REVENUE

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Adoption of ASC 606

The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018. The Company elected to apply the modified retrospective method to contracts that were not completed at the date of adoption. The Company also elected not to retrospectively restate contracts modified prior to January 1, 2018. A cumulative effect of adoption adjustment to the opening balance of retained earnings was not recorded as there was no accounting impact to any contracts with customers not completed at the date of adoption.

Contract Balances

The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when the Company has an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.

The following table summarizes revenue recognized during the years ended December 31, 2019 and 2018 that was included in the contract liability balance at the beginning of each year:



	Year Ended December 31,
	2019		2018
Revenue recognized from contract liability balance at the beginning of the year (a)		$10,039		$9,004


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

The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2019, 2018 and 2017:



Year Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate			Trading		Elim.			Total
December 31, 2019
Pulpwood		$86,537		$10,350		$32,925	—				$13,351	—				$143,163
Sawtimber	67,360		72,377		198,481		—			101,255		—			439,473
Hardwood	5,259		—		—		—			—		—			5,259
Total Timber Sales	159,156		82,727		231,406		—			114,606		—			587,895
License Revenue, Primarily From Hunting	18,270		717		361		—			—		—			19,348
Other Non-Timber/Carbon Revenue	16,685		1,970		10,094		—			—		—			28,749
Agency Fee Income	—		—		—		—			677		—			677
Total Non-Timber Sales	34,955		2,687		10,455		—			677		—			48,774
Improved Development	—		—		—		5,882			—		—			5,882
Unimproved Development	—		—		—		19,476			—		—			19,476
Rural	—		—		—		29,852			—		—			29,852
Timberlands & Non-Strategic	—		—		—		19,133			—		—			19,133
Other	—		—		—		544			—		—			544
Total Real Estate Sales	—		—		—		74,887			—		—			74,887

Revenue from Contracts with Customers	194,111		85,414		241,861		74,887			115,283		—			711,556
Intersegment	—		—		—		—			155		(155		)	—
Total Revenue		$194,111		$85,414		$241,861		$74,887			$115,438		($155	)		$711,556

December 31, 2018
Pulpwood		$80,134		$14,305		$28,737	—				$13,771	—				$136,947
Sawtimber	60,295		92,166		213,206		—			134,299		—			499,966
Hardwood	3,433		—		—		—			—		—			3,433
Total Timber Sales	143,863		106,471		241,943		—			148,070		—			640,347
License Revenue, Primarily from Hunting	16,285		709		401		—			—		—			17,395
Other Non-Timber/Carbon Revenue	9,847		2,652		6,670		—			—		—			19,169
Agency Fee Income	—		—		—		—			652		—			652
Total Non-Timber Sales	26,132		3,361		7,071		—			652		—			37,216
Improved Development	—		—		—		8,336			—		—			8,336
Unimproved Development	—		—		—		8,621			—		—			8,621
Rural	—		—		—		22,689			—		—			22,689
Timberlands & Non-Strategic	—		—		—		98,872			—		—			98,872
Other	—		—				57			—		—			57
Total Real Estate Sales	—		—		—		138,575			—		—			138,575

Revenue from Contracts with Customers	169,995		109,832		249,014		138,575			148,722		—			816,138
Intersegment	—		—		—		—			92		(92		)	—
Total Revenue		$169,995		$109,832		$249,014		$138,575			$148,814		($92	)		$816,138

December 31, 2017
Pulpwood		$67,836		$11,242		$24,934	—				$13,352	—				$117,364
Sawtimber	50,891		77,477		197,521		—			137,854		—			463,743
Hardwood	3,912		—		—		—			—		—			3,912
Total Timber Sales	122,639		88,719		222,455		—			151,206		—			585,019
License Revenue, Primarily from Hunting	16,004		646		227		—			—		—			16,877
Other Non-Timber/Carbon Revenue	5,867		2,512		617		—			—		—			8,996
Agency Fee Income	—		—		—		—			1,378		—			1,378
Total Non-Timber Sales	21,871		3,158		844		—			1,378		—			27,251
Improved Development	—		—		—		6,889			—		—			6,889
Unimproved Development	—		—		—		16,405			—		—			16,405
Rural	—		—		—		18,632			—		—			18,632
Timberlands & Non-Strategic	—		—		—		70,590			—		—			70,590
Large Dispositions	—		—		—		95,351			—		—			95,351
Other	—		—		—		(541		)	—		—			(541		)
Total Real Estate Sales	—		—		—		207,326			—		—			207,326

Revenue from Contracts with Customers	144,510		91,877		223,299		207,326			152,584		—			819,596
Total Revenue		$144,510		$91,877		$223,299		$207,326			$152,584	—				$819,596

The following tables present our timber sales disaggregated by contract type for the years ended December 31, 2019, 2018 and 2017:



Year Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
December 31, 2019
Stumpage Pay-as-Cut		$71,943	—		—		—			$71,943
Stumpage Lump Sum	7,428		2,749		—		—		10,177
Total Stumpage	79,371		2,749		—		—		82,120

Delivered Wood (Domestic)	71,054		79,978		80,974		5,488		237,494
Delivered Wood (Export)	8,731		—		150,432		109,118		268,281
Total Delivered	79,785		79,978		231,406		114,606		505,775

Total Timber Sales		$159,156		$82,727		$231,406		$114,606		$587,895

December 31, 2018
Stumpage Pay-as-Cut		$72,385	—		—		—			$72,385
Stumpage Lump Sum	4,988		11,854		—		—		16,842
Total Stumpage	77,373		11,854		—		—		89,227

Delivered Wood (Domestic)	60,931		94,617		90,631		6,141		252,320
Delivered Wood (Export)	5,559		—		151,312		141,929		298,800
Total Delivered	66,490		94,617		241,943		148,070		551,120

Total Timber Sales		$143,863		$106,471		$241,943		$148,070		$640,347

December 31, 2017
Stumpage Pay-as-Cut		$71,120	—		—		—			$71,120
Stumpage Lump Sum	9,093		10,628		—		—		19,721
Stumpage Agreed Volume	—		1,234		—		—		1,234
Total Stumpage	80,213		11,862		—		—		92,075

Delivered Wood (Domestic)	42,426		76,857		84,221		6,044		209,548
Delivered Wood (Export)	—		—		138,234		145,162		283,396
Total Delivered	42,426		76,857		222,455		151,206		492,944

Total Timber Sales		$122,639		$88,719		$222,455		$151,206		$585,019