REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contracts with Customers

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

Year	2024	2023	Balance Sheet Location
Contract assets
Trade receivables, net (a)	$26,969	$28,652	Trade receivables
Contract liabilities
Deferred revenue, current (b)	20,902	19,012	Deferred revenue
Deferred revenue, non-current (c)	10,697	11,294	Long-term deferred revenue

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

(b)The increase in deferred revenue, current is primarily driven by the current portion of carbon capture and storage contracts entered into during 2024, partially offset by the satisfaction of post-closing obligations on real estate sales and the timing of advance payments on non-timber and stumpage contracts.

(c)The decrease in deferred revenue, non-current is primarily driven by a decrease in the non-current portion of carbon capture and storage contracts.

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

	Year Ended December 31,
	2024	2023
Revenue recognized from contract liability balance at the beginning of the year (a)	$26,534	$21,187

(a)Revenue recognized was primarily from hunting licenses, carbon capture and storage (“CCS”), the use of advances on pay-as-cut timber sales, and the satisfaction of post closing obligations on net 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 years ended December 31, 2024, 2023 and 2022:

Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
December 31, 2024
Pulpwood	$94,820	$5,473	$34,110	—	$2,459	—	$136,862
Sawtimber	99,636	89,726	181,232	—	25,667	—	396,261
Hardwood	4,967	—	—	—	—	—	4,967
Total Timber Sales	199,423	95,199	215,342	—	28,126	—	538,090
License Revenue, primarily from Hunting	21,164	942	320	—	—	—	22,426
Land Based Solutions (a)	14,518	50	—	—	—	—	14,568
Other Non-Timber/Carbon Credit Revenue	15,314	4,595	22,962	—	—	—	42,871
Agency Fee Income	—	—	—	—	1,273	—	1,273
Total Non-Timber Sales	50,996	5,587	23,282	—	1,273	—	81,138
Improved Development	—	—	—	30,754	—	—	30,754
Unimproved Development	—	—	—	12,400	—	—	12,400
Rural	—	—	—	72,913	—	—	72,913
Timberland & Non-Strategic	—	—	—	16,111	—	—	16,111
Conservation Easements	—	—	—	1,101	—	—	1,101
Deferred Revenue/Other (b)	—	—	—	14,001	—	—	14,001
Large Dispositions	—	—	—	495,000	—	—	495,000
Total Real Estate Sales	—	—	—	642,280	—	—	642,280
Revenue from Contracts with Customers	250,419	100,786	238,624	642,280	29,399	—	1,261,508
Lease Revenue	—	—	—	1,489	—	—	1,489
Intersegment	—	—	—	—	232	(232)	—
Total Revenue	$250,419	$100,786	$238,624	$643,769	$29,631	($232)	$1,262,997
December 31, 2023
Pulpwood	$99,035	$8,410	$28,760	—	$3,961	—	$140,166
Sawtimber	123,312	109,446	182,355	—	37,894	—	453,007
Hardwood	4,279	—	—	—	—	—	4,279
Total Timber Sales	226,626	117,856	211,115	—	41,855	—	597,452
License Revenue, primarily from Hunting	23,130	1,344	279	—	—	—	24,753
Land Based Solutions (a)	3,989	1,355	—	—	—	—	5,344
Other Non-Timber/Carbon Credit Revenue	10,383	3,590	24,087	—	—	—	38,060
Agency Fee Income	—	—	—	—	1,361	—	1,361
Total Non-Timber Sales	37,502	6,289	24,366	—	1,361	—	69,518
Improved Development	—	—	—	30,707	—	—	30,707
Unimproved Development	—	—	—	114	—	—	114
Rural	—	—	—	99,665	—	—	99,665
Timberland & Non-Strategic	—	—	—	3,347	—	—	3,347
Deferred Revenue/Other (b)	—	—	—	12,516	—	—	12,516
Large Dispositions	—	—	—	242,200	—	—	242,200
Total Real Estate Sales	—	—	—	388,549	—	—	388,549
Revenue from Contracts with Customers	264,128	124,145	235,481	388,549	43,216	—	1,055,519
Lease Revenue	—	—	—	1,414	—	—	1,414
Intersegment	—	—	—	—	468	(468)	—
Total Revenue	$264,128	$124,145	$235,481	$389,963	$43,684	($468)	$1,056,933

Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Real Estate	Trading	Elim.	Total
December 31, 2022
Pulpwood	$126,884	$15,094	$34,027	—	$7,178	—	$183,183
Sawtimber	92,512	141,541	219,082	—	62,116	—	515,251
Hardwood	17,216	—	—	—	—	—	17,216
Total Timber Sales	236,612	156,635	253,109	—	69,294	—	715,650
License Revenue, primarily from Hunting	21,135	1,069	341	—	—	—	22,545
Land Based Solutions (a)	1,067	7	—	—	—	—	1,074
Other Non-Timber/Carbon Credit Revenue	5,387	4,526	20,626	—	—	—	30,539
Agency Fee Income	—	—	—	—	1,256	—	1,256
Total Non-Timber Sales	27,589	5,602	20,967	—	1,256	—	55,414
Improved Development	—	—	—	35,413	—	—	35,413
Rural	—	—	—	59,485	—	—	59,485
Timberland & Non-Strategic	—	—	—	11,400	—	—	11,400
Deferred Revenue/Other (b)	—	—	—	(38)	—	—	(38)
Large Dispositions	—	—	—	30,471	—	—	30,471
Total Real Estate Sales	—	—	—	136,731	—	—	136,731
Revenue from Contracts with Customers	264,201	162,237	274,076	136,731	70,550	—	907,795
Lease Revenue	—	—	—	1,277	—	—	1,277
Intersegment	—	—	—	—	402	(402)	—
Total Revenue	$264,201	$162,237	$274,076	$138,008	$70,952	($402)	$909,072

(a)    Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts and conservation easements for habitat protection.

(b)    Includes deferred revenue adjustments, builder price participation and marketing fees related to Improved Development sales.

The following table presents our timber sales disaggregated by contract type for the years ended December 31, 2024, 2023 and 2022:

Year Ended	Southern Timber	Pacific Northwest Timber	New Zealand Timber	Trading	Total
December 31, 2024
Stumpage Pay-as-Cut	$97,369	$8	—	—	$97,377
Stumpage Lump Sum	827	8,228	—	—	9,055
Total Stumpage	98,196	8,236	—	—	106,432
Delivered Wood (Domestic)	96,492	83,041	52,252	2,094	233,879
Delivered Wood (Export)	4,735	3,922	163,090	26,032	197,779
Total Delivered	101,227	86,963	215,342	28,126	431,658
Total Timber Sales	$199,423	$95,199	$215,342	$28,126	$538,090
December 31, 2023
Stumpage Pay-as-Cut	$109,583	—	—	—	$109,583
Stumpage Lump Sum	387	2,654	—	—	3,041
Total Stumpage	109,970	2,654	—	—	112,624
Delivered Wood (Domestic)	108,354	102,533	52,535	523	263,945
Delivered Wood (Export)	8,302	12,669	158,580	41,332	220,883
Total Delivered	116,656	115,202	211,115	41,855	484,828
Total Timber Sales	$226,626	$117,856	$211,115	$41,855	$597,452
December 31, 2022
Stumpage Pay-as-Cut	$98,967	—	—	—	$98,967
Stumpage Lump Sum	1,022	7,770	—	—	8,792
Total Stumpage	99,989	7,770	—	—	107,759
Delivered Wood (Domestic)	125,136	137,421	62,068	2,310	326,935
Delivered Wood (Export)	11,487	11,444	191,041	66,984	280,956
Total Delivered	136,623	148,865	253,109	69,294	607,891
Total Timber Sales	$236,612	$156,635	$253,109	$69,294	$715,650