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REVENUE (Tables) | 3 Months Ended
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Mar. 31, 2021
Revenue from Contract with Customer [Abstract] |
Schedule of Contract with Customer, Liabilities | The following table summarizes revenue recognized during the three months ended March 31, 2021 and 2020 that was included in the contract liability balance at the beginning of each year:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
Revenue recognized from contract liability balance at the beginning of the year (a) |  |  |  |  | $5,920 |  |  | $6,425 |
(a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.
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, 2021 and 2020:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $21,856 |  |  | $2,495 |  |  | $9,542 |  |  | $260 |  |  | — |  |  | $1,835 |  |  |  |  | — |  |  | $35,988 |
Sawtimber | 21,963 |  |  | 37,758 |  |  | 47,792 |  |  | 13,308 |  |  | — |  |  | 14,389 |  |  |  |  | — |  |  | 135,210 |
Hardwood | 405 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 405 |
Total Timber Sales | 44,224 |  |  | 40,253 |  |  | 57,334 |  |  | 13,568 |  |  | — |  |  | 16,224 |  |  |  |  | — |  |  | 171,603 |
License Revenue, Primarily From Hunting | 4,417 |  |  | 91 |  |  | 58 |  |  | 3 |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,569 |
Other Non-Timber/Carbon Revenue | 3,036 |  |  | 1,178 |  |  | 187 |  |  | 14 |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,415 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 356 |  |  |  |  | — |  |  | 356 |
Total Non-Timber Sales | 7,453 |  |  | 1,269 |  |  | 245 |  |  | 17 |  |  | — |  |  | 356 |  |  |  |  | — |  |  | 9,340 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 252 |  |  | — |  |  |  |  | — |  |  | 252 |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 9,765 |  |  | — |  |  |  |  | — |  |  | 9,765 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  | — |  |  | 255 |  |  | — |  |  |  |  | — |  |  | 255 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 10,272 |  |  | — |  |  |  |  | — |  |  | 10,272 |
Revenue from Contracts with Customers | 51,677 |  |  | 41,522 |  |  | 57,579 |  |  | 13,585 |  |  | 10,272 |  |  | 16,580 |  |  |  |  | — |  |  | 191,215 |
Lease Revenue | — |  |  | — |  |  | — |  |  | — |  |  | 232 |  |  | — |  |  |  |  | — |  |  | 232 |
Intersegment | — |  |  | — |  |  | — |  |  | 1,354 |  |  | — |  |  | 85 |  |  |  |  | (1,439) |  |  | — |
Total Revenue | $51,677 |  |  | $41,522 |  |  | $57,579 |  |  | $14,939 |  |  | $10,504 |  |  | $16,665 |  |  |  |  | ($1,439) |  |  | $191,447 |
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $27,493 |  |  | $3,127 |  |  | $4,847 |  |  | — |  |  | — |  |  | $2,530 |  |  |  |  | — |  |  | $37,997 |
Sawtimber | 19,509 |  |  | 27,445 |  |  | 30,788 |  |  | — |  |  | — |  |  | 16,112 |  |  |  |  | — |  |  | 93,854 |
Hardwood | 481 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 481 |
Total Timber Sales | 47,483 |  |  | 30,572 |  |  | 35,635 |  |  | — |  |  | — |  |  | 18,642 |  |  |  |  | — |  |  | 132,332 |
License Revenue, Primarily from Hunting | 4,589 |  |  | 97 |  |  | 57 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,743 |
Other Non-Timber/Carbon Revenue | 910 |  |  | 406 |  |  | 1,846 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 3,162 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 329 |  |  |  |  | — |  |  | 329 |
Total Non-Timber Sales | 5,499 |  |  | 503 |  |  | 1,903 |  |  | — |  |  | — |  |  | 329 |  |  |  |  | — |  |  | 8,234 |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 2,397 |  |  | — |  |  |  |  | — |  |  | 2,397 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  | — |  |  | 140 |  |  | — |  |  |  |  | — |  |  | 140 |
Large Dispositions | — |  |  | — |  |  | — |  |  |  |  | 116,027 |  |  |  |  |  |  | — |  |  | 116,027 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 118,564 |  |  | — |  |  |  |  | — |  |  | 118,564 |
Revenue from Contracts with Customers | 52,982 |  |  | 31,075 |  |  | 37,538 |  |  | — |  |  | 118,564 |  |  | 18,971 |  |  |  |  | — |  |  | 259,130 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  |  |  | (13) |  |  | — |
Total Revenue | $52,982 |  |  | $31,075 |  |  | $37,538 |  |  | — |  |  | $118,564 |  |  | $18,984 |  |  |  |  | ($13) |  |  | $259,130 |
(a) 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, 2021 and 2020:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Trading |  |  |  | Total
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $21,257 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | $21,257 |
Stumpage Lump Sum | 3 |  |  | 6,131 |  |  | — |  |  | — |  |  | — |  |  |  |  | 6,134 |
Total Stumpage | 21,260 |  |  | 6,131 |  |  | — |  |  | — |  |  | — |  |  |  |  | 27,391 |
Delivered Wood (Domestic) | 18,059 |  |  | 34,122 |  |  | 17,106 |  |  | 13,568 |  |  | 1,091 |  |  |  |  | 83,946 |
Delivered Wood (Export) | 4,905 |  |  | — |  |  | 40,228 |  |  | — |  |  | 15,133 |  |  |  |  | 60,266 |
Total Delivered | 22,964 |  |  | 34,122 |  |  | 57,334 |  |  | 13,568 |  |  | 16,224 |  |  |  |  | 144,212 |
Total Timber Sales | $44,224 |  |  | $40,253 |  |  | $57,334 |  |  | $13,568 |  |  | $16,224 |  |  |  |  | $171,603 |
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $25,407 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | $25,407 |
Stumpage Lump Sum | 388 |  |  | 5,131 |  |  | — |  |  | — |  |  | — |  |  |  |  | 5,519 |
Total Stumpage | 25,795 |  |  | 5,131 |  |  | — |  |  | — |  |  | — |  |  |  |  | 30,926 |
Delivered Wood (Domestic) | 21,060 |  |  | 25,441 |  |  | 13,691 |  |  | — |  |  | 472 |  |  |  |  | 60,664 |
Delivered Wood (Export) | 628 |  |  | — |  |  | 21,944 |  |  | — |  |  | 18,170 |  |  |  |  | 40,742 |
Total Delivered | 21,688 |  |  | 25,441 |  |  | 35,635 |  |  | — |  |  | 18,642 |  |  |  |  | 101,406 |
Total Timber Sales | $47,483 |  |  | $30,572 |  |  | $35,635 |  |  | — |  |  | $18,642 |  |  |  |  | $132,332 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045 + Details
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