported Effect of Change As Adjusted Operating income $ 23,909 1,906 $ 25,815 In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In January 2017, the FASB issued ASU No. 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business In February 2018, the FASB issued ASU No. 2018-2, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Note 12: Components of Accumulated Other Comprehensive Loss New Accounting Standards – Recently Issued In February 2016, the FASB issued ASU No. 2016-02, Leases

Merger with Deltic

Merger with Deltic	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Merger with Deltic	NOTE 3. MERGER WITH DELTIC On February 20, 2018 (merger date), Deltic merged into Portland Merger, LLC, a wholly-owned subsidiary of Potlatch. Deltic owned approximately 530,000 acres of timberland, operated two sawmills and a medium density fiberboard plant and was engaged in real estate development primarily in Arkansas. The merger creates a combined company with a diversified timberland base of nearly 2 million acres, including approximately 930,000 acres in Arkansas. It uniquely positions us to expand our integrated model of timberland ownership and lumber manufacturing, provide significant tax savings on Deltic’s timber harvest earnings and increase our exposure to the fast-growing Texas housing market. Under the merger agreement, each issued and outstanding share of Deltic common stock was exchanged for 1.80 shares of Potlatch common shares, with cash paid in lieu of any fractional shares. Upon consummation of the merger, all outstanding Deltic stock options (which fully vested as of the merger date) and restricted stock units (RSUs) were converted into Potlatch stock options and RSUs, after giving effect to the 1.80 exchange ratio. Because the Deltic stock options are fully vested and relate to services rendered to Deltic prior to the merger, the replacement stock options are also fully vested and their fair value is included in the consideration transferred. A portion of the replacement RSUs relate to services to be performed post-merger and therefore are not included in consideration transferred. See additional details about replacement share-based payment awards in Note 13: Equity-Based Compensation The following table summarizes the total consideration transferred in the merger: (Dollars in thousands, except share and per share amounts) Number of shares of Deltic common stock outstanding 1 12,121,223 Number of Deltic performance awards 2 90,515 12,211,738 Exchange ratio 3 1.80 Potlatch shares issued 21,981,128 Price per Potlatch common share 4 $ 51.95 Aggregate value of Potlatch common shares issued $ 1,141,920 Cash paid in lieu of fractional shares 14 Fair value of stock options and RSUs 5 841 Consideration transferred $ 1,142,775 1 Number of shares of Deltic common stock issued and outstanding as of February 20, 2018, net of fractional shares. 2 Number of shares of Deltic performance awards for pre-combination services rendered that vested upon closing of the merger. 3 Exchange ratio per the merger agreement. 4 Closing price of Potlatch common shares on February 20, 2018. 5 Fair value of Deltic stock options for pre-combination services rendered that vested upon closing of the merger, as well as RSUs for pre-combination services rendered. Potlatch and Deltic’s Chief Executive Officer entered into a consulting agreement for a two-year term for $1.85 million. The agreement was terminated in the first quarter of 2018, however, payments are required to be paid through the end of the 24-month term. This agreement was considered a separate transaction from the business combination, therefore $1.85 million was recorded as merger costs in the first quarter of 2018. We expensed approximately $19.3 million of merger-related costs during the first quarter of 2018. See Note 14: Merger, Integration and other Costs Condensed Consolidated Statements of Income . The amount of revenue and loss before income taxes from acquired Deltic operations included in our Condensed Consolidated Statement of Inco me (Dollars in thousands) March 31, 2018 Net sales $ 28,806 Loss before income taxes $ (9,002 ) Summarized unaudited pro forma information that presents combined amounts as if this merger occurred at the beginning of 2017 is as follows: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2018 2017 Net sales $ 238,560 $ 202,896 Net earnings attributable to PotlatchDeltic common shareholders $ 32,783 $ 15,464 Basic earnings per share attributable to PotlatchDeltic common Shareholders 0.49 0.23 Diluted earnings per share attributable to PotlatchDeltic common shareholders 0.49 0.23 Pro forma net earnings attributable to PotlatchDeltic common shareholders excludes $24.7 million non-recurring merger-related costs incurred in the first quarter of 2018 by both companies. This includes $5.4 million of merger-related costs incurred by Deltic prior to the merger. No non-recurring merger-related costs were incurred during the first quarter of 2017. Pro forma basic and diluted earnings per share includes 3.9 million shares, which is the approximate amount of the stock dividend to be issued in connection with the earnings and profits (E&P) distribution. Prior to December 31, 2018, Deltic’s E&P will be distributed to shareholders of the combined company in a special distribution consisting of 80% stock and 20% cash. Pro forma data may not be indicative of the results that would have been obtained had these events occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. PotlatchDeltic has accounted for the merger transaction as the acquirer and has applied the acquisition method of accounting. Under the acquisition method, the assets acquired and liabilities assumed from Deltic were generally recorded as of the date of the merger at their respective estimated fair values. Our March 31, 2018 Condensed Consolidated Balance Sheet Fair Value Measurements and Disclosures Preliminary estimated fair values of identifiable assets acquired and liabilities assumed as of the merger date are as follows: (Dollars in thousands) ASSETS Cash and cash equivalents $ 3,419 Customer receivables, net 12,709 Inventories 17,316 Other current assets 8,276 Real estate held for development and sale 79,000 Property, plant and equipment 265,901 Timber and timberlands 1,060,000 Trade name and customer relationships intangibles 19,000 Other long-term assets 2,010 Total assets acquired 1,467,631 LIABILITIES Accounts payable and accrued liabilities 12,604 Current portion of pension and other postretirement employee benefits 754 Long-term debt 229,968 Pension and other postretirement employee benefits 36,155 Deferred tax liabilities, net 44,439 Other long-term liabilities 936 Total liabilities assumed 324,856 Net assets acquired $ 1,142,775 These estimated fair values are preliminary in nature and subject to adjustments, which could be material. We have not identified any material unrecorded pre-merger contingencies where the related asset, liability or impairment is probable and the amount can be reasonably estimated. We are currently in the process of finalizing our valuations related to the following: • Timber and timberlands, including oil and gas leases • Property, plant and equipment • Real estate held for development and sale • Intangible assets, which includes trade names and customer relationships • Other contractual rights and obligations Our valuations will be finalized when certain information arranged to be obtained has been received, our review of that information has been completed and our review of the underlying assumptions within the valuation models has been completed. Prior to the finalization of the purchase price allocation, if information becomes available that would indicate it is probable that such events had occurred and the amounts can be reasonably estimated, such items will be included in the final purchase price allocation.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings per Share	NOTE 4. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2018 2017 Net income $ 14,597 $ 16,921 Basic weighted-average shares outstanding 50,424,910 40,777,901 Incremental shares due to: Performance shares 328,478 257,021 Restricted stock units 32,796 35,687 Diluted weighted-average shares outstanding 50,786,184 41,070,609 Basic net income per share $ 0.29 $ 0.41 Diluted net income per share $ 0.29 $ 0.41 We issued 22.0 million shares in connection with the Deltic merger. See Note 3: Merger with Deltic. For the three months ended March 31, 2018 and 2017, there were 64,217 and 81,440 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 5. REVENUE RECOGNITION The majority of our revenues are derived from the sale of delivered logs, manufactured wood products, residual by-products and real estate. We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers Performance Obligations A performance obligation, as defined in ASC 606, is a promise in a contract to transfer a distinct good or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue at the point in time, or over the period, in which the performance obligation is satisfied. Performance obligations associated with delivered log and residual sales are typically satisfied when the logs and residuals are delivered to our customers’ mills. Performance obligations associated with the sale of wood products are typically satisfied when the products are shipped (FOB shipping point) or upon delivery to our customer (FOB destination). Shipping and handling costs for all wood product and residual sales are accounted for as cost of goods sold. ASC Topic 606 requires entities to consider significant financing components of contracts with customers, though allows for the use of a practical expedient when the period between satisfaction of a performance obligation and payment receipt is one year or less. Given the nature of our revenue transactions, we have elected to utilize this practical expedient. Substantially all of our performance obligations are satisfied as of a point in time. We have also elected to use the practical expedient to not disclose unsatisfied or partially satisfied performance obligations as all unsatisfied contracts are expected to be satisfied in less than one year. Performance obligations associated with real estate sales are generally satisfied at a point in time when all conditions of closing have been met. Contract Estimates The transaction price for log and residual sales is determined using contractual rates applied to delivered volumes. The contractual rates are generally based on prevailing market prices and payment is generally due from customers within one month or less of delivery. For log and residual sales subject to long-term supply agreements, the transaction price is variable but is known at the time of delivery. For wood products sales, the transaction price is generally the amount billed to the customer based on the prevailing market price for the products shipped but may be reduced slightly for estimated cash discounts. There are no significant contract estimates related to the real estate business. Contract Balances In general, a customer receivable is recorded as we ship and/or deliver wood products, logs and residuals. We generally receive payment shortly after products have been received by our customers. Contract asset and liability balances, such as prepayments, are immaterial. For real estate sales, we typically receive the entire consideration in cash at closing. Major Products The following table represents our revenues by major product. For additional information regarding our segments, see Note 17: Segment Information Three Months Ended March 31, (Dollars in thousands) 2018 2017 Resource Northern region Sawlogs $ 49,584 $ 32,086 Pulpwood 1,780 1,954 Stumpage 79 142 Other 216 253 51,659 34,435 Southern region Sawlogs 14,030 8,689 Pulpwood 8,970 7,642 Stumpage 391 82 Other 1,456 920 24,847 17,333 Total Resource revenues $ 76,506 $ 51,768 Wood Products Lumber 94,993 64,872 Panels 28,891 17,695 Residuals 15,931 13,025 $ 139,815 $ 95,592 Real Estate Rural real estate 8,833 14,504 Development real estate 1,219 — Other 503 — $ 10,555 $ 14,504 Total segment revenues 226,876 161,864 Intersegment Resource revenues 1 (26,979 ) (12,183 ) Total consolidated revenues $ 199,897 $ 149,681 1 Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment.

Certain Balance Sheet Component

Certain Balance Sheet Components	3 Months Ended
	Mar. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NOTE 6. CERTAIN BALANCE SHEET COMPONENTS INVENTORIES (Dollars in thousands) March 31, 2018 December 31, 2017 Logs $ 16,827 $ 20,133 Lumber, panels and veneer 33,467 20,889 Materials and supplies 11,859 9,110 Total inventories $ 62,153 $ 50,132 OTHER CURRENT ASSETS (Dollars in thousands) March 31, 2018 December 31, 2017 Rural real estate held for sale $ 9,817 $ 7,721 Taxes receivable 6,838 — Prepaid expenses 3,197 2,862 Other receivables 1,972 882 Interest rate swaps — 13 Total other current assets $ 21,824 $ 11,478 PROPERTY, PLANT AND EQUIPMENT (Dollars in thousands) March 31, 2018 December 31, 2017 Property, plant and equipment $ 528,800 $ 259,437 Less: accumulated depreciation (185,624 ) (182,208 ) Total property, plant and equipment, net $ 343,176 $ 77,229 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Dollars in thousands) March 31, 2018 December 31, 2017 Accrued payroll and benefits $ 13,700 $ 18,110 Accounts payable 14,173 9,361 Accrued interest 9,285 6,385 Accrued taxes 17,818 5,103 Avery Landing accrual (see Note 16: Commitments and Contingencies 6,000 6,000 Other current liabilities 14,265 10,242 Total accounts payable and accrued liabilities $ 75,241 $ 55,201

Timber and Timberlands

Timber and Timberlands	3 Months Ended
	Mar. 31, 2018
Timber And Timberlands [Abstract]
Timber and Timberlands	NOTE 7. TIMBER AND TIMBERLANDS (Dollars in thousands) March 31, 2018 December 31, 2017 Timber and timberlands $ 1,627,669 $ 581,648 Logging roads 76,672 72,828 Total timber and timberlands, net $ 1,704,341 $ 654,476

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	NOTE 8. DEBT MEDIUM-TERM NOTES We repaid $14.3 million of our medium-term notes in Q1 2018. REVENUE BONDS We assumed the obligations relating to the Letter of Credit supporting Deltic’s $29.0 million Union County, Arkansas Taxable Industrial Revenue Bonds 1998 Series due October 1, 2027. Neither the State of Arkansas nor Union County, Arkansas has any liability under the bonds. Contemporaneously with the issuance of the bonds, Deltic’s subsidiary (Del-Tin) and Union County entered into a lease agreement that obligated Del-Tin to make lease payments in an amount necessary to fund the debt service on the bonds. Under the terms of the loan agreement, a standby letter of credit to benefit the holders of the bonds is required. The irrevocable standby letter of credit was amended and re-issued on February 20, 2018, in the amount of $29.7 million, expiring April 13, 2023. These bonds bear interest at a variable rate determined weekly by the remarketing agent. Interest is payable monthly. TERM LOANS On March 22, 2018, we entered into a Second Amended and Restated Term Loan Agreement, which amended the existing term loan agreement dated December 14, 2014. The agreement includes an additional $100 million of new loans and a $100 million loan assumed in connection with the Deltic merger. The interest coverage ratio and leverage ratio financial covenants are unchanged (at least 3.00 to 1.00 and no more than 40%, respectively). The limitation on timberland acre sales was eliminated. We repaid the balance of Deltic’s $106 million credit facility borrowing upon closing of the merger. The repayment was funded by a $100 million borrowing under our credit facility and $6 million of available cash. We subsequently refinanced the $100 million credit facility borrowing with the additional $100 million of tranches of term loans under the Second Amended and Restated Term Loan Agreement. The following summarizes the three term loan tranches added in the first quarter of 2018: • one $100 million tranche maturing 2025 with a fixed rate of 4.05% assumed in connection with the merger; • one $65 million tranche maturing 2028 at a variable rate based on one-month LIBOR plus 1.95%; and • one $35 million tranche maturing 2028 at a variable rate based on one-month LIBOR plus 1.95%. CREDIT AGREEMENT On February 14, 2018, we entered into a Second Amended and Restated Credit Agreement with an expiration date of April 13, 2023. The amended agreement increases our revolving line of credit to $380 million, which may be increased by up to an additional $420 million. It also includes a sublimit of $75 million for the issuance of standby letters of credit and a sublimit of $25 million for swing line loans. Usage under either or both subfacilities reduces availability under the revolving line of credit. Pricing is set according to the type of borrowing. LIBOR Loans are issued at a rate equal to the LIBOR Rate, while Base Rate Loans are issued at a rate equal to the Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1.00%, (b) the rate of interest in effect for such day as publicly announced from time to time by KeyBank as its “prime rate” and (c) the sum of the LIBOR that would apply to a one month Interest Period plus 1.00%. The interest rates we pay for borrowings under either type of loan include an additional Applicable Rate, which can range from 0.875% to 1.70% for LIBOR loans and from 0% to 0.70% for Base Rate loans, depending on our current credit rating. As of March 31, 2018, we were able to borrow under the bank credit facility with the additional applicable rate of 1.50% for LIBOR Loans and 0.50% for Base Rate Loans, with facility fees of 0.25% on the $380 million of the bank credit facility. The interest coverage ratio and leverage ratio financial covenants are unchanged (at least 3.00 to 1.00 and no more than 40%, respectively). The limitation on timberland acre sales was eliminated.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instrument Detail [Abstract]
Derivative Instruments	NOTE 9. 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 changes in the fair value of an asset or liability to a particular risk, such as interest rate risk, are considered fair value hedges. We had three fair value interest rate swaps with notional amounts totaling $14.3 million, which matured during the first quarter of 2018. A $50 million notional fair value swap associated with our senior notes was terminated in December 2017 at a cost of $0.4 million. The termination cost has been recorded as a reduction to the carrying value of our long-term debt and will be amortized to earnings through the original maturity date of November 2019. Approximately $0.2 million will be recorded as interest expense over the next twelve months. 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. We have two interest rate swaps to convert variable-rate debt, comprised of 1-month and 3-month LIBOR plus a spread, to fixed-rate debt. 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 swaps. Therefore, changes in fair value are recorded as a component of other comprehensive income and will be recognized in earnings when the hedged interest rates affect earnings. The amounts paid or received on the swaps will be recognized as adjustments to interest expense. As of March 31, 2018, the amount of net losses expected to be reclassified into earnings in the next 12 months is $0.5 million. The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets Asset Derivatives Liability Derivatives (Dollars in thousands) Location March 31, 2018 December 31, 2017 Location March 31, 2018 December 31, 2017 Derivatives designated in fair value hedging relationships: Interest rate contracts Other assets, current $ — $ 13 $ — $ — Interest rate contracts Other assets, non-current — — — — $ — $ 13 $ — $ — Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, non-current $ 1,869 $ 1,156 Other long-term obligations $ 1,670 $ — The following table details the effect of derivatives on our Consolidated Statements of Income Three Months Ended March 31, (Dollars in thousands) Location 2018 2017 Derivatives designated in fair value hedging relationships: Interest rate contracts Realized gain (loss) on interest rate contracts 1 Interest expense $ (36 ) $ 167 Derivatives designated in cash flow hedging relationships: Interest rate contracts Loss recognized in other comprehensive income, net of tax (effective portion) $ (992 ) $ (2 ) Loss reclassified from accumulated other comprehensive income (effective portion) 1 Interest expense $ (2 ) $ (50 ) 1 Realized gain (loss) on hedging instruments consists of net cash settlements and interest accruals on the fair value interest rate swaps during the periods. Net cash settlements are included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instrument Detail [Abstract]
Financial Instruments	NOTE 10. FINANCIAL INSTRUMENTS The following table presents the estimated fair values of our financial instruments: March 31, 2018 December 31, 2017 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (Level 1) $ 102,340 $ 102,340 $ 120,457 $ 120,457 Derivative assets related to interest rate swaps (Level 2) $ 1,869 $ 1,869 $ 1,169 $ 1,169 Derivative liabilities related to interest rate swaps (Level 2) $ (1,670 ) $ (1,670 ) $ — $ — Long-term debt, including current portion (Level 2): Term loans $ (543,500 ) $ (538,306 ) $ (343,500 ) $ (345,222 ) Senior notes (149,592 ) (159,375 ) (149,528 ) (161,063 ) Revenue bonds (94,735 ) (93,775 ) (65,735 ) (63,967 ) Medium-term notes (3,000 ) (3,511 ) (17,250 ) (18,227 ) Total long-term debt 1 $ (790,827 ) $ (794,967 ) $ (576,013 ) $ (588,479 ) Company owned life insurance asset (COLI) (Level 3) $ 2,241 $ 2,241 $ 1,996 $ 1,996 1 The carrying amount of long-term debt above excludes unamortized discounts. For cash and cash equivalents and any revolving line of credit borrowings, the carrying amount approximates fair value due to the short-term nature of these financial instruments. The fair value of interest rate swaps are determined using discounted cash flow analysis 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 COLI, the amount at which it could be redeemed, is used to estimate fair value because market prices are not readily available.

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	3 Months Ended
	Mar. 31, 2018
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Postretirement Employee Benefits	NOTE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The following tables detail the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended March 31, Pension OPEB (Dollars in thousands) 2018 2017 2018 2017 Service cost $ 1,913 $ 1,862 $ 44 $ 3 Interest cost 3,914 4,081 319 321 Expected return on plan assets (4,708 ) (4,603 ) — — Amortization of prior service cost (credit) 46 72 (2,219 ) (2,219 ) Amortization of actuarial loss 4,150 3,856 355 398 Net periodic cost (benefit) $ 5,315 $ 5,268 $ (1,501 ) $ (1,497 ) The following tables detail the pension and OPEB changes in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets Three Months Ended March 31, 2018 (Dollars in thousands) Pension OPEB Total Balance at December 31, 2017 $ 100,611 $ (5,055 ) $ 95,556 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (34 ) 1,642 1,608 Actuarial loss (3,071 ) (262 ) (3,333 ) Total reclassification for the period (3,105 ) 1,380 (1,725 ) Amounts reclassified from AOCL 23,787 (372 ) 23,415 Balance at March 31, 2018 $ 121,293 $ (4,047 ) $ 117,246 Three Months Ended March 31, 2017 (Dollars in thousands) Pension OPEB Total Balance at December 31, 2016 $ 120,627 $ (9,182 ) $ 111,445 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (44 ) 1,354 1,310 Actuarial loss (2,352 ) (243 ) (2,595 ) Total reclassification for the period (2,396 ) 1,111 (1,285 ) Balance at March 1, 2017 $ 118,231 $ (8,071 ) $ 110,160 1 Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit). See Note 2: Recent Accounting Pronouncements FUNDED STATUS OF AQUIRED PENSION PLAN ASSETS AND ASSUMED BENEFIT OBLIGATIONS Consistent with accounting for the merger as the acquirer in a business combination (see Note 3: Merger with Deltic • $38.7 million qualified pension plan assets • $62.0 million qualified and non-qualified pension plan projected benefit obligation • $13.5 million OPEB accumulated benefit obligation FUNDING AND BENEFIT PAYMENTS During the three months ended March 31, 2018 and 2017, we paid non-qualified supplemental pension benefits of $0.5 million and $0.4 million and OPEB benefits of $0.6 million and $0.6 million, respectively. We also made qualified pension benefit contributions of $8.1 million during the first quarter of 2018.

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	NOTE 12. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS The following table details the changes in our accumulated other comprehensive loss (AOCL) on our Condensed Consolidated Balance Sheets (Dollars in thousands) Gains and losses on cash flow hedge Pension Plans OPEB Total Balance at December 31, 2017 $ (705 ) $ 100,611 $ (5,055 ) $ 94,851 Amounts arising during the period 992 (3,105 ) 1,380 (733 ) Amounts reclassified from AOCL to interest expense (2 ) — — (2 ) Amounts reclassified from AOCL to accumulated deficit (150 ) 23,787 (372 ) 23,265 Net change 840 20,682 1,008 22,530 Balance at March 31, 2018 $ 135 $ 121,293 $ (4,047 ) $ 117,381 Amounts in parenthesis indicate credits . Amounts reclassified from AOCL to accumulated deficit reflect the adoption of ASU No. 2018-2, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Note 2: Recent Accounting Pronouncements Note 9: Derivative Instruments Note 11: Pension and Other Postretirement Employee Benefits

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2018
Share Based Compensation [Abstract]
Equity-Based Compensation	NOTE 13. EQUITY-BASED COMPENSATION As of March 31, 2018, we had three stock incentive plans under which performance shares, restricted stock units (RSUs) and deferred compensation stock equivalent units were outstanding. These plans have received shareholder approval. We were originally authorized to issue up to 1.6 million shares and 1.0 million shares under our 2005 Stock Incentive Plan and 2014 Stock Incentive Plan, respectively. At March 31, 2018, approximately 0.3 million shares were authorized for future use under those plans. Upon closing of the merger with Deltic, we assumed Deltic’s stockholder approved 2002 Incentive Plan and set aside and reserved 0.25 million shares for issuance under the plan. We issue new shares of common stock to settle performance shares, restricted stock units and deferred compensation stock equivalent units. The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended March 31, (Dollars in thousands) 2018 2017 Employee equity-based compensation expense: Performance shares $ 936 $ 868 Restricted stock units 480 289 Accelerated share-based termination benefits in connection with the merger 1,678 — Total employee equity-based compensation expense $ 3,094 $ 1,157 Deferred compensation stock equivalent units expense $ 185 $ 161 Total tax benefit recognized for share-based expense $ 111 $ 93 PERFORMANCE SHARES The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2018 and 2017: Three Months Ended March 31, 2018 2017 Stock price as of valuation date $ 54.00 $ 43.60 Risk-free rate 2.46 % 1.61 % Expected volatility 23.74 % 24.22 % Expected dividends 2.96 % 3.44 % Expected term (years) 3.00 3.00 Fair value $ 75.37 $ 53.85 The following table summarizes outstanding performance share awards as of March 31, 2018 and changes during the three months ended March 31, 2018: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1, 2018 200,631 $ 39.19 Granted 67,747 $ 75.37 Unvested shares outstanding at March 31, 2018 268,378 $ 48.32 $ 13,969 As of March 31, 2018, there was $7.9 million of unrecognized compensation cost related to unvested performance share awards, which is expected to be recognized over a weighted-average period of 1.5 years. RESTRICTED STOCK UNITS The following table summarizes outstanding RSU awards as of March 31, 2018 and changes during the three months ended March 31, 2018: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1, 2018 67,871 $ 32.87 Granted 25,584 $ 53.74 Vested (500 ) $ 40.13 Unvested shares outstanding at March 31, 2018 92,955 $ 38.58 $ 4,838 The fair value of each RSU equaled our common share price on the date of grant. As of March 31, 2018, there was $2.2 million of total unrecognized compensation cost related to unvested RSU awards, which is expected to be recognized over a weighted-average period of 1.5 years. DEFERRED COMPENSATION STOCK EQUIVALENT UNITS Through December 31, 2017, a long-term incentive award was granted annually to our directors and payable upon a director's separation from service. Commencing May 2018, directors will receive restricted stock unit awards that may be deferred. Directors may also elect to defer their quarterly retainers, which may be payable in the form of stock. All stock unit equivalent accounts are credited with dividend equivalents. As of March 31, 2018, there were 143,340 shares outstanding that will be distributed in the future to directors as common stock. Issuance of restricted stock units awarded to certain officers and select employees may also be deferred. All stock unit equivalent accounts are credited with dividend equivalents. As of March 31, 2018, there were 74,637 RSUs which had vested, but issuance of the related stock had been deferred. REPLACEMENT RESTRICTED STOCK UNIT AWARDS The replacement RSUs issued as a result of the merger with Deltic have four-year vesting terms. During the vesting period, the grantee may vote and receive dividends on the shares, but the shares are subject to transfer restrictions and are all, or partially, forfeited if a grantee terminates. Expense for replacement RSUs will continue to be recognized over the remaining service period unless a qualifying termination occurs. A qualifying termination of an awardee will result in acceleration of vesting and expense recognition in the period that the qualifying termination occurs. Qualifying terminations during the first quarter resulted in accelerated vesting of 35,471 of the replacement RSUs and recognition of $1.7 million of expense. This accelerated expense recognition is included in merger-related integration costs as described in Note 14: Merger, Integration and other Costs.

Merger, Integration and Other C

Merger, Integration and Other Costs	3 Months Ended
	Mar. 31, 2018
Merger Integration And Other Costs [Abstract]
Merger, Integration and Other Costs	NOTE 14. MERGER, INTEGRATION AND OTHER COSTS In connection with the merger with Deltic, we incurred costs such as advisory, legal, accounting, valuation and other professional or consulting fees. Restructuring costs relate to termination benefits and integration costs to combine business processes and locations. (Dollars in thousands) Three Months Ended March 31, 2018 Merger costs $ 10,261 Restructuring costs: Termination benefits 8,558 Professional services 302 Other 134 8,994 Total merger and restructuring costs $ 19,255 . During the first quarter of 2018, we incurred termination benefits, which included accelerated share-based payment costs, for qualifying terminations. Employee termination benefits considered postemployment benefits are accrued when the obligation is probable and estimable, such as benefits stipulated by human resource policies. If the employee must provide future service greater than 60 days, such benefits are expensed ratably over the future service period. Accrued termination benefits are recorded in accrued payroll and benefits within accounts payable and accrued liabilities as detailed in Note 6: Certain Balance Sheet Components Changes in accrued severance related to restructuring were as follows: (Dollars in thousands) Accrued severance as of December 31, 2017 $ — Charges 8,558 Payments (7,264 ) Accrued severance as of March 31, 2018 $ 1,294

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 15. INCOME TAXES As a real estate investment trust (REIT), we generally are not subject to federal and state corporate income taxes on income of the REIT that we distribute to our shareholders. We conduct certain activities through our taxable REIT subsidiaries (TRS), which are subject to corporate level federal and state income taxes. These taxable 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 income or loss of the TRS, as well as permanent book versus tax differences. Deltic’s REIT qualifying activities were also not subject to federal and state corporate income taxes commencing on the date of the merger. Deltic’s wood products manufacturing operations and real estate activities, which are conducted through TRS subsidiaries, are subject to corporate level federal and state income taxes. On December 22, 2017, H.R. 1, commonly known as the Tax Cuts and Jobs Act (the Tax Act), was enacted. The Tax Act contained significant changes to corporate taxation, including the reduction of the corporate tax rate from 35 percent to 21 percent, effective January 1, 2018. The primary impact of the Tax Act provisions in 2018 was a reduction to our TRS’s effective tax, resulting in $2.1 million in lower taxes in the first quarter of 2018.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 16. COMMITMENTS AND CONTINGENCIES In January 2007, the Environmental Protection Agency (EPA) notified us that we were a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) and the Clean Water Act for cleanup of a site known as Avery Landing in northern Idaho. We owned a portion of the land at the Avery Landing site, which we acquired in 1980 from the Milwaukee Railroad. The land we owned at the site and adjacent properties were contaminated with petroleum as a result of the Milwaukee Railroad's operations at the site prior to 1980. On July 5, 2011, the EPA issued an Action Memorandum for the Avery Landing Site selecting contaminant extraction and off-site disposal as the remedial alternative. On May 23, 2012, we signed a consent order with the EPA pursuant to which we agreed to provide $1.75 million in funding for EPA cleanup on a portion of our property (including the adjacent riverbank owned by the Idaho Department of Lands). The EPA cleanup was completed in October 2012. On April 4, 2013, the EPA issued a unilateral administrative order requiring us to remediate the portion of the Avery Landing site that we own. Our remediation was completed in October 2013. In 2016, the EPA confirmed that Potlatch had completed the cleanup and subsequent monitoring required by the unilateral order. On September 25, 2015, the EPA sent us a letter asserting that the EPA and the Department of Transportation (the current owner of a portion of the adjacent property remediated by the EPA) (DOT) had incurred $9.8 million in unreimbursed response costs associated with the site and that we were liable for such costs. We executed six tolling agreements with the EPA and DOT suspending the statute of limitations on the claim until March 31, 2018 in order to facilitate negotiations of a final settlement. On December 22, 2017, we sold the land at Avery Landing. On April 10, 2018, the United States District Court for the District of Idaho granted a motion to enter a Consent Decree negotiated by the parties releasing us and our affiliates from any further liability for past response costs incurred by the United States Government in exchange for a final settlement payment of $6 million, which was paid in April 2018 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	NOTE 17. SEGMENT INFORMATION Our businesses are organized into three reportable operating segments: Resource, Wood Products and Real Estate. Management activities in the Resource segment include planting and harvesting trees and building and maintaining roads. The Resource segment also generates revenues from non-timber resources such as hunting leases, recreation permits and leases, mineral rights leases, oil and gas royalties, biomass production and carbon sequestration. The Wood Products segment manufactures and markets lumber, plywood and MDF. The business of our Real Estate segment consists primarily of the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives. The Real Estate segment engages in master planned communities and development activities through Potlatch TRS. Effective February 20, 2018, we changed our operating segment disclosures in order to reflect the new measure of operating profit discussed below that management uses to allocate resources and assess performance. Management adopted the new measure due to the merger with Deltic. The significant increase in the company’s post-merger assets and the related fair value purchase accounting adjustments to acquired Deltic assets created a lack of comparability associated with the historical performance measures. This change has been reflected in the segment information for the three months ended March 31, 2018. The segment information presented for comparative purposes for the three months ended March 31, 2017 has also been revised to reflect this change. The reporting segments follow the same accounting policies used for our Condensed Consolidated Financial Statements The following table summarizes information on revenues, Adjusted EBITDDA, depreciation, depletion and amortization and basis of real estate sold for each of the company’s reportable segments and includes a reconciliation of segment Adjusted EBITDDA to income before income taxes: Three Months Ended March 31, (Dollars in thousands) 2018 2017 Revenues: Resource $ 76,506 $ 51,768 Wood Products 139,815 95,592 Real Estate 10,555 14,504 226,876 161,864 Intersegment Resource revenues 1 (26,979 ) (12,183 ) Consolidated revenues $ 199,897 $ 149,681 Adjusted EBITDDA: Resource $ 37,697 $ 19,343 Wood Products 28,950 10,769 Real Estate 8,002 13,460 Corporate (8,716 ) (7,692 ) Eliminations and adjustments (1,201 ) 1,040 Total Adjusted EBITDDA 64,732 36,920 Basis of real estate sold (3,605 ) (4,790 ) Depreciation, depletion and amortization (12,196 ) (6,329 ) Interest expense, net (5,660 ) (4,970 ) Non-operating pension and other postretirement employee benefits (1,857 ) (1,906 ) Gain on fixed assets 4 14 Inventory purchase price adjustment in cost of goods sold 2 (1,849 ) — Deltic merger-related costs 3 (19,255 ) — Income before income taxes $ 20,314 $ 18,939 Depreciation, depletion and amortization: Resource $ 8,646 $ 4,384 Wood Products 3,354 1,827 Real Estate 40 1 Corporate 156 117 12,196 6,329 Bond discounts and deferred loan fees 4 439 373 Total depreciation, depletion and amortization $ 12,635 $ 6,702 Basis of real estate sold: Real Estate $ 3,723 $ 4,809 Eliminations and adjustments (118 ) (19 ) Total basis of real estate sold $ 3,605 $ 4,790 1 Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment. 2 The effect on cost of goods sold for fair value adjustments to the carrying amounts of inventory acquired in business combinations. 3 For integration and restructuring costs related to the merger with Deltic see Note 14: Merger, Integration and Other Costs. 4 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income A reconciliation of our business segment total assets to total assets in the Condensed Consolidated Balance Sheet (Dollars in thousands) March 31, 2018 December 31, 2017 Total assets: Resource 1 $ 1,731,727 $ 670,240 Wood Products 430,764 154,479 Real Estate 2 86,915 — 2,249,406 824,719 Corporate 122,947 128,360 Total consolidated assets $ 2,372,353 $ 953,079 1 We do not report rural real estate separate from Resource as we do not report these assets separately to management. 2

Recent Accounting Pronounceme25

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Standards – Recently Adopted	New Accounting Standards – Recently Adopted In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014‑09, Revenue from Contracts with Customers: Topic 606 Revenue from Contracts with Customers (Topic 606), Deferral of the Effective Date Note 5: Revenue Recognition In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Consolidated Statements of Income March 31, 2017 (Dollars in thousands) Previously Reported Effect of Change As Adjusted Operating income $ 23,909 1,906 $ 25,815 In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In January 2017, the FASB issued ASU No. 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a Business In February 2018, the FASB issued ASU No. 2018-2, Income Statement – Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Note 12: Components of Accumulated Other Comprehensive Loss
New Accounting Standards – Recently Issued	New Accounting Standards – Recently Issued In February 2016, the FASB issued ASU No. 2016-02, Leases

Recent Accounting Pronounceme26

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Summary of Adjustments Made to Consolidated Statements of Income Due to Adoption of New Accounting Standards	The adjustments made to the Consolidated Statements of Income March 31, 2017 (Dollars in thousands) Previously Reported Effect of Change As Adjusted Operating income $ 23,909 1,906 $ 25,815

Merger With Deltic (Tables)

Merger With Deltic (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Summary of Total Consideration Transferred in Merger	The following table summarizes the total consideration transferred in the merger: (Dollars in thousands, except share and per share amounts) Number of shares of Deltic common stock outstanding 1 12,121,223 Number of Deltic performance awards 2 90,515 12,211,738 Exchange ratio 3 1.80 Potlatch shares issued 21,981,128 Price per Potlatch common share 4 $ 51.95 Aggregate value of Potlatch common shares issued $ 1,141,920 Cash paid in lieu of fractional shares 14 Fair value of stock options and RSUs 5 841 Consideration transferred $ 1,142,775 1 Number of shares of Deltic common stock issued and outstanding as of February 20, 2018, net of fractional shares. 2 Number of shares of Deltic performance awards for pre-combination services rendered that vested upon closing of the merger. 3 Exchange ratio per the merger agreement. 4 Closing price of Potlatch common shares on February 20, 2018. 5 Fair value of Deltic stock options for pre-combination services rendered that vested upon closing of the merger, as well as RSUs for pre-combination services rendered.
Summary of Revenue and Loss Before Income Taxes From Acquired Deltic Operations	The amount of revenue and loss before income taxes from acquired Deltic operations included in our Condensed Consolidated Statement of Inco me (Dollars in thousands) March 31, 2018 Net sales $ 28,806 Loss before income taxes $ (9,002 )
Summary of Unaudited Pro Forma Information	Summarized unaudited pro forma information that presents combined amounts as if this merger occurred at the beginning of 2017 is as follows: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2018 2017 Net sales $ 238,560 $ 202,896 Net earnings attributable to PotlatchDeltic common shareholders $ 32,783 $ 15,464 Basic earnings per share attributable to PotlatchDeltic common Shareholders 0.49 0.23 Diluted earnings per share attributable to PotlatchDeltic common shareholders 0.49 0.23
Summary of Estimated Fair Value of Identifiable Assets Acquired and Liabilities Assumed	Preliminary estimated fair values of identifiable assets acquired and liabilities assumed as of the merger date are as follows: (Dollars in thousands) ASSETS Cash and cash equivalents $ 3,419 Customer receivables, net 12,709 Inventories 17,316 Other current assets 8,276 Real estate held for development and sale 79,000 Property, plant and equipment 265,901 Timber and timberlands 1,060,000 Trade name and customer relationships intangibles 19,000 Other long-term assets 2,010 Total assets acquired 1,467,631 LIABILITIES Accounts payable and accrued liabilities 12,604 Current portion of pension and other postretirement employee benefits 754 Long-term debt 229,968 Pension and other postretirement employee benefits 36,155 Deferred tax liabilities, net 44,439 Other long-term liabilities 936 Total liabilities assumed 324,856 Net assets acquired $ 1,142,775

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Reconciliation of Number of Common Shares Used in Calculating Basic and Diluted EPS	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (Dollars in thousands, except per share amounts) 2018 2017 Net income $ 14,597 $ 16,921 Basic weighted-average shares outstanding 50,424,910 40,777,901 Incremental shares due to: Performance shares 328,478 257,021 Restricted stock units 32,796 35,687 Diluted weighted-average shares outstanding 50,786,184 41,070,609 Basic net income per share $ 0.29 $ 0.41 Diluted net income per share $ 0.29 $ 0.41

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue From Contract With Customer [Abstract]
Summary of Revenues by Major Product	The following table represents our revenues by major product. For additional information regarding our segments, see Note 17: Segment Information Three Months Ended March 31, (Dollars in thousands) 2018 2017 Resource Northern region Sawlogs $ 49,584 $ 32,086 Pulpwood 1,780 1,954 Stumpage 79 142 Other 216 253 51,659 34,435 Southern region Sawlogs 14,030 8,689 Pulpwood 8,970 7,642 Stumpage 391 82 Other 1,456 920 24,847 17,333 Total Resource revenues $ 76,506 $ 51,768 Wood Products Lumber 94,993 64,872 Panels 28,891 17,695 Residuals 15,931 13,025 $ 139,815 $ 95,592 Real Estate Rural real estate 8,833 14,504 Development real estate 1,219 — Other 503 — $ 10,555 $ 14,504 Total segment revenues 226,876 161,864 Intersegment Resource revenues 1 (26,979 ) (12,183 ) Total consolidated revenues $ 199,897 $ 149,681 1 Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment.

Certain Balance Sheet Compone30

Certain Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2018
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	INVENTORIES (Dollars in thousands) March 31, 2018 December 31, 2017 Logs $ 16,827 $ 20,133 Lumber, panels and veneer 33,467 20,889 Materials and supplies 11,859 9,110 Total inventories $ 62,153 $ 50,132
Schedule of Other Current Assets	OTHER CURRENT ASSETS (Dollars in thousands) March 31, 2018 December 31, 2017 Rural real estate held for sale $ 9,817 $ 7,721 Taxes receivable 6,838 — Prepaid expenses 3,197 2,862 Other receivables 1,972 882 Interest rate swaps — 13 Total other current assets $ 21,824 $ 11,478
Schedule of Property, Plant and Equipment	PROPERTY, PLANT AND EQUIPMENT (Dollars in thousands) March 31, 2018 December 31, 2017 Property, plant and equipment $ 528,800 $ 259,437 Less: accumulated depreciation (185,624 ) (182,208 ) Total property, plant and equipment, net $ 343,176 $ 77,229
Schedule of Accounts Payable and Accrued Liabilities	ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Dollars in thousands) March 31, 2018 December 31, 2017 Accrued payroll and benefits $ 13,700 $ 18,110 Accounts payable 14,173 9,361 Accrued interest 9,285 6,385 Accrued taxes 17,818 5,103 Avery Landing accrual (see Note 16: Commitments and Contingencies 6,000 6,000 Other current liabilities 14,265 10,242 Total accounts payable and accrued liabilities $ 75,241 $ 55,201

Timber and Timberlands (Tables)

Timber and Timberlands (Tables)	3 Months Ended
	Mar. 31, 2018
Timber And Timberlands [Abstract]
Schedule of Timber and Timberlands	(Dollars in thousands) March 31, 2018 December 31, 2017 Timber and timberlands $ 1,627,669 $ 581,648 Logging roads 76,672 72,828 Total timber and timberlands, net $ 1,704,341 $ 654,476

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instrument Detail [Abstract]
Fair Values of Derivative Instruments	The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets Asset Derivatives Liability Derivatives (Dollars in thousands) Location March 31, 2018 December 31, 2017 Location March 31, 2018 December 31, 2017 Derivatives designated in fair value hedging relationships: Interest rate contracts Other assets, current $ — $ 13 $ — $ — Interest rate contracts Other assets, non-current — — — — $ — $ 13 $ — $ — Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, non-current $ 1,869 $ 1,156 Other long-term obligations $ 1,670 $ —
Effect of Derivatives on Consolidated Statements of Income	The following table details the effect of derivatives on our Consolidated Statements of Income Three Months Ended March 31, (Dollars in thousands) Location 2018 2017 Derivatives designated in fair value hedging relationships: Interest rate contracts Realized gain (loss) on interest rate contracts 1 Interest expense $ (36 ) $ 167 Derivatives designated in cash flow hedging relationships: Interest rate contracts Loss recognized in other comprehensive income, net of tax (effective portion) $ (992 ) $ (2 ) Loss reclassified from accumulated other comprehensive income (effective portion) 1 Interest expense $ (2 ) $ (50 ) 1 Realized gain (loss) on hedging instruments consists of net cash settlements and interest accruals on the fair value interest rate swaps during the periods. Net cash settlements are included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows .

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: March 31, 2018 December 31, 2017 (Dollars in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (Level 1) $ 102,340 $ 102,340 $ 120,457 $ 120,457 Derivative assets related to interest rate swaps (Level 2) $ 1,869 $ 1,869 $ 1,169 $ 1,169 Derivative liabilities related to interest rate swaps (Level 2) $ (1,670 ) $ (1,670 ) $ — $ — Long-term debt, including current portion (Level 2): Term loans $ (543,500 ) $ (538,306 ) $ (343,500 ) $ (345,222 ) Senior notes (149,592 ) (159,375 ) (149,528 ) (161,063 ) Revenue bonds (94,735 ) (93,775 ) (65,735 ) (63,967 ) Medium-term notes (3,000 ) (3,511 ) (17,250 ) (18,227 ) Total long-term debt 1 $ (790,827 ) $ (794,967 ) $ (576,013 ) $ (588,479 ) Company owned life insurance asset (COLI) (Level 3) $ 2,241 $ 2,241 $ 1,996 $ 1,996 1 The carrying amount of long-term debt above excludes unamortized discounts.

Pension and Other Postretirem34

Pension and Other Postretirement Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2018
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Components of Net Periodic Cost (Benefit)	The following tables detail the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended March 31, Pension OPEB (Dollars in thousands) 2018 2017 2018 2017 Service cost $ 1,913 $ 1,862 $ 44 $ 3 Interest cost 3,914 4,081 319 321 Expected return on plan assets (4,708 ) (4,603 ) — — Amortization of prior service cost (credit) 46 72 (2,219 ) (2,219 ) Amortization of actuarial loss 4,150 3,856 355 398 Net periodic cost (benefit) $ 5,315 $ 5,268 $ (1,501 ) $ (1,497 )
Schedule of Pension and OPEB Changes in Accumulated Other Comprehensive Loss	The following tables detail the pension and OPEB changes in accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets Three Months Ended March 31, 2018 (Dollars in thousands) Pension OPEB Total Balance at December 31, 2017 $ 100,611 $ (5,055 ) $ 95,556 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (34 ) 1,642 1,608 Actuarial loss (3,071 ) (262 ) (3,333 ) Total reclassification for the period (3,105 ) 1,380 (1,725 ) Amounts reclassified from AOCL 23,787 (372 ) 23,415 Balance at March 31, 2018 $ 121,293 $ (4,047 ) $ 117,246 Three Months Ended March 31, 2017 (Dollars in thousands) Pension OPEB Total Balance at December 31, 2016 $ 120,627 $ (9,182 ) $ 111,445 Amortization of defined benefit items, net of tax: 1 Prior service credit (cost) (44 ) 1,354 1,310 Actuarial loss (2,352 ) (243 ) (2,595 ) Total reclassification for the period (2,396 ) 1,111 (1,285 ) Balance at March 1, 2017 $ 118,231 $ (8,071 ) $ 110,160 1 Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Components of Accumulated Oth35

Components of Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	The following table details the changes in our accumulated other comprehensive loss (AOCL) on our Condensed Consolidated Balance Sheets (Dollars in thousands) Gains and losses on cash flow hedge Pension Plans OPEB Total Balance at December 31, 2017 $ (705 ) $ 100,611 $ (5,055 ) $ 94,851 Amounts arising during the period 992 (3,105 ) 1,380 (733 ) Amounts reclassified from AOCL to interest expense (2 ) — — (2 ) Amounts reclassified from AOCL to accumulated deficit (150 ) 23,787 (372 ) 23,265 Net change 840 20,682 1,008 22,530 Balance at March 31, 2018 $ 135 $ 121,293 $ (4,047 ) $ 117,381

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Share Based Compensation [Abstract]
Details of Equity-Based Compensation Expense and Related Income Tax Benefit	The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended March 31, (Dollars in thousands) 2018 2017 Employee equity-based compensation expense: Performance shares $ 936 $ 868 Restricted stock units 480 289 Accelerated share-based termination benefits in connection with the merger 1,678 — Total employee equity-based compensation expense $ 3,094 $ 1,157 Deferred compensation stock equivalent units expense $ 185 $ 161 Total tax benefit recognized for share-based expense $ 111 $ 93
Fair Value of Performance Share Awards	The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2018 and 2017: Three Months Ended March 31, 2018 2017 Stock price as of valuation date $ 54.00 $ 43.60 Risk-free rate 2.46 % 1.61 % Expected volatility 23.74 % 24.22 % Expected dividends 2.96 % 3.44 % Expected term (years) 3.00 3.00 Fair value $ 75.37 $ 53.85
Summary of Outstanding Performance Share Awards	The following table summarizes outstanding performance share awards as of March 31, 2018 and changes during the three months ended March 31, 2018: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1, 2018 200,631 $ 39.19 Granted 67,747 $ 75.37 Unvested shares outstanding at March 31, 2018 268,378 $ 48.32 $ 13,969
Summary of Outstanding RSU Awards	The following table summarizes outstanding RSU awards as of March 31, 2018 and changes during the three months ended March 31, 2018: (Dollars in thousands, except grant date fair value) Shares Weighted-Avg. Grant Date Fair Value Aggregate Intrinsic Value Unvested shares outstanding at January 1, 2018 67,871 $ 32.87 Granted 25,584 $ 53.74 Vested (500 ) $ 40.13 Unvested shares outstanding at March 31, 2018 92,955 $ 38.58 $ 4,838

Merger, Integration and Other37

Merger, Integration and Other Costs (Tables)	3 Months Ended
	Mar. 31, 2018
Merger Integration And Other Costs [Abstract]
Summary of Merger and Restructuring Costs	(Dollars in thousands) Three Months Ended March 31, 2018 Merger costs $ 10,261 Restructuring costs: Termination benefits 8,558 Professional services 302 Other 134 8,994 Total merger and restructuring costs $ 19,255 .
Summary of Changes in Accrued Severance Related to Restructuring	Changes in accrued severance related to restructuring were as follows: (Dollars in thousands) Accrued severance as of December 31, 2017 $ — Charges 8,558 Payments (7,264 ) Accrued severance as of March 31, 2018 $ 1,294

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Summary of Information by Business Segment	The following table summarizes information on revenues, Adjusted EBITDDA, depreciation, depletion and amortization and basis of real estate sold for each of the company’s reportable segments and includes a reconciliation of segment Adjusted EBITDDA to income before income taxes: Three Months Ended March 31, (Dollars in thousands) 2018 2017 Revenues: Resource $ 76,506 $ 51,768 Wood Products 139,815 95,592 Real Estate 10,555 14,504 226,876 161,864 Intersegment Resource revenues 1 (26,979 ) (12,183 ) Consolidated revenues $ 199,897 $ 149,681 Adjusted EBITDDA: Resource $ 37,697 $ 19,343 Wood Products 28,950 10,769 Real Estate 8,002 13,460 Corporate (8,716 ) (7,692 ) Eliminations and adjustments (1,201 ) 1,040 Total Adjusted EBITDDA 64,732 36,920 Basis of real estate sold (3,605 ) (4,790 ) Depreciation, depletion and amortization (12,196 ) (6,329 ) Interest expense, net (5,660 ) (4,970 ) Non-operating pension and other postretirement employee benefits (1,857 ) (1,906 ) Gain on fixed assets 4 14 Inventory purchase price adjustment in cost of goods sold 2 (1,849 ) — Deltic merger-related costs 3 (19,255 ) — Income before income taxes $ 20,314 $ 18,939 Depreciation, depletion and amortization: Resource $ 8,646 $ 4,384 Wood Products 3,354 1,827 Real Estate 40 1 Corporate 156 117 12,196 6,329 Bond discounts and deferred loan fees 4 439 373 Total depreciation, depletion and amortization $ 12,635 $ 6,702 Basis of real estate sold: Real Estate $ 3,723 $ 4,809 Eliminations and adjustments (118 ) (19 ) Total basis of real estate sold $ 3,605 $ 4,790 1 Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment. 2 The effect on cost of goods sold for fair value adjustments to the carrying amounts of inventory acquired in business combinations. 3 For integration and restructuring costs related to the merger with Deltic see Note 14: Merger, Integration and Other Costs. 4 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income
Reconciliation of Business Segment Total Assets to Total Assets	A reconciliation of our business segment total assets to total assets in the Condensed Consolidated Balance Sheet (Dollars in thousands) March 31, 2018 December 31, 2017 Total assets: Resource 1 $ 1,731,727 $ 670,240 Wood Products 430,764 154,479 Real Estate 2 86,915 — 2,249,406 824,719 Corporate 122,947 128,360 Total consolidated assets $ 2,372,353 $ 953,079 1 We do not report rural real estate separate from Resource as we do not report these assets separately to management. 2

Recent Accounting Pronounceme39

Recent Accounting Pronouncements (Narrative) (Details) - USD ($)	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in income before taxes		$ 20,314,000	$ 18,939,000
Operating lease description		We have operating leases covering office space, equipment and vehicles expiring at various dates through 2033,
Operating Leases Future Minimum Payments Due				$ 14,400,000
Accounting Standards Update (ASU) No. 2014-09 [Member] | Effect of Change [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Adjustment to accumulated deficit upon adoption of new accounting standards		$ 0
ASU No. 2017-07 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in income before taxes			$ 0
ASU No. 2016-16 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative-effect adjustment to accumulated deficit	$ 1,300,000
ASU No. 2018-2 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Increase in accumulated other comprehensive loss due to change in comprehensive income reporting		$ 23,300,000

Recent Accounting Pronounceme40

Recent Accounting Pronouncements (Summary of Adjustments Made to Consolidated Statements of Income Due to Adoption of New Accounting Standards) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating income	$ 27,831	$ 25,815
ASU No. 2017-07 [Member] | Previously Reported [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating income		23,909
ASU No. 2017-07 [Member] | Effect of Change [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating income		$ 1,906

Merger with Deltic - (Narrative

Merger with Deltic - (Narrative) (Details) shares in Millions		Feb. 20, 2018aSawmill	Mar. 31, 2018USD ($)shares	Mar. 31, 2017USD ($)
Business Acquisition [Line Items]
Number of share exchaged under agreement	[1]	180.00%
Consulting agreement period			2 years
Business combination recorded merger costs			$ 1,850,000
Merger-related costs	[2]		19,255,000
Deltic [Member]
Business Acquisition [Line Items]
Acres of timberland | a		530,000
Number of sawmills | Sawmill		2
Area of diversified timberland base after merger | a		2,000,000
Number of share exchaged under agreement		180.00%
Non-recurring merger-related costs			24,700,000	$ 0
Merger-related costs incurred prior to merger			$ 5,400,000
Stock dividend to be issued in connection with earnings and profits distribution. | shares			3.9
Earnings and profits dividend rate or special distribution percentage of stock		80.00%
Earnings and profits dividend rate or special distribution percentage of cash		20.00%
Deltic [Member] | Arkansas [Member]
Business Acquisition [Line Items]
Area of diversified timberland base after merger | a		930,000
[1]	Exchange ratio per the merger agreement.
[2]	For integration and restructuring costs related to the merger with Deltic see Note 14: Merger, Integration and Other Costs.

Merger with Deltic - Summary of

Merger with Deltic - Summary of Total Consideration Transferred in Merger (Details) $ / shares in Units, $ in Thousands	Feb. 20, 2018USD ($)$ / sharesshares
Business Acquisition [Line Items]
Exchange ratio	180.00%	[1]
Potlatch shares issued | shares	21,981,128
Price per Potlatch common share | $ / shares	$ 51.95	[2]
Aggregate value of Potlatch common shares issued | $	$ 1,141,920
Cash paid in lieu of fractional shares | $	14
Fair value of stock options and RSUs | $	841	[3]
Consideration transferred | $	$ 1,142,775
Deltic [Member]
Business Acquisition [Line Items]
Number of shares of Deltic common stock outstanding | shares	12,121,223	[4]
Number of Deltic performance awards | shares	90,515	[5]
Number of shares of common stock outstanding and performance awards | shares	12,211,738
[1]	Exchange ratio per the merger agreement.
[2]	Closing price of Potlatch common shares on February 20, 2018.
[3]	Fair value of Deltic stock options for pre-combination services rendered that vested upon closing of the merger, as well as RSUs for pre-combination services rendered.
[4]	Number of shares of Deltic common stock issued and outstanding as of February 20, 2018, net of fractional shares.
[5]	Number of shares of Deltic performance awards for pre-combination services rendered that vested upon closing of the merger.

Merger with Deltic - Summary 43

Merger with Deltic - Summary of Revenue and Loss Before Income Taxes From Acquired Deltic Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Loss before income taxes	$ 20,314	$ 18,939
Deltic [Member]
Business Acquisition [Line Items]
Net sales	28,806
Loss before income taxes	$ (9,002)

Merger with Deltic - Summary 44

Merger with Deltic - Summary of Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Combinations [Abstract]
Net sales	$ 238,560	$ 202,896
Net earnings attributable to PotlatchDeltic common shareholders	$ 32,783	$ 15,464
Basic earnings per share attributable to PotlatchDeltic common Shareholders	$ 0.49	$ 0.23
Diluted earnings per share attributable to PotlatchDeltic common shareholders	$ 0.49	$ 0.23

Merger with Deltic - Summary 45

Merger with Deltic - Summary of Estimated Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) $ in Thousands	Feb. 20, 2018USD ($)
ASSETS
Cash and cash equivalents	$ 3,419
Customer receivables, net	12,709
Inventories	17,316
Other current assets	8,276
Real estate held for development and sale	79,000
Property, plant and equipment	265,901
Timber and timberlands	1,060,000
Trade name and customer relationships intangibles	19,000
Other long-term assets	2,010
Total assets acquired	1,467,631
LIABILITIES
Accounts payable and accrued liabilities	12,604
Current portion of pension and other postretirement employee benefits	754
Long-term debt	229,968
Pension and other postretirement employee benefits	36,155
Deferred tax liabilities, net	44,439
Other long-term liabilities	936
Total liabilities assumed	324,856
Net assets acquired	$ 1,142,775

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation Of Number Of Common Shares Used In Calculating Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings per Share [Line Items]
Net income	$ 14,597	$ 16,921
Basic weighted-average shares outstanding	50,424,910	40,777,901
Diluted weighted-average shares outstanding	50,786,184	41,070,609
Basic net income per share	$ 0.29	$ 0.41
Diluted net income per share	$ 0.29	$ 0.41
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	328,478	257,021
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	32,796	35,687

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	64,217	81,440
Deltic [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares issued	22,000,000

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - Maximum [Member]	3 Months Ended
	Mar. 31, 2018
Revenue Recognition [Line Items]
Unsatisfied contracts are expected to be satisfied	1 year
Contractual rates due from customers	1 month

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenues by Major Product (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenue Recognition [Line Items]
Revenues		$ 199,897	$ 149,681
Operating Segments [Member]
Revenue Recognition [Line Items]
Revenues		226,876	161,864
Intersegment Eliminations [Member]
Revenue Recognition [Line Items]
Revenues	[1]	(26,979)	(12,183)
Resource [Member] | Operating Segments [Member]
Revenue Recognition [Line Items]
Revenues		76,506	51,768
Resource [Member] | Operating Segments [Member] | Northern Region [Member]
Revenue Recognition [Line Items]
Revenues		51,659	34,435
Resource [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Revenue Recognition [Line Items]
Revenues		49,584	32,086
Resource [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Revenue Recognition [Line Items]
Revenues		1,780	1,954
Resource [Member] | Operating Segments [Member] | Northern Region [Member] | Stumpage [Member]
Revenue Recognition [Line Items]
Revenues		79	142
Resource [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Revenue Recognition [Line Items]
Revenues		216	253
Resource [Member] | Operating Segments [Member] | Southern Region [Member]
Revenue Recognition [Line Items]
Revenues		24,847	17,333
Resource [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Revenue Recognition [Line Items]
Revenues		14,030	8,689
Resource [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Revenue Recognition [Line Items]
Revenues		8,970	7,642
Resource [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Revenue Recognition [Line Items]
Revenues		391	82
Resource [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Revenue Recognition [Line Items]
Revenues		1,456	920
Wood Products [Member] | Operating Segments [Member]
Revenue Recognition [Line Items]
Revenues		139,815	95,592
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Revenue Recognition [Line Items]
Revenues		94,993	64,872
Wood Products [Member] | Operating Segments [Member] | Panels [Member]
Revenue Recognition [Line Items]
Revenues		28,891	17,695
Wood Products [Member] | Operating Segments [Member] | Residuals [Member]
Revenue Recognition [Line Items]
Revenues		15,931	13,025
Real Estate Segment [Member] | Operating Segments [Member]
Revenue Recognition [Line Items]
Revenues		10,555	14,504
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Revenue Recognition [Line Items]
Revenues		8,833	$ 14,504
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Revenue Recognition [Line Items]
Revenues		1,219
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Revenue Recognition [Line Items]
Revenues		$ 503
[1]	Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment.

Certain Balance Sheet Compone50

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Logs	$ 16,827	$ 20,133
Lumber, panels and veneer	33,467	20,889
Materials and supplies	11,859	9,110
Total inventories	$ 62,153	$ 50,132

Certain Balance Sheet Compone51

Certain Balance Sheet Components (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Assets [Abstract]
Rural real estate held for sale	$ 9,817	$ 7,721
Taxes receivable	6,838
Prepaid expenses	3,197	2,862
Other receivables	1,972	882
Interest rate swaps		13
Total other current assets	$ 21,824	$ 11,478

Certain Balance Sheet Compone52

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property Plant And Equipment [Abstract]
Property, plant and equipment	$ 528,800	$ 259,437
Less: accumulated depreciation	(185,624)	(182,208)
Total property, plant and equipment, net	$ 343,176	$ 77,229

Certain Balance Sheet Compone53

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts Payable And Accrued Liabilities Current [Abstract]
Accrued payroll and benefits	$ 13,700	$ 18,110
Accounts payable	14,173	9,361
Accrued interest	9,285	6,385
Accrued taxes	17,818	5,103
Avery Landing accrual (see Note 16: Commitments and Contingencies)	6,000	6,000
Other current liabilities	14,265	10,242
Total accounts payable and accrued liabilities	$ 75,241	$ 55,201

Timber and Timberlands (Schedul

Timber and Timberlands (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Timber And Timberlands [Abstract]
Timber and timberlands	$ 1,627,669	$ 581,648
Logging roads	76,672	72,828
Total timber and timberlands, net	$ 1,704,341	$ 654,476

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Mar. 22, 2018USD ($)	Feb. 20, 2018USD ($)	Feb. 14, 2018USD ($)	Mar. 31, 2018USD ($)Tranche	Dec. 31, 2016	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Reyament funded through credit facility				$ 100,000,000
Repayments through available cash				$ 6,000,000
Unused Capacity, Commitment Fee Percentage				0.25%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
Additional Applicable Rate Added to Base Rate, Minimum					1.50%
Federal Fund Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.50%
Base Rate [Member]
Debt Instrument [Line Items]
Additional Applicable Rate Added to Base Rate, Minimum					0.50%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.70%
Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.70%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.875%
Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.00%
Line of Credit [Member]
Debt Instrument [Line Items]
Interest coverage ratio			300.00%
Long-term Debt, refinancing amount				$ 100,000,000
Maximum Borrowing Capacity			$ 380,000,000
Amount available to increase borrowing capacity			$ 420,000,000
Line of Credit [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio			40.00%
Line of Credit [Member] | Deltic [Member]
Debt Instrument [Line Items]
Repayments of debt				106,000,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity			$ 75,000,000
Swing Line Loan [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity						$ 25,000,000
Revenue Bonds [Member] | Union County, Arkansas [Member] | Deltic [Member]
Debt Instrument [Line Items]
Debt Iistrument maturity date		Oct. 1, 2027
Revenue Bonds [Member] | Union County, Arkansas [Member] | Irrevocable Standby Letter of Credit [Member]
Debt Instrument [Line Items]
Letters of credit		$ 29,700,000
Letter of credit expiration date		Apr. 13, 2023
Revenue Bonds [Member] | Union County, Arkansas [Member] | Letter of Credit [Member] | Deltic [Member]
Debt Instrument [Line Items]
Debt assumed		$ 29,000,000
Medium Term Notes [Member]
Debt Instrument [Line Items]
Repayments of debt				14,300,000
Term Loans [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 100,000,000			$ 100,000,000
Interest coverage ratio	300.00%
Number of Tranches Included in Term Loan | Tranche				3
Term Loans [Member] | Term Loan, Tranche One [Member]
Debt Instrument [Line Items]
Long Term Debt Maturities Repayment Of Principal In Year Seven				$ 100,000,000
Term Loans [Member] | Term Loan, Tranche One [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Interest Rate				4.05%
Debt instrument maturity date				2,025
Term Loans [Member] | Term Loan, Tranche Two [Member]
Debt Instrument [Line Items]
Long Term-Debt Maturities Repayment of Principal in Year Ten				$ 65,000,000
Term Loans [Member] | Term Loan, Tranche Two [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				2,028
Term Loans [Member] | Term Loan, Tranche Two [Member] | Debt Instrument, Redemption, Period Two [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.95%
Term Loans [Member] | Term Loan, Tranche Three [Member]
Debt Instrument [Line Items]
Long Term-Debt Maturities Repayment of Principal in Year Ten				$ 35,000,000
Term Loans [Member] | Term Loan, Tranche Three [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				2,028
Term Loans [Member] | Term Loan, Tranche Three [Member] | Debt Instrument, Redemption, Period Two [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.95%
Term Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio	40.00%
Term Loans [Member] | Deltic [Member] | Debt Assumed [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 100,000,000

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)	Mar. 31, 2018USD ($)Derivative	Dec. 31, 2017USD ($)
Derivatives Fair Value [Line Items]
Net losses expected to be reclassified into earnings in the next twelve months		$ 0.5
Interest Rate Swaps [Member]
Derivatives Fair Value [Line Items]
Number of interest rate swap agreements | Derivative		3
Notional amounts		$ 14.3
Senior Notes	$ 50		$ 50
Derivative original maturity date		Nov. 30, 2019
Interest expense over the next twelve months			$ 0.2
Interest Rate Swaps [Member] | Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Number of interest rate swap agreements | Derivative		2
Interest Rate Swaps [Member] | Senior notes [Member]
Derivatives Fair Value [Line Items]
Derivative, termination year		2017-12
Termination cost	$ 0.4

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value of Derivative Instruments) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Hedging [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		$ 13
Fair Value Hedging [Member] | Interest rate contracts [Member] | Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		13
Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 1,869	$ 1,156
Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other long-term obligations [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 1,670

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Consolidated Statements of Income (Details) - Designated as Hedging Instrument [Member] - Interest rate contracts [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Fair Value Hedging [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on interest rate contracts	[1]	$ (36)	$ 167
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in other comprehensive income, net of tax (effective portion)		(992)	(2)
Cash Flow Hedging [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated other comprehensive income (effective portion)	[1]	$ (2)	$ (50)
[1]	Realized gain (loss) on hedging instruments consists of net cash settlements and interest accruals on the fair value interest rate swaps during the periods. Net cash settlements are included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows

Financial Instruments (Estimate

Financial Instruments (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Carrying Amount [Member] | Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 102,340	$ 120,457
Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(790,827)	(576,013)
Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		1,869	1,169
Derivative liabilities related to interest rate swaps		(1,670)
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		(543,500)	(343,500)
Carrying Amount [Member] | Level 2 [Member] | Senior notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(149,592)	(149,528)
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		(94,735)	(65,735)
Carrying Amount [Member] | Level 2 [Member] | Medium-term notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(3,000)	(17,250)
Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		2,241	1,996
Fair Value [Member] | Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents		102,340	120,457
Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(794,967)	(588,479)
Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		1,869	1,169
Derivative liabilities related to interest rate swaps		(1,670)
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		(538,306)	(345,222)
Fair Value [Member] | Level 2 [Member] | Senior notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(159,375)	(161,063)
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		(93,775)	(63,967)
Fair Value [Member] | Level 2 [Member] | Medium-term notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(3,511)	(18,227)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 2,241	$ 1,996
[1]	The carrying amount of long-term debt above excludes unamortized discounts.

Pension and Other Postretirem60

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,913	$ 1,862
Interest cost	3,914	4,081
Expected return on plan assets	(4,708)	(4,603)
Amortization of prior service cost (credit)	46	72
Amortization of actuarial loss	4,150	3,856
Net periodic cost (benefit)	5,315	5,268
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	44	3
Interest cost	319	321
Amortization of prior service cost (credit)	(2,219)	(2,219)
Amortization of actuarial loss	355	398
Net periodic cost (benefit)	$ (1,501)	$ (1,497)

Pension and Other Postretirem61

Pension and Other Postretirement Employee Benefits (Schedule of Pension and OPEB Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income [Roll Forward]
AOCI at beginning of period		$ 95,556	$ 111,445
Prior service credit (cost)	[1]	1,608	1,310
Actuarial loss	[1]	(3,333)	(2,595)
Total reclassification for the period	[1]	(1,725)	(1,285)
Amounts reclassified from AOCL		23,415
AOCI at end of period		117,246	110,160
Pension Plans [Member]
Accumulated Other Comprehensive Income [Roll Forward]
AOCI at beginning of period		100,611	120,627
Prior service credit (cost)	[1]	(34)	(44)
Actuarial loss	[1]	(3,071)	(2,352)
Total reclassification for the period	[1]	(3,105)	(2,396)
Amounts reclassified from AOCL		23,787
AOCI at end of period		121,293	118,231
OPEB [Member]
Accumulated Other Comprehensive Income [Roll Forward]
AOCI at beginning of period		(5,055)	(9,182)
Prior service credit (cost)	[1]	1,642	1,354
Actuarial loss	[1]	(262)	(243)
Total reclassification for the period	[1]	1,380	1,111
Amounts reclassified from AOCL		(372)
AOCI at end of period		$ (4,047)	$ (8,071)
[1]	Amortization of prior service credit (cost) and amortization of actuarial loss are included in the computation of net periodic cost (benefit).

Pension and Other Postretirem62

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Feb. 20, 2018
Defined Benefit Plan Disclosure [Line Items]
Amounts reclassified from AOCL	$ 23,415
Nonqualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Postretirement Benefits Payments	600	$ 600
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Amounts reclassified from AOCL	23,787
Pension Plans [Member] | Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets			$ 38,700
Projected benefit obligation			62,000
Contributions	8,100
Pension Plans [Member] | Nonqualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation			62,000
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Amounts reclassified from AOCL	(372)
Accumulated benefit obligation			$ 13,500
Supplemental Pension Plans [Member] | Nonqualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions	500	$ 400
Accumulated Deficit [Member]
Defined Benefit Plan Disclosure [Line Items]
Amounts reclassified from AOCL	$ 23,400

Components of Accumulated Oth63

Components of Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ (200,542)
Amounts arising during the period	(733)
Amounts reclassified from AOCL to interest expense	(2)
Amounts reclassified from AOCL to accumulated deficit	23,265
Net change	22,530
Balance at end of period	(1,335,442)
Gains and losses on cash flow hedge [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(705)
Amounts arising during the period	992
Amounts reclassified from AOCL to interest expense	(2)
Amounts reclassified from AOCL to accumulated deficit	(150)
Net change	840
Balance at end of period	135
Pension and other postretirement employee benefits [Member] | Pension Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	100,611
Amounts arising during the period	(3,105)
Amounts reclassified from AOCL to accumulated deficit	23,787
Net change	20,682
Balance at end of period	121,293
Pension and other postretirement employee benefits [Member] | OPEB [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(5,055)
Amounts arising during the period	1,380
Amounts reclassified from AOCL to accumulated deficit	(372)
Net change	1,008
Balance at end of period	(4,047)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	94,851
Balance at end of period	$ 117,381

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Unit, Vested, Issuance Deferred	74,637
Qualifying terminations, recognition of expense | $	$ 1,678
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance	143,340
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 7,900
Weighted average period (in years)	1 year 6 months
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 2,200
Weighted average period (in years)	1 year 6 months
Replacement Restricted Stock Unit Awards [Member] | Deltic [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting terms	4 years
Qualifying terminations, accelerated vesting shares	35,471
Qualifying terminations, recognition of expense | $	$ 1,700
2005 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	1,600,000
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	1,000,000
2005 and 2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	300,000
2002 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	250,000

Equity-Based Compensation (Deta

Equity-Based Compensation (Details of Equity-Based Compensation Expense and Related Income Tax Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	$ 3,094	$ 1,157
Accelerated share-based termination benefits in connection with the merger	1,678
Deferred compensation stock equivalent units expense	185	161
Total tax benefit recognized for share-based expense	111	93
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	936	868
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee equity-based compensation expense	$ 480	$ 289

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards) (Details) - Performance Shares Awards [Member] - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date (in dollars per share)	$ 54	$ 43.60
Risk-free rate	2.46%	1.61%
Expected volatility	23.74%	24.22%
Expected dividends	2.96%	3.44%
Expected term (years)	3 years	3 years
Fair value	$ 75.37	$ 53.85

Equity-Based Compensation (Summ

Equity-Based Compensation (Summary Of Outstanding Performance Shares/Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Performance Shares Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares outstanding at January 1, Shares	200,631
Granted (in shares)	67,747
Unvested shares outstanding at March 31, Shares	268,378
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share)	$ 39.19
Granted, Weighted Avg. Exercise Price (in dollars per share)	75.37	$ 53.85
Unvested shares outstanding at March 31, Weighted Avg. Grant Date Fair Value (in dollars per share)	$ 48.32
Aggregate Intrinsic Value	$ 13,969
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares outstanding at January 1, Shares	67,871
Granted (in shares)	25,584
Vested (in shares)	(500)
Unvested shares outstanding at March 31, Shares	92,955
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares outstanding at January 1, Weighted Avg. Grant Date Fair Value (in dollars per share)	$ 32.87
Granted, Weighted Avg. Exercise Price (in dollars per share)	53.74
Vested, Weighted Avg. Grant Date Fair Value (in dollars per share)	40.13
Unvested shares outstanding at March 31, Weighted Avg. Grant Date Fair Value (in dollars per share)	$ 38.58
Aggregate Intrinsic Value	$ 4,838

Merger, Integration and Other68

Merger, Integration and Other Costs (Summary of Merger and Restructuring Costs) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Merger Integration And Other Costs [Abstract]
Merger costs	$ 10,261
Restructuring costs:
Termination benefits	8,558
Professional services	302
Other	134
Total restructuring costs	8,994
Total merger and restructuring costs	$ 19,255	[1]
[1]	For integration and restructuring costs related to the merger with Deltic see Note 14: Merger, Integration and Other Costs.

Merger, Integration and Other69

Merger, Integration and Other Costs (Summary of Changes in Accrued Severance Related to Restructuring) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Restructuring Cost And Reserve [Line Items]
Charges	$ 8,994
Accrued Severance [Member]
Restructuring Cost And Reserve [Line Items]
Charges	8,558
Payments	(7,264)
Accrued severance as of March 31, 2018	$ 1,294

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory Federal Income Tax Rate	21.00%	35.00%
Decrease in effective tax rate	$ 2.1

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Thousands	Apr. 10, 2018USD ($)	Sep. 25, 2015USD ($)	May 23, 2012USD ($)	Mar. 31, 2018Agreement
Site Contingency [Line Items]
Loss contingency accrual, payments			$ 1,750
Loss contingency, damages sought, value		$ 9,800
Number of tolling agreement with EPA and DOT | Agreement				6
Litigation settlement date				April 10, 2018
Subsequent Event [Member]
Site Contingency [Line Items]
Litigation final settlement amount	$ 6,000

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information (Summary Of

Segment Information (Summary Of Information By Business Segment) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Segment Revenues		$ 199,897	$ 149,681
Adjusted EBITDDA		64,732	36,920
Basis of real estate sold		3,605	4,790
Depreciation, depletion and amortization		12,196	6,329
Interest expense, net		(5,660)	(4,970)
Non-operating pension and other postretirement employee benefits		(1,857)	(1,906)
Gain on fixed assets		4	14
Deltic merger-related costs	[1]	(19,255)
Income before income taxes		20,314	18,939
Bond discounts and deferred loan fees	[2]	439	373
Depreciation, depletion and amortization		12,635	6,702
Operating Segments [Member]
Segment Reporting Information [Line Items]
Segment Revenues		226,876	161,864
Depreciation, depletion and amortization		12,196	6,329
Operating Segments [Member] | Resource [Member]
Segment Reporting Information [Line Items]
Segment Revenues		76,506	51,768
Adjusted EBITDDA		37,697	19,343
Depreciation, depletion and amortization		8,646	4,384
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Segment Revenues		139,815	95,592
Adjusted EBITDDA		28,950	10,769
Depreciation, depletion and amortization		3,354	1,827
Operating Segments [Member] | Real Estate [Member]
Segment Reporting Information [Line Items]
Segment Revenues		10,555	14,504
Adjusted EBITDDA		8,002	13,460
Basis of real estate sold		3,723	4,809
Depreciation, depletion and amortization		40	1
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Segment Revenues	[3]	(26,979)	(12,183)
Adjusted EBITDDA		(1,201)	1,040
Basis of real estate sold		(118)	(19)
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(8,716)	(7,692)
Depreciation, depletion and amortization		156	$ 117
Costs of Goods Sold [Member]
Segment Reporting Information [Line Items]
Inventory purchase price adjustment in cost of goods sold	[4]	$ (1,849)
[1]	For integration and restructuring costs related to the merger with Deltic see Note 14: Merger, Integration and Other Costs.
[2]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income.
[3]	Intersegment revenues are based on prevailing market prices of logs sold by our Resource segment to the Wood Products segment.
[4]	The effect on cost of goods sold for fair value adjustments to the carrying amounts of inventory acquired in business combinations.

Segment Information (Reconcilia

Segment Information (Reconciliation of Business Segment Total Assets to Total Assets) (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Asset Reconciling Item [Line Items]
Assets		$ 2,372,353	$ 953,079
Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets		2,249,406	824,719
Operating Segments [Member] | Resource [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	[1]	1,731,727	670,240
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets		430,764	154,479
Operating Segments [Member] | Real Estate [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	[2]	86,915
Corporate [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets		$ 122,947	$ 128,360
[1]	We do not report rural real estate separate from Resource as we do not report these assets separately to management.
[2]	Real Estate assets primarily consist of real estate development acquired with the Deltic merger.