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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | 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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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