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 revenues1 |
|
(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, net1 |
|
|
(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 fees1 |
|
|
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. |
|