v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
The following table contains information on the outstanding interest rate swaps as of March 31, 2026:
Outstanding Interest Rate Swaps (a)
Date Entered Into / AcquiredYears to MaturityNotional AmountRelated Debt FacilityFixed Rate of SwapBank Margin on DebtTotal Effective Interest Rate (b)
 Hedging Instruments
April 2016
< 1 year
$100,000 2016 Incremental Term Loan1.50%1.75%3.25%
April 2016
< 1 year
100,000 2016 Incremental Term Loan1.51%1.75%3.26%
February 20223 years200,000 2021 Incremental Term Loan0.67%1.92%2.59%
August 20242 years100,000 2015 Term Loan0.78%1.60%2.38%
August 20242 years50,000 2015 Term Loan0.64%1.60%2.24%
August 20242 years50,000 2015 Term Loan3.29%1.60%4.89%
Hedging Instruments Acquired in the PotlatchDeltic Merger (January 30, 2026)
January 20261 year138,750  Term Loan Q 0.50%2.00%2.50%
January 20262 years65,000  Term Loan K 2.79%1.94%4.73%
January 20262 years 35,000  Term Loan L 2.79%1.94%4.73%
January 20263 years150,000  Term Loan M 0.43%1.60%2.03%
January 20264 years40,000  Term Loan N 1.26%1.59%2.85%
January 20264 years138,750  Term Loan R0.66%2.00%2.66%
January 20265 years23,000  Term Loan O 0.87%2.18%3.05%
January 20265 years23,000  Term Loan O 0.87%2.18%3.05%
January 20266 years20,000  Term Loan P0.93%2.10%3.03%
January 20266 years20,000  Term Loan P 0.93%2.10%3.03%
January 20267 years20,000  Term Loan S 0.98%2.30%3.28%
January 20267 years20,000  Term Loan S 0.97%2.30%3.27%
January 20267 years38,000  Term Loan U 1.82%2.20%4.02%
January 20268 years38,000  Term Loan V 2.02%2.25%4.27%
January 20268 years40,000  Term Loan T 1.05%2.30%3.35%
January 20269 years100,000  Term Loan W 1.98%2.30%4.28%
January 20269 years100,000  Term Loan X 1.81%2.30%4.11%
Total Notional$1,609,500 
(a)All interest rate swaps are designated as cash flow hedges and qualify for hedge accounting.
(b)Rate is before estimated patronage payments.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table presents the pre-tax impact of our derivatives on the Consolidated Statements of Income and Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
Income Statement Location20262025
Derivatives designated as cash flow hedges:
Interest rate productsOther comprehensive income (loss), relating to continuing operations$6,282 ($4,247)
Interest expense, net(4,010)(4,511)
Total interest expense, net, as reported on the Consolidated Statements of Income and Comprehensive Income (Loss)(14,301)(6,394)
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025:
Notional Amount
March 31, 2026December 31, 2025
Derivatives designated as cash flow hedges:
Interest rate swaps (a)$1,609,500 $600,000 
(a)    The period-over-period increase in notional outstanding of $1,009,500 is attributable to the 17 PotlatchDeltic Merger Swaps re-designated as cash flow hedges on January 30, 2026.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025. The Company classifies the fair value of its derivative instruments as current or non-current based on the contractual settlement timing of each individual derivative:
Location on Balance SheetFair Value Assets (Liabilities) (a)
March 31, 2026December 31, 2025
Derivatives designated as cash flow hedges:
Interest rate swaps
Other current assets$356 $1,404 
Other assets124,515 25,438 
Total derivative assets$124,871 $26,842 
Other non-current liabilities— ($23)
Total derivative liabilities— ($23)
(a)    See Note 10 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.