PCH PotlatchDeltic Corporation

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: July 29, 2024 (Date of earliest event reported)

 

PotlatchDeltic Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware		001-32729		82-0156045
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)
601 W. First Avenue, Suite 1600, Spokane WA				99201
(Address of principal executive offices)				(Zip Code)

509-835-1500

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock ($1 par value)		PCH		Nasdaq Global Select Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). ☐

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Item 2.02 Results of Operations and Financial Condition

On July 29, 2024, PotlatchDeltic Corporation announced its results of operations and financial condition for the quarter ended June 30, 2024. The press release containing this announcement is furnished as Exhibit 99.1 hereto.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

 

(d) The following items are furnished as exhibits to this report.

 

99.1 Press release issued by PotlatchDeltic Corporation, dated July 29, 2024, PotlatchDeltic Corporation Reports Second Quarter 2024 Results.

 

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 29, 2024

 

PotlatchDeltic Corporation
By:		/s/ Michele L. Tyler
		Michele L. Tyler
		Vice President, General Counsel and Corporate Secretary

 

 

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Exhibit 99.1

News Release

For immediate release:

 

Contact:	Investors	Media
	Wayne Wasechek	Anna Torma
	509.835.1521	509.835.1558

 

PotlatchDeltic Corporation Reports Second Quarter 2024 Results

SPOKANE, Wash., July 29, 2024 (BUSINESS WIRE) – PotlatchDeltic Corporation (Nasdaq: PCH) today reported net income of $13.7 million, or $0.17 per diluted share, on revenues of $320.7 million for the quarter ended June 30, 2024. Net income was $22.3 million, or $0.28 per diluted share, on revenues of $246.1 million for the quarter ended June 30, 2023. Excluding after-tax special items consisting of gain on insurance recoveries and CatchMark merger-related expenses, adjusted net income was $5.2 million, or $0.06 per diluted share, for the second quarter of 2023.

Second Quarter 2024 Highlights

 

 

“All of our business segments delivered solid operational execution in the second quarter in spite of languishing lumber markets and the current economic backdrop,” said Eric Cremers, President and Chief Executive Officer. “Our Real Estate business generated strong rural sales activity that created high value transactions with significant premiums to timberland values, highlighted by the closing of our previously announced 34,100-acre timberland sale to Forest Investment Associates for $57 million. Additionally, our Wood Products business is diligently focused on the final phase of construction on our Waldo, Arkansas sawmill expansion and modernization project for completion in the third quarter. As for capital allocation, our strong balance sheet and liquidity continues to allow us the flexibility to execute on our disciplined and opportunistic strategy, which included $25 million of share repurchases during the quarter. Looking ahead, we continue to believe long-term underlying housing fundamentals remain favorable and are optimistic that lumber markets will gain renewed momentum as inflation and interest rates improve,” stated Mr. Cremers.

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Financial Highlights

 

($ in millions, except per share data)		Q2 2024				Q1 2024				Q2 2023
Revenues		$	320.7			$	228.1			$	246.1
Net income (loss)		$	13.7			$	(0.3	)		$	22.3
Weighted-average shares outstanding, diluted (in thousands)			79,741				79,677				80,416
Net income (loss) per diluted share		$	0.17			$	—			$	0.28
Adjusted Net Income (Loss)1		$	13.7			$	(0.3	)		$	5.2
Adjusted Net Income (Loss) Per Diluted Share1		$	0.17			$	—			$	0.06
Total Adjusted EBITDDA1		$	103.2			$	29.7			$	45.5
Total Adjusted EBITDDA Margin1			32.2	%			13.0	%			18.5	%
Dividends per share		$	0.45			$	0.45			$	0.45
Net cash from operations		$	100.6			$	16.0			$	37.2
Cash and cash equivalents		$	199.7			$	180.2			$	331.2

1 Adjusted Net Income, Adjusted Net Income Per Diluted Share, Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures. Refer to "Non-GAAP Measures" and Non-GAAP Reconciliations below for more information and reconciliations to GAAP, where applicable.

 

Business Performance: Q2 2024 vs. Q1 2024

Timberlands

Second Quarter 2024 Highlights

 

 

($ in millions)		Q2 2024				Q1 2024				$ Change
Timberlands Revenues		$	98.8			$	93.0			$	5.8
Timberlands Adjusted EBITDDA1		$	34.2			$	34.7			$	(0.5	)

1 Refer to Segment Information below for additional information.

 

Wood Products

Second Quarter 2024 Highlights

 

 

($ in millions)		Q2 2024				Q1 2024				$ Change
Wood Products Revenues		$	153.6			$	148.6			$	5.0
Wood Products Adjusted EBITDDA1		$	(6.8	)		$	(0.1	)		$	(6.7	)

1 Refer to Segment Information below for additional information.

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Real Estate

Second Quarter 2024 Highlights

 

($ in millions)		Q2 2024				Q1 2024				$ Change
Real Estate Revenues		$	95.7			$	11.1			$	84.6
Real Estate Adjusted EBITDDA1		$	89.6			$	6.2			$	83.4

1 Refer to Segment Information below for additional information.

 

Non-GAAP Measures

This press release includes certain financial measures that are not in accordance with accounting principles generally accepted in the United States (GAAP). Management believes that these non-GAAP measures, when read in conjunction with our GAAP financial statements, provide useful information to investors and other interested parties as described below. The presentation of these non-GAAP financial measures should be considered only as supplemental to, are not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may not be the same as or comparable to other similarly titled non-GAAP measures presented by other companies due to potential inconsistencies in methods of calculation.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share are non-GAAP measures that represent GAAP net income (loss) and GAAP net income (loss) per diluted share before certain items, net of tax, that management believes impact the ability to compare the performance of our business, either period-over-period or with other businesses.

Total Adjusted EBITDDA and Total Adjusted EBITDDA Margin are non-GAAP measures that remove the impact of specific items that management believes do not directly reflect the core business operations on an ongoing basis and can be used to evaluate the operational performance of assets under management.

We define Total Adjusted EBITDDA Margin as Total Adjusted EBITDDA divided by Revenues.

Reconciliations of Total Adjusted EBITDDA, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share to their most comparable GAAP measures are set forth in the accompanying “Non-GAAP Reconciliations” at the end of this release.

Conference Call Information

A live conference call and webcast will be held Tuesday, July 30, 2024, at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time). Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investors link or by conference call at 1-888-510-2008 for U.S./Canada and 1-646-960-0306 for international callers. Participants will be asked to provide conference I.D. number 7281983. Supplemental materials that will be discussed during the call are available on the above website.

A replay of the conference call will be available two hours following the call until August 6, 2024 by calling 1-800-770-2030 for U.S./Canada or 1-609-800-9909 for international callers. Callers must enter conference I.D. number 7281983 to access the replay.

About PotlatchDeltic

PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns over 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. PotlatchDeltic, a leader in sustainable forest management, is committed to environmental and social responsibility and to responsible governance. More information can be found at www.potlatchdeltic.com.

 

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Forward-Looking Statements

 

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including without limitation, our expectations regarding the company’s revenues, costs, expenses and liquidity; disciplined and opportunistic capital allocation strategy; expected completion of the Waldo, AR sawmill expansion and modernization project; long-term housing fundamentals, inflation, interest rates, and demand for lumber; and similar matters. Words such as “believe,” “looking ahead,” “long term,” and similar expressions are intended to identify such forward-looking statements. You should carefully read forward-looking statements, including statements that contain these words, because they discuss the future expectations or state other “forward-looking” information about PotlatchDeltic. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, many of which are beyond PotlatchDeltic’s control, such as changes in the U.S. housing market; changes in timberland values; changes in timber harvest levels on the company’s lands; changes in timber prices; changes in policy regarding governmental timber sales; availability of logging contractors and shipping capacity; changes in the United States and international economies and effects on our customers and suppliers; changes in interest rates; credit availability and homebuyers’ ability to qualify for mortgages; availability of labor and developable land; changes in the level of construction and remodeling activity; changes in foreign demand; changes in tariffs, quotas and trade agreements involving wood products; currency fluctuation; changes in demand for our products and real estate; changes in production and production capacity in the forest products industry; competitive pricing pressures for our products; unanticipated manufacturing disruptions; disruptions or inefficiencies in our supply chain and/or operations; changes in general and industry-specific environmental laws and regulations; unforeseen environmental liabilities or expenditures; weather conditions; fires at our facilities and on our timberland and other catastrophic events; restrictions on harvesting due to fire danger; changes in raw material, fuel and other costs; transportation disruptions; share price; our ability to complete our Waldo, Arkansas sawmill expansion and modernization project on budget and schedule and to achieve the expected increases in production capacity, reduction in cash processing costs, and recovery improvement; our ability to participate in the natural climate solutions and forest carbon sequestration markets; the successful execution of the company’s strategic plans and the other factors described in PotlatchDeltic’s Annual Report on Form 10-K and in the company’s other filings with the SEC. PotlatchDeltic assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.

 

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PotlatchDeltic Corporation

Condensed Consolidated Statements of Operations

Unaudited

 

 

 

	Three Months Ended														Six Months Ended
(in thousands, except per share amounts)	June 30, 2024				March 31, 2024						June 30, 2023				June 30, 2024				June 30, 2023
Revenues	$	320,671			$	228,127					$	246,101			$	548,798			$	504,063
Costs and expenses:
Cost of goods sold		282,473				212,160						215,063				494,633				439,413
Selling, general and administrative expenses		20,752				20,727						17,585				41,479				35,815
CatchMark merger-related expenses		—				—						244				—				2,453
Gain on fire damage		—				—						(23,110	)			—				(23,110	)
		303,225				232,887						209,782				536,112				454,571
Operating income (loss)		17,446				(4,760	)					36,319				12,686				49,492
Interest expense, net		(8,696	)			282						(7,613	)			(8,414	)			(7,812	)
Non-operating pension and other postretirement employee benefits		201				201						(229	)			402				(457	)
Other		(23	)			(145	)					258				(168	)			268
Income (loss) before income taxes		8,928				(4,422	)					28,735				4,506				41,491
Income taxes		4,750				4,117						(6,429	)			8,867				(2,925	)
Net income (loss)	$	13,678			$	(305	)				$	22,306			$	13,373			$	38,566
Net income (loss) per share:
Basic	$	0.17			$	—					$	0.28			$	0.17			$	0.48
Diluted	$	0.17			$	—					$	0.28			$	0.17			$	0.48
Dividends per share	$	0.45			$	0.45					$	0.45			$	0.90			$	0.90
Weighted-average shares outstanding:
Basic		79,627				79,677						80,145				79,656				80,087
Diluted		79,741				79,677						80,416				79,756				80,297

 

 

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PotlatchDeltic Corporation

Condensed Consolidated Balance Sheets

Unaudited

 

 

(in thousands, except per share amounts)		June 30, 2024				December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents		$	199,723			$	230,118
Customer receivables, net			29,977				21,892
Inventories, net			80,097				78,665
Other current assets			47,132				46,258
Total current assets			356,929				376,933
Property, plant and equipment, net			377,060				372,832
Investment in real estate held for development and sale			55,298				56,321
Timber and timberlands, net			2,394,709				2,440,398
Intangible assets, net			14,751				15,640
Other long-term assets			180,304				169,132
Total assets		$	3,379,051			$	3,431,256
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities		$	95,477			$	82,383
Current portion of long-term debt			175,692				175,615
Current portion of pension and other postretirement employee benefits			4,535				4,535
Total current liabilities			275,704				262,533
Long-term debt			858,617				858,113
Pension and other postretirement employee benefits			68,621				67,856
Deferred tax liabilities, net			27,680				36,641
Other long-term obligations			35,830				35,015
Total liabilities			1,266,452				1,260,158
Commitments and contingencies
Stockholders' equity:
Common stock, $1 par value, 200,000 shares authorized, 78,902 and 79,365 shares issued and outstanding			78,902				79,365
Additional paid-in capital			2,309,555				2,303,992
Accumulated deficit			(397,967	)			(315,291	)
Accumulated other comprehensive income			122,109				103,032
Total stockholders’ equity			2,112,599				2,171,098
Total liabilities and stockholders' equity		$	3,379,051			$	3,431,256

 

 

 

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PotlatchDeltic Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

 

 

	Three Months Ended												Six Months Ended
(in thousands)	June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	13,678			$	(305	)		$	22,306			$	13,373			$	38,566
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation, depletion and amortization		29,674				30,802				27,496				60,476				59,669
Basis of real estate sold		56,525				4,092				4,884				60,617				15,515
Change in deferred taxes		(4,694	)			(4,145	)			(2,609	)			(8,839	)			(2,215	)
Pension and other postretirement employee benefits		1,145				1,143				1,612				2,288				3,223
Equity-based compensation expense		2,962				2,560				1,577				5,522				3,856
Gain on fire damage		—				—				(23,110	)			—				(23,110	)
Interest received under swaps with other-than-insignificant financing element		(7,509	)			(7,458	)			(6,313	)			(14,967	)			(11,767	)
Other, net		2,351				2,961				1,911				5,312				3,856
Change in working capital and operating-related activities, net		9,256				(13,252	)			2,871				(3,996	)			(14,334	)
Real estate development expenditures		(1,587	)			(1,135	)			(1,896	)			(2,722	)			(4,304	)
Funding of pension and other postretirement employee benefits		(1,221	)			(914	)			(1,217	)			(2,135	)			(2,304	)
Proceeds from insurance recoveries		—				1,680				9,706				1,680				9,706
Net cash from operating activities		100,580				16,029				37,218				116,609				76,357
CASH FLOWS FROM INVESTING ACTIVITIES
Property, plant and equipment additions		(21,608	)			(4,995	)			(5,880	)			(26,603	)			(10,135	)
Timberlands reforestation and roads		(4,940	)			(7,874	)			(4,596	)			(12,814	)			(10,714	)
Acquisition of timber and timberlands		(43	)			(31,438	)			(1,621	)			(31,481	)			(1,621	)
Interest received under swaps with other-than-insignificant financing element		6,986				6,938				5,849				13,924				10,904
Other, net		245				373				242				618				664
Net cash from investing activities		(19,360	)			(36,996	)			(6,006	)			(56,356	)			(10,902	)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to common stockholders		(35,677	)			(35,779	)			(35,958	)			(71,456	)			(71,920	)
Repurchase of common stock		(23,905	)			—				(394	)			(23,905	)			(394	)
Other, net		(1,444	)			(792	)			(1,117	)			(2,236	)			(1,955	)
Net cash from financing activities		(61,026	)			(36,571	)			(37,469	)			(97,597	)			(74,269	)
Change in cash, cash equivalents and restricted cash		20,194				(57,538	)			(6,257	)			(37,344	)			(8,814	)
Cash, cash equivalents and restricted cash, beginning		180,150				237,688				343,034				237,688				345,591
Cash, cash equivalents and restricted cash, ending1	$	200,344			$	180,150			$	336,777			$	200,344			$	336,777

 

1	Includes $0.7 million, $0, and $5.6 million at June 30, 2024, March 31, 2024, and June 30, 2023, respectively, that were or are intended to be reinvested in timber and timberlands and classified as restricted cash in Other current and long-term assets in the Condensed Consolidated Balance Sheets.

 

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PotlatchDeltic Corporation

Segment Information

Unaudited

 

 

	Three Months Ended												Six Months Ended
(in thousands)	June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Revenues
Timberlands	$	98,802			$	92,950			$	88,617			$	191,752			$	203,855
Wood Products		153,579				148,598				167,669				302,177				320,464
Real Estate		95,732				11,107				17,064				106,839				40,927
		348,113				252,655				273,350				600,768				565,246
Intersegment Timberlands revenues		(27,442	)			(24,528	)			(27,243	)			(51,970	)			(61,177	)
Other intersegment revenues		—				—				(6	)			—				(6	)
Consolidated revenues	$	320,671			$	228,127			$	246,101			$	548,798			$	504,063
Adjusted EBITDDA1
Timberlands	$	34,124			$	34,748			$	29,316			$	68,872			$	75,955
Wood Products		(6,805	)			(139	)			11,967				(6,944	)			11,936
Real Estate		89,568				6,228				12,237				95,796				31,702
Corporate		(11,756	)			(12,665	)			(10,521	)			(24,421	)			(21,262	)
Eliminations and adjustments		(1,958	)			1,550				2,446				(408	)			4,891
Total Adjusted EBITDDA		103,173				29,722				45,445				132,895				103,222
Interest expense, net2		(8,696	)			282				(7,613	)			(8,414	)			(7,812	)
Depreciation, depletion and amortization		(29,268	)			(30,395	)			(27,087	)			(59,663	)			(58,851	)
Basis of real estate sold		(56,525	)			(4,092	)			(4,884	)			(60,617	)			(15,515	)
CatchMark merger-related expenses		—				—				(244	)			—				(2,453	)
Gain on fire damage		—				—				23,110				—				23,110
Non-operating pension and other postretirement employee benefits		201				201				(229	)			402				(457	)
Gain (loss) on disposal of fixed assets		66				5				(21	)			71				(21	)
Other		(23	)			(145	)			258				(168	)			268
Income (loss) before income taxes	$	8,928			$	(4,422	)		$	28,735			$	4,506			$	41,491
Depreciation, depletion and amortization
Timberlands	$	16,790			$	17,625			$	15,895			$	34,415			$	36,356
Wood Products		12,227				12,516				10,948				24,743				21,983
Real Estate		136				138				121				274				277
Corporate		115				116				123				231				235
		29,268				30,395				27,087				59,663				58,851
Bond discounts and deferred loan fees2		406				407				409				813				818
Total depreciation, depletion and amortization	$	29,674			$	30,802			$	27,496			$	60,476			$	59,669
Basis of real estate sold
Real Estate	$	56,528			$	4,094			$	4,887			$	60,622			$	15,518
Eliminations and adjustments		(3	)			(2	)			(3	)			(5	)			(3	)
Total basis of real estate sold	$	56,525			$	4,092			$	4,884			$	60,617			$	15,515

 

1	Management uses Adjusted EBITDDA to evaluate company and segment performance. See the reconciliation of Total Adjusted EBITDDA in Non-GAAP Reconciliations.
2	Bond discounts and deferred loan fees are included in interest expense, net in the Condensed Consolidated Statements of Operations.

 

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PotlatchDeltic Corporation

Non-GAAP Reconciliations

Unaudited

 

 

		Three Months Ended												Six Months Ended
(in thousands, except per share amount)		June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Total Adjusted EBITDDA1
Net income (loss) (GAAP)		$	13,678			$	(305	)		$	22,306			$	13,373			$	38,566
Interest expense, net			8,696				(282	)			7,613				8,414				7,812
Income taxes			(4,750	)			(4,117	)			6,429				(8,867	)			2,925
Depreciation, depletion and amortization			29,268				30,395				27,087				59,663				58,851
Basis of real estate sold			56,525				4,092				4,884				60,617				15,515
CatchMark merger-related expenses			—				—				244				—				2,453
Gain on fire damage			—				—				(23,110	)			—				(23,110	)
Non-operating pension and other postretirement employee benefits			(201	)			(201	)			229				(402	)			457
(Gain) loss on disposal of fixed assets			(66	)			(5	)			21				(71	)			21
Other			23				145				(258	)			168				(268	)
Total Adjusted EBITDDA		$	103,173			$	29,722			$	45,445			$	132,895			$	103,222
Adjusted Net Income (Loss)1
Net income (loss) (GAAP)		$	13,678			$	(305	)		$	22,306			$	13,373			$	38,566
Special items after tax:
CatchMark merger-related expenses			—				—				244				—				2,453
Gain on fire damage			—				—				(17,333	)			—				(17,333	)
Adjusted Net Income (Loss)		$	13,678			$	(305	)		$	5,217			$	13,373			$	23,686
Adjusted Net Income (Loss) Per Diluted Share1
Net income (loss) per diluted share (GAAP)		$	0.17			$	—			$	0.28			$	0.17			$	0.48
Special items after tax:
CatchMark merger-related expenses			—				—				—				—				0.03
Gain on fire damage			—				—				(0.22	)			—				(0.22	)
Adjusted Net Income (Loss) Per Diluted Share		$	0.17			$	—			$	0.06			$	0.17			$	0.29

 

1	See "Non-GAAP Measures" for further details on management's use of these measures.

 

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v3.24.2

Document And Entity Information	Jul. 29, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 29, 2024
Entity Registrant Name	PotlatchDeltic Corporation
Entity Central Index Key	0001338749
Entity Emerging Growth Company	false
Entity File Number	001-32729
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-0156045
Entity Address, Address Line One	601 W. First Avenue, 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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock ($1 par value)
Trading Symbol	PCH
Security Exchange Name	NASDAQ

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