XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.10.0.1

REVENUE | 6 Months Ended
--- | ---
Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE ADOPTION OF ASC 606 For information on the adoption of ASC 606, including changes to significant accounting policies and required transition disclosures, see Note 1 — Basis of Presentation. REVENUE RECOGNITION The Company recognizes revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected to be entitled to in exchange for those goods or services (“transaction price”). The Company generally satisfies performance obligations within a year of entering into a contract and therefore has applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of June 30, 2018 are primarily due to advances on stumpage contracts and unearned license revenue. These performance obligations are expected to be satisfied within the next twelve months. The Company generally collects payment within a year of satisfying performance obligations and therefore has elected not to adjust revenues for a financing component. The following table presents our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2018 and 2017:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Real Estate |  | Trading |  | Elim. |  | Total
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood |  | $20,300 |  |  |  | $4,625 |  |  |  | $7,788 |  |  | — |  |  |  | $3,804 |  |  | — |  |  |  | $36,517 |
Sawtimber | 15,776 |  |  | 26,654 |  |  | 61,219 |  |  | — |  |  | 42,162 |  |  | — |  |  | 145,811 |
Hardwood | 1,214 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,214 |
Total Timber Sales | 37,290 |  |  | 31,279 |  |  | 69,007 |  |  | — |  |  | 45,966 |  |  | — |  |  | 183,542 |
License Revenue, Primarily From Hunting | 3,936 |  |  | 103 |  |  | 142 |  |  | — |  |  | — |  |  | — |  |  | 4,181 |
Other Non-Timber/Carbon Revenue | 6,589 |  |  | 749 |  |  | 504 |  |  | — |  |  | — |  |  | — |  |  | 7,842 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | 167 |  |  | — |  |  | 167 |
Total Non-Timber Sales | 10,525 |  |  | 852 |  |  | 646 |  |  | — |  |  | 167 |  |  | — |  |  | 12,190 |
Improved Development | — |  |  | — |  |  | — |  |  | 1,345 |  |  | — |  |  | — |  |  | 1,345 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Rural | — |  |  | — |  |  | — |  |  | 4,827 |  |  | — |  |  | — |  |  | 4,827 |
Non-strategic / Timberlands | — |  |  | — |  |  | — |  |  | 43,688 |  |  | — |  |  | — |  |  | 43,688 |
Large Dispositions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | 49,860 |  |  | — |  |  | — |  |  | 49,860 |
Revenue from Contracts with Customers | 47,815 |  |  | 32,131 |  |  | 69,653 |  |  | 49,860 |  |  | 46,133 |  |  | — |  |  | 245,592 |
Other Non-Timber Sales, Primarily Lease | 232 |  |  | 82 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 314 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | 29 |  |  | (29 | ) |  | — |
Total Revenue |  | $48,047 |  |  |  | $32,213 |  |  |  | $69,653 |  |  |  | $49,860 |  |  |  | $46,162 |  |  |  | ($29 | ) |  |  | $245,906 |
June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood |  | $15,170 |  |  |  | $2,803 |  |  |  | $6,450 |  |  | — |  |  |  | $3,711 |  |  | — |  |  |  | $28,134 |
Sawtimber | 14,580 |  |  | 16,648 |  |  | 46,403 |  |  | — |  |  | 37,996 |  |  | — |  |  | 115,627 |
Hardwood | 1,027 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,027 |
Total Timber Sales | 30,777 |  |  | 19,451 |  |  | 52,853 |  |  | — |  |  | 41,707 |  |  | — |  |  | 144,788 |
License Revenue, Primarily from Hunting | 3,808 |  |  | 93 |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | 3,973 |
Other Non-Timber Revenue | 753 |  |  | 858 |  |  | 86 |  |  | — |  |  | — |  |  | — |  |  | 1,697 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | 330 |  |  | — |  |  | 330 |
Total Non-Timber Sales | 4,561 |  |  | 951 |  |  | 158 |  |  | — |  |  | 330 |  |  | — |  |  | 6,000 |
Improved Development | — |  |  | — |  |  | — |  |  | 143 |  |  | — |  |  | — |  |  | 143 |
Unimproved Development | — |  |  | — |  |  | — |  |  | 2,500 |  |  | — |  |  | — |  |  | 2,500 |
Rural | — |  |  | — |  |  | — |  |  | 5,493 |  |  | — |  |  | — |  |  | 5,493 |
Non-strategic / Timberlands | — |  |  | — |  |  | 24,311 |  |  | 17,484 |  |  | — |  |  | — |  |  | 41,795 |
Large Dispositions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Real Estate Sales | — |  |  | — |  |  | 24,311 |  |  | 25,620 |  |  | — |  |  | — |  |  | 49,931 |
Revenue from Contracts with Customers | 35,338 |  |  | 20,402 |  |  | 77,322 |  |  | 25,620 |  |  | 42,037 |  |  | — |  |  | 200,719 |
Other Non-Timber Sales, Primarily Lease | 190 |  |  | 55 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 245 |
Total Revenue |  | $35,528 |  |  |  | $20,457 |  |  |  | $77,322 |  |  |  | $25,620 |  |  |  | $42,037 |  |  | — |  |  |  | $200,964 |
Six Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Real Estate |  | Trading |  | Elim. |  | Total
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood |  | $41,904 |  |  |  | $8,044 |  |  |  | $13,632 |  |  | — |  |  |  | $8,062 |  |  | — |  |  |  | $71,642 |
Sawtimber | 31,713 |  |  | 53,721 |  |  | 105,964 |  |  | — |  |  | 76,987 |  |  | — |  |  | 268,385 |
Hardwood | 1,811 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,811 |
Total Timber Sales | 75,428 |  |  | 61,765 |  |  | 119,596 |  |  | — |  |  | 85,049 |  |  | — |  |  | 341,838 |
License Revenue, Primarily From Hunting | 8,024 |  |  | 128 |  |  | 194 |  |  | — |  |  | — |  |  | — |  |  | 8,346 |
Other Non-Timber/Carbon Revenue | 7,781 |  |  | 1,554 |  |  | 2,827 |  |  | — |  |  | — |  |  | — |  |  | 12,162 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | 289 |  |  | — |  |  | 289 |
Total Non-Timber Sales | 15,805 |  |  | 1,682 |  |  | 3,021 |  |  | — |  |  | 289 |  |  | — |  |  | 20,797 |
Improved Development | — |  |  | — |  |  | — |  |  | 2,465 |  |  | — |  |  | — |  |  | 2,465 |
Unimproved Development | — |  |  | — |  |  | — |  |  | 7,446 |  |  | — |  |  | — |  |  | 7,446 |
Rural | — |  |  | — |  |  | — |  |  | 6,480 |  |  | — |  |  | — |  |  | 6,480 |
Non-strategic / Timberlands | — |  |  | — |  |  | — |  |  | 69,533 |  |  | — |  |  | — |  |  | 69,533 |
Large Dispositions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | 85,924 |  |  | — |  |  | — |  |  | 85,924 |
Revenue from Contracts with Customers | 91,233 |  |  | 63,447 |  |  | 122,617 |  |  | 85,924 |  |  | 85,338 |  |  | — |  |  | 448,559 |
Other Non-Timber Sales, Primarily Lease | 402 |  |  | 140 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 542 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | 35 |  |  | (35 | ) |  | — |
Total Revenue |  | $91,635 |  |  |  | $63,587 |  |  |  | $122,617 |  |  |  | $85,924 |  |  |  | $85,373 |  |  |  | ($35 | ) |  |  | $449,101 |
June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood |  | $34,146 |  |  |  | $6,162 |  |  |  | $11,611 |  |  | — |  |  |  | $6,547 |  |  | — |  |  |  | $58,466 |
Sawtimber | 27,603 |  |  | 38,081 |  |  | 81,982 |  |  | — |  |  | 69,137 |  |  | — |  |  | 216,803 |
Hardwood | 1,743 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,743 |
Total Timber Sales | 63,492 |  |  | 44,243 |  |  | 93,593 |  |  | — |  |  | 75,684 |  |  | — |  |  | 277,012 |
License Revenue, Primarily from Hunting | 7,638 |  |  | 190 |  |  | 119 |  |  | — |  |  | — |  |  | — |  |  | 7,947 |
Other Non-Timber Revenue | 3,142 |  |  | 1,804 |  |  | 173 |  |  | — |  |  | — |  |  | — |  |  | 5,119 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | 618 |  |  | — |  |  | 618 |
Total Non-Timber Sales | 10,780 |  |  | 1,994 |  |  | 292 |  |  | — |  |  | 618 |  |  | — |  |  | 13,684 |
Improved Development | — |  |  | — |  |  | — |  |  | 143 |  |  | — |  |  | — |  |  | 143 |
Unimproved Development | — |  |  | — |  |  | — |  |  | 2,500 |  |  | — |  |  | — |  |  | 2,500 |
Rural | — |  |  | — |  |  | — |  |  | 12,232 |  |  | — |  |  | — |  |  | 12,232 |
Non-strategic / Timberlands | — |  |  | — |  |  | 24,311 |  |  | 23,083 |  |  | — |  |  | — |  |  | 47,394 |
Large Dispositions | — |  |  | — |  |  | — |  |  | 41,951 |  |  | — |  |  | — |  |  | 41,951 |
Total Real Estate Sales | — |  |  | — |  |  | 24,311 |  |  | 79,909 |  |  | — |  |  | — |  |  | 104,220 |
Revenue from Contracts with Customers | 74,272 |  |  | 46,237 |  |  | 118,196 |  |  | 79,909 |  |  | 76,302 |  |  | — |  |  | 394,916 |
Other Non-Timber Sales, Primarily Lease | 394 |  |  | 145 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 539 |
Total Revenue |  | $74,666 |  |  |  | $46,382 |  |  |  | $118,196 |  |  |  | $79,909 |  |  |  | $76,302 |  |  | — |  |  |  | $395,455 |
REVENUE RECOGNITION FOR TIMBER SALES AND NON-TIMBER INCOME Revenue from the sale of timber is recognized when control passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and a delivered log model. The sales method the Company employs depends upon local market conditions and which method management believes will provide the best overall margins. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and control passes to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale, whereby revenue is recognized using the output method, as periodic physical observations are made of the percentage of acreage harvested. Under the delivered log model, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales (primarily in New Zealand), control is considered passed to the buyer upon delivery onto the export vessel. Non-timber income is primarily comprised of hunting and recreational licenses. Such income and any related cost are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales”, respectively. Payment is generally due upon contract execution. The following table summarizes revenue recognition and general payment terms for timber sales:
Contract Type |  | Performance Obligation |  | Timing of Revenue Recognition |  | General Payment Terms
Stumpage Pay-as-Cut |  | Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber |  | As timber is severed (point-in-time) |  | Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance
Stumpage Lump Sum |  | Right to harvest an agreed upon volume of standing timber |  | Contract execution (point-in-time) |  | Full payment due upon contract execution
Stumpage Agreed Volume |  | Right to harvest an agreed upon acreage of standing timber |  | As timber is severed (over-time) |  | Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed
Delivered Wood (Domestic) |  | Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility |  | Upon delivery to customer’s facility (point-in-time) |  | No initial payment and on open credit terms; collection generally within 30 days of invoice
Delivered Wood (Export) |  | Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel |  | Upon delivery onto export vessel (point-in-time) |  | Letter of credit from an approved bank; collection generally within 30 days of delivery
The following table presents our timber sales disaggregated by contract type for the three and six months ended June 30, 2018 and 2017:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Trading |  | Total
June 30, 2018 |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut |  | $19,855 |  |  | — |  |  | — |  |  | — |  |  |  | $19,855 |
Stumpage Lump Sum | 256 |  |  | 4,605 |  |  | — |  |  | — |  |  | 4,861 |
Stumpage Agreed Volume | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Stumpage | 20,111 |  |  | 4,605 |  |  | — |  |  | — |  |  | 24,716 |
Delivered Wood (Domestic) | 15,166 |  |  | 26,674 |  |  | 25,647 |  |  | 1,567 |  |  | 69,054 |
Delivered Wood (Export) | 2,013 |  |  | — |  |  | 43,360 |  |  | 44,399 |  |  | 89,772 |
Total Delivered | 17,179 |  |  | 26,674 |  |  | 69,007 |  |  | 45,966 |  |  | 158,826 |
Total Timber Sales |  | $37,290 |  |  |  | $31,279 |  |  |  | $69,007 |  |  |  | $45,966 |  |  |  | $183,542 |
June 30, 2017 |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut |  | $18,249 |  |  | — |  |  | — |  |  | — |  |  |  | $18,249 |
Stumpage Lump Sum | 2,247 |  |  | — |  |  | — |  |  | — |  |  | 2,247 |
Stumpage Agreed Volume | — |  |  | 54 |  |  | — |  |  | — |  |  | 54 |
Total Stumpage | 20,496 |  |  | 54 |  |  | — |  |  | — |  |  | 20,550 |
Delivered Wood (Domestic) | 10,281 |  |  | 19,397 |  |  | 20,598 |  |  | 1,317 |  |  | 51,593 |
Delivered Wood (Export) | — |  |  | — |  |  | 32,255 |  |  | 40,390 |  |  | 72,645 |
Total Delivered | 10,281 |  |  | 19,397 |  |  | 52,853 |  |  | 41,707 |  |  | 124,238 |
Total Timber Sales |  | $30,777 |  |  |  | $19,451 |  |  |  | $52,853 |  |  |  | $41,707 |  |  |  | $144,788 |
Six Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Trading |  | Total
June 30, 2018 |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut |  | $42,364 |  |  | — |  |  | — |  |  | — |  |  |  | $42,364 |
Stumpage Lump Sum | 2,074 |  |  | 9,711 |  |  | — |  |  | — |  |  | 11,785 |
Stumpage Agreed Volume | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Stumpage | 44,438 |  |  | 9,711 |  |  | — |  |  | — |  |  | 54,149 |
Delivered Wood (Domestic) | 28,543 |  |  | 52,054 |  |  | 45,750 |  |  | 2,504 |  |  | 128,851 |
Delivered Wood (Export) | 2,447 |  |  | — |  |  | 73,846 |  |  | 82,545 |  |  | 158,838 |
Total Delivered | 30,990 |  |  | 52,054 |  |  | 119,596 |  |  | 85,049 |  |  | 287,689 |
Total Timber Sales |  | $75,428 |  |  |  | $61,765 |  |  |  | $119,596 |  |  |  | $85,049 |  |  |  | $341,838 |
June 30, 2017 |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut |  | $38,352 |  |  | — |  |  | — |  |  | — |  |  |  | $38,352 |
Stumpage Lump Sum | 5,043 |  |  | 2,580 |  |  | — |  |  | — |  |  | 7,623 |
Stumpage Agreed Volume | — |  |  | 1,234 |  |  | — |  |  | — |  |  | 1,234 |
Total Stumpage | 43,395 |  |  | 3,814 |  |  | — |  |  | — |  |  | 47,209 |
Delivered Wood (Domestic) | 20,097 |  |  | 40,429 |  |  | 39,443 |  |  | 2,324 |  |  | 102,293 |
Delivered Wood (Export) | — |  |  | — |  |  | 54,150 |  |  | 73,360 |  |  | 127,510 |
Total Delivered | 20,097 |  |  | 40,429 |  |  | 93,593 |  |  | 75,684 |  |  | 229,803 |
Total Timber Sales |  | $63,492 |  |  |  | $44,243 |  |  |  | $93,593 |  |  |  | $75,684 |  |  |  | $277,012 |
REVENUE RECOGNITION FOR REAL ESTATE SALES The Company recognizes revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed, and control has passed to the buyer. A deposit of 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of real estate containing future performance obligations, revenue is recognized using the input method based on costs incurred to date relative to the total costs expected to fulfill the performance obligations in the contract with the customer. REVENUE RECOGNITION FOR LOG TRADING Log trading revenue is generally recognized when procured logs are delivered to the buyer and control has passed. For domestic log trading, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log trading, control is considered passed to the buyer upon delivery onto the export vessel. The Trading segment also includes sales from log agency contracts, whereby the Company acts as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs. 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 tables summarizes revenue recognized during the three and six months ended June 30, 2018 and 2017 that was included in the contract liability balance at the beginning of each year:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Revenue recognized from contract liability balance at the beginning of the year (a) |  | $5,429 |  |  |  | $3,809 |  |  |  | $11,800 |  |  |  | $8,592 |
(a) | Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration