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 and nine months ended September 30, 2017 and 2016:



	Three Months Ended September 30,				Nine Months Ended September 30,
SALES	2017		2016		2017		2016
Southern Timber		$31,897		$27,826		$95,390		$102,205
Pacific Northwest Timber	18,644		16,139		62,887		52,316
New Zealand Timber	69,913		42,179		187,817		125,951
Real Estate (a)	17,240		60,626		97,149		211,296
Trading	40,252		24,651		115,935		76,046
Total		$177,946		$171,421		$559,178		$567,814


(a)	The nine months ended September 30, 2017 and September 30, 2016 include Large Dispositions of $42.0 million and $129.5 million, respectively.



	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING INCOME (LOSS)	2017			2016			2017			2016
Southern Timber		$11,436			$8,183			$35,031			$34,976
Pacific Northwest Timber	1,134			(3,293		)	(1,278		)	(874		)
New Zealand Timber	19,280			6,613			56,327			21,385
Real Estate (a)	11,437			43,078			57,235			152,997
Trading	1,142			481			3,380			1,456
Corporate and other	(5,158		)	(5,373		)	(15,269		)	(15,687		)
Total Operating Income	39,271			49,689			135,426			194,253
Unallocated interest expense and other	(7,425		)	(8,286		)	(23,950		)	(24,718		)
Total Income before Income Taxes		$31,846			$41,403			$111,476			$169,535


(a)	The nine months ended September 30, 2017 and September 30, 2016 include Large Dispositions of $28.2 million and $101.3 million, respectively.



	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2017		2016		2017		2016
Southern Timber		$12,736		$9,988		$37,092		$37,102
Pacific Northwest Timber	6,481		6,668		23,766		14,978
New Zealand Timber (a)	8,478		5,956		29,341		17,252
Real Estate (b)	735		9,260		14,038		35,988
Trading	—		—		—		—
Corporate and other	277		106		469		298
Total		$28,707		$31,978		$104,706		$105,618


(a)	The nine months ended September 30, 2017 includes $8.9 million of timber cost basis expensed in conjunction with a timberland sale.


(b)	The nine months ended September 30, 2017 and September 30, 2016 include Large Dispositions of $8.1 million and $21.9 million, respectively.



	Three Months Ended September 30,				Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2017		2016		2017		2016
Southern Timber	—		—		—		—
Pacific Northwest Timber	—		—		—		—
New Zealand Timber	—		—		128		1,824
Real Estate (a)	1,272		4,336		14,246		10,092
Trading	—		—		—		—
Total		$1,272		$4,336		$14,374		$11,916


(a)	The nine months ended September 30, 2017 and September 30, 2016 include Large Dispositions of $5.7 million and $1.8 million, respectively.