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SEGMENT AND GEOGRAPHICAL INFORMATION | 6 Months Ended
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Jun. 30, 2021
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 (loss) 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 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 interest income (expense), miscellaneous income (expense) and income tax 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 and six months ended June 30, 2021 and 2020:
| Three Months Ended June 30, |  | Six Months Ended June 30,
SALES | 2021 |  | 2020 |  | 2021 |  | 2020
Southern Timber | $49,294 |  |  | $46,767 |  |  | $100,971 |  |  | $99,749 |
Pacific Northwest Timber | 35,323 |  |  | 26,171 |  |  | 76,844 |  |  | 57,245 |
New Zealand Timber | 80,559 |  |  | 41,769 |  |  | 138,138 |  |  | 79,308 |
Timber Funds (a) | 18,646 |  |  | 7,524 |  |  | 33,585 |  |  | 7,524 |
Real Estate (b) | 74,531 |  |  | 50,009 |  |  | 85,035 |  |  | 168,573 |
Trading | 34,546 |  |  | 24,320 |  |  | 51,212 |  |  | 43,304 |
Intersegment Eliminations (c) | (1,468) |  |  | (930) |  |  | (2,907) |  |  | (943) |
Total | $291,431 |  |  | $195,630 |  |  | $482,878 |  |  | $454,760 |
(a)The three and six months ended June 30, 2021 includes $14.7 million and $26.7 million, respectively, of sales attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $5.8 million of sales attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $36.0 million from a Large Disposition. The six months ended June 30, 2020 includes $116.0 million from a Large Disposition. Large Dispositions are defined as transactions involving the sale of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. (c)Primarily consists of the elimination of timberland investment management fees paid to us by the timber funds which are initially recognized as sales and cost of sales within the Timber Funds segment, as well as 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) | 2021 |  | 2020 |  | 2021 |  | 2020
Southern Timber | $16,980 |  |  | $11,208 |  |  | $34,327 |  |  | $26,278 |
Pacific Northwest Timber | 1,872 |  |  | (6,681) |  |  | 3,222 |  |  | (7,629) |
New Zealand Timber | 20,714 |  |  | 4,973 |  |  | 34,658 |  |  | 10,422 |
Timber Funds (a) | 1,991 |  |  | (1,892) |  |  | 3,492 |  |  | (1,892) |
Real Estate (b) | 50,511 |  |  | 24,848 |  |  | 52,199 |  |  | 51,622 |
Trading | 418 |  |  | 102 |  |  | 662 |  |  | 83 |
Corporate and Other (c) | (8,042) |  |  | (20,872) |  |  | (15,631) |  |  | (28,646) |
Total Operating Income | 84,444 |  |  | 11,686 |  |  | 112,929 |  |  | 50,238 |
Unallocated interest expense and other | (14,144) |  |  | (8,241) |  |  | (24,175) |  |  | (16,666) |
Total Income before Income Taxes | $70,300 |  |  | $3,445 |  |  | $88,754 |  |  | $33,572 |
(a)The three and six months ended June 30, 2021 includes $1.6 million and $2.7 million, respectively, of operating income attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $2.0 million of operating loss attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $30.3 million from a Large Disposition. The six months ended June 30, 2020 includes $28.7 million from a Large Disposition. (c)The three and six months ended June 30, 2020 include $13.5 million and $16.0 million, respectively, of integration and restructuring costs related to the merger with Pope Resources. See Note 24 — Charges for Integration and Restructuring for additional details.
| Three Months Ended June 30, |  | Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION | 2021 |  | 2020 |  | 2021 |  | 2020
Southern Timber | $13,576 |  |  | $15,231 |  |  | $27,935 |  |  | $33,414 |
Pacific Northwest Timber | 12,031 |  |  | 10,606 |  |  | 28,316 |  |  | 21,308 |
New Zealand Timber | 6,952 |  |  | 4,942 |  |  | 14,201 |  |  | 9,716 |
Timber Funds (a) | 6,121 |  |  | 4,070 |  |  | 11,621 |  |  | 4,070 |
Real Estate (b) | 8,535 |  |  | 6,678 |  |  | 10,092 |  |  | 42,422 |
Corporate and Other | 313 |  |  | 340 |  |  | 576 |  |  | 637 |
Total | $47,528 |  |  | $41,867 |  |  | $92,741 |  |  | $111,567 |
(a)The three and six months ended June 30, 2021 include $5.1 million and $10.1 million, respectively, of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. The three and six months ended June 30, 2020 includes $3.5 million of depreciation, depletion and amortization attributable to noncontrolling interests in Timber Funds. (b)The three and six months ended June 30, 2021 includes $4.8 million from a Large Disposition. The six months ended June 30, 2020 includes $35.4 million from a Large Disposition.
| Three Months Ended June 30, |  | Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2021 |  | 2020 |  | 2021 |  | 2020
Real Estate (a) | $5,254 |  |  | $13,030 |  |  | $7,067 |  |  | $65,081 |
Total | $5,254 |  |  | $13,030 |  |  | $7,067 |  |  | $65,081 |
(a) The three and six months ended June 30, 2021 includes $0.1 million from a Large Disposition. The six months ended June 30, 2020 includes $51.6 million from a Large Disposition.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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