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SEGMENT AND GEOGRAPHICAL INFORMATION
 6 Months Ended
Jun. 30, 2023
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 expense, miscellaneous income (expense) and income tax benefit (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, 2023 and 2022:
 Three Months Ended June 30,Six Months Ended June 30,
SALES2023202220232022
Southern Timber$68,310 $66,271 $140,152 $143,035 
Pacific Northwest Timber32,317 39,157 66,736 85,437 
New Zealand Timber60,898 78,882 105,004 130,271 
Real Estate32,041 34,402 48,317 68,597 
Trading15,415 27,683 27,984 41,145 
Intersegment Eliminations (a)(116)(49)(246)(98)
Total$208,865 $246,346 $387,947 $468,387 
(a)Primarily consists of 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 INCOME2023202220232022
Southern Timber$21,708 $24,067 $43,931 $54,409 
Pacific Northwest Timber(2,376)2,943 (5,919)9,550 
New Zealand Timber (a)2,373 7,981 1,710 13,373 
Real Estate8,649 11,023 9,532 21,204 
Trading67 (444)409 (93)
Corporate and Other(10,319)(10,102)(18,938)(17,657)
Total Operating Income20,102 35,468 30,725 80,786 
Unallocated interest expense and other (b)(813)(8,877)(2,961)(17,682)
Total Income before Income Taxes$19,289 $26,591 $27,764 $63,104 
(a)The six months ended June 30, 2023 includes a $2.3 million timber write-off resulting from a casualty event. 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 six months ended June 30, 2023 include $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements.
 Three Months Ended June 30,Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION2023202220232022
Southern Timber$21,868 $14,657 $42,478 $32,716 
Pacific Northwest Timber9,242 11,316 19,892 26,232 
New Zealand Timber 5,927 6,901 10,382 11,891 
Real Estate2,235 2,564 3,738 11,709 
Corporate and Other 443 313 824 621 
Total$39,715 $35,751 $77,314 $83,169 

Three Months Ended June 30,Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT2023202220232022
Real Estate$9,395 $11,780 $13,603 $17,139 
Total$9,395 $11,780 $13,603 $17,139