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 interest expense, interest and other miscellaneous income and income tax expense, 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 six months ended June 30, 2018 and 2017:



	Three Months Ended June 30,					Six Months Ended June 30,
SALES	2018			2017		2018			2017
Southern Timber		$48,047			$35,528		$91,635			$74,666
Pacific Northwest Timber	32,213			20,457		63,587			46,382
New Zealand Timber	69,653			77,322		122,617			118,196
Real Estate (a)	49,860			25,620		85,924			79,909
Trading	46,162			42,037		85,373			76,302
Intersegment Eliminations	(29		)	—		(35		)	—
Total		$245,906			$200,964		$449,101			$395,455


(a)	The six months ended June 30, 2017 includes $42.0 million of Large Dispositions.



	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME (LOSS)	2018			2017			2018			2017
Southern Timber		$15,651			$9,655			$27,878			$23,594
Pacific Northwest Timber	5,625			(1,535		)	10,299			(2,413		)
New Zealand Timber	17,768			26,804			33,725			37,046
Real Estate (a)	18,864			16,133			46,918			45,798
Trading	227			1,141			376			2,239
Corporate and other	(6,490		)	(5,305		)	(10,476		)	(10,110		)
Total Operating Income	51,645			46,893			108,720			96,154
Unallocated interest expense and other	(5,197		)	(8,627		)	(12,630		)	(16,524		)
Total Income before Income Taxes		$46,448			$38,266			$96,090			$79,630


(a)	The six months ended June 30, 2017 includes $28.2 million of Large Dispositions.



	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2018		2017		2018		2017
Southern Timber		$14,940		$11,904		$30,919		$24,356
Pacific Northwest Timber	9,381		7,075		18,885		17,285
New Zealand Timber (a)	8,026		15,456		13,743		20,863
Real Estate (b)	13,739		2,596		16,805		13,303
Trading	—		—		—		—
Corporate and other	297		92		568		192
Total		$46,383		$37,123		$80,920		$75,999


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


(b)	The six months ended June 30, 2017 includes $8.1 million from Large Dispositions.



NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	Three Months Ended June 30,				Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2018		2017		2018		2017
Southern Timber	—		—		—		—
Pacific Northwest Timber	—		—		—		—
New Zealand Timber	—		128		—		128
Real Estate (a)	13,312		2,752		14,936		12,974
Trading	—		—		—		—
Total		$13,312		$2,880		$14,936		$13,102


(a)	The six months ended June 30, 2017 includes $5.7 million from Large Dispositions.