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SEGMENT AND GEOGRAPHICAL INFORMATION
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2021 and 2020:
 Three Months Ended September 30,Nine Months Ended September 30,
SALES2021202020212020
Southern Timber$44,818 $47,653 $145,789 $147,402 
Pacific Northwest Timber31,513 28,885 108,357 86,131 
New Zealand Timber 75,558 62,804 213,696 142,112 
Timber Funds (a)94,469 9,907 128,054 17,431 
Real Estate (b)93,375 28,791 178,409 197,364 
Trading25,583 22,201 76,795 65,505 
Intersegment Eliminations (c)(590)(1,366)(3,496)(2,310)
Total$364,726 $198,875 $847,604 $653,635 
(a)The three and nine months ended September 30, 2021 include $75.4 million and $102.1 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. Included in sales attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is $69.7 million from Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include $17.4 million from Fund II Timberland Dispositions attributable to Rayonier. The three and nine months ended September 30, 2020 include $7.7 million and $13.5 million of sales attributable to noncontrolling interests in Timber Funds.
(b)The three and nine months ended September 30, 2021 include $20.0 million and $56.0 million, respectively, from Large Dispositions. The nine months ended September 30, 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 September 30,Nine Months Ended September 30,
OPERATING INCOME (LOSS)2021202020212020
Southern Timber (a)$12,778 $5,090 $47,105 $31,368 
Pacific Northwest Timber2,071 (1,825)5,293 (9,453)
New Zealand Timber 13,302 10,720 47,959 21,142 
Timber Funds (b)41,285 (12,370)44,778 (14,262)
Real Estate (c)60,617 9,459 112,816 61,081 
Trading(33)(557)628 (474)
Corporate and Other (d)(6,706)(8,737)(22,337)(37,383)
Total Operating Income123,314 1,780 236,242 52,019 
Unallocated interest expense and other(9,991)(10,558)(34,165)(27,225)
Total Income before Income Taxes$113,323 ($8,778)$202,077 $24,794 
(a)The three and nine months ended September 30, 2020 includes $6.0 million of timber write-offs resulting from casualty events. 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, 2021 include $30.5 million and $33.3 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. Included in operating income attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is a $28.8 million gain on Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include a $7.2 million gain on Fund II Timberland Dispositions attributable to Rayonier and a $3.7 million gain on investment in Timber Funds. The three and nine months ended September 30, 2020 include $10.3 million and $12.3 million, respectively, of operating loss attributable to noncontrolling interests in Timber Funds. Included in operating loss attributable to noncontrolling interests 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 interests 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 three and nine months ended September 30, 2021 include $14.5 million and $44.8 million from Large Dispositions. 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 24 — Charges for Integration and Restructuring for additional details.

 Three Months Ended September 30,Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION2021202020212020
Southern Timber$11,604 $14,954 $39,539 $48,368 
Pacific Northwest Timber10,479 10,912 38,795 32,221 
New Zealand Timber 6,555 7,345 20,757 17,062 
Timber Funds (a)43,158 4,170 54,780 8,239 
Real Estate (b)6,797 5,527 16,889 47,950 
Corporate and Other 316 375 892 1,011 
Total$78,909 $43,283 $171,652 $154,851 
(a)The three and nine months ended September 30, 2021 include $34.4 million and $44.4 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. Included in depreciation, depletion, and amortization attributable to noncontrolling interests in Timber Funds for the three and nine months ended September 30, 2021 is $32.5 million related to Fund II Timberland Dispositions attributable to noncontrolling interests in Timber Funds. The three and nine months ended September 30, 2021 also include $8.1 million related to Fund II Timberland Dispositions attributable to Rayonier. 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 interests in Timber Funds.
(b)The three and nine months ended September 30, 2021 includes $5.0 million and $9.8 million, respectively, from Large Dispositions. 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 DEVELOPMENT2021202020212020
Timber Funds (a)$8,635 — $8,635 — 
Real Estate (b)15,845 7,259 22,913 72,340 
Total$24,480 $7,259 $31,548 $72,340 
(a)    The three and nine months ended September 30, 2021 includes $8.6 million of non-cash cost of land and improved development from Fund II Timberland Dispositions, of which $6.9 million was attributable to noncontrolling interests in Timber Funds and $1.7 million was attributable to Rayonier.
(b)    The nine months ended September 30, 2021 includes $0.1 million from Large Dispositions. The nine months ended September 30, 2020 includes $51.6 million from a Large Disposition.