PotlatchDeltic (PCH) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 29, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		66,871,281
Entity Shell Company	false
Entity File Number	1-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 West First Avenue
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
City Area Code	(509)
Local Phone Number	835-1500
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock
Trading symbol(s)	PCH
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues		$ 181,555	$ 215,581	$ 390,435	$ 397,297
Costs and expenses:
Cost of goods sold		149,836	175,673	321,882	329,888
Selling, general and administrative expenses		16,811	14,952	31,018	31,522
Gain on sale of facility					(9,176)
Total costs and expenses		166,647	190,625	352,900	352,234
Operating income		14,908	24,956	37,535	45,063
Interest expense, net	[1]	(8,339)	(7,882)	(12,037)	(13,346)
Loss on extinguishment of debt					(5,512)
Pension settlement charge				(42,988)
Non-operating pension and other postretirement employee benefit costs		(3,478)	(889)	(7,113)	(1,869)
Income (loss) before income taxes		3,091	16,185	(24,603)	24,336
Income taxes		(453)	952	10,409	(639)
Net income (loss)		$ 2,638	$ 17,137	$ (14,194)	$ 23,697
Net income (loss) per share:
Basic (in dollars per share)		$ 0.04	$ 0.25	$ (0.21)	$ 0.35
Diluted (in dollars per share)		0.04	0.25	(0.21)	0.35
Dividends per share (in dollars per share)		$ 0.40	$ 0.40	$ 0.80	$ 0.80
Weighted-average shares outstanding:
Basic (in shares)		67,176	67,664	67,321	67,774
Diluted (in shares)		67,359	67,713	67,321	67,866
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 2,638	$ 17,137	$ (14,194)	$ 23,697
Other comprehensive income (loss), net of tax:
Net loss arising during the period, net of tax benefit of $0, $0, $6,817 and $0			(19,402)
Effect of pension settlement, net of tax benefit of $0, $0, $11,177 and $0			31,811
Amortization of prior service credit included in net income (loss), net of tax benefit of $75, $561, $152 and $1,122	(215)	(1,597)	(430)	(3,194)
Amortization of actuarial loss included in net income (loss), net of tax expense of $1,034, $915, $2,223 and $1,886	2,942	2,605	6,326	5,368
Cash flow hedges, net of tax expense (benefit) of $4, $(549), $(1,806) and $(913)	(1,847)	(10,417)	(40,372)	(18,930)
Other comprehensive income (loss), net of tax	880	(9,409)	(22,067)	(16,756)
Comprehensive income (loss)	$ 3,518	$ 7,728	$ (36,261)	$ 6,941

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net loss arising during the period, tax benefit	$ 0	$ 0	$ 6,817	$ 0
Effect of pension settlement, tax benefit	0	0	11,177	0
Amortization of prior service credit included in net income (loss), tax benefit	75	561	152	1,122
Amortization of actuarial loss included in net income (loss), tax expense	1,034	915	2,223	1,886
Cash flow hedge, tax expense (benefit)	$ 4	$ (549)	$ (1,806)	$ (913)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 80,987	$ 83,310
Customer receivables, net	24,588	14,167
Inventories, net	52,215	65,781
Other current assets	22,107	20,183
Total current assets	179,897	183,441
Property, plant and equipment, net	286,169	286,383
Investment in real estate held for development and sale	73,541	74,233
Timber and timberlands, net	1,618,975	1,638,663
Intangible assets, net	16,660	17,049
Other long-term assets	29,928	35,290
Total assets	2,205,170	2,235,059
Current liabilities:
Accounts payable and accrued liabilities	75,937	60,577
Current portion of long-term debt	45,988	45,974
Current portion of pension and other postretirement employee benefits	6,701	6,701
Total current liabilities	128,626	113,252
Long-term debt	711,001	710,495
Pension and other postretirement employee benefits	142,708	115,463
Deferred tax liabilities, net	10,942	20,165
Other long-term obligations	86,417	48,853
Total liabilities	1,079,694	1,008,228
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 66,871 and 67,221 shares	66,871	67,221
Additional paid-in capital	1,670,184	1,666,299
Accumulated deficit	(442,153)	(359,330)
Accumulated other comprehensive loss	(169,426)	(147,359)
Total stockholders’ equity	1,125,476	1,226,831
Total liabilities and stockholders' equity	$ 2,205,170	$ 2,235,059

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	66,871,000	67,221,000
Common stock, outstanding	66,871,000	67,221,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income		$ (14,194)	$ 23,697
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization		37,215	33,411
Basis of real estate sold		9,191	8,983
Gain on sale of facility			(9,176)
Loss on extinguishment of debt			5,512
Change in deferred taxes		(13,849)	(17,238)
Pension and other postretirement employee benefits		11,833	5,937
Pension settlement charge		42,988
Equity-based compensation expense		3,865	3,449
Other, net		(177)	(1,928)
Change in working capital and operating-related activities, net		16,397	22,490
Real estate development expenditures		(2,487)	(4,481)
Funding of pension and other postretirement employee benefits		(2,839)	(3,135)
Net cash provided by operating activities		87,943	67,521
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions		(10,295)	(15,502)
Timberlands reforestation and roads		(7,776)	(8,190)
Acquisition of timber and timberlands		(4,730)	(278)
Proceeds on sale of facility		1,000	58,793
Other, net		2,113	433
Net cash (used in) provided by investing activities		(19,688)	35,256
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders		(53,685)	(53,946)
Repurchase of common stock		(15,364)	(25,173)
Proceeds from issuance of long-term debt			150,000
Repayment of long-term debt			(150,000)
Premiums and fees on debt retirement			(4,865)
Other, net		(526)	(264)
Net cash used in financing activities		(69,575)	(84,248)
Change in cash, cash equivalents and restricted cash		(1,320)	18,529
Cash, cash equivalents and restricted cash at beginning of period		84,254	79,441
Cash, cash equivalents and restricted cash at end of period		82,934	97,970
NONCASH INVESTING AND FINANCING ACTIVITIES
Long-term debt assumed by buyer in sale of facility			29,000
Accrued property, plant and equipment additions		706	244
Accrued timberlands reforestation and roads		462	592
Cash and cash equivalents		80,987	$ 97,970
Restricted cash included in other long-term assets	[1]	$ 1,947
Restricted Cash, Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsMember	us-gaap:OtherAssetsMember
[1]	Amounts included in restricted cash represent proceeds held by a qualified intermediary that are intended to be reinvested in timber and timberlands.

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, 2018	$ 1,314,779	$ 67,570	$ 1,659,031	$ (282,391)	$ (129,431)
Balance, beginning of period (shares) at Dec. 31, 2018		67,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	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)		(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
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23,697
Cash flow hedges	(18,930)
Repurchase of common stock	$ (25,200)
Repurchase of common stock (shares)	(686,240)
Balance, end of period at Jun. 30, 2019	$ 1,246,050	$ 67,186	1,662,381	(337,330)	(146,187)
Balance, end of period (shares) at Jun. 30, 2019		67,186
Balance, beginning of period at Mar. 31, 2019	1,278,386	$ 67,588	1,660,450	(312,874)	(136,778)
Balance, beginning of period (shares) at Mar. 31, 2019		67,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	17,137			17,137
Shares issued for stock compensation		$ 5	(5)
Shares issued for stock compensation (shares)		5
Equity-based compensation expense	1,832		1,832
Pension plans and OPEB obligations	1,008				1,008
Cash flow hedges	(10,417)				(10,417)
Common dividends, $0.40 per share	(26,881)			(26,881)
Repurchase of common stock	$ (15,015)	$ (407)		(14,608)
Repurchase of common stock (shares)	(407,293)	(407)
Other transactions, net			104	(104)
Balance, end of period at Jun. 30, 2019	$ 1,246,050	$ 67,186	1,662,381	(337,330)	(146,187)
Balance, end of period (shares) at Jun. 30, 2019		67,186
Balance, beginning of period at Dec. 31, 2019	$ 1,226,831	$ 67,221	1,666,299	(359,330)	(147,359)
Balance, beginning of period (shares) at Dec. 31, 2019	67,221,000	67,221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (16,832)			(16,832)
Shares issued for stock compensation		$ 131	(131)
Shares issued for stock compensation (shares)		131
Equity-based compensation expense	1,885		1,885
Pension plans and OPEB obligations	15,578				15,578
Cash flow hedges	(38,525)				(38,525)
Common dividends, $0.40 per share	(26,941)			(26,941)
Repurchase of common stock	(12,355)	$ (401)		(11,954)
Repurchase of common stock (shares)		(401)
Other transactions, net	(27)		69	(96)
Balance, end of period at Mar. 31, 2020	1,149,614	$ 66,951	1,668,122	(415,153)	(170,306)
Balance, end of period (shares) at Mar. 31, 2020		66,951
Balance, beginning of period at Dec. 31, 2019	$ 1,226,831	$ 67,221	1,666,299	(359,330)	(147,359)
Balance, beginning of period (shares) at Dec. 31, 2019	67,221,000	67,221
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (14,194)
Cash flow hedges	(40,372)
Repurchase of common stock	$ (15,400)
Repurchase of common stock (shares)	(489,850)
Balance, end of period at Jun. 30, 2020	$ 1,125,476	$ 66,871	1,670,184	(442,153)	(169,426)
Balance, end of period (shares) at Jun. 30, 2020	66,871,000	66,871
Balance, beginning of period at Mar. 31, 2020	$ 1,149,614	$ 66,951	1,668,122	(415,153)	(170,306)
Balance, beginning of period (shares) at Mar. 31, 2020		66,951
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,638			2,638
Shares issued for stock compensation		$ 9	(9)
Shares issued for stock compensation (shares)		9
Equity-based compensation expense	1,980		1,980
Pension plans and OPEB obligations	2,727				2,727
Cash flow hedges	(1,847)				(1,847)
Common dividends, $0.40 per share	(26,744)			(26,744)
Repurchase of common stock	$ (3,009)	$ (89)		(2,920)
Repurchase of common stock (shares)	(88,933)	(89)
Other transactions, net	$ 117		91	26
Balance, end of period at Jun. 30, 2020	$ 1,125,476	$ 66,871	$ 1,670,184	$ (442,153)	$ (169,426)
Balance, end of period (shares) at Jun. 30, 2020	66,871,000	66,871

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Common dividends, per share	$ 0.40	$ 0.40	$ 0.40	$ 0.40

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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 1.8 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. Condensed Consolidated Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements Notes to Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements Use of Estimates In March 2020 the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. Shortly thereafter the United States declared a national emergency concerning the outbreak, and all states and several municipalities subsequently declared public health emergencies. These declarations resulted in a wide-range of government directives impacting individuals and businesses beginning in late March 2020 to contain and combat the outbreak and spread of COVID-19. The preparation of our Condensed Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses. The full extent to which COVID-19 will directly or indirectly impact our business, results of operations and financial condition, will depend on future developments that are highly uncertain, including new information that may emerge concerning COVID-19, the additional actions taken to contain it or treat it, as well as the severity and duration of the economic impact on local, regional, and national customers, suppliers and markets. Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may have to pay in connection with any legal proceeding would have a materially adverse effect on our consolidated financial position or net cash flow. On June 21, 2020, we announced an agreement to sell approximately 72,000 acres of rural timberland in Minnesota to The Conservation Fund for approximately $48.0 million in cash, subject to certain closing adjustments as defined in the agreement. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS New Accounting Standards Recently Adopted In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 Condensed Consolidated Financial Statements 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 The adoption of this standard New Accounting Standards Being Evaluated In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting Condensed Consolidated Financial Statements

Sale of Deltic MDF Facility

Sale of Deltic MDF Facility	6 Months Ended
	Jun. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Sale of Deltic MDF Facility	NOTE 3. SALE OF DELTIC MDF FACILITY 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. Net proceeds received in February 2019 after closing costs and other expenses were $60.0 million. The net proceeds were reduced by $1.2 million during the second quarter of 2019 following the finalization of the post-closing working capital adjustments. A portion of the purchase price was escrowed pending satisfaction of certain covenants as outlined in the Agreement. These funds were fully released to us during the three months ended March 31, 2020. 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. The sale of the MDF facility was not considered a strategic shift that has or will have a major effect on our operations or financial results and therefore did not meet the requirements for presentation as discontinued operations.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 4. REVENUE RECOGNITION The following table represents our revenues by major product. For additional information regarding our segments, see Note 5: Segment Information Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Timberlands Northern region Sawlogs $ 30,638 $ 30,467 $ 72,045 $ 62,966 Pulpwood 1,236 1,148 2,671 3,209 Stumpage - - 316 106 Other 292 353 595 564 Total Northern revenues 32,166 31,968 75,627 66,845 Southern region Sawlogs 21,205 20,979 45,144 39,416 Pulpwood 10,872 11,282 22,073 23,093 Stumpage 817 144 1,646 466 Other 2,285 2,508 5,280 5,219 Total Southern revenues 35,179 34,913 74,143 68,194 Total Timberlands revenues 67,345 66,881 149,770 135,039 Wood Products Lumber 102,793 103,054 214,732 193,559 Residuals and Panels 23,423 34,976 56,484 76,777 Total Wood Products revenues 126,216 138,030 271,216 270,336 Real Estate Rural real estate 9,879 30,315 17,171 34,534 Development real estate 1,672 3,755 3,964 4,428 Other 1,554 2,362 2,939 3,634 Total Real Estate revenues 13,105 36,432 24,074 42,596 Total segment revenues 206,666 241,343 445,060 447,971 Intersegment Timberlands revenues 1 (25,111 ) (25,762 ) (54,625 ) (50,674 ) Total consolidated revenues $ 181,555 $ 215,581 $ 390,435 $ 397,297 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. Contract Balances In general, a customer receivable is recorded as we deliver wood products, logs and residuals. We generally receive payment shortly after products have been received by our customers. At June 30, 2020 and December 31, 2019, we recorded deferred revenue of $10.4 million and $5.5 million, respectively, for contract liabilities. These contract liabilities predominately relate to hunting and other access rights on our timberlands and member related activities at the Chenal Country Club. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except membership initiation fees at the country club which typically are recognized 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.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	NOTE 5. SEGMENT INFORMATION Our businesses are organized into three reportable operating segments: Timberlands, Wood Products and Real Estate. The Timberlands segment includes planting and harvesting trees and building and maintaining roads. The Timberlands segment also generates revenues from non-timber resources such as hunting leases, recreation permits and leases, mineral rights contracts, oil and gas royalties and carbon sequestration. The Wood Products segment manufactures and markets lumber and plywood. The Real Estate segment includes the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives, master planned community development and a country club. O ur Timberlands segment supplies our Wood Products segment with a portion of its wood fiber needs. These intersegment revenues are based on prevailing market prices and typically represent a sizeable portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. These i The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements 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. Management uses Adjusted EBITDDA to compare the operating performance of our segments on a consistent basis and to evaluate the performance and effectiveness of each segment’s operational strategies. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies. The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income (loss) before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements . Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Revenues: Timberlands $ 67,345 $ 66,881 $ 149,770 $ 135,039 Wood Products 126,216 138,030 271,216 270,336 Real Estate 13,105 36,432 24,074 42,596 206,666 241,343 445,060 447,971 Intersegment Timberlands revenues 1 (25,111 ) (25,762 ) (54,625 ) (50,674 ) Consolidated revenues $ 181,555 $ 215,581 $ 390,435 $ 397,297 Adjusted EBITDDA: Timberlands $ 25,659 $ 26,131 $ 60,641 $ 52,981 Wood Products 10,907 (2,071 ) 24,136 5,155 Real Estate 9,256 31,316 16,596 34,019 Corporate (10,534 ) (9,346 ) (19,206 ) (20,000 ) Eliminations and adjustments 85 3,050 777 5,177 Total Adjusted EBITDDA 35,373 49,080 82,944 77,332 Interest expense, net 2 (8,339 ) (7,882 ) (12,037 ) (13,346 ) Depreciation, depletion and amortization (17,765 ) (16,727 ) (36,403 ) (32,524 ) Basis of real estate sold (2,693 ) (7,427 ) (9,191 ) (8,983 ) Loss on extinguishment of debt — — — (5,512 ) Pension settlement charge — — (42,988 ) — Non-operating pension and other postretirement employee benefits (3,478 ) (889 ) (7,113 ) (1,869 ) Gain on sale of facility — — — 9,176 (Loss) gain on disposal of fixed assets (7 ) 30 185 62 Income (loss) before income taxes $ 3,091 $ 16,185 $ (24,603 ) $ 24,336 Depreciation, depletion and amortization: Timberlands $ 11,566 $ 10,469 $ 24,157 $ 20,734 Wood Products 5,798 5,861 11,428 10,903 Real Estate 156 147 316 356 Corporate 245 250 502 531 17,765 16,727 36,403 32,524 Bond discounts and deferred loan fees 2 406 410 812 887 Total depreciation, depletion and amortization $ 18,171 $ 17,137 $ 37,215 $ 33,411 Basis of real estate sold: Real Estate $ 3,212 $ 7,455 $ 9,716 $ 9,043 Eliminations and adjustments (519 ) (28 ) (525 ) (60 ) Total basis of real estate sold $ 2,693 $ 7,427 $ 9,191 $ 8,983 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. 2 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	NOTE 6. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Net income (loss) $ 2,638 $ 17,137 $ (14,194 ) $ 23,697 Basic weighted-average shares outstanding 67,176 67,664 67,321 67,774 Incremental shares due to: Performance shares 153 26 — 21 Restricted stock units 30 23 — 71 Diluted weighted-average shares outstanding 67,359 67,713 67,321 67,866 Basic net income (loss) per share $ 0.04 $ 0.25 $ (0.21 ) $ 0.35 Diluted net income (loss) per share $ 0.04 $ 0.25 $ (0.21 ) $ 0.35 For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. For the three and six months ended June 30, 2020 there were approximately 39,000 and 490,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. For the three and six months ended June 30, 2019 there were approximately 95,000 and 71,000 stock-based awards, respectively, 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 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 and six months ended June 30, 2020, we repurchased 88,933 and 489,850 shares of common stock (at a total consideration of $3.0 million and $15.4 million), respectively, under the 2018 Repurchase Program. During the three and six months ended June 30, 2019 we repurchased 407,293 and 686,240 shares of common stock (at a total consideration of $15.0 million and $25.2 million), respectively, under the 2018 Repurchase Program. All common stock purchases under the 2018 Repurchase Program were made in open-market transactions. At June 30, 2020, we had remaining authorization of $59.5 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 June 30, 2020. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

Certain Balance Sheet Component

Certain Balance Sheet Components	6 Months Ended
	Jun. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NOTE 7. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) June 30, 2020 December 31, 2019 Logs $ 19,999 $ 33,313 Lumber, panels and veneer 30,189 31,639 Materials and supplies 14,029 12,831 Total inventories 64,217 77,783 Less: LIFO reserve (12,002 ) (12,002 ) Total inventories, net $ 52,215 $ 65,781 Property, plant and equipment (in thousands) June 30, 2020 December 31, 2019 Property, plant and equipment $ 508,874 $ 498,113 Less: accumulated depreciation (222,705 ) (211,730 ) Total property, plant and equipment, net $ 286,169 $ 286,383 Timber and timberlands (in thousands) June 30, 2020 December 31, 2019 Timber and timberlands $ 1,536,576 $ 1,554,882 Logging roads 82,399 83,781 Total timber and timberlands, net $ 1,618,975 $ 1,638,663 Accounts payable and accrued liabilities (in thousands) June 30, 2020 December 31, 2019 Accrued payroll and benefits $ 17,716 $ 12,920 Accounts payable 17,106 12,734 Deferred revenue 10,395 5,514 Accrued taxes 9,269 6,638 Accrued interest 6,829 6,946 Operating lease liabilities 4,783 4,998 Other current liabilities 9,839 10,827 Total accounts payable and accrued liabilities $ 75,937 $ 60,577

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	NOTE 8. DEBT At June 30, 2020, our total outstanding long-term debt included $693.5 million of term loans under our Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender, of which $46.0 million matures in December 2020. Certain borrowings under the Amended Term Loan Agreement are at variable rates of one or three-month LIBOR plus a spread between 1.85% and 2.15%. We have entered into interest rate swaps for these variable rate term loans to fix the interest rate. See Note: 9 Derivative Instruments At June 30, 2020 there were no borrowings under our $380.0 million revolving line of credit and approximately $1.0 million of our revolving line of credit was utilized for outstanding letters of credit. As provided in the revolving line of credit agreement, borrowings may be increased by up to an additional $420.0 million. The revolving line of credit agreement also includes a sublimit of $75.0 million for the issuance of standby letters of credit and a sublimit of $25.0 million for swing line loans. Usage under either or both subfacilities reduces availability under the revolving line of credit. We may utilize borrowings under the credit facility to, among other things, refinance existing indebtedness and provide funding for working capital requirements, capital projects, acquisitions and other general corporate expenditures. We were in compliance with all debt and credit agreement covenants at June 30, 2020.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instrument Detail [Abstract]
Derivative Instruments	NOTE 9. DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset or liability to a particular risk 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. At June 30, 2020, we have six interest rate swaps associated with $397.5 million of term loan debt. These swaps are cash flow hedges that convert variable rates ranging from three-month and one-month LIBOR plus 1.85% to 2.15%, to fixed rates ranging from 3.17% 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 hedges. In March 2020, we entered into $653.5 million of forward starting interest rate swaps. These forward starting interest rate swaps effectively hedge the variability in future benchmark interest payments attributable to changes in interest rates on future debt refinancing by locking in fixed rates on our anticipated future refinancing of $653.5 million of term loan debt maturing December 2020 through January 2029. The fixed interest rate components for these forward swaps range from 0.85% to 1.17%. The variable rate component on these forward interest rate swaps is one-month LIBOR. Accordingly, the forward rate swaps were designated as cash flow hedges. In addition, these cash flow hedges require settlement on the stated maturity date for each respective term loan currently outstanding. The following table presents the gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets Asset Derivatives Liability Derivatives (in thousands) Location June 30, 2020 December 31, 2019 Location June 30, 2020 December 31, 2019 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ — $ — Accounts payable and accrued liabilities 1 $ 1,768 $ — Interest rate contracts Other assets, non-current — 1,601 Other long-term obligations 61,207 22,398 $ — $ 1,601 $ 62,975 $ 22,398 1 The following table details the effect of derivatives on our Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, (in thousands) Location 2020 2019 2020 2019 Derivatives designated in cash flow hedging relationships: Interest rate contracts Loss recognized in other comprehensive loss, net of tax $ (3,669 ) $ (10,598 ) $ (43,032 ) $ (19,192 ) Loss reclassified from accumulated other comprehensive loss 1 Interest expense $ (1,822 ) $ (181 ) $ (2,660 ) $ (262 ) Interest expense, net $ 8,339 $ 7,882 $ 12,037 $ 13,346 1 At June 30, 2020, approximately $9.1 million of net losses are expected to be reclassified into earnings over the next 12 months. However, this expected amount to be reclassified into earnings is subject to volatility as the ultimate amount recognized in earnings is based on the market LIBOR rate at the time of cash settlement.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Derivative Instrument Detail [Abstract]
Fair Value Measurements	NOTE 10. FAIR VALUE MEASUREMENTS The following table presents the estimated fair values of our financial instruments: June 30, 2020 December 31, 2019 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Derivative assets related to interest rate swaps (Level 2) $ — $ — $ 1,601 $ 1,601 Derivative liabilities related to interest rate swaps (Level 2) $ (62,975 ) $ (62,975 ) $ (22,398 ) $ (22,398 ) Long-term debt, including current portion (Level 2): Term loans $ (690,144 ) $ (718,225 ) $ (689,820 ) $ (703,437 ) Revenue bonds (65,735 ) (65,945 ) (65,735 ) (68,200 ) Medium-term notes (3,000 ) (3,568 ) (3,000 ) (3,480 ) Total long-term debt 1 $ (758,879 ) $ (787,738 ) $ (758,555 ) $ (775,117 ) Company owned life insurance asset (COLI) (Level 3) $ 2,967 $ 2,967 $ 4,157 $ 4,157 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. We believe that our other financial instruments, including cash and cash equivalents, receivables and payables have net carrying values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share Based Compensation [Abstract]
Equity-Based Compensation	NOTE 11. EQUITY-BASED COMPENSATION At June 30, 2020, approximately 1.2 million shares are available for future use under our long-term incentive plan. Share-based compensation activity during the six months ended June 30, 2020 included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 125,001 — 2,879 Restricted Stock Units (RSUs) 68,263 27,671 959 Approximately 0.1 million shares of common stock were issued during the six months ended June 30, 2020 as a result of PSA and RSU vesting during 2019 and 2020. The following table details equity-based compensation expense and the related income tax benefit: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Equity-based compensation expense: Performance share awards $ 1,243 $ 1,187 $ 2,401 $ 2,231 Restricted stock units 718 629 1,426 1,187 Deferred compensation stock equivalent units expense 19 15 38 31 Total equity-based compensation expense $ 1,980 $ 1,831 $ 3,865 $ 3,449 Total tax benefit recognized for equity-based expense $ 93 $ 83 $ 176 $ 155 P erformance Share Awards PSAs granted under the stock incentive plans have a three-year three-year three-year The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2020: Stock price as of valuation date $ 42.16 Risk-free rate 1.42 % Expected volatility 25.74 % 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 fair value of RSUs granted equaled our common share price on the date of grant factoring in any required post-vesting holding periods. The weighted average fair value of all RSUs granted during the six months ended June 30, 2020 was $38.77 per share.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 12. 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. During the six months ended June 30, 2020 we recorded an income tax benefit of approximately $11.2 million associated with the $43.0 million pension settlement charge recorded in the first quarter. Additionally, during the first quarter of 2020 we recorded an increase in deferred tax assets of $6.8 million associated with the $26.2 million remeasurement of our pension plan obligations. See Note 14: Pension and Other Postretirement Employee Benefits for further details. During the six months ended June 30, 2019 we recorded a reduction to deferred tax liabilities and an increase to income taxes payable of $15.8 million related to the sale of the Deltic MDF facility. See Note 3: Sale of Deltic MDF Facility for further details.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	NOTE 13. LEASES We lease certain equipment, office space and land. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification June 30, 2020 December 31, 2019 Assets Operating lease assets Other long-term assets $ 13,425 $ 15,772 Finance lease assets 1 Property, plant and equipment, net 4,448 2,360 Total lease assets $ 17,873 $ 18,132 Liabilities Current Operating lease liabilities Accounts payable and accrued liabilities $ 4,783 $ 4,998 Finance lease liabilities Accounts payable and accrued liabilities 1,218 644 Noncurrent Operating lease liabilities Other long-term obligations 8,647 10,775 Finance lease liabilities Other long-term obligations 3,201 1,703 Total lease liabilities $ 17,849 $ 18,120 1 The following table presents the components of lease expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Operating lease costs 1 $ 1,414 $ 1,511 $ 2,839 $ 2,922 Finance lease costs Amortization of leased assets 260 25 473 46 Interest on lease liabilities 32 5 59 10 Net lease costs $ 1,706 $ 1,541 $ 3,371 $ 2,978 1 The following tables presents supplemental cash flow information related to leases: Six Months Ended June 30, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,884 $ 2,960 Operating cash flows for finance leases $ 59 $ 10 Financing cash flows for finance leases $ 486 $ 50 Leased assets exchanged for new lease liabilities: Operating leases $ 248 $ 5,789 Finance leases $ 2,558 $ 675

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	6 Months Ended
	Jun. 30, 2020
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Postretirement Employee Benefits	NOTE 14. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS In February 2020 we purchased a group annuity contract from an insurance company to transfer $101.1 million of our outstanding pension benefit obligation related to our qualified pension plans to the insurance company. This transaction was funded with plan assets. As a result of the transaction, the insurance company assumed responsibility for annuity administration and benefit payments to select retirees, with no change to their monthly retirement benefit payment amounts. In connection with this transaction we recorded a non-cash pretax settlement charge of $43.0 million during the three months ended March 31, 2020 in non-operating expense, net, accelerating the recognition of actuarial losses included in accumulated other comprehensive loss that would have been recognized in future periods. The settlement triggered a remeasurement of plan assets and liabilities. We updated the discount rate used to measure our projected benefit obligation for the qualified pension plans as of February 29, 2020 and to calculate the related net periodic benefit cost for the remainder of 2020 to 2.95% from 3.40%. All other pension assumptions remain unchanged. The net effect of the remeasurement was a reduction in the funded status of our qualified pension plans of approximately $26.2 million, primarily driven by the decrease in the discount rate. The following tables detail the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended June 30, Pension OPEB (in thousands) 2020 2019 2020 2019 Service cost $ 2,176 $ 1,862 $ 112 $ 80 Interest cost 2,568 4,692 376 375 Expected return on plan assets (3,151 ) (5,541 ) — — Amortization of prior service cost (credit) 28 53 (319 ) (2,211 ) Amortization of actuarial loss 3,559 3,321 417 200 Total net periodic cost (benefit) $ 5,180 $ 4,387 $ 586 $ (1,556 ) Six Months Ended June 30, Pension OPEB (in thousands) 2020 2019 2020 2019 Service cost $ 4,466 $ 3,883 $ 254 $ 185 Interest cost 6,132 9,231 751 794 Expected return on plan assets (7,737 ) (11,095 ) — — Amortization of prior service cost (credit) 56 106 (638 ) (4,422 ) Amortization of actuarial loss 7,713 6,748 836 507 Net periodic cost (benefit) before pension settlement charge 10,630 8,873 1,203 (2,936 ) Pension settlement charge 42,988 — — — Net periodic cost (benefit) $ 53,618 $ 8,873 $ 1,203 $ (2,936 ) During the six months ended June 30, 2020 and 2019, funding of pension and other postretirement employee benefit plans was $2.8 million and $3.1 million, respectively. Further, as allowed under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed in March 2020, we will defer approximately $4.4 million of required 2020 contributions for our qualified pension plans until 2021.

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	NOTE 15. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS During 2020, changes in amounts included in our accumulated other comprehensive loss (AOCL) by component on our Condensed Consolidated Balance Sheets Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Pension Plans Balance at beginning of period $ 101,524 $ 126,678 $ 117,028 $ 129,253 Net loss arising during the period — — 19,402 — Effect of pension settlement — — (31,811 ) — Amounts reclassified from AOCL to earnings (2,654 ) (2,497 ) (5,749 ) (5,072 ) Balance at end of period $ 98,870 $ 124,181 $ 98,870 $ 124,181 Other Postretirement Benefit Plans Balance at beginning of period $ 10,257 $ 27 $ 10,331 $ (1,382 ) Amounts reclassified from AOCL to earnings (73 ) 1,489 (147 ) 2,898 Balance at end of period $ 10,184 $ 1,516 $ 10,184 $ 1,516 Cash Flow Hedges Balance at beginning of period $ 58,525 $ 10,073 $ 20,000 $ 1,560 Net loss arising during the period 3,669 10,598 43,032 19,192 Amounts reclassified from AOCL to earnings (1,822 ) (181 ) (2,660 ) (262 ) Balance at end of period $ 60,372 $ 20,490 $ 60,372 $ 20,490 Accumulated other comprehensive loss, end of period $ 169,426 $ 146,187 $ 169,426 $ 146,187 See Note 14: Pension and Other Postretirement Employee Benefits Note 9: Derivative Instruments

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Standards Recently Adopted In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 Condensed Consolidated Financial Statements 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 The adoption of this standard New Accounting Standards Being Evaluated In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting Condensed Consolidated Financial Statements

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
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 5: Segment Information Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Timberlands Northern region Sawlogs $ 30,638 $ 30,467 $ 72,045 $ 62,966 Pulpwood 1,236 1,148 2,671 3,209 Stumpage - - 316 106 Other 292 353 595 564 Total Northern revenues 32,166 31,968 75,627 66,845 Southern region Sawlogs 21,205 20,979 45,144 39,416 Pulpwood 10,872 11,282 22,073 23,093 Stumpage 817 144 1,646 466 Other 2,285 2,508 5,280 5,219 Total Southern revenues 35,179 34,913 74,143 68,194 Total Timberlands revenues 67,345 66,881 149,770 135,039 Wood Products Lumber 102,793 103,054 214,732 193,559 Residuals and Panels 23,423 34,976 56,484 76,777 Total Wood Products revenues 126,216 138,030 271,216 270,336 Real Estate Rural real estate 9,879 30,315 17,171 34,534 Development real estate 1,672 3,755 3,964 4,428 Other 1,554 2,362 2,939 3,634 Total Real Estate revenues 13,105 36,432 24,074 42,596 Total segment revenues 206,666 241,343 445,060 447,971 Intersegment Timberlands revenues 1 (25,111 ) (25,762 ) (54,625 ) (50,674 ) Total consolidated revenues $ 181,555 $ 215,581 $ 390,435 $ 397,297 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Summary of Information by Business Segment	Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Revenues: Timberlands $ 67,345 $ 66,881 $ 149,770 $ 135,039 Wood Products 126,216 138,030 271,216 270,336 Real Estate 13,105 36,432 24,074 42,596 206,666 241,343 445,060 447,971 Intersegment Timberlands revenues 1 (25,111 ) (25,762 ) (54,625 ) (50,674 ) Consolidated revenues $ 181,555 $ 215,581 $ 390,435 $ 397,297 Adjusted EBITDDA: Timberlands $ 25,659 $ 26,131 $ 60,641 $ 52,981 Wood Products 10,907 (2,071 ) 24,136 5,155 Real Estate 9,256 31,316 16,596 34,019 Corporate (10,534 ) (9,346 ) (19,206 ) (20,000 ) Eliminations and adjustments 85 3,050 777 5,177 Total Adjusted EBITDDA 35,373 49,080 82,944 77,332 Interest expense, net 2 (8,339 ) (7,882 ) (12,037 ) (13,346 ) Depreciation, depletion and amortization (17,765 ) (16,727 ) (36,403 ) (32,524 ) Basis of real estate sold (2,693 ) (7,427 ) (9,191 ) (8,983 ) Loss on extinguishment of debt — — — (5,512 ) Pension settlement charge — — (42,988 ) — Non-operating pension and other postretirement employee benefits (3,478 ) (889 ) (7,113 ) (1,869 ) Gain on sale of facility — — — 9,176 (Loss) gain on disposal of fixed assets (7 ) 30 185 62 Income (loss) before income taxes $ 3,091 $ 16,185 $ (24,603 ) $ 24,336 Depreciation, depletion and amortization: Timberlands $ 11,566 $ 10,469 $ 24,157 $ 20,734 Wood Products 5,798 5,861 11,428 10,903 Real Estate 156 147 316 356 Corporate 245 250 502 531 17,765 16,727 36,403 32,524 Bond discounts and deferred loan fees 2 406 410 812 887 Total depreciation, depletion and amortization $ 18,171 $ 17,137 $ 37,215 $ 33,411 Basis of real estate sold: Real Estate $ 3,212 $ 7,455 $ 9,716 $ 9,043 Eliminations and adjustments (519 ) (28 ) (525 ) (60 ) Total basis of real estate sold $ 2,693 $ 7,427 $ 9,191 $ 8,983 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. 2 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2020 2019 2020 2019 Net income (loss) $ 2,638 $ 17,137 $ (14,194 ) $ 23,697 Basic weighted-average shares outstanding 67,176 67,664 67,321 67,774 Incremental shares due to: Performance shares 153 26 — 21 Restricted stock units 30 23 — 71 Diluted weighted-average shares outstanding 67,359 67,713 67,321 67,866 Basic net income (loss) per share $ 0.04 $ 0.25 $ (0.21 ) $ 0.35 Diluted net income (loss) per share $ 0.04 $ 0.25 $ (0.21 ) $ 0.35

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) June 30, 2020 December 31, 2019 Logs $ 19,999 $ 33,313 Lumber, panels and veneer 30,189 31,639 Materials and supplies 14,029 12,831 Total inventories 64,217 77,783 Less: LIFO reserve (12,002 ) (12,002 ) Total inventories, net $ 52,215 $ 65,781
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) June 30, 2020 December 31, 2019 Property, plant and equipment $ 508,874 $ 498,113 Less: accumulated depreciation (222,705 ) (211,730 ) Total property, plant and equipment, net $ 286,169 $ 286,383
Schedule of Timber and Timberlands	Timber and timberlands (in thousands) June 30, 2020 December 31, 2019 Timber and timberlands $ 1,536,576 $ 1,554,882 Logging roads 82,399 83,781 Total timber and timberlands, net $ 1,618,975 $ 1,638,663
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in thousands) June 30, 2020 December 31, 2019 Accrued payroll and benefits $ 17,716 $ 12,920 Accounts payable 17,106 12,734 Deferred revenue 10,395 5,514 Accrued taxes 9,269 6,638 Accrued interest 6,829 6,946 Operating lease liabilities 4,783 4,998 Other current liabilities 9,839 10,827 Total accounts payable and accrued liabilities $ 75,937 $ 60,577

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instrument Detail [Abstract]
Gross 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 June 30, 2020 December 31, 2019 Location June 30, 2020 December 31, 2019 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ — $ — Accounts payable and accrued liabilities 1 $ 1,768 $ — Interest rate contracts Other assets, non-current — 1,601 Other long-term obligations 61,207 22,398 $ — $ 1,601 $ 62,975 $ 22,398 1
Effect of Derivatives on Condensed Consolidated Statements of Operations	The following table details the effect of derivatives on our Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, (in thousands) Location 2020 2019 2020 2019 Derivatives designated in cash flow hedging relationships: Interest rate contracts Loss recognized in other comprehensive loss, net of tax $ (3,669 ) $ (10,598 ) $ (43,032 ) $ (19,192 ) Loss reclassified from accumulated other comprehensive loss 1 Interest expense $ (1,822 ) $ (181 ) $ (2,660 ) $ (262 ) Interest expense, net $ 8,339 $ 7,882 $ 12,037 $ 13,346 1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: June 30, 2020 December 31, 2019 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Derivative assets related to interest rate swaps (Level 2) $ — $ — $ 1,601 $ 1,601 Derivative liabilities related to interest rate swaps (Level 2) $ (62,975 ) $ (62,975 ) $ (22,398 ) $ (22,398 ) Long-term debt, including current portion (Level 2): Term loans $ (690,144 ) $ (718,225 ) $ (689,820 ) $ (703,437 ) Revenue bonds (65,735 ) (65,945 ) (65,735 ) (68,200 ) Medium-term notes (3,000 ) (3,568 ) (3,000 ) (3,480 ) Total long-term debt 1 $ (758,879 ) $ (787,738 ) $ (758,555 ) $ (775,117 ) Company owned life insurance asset (COLI) (Level 3) $ 2,967 $ 2,967 $ 4,157 $ 4,157 1 The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share Based Compensation [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the six months ended June 30, 2020 included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 125,001 — 2,879 Restricted Stock Units (RSUs) 68,263 27,671 959
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 June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Equity-based compensation expense: Performance share awards $ 1,243 $ 1,187 $ 2,401 $ 2,231 Restricted stock units 718 629 1,426 1,187 Deferred compensation stock equivalent units expense 19 15 38 31 Total equity-based compensation expense $ 1,980 $ 1,831 $ 3,865 $ 3,449 Total tax benefit recognized for equity-based expense $ 93 $ 83 $ 176 $ 155
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 2020: Stock price as of valuation date $ 42.16 Risk-free rate 1.42 % Expected volatility 25.74 % Expected dividend yield (assuming full reinvestment) — Expected term (years) 3.00

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related Leases assets and liabilities	The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification June 30, 2020 December 31, 2019 Assets Operating lease assets Other long-term assets $ 13,425 $ 15,772 Finance lease assets 1 Property, plant and equipment, net 4,448 2,360 Total lease assets $ 17,873 $ 18,132 Liabilities Current Operating lease liabilities Accounts payable and accrued liabilities $ 4,783 $ 4,998 Finance lease liabilities Accounts payable and accrued liabilities 1,218 644 Noncurrent Operating lease liabilities Other long-term obligations 8,647 10,775 Finance lease liabilities Other long-term obligations 3,201 1,703 Total lease liabilities $ 17,849 $ 18,120 1
Schedule of Components of Lease Expense	The following table presents the components of lease expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Operating lease costs 1 $ 1,414 $ 1,511 $ 2,839 $ 2,922 Finance lease costs Amortization of leased assets 260 25 473 46 Interest on lease liabilities 32 5 59 10 Net lease costs $ 1,706 $ 1,541 $ 3,371 $ 2,978 1
Schedule of Supplemental Cash Flow Information Related Leases	The following tables presents supplemental cash flow information related to leases: Six Months Ended June 30, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,884 $ 2,960 Operating cash flows for finance leases $ 59 $ 10 Financing cash flows for finance leases $ 486 $ 50 Leased assets exchanged for new lease liabilities: Operating leases $ 248 $ 5,789 Finance leases $ 2,558 $ 675

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, Pension OPEB (in thousands) 2020 2019 2020 2019 Service cost $ 2,176 $ 1,862 $ 112 $ 80 Interest cost 2,568 4,692 376 375 Expected return on plan assets (3,151 ) (5,541 ) — — Amortization of prior service cost (credit) 28 53 (319 ) (2,211 ) Amortization of actuarial loss 3,559 3,321 417 200 Total net periodic cost (benefit) $ 5,180 $ 4,387 $ 586 $ (1,556 ) Six Months Ended June 30, Pension OPEB (in thousands) 2020 2019 2020 2019 Service cost $ 4,466 $ 3,883 $ 254 $ 185 Interest cost 6,132 9,231 751 794 Expected return on plan assets (7,737 ) (11,095 ) — — Amortization of prior service cost (credit) 56 106 (638 ) (4,422 ) Amortization of actuarial loss 7,713 6,748 836 507 Net periodic cost (benefit) before pension settlement charge 10,630 8,873 1,203 (2,936 ) Pension settlement charge 42,988 — — — Net periodic cost (benefit) $ 53,618 $ 8,873 $ 1,203 $ (2,936 )

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	During 2020, changes in amounts included in our accumulated other comprehensive loss (AOCL) by component on our Condensed Consolidated Balance Sheets Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2019 2020 2019 Pension Plans Balance at beginning of period $ 101,524 $ 126,678 $ 117,028 $ 129,253 Net loss arising during the period — — 19,402 — Effect of pension settlement — — (31,811 ) — Amounts reclassified from AOCL to earnings (2,654 ) (2,497 ) (5,749 ) (5,072 ) Balance at end of period $ 98,870 $ 124,181 $ 98,870 $ 124,181 Other Postretirement Benefit Plans Balance at beginning of period $ 10,257 $ 27 $ 10,331 $ (1,382 ) Amounts reclassified from AOCL to earnings (73 ) 1,489 (147 ) 2,898 Balance at end of period $ 10,184 $ 1,516 $ 10,184 $ 1,516 Cash Flow Hedges Balance at beginning of period $ 58,525 $ 10,073 $ 20,000 $ 1,560 Net loss arising during the period 3,669 10,598 43,032 19,192 Amounts reclassified from AOCL to earnings (1,822 ) (181 ) (2,660 ) (262 ) Balance at end of period $ 60,372 $ 20,490 $ 60,372 $ 20,490 Accumulated other comprehensive loss, end of period $ 169,426 $ 146,187 $ 169,426 $ 146,187

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) $ in Millions	Jun. 21, 2020USD ($)a	Jun. 30, 2020a
Basis Of Presentation [Line Items]
Timber And Timberlands Acres Owned		1,800,000
Conservation Fund [Member]
Basis Of Presentation [Line Items]
Timber and timberland agreement to sell	72,000
Cash sale price | $	$ 48

Sale of Deltic MDF Facility (Na

Sale of Deltic MDF Facility (Narrative) (Details) - USD ($) $ in Thousands	Feb. 12, 2019	Feb. 28, 2019	Jun. 30, 2020	Jun. 30, 2019	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
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
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 sale price					$ 92,000
Cash sale price					63,000
Assumption sale price of revenue bonds					$ 29,000
Pre-tax gain on sale of facility	$ 9,200
Net proceeds received after closing costs and other expenses		$ 60,000
Post-closing working capital adjustments				$ 1,200
Reduction to deferred tax liabilities			$ (15,800)
Increase to income taxes payable			$ 15,800

Revenue Recognition (Summary of

Revenue Recognition (Summary of Revenues by Major Product) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation Of Revenue [Line Items]
Revenues		$ 181,555	$ 215,581	$ 390,435	$ 397,297
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		206,666	241,343	445,060	447,971
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(25,111)	(25,762)	(54,625)	(50,674)
Timberlands [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		67,345	66,881	149,770	135,039
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		32,166	31,968	75,627	66,845
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		30,638	30,467	72,045	62,966
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		1,236	1,148	2,671	3,209
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues				316	106
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		292	353	595	564
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		35,179	34,913	74,143	68,194
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		21,205	20,979	45,144	39,416
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		10,872	11,282	22,073	23,093
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		817	144	1,646	466
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		2,285	2,508	5,280	5,219
Wood Products [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		126,216	138,030	271,216	270,336
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		102,793	103,054	214,732	193,559
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		23,423	34,976	56,484	76,777
Real Estate Segment [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		13,105	36,432	24,074	42,596
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		9,879	30,315	17,171	34,534
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		1,672	3,755	3,964	4,428
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	$ 1,554	$ 2,362	$ 2,939	$ 3,634
[1]	Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue Recognition [Line Items]
Contract liabilities related to hunting and other access rights	$ 10.4	$ 5.5
Membership Initiation Fees [Member]
Revenue Recognition [Line Items]
Contract liability recognized period	10 years

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020Segment
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			6 Months Ended
		Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Revenues		$ 181,555		$ 215,581	$ 390,435	$ 397,297
Adjusted EBITDDA		35,373		49,080	82,944	77,332
Interest expense, net	[1]	(8,339)		(7,882)	(12,037)	(13,346)
Depreciation, depletion and amortization		(17,765)		(16,727)	(36,403)	(32,524)
Basis of real estate sold		2,693		7,427	9,191	8,983
Loss on extinguishment of debt						(5,512)
Pension settlement charge			$ (43,000)		(42,988)
Non-operating pension and other postretirement employee benefits		(3,478)		(889)	(7,113)	(1,869)
Gain on sale of facility						9,176
(Loss) gain on disposal of fixed assets		(7)		30	185	62
Income (loss) before income taxes		3,091		16,185	(24,603)	24,336
Bond discounts and deferred loan fees	[1]	406		410	812	887
Total depreciation, depletion and amortization		18,171		17,137	37,215	33,411
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues		206,666		241,343	445,060	447,971
Depreciation, depletion and amortization		17,765		16,727	36,403	32,524
Operating Segments [Member] | Timberlands [Member]
Segment Reporting Information [Line Items]
Revenues		67,345		66,881	149,770	135,039
Adjusted EBITDDA		25,659		26,131	60,641	52,981
Depreciation, depletion and amortization		11,566		10,469	24,157	20,734
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Revenues		126,216		138,030	271,216	270,336
Adjusted EBITDDA		10,907		(2,071)	24,136	5,155
Depreciation, depletion and amortization		5,798		5,861	11,428	10,903
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Revenues		13,105		36,432	24,074	42,596
Adjusted EBITDDA		9,256		31,316	16,596	34,019
Depreciation, depletion and amortization		156		147	316	356
Basis of real estate sold		3,212		7,455	9,716	9,043
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	[2]	(25,111)		(25,762)	(54,625)	(50,674)
Adjusted EBITDDA		85		3,050	777	5,177
Basis of real estate sold		(519)		(28)	(525)	(60)
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(10,534)		(9,346)	(19,206)	(20,000)
Depreciation, depletion and amortization		$ 245		$ 250	$ 502	$ 531
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations
[2]	Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings per Share [Line Items]
Net income (loss)	$ 2,638	$ (16,832)	$ 17,137	$ 6,560	$ (14,194)	$ 23,697
Basic weighted-average shares outstanding	67,176		67,664		67,321	67,774
Diluted weighted-average shares outstanding	67,359		67,713		67,321	67,866
Basic net income (loss) per share	$ 0.04		$ 0.25		$ (0.21)	$ 0.35
Diluted net income (loss) per share	$ 0.04		$ 0.25		$ (0.21)	$ 0.35
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	153		26			21
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	30		23			71

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Aug. 30, 2018
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	39,000		95,000		490,000	71,000
Number of shares repurchased	88,933		407,293		489,850	686,240
Number of shares repurchased, cost	$ 3,009	$ 12,355	$ 15,015	$ 10,158	$ 15,400	$ 25,200
Stock repurchase program, remaining amount	$ 59,500				$ 59,500
Unsettled repurchase shares	0				0
Maximum [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount							$ 100,000

Certain Balance Sheet Compone_3

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Logs	$ 19,999	$ 33,313
Lumber, panels and veneer	30,189	31,639
Materials and supplies	14,029	12,831
Inventories gross	64,217	77,783
Less: LIFO reserve	(12,002)	(12,002)
Total inventories	$ 52,215	$ 65,781

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Property, plant and equipment	$ 508,874	$ 498,113
Less: accumulated depreciation	(222,705)	(211,730)
Total property, plant and equipment, net	$ 286,169	$ 286,383

Certain Balance Sheet Compone_5

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Timber And Timberlands [Abstract]
Timber and timberlands	$ 1,536,576	$ 1,554,882
Logging roads	82,399	83,781
Total timber and timberlands, net	$ 1,618,975	$ 1,638,663

Certain Balance Sheet Compone_6

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts Payable And Accrued Liabilities Current [Abstract]
Accrued payroll and benefits	$ 17,716	$ 12,920
Accounts payable	17,106	12,734
Deferred revenue	10,395	5,514
Accrued taxes	9,269	6,638
Accrued interest	6,829	6,946
Operating lease liabilities	4,783	4,998
Other current liabilities	9,839	10,827
Total accounts payable and accrued liabilities	$ 75,937	$ 60,577

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jan. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Current portion of long-term debt		$ 45,988,000	$ 45,974,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		1,000,000
Maximum borrowing capacity		75,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		380,000,000
Amount available to increase borrowing capacity		420,000,000
Swing Line Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		25,000,000
Amended Term Loan Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		$ 693,500,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.85%	2.15%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)Derivative
Derivatives Fair Value [Line Items]
Net losses expected to be reclassified in to earnings over next 12 months		$ 9.1
Interest Rate Swaps [Member] | Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Number of interest rate swap agreements | Derivative		6
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate		3.17%
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		$ 397.5
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans Maturing in December 2020 through January 2029 [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 653.5
Term loan maturity period, start	2020-12
Term loan maturity period, end	2029-01
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans Maturing in December 2020 through January 2029 [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	0.85%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans Maturing in December 2020 through January 2029 [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	1.17%

Derivative Instruments (Gross F

Derivative Instruments (Gross Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value			$ 1,601
Liability Derivatives, Fair Value		$ 62,975	22,398
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value			1,601
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other Long-term Obligations [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value		61,207	$ 22,398
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Accounts Payable and Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	[1]	$ 1,768
[1]	Derivative instruments that mature within one year, as a whole, are classified as current.

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense, net	[1]	$ 8,339	$ 7,882	$ 12,037	$ 13,346
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, net of tax		(3,669)	(10,598)	(43,032)	(19,192)
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	[2]	$ (1,822)	$ (181)	$ (2,660)	$ (262)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations
[2]	Realized loss on hedging instruments consist of net cash settlements and interest accruals on interest rate swaps during the periods.

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets			$ 1,601
Derivative liabilities related to interest rate swaps		$ (62,975)	(22,398)
Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(758,879)	(758,555)
Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets			1,601
Derivative liabilities related to interest rate swaps		(62,975)	(22,398)
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		(690,144)	(689,820)
Carrying Amount [Member] | Level 2 [Member] | Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(65,735)	(65,735)
Carrying Amount [Member] | Level 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)		2,967	4,157
Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(787,738)	(775,117)
Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets			1,601
Derivative liabilities related to interest rate swaps		(62,975)	(22,398)
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		(718,225)	(703,437)
Fair Value [Member] | Level 2 [Member] | Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(65,945)	(68,200)
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		(3,568)	(3,480)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 2,967	$ 4,157
[1]	The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
PSA and RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock issued | shares	100,000
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	$ 45.04
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	$ 38.77
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
Long-Term Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future use | shares	1,200,000

Equity-Based Compensation (Shar

Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2020shares
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	68,263
Vested	27,671
Forfeited	959
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	125,001
Forfeited	2,879

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 1,980	$ 1,831	$ 3,865	$ 3,449
Deferred compensation stock equivalent units expense	19	15	38	31
Total tax benefit recognized for equity-based expense	93	83	176	155
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,243	1,187	2,401	2,231
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 718	$ 629	$ 1,426	$ 1,187

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards) (Details) - Performance stock awards [Member]	6 Months Ended
	Jun. 30, 2020$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date (in dollars per share)	$ 42.16
Risk-free rate	1.42%
Expected volatility	25.74%
Expected term (years)	3 years

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes [Line Items]
Income tax benefit	$ (453)		$ 952	$ 10,409	$ (639)
Pension settlement charge		$ 43,000		42,988
Pension Plans [Member]
Income Taxes [Line Items]
Income tax benefit				$ 11,200
Increase in deferred tax assets		6,800
Remeasurement of pension plan obligations		$ 26,200
Deltic MDF Facility [Member]
Income Taxes [Line Items]
Reduction to deferred tax liabilities					(15,800)
Increase to income taxes payable					$ 15,800

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related Leases assets and liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
ASSETS
Operating lease assets		$ 13,425	$ 15,772
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Finance lease assets	[1]	$ 4,448	$ 2,360
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:PropertyPlantAndEquipmentNet	us-gaap:PropertyPlantAndEquipmentNet
Total lease assets		$ 17,873	$ 18,132
Current liabilities:
Operating lease liabilities		$ 4,783	$ 4,998
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Finance lease liabilities		$ 1,218	$ 644
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Noncurrent
Operating lease liabilities		$ 8,647	$ 10,775
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Finance lease liabilities		$ 3,201	$ 1,703
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Total lease liabilities		$ 17,849	$ 18,120
[1]	Finance lease assets are presented net of accumulated amortization of $0.7 million and $0.3 million as of June 30, 2020 and December 31, 2019, respectively.

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related Leases assets and liabilities (Parentheticals) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Accumulated amortization of finance lease assets	$ 0.7	$ 0.3

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease costs	[1]	$ 1,414	$ 1,511	$ 2,839	$ 2,922
Finance lease costs
Amortization of leased assets		260	25	473	46
Interest on lease liabilities		32	5	59	10
Net lease costs		$ 1,706	$ 1,541	$ 3,371	$ 2,978
[1]	Excludes short-term leases and variable lease costs, which are immaterial

Leases - Schedule of Suppleme_3

Leases - Schedule of Supplemental Cash Flow Information Related Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 2,884	$ 2,960
Operating cash flows for finance leases	59	10
Financing cash flows for finance leases	486	50
Leased assets exchanged for new lease liabilities:
Operating leases	248	5,789
Finance leases	$ 2,558	$ 675

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Feb. 29, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans		$ 2,839,000	$ 3,135,000
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Change in monthly retirement benefit amount		0
Non-cash pretax settlement charge	$ 43,000,000
Reduction in funded status of qualified pension plans	$ (26,200,000)
Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Deferred contribution		$ 4,400,000
Qualified Plan [Member] | Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate used to measure projected benefit obligations for qualified pension plans		2.95%			3.40%
Qualified Plan [Member] | Pension Plans [Member] | Funded with Plan Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Transfer of outstanding pension benefit obligation related to qualified pension plans to insurance company				$ 101,100,000
Reduction in funded status of qualified pension plans		$ 26,200,000

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,176	$ 1,862	$ 4,466	$ 3,883
Interest cost	2,568	4,692	6,132	9,231
Expected return on plan assets	(3,151)	(5,541)	(7,737)	(11,095)
Amortization of prior service cost (credit)	28	53	56	106
Amortization of actuarial loss	3,559	3,321	7,713	6,748
Net periodic cost (benefit) before pension settlement charge			10,630	8,873
Pension settlement charge			42,988
Total net periodic cost (benefit)	5,180	4,387	53,618	8,873
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	112	80	254	185
Interest cost	376	375	751	794
Amortization of prior service cost (credit)	(319)	(2,211)	(638)	(4,422)
Amortization of actuarial loss	417	200	836	507
Net periodic cost (benefit) before pension settlement charge			1,203	(2,936)
Total net periodic cost (benefit)	$ 586	$ (1,556)	$ 1,203	$ (2,936)

Components of Accumulated Oth_3

Components of Accumulated Other Comprehensive Loss (Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ (1,149,614)	$ (1,278,386)	$ (1,226,831)	$ (1,314,779)
Effect of pension settlement			(31,811)
Balance at end of period	(1,125,476)	(1,246,050)	(1,125,476)	(1,246,050)
Pension Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	101,524	126,678	117,028	129,253
Net loss arising during the period			19,402
Effect of pension settlement			(31,811)
Amounts reclassified from AOCL to earnings	(2,654)	(2,497)	(5,749)	(5,072)
Balance at end of period	98,870	124,181	98,870	124,181
Other Post Retirement Benefit Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	10,257	27	10,331	(1,382)
Amounts reclassified from AOCL to earnings	(73)	1,489	(147)	2,898
Balance at end of period	10,184	1,516	10,184	1,516
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	58,525	10,073	20,000	1,560
Net loss arising during the period	3,669	10,598	43,032	19,192
Amounts reclassified from AOCL to earnings	(1,822)	(181)	(2,660)	(262)
Balance at end of period	60,372	20,490	60,372	20,490
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	170,306	136,778	147,359	129,431
Balance at end of period	$ 169,426	$ 146,187	$ 169,426	$ 146,187