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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables summarize the segment information for the three and six months ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
SALES | 2024 |  | 2023 |  | 2024 |  | 2023
Southern Timber | $59,325 |  |  | $68,310 |  |  | $129,302 |  |  | $140,152 |
Pacific Northwest Timber | 24,283 |  |  | 32,317 |  |  | 49,475 |  |  | 66,736 |
New Zealand Timber | 53,782 |  |  | 60,898 |  |  | 99,482 |  |  | 105,004 |
Real Estate | 30,971 |  |  | 32,041 |  |  | 46,535 |  |  | 48,317 |
Trading | 5,282 |  |  | 15,415 |  |  | 17,056 |  |  | 27,984 |
Intersegment Eliminations (a) | (34) |  |  | (116) |  |  | (144) |  |  | (246) |
Total | $173,609 |  |  | $208,865 |  |  | $341,706 |  |  | $387,947 |
(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 June 30, |  | Six Months Ended June 30,
OPERATING INCOME (LOSS) | 2024 |  | 2023 |  | 2024 |  | 2023
Southern Timber | $17,093 |  |  | $21,708 |  |  | $40,098 |  |  | $43,931 |
Pacific Northwest Timber | (1,467) |  |  | (2,376) |  |  | (5,827) |  |  | (5,919) |
New Zealand Timber (a) | 2,918 |  |  | 2,373 |  |  | 10,348 |  |  | 1,710 |
Real Estate | 5,780 |  |  | 8,649 |  |  | 5,651 |  |  | 9,532 |
Trading | 137 |  |  | 67 |  |  | 178 |  |  | 409 |
Corporate and Other (b) | (12,020) |  |  | (10,319) |  |  | (21,797) |  |  | (18,938) |
Total Operating Income | 12,441 |  |  | 20,102 |  |  | 28,651 |  |  | 30,725 |
Unallocated interest expense and other (c) | (8,906) |  |  | (813) |  |  | (23,642) |  |  | (2,961) |
Total Income before Income Taxes | $3,535 |  |  | $19,289 |  |  | $5,009 |  |  | $27,764 |
(a)The six months ended June 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 six months ended June 30, 2024 include $0.7 million 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 June 30, 2024 includes $1.1 million of net costs associated with legal settlements. The six months ended June 30, 2024 includes $5.7 million of pension settlement charges and $2.4 million of net costs associated with legal settlements. The three and six months ended June 30, 2023 include $11.4 million and $20.5 million, respectively, of net recoveries associated with legal settlements. Net costs (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 (expense), net.”
| Three Months Ended June 30, |  | Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION | 2024 |  | 2023 |  | 2024 |  | 2023
Southern Timber | $16,758 |  |  | $21,868 |  |  | $38,554 |  |  | $42,478 |
Pacific Northwest Timber | 7,389 |  |  | 9,242 |  |  | 16,464 |  |  | 19,892 |
New Zealand Timber | 4,803 |  |  | 5,927 |  |  | 8,823 |  |  | 10,382 |
Real Estate | 6,700 |  |  | 2,235 |  |  | 8,449 |  |  | 3,738 |
Corporate and Other | 444 |  |  | 443 |  |  | 887 |  |  | 824 |
Total | $36,094 |  |  | $39,715 |  |  | $73,177 |  |  | $77,314 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2024 |  | 2023 |  | 2024 |  | 2023
Real Estate | $6,419 |  |  | $9,395 |  |  | $9,372 |  |  | $13,603 |
Total | $6,419 |  |  | $9,395 |  |  | $9,372 |  |  | $13,603 |

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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