SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2015

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment and Geographical Information

SEGMENT AND GEOGRAPHICAL INFORMATION

On June 27, 2014, the Company spun-off its Performance Fibers business and its operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information. Effective with the fourth quarter of 2014, the Company realigned its segments considering the economic characteristics of each business unit and the way management now internally evaluates business performance and makes capital allocation decisions. All prior period amounts have been reclassified to reflect the newly realigned segment structure. See Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Our Company for additional information.

Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally.

Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations.

Segment information for each of the three months ended March 31, 2015 and 2014 were as follows:

	Three Months Ended March 31,
SALES	2015		2014
Southern Timber		$35,531		$33,876
Pacific Northwest Timber	19,154		33,038
New Zealand Timber	41,194		37,764
Real Estate	23,791		5,530
Trading	20,635		35,686
Intersegment Eliminations	—		(2,707		)
Total		$140,305		$143,187

	Three Months Ended March 31,
OPERATING INCOME	2015			2014
Southern Timber		$12,413			$10,493
Pacific Northwest Timber	2,587			12,642
New Zealand Timber	5,694			2,411
Real Estate	12,582			725
Trading	270			(412		)
Corporate and other	(5,799		)	(11,434		)
Total Operating Income	27,747			14,425
Unallocated interest expense and other	(10,038		)	(11,686		)
Total income from continuing operations before income taxes		$17,709			$2,739

	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION	2015		2014
Southern Timber		$14,301		$11,996
Pacific Northwest Timber	3,790		6,297
New Zealand Timber	8,003		6,496
Real Estate	3,812		910
Trading	—		—
Corporate and other	69		282
Total		$29,975		$25,981

	Three Months Ended March 31,
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	2015		2014
Southern Timber	—		—
Pacific Northwest Timber	—		—
New Zealand Timber	—		2,098
Real Estate	3,747		978
Trading	—		—
Corporate and other	—		—
Total		$3,747		$3,076