PotlatchDeltic (PCH) 10-Q4 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		79,911,278
Entity Shell Company	false
Entity File Number	1-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 West First Avenue
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Spokane
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	99201
City Area Code	(509)
Local Phone Number	835-1500
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Common Stock ($1 par value)
Trading symbol(s)	PCH
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues		$ 246,101	$ 359,597	$ 504,063	$ 770,947
Costs and expenses:
Cost of goods sold		215,063	191,334	439,413	371,181
Selling, general and administrative expenses		17,585	20,412	35,815	36,706
CatchMark merger-related expenses		244	0	2,453	0
Gain on fire damage		(23,110)	(9,868)	(23,110)	(9,592)
Total costs and expenses		209,782	201,878	454,571	398,295
Operating income		36,319	157,719	49,492	372,652
Interest expense, net	[1]	(7,613)	(7,419)	(7,812)	(10,313)
Pension settlement charge		0	0	0	(14,165)
Non-operating pension and other postretirement employee benefit costs		(229)	(1,809)	(457)	(3,738)
Other		258	0	268	0
Income before income taxes		28,735	148,491	41,491	344,436
Income taxes		(6,429)	(28,269)	(2,925)	(60,334)
Net income		$ 22,306	$ 120,222	$ 38,566	$ 284,102
Net income per share:
Basic		$ 0.28	$ 1.73	$ 0.48	$ 4.09
Diluted		0.28	1.72	0.48	4.07
Dividends per share		$ 0.45	$ 0.44	$ 0.9	$ 0.88
Weighted-average shares outstanding
Basic		80,145	69,580	80,087	69,502
Diluted		80,416	69,791	80,297	69,731

[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 22,306	$ 120,222	$ 38,566	$ 284,102
Other comprehensive income (loss), net of tax:
Pension and other postretirement employee benefits	(344)	915	(475)	8,395
Cash flow hedges	17,719	42,529	384	85,805
Other comprehensive income (loss), net of tax	17,375	43,444	(91)	94,200
Comprehensive income	$ 39,681	$ 163,666	$ 38,475	$ 378,302

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 331,225	$ 343,809
Customer receivables, net	32,903	22,813
Inventories, net	70,663	67,958
Other current assets	57,877	36,955
Total current assets	492,668	471,535
Property, plant and equipment, net	306,978	318,184
Investment in real estate held for development and sale	55,059	55,490
Timber and timberlands, net	2,476,054	2,508,372
Intangible assets, net	16,530	17,420
Other long-term assets	175,062	179,554
Total assets	3,522,351	3,550,555
Current liabilities:
Accounts payable and accrued liabilities	96,093	94,861
Current portion of long-term debt	39,990	39,979
Current portion of pension and other postretirement employee benefits	4,926	4,926
Total current liabilities	141,009	139,766
Long-term debt	993,275	992,701
Pension and other postretirement employee benefits	78,666	77,396
Deferred tax liabilities, net	39,624	41,790
Other long-term obligations	36,608	35,749
Total liabilities	1,289,182	1,287,402
Commitments and contingencies
Stockholders' equity:
Preferred stock, authorized 4,000 shares, no shares issued
Common stock, $1 par value, 200,000 and 100,000 shares authorized, and 79,911 and 79,683 shares issued and outstanding	79,911	79,683
Additional paid-in capital	2,298,593	2,294,797
Accumulated deficit	(242,896)	(208,979)
Accumulated other comprehensive income	97,561	97,652
Total stockholders’ equity	2,233,169	2,263,153
Total liabilities and stockholders' equity	$ 3,522,351	$ 3,550,555

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	100,000,000
Common stock, issued	79,911,000	79,683,000
Common stock, outstanding	79,911,000	79,683,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income				$ 38,566	$ 284,102
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		$ 27,496	$ 20,379	59,669	40,253
Basis of real estate sold		4,884	7,325	15,515	18,179
Change in deferred taxes				(2,215)	(2,089)
Pension and other postretirement employee benefits				3,223	7,397
Pension settlement charge					14,165
Equity-based compensation expense				3,856	4,424
Gain on fire damage		(23,110)	(9,868)	(23,110)	(9,592)
Interest received under swaps with other-than-insignificant financing element				(11,767)
Other, net				3,856	(599)
Change in working capital and operating-related activities, net				(14,334)	19,972
Real estate development expenditures				(4,304)	(5,190)
Funding of pension and other postretirement employee benefits				(2,304)	(2,264)
Proceeds from insurance recoveries				9,706	9,428
Net cash from operating activities				76,357	378,186
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions				(10,135)	(36,777)
Timberlands reforestation and roads				(10,714)	(8,388)
Acquisition of timber and timberlands				(1,621)	(42,218)
Interest received under swaps with other-than-insignificant financing element				10,904
Other, net				664	(1,383)
Net cash from investing activities				(10,902)	(88,766)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders				(71,920)	(61,048)
Repurchase of common stock				(394)	(4,156)
Repayments of long term debt					(3,000)
Other, net				(1,955)	(2,094)
Net cash from financing activities				(74,269)	(70,298)
Change in cash, cash equivalents and restricted cash				(8,814)	219,122
Cash, cash equivalents and restricted cash at beginning of period				345,591	296,772
Cash, cash equivalents and restricted cash at end of period		336,777	515,894	336,777	515,894
NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property, plant and equipment additions				178	946
Accrued timberlands reforestation and roads				2,460	614
Cash and cash equivalents		331,225	511,157	331,225	511,157
Restricted cash included in other long-term assets	[1]	$ 5,552	$ 4,737	$ 5,552	$ 4,737
Restricted Cash, Asset, Statement of Financial Position [Extensible List]		Other long-term assets	Other long-term assets	Other long-term assets	Other long-term assets
Total cash, cash equivalents, and restricted cash		$ 336,777	$ 515,894	$ 336,777	$ 515,894

[1] 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. At June 30, 2023 and 2022, $ 3.2 million and $ 0 , respectively, was classified in Other current assets .

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Restricted Cash, Current	$ 3.2	$ 0
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance, beginning of period at Dec. 31, 2021	$ 1,526,133	$ 69,064	$ 1,781,217	$ (280,910)	$ (43,238)
Balance, beginning of period (shares) at Dec. 31, 2021		69,064,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	163,880			163,880
Shares issued for stock compensation		$ 308	(308)
Shares issued for stock compensation (shares)		308,000
Equity-based compensation expense	2,056		2,056
Pension plans and OPEB obligations, net of tax	7,480				7,480
Cash flow hedges, net of tax	43,276				43,276
Dividends on common stock	(30,524)			(30,524)
Other transactions, net	(103)		(25)	(78)
Balance, end of period at Mar. 31, 2022	1,712,198	$ 69,372	1,782,940	(147,632)	7,518
Balance, end of period (shares) at Mar. 31, 2022		69,372,000
Balance, beginning of period at Dec. 31, 2021	1,526,133	$ 69,064	1,781,217	(280,910)	(43,238)
Balance, beginning of period (shares) at Dec. 31, 2021		69,064,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	284,102
Cash flow hedges, net of tax	85,805
Balance, end of period at Jun. 30, 2022	1,843,551	$ 69,280	1,785,383	(62,074)	50,962
Balance, end of period (shares) at Jun. 30, 2022		69,280,000
Balance, beginning of period at Mar. 31, 2022	1,712,198	$ 69,372	1,782,940	(147,632)	7,518
Balance, beginning of period (shares) at Mar. 31, 2022		69,372,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	120,222			120,222
Shares issued for stock compensation		$ 3	(3)
Shares issued for stock compensation (shares)		3,000
Equity-based compensation expense	2,368		2,368
Repurchase of common stock	(4,156)	$ (95)		(4,061)
Repurchase of common stock (shares)		(95,000)
Pension plans and OPEB obligations, net of tax	915				915
Cash flow hedges, net of tax	42,529				42,529
Dividends on common stock	(30,524)			(30,524)
Other transactions, net	(1)		78	(79)
Balance, end of period at Jun. 30, 2022	1,843,551	$ 69,280	1,785,383	(62,074)	50,962
Balance, end of period (shares) at Jun. 30, 2022		69,280,000
Balance, beginning of period at Dec. 31, 2022	$ 2,263,153	$ 79,683	2,294,797	(208,979)	97,652
Balance, beginning of period (shares) at Dec. 31, 2022	79,683,000	79,683,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 16,260			16,260
Shares issued for stock compensation		$ 233	(233)
Shares issued for stock compensation (shares)		233,000
Equity-based compensation expense	2,279		2,279
Pension plans and OPEB obligations, net of tax	(131)				(131)
Cash flow hedges, net of tax	(17,335)				(17,335)
Dividends on common stock	(35,962)			(35,962)
Other transactions, net	(1)		84	(85)
Balance, end of period at Mar. 31, 2023	2,228,263	$ 79,916	2,296,927	(228,766)	80,186
Balance, end of period (shares) at Mar. 31, 2023		79,916,000
Balance, beginning of period at Dec. 31, 2022	$ 2,263,153	$ 79,683	2,294,797	(208,979)	97,652
Balance, beginning of period (shares) at Dec. 31, 2022	79,683,000	79,683,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 38,566
Cash flow hedges, net of tax	384
Balance, end of period at Jun. 30, 2023	$ 2,233,169	$ 79,911	2,298,593	(242,896)	97,561
Balance, end of period (shares) at Jun. 30, 2023	79,911,000	79,911,000
Balance, beginning of period at Mar. 31, 2023	$ 2,228,263	$ 79,916	2,296,927	(228,766)	80,186
Balance, beginning of period (shares) at Mar. 31, 2023		79,916,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,306			22,306
Shares issued for stock compensation		$ 4	(4)
Shares issued for stock compensation (shares)		4,000
Equity-based compensation expense	1,577		1,577
Repurchase of common stock	(394)	$ (9)		(385)
Repurchase of common stock (shares)		(9,000)
Pension plans and OPEB obligations, net of tax	(344)				(344)
Cash flow hedges, net of tax	17,719				17,719
Dividends on common stock	(35,958)			(35,958)
Other transactions, net			93	(93)
Balance, end of period at Jun. 30, 2023	$ 2,233,169	$ 79,911	$ 2,298,593	$ (242,896)	$ 97,561
Balance, end of period (shares) at Jun. 30, 2023	79,911,000	79,911,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common dividends, per share	$ 0.45	$ 0.45	$ 0.44	$ 0.44

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 22,306	$ 16,260	$ 120,222	$ 163,880	$ 38,566	$ 284,102

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 9, 2023, Wayne Wasechek , our Interim Vice President, Chief Financial Officer and Chief Accounting Officer , who is an officer for purposes of Section 16 of the Exchange Act, adopted a 10b5-1 trading arrangement (the 10b5-1 Trading Arrangement) intended to satisfy the affirmative defense of Rule 10b5-1(c)(1) under the Exchange Act and the company's policies regarding transactions in our securities. The 10b5-1 Trading Arrangement is intended to cover tax withholding obligations in connection with the vesting of restricted stock units (“RSUs”) granted to Mr. Wasechek on April 19, 2023, and related RSUs that represent dividend equivalents. Such sale is mandated by the company’s election under its equity incentive plans to require the satisfaction of its tax withholding obligations to be funded by a “sell to cover” transaction as soon as practicable on or after the settlement date for the RSUs, which is expected to be April 17, 2026. Therefore, the duration of the 10b5-1 Trading Arrangement is from June 9, 2023 until approximately April 20, 2026 . Based on the share price of $49.05 per share on the date the RSUs were granted, the estimated number of shares of our company common stock to be sold pursuant to the 10b5-1 Trading Arrangement is approximately 1,194 . No other company officers or directors adopted or terminated any 10b5-1 or non-10b5-1 trading arrangements during the three months ended June 30, 2023.
No Other Officer Or Director Other than CEO [Member]
Trading Arrangements, by Individual
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 Trading Plan [Member]
Trading Arrangements, by Individual
Name	Wayne Wasechek
Title	Interim Vice President, Chief Financial Officer and Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Arrangement Duration	1047 days
Aggregate Available	1,194

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NO TE 1. BASIS OF PRESENTATION General PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with operations in nine states. We are engaged in activities associated with timberland management, including the sale of timber, the management of nearly 2.2 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. We converted to a REIT effective January 1, 2006. 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 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, 2022, as filed with the Securities and Exchange Commission on February 16, 2023. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year. Increased Authorized Shares of Common Stock On May 1, 2023, the stockholders of the company approved an amendment (the “Amendment”) to the Company’s Third Restated Certificate of Incorporation (the “Charter”) to increase the number of authorized shares of the company’s common stock from 100 million to 200 million. The Amendment became effective upon the filing of the Certificate of Amendment to the Charter with the Secretary of State of the State of Delaware on May 1, 2023. 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. Recent Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies and are adopted by the company as of the specified effective date. F or the six months ended June 30, 2023, there were no new accounting pronouncements that management believes materially affect the company’s present or future results of operations, overall financial condition, liquidity or disclosures.

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	NO TE 2. SEGMENT INFORMATION Our operations are organized into three reportable segments: Timberlands, Wood Products and Real Estate. Management activities in the Timberlands segment include planting and harvesting trees and building and maintaining roads. The Timberlands segment also generates revenues from non-timber resources such as hunting leases, recreation permits and leases, mineral rights contracts, oil and gas royalties and carbon sequestration. The Wood Products segment manufactures and 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 and typically represent a sizeable portion of the Timberlands segment’s total revenues. Our other segments generally do not generate intersegment revenues. These intercompany transactions are eliminated in consolidation. The reportable segments follow the same accounting policies used for our Condensed Consolidated Financial Statements , 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 June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Timberlands Northern region Sawlogs $ 36,822 $ 62,930 $ 90,147 $ 144,434 Pulpwood 369 587 772 979 Other 372 213 633 516 Total Northern revenues 37,563 63,730 91,552 145,929 Southern region Sawlogs 27,802 24,365 59,556 47,746 Pulpwood 15,006 12,221 31,138 23,848 Stumpage 4,148 2,108 13,381 5,466 Other 4,098 3,062 8,228 6,154 Total Southern revenues 51,054 41,756 112,303 83,214 Total Timberlands revenues 88,617 105,486 203,855 229,143 Wood Products Lumber 133,289 219,924 247,087 470,688 Residuals and Panels 34,380 46,709 73,377 91,687 Total Wood Products revenues 167,669 266,633 320,464 562,375 Real Estate Rural real estate 4,570 16,440 22,389 38,086 Development real estate 9,409 7,946 12,209 18,224 Other 3,085 2,350 6,329 4,491 Total Real Estate revenues 17,064 26,736 40,927 60,801 Total segment revenues 273,350 398,855 565,246 852,319 Intersegment Timberlands revenues 1 ( 27,243 ) ( 39,258 ) ( 61,177 ) ( 81,372 ) Other intersegment revenues ( 6 ) — ( 6 ) — Total consolidated revenues $ 246,101 $ 359,597 $ 504,063 $ 770,947 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment. Management uses Adjusted EBITDDA to evaluate the operating performance and effectiveness of operating strategies of our segments and allocation of resources to them. EBITDDA is calculated as net income before interest expense, income taxes, basis of real estate sold, depreciation, depletion and amortization. Adjusted EBITDDA further excludes certain specific items that are considered to hinder comparison of the performance of our businesses either year-on-year or with other businesses. Our calculation of Adjusted EBITDDA may not be comparable to that reported by other companies. The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements . Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Adjusted EBITDDA: Timberlands $ 29,316 $ 57,890 $ 75,955 $ 134,324 Wood Products 11,967 107,256 11,936 257,207 Real Estate 12,237 21,816 31,702 51,940 Corporate ( 10,521 ) ( 13,912 ) ( 21,262 ) ( 23,496 ) Eliminations and adjustments 2,446 2,120 4,891 757 Total Adjusted EBITDDA 45,445 175,170 103,222 420,732 Interest expense, net 1 ( 7,613 ) ( 7,419 ) ( 7,812 ) ( 10,313 ) Depreciation, depletion and amortization ( 27,087 ) ( 20,007 ) ( 58,851 ) ( 39,509 ) Basis of real estate sold ( 4,884 ) ( 7,325 ) ( 15,515 ) ( 18,179 ) CatchMark merger-related expenses ( 244 ) — ( 2,453 ) — Gain on fire damage 23,110 9,868 23,110 9,592 Pension settlement charge — — — ( 14,165 ) Non-operating pension and other postretirement employee benefit costs ( 229 ) ( 1,809 ) ( 457 ) ( 3,738 ) (Loss) gain on disposal of fixed assets ( 21 ) 13 ( 21 ) 16 Other 258 — 268 — Income before income taxes $ 28,735 $ 148,491 $ 41,491 $ 344,436 Depreciation, depletion and amortization: Timberlands $ 15,895 $ 11,563 $ 36,356 $ 23,724 Wood Products 10,948 8,136 21,983 15,157 Real Estate 121 173 277 343 Corporate 123 135 235 285 27,087 20,007 58,851 39,509 Bond discounts and deferred loan fees 1 409 372 818 744 Total depreciation, depletion and amortization $ 27,496 $ 20,379 $ 59,669 $ 40,253 Basis of real estate sold: Real Estate $ 4,887 $ 7,328 $ 15,518 $ 18,188 Eliminations and adjustments ( 3 ) ( 3 ) ( 3 ) ( 9 ) Total basis of real estate sold $ 4,884 $ 7,325 $ 15,515 $ 18,179 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share

Earnings per Share	6 Months Ended
Earnings per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	NO TE 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Basic weighted-average shares outstanding 80,145 69,580 80,087 69,502 Incremental shares due to: Performance shares 226 152 177 154 Restricted stock units 45 59 33 75 Diluted weighted-average shares outstanding 80,416 69,791 80,297 69,731 For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. For the three and six months ended June 30, 2023, there were approximately 34,000 and 68,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the three and six months ended June 30, 2022, there were approximately 98,000 and 78,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. Share Repurchase Program On August 30, 2018, our board of directors authorized management to repurchase up to $ 100.0 million of common stock with no time limit set for the repurchase (the 2018 Repurchase Program). During the three and six months ended June 30, 2022, we repurchased 94,566 shares of our common stock in open-market transactions for a total consideration of $ 4.2 million under the 2018 Repurchase Plan. On August 31, 2022, our board of directors authorized management to repurchase up to $ 200.0 million of our common stock with no set time limit for the repurchase (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under the 2018 Repurchase Program. Shares under the 2022 Repurchase Program may be repurchased in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the Trading Plan), or through privately negotiated transactions. The timing, manner, price and amount of repurchases will be determined according to, and subject to, the terms of the Trading Plan, and, subject to the terms of the Trading Plan, the 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. During the three and six months ended June 30, 2023, we repurchased 8,761 sh ares of our common stock for total consideration of $ 0.4 million under the 2022 Repurchase Plan. At June 30, 2023, we had remaining authorization of $ 149.6 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 when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

Certain Balance Sheet Component

Certain Balance Sheet Components	6 Months Ended
Certain Balance Sheet Components	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Certain Balance Sheet Components	NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories (in thousands) June 30, 2023 December 31, 2022 Logs $ 30,294 $ 30,586 Lumber, panels and veneer 37,270 35,888 Materials and supplies 22,877 21,262 Total inventories 90,441 87,736 Less: LIFO reserve ( 19,778 ) ( 19,778 ) Total inventories, net $ 70,663 $ 67,958 Property, plant and equipment (in thousands) June 30, 2023 December 31, 2022 Property, plant and equipment $ 597,517 $ 588,935 Less: accumulated depreciation ( 290,539 ) ( 270,751 ) Total property, plant and equipment, net $ 306,978 $ 318,184 Ola, Arkansas sawmill fire On June 13, 2021, a fire occurred at our Ola, Arkansas sawmill. There were no injuries or environmental issues from the fire. The damage was principally limited to the large log primary breakdown area of the mill. The new equipment has been installed and the large log line restarted in September 2022. We have adequate property damage and business interruption insurance and expect to be reimbursed for both property damage and business interruption losses by our insurance carriers, subject to a $ 2.0 million deductible. During the three and six months ended June 30, 2023, we recorded insurance recoveries of $ 23.1 million from the Ola sawmill claim, all of which was recognized as a gain on fire damage in the Condensed Consolidated Statements of Operations . During the three and six months ended June 30, 2022, we recorded $ 9.9 million and $ 9.2 million, respectively as gain on fire damage at the Ola sawmill. Through June 30, 2023, the insurance carriers have approved a total of $ 73.1 million in insurance recoveries for both property damage and business interruption claims at the Ola sawmill. W e expect to finalize our insurance claim for the Ola, Arkansas sawmill fire during the second half of 2023. Insurance recoveries are recorded when deemed probable and reasonably estimable. Timber and timberlands (in thousands) June 30, 2023 December 31, 2022 Timber and timberlands $ 2,385,167 $ 2,416,134 Logging roads 90,887 92,238 Total timber and timberlands, net $ 2,476,054 $ 2,508,372 Accounts payable and accrued liabilities (in thousands) June 30, 2023 December 31, 2022 Accrued payroll and benefits $ 19,369 $ 29,051 Accounts payable 17,138 12,241 Deferred revenue 1 16,519 10,860 Accrued taxes 8,336 7,161 Accrued interest 8,254 7,778 Other current liabilities 26,477 27,770 Total accounts payable and accrued liabilities $ 96,093 $ 94,861 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 contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	NO TE 5. DEBT TERM LOANS At June 30, 2023, our total outstanding principal on our long-term debt of $ 1.0 billion included $ 971.0 million of term loans under our Second Amended and Restated Term Loan Agreement (Amended Term Loan Agreement) with our primary lender. Certain borrowings under the Amended Term Loan Agreement are at one-month SOFR-indexed variable rates, plus a spread between 1.66 % 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. CREDIT AGREEMENT On May 18, 2023, we entered into a First Amendment to the Third Amended and Restated Credit Agreement (Amended Credit Agreement). The Amended Credit Agreement provides for loans based on the Secured Overnight Financing Rate (“SOFR”) instead of the London Inter-Bank Offered Rate (“LIBOR”), provides us the option to borrow based on a daily SOFR or term SOFR basis, and provides mechanics relating to the transition from the use of SOFR to a replacement benchmark rate upon the occurrence of certain transition events. The Amended Credit Agreement provides for a $ 300.0 million revolving line of credit that matures February 14, 2027 . As provided in the Amended Credit Agreement, borrowings may be increased by up to an additional $ 500.0 million. The r evolving 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 June 30, 2023, there were no borrowings under the revolving line of credit and approximately $ 0.7 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 June 30, 2023.

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2023
Derivative Instrument Detail [Abstract]
Derivative Instruments	NO TE 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 June 30, 2023, we have interest rate swaps associated with $ 721.0 million of SOFR-indexed term loan debt. These cash flow hedges convert variable rates ranging from one-month SOFR plus 1.66 % to 2.30 %, to fixed rates ranging from 2.19 % to 4.79 % before patronage credits from lenders. At June 30, 2023, we also have $ 250.0 million of forward-starting interest rate swaps designated as cash flow hedges for expected future debt refinances that require settlement on the stated maturity date. The gross fair values of derivative instruments at June 30, 2023 and December 31, 2022, were $ 139.8 million and $ 144.6 million, respectively, all of which were classified in Other assets, non-current on our Condensed Consolidated Balance Sheets . Derivative instruments that mature within one year, as a whole, are classified as current. The following table details the effect of derivatives on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income : Three Months Ended June 30, Six Months Ended June 30, (in thousands) Location 2023 2022 2023 2022 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income recognized in other comprehensive income (loss), net of tax $ 22,337 $ 41,178 $ 8,746 $ 82,508 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1 Interest expense, net $ 4,618 $ ( 1,351 ) $ 8,362 $ ( 3,297 ) Interest expense, net $ 7,613 $ 7,419 $ 7,812 $ 10,313 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 (loss) income related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations . At June 30, 2023, the amount of net gains expected to be reclassified into earnings in the next 12 months is approximately $ 20.2 million. However, this expected amount to be reclassified into earnings is subject to volatility as the ultimate amount recognized in earnings is based on the SOFR rates at the time of net swap cash payments.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Derivative Instrument Detail [Abstract]
Fair Value Measurements	NO TE 7. FAIR VALUE MEASUREMENTS The following table presents the estimated fair values of our financial instruments: June 30, 2023 December 31, 2022 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 139,787 $ 139,787 $ 144,583 $ 144,583 Long-term debt, including current portion (Level 2): Term loans $ ( 969,594 ) $ ( 962,002 ) $ ( 969,269 ) $ ( 961,632 ) Revenue bonds ( 65,735 ) ( 65,004 ) ( 65,735 ) ( 64,602 ) Total long-term debt 1 $ ( 1,035,329 ) $ ( 1,027,006 ) $ ( 1,035,004 ) $ ( 1,026,234 ) Company owned life insurance asset (COLI) (Level 3) $ 4,699 $ 4,699 $ 4,311 $ 4,311 1 The carrying amount of long-term debt includes 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.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
Equity-Based Compensation	Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Equity-Based Compensation	NO TE 8. EQUITY-BASED COMPENSATION We issue new shares of common stock to settle performance stock awards (PSAs), restricted stock units (RSUs) and deferred compensation stock equivalent units. At June 30, 2023, approximately 1.8 million shares were available for future use under our long-term incentive plans. Share-based compensation activity during the six months ended June 30, 2023, included the following: Granted Vested Forfeited Performance Share Awards (PSAs) 106,342 — 28,177 Restricted Stock Units (RSUs) 119,579 17,225 12,727 Approximately 0.2 million shares of common stock were issued to employees during the six months ended June 30, 2023 as a result of PSA and RSU vesting during 2022 and 2023. The following details compensation expense and the related income tax benefit for company specific equity-based awards: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Equity-based compensation expense: Performance share awards $ 719 $ 1,518 $ 2,140 $ 2,816 Restricted stock units 809 801 1,618 1,510 Deferred compensation stock equivalent units expense 49 49 98 98 Total equity-based compensation expense $ 1,577 $ 2,368 $ 3,856 $ 4,424 Total tax benefit recognized for equity-based expense $ 137 $ 119 $ 259 $ 219 Performance Share Awards The weighted average grant date fair value of PSAs granted in 2023 was $ 61.21 per share. PSAs granted under the stock incentive plans have a three-year performance period and shares are issued at 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 2023: Stock price as of valuation date $ 47.55 Risk-free rate 4.14 % Expected volatility 36.24 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed. Restricted Stock Units The weighted average fair value of all RSUs granted during the six months ended June 30, 2023, was $ 46.98 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.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NO TE 9. INCOME TAXES As a REIT, we generally are not subject to federal and state corporate income taxes on income from investments in real estate, including our timberlands, that we distribute to our shareholders. We conduct certain activities through our PotlatchDeltic taxable REIT subsidiaries (TRS) which are subject to corporate level federal and state income taxes. These activities are principally comprised of our wood products manufacturing operations and certain real estate investments. Therefore, income tax expense or benefit is primarily due to pre-tax book income or loss of the TRS, as well as permanent book versus tax differences and discrete items. During the three and six months ended June 30, 2023, we reduced our federal effected deferred blended state tax rate. This reduction was a result of changes in tax laws enacted during the quarter in certain states in which our TRS subsidiaries operate. The effect of the change resulted in a $ 1.0 million reduction to our net deferred tax liability and an offsetting reduction to tax expense, all of which was recorded as a discrete item for the three and six months ended June 30, 2023.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases [Abstract]
Leases	NO TE 10. LEASES We lease certain equipment, office space and land. Lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification June 30, 2023 December 31, 2022 Assets Operating lease assets Other long-term assets $ 8,826 $ 9,306 Finance lease assets 1 Property, plant and equipment, net 12,302 13,213 Total lease assets $ 21,128 $ 22,519 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,319 $ 2,570 Finance lease liabilities Accounts payable and accrued liabilitie s 4,406 4,834 Noncurrent: Operating lease liabilities Other long-term obligations 6,651 6,716 Finance lease liabilities Other long-term obligations 7,790 8,179 Total lease liabilities $ 21,166 $ 22,299 1 Finance lease assets are presented net of accumulated amortization of $ 9.0 million and $ 7.9 million as of June 30, 2023 and December 31, 2022, respectively. The following table presents the components of lease expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease costs 1 $ 796 $ 881 $ 1,682 $ 1,828 Finance lease costs: Amortization of leased assets 1,331 995 2,562 1,924 Interest expense 113 69 224 136 Net lease costs $ 2,240 $ 1,945 $ 4,468 $ 3,888 1 Excludes short-term leases and variable lease costs, which are immaterial. The following table presents supplemental cash flow information related to leases: Six Months Ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,629 $ 1,822 Operating cash flows for finance leases $ 213 $ 136 Financing cash flows for finance leases $ 2,817 $ 1,961 Leased assets exchanged for new lease liabilities: Operating leases $ 1,149 $ 1,279 Finance leases $ 2,111 $ 2,331

Pension and Other Postretiremen

Pension and Other Postretirement Employee Benefits	6 Months Ended
Pension and Other Postretirement Employee Benefits	Jun. 30, 2023
Retirement Benefits, Description [Abstract]
Pension and Other Postretirement Employee Benefits	NO TE 11. PENSION AND OTHER POSTRETIREMENT EMPLOYEE BENEFITS The following table details the components of net periodic cost (benefit) of our pension plans and other postretirement employee benefits (OPEB): Three Months Ended June 30, Pension OPEB (in thousands) 2023 2022 2023 2022 Service cost $ 1,355 $ 1,652 $ 28 $ 79 Interest cost 3,137 2,611 293 229 Expected return on plan assets ( 3,025 ) ( 2,258 ) — — Amortization of prior service cost 11 18 — 156 Amortization of actuarial (gain) loss ( 21 ) 1,148 ( 166 ) ( 95 ) Total net periodic cost $ 1,457 $ 3,171 $ 155 $ 369 Six Months Ended June 30, Pension OPEB (in thousands) 2023 2022 2023 2022 Service cost $ 2,711 $ 3,501 $ 55 $ 158 Interest cost 6,275 5,423 587 458 Expected return on plan assets ( 6,053 ) ( 5,403 ) - — Amortization of prior service cost 22 36 - 312 Amortization of actuarial (gain) loss ( 42 ) 3,102 ( 332 ) ( 190 ) Net periodic cost before pension settlement charge 2,913 6,659 310 738 Pension settlement charge — 14,165 — — Net periodic cost $ 2,913 $ 20,824 $ 310 $ 738 During the six months ended June 30, 2023 and 2022, funding of pension and other postretirement employee benefit plans w as $ 2.3 mi llion and $ 2.3 million, respectively. Pension Annuitization In March 2022, we transferred $ 75.6 million of our qualified pension plan (the Plan) assets to an insurance company for the purchase of a group annuity contract. As a result of the transaction, the insurance company assumed responsibility for annuity administration and benefit payments to select retirees and terminated vested participants, with no change to participants' pension benefits. We recorded a non-cash pretax settlement charge of $ 14.2 million in non-operating expense, net, as a result of accelerating the recognition of actuarial losses included in Accumulated Other Comprehensive Income that would have been recognized in future periods. The settlement triggered a remeasurement of plan assets and liabilities.

Components of Accumulated Other

Components of Accumulated Other Comprehensive (Loss) Income	6 Months Ended
Components of Accumulated Other Comprehensive (Loss) Income	Jun. 30, 2023
Equity [Abstract]
Components of Accumulated Other Comprehensive (Loss) Income	NO TE 12. COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following table details changes in amounts included in our Accumulated Other Comprehensive Income (Loss) (AOCI) by component on our Condensed Consolidated Balance Sheets , net of tax: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Pension and Other Postretirement Employee Benefits Balance at beginning of period $ ( 28,625 ) $ ( 43,889 ) $ ( 28,494 ) $ ( 51,369 ) Unrecognized gains (losses) arising in AOCI during the period: Gross — — — ( 6,157 ) Tax effect — — — 1,570 Reclassifications from AOCI to earnings: Pension settlement 1 — — — 14,165 Other 1 ( 176 ) 1,227 ( 352 ) 3,260 Tax effect 43 ( 312 ) 88 ( 4,443 ) Net of tax amount ( 133 ) 915 ( 264 ) 8,395 Other reclassifications ( 211 ) — ( 211 ) — Balance at end of period ( 28,969 ) ( 42,974 ) ( 28,969 ) ( 42,974 ) Cash Flow Hedges Balance at beginning of period 108,811 51,407 126,146 8,131 Unrecognized gains arising in AOCI during the period: Gross 22,754 43,935 8,873 87,427 Tax effect ( 462 ) ( 2,757 ) ( 172 ) ( 4,919 ) Reclassifications from AOCI to earnings: Gross 2 ( 4,726 ) 1,411 ( 8,563 ) 3,444 Tax effect 108 ( 60 ) 201 ( 147 ) Net of tax amount 17,674 42,529 339 85,805 Other reclassifications 45 — 45 — Balance at end of period 126,530 93,936 126,530 93,936 Accumulated other comprehensive income, end of period $ 97,561 $ 50,962 $ 97,561 $ 50,962 1 Included in the computation of net periodic pension costs. 2 Included in Interest expense, net on the Condensed Consolidated Statement of Operations . See Note 11: Pension and Other Postretirement Employee Benefits and Note 6: Derivative Instruments for additional information.

CatchMark Merger

CatchMark Merger	6 Months Ended
CatchMark Merger	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
CatchMark Merger	NOTE 13. CATCHMARK MERGER On September 14, 2022, CatchMark Timber Trust, Inc. (CatchMark) and CatchMark Timber Operating Partnership, L.P. (the Partnership) merged into a wholly owned subsidiary (Merger Sub) of PotlatchDeltic, pursuant to the terms of a merger agreement dated May 29, 2022, with the Merger Sub surviving the mergers. CatchMark owned approximately 348,000 acres of superior site index timberlands located in Alabama, Georgia and South Carolina. The CatchMark timber and timberlands assets and operations are included in our Timberlands segment within the Southern region. As a result of the merger, we issued approximately 11.5 million shares of PotlatchDeltic common stock, including: (i) 11.3 million shares in exchange for the outstanding shares of CatchMark common stock, which included unvested CatchMark share-based awards that fully vested upon closing of the merger; and (ii) 0.2 million shares in exchange for the Partnership OP Units. We capitalized transaction costs of $ 9.3 million for items such as investment banking fees, legal services, and other professional fees directly attributable to the merger. We accounted for the transaction as an asset acquisition as substantially all the value of the acquisition was concentrated in the acquired timber and timberlands. We allocated the cost of the acquisition to the net assets acquired based on their relative estimated fair value on the acquisition date. This resulted in an allocation of $ 782.3 million to timber and timberlands, $ 3.0 million to intangible assets, $ 32.0 million to other assets and $ 23.6 million for cash acquired in the merger. Additionally, we assumed $ 323.1 million of liabilities including $ 300.0 million of outstanding long-term debt. Immediately following the merger, we refinanced $ 277.5 million of the long-term debt assumed in the merger and repaid the remaining $ 22.5 million with cash on hand. We also entered into $ 277.5 million of interest rate swaps to fix the interest rates on the refinanced long-term debt. During the three and six months ended June 30, 2023, we incurred non-capitalizable merger costs in connection with the CatchMark merger of approximately $ 0.2 million and $ 2.5 million, respectively. These fees consisted primarily of post-merger period fees for professional services and are included in CatchMark merger-related expenses in our Condensed Consolidated Statements of Operations .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 14. COMMITMENTS AND CONTINGENCIES At any given time, we are subject to claims and actions incidental to the operations of our business. Based on information currently available, we do not expect that any sums we may receive or have to pay in connection with any legal proceeding would have a materially adverse effect on our consolidated financial position, operating results or net cash flow. ENVIRONMENTAL MATTER Pursuant to the 2002 Asset Purchase Agreement under which Sappi Cloquet LLC (Sappi) purchased our Cloquet, Minnesota pulp and paper mill (the Plant), we agreed to indemnify Sappi from certain environmental liabilities accruing from the pre-sale operations of the Plant. In February 2021, we were notified by Sappi that the Environmental Protection Agency (EPA) contacted Sappi about the opportunity to participate with the Minnesota Pollution Control Agency (MPCA) and the EPA in a voluntary federal sediment remediation program under the Great Lakes Legacy Act (GLLA) for a project in the St. Louis River Area of Concern, which runs from Cloquet, Minnesota to Lake Superior. The GLLA is a sediment remediation program administered by EPA that provides up to 65 % federal funding for the remediation of contaminated sediments in the Great Lakes region. The GLLA program requires at least 35 % cash or in-kind contributions from non-federal sponsors (NFS). The EPA’s invitation to Sappi made no demands on or claims against Sappi, nor have EPA or MPCA made any demands or claims against PotlatchDeltic. The identified sediment remediation project at Thomson Reservoir is downstream from the Plant. The Plant was identified for potential partnership with EPA and MPCA on this project based on the Plant’s historic direct discharges of wastewater and leachate from the Plant’s landfill into the St. Louis River prior to the re-routing of the discharges in 1979 to a public wastewater treatment facility. After multiple discussions with the MPCA and completion of our extensive due diligence on this matter, we informed the MPCA in January 2023 that we were interested in voluntarily participating in the program, subject to an equitable division with the MPCA of the NFS share of the costs. We accrued $ 5.6 million at December 31, 2022, for our estimated contribution to the remediation project. The project is still pending negotiation of a Project Agreement between the EPA, the MPCA, and us. While it is reasonably possible that we may incur an additional liability as this project develops, we are unable to estimate at this time the amount of additional charges, if any, which may be required for this matter in the future.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
General	General PotlatchDeltic Corporation and its subsidiaries (collectively referred to in this report as the company, us, we or our) is a leading timberland Real Estate Investment Trust (REIT) with operations in nine states. We are engaged in activities associated with timberland management, including the sale of timber, the management of nearly 2.2 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. We converted to a REIT effective January 1, 2006.
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 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, 2022, as filed with the Securities and Exchange Commission on February 16, 2023. Results of operations for interim periods should not be regarded as necessarily indicative of the results that may be expected for the full year.
Increased Authorized Shares of Common Stock	Increased Authorized Shares of Common Stock On May 1, 2023, the stockholders of the company approved an amendment (the “Amendment”) to the Company’s Third Restated Certificate of Incorporation (the “Charter”) to increase the number of authorized shares of the company’s common stock from 100 million to 200 million. The Amendment became effective upon the filing of the Certificate of Amendment to the Charter with the Secretary of State of the State of Delaware on May 1, 2023.
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.
Recent Accounting Standards	Recent Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies and are adopted by the company as of the specified effective date. F or the six months ended June 30, 2023, there were no new accounting pronouncements that management believes materially affect the company’s present or future results of operations, overall financial condition, liquidity or disclosures.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Summary of Revenues by Major Product	The following table presents our revenues by major product: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Timberlands Northern region Sawlogs $ 36,822 $ 62,930 $ 90,147 $ 144,434 Pulpwood 369 587 772 979 Other 372 213 633 516 Total Northern revenues 37,563 63,730 91,552 145,929 Southern region Sawlogs 27,802 24,365 59,556 47,746 Pulpwood 15,006 12,221 31,138 23,848 Stumpage 4,148 2,108 13,381 5,466 Other 4,098 3,062 8,228 6,154 Total Southern revenues 51,054 41,756 112,303 83,214 Total Timberlands revenues 88,617 105,486 203,855 229,143 Wood Products Lumber 133,289 219,924 247,087 470,688 Residuals and Panels 34,380 46,709 73,377 91,687 Total Wood Products revenues 167,669 266,633 320,464 562,375 Real Estate Rural real estate 4,570 16,440 22,389 38,086 Development real estate 9,409 7,946 12,209 18,224 Other 3,085 2,350 6,329 4,491 Total Real Estate revenues 17,064 26,736 40,927 60,801 Total segment revenues 273,350 398,855 565,246 852,319 Intersegment Timberlands revenues 1 ( 27,243 ) ( 39,258 ) ( 61,177 ) ( 81,372 ) Other intersegment revenues ( 6 ) — ( 6 ) — Total consolidated revenues $ 246,101 $ 359,597 $ 504,063 $ 770,947 1 Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.
Summary of Information by Business Segment	The following table summarizes information for each of the company’s reportable segments and includes a reconciliation of Total Adjusted EBITDDA to income before income taxes. Corporate information is included to reconcile segment data to the Condensed Consolidated Financial Statements . Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Adjusted EBITDDA: Timberlands $ 29,316 $ 57,890 $ 75,955 $ 134,324 Wood Products 11,967 107,256 11,936 257,207 Real Estate 12,237 21,816 31,702 51,940 Corporate ( 10,521 ) ( 13,912 ) ( 21,262 ) ( 23,496 ) Eliminations and adjustments 2,446 2,120 4,891 757 Total Adjusted EBITDDA 45,445 175,170 103,222 420,732 Interest expense, net 1 ( 7,613 ) ( 7,419 ) ( 7,812 ) ( 10,313 ) Depreciation, depletion and amortization ( 27,087 ) ( 20,007 ) ( 58,851 ) ( 39,509 ) Basis of real estate sold ( 4,884 ) ( 7,325 ) ( 15,515 ) ( 18,179 ) CatchMark merger-related expenses ( 244 ) — ( 2,453 ) — Gain on fire damage 23,110 9,868 23,110 9,592 Pension settlement charge — — — ( 14,165 ) Non-operating pension and other postretirement employee benefit costs ( 229 ) ( 1,809 ) ( 457 ) ( 3,738 ) (Loss) gain on disposal of fixed assets ( 21 ) 13 ( 21 ) 16 Other 258 — 268 — Income before income taxes $ 28,735 $ 148,491 $ 41,491 $ 344,436 Depreciation, depletion and amortization: Timberlands $ 15,895 $ 11,563 $ 36,356 $ 23,724 Wood Products 10,948 8,136 21,983 15,157 Real Estate 121 173 277 343 Corporate 123 135 235 285 27,087 20,007 58,851 39,509 Bond discounts and deferred loan fees 1 409 372 818 744 Total depreciation, depletion and amortization $ 27,496 $ 20,379 $ 59,669 $ 40,253 Basis of real estate sold: Real Estate $ 4,887 $ 7,328 $ 15,518 $ 18,188 Eliminations and adjustments ( 3 ) ( 3 ) ( 3 ) ( 9 ) Total basis of real estate sold $ 4,884 $ 7,325 $ 15,515 $ 18,179 1 Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
Earnings per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share	The following table reconciles the number of shares used in calculating basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Basic weighted-average shares outstanding 80,145 69,580 80,087 69,502 Incremental shares due to: Performance shares 226 152 177 154 Restricted stock units 45 59 33 75 Diluted weighted-average shares outstanding 80,416 69,791 80,297 69,731

Certain Balance Sheet Compone_2

Certain Balance Sheet Components (Tables)	6 Months Ended
Certain Balance Sheet Components (Tables)	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories (in thousands) June 30, 2023 December 31, 2022 Logs $ 30,294 $ 30,586 Lumber, panels and veneer 37,270 35,888 Materials and supplies 22,877 21,262 Total inventories 90,441 87,736 Less: LIFO reserve ( 19,778 ) ( 19,778 ) Total inventories, net $ 70,663 $ 67,958
Schedule of Property, Plant and Equipment	Property, plant and equipment (in thousands) June 30, 2023 December 31, 2022 Property, plant and equipment $ 597,517 $ 588,935 Less: accumulated depreciation ( 290,539 ) ( 270,751 ) Total property, plant and equipment, net $ 306,978 $ 318,184
Schedule of Timber and Timberlands	Timber and timberlands (in thousands) June 30, 2023 December 31, 2022 Timber and timberlands $ 2,385,167 $ 2,416,134 Logging roads 90,887 92,238 Total timber and timberlands, net $ 2,476,054 $ 2,508,372
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities (in thousands) June 30, 2023 December 31, 2022 Accrued payroll and benefits $ 19,369 $ 29,051 Accounts payable 17,138 12,241 Deferred revenue 1 16,519 10,860 Accrued taxes 8,336 7,161 Accrued interest 8,254 7,778 Other current liabilities 26,477 27,770 Total accounts payable and accrued liabilities $ 96,093 $ 94,861 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 contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 30, 2023
Derivative Instrument Detail [Abstract]
Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income	The following table details the effect of derivatives on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income : Three Months Ended June 30, Six Months Ended June 30, (in thousands) Location 2023 2022 2023 2022 Derivatives designated in cash flow hedging relationships: Interest rate contracts Income recognized in other comprehensive income (loss), net of tax $ 22,337 $ 41,178 $ 8,746 $ 82,508 Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1 Interest expense, net $ 4,618 $ ( 1,351 ) $ 8,362 $ ( 3,297 ) Interest expense, net $ 7,613 $ 7,419 $ 7,812 $ 10,313 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 (loss) income related to certain terminated hedges and adjustments to interest expense resulting from amortization of inception value of certain off-market designated hedges. Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Derivative Instrument Detail [Abstract]
Estimated Fair Value of Financial Instruments	The following table presents the estimated fair values of our financial instruments: June 30, 2023 December 31, 2022 (in thousands) Carrying Fair Carrying Fair Derivative assets related to interest rate swaps (Level 2) $ 139,787 $ 139,787 $ 144,583 $ 144,583 Long-term debt, including current portion (Level 2): Term loans $ ( 969,594 ) $ ( 962,002 ) $ ( 969,269 ) $ ( 961,632 ) Revenue bonds ( 65,735 ) ( 65,004 ) ( 65,735 ) ( 64,602 ) Total long-term debt 1 $ ( 1,035,329 ) $ ( 1,027,006 ) $ ( 1,035,004 ) $ ( 1,026,234 ) Company owned life insurance asset (COLI) (Level 3) $ 4,699 $ 4,699 $ 4,311 $ 4,311 1 The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
Equity-Based Compensation (Tables)	Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-based Compensation Activity	Share-based compensation activity during the six months ended June 30, 2023, included the following: Granted Vested Forfeited Performance Share Awards (PSAs) 106,342 — 28,177 Restricted Stock Units (RSUs) 119,579 17,225 12,727
Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards	The following details compensation expense and the related income tax benefit for company specific equity-based awards: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Equity-based compensation expense: Performance share awards $ 719 $ 1,518 $ 2,140 $ 2,816 Restricted stock units 809 801 1,618 1,510 Deferred compensation stock equivalent units expense 49 49 98 98 Total equity-based compensation expense $ 1,577 $ 2,368 $ 3,856 $ 4,424 Total tax benefit recognized for equity-based expense $ 137 $ 119 $ 259 $ 219
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 2023: Stock price as of valuation date $ 47.55 Risk-free rate 4.14 % Expected volatility 36.24 % Expected dividend yield 1 — Expected term (years) 3.00 1 Full dividend reinvestment assumed.

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities	The following table presents supplemental balance sheet information related to lease assets and liabilities: (in thousands) Classification June 30, 2023 December 31, 2022 Assets Operating lease assets Other long-term assets $ 8,826 $ 9,306 Finance lease assets 1 Property, plant and equipment, net 12,302 13,213 Total lease assets $ 21,128 $ 22,519 Liabilities Current: Operating lease liabilities Accounts payable and accrued liabilities $ 2,319 $ 2,570 Finance lease liabilities Accounts payable and accrued liabilitie s 4,406 4,834 Noncurrent: Operating lease liabilities Other long-term obligations 6,651 6,716 Finance lease liabilities Other long-term obligations 7,790 8,179 Total lease liabilities $ 21,166 $ 22,299 1 Finance lease assets are presented net of accumulated amortization of $ 9.0 million and $ 7.9 million as of June 30, 2023 and December 31, 2022, respectively.
Schedule of Components of Lease Expense	The following table presents the components of lease expense: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease costs 1 $ 796 $ 881 $ 1,682 $ 1,828 Finance lease costs: Amortization of leased assets 1,331 995 2,562 1,924 Interest expense 113 69 224 136 Net lease costs $ 2,240 $ 1,945 $ 4,468 $ 3,888 1 Excludes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Cash Flow Information Related Leases	The following table presents supplemental cash flow information related to leases: Six Months Ended June 30, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,629 $ 1,822 Operating cash flows for finance leases $ 213 $ 136 Financing cash flows for finance leases $ 2,817 $ 1,961 Leased assets exchanged for new lease liabilities: Operating leases $ 1,149 $ 1,279 Finance leases $ 2,111 $ 2,331

Pension and Other Postretirem_2

Pension and Other Postretirement Employee Benefits (Tables)	6 Months Ended
Pension and Other Postretirement Employee Benefits (Tables)	Jun. 30, 2023
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 benefits (OPEB): Three Months Ended June 30, Pension OPEB (in thousands) 2023 2022 2023 2022 Service cost $ 1,355 $ 1,652 $ 28 $ 79 Interest cost 3,137 2,611 293 229 Expected return on plan assets ( 3,025 ) ( 2,258 ) — — Amortization of prior service cost 11 18 — 156 Amortization of actuarial (gain) loss ( 21 ) 1,148 ( 166 ) ( 95 ) Total net periodic cost $ 1,457 $ 3,171 $ 155 $ 369 Six Months Ended June 30, Pension OPEB (in thousands) 2023 2022 2023 2022 Service cost $ 2,711 $ 3,501 $ 55 $ 158 Interest cost 6,275 5,423 587 458 Expected return on plan assets ( 6,053 ) ( 5,403 ) - — Amortization of prior service cost 22 36 - 312 Amortization of actuarial (gain) loss ( 42 ) 3,102 ( 332 ) ( 190 ) Net periodic cost before pension settlement charge 2,913 6,659 310 738 Pension settlement charge — 14,165 — — Net periodic cost $ 2,913 $ 20,824 $ 310 $ 738

Components of Accumulated Oth_2

Components of Accumulated Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Changes in Accumulated Other Comprehensive (Loss) Income	The following table details changes in amounts included in our Accumulated Other Comprehensive Income (Loss) (AOCI) by component on our Condensed Consolidated Balance Sheets , net of tax: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Pension and Other Postretirement Employee Benefits Balance at beginning of period $ ( 28,625 ) $ ( 43,889 ) $ ( 28,494 ) $ ( 51,369 ) Unrecognized gains (losses) arising in AOCI during the period: Gross — — — ( 6,157 ) Tax effect — — — 1,570 Reclassifications from AOCI to earnings: Pension settlement 1 — — — 14,165 Other 1 ( 176 ) 1,227 ( 352 ) 3,260 Tax effect 43 ( 312 ) 88 ( 4,443 ) Net of tax amount ( 133 ) 915 ( 264 ) 8,395 Other reclassifications ( 211 ) — ( 211 ) — Balance at end of period ( 28,969 ) ( 42,974 ) ( 28,969 ) ( 42,974 ) Cash Flow Hedges Balance at beginning of period 108,811 51,407 126,146 8,131 Unrecognized gains arising in AOCI during the period: Gross 22,754 43,935 8,873 87,427 Tax effect ( 462 ) ( 2,757 ) ( 172 ) ( 4,919 ) Reclassifications from AOCI to earnings: Gross 2 ( 4,726 ) 1,411 ( 8,563 ) 3,444 Tax effect 108 ( 60 ) 201 ( 147 ) Net of tax amount 17,674 42,529 339 85,805 Other reclassifications 45 — 45 — Balance at end of period 126,530 93,936 126,530 93,936 Accumulated other comprehensive income, end of period $ 97,561 $ 50,962 $ 97,561 $ 50,962 1 Included in the computation of net periodic pension costs. 2 Included in Interest expense, net on the Condensed Consolidated Statement of Operations .

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) a in Millions	Jun. 30, 2023 shares	May 01, 2023 shares	Apr. 30, 2023 shares	Mar. 31, 2023 a	Dec. 31, 2022 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares authorized \| shares	200,000,000	200,000,000	100,000,000		100,000,000
Timber and timberlands acres owned \| a				2.2

Segment Information (Narrative)

Segment Information (Narrative) (Details)	6 Months Ended
Segment Information (Narrative) (Details)	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information (Summary of

Segment Information (Summary of Revenues by Major Product) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Revenues		$ 246,101	$ 359,597	$ 504,063	$ 770,947
Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		273,350	398,855	565,246	852,319
Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues	[1]	(27,243)	(39,258)	(61,177)	(81,372)
Timberlands [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		88,617	105,486	203,855	229,143
Timberlands [Member] \| Operating Segments [Member] \| Northern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		37,563	63,730	91,552	145,929
Timberlands [Member] \| Operating Segments [Member] \| Northern Region [Member] \| Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		36,822	62,930	90,147	144,434
Timberlands [Member] \| Operating Segments [Member] \| Northern Region [Member] \| Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		369	587	772	979
Timberlands [Member] \| Operating Segments [Member] \| Northern Region [Member] \| Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		372	213	633	516
Timberlands [Member] \| Operating Segments [Member] \| Southern Region [Member]
Disaggregation Of Revenue [Line Items]
Revenues		51,054	41,756	112,303	83,214
Timberlands [Member] \| Operating Segments [Member] \| Southern Region [Member] \| Sawlogs [Member]
Disaggregation Of Revenue [Line Items]
Revenues		27,802	24,365	59,556	47,746
Timberlands [Member] \| Operating Segments [Member] \| Southern Region [Member] \| Pulpwood [Member]
Disaggregation Of Revenue [Line Items]
Revenues		15,006	12,221	31,138	23,848
Timberlands [Member] \| Operating Segments [Member] \| Southern Region [Member] \| Stumpage [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,148	2,108	13,381	5,466
Timberlands [Member] \| Operating Segments [Member] \| Southern Region [Member] \| Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,098	3,062	8,228	6,154
Wood Products [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		167,669	266,633	320,464	562,375
Wood Products [Member] \| Operating Segments [Member] \| Lumber [Member]
Disaggregation Of Revenue [Line Items]
Revenues		133,289	219,924	247,087	470,688
Wood Products [Member] \| Operating Segments [Member] \| Residuals and Panels [Member]
Disaggregation Of Revenue [Line Items]
Revenues		34,380	46,709	73,377	91,687
Real Estate Segment [Member] \| Operating Segments [Member]
Disaggregation Of Revenue [Line Items]
Revenues		17,064	26,736	40,927	60,801
Real Estate Segment [Member] \| Operating Segments [Member] \| Rural Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		4,570	16,440	22,389	38,086
Real Estate Segment [Member] \| Operating Segments [Member] \| Development Real Estate [Member]
Disaggregation Of Revenue [Line Items]
Revenues		9,409	7,946	12,209	18,224
Real Estate Segment [Member] \| Operating Segments [Member] \| Other [Member]
Disaggregation Of Revenue [Line Items]
Revenues		3,085	2,350	6,329	4,491
Other Intersegment Eliminations [Member]
Disaggregation Of Revenue [Line Items]
Revenues		$ (6)	$ 0	$ (6)	$ 0

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

Segment Information (Summary _2

Segment Information (Summary of Information by Business Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Adjusted EBITDDA		$ 45,445	$ 175,170	$ 103,222	$ 420,732
Interest expense, net	[1]	(7,613)	(7,419)	(7,812)	(10,313)
Depreciation, depletion and amortization		(27,087)	(20,007)	(58,851)	(39,509)
Basis of real estate sold		(4,884)	(7,325)	(15,515)	(18,179)
CatchMark merger-related expenses		(244)	0	(2,453)	0
Gain on fire damage		23,110	9,868	23,110	9,592
Pension settlement charge		0	0	0	(14,165)
Non-operating pension and other postretirement employee benefit costs		(229)	(1,809)	(457)	(3,738)
(Loss) gain on disposal of fixed assets		(21)	13	(21)	16
Other		258	0	268	0
Income before income taxes		28,735	148,491	41,491	344,436
Bond discounts and deferred loan fees	[1]	409	372	818	744
Total depreciation, depletion and amortization		27,496	20,379	59,669	40,253
Operating Segments [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization		27,087	20,007	58,851	39,509
Operating Segments [Member] \| Timberlands [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		29,316	57,890	75,955	134,324
Depreciation, depletion and amortization		(15,895)	(11,563)	(36,356)	(23,724)
Operating Segments [Member] \| Wood Products [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		11,967	107,256	11,936	257,207
Depreciation, depletion and amortization		(10,948)	(8,136)	(21,983)	(15,157)
Operating Segments [Member] \| Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		12,237	21,816	31,702	51,940
Depreciation, depletion and amortization		121	173	277	343
Basis of real estate sold		4,887	7,328	15,518	18,188
Corporate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		(10,521)	(13,912)	(21,262)	(23,496)
Depreciation, depletion and amortization		123	135	235	285
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDDA		2,446	2,120	4,891	757
Basis of real estate sold		$ (3)	$ (3)	$ (3)	$ (9)

[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations .

Earnings per Share (Reconciliat

Earnings per Share (Reconciliation of Number of Shares Used in Calculating Basic and Diluted Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings per Share [Line Items]
Basic weighted-average shares outstanding	80,145	69,580	80,087	69,502
Diluted weighted-average shares outstanding	80,416	69,791	80,297	69,731
Performance shares [Member]
Earnings per Share [Line Items]
Incremental shares	226	152	177	154
Restricted stock units [Member]
Earnings per Share [Line Items]
Incremental shares	45	59	33	75

Earnings per Share (Narrative)

Earnings per Share (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 31, 2022	Aug. 30, 2018
Earnings per Share [Line Items]
Total anti-dilutive shares excluded from the calculation (in shares)	34,000	98,000	68,000	78,000
Number of shares repurchased, cost	$ 394	$ 4,156
2018 Repurchase Program [Member]
Earnings per Share [Line Items]
Number of shares repurchased		94,566		94,566
Number of shares repurchased, cost		$ 4,200		$ 4,200
2022 Repurchase Program [Member]
Earnings per Share [Line Items]
Number of shares repurchased	8,761		8,761
Number of shares repurchased, cost	$ 400		$ 400
Stock repurchase program, remaining amount	$ 149,600		$ 149,600
Maximum [Member] \| 2018 Repurchase Program [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount						$ 100,000
Maximum [Member] \| 2022 Repurchase Program [Member]
Earnings per Share [Line Items]
Stock repurchase program, authorized amount					$ 200,000

Certain Balance Sheet Compone_3

Certain Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Logs	$ 30,294	$ 30,586
Lumber, panels and veneer	37,270	35,888
Materials and supplies	22,877	21,262
Inventories gross	90,441	87,736
Less: LIFO reserve	(19,778)	(19,778)
Total inventories	$ 70,663	$ 67,958

Certain Balance Sheet Compone_4

Certain Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 597,517	$ 588,935
Less: accumulated depreciation	(290,539)	(270,751)
Total property, plant and equipment, net	$ 306,978	$ 318,184

Certain Balance Sheet Compone_5

Certain Balance Sheet Components - (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Proceeds from insurance of claim received					$ 73.1
Ola, Arkansas Sawmill [Member]
Property, Plant and Equipment [Line Items]
Deductible amount of property damage and business interruption losses					$ 2
Insurance Recoveries	$ 23.1		$ 23.1
Proceeds from insurance of claim received		$ 9.9		$ 9.2

Certain Balance Sheet Compone_6

Certain Balance Sheet Components (Schedule of Timber and Timberlands) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Timber And Timberlands [Abstract]
Timber and timberlands	$ 2,385,167	$ 2,416,134
Logging roads	90,887	92,238
Total timber and timberlands, net	$ 2,476,054	$ 2,508,372

Certain Balance Sheet Compone_7

Certain Balance Sheet Components (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accrued payroll and benefits		$ 19,369	$ 29,051
Accounts payable		17,138	12,241
Deferred revenue	[1]	16,519	10,860
Accrued taxes		8,336	7,161
Accrued interest		8,254	7,778
Other current liabilities		26,477	27,770
Total accounts payable and accrued liabilities		$ 96,093	$ 94,861

[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 contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($)	6 Months Ended
Debt (Narrative) (Details) - USD ($)	Jun. 30, 2023	May 18, 2023
Debt Instrument [Line Items]
Long-term principal	$ 1,000,000,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding	700,000
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]
Line of credit facility, amount outstanding	$ 971,000,000
Secured Overnight Financing Rate (SOFR) [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.66%
Secured Overnight Financing Rate (SOFR) [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Net gains expected to be reclassified into earnings in the next 12 months	$ 20.2
Cash Flow Hedging [Member] \| Other Noncurrent Assets [Member]
Derivatives Fair Value [Line Items]
Derivative assets related to interest rate swaps	139.8	$ 144.6
Interest Rate Swaps [Member] \| Cash Flow Hedging [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 250
Interest Rate Swaps [Member] \| Cash Flow Hedging [Member] \| Minimum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	1.66%
LIBOR variable interest rate	2.19%
Interest Rate Swaps [Member] \| Cash Flow Hedging [Member] \| Maximum [Member]
Derivatives Fair Value [Line Items]
Swaps fixed interest rate	2.30%
LIBOR variable interest rate	4.79%
Interest Rate Swaps [Member] \| Cash Flow Hedging [Member] \| Term Loans [Member]
Derivatives Fair Value [Line Items]
Term loan debt	$ 721

Derivative Instruments (Effect

Derivative Instruments (Effect of Derivatives on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges, net of tax		$ 17,719	$ (17,335)	$ 42,529	$ 43,276	$ 384	$ 85,805
Interest expense, net	[1]	7,613		7,419		7,812	10,313
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		22,337		41,178		8,746	82,508
Amounts reclassified from accumulated other comprehensive income (loss), net of tax	[2]	$ 4,618		$ (1,351)		$ 8,362	$ (3,297)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest expense, net		Interest expense, net		Interest expense, net	Interest expense, net

[1] Bond discounts and deferred loan fees are reported within interest expense, net on the Condensed Consolidated Statements of Operations . Net cash received or paid is included within Interest expense, net in the Condensed Consolidated Statements of Operations .

Fair Value Measurements (Estima

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Carrying Amount [Member] \| Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	$ (1,035,329)	$ (1,035,004)
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		139,787	144,583
Carrying Amount [Member] \| Level 2 [Member] \| Term Loans [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(969,594)	(969,269)
Carrying Amount [Member] \| Level 2 [Member] \| Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(65,735)	(65,735)
Carrying Amount [Member] \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		4,699	4,311
Fair Value [Member] \| Level 2 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	[1]	(1,027,006)	(1,026,234)
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		139,787	144,583
Fair Value [Member] \| Level 2 [Member] \| Term Loans [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(962,002)	(961,632)
Fair Value [Member] \| Level 2 [Member] \| Revenue bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion		(65,004)	(64,602)
Fair Value [Member] \| Level 3 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Company owned life insurance asset (COLI)		$ 4,699	$ 4,311

[1] The carrying amount of long-term debt includes principal and unamortized discounts.

Equity-Based Compensation (Narr

Equity-Based Compensation (Narrative) (Details) - $ / shares shares in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
PSA and RSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for stock compensation (shares)	0.2	0.2
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted	$ 61.21
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%
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%
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted	$ 46.98
Long-Term Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future use	1.8

Equity-Based Compensation (Shar

Equity-Based Compensation (Share-Based Compensation Activity) (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2023 shares
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	106,342
Vested	0
Forfeited	28,177
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	119,579
Vested	17,225
Forfeited	12,727

Equity-Based Compensation (Deta

Equity-Based Compensation (Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 1,577	$ 2,368	$ 3,856	$ 4,424
Deferred compensation stock equivalent units expense	49	49	98	98
Total tax benefit recognized for equity-based expense	137	119	259	219
Performance Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	719	1,518	2,140	2,816
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$ 809	$ 801	$ 1,618	$ 1,510

Equity-Based Compensation (Fair

Equity-Based Compensation (Fair Value of Performance Share Awards Granted) (Details) - Performance Share Awards [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price as of valuation date	$ 47.55
Risk-free rate	4.14%
Expected volatility	36.24%
Expected dividend yield	0%	[1]
Expected term (years)	3 years

[1] 1 Full dividend reinvestment assumed.

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Decrease in net deferred tax liability	$ 1	$ 1

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
ASSETS
Operating lease assets		$ 8,826	$ 9,306
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Other long-term assets	Other long-term assets
Finance lease assets	[1]	$ 12,302	$ 13,213
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		Property, plant and equipment, net	Property, plant and equipment, net
Total lease assets		$ 21,128	$ 22,519
Current liabilities:
Operating lease liabilities		$ 2,319	$ 2,570
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Finance lease liabilities		$ 4,406	$ 4,834
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]		Accounts payable and accrued liabilities	Accounts payable and accrued liabilities
Noncurrent:
Operating lease liabilities		$ 6,651	$ 6,716
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Finance lease liabilities		$ 7,790	$ 8,179
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		Other long-term obligations	Other long-term obligations
Total lease liabilities		$ 21,166	$ 22,299

[1] 1 Finance lease assets are presented net of accumulated amortization of $ 9.0 million and $ 7.9 million as of June 30, 2023 and December 31, 2022, respectively.

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related Leases Assets and Liabilities (Parentheticals) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Accumulated amortization of finance lease assets	$ 9	$ 7.9

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease costs	[1]	$ 796	$ 881	$ 1,682	$ 1,828
Finance lease costs:
Amortization of leased assets		1,331	995	2,562	1,924
Interest expense		113	69	224	136
Net lease costs		$ 2,240	$ 1,945	$ 4,468	$ 3,888

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

Leases - Schedule of Suppleme_3

Leases - Schedule of Supplemental Cash Flow Information Related Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,629	$ 1,822
Operating cash flows for finance leases	213	136
Financing cash flows for finance leases	2,817	1,961
Leased assets exchanged for new lease liabilities:
Operating leases	1,149	1,279
Finance leases	$ 2,111	$ 2,331

Pension and Other Postretirem_3

Pension and Other Postretirement Employee Benefits (Components Of Net Periodic Cost (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,355	$ 1,652	$ 2,711	$ 3,501
Interest cost	3,137	2,611	6,275	5,423
Expected return on plan assets	(3,025)	(2,258)	(6,053)	(5,403)
Amortization of prior service cost	11	18	22	36
Amortization of actuarial (gain) loss	(21)	1,148	(42)	3,102
Net periodic cost before pension settlement charge			2,913	6,659
Pension settlement charge			0	14,165
Total net periodic cost	1,457	3,171	2,913	20,824
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	28	79	55	158
Interest cost	293	229	587	458
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	0	156	0	312
Amortization of actuarial (gain) loss	(166)	(95)	(332)	(190)
Net periodic cost before pension settlement charge			310	738
Pension settlement charge			0	0
Total net periodic cost	$ 155	$ 369	$ 310	$ 738

Pension and Other Postretirem_4

Pension and Other Postretirement Employee Benefits (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Funding of pension and other postretirement benefit plans	$ 2,304,000	$ 2,264,000
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Change in participants pension benefits	0
Non-cash pretax settlement charge	$ 14,200,000
Qualified Plan [Member] \| Pension Plans [Member] \| Funded with Plan Assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Transfer of outstanding pension benefit obligation related to qualified pension plans to insurance company			$ 75,600,000

Components of Accumulated Oth_3

Components of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		$ 2,228,263	$ 1,712,198	$ 2,263,153	$ 1,526,133
Reclassifications from AOCI to earnings:
Balance, end of period		2,233,169	1,843,551	2,233,169	1,843,551
Pension and Other Postretirement Employee Benefits
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		(28,625)	(43,889)	(28,494)	(51,369)
Unrecognized gains (losses) arising in AOCI during the period:
Gross		0	0	0	(6,157)
Tax effect		0	0	0	1,570
Reclassifications from AOCI to earnings:
Pension settlement	[1]	0	0	0	14,165
Other	[1]	(176)	1,227	(352)	3,260
Tax effect		43	(312)	88	(4,443)
Net of tax amount		(133)	915	(264)	8,395
Other reclassifications		(211)	0	(211)	0
Balance, end of period		(28,969)	(42,974)	(28,969)	(42,974)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		108,811	51,407	126,146	8,131
Unrecognized gains (losses) arising in AOCI during the period:
Gross		22,754	43,935	8,873	87,427
Tax effect		(462)	(2,757)	(172)	(4,919)
Reclassifications from AOCI to earnings:
Gross	[2]	(4,726)	1,411	(8,563)	3,444
Tax effect		108	(60)	201	(147)
Net of tax amount		17,674	42,529	339	85,805
Other reclassifications		45	0	45	0
Balance, end of period		126,530	93,936	126,530	93,936
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Balance, beginning of period		80,186	7,518	97,652	(43,238)
Reclassifications from AOCI to earnings:
Balance, end of period		$ 97,561	$ 50,962	$ 97,561	$ 50,962

[1] Included in the computation of net periodic pension costs. Included in Interest expense, net on the Condensed Consolidated Statement of Operations .

CatchMark Merger - Additional I

CatchMark Merger - Additional Information (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Sep. 14, 2022 USD ($) a shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Mar. 31, 2023 a	Dec. 31, 2022 shares
Business Acquisition [Line Items]
Timber and timberlands acres owned \| a						2,200,000
Common stock, issued \| shares		79,911,000		79,911,000			79,683,000
CatchMark merger-related expenses		$ 244	$ 0	$ 2,453	$ 0
CatchMark and CatchMark Timber Operating Partnership, LP [Member]
Business Acquisition [Line Items]
Common stock, issued \| shares	11,500,000
Transaction costs capitalized	$ 9,300
CatchMark [Member]
Business Acquisition [Line Items]
Common stock, issued \| shares	11,300,000
Proceeds from Issuance of debt	$ 277,500
Outstanding long-term debt	300,000
Repayments of Debt	22,500
Fair Value of Assets Acquired	23,600
CatchMark merger-related expenses		$ 200		$ 2,500
Liabilities assumed in merger	323,100
CatchMark [Member] \| Intangible Assets [Member]
Business Acquisition [Line Items]
Fair Value of Assets Acquired	$ 3,000
CatchMark Timber Operating Partnership, LP [Member]
Business Acquisition [Line Items]
Common stock, issued \| shares	200,000
Timber and Timberlands [Member] \| CatchMark and CatchMark Timber Operating Partnership, LP [Member]
Business Acquisition [Line Items]
Fair Value of Assets Acquired	$ 782,300
Other Assets [Member] \| CatchMark [Member]
Business Acquisition [Line Items]
Fair Value of Assets Acquired	32,000
Interest Rate Swaps [Member] \| CatchMark [Member]
Business Acquisition [Line Items]
Term loan debt	$ 277,500
CatchMark Timber Trust, Inc [Member] \| Alabama, Georgia and South Carolina [Member]
Business Acquisition [Line Items]
Timber and timberlands acres owned \| a	348,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Dec. 31, 2022
Thomson Reservoir Sediment Remediation Project [Member]
Site Contingency [Line Items]
Accrued amount		$ 5.6
Great Lakes Legacy Act [Member]
Site Contingency [Line Items]
Percentage of federal funding for remediation of contaminated sediments	65%
Required percentage of cash or in-kind contributions from non-federal sponsors	35%