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REVENUE
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
PERFORMANCE OBLIGATIONS
We recognize revenue 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”). We generally satisfy performance obligations within a year of entering into a contract and therefore have applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2021 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. We generally collect payment within a year of satisfying performance obligations and therefore have 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 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 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,
20212020
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.
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 EndedSouthern TimberPacific Northwest TimberNew Zealand TimberTimber FundsReal EstateTradingElim.Total
March 31, 2021
Pulpwood$21,856 $2,495 $9,542 $260 — $1,835 — $35,988 
Sawtimber21,963 37,758 47,792 13,308 — 14,389 — 135,210 
Hardwood405 — — — — — — 405 
Total Timber Sales44,224 40,253 57,334 13,568 — 16,224 — 171,603 
License Revenue, Primarily From Hunting4,417 91 58 3 — — — 4,569 
Other Non-Timber/Carbon Revenue3,036 1,178 187 14 — — — 4,415 
Agency Fee Income— — — — — 356 — 356 
Total Non-Timber Sales7,453 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 Customers51,677 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 EndedSouthern TimberPacific Northwest TimberNew Zealand TimberTimber Funds Real EstateTradingElim.Total
March 31, 2020
Pulpwood$27,493 $3,127 $4,847 — — $2,530 — $37,997 
Sawtimber19,509 27,445 30,788 — — 16,112 — 93,854 
Hardwood481 — — — — — — 481 
Total Timber Sales47,483 30,572 35,635 — — 18,642 — 132,332 
License Revenue, Primarily from Hunting4,589 97 57 — — — — 4,743 
Other Non-Timber/Carbon Revenue910 406 1,846 — — — — 3,162 
Agency Fee Income— — — — — 329 — 329 
Total Non-Timber Sales5,499 503 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 Customers52,982 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 EndedSouthern TimberPacific Northwest TimberNew Zealand TimberTimber FundsTradingTotal
March 31, 2021
Stumpage Pay-as-Cut $21,257 — — — — $21,257 
Stumpage Lump Sum3 6,131 — — — 6,134 
Total Stumpage21,260 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 Delivered22,964 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 Stumpage25,795 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 Delivered21,688 25,441 35,635 — 18,642 101,406 
Total Timber Sales
$47,483 $30,572 $35,635 — $18,642 $132,332