SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 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 (loss) 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 nine months ended September 30, 2019 and 2018:

	Three Months Ended September 30,						Nine Months Ended September 30,
SALES	2019			2018			2019			2018
Southern Timber		$41,282			$39,662			$148,325			$131,298
Pacific Northwest Timber	18,766			27,815			57,856			91,402
New Zealand Timber	61,999			66,265			181,257			188,882
Real Estate	9,212			36,168			52,744			122,092
Trading	25,192			31,010			92,719			116,383
Intersegment Eliminations	(34		)	(30		)	(137		)	(66		)
Total		$156,417			$200,890			$532,764			$649,991

	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING INCOME (LOSS)	2019			2018			2019			2018
Southern Timber		$9,512			$9,183			$45,773			$37,061
Pacific Northwest Timber	(3,567		)	1,911			(11,123		)	12,209
New Zealand Timber	10,104			16,416			38,621			50,141
Real Estate	425			24,726			25,920			71,645
Trading	(37		)	304			271			680
Corporate and Other	(5,450		)	(6,162		)	(18,562		)	(16,639		)
Total Operating Income	10,987			46,378			80,900			155,097
Unallocated interest expense and other	(7,208		)	(7,343		)	(20,451		)	(19,972		)
Total Income before Income Taxes		$3,779			$39,035			$60,449			$135,125

	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2019		2018		2019		2018
Southern Timber		$13,025		$13,672		$45,633		$44,591
Pacific Northwest Timber	6,299		7,802		19,170		26,687
New Zealand Timber	7,563		7,544		21,071		21,287
Real Estate	668		5,491		5,202		22,296
Corporate and Other	291		297		863		865
Total		$27,846		$34,806		$91,939		$115,726

	Three Months Ended September 30,				Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2019		2018		2019		2018
Real Estate		$4,339		$2,115		$9,985		$17,051
Total		$4,339		$2,115		$9,985		$17,051