Revenue Recognition

12 Months Ended

Dec. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenue Recognition

NOTE 4.  REVENUE RECOGNITION

The following table represents our revenues by major product. We adopted ASC 606, Revenue from Contracts with Customers, on January 1, 2018 using the cumulative effect method. Year ended December 31, 2017 is provided for comparison purposes and was accounted for in accordance with ASC 605, Revenue Recognition. For additional information regarding our revenue recognition policy, see Note 1: Summary of Significant Accounting Policies. For additional information regarding our segments, see Note 5: Segment Information.

	Year Ended December 31,
(in thousands)	2019			2018			2017
Timberlands
Northern region
Sawlogs	$	161,570		$	205,977		$	190,693
Pulpwood		5,767			5,996			5,634
Stumpage		109			176			153
Other		1,970			1,801			1,387
Total Northern revenues		169,416			213,950			197,867
Southern region
Sawlogs		88,048			81,460			40,993
Pulpwood		53,315			48,585			34,907
Stumpage		1,666			2,434			557
Other		10,248			8,521			3,875
Total Southern revenues		153,277			141,000			80,332
Total Timberlands revenues		322,693			354,950			278,199
Wood Products
Lumber		396,648			464,180			313,083
Residuals and Panels		143,760			216,751			128,074
Total Wood Products revenues		540,408			680,931			441,157
Real Estate
Rural real estate		49,675			36,024			30,655
Development real estate		22,363			12,852			—
Other1		6,834			5,690			—
Total Real Estate revenues		78,872			54,566			30,655
Total segment revenues		941,973			1,090,447			750,011
Intersegment Timberlands revenues2		(114,875	)		(115,868	)		(71,416	)
Total consolidated revenues	$	827,098		$	974,579		$	678,595

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

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

Contract Balances

In general, a customer receivable is recorded as we deliver wood products, logs and residuals. We generally receive payment shortly after products have been received by our customers. At December 31, 2019 and 2018, we recorded $5.5 million and $4.3 million, respectively, for contract liabilities recorded as deferred revenue. These contract liabilities predominately relate to hunting and other access rights on our timberlands and member related activities at the Chenal Country Club. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except membership initiation fees at the Chenal Country Club which typically are recognized 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.