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REVENUE | 9 Months Ended
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Sep. 30, 2023
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”). Unsatisfied performance obligations as of September 30, 2023 are primarily due to advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue and post-closing obligations on real estate sales. Of these performance obligations, $23.8 million is expected to be recognized within the next twelve months, with the remaining $11.3 million expected to be recognized thereafter as we satisfy our performance obligations. 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 trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables 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 contains contract balances recorded in the Consolidated Balance Sheets at September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022 | Balance Sheet Location
Contract assets |  |  |  |
Trade receivables, net (a) | $31,447 |  |  | $27,837 |  | Trade receivables
Contract liabilities |  |  |  |
Deferred revenue, current (b) | 23,835 |  |  | 22,762 |  | Deferred revenue
Deferred revenue, non-current (c) | 11,317 |  |  | 6,895 |  | Long-term deferred revenue
(a)The increase in trade receivables was primarily driven by timing of sales in our timber segments. (b)The increase in deferred revenue, current is driven by the timing of renewals of hunting contracts and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023, partially offset by the satisfaction of post-closing obligations on real estate sales and stumpage contracts. (c)The increase in deferred revenue, non-current is primarily driven by a carbon capture and storage contract entered into in the first quarter of 2023. The following table summarizes revenue recognized during the three and nine months ended September 30, 2023 and 2022 that was included in the contract liability balance at the beginning of each year:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenue recognized from contract liability balance at the beginning of the year (a) | $2,216 |  |  | $1,957 |  |  | $19,950 |  |  | $14,458 |
(a) Revenue recognized was primarily from hunting licenses, the use of advances on pay-as-cut timber sales and the satisfaction of post closing obligations on real estate sales. The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $25,514 |  |  | $1,440 |  |  | $6,507 |  |  |  |  | — |  |  | $447 |  |  |  |  | — |  |  | $33,908 |
Sawtimber | 27,274 |  |  | 26,401 |  |  | 48,356 |  |  |  |  | — |  |  | 5,954 |  |  |  |  | — |  |  | 107,985 |
Hardwood | 1,343 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,343 |
Total Timber Sales | 54,131 |  |  | 27,841 |  |  | 54,863 |  |  |  |  | — |  |  | 6,401 |  |  |  |  | — |  |  | 143,236 |
License Revenue, Primarily from Hunting | 7,178 |  |  | 439 |  |  | 90 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 7,707 |
Other Non-Timber/Carbon Revenue | 2,664 |  |  | 1,045 |  |  | 15,482 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 19,191 |
Agency Fee Income | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 270 |  |  |  |  | — |  |  | 270 |
Total Non-Timber Sales | 9,842 |  |  | 1,484 |  |  | 15,572 |  |  |  |  | — |  |  | 270 |  |  |  |  | — |  |  | 27,168 |
Improved Development | — |  |  | — |  |  | — |  |  |  |  | 3,120 |  |  | — |  |  |  |  | — |  |  | 3,120 |
Unimproved Development | — |  |  | — |  |  | — |  |  |  |  | 114 |  |  | — |  |  |  |  | — |  |  | 114 |
Rural | — |  |  | — |  |  | — |  |  |  |  | 20,461 |  |  | — |  |  |  |  | — |  |  | 20,461 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  |  |  | 1,055 |  |  | — |  |  |  |  | — |  |  | 1,055 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  |  |  | 5,981 |  |  | — |  |  |  |  | — |  |  | 5,981 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  |  |  | 30,731 |  |  | — |  |  |  |  | — |  |  | 30,731 |
Revenue from Contracts with Customers | 63,973 |  |  | 29,325 |  |  | 70,435 |  |  |  |  | 30,731 |  |  | 6,671 |  |  |  |  | — |  |  | 201,135 |
Lease Revenue | — |  |  | — |  |  | — |  |  |  |  | 444 |  |  | — |  |  |  |  | — |  |  | 444 |
Intersegment | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 111 |  |  |  |  | (111) |  |  | — |
Total Revenue | $63,973 |  |  | $29,325 |  |  | $70,435 |  |  |  |  | $31,175 |  |  | $6,782 |  |  |  |  | ($111) |  |  | $201,579 |
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $32,564 |  |  | $2,989 |  |  | $7,645 |  |  |  |  | — |  |  | $1,112 |  |  |  |  | — |  |  | $44,310 |
Sawtimber | 20,943 |  |  | 29,630 |  |  | 58,412 |  |  |  |  | — |  |  | 10,053 |  |  |  |  | — |  |  | 119,038 |
Hardwood | 4,221 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,221 |
Total Timber Sales | 57,728 |  |  | 32,619 |  |  | 66,057 |  |  |  |  | — |  |  | 11,165 |  |  |  |  | — |  |  | 167,569 |
License Revenue, Primarily from Hunting | 5,141 |  |  | 326 |  |  | 118 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,585 |
Other Non-Timber/Carbon Revenue | 1,680 |  |  | 1,452 |  |  | 6,277 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 9,409 |
Agency Fee Income | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 289 |  |  |  |  | — |  |  | 289 |
Total Non-Timber Sales | 6,821 |  |  | 1,778 |  |  | 6,395 |  |  |  |  | — |  |  | 289 |  |  |  |  | — |  |  | 15,283 |
Improved Development | — |  |  | — |  |  | — |  |  |  |  | 2,296 |  |  | — |  |  |  |  | — |  |  | 2,296 |
Rural | — |  |  | — |  |  | — |  |  |  |  | 6,964 |  |  | — |  |  |  |  | — |  |  | 6,964 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  |  |  | 2,769 |  |  | — |  |  |  |  | — |  |  | 2,769 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  |  |  | 12,029 |  |  | — |  |  |  |  | — |  |  | 12,029 |
Revenue from Contracts with Customers | 64,549 |  |  | 34,397 |  |  | 72,452 |  |  |  |  | 12,029 |  |  | 11,454 |  |  |  |  | — |  |  | 194,881 |
Lease Revenue | — |  |  | — |  |  | — |  |  |  |  | 406 |  |  | — |  |  |  |  | — |  |  | 406 |
Intersegment | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 128 |  |  |  |  | (128) |  |  | — |
Total Revenue | $64,549 |  |  | $34,397 |  |  | $72,452 |  |  |  |  | $12,435 |  |  | $11,582 |  |  |  |  | ($128) |  |  | $195,287 |
(a) Includes deferred revenue adjustments, revenue true-ups and marketing fees related to Improved Development sales.
Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $76,152 |  |  | $7,358 |  |  | $20,953 |  |  |  |  | — |  |  | $3,328 |  |  |  |  | — |  |  | $107,791 |
Sawtimber | 95,663 |  |  | 83,963 |  |  | 137,868 |  |  |  |  | — |  |  | 30,130 |  |  |  |  | — |  |  | 347,624 |
Hardwood | 3,169 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 3,169 |
Total Timber Sales | 174,984 |  |  | 91,321 |  |  | 158,821 |  |  |  |  | — |  |  | 33,458 |  |  |  |  | — |  |  | 458,584 |
License Revenue, Primarily From Hunting | 17,632 |  |  | 780 |  |  | 212 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 18,624 |
Other Non-Timber/Carbon Revenue | 11,509 |  |  | 3,960 |  |  | 16,405 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 31,874 |
Agency Fee Income | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 952 |  |  |  |  | — |  |  | 952 |
Total Non-Timber Sales | 29,141 |  |  | 4,740 |  |  | 16,617 |  |  |  |  | — |  |  | 952 |  |  |  |  | — |  |  | 51,450 |
Improved Development | — |  |  | — |  |  | — |  |  |  |  | 20,155 |  |  | — |  |  |  |  | — |  |  | 20,155 |
Unimproved Development | — |  |  | — |  |  | — |  |  |  |  | 114 |  |  | — |  |  |  |  | — |  |  | 114 |
Rural | — |  |  | — |  |  | — |  |  |  |  | 42,587 |  |  | — |  |  |  |  | — |  |  | 42,587 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  |  |  | 2,947 |  |  | — |  |  |  |  | — |  |  | 2,947 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  |  |  | 12,642 |  |  | — |  |  |  |  | — |  |  | 12,642 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  |  |  | 78,445 |  |  | — |  |  |  |  | — |  |  | 78,445 |
Revenue from Contracts with Customers | 204,125 |  |  | 96,061 |  |  | 175,438 |  |  |  |  | 78,445 |  |  | 34,410 |  |  |  |  | — |  |  | 588,479 |
Lease Revenue | — |  |  | — |  |  | — |  |  |  |  | 1,047 |  |  | — |  |  |  |  | — |  |  | 1,047 |
Intersegment | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 357 |  |  |  |  | (357) |  |  | — |
Total Revenue | $204,125 |  |  | $96,061 |  |  | $175,438 |  |  |  |  | $79,492 |  |  | $34,767 |  |  |  |  | ($357) |  |  | $589,526 |
Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $100,945 |  |  | $9,478 |  |  | $26,091 |  |  |  |  | — |  |  | $5,636 |  |  |  |  | — |  |  | $142,150 |
Sawtimber | 70,203 |  |  | 106,155 |  |  | 164,759 |  |  |  |  | — |  |  | 45,910 |  |  |  |  | — |  |  | 387,027 |
Hardwood | 15,776 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 15,776 |
Total Timber Sales | 186,924 |  |  | 115,633 |  |  | 190,850 |  |  |  |  | — |  |  | 51,546 |  |  |  |  | — |  |  | 544,953 |
License Revenue, Primarily from Hunting | 16,322 |  |  | 571 |  |  | 266 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 17,159 |
Other Non-Timber/Carbon Revenue | 4,338 |  |  | 3,630 |  |  | 11,607 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 19,575 |
Agency Fee Income | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 955 |  |  |  |  | — |  |  | 955 |
Total Non-Timber Sales | 20,660 |  |  | 4,201 |  |  | 11,873 |  |  |  |  | — |  |  | 955 |  |  |  |  | — |  |  | 37,689 |
Improved Development | — |  |  | — |  |  | — |  |  |  |  | 18,828 |  |  | — |  |  |  |  | — |  |  | 18,828 |
Rural | — |  |  | — |  |  | — |  |  |  |  | 47,333 |  |  | — |  |  |  |  | — |  |  | 47,333 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  |  |  | 11,400 |  |  | — |  |  |  |  | — |  |  | 11,400 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  |  |  | 2,498 |  |  | — |  |  |  |  | — |  |  | 2,498 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  |  |  | 80,059 |  |  | — |  |  |  |  | — |  |  | 80,059 |
Revenue from Contracts with Customers | 207,584 |  |  | 119,834 |  |  | 202,723 |  |  |  |  | 80,059 |  |  | 52,501 |  |  |  |  | — |  |  | 662,701 |
Lease Revenue | — |  |  | — |  |  | — |  |  |  |  | 973 |  |  | — |  |  |  |  | — |  |  | 973 |
Intersegment | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 226 |  |  |  |  | (226) |  |  | — |
Total Revenue | $207,584 |  |  | $119,834 |  |  | $202,723 |  |  |  |  | $81,032 |  |  | $52,727 |  |  |  |  | ($226) |  |  | $663,674 |
(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 and nine months ended September 30, 2023 and 2022:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Trading |  |  |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $25,454 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | $25,454 |
Stumpage Lump Sum | — |  |  | 969 |  |  | — |  |  |  |  | — |  |  |  |  | 969 |
Total Stumpage | 25,454 |  |  | 969 |  |  | — |  |  |  |  | — |  |  |  |  | 26,423 |
Delivered Wood (Domestic) | 26,907 |  |  | 24,085 |  |  | 15,265 |  |  |  |  | 10 |  |  |  |  | 66,267 |
Delivered Wood (Export) | 1,770 |  |  | 2,787 |  |  | 39,598 |  |  |  |  | 6,391 |  |  |  |  | 50,546 |
Total Delivered | 28,677 |  |  | 26,872 |  |  | 54,863 |  |  |  |  | 6,401 |  |  |  |  | 116,813 |
Total Timber Sales | $54,131 |  |  | $27,841 |  |  | $54,863 |  |  |  |  | $6,401 |  |  |  |  | $143,236 |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $21,111 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | $21,111 |
Stumpage Lump Sum | 288 |  |  | 121 |  |  | — |  |  |  |  | — |  |  |  |  | 409 |
Total Stumpage | 21,399 |  |  | 121 |  |  | — |  |  |  |  | — |  |  |  |  | 21,520 |
Delivered Wood (Domestic) | 33,010 |  |  | 30,837 |  |  | 18,825 |  |  |  |  | 260 |  |  |  |  | 82,932 |
Delivered Wood (Export) | 3,319 |  |  | 1,661 |  |  | 47,232 |  |  |  |  | 10,905 |  |  |  |  | 63,117 |
Total Delivered | 36,329 |  |  | 32,498 |  |  | 66,057 |  |  |  |  | 11,165 |  |  |  |  | 146,049 |
Total Timber Sales | $57,728 |  |  | $32,619 |  |  | $66,057 |  |  |  |  | $11,165 |  |  |  |  | $167,569 |
Nine Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Trading |  |  |  | Total
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $86,424 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | $86,424 |
Stumpage Lump Sum | 387 |  |  | 1,592 |  |  | — |  |  |  |  | — |  |  |  |  | 1,979 |
Total Stumpage | 86,811 |  |  | 1,592 |  |  | — |  |  |  |  | — |  |  |  |  | 88,403 |
Delivered Wood (Domestic) | 81,757 |  |  | 80,249 |  |  | 39,419 |  |  |  |  | 501 |  |  |  |  | 201,926 |
Delivered Wood (Export) | 6,416 |  |  | 9,480 |  |  | 119,402 |  |  |  |  | 32,957 |  |  |  |  | 168,255 |
Total Delivered | 88,173 |  |  | 89,729 |  |  | 158,821 |  |  |  |  | 33,458 |  |  |  |  | 370,181 |
Total Timber Sales | $174,984 |  |  | $91,321 |  |  | $158,821 |  |  |  |  | $33,458 |  |  |  |  | $458,584 |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $78,643 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | $78,643 |
Stumpage Lump Sum | 378 |  |  | 5,593 |  |  | — |  |  |  |  | — |  |  |  |  | 5,971 |
Total Stumpage | 79,021 |  |  | 5,593 |  |  | — |  |  |  |  | — |  |  |  |  | 84,614 |
Delivered Wood (Domestic) | 98,386 |  |  | 104,239 |  |  | 50,358 |  |  |  |  | 1,989 |  |  |  |  | 254,972 |
Delivered Wood (Export) | 9,517 |  |  | 5,801 |  |  | 140,492 |  |  |  |  | 49,557 |  |  |  |  | 205,367 |
Total Delivered | 107,903 |  |  | 110,040 |  |  | 190,850 |  |  |  |  | 51,546 |  |  |  |  | 460,339 |
Total Timber Sales | $186,924 |  |  | $115,633 |  |  | $190,850 |  |  |  |  | $51,546 |  |  |  |  | $544,953 |

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