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. Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. 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 expense, interest and other miscellaneous income and income tax expense, are not considered by management to be part of segment operations and are included under “Corporate and other” or “unallocated interest expense and other.”

The following tables summarize the segment information for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31,
SALES	2018			2017
Southern Timber		$43,588			$39,138
Pacific Northwest Timber	31,374			25,925
New Zealand Timber	52,964			40,874
Real Estate (a)	36,064			54,289
Trading	39,212			34,265
Intersegment Eliminations	(6		)	—
Total		$203,196			$194,491


(a)	The three months ended March 31, 2017 includes $42.0 million of Large Dispositions.



	Three Months Ended March 31,
OPERATING INCOME (LOSS)	2018			2017
Southern Timber		$12,227			$13,939
Pacific Northwest Timber	4,674			(878		)
New Zealand Timber	15,957			10,243
Real Estate (a)	28,054			29,665
Trading	149			1,097
Corporate and other	(3,987		)	(4,805		)
Total Operating Income	57,074			49,261
Unallocated interest expense and other	(7,432		)	(7,897		)
Total Income before Income Taxes		$49,642			$41,364


(a)	The three months ended March 31, 2017 includes $28.2 million of Large Dispositions.



	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION	2018		2017
Southern Timber		$15,979		$12,452
Pacific Northwest Timber	9,504		10,210
New Zealand Timber	5,717		5,407
Real Estate (a)	3,066		10,707
Trading	—		—
Corporate and other	271		100
Total		$34,537		$38,876


(a)	The three months ended March 31, 2017 includes $8.1 million from Large Dispositions.



	Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2018		2017
Southern Timber	—		—
Pacific Northwest Timber	—		—
New Zealand Timber	—		—
Real Estate (a)	1,624		10,222
Trading	—		—
Total		$1,624		$10,222


(a)	The three months ended March 31, 2017 includes $5.7 million from Large Dispositions.