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SEGMENT AND GEOGRAPHICAL INFORMATION
 6 Months Ended
Jun. 30, 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 income (expense) and income tax (expense) benefit, 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, 2024 and 2023:
 Three Months Ended June 30,Six Months Ended June 30,
SALES2024202320242023
Southern Timber$59,325 $68,310 $129,302 $140,152 
Pacific Northwest Timber24,283 32,317 49,475 66,736 
New Zealand Timber53,782 60,898 99,482 105,004 
Real Estate30,971 32,041 46,535 48,317 
Trading5,282 15,415 17,056 27,984 
Intersegment Eliminations (a)(34)(116)(144)(246)
Total$173,609 $208,865 $341,706 $387,947 
(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 INCOME (LOSS)2024202320242023
Southern Timber$17,093 $21,708 $40,098 $43,931 
Pacific Northwest Timber(1,467)(2,376)(5,827)(5,919)
New Zealand Timber (a)2,918 2,373 10,348 1,710 
Real Estate5,780 8,649 5,651 9,532 
Trading137 67 178 409 
Corporate and Other (b)(12,020)(10,319)(21,797)(18,938)
Total Operating Income12,441 20,102 28,651 30,725 
Unallocated interest expense and other (c)(8,906)(813)(23,642)(2,961)
Total Income before Income Taxes$3,535 $19,289 $5,009 $27,764 
(a)The six months ended June 30, 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 and six months ended June 30, 2024 include $0.7 million of costs related to disposition initiatives. Costs related to disposition initiatives are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Other operating expense, net.”
(c)The three months ended June 30, 2024 includes $1.1 million of net costs associated with legal settlements. The six months ended June 30, 2024 includes $5.7 million of pension settlement charges and $2.4 million of net costs associated with legal settlements. 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. Net costs (recoveries) associated with legal settlements and pension settlement charges are recorded within the Consolidated Statements of Income and Comprehensive Income (Loss) under the caption “Interest and other miscellaneous income (expense), net.”
 Three Months Ended June 30,Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION2024202320242023
Southern Timber$16,758 $21,868 $38,554 $42,478 
Pacific Northwest Timber7,389 9,242 16,464 19,892 
New Zealand Timber 4,803 5,927 8,823 10,382 
Real Estate6,700 2,235 8,449 3,738 
Corporate and Other 444 443 887 824 
Total$36,094 $39,715 $73,177 $77,314 
Three Months Ended June 30,Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT2024202320242023
Real Estate$6,419 $9,395 $9,372 $13,603 
Total$6,419 $9,395 $9,372 $13,603