SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 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 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 — Our Company and Results of Operations for additional information.

Sales between operating segments are made based on estimated fair market value. 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 (Loss) Income and Comprehensive (Loss) Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) 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 the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
SALES	2015		2014			2015		2014
Southern Timber		$32,681		$31,525			$68,212		$65,402
Pacific Northwest Timber	17,102		25,053			36,256		58,090
New Zealand Timber	39,223		44,543			80,417		82,307
Real Estate	6,945		34,017			30,736		39,547
Trading	19,850		29,224			40,485		64,910
Intersegment Eliminations	—		(1,217		)	—		(3,924		)
Total		$115,801		$163,145			$256,106		$306,332

	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME	2015			2014			2015			2014
Southern Timber		$11,777			$8,886			$24,190			$19,379
Pacific Northwest Timber	1,687			8,785			4,275			21,427
New Zealand Timber	(945		)	2,249			4,749			4,660
Real Estate	1,421			27,764			14,003			28,489
Trading	(84		)	(132		)	186			(544		)
Corporate and other	(7,333		)	(9,975		)	(13,133		)	(21,408		)
Total Operating Income		$6,523			$37,577		34,270			52,003
Unallocated interest expense and other	(9,679		)		($19,997	)	(19,718		)	(31,683		)
Total (loss) income from continuing operations before income taxes		($3,156	)		$17,580			$14,552			$20,320

	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2015		2014		2015		2014
Southern Timber		$12,650		$10,709		$26,951		$22,705
Pacific Northwest Timber	2,941		5,194		6,731		11,492
New Zealand Timber	7,183		7,669		15,186		14,163
Real Estate	1,006		6,422		4,818		7,333
Trading	—		—		—		—
Corporate and other	70		341		140		623
Total		$23,850		$30,335		$53,826		$56,316

	Three Months Ended June 30,					Six Months Ended June 30,
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	2015		2014			2015		2014
Southern Timber	—		—			—		—
Pacific Northwest Timber	—		—			—		—
New Zealand Timber	—		(2		)	—		2,096
Real Estate	1,191		2,324			4,938		3,302
Trading	—		—			—		—
Corporate and other	—		—			—		—
Total		$1,191		$2,322			$4,938		$5,398