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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | 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 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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