XML 37 R16.htm IDEA: XBRL DOCUMENT
v3.22.0.1

REVENUE | 12 Months Ended
--- | ---
Dec. 31, 2021
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE 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, 2021 and 2020 that was included in the contract liability balance at the beginning of each year:
| Year Ended December 31,
| 2021 |  | 2020
Revenue recognized from contract liability balance at the beginning of the year (a) | $10,809 |  |  | $10,857 |
(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, 2021, 2020 and 2019:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $95,995 |  |  | $9,336 |  |  | $42,836 |  |  | $792 |  |  | — |  |  | $11,369 |  |  |  |  | — |  |  | $160,328 |
Sawtimber | 79,154 |  |  | 127,768 |  |  | 237,262 |  |  | 38,042 |  |  | — |  |  | 82,276 |  |  |  |  | — |  |  | 564,502 |
Hardwood | 4,671 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,671 |
Total Timber Sales | 179,820 |  |  | 137,104 |  |  | 280,098 |  |  | 38,834 |  |  | — |  |  | 93,645 |  |  |  |  | — |  |  | 729,501 |
License Revenue, Primarily From Hunting | 18,116 |  |  | 990 |  |  | 385 |  |  | 40 |  |  | — |  |  | — |  |  |  |  | — |  |  | 19,531 |
Other Non-Timber/Carbon Revenue | 6,505 |  |  | 4,927 |  |  | 675 |  |  | 439 |  |  | — |  |  | — |  |  |  |  | — |  |  | 12,546 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,399 |  |  |  |  | — |  |  | 1,399 |
Fund II Timberland Dispositions | — |  |  | — |  |  | — |  |  | 156,752 |  |  | — |  |  | — |  |  |  |  | — |  |  | 156,752 |
Total Non-Timber Sales | 24,621 |  |  | 5,917 |  |  | 1,060 |  |  | 157,231 |  |  | — |  |  | 1,399 |  |  |  |  | — |  |  | 190,228 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 51,713 |  |  | — |  |  |  |  | — |  |  | 51,713 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | 37,500 |  |  | — |  |  |  |  | — |  |  | 37,500 |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 43,088 |  |  | — |  |  |  |  | — |  |  | 43,088 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  | — |  |  | 44 |  |  | — |  |  |  |  | — |  |  | 44 |
Conservation Easements | — |  |  | — |  |  | — |  |  | — |  |  | 3,855 |  |  | — |  |  |  |  | — |  |  | 3,855 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  | — |  |  | (3,532) |  |  | — |  |  |  |  | — |  |  | (3,532) |
Large Dispositions | — |  |  | — |  |  | — |  |  | — |  |  | 56,048 |  |  | — |  |  |  |  | — |  |  | 56,048 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 188,716 |  |  | — |  |  |  |  | — |  |  | 188,716 |
Revenue from Contracts with Customers | 204,441 |  |  | 143,021 |  |  | 281,158 |  |  | 196,065 |  |  | 188,716 |  |  | 95,044 |  |  |  |  | — |  |  | 1,108,445 |
Lease Revenue | — |  |  | — |  |  | — |  |  | — |  |  | 1,152 |  |  | — |  |  |  |  | — |  |  | 1,152 |
Intersegment | — |  |  | — |  |  | — |  |  | 3,337 |  |  | — |  |  | 320 |  |  |  |  | (3,657) |  |  | — |
Total Revenue | $204,441 |  |  | $143,021 |  |  | $281,158 |  |  | $199,402 |  |  | $189,868 |  |  | $95,364 |  |  |  |  | ($3,657) |  |  | $1,109,597 |
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 Easements | — |  |  | — |  |  | — |  |  | — |  |  | 3,099 |  |  | — |  |  |  |  | — |  |  | 3,099 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  |  |  | 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 | — |  |  | — |  |  | — |  |  | — |  |  | 47,647 |  |  | — |  |  |  |  | — |  |  | 47,647 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  | — |  |  | 1,338 |  |  | — |  |  |  |  | — |  |  | 1,338 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  | — |  |  | 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 |
(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 years ended December 31, 2021, 2020 and 2019:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Trading |  | Total
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $68,471 |  |  | — |  |  | — |  |  | $768 |  |  | — |  |  | $69,239 |
Stumpage Lump Sum | 6,890 |  |  | 10,769 |  |  | — |  |  | — |  |  | — |  |  | 17,659 |
Total Stumpage | 75,361 |  |  | 10,769 |  |  | — |  |  | 768 |  |  | — |  |  | 86,898 |
Delivered Wood (Domestic) | 81,803 |  |  | 126,335 |  |  | 73,543 |  |  | 38,066 |  |  | 3,731 |  |  | 323,478 |
Delivered Wood (Export) | 22,656 |  |  | — |  |  | 206,555 |  |  | — |  |  | 89,914 |  |  | 319,125 |
Total Delivered | 104,459 |  |  | 126,335 |  |  | 280,098 |  |  | 38,066 |  |  | 93,645 |  |  | 642,603 |
Total Timber Sales | $179,820 |  |  | $137,104 |  |  | $280,098 |  |  | $38,834 |  |  | $93,645 |  |  | $729,501 |
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 |

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://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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration