SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2022

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 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 six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,		Six Months Ended June 30,
SALES	2022	2021	2022	2021
Southern Timber	$66,271	$49,294	$143,035	$100,971
Pacific Northwest Timber	39,157	35,323	85,437	76,844
New Zealand Timber	78,882	80,559	130,271	138,138
Timber Funds (a)	—	18,646	—	33,585
Real Estate (b)	34,402	74,531	68,597	85,035
Trading	27,683	34,546	41,145	51,212
Intersegment Eliminations (c)	(49)	(1,468)	(98)	(2,907)
Total	$246,346	$291,431	$468,387	$482,878

(a)The three and six months ended June 30, 2021 include $14.7 million and $26.7 million of sales attributable to noncontrolling interests in Timber Funds.

(b)The three and six months ended June 30, 2021 includes $36.0 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 were 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 June 30,		Six Months Ended June 30,
OPERATING INCOME	2022	2021	2022	2021
Southern Timber	$24,067	$16,980	$54,409	$34,327
Pacific Northwest Timber	2,943	1,872	9,550	3,222
New Zealand Timber	7,981	20,714	13,373	34,658
Timber Funds (a)	—	1,991	—	3,492
Real Estate (b)	11,023	50,511	21,204	52,199
Trading	(444)	418	(93)	662
Corporate and Other	(10,102)	(8,042)	(17,657)	(15,631)
Total Operating Income	35,468	84,444	80,786	112,929
Unallocated interest expense and other	(8,877)	(14,144)	(17,682)	(24,175)
Total Income before Income Taxes	$26,591	$70,300	$63,104	$88,754

(a)The three and six months ended June 30, 2021 include $1.6 million and $2.7 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds.

(b)The three and six months ended June 30, 2021 includes $30.3 million from a Large Disposition.

	Three Months Ended June 30,		Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2022	2021	2022	2021
Southern Timber	$14,657	$13,576	$32,716	$27,935
Pacific Northwest Timber	11,316	12,031	26,232	28,316
New Zealand Timber	6,901	6,952	11,891	14,201
Timber Funds (a)	—	6,121	—	11,621
Real Estate (b)	2,564	8,535	11,709	10,092
Corporate and Other	313	313	621	576
Total	$35,751	$47,528	$83,169	$92,741

(a)The three and six months ended June 30, 2021 include $5.1 million and $10.1 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds.

(b)The three and six months ended June 30, 2021 includes $4.8 million from a Large Dispositions.

	Three Months Ended June 30,		Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2022	2021	2022	2021
Real Estate (a)	$11,780	$5,254	$17,139	$7,067
Total	$11,780	$5,254	$17,139	$7,067

(a)The three and six months ended June 30, 2021 includes $0.1 million from a Large Disposition.