SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2019

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 interest income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”

The following tables summarize the segment information for the three and six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2019			2018			2019			2018
Southern Timber		$46,197			$48,047			$107,043			$91,635
Pacific Northwest Timber	18,556			32,213			39,091			63,587
New Zealand Timber	62,127			69,653			119,257			122,617
Real Estate	22,533			49,860			43,532			85,924
Trading	35,461			46,162			67,526			85,373
Intersegment Eliminations	(74		)	(29		)	(103		)	(35		)
Total		$184,800			$245,906			$376,346			$449,101

	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME (LOSS)	2019			2018			2019			2018
Southern Timber		$14,741			$15,651			$36,261			$27,878
Pacific Northwest Timber	(3,815		)	5,625			(7,556		)	10,299
New Zealand Timber	12,797			17,768			28,517			33,725
Real Estate	15,468			18,864			25,495			46,918
Trading	(171		)	227			309			376
Corporate and other	(7,627		)	(6,490		)	(13,113		)	(10,476		)
Total Operating Income	31,393			51,645			69,913			108,720
Unallocated interest expense and other	(6,865		)	(5,197		)	(13,242		)	(12,630		)
Total Income before Income Taxes		$24,528			$46,448			$56,671			$96,090

	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2019		2018		2019		2018
Southern Timber		$12,880		$14,940		$32,608		$30,919
Pacific Northwest Timber	6,045		9,381		12,871		18,885
New Zealand Timber	7,189		8,026		13,508		13,743
Real Estate	1,199		13,739		4,534		16,805
Corporate and other	288		297		572		568
Total		$27,601		$46,383		$64,093		$80,920

	Three Months Ended June 30,				Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2019		2018		2019		2018
Real Estate		$1,617		$13,312		$5,647		$14,936
Total		$1,617		$13,312		$5,647		$14,936