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SEGMENT AND GEOGRAPHICAL INFORMATION
 3 Months Ended
Mar. 31, 2021
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. We evaluate financial performance based on segment operating income (loss) and Adjusted Earnings before Interest, Taxes, Depreciation, Depletion and Amortization (“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 months ended March 31, 2021 and 2020:
 Three Months Ended March 31,
SALES20212020
Southern Timber$51,677 $52,982 
Pacific Northwest Timber41,522 31,075 
New Zealand Timber 57,579 37,538 
Timber Funds (a)14,939 — 
Real Estate (b)10,504 118,564 
Trading16,665 18,984 
Intersegment Eliminations (c)(1,439)(13)
Total$191,447 $259,130 

(a)The three months ended March 31, 2021 includes $11.9 million of sales attributable to noncontrolling interests in Timber Funds.
(b)The three months ended March 31, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value.
(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 Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.
Three Months Ended March 31,
OPERATING INCOME (LOSS)20212020
Southern Timber$17,347 $15,070 
Pacific Northwest Timber1,350 (948)
New Zealand Timber 13,944 5,448 
Timber Funds (a)1,501 — 
Real Estate (b)1,687 26,774 
Trading244 (19)
Corporate and Other(7,588)(7,773)
Total Operating Income28,485 38,552 
Unallocated interest expense and other(10,032)(8,425)
Total Income before Income Taxes$18,453 $30,127 

(a)The three months ended March 31, 2021 includes $1.1 million of operating income attributable to noncontrolling interests in Timber Funds.
(b)The three months ended March 31, 2020 includes $28.7 million from a Large Disposition.

 Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION20212020
Southern Timber$14,359 $18,182 
Pacific Northwest Timber16,284 10,702 
New Zealand Timber 7,250 4,774 
Timber Funds (a)5,500 — 
Real Estate (b)1,557 35,745 
Corporate and Other 263 297 
Total$45,213 $69,700 

(a)The three months ended March 31, 2021 includes $4.9 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds.
(b)The three months ended March 31, 2020 includes $35.4 million from a Large Disposition.

Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT20212020
Real Estate (a)$1,813 $52,051 
Total$1,813 $52,051 

(a)    The three months ended March 31, 2020 includes $51.6 million from a Large Disposition.