POTLATCHDELTIC CORP, 10-Q filed on 11/7/2025
Quarterly Report
v3.25.3
Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Nov. 04, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Registrant Name PotlatchDeltic Corporation  
Entity Central Index Key 0001338749  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   77,291,000
Entity Shell Company false  
Entity File Number 1-32729  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 82-0156045  
Entity Address, Address Line One 601 West First Avenue  
Entity Address, Address Line Two Suite 1600  
Entity Address, City or Town Spokane  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 99201  
City Area Code (509)  
Local Phone Number 835-1500  
Document Quarterly Report true  
Document Transition Report false  
Title of each class Common Stock ($1 par value)  
Trading symbol(s) PCH  
Name of each exchange on which registered NASDAQ  
v3.25.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenues $ 314,179 $ 255,131 $ 857,424 $ 803,929
Costs and expenses:        
Cost of goods sold 257,130 227,556 716,867 722,189
Selling, general and administrative expenses 20,088 20,403 61,750 61,882
Merger-related expenses 1,903 0 1,903 0
Environmental charge 0 0 490 0
Total costs and expenses 279,121 247,959 781,010 784,071
Operating income 35,058 7,172 76,414 19,858
Interest expense, net (11,461) (9,635) (23,365) (18,049)
Non-operating pension and other postretirement employee benefits (351) 200 (1,053) 602
Other 1,222 1,516 1,757 1,348
Income (loss) before income taxes 24,468 (747) 53,753 3,759
Income taxes 1,425 4,056 5,299 12,923
Net income $ 25,893 $ 3,309 $ 59,052 $ 16,682
Net income per share:        
Basic $ 0.33 $ 0.04 $ 0.75 $ 0.21
Diluted 0.33 0.04 0.75 0.21
Dividends per share $ 0.45 $ 0.45 $ 1.35 $ 1.35
Weighted-average shares outstanding        
Basic 77,635 79,173 78,306 79,494
Diluted 77,889 79,277 78,477 79,563
v3.25.3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ 25,893 $ 3,309 $ 59,052 $ 16,682
Other comprehensive income (loss), net of tax:        
Pension and other postretirement employee benefits (148) (230) (443) (689)
Cash flow hedges (8,638) (28,713) (32,953) (9,177)
Other comprehensive income (loss), net of tax (8,786) (28,943) (33,396) (9,866)
Comprehensive income (loss) $ 17,107 $ (25,634) $ 25,656 $ 6,816
v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 88,773 $ 151,551
Customer receivables, net 34,718 23,358
Inventories, net 91,203 82,926
Other current assets 41,117 41,295
Total current assets 255,811 299,130
Property, plant and equipment, net 396,509 408,913
Investment in real estate held for development and sale 51,221 50,809
Timber and timberlands, net 2,317,282 2,357,151
Intangible assets, net 12,568 13,861
Other long-term assets 140,148 175,579
Total assets 3,173,539 3,305,443
Current liabilities:    
Accounts payable and accrued liabilities 97,611 95,628
Current portion of long-term debt 27,495 99,552
Current portion of pension and other postretirement employee benefits 5,098 5,098
Total current liabilities 130,204 200,278
Long-term debt 1,007,594 935,100
Pension and other postretirement employee benefits 73,095 76,272
Deferred tax liabilities, net 18,793 21,123
Other long-term obligations 36,453 35,000
Total liabilities 1,266,139 1,267,773
Commitments and contingencies
Stockholders' equity:    
Preferred stock, authorized 4,000 shares, no shares issued 0 0
Common stock, $1 par value, 200,000 shares authorized, 77,291 and 78,684 shares issued and outstanding 77,291 78,684
Additional paid-in capital 2,324,498 2,315,176
Accumulated deficit (575,134) (470,331)
Accumulated other comprehensive income 80,745 114,141
Total stockholders’ equity 1,907,400 2,037,670
Total liabilities and stockholders' equity $ 3,173,539 $ 3,305,443
v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
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 77,291,000 78,684,000
Common stock, outstanding 77,291,000 78,684,000
v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income     $ 59,052 $ 16,682
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation, depletion and amortization $ 26,370 $ 25,893 78,907 86,369
Basis of real estate sold 26,022 12,905 47,370 73,522
Change in deferred taxes     (5,299) (11,896)
Pension and other postretirement employee benefits     4,895 3,431
Equity-based compensation expense     9,113 8,468
Amortization related to redesignated forward-starting interest rate swaps     8,524 7,960
Interest received under swaps with other-than-insignificant financing element     (20,918) (22,503)
Other, net     571 (1,007)
Change in working capital and operating-related activities, net     (9,023) (7,036)
Real estate development expenditures (2,700) (2,600) (8,818) (5,305)
Funding of pension and other postretirement employee benefits     (8,664) (7,303)
Proceeds from insurance recoveries     0 1,680
Net cash from operating activities     155,710 143,062
CASH FLOWS FROM INVESTING ACTIVITIES        
Property, plant and equipment additions     (21,973) (52,178)
Timberlands reforestation and roads     (17,948) (19,290)
Acquisition of timber and timberlands     (25,461) (32,303)
Interest received under swaps with other-than-insignificant financing element     19,698 20,934
Other, net     658 752
Net cash from investing activities     (45,026) (82,085)
CASH FLOWS FROM FINANCING ACTIVITIES        
Distributions to common stockholders     (104,993) (106,942)
Repurchase of common stock     (60,030) (27,413)
Proceeds from issuance of long-term debt     100,000
Repayment of long-term debt     (100,000)
Other, net     (3,717) (3,179)
Net cash from financing activities     (168,740) (137,534)
Change in cash, cash equivalents and restricted cash     (58,056) (76,557)
Cash, cash equivalents and restricted cash at beginning of period     151,725 237,688
Cash, cash equivalents and restricted cash at end of period 93,669 161,131 93,669 161,131
NONCASH INVESTING AND FINANCING ACTIVITIES        
Accrued property, plant and equipment additions     526 985
Accrued timberlands reforestation and roads     2,323 2,365
Cash and cash equivalents 88,773 161,131 88,773 161,131
Restricted cash included in other long-term assets [1] $ 4,896 $ 0 $ 4,896 $ 0
Restricted Cash, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent Other Assets, Noncurrent Other Assets, Noncurrent
Total cash, cash equivalents, and restricted cash $ 93,669 $ 161,131 $ 93,669 $ 161,131
[1] Amounts included in restricted cash represent proceeds held by a qualified intermediary that were or are intended to be reinvested in timber and timberlands.
v3.25.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Income [Member]
Balance, beginning of period at Dec. 31, 2023 $ 2,171,098 $ 79,365 $ 2,303,992 $ (315,291) $ 103,032
Balance, beginning of period (shares) at Dec. 31, 2023   79,365,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (305)     (305)  
Shares issued for stock compensation   $ 143 (143)    
Shares issued for stock compensation (shares)   143,000      
Equity-based compensation expense 2,560   2,560    
Pension plans and OPEB obligations, net of tax (229)       (229)
Cash flow hedges, net of tax 15,925       15,925
Dividends on common stock (35,779)     (35,779)  
Other transactions, net 2   90 (88)  
Balance, end of period at Mar. 31, 2024 2,153,272 $ 79,508 2,306,499 (351,463) 118,728
Balance, end of period (shares) at Mar. 31, 2024   79,508,000      
Balance, beginning of period at Dec. 31, 2023 2,171,098 $ 79,365 2,303,992 (315,291) 103,032
Balance, beginning of period (shares) at Dec. 31, 2023   79,365,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 16,682        
Cash flow hedges, net of tax (9,177)        
Balance, end of period at Sep. 30, 2024 2,052,025 $ 78,862 2,312,586 (432,589) 93,166
Balance, end of period (shares) at Sep. 30, 2024   78,862,000      
Balance, beginning of period at Mar. 31, 2024 2,153,272 $ 79,508 2,306,499 (351,463) 118,728
Balance, beginning of period (shares) at Mar. 31, 2024   79,508,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 13,678     13,678  
Shares issued for stock compensation   $ 4 (4)    
Shares issued for stock compensation (shares)   4,000      
Equity-based compensation expense 2,962   2,962    
Repurchase of common stock (25,012) $ (610)   (24,402)  
Repurchase of common stock (shares)   (610,000)      
Pension plans and OPEB obligations, net of tax (230)       (230)
Cash flow hedges, net of tax 3,611       3,611
Dividends on common stock (35,677)     (35,677)  
Other transactions, net (5)   98 (103)  
Balance, end of period at Jun. 30, 2024 2,112,599 $ 78,902 2,309,555 (397,967) 122,109
Balance, end of period (shares) at Jun. 30, 2024   78,902,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 3,309     3,309  
Shares issued for stock compensation   $ 16 (16)    
Shares issued for stock compensation (shares)   16,000      
Equity-based compensation expense 2,946   2,946    
Repurchase of common stock (2,400) $ (56)   (2,344)  
Repurchase of common stock (shares)   (56,000)      
Pension plans and OPEB obligations, net of tax (230)       (230)
Cash flow hedges, net of tax (28,713)       (28,713)
Dividends on common stock (35,486)     (35,486)  
Other transactions, net     101 (101)  
Balance, end of period at Sep. 30, 2024 2,052,025 $ 78,862 2,312,586 (432,589) 93,166
Balance, end of period (shares) at Sep. 30, 2024   78,862,000      
Balance, beginning of period at Dec. 31, 2024 $ 2,037,670 $ 78,684 2,315,176 (470,331) 114,141
Balance, beginning of period (shares) at Dec. 31, 2024 78,684,000 78,684,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) $ 25,805     25,805  
Shares issued for stock compensation   $ 104 (104)    
Shares issued for stock compensation (shares)   104,000      
Equity-based compensation expense 2,759   2,759    
Repurchase of common stock (4,147) $ (93)   (4,054)  
Repurchase of common stock (shares)   (93,000)      
Pension plans and OPEB obligations, net of tax (148)       (148)
Cash flow hedges, net of tax (16,609)       (16,609)
Dividends on common stock (35,435)     (35,435)  
Other transactions, net (2)   103 (105)  
Balance, end of period at Mar. 31, 2025 2,009,893 $ 78,695 2,317,934 (484,120) 97,384
Balance, end of period (shares) at Mar. 31, 2025   78,695,000      
Balance, beginning of period at Dec. 31, 2024 $ 2,037,670 $ 78,684 2,315,176 (470,331) 114,141
Balance, beginning of period (shares) at Dec. 31, 2024 78,684,000 78,684,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) $ 59,052        
Cash flow hedges, net of tax (32,953)        
Balance, end of period at Sep. 30, 2025 $ 1,907,400 $ 77,291 2,324,498 (575,134) 80,745
Balance, end of period (shares) at Sep. 30, 2025 77,291,000 77,291,000      
Balance, beginning of period at Mar. 31, 2025 $ 2,009,893 $ 78,695 2,317,934 (484,120) 97,384
Balance, beginning of period (shares) at Mar. 31, 2025   78,695,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 7,354     7,354  
Shares issued for stock compensation   $ 10 (10)    
Shares issued for stock compensation (shares)   10,000      
Equity-based compensation expense 3,195   3,195    
Repurchase of common stock (55,883) $ (1,419)   (54,464)  
Repurchase of common stock (shares)   (1,419,000)      
Pension plans and OPEB obligations, net of tax (147)       (147)
Cash flow hedges, net of tax (7,706)       (7,706)
Dividends on common stock (34,778)     (34,778)  
Other transactions, net (1)   116 (117)  
Balance, end of period at Jun. 30, 2025 1,921,927 $ 77,286 2,321,235 (566,125) 89,531
Balance, end of period (shares) at Jun. 30, 2025   77,286,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 25,893     25,893  
Shares issued for stock compensation   $ 5 (5)    
Shares issued for stock compensation (shares)   5,000      
Equity-based compensation expense 3,159   3,159    
Pension plans and OPEB obligations, net of tax (148)       (148)
Cash flow hedges, net of tax (8,638)       (8,638)
Dividends on common stock (34,780)     (34,780)  
Other transactions, net (13)   109 (122)  
Balance, end of period at Sep. 30, 2025 $ 1,907,400 $ 77,291 $ 2,324,498 $ (575,134) $ 80,745
Balance, end of period (shares) at Sep. 30, 2025 77,291,000 77,291,000      
v3.25.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]            
Common dividends, per share $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.45
v3.25.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Pay vs Performance Disclosure                
Net Income (Loss) $ 25,893 $ 7,354 $ 25,805 $ 3,309 $ 13,678 $ (305) $ 59,052 $ 16,682
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

During the three months ended September 30, 2025, 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
Rule 10b5-1 Arrangement Modified false
Non-Rule 10b5-1 Arrangement Modified false
v3.25.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

NOTE 1. BASIS OF PRESENTATION

General

PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as PotlatchDeltic, 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 manufacturing 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.

Condensed Consolidated Financial Statements

The accompanying unaudited Condensed Consolidated Financial Statements provide an overall view of our results and financial condition and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Condensed Consolidated Financial Statements, such adjustments are of a normal, recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission pertaining to interim financial statements. Certain disclosures normally provided in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 13, 2025. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year.

Use of Estimates

The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and requires judgments affecting the amounts reported in the financial statements and the accompanying notes. Actual results may differ materially from our estimates.

Commitments and Contingencies

We are, from time to time, subject to various claims and legal proceedings that arise in the normal course of business. Based on the information currently available, we do not anticipate that any amounts we may be required to pay in connection with these matters will have a material adverse effect on our consolidated financial position, operating results or net cash flows.

In May 2025, we paid $2.5 million related to our obligations under the Thomson Reservoir Project, leaving $0.1 million accrued as of September 30, 2025. For additional details regarding the project, refer to the section “Commitments, Contingencies and Legal Matters” in Note 1: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

Pending Merger with Rayonier Inc.

Refer to Note 13: Pending Merger with Rayonier Inc. in the Notes to Condensed Consolidated Financial Statements for information regarding our pending merger with Rayonier Inc.

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 require that public entities, on an annual basis, (i) disclose specific categories in the income tax rate reconciliation and (ii) provide additional information for reconciling items, including disaggregation by jurisdiction, that meet a quantitative threshold prescribed by the standard. ASU 2023-09 should be applied on a prospective basis; however, retrospective application is permitted. The adoption of this ASU on January 1, 2025 will be reflected in our annual financial statements for the year ended December 31, 2025. As ASU 2023-09 impacts disclosures only, we do not expect the adoption to have a material impact on our consolidated financial statements.

Recent Accounting Standards Not Yet Adopted

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 requires 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 currently evaluating this ASU. As the standard impacts disclosures only, we do not expect the adoption to have a material impact on our consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted as of the beginning of the annual reporting period. ASU 2025-06 should be applied either prospectively, retrospectively, or utilizing a modified transition approach. Management is currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

Reclassifications

Certain prior period reclassifications were made to conform with current period presentation. These reclassifications had no effect on reported net income, net income per share, comprehensive income (loss), cash flows, total assets, total liabilities, or shareholders’ equity as previously reported.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
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, solar land lease option agreements, 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 Condensed 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 presents our revenues by major product:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

2025

 

 

2024

 

 

2025

 

 

2024

 

Timberlands

 

 

 

 

 

 

 

 

 

 

 

Northern region

 

 

 

 

 

 

 

 

 

 

 

Sawlogs

$

51,711

 

 

$

46,236

 

 

$

141,578

 

 

$

120,606

 

Pulpwood

 

374

 

 

 

232

 

 

 

2,225

 

 

 

512

 

Other

 

392

 

 

 

365

 

 

 

1,251

 

 

 

1,051

 

Total Northern revenues

 

52,477

 

 

 

46,833

 

 

 

145,054

 

 

 

122,169

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern region

 

 

 

 

 

 

 

 

 

 

 

Sawlogs

 

28,694

 

 

 

31,711

 

 

 

89,281

 

 

 

97,236

 

Pulpwood

 

16,706

 

 

 

18,383

 

 

 

49,087

 

 

 

49,346

 

Stumpage

 

4,911

 

 

 

3,899

 

 

 

13,722

 

 

 

15,619

 

Other

 

5,201

 

 

 

4,306

 

 

 

14,960

 

 

 

12,514

 

Total Southern revenues

 

55,512

 

 

 

58,299

 

 

 

167,050

 

 

 

174,715

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Timberlands revenues

 

107,989

 

 

 

105,132

 

 

 

312,104

 

 

 

296,884

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products

 

 

 

 

 

 

 

 

 

 

 

Lumber

 

131,837

 

 

 

107,473

 

 

 

399,657

 

 

 

345,084

 

Residuals and Panels

 

34,044

 

 

 

31,939

 

 

 

102,688

 

 

 

96,505

 

Total Wood Products revenues

 

165,881

 

 

 

139,412

 

 

 

502,345

 

 

 

441,589

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

Rural real estate

 

51,292

 

 

 

24,409

 

 

 

97,730

 

 

 

114,788

 

Development real estate

 

14,558

 

 

 

10,912

 

 

 

17,684

 

 

 

21,274

 

Other

 

3,732

 

 

 

3,380

 

 

 

10,855

 

 

 

9,478

 

Total Real Estate revenues

 

69,582

 

 

 

38,701

 

 

 

126,269

 

 

 

145,540

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment revenues

 

343,452

 

 

 

283,245

 

 

 

940,718

 

 

 

884,013

 

Intersegment Timberlands revenues1

 

(29,273

)

 

 

(28,114

)

 

 

(83,294

)

 

 

(80,084

)

Total consolidated revenues

$

314,179

 

 

$

255,131

 

 

$

857,424

 

 

$

803,929

 

 

1.
Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.

The company’s chief operating decision maker (CODM) uses segment information to assess performance, allocate capital and personnel, budget and forecast, and determine compensation of certain employees, among other things. 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 (loss) before interest expense, net, 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 and include a reconciliation of Segment operating income (loss) as the closest measurement to GAAP for the reportable segments to Segment Adjusted EBITDDA.

 

 

 

Three Months Ended September 30, 2025

 

(in thousands)

 

Timberlands

 

 

Wood Products

 

 

Real Estate

 

 

Total

 

Revenues from external customers

 

$

78,716

 

 

$

165,881

 

 

$

69,582

 

 

$

314,179

 

Intersegment Timberlands revenues1

 

 

29,273

 

 

 

—

 

 

 

—

 

 

 

29,273

 

 

 

 

107,989

 

 

 

165,881

 

 

 

69,582

 

 

 

343,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold2

 

 

 

 

 

 

 

 

 

 

 

 

Fiber costs2

 

 

—

 

 

 

79,588

 

 

 

—

 

 

 

79,588

 

Freight, logging and hauling2

 

 

53,038

 

 

 

21,946

 

 

 

—

 

 

 

74,984

 

Manufacturing costs2,3

 

 

—

 

 

 

61,913

 

 

 

—

 

 

 

61,913

 

Finished goods inventory change2

 

 

—

 

 

 

1,994

 

 

 

—

 

 

 

1,994

 

Depreciation, depletion and amortization2

 

 

15,797

 

 

 

9,474

 

 

 

142

 

 

 

25,413

 

Basis in real estate sold2

 

 

—

 

 

 

—

 

 

 

26,024

 

 

 

26,024

 

Other4

 

 

11,125

 

 

 

328

 

 

 

4,770

 

 

 

16,223

 

 

 

 

79,960

 

 

 

175,243

 

 

 

30,936

 

 

 

286,139

 

Segment selling, general and administrative expenses5

 

 

3,104

 

 

 

2,934

 

 

 

1,787

 

 

 

7,825

 

Segment operating income (loss)

 

 

24,925

 

 

 

(12,296

)

 

 

36,859

 

 

 

49,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization6

 

 

16,083

 

 

 

9,582

 

 

 

162

 

 

 

25,827

 

Basis in real estate sold

 

 

—

 

 

 

—

 

 

 

26,024

 

 

 

26,024

 

(Gain) loss on disposal of assets

 

 

(5

)

 

 

240

 

 

 

—

 

 

 

235

 

Segment Adjusted EBITDDA

 

$

41,003

 

 

$

(2,474

)

 

$

63,045

 

 

$

101,574

 

The footnotes below the table for the nine months ended September 30, 2024 are also applicable to the above table.

 

 

 

 

Three Months Ended September 30, 2024

 

(in thousands)

 

Timberlands

 

 

Wood Products

 

 

Real Estate

 

 

Total

 

Revenues from external customers

 

$

77,018

 

 

$

139,412

 

 

$

38,701

 

 

$

255,131

 

Intersegment Timberlands revenues1

 

 

28,114

 

 

 

—

 

 

 

—

 

 

 

28,114

 

 

 

 

105,132

 

 

 

139,412

 

 

 

38,701

 

 

 

283,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold2

 

 

 

 

 

 

 

 

 

 

 

 

Fiber costs2

 

 

—

 

 

 

67,552

 

 

 

—

 

 

 

67,552

 

Freight, logging and hauling2

 

 

56,829

 

 

 

17,314

 

 

 

—

 

 

 

74,143

 

Manufacturing costs2,3

 

 

—

 

 

 

58,025

 

 

 

—

 

 

 

58,025

 

Finished goods inventory change2

 

 

—

 

 

 

2,883

 

 

 

—

 

 

 

2,883

 

Depreciation, depletion and amortization2

 

 

16,450

 

 

 

8,288

 

 

 

117

 

 

 

24,855

 

Basis in real estate sold2

 

 

—

 

 

 

—

 

 

 

12,908

 

 

 

12,908

 

Other4

 

 

10,294

 

 

 

430

 

 

 

4,584

 

 

 

15,308

 

 

 

 

83,573

 

 

 

154,492

 

 

 

17,609

 

 

 

255,674

 

Segment selling, general and administrative expenses5

 

 

2,513

 

 

 

3,234

 

 

 

2,277

 

 

 

8,024

 

Segment operating income (loss)

 

 

19,046

 

 

 

(18,314

)

 

 

18,815

 

 

 

19,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization6

 

 

16,778

 

 

 

8,395

 

 

 

138

 

 

 

25,311

 

Basis in real estate sold

 

 

—

 

 

 

—

 

 

 

12,908

 

 

 

12,908

 

Loss on disposal of assets

 

 

—

 

 

 

338

 

 

 

—

 

 

 

338

 

Segment Adjusted EBITDDA

 

$

35,824

 

 

$

(9,581

)

 

$

31,861

 

 

$

58,104

 

The footnotes below the table for the nine months ended September 30, 2024 are also applicable to the above table.

 

 

 

 

Nine Months Ended September 30, 2025

 

(in thousands)

 

Timberlands

 

 

Wood Products

 

 

Real Estate

 

 

Total

 

Revenues from external customers

 

$

228,810

 

 

$

502,345

 

 

$

126,269

 

 

$

857,424

 

Intersegment Timberlands revenues1

 

 

83,294

 

 

 

—

 

 

 

—

 

 

 

83,294

 

 

 

 

312,104

 

 

 

502,345

 

 

 

126,269

 

 

 

940,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold2

 

 

 

 

 

 

 

 

 

 

 

 

Fiber costs2

 

 

—

 

 

 

236,116

 

 

 

—

 

 

 

236,116

 

Freight, logging and hauling2

 

 

152,544

 

 

 

64,000

 

 

 

—

 

 

 

216,544

 

Manufacturing costs2,3

 

 

—

 

 

 

184,231

 

 

 

—

 

 

 

184,231

 

Finished goods inventory change2

 

 

—

 

 

 

(2,829

)

 

 

—

 

 

 

(2,829

)

Depreciation, depletion and amortization2

 

 

46,148

 

 

 

29,308

 

 

 

402

 

 

 

75,858

 

Basis in real estate sold2

 

 

—

 

 

 

—

 

 

 

47,378

 

 

 

47,378

 

Other4

 

 

29,003

 

 

 

923

 

 

 

12,605

 

 

 

42,531

 

 

 

 

227,695

 

 

 

511,749

 

 

 

60,385

 

 

 

799,829

 

Segment selling, general and administrative expenses5

 

 

8,553

 

 

 

9,999

 

 

 

5,202

 

 

 

23,754

 

Segment operating income (loss)

 

 

75,856

 

 

 

(19,403

)

 

 

60,682

 

 

 

117,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization6

 

 

47,089

 

 

 

29,629

 

 

 

461

 

 

 

77,179

 

Basis in real estate sold

 

 

—

 

 

 

—

 

 

 

47,378

 

 

 

47,378

 

(Gain) loss on disposal of assets

 

 

(5

)

 

 

663

 

 

 

—

 

 

 

658

 

Segment Adjusted EBITDDA

 

$

122,940

 

 

$

10,889

 

 

$

108,521

 

 

$

242,350

 

The footnotes below the table for the nine months ended September 30, 2024 are also applicable to the above table.

 

 

 

Nine Months Ended September 30, 2024

 

(in thousands)

 

Timberlands

 

 

Wood Products

 

 

Real Estate

 

 

Total

 

Revenues from external customers

 

$

216,800

 

 

$

441,589

 

 

$

145,540

 

 

$

803,929

 

Intersegment Timberlands revenues1

 

 

80,084

 

 

 

—

 

 

 

—

 

 

 

80,084

 

 

 

 

296,884

 

 

 

441,589

 

 

 

145,540

 

 

 

884,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold2

 

 

 

 

 

 

 

 

 

 

 

 

Fiber costs2

 

 

—

 

 

 

216,595

 

 

 

—

 

 

 

216,595

 

Freight, logging and hauling2

 

 

157,158

 

 

 

55,805

 

 

 

—

 

 

 

212,963

 

Manufacturing costs2,3

 

 

—

 

 

 

175,845

 

 

 

—

 

 

 

175,845

 

Finished goods inventory change2

 

 

—

 

 

 

(1,061

)

 

 

—

 

 

 

(1,061

)

Depreciation, depletion and amortization2

 

 

50,210

 

 

 

32,815

 

 

 

348

 

 

 

83,373

 

Basis in real estate sold2

 

 

—

 

 

 

—

 

 

 

73,530

 

 

 

73,530

 

Other4

 

 

28,057

 

 

 

549

 

 

 

12,023

 

 

 

40,629

 

 

 

 

235,425

 

 

 

480,548

 

 

 

85,901

 

 

 

801,874

 

Segment selling, general and administrative expenses5

 

 

7,956

 

 

 

10,979

 

 

 

5,916

 

 

 

24,851

 

Segment operating income (loss)

 

 

53,503

 

 

 

(49,938

)

 

 

53,723

 

 

 

57,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization6

 

 

51,193

 

 

 

33,138

 

 

 

412

 

 

 

84,743

 

Basis in real estate sold

 

 

—

 

 

 

—

 

 

 

73,530

 

 

 

73,530

 

Loss (gain) on disposal of assets

 

 

—

 

 

 

275

 

 

 

(8

)

 

 

267

 

Segment Adjusted EBITDDA

 

$

104,696

 

 

$

(16,525

)

 

$

127,657

 

 

$

215,828

 

 

1.
Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
2.
Significant expense 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.

The following table reconciles Total Segment Adjusted EBITDDA to Total Adjusted EBITDDA and Income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total Segment Adjusted EBITDDA

 

$

101,574

 

 

$

58,104

 

 

$

242,350

 

 

$

215,828

 

Corporate Adjusted EBITDDA1

 

 

(12,042

)

 

 

(12,203

)

 

 

(37,355

)

 

 

(36,624

)

Eliminations and adjustments2

 

 

(269

)

 

 

1

 

 

 

(340

)

 

 

(407

)

Total Adjusted EBITDDA

 

 

89,263

 

 

 

45,902

 

 

 

204,655

 

 

 

178,797

 

Interest expense, net

 

 

(11,461

)

 

 

(9,635

)

 

 

(23,365

)

 

 

(18,049

)

Depreciation, depletion and amortization3

 

 

(26,046

)

 

 

(25,487

)

 

 

(77,820

)

 

 

(85,150

)

Basis in real estate sold

 

 

(26,022

)

 

 

(12,905

)

 

 

(47,370

)

 

 

(73,522

)

Merger-related expenses

 

 

(1,903

)

 

 

—

 

 

 

(1,903

)

 

 

—

 

Environmental charge

 

 

—

 

 

 

—

 

 

 

(490

)

 

 

—

 

Non-operating pension and other postretirement employee benefits

 

 

(351

)

 

 

200

 

 

 

(1,053

)

 

 

602

 

Loss on disposal of assets

 

 

(234

)

 

 

(338

)

 

 

(658

)

 

 

(267

)

Other

 

 

1,222

 

 

 

1,516

 

 

 

1,757

 

 

 

1,348

 

Income (loss) before income taxes

 

$

24,468

 

 

$

(747

)

 

$

53,753

 

 

$

3,759

 

 

1.
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.
2.
Includes elimination of intersegment profit in ending Wood Products inventory for logs purchased from our Timberlands segment and LIFO adjustments.
3.
Excludes amortization of bond discounts and deferred loan fees which are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

The following tables summarize additional reportable segment financial information:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

16,083

 

 

$

16,778

 

 

$

47,089

 

 

$

51,193

 

Wood Products

 

 

9,582

 

 

 

8,395

 

 

 

29,629

 

 

 

33,138

 

Real Estate

 

 

162

 

 

 

138

 

 

 

461

 

 

 

412

 

Corporate

 

 

219

 

 

 

176

 

 

 

641

 

 

 

407

 

 

 

26,046

 

 

 

25,487

 

 

 

77,820

 

 

 

85,150

 

Bond discounts and deferred loan fees1

 

 

324

 

 

 

406

 

 

 

1,087

 

 

 

1,219

 

Total depreciation, depletion and amortization

 

$

26,370

 

 

$

25,893

 

 

$

78,907

 

 

$

86,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold:

 

 

 

 

 

 

 

 

 

Real Estate

 

$

26,024

 

 

$

12,908

 

 

$

47,378

 

 

$

73,530

 

Eliminations and adjustments

 

 

(2

)

 

 

(3

)

 

 

(8

)

 

 

(8

)

Total basis of real estate sold

 

$

26,022

 

 

$

12,905

 

 

$

47,370

 

 

$

73,522

 

 

1.
Included within interest expense, net in the Condensed Consolidated Statements of Operations.

 

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

Timberlands1

 

$

2,361,963

 

 

$

2,396,642

 

Wood Products

 

 

538,700

 

 

 

537,665

 

Real Estate2

 

 

68,916

 

 

 

67,527

 

 

 

 

2,969,579

 

 

 

3,001,834

 

Corporate

 

 

203,960

 

 

 

303,609

 

Total consolidated assets

 

$

3,173,539

 

 

$

3,305,443

 

 

 

1.
We do not report rural real estate separately from Timberlands as we do not report these assets separately to management.
2.
Real Estate assets primarily consist of a master planned community development and a country club.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Capital Expenditures:1

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

6,612

 

 

$

6,476

 

 

$

18,012

 

 

$

19,321

 

Wood Products

 

 

5,937

 

 

 

25,247

 

 

 

20,650

 

 

 

50,825

 

Real Estate2

 

 

2,905

 

 

 

2,791

 

 

 

9,941

 

 

 

5,828

 

 

 

 

15,454

 

 

 

34,514

 

 

 

48,603

 

 

 

75,974

 

Corporate

 

 

95

 

 

 

120

 

 

 

136

 

 

 

799

 

Total capital expenditures

 

$

15,549

 

 

$

34,634

 

 

$

48,739

 

 

$

76,773

 

 

1.
Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment.
2.
Real Estate capital expenditures include development expenditures of $2.7 million and $8.8 million for the three and nine months ended September 30, 2025, respectively, and $2.6 million and $5.3 million for the three and nine months ended September 30, 2024, respectively.
v3.25.3
Earnings per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Share

NOTE 3. EARNINGS PER SHARE

The following table reconciles the number of shares used in calculating basic and diluted earnings per share:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Basic weighted-average shares outstanding

 

 

77,635

 

 

 

79,173

 

 

 

78,306

 

 

 

79,494

 

Incremental shares due to:

 

 

 

 

 

 

 

 

 

 

 

 

Performance shares

 

 

154

 

 

 

30

 

 

 

88

 

 

 

19

 

Restricted stock units

 

 

100

 

 

 

74

 

 

 

83

 

 

 

50

 

Diluted weighted-average shares outstanding

 

 

77,889

 

 

 

79,277

 

 

 

78,477

 

 

 

79,563

 

 

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 shares subject to the awards were outstanding at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award.

For the three and nine months ended September 30, 2025, there were 0 and approximately 170,900 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the three and nine months ended September 30, 2024, there were approximately 50,000 and 138,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods.

Share 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). Shares under the 2022 Repurchase Program may be repurchased in open market transactions, including pursuant to a trading plan adopted from time to time in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (each, a Trading Plan). The timing, manner, price and amount of repurchases will be determined according to, and subject 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 nine months ended September 30, 2025, we repurchased 1,511,923 shares of our common stock for total consideration of $60.0 million under the 2022 Repurchase Program, none of which were repurchased during the three months ended September 30, 2025. During the three and nine months ended September 30, 2024, we repurchased 56,851 and 666,475 shares of our common stock, respectively, for total consideration of $2.4 million and $27.4 million, respectively, under the 2022 Repurchase Program. At September 30, 2025, we had remaining authorization of $30.0 million for future stock repurchases under the 2022 Repurchase Program. Transaction costs are not counted against authorized funds.

We record share repurchases upon trade date as opposed to the settlement date. We record a liability to account for repurchases that have not been cash settled. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

v3.25.3
Certain Balance Sheet Components
 9 Months Ended
Sep. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
Certain Balance Sheet Components

NOTE 4. CERTAIN BALANCE SHEET COMPONENTS

Inventories

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Logs

 

$

35,298

 

 

$

31,786

 

Lumber, panels and veneer

 

 

38,885

 

 

 

37,689

 

Materials and supplies

 

 

32,853

 

 

 

29,284

 

Total inventories

 

 

107,036

 

 

 

98,759

 

Less: LIFO reserve

 

 

(15,833

)

 

 

(15,833

)

Total inventories, net

 

$

91,203

 

 

$

82,926

 

Property, plant and equipment

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Property, plant and equipment

 

$

715,863

 

 

$

710,703

 

Less: accumulated depreciation

 

 

(319,354

)

 

 

(301,790

)

Total property, plant and equipment, net

 

$

396,509

 

 

$

408,913

 

 

Timber and timberlands

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Timber and timberlands, net

 

$

2,224,042

 

 

$

2,263,991

 

Logging roads, net

 

 

93,240

 

 

 

93,160

 

Total timber and timberlands, net

 

$

2,317,282

 

 

$

2,357,151

 

In September 2025, we acquired approximately 11,200 acres of mature timberland located in Arkansas for total consideration of $24.8 million, inclusive of transaction costs. In January 2024, we acquired 16,000 acres of mature timberlands in Arkansas for $31.4 million, including transaction costs.

 

Accounts payable and accrued liabilities

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Accrued payroll and benefits

 

$

23,024

 

 

$

25,249

 

Accounts payable

 

 

19,240

 

 

 

16,991

 

Deferred revenue1

 

 

14,611

 

 

 

12,234

 

Accrued taxes

 

 

8,615

 

 

 

5,212

 

Accrued interest

 

 

5,724

 

 

 

6,826

 

Other current liabilities

 

 

26,397

 

 

 

29,116

 

Total accounts payable and accrued liabilities

 

$

97,611

 

 

$

95,628

 

 

1.

Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods has not transferred, member-related activities at an owned country club and any post-close obligations for real estate sales. These deferred revenues are recognized over the term of the respective contract, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt

NOTE 5. DEBT

TERM LOANS

At September 30, 2025, $1.04 billion was outstanding under our Second Amended and Restated Term Loan Agreement (the Amended Term Loan Agreement). Of this amount, $27.5 million was classified as current on our accompanying Condensed Consolidated Balance Sheets, consisting of a variable-rate term loan that matures in February 2026. Certain borrowings under the Amended Term Loan Agreement are at rates of one-month Secured Overnight Financing Rate (SOFR), plus an applicable margin between 1.61% and 2.30%, or daily simple SOFR plus a spread between 2.20% and 2.30%. We have entered into SOFR-indexed interest rate swaps to fix the interest rate on these variable rate term loans. See Note: 6 Derivative Instruments for additional information on our interest rate swaps.

On August 27, 2025, we entered into the twelfth amendment to our Amended Term Loan Agreement, establishing a new unsecured multi-segment term loan facility (the New Term Loan) with a total commitment of up to $127.5 million, maturing on August 27, 2035. An initial draw of $100.0 million under the New Term Loan was used to refinance a $100.0 million term loan under the Amended Term Loan Agreement that matured on August 27, 2025. The remaining $27.5 million commitment under the New Term Loan agreement will be available on February 2, 2026 to refinance a variable-rate term loan maturing on that date. The New Term Loan bears interest at a rate equal to daily simple SOFR plus an applicable margin of 2.30% per annum.

In connection with the New Term Loan, we terminated our final remaining $75.0 million forward-starting interest rate swap and transferred the value realized from its termination into a new interest rate swap to fix the rate at 4.11%, including margin but before patronage credits from lenders. See Note 6: Derivative Instruments for additional information.

CREDIT AGREEMENT

Our Third Amended Credit Agreement (as amended, 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, borrowing capacity may be increased by up to an additional $500.0 million. The revolving line of credit 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 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. At September 30, 2025, there were no borrowings under the revolving line of credit and approximately $0.6 million of our revolving line of credit was utilized for outstanding letters of credit.

We were in compliance with all debt and credit agreement covenants at September 30, 2025.
v3.25.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instrument Detail [Abstract]  
Derivative Instruments

NOTE 6. DERIVATIVE INSTRUMENTS

From time to time, we enter into derivative financial instruments to manage certain cash flow and fair value risks. Derivatives designated and qualifying as a hedge of the exposure to variability in the cash flows of a specific asset or liability that is attributable to a particular risk, such as interest rate risk, are considered cash flow hedges. 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 September 30, 2025, we had interest rate swaps associated with $1.04 billion of SOFR-indexed term loan debt. These cash flow hedges convert such variable rate loans with margins ranging from 1.61% to 2.30%, to fixed rates ranging from 2.14% to 4.83% before patronage credits from lenders. See Note 5: Debt for additional information.

 

The gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets were as follows:

 

(in thousands)

 

Location

 

September 30, 2025

 

 

December 31, 2024

 

Derivatives designated in cash flow hedging relationships:

 

Interest rate contracts

 

Other assets, current1

 

$

232

 

 

$

—

 

Interest rate contracts

 

Other assets, non-current

 

 

99,982

 

 

 

138,354

 

 

 

 

 

$

100,214

 

 

$

138,354

 

 

1.
Derivative instruments that mature within one year, as a whole, are classified as current.

The following table details the effect of derivatives on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income (Loss):

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

Location

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivatives designated in cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income recognized in other comprehensive income (loss), net of tax

 

 

 

$

(3,811

)

 

$

(23,130

)

 

$

(19,075

)

 

$

7,574

 

Amounts reclassified from accumulated other comprehensive income to income, net of tax1

 

Interest expense, net

 

$

4,827

 

 

$

5,583

 

 

$

13,878

 

 

$

16,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

$

11,461

 

 

$

9,635

 

 

$

23,365

 

 

$

18,049

 

 

1.

Realized gains and losses on interest rate contracts consist of realized net cash received or paid and interest accruals on the interest rate swaps during the periods in addition to amortization of amounts out of other comprehensive income (loss) related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. For the nine months ended September 30, 2025 and 2024, we amortized $8.5 million and $8.0 million, respectively, of the off-market designated hedges. Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations.

At September 30, 2025, the amount of net gains expected to be reclassified into earnings in the next 12 months is approximately $12.7 million. However, this expected amount to be reclassified into earnings is subject to change as the ultimate amount recognized in earnings is based on the SOFR rates at the time of net swap cash payments.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Derivative Instrument Detail [Abstract]  
Fair Value Measurements

NOTE 7. FAIR VALUE MEASUREMENTS

The following table presents the estimated fair values of our financial instruments:

 

 

 

September 30, 2025

 

 

December 31, 2024

 

(in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

Derivative assets related to interest rate swaps (Level 2)

 

$

100,214

 

 

$

100,214

 

 

$

138,354

 

 

$

138,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, including current portion (Level 2)1

 

$

(1,037,000

)

 

$

(1,037,000

)

 

$

(1,036,569

)

 

$

(1,035,608

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Company owned life insurance asset (COLI) (Level 3)

 

$

6,125

 

 

$

6,125

 

 

$

6,026

 

 

$

6,026

 

 

1.

At December 31, 2024, the carrying amount of long-term debt included principal and unamortized discounts.

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 values that approximate their fair values with only insignificant differences. This is primarily due to the short-term nature of these instruments.

v3.25.3
Equity-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Equity-Based Compensation

NOTE 8. EQUITY-BASED COMPENSATION

We issue new shares of common stock to settle performance share awards (PSAs), restricted stock units (RSUs) and deferred compensation stock equivalent units. At September 30, 2025, approximately 1.2 million shares were available for future use under our current stock incentive plan.

Share-based compensation activity during the nine months ended September 30, 2025 included the following:

 

 

 

Granted

 

 

Vested

 

 

Forfeited

 

Performance Share Awards (PSAs)

 

 

122,251

 

 

 

—

 

 

 

3,813

 

Restricted Stock Units (RSUs)

 

 

113,263

 

 

 

42,511

 

 

 

2,523

 

Approximately 0.1 million shares of common stock were issued to employees during the nine months ended September 30, 2025, as a result of PSA and RSU vesting during 2024 and 2025.

The following table details compensation expense and the related income tax benefit for company specific equity-based awards:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity-based compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

Performance share awards

 

$

1,722

 

 

$

1,635

 

 

$

4,878

 

 

$

4,628

 

Restricted stock units

 

 

1,415

 

 

 

1,260

 

 

 

4,169

 

 

 

3,691

 

Deferred compensation stock equivalent units expense

 

 

22

 

 

 

51

 

 

 

66

 

 

 

149

 

Total equity-based compensation expense

 

$

3,159

 

 

$

2,946

 

 

$

9,113

 

 

$

8,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total tax benefit recognized for equity-based expense

 

$

195

 

 

$

197

 

 

$

584

 

 

$

554

 

Performance Share Awards

The weighted-average grant date fair value of PSAs granted during the nine months ended September 30, 2025, was $66.00 per share. PSAs granted under the stock incentive plans have a three-year performance period and shares are issued after the end of the period if the performance measures are met. 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 the 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 performance measurement period, the recipients will receive dividend equivalents in the form of additional shares of common stock at the date of settlement equal to the dividends that would have been paid on the shares earned had the recipients owned the shares during the three-year period. The share awards are not considered participating securities.

The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards granted in 2025:

 

Stock price as of valuation date

$

45.19

 

Risk-free rate

 

4.18

%

Expected volatility

 

26.64

%

Expected dividend yield1

 

—

 

Expected term (years)

 

3.00

 

 

1.
Full dividend reinvestment assumed.

Restricted Stock Units

The weighted-average fair value of all RSUs granted during the nine months ended September 30, 2025, was $43.30 per share. The fair value of RSUs granted equaled our common share price on the date of grant factoring in any required post-vesting holding periods. The RSU awards granted accrue dividend equivalents based on dividends paid during the RSU 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. The share awards are not considered participating securities.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 9. INCOME TAXES

As a REIT, we generally are not subject to federal and state corporate income taxes on income from investments in real estate, including our timberlands, that we distribute to our stockholders. We conduct certain activities through our PotlatchDeltic taxable REIT subsidiaries (each, a TRS), which are subject to corporate level federal and state income taxes. These activities are principally composed of our wood products manufacturing operations and certain real estate investments. Therefore, income tax expense or benefit is primarily due to pre-tax book income or loss of the TRS, as well as permanent book versus tax differences and discrete items.

On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was enacted, permanently extending certain provisions of the Tax Cuts and Jobs Act and includes a broad range of tax reform provisions affecting businesses. The legislation includes staggered effective dates through 2027. As of September 30, 2025, we analyzed the impact of this legislation, including the reinstatement of 100% bonus depreciation, and determined that the OBBBA did not have a material impact on our 2025 annual effective tax rate. We are continuing to monitor additional provisions of the OBBBA that become effective through 2027 for potential future impact.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases

NOTE 10. LEASES

We lease certain equipment, office space and land. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease.

The following table presents supplemental balance sheet information related to lease assets and liabilities:

 

(in thousands)

Classification

 

September 30, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

 

Operating lease assets

Other long-term assets

 

$

8,982

 

 

$

10,167

 

Finance lease assets1

Property, plant and equipment, net

 

 

14,880

 

 

 

12,266

 

Total lease assets

 

 

$

23,862

 

 

$

22,433

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

Operating lease liabilities

Accounts payable and accrued liabilities

 

$

3,263

 

 

$

3,027

 

Finance lease liabilities

Accounts payable and accrued liabilities

 

 

6,085

 

 

 

5,257

 

Noncurrent:

 

 

 

 

 

 

 

Operating lease liabilities

Other long-term obligations

 

 

5,499

 

 

 

7,030

 

Finance lease liabilities

Other long-term obligations

 

 

8,650

 

 

 

6,959

 

Total lease liabilities

 

 

$

23,497

 

 

$

22,273

 

 

1.
Finance lease assets are presented net of accumulated amortization of $12.4 million and $12.6 million at September 30, 2025 and December 31, 2024, respectively.

The following table presents the components of lease expense:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease costs1

 

$

921

 

 

$

893

 

 

$

2,737

 

 

$

2,593

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

 

1,635

 

 

 

1,441

 

 

 

4,501

 

 

 

4,061

 

Interest expense

 

 

188

 

 

 

152

 

 

 

503

 

 

 

431

 

Net lease costs

 

$

2,744

 

 

$

2,486

 

 

$

7,741

 

 

$

7,085

 

 

1.
Excludes short-term leases and variable lease costs, which are immaterial.

The following table presents supplemental cash flow information related to leases:

 

 

 

 

Nine Months Ended September 30,

 

(in thousands)

 

 

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

2,860

 

 

$

2,757

 

Operating cash flows for finance leases

 

$

503

 

 

$

431

 

Financing cash flows for finance leases

 

$

4,594

 

 

$

4,142

 

Leased assets exchanged for new lease liabilities:

 

 

 

 

 

 

Operating leases

 

$

1,168

 

 

$

2,989

 

Finance leases

 

$

7,116

 

 

$

5,215

 

 
v3.25.3
Pension and Other Postretirement Employee Benefits
 9 Months Ended
Sep. 30, 2025
Retirement Benefits, Description [Abstract]  
Pension and Other Postretirement Employee Benefits

NOTE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS

The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefit plans (OPEB):

 

 

 

Three Months Ended September 30,

 

 

 

Pension

 

 

OPEB

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

1,266

 

 

$

1,321

 

 

$

15

 

 

$

22

 

Interest cost

 

 

3,230

 

 

 

3,124

 

 

 

252

 

 

 

220

 

Expected return on plan assets

 

 

(2,933

)

 

 

(3,237

)

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

5

 

 

 

—

 

 

 

—

 

Amortization of actuarial (gain) loss

 

 

43

 

 

 

19

 

 

 

(241

)

 

 

(331

)

Total net periodic cost

 

$

1,606

 

 

$

1,232

 

 

$

26

 

 

$

(89

)

 

 

 

 

Nine Months Ended September 30,

 

 

 

Pension

 

 

OPEB

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

3,799

 

 

$

3,964

 

 

$

43

 

 

$

69

 

Interest cost

 

 

9,688

 

 

 

9,369

 

 

 

755

 

 

 

658

 

Expected return on plan assets

 

 

(8,798

)

 

 

(9,711

)

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

15

 

 

 

—

 

 

 

—

 

Amortization of actuarial (gain) loss

 

 

129

 

 

 

59

 

 

 

(721

)

 

 

(992

)

Total net periodic cost

 

$

4,818

 

 

$

3,696

 

 

$

77

 

 

$

(265

)

Funding of our non-qualified pension and other postretirement employee benefit plans was $3.0 million and $3.3 million for the nine months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, we made contributions to our qualified pension benefit plan of $5.7 million and $4.0 million, respectively.
v3.25.3
Components of Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income

NOTE 12. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table details changes in amounts included in our Accumulated Other Comprehensive Income (AOCI) by component on our Condensed Consolidated Balance Sheets, net of tax:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Pension and Other Postretirement Employee Benefits

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(28,946

)

 

$

(19,384

)

 

$

(28,651

)

 

$

(18,925

)

Reclassifications from AOCI to earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Other1

 

 

(198

)

 

 

(307

)

 

 

(592

)

 

 

(918

)

Tax effect

 

 

50

 

 

 

77

 

 

 

149

 

 

 

229

 

Net of tax amount

 

 

(148

)

 

 

(230

)

 

 

(443

)

 

 

(689

)

Balance at end of period

 

 

(29,094

)

 

 

(19,614

)

 

 

(29,094

)

 

 

(19,614

)

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

118,477

 

 

 

141,493

 

 

 

142,792

 

 

 

121,957

 

Unrecognized gains (losses) arising in AOCI during the period:

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(90

)

 

 

(23,502

)

 

 

(15,464

)

 

 

7,695

 

Tax effect

 

 

380

 

 

 

372

 

 

 

490

 

 

 

(121

)

Reclassifications from AOCI to earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Gross2

 

 

(4,935

)

 

 

(5,708

)

 

 

(14,152

)

 

 

(17,124

)

Tax effect

 

 

108

 

 

 

125

 

 

 

274

 

 

 

373

 

Net of tax amount

 

 

(4,537

)

 

 

(28,713

)

 

 

(28,852

)

 

 

(9,177

)

Other reclassifications3

 

 

(4,101

)

 

 

—

 

 

 

(4,101

)

 

 

—

 

Balance at end of period

 

 

109,839

 

 

 

112,780

 

 

 

109,839

 

 

 

112,780

 

Accumulated other comprehensive income, end of period

 

$

80,745

 

 

$

93,166

 

 

$

80,745

 

 

$

93,166

 

 

1.
Included in the computation of net periodic pension costs.
2.
Included in Interest expense, net on the Condensed Consolidated Statement of Operations.
3.
Deferred tax impact of a forward-starting interest rate swap redesignated from our REIT to the TRS related to the August 2025 debt refinance.

 

See Note 11: Pension and Other Postretirement Employee Benefits and Note 6: Derivative Instruments for additional information.
v3.25.3
Pending Merger With Rayonier, Inc.
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Pending Merger With Rayonier, Inc.

NOTE 13. PENDING MERGER WITH RAYONIER INC.

On October 13, 2025, PotlatchDeltic entered into an Agreement and Plan of Merger (the Merger Agreement) with Rayonier Inc. (Rayonier) and Redwood Merger Sub, LLC, a direct wholly owned subsidiary of Rayonier (Merger Sub), pursuant to which PotlatchDeltic will merge with and into Merger Sub with Merger Sub continuing as the surviving entity and a direct wholly owned subsidiary of Rayonier (the Merger). Upon closing, each share of PotlatchDeltic common stock will convert into 1.7339 (the Exchange Ratio) shares of Rayonier common shares, plus cash in lieu of any fractional shares (as such Exchange Ratio and cash amount may be adjusted pursuant to the terms of the Merger Agreement, including as described below, the Merger Consideration).

Concurrently with the Merger announcement, Rayonier declared a one-time special dividend of $1.40 per share (consisting of up to 25% cash and the remainder in Rayonier common shares), payable on December 12, 2025, to shareholders of record as of October 24, 2025 (the Rayonier Special Dividend). To equalize the economic impact of the Rayonier Special Dividend, pursuant to the terms of the Merger Agreement, the Merger Consideration will be adjusted upon the record date of the Rayonier Special Dividend (and calculated immediately following its distribution date). With respect to the stock allocation of the Rayonier Special Dividend, the Exchange Ratio will be increased to account for the number of Rayonier Common Shares issued in the Rayonier Special Dividend. With respect to the cash allocation of the Rayonier Special Dividend, each share of PotlatchDeltic common stock shall be entitled to receive in the Merger an amount of cash equal to the amount of cash paid in the Rayonier Special Dividend on a per-share basis, multiplied by the Exchange Ratio (the Cash Adjustment Amount).

At the effective time of the Merger (the Effective Time), PotlatchDeltic equity awards, including restricted stock units, performance share awards, stock equivalent units, and stock options, will convert into Rayonier equity awards, in each case, pursuant to the terms of the Merger Agreement.

PotlatchDeltic and Rayonier have also agreed to various customary pre-closing covenants, including, to conduct its business in the ordinary course (subject to certain exceptions), to cooperate with respect to seeking regulatory approvals subject to specified limitations, to hold a meeting of its stockholders to obtain the requisite stockholder approvals contemplated by the Merger Agreement, not to solicit proposals relating to alternative business combination transactions, and subject to certain exceptions, not to engage in discussions or negotiations regarding an alternative business combination transaction. PotlatchDeltic and Rayonier have also agreed to coordinate the timing of their regular quarterly dividends prior to closing of the Merger. Each party may also declare and pay additional special dividends (other than the Rayonier Special Dividend) to the extent required to maintain REIT compliance, subject to: (i) an increase to the Cash Adjustment Amount for PotlatchDeltic stockholders if Rayonier declares and pays such a dividend, or (ii) a matching cash distribution by Rayonier if PotlatchDeltic declares and pays such a dividend, in accordance with the Merger Agreement.

The Merger has been unanimously approved by both companies’ boards of directors and remains subject to shareholder approvals, regulatory approval, and other customary closing conditions. The transaction is expected to close in late first quarter or early second quarter of 2026. However, the Merger Agreement may be terminated under certain circumstances by either PotlatchDeltic or Rayonier, including (i) if the Merger has not been completed by July 13, 2026, subject to an automatic extension of 90 calendar days in order to obtain required regulatory approvals if all other closing conditions have been satisfied or waived; (ii) if the approval of either party’s stockholders is not obtained; and (iii) if the other party’s board of directors makes an adverse recommendation change with respect to the proposed Merger. If the Merger Agreement is terminated under certain circumstances, PotlatchDeltic may be required to pay a termination fee to Rayonier equal to $13
v3.25.3
Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
General

General

PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as PotlatchDeltic, 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 manufacturing 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.

Condensed Consolidated Financial Statements

Condensed Consolidated Financial Statements

The accompanying unaudited Condensed Consolidated Financial Statements provide an overall view of our results and financial condition and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. Except as otherwise disclosed in these Notes to Condensed Consolidated Financial Statements, such adjustments are of a normal, recurring nature. Intercompany transactions and accounts have been eliminated in consolidation. The Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission pertaining to interim financial statements. Certain disclosures normally provided in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 13, 2025. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year.
Use of Estimates

Use of Estimates

The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and requires judgments affecting the amounts reported in the financial statements and the accompanying notes. Actual results may differ materially from our estimates.
Commitments and Contingencies

Commitments and Contingencies

We are, from time to time, subject to various claims and legal proceedings that arise in the normal course of business. Based on the information currently available, we do not anticipate that any amounts we may be required to pay in connection with these matters will have a material adverse effect on our consolidated financial position, operating results or net cash flows.

In May 2025, we paid $2.5 million related to our obligations under the Thomson Reservoir Project, leaving $0.1 million accrued as of September 30, 2025. For additional details regarding the project, refer to the section “Commitments, Contingencies and Legal Matters” in Note 1: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

Pending Merger with Rayonier Inc.

Refer to Note 13: Pending Merger with Rayonier Inc. in the Notes to Condensed Consolidated Financial Statements for information regarding our pending merger with Rayonier Inc.
Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 require that public entities, on an annual basis, (i) disclose specific categories in the income tax rate reconciliation and (ii) provide additional information for reconciling items, including disaggregation by jurisdiction, that meet a quantitative threshold prescribed by the standard. ASU 2023-09 should be applied on a prospective basis; however, retrospective application is permitted. The adoption of this ASU on January 1, 2025 will be reflected in our annual financial statements for the year ended December 31, 2025. As ASU 2023-09 impacts disclosures only, we do not expect the adoption to have a material impact on our consolidated financial statements.

Recent Accounting Standards Not Yet Adopted

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 requires 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 currently evaluating this ASU. As the standard impacts disclosures only, we do not expect the adoption to have a material impact on our consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted as of the beginning of the annual reporting period. ASU 2025-06 should be applied either prospectively, retrospectively, or utilizing a modified transition approach. Management is currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.
Reclassifications

Reclassifications

Certain prior period reclassifications were made to conform with current period presentation. These reclassifications had no effect on reported net income, net income per share, comprehensive income (loss), cash flows, total assets, total liabilities, or shareholders’ equity as previously reported.
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Summary of Revenues by Major Product

The following table presents our revenues by major product:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

2025

 

 

2024

 

 

2025

 

 

2024

 

Timberlands

 

 

 

 

 

 

 

 

 

 

 

Northern region

 

 

 

 

 

 

 

 

 

 

 

Sawlogs

$

51,711

 

 

$

46,236

 

 

$

141,578

 

 

$

120,606

 

Pulpwood

 

374

 

 

 

232

 

 

 

2,225

 

 

 

512

 

Other

 

392

 

 

 

365

 

 

 

1,251

 

 

 

1,051

 

Total Northern revenues

 

52,477

 

 

 

46,833

 

 

 

145,054

 

 

 

122,169

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern region

 

 

 

 

 

 

 

 

 

 

 

Sawlogs

 

28,694

 

 

 

31,711

 

 

 

89,281

 

 

 

97,236

 

Pulpwood

 

16,706

 

 

 

18,383

 

 

 

49,087

 

 

 

49,346

 

Stumpage

 

4,911

 

 

 

3,899

 

 

 

13,722

 

 

 

15,619

 

Other

 

5,201

 

 

 

4,306

 

 

 

14,960

 

 

 

12,514

 

Total Southern revenues

 

55,512

 

 

 

58,299

 

 

 

167,050

 

 

 

174,715

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Timberlands revenues

 

107,989

 

 

 

105,132

 

 

 

312,104

 

 

 

296,884

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products

 

 

 

 

 

 

 

 

 

 

 

Lumber

 

131,837

 

 

 

107,473

 

 

 

399,657

 

 

 

345,084

 

Residuals and Panels

 

34,044

 

 

 

31,939

 

 

 

102,688

 

 

 

96,505

 

Total Wood Products revenues

 

165,881

 

 

 

139,412

 

 

 

502,345

 

 

 

441,589

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

Rural real estate

 

51,292

 

 

 

24,409

 

 

 

97,730

 

 

 

114,788

 

Development real estate

 

14,558

 

 

 

10,912

 

 

 

17,684

 

 

 

21,274

 

Other

 

3,732

 

 

 

3,380

 

 

 

10,855

 

 

 

9,478

 

Total Real Estate revenues

 

69,582

 

 

 

38,701

 

 

 

126,269

 

 

 

145,540

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment revenues

 

343,452

 

 

 

283,245

 

 

 

940,718

 

 

 

884,013

 

Intersegment Timberlands revenues1

 

(29,273

)

 

 

(28,114

)

 

 

(83,294

)

 

 

(80,084

)

Total consolidated revenues

$

314,179

 

 

$

255,131

 

 

$

857,424

 

 

$

803,929

 

 

1.
Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
Summary of Information by Business Segment

The following tables summarize information for each of the company’s reportable segments and include a reconciliation of Segment operating income (loss) as the closest measurement to GAAP for the reportable segments to Segment Adjusted EBITDDA.

 

 

 

Three Months Ended September 30, 2025

 

(in thousands)

 

Timberlands

 

 

Wood Products

 

 

Real Estate

 

 

Total

 

Revenues from external customers

 

$

78,716

 

 

$

165,881

 

 

$

69,582

 

 

$

314,179

 

Intersegment Timberlands revenues1

 

 

29,273

 

 

 

—

 

 

 

—

 

 

 

29,273

 

 

 

 

107,989

 

 

 

165,881

 

 

 

69,582

 

 

 

343,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold2

 

 

 

 

 

 

 

 

 

 

 

 

Fiber costs2

 

 

—

 

 

 

79,588

 

 

 

—

 

 

 

79,588

 

Freight, logging and hauling2

 

 

53,038

 

 

 

21,946

 

 

 

—

 

 

 

74,984

 

Manufacturing costs2,3

 

 

—

 

 

 

61,913

 

 

 

—

 

 

 

61,913

 

Finished goods inventory change2

 

 

—

 

 

 

1,994

 

 

 

—

 

 

 

1,994

 

Depreciation, depletion and amortization2

 

 

15,797

 

 

 

9,474

 

 

 

142

 

 

 

25,413

 

Basis in real estate sold2

 

 

—

 

 

 

—

 

 

 

26,024

 

 

 

26,024

 

Other4

 

 

11,125

 

 

 

328

 

 

 

4,770

 

 

 

16,223

 

 

 

 

79,960

 

 

 

175,243

 

 

 

30,936

 

 

 

286,139

 

Segment selling, general and administrative expenses5

 

 

3,104

 

 

 

2,934

 

 

 

1,787

 

 

 

7,825

 

Segment operating income (loss)

 

 

24,925

 

 

 

(12,296

)

 

 

36,859

 

 

 

49,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization6

 

 

16,083

 

 

 

9,582

 

 

 

162

 

 

 

25,827

 

Basis in real estate sold

 

 

—

 

 

 

—

 

 

 

26,024

 

 

 

26,024

 

(Gain) loss on disposal of assets

 

 

(5

)

 

 

240

 

 

 

—

 

 

 

235

 

Segment Adjusted EBITDDA

 

$

41,003

 

 

$

(2,474

)

 

$

63,045

 

 

$

101,574

 

The footnotes below the table for the nine months ended September 30, 2024 are also applicable to the above table.

 

 

 

 

Three Months Ended September 30, 2024

 

(in thousands)

 

Timberlands

 

 

Wood Products

 

 

Real Estate

 

 

Total

 

Revenues from external customers

 

$

77,018

 

 

$

139,412

 

 

$

38,701

 

 

$

255,131

 

Intersegment Timberlands revenues1

 

 

28,114

 

 

 

—

 

 

 

—

 

 

 

28,114

 

 

 

 

105,132

 

 

 

139,412

 

 

 

38,701

 

 

 

283,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold2

 

 

 

 

 

 

 

 

 

 

 

 

Fiber costs2

 

 

—

 

 

 

67,552

 

 

 

—

 

 

 

67,552

 

Freight, logging and hauling2

 

 

56,829

 

 

 

17,314

 

 

 

—

 

 

 

74,143

 

Manufacturing costs2,3

 

 

—

 

 

 

58,025

 

 

 

—

 

 

 

58,025

 

Finished goods inventory change2

 

 

—

 

 

 

2,883

 

 

 

—

 

 

 

2,883

 

Depreciation, depletion and amortization2

 

 

16,450

 

 

 

8,288

 

 

 

117

 

 

 

24,855

 

Basis in real estate sold2

 

 

—

 

 

 

—

 

 

 

12,908

 

 

 

12,908

 

Other4

 

 

10,294

 

 

 

430

 

 

 

4,584

 

 

 

15,308

 

 

 

 

83,573

 

 

 

154,492

 

 

 

17,609

 

 

 

255,674

 

Segment selling, general and administrative expenses5

 

 

2,513

 

 

 

3,234

 

 

 

2,277

 

 

 

8,024

 

Segment operating income (loss)

 

 

19,046

 

 

 

(18,314

)

 

 

18,815

 

 

 

19,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization6

 

 

16,778

 

 

 

8,395

 

 

 

138

 

 

 

25,311

 

Basis in real estate sold

 

 

—

 

 

 

—

 

 

 

12,908

 

 

 

12,908

 

Loss on disposal of assets

 

 

—

 

 

 

338

 

 

 

—

 

 

 

338

 

Segment Adjusted EBITDDA

 

$

35,824

 

 

$

(9,581

)

 

$

31,861

 

 

$

58,104

 

The footnotes below the table for the nine months ended September 30, 2024 are also applicable to the above table.

 

 

 

 

Nine Months Ended September 30, 2025

 

(in thousands)

 

Timberlands

 

 

Wood Products

 

 

Real Estate

 

 

Total

 

Revenues from external customers

 

$

228,810

 

 

$

502,345

 

 

$

126,269

 

 

$

857,424

 

Intersegment Timberlands revenues1

 

 

83,294

 

 

 

—

 

 

 

—

 

 

 

83,294

 

 

 

 

312,104

 

 

 

502,345

 

 

 

126,269

 

 

 

940,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold2

 

 

 

 

 

 

 

 

 

 

 

 

Fiber costs2

 

 

—

 

 

 

236,116

 

 

 

—

 

 

 

236,116

 

Freight, logging and hauling2

 

 

152,544

 

 

 

64,000

 

 

 

—

 

 

 

216,544

 

Manufacturing costs2,3

 

 

—

 

 

 

184,231

 

 

 

—

 

 

 

184,231

 

Finished goods inventory change2

 

 

—

 

 

 

(2,829

)

 

 

—

 

 

 

(2,829

)

Depreciation, depletion and amortization2

 

 

46,148

 

 

 

29,308

 

 

 

402

 

 

 

75,858

 

Basis in real estate sold2

 

 

—

 

 

 

—

 

 

 

47,378

 

 

 

47,378

 

Other4

 

 

29,003

 

 

 

923

 

 

 

12,605

 

 

 

42,531

 

 

 

 

227,695

 

 

 

511,749

 

 

 

60,385

 

 

 

799,829

 

Segment selling, general and administrative expenses5

 

 

8,553

 

 

 

9,999

 

 

 

5,202

 

 

 

23,754

 

Segment operating income (loss)

 

 

75,856

 

 

 

(19,403

)

 

 

60,682

 

 

 

117,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization6

 

 

47,089

 

 

 

29,629

 

 

 

461

 

 

 

77,179

 

Basis in real estate sold

 

 

—

 

 

 

—

 

 

 

47,378

 

 

 

47,378

 

(Gain) loss on disposal of assets

 

 

(5

)

 

 

663

 

 

 

—

 

 

 

658

 

Segment Adjusted EBITDDA

 

$

122,940

 

 

$

10,889

 

 

$

108,521

 

 

$

242,350

 

The footnotes below the table for the nine months ended September 30, 2024 are also applicable to the above table.

 

 

 

Nine Months Ended September 30, 2024

 

(in thousands)

 

Timberlands

 

 

Wood Products

 

 

Real Estate

 

 

Total

 

Revenues from external customers

 

$

216,800

 

 

$

441,589

 

 

$

145,540

 

 

$

803,929

 

Intersegment Timberlands revenues1

 

 

80,084

 

 

 

—

 

 

 

—

 

 

 

80,084

 

 

 

 

296,884

 

 

 

441,589

 

 

 

145,540

 

 

 

884,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold2

 

 

 

 

 

 

 

 

 

 

 

 

Fiber costs2

 

 

—

 

 

 

216,595

 

 

 

—

 

 

 

216,595

 

Freight, logging and hauling2

 

 

157,158

 

 

 

55,805

 

 

 

—

 

 

 

212,963

 

Manufacturing costs2,3

 

 

—

 

 

 

175,845

 

 

 

—

 

 

 

175,845

 

Finished goods inventory change2

 

 

—

 

 

 

(1,061

)

 

 

—

 

 

 

(1,061

)

Depreciation, depletion and amortization2

 

 

50,210

 

 

 

32,815

 

 

 

348

 

 

 

83,373

 

Basis in real estate sold2

 

 

—

 

 

 

—

 

 

 

73,530

 

 

 

73,530

 

Other4

 

 

28,057

 

 

 

549

 

 

 

12,023

 

 

 

40,629

 

 

 

 

235,425

 

 

 

480,548

 

 

 

85,901

 

 

 

801,874

 

Segment selling, general and administrative expenses5

 

 

7,956

 

 

 

10,979

 

 

 

5,916

 

 

 

24,851

 

Segment operating income (loss)

 

 

53,503

 

 

 

(49,938

)

 

 

53,723

 

 

 

57,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization6

 

 

51,193

 

 

 

33,138

 

 

 

412

 

 

 

84,743

 

Basis in real estate sold

 

 

—

 

 

 

—

 

 

 

73,530

 

 

 

73,530

 

Loss (gain) on disposal of assets

 

 

—

 

 

 

275

 

 

 

(8

)

 

 

267

 

Segment Adjusted EBITDDA

 

$

104,696

 

 

$

(16,525

)

 

$

127,657

 

 

$

215,828

 

 

1.
Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
2.
Significant expense 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.

The following table reconciles Total Segment Adjusted EBITDDA to Total Adjusted EBITDDA and Income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total Segment Adjusted EBITDDA

 

$

101,574

 

 

$

58,104

 

 

$

242,350

 

 

$

215,828

 

Corporate Adjusted EBITDDA1

 

 

(12,042

)

 

 

(12,203

)

 

 

(37,355

)

 

 

(36,624

)

Eliminations and adjustments2

 

 

(269

)

 

 

1

 

 

 

(340

)

 

 

(407

)

Total Adjusted EBITDDA

 

 

89,263

 

 

 

45,902

 

 

 

204,655

 

 

 

178,797

 

Interest expense, net

 

 

(11,461

)

 

 

(9,635

)

 

 

(23,365

)

 

 

(18,049

)

Depreciation, depletion and amortization3

 

 

(26,046

)

 

 

(25,487

)

 

 

(77,820

)

 

 

(85,150

)

Basis in real estate sold

 

 

(26,022

)

 

 

(12,905

)

 

 

(47,370

)

 

 

(73,522

)

Merger-related expenses

 

 

(1,903

)

 

 

—

 

 

 

(1,903

)

 

 

—

 

Environmental charge

 

 

—

 

 

 

—

 

 

 

(490

)

 

 

—

 

Non-operating pension and other postretirement employee benefits

 

 

(351

)

 

 

200

 

 

 

(1,053

)

 

 

602

 

Loss on disposal of assets

 

 

(234

)

 

 

(338

)

 

 

(658

)

 

 

(267

)

Other

 

 

1,222

 

 

 

1,516

 

 

 

1,757

 

 

 

1,348

 

Income (loss) before income taxes

 

$

24,468

 

 

$

(747

)

 

$

53,753

 

 

$

3,759

 

 

1.
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.
2.
Includes elimination of intersegment profit in ending Wood Products inventory for logs purchased from our Timberlands segment and LIFO adjustments.
3.
Excludes amortization of bond discounts and deferred loan fees which are reported within interest expense, net on the Condensed Consolidated Statements of Operations.

The following tables summarize additional reportable segment financial information:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation, depletion and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

16,083

 

 

$

16,778

 

 

$

47,089

 

 

$

51,193

 

Wood Products

 

 

9,582

 

 

 

8,395

 

 

 

29,629

 

 

 

33,138

 

Real Estate

 

 

162

 

 

 

138

 

 

 

461

 

 

 

412

 

Corporate

 

 

219

 

 

 

176

 

 

 

641

 

 

 

407

 

 

 

26,046

 

 

 

25,487

 

 

 

77,820

 

 

 

85,150

 

Bond discounts and deferred loan fees1

 

 

324

 

 

 

406

 

 

 

1,087

 

 

 

1,219

 

Total depreciation, depletion and amortization

 

$

26,370

 

 

$

25,893

 

 

$

78,907

 

 

$

86,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basis of real estate sold:

 

 

 

 

 

 

 

 

 

Real Estate

 

$

26,024

 

 

$

12,908

 

 

$

47,378

 

 

$

73,530

 

Eliminations and adjustments

 

 

(2

)

 

 

(3

)

 

 

(8

)

 

 

(8

)

Total basis of real estate sold

 

$

26,022

 

 

$

12,905

 

 

$

47,370

 

 

$

73,522

 

 

1.
Included within interest expense, net in the Condensed Consolidated Statements of Operations.

 

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

Timberlands1

 

$

2,361,963

 

 

$

2,396,642

 

Wood Products

 

 

538,700

 

 

 

537,665

 

Real Estate2

 

 

68,916

 

 

 

67,527

 

 

 

 

2,969,579

 

 

 

3,001,834

 

Corporate

 

 

203,960

 

 

 

303,609

 

Total consolidated assets

 

$

3,173,539

 

 

$

3,305,443

 

 

 

1.
We do not report rural real estate separately from Timberlands as we do not report these assets separately to management.
2.
Real Estate assets primarily consist of a master planned community development and a country club.

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Capital Expenditures:1

 

 

 

 

 

 

 

 

 

 

 

 

Timberlands

 

$

6,612

 

 

$

6,476

 

 

$

18,012

 

 

$

19,321

 

Wood Products

 

 

5,937

 

 

 

25,247

 

 

 

20,650

 

 

 

50,825

 

Real Estate2

 

 

2,905

 

 

 

2,791

 

 

 

9,941

 

 

 

5,828

 

 

 

 

15,454

 

 

 

34,514

 

 

 

48,603

 

 

 

75,974

 

Corporate

 

 

95

 

 

 

120

 

 

 

136

 

 

 

799

 

Total capital expenditures

 

$

15,549

 

 

$

34,634

 

 

$

48,739

 

 

$

76,773

 

 

1.
Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment.
2.
Real Estate capital expenditures include development expenditures of $2.7 million and $8.8 million for the three and nine months ended September 30, 2025, respectively, and $2.6 million and $5.3 million for the three and nine months ended September 30, 2024, respectively.
v3.25.3
Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share

The following table reconciles the number of shares used in calculating basic and diluted earnings per share:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Basic weighted-average shares outstanding

 

 

77,635

 

 

 

79,173

 

 

 

78,306

 

 

 

79,494

 

Incremental shares due to:

 

 

 

 

 

 

 

 

 

 

 

 

Performance shares

 

 

154

 

 

 

30

 

 

 

88

 

 

 

19

 

Restricted stock units

 

 

100

 

 

 

74

 

 

 

83

 

 

 

50

 

Diluted weighted-average shares outstanding

 

 

77,889

 

 

 

79,277

 

 

 

78,477

 

 

 

79,563

 

 
v3.25.3
Certain Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Inventories

Inventories

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Logs

 

$

35,298

 

 

$

31,786

 

Lumber, panels and veneer

 

 

38,885

 

 

 

37,689

 

Materials and supplies

 

 

32,853

 

 

 

29,284

 

Total inventories

 

 

107,036

 

 

 

98,759

 

Less: LIFO reserve

 

 

(15,833

)

 

 

(15,833

)

Total inventories, net

 

$

91,203

 

 

$

82,926

 
Schedule of Property, Plant and Equipment

Property, plant and equipment

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Property, plant and equipment

 

$

715,863

 

 

$

710,703

 

Less: accumulated depreciation

 

 

(319,354

)

 

 

(301,790

)

Total property, plant and equipment, net

 

$

396,509

 

 

$

408,913

 

 
Schedule of Timber and Timberlands

Timber and timberlands

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Timber and timberlands, net

 

$

2,224,042

 

 

$

2,263,991

 

Logging roads, net

 

 

93,240

 

 

 

93,160

 

Total timber and timberlands, net

 

$

2,317,282

 

 

$

2,357,151

 
Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities

 

(in thousands)

 

September 30, 2025

 

 

December 31, 2024

 

Accrued payroll and benefits

 

$

23,024

 

 

$

25,249

 

Accounts payable

 

 

19,240

 

 

 

16,991

 

Deferred revenue1

 

 

14,611

 

 

 

12,234

 

Accrued taxes

 

 

8,615

 

 

 

5,212

 

Accrued interest

 

 

5,724

 

 

 

6,826

 

Other current liabilities

 

 

26,397

 

 

 

29,116

 

Total accounts payable and accrued liabilities

 

$

97,611

 

 

$

95,628

 

 

1.

Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods has not transferred, member-related activities at an owned country club and any post-close obligations for real estate sales. These deferred revenues are recognized over the term of the respective contract, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.
v3.25.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instrument Detail [Abstract]  
Gross Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheets

The gross fair values of derivative instruments on our Condensed Consolidated Balance Sheets were as follows:

 

(in thousands)

 

Location

 

September 30, 2025

 

 

December 31, 2024

 

Derivatives designated in cash flow hedging relationships:

 

Interest rate contracts

 

Other assets, current1

 

$

232

 

 

$

—

 

Interest rate contracts

 

Other assets, non-current

 

 

99,982

 

 

 

138,354

 

 

 

 

 

$

100,214

 

 

$

138,354

 

 

1.
Derivative instruments that mature within one year, as a whole, are classified as current.
Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss)

The following table details the effect of derivatives on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income (Loss):

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

Location

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivatives designated in cash flow hedging relationships:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income recognized in other comprehensive income (loss), net of tax

 

 

 

$

(3,811

)

 

$

(23,130

)

 

$

(19,075

)

 

$

7,574

 

Amounts reclassified from accumulated other comprehensive income to income, net of tax1

 

Interest expense, net

 

$

4,827

 

 

$

5,583

 

 

$

13,878

 

 

$

16,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

$

11,461

 

 

$

9,635

 

 

$

23,365

 

 

$

18,049

 

 

1.

Realized gains and losses on interest rate contracts consist of realized net cash received or paid and interest accruals on the interest rate swaps during the periods in addition to amortization of amounts out of other comprehensive income (loss) related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. For the nine months ended September 30, 2025 and 2024, we amortized $8.5 million and $8.0 million, respectively, of the off-market designated hedges. Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations.

v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instrument Detail [Abstract]  
Estimated Fair Value of Financial Instruments

The following table presents the estimated fair values of our financial instruments:

 

 

 

September 30, 2025

 

 

December 31, 2024

 

(in thousands)

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

Derivative assets related to interest rate swaps (Level 2)

 

$

100,214

 

 

$

100,214

 

 

$

138,354

 

 

$

138,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, including current portion (Level 2)1

 

$

(1,037,000

)

 

$

(1,037,000

)

 

$

(1,036,569

)

 

$

(1,035,608

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Company owned life insurance asset (COLI) (Level 3)

 

$

6,125

 

 

$

6,125

 

 

$

6,026

 

 

$

6,026

 

 

1.

At December 31, 2024, the carrying amount of long-term debt included principal and unamortized discounts.
v3.25.3
Equity-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation Activity

Share-based compensation activity during the nine months ended September 30, 2025 included the following:

 

 

 

Granted

 

 

Vested

 

 

Forfeited

 

Performance Share Awards (PSAs)

 

 

122,251

 

 

 

—

 

 

 

3,813

 

Restricted Stock Units (RSUs)

 

 

113,263

 

 

 

42,511

 

 

 

2,523

 
Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards

The following table details compensation expense and the related income tax benefit for company specific equity-based awards:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity-based compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

Performance share awards

 

$

1,722

 

 

$

1,635

 

 

$

4,878

 

 

$

4,628

 

Restricted stock units

 

 

1,415

 

 

 

1,260

 

 

 

4,169

 

 

 

3,691

 

Deferred compensation stock equivalent units expense

 

 

22

 

 

 

51

 

 

 

66

 

 

 

149

 

Total equity-based compensation expense

 

$

3,159

 

 

$

2,946

 

 

$

9,113

 

 

$

8,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total tax benefit recognized for equity-based expense

 

$

195

 

 

$

197

 

 

$

584

 

 

$

554

 
Fair Value of Performance Share Awards Granted

The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards granted in 2025:

 

Stock price as of valuation date

$

45.19

 

Risk-free rate

 

4.18

%

Expected volatility

 

26.64

%

Expected dividend yield1

 

—

 

Expected term (years)

 

3.00

 

 

1.
Full dividend reinvestment assumed.
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities

The following table presents supplemental balance sheet information related to lease assets and liabilities:

 

(in thousands)

Classification

 

September 30, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

 

Operating lease assets

Other long-term assets

 

$

8,982

 

 

$

10,167

 

Finance lease assets1

Property, plant and equipment, net

 

 

14,880

 

 

 

12,266

 

Total lease assets

 

 

$

23,862

 

 

$

22,433

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

Operating lease liabilities

Accounts payable and accrued liabilities

 

$

3,263

 

 

$

3,027

 

Finance lease liabilities

Accounts payable and accrued liabilities

 

 

6,085

 

 

 

5,257

 

Noncurrent:

 

 

 

 

 

 

 

Operating lease liabilities

Other long-term obligations

 

 

5,499

 

 

 

7,030

 

Finance lease liabilities

Other long-term obligations

 

 

8,650

 

 

 

6,959

 

Total lease liabilities

 

 

$

23,497

 

 

$

22,273

 

 

1.
Finance lease assets are presented net of accumulated amortization of $12.4 million and $12.6 million at September 30, 2025 and December 31, 2024, respectively.
Schedule of Components of Lease Expense

The following table presents the components of lease expense:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease costs1

 

$

921

 

 

$

893

 

 

$

2,737

 

 

$

2,593

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

 

1,635

 

 

 

1,441

 

 

 

4,501

 

 

 

4,061

 

Interest expense

 

 

188

 

 

 

152

 

 

 

503

 

 

 

431

 

Net lease costs

 

$

2,744

 

 

$

2,486

 

 

$

7,741

 

 

$

7,085

 

 

1.
Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Cash Flow Information Related Leases

The following table presents supplemental cash flow information related to leases:

 

 

 

 

Nine Months Ended September 30,

 

(in thousands)

 

 

2025

 

 

2024

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

2,860

 

 

$

2,757

 

Operating cash flows for finance leases

 

$

503

 

 

$

431

 

Financing cash flows for finance leases

 

$

4,594

 

 

$

4,142

 

Leased assets exchanged for new lease liabilities:

 

 

 

 

 

 

Operating leases

 

$

1,168

 

 

$

2,989

 

Finance leases

 

$

7,116

 

 

$

5,215

 
v3.25.3
Pension and Other Postretirement Employee Benefits (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits, Description [Abstract]  
Components of Net Periodic Cost (Benefit)

The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefit plans (OPEB):

 

 

 

Three Months Ended September 30,

 

 

 

Pension

 

 

OPEB

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

1,266

 

 

$

1,321

 

 

$

15

 

 

$

22

 

Interest cost

 

 

3,230

 

 

 

3,124

 

 

 

252

 

 

 

220

 

Expected return on plan assets

 

 

(2,933

)

 

 

(3,237

)

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

5

 

 

 

—

 

 

 

—

 

Amortization of actuarial (gain) loss

 

 

43

 

 

 

19

 

 

 

(241

)

 

 

(331

)

Total net periodic cost

 

$

1,606

 

 

$

1,232

 

 

$

26

 

 

$

(89

)

 

 

 

 

Nine Months Ended September 30,

 

 

 

Pension

 

 

OPEB

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

3,799

 

 

$

3,964

 

 

$

43

 

 

$

69

 

Interest cost

 

 

9,688

 

 

 

9,369

 

 

 

755

 

 

 

658

 

Expected return on plan assets

 

 

(8,798

)

 

 

(9,711

)

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

—

 

 

 

15

 

 

 

—

 

 

 

—

 

Amortization of actuarial (gain) loss

 

 

129

 

 

 

59

 

 

 

(721

)

 

 

(992

)

Total net periodic cost

 

$

4,818

 

 

$

3,696

 

 

$

77

 

 

$

(265

)
v3.25.3
Components of Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income

The following table details changes in amounts included in our Accumulated Other Comprehensive Income (AOCI) by component on our Condensed Consolidated Balance Sheets, net of tax:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Pension and Other Postretirement Employee Benefits

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

(28,946

)

 

$

(19,384

)

 

$

(28,651

)

 

$

(18,925

)

Reclassifications from AOCI to earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Other1

 

 

(198

)

 

 

(307

)

 

 

(592

)

 

 

(918

)

Tax effect

 

 

50

 

 

 

77

 

 

 

149

 

 

 

229

 

Net of tax amount

 

 

(148

)

 

 

(230

)

 

 

(443

)

 

 

(689

)

Balance at end of period

 

 

(29,094

)

 

 

(19,614

)

 

 

(29,094

)

 

 

(19,614

)

Cash Flow Hedges

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

118,477

 

 

 

141,493

 

 

 

142,792

 

 

 

121,957

 

Unrecognized gains (losses) arising in AOCI during the period:

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

 

(90

)

 

 

(23,502

)

 

 

(15,464

)

 

 

7,695

 

Tax effect

 

 

380

 

 

 

372

 

 

 

490

 

 

 

(121

)

Reclassifications from AOCI to earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Gross2

 

 

(4,935

)

 

 

(5,708

)

 

 

(14,152

)

 

 

(17,124

)

Tax effect

 

 

108

 

 

 

125

 

 

 

274

 

 

 

373

 

Net of tax amount

 

 

(4,537

)

 

 

(28,713

)

 

 

(28,852

)

 

 

(9,177

)

Other reclassifications3

 

 

(4,101

)

 

 

—

 

 

 

(4,101

)

 

 

—

 

Balance at end of period

 

 

109,839

 

 

 

112,780

 

 

 

109,839

 

 

 

112,780

 

Accumulated other comprehensive income, end of period

 

$

80,745

 

 

$

93,166

 

 

$

80,745

 

 

$

93,166

 

 

1.
Included in the computation of net periodic pension costs.
2.
Included in Interest expense, net on the Condensed Consolidated Statement of Operations.
3.
Deferred tax impact of a forward-starting interest rate swap redesignated from our REIT to the TRS related to the August 2025 debt refinance.
v3.25.3
Basis of Presentation (Narrative) (Details)
a in Millions, $ in Millions
 1 Months Ended
May 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
a
Basis of Presentation [Line Items]    
Timber and timberlands acres owned | a   2.1
Thomson Reservoir Sediment Remediation Project    
Basis of Presentation [Line Items]    
Amount paid related to obligations for project $ 2.5  
Accrued amount   $ 0.1
v3.25.3
Segment Information (Narrative) (Details)
 9 Months Ended
Sep. 30, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.3
Segment Information (Summary of Revenues by Major Product) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation Of Revenue [Line Items]        
Revenues $ 314,179 $ 255,131 $ 857,424 $ 803,929
Operating Segments [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 343,452 283,245 940,718 884,013
Intersegment Eliminations [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues [1] (29,273) (28,114) (83,294) (80,084)
Timberlands [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 78,716 77,018 228,810 216,800
Timberlands [Member] | Operating Segments [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 107,989 105,132 312,104 296,884
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 52,477 46,833 145,054 122,169
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Sawlogs [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 51,711 46,236 141,578 120,606
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Pulpwood [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 374 232 2,225 512
Timberlands [Member] | Operating Segments [Member] | Northern Region [Member] | Other [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 392 365 1,251 1,051
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 55,512 58,299 167,050 174,715
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Sawlogs [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 28,694 31,711 89,281 97,236
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Pulpwood [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 16,706 18,383 49,087 49,346
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Stumpage [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 4,911 3,899 13,722 15,619
Timberlands [Member] | Operating Segments [Member] | Southern Region [Member] | Other [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 5,201 4,306 14,960 12,514
Timberlands [Member] | Intersegment Eliminations [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues (29,273) (28,114) (83,294) (80,084)
Wood Products [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 165,881 139,412 502,345 441,589
Wood Products [Member] | Operating Segments [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 165,881 139,412 502,345 441,589
Wood Products [Member] | Operating Segments [Member] | Lumber [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 131,837 107,473 399,657 345,084
Wood Products [Member] | Operating Segments [Member] | Residuals and Panels [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 34,044 31,939 102,688 96,505
Wood Products [Member] | Intersegment Eliminations [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 0 0 0 0
Real Estate Segment [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 69,582 38,701 126,269 145,540
Real Estate Segment [Member] | Operating Segments [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 69,582 38,701 126,269 145,540
Real Estate Segment [Member] | Operating Segments [Member] | Rural Real Estate [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 51,292 24,409 97,730 114,788
Real Estate Segment [Member] | Operating Segments [Member] | Development Real Estate [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 14,558 10,912 17,684 21,274
Real Estate Segment [Member] | Operating Segments [Member] | Other [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues 3,732 3,380 10,855 9,478
Real Estate Segment [Member] | Intersegment Eliminations [Member]        
Disaggregation Of Revenue [Line Items]        
Revenues $ 0 $ 0 $ 0 $ 0
[1] Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
v3.25.3
Segment Information (Summary of Information by Business Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 314,179 $ 255,131 $ 857,424 $ 803,929
Basis of real estate sold 26,022 12,905 47,370 73,522
Cost of goods sold 257,130 227,556 716,867 722,189
Segment selling, general and administrative expenses 20,088 20,403 61,750 61,882
Segment operating income (loss) 35,058 7,172 76,414 19,858
Depreciation, depletion and amortization 26,370 25,893 78,907 86,369
Loss (gain) on disposal of assets (234) (338) (658) (267)
Adjusted EBITDDA 89,263 45,902 204,655 178,797
Timberlands [Member]        
Segment Reporting Information [Line Items]        
Revenues 78,716 77,018 228,810 216,800
Wood Products [Member]        
Segment Reporting Information [Line Items]        
Revenues 165,881 139,412 502,345 441,589
Real Estate Segment [Member]        
Segment Reporting Information [Line Items]        
Revenues 69,582 38,701 126,269 145,540
Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Revenues 343,452 283,245 940,718 884,013
Fiber costs 79,588 67,552 236,116 216,595
Freight, logging and hauling 74,984 74,143 216,544 212,963
Manufacturing costs 61,913 58,025 184,231 175,845
Finished goods inventory change 1,994 2,883 (2,829) (1,061)
Depreciation, depletion and amortization 25,827 25,311 75,858 84,743
Basis of real estate sold 26,024 12,908 47,378 73,530
Other 16,223 15,308 42,531 40,629
Cost of goods sold 286,139 255,674 799,829 801,874
Segment selling, general and administrative expenses 7,825 8,024 23,754 24,851
Segment operating income (loss) 49,488 19,547 117,135 57,288
Depreciation, depletion and amortization 25,413 24,855 77,179 83,373
Loss (gain) on disposal of assets 235 338 658 267
Adjusted EBITDDA 101,574 58,104 242,350 215,828
Operating Segments [Member] | Timberlands [Member]        
Segment Reporting Information [Line Items]        
Revenues 107,989 105,132 312,104 296,884
Fiber costs 0 0 0 0
Freight, logging and hauling 53,038 56,829 152,544 157,158
Manufacturing costs 0 0 0 0
Finished goods inventory change 0 0 0 0
Depreciation, depletion and amortization 16,083 16,778 46,148 51,193
Basis of real estate sold 0 0 0 0
Other 11,125 10,294 29,003 28,057
Cost of goods sold 79,960 83,573 227,695 235,425
Segment selling, general and administrative expenses 3,104 2,513 8,553 7,956
Segment operating income (loss) 24,925 19,046 75,856 53,503
Depreciation, depletion and amortization 15,797 16,450 47,089 50,210
Loss (gain) on disposal of assets (5) 0 (5) 0
Adjusted EBITDDA 41,003 35,824 122,940 104,696
Operating Segments [Member] | Wood Products [Member]        
Segment Reporting Information [Line Items]        
Revenues 165,881 139,412 502,345 441,589
Fiber costs 79,588 67,552 236,116 216,595
Freight, logging and hauling 21,946 17,314 64,000 55,805
Manufacturing costs 61,913 58,025 184,231 175,845
Finished goods inventory change 1,994 2,883 (2,829) (1,061)
Depreciation, depletion and amortization 9,582 8,395 29,308 33,138
Basis of real estate sold 0 0 0 0
Other 328 430 923 549
Cost of goods sold 175,243 154,492 511,749 480,548
Segment selling, general and administrative expenses 2,934 3,234 9,999 10,979
Segment operating income (loss) (12,296) (18,314) (19,403) (49,938)
Depreciation, depletion and amortization 9,474 8,288 29,629 32,815
Loss (gain) on disposal of assets 240 338 663 275
Adjusted EBITDDA (2,474) (9,581) 10,889 (16,525)
Operating Segments [Member] | Real Estate Segment [Member]        
Segment Reporting Information [Line Items]        
Revenues 69,582 38,701 126,269 145,540
Fiber costs 0 0 0 0
Freight, logging and hauling 0 0 0 0
Manufacturing costs 0 0 0 0
Finished goods inventory change 0 0 0 0
Depreciation, depletion and amortization 162 138 402 412
Basis of real estate sold 26,024 12,908 47,378 73,530
Other 4,770 4,584 12,605 12,023
Cost of goods sold 30,936 17,609 60,385 85,901
Segment selling, general and administrative expenses 1,787 2,277 5,202 5,916
Segment operating income (loss) 36,859 18,815 60,682 53,723
Depreciation, depletion and amortization 142 117 461 348
Loss (gain) on disposal of assets 0 0 0 (8)
Adjusted EBITDDA 63,045 31,861 108,521 127,657
Corporate [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDDA [1] (12,042) (12,203) (37,355) (36,624)
Intersegment Eliminations [Member]        
Segment Reporting Information [Line Items]        
Revenues [2] (29,273) (28,114) (83,294) (80,084)
Basis of real estate sold (2) (3) (8) (8)
Adjusted EBITDDA [3] (269) 1 (340) (407)
Intersegment Eliminations [Member] | Timberlands [Member]        
Segment Reporting Information [Line Items]        
Revenues (29,273) (28,114) (83,294) (80,084)
Intersegment Eliminations [Member] | Wood Products [Member]        
Segment Reporting Information [Line Items]        
Revenues 0 0 0 0
Intersegment Eliminations [Member] | Real Estate Segment [Member]        
Segment Reporting Information [Line Items]        
Revenues $ 0 $ 0 $ 0 $ 0
[1] 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.
[2] Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
[3] Includes elimination of intersegment profit in ending Wood Products inventory for logs purchased from our Timberlands segment and LIFO adjustments.
v3.25.3
Segment Information - Reconciliation of Total Segment Adjusted EBITDDA to Total Adjusted EBITDDA and Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Adjusted EBITDDA $ 89,263 $ 45,902 $ 204,655 $ 178,797
Interest expense, net (11,461) (9,635) (23,365) (18,049)
Depreciation, depletion and amortization [1] (26,046) (25,487) (77,820) (85,150)
Basis of real estate sold (26,022) (12,905) (47,370) (73,522)
Merger-related expenses 1,903 0 1,903 0
Environmental charge 0 0 (490) 0
Non-operating pension and other postretirement employee benefits (351) 200 (1,053) 602
Loss on disposal of assets (234) (338) (658) (267)
Other 1,222 1,516 1,757 1,348
Income (loss) before income taxes 24,468 (747) 53,753 3,759
Operating Segments [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDDA 101,574 58,104 242,350 215,828
Depreciation, depletion and amortization (26,046) (25,487) (77,820) (85,150)
Basis of real estate sold (26,024) (12,908) (47,378) (73,530)
Loss on disposal of assets 235 338 658 267
Corporate [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDDA [2] (12,042) (12,203) (37,355) (36,624)
Depreciation, depletion and amortization (219) (176) (641) (407)
Intersegment Eliminations [Member]        
Segment Reporting Information [Line Items]        
Adjusted EBITDDA [3] (269) 1 (340) (407)
Basis of real estate sold $ 2 $ 3 $ 8 $ 8
[1] Excludes amortization of bond discounts and deferred loan fees which are reported within interest expense, net on the Condensed Consolidated Statements of Operations.
[2] 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.
[3] Includes elimination of intersegment profit in ending Wood Products inventory for logs purchased from our Timberlands segment and LIFO adjustments.
v3.25.3
Segment Information (Summary of Additional Reportable Segment Financial Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Depreciation, depletion and amortization [1] $ 26,046 $ 25,487 $ 77,820 $ 85,150  
Bond discounts and deferred loan fees [2] 324 406 1,087 1,219  
Total depreciation, depletion and amortization 26,370 25,893 78,907 86,369  
Basis of real estate sold 26,022 12,905 47,370 73,522  
Assets 3,173,539   3,173,539   $ 3,305,443
Capital Expenditures [3] 15,549 34,634 48,739 76,773  
Operating Segments [Member]          
Segment Reporting Information [Line Items]          
Depreciation, depletion and amortization 26,046 25,487 77,820 85,150  
Total depreciation, depletion and amortization 25,413 24,855 77,179 83,373  
Basis of real estate sold 26,024 12,908 47,378 73,530  
Assets 2,969,579   2,969,579   3,001,834
Capital Expenditures [3] 15,454 34,514 48,603 75,974  
Operating Segments [Member] | Timberlands [Member]          
Segment Reporting Information [Line Items]          
Depreciation, depletion and amortization 16,083 16,778 47,089 51,193  
Total depreciation, depletion and amortization 15,797 16,450 47,089 50,210  
Basis of real estate sold 0 0 0 0  
Assets [4] 2,361,963   2,361,963   2,396,642
Capital Expenditures [3] 6,612 6,476 18,012 19,321  
Operating Segments [Member] | Wood Products [Member]          
Segment Reporting Information [Line Items]          
Depreciation, depletion and amortization 9,582 8,395 29,629 33,138  
Total depreciation, depletion and amortization 9,474 8,288 29,629 32,815  
Basis of real estate sold 0 0 0 0  
Assets 538,700   538,700   537,665
Capital Expenditures [3] 5,937 25,247 20,650 50,825  
Operating Segments [Member] | Real Estate Segment [Member]          
Segment Reporting Information [Line Items]          
Depreciation, depletion and amortization 162 138 461 412  
Total depreciation, depletion and amortization 142 117 461 348  
Basis of real estate sold 26,024 12,908 47,378 73,530  
Assets [5] 68,916   68,916   67,527
Capital Expenditures [3],[6] 2,905 2,791 9,941 5,828  
Corporate [Member]          
Segment Reporting Information [Line Items]          
Depreciation, depletion and amortization 219 176 641 407  
Assets 203,960   203,960   $ 303,609
Capital Expenditures [3] 95 120 136 799  
Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Basis of real estate sold $ (2) $ (3) $ (8) $ (8)  
[1] Excludes amortization of bond discounts and deferred loan fees which are reported within interest expense, net on the Condensed Consolidated Statements of Operations.
[2] Included within interest expense, net in the Condensed Consolidated Statements of Operations.
[3] Does not include the acquisition of timber and timberlands, all of which were acquired by our Timberlands segment.
[4] We do not report rural real estate separately from Timberlands as we do not report these assets separately to management.
[5] Real Estate assets primarily consist of a master planned community development and a country club.
[6] Real Estate capital expenditures include development expenditures of $2.7 million and $8.8 million for the three and nine months ended September 30, 2025, respectively, and $2.6 million and $5.3 million for the three and nine months ended September 30, 2024, respectively.
v3.25.3
Segment Information (Summary of Additional Reportable Segment Financial Information) (Parenthetical) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting [Abstract]        
Real estate development expenditures $ (2,700) $ (2,600) $ (8,818) $ (5,305)
v3.25.3
Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings per Share [Line Items]        
Basic weighted-average shares outstanding 77,635 79,173 78,306 79,494
Diluted weighted-average shares outstanding 77,889 79,277 78,477 79,563
Performance shares [Member]        
Earnings per Share [Line Items]        
Incremental shares 154 30 88 19
Restricted stock units [Member]        
Earnings per Share [Line Items]        
Incremental shares 100 74 83 50
v3.25.3
Earnings per Share (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Aug. 31, 2022
Earnings per Share [Line Items]          
Total anti-dilutive shares excluded from the calculation (in shares) 0 50,000 170,900 138,000  
2022 Repurchase Program [Member]          
Earnings per Share [Line Items]          
Number of shares repurchased   56,851 1,511,923 666,475  
Number of shares repurchased, cost   $ 2.4 $ 60.0 $ 27.4  
Stock repurchase program, remaining amount $ 30.0   $ 30.0    
Maximum [Member] | 2022 Repurchase Program [Member]          
Earnings per Share [Line Items]          
Stock repurchase program, authorized amount         $ 200.0
v3.25.3
Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Logs $ 35,298 $ 31,786
Lumber, panels and veneer 38,885 37,689
Materials and supplies 32,853 29,284
Inventories gross 107,036 98,759
Less: LIFO reserve (15,833) (15,833)
Total inventories $ 91,203 $ 82,926
v3.25.3
Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Property, plant and equipment $ 715,863 $ 710,703
Less: accumulated depreciation (319,354) (301,790)
Total property, plant and equipment, net $ 396,509 $ 408,913
v3.25.3
Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Timber And Timberlands [Abstract]    
Timber and timberlands, net $ 2,224,042 $ 2,263,991
Logging roads, net 93,240 93,160
Total timber and timberlands, net $ 2,317,282 $ 2,357,151
v3.25.3
Certain Balance Sheet Components - (Narrative) (Details) - Arkansas [Member]
$ in Millions
 1 Months Ended 9 Months Ended
Jan. 31, 2024
USD ($)
a
Sep. 30, 2025
USD ($)
a
Property, Plant and Equipment [Line Items]    
Acres acquired through mature timberland purchase | a 16,000 11,200
Aggregate amount paid or expected to pay to acquire mature timberlands | $ $ 31.4 $ 24.8
v3.25.3
Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Accounts Payable and Accrued Liabilities, Current [Abstract]    
Accrued payroll and benefits $ 23,024 $ 25,249
Accounts payable 19,240 16,991
Deferred revenue [1] 14,611 12,234
Accrued taxes 8,615 5,212
Accrued interest 5,724 6,826
Other current liabilities 26,397 29,116
Total accounts payable and accrued liabilities $ 97,611 $ 95,628
[1]

Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods has not transferred, member-related activities at an owned country club and any post-close obligations for real estate sales. These deferred revenues are recognized over the term of the respective contract, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.
v3.25.3
Debt (Narrative) (Details) - USD ($)
 9 Months Ended
Aug. 27, 2025
May 18, 2023
Sep. 30, 2025
Term Loans [Member]      
Debt Instrument [Line Items]      
Outstanding long-term debt current, gross     $ 27,500,000
Variable Rate Term Loans [Member]      
Debt Instrument [Line Items]      
Debt repayment $ 27,500,000    
Debt instrument, maturity month and year     2026-02
New Term Loan [Member]      
Debt Instrument [Line Items]      
Proceeds from Issuance of debt 100,000,000    
Long-term amount $ 127,500,000    
Debt instrument, maturity date Aug. 27, 2035    
Basis spread on variable rate 2.30%    
Outstanding long-term debt $ 75,000,000    
Interest rate percentage 4.11%    
Letter of Credit [Member]      
Debt Instrument [Line Items]      
Line of credit facility, amount outstanding     $ 600,000
Maximum borrowing capacity   $ 75,000,000  
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Revolving line of credit borrowings     0
Debt instrument, maturity date   Feb. 14, 2027  
Maximum borrowing capacity   $ 300,000,000  
Amount available to increase borrowing capacity   500,000,000  
Swing Line Loans [Member]      
Debt Instrument [Line Items]      
Maximum borrowing capacity   $ 25,000,000  
Amended Term Loan Agreement [Member]      
Debt Instrument [Line Items]      
Debt repayment     100,000,000
Long-term amount     $ 1,040,000,000.00
Debt instrument, maturity date Aug. 27, 2025    
Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member]      
Debt Instrument [Line Items]      
Basis spread on variable rate     1.61%
Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member]      
Debt Instrument [Line Items]      
Basis spread on variable rate     2.30%
Daily Simple SOFR [Member] | Minimum [Member]      
Debt Instrument [Line Items]      
Basis spread on variable rate     2.20%
Daily Simple SOFR [Member] | Maximum [Member]      
Debt Instrument [Line Items]      
Basis spread on variable rate     2.30%
v3.25.3
Derivative Instruments (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Aug. 27, 2025
Derivatives Fair Value [Line Items]    
Net gains expected to be reclassified into earnings in the next 12 months $ 12.7  
New Term Loan [Member]    
Derivatives Fair Value [Line Items]    
Term loan debt   $ 75.0
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] | 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] | Term Loans [Member] | SOFR [Member]    
Derivatives Fair Value [Line Items]    
Term loan debt $ 1,040.0  
v3.25.3
Derivative Instruments - (Gross Fair Values of Derivative Instruments on Condensed Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Assets Derivative $ 100,214 $ 138,354
Interest rate contracts [Member] | Other Assets Current [Member]    
Derivatives, Fair Value [Line Items]    
Assets Derivative [1] 232 0
Interest rate contracts [Member] | Other Noncurrent Assets [Member]    
Derivatives, Fair Value [Line Items]    
Assets Derivative $ 99,982 $ 138,354
[1] Derivative instruments that mature within one year, as a whole, are classified as current.
v3.25.3
Derivative Instruments (Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]                
Cash flow hedges, net of tax $ (8,638) $ (7,706) $ (16,609) $ (28,713) $ 3,611 $ 15,925 $ (32,953) $ (9,177)
Interest expense, net 11,461     9,635     23,365 18,049
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 (3,811)     (23,130)     (19,075) 7,574
Amounts reclassified from accumulated other comprehensive income to income, net of tax [1] $ 4,827     $ 5,583     $ 13,878 $ 16,751
[1]

Realized gains and losses on interest rate contracts consist of realized net cash received or paid and interest accruals on the interest rate swaps during the periods in addition to amortization of amounts out of other comprehensive income (loss) related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. For the nine months ended September 30, 2025 and 2024, we amortized $8.5 million and $8.0 million, respectively, of the off-market designated hedges. Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations.

v3.25.3
Derivative Instruments - (Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income (Loss)) (Parenthetical) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Derivative Instrument [Abstract]    
Amortization of off-market designated hedges $ 8.5 $ 8.0
v3.25.3
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Carrying Amount [Member] | Level 2 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term debt, including current portion [1] $ (1,037,000) $ (1,036,569)
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 100,214 138,354
Carrying Amount [Member] | Level 3 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Company owned life insurance asset (COLI) 6,125 6,026
Fair Value [Member] | Level 2 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term debt, including current portion [1] (1,037,000) (1,035,608)
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 100,214 138,354
Fair Value [Member] | Level 3 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Company owned life insurance asset (COLI) $ 6,125 $ 6,026
[1]

1.

At December 31, 2024, the carrying amount of long-term debt included principal and unamortized discounts.
v3.25.3
Equity-Based Compensation (Narrative) (Details)
shares in Millions
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
PSA and RSU [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares issued for stock compensation (shares) | shares 0.1
Performance Share Awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair value of shares granted | $ / shares $ 66
Performance share award granted under stock incentive plan, performance period 3 years
Performance Share Awards [Member] | Minimum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Shares Actually Issued, as a Percent of the Amount Subject to the Performance Share Award 0.00%
Performance Share Awards [Member] | Maximum [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Shares Actually Issued, as a Percent of the Amount Subject to the Performance Share Award 200.00%
Restricted Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Fair value of shares granted | $ / shares $ 43.3
Stock Incentive Plans [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares available for future use | shares 1.2
v3.25.3
Equity-Based Compensation (Share-Based Compensation Activity) (Details)
shares in Thousands
 9 Months Ended
Sep. 30, 2025
shares
Performance Share Awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted 122,251
Vested 0
Forfeited 3,813
Restricted Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted 113,263
Vested 42,511
Forfeited 2,523
v3.25.3
Equity-Based Compensation (Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense $ 3,159 $ 2,946 $ 9,113 $ 8,468
Deferred compensation stock equivalent units expense 22 51 66 149
Total tax benefit recognized for equity-based expense 195 197 584 554
Performance Share Awards [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense 1,722 1,635 4,878 4,628
Restricted stock units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense $ 1,415 $ 1,260 $ 4,169 $ 3,691
v3.25.3
Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance Share Awards [Member]
 9 Months Ended
Sep. 30, 2025
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock price as of valuation date $ 45.19
Risk-free rate 4.18%
Expected volatility 26.64%
Expected dividend yield 0.00% [1]
Expected term (years) 3 years
[1] Full dividend reinvestment assumed.
v3.25.3
Income Taxes (Narrative) (Details) - OBBBA [Member]
Jul. 04, 2025
Income Taxes [Line Items]  
Percentage of bonus depreciation and business interest expense limitation 100.00%
Percentage of bonus depreciation 100.00%
v3.25.3
Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Operating lease assets $ 8,982 $ 10,167
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Finance lease assets [1] $ 14,880 $ 12,266
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 $ 23,862 $ 22,433
Current:    
Operating lease liabilities $ 3,263 $ 3,027
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 $ 6,085 $ 5,257
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 $ 5,499 $ 7,030
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Finance lease liabilities $ 8,650 $ 6,959
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total lease liabilities $ 23,497 $ 22,273
[1] Finance lease assets are presented net of accumulated amortization of $12.4 million and $12.6 million at September 30, 2025 and December 31, 2024, respectively.
v3.25.3
Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Parentheticals) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Accumulated amortization of finance lease assets $ 12.4 $ 12.6
v3.25.3
Leases - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Operating lease costs [1] $ 921 $ 893 $ 2,737 $ 2,593
Finance lease costs:        
Amortization of leased assets 1,635 1,441 4,501 4,061
Interest expense 188 152 503 431
Net lease costs $ 2,744 $ 2,486 $ 7,741 $ 7,085
[1] Excludes short-term leases and variable lease costs, which are immaterial.
v3.25.3
Leases - Schedule of Supplemental Cash Flow Information Related Leases (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases $ 2,860 $ 2,757
Operating cash flows for finance leases 503 431
Financing cash flows for finance leases 4,594 4,142
Leased assets exchanged for new lease liabilities:    
Operating leases 1,168 2,989
Finance leases $ 7,116 $ 5,215
v3.25.3
Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pension Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 1,266 $ 1,321 $ 3,799 $ 3,964
Interest cost 3,230 3,124 9,688 9,369
Expected return on plan assets (2,933) (3,237) (8,798) (9,711)
Amortization of prior service cost 0 5 0 15
Amortization of actuarial (gain) loss 43 19 129 59
Total net periodic cost 1,606 1,232 4,818 3,696
OPEB [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 15 22 43 69
Interest cost 252 220 755 658
Expected return on plan assets 0 0 0 0
Amortization of prior service cost 0 0 0 0
Amortization of actuarial (gain) loss (241) (331) (721) (992)
Total net periodic cost $ 26 $ (89) $ 77 $ (265)
v3.25.3
Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]    
Funding of pension and other postretirement benefit plans $ 8,664 $ 7,303
Non-Qualified Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Funding of pension and other postretirement benefit plans 3,000 3,300
Qualified Plan [Member] | Pension Plans [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Contributions to pension benefit plan $ 5,700 $ 4,000
v3.25.3
Components of Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance, beginning of period $ 1,921,927 $ 2,112,599 $ 2,037,670 $ 2,171,098
Reclassifications from AOCI to earnings:        
Balance, end of period 1,907,400 2,052,025 1,907,400 2,052,025
Pension and Other Postretirement Employee Benefits [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance, beginning of period (28,946) (19,384) (28,651) (18,925)
Reclassifications from AOCI to earnings:        
Other (198) (307) [1] (592) (918) [1]
Tax effect 50 77 149 229
Net of tax amount (148) (230) (443) (689)
Balance, end of period (29,094) (19,614) (29,094) (19,614)
Cash Flow Hedges [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance, beginning of period 118,477 141,493 142,792 121,957
Unrecognized gains (losses) arising in AOCI during the period:        
Gross (90) (23,502) (15,464) 7,695
Tax effect 380 372 490 (121)
Reclassifications from AOCI to earnings:        
Gross [2] (4,935) (5,708) (14,152) (17,124)
Tax effect 108 125 274 373
Net of tax amount (4,537) (28,713) (28,852) (9,177)
Other reclassifications (4,101) [3] (4,101) [3]
Balance, end of period 109,839 112,780 109,839 112,780
Accumulated Other Comprehensive Income [Member]        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance, beginning of period 89,531 122,109 114,141 103,032
Reclassifications from AOCI to earnings:        
Balance, end of period $ 80,745 $ 93,166 $ 80,745 $ 93,166
[1] Included in the computation of net periodic pension costs.
[2] Included in Interest expense, net on the Condensed Consolidated Statement of Operations.
[3] Deferred tax impact of a forward-starting interest rate swap redesignated from our REIT to the TRS related to the August 2025 debt refinance.
v3.25.3
Pending Merger With Rayonier, Inc. - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Oct. 13, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Business Combination [Line Items]              
Common dividends, per share   $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.45
Rayonier [Member] | Subsequent Event [Member]              
Business Combination [Line Items]              
Common stock convert into shares 1,733.9000            
Common dividends, per share $ 1.4            
Termination fee payable $ 13.0            
Termination fee receivable $ 159.0            
Rayonier [Member] | Maximum [Member] | Subsequent Event [Member]              
Business Combination [Line Items]              
Percentage of cash payable 25.00%