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SEGMENT AND GEOGRAPHICAL INFORMATION
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021:
 Three Months Ended September 30,Nine Months Ended September 30,
SALES2022202120222021
Southern Timber$64,549 $44,818 $207,584 $145,789 
Pacific Northwest Timber34,397 31,513 119,834 108,357 
New Zealand Timber 72,452 75,558 202,723 213,696 
Timber Funds (a)— 94,469 — 128,054 
Real Estate (b)12,435 93,375 81,032 178,409 
Trading11,582 25,583 52,727 76,795 
Intersegment Eliminations (c)(128)(590)(226)(3,496)
Total$195,287 $364,726 $663,674 $847,604 
(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.
(b)The three and nine months ended September 30, 2021 include $20.0 million and $56.0 million, respectively, from Large Dispositions. 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)The three and nine months ended September 30, 2022 and 2021 includes log marketing fees paid to our Trading segment from our Southern Timber and Pacific Northwest Timber segments for marketing log export sales.The three and nine months ended September 30, 2021, 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.
Three Months Ended September 30,Nine Months Ended September 30,
OPERATING INCOME2022202120222021
Southern Timber$22,474 $12,778 $76,883 $47,105 
Pacific Northwest Timber (a)2,179 2,071 11,729 5,293 
New Zealand Timber 9,280 13,302 22,653 47,959 
Timber Funds (b)— 41,285 — 44,778 
Real Estate (c)15,749 60,617 36,953 112,816 
Trading177 (33)84 628 
Corporate and Other(8,956)(6,706)(26,613)(22,337)
Total Operating Income40,903 123,314 121,689 236,242 
Unallocated interest expense and other(7,804)(9,991)(25,486)(34,165)
Total Income before Income Taxes$33,099 $113,323 $96,203 $202,077 
(a)The three and nine months ended September 30, 2022 include $1.1 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.
(c)The three and nine months ended September 30, 2022 include a $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests. The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating income, net”. The three and nine months ended September 30, 2021 include $14.5 million and $44.8 million from Large Dispositions.


 Three Months Ended September 30,Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION2022202120222021
Southern Timber$14,116 $11,604 $46,832 $39,539 
Pacific Northwest Timber9,356 10,479 35,587 38,795 
New Zealand Timber 6,302 6,555 18,192 20,757 
Timber Funds (a)— 43,158 — 54,780 
Real Estate (b)961 6,797 12,671 16,889 
Corporate and Other 316 316 939 892 
Total$31,051 $78,909 $114,221 $171,652 
(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.
(b)The three and nine months ended September 30, 2021 include $5.0 million and $9.8 million, respectively, from Large Dispositions.
Three Months Ended September 30,Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT2022202120222021
Timber Funds (a)— $8,635 — $8,635 
Real Estate (b)3,149 15,845 20,289 22,913 
Total$3,149 $24,480 $20,289 $31,548 
(a)The three and nine months ended September 30, 2021 include $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.