SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segment and Geographical Information

SEGMENT AND GEOGRAPHICAL 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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) 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 and are included under “Corporate and other” or “unallocated interest expense and other.”

The following tables summarize the segment information for the three and nine months ended September 30, 2016 and 2015:

	Three Months Ended September 30,				Nine Months Ended September 30,
SALES	2016		2015		2016		2015
Southern Timber		$27,826		$34,797		$102,205		$103,009
Pacific Northwest Timber	16,139		21,549		52,316		57,805
New Zealand Timber	42,179		41,065		125,951		121,482
Real Estate (a)	60,626		35,232		211,296		65,968
Trading	24,651		19,014		76,046		59,500
Total		$171,421		$151,657		$567,814		$407,764

(a) The nine months ended September 30, 2016 include $129.5 million from the Washington disposition.

	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING INCOME (LOSS)	2016			2015			2016			2015
Southern Timber		$8,183			$10,504			$34,976			$34,694
Pacific Northwest Timber	(3,293		)	3,081			(874		)	7,356
New Zealand Timber	6,613			(915		)	21,385			3,834
Real Estate (a)	43,078			20,001			152,997			34,004
Trading	481			428			1,456			614
Corporate and other	(5,373		)	(5,320		)	(15,687		)	(18,452		)
Total Operating Income	49,689			27,779			194,253			62,050
Unallocated interest expense and other	(8,286		)	(9,139		)	(24,718		)	(28,858		)
Total Income before Income Taxes		$41,403			$18,640			$169,535			$33,192

(a) The nine months ended September 30, 2016 include $101.3 million from the Washington disposition.

	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2016		2015		2016		2015
Southern Timber		$9,988		$14,404		$37,102		$41,356
Pacific Northwest Timber	6,668		4,189		14,978		10,920
New Zealand Timber	5,956		7,021		17,252		22,207
Real Estate (a)	9,260		6,269		35,988		11,087
Trading	—		—		—		—
Corporate and other	106		75		298		214
Total		$31,978		$31,958		$105,618		$85,784

(a) The nine months ended September 30, 2016 include $21.9 million from the Washington disposition.

	Three Months Ended September 30,				Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2016		2015		2016		2015
Southern Timber	—		—		—		—
Pacific Northwest Timber	—		—		—		—
New Zealand Timber	—		—		1,824		—
Real Estate (a)	4,336		4,594		10,092		9,532
Trading	—		—		—		—
Corporate and other	—		—		—		—
Total		$4,336		$4,594		$11,916		$9,532

(a) The nine months ended September 30, 2016 include $1.8 million from the Washington disposition.