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SEGMENT AND GEOGRAPHICAL INFORMATION
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION SEGMENT AND GEOGRAPHICAL INFORMATION
As a result of the Mergers, we have revised our reportable business segments, adding one additional segment, Timber Funds. The Timber Funds segment represents operations of the three private equity timber funds included in the transaction – Fund II, Fund III and Fund IV (collectively, the “Funds”). Rayonier owns 20% of Fund II, 5% of Fund III, and 15% of Fund IV and is also the managing member of the Funds. As discussed in Note 5 - Noncontrolling Interests, the Funds are consolidated into our financial statements. The Timber Funds segment also includes fee revenue paid to us for managing the Funds, which consists of both fixed components based on invested capital and acres under management as well as variable components related to the harvest volumes of the Funds. These fees, which also represent an expense in the Timber Funds segment, are eliminated in consolidation.
We now operate in six reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Timber Funds, Real Estate, and Trading.
Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. We evaluate financial performance based on segment operating income (loss) and Adjusted EBITDA. Asset information is not reported by segment, as we do 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, 2020 and 2019:
 Three Months Ended September 30,Nine Months Ended September 30,
SALES2020201920202019
Southern Timber$47,653 $41,282 $147,402 $148,325 
Pacific Northwest Timber28,885 18,766 86,131 57,856 
New Zealand Timber 62,804 61,999 142,112 181,257 
Timber Funds (a)9,907 — 17,431 — 
Real Estate (b)28,791 9,212 197,364 52,744 
Trading22,201 25,192 65,505 92,719 
Intersegment Eliminations (c)(1,366)(34)(2,310)(137)
Total$198,875 $156,417 $653,635 $532,764 

(a)The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million, respectively, of sales attributable to noncontrolling interest in Timber Funds.
(b)The nine months ended September 30, 2020 includes $116.0 million from a Large Disposition.
(c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as log marketing fees paid to our New Zealand Timber segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
Three Months Ended September 30,Nine Months Ended September 30,
OPERATING INCOME (LOSS)2020201920202019
Southern Timber (a)$5,090 $9,512 $31,368 $45,773 
Pacific Northwest Timber(1,825)(3,567)(9,453)(11,123)
New Zealand Timber 10,720 10,104 21,142 38,621 
Timber Funds (b)(12,370)— (14,262)— 
Real Estate (c)9,459 425 61,081 25,920 
Trading(557)(37)(474)271 
Corporate and Other (d)(8,737)(5,450)(37,383)(18,562)
Total Operating Income1,780 10,987 52,019 80,900 
Unallocated interest expense and other(10,558)(7,208)(27,225)(20,451)
Total (Loss) Income before Income Taxes($8,778)$3,779 $24,794 $60,449 

(a)The three and nine months ended September 30, 2020 include $6.0 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”
(b)The three and nine months ended September 30, 2020 include $10.3 million and $12.3 million, respectively, of operating loss attributable to noncontrolling interest in Timber Funds. Included in operating loss attributable to noncontrolling interest in Timber Funds for the three and nine months ended September 30, 2020 is $7.3 million related to timber write-offs resulting from casualty events attributable to noncontrolling interest in Timber Funds. The three and nine months ended September 30, 2020 also include $1.8 million of timber write-offs resulting from casualty events attributable to Rayonier. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of sales.”
(c)The nine months ended September 30, 2020 includes $28.7 million from a Large Disposition.
(d)The three and nine months ended September 30, 2020 include $0.4 million and $16.4 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 20 — Charges for Integration and Restructuring for additional details.

 Three Months Ended September 30,Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION2020201920202019
Southern Timber$14,954 $13,025 $48,368 $45,633 
Pacific Northwest Timber10,912 6,299 32,221 19,170 
New Zealand Timber 7,345 7,563 17,062 21,071 
Timber Funds (a)4,170 — 8,239 — 
Real Estate (b)5,527 668 47,950 5,202 
Corporate and Other 375 291 1,011 863 
Total$43,283 $27,846 $154,851 $91,939 

(a)The three and nine months ended September 30, 2020 include $3.7 million and $7.2 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interest in Timber Funds.
(b)The nine months ended September 30, 2020 includes $35.4 million from a Large Disposition.

Three Months Ended September 30,Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT2020201920202019
Real Estate (a)$7,259 $4,339 $72,340 $9,985 
Total$7,259 $4,339 $72,340 $9,985 

(a)    The nine months ended September 30, 2020 includes $51.6 million from a Large Disposition.