PotlatchDeltic (PCH) 10-Q 1 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	PCH
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		67,587,962

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenues		$ 181,716	$ 199,897
Costs and expenses:
Cost of goods sold		154,215	139,155
Selling, general and administrative expenses		16,570	13,656
Gain on sale of facility		(9,176)
Deltic merger-related costs	[1]		19,255
Total costs and expenses		161,609	172,066
Operating income		20,107	27,831
Interest expense, net	[2]	(5,464)	(5,660)
Loss on extinguishment of debt		(5,512)
Non-operating pension and other postretirement employee benefit costs		(980)	(1,857)
Income before income taxes		8,151	20,314
Income taxes		(1,591)	(5,717)
Net income		$ 6,560	$ 14,597
Net income per share:
Basic (in dollars per share)		$ 0.10	$ 0.29
Diluted (in dollars per share)		0.10	0.29
Dividends per share (in dollars per share)		$ 0.40	$ 0.40
Weighted-average shares outstanding:
Basic (in shares)		67,860	50,425
Diluted (in shares)		67,916	50,786
[1]	For integration and restructuring costs related to the merger with Deltic see Note 3: Merger with Deltic.
[2]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 6,560	$ 14,597
Other comprehensive (loss) income, net of tax:
Amortization of prior service credit included in net income, net of tax benefit of $(561) and $(565)	(1,597)	(1,608)
Amortization of actuarial loss included in net income, net of tax expense of $971 and $1,172	2,763	3,333
Cash flow hedges, net of tax benefit of $(364) and $(32)	(8,513)	(990)
Other comprehensive (loss) income, net of tax	(7,347)	735
Comprehensive (loss) income	$ (787)	$ 15,332

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Amortization of prior service credit included in net income, tax benefit	$ (561)	$ (565)
Amortization of actuarial loss included in net income, tax expense	971	1,172
Cash flow hedge, tax (benefit)	$ (364)	$ (32)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 104,787	$ 76,639
Customer receivables, net	18,009	21,405
Inventories, net	62,408	60,805
Other current assets	18,625	22,675
Assets held for sale		80,674
Total current assets	203,829	262,198
Property, plant and equipment, net	273,118	272,193
Investment in real estate held for development and sale	80,675	79,537
Timber and timberlands, net	1,666,168	1,672,815
Intangible assets, net	17,634	17,828
Other long-term assets	31,790	21,281
Total assets	2,273,214	2,325,852
Current liabilities:
Accounts payable and accrued liabilities	72,565	60,993
Current portion of long-term debt	39,981	39,973
Current portion of pension and other postretirement employee benefits	5,997	5,997
Liabilities held for sale		29,321
Total current liabilities	118,543	136,284
Long-term debt	715,837	715,391
Pension and other postretirement employee benefits	110,476	110,659
Deferred tax liabilities, net	15,956	32,009
Other long-term obligations	34,016	16,730
Total liabilities	994,828	1,011,073
Commitments and contingencies
Stockholders' equity:
Preferred stock, authorized 4,000 shares, no shares issued
Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 67,588 and 67,570 shares	67,588	67,570
Additional paid-in capital	1,660,450	1,659,031
Accumulated deficit	(312,874)	(282,391)
Accumulated other comprehensive loss	(136,778)	(129,431)
Total stockholders’ equity	1,278,386	1,314,779
Total liabilities and stockholders' equity	$ 2,273,214	$ 2,325,852

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Preferred stock, authorized	4,000,000	4,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	67,588,000	67,570,000
Common stock, outstanding	67,588,000	67,570,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 6,560	$ 14,597
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	16,274	12,635
Basis of real estate sold	1,556	3,605
Gain on sale of facility	(9,176)
Loss on extinguishment of debt	5,512
Change in deferred taxes	(16,099)	(1,058)
Pension and other postretirement employee benefits	3,106	3,814
Equity-based compensation expense	1,617	3,279
Other, net	(786)	(542)
Change in working capital and operating-related activities, net	13,983	8,394
Real estate development expenditures	(1,766)	(608)
Funding of pension and other postretirement employee benefits	(1,714)	(9,202)
Net cash provided by operating activities	19,067	34,914
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions	(3,760)	(3,632)
Timberlands reforestation and roads	(4,242)	(2,860)
Proceeds on sale of facility	60,045
Cash and cash equivalents acquired in Deltic merger		3,419
Other, net	130	232
Net cash provided by (used in) investing activities	52,173	(2,841)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends to common stockholders	(27,065)	(25,102)
Proceeds from Potlatch revolving line of credit		100,000
Repayment of revolving line of credit		(100,000)
Proceeds from long-term debt	150,000	100,000
Repayment of long-term debt	(150,000)	(14,250)
Premiums and fees on debt retirement	(4,865)
Repurchase of common stock	(10,158)
Other, net	(213)	(4,838)
Net cash used in financing activities	(42,301)	(50,190)
Change in cash, cash equivalents and restricted cash	28,939	(18,117)
Cash, cash equivalents and restricted cash at beginning of period	79,441	120,457
Cash, cash equivalents and restricted cash at end of period	108,380	102,340
NONCASH INVESTING AND FINANCING ACTIVITIES
Long-term debt assumed by buyer in sale of facility	29,000
Accrued property, plant and equipment additions	2,590	659
Accrued timberlands reforestation and roads	17	388
Cash and cash equivalents	104,787	102,340
Restricted cash included in other short-term and long-term assets	$ 3,593
Deltic [Member]
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of revolving line of credit		(106,000)
NONCASH INVESTING AND FINANCING ACTIVITIES
Equity issued as consideration for our merger with Deltic		$ 1,142,775

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance, beginning of period at Dec. 31, 2017	$ 200,542	$ 40,612	$ 359,144	$ (104,363)	$ (94,851)
Balance, beginning of period (shares) at Dec. 31, 2017		40,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,597			14,597
Shares issued for stock compensation		$ 162	(162)
Shares issued for stock compensation (shares)		162
Common stock issued for Deltic merger	1,142,775	$ 21,981	1,120,794
Common stock issued for Deltic merger (shares)		21,981
Equity-based compensation expense	3,279		3,279
Pension plans and OPEB obligations	1,725				1,725
Cash flow hedges	(990)				(990)
Cumulative effects of adoption of accounting standards	1,299			24,564	(23,265)
Common dividends, $0.40 per share	(25,102)			(25,102)
Other transactions, net	(2,683)		(2,653)	(30)
Balance, end of period at Mar. 31, 2018	1,335,442	$ 62,755	1,480,402	(90,334)	(117,381)
Balance, end of period (shares) at Mar. 31, 2018		62,755
Balance, beginning of period at Dec. 31, 2018	$ 1,314,779	$ 67,570	1,659,031	(282,391)	(129,431)
Balance, beginning of period (shares) at Dec. 31, 2018	67,570,000	67,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,560			6,560
Shares issued for stock compensation		$ 297	(297)
Shares issued for stock compensation (shares)		297
Equity-based compensation expense	1,617		1,617
Pension plans and OPEB obligations	1,166				1,166
Cash flow hedges	(8,513)				(8,513)
Common dividends, $0.40 per share	(27,065)			(27,065)
Repurchase of common stock	$ (10,158)	$ (279)		(9,879)
Repurchase of common stock (shares)	(278,947)	(279)
Other transactions, net			99	(99)
Balance, end of period at Mar. 31, 2019	$ 1,278,386	$ 67,588	$ 1,660,450	$ (312,874)	$ (136,778)
Balance, end of period (shares) at Mar. 31, 2019	67,588,000	67,588

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Common dividends, per share	$ 0.40	$ 0.40

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	NOTE 1. BASIS OF PRESENTATION For purposes of this report, any reference to “ PotlatchDeltic Potlatch the company we us our We are primarily engaged in activities associated with timberland management, including the sale of timber, the management of approximately 1.9 million acres of timberlands and the purchase and sale of timberlands. We are also engaged in the manufacture and sale of wood products and the development of real estate. The accompanying unaudited Condensed Consolidated Financial Statements Notes to Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may receive or have to pay in connection with any legal proceeding would have a materially adverse effect on our consolidated financial position or net cash flow.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Standards Recently Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) We adopted ASU 2016-02, along with subsequent amendments, on January 1, 2019 and used the effective date as our date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided, for dates and periods before January 1, 2019. The new standard provides several optional practical expedients in transition and for an entity’s ongoing accounting. We elected the following practical expedients as part of our adoption of the standard: • to not reassess whether any expired or existing contracts are or contain leases; • to not reassess the lease classification for any expired or existing leases; • to not reassess initial direct costs for any existing leases; • to apply the short-term lease recognition exemption for all leases that qualify; • to not separate non-lease components from lease components; and • to apply the land easement practical expedient for transition of all existing land easements. Upon adoption of this ASU we recorded $14.0 million for right of use assets and lease liabilities for our operating leases on our Condensed Consolidated Balance Sheet Condensed Consolidated Statement of Income Condensed Consolidated Statement of Cash Flows Note 14: Leases New Accounting Standards Being Evaluated In August 2018, the FASB issued ASU No. 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

Merger with Deltic

Merger with Deltic	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Merger with Deltic	NOTE 3. MERGER WITH DELTIC On February 20, 2018 Deltic Timber Corporation (Deltic) merged with a wholly-owned subsidiary of PotlatchDeltic. Deltic owned approximately 530,000 acres of timberland, operated two sawmills, a medium density fiberboard facility (MDF) and was engaged in real estate development primarily in Arkansas. The acquisition of total assets of $1.4 billion was a noncash investing and financing activity comprised of $1.1 billion in equity consideration transferred to Deltic shareholders and $0.3 billion of liabilities assumed. We expensed $19.3 million of merger-related costs during the three months ended March 31, 2018 which consisted of: • $9.0 million of restructuring costs primarily for termination benefits, which included accelerated share-based payment costs, for qualifying terminations; and • $10.3 million of merger related costs for professional fees such as investment banker fees, legal, accounting and appraisal services. These costs are included in Deltic merger-related costs in our Condensed Consolidated Statements of Income . Total revenue and loss before income taxes from the acquired Deltic Operations included in our Condensed Consolidated Statements of Income The following presents the unaudited pro forma consolidated financial information of the company as if the merger with Deltic was completed on January 1, 2017: Three Months Ended March 31, (in thousands, except per share amounts) 2018 Net sales $ 238,560 Net earnings attributable to PotlatchDeltic common shareholders $ 32,783 Basic earnings per share attributable to PotlatchDeltic common shareholders $ 0.49 Diluted earnings per share attributable to PotlatchDeltic common shareholders $ 0.49 Pro forma net earnings attributable to PotlatchDeltic common shareholders excludes $24.7 million of non-recurring merger-related costs incurred by both companies during the three months ended March 31, 2018, of which $5.4 million were incurred by Deltic prior to the merger. 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.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale	3 Months Ended
	Mar. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
Assets and Liabilities Held for Sale	NOTE 4. ASSETS AND LIABILITIES HELD FOR SALE On December 20, 2018, we entered into an Asset Purchase and Sale Agreement (the Agreement) with Roseburg Forest Products Co. to sell the Deltic MDF facility for $92.0 million, consisting of $63.0 million in cash and assumption of $29.0 million of revenue bonds. The purchase price was subject to post-closing adjustments for certain changes in working capital as defined in the Agreement. The transaction closed on February 12, 2019 resulting in a $9.2 million pre-tax gain on sale. Cash proceeds received after working capital adjustments, closing costs and other expenses were approximately $60.0 million. A portion of the purchase price is escrowed pending satisfaction of certain covenants as outlined in the Agreement. In addition, we had a carryover tax basis in the facility from the Deltic merger, and as a result, we recorded a reduction to deferred tax liabilities and increase to income taxes payable of $15.8 million at the date of sale. At December 31, 2018, the assets and liabilities to be disposed met the criteria to be classified as held for sale and were reflected as such at their carrying value. At December 31, 2018, assets held for sale on the Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
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 wood by-products and real estate. We recognize revenue in accordance with FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers At March 31, 2019 and 2018, we recorded $1.8 million and $1.4 million, respectively, for contract liabilities recorded as deferred revenue related to hunting lease rights and member related activities at the Chenal Country Club. These contract liabilities are being amortized over the term of the contracts, which is typically twelve months or less, except membership initiation fees at the Chenal Country Club which are amortized up to 10 years. Other contract asset and liability balances, such as prepayments, are immaterial. For real estate sales, we typically receive the entire consideration in cash at closing. The following table represents our revenues by major product. For additional information regarding our segments, see Note 6: Segment Information Three Months Ended March 31, (in thousands) 2019 2018 Resource Northern region Sawlogs $ 32,499 $ 49,584 Pulpwood 2,061 1,780 Stumpage 106 79 Other 211 216 34,877 51,659 Southern region Sawlogs 18,437 14,030 Pulpwood 11,811 8,970 Stumpage 322 391 Other 2,711 1,456 33,281 24,847 Total Resource revenues 68,158 76,506 Wood Products Lumber 90,505 94,993 Panels 24,698 28,891 Residuals 17,103 15,931 Total Wood Products revenues 132,306 139,815 Real Estate Rural real estate 4,219 8,833 Development real estate 673 1,219 Other 1 1,272 503 Total Real Estate revenues 6,164 10,555 Total segment revenues 206,628 226,876 Intersegment Resource revenues 2 (24,912 ) (26,979 ) Total consolidated revenues $ 181,716 $ 199,897 1 Other Real Estate revenues primarily relate to the Chenal Country Club. 2 Intersegment revenues represent logs sold by our Resource segment to the Wood Products segment.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	NOTE 6. 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 contracts, oil and gas royalties, biomass production and carbon sequestration. The Wood Products segment manufactures and markets lumber and plywood. The business of our Real Estate segment includes the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives. The Real Estate segment also engages in master planned communities, development activities and includes the Chenal Country Club. The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements nventories not valued under LIFO are recorded at the lower of average cost or net realizable value. Management primarily evaluates the performance of its segments and allocates resources to them based upon Adjusted EBITDDA. EBITDDA is calculated as net income (loss) before interest expense, income taxes, basis of real estate sold, depreciation, depletion and amortization. Adjusted EBITDDA further excludes certain specific items that are considered to hinder comparison of the performance of our businesses either year-on-year or with other businesses. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies. The following table summarizes information on revenues, intersegment eliminations, Adjusted EBITDDA, depreciation, depletion and amortization, basis of real estate sold, total assets and capital expenditures for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements Three Months Ended March 31, (in thousands) 2019 2018 Revenues: Resource $ 68,158 $ 76,506 Wood Products 132,306 139,815 Real Estate 6,164 10,555 206,628 226,876 Intersegment Resource revenues 1 (24,912 ) (26,979 ) Consolidated revenues $ 181,716 $ 199,897 Adjusted EBITDDA: Resource $ 26,850 $ 37,697 Wood Products 7,226 28,950 Real Estate 2,703 8,002 Corporate (10,654 ) (8,716 ) Eliminations and adjustments 2,127 (1,201 ) Total Adjusted EBITDDA 28,252 64,732 Basis of real estate sold (1,556 ) (3,605 ) Depreciation, depletion and amortization (15,797 ) (12,196 ) Interest expense, net 2 (5,464 ) (5,660 ) Loss on extinguishment of debt (5,512 ) — Non-operating pension and other postretirement employee benefits (980 ) (1,857 ) Gain on fixed assets 32 4 Gain on sale of facility 9,176 — Inventory purchase price adjustment in cost of goods sold 3 — (1,849 ) Deltic merger-related costs 4 — (19,255 ) Income before income taxes $ 8,151 $ 20,314 Depreciation, depletion and amortization: Resource $ 10,265 $ 8,646 Wood Products 5,042 3,354 Real Estate 209 40 Corporate 281 156 15,797 12,196 Bond discounts and deferred loan fees 2 477 439 Total depreciation, depletion and amortization $ 16,274 $ 12,635 Basis of real estate sold: Real Estate $ 1,588 $ 3,723 Eliminations and adjustments (32 ) (118 ) Total basis of real estate sold $ 1,556 $ 3,605 1 Intersegment revenues represent logs sold by our Resource segment to the Wood Products segment. 2 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income 3 The effect on cost of goods sold for fair value adjustments to the carrying amounts of inventory acquired in the Deltic merger. 4 For integration and restructuring costs related to the merger with Deltic see Note 3: Merger with Deltic. A reconciliation of our business segment total assets to total assets in the Condensed Consolidated Balance Sheet (in thousands) March 31, 2019 December 31, 2018 Total assets: Resource 1 $ 1,686,471 $ 1,693,162 Wood Products 385,534 456,306 Real Estate 2 93,526 93,208 2,165,531 2,242,676 Corporate 107,683 83,176 Total consolidated assets $ 2,273,214 $ 2,325,852 1 We do not report rural real estate separate from Resource as we do not report these assets separately to management. 2

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings per Share	NOTE 7. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (in thousands, except per share amounts) 2019 2018 Net income $ 6,560 $ 14,597 Basic weighted-average shares outstanding 67,860 50,425 Incremental shares due to: Performance shares 36 328 Restricted stock units 20 33 Diluted weighted-average shares outstanding 67,916 50,786 Basic net income per share $ 0.10 $ 0.29 Diluted net income per share $ 0.10 $ 0.29 For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. For the three months ended March 31, 2019 and 2018, there were approximately 90,000 and 64,000 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. Share Issuances Related to the Deltic Merger In February 2018 we issued 22.0 million shares in connection with the Deltic merger. Further, on August 30, 2018, the board of directors approved a special distribution of $222.0 million, or approximately $3.54 per share. The special distribution amount equaled our determination of the accumulated earnings and profits of Deltic as of the merger date and was distributed in order to maintain the company’s qualification as a REIT for U.S. federal income tax purposes. The special distribution 4,814,673 shares of our common stock and distribution of $44.4 million in cash. Note 3: Merger with Deltic Share Repurchase Program On August 30, 2018, our board of directors authorized management to repurchase up to $100.0 million of common stock with no time limit set for the repurchase (the 2018 Repurchase Program). During the three months ended March 31, 2019, we repurchased 278,947 shares of common stock for $10.2 million, under the 2018 Repurchase Program. All common stock purchases under the 2018 Repurchase Programs were made in open-market transactions. At March 31, 2019, we had remaining authorization of $89.9 million for future stock repurchases under the 2018 Repurchase Program. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. There were no unsettled repurchases as of March 31, 2019. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

Certain Balance Sheet Component

Certain Balance Sheet Components	3 Months Ended
	Mar. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NOTE 8. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) March 31, 2019 December 31, 2018 Logs $ 27,491 $ 37,303 Lumber, panels and veneer 38,706 27,420 Materials and supplies 11,439 11,310 Total inventories 77,636 76,033 Less: LIFO reserve (15,228 ) (15,228 ) Total inventories, net $ 62,408 $ 60,805 Property, plant and equipment (in thousands) March 31, 2019 December 31, 2018 Property, plant and equipment $ 479,207 $ 472,695 Less: accumulated depreciation (206,089 ) (200,502 ) Total property, plant and equipment, net $ 273,118 $ 272,193 Timber and timberlands (in thousands) March 31, 2019 December 31, 2018 Timber and timberlands $ 1,585,209 $ 1,590,997 Logging roads 80,959 81,818 Total timber and timberlands, net $ 1,666,168 $ 1,672,815 Accounts payable and Accrued Liabilities (in thousands) March 31, 2019 December 31, 2018 Accrued payroll and benefits $ 16,702 $ 20,130 Accounts payable 14,471 12,073 Accrued interest 5,842 8,642 Accrued taxes 20,758 7,389 Operating lease liabilities 4,443 — Other current liabilities 10,349 12,759 Total accounts payable and accrued liabilities $ 72,565 $ 60,993

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	NOTE 9. DEBT In January 2019, we refinanced $150.0 million of 7.50% senior notes (Senior Notes) due in 2019 with a $150.0 million term loan that will mature in 2029. The new term loan carries a variable interest rate of one-month LIBOR plus 1.85%. We paid $0.5 million of lender fees on the new term loan. Concurrent with the new term loan, we entered into a $150.0 million interest rate swap to fix the rate at 4.56%. Upon the refinancing, we redeemed and paid all outstanding Senior Notes, including a redemption premium of $4.9 million which is included in the loss on extinguishment of debt in our Condensed Consolidated Statements of Income As part of the merger with Deltic, 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 associated with the Deltic MDF facility. As of December 31, 2018, the bonds were classified as held for sale as part of the sale of the Deltic MDF facility and excluded from long-term debt. As part of the sale of the MDF facility, the bonds were assumed by the buyer and the letter of credit was terminated. See Note 4: Assets and Liabilities Held for Sale . As of March 31, 2019, we were in compliance with all debt and credit agreement covenants and approximately $1.0 million of our $380.0 million credit facility was utilized by outstanding letters of credit.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instrument Detail [Abstract]
Derivative Instruments	NOTE 10. 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. 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. As of March 31, 2019, we have five interest rate swaps associated with $357.5 million of term loan debt. The cash flow hedges convert variable rates ranging from three-month and one-month LIBOR plus 1.85% to 2.15%, to fixed rates ranging from 3.88% to 4.82%. 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 hedge. At March 31, 2019, the amount of net losses expected to be reclassified into earnings in the next 12 months is approximately $1.1 million. The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets Asset Derivatives Liability Derivatives (in thousands) Location March 31, 2019 December 31, 2018 Location March 31, 2019 December 31, 2018 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, non-current $ 955 $ 1,510 Other long-term obligations $ 11,210 $ 2,888 The following table details the effect of derivatives on our Condensed Consolidated Statements of Income Three Months Ended March 31, (in thousands) Location 2019 2018 Derivatives designated in fair value hedging relationships: Interest rate contracts Realized loss on interest rate contracts 1 Interest expense $ (18 ) $ (36 ) Loss on hedged debt basis adjustment included in debt extinguishment (165 ) - $ (183 ) $ (36 ) Derivatives designated in cash flow hedging relationships: Interest rate contracts Loss recognized in other comprehensive (loss) income, net of tax $ (8,594 ) $ (992 ) Loss reclassified from accumulated other comprehensive (loss) income 1 Interest expense $ (81 ) $ (2 ) Interest expense, net $ 5,464 $ 5,660 1 Realized gain (loss) on hedging instruments consist of net cash settlements and interest accruals on 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 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Derivative Instrument Detail [Abstract]
Fair Value Measurements	NOTE 11. FAIR VALUE MEASUREMENTS The following table presents the estimated fair values of our financial instruments: March 31, 2019 December 31, 2018 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Derivative assets related to interest rate swaps (Level 2) $ 955 $ 955 $ 1,510 $ 1,510 Derivative liabilities related to interest rate swaps (Level 2) $ (11,210 ) $ (11,210 ) $ (2,888 ) $ (2,888 ) Long-term debt, including current portion (Level 2): Term loans $ (689,332 ) $ (695,948 ) $ (539,169 ) $ (539,037 ) Senior notes - - (149,786 ) (154,328 ) Revenue bonds (65,735 ) (66,912 ) (94,735 ) (93,144 ) Medium-term notes (3,000 ) (3,428 ) (3,000 ) (3,419 ) Total long-term debt 1 $ (758,067 ) $ (766,288 ) $ (786,690 ) $ (789,928 ) Company owned life insurance asset (COLI) (Level 3) $ 3,493 $ 3,493 $ 3,104 $ 3,104 1 The carrying amount of long-term debt includes principal and unamortized discounts. The fair value of interest rate swaps are determined using a 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 company owned life insurance is based on the amount at which it could be redeemed and, accordingly, approximates fair value.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2019
Share Based Compensation [Abstract]
Equity-Based Compensation	NOTE 12. EQUITY-BASED COMPENSATION At March 31, 2019, we had two shareholder approved stock incentive plans under which share based grants were outstanding. 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, 2019, approximately 0.3 million shares were authorized for future use under those plans. Share-based compensation activity during the three months ended March 31, 2019 included the following: (Shares in thousands) Granted Vested Restricted Stock Units (RSUs) 47,350 1,000 Performance Share Awards (PSAs) 142,066 — A total of 0.3 million shares of common stock were issued during the three months ended March 31, 2019 as a result of RSU and PSA vesting during 2018 and 2019. The following table details equity-based compensation expense and the related income tax benefit. Three Months Ended March 31, (in thousands) 2019 2018 Equity-based compensation expense: Performance share awards $ 1,044 $ 936 Restricted stock units 557 480 Deferred compensation stock equivalent units expense 16 185 Accelerated share-based termination benefits in connection with the merger — 1,678 Total equity-based compensation expense $ 1,617 $ 3,279 Total tax benefit recognized for share-based expense $ 72 $ 111 Performance Share Awards PSAs granted under the stock incentive plans have a three-year performance period and shares are issued at the end of the period if the performance measures are met. The performance measures are based on the percentile ranking of our total shareholder return relative to the total shareholder return performance of both a selected peer group of companies and a larger group of indexed companies over the three-year performance period. The number of shares actually issued, as a percentage of the amount subject to the PSA, could range from 0% to 200%. PSAs granted under our stock incentive plans do not have voting rights unless and until shares are issued upon settlement. If shares are issued at the end of the three-year performance measurement period, the recipients will receive dividend equivalents in the form of additional shares at the time of payment equal to the dividends that would have been paid on the shares earned had the recipients owned the shares during the three-year period. Therefore, the shares are not considered participating securities. The fair value of performance shares granted in 2019 was $37.87 per share. The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2019: Stock price as of valuation date $ 35.01 Risk-free rate 2.47 % Expected volatility 25.15 % Expected dividend yield (assuming full reinvestment) — Expected term (years) 3.00 Restricted Stock Units RSU awards accrue dividend equivalents based on dividends paid during the RSU vesting period. The dividend equivalents will be converted into additional RSUs that will vest in the same manner as the underlying RSUs to which they relate. Therefore, the shares are not considered participating securities. The terms of the awards state that the RSUs will vest in a given time period of one to three years and the terms of certain awards follow a vesting schedule within the given time period. The weighted average fair value of the RSUs granted in 2019 was $35.01 which equaled our common share price on the date of grant.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 13. 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. In addition, we had carryover tax basis in the MDF facility from the Deltic merger and as a result, we recorded a reduction to deferred tax liabilities and increase to income taxes payable of $15.8 million at the date of sale. See Note 4: Assets and Liabilities Held for Sale

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	NOTE 14. LEASES We lease certain equipment, office space and land. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. We consider our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. Most leases include one or more options to renew, with renewal terms that can extend the lease term between one to five years. The exercise of lease renewal options is at our sole discretion. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Finance leases at March 31, 2019 were insignificant. For certain equipment leases, we apply a portfolio approach to effectively account for the operating lease ROU assets and liabilities. For certain equipment leases, such as vehicles, we account for the lease and non-lease components as a single lease component. Certain leases also include options to purchase the leased equipment. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants and we do not have any significant sublease income. Balance Sheet Classification (in thousands) Classification March 31, 2019 Assets Operating lease assets Other long-term assets $ 12,927 Liabilities Current operating lease liability Accounts payable and accrued liabilities $ 4,443 Noncurrent operating lease liability Other long-term obligations 8,500 Total lease liabilities $ 12,943 Other Operating Lease Information (in thousands) March 31, 2019 Lease costs 1 $ 1,410 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,522 Leased assets exchanged for new operating lease liabilities $ 268 Weighted-average remaining terms (years) 3.63 Weighted-average discount rate 4.14 % 1 Excludes short-term leases and variable lease costs, which are immaterial. Maturity of Operating Lease Liabilities 1 At March 31, 2019, the future minimum lease payment obligations under noncancelable operating leases were as follows: (in thousands) 2019 $ 3,707 2020 4,212 2021 3,200 2022 1,564 2023 668 After 2023 575 Total lease payments 13,926 Less: interest 2 983 Present value of lease liabilities $ 12,943 1 Operating lease payments include any options to extend lease terms that are reasonably certain of being exercised and excludes $8.2 million of legally binding agreements for property and equipment that we expect will be subject to operating lease agreements upon receipt and acceptance by us. 2 Calculated using the interest rate for each lease. Disclosures Related to Periods Prior to Adoption of the New Lease Standard We did not have any capital leases during 2018. Operating lease rent expense primarily for office space, machinery and equipment was $1.2 million for the three months ended March 31, 2018. At December 31, 2018, future minimum lease payment obligations under noncancelable operating leases were as follows: (in thousands) 2019 $ 5,130 2020 4,135 2021 3,142 2022 1,538 2023 629 2024 and thereafter 575 Total $ 15,149

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	3 Months Ended
	Mar. 31, 2019
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Postretirement Employee Benefits	NOTE 15. 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 (in thousands) 2019 2018 2019 2018 Service cost $ 2,021 $ 1,913 $ 105 $ 44 Interest cost 4,539 3,914 419 319 Expected return on plan assets (5,554 ) (4,708 ) — — Amortization of prior service cost (credit) 53 46 (2,211 ) (2,219 ) Amortization of actuarial loss 3,427 4,150 307 355 Net periodic cost (benefit) $ 4,486 $ 5,315 $ (1,380 ) $ (1,501 ) During the three months ended March 31, 2019 and 2018, funding of pension and other postretirement employee benefits plans was $1.7 million and $9.2 million, respectively.

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	NOTE 16. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in amounts included in our accumulated other comprehensive loss (AOCL) by component on our Condensed Consolidated Balance Sheets Pension Plans OPEB (in thousands) Gains and losses on cash flow hedges Actuarial Loss Prior Service Cost Actuarial Loss Prior Service Credit Total Balance at December 31, 2018 $ 1,560 $ 128,849 $ 404 $ 7,269 $ (8,651 ) $ 129,431 Amounts arising during the period 8,594 — — — — 8,594 Amounts reclassified from AOCL to earnings (81 ) (2,536 ) (39 ) (227 ) 1,636 (1,247 ) Net change 8,513 (2,536 ) (39 ) (227 ) 1,636 7,347 Balance at March 31, 2019 $ 10,073 $ 126,313 $ 365 $ 7,042 $ (7,015 ) $ 136,778 Amortization of actuarial loss and prior service (cost) credit are components of net periodic benefit cost (credit), see Note 15: Pension and Other Postretirement Employee Benefits Note 10: Derivative Instruments

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Standards Recently Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) We adopted ASU 2016-02, along with subsequent amendments, on January 1, 2019 and used the effective date as our date of initial application. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided, for dates and periods before January 1, 2019. The new standard provides several optional practical expedients in transition and for an entity’s ongoing accounting. We elected the following practical expedients as part of our adoption of the standard: • to not reassess whether any expired or existing contracts are or contain leases; • to not reassess the lease classification for any expired or existing leases; • to not reassess initial direct costs for any existing leases; • to apply the short-term lease recognition exemption for all leases that qualify; • to not separate non-lease components from lease components; and • to apply the land easement practical expedient for transition of all existing land easements. Upon adoption of this ASU we recorded $14.0 million for right of use assets and lease liabilities for our operating leases on our Condensed Consolidated Balance Sheet Condensed Consolidated Statement of Income Condensed Consolidated Statement of Cash Flows Note 14: Leases New Accounting Standards Being Evaluated In August 2018, the FASB issued ASU No. 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

Merger with Deltic (Tables)

Merger with Deltic (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Summary of Unaudited Pro Forma Information	The following presents the unaudited pro forma consolidated financial information of the company as if the merger with Deltic was completed on January 1, 2017: Three Months Ended March 31, (in thousands, except per share amounts) 2018 Net sales $ 238,560 Net earnings attributable to PotlatchDeltic common shareholders $ 32,783 Basic earnings per share attributable to PotlatchDeltic common shareholders $ 0.49 Diluted earnings per share attributable to PotlatchDeltic common shareholders $ 0.49

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
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 6: Segment Information Three Months Ended March 31, (in thousands) 2019 2018 Resource Northern region Sawlogs $ 32,499 $ 49,584 Pulpwood 2,061 1,780 Stumpage 106 79 Other 211 216 34,877 51,659 Southern region Sawlogs 18,437 14,030 Pulpwood 11,811 8,970 Stumpage 322 391 Other 2,711 1,456 33,281 24,847 Total Resource revenues 68,158 76,506 Wood Products Lumber 90,505 94,993 Panels 24,698 28,891 Residuals 17,103 15,931 Total Wood Products revenues 132,306 139,815 Real Estate Rural real estate 4,219 8,833 Development real estate 673 1,219 Other 1 1,272 503 Total Real Estate revenues 6,164 10,555 Total segment revenues 206,628 226,876 Intersegment Resource revenues 2 (24,912 ) (26,979 ) Total consolidated revenues $ 181,716 $ 199,897 1 Other Real Estate revenues primarily relate to the Chenal Country Club. 2 Intersegment revenues represent logs sold by our Resource segment to the Wood Products segment.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Summary of Information by Business Segment	Three Months Ended March 31, (in thousands) 2019 2018 Revenues: Resource $ 68,158 $ 76,506 Wood Products 132,306 139,815 Real Estate 6,164 10,555 206,628 226,876 Intersegment Resource revenues 1 (24,912 ) (26,979 ) Consolidated revenues $ 181,716 $ 199,897 Adjusted EBITDDA: Resource $ 26,850 $ 37,697 Wood Products 7,226 28,950 Real Estate 2,703 8,002 Corporate (10,654 ) (8,716 ) Eliminations and adjustments 2,127 (1,201 ) Total Adjusted EBITDDA 28,252 64,732 Basis of real estate sold (1,556 ) (3,605 ) Depreciation, depletion and amortization (15,797 ) (12,196 ) Interest expense, net 2 (5,464 ) (5,660 ) Loss on extinguishment of debt (5,512 ) — Non-operating pension and other postretirement employee benefits (980 ) (1,857 ) Gain on fixed assets 32 4 Gain on sale of facility 9,176 — Inventory purchase price adjustment in cost of goods sold 3 — (1,849 ) Deltic merger-related costs 4 — (19,255 ) Income before income taxes $ 8,151 $ 20,314 Depreciation, depletion and amortization: Resource $ 10,265 $ 8,646 Wood Products 5,042 3,354 Real Estate 209 40 Corporate 281 156 15,797 12,196 Bond discounts and deferred loan fees 2 477 439 Total depreciation, depletion and amortization $ 16,274 $ 12,635 Basis of real estate sold: Real Estate $ 1,588 $ 3,723 Eliminations and adjustments (32 ) (118 ) Total basis of real estate sold $ 1,556 $ 3,605 1 Intersegment revenues represent logs sold by our Resource segment to the Wood Products segment. 2 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income 3 The effect on cost of goods sold for fair value adjustments to the carrying amounts of inventory acquired in the Deltic merger. 4 For integration and restructuring costs related to the merger with Deltic see Note 3: Merger with Deltic.
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 (in thousands) March 31, 2019 December 31, 2018 Total assets: Resource 1 $ 1,686,471 $ 1,693,162 Wood Products 385,534 456,306 Real Estate 2 93,526 93,208 2,165,531 2,242,676 Corporate 107,683 83,176 Total consolidated assets $ 2,273,214 $ 2,325,852 1 We do not report rural real estate separate from Resource as we do not report these assets separately to management. 2

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended March 31, (in thousands, except per share amounts) 2019 2018 Net income $ 6,560 $ 14,597 Basic weighted-average shares outstanding 67,860 50,425 Incremental shares due to: Performance shares 36 328 Restricted stock units 20 33 Diluted weighted-average shares outstanding 67,916 50,786 Basic net income per share $ 0.10 $ 0.29 Diluted net income per share $ 0.10 $ 0.29

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) March 31, 2019 December 31, 2018 Logs $ 27,491 $ 37,303 Lumber, panels and veneer 38,706 27,420 Materials and supplies 11,439 11,310 Total inventories 77,636 76,033 Less: LIFO reserve (15,228 ) (15,228 ) Total inventories, net $ 62,408 $ 60,805
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) March 31, 2019 December 31, 2018 Property, plant and equipment $ 479,207 $ 472,695 Less: accumulated depreciation (206,089 ) (200,502 ) Total property, plant and equipment, net $ 273,118 $ 272,193
Schedule of Timber and Timberlands	Timber and timberlands (in thousands) March 31, 2019 December 31, 2018 Timber and timberlands $ 1,585,209 $ 1,590,997 Logging roads 80,959 81,818 Total timber and timberlands, net $ 1,666,168 $ 1,672,815
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and Accrued Liabilities (in thousands) March 31, 2019 December 31, 2018 Accrued payroll and benefits $ 16,702 $ 20,130 Accounts payable 14,471 12,073 Accrued interest 5,842 8,642 Accrued taxes 20,758 7,389 Operating lease liabilities 4,443 — Other current liabilities 10,349 12,759 Total accounts payable and accrued liabilities $ 72,565 $ 60,993

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
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 (in thousands) Location March 31, 2019 December 31, 2018 Location March 31, 2019 December 31, 2018 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, non-current $ 955 $ 1,510 Other long-term obligations $ 11,210 $ 2,888
Effect of Derivatives on Condensed Consolidated Statements of Income	The following table details the effect of derivatives on our Condensed Consolidated Statements of Income Three Months Ended March 31, (in thousands) Location 2019 2018 Derivatives designated in fair value hedging relationships: Interest rate contracts Realized loss on interest rate contracts 1 Interest expense $ (18 ) $ (36 ) Loss on hedged debt basis adjustment included in debt extinguishment (165 ) - $ (183 ) $ (36 ) Derivatives designated in cash flow hedging relationships: Interest rate contracts Loss recognized in other comprehensive (loss) income, net of tax $ (8,594 ) $ (992 ) Loss reclassified from accumulated other comprehensive (loss) income 1 Interest expense $ (81 ) $ (2 ) Interest expense, net $ 5,464 $ 5,660 1 Realized gain (loss) on hedging instruments consist of net cash settlements and interest accruals on 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 .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: March 31, 2019 December 31, 2018 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Derivative assets related to interest rate swaps (Level 2) $ 955 $ 955 $ 1,510 $ 1,510 Derivative liabilities related to interest rate swaps (Level 2) $ (11,210 ) $ (11,210 ) $ (2,888 ) $ (2,888 ) Long-term debt, including current portion (Level 2): Term loans $ (689,332 ) $ (695,948 ) $ (539,169 ) $ (539,037 ) Senior notes - - (149,786 ) (154,328 ) Revenue bonds (65,735 ) (66,912 ) (94,735 ) (93,144 ) Medium-term notes (3,000 ) (3,428 ) (3,000 ) (3,419 ) Total long-term debt 1 $ (758,067 ) $ (766,288 ) $ (786,690 ) $ (789,928 ) Company owned life insurance asset (COLI) (Level 3) $ 3,493 $ 3,493 $ 3,104 $ 3,104 1 The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Share Based Compensation [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the three months ended March 31, 2019 included the following: (Shares in thousands) Granted Vested Restricted Stock Units (RSUs) 47,350 1,000 Performance Share Awards (PSAs) 142,066 —
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, (in thousands) 2019 2018 Equity-based compensation expense: Performance share awards $ 1,044 $ 936 Restricted stock units 557 480 Deferred compensation stock equivalent units expense 16 185 Accelerated share-based termination benefits in connection with the merger — 1,678 Total equity-based compensation expense $ 1,617 $ 3,279 Total tax benefit recognized for share-based expense $ 72 $ 111
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 2019: Stock price as of valuation date $ 35.01 Risk-free rate 2.47 % Expected volatility 25.15 % Expected dividend yield (assuming full reinvestment) — Expected term (years) 3.00

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Balance Sheet Classification	Balance Sheet Classification (in thousands) Classification March 31, 2019 Assets Operating lease assets Other long-term assets $ 12,927 Liabilities Current operating lease liability Accounts payable and accrued liabilities $ 4,443 Noncurrent operating lease liability Other long-term obligations 8,500 Total lease liabilities $ 12,943
Schedule of Lease Costs	Other Operating Lease Information (in thousands) March 31, 2019 Lease costs 1 $ 1,410 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,522 Leased assets exchanged for new operating lease liabilities $ 268 Weighted-average remaining terms (years) 3.63 Weighted-average discount rate 4.14 % 1 Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Maturity of Lease Liabilities	Maturity of Operating Lease Liabilities 1 At March 31, 2019, the future minimum lease payment obligations under noncancelable operating leases were as follows: (in thousands) 2019 $ 3,707 2020 4,212 2021 3,200 2022 1,564 2023 668 After 2023 575 Total lease payments 13,926 Less: interest 2 983 Present value of lease liabilities $ 12,943 1 Operating lease payments include any options to extend lease terms that are reasonably certain of being exercised and excludes $8.2 million of legally binding agreements for property and equipment that we expect will be subject to operating lease agreements upon receipt and acceptance by us. 2 Calculated using the interest rate for each lease.
Schedule of Future Minimum Lease Payment for Operating Leases	At December 31, 2018, future minimum lease payment obligations under noncancelable operating leases were as follows: (in thousands) 2019 $ 5,130 2020 4,135 2021 3,142 2022 1,538 2023 629 2024 and thereafter 575 Total $ 15,149

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2019
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 (in thousands) 2019 2018 2019 2018 Service cost $ 2,021 $ 1,913 $ 105 $ 44 Interest cost 4,539 3,914 419 319 Expected return on plan assets (5,554 ) (4,708 ) — — Amortization of prior service cost (credit) 53 46 (2,211 ) (2,219 ) Amortization of actuarial loss 3,427 4,150 307 355 Net periodic cost (benefit) $ 4,486 $ 5,315 $ (1,380 ) $ (1,501 )

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	Changes in amounts included in our accumulated other comprehensive loss (AOCL) by component on our Condensed Consolidated Balance Sheets Pension Plans OPEB (in thousands) Gains and losses on cash flow hedges Actuarial Loss Prior Service Cost Actuarial Loss Prior Service Credit Total Balance at December 31, 2018 $ 1,560 $ 128,849 $ 404 $ 7,269 $ (8,651 ) $ 129,431 Amounts arising during the period 8,594 — — — — 8,594 Amounts reclassified from AOCL to earnings (81 ) (2,536 ) (39 ) (227 ) 1,636 (1,247 ) Net change 8,513 (2,536 ) (39 ) (227 ) 1,636 7,347 Balance at March 31, 2019 $ 10,073 $ 126,313 $ 365 $ 7,042 $ (7,015 ) $ 136,778

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) a in Millions	Mar. 31, 2019a
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Timber And Timberlands Acres Owned	1.9

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Narrative) (Details) $ in Thousands	Mar. 31, 2019USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease, right of use asset	$ 12,927
Operating lease, liability	12,943	[1]
ASU 2016-02 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease, right of use asset	14,000
Operating lease, liability	$ 14,000
[1]	Operating lease payments include any options to extend lease terms that are reasonably certain of being exercised and excludes $8.2 million of legally binding agreements for property and equipment that we expect will be subject to operating lease agreements upon receipt and acceptance by us.

Merger with Deltic (Narrative)

Merger with Deltic (Narrative) (Details) $ in Thousands		Feb. 20, 2018USD ($)aSawmill	Feb. 19, 2018USD ($)	Mar. 31, 2018USD ($)
Business Acquisition [Line Items]
Merger-related costs	[1]			$ 19,255
Deltic [Member]
Business Acquisition [Line Items]
Acres of timberland | a		530,000
Number of sawmills | Sawmill		2
Total assets acquired		$ 1,400,000
Equity consideration transferred		1,100,000
Liabilities assumed		$ 300,000
Merger-related costs				19,300
Restructuring costs, termination benefits				9,000
Merger related costs, professional fees				10,300
Revenue from acquired entity from date of acquisition				28,800
Loss before income taxes from acquired entity from date of acquisition				9,000
Non-recurring merger-related costs			$ 5,400	$ 24,700
[1]	For integration and restructuring costs related to the merger with Deltic see Note 3: Merger with Deltic.

Merger with Deltic (Summary of

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

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale (Narrative) (Details) - USD ($) $ in Thousands	Feb. 12, 2019	Mar. 31, 2019	Dec. 31, 2018	Dec. 20, 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Pre-tax gain on sale of facility		$ 9,176
Proceeds on sale of facility		60,045
Assets held for sale			$ 80,674
Liabilities held for sale			29,321
Deltic MDF Facility [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Reduction to deferred tax liabilities		(15,800)
Increase to income taxes payable		$ 15,800
Assets held for sale			80,700
Liabilities held for sale			29,300
Deltic MDF Facility [Member] | Revenue Bonds [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Liabilities held for sale			29,000
Deltic MDF Facility [Member] | Inventories [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets held for sale			7,700
Deltic MDF Facility [Member] | Property and Equipment [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets held for sale			72,100
Deltic MDF Facility [Member] | Customer List Intangibles [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets held for sale			$ 900
Roseburg Forest Products Co [Member] | Deltic MDF Facility [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Total purchase price				$ 92,000
Purchase price, cash				63,000
Purchase price, assumption of revenue bonds				$ 29,000
Pre-tax gain on sale of facility	$ 9,200
Proceeds on sale of facility	60,000
Reduction to deferred tax liabilities	(15,800)
Increase to income taxes payable	$ 15,800

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue Recognition [Line Items]
Contract liabilities related to hunting lease rights	$ 1.8	$ 1.4
Membership Initiation Fees [Member]
Revenue Recognition [Line Items]
Contract liability amortization period	10 years

Revenue Recognition (Summary of

Revenue Recognition (Summary of Revenues by Major Product) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Disaggregation Of Revenue [Line Items]
Revenues		$ 181,716	$ 199,897
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		206,628	226,876
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(24,912)	(26,979)
Resource [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		68,158	76,506
Resource [Member] | Operating Segments [Member] | Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		34,877	51,659
Resource [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		32,499	49,584
Resource [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		2,061	1,780
Resource [Member] | Operating Segments [Member] | Northern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		106	79
Resource [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		211	216
Resource [Member] | Operating Segments [Member] | Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		33,281	24,847
Resource [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		18,437	14,030
Resource [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		11,811	8,970
Resource [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		322	391
Resource [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		2,711	1,456
Wood Products [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		132,306	139,815
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		90,505	94,993
Wood Products [Member] | Operating Segments [Member] | Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		24,698	28,891
Wood Products [Member] | Operating Segments [Member] | Residuals [Member]
Disaggregation Of Revenue [Line Items]
Revenues		17,103	15,931
Real Estate Segment [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		6,164	10,555
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,219	8,833
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		673	1,219
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[2]	$ 1,272	$ 503
[1]	Intersegment revenues represent logs sold by our Resource segment to the Wood Products segment.
[2]	Other Real Estate revenues primarily relate to the Chenal Country Club.

Segment Information (Narrative)

Segment Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019Segment
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, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues		$ 181,716	$ 199,897
Adjusted EBITDDA		28,252	64,732
Basis of real estate sold		1,556	3,605
Depreciation, depletion and amortization		15,797	12,196
Interest expense, net	[1]	(5,464)	(5,660)
Loss on extinguishment of debt		(5,512)
Non-operating pension and other postretirement employee benefits		(980)	(1,857)
Gain on fixed assets		32	4
Gain on sale of facility		9,176
Deltic merger-related costs	[2]		(19,255)
Income before income taxes		8,151	20,314
Bond discounts and deferred loan fees	[1]	477	439
Depreciation, depletion and amortization		16,274	12,635
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		206,628	226,876
Depreciation, depletion and amortization		15,797	12,196
Operating Segments [Member] | Resource [Member]
Segment Reporting Information [Line Items]
Revenues		68,158	76,506
Adjusted EBITDDA		26,850	37,697
Depreciation, depletion and amortization		10,265	8,646
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Revenues		132,306	139,815
Adjusted EBITDDA		7,226	28,950
Depreciation, depletion and amortization		5,042	3,354
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Revenues		6,164	10,555
Adjusted EBITDDA		2,703	8,002
Basis of real estate sold		1,588	3,723
Depreciation, depletion and amortization		209	40
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	[3]	(24,912)	(26,979)
Adjusted EBITDDA		2,127	(1,201)
Basis of real estate sold		(32)	(118)
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(10,654)	(8,716)
Depreciation, depletion and amortization		$ 281	156
Costs of Goods Sold [Member]
Segment Reporting Information [Line Items]
Inventory purchase price adjustment in cost of goods sold	[4]		$ (1,849)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income.
[2]	For integration and restructuring costs related to the merger with Deltic see Note 3: Merger with Deltic.
[3]	Intersegment revenues represent 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 the Deltic merger.

Segment Information (Reconcilia

Segment Information (Reconciliation of Business Segment Total Assets to Total Assets) (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Asset Reconciling Item [Line Items]
Assets		$ 2,273,214	$ 2,325,852
Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets		2,165,531	2,242,676
Operating Segments [Member] | Resource [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	[1]	1,686,471	1,693,162
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets		385,534	456,306
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	[2]	93,526	93,208
Corporate [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets		$ 107,683	$ 83,176
[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.

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings per Share [Line Items]
Net income	$ 6,560	$ 14,597
Basic weighted-average shares outstanding	67,860	50,425
Diluted weighted-average shares outstanding	67,916	50,786
Basic net income per share	$ 0.10	$ 0.29
Diluted net income per share	$ 0.10	$ 0.29
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	36	328
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	20	33

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 30, 2018	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)			90,000	64,000
Dividend distribution, cash			$ 27,065	$ 25,102
Number of shares repurchased			278,947
Number of shares repurchased, cost			$ 10,158
Stock repurchase program, remaining amount			$ 89,900
Unsettled repurchase shares			0
Maximum [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount	$ 100,000
Deltic [Member]
Earnings per Share [Line Items]
Number of shares issued upon merger		22,000,000
Deltic [Member] | Special Distribution [Member]
Earnings per Share [Line Items]
Number of shares issued upon merger			4,814,673
Distribution payable	$ 222,000
Dividend payable, per share	$ 3.54
Dividend distribution, cash			$ 44,400
Distribution, date of declared	Aug. 30, 2018
Distribution, date to be paid	Nov. 15, 2018
Distribution, date of record	Sep. 27, 2018

Certain Balance Sheet Compone_3

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Logs	$ 27,491	$ 37,303
Lumber, panels and veneer	38,706	27,420
Materials and supplies	11,439	11,310
Inventories gross	77,636	76,033
Less: LIFO reserve	(15,228)	(15,228)
Total inventories	$ 62,408	$ 60,805

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Property, plant and equipment	$ 479,207	$ 472,695
Less: accumulated depreciation	(206,089)	(200,502)
Total property, plant and equipment, net	$ 273,118	$ 272,193

Certain Balance Sheet Compone_5

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Timber And Timberlands [Abstract]
Timber and timberlands	$ 1,585,209	$ 1,590,997
Logging roads	80,959	81,818
Total timber and timberlands, net	$ 1,666,168	$ 1,672,815

Certain Balance Sheet Compone_6

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts Payable And Accrued Liabilities Current [Abstract]
Accrued payroll and benefits	$ 16,702	$ 20,130
Accounts payable	14,471	12,073
Accrued interest	5,842	8,642
Accrued taxes	20,758	7,389
Operating lease liabilities	4,443
Other current liabilities	10,349	12,759
Total accounts payable and accrued liabilities	$ 72,565	$ 60,993

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	Dec. 31, 2018	Jan. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Interest Rate		4.56%
Long-term Debt, refinancing amount		$ 150,000,000
Debt instrument maturity date		2029
Debt Instrument, outstanding amount including redemption premium		$ 4,900,000
Debt Instrument, lender fee		500,000
Revenue Bonds [Member] | Union County, Arkansas [Member] | Deltic [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	Oct. 1, 2027
Revenue Bonds [Member] | Union County, Arkansas [Member] | Letter of Credit [Member] | Deltic [Member]
Debt Instrument [Line Items]
Debt assumed	$ 29,000,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding			$ 1,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity			$ 380,000,000
Amended Term Loan Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		$ 693,500,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.85%
Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Debt		$ 150,000,000
Interest Rate		7.50%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)Derivative
Derivatives Fair Value [Line Items]
Net losses expected to be reclassified into earnings in the next twelve months	$ 1.1
Interest Rate Swaps [Member] | Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Number of interest rate swap agreements | Derivative	5
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	3.88%
LIBOR variable interest rate	1.85%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	4.82%
LIBOR variable interest rate	2.15%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 357.5

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value of Derivative Instruments) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - Interest rate contracts [Member] - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	$ 955	$ 1,510
Other Long-term Obligations [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 11,210	$ 2,888

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense, net	[1]	$ 5,464	$ 5,660
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated in fair value hedging		(183)	(36)
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest rate contracts [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated in fair value hedging	[2]	(18)	(36)
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest rate contracts [Member] | Debt Extinguishment [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives designated in fair value hedging		(165)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in other comprehensive (loss) income, net of tax		(8,594)	(992)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated other comprehensive (loss) income	[2]	$ (81)	$ (2)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statement of Income.
[2]	Realized gain (loss) on hedging instruments consist of net cash settlements and interest accruals on 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.

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	$ (758,067)	$ (786,690)
Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		955	1,510
Derivative liabilities related to interest rate swaps		(11,210)	(2,888)
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		(689,332)	(539,169)
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			(149,786)
Carrying Amount [Member] | Level 2 [Member] | Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(65,735)	(94,735)
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)	(3,000)
Carrying Amount [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		3,493	3,104
Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(766,288)	(789,928)
Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		955	1,510
Derivative liabilities related to interest rate swaps		(11,210)	(2,888)
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		(695,948)	(539,037)
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			(154,328)
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		(66,912)	(93,144)
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		(3,428)	(3,419)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 3,493	$ 3,104
[1]	The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
RSU and PSA [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock issued	0.3
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance share award granted under stock incentive plan, performance period	3 years
Fair value of shares granted | $ / shares	$ 37.87
Performance stock awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Actually Issued, as a Percent of the Amount Subject to the Performance Share Award	0.00%
Performance stock awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Actually Issued, as a Percent of the Amount Subject to the Performance Share Award	200.00%
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted | $ / shares	$ 35.01
Restricted stock units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	1 year
Restricted stock units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period	3 years
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

Equity-Based Compensation (Shar

Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2019shares
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	47,350
Vested	1,000
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	142,066

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, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 1,617	$ 3,279
Deferred compensation stock equivalent units expense	16	185
Accelerated share-based termination benefits in connection with the merger		1,678
Total tax benefit recognized for share-based expense	72	111
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,044	936
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 557	$ 480

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards) (Details) - Performance stock awards [Member]	3 Months Ended
	Mar. 31, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date (in dollars per share)	$ 35.01
Risk-free rate	2.47%
Expected volatility	25.15%
Expected term (years)	3 years

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - Deltic MDF Facility [Member] $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Income Taxes [Line Items]
Reduction to deferred tax liabilities	$ (15.8)
Increase to income taxes payable	$ 15.8

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lessee Lease Description [Line Items]
Option to extend, existence, operating lease	true
Operating leases rent expense		$ 1.2
Minimum [Member]
Lessee Lease Description [Line Items]
Operating leases, options to extend leases term	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Operating leases, options to extend leases term	5 years

Leases - Schdeule of Balance Sh

Leases - Schdeule of Balance Sheet Classification (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease, right of use asset	$ 12,927
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Operating lease liabilities	$ 4,443
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Noncurrent operating lease liability	$ 8,500
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Total lease liabilities	$ 12,943	[1]
[1]	Operating lease payments include any options to extend lease terms that are reasonably certain of being exercised and excludes $8.2 million of legally binding agreements for property and equipment that we expect will be subject to operating lease agreements upon receipt and acceptance by us.

Leases - Schdeule of Lease Cost

Leases - Schdeule of Lease Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Lease costs	$ 1,410	[1]
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	1,522
Leased assets exchanged for new operating lease liabilities	$ 268
Weighted-average remaining terms (years)	3 years 7 months 17 days
Weighted-average discount rate	4.14%
[1]	Excludes short-term leases and variable lease costs, which are immaterial.

Leases - Schdeule of Maturity o

Leases - Schdeule of Maturity of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019USD ($)	[1]
Leases [Abstract]
2019	$ 3,707
2020	4,212
2021	3,200
2022	1,564
2023	668
After 2023	575
Total lease payments	13,926
Less: interest	983	[2]
Present value of lease liabilities	$ 12,943
[1]	Operating lease payments include any options to extend lease terms that are reasonably certain of being exercised and excludes $8.2 million of legally binding agreements for property and equipment that we expect will be subject to operating lease agreements upon receipt and acceptance by us.
[2]	Calculated using the interest rate for each lease.

Leases - Schdeule of Maturity_2

Leases - Schdeule of Maturity of Lease Liabilities - (Parenthetical) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessee Lease Description [Line Items]
Operating lease, liability	$ 12,943	[1]
Accounts Payable Accrued Liabilities and Long-Term Obligations [Member]
Lessee Lease Description [Line Items]
Operating lease, liability	$ 8,200
[1]	Operating lease payments include any options to extend lease terms that are reasonably certain of being exercised and excludes $8.2 million of legally binding agreements for property and equipment that we expect will be subject to operating lease agreements upon receipt and acceptance by us.

Leases - Schdeule of Future Min

Leases - Schdeule of Future Minimum Lease Payment (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 5,130
2020	4,135
2021	3,142
2022	1,538
2023	629
2024 and thereafter	575
Total	$ 15,149

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,021	$ 1,913
Interest cost	4,539	3,914
Expected return on plan assets	(5,554)	(4,708)
Amortization of prior service cost (credit)	53	46
Amortization of actuarial loss	3,427	4,150
Net periodic cost (benefit)	4,486	5,315
Other Postretirement Benefit Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	105	44
Interest cost	419	319
Amortization of prior service cost (credit)	(2,211)	(2,219)
Amortization of actuarial loss	307	355
Net periodic cost (benefit)	$ (1,380)	$ (1,501)

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Funding of pension and other postretirement benefits plans	$ 1,714	$ 9,202

Components of Accumulated Oth_3

Components of Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ (1,314,779)
Amounts arising during the period	8,594
Amounts reclassified from AOCL to earnings	(1,247)
Net change	7,347
Balance at end of period	(1,278,386)
Gains and losses on cash flow hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	1,560
Amounts arising during the period	8,594
Amounts reclassified from AOCL to earnings	(81)
Net change	8,513
Balance at end of period	10,073
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	129,431
Balance at end of period	136,778
Pension Plans [Member] | Actuarial Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	128,849
Amounts reclassified from AOCL to earnings	(2,536)
Net change	(2,536)
Balance at end of period	126,313
Pension Plans [Member] | Prior Service Cost [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	404
Amounts reclassified from AOCL to earnings	(39)
Net change	(39)
Balance at end of period	365
Other Postretirement Benefit Plans [Member] | Actuarial Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	7,269
Amounts reclassified from AOCL to earnings	(227)
Net change	(227)
Balance at end of period	7,042
Other Postretirement Benefit Plans [Member] | Prior Service Cost [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(8,651)
Amounts reclassified from AOCL to earnings	1,636
Net change	1,636
Balance at end of period	$ (7,015)