REVENUE

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

PERFORMANCE OBLIGATIONS

We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2022 are primarily due to advances on stumpage contracts, unearned license revenue and post-closing obligations on real estate sales. These performance obligations are expected to be satisfied within the next twelve months. We generally collect payment within a year of satisfying performance obligations and therefore have elected not to adjust revenues for a financing component. 

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 we have 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) we perform under the contract.

The following table summarizes revenue recognized during the three months ended March 31, 2022 and 2021 that was included in the contract liability balance at the beginning of each year:

	Three Months Ended March 31,
	2022	2021
Revenue recognized from contract liability balance at the beginning of the year (a)	$7,533	$5,920

(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 three months ended March 31, 2022 and 2021:

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
March 31, 2022
Pulpwood	$37,611	$2,918	$7,595	—	—	$1,525	—	$49,649
Sawtimber	27,516	42,215	42,100	—	—	11,538	—	123,369
Hardwood	5,849	—	—	—	—	—	—	5,849
Total Timber Sales	70,976	45,133	49,695	—	—	13,063	—	178,867
License Revenue, Primarily From Hunting	4,688	116	62	—	—	—	—	4,866
Other Non-Timber/Carbon Revenue	1,099	1,032	1,632	—	—	—	—	3,763
Agency Fee Income	—	—	—	—	—	350	—	350
Total Non-Timber Sales	5,787	1,148	1,694	—	—	350	—	8,979
Improved Development	—	—	—	—	4,966	—	—	4,966
Rural	—	—	—	—	16,950	—	—	16,950
Timberland & Non-Strategic	—	—	—	—	11,400	—	—	11,400
Deferred Revenue/Other (a)	—	—	—	—	636	—	—	636
Total Real Estate Sales	—	—	—	—	33,952	—	—	33,952
Revenue from Contracts with Customers	76,763	46,281	51,389	—	33,952	13,413	—	221,798
Lease Revenue	—	—	—	—	243	—	—	243
Intersegment	—	—	—	—	—	48	(48)	—
Total Revenue	$76,763	$46,281	$51,389	—	$34,195	$13,461	($48)	$222,041
Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Real Estate	Trading	Elim.	Total
March 31, 2021
Pulpwood	$21,856	$2,495	$9,542	$260	—	$1,835	—	$35,988
Sawtimber	21,963	37,758	47,792	13,308	—	14,389	—	135,210
Hardwood	405	—	—	—	—	—	—	405
Total Timber Sales	44,224	40,253	57,334	13,568	—	16,224	—	171,603
License Revenue, Primarily from Hunting	4,417	91	58	3	—	—	—	4,569
Other Non-Timber/Carbon Revenue	3,036	1,178	187	14	—	—	—	4,415
Agency Fee Income	—	—	—	—	—	356	—	356
Total Non-Timber Sales	7,453	1,269	245	17	—	356	—	9,340
Improved Development	—	—	—	—	252	—	—	252
Rural	—	—	—	—	9,765	—	—	9,765
Deferred Revenue/Other (a)	—	—	—	—	255	—	—	255
Total Real Estate Sales	—	—	—	—	10,272	—	—	10,272
Revenue from Contracts with Customers	51,677	41,522	57,579	13,585	10,272	16,580	—	191,215
Lease Revenue	—	—	—	—	232	—	—	232
Intersegment	—	—	—	1,354	—	85	(1,439)	—
Total Revenue	$51,677	$41,522	$57,579	$14,939	$10,504	$16,665	($1,439)	$191,447

(a)    Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales.

The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2022 and 2021:

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Timber Funds	Trading	Total
March 31, 2022
Stumpage Pay-as-Cut	$36,206	—	—	—	—	$36,206
Stumpage Lump Sum	—	5,388	—	—	—	5,388
Total Stumpage	36,206	5,388	—	—	—	41,594
Delivered Wood (Domestic)	32,128	39,446	13,481	—	625	85,680
Delivered Wood (Export)	2,642	299	36,214	—	12,438	51,593
Total Delivered	34,770	39,745	49,695	—	13,063	137,273
Total Timber Sales	$70,976	$45,133	$49,695	—	$13,063	$178,867
March 31, 2021
Stumpage Pay-as-Cut	$21,257	—	—	—	—	$21,257
Stumpage Lump Sum	3	6,131	—	—	—	6,134
Total Stumpage	21,260	6,131	—	—	—	27,391
Delivered Wood (Domestic)	18,059	34,122	17,106	13,568	1,091	83,946
Delivered Wood (Export)	4,905	—	40,228	—	15,133	60,266
Total Delivered	22,964	34,122	57,334	13,568	16,224	144,212
Total Timber Sales	$44,224	$40,253	$57,334	$13,568	$16,224	$171,603