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SEGMENT AND GEOGRAPHICAL INFORMATION
 9 Months Ended
Sep. 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 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 nine months ended September 30, 2024 and 2023:
 Three Months Ended September 30,Nine Months Ended September 30,
SALES2024202320242023
Southern Timber$62,019 $63,973 $191,322 $204,125 
Pacific Northwest Timber27,248 29,325 76,723 96,061 
New Zealand Timber66,774 70,435 166,256 175,438 
Real Estate30,061 31,175 76,596 79,492 
Trading8,979 6,782 26,035 34,767 
Intersegment Eliminations (a)(88)(111)(232)(357)
Total$194,993 $201,579 $536,700 $589,526 
(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 September 30,Nine Months Ended September 30,
OPERATING INCOME (LOSS)2024202320242023
Southern Timber$19,821 $18,634 $59,919 $62,565 
Pacific Northwest Timber847 (557)(4,980)(6,475)
New Zealand Timber (a)8,936 17,555 19,284 19,265 
Real Estate8,632 9,187 14,284 18,720 
Trading(117)(52)60 356 
Corporate and Other (b)(10,513)(9,411)(32,310)(28,350)
Total Operating Income27,606 35,356 56,257 66,081 
Unallocated interest expense and other (c)2,871 (12,069)(20,771)(15,030)
Total Income before Income Taxes$30,477 $23,287 $35,486 $51,051 
(a)The nine months ended September 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 nine months ended September 30, 2024 includes $0.9 million and $1.6 million, respectively, 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 September 30, 2024 includes $12.0 million of net recoveries associated with legal settlements, which is partially offset by $0.3 million of pension settlement charges. The nine months ended September 30, 2024 includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges. The nine months ended September 30, 2023 includes $20.5 million of net recoveries associated with legal settlements. Net 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, net.”

 Three Months Ended September 30,Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION2024202320242023
Southern Timber$18,118 $19,153 $56,672 $61,631 
Pacific Northwest Timber7,841 8,330 24,306 28,221 
New Zealand Timber 5,632 5,952 14,454 16,335 
Real Estate1,451 3,088 9,900 6,826 
Corporate and Other 444 444 1,331 1,268 
Total$33,486 $36,967 $106,663 $114,281 
Three Months Ended September 30,Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT2024202320242023
Real Estate$9,845 $6,586 $19,217 $20,189 
Total$9,845 $6,586 $19,217 $20,189