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SEGMENT AND GEOGRAPHICAL INFORMATION | 9 Months Ended
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Sep. 30, 2023
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 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 expense, miscellaneous income (expense) 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 and nine months ended September 30, 2023 and 2022:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
SALES | 2023 |  | 2022 |  | 2023 |  | 2022
Southern Timber | $63,973 |  |  | $64,549 |  |  | $204,125 |  |  | $207,584 |
Pacific Northwest Timber | 29,325 |  |  | 34,397 |  |  | 96,061 |  |  | 119,834 |
New Zealand Timber | 70,435 |  |  | 72,452 |  |  | 175,438 |  |  | 202,723 |
Real Estate | 31,175 |  |  | 12,435 |  |  | 79,492 |  |  | 81,032 |
Trading | 6,782 |  |  | 11,582 |  |  | 34,767 |  |  | 52,727 |
Intersegment Eliminations (a) | (111) |  |  | (128) |  |  | (357) |  |  | (226) |
Total | $201,579 |  |  | $195,287 |  |  | $589,526 |  |  | $663,674 |
(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 | 2023 |  | 2022 |  | 2023 |  | 2022
Southern Timber | $18,634 |  |  | $22,474 |  |  | $62,565 |  |  | $76,883 |
Pacific Northwest Timber (a) | (557) |  |  | 2,179 |  |  | (6,475) |  |  | 11,729 |
New Zealand Timber (b) | 17,555 |  |  | 9,280 |  |  | 19,265 |  |  | 22,653 |
Real Estate (c) | 9,187 |  |  | 15,749 |  |  | 18,720 |  |  | 36,953 |
Trading | (52) |  |  | 177 |  |  | 356 |  |  | 84 |
Corporate and Other | (9,411) |  |  | (8,956) |  |  | (28,350) |  |  | (26,613) |
Total Operating Income | 35,356 |  |  | 40,903 |  |  | 66,081 |  |  | 121,689 |
Unallocated interest expense and other (d) | (12,069) |  |  | (7,804) |  |  | (15,030) |  |  | (25,486) |
Total Income before Income Taxes | $23,287 |  |  | $33,099 |  |  | $51,051 |  |  | $96,203 |
(a)The three and nine months ended September 30, 2022 include $1.1 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 under the caption “Cost of Sales.” (b)The nine months ended September 30, 2023 includes a $2.3 million timber write-off resulting from a casualty event. Timber write-offs resulting from casualty events are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Cost of Sales.” (c)The three and nine months ended September 30, 2022 include an $11.5 million gain associated with the multi-family apartment complex sale attributable to noncontrolling interests (“NCI”). The gain associated with the multi-family apartment complex sale attributable to noncontrolling interests are recorded within the Consolidated Statements of Income and Comprehensive Income under the caption “Other operating (expense) income, net.” (d)The nine months ended September 30, 2023 includes $20.5 million of net recoveries associated with legal settlements.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION | 2023 |  | 2022 |  | 2023 |  | 2022
Southern Timber | $19,153 |  |  | $14,116 |  |  | $61,631 |  |  | $46,832 |
Pacific Northwest Timber | 8,330 |  |  | 9,356 |  |  | 28,221 |  |  | 35,587 |
New Zealand Timber | 5,952 |  |  | 6,302 |  |  | 16,335 |  |  | 18,192 |
Real Estate | 3,088 |  |  | 961 |  |  | 6,826 |  |  | 12,671 |
Corporate and Other | 444 |  |  | 316 |  |  | 1,268 |  |  | 939 |
Total | $36,967 |  |  | $31,051 |  |  | $114,281 |  |  | $114,221 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2023 |  | 2022 |  | 2023 |  | 2022
Real Estate | $6,586 |  |  | $3,149 |  |  | $20,189 |  |  | $20,289 |
Total | $6,586 |  |  | $3,149 |  |  | $20,189 |  |  | $20,289 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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