PotlatchDeltic (PCH) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
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		67,045,316
Entity Shell Company	false
Entity File Number	1-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 West First Avenue
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
City Area Code	(509)
Local Phone Number	835-1500
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock ($1 par value)
Trading symbol(s)	PCH
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenues		$ 447,506	$ 181,555	$ 801,699	$ 390,435
Costs and expenses:
Cost of goods sold		177,779	149,836	347,081	321,882
Selling, general and administrative expenses		19,512	16,811	36,270	31,018
Total costs and expenses		197,291	166,647	383,351	352,900
Operating income		250,215	14,908	418,348	37,535
Interest expense, net	[1],[2]	(8,199)	(8,339)	(11,773)	(12,037)
Pension settlement charge					(42,988)
Non-operating pension and other postretirement employee benefit costs		(3,271)	(3,478)	(6,685)	(7,113)
Income (loss) before income taxes		238,745	3,091	399,890	(24,603)
Income taxes		(50,840)	(453)	(80,879)	10,409
Net income (loss)		$ 187,905	$ 2,638	$ 319,011	$ (14,194)
Net income (loss) per share:
Basic (in dollars per share)		$ 2.79	$ 0.04	$ 4.74	$ (0.21)
Diluted (in dollars per share)		2.77	0.04	4.71	(0.21)
Dividends per share (in dollars per share)		$ 0.41	$ 0.40	$ 0.82	$ 0.80
Weighted-average shares outstanding:
Basic (in shares)		67,316	67,176	67,265	67,321
Diluted (in shares)		67,732	67,359	67,664	67,321
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations
[2]	Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 187,905	$ 2,638	$ 319,011	$ (14,194)
Other comprehensive income (loss), net of tax:
Net loss arising during the period, net of tax benefit of $0, $0, $0, and $6,817				(19,402)
Effect of pension settlement, net of tax benefit of $0, $0, $0 and $11,177				31,811
Amortization of prior service credit included in net income (loss), net of tax benefit of $72, $75, $145 and $152	(205)	(215)	(409)	(430)
Amortization of actuarial loss included in net income (loss), net of tax expense of $1,073, $1,034, $2,182, and $2,223	3,050	2,942	6,207	6,326
Cash flow hedges, net of tax expense (benefit) of $(2,179), $4, $1,853 and $(1,806)	(31,163)	(1,847)	32,944	(40,372)
Other comprehensive income (loss), net of tax	(28,318)	880	38,742	(22,067)
Comprehensive income (loss)	$ 159,587	$ 3,518	$ 357,753	$ (36,261)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss arising during the period, tax benefit	$ 0	$ 0	$ 0	$ 6,817
Effect of pension settlement, tax benefit	0	0	0	11,177
Amortization of prior service credit included in net income (loss), tax benefit	72	75	145	152
Amortization of actuarial loss included in net income (loss), tax expense	1,073	1,034	2,182	2,223
Cash flow hedge, tax expense (benefit)	$ (2,179)	$ 4	$ 1,853	$ (1,806)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 512,030	$ 252,340
Customer receivables, net	56,694	26,606
Inventories, net	73,074	62,036
Other current assets	24,475	16,136
Total current assets	666,273	357,118
Property, plant and equipment, net	291,550	288,544
Investment in real estate held for development and sale	66,553	72,355
Timber and timberlands, net	1,580,827	1,600,061
Intangible assets, net	15,880	16,270
Other long-term assets	61,715	46,717
Total assets	2,682,798	2,381,065
Current liabilities:
Accounts payable and accrued liabilities	97,462	93,279
Current portion of long-term debt	42,991	39,981
Current portion of pension and other postretirement employee benefits	6,574	6,574
Total current liabilities	147,027	139,834
Long-term debt	714,870	717,366
Pension and other postretirement employee benefits	128,251	128,807
Deferred tax liabilities, net	22,191	17,740
Other long-term obligations	58,670	72,365
Total liabilities	1,071,009	1,076,112
Commitments and contingencies
Stockholders' equity:
Preferred stock, authorized 4,000 shares, no shares issued
Common stock, $1 par value, authorized 100,000 shares, issued and outstanding 67,045 and 66,876 shares	67,045	66,876
Additional paid-in capital	1,678,661	1,674,576
Accumulated deficit	(51,670)	(315,510)
Accumulated other comprehensive loss	(82,247)	(120,989)
Total stockholders’ equity	1,611,789	1,304,953
Total liabilities and stockholders' equity	$ 2,682,798	$ 2,381,065

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, authorized	4,000,000	4,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	67,045,000	66,876,000
Common stock, outstanding	67,045,000	66,876,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)		Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$ 319,011	$ (14,194)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	$ 18,171		35,831	37,215
Basis of real estate sold	2,693		16,036	9,191
Change in deferred taxes			562	(13,849)
Pension and other postretirement employee benefits			11,111	11,833
Pension settlement charge				42,988
Equity-based compensation expense			4,070	3,865
Other, net			(295)	(177)
Change in working capital and operating-related activities, net			(37,154)	16,397
Real estate development expenditures			(3,999)	(2,487)
Funding of pension and other postretirement employee benefits			(3,833)	(2,839)
Net cash provided by operating activities			341,340	87,943
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions			(15,943)	(10,295)
Timberlands reforestation and roads			(7,954)	(7,776)
Acquisition of timber and timberlands			(2,192)	(4,730)
Proceeds on sale of facility				1,000
Other, net			635	2,113
Net cash used in investing activities			(25,454)	(19,688)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders			(54,973)	(53,685)
Repurchase of common stock				(15,364)
Other, net			(1,223)	(526)
Net cash used in financing activities			(56,196)	(69,575)
Change in cash, cash equivalents and restricted cash			259,690	(1,320)
Cash, cash equivalents and restricted cash at beginning of period			252,340	84,254
Cash, cash equivalents and restricted cash at end of period	82,934		512,030	82,934
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property, plant and equipment additions			1,474	706
Accrued timberlands reforestation and roads			1,170	462
Cash and cash equivalents	80,987		$ 512,030	80,987
Restricted cash included in other long-term assets	$ 1,947	[1]		$ 1,947	[1]
Restricted Cash, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsMember		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, 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
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)		131,000
Equity-based compensation expense	1,885		1,885
Pension plans and OPEB obligations	15,578				15,578
Cash flow hedges	(38,525)				(38,525)
Dividends on common stock	(26,941)			(26,941)
Repurchase of common stock	(12,355)	$ (401)		(11,954)
Repurchase of common stock (shares)		(401,000)
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		66,951,000
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
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
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		66,951,000
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)		9,000
Equity-based compensation expense	1,980		1,980
Pension plans and OPEB obligations	2,727				2,727
Cash flow hedges	(1,847)				(1,847)
Dividends on common stock	(26,744)			(26,744)
Repurchase of common stock	$ (3,009)	$ (89)		(2,920)
Repurchase of common stock (shares)	(88,933)	(89,000)
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
Balance, beginning of period at Dec. 31, 2020	$ 1,304,953	$ 66,876	1,674,576	(315,510)	(120,989)
Balance, beginning of period (shares) at Dec. 31, 2020	66,876,000	66,876,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 131,106			131,106
Shares issued for stock compensation		$ 166	(166)
Shares issued for stock compensation (shares)		166,000
Equity-based compensation expense	1,930		1,930
Pension plans and OPEB obligations	2,953				2,953
Cash flow hedges	64,107				64,107
Dividends on common stock	(27,484)			(27,484)
Other transactions, net	(16)		81	(97)
Balance, end of period at Mar. 31, 2021	1,477,549	$ 67,042	1,676,421	(211,985)	(53,929)
Balance, end of period (shares) at Mar. 31, 2021		67,042,000
Balance, beginning of period at Dec. 31, 2020	$ 1,304,953	$ 66,876	1,674,576	(315,510)	(120,989)
Balance, beginning of period (shares) at Dec. 31, 2020	66,876,000	66,876,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 319,011
Cash flow hedges	$ 32,944
Repurchase of common stock (shares)	0
Balance, end of period at Jun. 30, 2021	$ 1,611,789	$ 67,045	1,678,661	(51,670)	(82,247)
Balance, end of period (shares) at Jun. 30, 2021	67,045,000	67,045,000
Balance, beginning of period at Mar. 31, 2021	$ 1,477,549	$ 67,042	1,676,421	(211,985)	(53,929)
Balance, beginning of period (shares) at Mar. 31, 2021		67,042,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	187,905			187,905
Shares issued for stock compensation		$ 3	(3)
Shares issued for stock compensation (shares)		3,000
Equity-based compensation expense	2,140		2,140
Pension plans and OPEB obligations	2,845				2,845
Cash flow hedges	(31,163)				(31,163)
Dividends on common stock	(27,489)			(27,489)
Other transactions, net	2		103	(101)
Balance, end of period at Jun. 30, 2021	$ 1,611,789	$ 67,045	$ 1,678,661	$ (51,670)	$ (82,247)
Balance, end of period (shares) at Jun. 30, 2021	67,045,000	67,045,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Dividends on common stock, per share	$ 0.41	$ 0.41	$ 0.40	$ 0.40

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	NOTE 1. BASIS OF PRESENTATION General PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with ownership of approximately 1.8 We are also engaged in the manufacturing and sale of wood products and operate a residential and commercial real estate development business. Our timberlands, real estate development projects and all of our wood products facilities are located within the continental United States. Condensed Consolidated Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements Notes to Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements Use of Estimates The preparation of our Condensed Consolidated Financial Statements Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may have to pay in connection with any legal proceeding would have a material adverse effect on our consolidated financial position or net cash flow. 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

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	NOTE 2. SEGMENT INFORMATION Our operations are organized into three reportable segments: Timberlands, Wood Products and Real Estate. Management activities in the Timberlands segment include planting and harvesting trees and building and maintaining roads. The Timberlands segment also generates revenues from non-timber resources such as hunting leases, recreation permits and leases, mineral rights contracts, oil and gas royalties and carbon sequestration. The Wood Products segment manufactures and markets lumber and plywood. Activities in the Real Estate segment include our rural timberland-holdings sales program, master planned community development and a country club. Our Timberlands segment supplies our Wood Products segment with a portion of its wood fiber needs. These intersegment revenues are based on prevailing market prices and typically represent a sizeable portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. These intercompany transactions are eliminated in consolidation. The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements The following table presents our revenues by major product: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Timberlands Northern region Sawlogs $ 86,773 $ 30,638 $ 162,954 $ 72,045 Pulpwood 197 1,236 696 2,671 Stumpage — — — 316 Other 235 292 535 595 Total Northern revenues 87,205 32,166 164,185 75,627 Southern region Sawlogs 21,013 21,205 43,429 45,144 Pulpwood 10,163 10,872 19,324 22,073 Stumpage 271 817 1,035 1,646 Other 2,564 2,285 5,159 5,280 Total Southern revenues 34,011 35,179 68,947 74,143 Total Timberlands revenues 121,216 67,345 233,132 149,770 Wood Products Lumber 308,480 102,793 538,162 214,732 Residuals and Panels 49,193 23,423 88,807 56,484 Total Wood Products revenues 357,673 126,216 626,969 271,216 Real Estate Rural real estate 11,505 9,879 21,530 17,171 Development real estate 1,774 1,672 9,827 3,964 Other 2,719 1,554 4,954 2,939 Total Real Estate revenues 15,998 13,105 36,311 24,074 Total segment revenues 494,887 206,666 896,412 445,060 Intersegment Timberlands revenues 1 (47,381 ) (25,111 ) (94,713 ) (54,625 ) Total consolidated revenues $ 447,506 $ 181,555 $ 801,699 $ 390,435 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. 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 operating 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) 2021 2020 2021 2020 Adjusted EBITDDA: Timberlands $ 77,259 $ 25,659 $ 145,117 $ 60,641 Wood Products 204,533 10,907 330,088 24,136 Real Estate 11,788 9,256 28,381 16,596 Corporate (12,822 ) (10,534 ) (23,532 ) (19,206 ) Eliminations and adjustments (5,774 ) 85 (10,084 ) 777 Total Adjusted EBITDDA 274,984 35,373 469,970 82,944 Interest expense, net 1 (8,199 ) (8,339 ) (11,773 ) (12,037 ) Depreciation, depletion and amortization (17,029 ) (17,765 ) (35,025 ) (36,403 ) Basis of real estate sold (7,213 ) (2,693 ) (16,036 ) (9,191 ) Pension settlement charge — — — (42,988 ) Non-operating pension and other postretirement employee benefits (3,271 ) (3,478 ) (6,685 ) (7,113 ) (Loss) gain on disposal of fixed assets (527 ) (7 ) (561 ) 185 Income (loss) before income taxes $ 238,745 $ 3,091 $ 399,890 $ (24,603 ) Depreciation, depletion and amortization: Timberlands $ 10,482 $ 11,566 $ 21,899 $ 24,157 Wood Products 6,179 5,798 12,382 11,428 Real Estate 160 156 315 316 Corporate 208 245 429 502 17,029 17,765 35,025 36,403 Bond discounts and deferred loan fees 1 403 406 806 812 Total depreciation, depletion and amortization $ 17,432 $ 18,171 $ 35,831 $ 37,215 Basis of real estate sold: Real Estate $ 7,219 $ 3,212 $ 16,048 $ 9,716 Eliminations and adjustments (6 ) (519 ) (12 ) (525 ) Total basis of real estate sold $ 7,213 $ 2,693 $ 16,036 $ 9,191 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	NOTE 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Basic weighted-average shares outstanding 67,316 67,176 67,265 67,321 Incremental shares due to: Performance shares 355 153 343 — Restricted stock units 61 30 56 — Diluted weighted-average shares outstanding 67,732 67,359 67,664 67,321 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, 2021, there were approximately 75,000 and 78,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the three and six months ended June 30, 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. 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 Repurchase Program). Shares under the Repurchase Program may be repurchased in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the Trading Plan). The timing, manner, price and amount of repurchases will be determined according to, and subject to, the terms of the Trading Plan, and, subject to the terms of the Trading Plan, the Repurchase Program may be suspended, terminated or modified at any time for any reason. We did not repurchase any shares during the six months ended June 30, 2021. 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 Repurchase Program, all of which were made in open-market transactions. At June 30, 2021, we had remaining authorization of $59.5 million for future stock repurchases under the 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. 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, 2021
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NOTE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) June 30, 2021 December 31, 2020 Logs $ 32,379 $ 31,210 Lumber, panels and veneer 42,595 34,136 Materials and supplies 16,349 14,939 Total inventories 91,323 80,285 Less: LIFO reserve (18,249 ) (18,249 ) Total inventories, net $ 73,074 $ 62,036 Property, plant and equipment (in thousands) June 30, 2021 December 31, 2020 Property, plant and equipment $ 523,105 $ 517,711 Less: accumulated depreciation (231,555 ) (229,167 ) Total property, plant and equipment, net $ 291,550 $ 288,544 On June 13, 2021, a fire occurred at our Ola, Arkansas sawmill. There were no injuries or environmental issues from the fire. The damage was principally limited to the large log primary breakdown area of the mill. The planer mill, kiln, and shipping department were not affected. We have adequate property damage and business interruption insurance, subject to an applicable deductible, under which we filed a claim with the insurance carriers. Based on our initial damage assessment, the property destroyed had a net book value of $2.1 million, which was written off and recognized as a loss during the second quarter of 2021. At June 30, 2021, we also recorded a receivable from the insurance carriers and a corresponding gain on insurance recoveries of $2.1 million for the book value of the destroyed property as we expect to recover these losses under our insurance policy. As we further assess the damage, it is possible that additional losses and associated insurance recoveries may be recorded. A determination regarding downtime and costs to repair the Ola sawmill will be made once the extent of damage and repair options are fully assessed. Timber and timberlands (in thousands) June 30, 2021 December 31, 2020 Timber and timberlands $ 1,498,413 $ 1,516,788 Logging roads 82,414 83,273 Total timber and timberlands, net $ 1,580,827 $ 1,600,061 Accounts payable and accrued liabilities (in thousands) June 30, 2021 December 31, 2020 Accrued payroll and benefits $ 23,480 $ 29,675 Accounts payable 21,272 9,724 Deferred revenue 1 13,678 8,789 Accrued interest 6,403 6,485 Income taxes payable 4,493 14,755 Operating lease liabilities 3,437 4,304 Other accrued taxes 7,385 6,025 Other current liabilities 17,314 13,522 Total accounts payable and accrued liabilities $ 97,462 $ 93,279 1 Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods have not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for initiation fees which are recognized over the average life of club membership.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	NOTE 5. DEBT At June 30, 2021, 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 $40.0 million matures in December 2021. 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 2.10%. We have entered into interest rate swaps for these variable rate term loans to fix the interest rate. See Note: 6 Derivative Instruments At June 30, 2021, 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, 2021.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instrument Detail [Abstract]
Derivative Instruments	NOTE 6. DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to variability in the cash flows of a specific asset or liability that is attributable to a particular risk, such as interest rate risk, are considered cash flow hedges. As of June 30, 2021, we have interest rate swaps associated with $403.5 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 2.10%, to fixed rates ranging from 3.04% to 4.77%. Our cash flow hedges are expected to be highly effective in achieving offsetting cash flows attributable to the hedged interest rate risk through the term of the hedges. At June 30, 2021, the amount of net losses expected to be reclassified into earnings in the next 12 months is approximately $8.3 million. However, this expected amount to be reclassified into earnings is subject to volatility as the ultimate amount recognized in earnings is based on the LIBOR rate at the time of net swap cash payments. We also hold $607.5 million of forward starting interest rate swaps designated as cash flow hedges. These forward starting interest rate swaps effectively hedge the variability in future benchmark interest payments attributable to changes in interest rates on $607.5 million of future debt refinances through January 2029 by converting the benchmark interest rates to fixed interest rates. In addition, the cash flow hedges for future debt refinances require settlement on the stated maturity date. At June 30, 2021, we have recorded derivative assets of $37.2 million associated with these forward starting interest rate swaps. 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, 2021 December 31, 2020 Location June 30, 2021 December 31, 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 1,685 $ 63 Accounts payable and accrued liabilities 1 $ 470 $ 1,010 Interest rate contracts Other assets, non-current 36,743 18,466 Other long-term obligations 30,743 45,100 $ 38,428 $ 18,529 $ 31,213 $ 46,110 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 2021 2020 2021 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income (loss), net of tax $ (33,444 ) $ (3,669 ) $ 28,431 $ (43,032 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 1 Interest expense $ (2,281 ) $ (1,822 ) $ (4,513 ) $ (2,660 ) Interest expense, net $ 8,199 $ 8,339 $ 11,773 $ 12,037 1 Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Derivative Instrument Detail [Abstract]
Fair Value Measurements	NOTE 7. FAIR VALUE MEASUREMENTS The following table presents the estimated fair values of our financial instruments: June 30, 2021 December 31, 2020 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Derivative assets related to interest rate swaps (Level 2) $ 38,428 $ 38,428 $ 18,529 $ 18,529 Derivative liabilities related to interest rate swaps (Level 2) $ (31,213 ) $ (31,213 ) $ (46,110 ) $ (46,110 ) Long-term debt, including current portion (Level 2): Term loans $ (690,794 ) $ (710,863 ) $ (690,469 ) $ (716,631 ) Revenue bonds (65,735 ) (70,034 ) (65,735 ) (67,885 ) Medium-term notes (3,000 ) (3,100 ) (3,000 ) (3,545 ) Total long-term debt 1 $ (759,529 ) $ (783,997 ) $ (759,204 ) $ (788,061 ) Company owned life insurance asset (COLI) (Level 3) $ 3,667 $ 3,667 $ 3,328 $ 3,328 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, 2021
Share Based Compensation [Abstract]
Equity-Based Compensation	NOTE 8. EQUITY-BASED COMPENSATION At June 30, 2021, approximately 1.0 million shares are available for future use under our long-term incentive plans. Share-based compensation activity during the six months ended June 30, 2021 included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 88,128 — 1,450 Restricted Stock Units (RSUs) 46,997 23,599 1,484 Approximately 0.1 million shares of common stock were issued during the six months ended June 30, 2021 as a result of PSA and RSU vesting during 2020 and 2021. 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) 2021 2020 2021 2020 Equity-based compensation expense: Performance share awards $ 1,372 $ 1,243 $ 2,596 $ 2,401 Restricted stock units 727 718 1,392 1,426 Deferred compensation stock equivalent units expense 41 19 82 38 Total equity-based compensation expense $ 2,140 $ 1,980 $ 4,070 $ 3,865 Total tax benefit recognized for equity-based expense $ 107 $ 93 $ 196 $ 176 Performance Share Awards The weighted average grant date fair value of PSAs granted in 2021 was $69.72 per share. PSAs granted under the stock incentive plans have a 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 granted in 2021: Stock price as of valuation date $ 53.53 Risk-free rate 0.18 % Expected volatility 45.56 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed. Restricted Stock Units The weighted average fair value of all RSUs granted during the six months ended June 30, 2021 was $55.67 per share. The fair value of RSUs granted equaled our common share price on the date of grant factoring in any required post-vesting holding periods. The terms of the awards state that the RSUs will vest in a given time period of one to three years. The vesting provisions for RSUs granted in 2021 were consistent with prior year grants.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES As a REIT, we generally are not subject to federal and state corporate income taxes on income from investments in real estate, including our timberlands, that we distribute to our shareholders. We conduct certain activities through our PotlatchDeltic taxable REIT subsidiaries (TRS) which are subject to corporate level federal and state income taxes. These activities are principally comprised of our wood products manufacturing operations and certain real estate investments. Therefore, income tax expense or benefit is primarily due to pre-tax book income or loss of the TRS, as well as permanent book versus tax differences.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	NOTE 10. LEASES We lease certain equipment, office space and land. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification June 30, 2021 December 31, 2020 Assets Operating lease assets Other long-term assets $ 8,854 $ 11,081 Finance lease assets 1 Property, plant and equipment, net 9,077 7,206 Total lease assets $ 17,931 $ 18,287 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 3,437 $ 4,304 Finance lease liabilities Accounts payable and accrued liabilities 2,861 2,202 Noncurrent: Operating lease liabilities Other long-term obligations 5,475 6,835 Finance lease liabilities Other long-term obligations 6,140 4,914 Total lease liabilities $ 17,913 $ 18,255 1 Finance lease assets are presented net of accumulated amortization of $2.9 million and $1.7 million as of June 30, 2021 and December 31, 2020, respectively. The following table presents the components of lease expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Operating lease costs 1 $ 1,285 $ 1,414 $ 2,613 $ 2,839 Finance lease costs: Amortization of leased assets 633 260 1,222 473 Interest on lease liabilities 51 32 102 59 Net lease costs $ 1,969 $ 1,706 $ 3,937 $ 3,371 1 Excludes short-term leases and variable lease costs, which are immaterial. The following table presents supplemental cash flow information related to leases: Six Months Ended June 30, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,590 $ 2,884 Operating cash flows for finance leases $ 102 $ 59 Financing cash flows for finance leases $ 1,208 $ 489 Leased assets exchanged for new lease liabilities: Operating leases $ 213 $ 248 Finance leases $ 3,093 $ 2,558

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	6 Months Ended
	Jun. 30, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Postretirement Employee Benefits	NOTE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended June 30, Pension OPEB (in thousands) 2021 2020 2021 2020 Service cost $ 2,045 $ 2,176 $ 168 $ 112 Interest cost 2,633 2,568 317 376 Expected return on plan assets (3,525 ) (3,151 ) — — Amortization of prior service cost (credit) 21 28 (298 ) (319 ) Amortization of actuarial loss 3,578 3,559 545 417 Total net periodic cost $ 4,752 $ 5,180 $ 732 $ 586 Six Months Ended June 30, Pension OPEB (in thousands) 2021 2020 2021 2020 Service cost $ 4,090 $ 4,466 $ 336 $ 254 Interest cost 5,266 6,132 634 751 Expected return on plan assets (7,050 ) (7,737 ) — — Amortization of prior service cost (credit) 42 56 (596 ) (638 ) Amortization of actuarial loss 7,299 7,713 1,090 836 Net periodic cost before pension settlement charge 9,647 10,630 1,464 1,203 Pension settlement charge — 42,988 — — Net periodic cost $ 9,647 $ 53,618 $ 1,464 $ 1,203 During the six months ended June 30, 2021 and 2020, funding of pension and other postretirement employee benefit plans was $3.8 million and $2.8 million, respectively. Pension Annuitization 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. The settlement triggered a remeasurement of plan assets and liabilities resulting in a reduction in the funded status of our qualified pension plans of approximately $26.2 million during the first quarter of 2020. In connection with this transaction we recorded a non-cash pretax settlement charge of $43.0 million during the first quarter of 2020 in non-operating expense, net, as a result of accelerating the recognition of actuarial losses included in accumulated other comprehensive loss that would have been recognized in future periods.

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	NOTE 12. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS The following table details 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) 2021 2020 2021 2020 Pension Plans Balance at beginning of period $ 76,255 $ 101,524 $ 79,025 $ 117,028 Amounts arising during the period — — — 19,402 Effect of pension settlement — — — (31,811 ) Amounts reclassified from AOCL to earnings (2,663 ) (2,654 ) (5,433 ) (5,749 ) Balance at end of period $ 73,592 $ 98,870 $ 73,592 $ 98,870 Other Postretirement Benefit Plans Balance at beginning of period $ 14,600 $ 10,257 $ 14,783 $ 10,331 Amounts reclassified from AOCL to earnings (182 ) (73 ) (365 ) (147 ) Balance at end of period $ 14,418 $ 10,184 $ 14,418 $ 10,184 Cash Flow Hedges Balance at beginning of period $ (36,926 ) $ 58,525 $ 27,181 $ 20,000 Amounts arising during the period 33,444 3,669 (28,431 ) 43,032 Amounts reclassified from AOCL to earnings (2,281 ) (1,822 ) (4,513 ) (2,660 ) Balance at end of period $ (5,763 ) $ 60,372 $ (5,763 ) $ 60,372 Accumulated other comprehensive loss, end of period $ 82,247 $ 169,426 $ 82,247 $ 169,426 See Note 11: Pension and Other Postretirement Employee Benefits Note 6: Derivative Instruments

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
General	General PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with ownership of approximately 1.8 We are also engaged in the manufacturing and sale of wood products and operate a residential and commercial real estate development business. Our timberlands, real estate development projects and all of our wood products facilities are located within the continental United States.
Condensed Consolidated Financial Statements	Condensed Consolidated Financial Statements The accompanying unaudited Condensed Consolidated Financial Statements Notes to Condensed Consolidated Financial Statements Condensed Consolidated Financial Statements
Use of Estimates	Use of Estimates The preparation of our Condensed Consolidated Financial Statements
Commitments and Contingencies	Commitments and Contingencies At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may have to pay in connection with any legal proceeding would have a material adverse effect on our consolidated financial position or net cash flow.
New Accounting Standards Being Evaluated	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

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Revenues by Major Product	The following table presents our revenues by major product: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Timberlands Northern region Sawlogs $ 86,773 $ 30,638 $ 162,954 $ 72,045 Pulpwood 197 1,236 696 2,671 Stumpage — — — 316 Other 235 292 535 595 Total Northern revenues 87,205 32,166 164,185 75,627 Southern region Sawlogs 21,013 21,205 43,429 45,144 Pulpwood 10,163 10,872 19,324 22,073 Stumpage 271 817 1,035 1,646 Other 2,564 2,285 5,159 5,280 Total Southern revenues 34,011 35,179 68,947 74,143 Total Timberlands revenues 121,216 67,345 233,132 149,770 Wood Products Lumber 308,480 102,793 538,162 214,732 Residuals and Panels 49,193 23,423 88,807 56,484 Total Wood Products revenues 357,673 126,216 626,969 271,216 Real Estate Rural real estate 11,505 9,879 21,530 17,171 Development real estate 1,774 1,672 9,827 3,964 Other 2,719 1,554 4,954 2,939 Total Real Estate revenues 15,998 13,105 36,311 24,074 Total segment revenues 494,887 206,666 896,412 445,060 Intersegment Timberlands revenues 1 (47,381 ) (25,111 ) (94,713 ) (54,625 ) Total consolidated revenues $ 447,506 $ 181,555 $ 801,699 $ 390,435 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
Summary of Information by Business Segment	Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Adjusted EBITDDA: Timberlands $ 77,259 $ 25,659 $ 145,117 $ 60,641 Wood Products 204,533 10,907 330,088 24,136 Real Estate 11,788 9,256 28,381 16,596 Corporate (12,822 ) (10,534 ) (23,532 ) (19,206 ) Eliminations and adjustments (5,774 ) 85 (10,084 ) 777 Total Adjusted EBITDDA 274,984 35,373 469,970 82,944 Interest expense, net 1 (8,199 ) (8,339 ) (11,773 ) (12,037 ) Depreciation, depletion and amortization (17,029 ) (17,765 ) (35,025 ) (36,403 ) Basis of real estate sold (7,213 ) (2,693 ) (16,036 ) (9,191 ) Pension settlement charge — — — (42,988 ) Non-operating pension and other postretirement employee benefits (3,271 ) (3,478 ) (6,685 ) (7,113 ) (Loss) gain on disposal of fixed assets (527 ) (7 ) (561 ) 185 Income (loss) before income taxes $ 238,745 $ 3,091 $ 399,890 $ (24,603 ) Depreciation, depletion and amortization: Timberlands $ 10,482 $ 11,566 $ 21,899 $ 24,157 Wood Products 6,179 5,798 12,382 11,428 Real Estate 160 156 315 316 Corporate 208 245 429 502 17,029 17,765 35,025 36,403 Bond discounts and deferred loan fees 1 403 406 806 812 Total depreciation, depletion and amortization $ 17,432 $ 18,171 $ 35,831 $ 37,215 Basis of real estate sold: Real Estate $ 7,219 $ 3,212 $ 16,048 $ 9,716 Eliminations and adjustments (6 ) (519 ) (12 ) (525 ) Total basis of real estate sold $ 7,213 $ 2,693 $ 16,036 $ 9,191 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2021 2020 2021 2020 Basic weighted-average shares outstanding 67,316 67,176 67,265 67,321 Incremental shares due to: Performance shares 355 153 343 — Restricted stock units 61 30 56 — Diluted weighted-average shares outstanding 67,732 67,359 67,664 67,321

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) June 30, 2021 December 31, 2020 Logs $ 32,379 $ 31,210 Lumber, panels and veneer 42,595 34,136 Materials and supplies 16,349 14,939 Total inventories 91,323 80,285 Less: LIFO reserve (18,249 ) (18,249 ) Total inventories, net $ 73,074 $ 62,036
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) June 30, 2021 December 31, 2020 Property, plant and equipment $ 523,105 $ 517,711 Less: accumulated depreciation (231,555 ) (229,167 ) Total property, plant and equipment, net $ 291,550 $ 288,544
Schedule of Timber and Timberlands	(in thousands) June 30, 2021 December 31, 2020 Timber and timberlands $ 1,498,413 $ 1,516,788 Logging roads 82,414 83,273 Total timber and timberlands, net $ 1,580,827 $ 1,600,061
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in thousands) June 30, 2021 December 31, 2020 Accrued payroll and benefits $ 23,480 $ 29,675 Accounts payable 21,272 9,724 Deferred revenue 1 13,678 8,789 Accrued interest 6,403 6,485 Income taxes payable 4,493 14,755 Operating lease liabilities 3,437 4,304 Other accrued taxes 7,385 6,025 Other current liabilities 17,314 13,522 Total accounts payable and accrued liabilities $ 97,462 $ 93,279 1 Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods have not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for initiation fees which are recognized over the average life of club membership.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 December 31, 2020 Location June 30, 2021 December 31, 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Other assets, current 1 $ 1,685 $ 63 Accounts payable and accrued liabilities 1 $ 470 $ 1,010 Interest rate contracts Other assets, non-current 36,743 18,466 Other long-term obligations 30,743 45,100 $ 38,428 $ 18,529 $ 31,213 $ 46,110 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 2021 2020 2021 2020 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income (loss) recognized in other comprehensive income (loss), net of tax $ (33,444 ) $ (3,669 ) $ 28,431 $ (43,032 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 1 Interest expense $ (2,281 ) $ (1,822 ) $ (4,513 ) $ (2,660 ) Interest expense, net $ 8,199 $ 8,339 $ 11,773 $ 12,037 1 Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: June 30, 2021 December 31, 2020 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Derivative assets related to interest rate swaps (Level 2) $ 38,428 $ 38,428 $ 18,529 $ 18,529 Derivative liabilities related to interest rate swaps (Level 2) $ (31,213 ) $ (31,213 ) $ (46,110 ) $ (46,110 ) Long-term debt, including current portion (Level 2): Term loans $ (690,794 ) $ (710,863 ) $ (690,469 ) $ (716,631 ) Revenue bonds (65,735 ) (70,034 ) (65,735 ) (67,885 ) Medium-term notes (3,000 ) (3,100 ) (3,000 ) (3,545 ) Total long-term debt 1 $ (759,529 ) $ (783,997 ) $ (759,204 ) $ (788,061 ) Company owned life insurance asset (COLI) (Level 3) $ 3,667 $ 3,667 $ 3,328 $ 3,328 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, 2021
Share Based Compensation [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the six months ended June 30, 2021 included the following: (Shares in thousands) Granted Vested Forfeited Performance Share Awards (PSAs) 88,128 — 1,450 Restricted Stock Units (RSUs) 46,997 23,599 1,484
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) 2021 2020 2021 2020 Equity-based compensation expense: Performance share awards $ 1,372 $ 1,243 $ 2,596 $ 2,401 Restricted stock units 727 718 1,392 1,426 Deferred compensation stock equivalent units expense 41 19 82 38 Total equity-based compensation expense $ 2,140 $ 1,980 $ 4,070 $ 3,865 Total tax benefit recognized for equity-based expense $ 107 $ 93 $ 196 $ 176
Fair Value of Performance Share Awards Granted	The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards granted in 2021: Stock price as of valuation date $ 53.53 Risk-free rate 0.18 % Expected volatility 45.56 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 December 31, 2020 Assets Operating lease assets Other long-term assets $ 8,854 $ 11,081 Finance lease assets 1 Property, plant and equipment, net 9,077 7,206 Total lease assets $ 17,931 $ 18,287 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 3,437 $ 4,304 Finance lease liabilities Accounts payable and accrued liabilities 2,861 2,202 Noncurrent: Operating lease liabilities Other long-term obligations 5,475 6,835 Finance lease liabilities Other long-term obligations 6,140 4,914 Total lease liabilities $ 17,913 $ 18,255 1 Finance lease assets are presented net of accumulated amortization of $2.9 million and $1.7 million as of June 30, 2021 and December 31, 2020, respectively.
Schedule of Components of Lease Expense	The following table presents the components of lease expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Operating lease costs 1 $ 1,285 $ 1,414 $ 2,613 $ 2,839 Finance lease costs: Amortization of leased assets 633 260 1,222 473 Interest on lease liabilities 51 32 102 59 Net lease costs $ 1,969 $ 1,706 $ 3,937 $ 3,371 1 Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Cash Flow Information Related Leases	The following table presents supplemental cash flow information related to leases: Six Months Ended June 30, (in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,590 $ 2,884 Operating cash flows for finance leases $ 102 $ 59 Financing cash flows for finance leases $ 1,208 $ 489 Leased assets exchanged for new lease liabilities: Operating leases $ 213 $ 248 Finance leases $ 3,093 $ 2,558

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Components of Net Periodic Cost (Benefit)	The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended June 30, Pension OPEB (in thousands) 2021 2020 2021 2020 Service cost $ 2,045 $ 2,176 $ 168 $ 112 Interest cost 2,633 2,568 317 376 Expected return on plan assets (3,525 ) (3,151 ) — — Amortization of prior service cost (credit) 21 28 (298 ) (319 ) Amortization of actuarial loss 3,578 3,559 545 417 Total net periodic cost $ 4,752 $ 5,180 $ 732 $ 586 Six Months Ended June 30, Pension OPEB (in thousands) 2021 2020 2021 2020 Service cost $ 4,090 $ 4,466 $ 336 $ 254 Interest cost 5,266 6,132 634 751 Expected return on plan assets (7,050 ) (7,737 ) — — Amortization of prior service cost (credit) 42 56 (596 ) (638 ) Amortization of actuarial loss 7,299 7,713 1,090 836 Net periodic cost before pension settlement charge 9,647 10,630 1,464 1,203 Pension settlement charge — 42,988 — — Net periodic cost $ 9,647 $ 53,618 $ 1,464 $ 1,203

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	The following table details 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) 2021 2020 2021 2020 Pension Plans Balance at beginning of period $ 76,255 $ 101,524 $ 79,025 $ 117,028 Amounts arising during the period — — — 19,402 Effect of pension settlement — — — (31,811 ) Amounts reclassified from AOCL to earnings (2,663 ) (2,654 ) (5,433 ) (5,749 ) Balance at end of period $ 73,592 $ 98,870 $ 73,592 $ 98,870 Other Postretirement Benefit Plans Balance at beginning of period $ 14,600 $ 10,257 $ 14,783 $ 10,331 Amounts reclassified from AOCL to earnings (182 ) (73 ) (365 ) (147 ) Balance at end of period $ 14,418 $ 10,184 $ 14,418 $ 10,184 Cash Flow Hedges Balance at beginning of period $ (36,926 ) $ 58,525 $ 27,181 $ 20,000 Amounts arising during the period 33,444 3,669 (28,431 ) 43,032 Amounts reclassified from AOCL to earnings (2,281 ) (1,822 ) (4,513 ) (2,660 ) Balance at end of period $ (5,763 ) $ 60,372 $ (5,763 ) $ 60,372 Accumulated other comprehensive loss, end of period $ 82,247 $ 169,426 $ 82,247 $ 169,426

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) a in Millions	Jun. 30, 2021a
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Timber And Timberlands Acres Owned	1.8

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information (Summary of

Segment Information (Summary of Revenues by Major Product) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenues		$ 447,506	$ 181,555	$ 801,699	$ 390,435
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		494,887	206,666	896,412	445,060
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(47,381)	(25,111)	(94,713)	(54,625)
Timberlands [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		121,216	67,345	233,132	149,770
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		87,205	32,166	164,185	75,627
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		86,773	30,638	162,954	72,045
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		197	1,236	696	2,671
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues					316
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		235	292	535	595
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		34,011	35,179	68,947	74,143
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		21,013	21,205	43,429	45,144
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		10,163	10,872	19,324	22,073
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		271	817	1,035	1,646
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		2,564	2,285	5,159	5,280
Wood Products [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		357,673	126,216	626,969	271,216
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		308,480	102,793	538,162	214,732
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		49,193	23,423	88,807	56,484
Real Estate Segment [Member] | Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		15,998	13,105	36,311	24,074
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		11,505	9,879	21,530	17,171
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		1,774	1,672	9,827	3,964
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ 2,719	$ 1,554	$ 4,954	$ 2,939
[1]	Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

Segment Information (Summary _2

Segment Information (Summary of Information by Business Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDDA		$ 274,984	$ 35,373	$ 469,970	$ 82,944
Interest expense, net	[1],[2]	(8,199)	(8,339)	(11,773)	(12,037)
Depreciation, depletion and amortization		(17,029)	(17,765)	(35,025)	(36,403)
Basis of real estate sold		7,213	2,693	16,036	9,191
Pension settlement charge					(42,988)
Non-operating pension and other postretirement employee benefits		(3,271)	(3,478)	(6,685)	(7,113)
(Loss) gain on disposal of fixed assets		(527)	(7)	(561)	185
Income (loss) before income taxes		238,745	3,091	399,890	(24,603)
Bond discounts and deferred loan fees	[1]	403	406	806	812
Total depreciation, depletion and amortization		17,432	18,171	35,831	37,215
Operating Segments [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization		17,029	17,765	35,025	36,403
Operating Segments [Member] | Timberlands [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		77,259	25,659	145,117	60,641
Depreciation, depletion and amortization		10,482	11,566	21,899	24,157
Operating Segments [Member] | Wood Products [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		204,533	10,907	330,088	24,136
Depreciation, depletion and amortization		6,179	5,798	12,382	11,428
Operating Segments [Member] | Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		11,788	9,256	28,381	16,596
Depreciation, depletion and amortization		160	156	315	316
Basis of real estate sold		7,219	3,212	16,048	9,716
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(12,822)	(10,534)	(23,532)	(19,206)
Depreciation, depletion and amortization		208	245	429	502
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(5,774)	85	(10,084)	777
Basis of real estate sold		$ (6)	$ (519)	$ (12)	$ (525)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations
[2]	Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings per Share [Line Items]
Basic weighted-average shares outstanding	67,316	67,176	67,265	67,321
Diluted weighted-average shares outstanding	67,732	67,359	67,664	67,321
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	355	153	343
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	61	30	56

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 30, 2018
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	75,000	39,000		78,000	490,000
Number of shares repurchased		88,933		0	489,850
Number of shares repurchased, cost		$ 3,009	$ 12,355		$ 15,400
Stock repurchase program, remaining amount	$ 59,500			$ 59,500
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, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Logs	$ 32,379	$ 31,210
Lumber, panels and veneer	42,595	34,136
Materials and supplies	16,349	14,939
Inventories gross	91,323	80,285
Less: LIFO reserve	(18,249)	(18,249)
Total inventories	$ 73,074	$ 62,036

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Property, plant and equipment	$ 523,105	$ 517,711
Less: accumulated depreciation	(231,555)	(229,167)
Total property, plant and equipment, net	$ 291,550	$ 288,544

Certain Balance Sheet Compone_5

Certain Balance Sheet Components - (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Balance Sheet Related Disclosures [Abstract]
Recognized loss on destroyed property plant equipment	$ 2.1
Gain on insurance recoveries on destroyed property.	$ 2.1

Certain Balance Sheet Compone_6

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Timber And Timberlands [Abstract]
Timber and timberlands	$ 1,498,413	$ 1,516,788
Logging roads	82,414	83,273
Total timber and timberlands, net	$ 1,580,827	$ 1,600,061

Certain Balance Sheet Compone_7

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Accounts Payable And Accrued Liabilities Current [Abstract]
Accrued payroll and benefits		$ 23,480	$ 29,675
Accounts payable		21,272	9,724
Deferred revenue	[1]	13,678	8,789
Accrued interest		6,403	6,485
Income taxes payable		4,493	14,755
Operating lease liabilities		3,437	4,304
Other accrued taxes		7,385	6,025
Other current liabilities		17,314	13,522
Total accounts payable and accrued liabilities		$ 97,462	$ 93,279
[1]	Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods have not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales.  These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for initiation fees which are recognized over the average life of club membership

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jan. 31, 2019	Jun. 30, 2021
Debt Instrument [Line Items]
Outstanding long-term debt, current		$ 40,000,000
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%	2.10%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Derivatives Fair Value [Line Items]
Net losses expected to be reclassified into earnings in the next 12 months	$ 8.3
Interest Rate Swaps [Member] | Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Derivative assets	$ 37.2
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	3.04%
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	4.77%
LIBOR variable interest rate	2.10%
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 403.5
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	$ 607.5
Term loan maturity period	2029-01

Derivative Instruments (Gross F

Derivative Instruments (Gross Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value		$ 38,428	$ 18,529
Liability Derivatives, Fair Value		31,213	46,110
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		36,743	18,466
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Other Assets Current [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives, Fair Value	[1]	1,685	63
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		30,743	45,100
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]	$ 470	$ 1,010
[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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense, net	[1],[2]	$ 8,199	$ 8,339	$ 11,773	$ 12,037
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Income (loss) recognized in other comprehensive income (loss), net of tax		(33,444)	(3,669)	28,431	(43,032)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amounts reclassified from accumulated other comprehensive loss, net of tax1		$ (2,281)	$ (1,822)	$ (4,513)	$ (2,660)
[1]	Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations
[2]	Realized losses on interest rate contracts consist of net cash received or paid and interest accruals on the interest rate swaps during the periods. Net cash received or paid is included in the supplemental cash flow information within interest, net of amounts capitalized in the Condensed Consolidated Statements of Cash Flows

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		$ 38,428	$ 18,529
Derivative liabilities related to interest rate swaps		(31,213)	(46,110)
Carrying Amount [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(759,529)	(759,204)
Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		38,428	18,529
Derivative liabilities related to interest rate swaps		(31,213)	(46,110)
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		(690,794)	(690,469)
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)		3,667	3,328
Fair Value [Member] | Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(783,997)	(788,061)
Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Derivative assets		38,428	18,529
Derivative liabilities related to interest rate swaps		(31,213)	(46,110)
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		(710,863)	(716,631)
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		(70,034)	(67,885)
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		(3,100)	(3,545)
Fair Value [Member] | Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 3,667	$ 3,328
[1]	The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) shares in Millions	6 Months Ended
	Jun. 30, 2021$ / sharesshares
PSA and RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for stock compensation (shares) | shares	0.1
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted | $ / shares	$ 69.72
Performance share award granted under stock incentive plan, performance period	3 years
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	$ 55.67
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

Equity-Based Compensation (Shar

Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2021shares
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	88,128
Forfeited	1,450
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	46,997
Vested	23,599
Forfeited	1,484

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 2,140	$ 1,980	$ 4,070	$ 3,865
Deferred compensation stock equivalent units expense	41	19	82	38
Total tax benefit recognized for equity-based expense	107	93	196	176
Performance stock awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	1,372	1,243	2,596	2,401
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 727	$ 718	$ 1,392	$ 1,426

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance stock awards [Member]	6 Months Ended
	Jun. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date	$ 53.53
Risk-free rate	0.18%
Expected volatility	45.56%
Expected term (years)	3 years

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
ASSETS
Operating lease assets		$ 8,854	$ 11,081
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Other long-term assets	Other long-term assets
Finance lease assets	[1]	$ 9,077	$ 7,206
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Property, plant and equipment, net	Property, plant and equipment, net
Total lease assets		$ 17,931	$ 18,287
Current liabilities:
Operating lease liabilities		$ 3,437	$ 4,304
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Finance lease liabilities		$ 2,861	$ 2,202
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Noncurrent:
Operating lease liabilities		$ 5,475	$ 6,835
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Finance lease liabilities		$ 6,140	$ 4,914
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Total lease liabilities		$ 17,913	$ 18,255
[1]	Finance lease assets are presented net of accumulated amortization of $2.9 million and $1.7 million as of June 30, 2021 and December 31, 2020, 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, 2021	Dec. 31, 2020
Leases [Abstract]
Accumulated amortization of finance lease assets	$ 2.9	$ 1.7

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease costs	[1]	$ 1,285	$ 1,414	$ 2,613	$ 2,839
Finance lease costs:
Amortization of leased assets		633	260	1,222	473
Interest on lease liabilities		51	32	102	59
Net lease costs		$ 1,969	$ 1,706	$ 3,937	$ 3,371
[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, 2021	Jun. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 2,590	$ 2,884
Operating cash flows for finance leases	102	59
Financing cash flows for finance leases	1,208	489
Leased assets exchanged for new lease liabilities:
Operating leases	213	248
Finance leases	$ 3,093	$ 2,558

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,045	$ 2,176	$ 4,090	$ 4,466
Interest cost	2,633	2,568	5,266	6,132
Expected return on plan assets	(3,525)	(3,151)	(7,050)	(7,737)
Amortization of prior service cost (credit)	21	28	42	56
Amortization of actuarial loss	3,578	3,559	7,299	7,713
Net periodic cost before pension settlement charge			9,647	10,630
Pension settlement charge				42,988
Total net periodic cost	4,752	5,180	9,647	53,618
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	168	112	336	254
Interest cost	317	376	634	751
Amortization of prior service cost (credit)	(298)	(319)	(596)	(638)
Amortization of actuarial loss	545	417	1,090	836
Net periodic cost before pension settlement charge			1,464	1,203
Total net periodic cost	$ 732	$ 586	$ 1,464	$ 1,203

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 29, 2020
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans		$ 3,833,000	$ 2,839,000
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Change in monthly retirement benefit amount		$ 0
Non-cash pretax settlement charge	$ 43,000,000
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

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ (1,477,549)	$ (1,149,614)	$ (1,304,953)	$ (1,226,831)
Effect of pension settlement				(31,811)
Balance at end of period	(1,611,789)	(1,125,476)	(1,611,789)	(1,125,476)
Pension Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	76,255	101,524	79,025	117,028
Amounts arising during the period				19,402
Effect of pension settlement				(31,811)
Amounts reclassified from AOCL to earnings	(2,663)	(2,654)	(5,433)	(5,749)
Balance at end of period	73,592	98,870	73,592	98,870
Other Postretirement Benefit Plans [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	14,600	10,257	14,783	10,331
Amounts reclassified from AOCL to earnings	(182)	(73)	(365)	(147)
Balance at end of period	14,418	10,184	14,418	10,184
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	(36,926)	58,525	27,181	20,000
Amounts arising during the period	33,444	3,669	(28,431)	43,032
Amounts reclassified from AOCL to earnings	(2,281)	(1,822)	(4,513)	(2,660)
Balance at end of period	(5,763)	60,372	(5,763)	60,372
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	53,929	170,306	120,989	147,359
Balance at end of period	$ 82,247	$ 169,426	$ 82,247	$ 169,426