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SEGMENT AND GEOGRAPHICAL INFORMATION | 9 Months Ended
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Sep. 30, 2024
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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include interest expense, interest and miscellaneous income and income tax (expense) benefit, 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, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
SALES | 2024 |  | 2023 |  | 2024 |  | 2023
Southern Timber | $62,019 |  |  | $63,973 |  |  | $191,322 |  |  | $204,125 |
Pacific Northwest Timber | 27,248 |  |  | 29,325 |  |  | 76,723 |  |  | 96,061 |
New Zealand Timber | 66,774 |  |  | 70,435 |  |  | 166,256 |  |  | 175,438 |
Real Estate | 30,061 |  |  | 31,175 |  |  | 76,596 |  |  | 79,492 |
Trading | 8,979 |  |  | 6,782 |  |  | 26,035 |  |  | 34,767 |
Intersegment Eliminations (a) | (88) |  |  | (111) |  |  | (232) |  |  | (357) |
Total | $194,993 |  |  | $201,579 |  |  | $536,700 |  |  | $589,526 |
(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 (LOSS) | 2024 |  | 2023 |  | 2024 |  | 2023
Southern Timber | $19,821 |  |  | $18,634 |  |  | $59,919 |  |  | $62,565 |
Pacific Northwest Timber | 847 |  |  | (557) |  |  | (4,980) |  |  | (6,475) |
New Zealand Timber (a) | 8,936 |  |  | 17,555 |  |  | 19,284 |  |  | 19,265 |
Real Estate | 8,632 |  |  | 9,187 |  |  | 14,284 |  |  | 18,720 |
Trading | (117) |  |  | (52) |  |  | 60 |  |  | 356 |
Corporate and Other (b) | (10,513) |  |  | (9,411) |  |  | (32,310) |  |  | (28,350) |
Total Operating Income | 27,606 |  |  | 35,356 |  |  | 56,257 |  |  | 66,081 |
Unallocated interest expense and other (c) | 2,871 |  |  | (12,069) |  |  | (20,771) |  |  | (15,030) |
Total Income before Income Taxes | $30,477 |  |  | $23,287 |  |  | $35,486 |  |  | $51,051 |
(a)The nine months ended September 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 nine months ended September 30, 2024 includes $0.9 million and $1.6 million, respectively, 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 September 30, 2024 includes $12.0 million of net recoveries associated with legal settlements, which is partially offset by $0.3 million of pension settlement charges. The nine months ended September 30, 2024 includes $9.6 million of net recoveries associated with legal settlements, which is partially offset by $6.0 million of pension settlement charges. The nine months ended September 30, 2023 includes $20.5 million of net recoveries associated with legal settlements. Net 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, net.”
| Three Months Ended September 30, |  | Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION | 2024 |  | 2023 |  | 2024 |  | 2023
Southern Timber | $18,118 |  |  | $19,153 |  |  | $56,672 |  |  | $61,631 |
Pacific Northwest Timber | 7,841 |  |  | 8,330 |  |  | 24,306 |  |  | 28,221 |
New Zealand Timber | 5,632 |  |  | 5,952 |  |  | 14,454 |  |  | 16,335 |
Real Estate | 1,451 |  |  | 3,088 |  |  | 9,900 |  |  | 6,826 |
Corporate and Other | 444 |  |  | 444 |  |  | 1,331 |  |  | 1,268 |
Total | $33,486 |  |  | $36,967 |  |  | $106,663 |  |  | $114,281 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT | 2024 |  | 2023 |  | 2024 |  | 2023
Real Estate | $9,845 |  |  | $6,586 |  |  | $19,217 |  |  | $20,189 |
Total | $9,845 |  |  | $6,586 |  |  | $19,217 |  |  | $20,189 |

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