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v3.22.1

REVENUE (Tables) | 3 Months Ended
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Mar. 31, 2022
Revenue from Contract with Customer [Abstract] |
Contract with Customer, Liabilities | The following table summarizes revenue recognized during the three months ended March 31, 2022 and 2021 that was included in the contract liability balance at the beginning of each year:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Revenue recognized from contract liability balance at the beginning of the year (a) |  |  |  |  | $7,533 |  |  | $5,920 |
(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, 2022 and 2021:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $37,611 |  |  | $2,918 |  |  | $7,595 |  |  | — |  |  | — |  |  | $1,525 |  |  |  |  | — |  |  | $49,649 |
Sawtimber | 27,516 |  |  | 42,215 |  |  | 42,100 |  |  | — |  |  | — |  |  | 11,538 |  |  |  |  | — |  |  | 123,369 |
Hardwood | 5,849 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,849 |
Total Timber Sales | 70,976 |  |  | 45,133 |  |  | 49,695 |  |  | — |  |  | — |  |  | 13,063 |  |  |  |  | — |  |  | 178,867 |
License Revenue, Primarily From Hunting | 4,688 |  |  | 116 |  |  | 62 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,866 |
Other Non-Timber/Carbon Revenue | 1,099 |  |  | 1,032 |  |  | 1,632 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 3,763 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 350 |  |  |  |  | — |  |  | 350 |
Total Non-Timber Sales | 5,787 |  |  | 1,148 |  |  | 1,694 |  |  | — |  |  | — |  |  | 350 |  |  |  |  | — |  |  | 8,979 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 4,966 |  |  | — |  |  |  |  | — |  |  | 4,966 |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 16,950 |  |  | — |  |  |  |  | — |  |  | 16,950 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  | — |  |  | 11,400 |  |  | — |  |  |  |  | — |  |  | 11,400 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  | — |  |  | 636 |  |  | — |  |  |  |  | — |  |  | 636 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 33,952 |  |  | — |  |  |  |  | — |  |  | 33,952 |
Revenue from Contracts with Customers | 76,763 |  |  | 46,281 |  |  | 51,389 |  |  | — |  |  | 33,952 |  |  | 13,413 |  |  |  |  | — |  |  | 221,798 |
Lease Revenue | — |  |  | — |  |  | — |  |  | — |  |  | 243 |  |  | — |  |  |  |  | — |  |  | 243 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48 |  |  |  |  | (48) |  |  | — |
Total Revenue | $76,763 |  |  | $46,281 |  |  | $51,389 |  |  | — |  |  | $34,195 |  |  | $13,461 |  |  |  |  | ($48) |  |  | $222,041 |
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 |
(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, 2022 and 2021:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Trading |  |  |  | Total
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $36,206 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | $36,206 |
Stumpage Lump Sum | — |  |  | 5,388 |  |  | — |  |  | — |  |  | — |  |  |  |  | 5,388 |
Total Stumpage | 36,206 |  |  | 5,388 |  |  | — |  |  | — |  |  | — |  |  |  |  | 41,594 |
Delivered Wood (Domestic) | 32,128 |  |  | 39,446 |  |  | 13,481 |  |  | — |  |  | 625 |  |  |  |  | 85,680 |
Delivered Wood (Export) | 2,642 |  |  | 299 |  |  | 36,214 |  |  | — |  |  | 12,438 |  |  |  |  | 51,593 |
Total Delivered | 34,770 |  |  | 39,745 |  |  | 49,695 |  |  | — |  |  | 13,063 |  |  |  |  | 137,273 |
Total Timber Sales | $70,976 |  |  | $45,133 |  |  | $49,695 |  |  | — |  |  | $13,063 |  |  |  |  | $178,867 |
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 |

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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=123351226&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=123351226&loc=SL49130545-203045 + Details
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