REVENUE (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

The following table contains contract balances recorded in the Consolidated Balance Sheets at September 30, 2023 and December 31, 2022:

	September 30, 2023	December 31, 2022	Balance Sheet Location
Contract assets
Trade receivables, net (a)	$31,447	$27,837	Trade receivables
Contract liabilities
Deferred revenue, current (b)	23,835	22,762	Deferred revenue
Deferred revenue, non-current (c)	11,317	6,895	Long-term deferred revenue

(a)The increase in trade receivables was primarily driven by timing of sales in our timber segments.

(b)The increase in deferred revenue, current is driven by the timing of renewals of hunting contracts and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023, partially offset by the satisfaction of post-closing obligations on real estate sales and stumpage contracts.

(c)The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023.

The following table summarizes revenue recognized during the three and nine months ended September 30, 2023 and 2022 that was included in the contract liability balance at the beginning of each year:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Revenue recognized from contract liability balance at the beginning of the year (a)	$2,216	$1,957	$19,950	$14,458

(a)    Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post closing obligations on real estate sales.

Schedule of 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, 2023 and 2022:

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
September 30, 2023
Pulpwood	$25,514	$1,440	$6,507	—	$447	—	$33,908
Sawtimber	27,274	26,401	48,356	—	5,954	—	107,985
Hardwood	1,343	—	—	—	—	—	1,343
Total Timber Sales	54,131	27,841	54,863	—	6,401	—	143,236
License Revenue, Primarily from Hunting	7,178	439	90	—	—	—	7,707
Other Non-Timber/Carbon Revenue	2,664	1,045	15,482	—	—	—	19,191
Agency Fee Income	—	—	—	—	270	—	270
Total Non-Timber Sales	9,842	1,484	15,572	—	270	—	27,168
Improved Development	—	—	—	3,120	—	—	3,120
Unimproved Development	—	—	—	114	—	—	114
Rural	—	—	—	20,461	—	—	20,461
Timberland & Non-Strategic	—	—	—	1,055	—	—	1,055
Deferred Revenue/Other (a)	—	—	—	5,981	—	—	5,981
Total Real Estate Sales	—	—	—	30,731	—	—	30,731
Revenue from Contracts with Customers	63,973	29,325	70,435	30,731	6,671	—	201,135
Lease Revenue	—	—	—	444	—	—	444
Intersegment	—	—	—	—	111	(111)	—
Total Revenue	$63,973	$29,325	$70,435	$31,175	$6,782	($111)	$201,579
Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
September 30, 2022
Pulpwood	$32,564	$2,989	$7,645	—	$1,112	—	$44,310
Sawtimber	20,943	29,630	58,412	—	10,053	—	119,038
Hardwood	4,221	—	—	—	—	—	4,221
Total Timber Sales	57,728	32,619	66,057	—	11,165	—	167,569
License Revenue, Primarily from Hunting	5,141	326	118	—	—	—	5,585
Other Non-Timber/Carbon Revenue	1,680	1,452	6,277	—	—	—	9,409
Agency Fee Income	—	—	—	—	289	—	289
Total Non-Timber Sales	6,821	1,778	6,395	—	289	—	15,283
Improved Development	—	—	—	2,296	—	—	2,296
Rural	—	—	—	6,964	—	—	6,964
Deferred Revenue/Other (a)	—	—	—	2,769	—	—	2,769
Total Real Estate Sales	—	—	—	12,029	—	—	12,029
Revenue from Contracts with Customers	64,549	34,397	72,452	12,029	11,454	—	194,881
Lease Revenue	—	—	—	406	—	—	406
Intersegment	—	—	—	—	128	(128)	—
Total Revenue	$64,549	$34,397	$72,452	$12,435	$11,582	($128)	$195,287

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

Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
September 30, 2023
Pulpwood	$76,152	$7,358	$20,953	—	$3,328	—	$107,791
Sawtimber	95,663	83,963	137,868	—	30,130	—	347,624
Hardwood	3,169	—	—	—	—	—	3,169
Total Timber Sales	174,984	91,321	158,821	—	33,458	—	458,584
License Revenue, Primarily From Hunting	17,632	780	212	—	—	—	18,624
Other Non-Timber/Carbon Revenue	11,509	3,960	16,405	—	—	—	31,874
Agency Fee Income	—	—	—	—	952	—	952
Total Non-Timber Sales	29,141	4,740	16,617	—	952	—	51,450
Improved Development	—	—	—	20,155	—	—	20,155
Unimproved Development	—	—	—	114	—	—	114
Rural	—	—	—	42,587	—	—	42,587
Timberland & Non-Strategic	—	—	—	2,947	—	—	2,947
Deferred Revenue/Other (a)	—	—	—	12,642	—	—	12,642
Total Real Estate Sales	—	—	—	78,445	—	—	78,445
Revenue from Contracts with Customers	204,125	96,061	175,438	78,445	34,410	—	588,479
Lease Revenue	—	—	—	1,047	—	—	1,047
Intersegment	—	—	—	—	357	(357)	—
Total Revenue	$204,125	$96,061	$175,438	$79,492	$34,767	($357)	$589,526
Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
September 30, 2022
Pulpwood	$100,945	$9,478	$26,091	—	$5,636	—	$142,150
Sawtimber	70,203	106,155	164,759	—	45,910	—	387,027
Hardwood	15,776	—	—	—	—	—	15,776
Total Timber Sales	186,924	115,633	190,850	—	51,546	—	544,953
License Revenue, Primarily from Hunting	16,322	571	266	—	—	—	17,159
Other Non-Timber/Carbon Revenue	4,338	3,630	11,607	—	—	—	19,575
Agency Fee Income	—	—	—	—	955	—	955
Total Non-Timber Sales	20,660	4,201	11,873	—	955	—	37,689
Improved Development	—	—	—	18,828	—	—	18,828
Rural	—	—	—	47,333	—	—	47,333
Timberland & Non-Strategic	—	—	—	11,400	—	—	11,400
Deferred Revenue/Other (a)	—	—	—	2,498	—	—	2,498
Total Real Estate Sales	—	—	—	80,059	—	—	80,059
Revenue from Contracts with Customers	207,584	119,834	202,723	80,059	52,501	—	662,701
Lease Revenue	—	—	—	973	—	—	973
Intersegment	—	—	—	—	226	(226)	—
Total Revenue	$207,584	$119,834	$202,723	$81,032	$52,727	($226)	$663,674

(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 and nine months ended September 30, 2023 and 2022:

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
September 30, 2023
Stumpage Pay-as-Cut	$25,454	—	—	—	$25,454
Stumpage Lump Sum	—	969	—	—	969
Total Stumpage	25,454	969	—	—	26,423
Delivered Wood (Domestic)	26,907	24,085	15,265	10	66,267
Delivered Wood (Export)	1,770	2,787	39,598	6,391	50,546
Total Delivered	28,677	26,872	54,863	6,401	116,813
Total Timber Sales	$54,131	$27,841	$54,863	$6,401	$143,236
September 30, 2022
Stumpage Pay-as-Cut	$21,111	—	—	—	$21,111
Stumpage Lump Sum	288	121	—	—	409
Total Stumpage	21,399	121	—	—	21,520
Delivered Wood (Domestic)	33,010	30,837	18,825	260	82,932
Delivered Wood (Export)	3,319	1,661	47,232	10,905	63,117
Total Delivered	36,329	32,498	66,057	11,165	146,049
Total Timber Sales	$57,728	$32,619	$66,057	$11,165	$167,569

Nine Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
September 30, 2023
Stumpage Pay-as-Cut	$86,424	—	—	—	$86,424
Stumpage Lump Sum	387	1,592	—	—	1,979
Total Stumpage	86,811	1,592	—	—	88,403
Delivered Wood (Domestic)	81,757	80,249	39,419	501	201,926
Delivered Wood (Export)	6,416	9,480	119,402	32,957	168,255
Total Delivered	88,173	89,729	158,821	33,458	370,181
Total Timber Sales	$174,984	$91,321	$158,821	$33,458	$458,584
September 30, 2022
Stumpage Pay-as-Cut	$78,643	—	—	—	$78,643
Stumpage Lump Sum	378	5,593	—	—	5,971
Total Stumpage	79,021	5,593	—	—	84,614
Delivered Wood (Domestic)	98,386	104,239	50,358	1,989	254,972
Delivered Wood (Export)	9,517	5,801	140,492	49,557	205,367
Total Delivered	107,903	110,040	190,850	51,546	460,339
Total Timber Sales	$186,924	$115,633	$190,850	$51,546	$544,953