SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2016

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. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does 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 gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other.”

Segment information for the three months ended March 31, 2016 and 2015 were as follows:

	Three Months Ended March 31,
SALES	2016		2015
Southern Timber		$44,740		$35,531
Pacific Northwest Timber	19,309		19,154
New Zealand Timber	36,023		41,194
Real Estate	13,363		23,791
Trading	21,408		20,635
Total		$134,843		$140,305

	Three Months Ended March 31,
OPERATING INCOME	2016			2015
Southern Timber		$15,753			$12,413
Pacific Northwest Timber	1,385			2,587
New Zealand Timber	4,744			5,694
Real Estate	4,225			12,582
Trading	350			270
Corporate and other	(3,460		)	(5,799		)
Total Operating Income	22,997			27,747
Unallocated interest expense and other	(8,720		)	(10,038		)
Total Income before Income Taxes		$14,277			$17,709

	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION	2016		2015
Southern Timber		$16,556		$14,301
Pacific Northwest Timber	4,639		3,790
New Zealand Timber	4,860		8,003
Real Estate	3,203		3,812
Trading	—		—
Corporate and other	84		69
Total		$29,342		$29,975

	Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2016		2015
Southern Timber	—		—
Pacific Northwest Timber	—		—
New Zealand Timber	1,824		—
Real Estate	2,284		3,747
Trading	—		—
Corporate and other	—		—
Total		$4,108		$3,747