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REVENUE | 9 Months Ended
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Sep. 30, 2019
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE PERFORMANCE OBLIGATIONS 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 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 September 30, 2019 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. 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 table summarizes revenue recognized during the three and nine months ended September 30, 2019 and 2018 that was included in the contract liability balance at the beginning of each year:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Revenue recognized from contract liability balance at the beginning of the year (a) |  | $874 |  |  |  | $355 |  |  |  | $9,670 |  |  |  | $8,685 |
(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 and nine months ended September 30, 2019 and 2018:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Real Estate |  | Trading |  | Elim. |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood |  | $19,093 |  |  |  | $2,109 |  |  |  | $7,930 |  |  | — |  |  |  | $2,795 |  |  | — |  |  |  | $31,927 |
Sawtimber | 11,581 |  |  | 16,064 |  |  | 51,415 |  |  | — |  |  | 22,214 |  |  | — |  |  | 101,274 |
Hardwood | 2,338 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,338 |
Total Timber Sales | 33,012 |  |  | 18,173 |  |  | 59,345 |  |  | — |  |  | 25,009 |  |  | — |  |  | 135,539 |
License Revenue, Primarily From Hunting | 4,351 |  |  | 199 |  |  | 91 |  |  | — |  |  | — |  |  | — |  |  | 4,641 |
Other Non-Timber/Carbon Revenue | 3,919 |  |  | 394 |  |  | 2,563 |  |  | — |  |  | — |  |  | — |  |  | 6,876 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | 149 |  |  | — |  |  | 149 |
Total Non-Timber Sales | 8,270 |  |  | 593 |  |  | 2,654 |  |  | — |  |  | 149 |  |  | — |  |  | 11,666 |
Improved Development | — |  |  | — |  |  | — |  |  | 4,492 |  |  | — |  |  | — |  |  | 4,492 |
Rural | — |  |  | — |  |  | — |  |  | 3,841 |  |  | — |  |  | — |  |  | 3,841 |
Non-strategic / Timberlands | — |  |  | — |  |  | — |  |  | 428 |  |  | — |  |  | — |  |  | 428 |
Other | — |  |  | — |  |  | — |  |  | 451 |  |  | — |  |  | — |  |  | 451 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | 9,212 |  |  | — |  |  | — |  |  | 9,212 |
Revenue from Contracts with Customers | 41,282 |  |  | 18,766 |  |  | 61,999 |  |  | 9,212 |  |  | 25,158 |  |  | — |  |  | 156,417 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  | (34 | ) |  | — |
Total Revenue |  | $41,282 |  |  |  | $18,766 |  |  |  | $61,999 |  |  |  | $9,212 |  |  |  | $25,192 |  |  |  | ($34 | ) |  |  | $156,417 |
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood |  | $19,998 |  |  |  | $3,560 |  |  |  | $7,278 |  |  | — |  |  |  | $2,487 |  |  | — |  |  |  | $33,323 |
Sawtimber | 13,734 |  |  | 23,495 |  |  | 56,663 |  |  | — |  |  | 28,321 |  |  | — |  |  | 122,213 |
Hardwood | 1,071 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,071 |
Total Timber Sales | 34,803 |  |  | 27,055 |  |  | 63,941 |  |  | — |  |  | 30,808 |  |  | — |  |  | 156,607 |
License Revenue, Primarily from Hunting | 4,016 |  |  | 224 |  |  | 98 |  |  | — |  |  | — |  |  | — |  |  | 4,338 |
Other Non-Timber/Carbon Revenue | 843 |  |  | 536 |  |  | 2,226 |  |  | — |  |  | — |  |  | — |  |  | 3,605 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | 172 |  |  | — |  |  | 172 |
Total Non-Timber Sales | 4,859 |  |  | 760 |  |  | 2,324 |  |  | — |  |  | 172 |  |  | — |  |  | 8,115 |
Improved Development | — |  |  | — |  |  | — |  |  | 1,352 |  |  | — |  |  | — |  |  | 1,352 |
Unimproved Development | — |  |  | — |  |  | — |  |  | 1,175 |  |  | — |  |  | — |  |  | 1,175 |
Rural | — |  |  | — |  |  | — |  |  | 4,489 |  |  | — |  |  | — |  |  | 4,489 |
Non-strategic / Timberlands | — |  |  | — |  |  | — |  |  | 29,152 |  |  | — |  |  | — |  |  | 29,152 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | 36,168 |  |  | — |  |  | — |  |  | 36,168 |
Revenue from Contracts with Customers | 39,662 |  |  | 27,815 |  |  | 66,265 |  |  | 36,168 |  |  | 30,980 |  |  | — |  |  | 200,890 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | (30 | ) |  | — |
Total Revenue |  | $39,662 |  |  |  | $27,815 |  |  |  | $66,265 |  |  |  | $36,168 |  |  |  | $31,010 |  |  |  | ($30 | ) |  |  | $200,890 |
Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Real Estate |  | Trading |  | Elim. |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood |  | $65,202 |  |  |  | $7,196 |  |  |  | $25,278 |  |  | — |  |  |  | $10,947 |  |  | — |  |  |  | $108,623 |
Sawtimber | 51,019 |  |  | 48,748 |  |  | 149,705 |  |  | — |  |  | 81,104 |  |  | — |  |  | 330,576 |
Hardwood | 4,816 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,816 |
Total Timber Sales | 121,037 |  |  | 55,944 |  |  | 174,983 |  |  | — |  |  | 92,051 |  |  | — |  |  | 444,015 |
License Revenue, Primarily From Hunting | 12,772 |  |  | 404 |  |  | 287 |  |  | — |  |  | — |  |  | — |  |  | 13,463 |
Other Non-Timber/Carbon Revenue | 14,516 |  |  | 1,508 |  |  | 5,987 |  |  | — |  |  | — |  |  | — |  |  | 22,011 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | 531 |  |  | — |  |  | 531 |
Total Non-Timber Sales | 27,288 |  |  | 1,912 |  |  | 6,274 |  |  | — |  |  | 531 |  |  | — |  |  | 36,005 |
Improved Development | — |  |  | — |  |  | — |  |  | 5,007 |  |  | — |  |  | — |  |  | 5,007 |
Unimproved Development | — |  |  | — |  |  | — |  |  | 15,430 |  |  | — |  |  | — |  |  | 15,430 |
Rural | — |  |  | — |  |  | — |  |  | 23,304 |  |  | — |  |  | — |  |  | 23,304 |
Non-strategic / Timberlands | — |  |  | — |  |  | — |  |  | 8,484 |  |  | — |  |  | — |  |  | 8,484 |
Other | — |  |  | — |  |  | — |  |  | 519 |  |  | — |  |  | — |  |  | 519 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | 52,744 |  |  | — |  |  | — |  |  | 52,744 |
Revenue from Contracts with Customers | 148,325 |  |  | 57,856 |  |  | 181,257 |  |  | 52,744 |  |  | 92,582 |  |  | — |  |  | 532,764 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | 137 |  |  | (137 | ) |  | — |
Total Revenue |  | $148,325 |  |  |  | $57,856 |  |  |  | $181,257 |  |  |  | $52,744 |  |  |  | $92,719 |  |  |  | ($137 | ) |  |  | $532,764 |
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood |  | $61,898 |  |  |  | $11,648 |  |  |  | $20,910 |  |  | — |  |  |  | $10,548 |  |  | — |  |  |  | $105,004 |
Sawtimber | 45,452 |  |  | 77,172 |  |  | 162,627 |  |  | — |  |  | 105,309 |  |  | — |  |  | 390,560 |
Hardwood | 2,882 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,882 |
Total Timber Sales | 110,232 |  |  | 88,820 |  |  | 183,537 |  |  | — |  |  | 115,857 |  |  | — |  |  | 498,446 |
License Revenue, Primarily from Hunting | 12,137 |  |  | 450 |  |  | 292 |  |  | — |  |  | — |  |  | — |  |  | 12,879 |
Other Non-Timber/Carbon Revenue | 8,929 |  |  | 2,132 |  |  | 5,053 |  |  | — |  |  | — |  |  | — |  |  | 16,114 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | 460 |  |  | — |  |  | 460 |
Total Non-Timber Sales | 21,066 |  |  | 2,582 |  |  | 5,345 |  |  | — |  |  | 460 |  |  | — |  |  | 29,453 |
Improved Development | — |  |  | — |  |  | — |  |  | 3,817 |  |  | — |  |  | — |  |  | 3,817 |
Unimproved Development | — |  |  | — |  |  | — |  |  | 8,621 |  |  | — |  |  | — |  |  | 8,621 |
Rural | — |  |  | — |  |  | — |  |  | 10,969 |  |  | — |  |  | — |  |  | 10,969 |
Non-strategic / Timberlands | — |  |  | — |  |  | — |  |  | 98,685 |  |  | — |  |  | — |  |  | 98,685 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | 122,092 |  |  | — |  |  | — |  |  | 122,092 |
Revenue from Contracts with Customers | 131,298 |  |  | 91,402 |  |  | 188,882 |  |  | 122,092 |  |  | 116,317 |  |  | — |  |  | 649,991 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | 66 |  |  | (66 | ) |  | — |
Total Revenue |  | $131,298 |  |  |  | $91,402 |  |  |  | $188,882 |  |  |  | $122,092 |  |  |  | $116,383 |  |  |  | ($66 | ) |  |  | $649,991 |
The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2019 and 2018:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Trading |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut |  | $13,077 |  |  | — |  |  | — |  |  | — |  |  |  | $13,077 |
Stumpage Lump Sum | 1,677 |  |  | — |  |  | — |  |  | — |  |  | 1,677 |
Total Stumpage | 14,754 |  |  | — |  |  | — |  |  | — |  |  | 14,754 |
Delivered Wood (Domestic) | 16,597 |  |  | 18,173 |  |  | 22,722 |  |  | 624 |  |  | 58,116 |
Delivered Wood (Export) | 1,661 |  |  | — |  |  | 36,623 |  |  | 24,385 |  |  | 62,669 |
Total Delivered | 18,258 |  |  | 18,173 |  |  | 59,345 |  |  | 25,009 |  |  | 120,785 |
Total Timber Sales |  | $33,012 |  |  |  | $18,173 |  |  |  | $59,345 |  |  |  | $25,009 |  |  |  | $135,539 |
September 30, 2018 |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut |  | $16,984 |  |  | — |  |  | — |  |  | — |  |  |  | $16,984 |
Stumpage Lump Sum | 284 |  |  | 2,143 |  |  | — |  |  | — |  |  | 2,427 |
Total Stumpage | 17,268 |  |  | 2,143 |  |  | — |  |  | — |  |  | 19,411 |
Delivered Wood (Domestic) | 15,856 |  |  | 24,912 |  |  | 24,771 |  |  | 1,813 |  |  | 67,352 |
Delivered Wood (Export) | 1,679 |  |  | — |  |  | 39,170 |  |  | 28,995 |  |  | 69,844 |
Total Delivered | 17,535 |  |  | 24,912 |  |  | 63,941 |  |  | 30,808 |  |  | 137,196 |
Total Timber Sales |  | $34,803 |  |  |  | $27,055 |  |  |  | $63,941 |  |  |  | $30,808 |  |  |  | $156,607 |
Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Trading |  | Total
September 30, 2019 |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut |  | $56,257 |  |  | — |  |  | — |  |  | — |  |  |  | $56,257 |
Stumpage Lump Sum | 4,353 |  |  | — |  |  | — |  |  | — |  |  | 4,353 |
Total Stumpage | 60,610 |  |  | — |  |  | — |  |  | — |  |  | 60,610 |
Delivered Wood (Domestic) | 52,977 |  |  | 55,944 |  |  | 65,161 |  |  | 5,417 |  |  | 179,499 |
Delivered Wood (Export) | 7,450 |  |  | — |  |  | 109,822 |  |  | 86,634 |  |  | 203,906 |
Total Delivered | 60,427 |  |  | 55,944 |  |  | 174,983 |  |  | 92,051 |  |  | 383,405 |
Total Timber Sales |  | $121,037 |  |  |  | $55,944 |  |  |  | $174,983 |  |  |  | $92,051 |  |  |  | $444,015 |
September 30, 2018 |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut |  | $59,348 |  |  | — |  |  | — |  |  | — |  |  |  | $59,348 |
Stumpage Lump Sum | 2,358 |  |  | 11,854 |  |  | — |  |  | — |  |  | 14,212 |
Total Stumpage | 61,706 |  |  | 11,854 |  |  | — |  |  | — |  |  | 73,560 |
Delivered Wood (Domestic) | 44,399 |  |  | 76,966 |  |  | 70,521 |  |  | 4,317 |  |  | 196,203 |
Delivered Wood (Export) | 4,127 |  |  | — |  |  | 113,016 |  |  | 111,540 |  |  | 228,683 |
Total Delivered | 48,526 |  |  | 76,966 |  |  | 183,537 |  |  | 115,857 |  |  | 424,886 |
Total Timber Sales |  | $110,232 |  |  |  | $88,820 |  |  |  | $183,537 |  |  |  | $115,857 |  |  |  | $498,446 |

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- References No definition available. + Details
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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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