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REVENUE | 12 Months Ended
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Dec. 31, 2020
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE RECLASSIFICATIONS Effective April 1, 2020, we changed the composition of our Rural and Timberland & Non-Strategic Real Estate sales categories to better align with the way management internally evaluates real estate sales. The Rural category now includes all real estate sales (excluding development sales) representing a demonstrable premium above timberland value. The Timberland & Non-Strategic category now includes all real estate sales representing little to no premium to timberland value. This category consists primarily of sales of property that management views as non-strategic to our long-term portfolio as well as sales of property for capital allocation purposes that do not fit the definition of a Large Disposition. All prior period amounts have been reclassified to reflect the new composition of these two sales categories. The Improved Development, Unimproved Development and Large Disposition categories remain unchanged, and this reclassification had no impact on overall segment results. NEW REAL ESTATE SALES CATEGORY Effective September 2020, we added a new Real Estate sales category, “Conservation Easement,” in which we sell the development rights on a property but withhold the rights to grow and harvest timber. 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 we have 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) we perform under the contract. The following table summarizes revenue recognized during the years ended December 31, 2020 and 2019 that was included in the contract liability balance at the beginning of each year:
| Year Ended December 31,
| 2020 |  | 2019
Revenue recognized from contract liability balance at the beginning of the year (a) | $10,857 |  |  | $10,039 |
(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 years ended December 31, 2020, 2019 and 2018:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $94,108 |  |  | $10,581 |  |  | $27,558 |  |  | $784 |  |  | — |  |  | $10,260 |  |  |  |  | — |  |  | $143,291 |
Sawtimber | 73,683 |  |  | 106,051 |  |  | 166,935 |  |  | 25,195 |  |  | — |  |  | 77,314 |  |  |  |  | — |  |  | 449,178 |
Hardwood | 2,430 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 2,430 |
Total Timber Sales | 170,221 |  |  | 116,632 |  |  | 194,493 |  |  | 25,979 |  |  | — |  |  | 87,574 |  |  |  |  | — |  |  | 594,899 |
License Revenue, Primarily From Hunting | 17,765 |  |  | 843 |  |  | 307 |  |  | 17 |  |  | — |  |  | — |  |  |  |  | — |  |  | 18,932 |
Other Non-Timber/Carbon Revenue | 3,845 |  |  | 3,334 |  |  | 7,515 |  |  | 124 |  |  | — |  |  | — |  |  |  |  | — |  |  | 14,818 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,160 |  |  |  |  | — |  |  | 1,160 |
Total Non-Timber Sales | 21,610 |  |  | 4,177 |  |  | 7,822 |  |  | 141 |  |  | — |  |  | 1,160 |  |  |  |  | — |  |  | 34,910 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 14,498 |  |  | — |  |  |  |  | — |  |  | 14,498 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | 8,426 |  |  | — |  |  |  |  | — |  |  | 8,426 |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 67,152 |  |  | — |  |  |  |  | — |  |  | 67,152 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  | — |  |  | 19,255 |  |  | — |  |  |  |  | — |  |  | 19,255 |
Conservation Easement | — |  |  | — |  |  | — |  |  | — |  |  | 3,099 |  |  | — |  |  |  |  | — |  |  | 3,099 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  | — |  |  | 283 |  |  | — |  |  |  |  | — |  |  | 283 |
Large Dispositions | — |  |  | — |  |  | — |  |  | — |  |  | 116,027 |  |  | — |  |  |  |  | — |  |  | 116,027 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 228,740 |  |  | — |  |  |  |  | — |  |  | 228,740 |
Revenue from Contracts with Customers | 191,831 |  |  | 120,809 |  |  | 202,315 |  |  | 26,120 |  |  | 228,740 |  |  | 88,734 |  |  |  |  | — |  |  | 858,549 |
Lease Revenue | — |  |  | — |  |  | — |  |  | — |  |  | 605 |  |  | — |  |  |  |  | — |  |  | 605 |
Intersegment | — |  |  | — |  |  | — |  |  | 3,437 |  |  | — |  |  | 239 |  |  |  |  | (3,676) |  |  | — |
Total Revenue | $191,831 |  |  | $120,809 |  |  | $202,315 |  |  | $29,557 |  |  | $229,345 |  |  | $88,973 |  |  |  |  | ($3,676) |  |  | $859,154 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $86,537 |  |  | $10,350 |  |  | $32,925 |  |  | — |  |  | — |  |  | $13,351 |  |  |  |  | — |  |  | $143,163 |
Sawtimber | 67,360 |  |  | 72,377 |  |  | 198,481 |  |  | — |  |  | — |  |  | 101,255 |  |  |  |  | — |  |  | 439,473 |
Hardwood | 5,259 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,259 |
Total Timber Sales | 159,156 |  |  | 82,727 |  |  | 231,406 |  |  | — |  |  | — |  |  | 114,606 |  |  |  |  | — |  |  | 587,895 |
License Revenue, Primarily from Hunting | 18,270 |  |  | 717 |  |  | 361 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 19,348 |
Other Non-Timber/Carbon Revenue | 16,685 |  |  | 1,970 |  |  | 10,094 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 28,749 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 677 |  |  |  |  | — |  |  | 677 |
Total Non-Timber Sales | 34,955 |  |  | 2,687 |  |  | 10,455 |  |  | — |  |  | — |  |  | 677 |  |  |  |  | — |  |  | 48,774 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 5,882 |  |  | — |  |  |  |  | — |  |  | 5,882 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | 19,476 |  |  | — |  |  |  |  | — |  |  | 19,476 |
Rural (a) | — |  |  | — |  |  | — |  |  | — |  |  | 47,647 |  |  | — |  |  |  |  | — |  |  | 47,647 |
Timberland & Non-Strategic (a) | — |  |  | — |  |  | — |  |  | — |  |  | 1,338 |  |  | — |  |  |  |  | — |  |  | 1,338 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  | — |  |  | 544 |  |  | — |  |  |  |  | — |  |  | 544 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 74,887 |  |  | — |  |  |  |  | — |  |  | 74,887 |
Revenue from Contracts with Customers | 194,111 |  |  | 85,414 |  |  | 241,861 |  |  | — |  |  | 74,887 |  |  | 115,283 |  |  |  |  | — |  |  | 711,556 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 155 |  |  |  |  | (155) |  |  | — |
Total Revenue | $194,111 |  |  | $85,414 |  |  | $241,861 |  |  | — |  |  | $74,887 |  |  | $115,438 |  |  |  |  | ($155) |  |  | $711,556 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $80,134 |  |  | $14,305 |  |  | $28,737 |  |  | — |  |  | — |  |  | $13,771 |  |  |  |  | — |  |  | $136,947 |
Sawtimber | 60,295 |  |  | 92,166 |  |  | 213,206 |  |  | — |  |  | — |  |  | 134,299 |  |  |  |  | — |  |  | 499,966 |
Hardwood | 3,433 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 3,433 |
Total Timber Sales | 143,863 |  |  | 106,471 |  |  | 241,943 |  |  | — |  |  | — |  |  | 148,070 |  |  |  |  | — |  |  | 640,347 |
License Revenue, Primarily from Hunting | 16,285 |  |  | 709 |  |  | 401 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 17,395 |
Other Non-Timber/Carbon Revenue | 9,847 |  |  | 2,652 |  |  | 6,670 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 19,169 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 652 |  |  |  |  | — |  |  | 652 |
Total Non-Timber Sales | 26,132 |  |  | 3,361 |  |  | 7,071 |  |  | — |  |  | — |  |  | 652 |  |  |  |  | — |  |  | 37,216 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 8,336 |  |  | — |  |  |  |  | — |  |  | 8,336 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | 8,621 |  |  | — |  |  |  |  | — |  |  | 8,621 |
Rural (a) | — |  |  | — |  |  | — |  |  | — |  |  | 46,280 |  |  | — |  |  |  |  | — |  |  | 46,280 |
Timberland & Non-Strategic (a) | — |  |  | — |  |  | — |  |  | — |  |  | 75,281 |  |  | — |  |  |  |  | — |  |  | 75,281 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | — |  |  |  |  | — |  |  | 57 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 138,575 |  |  | — |  |  |  |  | — |  |  | 138,575 |
Revenue from Contracts with Customers | 169,995 |  |  | 109,832 |  |  | 249,014 |  |  | — |  |  | 138,575 |  |  | 148,722 |  |  |  |  | — |  |  | 816,138 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 92 |  |  |  |  | (92) |  |  | — |
Total Revenue | $169,995 |  |  | $109,832 |  |  | $249,014 |  |  | — |  |  | $138,575 |  |  | $148,814 |  |  |  |  | ($92) |  |  | $816,138 |
(a) The years ended December 31, 2019 and 2018 reflect the reclassification of certain real estate sales between the Rural and Timberland & Non-Strategic sales categories to better align with the way management internally evaluates real estate sales. (b) Includes deferred revenue adjustments and marketing fees related to Improved Development sales. The following tables present our timber sales disaggregated by contract type for the years ended December 31, 2020, 2019 and 2018:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Trading |  | Total
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $68,684 |  |  | — |  |  | — |  |  | $1,731 |  |  | — |  |  | $70,415 |
Stumpage Lump Sum | 2,027 |  |  | 8,142 |  |  | — |  |  | — |  |  | — |  |  | 10,169 |
Total Stumpage | 70,711 |  |  | 8,142 |  |  | — |  |  | 1,731 |  |  | — |  |  | 80,584 |
Delivered Wood (Domestic) | 85,996 |  |  | 108,490 |  |  | 62,568 |  |  | 24,248 |  |  | 1,768 |  |  | 283,070 |
Delivered Wood (Export) | 13,514 |  |  | — |  |  | 131,925 |  |  | — |  |  | 85,806 |  |  | 231,245 |
Total Delivered | 99,510 |  |  | 108,490 |  |  | 194,493 |  |  | 24,248 |  |  | 87,574 |  |  | 514,315 |
Total Timber Sales | $170,221 |  |  | $116,632 |  |  | $194,493 |  |  | $25,979 |  |  | $87,574 |  |  | $594,899 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $71,943 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $71,943 |
Stumpage Lump Sum | 7,428 |  |  | 2,749 |  |  | — |  |  | — |  |  | — |  |  | 10,177 |
Total Stumpage | 79,371 |  |  | 2,749 |  |  | — |  |  | — |  |  | — |  |  | 82,120 |
Delivered Wood (Domestic) | 71,054 |  |  | 79,978 |  |  | 80,974 |  |  | — |  |  | 5,488 |  |  | 237,494 |
Delivered Wood (Export) | 8,731 |  |  | — |  |  | 150,432 |  |  | — |  |  | 109,118 |  |  | 268,281 |
Total Delivered | 79,785 |  |  | 79,978 |  |  | 231,406 |  |  | — |  |  | 114,606 |  |  | 505,775 |
Total Timber Sales | $159,156 |  |  | $82,727 |  |  | $231,406 |  |  | — |  |  | $114,606 |  |  | $587,895 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $72,385 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $72,385 |
Stumpage Lump Sum | 4,988 |  |  | 11,854 |  |  | — |  |  | — |  |  | — |  |  | 16,842 |
Total Stumpage | 77,373 |  |  | 11,854 |  |  | — |  |  | — |  |  | — |  |  | 89,227 |
Delivered Wood (Domestic) | 60,931 |  |  | 94,617 |  |  | 90,631 |  |  | — |  |  | 6,141 |  |  | 252,320 |
Delivered Wood (Export) | 5,559 |  |  | — |  |  | 151,312 |  |  | — |  |  | 141,929 |  |  | 298,800 |
Total Delivered | 66,490 |  |  | 94,617 |  |  | 241,943 |  |  | — |  |  | 148,070 |  |  | 551,120 |
Total Timber Sales | $143,863 |  |  | $106,471 |  |  | $241,943 |  |  | — |  |  | $148,070 |  |  | $640,347 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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