SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 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 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 the three and nine months ended September 30, 2015 and 2014 were as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
SALES	2015	2014		2015	2014
Southern Timber	$34,797		$37,502	$103,009		$102,903
Pacific Northwest Timber	21,549	22,043		57,805	80,133
New Zealand Timber	41,065	48,479		121,482	130,786
Real Estate	35,232	26,689		65,968	66,236
Trading	19,014	15,116		59,500	80,027
Intersegment Eliminations	—	—		—	(3,924		)
Total	$151,657		$149,829	$407,764		$456,161

	Three Months Ended September 30,					Nine Months Ended September 30,
OPERATING INCOME	2015		2014			2015		2014
Southern Timber	$10,504			$12,802		$34,694			$32,181
Pacific Northwest Timber	3,081		4,446			7,356		25,873
New Zealand Timber	(915	)	1,943			3,834		6,603
Real Estate	20,001		16,399			34,004		44,888
Trading	428		2,499			614		1,955
Corporate and other	(5,320	)	(6,010		)	(18,452	)	(27,418		)
Total Operating Income	$27,779			$32,079		62,050		84,082
Unallocated interest expense and other	(9,139	)		($11,300	)	(28,858	)	(42,983		)
Total income from continuing operations before income taxes	$18,640			$20,779		$33,192			$41,099

	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2015		2014		2015		2014
Southern Timber		$14,404		$14,788		$41,356		$37,493
Pacific Northwest Timber	4,189		5,968		10,920		17,459
New Zealand Timber	7,021		9,314		22,207		23,477
Real Estate	6,269		3,807		11,087		11,140
Trading	—		—		—		—
Corporate and other	75		123		214		747
Total		$31,958		$34,000		$85,784		$90,316

	Three Months Ended September 30,				Nine Months Ended September 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	—		41		—		2,137
Real Estate	4,594		3,205		9,532		6,507
Trading	—		—		—		—
Corporate and other	—		—		—		—
Total		$4,594		$3,246		$9,532		$8,644