SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2017

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 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 and are included under “Corporate and other” or “unallocated interest expense and other.”

The following tables summarize the segment information for the three months ended March 31, 2017 and 2016:

	Three Months Ended March 31,
SALES	2017		2016
Southern Timber		$32,715		$44,740
Pacific Northwest Timber	24,792		19,309
New Zealand Timber	40,740		36,023
Real Estate (a)	54,289		13,363
Trading	33,976		21,408
Total		$186,512		$134,843

(a) The three months ended March 31, 2017 includes $42.0 million from Large Dispositions.

	Three Months Ended March 31,
OPERATING INCOME (LOSS)	2017			2016
Southern Timber		$13,939			$15,753
Pacific Northwest Timber	(878		)	1,385
New Zealand Timber	10,243			4,744
Real Estate (a)	29,665			4,225
Trading	1,097			350
Corporate and other	(4,805		)	(3,460		)
Total Operating Income	49,261			22,997
Unallocated interest expense and other	(7,897		)	(8,720		)
Total Income before Income Taxes		$41,364			$14,277

(a) The three months ended March 31, 2017 includes $28.2 million from Large Dispositions.

	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION	2017		2016
Southern Timber		$12,452		$16,556
Pacific Northwest Timber	10,210		4,639
New Zealand Timber	5,407		4,860
Real Estate (a)	10,707		3,203
Trading	—		—
Corporate and other	100		84
Total		$38,876		$29,342

(a) The three months ended March 31, 2017 includes $8.1 million from Large Dispositions.

	Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2017		2016
Southern Timber	—		—
Pacific Northwest Timber	—		—
New Zealand Timber	—		1,824
Real Estate (a)	10,222		2,284
Trading	—		—
Corporate and other	—		—
Total		$10,222		$4,108

(a) The three months ended March 31, 2017 includes $5.7 million from Large Dispositions.