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SEGMENT AND GEOGRAPHICAL INFORMATION
 3 Months Ended
Mar. 31, 2024
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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous (expense) income 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 months ended March 31, 2024 and 2023:
 Three Months Ended March 31,
SALES20242023
Southern Timber$69,978 $71,842 
Pacific Northwest Timber25,192 34,419 
New Zealand Timber45,700 44,105 
Real Estate15,564 16,276 
Trading11,774 12,569 
Intersegment Eliminations (a)(111)(129)
Total$168,097 $179,082 
(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 March 31,
OPERATING INCOME (LOSS)20242023
Southern Timber$23,005 $22,223 
Pacific Northwest Timber(4,360)(3,543)
New Zealand Timber (a)7,430 (663)
Real Estate(128)883 
Trading41 341 
Corporate and Other(9,778)(8,619)
Total Operating Income16,210 10,622 
Unallocated interest expense and other (b)(14,736)(2,146)
Total Income before Income Taxes$1,474 $8,476 
(a)The three months ended March 31, 2023 includes $2.3 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 (Loss) under the caption “Cost of Sales.”
(b)The three months ended March 31, 2024 includes $5.7 million of pension settlement charges and $1.3 million of net costs associated with legal settlements. The three months ended March 31, 2023 includes $9.1 million of net recoveries associated with legal settlements.

 Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION20242023
Southern Timber$21,795 $20,610 
Pacific Northwest Timber9,075 10,650 
New Zealand Timber 4,020 4,455 
Real Estate1,749 1,503 
Corporate and Other 444 381 
Total$37,083 $37,599 
Three Months Ended March 31,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT20242023
Real Estate$2,953 $4,208 
Total$2,953 $4,208