REVENUE (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Balances

The following table contains contract balances recorded in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023:

	March 31, 2024	December 31, 2023	Balance Sheet Location
Contract assets
Trade receivables, net (a)	$35,309	$28,652	Trade receivables
Contract liabilities
Deferred revenue, current (b)	20,900	19,012	Deferred revenue
Deferred revenue, non-current (c)	15,349	11,294	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 current portion of a carbon capture and storage contract entered into in the first quarter of 2024, partially offset by the satisfaction of post-closing obligations on real estate sales and the timing of renewals of hunting 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 2024.

The following table summarizes revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liability balance at the beginning of each year:

	Three Months Ended March 31,
	2024	2023
Revenue recognized from contract liability balance at the beginning of the year (a)	$10,235	$11,400

(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 months ended March 31, 2024 and 2023:

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
March 31, 2024
Pulpwood	$25,931	$1,551	$7,754	—	$1,138	—	$36,374
Sawtimber	33,740	22,677	34,405	—	10,195	—	101,017
Hardwood	1,195	—	—	—	—	—	1,195
Total Timber Sales	60,866	24,228	42,159	—	11,333	—	138,586
License Revenue, Primarily From Hunting	5,275	95	51	—	—	—	5,421
Land-Based Solutions (a)	1,710	—	—	—	—	—	1,710
Other Non-Timber/Carbon Credit Revenue	2,127	869	3,490	—	—	—	6,486
Agency Fee Income	—	—	—	—	330	—	330
Total Non-Timber Sales	9,112	964	3,541	—	330	—	13,947
Improved Development	—	—	—	1,825	—	—	1,825
Rural	—	—	—	8,728	—	—	8,728
Timberland & Non-Strategic	—	—	—	610	—	—	610
Deferred Revenue/Other (b)	—	—	—	4,112	—	—	4,112
Total Real Estate Sales	—	—	—	15,275	—	—	15,275
Revenue from Contracts with Customers	69,978	25,192	45,700	15,275	11,663	—	167,808
Lease Revenue	—	—	—	289	—	—	289
Intersegment	—	—	—	—	111	(111)	—
Total Revenue	$69,978	$25,192	$45,700	$15,564	$11,774	($111)	$168,097
Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
March 31, 2023
Pulpwood	$26,783	$3,715	$6,081	—	$1,439	—	$38,018
Sawtimber	34,543	29,781	37,683	—	10,667	—	112,674
Hardwood	1,120	—	—	—	—	—	1,120
Total Timber Sales	62,446	33,496	43,764	—	12,106	—	151,812
License Revenue, Primarily from Hunting	5,222	136	55	—	—	—	5,413
Land-Based Solutions (a)	835	—	—	—	—	—	835
Other Non-Timber/Carbon Credit Revenue	3,339	787	286	—	—	—	4,412
Agency Fee Income	—	—	—	—	334	—	334
Total Non-Timber Sales	9,396	923	341	—	334	—	10,994
Improved Development	—	—	—	4,802	—	—	4,802
Rural	—	—	—	6,499	—	—	6,499
Timberland & Non-Strategic	—	—	—	1,637	—	—	1,637
Deferred Revenue/Other (b)	—	—	—	3,093	—	—	3,093
Total Real Estate Sales	—	—	—	16,031	—	—	16,031
Revenue from Contracts with Customers	71,842	34,419	44,105	16,031	12,440	—	178,837
Lease Revenue	—	—	—	245	—	—	245
Intersegment	—	—	—	—	129	(129)	—
Total Revenue	$71,842	$34,419	$44,105	$16,276	$12,569	($129)	$179,082

(a)    Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts.

(b)    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, 2024 and 2023:

Three Months Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
March 31, 2024
Stumpage Pay-as-Cut	$33,530	3	—	—	$33,533
Stumpage Lump Sum	—	1,981	—	—	1,981
Total Stumpage	33,530	1,984	—	—	35,514
Delivered Wood (Domestic)	25,113	19,559	10,828	758	56,258
Delivered Wood (Export)	2,223	2,685	31,331	10,575	46,814
Total Delivered	27,336	22,244	42,159	11,333	103,072
Total Timber Sales	$60,866	$24,228	$42,159	$11,333	$138,586
March 31, 2023
Stumpage Pay-as-Cut	$30,477	—	—	—	$30,477
Stumpage Lump Sum	105	624	—	—	729
Total Stumpage	30,582	624	—	—	31,206
Delivered Wood (Domestic)	29,413	29,168	11,595	403	70,579
Delivered Wood (Export)	2,451	3,704	32,169	11,703	50,027
Total Delivered	31,864	32,872	43,764	12,106	120,606
Total Timber Sales	$62,446	$33,496	$43,764	$12,106	$151,812