Revenue Recognition

3 Months Ended

Mar. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenue Recognition

NOTE 5. REVENUE RECOGNITION

The majority of our revenues are derived from the sale of delivered logs, manufactured wood products, residual wood by-products and real estate. We recognize revenue in accordance with FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606). Performance obligations associated with real estate sales are generally satisfied at a point in time when all conditions of closing have been met and title transfers to the buyer. Real estate closings are generally facilitated through an escrow process.

At March 31, 2019 and 2018, we recorded $1.8 million and $1.4 million, respectively, for contract liabilities recorded as deferred revenue related to hunting lease rights and member related activities at the Chenal Country Club. These contract liabilities are being amortized over the term of the contracts, which is typically twelve months or less, except membership initiation fees at the Chenal Country Club which are amortized up to 10 years. Other contract asset and liability balances, such as prepayments, are immaterial. For real estate sales, we typically receive the entire consideration in cash at closing.

The following table represents our revenues by major product. For additional information regarding our segments, see Note 6: Segment Information.

	Three Months Ended March 31,
(in thousands)	2019			2018
Resource
Northern region
Sawlogs	$	32,499		$	49,584
Pulpwood		2,061			1,780
Stumpage		106			79
Other		211			216
		34,877			51,659
Southern region
Sawlogs		18,437			14,030
Pulpwood		11,811			8,970
Stumpage		322			391
Other		2,711			1,456
		33,281			24,847
Total Resource revenues		68,158			76,506
Wood Products
Lumber		90,505			94,993
Panels		24,698			28,891
Residuals		17,103			15,931
Total Wood Products revenues		132,306			139,815
Real Estate
Rural real estate		4,219			8,833
Development real estate		673			1,219
Other1		1,272			503
Total Real Estate revenues		6,164			10,555
Total segment revenues		206,628			226,876
Intersegment Resource revenues2		(24,912	)		(26,979	)
Total consolidated revenues	$	181,716		$	199,897

¹ Other Real Estate revenues primarily relate to the Chenal Country Club.

² Intersegment revenues represent logs sold by our Resource segment to the Wood Products segment.