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REVENUE (Tables)
9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue by Product
The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2018 and 2017:
Three Months Ended
Southern Timber
 
Pacific Northwest Timber
 
New Zealand Timber
 
Real Estate
 
Trading
 
Elim.
 
Total
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Pulpwood

$19,998

 

$3,560

 

$7,278

 
—

 

$2,487

 
—

 

$33,323

Sawtimber
13,734

 
23,495

 
56,663

 
—

 
28,321

 
—

 
122,213

Hardwood
1,071

 
—

 
—

 
—

 
—

 
—

 
1,071

Total Timber Sales
34,803

 
27,055

 
63,941

 
—

 
30,808

 
—

 
156,607

License Revenue, Primarily From Hunting
4,016

 
224

 
98

 
—

 
—

 
—

 
4,338

Other Non-Timber/Carbon Revenue
637

 
468

 
2,226

 
—

 
—

 
—

 
3,331

Agency Fee Income
—

 
—

 
—

 
—

 
172

 
—

 
172

Total Non-Timber Sales
4,653

 
692

 
2,324

 
—

 
172

 
—

 
7,841

Improved Development
—


—

 
—

 
1,352

 
—

 
—

 
1,352

Unimproved Development
—


—

 
—

 
1,175

 
—

 
—

 
1,175

Rural
—


—

 
—

 
4,489

 
—

 
—

 
4,489

Non-strategic / Timberlands
—


—

 
—

 
29,152

 
—

 
—

 
29,152

Large Dispositions
—


—

 
—

 
—

 
—

 
—

 
—

Total Real Estate Sales
—


—

 
—

 
36,168

 
—

 
—

 
36,168

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue from Contracts with Customers
39,456

 
27,747

 
66,265

 
36,168

 
30,980

 
—

 
200,616

Other Non-Timber Sales, Primarily Lease
206

 
68

 
—

 
—

 
—

 
—

 
274

Intersegment
—

 
—

 
—

 
—

 
30

 
(30
)
 
—

Total Revenue

$39,662

 

$27,815

 

$66,265

 

$36,168

 

$31,010

 

($30
)
 

$200,890

 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Pulpwood

$18,260

 

$2,515

 

$7,344

 
—

 

$3,425

 
—

 

$31,544

Sawtimber
12,485

 
16,131

 
62,569

 
—

 
36,828

 
—

 
128,013

Hardwood
1,152

 
—

 
—

 
—

 
—

 
—

 
1,152

Total Timber Sales
31,897

 
18,646

 
69,913

 
—

 
40,253

 
—

 
160,709

License Revenue, Primarily from Hunting
4,171

 
161

 
36

 
—

 
—

 
—

 
4,368

Other Non-Timber Revenue
1,042

 
233

 
146

 
—

 
—

 
—

 
1,421

Agency Fee Income
—

 
—

 
—

 
—

 
433

 
—

 
433

Total Non-Timber Sales
5,213

 
394

 
182

 
—

 
433

 
—

 
6,222

Improved Development
—

 
—

 
—

 
46

 
—

 
—

 
46

Unimproved Development
—

 
—

 
—

 
13,905

 
—

 
—

 
13,905

Rural
—

 
—

 
—

 
3,125

 
—

 
—

 
3,125

Non-strategic / Timberlands
—

 
—

 
—

 
164

 
—

 
—

 
164

Large Dispositions
—

 
—

 
—

 
—

 
—

 
—

 
—

Total Real Estate Sales
—

 
—

 
—

 
17,240

 
—

 
—

 
17,240

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue from Contracts with Customers
37,110

 
19,040

 
70,095

 
17,240

 
40,686

 
—

 
184,171

Other Non-Timber Sales, Primarily Lease
191

 
57

 
—

 
—

 
—

 
—

 
248

Total Revenue

$37,301



$19,097



$70,095



$17,240



$40,686


—

 

$184,419



Nine Months Ended
Southern Timber
 
Pacific Northwest Timber
 
New Zealand Timber
 
Real Estate
 
Trading
 
Elim.
 
Total
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Pulpwood

$61,898

 

$11,648

 

$20,910

 
—

 

$10,548

 
—

 

$105,004

Sawtimber
45,452

 
77,172

 
162,627

 
—

 
105,309

 
—

 
390,560

Hardwood
2,882

 
—

 
—

 
—

 
—

 
—

 
2,882

Total Timber Sales
110,232

 
88,820

 
183,537

 
—

 
115,857

 
—

 
498,446

License Revenue, Primarily From Hunting
12,137

 
450

 
292

 
—

 
—

 
—

 
12,879

Other Non-Timber/Carbon Revenue
8,320

 
1,923

 
5,053

 
—

 
—

 
—

 
15,296

Agency Fee Income
—

 
—

 
—

 
—

 
460

 
—

 
460

Total Non-Timber Sales
20,457

 
2,373

 
5,345

 
—

 
460

 
—

 
28,635

Improved Development
—

 
—

 
—

 
3,817

 
—

 
—

 
3,817

Unimproved Development
—

 
—

 
—

 
8,621

 
—

 
—

 
8,621

Rural
—

 
—

 
—

 
10,969

 
—

 
—

 
10,969

Non-strategic / Timberlands
—

 
—

 
—

 
98,685

 
—

 
—

 
98,685

Large Dispositions
—

 
—

 
—

 
—

 
—

 
—

 
—

Total Real Estate Sales
—

 
—

 
—

 
122,092

 
—

 
—

 
122,092

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue from Contracts with Customers
130,689

 
91,193

 
188,882

 
122,092

 
116,317

 
—

 
649,173

Other Non-Timber Sales, Primarily Lease
609

 
209

 
—

 
—

 
—

 
—

 
818

Intersegment
—

 
—

 
—

 
—

 
66

 
(66
)
 
—

Total Revenue

$131,298

 

$91,402

 

$188,882

 

$122,092

 

$116,383

 

($66
)
 

$649,991

 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Pulpwood

$52,407

 

$8,683

 

$18,956

 
—

 

$9,972

 
—

 

$90,018

Sawtimber
40,088

 
54,203

 
144,550

 
—

 
105,964

 
—

 
344,805

Hardwood
2,895

 
—

 
—

 
—

 
—

 
—

 
2,895

Total Timber Sales
95,390

 
62,886

 
163,506

 
—

 
115,936

 
—

 
437,718

License Revenue, Primarily from Hunting
11,809

 
354

 
154

 
—

 
—

 
—

 
12,317

Other Non-Timber Revenue
4,184

 
2,037

 
320

 
—

 
—

 
—

 
6,541

Agency Fee Income
—

 
—

 
—

 
—

 
1,051

 
—

 
1,051

Total Non-Timber Sales
15,993

 
2,391

 
474

 
—

 
1,051

 
—

 
19,909

Improved Development
—

 
—

 
—

 
189

 
—

 
—

 
189

Unimproved Development
—

 
—

 
—

 
16,405

 
—

 
—

 
16,405

Rural
—

 
—

 
—

 
15,357

 
—

 
—

 
15,357

Non-strategic / Timberlands
—

 
—

 
—

 
47,558

 
—

 
—

 
47,558

Large Dispositions
—

 
—

 
—

 
41,951

 
—

 
—

 
41,951

Total Real Estate Sales
—

 
—

 
—

 
121,460

 
—

 
—

 
121,460

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue from Contracts with Customers
111,383

 
65,277

 
163,980

 
121,460

 
116,987

 
—

 
579,087

Other Non-Timber Sales, Primarily Lease
584

 
203

 
—

 
—

 
—

 
—

 
787

Total Revenue

$111,967

 

$65,480

 

$163,980

 

$121,460

 

$116,987

 
—

 

$579,874


The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2018 and 2017:
Three Months Ended
Southern Timber
 
Pacific Northwest Timber
 
New Zealand Timber
 
Trading
 
Total
September 30, 2018
 
 
 
 
 
 
 
 
 
Stumpage Pay-as-Cut

$16,984

 
—

 
—

 
—

 

$16,984

Stumpage Lump Sum
284

 
2,143

 
—

 
—

 
2,427

Stumpage Agreed Volume
—

 
—

 
—

 
—

 
—

Total Stumpage
17,268

 
2,143

 
—

 
—

 
19,411

 
 
 
 
 
 
 
 
 
 
Delivered Wood (Domestic)
15,856

 
24,912

 
24,771

 
1,813

 
67,352

Delivered Wood (Export)
1,679

 
—

 
39,170

 
28,995

 
69,844

Total Delivered
17,535

 
24,912

 
63,941

 
30,808

 
137,196

 
 
 
 
 
 
 
 
 
 
Total Timber Sales

$34,803

 

$27,055

 

$63,941

 

$30,808

 

$156,607

 
 
 
 
 
 
 
 
 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
Stumpage Pay-as-Cut

$18,607

 
—

 
—

 
—

 

$18,607

Stumpage Lump Sum
1,954

 
3,987

 
—

 
—

 
5,941

Stumpage Agreed Volume
—

 
—

 
—

 
—

 
—

Total Stumpage
20,561

 
3,987

 
—

 
—

 
24,548

 
 
 
 
 
 
 
 
 
 
Delivered Wood (Domestic)
11,336

 
14,659

 
24,440

 
1,808

 
52,243

Delivered Wood (Export)
—

 
—

 
45,473

 
38,445

 
83,918

Total Delivered
11,336

 
14,659

 
69,913

 
40,253

 
136,161

 
 
 
 
 
 
 
 
 
 
Total Timber Sales

$31,897

 

$18,646

 

$69,913

 

$40,253

 

$160,709


Nine Months Ended
Southern Timber
 
Pacific Northwest Timber
 
New Zealand Timber
 
Trading
 
Total
September 30, 2018
 
 
 
 
 
 
 
 
 
Stumpage Pay-as-Cut

$59,348

 
—

 
—

 
—

 

$59,348

Stumpage Lump Sum
2,358

 
11,854

 
—

 
—

 
14,212

Stumpage Agreed Volume
—

 
—

 
—

 
—

 
—

Total Stumpage
61,706

 
11,854

 
—

 
—

 
73,560

 
 
 
 
 
 
 
 
 
 
Delivered Wood (Domestic)
44,399

 
76,966

 
70,521

 
4,317

 
196,203

Delivered Wood (Export)
4,127

 
—

 
113,016

 
111,540

 
228,683

Total Delivered
48,526

 
76,966

 
183,537

 
115,857

 
424,886

 
 
 
 
 
 
 
 
 
 
Total Timber Sales

$110,232

 

$88,820

 

$183,537

 

$115,857

 

$498,446

 
 
 
 
 
 
 
 
 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
Stumpage Pay-as-Cut

$56,956

 
—

 
—

 
—

 

$56,956

Stumpage Lump Sum
6,997

 
6,574

 
—

 
—

 
13,571

Stumpage Agreed Volume
—

 
1,234

 
—

 
—

 
1,234

Total Stumpage
63,953

 
7,808

 
—

 
—

 
71,761

 
 
 
 
 
 
 
 
 
 
Delivered Wood (Domestic)
31,437

 
55,078

 
63,883

 
4,132

 
154,530

Delivered Wood (Export)
—

 
—

 
99,623

 
111,804

 
211,427

Total Delivered
31,437

 
55,078

 
163,506

 
115,936

 
365,957

 
 
 
 
 
 
 
 
 
 
Total Timber Sales

$95,390

 

$62,886

 

$163,506

 

$115,936

 

$437,718

Revenue Performance Obligation, Expected Timing of Satisfaction
The following table summarizes revenue recognition and general payment terms for timber sales:
Contract Type
 
Performance
Obligation
 
Timing of
Revenue Recognition
 
General
Payment Terms
Stumpage Pay-as-Cut
 
Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber
 
As timber is severed
(point-in-time)
 
Initial payment between
5% and 20% of estimated contract value; collection generally within 10 days of severance
Stumpage Lump Sum
 
Right to harvest an agreed upon acreage of standing timber
 
Contract execution
(point-in-time)
 
Full payment due upon contract execution
Stumpage Agreed Volume
 
Right to harvest an agreed upon volume of standing timber
 
As timber is severed
 (over-time)
 
Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed
Delivered Wood (Domestic)
 
Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility
 
Upon delivery to customer’s facility
 (point-in-time)
 
No initial payment and on open credit terms; collection generally within 30 days of invoice
Delivered Wood (Export)
 
Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel
 
Upon delivery onto export vessel
 (point-in-time)
 
Letter of credit from an approved bank; collection generally within 30 days of delivery
Contract with Customer, Liabilities
The following table summarizes revenue recognized during the three and nine months ended September 30, 2018 and 2017 that was included in the contract liability balance at the beginning of each year:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Revenue recognized from contract liability balance at the beginning of the year (a)

$355

 

$459

 

$8,685

 

$8,369

 
 
 
 
 
(a)
Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.