Document And Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Feb. 10, 2025 |
Jun. 30, 2024 |
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| Cover [Abstract] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2024 | ||
| Document Fiscal Year Focus | 2024 | ||
| Document Fiscal Period Focus | FY | ||
| Entity Registrant Name | POTLATCHDELTIC CORPORATION | ||
| Entity Central Index Key | 0001338749 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| 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 | 78,788,000 | ||
| Entity Public Float | $ 3,076.2 | ||
| 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 1st Ave | ||
| 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 Annual Report | true | ||
| Document Transition Report | false | ||
| ICFR Auditor Attestation Flag | true | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| Title of each class | Common Stock ($1 par value) | ||
| Trading symbol(s) | PCH | ||
| Name of each exchange on which registered | NASDAQ | ||
| Documents Incorporated by Reference | OCUMENTS INCORPORATED BY REFERENCE Portions of the definitive proxy statement for the 2025 annual meeting of stockholders expected to be filed with the Commission on or about March 27, 2025, are incorporated by reference in Part III hereof. |
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| Auditor Name | KPMG LLP | ||
| Auditor Location | Seattle, Washington | ||
| Auditor Firm ID | 185 | ||
| Auditor Opinion | Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of PotlatchDeltic Corporation and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 13, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenues | $ 1,062,076 | $ 1,024,075 | $ 1,330,780 |
| Costs and expenses: | |||
| Cost of goods sold | 945,672 | 899,578 | 806,822 |
| Selling, general and administrative expenses | 83,212 | 75,730 | 76,506 |
| CatchMark merger-related expenses | 0 | 2,453 | 27,325 |
| Environmental charge | 0 | 0 | 5,550 |
| Gain on fire damage | 0 | (39,436) | (34,505) |
| Total costs and expenses | 1,028,884 | 938,325 | 881,698 |
| Operating income | 33,192 | 85,750 | 449,082 |
| Interest expense, net | (28,923) | (24,218) | (27,400) |
| Pension settlement charge | 0 | 0 | (14,165) |
| Non-operating pension and other postretirement employee benefits | 803 | (914) | (8,138) |
| Other | 3,115 | 1,267 | (67) |
| Income before income taxes | 8,187 | 61,885 | 399,312 |
| Income taxes | 13,689 | 216 | (65,412) |
| Net income | $ 21,876 | $ 62,101 | $ 333,900 |
| Net income per share: | |||
| Basic | $ 0.28 | $ 0.78 | $ 4.59 |
| Diluted | 0.28 | 0.77 | 4.58 |
| Dividends per share | $ 1.8 | $ 1.8 | $ 2.72 |
| Weighted-average shares outstanding | |||
| Basic | 79,236 | 79,985 | 72,740 |
| Diluted | 79,339 | 80,167 | 72,922 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 21,876 | $ 62,101 | $ 333,900 |
| Other comprehensive income (loss), net of tax: | |||
| Pension and other postretirement employee benefits | (9,726) | 9,569 | 22,875 |
| Cash flow hedges | 20,835 | (4,189) | 118,015 |
| Other comprehensive income, net of tax | 11,109 | 5,380 | 140,890 |
| Comprehensive income | $ 32,985 | $ 67,481 | $ 474,790 |
Consolidated Balance Sheets (Parentheticals) - $ / shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| 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 | 200,000,000 | 200,000,000 |
| Common stock, issued | 78,684,000 | 79,365,000 |
| Common stock, outstanding | 78,684,000 | 79,365,000 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Stockholders' Equity [Abstract] | |||
| Common dividends, per share | $ 1.80 | $ 1.80 | $ 2.72 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 21,876 | $ 62,101 | $ 333,900 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | During the three months ended December 31, 2024, none of the company's officers or directors adopted, modified or terminated any "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements," as each term is defined in Item 408(a) of Regulation S-K under the Exchange Act. |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Rule10b51ArrModifiedFlag | false |
| NonRule10b51ArrModifiedFlag | false |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Risk Management and Strategy We understand the importance of identifying, assessing, and managing risks related to cybersecurity threats and data protection. We acknowledge the potential adverse effects of cybersecurity incidents on our business. As part of our enterprise risk management program, cybersecurity risks are evaluated alongside other company risks within the broader risk assessment process. Our data security plan incorporates a specialized cybersecurity risk assessment process, which helps us identify potential risks by benchmarking our procedures against National Institute of Standards and Technology (NIST) standards and engaging third-party experts to test the security of our information systems. Key aspects of our risk management program include: • Monitoring Regulatory Changes: We monitor emerging data protection laws and, if necessary, implement changes to our policies and employee training processes. • Cybersecurity Policy Reviews: We regularly review and update (when applicable) our policies and procedures related to cybersecurity. • Security Tools and Response Exercises: We use various tools, such as network and endpoint monitoring, vulnerability assessments, penetration testing, and tabletop exercises, to assist in risk identification and assessment. We then use these findings (where applicable) to enhance our processes and technologies. • Employee Training: We conduct annual cybersecurity awareness training for all employees with computer access, as well as specific training for those who handle sensitive data or are involved in cybersecurity management. • Expert Collaboration: We work with third-party subject matter experts to assess cybersecurity threats, their severity, and potential mitigation strategies. • Safeguard Third-Party Data: Through policy, practice, and contracts (as applicable), we require employees, as well as third parties providing services on our behalf, to treat customer information and data with care. • Use of Third-Party Service Providers: As cybersecurity considerations affect the selection and oversight of our third-party service providers, we also conduct pre-engagement assessments for third-party providers based on the sensitivity of the data they handle, and annually review SOC 1 or 2 reports for certain outsourced service providers whose systems are utilized in processing company or employee data. • Phishing Simulations: Regular phishing simulations help employees recognize and respond to potential email threats, with additional training provided, as necessary • NIST Framework: We leverage the NIST incident handling framework to guide our responses to actual or potential cybersecurity incidents, covering identification, protection, detection, response, and recovery. Cybersecurity Incident Response Process Our incident response plan outlines the steps we take to prepare for, detect, respond to, and recover from cybersecurity incidents. This process includes assessing severity, escalating, containing, investigating, and remediating incidents, while ensuring compliance with applicable legal obligations and protecting our brand reputation. As part of this process, we regularly engage with third-party assessors and consultants to review and improve our cybersecurity program, focusing on compliance and areas for improvement. Our processes also address cybersecurity threat risks associated with our use of third-party service providers, including those in our supply chain who have access to our customer and employee data or our systems. Third-party risks are included within our enterprise risk management assessment program, as well as our cybersecurity specific risk identification program, both of which are discussed above. Oversight of Cybersecurity Risk Our cybersecurity risk management strategy is led by the Information Technology Director (IT Director) and the Director of Information Security (IS Director). Our IS Director has over eleven years of experience managing information security, developing cybersecurity strategy and implementing relevant and effective cybersecurity programs. Together, our IT Director and IS Director hold numerous credentials, including a Bachelor of Science in Cybersecurity & Information Assurance. Both have extensive experience in cybersecurity management with credentials including CISSP, CCSP, GIAC, GCFA, GCIH, and others. The IT Director reports directly to the Chief Financial Officer, ensuring timely notification of significant cybersecurity incidents to the senior management team. The management team and the enterprise risk committee are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. The enterprise risk committee, which includes the Chief Financial Officer, IT Director as well as other members of senior management, review cybersecurity risk management as a component of our overall enterprise risk management. The audit committee of the board of directors is responsible for the oversight of the company’s enterprise risk management program. The audit committee’s oversight includes reviewing and discussing with management (at least annually) management’s report on assessment of risk exposure and risk management, the processes in place to identify and manage significant risks, steps taken by management to control or mitigate such exposures, and management’s report on cybersecurity risk management, which includes strategies to mitigate data protection and cybersecurity risks. Additionally, the IT Director reports at least annually to the audit committee on cybersecurity threat risks, and our Chief Executive Officer reports regularly to the chair of our board of directors, and the full board of directors, as appropriate, about emerging threats to our operations, both at scheduled board meetings and through communications between board meetings. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The audit committee of the board of directors is responsible for the oversight of the company’s enterprise risk management program. The audit committee’s oversight includes reviewing and discussing with management (at least annually) management’s report on assessment of risk exposure and risk management, the processes in place to identify and manage significant risks, steps taken by management to control or mitigate such exposures, and management’s report on cybersecurity risk management, which includes strategies to mitigate data protection and cybersecurity risks. Additionally, the IT Director reports at least annually to the audit committee on cybersecurity threat risks, and our Chief Executive Officer reports regularly to the chair of our board of directors, and the full board of directors, as appropriate, about emerging threats to our operations, both at scheduled board meetings and through communications between board meetings. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The audit committee of the board of directors is responsible for the oversight of the company’s enterprise risk management program. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The audit committee’s oversight includes reviewing and discussing with management (at least annually) management’s report on assessment of risk exposure and risk management, the processes in place to identify and manage significant risks, steps taken by management to control or mitigate such exposures, and management’s report on cybersecurity risk management, which includes strategies to mitigate data protection and cybersecurity risks. Additionally, the IT Director reports at least annually to the audit committee on cybersecurity threat risks, and our Chief Executive Officer reports regularly to the chair of our board of directors, and the full board of directors, as appropriate, about emerging threats to our operations, both at scheduled board meetings and through communications between board meetings. |
| Cybersecurity Risk Role of Management [Text Block] | Our cybersecurity risk management strategy is led by the Information Technology Director (IT Director) and the Director of Information Security (IS Director). Our IS Director has over eleven years of experience managing information security, developing cybersecurity strategy and implementing relevant and effective cybersecurity programs. Together, our IT Director and IS Director hold numerous credentials, including a Bachelor of Science in Cybersecurity & Information Assurance. Both have extensive experience in cybersecurity management with credentials including CISSP, CCSP, GIAC, GCFA, GCIH, and others. The IT Director reports directly to the Chief Financial Officer, ensuring timely notification of significant cybersecurity incidents to the senior management team. The management team and the enterprise risk committee are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. The enterprise risk committee, which includes the Chief Financial Officer, IT Director as well as other members of senior management, review cybersecurity risk management as a component of our overall enterprise risk management. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The enterprise risk committee, which includes the Chief Financial Officer, IT Director as well as other members of senior management, review cybersecurity risk management as a component of our overall enterprise risk management. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our cybersecurity risk management strategy is led by the Information Technology Director (IT Director) and the Director of Information Security (IS Director). Our IS Director has over eleven years of experience managing information security, developing cybersecurity strategy and implementing relevant and effective cybersecurity programs. Together, our IT Director and IS Director hold numerous credentials, including a Bachelor of Science in Cybersecurity & Information Assurance. Both have extensive experience in cybersecurity management with credentials including CISSP, CCSP, GIAC, GCFA, GCIH, and others. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The IT Director reports directly to the Chief Financial Officer, ensuring timely notification of significant cybersecurity incidents to the senior management team. The management team and the enterprise risk committee are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management and strategy processes described above, including the operation of our incident response plan. The enterprise risk committee, which includes the Chief Financial Officer, IT Director as well as other members of senior management, review cybersecurity risk management as a component of our overall enterprise risk management. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GENERAL PotlatchDeltic Corporation (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with operations in nine states. We are engaged in activities associated with timberland management, including the sale of timber, the ownership and management of 2.1 million acres of timberlands and the purchase and sale of timberlands. We are also engaged in the manufacture and sale of wood products and the development of real estate. Our timberlands, real estate development projects and all of our Wood Products facilities are located within the continental United States. The primary market for our products is the United States. We converted to a REIT effective January 1, 2006. CONSOLIDATION The Consolidated Financial Statements include the accounts of PotlatchDeltic Corporation and its subsidiaries after the elimination of intercompany transactions and accounts. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, which we refer to in this report as GAAP, requires management to make estimates and judgments affecting the amounts reported in the financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. Cash, Cash Equivalents and Restricted Cash Cash equivalents are investments that are highly liquid with original maturities of three months or less when purchased. The following provides a reconciliation of cash, cash equivalents, and restricted cash at December 31:
The following presents supplemental disclosures to the Consolidated Statements of Cash Flows:
BUSINESS COMBINATIONS AND ACQUISITIONS We apply the principles provided in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations, to determine whether an acquisition involves an asset or a business. In determining whether an acquisition should be accounted for as a business combination or asset acquisition, we first determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is accounted for as an asset acquisition. If this is not the case, we then further evaluate whether the single identifiable asset or group of similar identifiable assets and activities includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the transaction is accounted for as a business combination. We account for business combinations using the acquisition method of accounting which requires that (i) identifiable assets acquired (including identifiable intangible assets) and liabilities assumed generally be measured and recognized at estimated fair value as of the acquisition date and (ii) the excess of the purchase price over the net estimated fair value of identifiable assets acquired and liabilities assumed be recognized as goodwill, which is not amortized for accounting purposes but is subject to testing for impairment at least annually. We measure and recognize asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired assets on a relative estimated fair value basis. Transaction costs are expensed in a business combination and transaction costs directly attributable to an asset acquisition are considered a component of the cost of the asset acquisition. On September 14, 2022, CatchMark and CatchMark Timber Operating Partnership, L.P. (the Partnership) merged into a wholly-owned subsidiary (Merger Sub) of PotlatchDeltic, pursuant to the terms of a merger agreement dated May 29, 2022, with the Merger Sub surviving the mergers. As a result of the merger, we issued approximately 11.5 million shares of PotlatchDeltic common stock, including (i) 11.3 million shares in exchange for the outstanding shares of CatchMark common stock, which included unvested CatchMark share-based awards that fully vested upon closing of the merger and (ii) 0.2 million shares in exchange for the Partnership OP Units. We accounted for the transaction as an asset acquisition as substantially all the value of the acquisition was concentrated in the acquired timber and timberlands. We allocated the cost of the acquisition to the net assets acquired based on their relative estimated fair value on the acquisition date with the assistance of a third-party specialist. This resulted in an allocation of $782.3 million to timber and timberlands, $3.0 million to intangible assets, $32.0 million to other assets and $23.6 million for cash acquired in the merger. Additionally, we assumed $323.1 million of liabilities, including $300.0 million of outstanding long-term debt. We capitalized transaction costs of $9.3 million for items such as investment banking fees, legal services, and other professional fees directly attributable to the merger. During the years ended December 31, 2024, 2023, and 2022, we incurred non-capitalizable merger costs in connection with the CatchMark merger of approximately $0, $2.5 million, and $27.3 million, respectively. These costs are included in CatchMark merger-related expenses in our Consolidated Statements of Operations. REVENUE RECOGNITION We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606). For our Timberlands segment, we generate revenue predominantly in the form of delivered logs, pay-as-cut stumpage contracts, lump sum stumpage contracts and timber deeds. For our Wood Products segment we generate revenue from the sale of manufactured wood products and residual by-products. For our Real Estate segment, we generate revenue from the sale of rural real property deemed non-strategic or identified as having higher and better use alternatives and real estate development and subdivision activity. Sales outside of the United States are inconsequential and no single customer represented more than 10% of our consolidated revenues during 2024, 2023 or 2022. See Note 2: Segment Information for information on our revenues by major products. Performance Obligations A performance obligation, as defined in ASC 606, is a promise in a contract to transfer a distinct good or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue at the point in time, or over the period in which the performance obligation is satisfied. Performance obligations associated with delivered logs sales are typically recognized at the point the logs are delivered and scaled at our customers’ mills. Revenue is recognized on timber deeds and lump sum stumpage contracts generally upon closing or when the contracts are effective, which is the point at which the buyer assumes risk of loss associated with the standing timber. We enter into pay-as-cut contracts with customers that provide the customer with the right of access to harvest timber on a specified area of our land. At the execution of the agreement, the customer typically does not take title, control or risk of ownership to the timber. Revenue for pay-as-cut contracts is recognized once scaling occurs as that is the point when control of the harvested trees has transferred to the customer and we have a right to payment. Performance obligations associated with the sale of wood products are typically satisfied when the products are shipped (FOB shipping point) or upon delivery to our customer (FOB destination) depending on the terms of the customer contract. Shipping and handling costs for all wood products, log hauling costs and residual sales are accounted for as cost of goods sold in our Consolidated Statements of Operations. We also enter into vendor managed inventory (VMI) programs with certain customers whereby inventory is shipped to a VMI warehouse. For products shipped under VMI arrangements, revenue is recognized and billed when control transfers to the customer and we have no further obligations, which is generally once the customer pulls the inventory from the VMI warehouse. Performance obligations associated with real estate sales are generally satisfied at a point in time when all conditions of closing have been met and title transfers to the buyer. We record deferred revenue for hunting and other access rights on our timberlands, payments received for 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. See Note: 8 Accounts Payable and Accrued Liabilities for additional information. ASC 606 requires entities to consider significant financing components of contracts with customers, though allows for the use of a practical expedient when the period between satisfaction of a performance obligation and payment receipt is one year or less. Given the nature of our revenue transactions, we have elected to utilize this practical expedient. Contract Estimates There are no significant contract estimates as substantially all of our performance obligations are satisfied as of a point in time. The transaction price for log sales includes amounts billed for logging and hauling and generally equals the amount billed to our customer for logs delivered during the accounting period. For the limited number of log sales subject to a long-term supply agreement, the transaction price is variable but is known at the time of billing. For wood products sales, the transaction price is typically the amount billed to the customer for the products shipped but may be reduced slightly for estimated cash discounts and rebates. In general, a customer receivable is recorded as we deliver wood products, logs and residuals. We generally receive payment shortly after products have been received by our customers. For real estate sales, we typically receive the entire consideration in cash at closing. At December 31, 2024 and 2023, the allowance for credit losses associated with our customer receivables was insignificant. INVENTORIES For most of our Wood Products operations, we use the last-in, first-out (LIFO) method to value log, lumber and plywood inventory as we believe the LIFO method more fairly presents the results of operations by more closely matching current costs with current revenue. Inventories valued under LIFO are stated at the lower of cost or market. All segment inventories are reported using the average cost method. The LIFO reserve and intersegment eliminations are recorded at the corporate level. Inventories not valued under LIFO are recorded at the lower of average cost or net realizable value. Expenses associated with idle capacity or abnormally low production are reflected in cost of goods sold in the periods incurred. See Note 4: Inventories for additional information. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are valued at cost less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method of depreciation. Major improvements and replacements of property are capitalized. Maintenance, repairs and minor improvements and replacements are expensed. Upon retirement or other disposition of property, applicable cost and accumulated depreciation are removed from the accounts. Any gains or losses are included in operating income. See Note 5: Property, Plant and Equipment for additional information. RECOVERY OF LONG-LIVED ASSETS Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their estimated remaining useful life. We also perform a test for recoverability when management has committed to a plan to sell or otherwise dispose of an asset group. Assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. There were no events or changes in circumstances that indicated the carrying amounts of our other long-lived held and used assets were not recoverable during the years ended December 31, 2024, 2023 or 2022. TIMBER AND TIMBERLANDS Timber and timberlands are valued at cost less accumulated depletion and depreciation. We capitalize costs related to stand establishment, which include the preparation of the land for planting, seeds or seedlings and tree planting costs, which include third-party labor costs, materials and other contract services. Upon completion of planting activities and field inspection to confirm the planting operation was successful, a plantation is considered “established.” Subsequent expenditures to maintain the integrity or enhance the growth of an established plantation or stand are expensed. Post-establishment expenses include vegetation control, fertilization, thinning operations and the replanting of seedlings lost through mortality. Forest management costs are considered current operating expenses and include property taxes and insurance, silviculture costs incurred subsequent to stand establishment, cruising of timber volume, property maintenance, salaries, supplies, travel, record-keeping, fire protection and other normal recurring administrative personnel costs. The components of timberland acquisitions are capitalized and allocated based on the relative estimated fair values of timberland, merchantable timber, pre-production timber (young growth that is not yet merchantable timber), logging roads and other land improvements. The estimated volume of current standing merchantable timber, which is a component of calculating our depletion rates, is updated at least annually to reflect increases due to the reclassification of pre-production timber to merchantable timber when it meets defined diameter specifications, the annual growth of merchantable timber and the acquisition of additional merchantable timber, decreases due to timber harvests and land sales and changes resulting from other factors, such as disease or casualty losses. Timber volumes are estimated from cruises of the timber tracts, which are completed on our timberlands on approximately a -to-ten year cycle. Depletion represents the amount charged to expense as timber is harvested. Rates at which timber is depleted are calculated annually for each of our depletion pools by dividing the beginning of year balance of the merchantable timber accounts by the volume of standing merchantable timber, after estimated timber volume updates. The base cost of logging roads, such as clearing, grading and ditching, is not depreciated and remains a capitalized item until disposition. Other portions of the initial logging road cost, such as bridges, culverts and gravel surfacing are depreciated over their useful lives, which range from 5 to 20 years. Costs associated with temporary logging road spurs, which are typically used for one harvest season, are expensed as incurred. See Note 6: Timber and Timberlands for additional information. INTANGIBLE ASSETS We have both indefinite-lived and long-lived intangible assets. Long-lived intangible assets include customer relationships and certain trade names we estimate have a finite life and are being amortized between 3 and 20 years depending on the type of intangible asset, and are evaluated for impairment under our Recovery of Long-Lived Assets policy described above. There were no new intangible assets recorded during the year ended December 31, 2024. During the year ended December 31, 2022, we recorded a $3.0 million intangible asset for customer relationships acquired in the CatchMark merger. At both December 31, 2024 and 2023, the gross carrying amount of our long-lived intangible assets was $11.4 million, and accumulated amortization was $7.7 million and $6.0 million, respectively. Amortization expense for the customer relationships and trade names totaled $1.8 million in both 2024 and 2023, and $1.1 million in 2022. Estimated annual amortization expense for each of the next five years is as follows:
Our indefinite-lived intangible assets consist of trade names and were $10.2 million at December 31, 2024 and 2023 and are not amortized. Rather, they are tested for potential impairments annually as of October 1, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the assets. We did not impair any intangible assets during the years ended December 31, 2024, 2023 or 2022. COMPANY OWNED LIFE INSURANCE We are the beneficiary of insurance policies on the lives of certain past officers and employees. We have recognized the amount that could be realized upon surrender of the insurance policies in other assets in our Consolidated Balance Sheets. Company owned life insurance expense and interest income are included in selling, general and administrative expenses and interest expense, net, respectively, in the Consolidated Statements of Operations. The net effect of these amounts on income was not significant for the years ended December 31, 2024, 2023 and 2022. Cash receipts and disbursements are recorded as investing activities within Other, net in the Consolidated Statements of Cash Flows. DERIVATIVE INSTRUMENTS We use, from time to time, certain derivative instruments to mitigate exposure to volatility in interest rates and effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and cash flows. All derivatives, whether designated as a hedging relationship or not, are recorded in the Consolidated Balance Sheets at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we must designate the hedging instrument as a fair value hedge or cash flow hedge based on the exposure being hedged. At December 31, 2024 and 2023, we did not hold any derivatives designated or qualifying as fair value hedges. For a cash flow hedge, the fair value of the effective portion of the derivative is recognized as an asset or liability with a corresponding amount in Accumulated other comprehensive income on our Consolidated Balance Sheets. Amounts recorded in Accumulated other comprehensive income are recognized in earnings when the underlying hedged transaction affects earnings. Ineffectiveness is measured by comparing the present value of the cumulative change in the expected future cash flows of the derivative and the present value of the cumulative change in the expected future cash flows of the related instrument. Any ineffective portion of a cash flow hedge is recognized in earnings immediately. If a hedge ceases to qualify for hedge accounting, the contract will continue to be carried on the balance sheet at fair value until settled and adjustments to the contract’s fair value would be recognized in earnings. If a forecasted transaction were no longer probable of occurring, amounts previously deferred in Accumulated other comprehensive income would be recognized immediately in earnings. For derivative instruments not designated as hedges, the change in fair value of the derivative is recognized in earnings each reporting period. Cash flows associated with all derivative instruments are reported as cash flows from operating activities in the Consolidated Statements of Cash Flows, unless the derivative contains an other-than-insignificant financing element at the inception date, in which case the derivative instrument's cash flows are reported as either cash flows from investing or financing activities depending on the derivative's off-market nature at inception. We have International Swap Dealers Association (ISDA) Master Agreements with each counterparty that permits the net settlement of amounts owed under the respective contracts. The ISDA Master Agreement is an industry standardized contract that governs all derivative contracts entered into between the company and the respective counterparty. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable or receivable for contracts due on the same date for similar types of derivative transactions. We have not elected to offset the fair value positions of the derivative contracts recorded in the Consolidated Balance Sheets. See Note 10: Derivative Instruments for additional information. FAIR VALUE MEASUREMENTS We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including long-lived assets (asset groups) measured at fair value for an impairment assessment and pension plan assets measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date. • Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are observed. Additionally, investments in common and collective trust funds are generally valued based on their respective net asset value (or its equivalent) as a practical expedient to estimate fair value due to the absence of a readily determinable fair value. Such investments are not classified within the fair value hierarchy and are separately disclosed. See Note 11: Fair Value Measurements for additional information. EQUITY-BASED COMPENSATION Equity-based awards are measured at estimated fair value on the dates they are granted or modified. These measurements establish the cost of the equity-based awards for accounting purposes. Equity-based compensation expense is recognized over the awards’ applicable vesting period using the straight-line method. We account for forfeitures as they occur. Equity based compensation is classified in the Consolidated Statements of Operations based on the function to which the related services are provided. See Note 12: Equity-Based Compensation Plans for additional information. LEASES We lease certain equipment, office space and land. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. Most leases include one or more options to renew, with renewal terms that can extend the lease term between to five years. The exercise of lease renewal options is at our sole discretion. Under the operating lease model, lease expense is recognized on a straight-line basis over the lease term. Under the finance lease model, lease expense consists of the amortization of the ROU asset on a straight-line basis over the asset’s estimated useful life and interest expense calculated using the effective interest method. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our rental payments are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants and we do not have any significant sublease income. See Note 13: Leases for additional information. INCOME TAXES We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. We recognize the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income in the period that includes the enactment date of the rate change. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. See Note 14: Income Taxes for additional information. PENSION AND OTHER POSTRETIREMENT BENEFITS We recognize any overfunded or underfunded status of our defined benefit pension and other postretirement plans on our Consolidated Balance Sheets and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur. The funded status and the requirements for funding our pension plans are based on a number of actuarial assumptions that require judgment. The determination of net periodic pension and postretirement benefit costs includes: • costs of benefits provided in exchange for employees’ services rendered; • interest cost of the obligation; • expected long-term return on plan assets for funded plans; • amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plan; and • amortization of cumulative unrecognized net actuarial gains and losses – generally in excess of 10 percent of the greater of the benefit obligation or market-related value of plan assets at the beginning of the year – over the average remaining service period of the active employee group covered by the plan. Different assumptions would change the net periodic pension and postretirement benefit costs and the obligation of the benefit plans. See Note 15: Savings Plans, Pension Plans and Other Postretirement Employee Benefits for additional information. COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS We accrue estimates for resolution of any legal and other contingencies when losses are probable and estimable, in accordance with ASC 450, Contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, management believes the company is not a party to any legal proceeding that could have a materially adverse effect on our consolidated financial position, operating results, or net cash flow. Environmental Matter Pursuant to a 2002 Asset Purchase Agreement under which Sappi Cloquet LLC (Sappi) purchased our Cloquet, Minnesota pulp and paper mill (the Plant), we agreed to indemnify Sappi from certain environmental liabilities accruing from the pre-sale operations of the Plant. In February 2021, we were notified by Sappi that the Environmental Protection Agency (EPA) contacted Sappi about the opportunity to participate with the Minnesota Pollution Control Agency (MPCA) and the EPA in a voluntary federal sediment remediation program under the Great Lakes Legacy Act (GLLA) for a project in the St. Louis River Area of Concern, which runs from Cloquet, Minnesota to Lake Superior. The EPA’s invitation to Sappi made no demands on or claims against Sappi, nor have the EPA or the MPCA made any demands or claims against PotlatchDeltic. The identified sediment remediation project (the Project) at Thomson Reservoir is downstream from the Plant. The Plant was identified for potential partnership with the EPA and the MPCA on the Project based on the Plant's historic direct discharges of wastewater and leachate from the Plant's landfill into the St. Louis River prior to the re-routing of the discharge in 1979 to a public wastewater facility. After multiple discussions with the MPCA and completion of our extensive due diligence on this matter, we informed the MPCA in January 2023 that we were interested in voluntarily participating in the Project, subject to an equitable division with the MPCA for our share of the costs and accrued $5.6 million at December 31, 2022 for our estimated contribution to the Project. We executed a Project agreement with the EPA and the MPCA in October 2023 and estimated our share of the total Project costs between $5.6 million and $6.7 million. In accordance with the Project agreement, we made a $3.4 million payment in November 2023, for our initial share of the Project costs. No payments were made during the year ended December 31, 2024 or 2022. At December 31, 2024 and 2023, approximately $2.2 million was accrued for our estimated remaining contribution to the Project, all of which is included in accounts payable and accrued liabilities in our Consolidated Balance Sheets. While it is reasonably possible that costs may change as the Project develops and work contracts are executed, we are unable to estimate at this time the amount of change, if any, which may be required for our share of this matter in the future. NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expense categories that are regularly reported to the chief operating decision maker and included in each reported measure of a segment’s profit or loss and increased interim disclosure requirements, among others. The adoption of this ASU on January 1, 2024, including the required retrospective application for all periods presented in the financial statements, is reflected in our annual financial statements for the year ended December 31, 2024, and will be reflected in our interim financial statements beginning in 2025. All required disclosures under the standard will be provided within this Annual Report on Form 10-K as well as within Quarterly Reports on Form 10-Q for each subsequent interim reporting period. However, there was no impact to the consolidated financial statements upon adoption. Refer to Note 2: Segment Information for our expanded segment disclosures. Recent Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation including disaggregation by jurisdiction of income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. Management is evaluating this ASU and does not expect it will have an impact on the company’s consolidated financial condition, results of operations, or cash flows, as the guidance pertains to disclosure only. In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures about a public business entity’s expenses by requiring disaggregated quantitative disclosure, in the notes to the financial statements, of prescribed expense categories included within relevant income statement expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. Management is evaluating this ASU and does not expect it will have an impact on the company’s consolidated financial condition, results of operations, or cash flows, as the guidance pertains to disclosure only. RECLASSIFICATIONS Certain prior period reclassifications were made to conform with the current period presentation. These reclassifications had no effect on reported net income, net income per share, comprehensive income, cash flows, total assets, total liabilities, or shareholders' equity as previously reported. |
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | NOTE 2. SEGMENT INFORMATION Our operations are organized into three reportable segments: Timberlands, Wood Products and Real Estate, all of which are strategic business units that offer different products and services. The segments are managed separately because each business provides different products and utilizes different marketing strategies. 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 sells lumber and plywood. The Real Estate segment includes the sale of land holdings deemed non-strategic or identified as having higher and better use alternatives, a 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 as if the sales were to third parties, and typically represent a sizable 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 Consolidated Financial Statements with the exception of the valuation of inventories, which are reported using the average cost method for purposes of reporting segment results. The following table represents our revenues by major product:
1. Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. The company's chief operating decision maker (CODM) is the chief executive officer. The CODM uses segment information to, including but not limited to, assess performance, allocate capital and personnel, budget and forecast, and determine compensation of certain employees. The CODM uses Adjusted EBITDDA to evaluate the operating performance and effectiveness of operating strategies of our segments and allocation of resources to them. EBITDDA is calculated as net income before interest expense, income taxes, basis of real estate sold, depreciation, depletion and amortization. Adjusted EBITDDA further excludes certain specific items that are considered to hinder comparison of the performance of our businesses either year-on-year or with other businesses. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies. The following tables summarize information for each of the company’s reportable segments including a reconciliation of Segment operating income (loss) as the closest measurement to GAAP for the reportable segments, Segment Adjusted EBITDDA and Total Adjusted EBITDDA to consolidated income before income taxes. Corporate information is included to reconcile segment data to the Consolidated Financial Statements.
The footnotes below the table for the year ended December 31, 2022 are also applicable to the above table.
The footnotes below the table for the year ended December 31, 2022 are also applicable to the above table.
1. Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. 2. Significant expenses categories align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included with the amounts shown. 3. Manufacturing costs include, but are not limited to, wages, benefits, repairs, maintenance, supplies, heat/power, electricity and other utilities, depreciation and amortization, and membership dues. 4. Includes, but is not limited to, the following: Timberlands - forest management, roads, employee wages and benefits and property taxes. Wood Products - pension and other post-retirement benefit plan service costs for active plan participants. Real Estate - land sale commissions, land sale closing costs, property taxes, and costs from the company-owned country club. 5. Segment selling, general and administrative expenses includes depreciation and amortization. 6. Includes depreciation and amortization classified as selling, general and administrative expenses. 7. Corporate Adjusted EBITDDA includes costs specifically not allocated to the segments including, but not limited to, certain corporate department direct expenses and employee wages and benefits. Corporate Adjusted EBITDDA is regularly provided to the CODM. 8. Includes elimination of intersegment profit in ending Wood Products inventory for logs purchased from our Timberlands segment and LIFO adjustments. 9. Excludes amortization of bond discounts and deferred loan fees which are reported within interest expense, net on the Consolidated Statements of Operations. The following table summarizes additional reportable segment financial information:
1. Included within interest expense, net in the Consolidated Statements of Operations. 2. We do not report rural real estate separately from Timberlands as we do not report these assets separately to management. 3. Real Estate assets primarily consist of the master planned community development and a country club. 4. Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment. 5. Real Estate capital expenditures include development expenditures of $8.1 million, $11.5 million, and $8.1 million for the years ended December 31, 2024, 2023, and 2022, respectively. |
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Earnings per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share | The following table reconciles the number of shares used in calculating basic and diluted earnings per share for the year ended December 31:
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. At December 31, 2024, 2023, and 2022, there were approximately 109,900, 17,900, and 119,000 stock-based awards, respectively, which were excluded from the calculation of earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods. SHARE REPURCHASE PROGRAM On August 30, 2018, our board of directors authorized management to repurchase up to $100.0 million of common stock with no time limit set for the repurchase (the 2018 Repurchase Program). During the year ended December 31, 2022, we repurchased 103,010 shares of our common stock at a total consideration of $4.5 million under the 2018 Repurchase Program. On August 31, 2022, our board of directors authorized management to repurchase up to $200.0 million of our common stock with no set time limit for the repurchase (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under the 2018 Repurchase Program. Shares under the 2022 Repurchase Program may be repurchased in open market transactions, through privately negotiated transactions, and as in all reported years, pursuant to a trading plan adopted from time to time in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934 (Trading Plan). The timing, manner, price and amount of repurchases will be determined according to the terms of a Trading Plan, and, subject to the terms of a Trading Plan, the 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. During the years ended December 31, 2024, 2023, and 2022, we repurchased 846,845, 556,115, and 1,096,283 shares of our common stock, respectively, for $35.0 million, $25.0 million, and $50.0 million, respectively, under the 2022 Repurchase Program. At December 31, 2024, we had remaining authorization of $90.0 million for future stock repurchases under the 2022 Repurchase Program. Transaction costs are not counted against authorized funds. We record share purchases upon trade date, as opposed to the settlement date. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit. There were no unsettled repurchases at December 31, 2024 and 2023. DIVIDENDS Generally, a REIT must distribute its taxable income each year and may retain only 20% of its value in its TRS, including cash. We paid a special cash dividend of $0.95 per share, or $75.7 million in aggregate, on December 30, 2022 as a result of strong financial results in the first half of 2022. No special cash dividends were paid during the year ended December 31, 2024 or 2023. On February 7, 2025, the board of directors approved a quarterly cash dividend of $0.45 per share payable on March 31, 2025, to stockholders of record as of March 7, 2025. |
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | NOTE 4. INVENTORIES Inventories consist of the following at December 31:
Logs, lumber, plywood and veneer inventories valued on the LIFO basis represented approximately 64% and 69% of total inventory at December 31, 2024 and 2023, respectively. If the LIFO inventory method had not been used, inventory balances would be higher by $15.8 million and $18.7 million at December 31, 2024 and 2023, respectively. |
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Property, Plant and Equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | NOTE 5. PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment consist of the following at December 31:
Depreciation expense for property and equipment, including assets under finance leases, was $43.5 million, $44.6 million and $37.6 million in 2024, 2023, and 2022, respectively. In 2022, we began a project to expand and modernize our Waldo, Arkansas sawmill. The construction phase of the expansion and modernization project was completed during the third quarter of 2024. We capitalized $131.0 million on the project, of which $44.6 million, $74.2 million, and $12.2 million was capitalized in 2024, 2023, and 2022, respectively. Additionally, we accelerated the useful life of certain property, plant and equipment identified to be replaced as part of the sawmill expansion resulting in $8.2 million, $11.9 million, and $7.0 million of additional depreciation expense during the years ended December 31, 2024, 2023, and 2022, respectively. OLA, ARKANSAS SAWMILL FIRE 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 new equipment has been installed and the large log line restarted in September 2022. We had adequate property damage and business interruption insurance, subject to a $2.0 million deductible. Insurance recoveries are recorded when deemed probable and reasonably estimable. In September 2023, we finalized our claim with the insurance carriers resulting in $89.4 million of total insurance recoveries, net of a $2.0 million deductible, for both the property damage and business interruption claims. During the year ended December 31, 2024, 2023, and 2022, we received $1.7 million, $36.4 million, and $26.2 million, respectively, for business interruption recoveries and $0, $1.4 million, and $8.8 million, respectively, for property damage recoveries for the Ola, Arkansas sawmill in the Consolidated Statements of Cash Flows. During the years ended December 31, 2024, 2023, and 2022, we recorded $0, $39.4, million, and $34.1 million, respectively, as gain on fire damage at the Ola, Arkansas sawmill in the Consolidated Statements of Operations. The gain on fire damage was net of disposal costs and fixed asset write-offs at the Ola, Arkansas sawmill of $0 during the year ended December 31, 2024 and 2023 and $0.9 million during the year ended December 31, 2022. |
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Timber and Timberlands |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| Timber And Timberlands [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Timber and Timberlands | NOTE 6. TIMBER AND TIMBERLANDS Timber and Timberlands consist of the following at December 31:
Depletion from company-owned lands was $62.2 million, $69.0 million, and $54.0 million in 2024, 2023, and 2022, respectively. Amortization of road costs, such as bridges, culverts and gravel surfacing, totaled $3.5 million, $3.6 million and $3.5 million in 2024, 2023, and 2022, respectively. In January 2024, we acquired approximately 16,000 acres of timberlands in Arkansas for approximately $31.4 million. We funded the acquisition with cash on hand. Additionally, on June 17, 2024, we completed the sale of 34,100 acres of four-year average age Southern timberlands to Forest Investment Associates for $56.7 million. Future payments due under timber cutting contracts at December 31, 2024 were $14.9 million. |
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Other Assets |
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| Other Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets | NOTE 7. OTHER ASSETS Other Current Assets consist of the following at December 31:
Other Long-Term Assets consist of the following at December 31:
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Accounts Payable and Accrued Liabilities |
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| Accounts Payable and Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable and Accrued Liabilities | NOTE 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts Payable and Accrued Liabilities consist of the following at December 31:
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | NOTE 9. DEBT Long-term Debt consists of the following at December 31:
TERM LOANS At December 31, 2024, approximately $1.0 billion was outstanding under our Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender. On November 1, 2024, we entered into a tenth amendment to the Amended Term Loan Agreement, which provided for a new 8-year term loan of $38.0 million maturing on November 1, 2032, a new 9-year term loan of $38.0 million maturing on November 1, 2033, and a new 10-year term loan of $100.0 million maturing on November 1, 2034 (collectively, the New Term Loans). The proceeds of the New Term Loans were used to refinance a $110.0 million term loan under the Amended Term Loan agreement that matured on November 1, 2024, and to replenish cash used to repay a $65.7 million revenue bond that matured in October 2024. The New Term Loans bear interest at a rate equal to daily simple SOFR plus an applicable margin ranging between 2.20% and 2.30% per annum depending on their respective maturity date. The New Term Loans provide for a cost-of-capital reset at year five whereby the applicable margin may be reset at the sole discretion of the lender. In connection with the New Term Loans, we terminated $125.0 million of our forward-starting interest rate swaps and transferred the value realized from their termination into three new daily simple SOFR-indexed interest rate swaps to fix the interest rates associated with the New Term Loans between 4.02% and 4.28%, before patronage credits from lenders, depending on the maturity date of the associated term loan. In December 2023, through a ninth amendment to the Amended Term Loan Agreement, we refinanced an existing term loan of $40.0 million that matured with a new term loan that matures in December 2033. The new term loan carries a variable interest rate of one-month SOFR plus 2.30%. In conjunction with the new term loan, we terminated a $50.0 million forward-starting interest rate swap and transferred the value realized from its termination into a new $40.0 million interest rate swap to fix the rate at 3.35% before patronage credits from lenders. See Note 10: Derivative Instruments for additional information on our derivative instruments. DEBT ISSUANCE COSTS AND UNAMORTIZED DISCOUNTS Debt issuance costs represent the capitalized direct costs incurred related to the issuance of debt. These costs are amortized to interest expense over the terms of the respective borrowings. Unamortized discounts include a $4.9 million fair value adjustment to a $100.0 million term loan assumed in the Deltic merger. The unamortized balance of the fair value adjustment at December 31, 2024 was $0.4 million and will be amortized through the term loan’s maturity in 2025. DEBT MATURITIES Scheduled principal payments due on long-term debt at December 31, 2024 are as follows:
CREDIT AGREEMENT On May 18, 2023, we entered into a first amendment to the Third Amended and Restated Credit Agreement (Amended Credit Agreement). The Amended Credit Agreement provides for loans based on SOFR instead of the London Inter-Bank Offered Rate (LIBOR), provides us the option to borrow based on a daily SOFR or term SOFR basis, and provides mechanics relating to the transition from the use of SOFR to a replacement benchmark rate upon the occurrence of certain transition events. The Amended Credit Agreement provides for a $300.0 million revolving line of credit that matures February 14, 2027. As provided in the Amended Credit Agreement, the borrowing capacity may be increased up to an additional $500.0 million. The Amended 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 sub facilities reduces availability under the revolving line of credit. We may also utilize borrowings under the Amended Credit Agreement to, among other things, refinance existing indebtedness and provide funding for working capital requirements, capital projects, acquisitions and other general corporate expenditures. Pricing on the Amended Credit Agreement is set according to the type of borrowing. SOFR borrowings under the Amended Credit Agreement are issued at a rate equal to the Adjusted Daily Simple SOFR rate (as defined in the Amended Credit Agreement) plus an applicable rate. Base Rate borrowings are issued at a rate equal to a Base Rate, which is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus of one percent, (b) the Adjusted Term SOFR for a one-month tenor in effect on such day, plus 1%, and (c) the rate of interest in effect for such day as publicly announced from time to time by KeyBank as its "prime rate." The interest rates we pay for borrowings under either type of loan include an additional Applicable Rate, which can range from 0.85% to 1.10% for SOFR loans and actual rate for Base Rate loans can range from 0% to 0.10% depending on our credit rating. Additionally, the Amended Credit Agreement provides mechanics relating to the transition from the use of SOFR to a replacement benchmark rate upon the occurrence of certain transition events or elections made by the parties. As of December 31, 2024, we were able to borrow under the revolving line of credit with an additional Applicable Rate of 1.025% for SOFR loans and 0.025% for Base Rate loans. We also pay an annual facility fee of 0.175% on the $300.0 million on our revolving line of credit. At December 31, 2024, there were no borrowings under the revolving line of credit and approximately $0.6 million of the revolving line of credit was utilized by outstanding letters of credit. FINANCIAL COVENANTS The Amended Term Loan Agreement and the Amended Credit Agreement (collectively referred to as the Agreements) contain certain covenants that limit our ability and that of our subsidiaries to create liens, merge or consolidate, dispose of assets, incur indebtedness and guarantees, repurchase or redeem capital stock and indebtedness, make certain investments or acquisitions, enter into certain transactions with affiliates or change the nature of our business. The Agreements also contain financial maintenance covenants including the maintenance of a minimum interest coverage ratio and a maximum leverage ratio. We are permitted to pay dividends to our stockholders under the terms of the Agreements so long as we expect to remain in compliance with the financial maintenance covenants. We were in compliance with all debt and credit agreement covenants at December 31, 2024. |
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Derivative Instruments |
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| Derivative Instrument Detail [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments | NOTE 10. DERIVATIVE INSTRUMENTS From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to 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. All 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 December 31, 2024, we had interest rate swaps associated with $761.0 million of SOFR-indexed term loan debt whereby the cash flow hedges convert variable rates ranging from one-month SOFR plus a spread between 1.61% to 2.30%, to fixed rates ranging from 2.14% to 4.83% before patronage credits from lenders. Additionally, at December 31, 2024, we had $176.0 million of interest rate swaps associated with SOFR-indexed term loan debt whereby the cash flow hedges convert variable rates ranging from daily simple SOFR-indexed plus a spread of 2.20% to 2.30%, to fixed rates ranging from 4.02% to 4.28% before patronage credits from lenders. At December 31, 2024, we have a $75.0 million forward-starting interest rate swap designated as a cash flow hedge for expected future debt refinancing that requires settlement on the stated maturity date. See Note 9: Debt for additional information. The gross fair values of our cash flow derivative instruments at December 31, 2024 and 2023 were $138.4 million and $129.1 million, respectively, all of which were classified in Other assets, non-current on our Consolidated Balance Sheets. Derivative instruments that mature within one year, as a whole, are classified as current. The following table details the effect of derivatives on our Consolidated Statements of Operations:
At December 31, 2024, the amount of net gains expected to be reclassified into earnings in the next 12 months is approximately $16.3 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 SOFR rate at the time of net swap cash payments. |
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Fair Value Measurements |
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| Derivative Instrument Detail [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | NOTE 11. FAIR VALUE MEASUREMENTS Carrying amounts and estimated fair values of our financial instruments as of December 31 are as follows:
The fair value of interest rate swaps is determined using a discounted cash flow analysis based on third-party sources 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, restricted cash, receivables and payables have net carrying value that approximates their fair value with only insignificant differences. This is primarily due to the short-term nature of these instruments. |
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Equity-Based Compensation Plans |
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| Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation Plans | NOTE 12. EQUITY-BASED COMPENSATION PLANS We issue new shares of common stock to settle performance stock awards (PSAs), restricted stock units (RSUs) and deferred compensation stock equivalent units. At December 31, 2024, approximately 1.5 million shares were available for future use under our long-term incentive plans. The following table details our compensation expense and the related income tax benefit for company specific equity awards for the year ended December 31:
Additionally, during the year ended December 31, 2022, we recognized $9.3 million in stock-based compensation expense for the accelerated vesting of CatchMark equity awards related to the CatchMark merger which is included in CatchMark merger-related expenses on the Consolidated Statements of Operations. See Note 1: Summary of Significant Accounting Policies for additional information. PERFORMANCE STOCK AWARDS During 2024, 2023 and 2022, officers and certain other employees of the company were granted performance share awards (PSAs). PSAs granted under the stock incentive plans have a three-year performance period and shares are issued at the end of the period to the extent that performance measures are met. Performance share awards are earned based on the company's total shareholder return (TSR) over a three-year performance period relative to the median TSR of performance peer group (weighted 50%) and the company's TSR percentile ranking relative to all companies within the NAREIT All Equity REITs Index (of which we are a member) (weighted 50%) over such performance period. TSR is calculated based on stock price appreciation plus cash and share distributions. The number of shares actually issued, as a percentage of the amount subject to the PSA, could range from 0% to 200%. PSAs granted under our stock incentive plans do not have voting rights unless and until shares are issued upon settlement. If shares are issued at the end of the three-year performance measurement period, the recipients will receive dividend equivalents in the form of additional shares at the time of payment equal to the dividends that would have been paid on the shares earned had the recipients owned the shares during the three-year period. Therefore, the shares are not considered participating securities. Since the awards contain a market condition, the effect of the market condition is reflected in the grant-date fair value, which is estimated using a Monte Carlo simulation. This method is used to estimate the stock prices of PotlatchDeltic and the selected peer companies at the end of the three-year performance period. The Monte Carlo simulation uses inputs such as stock prices and expected volatility of PotlatchDeltic and the peer groups of companies as of the award date. Multiple simulations are generated, resulting in share prices and total shareholder return values for PotlatchDeltic and the peer groups of companies. For each simulation, the total shareholder return of PotlatchDeltic is ranked against that of the peer groups of companies. The future value of the performance share unit is calculated based on a multiplier for the median outperformance and percentile ranking and then discounted to present value. The discount rate is the risk-free rate as of the award date for a term consistent with the performance period. Awards are also credited with dividend equivalents at the end of the performance period, and as a result, award values are not adjusted for dividends. The following table presents the key inputs used in calculating the fair value of the PSAs and the resulting fair values:
The following table summarizes outstanding PSAs as of December 31 and the changes during each year:
As of December 31, 2024, there was $6.5 million of unrecognized compensation cost related to nonvested PSAs, which is expected to be recognized over a weighted-average period of 1.6 years. RESTRICTED STOCK UNITS During 2024, 2023 and 2022, directors, officers, and certain other employees of the company were granted RSU awards that will vest from to three years. RSU awards are credited with dividend equivalents for any dividends paid on the company's common stock during the vesting period. Recipients will receive dividend equivalents in the form of additional shares of common stock at the date the vested RSUs are settled. Any forfeited RSUs will not receive dividends. Therefore, the shares are not considered participating securities. The following table summarizes outstanding RSU awards as of December 31 and the changes during each year:
As of December 31, 2024, there was $5.5 million of total unrecognized compensation cost related to nonvested RSU awards, which is expected to be recognized over a weighted-average period of 1.4 years. DEFERRED COMPENSATION STOCK EQUIVALENT UNITS A long-term incentive award was granted annually to our directors through December 2017. The awards are payable on or after a director's separation from service (subject to the terms of the director's deferral election). Directors may also elect to defer their annual cash retainers and awards of RSUs, payable in the form of stock. Additionally, issuance of RSUs awarded to certain officers and employees may also be deferred at the election of the officers or employees, as applicable. All stock unit equivalent accounts are credited with dividend equivalents. At December 31, 2024, vested deferred shares that will be distributed in the future to directors or officers and employees as common stock were 229,439 and 4,290, respectively. |
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | NOTE 13. LEASES See Note 1: Summary of Significant Accounting Policies for details on our lease accounting policies. BALANCE SHEET CLASSIFICATION The following tables provide supplemental balance sheet information related to our leases as of December 31:
LEASE COSTS The following table summarizes the components of our lease expense for the year ended December 31:
Operating lease costs and amortization of finance lease assets are included within costs of goods sold and selling, general and administrative expenses, respectively, and interest on lease assets is included in interest expense, net on our Consolidated Statements of Operations. OTHER LEASE INFORMATION The following table presents supplemental cash flow information related to leases for the year ended December 31:
MATURITY OF LEASE LIABILITIES At December 31, 2024, the future minimum lease payment obligations under noncancelable leases were as follows:
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | NOTE 14. INCOME TAXES As a REIT, we generally are not subject to federal and state corporate income taxes on income from investments in real estate that we distribute to our shareholders. We conduct certain activities through our PotlatchDeltic 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 income or loss of the PotlatchDeltic TRS, as well as permanent book versus tax differences and discrete items. We were also subject to corporate taxes on built-in gains (the excess of fair market value over tax basis on the merger date) on sales of former Deltic real property held by the REIT during the five years following the Deltic merger (until February 2023). The sale of standing timber is not subject to built-in gains tax. Income taxes consist of the following for the year ended December 31:
Income taxes differ from the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes due to the following for the year ended December 31:
The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were:
We believe it is more likely than not that we will have sufficient future taxable income to realize our deferred tax assets. Net operating loss (NOL) carryforwards consist of the following at December 31:
In conjunction with the CatchMark merger, we recorded uncertain tax position liabilities plus any applicable accrued interest, related to the treatment of certain intercompany transactions between CatchMark's REIT and its taxable REIT subsidiary. These liabilities are included in Other long-term obligations and Deferred tax liabilities, net in our Consolidated Balance Sheets. At December 31, 2024 and 2023, we had $6.3 million and $7.8 million, respectively, of unrecognized tax benefits, most of which, if recognized, would affect the annual effective tax rate. The following is a reconciliation of the beginning and ending unrecognized tax benefits for the year ended December 31:
During the year ended December 31, 2024 and 2023, we reduced our uncertain tax positions due to the lapse of the statute of limitations by $1.5 million and $2.0 million, respectively. We are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. We reflect accrued interest related to tax obligations, as well as penalties, in our provision for income taxes. For the years ended December 31, 2024, 2023 and 2022, we recognized insignificant amounts related to interest and penalties in our tax provision. At December 31, 2024, and 2023, we had insignificant amounts of accrued interest related to tax obligations and tax positions taken on our tax returns, and no accrued interest receivable with respect to open tax refunds. The following table summarizes the tax years subject to examination by major taxing jurisdictions:
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Savings Plans, Pension Plans and Other Postretirement Employee Benefits |
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| Retirement Benefits, Description [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Savings Plans, Pension Plans and Other Postretirement Employee Benefits | NOTE 15. SAVINGS PLANS, PENSION PLANS AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS SAVINGS PLANS Substantially all of our employees are eligible to participate in 401(k) savings plans sponsored by the company. In 2024, 2023, and 2022, we made employer matching 401(k) contributions on behalf of our employees of $4.6 million, $4.3 million, and $4.2 million, respectively. Certain eligible employees who earn awards under our annual incentive plan are permitted to defer receipt of those awards. These employees may defer up to 90% of their award pursuant to rules established under our Management Deferred Compensation Plan. Eligible employees may also defer up to 50% of their base salary under the Management Deferred Compensation Plan. At the employee's election, deferrals may be deemed invested in a directed investment account with certain deemed investments available under the 401(k) savings plans or a combination of these investment vehicles. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS On January 1, 2011, we closed the legacy Potlatch pension plans to any new salaried and hourly non-represented employees hired after that date. Upon our merger with Deltic in 2018, we assumed one qualified pension plan, one nonqualified pension plan and one other postretirement benefit (OPEB) plan. The acquired plans have been frozen to new participants since 2014. Effective December 31, 2021, the Potlatch Salaried Retirement Plan (Salaried Plan) was amended and restated merging the company's three other qualified pension plans into the Salaried Plan, creating one qualified pension plan renamed the PotlatchDeltic Retirement Plan. There were no impacts to vesting provisions or benefits to the participants of the former qualified defined benefit pension plans as a result of the merger into the Salaried Plan. In March 2022, we transferred $75.6 million of our qualified pension plan to an insurance company for the purchase of a group annuity contract. As a result of the transaction, the insurance company assumed responsibility for annuity administration and benefit payments to select retirees and terminated vested participants, with no change to participants' pension benefits. We recorded a non-cash pretax settlement charge of $14.2 million as a result of accelerating the recognition of actuarial losses included in Accumulated other comprehensive income that would have been recognized in future periods. The settlement triggered a remeasurement of the Plan's assets and liabilities. We updated the discount rate used to measure our projected benefit obligation for the Plan as of March 31, 2022, and to calculate the related net periodic benefit cost for the remainder of 2022 to 3.95% from 3.00%. All other pension assumptions remained unchanged. Certain legacy Potlatch and Deltic retirees under age 65 are offered a PPO medical plan with prescription drug coverage. Certain legacy Deltic retirees over age 65 are offered a PPO medical plan with no prescription drug coverage. This plan is considered a secondary plan to Medicare. For legacy Potlatch retirees age 65 or over, the medical plan is divided into two components, with the company continuing to self-insure prescription drugs and providing a fully-insured medical supplemental plan through AARP/United Healthcare. The health care plans require the retiree to contribute amounts in excess of the company subsidy in order to continue coverage. We use a December 31 measurement date for our benefit plans and obligations. We recognize the underfunded status of our defined benefit pension plans and OPEB plan obligations on our Consolidated Balance Sheets. We recognize changes in the funded status in the year in which changes occur in Accumulated other comprehensive income and amortize actuarial gains and losses in the Consolidated Statements of Operations as net periodic cost (benefit). Changes in benefit obligation, plan assets and funded status for our pension and OPEB plans were as follows for the year ended December 31:
The accumulated benefit obligation for all defined benefit pension plans is determined using the actuarial present value of the vested benefits to which the employee is currently entitled and the employee’s expected date of separation for retirement. At December 31, 2024 and 2023, the accumulated benefit obligation for all defined benefit pension plans was $224.4 million and $223.5 million, respectively. Actuarial gain (loss) in our pension plans is primarily due to year-over-year changes in the discount rate and assumptions associated with updated census data, demographic assumptions, future salary increases, along with asset growth outpacing interest and service cost in our qualified pension plan. Actuarial gain (loss) for our OPEB plans is primarily due to year-over-year changes in the discount rate and assumptions associated with medical trends, claims and participant contributions. During 2024 and 2023, funding of our non-qualified pension and other postretirement employee benefit plans was $4.6 million and $3.3 million, respectively. During 2024 and 2023, we made contributions to our qualified pension benefit plan of $4.0 million and $0, respectively. Pension plans with projected benefit obligations greater than plan assets were as follows at December 31:
Pension plans with accumulated benefit obligations greater than plan assets at December 31 are as follows:
PENSION ASSETS We utilize formal investment policy guidelines for our company-sponsored pension plan assets. Management is responsible for ensuring the investment policy and guidelines are adhered to and the investment objectives are met. The general policy states that plan assets will be invested to seek the greatest return consistent with the fiduciary character of the pension funds and to allow the plans to meet the need for timely pension benefit payments. The specific investment guidelines stipulate that management will maintain adequate liquidity for meeting expected benefit payments by reviewing, on a timely basis, contribution and benefit payment levels and appropriately revise long-term and short-term asset allocations. Management takes reasonable and prudent steps to preserve the value of pension fund assets and to avoid the risk of large losses. Major steps taken to provide this protection include the following: • Assets are diversified among various asset classes, such as global equities, fixed income, alternatives and liquid reserves. • Periodic reviews of allocations within these ranges are reviewed to determine what adjustments should be made based on changing economic and market conditions and specific liquidity requirements. • Assets are managed by professional investment managers and may be invested in separately managed accounts or commingled funds. • Assets are not invested in PotlatchDeltic stock. The investment guidelines also provide that individual investment managers are expected to achieve a reasonable rate of return over a market cycle. Emphasis will be placed on long-term performance versus short-term market aberrations. Factors to be considered in determining reasonable rates of return include performance achieved by a diverse cross section of other investment managers, performance of commonly used benchmarks (e.g., MSCI All-Country World Index, Barclays Long Credit Index), actuarial assumptions for return on plan investments and specific performance guidelines given to individual investment managers. The long-term targeted asset allocation ranges for the PotlatchDeltic Retirement Plans’ asset categories are as follows:
The asset allocations of the PotlatchDeltic Retirement Plans’ assets by asset category were as follows at December 31:
The pension assets are stated at fair value. Refer to Note 1: Summary of Significant Accounting Policies for a discussion of the framework used to measure fair value. The assets in our defined benefit pension plan were invested across the following categories:
There were no Level 3 investments held by the PotlatchDeltic Retirement Plan at December 31, 2024 or 2023. PLAN ACTIVITY Pre-tax components of net periodic cost (benefit) recognized in our Consolidated Statements of Operations were as follows for the year ended December 31:
The amounts recorded in Accumulated Other Comprehensive Income on our Consolidated Balance Sheets, which have not yet been recognized as components of net periodic benefit costs at December 31, net of tax, consist of:
EXPECTED FUNDING AND BENEFIT PAYMENTS We currently estimate we will contribute approximately $7.7 million to our qualified pension plan in 2025. Our non-qualified pension plan and other postretirement employee benefit plans are unfunded and benefit payments are paid from our general assets. We estimate that we will make non-qualified pension plan payments of $2.6 million and other postretirement employee benefit payments of $2.5 million in 2025, which are included below. Estimated future benefit payments, which reflect expected future service, are as follows for the years indicated:
ACTUARIAL ASSUMPTIONS The weighted-average assumptions used to determine the benefit obligation for our pension and OPEB plans were as follows at December 31:
The weighted-average assumptions used for all pension and OPEB plans to determine the net periodic benefit cost were as follows for the year ended December 31:
The discount rate used in the determination of pension and other postretirement employee benefit obligations was calculated using hypothetical bond portfolios to match the expected benefit payments under each of our pension plans and other postretirement employee benefit obligations based on bonds available at each year end with a rating of "AA" or better. The portfolios were well-diversified over corporate industrial, corporate financial, municipal, federal and foreign government issuers. Determining our expected return on plan assets requires a high degree of judgment. The expected return on plan assets assumption is based upon an analysis of historical long-term returns for various investment categories, as measured by appropriate indices. These indices are weighted based upon the extent to which plan assets are invested in the particular categories in arriving at our determination of a composite expected return. At December 31, 2024, the assumed health-care cost trend rate used to calculate other postretirement employee benefit obligations was between 6.02% and 9.91% depending on the individual plan participant makeup and graded ratably to an assumption of 4.00% in 2049. The actual rates of health-care cost increases may vary significantly from the assumption used because of unanticipated changes in health-care costs. |
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Components of Accumulated Other Comprehensive Income |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Accumulated Other Comprehensive Income | NOTE 16. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables detail the changes in our Accumulated other comprehensive income (AOCI) on our Consolidated Balance Sheets for the years ended December 31, 2024 and 2023, net of tax.
1. Included in the computation of net periodic pension costs. 2. Included in Interest expense, net on the Consolidated Statements of Operations.
See Note 10: Derivative Instruments and Note 15: Savings Plans, Pension and Other Postretirement Employee Benefits for additional information. |
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Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General | GENERAL PotlatchDeltic Corporation (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with operations in nine states. We are engaged in activities associated with timberland management, including the sale of timber, the ownership and management of 2.1 million acres of timberlands and the purchase and sale of timberlands. We are also engaged in the manufacture and sale of wood products and the development of real estate. Our timberlands, real estate development projects and all of our Wood Products facilities are located within the continental United States. The primary market for our products is the United States. We converted to a REIT effective January 1, 2006. |
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| Consolidation | CONSOLIDATION The Consolidated Financial Statements include the accounts of PotlatchDeltic Corporation and its subsidiaries after the elimination of intercompany transactions and accounts. |
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| Use of Estimates | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, which we refer to in this report as GAAP, requires management to make estimates and judgments affecting the amounts reported in the financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. |
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| Cash and Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash equivalents are investments that are highly liquid with original maturities of three months or less when purchased. The following provides a reconciliation of cash, cash equivalents, and restricted cash at December 31:
The following presents supplemental disclosures to the Consolidated Statements of Cash Flows:
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| Business Combinations and Acquisitions | BUSINESS COMBINATIONS AND ACQUISITIONS We apply the principles provided in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations, to determine whether an acquisition involves an asset or a business. In determining whether an acquisition should be accounted for as a business combination or asset acquisition, we first determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this is the case, the single identifiable asset or the group of similar assets is accounted for as an asset acquisition. If this is not the case, we then further evaluate whether the single identifiable asset or group of similar identifiable assets and activities includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the transaction is accounted for as a business combination. We account for business combinations using the acquisition method of accounting which requires that (i) identifiable assets acquired (including identifiable intangible assets) and liabilities assumed generally be measured and recognized at estimated fair value as of the acquisition date and (ii) the excess of the purchase price over the net estimated fair value of identifiable assets acquired and liabilities assumed be recognized as goodwill, which is not amortized for accounting purposes but is subject to testing for impairment at least annually. We measure and recognize asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets. Goodwill is not recognized in an asset acquisition with any consideration in excess of net assets acquired allocated to acquired assets on a relative estimated fair value basis. Transaction costs are expensed in a business combination and transaction costs directly attributable to an asset acquisition are considered a component of the cost of the asset acquisition. On September 14, 2022, CatchMark and CatchMark Timber Operating Partnership, L.P. (the Partnership) merged into a wholly-owned subsidiary (Merger Sub) of PotlatchDeltic, pursuant to the terms of a merger agreement dated May 29, 2022, with the Merger Sub surviving the mergers. As a result of the merger, we issued approximately 11.5 million shares of PotlatchDeltic common stock, including (i) 11.3 million shares in exchange for the outstanding shares of CatchMark common stock, which included unvested CatchMark share-based awards that fully vested upon closing of the merger and (ii) 0.2 million shares in exchange for the Partnership OP Units. We accounted for the transaction as an asset acquisition as substantially all the value of the acquisition was concentrated in the acquired timber and timberlands. We allocated the cost of the acquisition to the net assets acquired based on their relative estimated fair value on the acquisition date with the assistance of a third-party specialist. This resulted in an allocation of $782.3 million to timber and timberlands, $3.0 million to intangible assets, $32.0 million to other assets and $23.6 million for cash acquired in the merger. Additionally, we assumed $323.1 million of liabilities, including $300.0 million of outstanding long-term debt. We capitalized transaction costs of $9.3 million for items such as investment banking fees, legal services, and other professional fees directly attributable to the merger. During the years ended December 31, 2024, 2023, and 2022, we incurred non-capitalizable merger costs in connection with the CatchMark merger of approximately $0, $2.5 million, and $27.3 million, respectively. These costs are included in CatchMark merger-related expenses in our Consolidated Statements of Operations. |
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| Revenue Recognition | REVENUE RECOGNITION We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606). For our Timberlands segment, we generate revenue predominantly in the form of delivered logs, pay-as-cut stumpage contracts, lump sum stumpage contracts and timber deeds. For our Wood Products segment we generate revenue from the sale of manufactured wood products and residual by-products. For our Real Estate segment, we generate revenue from the sale of rural real property deemed non-strategic or identified as having higher and better use alternatives and real estate development and subdivision activity. Sales outside of the United States are inconsequential and no single customer represented more than 10% of our consolidated revenues during 2024, 2023 or 2022. See Note 2: Segment Information for information on our revenues by major products. Performance Obligations A performance obligation, as defined in ASC 606, is a promise in a contract to transfer a distinct good or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue at the point in time, or over the period in which the performance obligation is satisfied. Performance obligations associated with delivered logs sales are typically recognized at the point the logs are delivered and scaled at our customers’ mills. Revenue is recognized on timber deeds and lump sum stumpage contracts generally upon closing or when the contracts are effective, which is the point at which the buyer assumes risk of loss associated with the standing timber. We enter into pay-as-cut contracts with customers that provide the customer with the right of access to harvest timber on a specified area of our land. At the execution of the agreement, the customer typically does not take title, control or risk of ownership to the timber. Revenue for pay-as-cut contracts is recognized once scaling occurs as that is the point when control of the harvested trees has transferred to the customer and we have a right to payment. Performance obligations associated with the sale of wood products are typically satisfied when the products are shipped (FOB shipping point) or upon delivery to our customer (FOB destination) depending on the terms of the customer contract. Shipping and handling costs for all wood products, log hauling costs and residual sales are accounted for as cost of goods sold in our Consolidated Statements of Operations. We also enter into vendor managed inventory (VMI) programs with certain customers whereby inventory is shipped to a VMI warehouse. For products shipped under VMI arrangements, revenue is recognized and billed when control transfers to the customer and we have no further obligations, which is generally once the customer pulls the inventory from the VMI warehouse. Performance obligations associated with real estate sales are generally satisfied at a point in time when all conditions of closing have been met and title transfers to the buyer. We record deferred revenue for hunting and other access rights on our timberlands, payments received for 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. See Note: 8 Accounts Payable and Accrued Liabilities for additional information. ASC 606 requires entities to consider significant financing components of contracts with customers, though allows for the use of a practical expedient when the period between satisfaction of a performance obligation and payment receipt is one year or less. Given the nature of our revenue transactions, we have elected to utilize this practical expedient. Contract Estimates There are no significant contract estimates as substantially all of our performance obligations are satisfied as of a point in time. The transaction price for log sales includes amounts billed for logging and hauling and generally equals the amount billed to our customer for logs delivered during the accounting period. For the limited number of log sales subject to a long-term supply agreement, the transaction price is variable but is known at the time of billing. For wood products sales, the transaction price is typically the amount billed to the customer for the products shipped but may be reduced slightly for estimated cash discounts and rebates. In general, a customer receivable is recorded as we deliver wood products, logs and residuals. We generally receive payment shortly after products have been received by our customers. For real estate sales, we typically receive the entire consideration in cash at closing. At December 31, 2024 and 2023, the allowance for credit losses associated with our customer receivables was insignificant. |
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| Inventories | INVENTORIES For most of our Wood Products operations, we use the last-in, first-out (LIFO) method to value log, lumber and plywood inventory as we believe the LIFO method more fairly presents the results of operations by more closely matching current costs with current revenue. Inventories valued under LIFO are stated at the lower of cost or market. All segment inventories are reported using the average cost method. The LIFO reserve and intersegment eliminations are recorded at the corporate level. Inventories not valued under LIFO are recorded at the lower of average cost or net realizable value. Expenses associated with idle capacity or abnormally low production are reflected in cost of goods sold in the periods incurred. See Note 4: Inventories for additional information. |
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| Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are valued at cost less accumulated depreciation. Depreciation of buildings, equipment and other depreciable assets is determined using the straight-line method of depreciation. Major improvements and replacements of property are capitalized. Maintenance, repairs and minor improvements and replacements are expensed. Upon retirement or other disposition of property, applicable cost and accumulated depreciation are removed from the accounts. Any gains or losses are included in operating income. See Note 5: Property, Plant and Equipment for additional information. |
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| Recovery of Long-Lived Assets | RECOVERY OF LONG-LIVED ASSETS Our long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their estimated remaining useful life. We also perform a test for recoverability when management has committed to a plan to sell or otherwise dispose of an asset group. Assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. There were no events or changes in circumstances that indicated the carrying amounts of our other long-lived held and used assets were not recoverable during the years ended December 31, 2024, 2023 or 2022. |
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| Timber and Timberlands | TIMBER AND TIMBERLANDS Timber and timberlands are valued at cost less accumulated depletion and depreciation. We capitalize costs related to stand establishment, which include the preparation of the land for planting, seeds or seedlings and tree planting costs, which include third-party labor costs, materials and other contract services. Upon completion of planting activities and field inspection to confirm the planting operation was successful, a plantation is considered “established.” Subsequent expenditures to maintain the integrity or enhance the growth of an established plantation or stand are expensed. Post-establishment expenses include vegetation control, fertilization, thinning operations and the replanting of seedlings lost through mortality. Forest management costs are considered current operating expenses and include property taxes and insurance, silviculture costs incurred subsequent to stand establishment, cruising of timber volume, property maintenance, salaries, supplies, travel, record-keeping, fire protection and other normal recurring administrative personnel costs. The components of timberland acquisitions are capitalized and allocated based on the relative estimated fair values of timberland, merchantable timber, pre-production timber (young growth that is not yet merchantable timber), logging roads and other land improvements. The estimated volume of current standing merchantable timber, which is a component of calculating our depletion rates, is updated at least annually to reflect increases due to the reclassification of pre-production timber to merchantable timber when it meets defined diameter specifications, the annual growth of merchantable timber and the acquisition of additional merchantable timber, decreases due to timber harvests and land sales and changes resulting from other factors, such as disease or casualty losses. Timber volumes are estimated from cruises of the timber tracts, which are completed on our timberlands on approximately a -to-ten year cycle. Depletion represents the amount charged to expense as timber is harvested. Rates at which timber is depleted are calculated annually for each of our depletion pools by dividing the beginning of year balance of the merchantable timber accounts by the volume of standing merchantable timber, after estimated timber volume updates. The base cost of logging roads, such as clearing, grading and ditching, is not depreciated and remains a capitalized item until disposition. Other portions of the initial logging road cost, such as bridges, culverts and gravel surfacing are depreciated over their useful lives, which range from 5 to 20 years. Costs associated with temporary logging road spurs, which are typically used for one harvest season, are expensed as incurred. See Note 6: Timber and Timberlands for additional information. |
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| Intangible Assets | INTANGIBLE ASSETS We have both indefinite-lived and long-lived intangible assets. Long-lived intangible assets include customer relationships and certain trade names we estimate have a finite life and are being amortized between 3 and 20 years depending on the type of intangible asset, and are evaluated for impairment under our Recovery of Long-Lived Assets policy described above. There were no new intangible assets recorded during the year ended December 31, 2024. During the year ended December 31, 2022, we recorded a $3.0 million intangible asset for customer relationships acquired in the CatchMark merger. At both December 31, 2024 and 2023, the gross carrying amount of our long-lived intangible assets was $11.4 million, and accumulated amortization was $7.7 million and $6.0 million, respectively. Amortization expense for the customer relationships and trade names totaled $1.8 million in both 2024 and 2023, and $1.1 million in 2022. Estimated annual amortization expense for each of the next five years is as follows:
Our indefinite-lived intangible assets consist of trade names and were $10.2 million at December 31, 2024 and 2023 and are not amortized. Rather, they are tested for potential impairments annually as of October 1, or during the year if an event or other circumstance indicates that we may not be able to recover the carrying amount of the assets. We did not impair any intangible assets during the years ended December 31, 2024, 2023 or 2022. |
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| Company Owned Life Insurance | COMPANY OWNED LIFE INSURANCE We are the beneficiary of insurance policies on the lives of certain past officers and employees. We have recognized the amount that could be realized upon surrender of the insurance policies in other assets in our Consolidated Balance Sheets. Company owned life insurance expense and interest income are included in selling, general and administrative expenses and interest expense, net, respectively, in the Consolidated Statements of Operations. The net effect of these amounts on income was not significant for the years ended December 31, 2024, 2023 and 2022. Cash receipts and disbursements are recorded as investing activities within Other, net in the Consolidated Statements of Cash Flows. |
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| Derivative Instruments | DERIVATIVE INSTRUMENTS We use, from time to time, certain derivative instruments to mitigate exposure to volatility in interest rates and effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense and cash flows. All derivatives, whether designated as a hedging relationship or not, are recorded in the Consolidated Balance Sheets at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we must designate the hedging instrument as a fair value hedge or cash flow hedge based on the exposure being hedged. At December 31, 2024 and 2023, we did not hold any derivatives designated or qualifying as fair value hedges. For a cash flow hedge, the fair value of the effective portion of the derivative is recognized as an asset or liability with a corresponding amount in Accumulated other comprehensive income on our Consolidated Balance Sheets. Amounts recorded in Accumulated other comprehensive income are recognized in earnings when the underlying hedged transaction affects earnings. Ineffectiveness is measured by comparing the present value of the cumulative change in the expected future cash flows of the derivative and the present value of the cumulative change in the expected future cash flows of the related instrument. Any ineffective portion of a cash flow hedge is recognized in earnings immediately. If a hedge ceases to qualify for hedge accounting, the contract will continue to be carried on the balance sheet at fair value until settled and adjustments to the contract’s fair value would be recognized in earnings. If a forecasted transaction were no longer probable of occurring, amounts previously deferred in Accumulated other comprehensive income would be recognized immediately in earnings. For derivative instruments not designated as hedges, the change in fair value of the derivative is recognized in earnings each reporting period. Cash flows associated with all derivative instruments are reported as cash flows from operating activities in the Consolidated Statements of Cash Flows, unless the derivative contains an other-than-insignificant financing element at the inception date, in which case the derivative instrument's cash flows are reported as either cash flows from investing or financing activities depending on the derivative's off-market nature at inception. We have International Swap Dealers Association (ISDA) Master Agreements with each counterparty that permits the net settlement of amounts owed under the respective contracts. The ISDA Master Agreement is an industry standardized contract that governs all derivative contracts entered into between the company and the respective counterparty. Under these master netting agreements, net settlement generally permits the company or the counterparty to determine the net amount payable or receivable for contracts due on the same date for similar types of derivative transactions. We have not elected to offset the fair value positions of the derivative contracts recorded in the Consolidated Balance Sheets. See Note 10: Derivative Instruments for additional information. |
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| Fair Value Measurements | FAIR VALUE MEASUREMENTS We use a fair value hierarchy in accounting for certain nonfinancial assets and liabilities including long-lived assets (asset groups) measured at fair value for an impairment assessment and pension plan assets measured at fair value. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon its own market assumptions. The fair value hierarchy consists of the following three levels: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2: Inputs are quoted prices in non-active markets for which pricing inputs are observable either directly or indirectly at the reporting date. • Level 3: Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are observed. Additionally, investments in common and collective trust funds are generally valued based on their respective net asset value (or its equivalent) as a practical expedient to estimate fair value due to the absence of a readily determinable fair value. Such investments are not classified within the fair value hierarchy and are separately disclosed. See Note 11: Fair Value Measurements for additional information. |
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| Equity-Based Compensation | EQUITY-BASED COMPENSATION Equity-based awards are measured at estimated fair value on the dates they are granted or modified. These measurements establish the cost of the equity-based awards for accounting purposes. Equity-based compensation expense is recognized over the awards’ applicable vesting period using the straight-line method. We account for forfeitures as they occur. Equity based compensation is classified in the Consolidated Statements of Operations based on the function to which the related services are provided. See Note 12: Equity-Based Compensation Plans for additional information. |
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| Leases | LEASES We lease certain equipment, office space and land. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. Most leases include one or more options to renew, with renewal terms that can extend the lease term between to five years. The exercise of lease renewal options is at our sole discretion. Under the operating lease model, lease expense is recognized on a straight-line basis over the lease term. Under the finance lease model, lease expense consists of the amortization of the ROU asset on a straight-line basis over the asset’s estimated useful life and interest expense calculated using the effective interest method. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our rental payments are adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants and we do not have any significant sublease income. See Note 13: Leases for additional information. |
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| Income Taxes | INCOME TAXES We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. We recognize the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income in the period that includes the enactment date of the rate change. We record a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. See Note 14: Income Taxes for additional information. |
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| Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS We recognize any overfunded or underfunded status of our defined benefit pension and other postretirement plans on our Consolidated Balance Sheets and recognize changes in the funded status through comprehensive income (loss) in the year in which the changes occur. The funded status and the requirements for funding our pension plans are based on a number of actuarial assumptions that require judgment. The determination of net periodic pension and postretirement benefit costs includes: • costs of benefits provided in exchange for employees’ services rendered; • interest cost of the obligation; • expected long-term return on plan assets for funded plans; • amortization of prior service costs and plan amendments over the average remaining service period of the active employee group covered by the plan; and • amortization of cumulative unrecognized net actuarial gains and losses – generally in excess of 10 percent of the greater of the benefit obligation or market-related value of plan assets at the beginning of the year – over the average remaining service period of the active employee group covered by the plan. Different assumptions would change the net periodic pension and postretirement benefit costs and the obligation of the benefit plans. See Note 15: Savings Plans, Pension Plans and Other Postretirement Employee Benefits for additional information. |
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| Commitments, Contingencies and Legal Matters | COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS We accrue estimates for resolution of any legal and other contingencies when losses are probable and estimable, in accordance with ASC 450, Contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, management believes the company is not a party to any legal proceeding that could have a materially adverse effect on our consolidated financial position, operating results, or net cash flow. Environmental Matter Pursuant to a 2002 Asset Purchase Agreement under which Sappi Cloquet LLC (Sappi) purchased our Cloquet, Minnesota pulp and paper mill (the Plant), we agreed to indemnify Sappi from certain environmental liabilities accruing from the pre-sale operations of the Plant. In February 2021, we were notified by Sappi that the Environmental Protection Agency (EPA) contacted Sappi about the opportunity to participate with the Minnesota Pollution Control Agency (MPCA) and the EPA in a voluntary federal sediment remediation program under the Great Lakes Legacy Act (GLLA) for a project in the St. Louis River Area of Concern, which runs from Cloquet, Minnesota to Lake Superior. The EPA’s invitation to Sappi made no demands on or claims against Sappi, nor have the EPA or the MPCA made any demands or claims against PotlatchDeltic. The identified sediment remediation project (the Project) at Thomson Reservoir is downstream from the Plant. The Plant was identified for potential partnership with the EPA and the MPCA on the Project based on the Plant's historic direct discharges of wastewater and leachate from the Plant's landfill into the St. Louis River prior to the re-routing of the discharge in 1979 to a public wastewater facility. After multiple discussions with the MPCA and completion of our extensive due diligence on this matter, we informed the MPCA in January 2023 that we were interested in voluntarily participating in the Project, subject to an equitable division with the MPCA for our share of the costs and accrued $5.6 million at December 31, 2022 for our estimated contribution to the Project. We executed a Project agreement with the EPA and the MPCA in October 2023 and estimated our share of the total Project costs between $5.6 million and $6.7 million. In accordance with the Project agreement, we made a $3.4 million payment in November 2023, for our initial share of the Project costs. No payments were made during the year ended December 31, 2024 or 2022. At December 31, 2024 and 2023, approximately $2.2 million was accrued for our estimated remaining contribution to the Project, all of which is included in accounts payable and accrued liabilities in our Consolidated Balance Sheets. While it is reasonably possible that costs may change as the Project develops and work contracts are executed, we are unable to estimate at this time the amount of change, if any, which may be required for our share of this matter in the future. |
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| New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expense categories that are regularly reported to the chief operating decision maker and included in each reported measure of a segment’s profit or loss and increased interim disclosure requirements, among others. The adoption of this ASU on January 1, 2024, including the required retrospective application for all periods presented in the financial statements, is reflected in our annual financial statements for the year ended December 31, 2024, and will be reflected in our interim financial statements beginning in 2025. All required disclosures under the standard will be provided within this Annual Report on Form 10-K as well as within Quarterly Reports on Form 10-Q for each subsequent interim reporting period. However, there was no impact to the consolidated financial statements upon adoption. Refer to Note 2: Segment Information for our expanded segment disclosures. Recent Accounting Standards Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation including disaggregation by jurisdiction of income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. Management is evaluating this ASU and does not expect it will have an impact on the company’s consolidated financial condition, results of operations, or cash flows, as the guidance pertains to disclosure only. In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to improve disclosures about a public business entity’s expenses by requiring disaggregated quantitative disclosure, in the notes to the financial statements, of prescribed expense categories included within relevant income statement expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. Management is evaluating this ASU and does not expect it will have an impact on the company’s consolidated financial condition, results of operations, or cash flows, as the guidance pertains to disclosure only. |
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| Reclassifications | RECLASSIFICATIONS Certain prior period reclassifications were made to conform with the current period presentation. These reclassifications had no effect on reported net income, net income per share, comprehensive income, cash flows, total assets, total liabilities, or shareholders' equity as previously reported. |
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following provides a reconciliation of cash, cash equivalents, and restricted cash at December 31:
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| Supplemental Disclosures to Consolidated Statements of Cash Flows | The following presents supplemental disclosures to the Consolidated Statements of Cash Flows:
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| Summary of Estimated Annual Amortization Expense | Estimated annual amortization expense for each of the next five years is as follows:
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Segment Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Revenues by Major Product | The following table represents our revenues by major product:
1.
Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. |
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| Summary of Information by Business Segment | The following tables summarize information for each of the company’s reportable segments including a reconciliation of Segment operating income (loss) as the closest measurement to GAAP for the reportable segments, Segment Adjusted EBITDDA and Total Adjusted EBITDDA to consolidated income before income taxes. Corporate information is included to reconcile segment data to the Consolidated Financial Statements.
The footnotes below the table for the year ended December 31, 2022 are also applicable to the above table.
The footnotes below the table for the year ended December 31, 2022 are also applicable to the above table.
1. Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. 2. Significant expenses categories align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included with the amounts shown. 3. Manufacturing costs include, but are not limited to, wages, benefits, repairs, maintenance, supplies, heat/power, electricity and other utilities, depreciation and amortization, and membership dues. 4. Includes, but is not limited to, the following: Timberlands - forest management, roads, employee wages and benefits and property taxes. Wood Products - pension and other post-retirement benefit plan service costs for active plan participants. Real Estate - land sale commissions, land sale closing costs, property taxes, and costs from the company-owned country club. 5. Segment selling, general and administrative expenses includes depreciation and amortization. 6. Includes depreciation and amortization classified as selling, general and administrative expenses. 7. Corporate Adjusted EBITDDA includes costs specifically not allocated to the segments including, but not limited to, certain corporate department direct expenses and employee wages and benefits. Corporate Adjusted EBITDDA is regularly provided to the CODM. 8. Includes elimination of intersegment profit in ending Wood Products inventory for logs purchased from our Timberlands segment and LIFO adjustments. 9. Excludes amortization of bond discounts and deferred loan fees which are reported within interest expense, net on the Consolidated Statements of Operations. The following table summarizes additional reportable segment financial information:
1. Included within interest expense, net in the Consolidated Statements of Operations. 2. We do not report rural real estate separately from Timberlands as we do not report these assets separately to management. 3. Real Estate assets primarily consist of the master planned community development and a country club. 4. Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment. 5.
Real Estate capital expenditures include development expenditures of $8.1 million, $11.5 million, and $8.1 million for the years ended December 31, 2024, 2023, and 2022, respectively. |
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Earnings per Share (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 for the year ended December 31:
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Inventories (Tables) |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories | Inventories consist of the following at December 31:
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Property, Plant and Equipment (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant and Equipment | Property, Plant and Equipment consist of the following at December 31:
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Timber and Timberlands (Tables) |
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| Timber And Timberlands [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Timber and Timberlands | Timber and Timberlands consist of the following at December 31:
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Current Assets | Other Current Assets consist of the following at December 31:
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| Schedule of Other Long-term Assets | Other Long-Term Assets consist of the following at December 31:
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Accounts Payable and Accrued Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable and Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities consist of the following at December 31:
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt | Long-term Debt consists of the following at December 31:
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| Schedule of Maturities of Long-term Debt | Scheduled principal payments due on long-term debt at December 31, 2024 are as follows:
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Derivative Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instrument Detail [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effect of Derivatives on Consolidated Statements of Operations | The following table details the effect of derivatives on our Consolidated Statements of Operations:
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Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instrument Detail [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Fair Value of Financial Instruments | Carrying amounts and estimated fair values of our financial instruments as of December 31 are as follows:
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Equity-Based Compensation Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards | The following table details our compensation expense and the related income tax benefit for company specific equity awards for the year ended December 31:
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| Fair Value of Performance Share Awards | The following table presents the key inputs used in calculating the fair value of the PSAs and the resulting fair values:
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| Summary of Outstanding Performance Share Awards | The following table summarizes outstanding PSAs as of December 31 and the changes during each year:
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| Summary of Outstanding RSU Awards | The following table summarizes outstanding RSU awards as of December 31 and the changes during each year:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Supplemental Balance Sheet Information Related Leases | The following tables provide supplemental balance sheet information related to our leases as of December 31:
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| Schedule of Weighted Average Remaining Term and Discount Rates |
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| Schedule of Components of Lease Expense | The following table summarizes the components of our lease expense for the year ended December 31:
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| Schedule of Supplemental Cash Flow Information Related Leases | The following table presents supplemental cash flow information related to leases for the year ended December 31:
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| Schedule of Maturities of Operating and Finance Lease Liabilities | At December 31, 2024, the future minimum lease payment obligations under noncancelable leases were as follows:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the Income Tax Provision Allocated to Continuing Operations | Income taxes consist of the following for the year ended December 31:
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| Schedule of Effective Income Tax Rate Reconciliation | Income taxes differ from the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes due to the following for the year ended December 31:
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| Schedule of Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were:
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| Summary of Net Operating Loss (NOL) Carryforwards | Net operating loss (NOL) carryforwards consist of the following at December 31:
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| Summary of Reconciliation of Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending unrecognized tax benefits for the year ended December 31:
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| Summary of Tax Years Subject to Examination by Major Taxing Jurisdictions | The following table summarizes the tax years subject to examination by major taxing jurisdictions:
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Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits, Description [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Projected Benefit Obligations | Changes in benefit obligation, plan assets and funded status for our pension and OPEB plans were as follows for the year ended December 31:
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| Pension Plans with Projected Benefit Obligations Greater than Plan Assets | Pension plans with projected benefit obligations greater than plan assets were as follows at December 31:
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| Pension Plans with Accumulated Benefit Obligations Greater than Plan Assets | Pension plans with accumulated benefit obligations greater than plan assets at December 31 are as follows:
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| Long-term Targeted Asset Allocation Ranges | The long-term targeted asset allocation ranges for the PotlatchDeltic Retirement Plans’ asset categories are as follows:
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| Schedule of Actual Asset Allocations of the PotlatchDeltic Retirement Plans' Assets | The asset allocations of the PotlatchDeltic Retirement Plans’ assets by asset category were as follows at December 31:
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| Schedule of Allocation of Plan Assets | The assets in our defined benefit pension plan were invested across the following categories:
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| Pre-tax Components of Net Periodic Cost (Benefit) | Pre-tax components of net periodic cost (benefit) recognized in our Consolidated Statements of Operations were as follows for the year ended December 31:
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| Schedule of Accumulated Other Comprehensive Income (Loss) | The amounts recorded in Accumulated Other Comprehensive Income on our Consolidated Balance Sheets, which have not yet been recognized as components of net periodic benefit costs at December 31, net of tax, consist of:
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| Schedule of Expected Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, are as follows for the years indicated:
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| Weighted Average Assumptions Used to Determine the Benefit Obligation for our Pension and OPEB Plans | The weighted-average assumptions used to determine the benefit obligation for our pension and OPEB plans were as follows at December 31:
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| Schedule of Weighted Average Assumptions Used for All Pension and OPEB Plans to Determine the Net Periodic Benefit Cost | The weighted-average assumptions used for all pension and OPEB plans to determine the net periodic benefit cost were as follows for the year ended December 31:
|
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Components of Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Accumulated Other Comprehensive Income | The following tables detail the changes in our Accumulated other comprehensive income (AOCI) on our Consolidated Balance Sheets for the years ended December 31, 2024 and 2023, net of tax.
1. Included in the computation of net periodic pension costs. 2.
Included in Interest expense, net on the Consolidated Statements of Operations. |
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Summary of Significant Accounting Policies (Reconciliation of Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Accounting Policies [Abstract] | ||||||||||
| Cash and cash equivalents | $ 151,551 | $ 230,118 | $ 343,809 | |||||||
| Restricted cash included in other current and long-term assets | [1] | $ 174 | $ 7,570 | $ 1,782 | ||||||
| Restricted Cash, Statement of Financial Position [Extensible Enumeration] | Other long-term assets | Other long-term assets | Other long-term assets | |||||||
| Total cash, cash equivalents, and restricted cash | $ 151,725 | $ 237,688 | $ 345,591 | $ 296,772 | ||||||
| ||||||||||
Summary of Significant Accounting Policies - (Reconciliation of Cash, Cash Equivalents, and Restricted Cash) (Parenthetical) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Accounting Policies [Abstract] | |||
| Restricted cash current | $ 0.0 | $ 2.8 | $ 0.0 |
| Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] | Other Assets, Current |
Summary of Significant Accounting Policies (Supplemental Disclosures to Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| NONCASH INVESTING AND FINANCING ACTIVITIES | |||
| Accrued property, plant and equipment additions | $ 10,809 | $ 1,505 | $ 569 |
| Accrued timberlands reforestation and roads | 1,728 | 1,667 | 1,142 |
| Long-term debt and other liabilities assumed with CatchMark merger | 0 | 0 | 323,102 |
| CASH FLOW INFORMATION | |||
| Interest, net of amounts capitalized | 18,722 | 12,691 | 26,254 |
| Income taxes, net | (5,667) | 18,428 | 70,000 |
| CatchMark Merger [Member] | |||
| NONCASH INVESTING AND FINANCING ACTIVITIES | |||
| Equity issued as consideration | $ 0 | $ 0 | $ 508,314 |
Summary of Significant Accounting Policies (Supplemental Disclosures to Consolidated Statements of Cash Flows) (Parenthetical) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounting Policies [Abstract] | |||
| Net of cash received for interest income | $ 7.4 | $ 13.6 | $ 3.9 |
Summary of Significant Accounting Policies (Summary of Estimated Annual Amortization Expense) (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
[1] | ||||||
|---|---|---|---|---|---|---|---|---|
| Accounting Policies [Abstract] | ||||||||
| Estimated amortization expense, 2025 | $ 1,488 | |||||||
| Estimated amortization expense, 2026 | 780 | |||||||
| Estimated amortization expense, 2027 | 780 | |||||||
| Estimated amortization expense, 2028 | 159 | |||||||
| Estimated amortization expense, 2029 | $ 50 | |||||||
| ||||||||
Segment Information (Narrative) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
Segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
Segment Information (Summary of Information by Business Segment) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | $ 1,062,076 | $ 1,024,075 | $ 1,330,780 | ||||||||||||||||||||
| Cost of goods sold | 945,672 | 899,578 | 806,822 | ||||||||||||||||||||
| Segment selling, general and administrative expenses | 83,212 | 75,730 | 76,506 | ||||||||||||||||||||
| Segment operating income (loss) | 33,192 | 85,750 | 449,082 | ||||||||||||||||||||
| Depreciation, depletion and amortization | 113,098 | 121,154 | 98,234 | ||||||||||||||||||||
| Adjusted EBITDDA | 232,100 | 200,234 | 574,155 | ||||||||||||||||||||
| Interest expense, net | (28,923) | (24,218) | (27,400) | ||||||||||||||||||||
| Depreciation, depletion and amortization | [1] | (111,497) | (119,518) | (96,700) | |||||||||||||||||||
| Basis of real estate sold | (86,870) | (31,392) | (29,921) | ||||||||||||||||||||
| Pension settlement charge | 0 | 0 | (14,165) | ||||||||||||||||||||
| CatchMark merger-related expenses | 0 | (2,453) | (27,325) | ||||||||||||||||||||
| Gain on fire damage | 39,436 | 34,505 | |||||||||||||||||||||
| Environmental charge | 0 | 0 | (5,550) | ||||||||||||||||||||
| Non-operating pension and other postretirement employee benefits | 803 | (914) | (8,138) | ||||||||||||||||||||
| Net gain (loss) on disposal of assets | (541) | (557) | (82) | ||||||||||||||||||||
| Other | 3,115 | 1,267 | (67) | ||||||||||||||||||||
| Income before income taxes | 8,187 | 61,885 | 399,312 | ||||||||||||||||||||
| Timberlands [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 289,523 | 300,421 | 326,677 | ||||||||||||||||||||
| Wood Products [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 601,924 | 635,672 | 912,612 | ||||||||||||||||||||
| Real Estate Segment [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 170,629 | 87,982 | 91,491 | ||||||||||||||||||||
| Operating Segments [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 1,164,722 | 1,134,737 | 1,489,693 | ||||||||||||||||||||
| Fiber costs | [2] | 289,456 | 299,511 | 322,487 | |||||||||||||||||||
| Freight, logging and hauling | [2] | 282,705 | 291,574 | 268,649 | |||||||||||||||||||
| Manufacturing costs | [2],[3] | 232,910 | 220,645 | 214,338 | |||||||||||||||||||
| Inventory change | [2] | (3,189) | 2,992 | (3,606) | |||||||||||||||||||
| Depreciation, depletion and amortization | [2] | 109,062 | 116,857 | 94,494 | |||||||||||||||||||
| Other | [4] | 53,574 | 53,323 | 49,325 | |||||||||||||||||||
| Cost of goods sold | 1,051,396 | 1,016,333 | 975,619 | ||||||||||||||||||||
| Segment selling, general and administrative expenses | [5] | 33,538 | 29,840 | 26,651 | |||||||||||||||||||
| Segment operating income (loss) | 79,788 | 88,564 | 487,423 | ||||||||||||||||||||
| Depreciation, depletion and amortization | [6] | 110,889 | 119,041 | 96,180 | |||||||||||||||||||
| Adjusted EBITDDA | 278,096 | 239,583 | 613,538 | ||||||||||||||||||||
| Depreciation, depletion and amortization | (111,497) | (119,518) | (96,700) | ||||||||||||||||||||
| Basis of real estate sold | [2] | (86,878) | (31,431) | (29,932) | |||||||||||||||||||
| Net gain (loss) on disposal of assets | 541 | 547 | 3 | ||||||||||||||||||||
| Operating Segments [Member] | Timberlands [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 392,169 | 411,077 | 485,590 | ||||||||||||||||||||
| Fiber costs | [2] | 0 | 0 | 0 | |||||||||||||||||||
| Freight, logging and hauling | [2] | 206,727 | 213,054 | 193,095 | |||||||||||||||||||
| Manufacturing costs | [2],[3] | 0 | 0 | 0 | |||||||||||||||||||
| Inventory change | [2] | 0 | 0 | 0 | |||||||||||||||||||
| Depreciation, depletion and amortization | [2] | 66,445 | 73,346 | 58,367 | |||||||||||||||||||
| Other | [4] | 36,628 | 38,267 | 35,421 | |||||||||||||||||||
| Cost of goods sold | 309,800 | 324,667 | 286,883 | ||||||||||||||||||||
| Segment selling, general and administrative expenses | [5] | 11,395 | 10,104 | 8,869 | |||||||||||||||||||
| Segment operating income (loss) | 70,974 | 76,306 | 189,838 | ||||||||||||||||||||
| Depreciation, depletion and amortization | [6] | 67,755 | 75,009 | 59,532 | |||||||||||||||||||
| Adjusted EBITDDA | 138,729 | 151,321 | 249,373 | ||||||||||||||||||||
| Depreciation, depletion and amortization | (67,755) | (75,009) | (59,532) | ||||||||||||||||||||
| Basis of real estate sold | [2] | 0 | 0 | 0 | |||||||||||||||||||
| Net gain (loss) on disposal of assets | 0 | 6 | 3 | ||||||||||||||||||||
| Operating Segments [Member] | Wood Products [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 601,924 | 635,672 | 912,612 | ||||||||||||||||||||
| Fiber costs | [2] | 289,456 | 299,511 | 322,487 | |||||||||||||||||||
| Freight, logging and hauling | [2] | 75,978 | 78,520 | 75,554 | |||||||||||||||||||
| Manufacturing costs | [2],[3] | 232,910 | 220,645 | 214,338 | |||||||||||||||||||
| Inventory change | [2] | (3,189) | 2,992 | (3,606) | |||||||||||||||||||
| Depreciation, depletion and amortization | [2] | 42,155 | 43,071 | 35,518 | |||||||||||||||||||
| Other | [4] | 913 | 909 | 404 | |||||||||||||||||||
| Cost of goods sold | 638,223 | 645,648 | 644,695 | ||||||||||||||||||||
| Segment selling, general and administrative expenses | [5] | 14,489 | 13,574 | 12,963 | |||||||||||||||||||
| Segment operating income (loss) | (50,788) | (23,550) | 254,954 | ||||||||||||||||||||
| Depreciation, depletion and amortization | [6] | 42,585 | 43,506 | 35,953 | |||||||||||||||||||
| Adjusted EBITDDA | (7,654) | 20,487 | 290,907 | ||||||||||||||||||||
| Depreciation, depletion and amortization | (42,585) | (43,506) | (35,953) | ||||||||||||||||||||
| Basis of real estate sold | [2] | 0 | 0 | 0 | |||||||||||||||||||
| Net gain (loss) on disposal of assets | 549 | 531 | 0 | ||||||||||||||||||||
| Operating Segments [Member] | Real Estate Segment [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 170,629 | 87,988 | 91,491 | ||||||||||||||||||||
| Fiber costs | [2] | 0 | 0 | 0 | |||||||||||||||||||
| Freight, logging and hauling | [2] | 0 | 0 | 0 | |||||||||||||||||||
| Manufacturing costs | [2],[3] | 0 | 0 | 0 | |||||||||||||||||||
| Inventory change | [2] | 0 | 0 | 0 | |||||||||||||||||||
| Depreciation, depletion and amortization | [2] | 462 | 440 | 609 | |||||||||||||||||||
| Other | [4] | 16,033 | 14,147 | 13,500 | |||||||||||||||||||
| Cost of goods sold | 103,373 | 46,018 | 44,041 | ||||||||||||||||||||
| Segment selling, general and administrative expenses | [5] | 7,654 | 6,162 | 4,819 | |||||||||||||||||||
| Segment operating income (loss) | 59,602 | 35,808 | 42,631 | ||||||||||||||||||||
| Depreciation, depletion and amortization | [6] | 549 | 526 | 695 | |||||||||||||||||||
| Adjusted EBITDDA | 147,021 | 67,775 | 73,258 | ||||||||||||||||||||
| Depreciation, depletion and amortization | (549) | (526) | (695) | ||||||||||||||||||||
| Basis of real estate sold | [2] | (86,878) | (31,431) | (29,932) | |||||||||||||||||||
| Net gain (loss) on disposal of assets | (8) | 10 | 0 | ||||||||||||||||||||
| Corporate [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Adjusted EBITDDA | (49,065) | [7] | (45,406) | [7] | (49,314) | ||||||||||||||||||
| Depreciation, depletion and amortization | (608) | (477) | (520) | ||||||||||||||||||||
| Intersegment Eliminations [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | [8] | (102,646) | (110,656) | (158,913) | |||||||||||||||||||
| Adjusted EBITDDA | [9] | 3,069 | 6,057 | 9,931 | |||||||||||||||||||
| Basis of real estate sold | 8 | 39 | 11 | ||||||||||||||||||||
| Intersegment Eliminations [Member] | Timberlands [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | [8] | (102,646) | (110,656) | (158,913) | |||||||||||||||||||
| Intersegment Eliminations [Member] | Wood Products [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | [8] | 0 | 0 | 0 | |||||||||||||||||||
| Intersegment Eliminations [Member] | Real Estate Segment [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | [8] | 0 | 0 | 0 | |||||||||||||||||||
| Other Intersegment Eliminations [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | $ (0) | (6) | $ (0) | ||||||||||||||||||||
| Other Intersegment Eliminations [Member] | Timberlands [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 0 | ||||||||||||||||||||||
| Other Intersegment Eliminations [Member] | Wood Products [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | 0 | ||||||||||||||||||||||
| Other Intersegment Eliminations [Member] | Real Estate Segment [Member] | |||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||
| Revenues | $ (6) | ||||||||||||||||||||||
| |||||||||||||||||||||||
Segment Information (Summary of Additional Reportable Segment Financial Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Depreciation, depletion and amortization | [1] | $ 111,497 | $ 119,518 | $ 96,700 | |||||||||||||||
| Bond discount and deferred loan fees | [2] | 1,601 | 1,636 | 1,534 | |||||||||||||||
| Total depreciation, depletion and amortization | 113,098 | 121,154 | 98,234 | ||||||||||||||||
| Basis of real estate sold | 86,870 | 31,392 | 29,921 | ||||||||||||||||
| Assets | 3,305,443 | 3,431,256 | 3,550,555 | ||||||||||||||||
| Capital Expenditures | [3] | 96,743 | 131,283 | 82,796 | |||||||||||||||
| Operating Segments [Member] | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Depreciation, depletion and amortization | 111,497 | 119,518 | 96,700 | ||||||||||||||||
| Total depreciation, depletion and amortization | [4] | 110,889 | 119,041 | 96,180 | |||||||||||||||
| Basis of real estate sold | [5] | 86,878 | 31,431 | 29,932 | |||||||||||||||
| Assets | 3,001,834 | 3,049,171 | 3,058,753 | ||||||||||||||||
| Capital Expenditures | [3] | 95,395 | 130,797 | 82,422 | |||||||||||||||
| Operating Segments [Member] | Timberlands [Member] | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Depreciation, depletion and amortization | 67,755 | 75,009 | 59,532 | ||||||||||||||||
| Total depreciation, depletion and amortization | [4] | 67,755 | 75,009 | 59,532 | |||||||||||||||
| Basis of real estate sold | [5] | 0 | 0 | 0 | |||||||||||||||
| Assets | [6] | 2,396,642 | 2,476,147 | 2,545,608 | |||||||||||||||
| Capital Expenditures | [3] | 24,795 | 23,922 | 17,752 | |||||||||||||||
| Operating Segments [Member] | Wood Products [Member] | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Depreciation, depletion and amortization | 42,585 | 43,506 | 35,953 | ||||||||||||||||
| Total depreciation, depletion and amortization | [4] | 42,585 | 43,506 | 35,953 | |||||||||||||||
| Basis of real estate sold | [5] | 0 | 0 | 0 | |||||||||||||||
| Assets | 537,665 | 498,782 | 441,196 | ||||||||||||||||
| Capital Expenditures | [3] | 61,054 | 94,688 | 55,913 | |||||||||||||||
| Operating Segments [Member] | Real Estate Segment [Member] | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Depreciation, depletion and amortization | 549 | 526 | 695 | ||||||||||||||||
| Total depreciation, depletion and amortization | [4] | 549 | 526 | 695 | |||||||||||||||
| Basis of real estate sold | [5] | 86,878 | 31,431 | 29,932 | |||||||||||||||
| Assets | [7] | 67,527 | 74,242 | 71,949 | |||||||||||||||
| Capital Expenditures | [3],[8] | 9,546 | 12,187 | 8,757 | |||||||||||||||
| Corporate [Member] | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Depreciation, depletion and amortization | 608 | 477 | 520 | ||||||||||||||||
| Assets | 303,609 | 382,085 | 491,802 | ||||||||||||||||
| Capital Expenditures | [3] | 1,348 | 486 | 374 | |||||||||||||||
| Intersegment Eliminations [Member] | |||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||
| Basis of real estate sold | $ (8) | $ (39) | $ (11) | ||||||||||||||||
| |||||||||||||||||||
Segment Information (Summary of Additional Reportable Segment Financial Information) (Parenthetical) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting [Abstract] | |||
| Real estate development expenditures | $ 8,088 | $ 11,504 | $ 8,102 |
Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings per Share [Line Items] | |||
| Basic weighted-average shares outstanding | 79,236 | 79,985 | 72,740 |
| Diluted weighted-average shares outstanding | 79,339 | 80,167 | 72,922 |
| Performance shares [Member] | |||
| Earnings per Share [Line Items] | |||
| Incremental shares | 40 | 134 | 149 |
| Restricted stock units [Member] | |||
| Earnings per Share [Line Items] | |||
| Incremental shares | 63 | 48 | 33 |
Earnings per Share (Narrative) (Details) - USD ($) |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Feb. 07, 2025 |
Dec. 30, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Aug. 31, 2022 |
Aug. 30, 2018 |
|
| Earnings per Share [Line Items] | |||||||
| Total anti-dilutive shares excluded from the calculation (in shares) | 109,900 | 17,900 | 119,000 | ||||
| Number of shares repurchased, cost | $ 35,017,000 | $ 25,011,000 | $ 54,549,000 | ||||
| Unsettled repurchase shares | 0 | 0 | |||||
| Retained percentage limit on value of TRS | 20.00% | ||||||
| 2018 Repurchase Program [Member] | |||||||
| Earnings per Share [Line Items] | |||||||
| Number of shares repurchased | 103,010 | ||||||
| Number of shares repurchased, cost | $ 4,500,000 | ||||||
| 2022 Repurchase Program [Member] | |||||||
| Earnings per Share [Line Items] | |||||||
| Number of shares repurchased | 846,845 | 556,115 | 1,096,283 | ||||
| Number of shares repurchased, cost | $ 35,000,000 | $ 25,000,000 | $ 50,000,000 | ||||
| Stock repurchase program, remaining amount | 90,000,000 | ||||||
| Deltic [Member] | Special Cash Dividend [Member] | |||||||
| Earnings per Share [Line Items] | |||||||
| Dividend payable | $ 75,700,000 | ||||||
| Dividend payable, per share | $ 0.95 | ||||||
| Distribution, payable date | Dec. 30, 2022 | ||||||
| Deltic [Member] | Special Cash Dividends [Member] | |||||||
| Earnings per Share [Line Items] | |||||||
| Dividend payable | $ 0 | ||||||
| Deltic [Member] | Special Cash Dividends [Member] | |||||||
| Earnings per Share [Line Items] | |||||||
| Dividend payable | $ 0 | ||||||
| Deltic [Member] | Subsequent Event [Member] | Cash dividend [Member] | |||||||
| Earnings per Share [Line Items] | |||||||
| Dividend payable, per share | $ 0.45 | ||||||
| Distribution, date of declared | Feb. 07, 2025 | ||||||
| Distribution, date of record | Mar. 07, 2025 | ||||||
| Distribution, payable date | Mar. 31, 2025 | ||||||
| Maximum [Member] | 2018 Repurchase Program [Member] | |||||||
| Earnings per Share [Line Items] | |||||||
| Stock repurchase program, authorized amount | $ 100,000,000.0 | ||||||
| Maximum [Member] | 2022 Repurchase Program [Member] | |||||||
| Earnings per Share [Line Items] | |||||||
| Stock repurchase program, authorized amount | $ 200,000,000 | ||||||
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Logs | $ 31,786 | $ 39,011 |
| Lumber, plywood and veneer | 37,689 | 34,621 |
| Materials and supplies | 29,284 | 23,713 |
| Inventories gross | 98,759 | 97,345 |
| Less: LIFO reserve | (15,833) | (18,680) |
| Total inventories | $ 82,926 | $ 78,665 |
Inventories (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Percentage of LIFO inventory | 64.00% | 69.00% |
| Last-In, First-Out Reserve | $ 15,833 | $ 18,680 |
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property Plant And Equipment [Line Items] | ||
| Property, Plant and Equipment, Gross | $ 710,703 | $ 681,914 |
| Less: accumulated depreciation | (301,790) | (309,082) |
| Total property, plant and equipment, net | 408,913 | 372,832 |
| Land [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, Plant and Equipment, Gross | 7,220 | 7,171 |
| Buildings and Improvements [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, Plant and Equipment, Gross | $ 159,134 | 141,373 |
| Buildings and Improvements [Member] | Minimum [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment, useful life | 10 years | |
| Buildings and Improvements [Member] | Maximum [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment, useful life | 40 years | |
| Machinery and Equipment [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, Plant and Equipment, Gross | $ 529,277 | 435,540 |
| Machinery and Equipment [Member] | Minimum [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment, useful life | 2 years | |
| Machinery and Equipment [Member] | Maximum [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, plant and equipment, useful life | 25 years | |
| Construction in Progress [Member] | ||
| Property Plant And Equipment [Line Items] | ||
| Property, Plant and Equipment, Gross | $ 15,072 | $ 97,830 |
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | 28 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2023 |
|
| Property Plant And Equipment [Line Items] | |||||
| Depreciation expense | $ 43.5 | $ 44.6 | $ 37.6 | ||
| Ola, Arkansas Sawmill [Member] | |||||
| Property Plant And Equipment [Line Items] | |||||
| Deductible amount of property damage and business interruption losses | $ 2.0 | 2.0 | |||
| Proceeds from insurance of claim received | 0.0 | 39.4 | 34.1 | $ 89.4 | |
| Business interruption recoveries | 1.7 | 36.4 | 26.2 | ||
| Property damage recoveries | 0.0 | 1.4 | 8.8 | ||
| Net of disposal costs and fixed asset write-offs | 0.0 | 0.0 | 0.9 | ||
| Waldo Arkansas Sawmill [Member] | |||||
| Property Plant And Equipment [Line Items] | |||||
| Capitalized cost of expansion and modernization | 131.0 | ||||
| Project expansion and modernization cost | 44.6 | 74.2 | 12.2 | ||
| Additional depreciation expense | $ 8.2 | $ 11.9 | $ 7.0 | ||
Timber and Timberlands (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Timber And Timberlands [Abstract] | ||
| Timber and timberlands | $ 2,263,991 | $ 2,347,300 |
| Logging roads | 93,160 | 93,098 |
| Total timber and timberlands, net | $ 2,357,151 | $ 2,440,398 |
Timber and Timberlands (Narrative) (Details) $ in Millions |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 17, 2024
USD ($)
a
|
Jan. 31, 2024
USD ($)
a
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Asset Acquisition [Line Items] | |||||
| Depletion from Company Owned Lands | $ 62.2 | $ 69.0 | $ 54.0 | ||
| Amortization of Logging Roads | 3.5 | $ 3.6 | $ 3.5 | ||
| Future payments due under timber cutting contracts | $ 14.9 | ||||
| Arkansas [Member] | |||||
| Asset Acquisition [Line Items] | |||||
| Aggregate amount paid or expected to pay to acquire timberlands | $ 31.4 | ||||
| Acres acquired through timberland purchase | a | 16,000 | ||||
| Southern Region [Member] | |||||
| Asset Acquisition [Line Items] | |||||
| Acres for timberland sale | a | 34,100 | ||||
| Forest Investment Associates [Member] | Southern Region [Member] | |||||
| Asset Acquisition [Line Items] | |||||
| Expected proceeds from sale of timberlands | $ 56.7 | ||||
Other Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Assets [Abstract] | ||
| Real estate held for sale | $ 24,847 | $ 21,490 |
| Prepaid expenses | 8,598 | 7,447 |
| Income taxes receivables | 2,832 | 7,575 |
| Other | 5,018 | 9,746 |
| Total other current assets | $ 41,295 | $ 46,258 |
Other Assets (Schedule of Other Long-term Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Assets, Noncurrent [Abstract] | ||
| Interest rate swaps | $ 138,354 | $ 129,125 |
| Operating leases | 10,167 | 10,169 |
| Mineral rights | 4,848 | 5,352 |
| Investment in company owned life insurance (COLI), net | 6,026 | 5,220 |
| Other | 16,184 | 19,266 |
| Total other long-term assets | $ 175,579 | $ 169,132 |
Accounts Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
| Accrued payroll and benefits | $ 25,249 | $ 24,473 |
| Accounts payable | 16,991 | 12,521 |
| Deferred revenue | 12,234 | 10,455 |
| Accrued interest | 6,826 | 8,344 |
| Accrued taxes | 5,212 | 5,712 |
| Other current liabilities | 29,116 | 20,878 |
| Total accounts payable and accrued liabilities | $ 95,628 | $ 82,383 |
Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Long-term principal | $ 1,037,000 | $ 1,036,735 |
| Debt issuance costs | (1,917) | (1,926) |
| Unamortized discounts | (431) | (1,081) |
| Total long-term debt | 1,034,652 | 1,033,728 |
| Less: current portion of long-term debt | (99,552) | (175,615) |
| Long-term debt | 935,100 | 858,113 |
| Variable Rate Term Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term principal | 937,000 | 761,000 |
| Fixed Rate Term Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term principal | 100,000 | 210,000 |
| Revenue Bonds [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term principal | $ 0 | $ 65,735 |
Debt (Schedule of Long-Term Debt) (Parenthetical) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
May 18, 2023 |
Dec. 31, 2024 |
|
| SOFR [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% |
| Interest rate variable | 4.64% | |
| SOFR [Member] | Minimum [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 0.85% | |
| SOFR [Member] | Maximum [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 1.10% | |
| Variable Rate Term Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt instrument maturity start date | 2026 | |
| Debt instrument maturity end date | 2034 | |
| Variable Rate Term Loans [Member] | SOFR [Member] | ||
| Debt Instrument [Line Items] | ||
| Interest rate variable | 4.55% | |
| Variable Rate Term Loans [Member] | SOFR [Member] | Minimum [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 1.61% | |
| Variable Rate Term Loans [Member] | SOFR [Member] | Maximum [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 2.30% | |
| Variable Rate Term Loans [Member] | SOFR [Member] | Minimum [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 2.20% | |
| Variable Rate Term Loans [Member] | SOFR [Member] | Maximum [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 2.30% | |
| Fixed Rate Term Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Proceeds from Issuance of Debt | $ 110.0 | |
| Debt instrument maturity date | 2025-08 | |
| Fixed Rate Term Loans [Member] | Minimum [Member] | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 4.05% | |
| Revenue Bonds [Member] | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 2.75% | |
| Debt instrument maturity date | 2024 |
Debt -Term Loans, Medium Term Notes and Revenue Bonds - (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Nov. 01, 2024 |
Dec. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Debt Instrument [Line Items] | ||||
| Long-term amount | $ 1,036,735 | $ 1,037,000 | $ 1,036,735 | |
| Amended Term Loan Agreement [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term amount | 1,000,000 | |||
| Proceeds from Issuance of Debt | $ 110,000 | $ 40,000 | ||
| Interest Rate | 3.35% | 3.35% | ||
| Debt instrument, maturity date | Nov. 01, 2024 | |||
| Debt instrument maturity date | 2024 | |||
| Term loan maturity period | 2033-12 | |||
| Amended Term Loan Agreement [Member] | Interest Rate Swaps [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Gross | $ 40,000 | $ 40,000 | ||
| Termination amount | 50,000 | 50,000 | ||
| Eight Year Term Loan [Member] | Amended Term Loan Agreement [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term amount | $ 38,000 | |||
| Debt instrument, maturity date | Nov. 01, 2032 | |||
| Debt instrument term | 8 years | |||
| Nine Year Term Loan [Member] | Amended Term Loan Agreement [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term amount | $ 38,000 | |||
| Debt instrument, maturity date | Nov. 01, 2033 | |||
| Debt instrument term | 9 years | |||
| Ten Year Term Loan [Member] | Amended Term Loan Agreement [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term amount | $ 100,000 | |||
| Debt instrument, maturity date | Nov. 01, 2034 | |||
| Debt instrument term | 10 years | |||
| Term Loans [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Debt instrument maturity date | 2025 | |||
| Long-term Debt, Gross | $ 100,000 | |||
| Term Loans [Member] | Interest Rate Swaps [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term Debt, Gross | $ 125,000 | |||
| Term Loans [Member] | Minimum [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Basis spread on variable rate | 2.20% | |||
| Term Loans [Member] | Minimum [Member] | Interest Rate Swaps [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Basis spread on variable rate | 4.02% | |||
| Term Loans [Member] | Maximum [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Basis spread on variable rate | 2.30% | |||
| Term Loans [Member] | Maximum [Member] | Interest Rate Swaps [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Basis spread on variable rate | 4.28% | |||
| Revenue Bond [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Long-term amount | $ 65,735 | $ 0 | $ 65,735 | |
| Interest Rate | 2.75% | |||
| Debt instrument maturity date | 2024 | |||
| Revenue Bond [Member] | Amended Term Loan Agreement [Member] | ||||
| Debt Instrument [Line Items] | ||||
| Outstanding long-term debt current, gross | $ 65,700 | |||
Debt (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Debt Instrument [Line Items] | ||
| Unamortized discounts | $ 431 | $ 1,081 |
| Term Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Unamortized discounts | 400 | |
| Long-term Debt, Gross | $ 100,000 | |
| Debt instrument maturity date | 2025 | |
| Deltic [Member] | Term Loans [Member] | ||
| Debt Instrument [Line Items] | ||
| Unamortized discounts | $ 4,900 |
Debt (Scheduled Payments Due on Long-Term Debt) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Long-Term Debt, Fiscal Year Maturity [Abstract] | ||
| 2025 | $ 100,000 | |
| 2026 | 27,500 | |
| 2027 | 138,750 | |
| 2028 | 100,000 | |
| 2029 | 190,000 | |
| Thereafter | 480,750 | |
| Total | $ 1,037,000 | $ 1,036,735 |
Debt - Credit Agreement - (Narrative) (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
May 18, 2023 |
Dec. 31, 2024 |
|
| Debt Instrument [Line Items] | ||
| Unused Capacity, Commitment Fee Percentage | 0.175% | |
| Federal Fund Rate [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
| SOFR [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% |
| Additional Applicable Rate Added to Base Rate, Minimum | 1.025% | |
| Base Rate [Member] | ||
| Debt Instrument [Line Items] | ||
| Additional Applicable Rate Added to Base Rate, Minimum | 0.025% | |
| Minimum [Member] | SOFR [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 0.85% | |
| Minimum [Member] | Base Rate [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 0.00% | |
| Maximum [Member] | SOFR [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 1.10% | |
| Maximum [Member] | Base Rate [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Basis Spread on Variable Rate | 0.10% | |
| Revolving Credit Facility [Member] | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | $ 300,000,000 | |
| Debt instrument, maturity date | Feb. 14, 2027 | |
| Amount available to increase borrowing capacity | $ 500,000,000 | |
| Revolving line of credit borrowings | $ 0 | |
| Letter of Credit [Member] | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | 75,000,000 | |
| Line of credit facility, amount outstanding | $ 600,000 | |
| Swing Line Loan [Member] | ||
| Debt Instrument [Line Items] | ||
| Maximum borrowing capacity | $ 25,000,000 |
Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Derivatives Fair Value [Line Items] | ||
| Net gains expected to be reclassified into earnings in the next 12 months | $ 16,300 | |
| Term Loans [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Term loan debt | 100,000 | |
| Cash Flow Hedging [Member] | Other Noncurrent Assets [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Derivative assets related to interest rate swaps | 138,400 | $ 129,100 |
| Interest Rate Swaps [Member] | Term Loans [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Term loan debt | 125,000 | |
| Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Term loan debt | $ 75,000 | |
| Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member] | SOFR [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Swaps fixed interest rate | 1.61% | |
| LIBOR variable interest rate | 2.14% | |
| Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Minimum [Member] | Daily Simple SOFR [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Swaps fixed interest rate | 2.20% | |
| LIBOR variable interest rate | 4.02% | |
| Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Maximum [Member] | SOFR [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Swaps fixed interest rate | 2.30% | |
| LIBOR variable interest rate | 4.83% | |
| Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Maximum [Member] | Daily Simple SOFR [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Swaps fixed interest rate | 2.30% | |
| LIBOR variable interest rate | 4.28% | |
| Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member] | SOFR [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Term loan debt | $ 761,000 | |
| Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | Term Loans [Member] | Daily Simple SOFR [Member] | ||
| Derivatives Fair Value [Line Items] | ||
| Term loan debt | $ 176,000 |
Derivative Instruments (Effect of Derivatives on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
| Cash flow hedges, net of tax | $ 20,835 | $ (4,189) | $ 118,015 | ||||||
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense, net | Interest expense, net | Interest expense, net | ||||||
| Interest expense, net | $ 28,923 | $ 24,218 | $ 27,400 | ||||||
| Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate contracts [Member] | |||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
| Cash flow hedges, net of tax | 42,685 | 14,716 | 116,890 | ||||||
| Amounts reclassified from accumulated other comprehensive income to income, net of tax | [1] | $ (21,850) | $ (18,905) | $ 1,125 | |||||
| Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense, net | Interest expense, net | Interest expense, net | ||||||
| |||||||||
Derivative Instruments - (Effect of Derivatives on Consolidated Statements of Operations) (Parenthetical) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative Instrument [Abstract] | |||
| Amortization of off-market designated hedges | $ 10.8 | $ 10.3 | $ 3.1 |
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||||
|---|---|---|---|---|---|---|---|---|
| Carrying Amount [Member] | Level 2 [Member] | ||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||||
| Long-term debt, including current portion | [1] | $ (1,036,569) | $ (1,035,654) | |||||
| Carrying Amount [Member] | Level 2 [Member] | Interest rate contracts [Member] | ||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||||
| Derivative assets related to interest rate swaps | 138,354 | 129,125 | ||||||
| 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 | (1,036,569) | (969,919) | ||||||
| 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 | 0 | (65,735) | ||||||
| Carrying Amount [Member] | Level 3 [Member] | ||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||||
| Company owned life insurance | 6,026 | 5,220 | ||||||
| Fair Value [Member] | Level 2 [Member] | ||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||||
| Long-term debt, including current portion | [1] | (1,035,608) | (1,030,504) | |||||
| Fair Value [Member] | Level 2 [Member] | Interest rate contracts [Member] | ||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||||
| Derivative assets related to interest rate swaps | 138,354 | 129,125 | ||||||
| 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 | (1,035,608) | (965,718) | ||||||
| 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 | 0 | (64,786) | ||||||
| Fair Value [Member] | Level 3 [Member] | ||||||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||||||
| Company owned life insurance | $ 6,026 | $ 5,220 | ||||||
| ||||||||
Equity-Based Compensation Plans (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2022 |
|
| Director [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vested deferred shares reserved for future issuance | 229,439 | |
| Employees [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vested deferred shares reserved for future issuance | 4,290 | |
| Performance stock awards [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Performance share award granted under stock incentive plan, performance period | 3 years | |
| TSR of performance peer group weighted percentage | 50.00% | |
| TSR within NAREIT All Equity REIT weighted percentage | 50.00% | |
| Unrecognized compensation cost | $ 6.5 | |
| Weighted average period (in years) | 1 year 7 months 6 days | |
| Restricted stock units [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Unrecognized compensation cost | $ 5.5 | |
| Weighted average period (in years) | 1 year 4 months 24 days | |
| Minimum [Member] | Performance stock awards [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% | |
| Minimum [Member] | Restricted stock units [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period | 1 year | |
| Maximum [Member] | Performance stock awards [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% | |
| Maximum [Member] | Restricted stock units [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Vesting period | 3 years | |
| CatchMark Merger [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Stock-based compensation expense for accelerated vesting cost | $ 9.3 | |
| Long-Term Incentive Plans [Member] | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Shares available for future use | 1,500 | |
Equity-Based Compensation Plans (Details of Equity-Based Compensation Expense and Related Income Tax Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Equity-based compensation expense | $ 11,010 | $ 9,115 | $ 9,190 |
| Deferred compensation stock equivalent units expense | 198 | 196 | 196 |
| Total tax benefit recognized for share-based payment awards | 656 | 549 | 457 |
| Performance stock awards [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Equity-based compensation expense | 6,010 | 5,101 | 5,887 |
| Restricted stock units [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Equity-based compensation expense | $ 4,802 | $ 3,818 | $ 3,107 |
Equity-Based Compensation Plans (Fair Value of Performance Share Awards) (Details) - Performance stock awards [Member] - $ / shares |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
| Stock price as of valuation date | $ 44.67 | $ 47.55 | $ 55.02 | ||||||
| Risk-free rate | 4.20% | 4.14% | 1.79% | ||||||
| Expected volatility | 27.71% | 36.24% | 45.69% | ||||||
| Expected dividend yield | [1] | 0.00% | 0.00% | 0.00% | |||||
| Expected term (years) | 3 years | 3 years | 3 years | ||||||
| Fair value of a performance share | $ 52.92 | $ 61.21 | $ 76.18 | ||||||
| |||||||||
Equity-Based Compensation Plans (Summary of Outstanding Performance Shares/Restricted Stock Units) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Performance stock awards [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
| Nonvested shares outstanding at January 1, Shares | 179,606 | 174,900 | 202,447 |
| Granted (in shares) | 130,536 | 106,342 | 92,490 |
| Vested (in shares) | (81,421) | (73,459) | (119,066) |
| Forfeited (in shares) | (10,850) | (28,177) | (971) |
| Nonvested shares outstanding at December 31, Shares | 217,871 | 179,606 | 174,900 |
| Total grant date fair value of awards vested during the year | $ 6,200 | $ 5,122 | $ 5,363 |
| Total fair value of awards vested during the year | $ 2,514 | $ 3,694 | $ 6,735 |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
| Nonvested shares outstanding at January 1, Weighted Average Grant Date Fair Value (in dollars per share) | $ 68.15 | $ 73.14 | $ 55.16 |
| Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 52.92 | 61.21 | 76.18 |
| Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 76.15 | 69.72 | 45.04 |
| Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 60.23 | 68.81 | 60.42 |
| Nonvested shares outstanding at December 31, Weighted Average Grant Date Fair Value (in dollars per share) | $ 56.42 | $ 68.15 | $ 73.14 |
| Restricted Stock Units (RSUs) [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
| Nonvested shares outstanding at January 1, Shares | 180,368 | 110,123 | 132,899 |
| Granted (in shares) | 138,126 | 127,579 | 59,549 |
| Vested (in shares) | (74,150) | (44,607) | (81,002) |
| Forfeited (in shares) | (8,608) | (12,727) | (1,323) |
| Nonvested shares outstanding at December 31, Shares | 235,736 | 180,368 | 110,123 |
| Total grant date fair value of awards vested during the year | $ 3,734 | $ 2,355 | $ 3,557 |
| Total fair value of awards vested during the year | $ 3,066 | $ 2,150 | $ 3,634 |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
| Nonvested shares outstanding at January 1, Weighted Average Grant Date Fair Value (in dollars per share) | $ 48.94 | $ 52.94 | $ 47.19 |
| Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 44.03 | 47.01 | 53.61 |
| Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 50.36 | 52.79 | 43.92 |
| Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 46.69 | 50.76 | 58.48 |
| Nonvested shares outstanding at December 31, Weighted Average Grant Date Fair Value (in dollars per share) | $ 45.75 | $ 48.94 | $ 52.94 |
Leases - Schedule of Supplemental Balance Sheet Information Related Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
||
|---|---|---|---|---|
| ASSETS | ||||
| Operating lease assets | $ 10,167 | $ 10,169 | ||
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | ||
| Finance lease assets | [1] | $ 12,266 | $ 11,281 | |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | ||
| Total lease assets | $ 22,433 | $ 21,450 | ||
| Current | ||||
| Operating lease liabilities | $ 3,027 | $ 2,575 | ||
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current | ||
| Finance lease liabilities | $ 5,257 | $ 4,525 | ||
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current | ||
| Noncurrent | ||||
| Operating lease liabilities | $ 7,030 | $ 7,590 | ||
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||
| Finance lease liabilities | $ 6,959 | $ 6,699 | ||
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||
| Total lease liabilities | $ 22,273 | $ 21,389 | ||
| ||||
Leases - Schedule of Supplemental Balance Sheet Information Related Leases (Parentheticals) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Accumulated amortization of finance lease assets | $ 12.6 | $ 9.6 |
Leases - Schedule of Weighted Average Remaining Terms and Discount Rate (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Weighted-average remaining terms (years) | ||
| Operating leases | 4 years 2 months 23 days | 4 years 11 months 19 days |
| Finance leases | 2 years 9 months 7 days | 2 years 11 months 1 day |
| Weighted-average discount rate | ||
| Operating leases | 5.31% | 5.05% |
| Finance leases | 5.17% | 4.34% |
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
| Leases [Abstract] | |||||
| Operating lease costs | [1] | $ 3,485 | $ 3,257 | $ 3,525 | |
| Finance lease costs: | |||||
| Amortization of leased assets | 5,528 | 4,951 | 4,277 | ||
| Interest on lease assets | 584 | 458 | 340 | ||
| Net lease costs | $ 9,597 | $ 8,666 | $ 8,142 | ||
| |||||
Leases - Schedule of Supplemental Cash Flow Information Related Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows for operating leases | $ 3,623 | $ 3,257 | $ 3,591 |
| Operating cash flows for finance leases | 584 | 458 | 340 |
| Financing cash flows for finance leases | 5,538 | 4,801 | 4,421 |
| Lease assets exchanged for new lease liabilities: | |||
| Operating leases | 3,013 | 3,765 | 3,932 |
| Finance leases | $ 6,541 | $ 3,458 | $ 6,819 |
Leases - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Operating Leases | |
| 2025 | $ 3,486 |
| 2026 | 3,266 |
| 2027 | 2,071 |
| 2028 | 1,419 |
| 2029 | 284 |
| Thereafter | 663 |
| Total lease payments | 11,189 |
| Less: interest | 1,132 |
| Present value of lease liabilities | 10,057 |
| Finance Leases | |
| 2025 | 5,761 |
| 2026 | 4,323 |
| 2027 | 2,019 |
| 2028 | 698 |
| 2029 | 283 |
| Thereafter | 39 |
| Total lease payments | 13,123 |
| Less: interest | 907 |
| Present value of lease liabilities | $ 12,216 |
Income Taxes - Additional Information (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | ||
| Unrecognized tax benefits that would impact effective tax rate | $ 6,300,000 | $ 7,800,000 |
| Statutory Federal Income Tax Rate | 21.00% | |
| Accrued interest receivable with respect to open tax refunds | $ 0 | 0 |
| Reduction in uncertain tax positions due to the lapse of the statute of limitations | $ 1,460,000 | $ 1,980,000 |
Income Taxes (Schedule of Income Taxes Provision (Benefit)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Current | $ (913) | $ 9,053 | $ 70,669 |
| Deferred | (12,776) | (9,501) | (5,302) |
| Net operating loss carryforwards | 0 | 232 | 45 |
| Income taxes | $ (13,689) | $ (216) | $ 65,412 |
Income Taxes (Schedule of Reconciliation of Income Taxes Provision (Benefit)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| U.S. federal statutory income tax | $ 1,719 | $ 12,996 | $ 83,855 |
| REIT income not subject to federal income tax | (13,253) | (9,766) | (27,085) |
| Federal unrecognized tax benefit change | (1,146) | (1,638) | 0 |
| State income taxes, net of federal tax benefit | (1,127) | (862) | 9,478 |
| Other items, net | 118 | (946) | (836) |
| Income taxes | $ (13,689) | $ (216) | $ 65,412 |
| Effective tax rate | (167.20%) | (0.30%) | 16.40% |
Income Taxes - Income Taxes (Schedule of Reconciliation of Income Taxes Provision (Benefit)) (Parenthetical) (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Income Tax Disclosure [Abstract] | |
| Deferred tax rate changes | $ 1.0 |
Income Taxes (Schedule of Components of Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Pension and other postretirement employee benefits | $ 20,342 | $ 18,098 |
| Inventories | 754 | 892 |
| Nondeductible accruals | 1,921 | 1,663 |
| Incentive compensation | 1,946 | 1,444 |
| Employee benefits | 1,450 | 1,451 |
| Net operating loss carryforwards | 25,012 | 0 |
| Other | 944 | 790 |
| Total deferred tax assets | 52,369 | 24,338 |
| Timber and timberlands, net | (1,820) | (1,827) |
| Property, plant and equipment, net | (66,724) | (51,704) |
| Intangible assets, net | (3,223) | (3,590) |
| Real estate development | (230) | (982) |
| Other | (1,495) | (2,876) |
| Total deferred tax liabilities | (73,492) | (60,979) |
| Deferred tax liabilities, net | $ (21,123) | $ (36,641) |
Income Taxes (Summary of Net Operating Loss Carryforwards) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Federal [Member] | Post TCJA [Member] | ||
| Operating Loss Carryforwards [Line Items] | ||
| Operating loss carryforwards | $ 104,938 | $ 0 |
| Federal [Member] | Pre TCJA [Member] | ||
| Operating Loss Carryforwards [Line Items] | ||
| Operating loss carryforwards | $ 12,307 | 12,307 |
| Federal [Member] | Pre TCJA [Member] | Earliest Tax Year | ||
| Operating Loss Carryforwards [Line Items] | ||
| Operating loss carryforwards, expiration | 2035 | |
| Federal [Member] | Pre TCJA [Member] | Latest Tax Year | ||
| Operating Loss Carryforwards [Line Items] | ||
| Operating loss carryforwards, expiration | 2037 | |
| State and Local [Member] | ||
| Operating Loss Carryforwards [Line Items] | ||
| Operating loss carryforwards | $ 65,709 | $ 4,283 |
Income Taxes (Summary of Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | ||
| Balance at January 1 | $ 7,786 | $ 8,306 |
| Additions for tax positions related to the current year | 0 | 249 |
| Additions for tax positions of prior years | 13 | 1,545 |
| Reduction for tax positions of prior years | (13) | (334) |
| Lapse of statutes of limitations | (1,460) | (1,980) |
| Balance at December 31 | $ 6,326 | $ 7,786 |
Income Taxes (Summary of Tax Years Subject to Examination by Major Taxing Jurisdictions) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Federal [Member] | |
| Income Tax Examination [Line Items] | |
| Tax years subject to examination | 2021 2022 2023 2024 |
| Arkansas [Member] | State and Local [Member] | |
| Income Tax Examination [Line Items] | |
| Tax years subject to examination | 2021 2022 2023 2024 |
| Idaho [Member] | State and Local [Member] | |
| Income Tax Examination [Line Items] | |
| Tax years subject to examination | 2021 2022 2023 2024 |
| Illinois [Member] | State and Local [Member] | |
| Income Tax Examination [Line Items] | |
| Tax years subject to examination | 2020 2021 2022 2023 2024 |
| Michigan [Member] | State and Local [Member] | |
| Income Tax Examination [Line Items] | |
| Tax years subject to examination | 2020 2021 2022 2023 2024 |
| Minnesota [Member] | State and Local [Member] | |
| Income Tax Examination [Line Items] | |
| Tax years subject to examination | 2020 2021 2022 2023 2024 |
| Georgia [Member] | State and Local [Member] | |
| Income Tax Examination [Line Items] | |
| Tax years subject to examination | 2021 2022 2023 2024 |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Contributions by employer | $ 4,600,000 | $ 4,300,000 | $ 4,200,000 | ||
| Accumulated benefit obligation | 224,400,000 | 223,500,000 | |||
| Funding of pension and other postretirement benefit plans | 8,565,000 | 3,336,000 | $ 5,065,000 | ||
| Level 3 [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Investments in Level 3 | 0 | 0 | |||
| Qualified Plan [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | 7,700,000 | ||||
| Nonqualified Plan [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Funding of pension and other postretirement benefit plans | $ 4,600,000 | $ 3,300,000 | |||
| Management Deferred Compensation Plan [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Annual incentive plan, employee permitted maximum defer percentage | 90.00% | ||||
| Management Deferred Compensation Plan [Member] | Minimum [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Basic salary defer percentage | 50.00% | ||||
| Pension Plans [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Change in monthly retirement benefit amount | $ 0 | ||||
| Non-cash pretax settlement charge | $ 14,200,000 | ||||
| Discount rate used to measure projected benefit obligations for qualified pension plans | 5.75% | 5.55% | |||
| Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 16,825,000 | ||||
| Pension Plans [Member] | Qualified Plan [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Transfer of outstanding pension benefit obligation related to qualified pension plans to insurance company | $ 75,600,000 | ||||
| Defined Benefit Plan, Funding Status [Extensible Enumeration] | Defined Benefit Plan, Funded Plan [Member] | ||||
| Discount rate used to measure projected benefit obligations for qualified pension plans | 3.95% | 3.00% | |||
| Contributions to pension benefit plan | 4,000,000 | $ 0 | |||
| Pension Plans [Member] | Nonqualified Plan [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 2,600,000 | ||||
| Other Postretirement Benefit Plans [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Discount rate used to measure projected benefit obligations for qualified pension plans | 5.65% | 5.45% | |||
| Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 2,468,000 | ||||
| Defined Benefit Plan, Assumption Health Care Cost Trend Rate for Next Fiscal Year | 4.00% | ||||
| Other Postretirement Benefit Plans [Member] | Nonqualified Plan [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Pension plan and other postretirement employee benefit, estimated payments in next fiscal year | $ 2,500,000 | ||||
| Other Postretirement Benefit Plans [Member] | Minimum [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Health care cost trend rate assumed for next fiscal year | 6.02% | ||||
| Other Postretirement Benefit Plans [Member] | Maximum [Member] | |||||
| Defined Benefit Plan Disclosure [Line Items] | |||||
| Health care cost trend rate assumed for next fiscal year | 9.91% | ||||
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Changes in Benefit Obligation, Plan Assets and Funded Status for Pension and OPEB Plans) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Amounts recognized in the consolidated balance sheets [Abstract] | |||
| Noncurrent liabilities | $ (76,272) | $ (67,856) | |
| Pension Plans [Member] | |||
| Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
| Benefit obligation at beginning of year | (233,202) | (232,198) | |
| Service cost | (5,285) | (5,422) | $ (6,805) |
| Interest cost | (12,492) | (12,551) | (10,646) |
| Actuarial (loss) gain | (450) | 86 | |
| Benefits paid | 18,382 | 16,883 | |
| Benefit obligation at end of year | (233,047) | (233,202) | (232,198) |
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
| Fair value of plan assets at beginning of year | 177,875 | 172,246 | |
| Actual return on plan assets | 4,793 | 20,050 | |
| Employer contributions and benefit payments | 6,436 | 2,462 | |
| Benefits paid | (18,382) | (16,883) | |
| Fair value of plan assets at end of year | 170,722 | 177,875 | 172,246 |
| Amounts recognized in the consolidated balance sheets [Abstract] | |||
| Current liabilities | (2,630) | (2,586) | |
| Noncurrent liabilities | (59,695) | (52,741) | |
| Funded status | (62,325) | (55,327) | |
| OPEB [Member] | |||
| Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
| Benefit obligation at beginning of year | (17,064) | (22,370) | |
| Service cost | (93) | (110) | (316) |
| Interest cost | (877) | (1,175) | (914) |
| Actuarial (loss) gain | (3,140) | 5,717 | |
| Benefits paid | 2,129 | 874 | |
| Benefit obligation at end of year | (19,045) | (17,064) | (22,370) |
| Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
| Fair value of plan assets at beginning of year | 0 | 0 | |
| Actual return on plan assets | 0 | 0 | |
| Employer contributions and benefit payments | 2,129 | 874 | |
| Benefits paid | (2,129) | (874) | |
| Fair value of plan assets at end of year | 0 | 0 | $ 0 |
| Amounts recognized in the consolidated balance sheets [Abstract] | |||
| Current liabilities | (2,468) | (1,949) | |
| Noncurrent liabilities | (16,577) | (15,115) | |
| Funded status | $ (19,045) | $ (17,064) | |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Pension Plans with Projected Benefit Obligations Greater than Plan Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Savings Plans Pension Plans And Other Postretirement Employee Benefits [Abstract] | ||
| Projected benefit obligations | $ 233,047 | $ 233,202 |
| Fair value of plan assets | $ 170,722 | $ 177,875 |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Pension Plans with Accumulated Benefit Obligations Greater than Plan Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Savings Plans Pension Plans And Other Postretirement Employee Benefits [Abstract] | ||
| Accumulated benefit obligations | $ 224,357 | $ 223,486 |
| Fair value of plan assets | $ 170,722 | $ 177,875 |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Long-Term Targeted Asset Allocation Ranges) (Details) - Pension Plans [Member] |
Dec. 31, 2024 |
|---|---|
| Global Equities [Member] | Minimum [Member] | |
| Long-term targeted asset allocation | 15.00% |
| Global Equities [Member] | Maximum [Member] | |
| Long-term targeted asset allocation | 25.00% |
| Fixed Income Securities [Member] | Minimum [Member] | |
| Long-term targeted asset allocation | 70.00% |
| Fixed Income Securities [Member] | Maximum [Member] | |
| Long-term targeted asset allocation | 80.00% |
| Alternative Securities [Member] | Minimum [Member] | |
| Long-term targeted asset allocation | 3.00% |
| Alternative Securities [Member] | Maximum [Member] | |
| Long-term targeted asset allocation | 8.00% |
| Cash and Cash Equivalents [Member] | Minimum [Member] | |
| Long-term targeted asset allocation | 0.00% |
| Cash and Cash Equivalents [Member] | Maximum [Member] | |
| Long-term targeted asset allocation | 5.00% |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Actual Plan Asset Allocations of the PotlatchDeltic Retirement Plans' Assets Assets) (Details) - Pension Plans [Member] |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
| Global Equities [Member] | ||
| Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | 19.00% |
| Fixed Income Securities [Member] | ||
| Defined Benefit Plan, Actual Plan Asset Allocations | 74.00% | 74.00% |
| Other (Includes Cash and Cash Equivalents and Alternatives) [Member] | ||
| Defined Benefit Plan, Actual Plan Asset Allocations | 6.00% | 7.00% |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Assets in Defined Benefit Pension Plan Invested) (Details) - Pension Plans [Member] - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Fair Value of Plan Assets | $ 170,722 | $ 177,875 | $ 172,246 |
| Cash and Cash Equivalents [Member] | |||
| Fair Value of Plan Assets | 1,707 | 3,009 | |
| Collective Investment Funds [Member] | |||
| Fair Value of Plan Assets | 169,015 | ||
| Global Equities [Member] | |||
| Fair Value of Plan Assets | 34,534 | ||
| Fixed Income Securities [Member] | |||
| Fair Value of Plan Assets | 131,837 | ||
| Alternative Securities [Member] | |||
| Fair Value of Plan Assets | 8,495 | ||
| Level 1 | |||
| Fair Value of Plan Assets | 1,707 | 160,262 | |
| Level 1 | Cash and Cash Equivalents [Member] | |||
| Fair Value of Plan Assets | 1,707 | 3,009 | |
| Level 1 | Collective Investment Funds [Member] | |||
| Fair Value of Plan Assets | 0 | ||
| Level 1 | Global Equities [Member] | |||
| Fair Value of Plan Assets | 34,534 | ||
| Level 1 | Fixed Income Securities [Member] | |||
| Fair Value of Plan Assets | 114,224 | ||
| Level 1 | Alternative Securities [Member] | |||
| Fair Value of Plan Assets | 8,495 | ||
| Level 2 [Member] | |||
| Fair Value of Plan Assets | 17,613 | ||
| Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
| Fair Value of Plan Assets | 0 | ||
| Level 2 [Member] | Global Equities [Member] | |||
| Fair Value of Plan Assets | 0 | ||
| Level 2 [Member] | Fixed Income Securities [Member] | |||
| Fair Value of Plan Assets | 17,613 | ||
| Level 2 [Member] | Alternative Securities [Member] | |||
| Fair Value of Plan Assets | $ 0 | ||
| Investments Measured at Net Asset Value [Member] | |||
| Fair Value of Plan Assets | 169,015 | ||
| Investments Measured at Net Asset Value [Member] | Cash and Cash Equivalents [Member] | |||
| Fair Value of Plan Assets | 0 | ||
| Investments Measured at Net Asset Value [Member] | Collective Investment Funds [Member] | |||
| Fair Value of Plan Assets | $ 169,015 |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Pre-Tax Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pension Plans [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Service cost | $ 5,285 | $ 5,422 | $ 6,805 |
| Interest cost | 12,492 | 12,551 | 10,646 |
| Expected return on plan assets | $ (12,947) | $ (12,109) | $ (9,920) |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
| Amortization of prior service cost (credit) | $ 20 | $ 45 | $ 73 |
| Amortization of actuarial loss (gain) | 78 | (83) | 5,400 |
| Net periodic cost (benefit) before pension settlement charges | 4,928 | 5,826 | 13,004 |
| Pension settlement charge | 0 | 0 | 14,165 |
| Other settlements | 0 | 0 | 783 |
| Net periodic cost (benefit) | 4,928 | 5,826 | 27,952 |
| OPEB [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Service cost | 93 | 110 | 316 |
| Interest cost | 877 | 1,175 | 914 |
| Expected return on plan assets | $ 0 | $ 0 | $ 0 |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax |
| Amortization of prior service cost (credit) | $ 0 | $ 0 | $ (381) |
| Amortization of actuarial loss (gain) | (1,323) | (665) | 623 |
| Net periodic cost (benefit) before pension settlement charges | (353) | 620 | 1,472 |
| Pension settlement charge | 0 | 0 | 0 |
| Other settlements | 0 | 0 | 0 |
| Net periodic cost (benefit) | $ (353) | $ 620 | $ 1,472 |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Amounts Recorded in AOCI on Consolidated Balance Sheets, Not Recognized as Components of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Pension Plans [Member] | ||
| Net (loss) income | $ (33,702) | $ (27,307) |
| Prior service cost | 0 | (15) |
| Total amount unrecognized | (33,702) | (27,322) |
| OPEB [Member] | ||
| Net (loss) income | 5,051 | 8,397 |
| Prior service cost | 0 | 0 |
| Total amount unrecognized | $ 5,051 | $ 8,397 |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Schedule of Estimated Future Benefit Payments) (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Pension Plans [Member] | |
| 2025 | $ 16,825 |
| 2026 | 16,987 |
| 2027 | 17,171 |
| 2028 | 17,235 |
| 2029 | 17,602 |
| 2030-2034 | 87,236 |
| OPEB [Member] | |
| 2025 | 2,468 |
| 2026 | 2,356 |
| 2027 | 2,136 |
| 2028 | 1,967 |
| 2029 | 1,810 |
| 2030-2034 | $ 6,906 |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Weighted Average Assumptions Used to Determine the Benefit Obligation for our Pension and OPEB Plans) (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Pension Plans [Member] | ||
| Discount rate | 5.75% | 5.55% |
| Rate of compensation increase | 3.00% | 3.00% |
| OPEB [Member] | ||
| Discount rate | 5.65% | 5.45% |
| Rate of compensation increase | 0.00% | 0.00% |
Savings Plans, Pension Plans and Other Postretirement Employee Benefits (Weighted Average Assumptions Used for All Pension and OPEB Plans to Determine the Net Periodic Benefit Cost (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pension Plans [Member] | |||
| Discount rate | 5.55% | 5.60% | 3.00% |
| Expected return on plan assets | 6.50% | 6.25% | 4.50% |
| Rate of compensation increase | 3.00% | ||
| Pension Plans [Member] | Minimum [Member] | |||
| Rate of compensation increase | 3.00% | 3.00% | |
| Pension Plans [Member] | Maximum [Member] | |||
| Rate of compensation increase | 5.00% | 5.00% | |
| OPEB [Member] | |||
| Discount rate | 5.45% | 5.55% | 2.95% |
| Expected return on plan assets | 0.00% | 0.00% | 0.00% |
| Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Components of Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
| Balance, beginning of period | $ 2,171,098 | $ 2,263,153 | ||||
| Reclassifications from AOCI to earnings: | ||||||
| Balance, end of period | 2,037,670 | 2,171,098 | ||||
| Pension and Other Postretirement Employee Benefits [Member] | ||||||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
| Balance, beginning of period | (18,925) | (28,494) | ||||
| Unrecognized gains (losses) arising in AOCI during the period: | ||||||
| Gross | (11,743) | 13,744 | ||||
| Tax effect | 2,936 | (3,436) | ||||
| Reclassifications from AOCI to earnings: | ||||||
| Other | [1] | (1,225) | (703) | |||
| Tax effect | 306 | 175 | ||||
| Net of tax amount | (9,726) | 9,780 | ||||
| Other reclassifications | 0 | (211) | ||||
| Balance, end of period | (28,651) | (18,925) | ||||
| Cash Flow Hedges [Member] | ||||||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
| Balance, beginning of period | 121,957 | 126,146 | ||||
| Unrecognized gains (losses) arising in AOCI during the period: | ||||||
| Gross | 42,316 | 14,225 | ||||
| Tax effect | 369 | 446 | ||||
| Reclassifications from AOCI to earnings: | ||||||
| Gross | [2] | (22,321) | (19,354) | |||
| Tax effect | 471 | 449 | ||||
| Net of tax amount | 20,835 | (4,234) | ||||
| Other reclassifications | 0 | 45 | ||||
| Balance, end of period | 142,792 | 121,957 | ||||
| 'Accumulated Other Comprehensive Income [Member] | ||||||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
| Balance, beginning of period | 103,032 | 97,652 | ||||
| Reclassifications from AOCI to earnings: | ||||||
| Balance, end of period | $ 114,141 | $ 103,032 | ||||
| ||||||