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REVENUE | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE 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 December 31, 2023 and 2022:
Year | 2023 |  | 2022 | Balance Sheet Location
Contract assets |  |  |  |
Trade receivables, net (a) | $28,652 |  |  | $27,837 |  | Trade receivables
Contract liabilities |  |  |  |
Deferred revenue, current (b) | 19,012 |  |  | 22,762 |  | Deferred revenue
Deferred revenue, non-current (c) | 11,294 |  |  | 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 decrease in deferred revenue, current is primarily driven by the satisfaction of post-closing obligations on real estate sales and the timing of advance payments on stumpage contracts, partially offset by increased hunting license renewals and the current portion of a carbon capture and storage contract entered into in the first quarter of 2023. (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 years ended December 31, 2023 and 2022 that was included in the contract liability balance at the beginning of each year:
| Year Ended December 31,
| 2023 |  | 2022
Revenue recognized from contract liability balance at the beginning of the year (a) | $21,187 |  |  | $16,148 |
(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 years ended December 31, 2023, 2022 and 2021:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $99,035 |  |  | $8,410 |  |  | $28,760 |  |  | — |  |  | — |  |  | $3,961 |  |  |  |  | — |  |  | $140,166 |
Sawtimber | 123,312 |  |  | 109,446 |  |  | 182,355 |  |  | — |  |  | — |  |  | 37,894 |  |  |  |  | — |  |  | 453,007 |
Hardwood | 4,279 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,279 |
Total Timber Sales | 226,626 |  |  | 117,856 |  |  | 211,115 |  |  | — |  |  | — |  |  | 41,855 |  |  |  |  | — |  |  | 597,452 |
License Revenue, Primarily From Hunting | 23,335 |  |  | 1,344 |  |  | 279 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 24,958 |
Other Non-Timber/Carbon Revenue | 14,167 |  |  | 4,945 |  |  | 24,087 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 43,199 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,361 |  |  |  |  | — |  |  | 1,361 |
Total Non-Timber Sales | 37,502 |  |  | 6,289 |  |  | 24,366 |  |  | — |  |  | — |  |  | 1,361 |  |  |  |  | — |  |  | 69,518 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 30,707 |  |  | — |  |  |  |  | — |  |  | 30,707 |
Unimproved Development | — |  |  | — |  |  | — |  |  | — |  |  | 114 |  |  | — |  |  |  |  | — |  |  | 114 |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 99,665 |  |  | — |  |  |  |  | — |  |  | 99,665 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  | — |  |  | 3,347 |  |  | — |  |  |  |  | — |  |  | 3,347 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  | — |  |  | 12,516 |  |  | — |  |  |  |  | — |  |  | 12,516 |
Large Dispositions | — |  |  | — |  |  | — |  |  | — |  |  | 242,200 |  |  | — |  |  |  |  | — |  |  | 242,200 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 388,549 |  |  | — |  |  |  |  | — |  |  | 388,549 |
Revenue from Contracts with Customers | 264,128 |  |  | 124,145 |  |  | 235,481 |  |  | — |  |  | 388,549 |  |  | 43,216 |  |  |  |  | — |  |  | 1,055,519 |
Lease Revenue | — |  |  | — |  |  | — |  |  | — |  |  | 1,414 |  |  | — |  |  |  |  | — |  |  | 1,414 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 468 |  |  |  |  | (468) |  |  | — |
Total Revenue | $264,128 |  |  | $124,145 |  |  | $235,481 |  |  | — |  |  | $389,963 |  |  | $43,684 |  |  |  |  | ($468) |  |  | $1,056,933 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $126,884 |  |  | $15,094 |  |  | $34,027 |  |  | — |  |  | — |  |  | $7,178 |  |  |  |  | — |  |  | $183,183 |
Sawtimber | 92,512 |  |  | 141,541 |  |  | 219,082 |  |  | — |  |  | — |  |  | 62,116 |  |  |  |  | — |  |  | 515,251 |
Hardwood | 17,216 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 17,216 |
Total Timber Sales | 236,612 |  |  | 156,635 |  |  | 253,109 |  |  | — |  |  | — |  |  | 69,294 |  |  |  |  | — |  |  | 715,650 |
License Revenue, Primarily from Hunting | 21,287 |  |  | 1,076 |  |  | 341 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 22,704 |
Other Non-Timber/Carbon Revenue | 6,302 |  |  | 4,526 |  |  | 20,626 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 31,454 |
Agency Fee Income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,256 |  |  |  |  | — |  |  | 1,256 |
Total Non-Timber Sales | 27,589 |  |  | 5,602 |  |  | 20,967 |  |  | — |  |  | — |  |  | 1,256 |  |  |  |  | — |  |  | 55,414 |
Improved Development | — |  |  | — |  |  | — |  |  | — |  |  | 35,413 |  |  | — |  |  |  |  | — |  |  | 35,413 |
Rural | — |  |  | — |  |  | — |  |  | — |  |  | 59,485 |  |  | — |  |  |  |  | — |  |  | 59,485 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  | — |  |  | 11,400 |  |  | — |  |  |  |  | — |  |  | 11,400 |
Deferred Revenue/Other (a) | — |  |  | — |  |  | — |  |  | — |  |  | (38) |  |  | — |  |  |  |  | — |  |  | (38) |
Large Dispositions | — |  |  | — |  |  | — |  |  | — |  |  | 30,471 |  |  | — |  |  |  |  | — |  |  | 30,471 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  | — |  |  | 136,731 |  |  | — |  |  |  |  | — |  |  | 136,731 |
Revenue from Contracts with Customers | 264,201 |  |  | 162,237 |  |  | 274,076 |  |  | — |  |  | 136,731 |  |  | 70,550 |  |  |  |  | — |  |  | 907,795 |
Lease Revenue | — |  |  | — |  |  | — |  |  | — |  |  | 1,277 |  |  | — |  |  |  |  | — |  |  | 1,277 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 402 |  |  |  |  | (402) |  |  | — |
Total Revenue | $264,201 |  |  | $162,237 |  |  | $274,076 |  |  | — |  |  | $138,008 |  |  | $70,952 |  |  |  |  | ($402) |  |  | $909,072 |
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 |
(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, 2023, 2022 and 2021:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  | Timber Funds |  | Trading |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $109,583 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $109,583 |
Stumpage Lump Sum | 387 |  |  | 2,654 |  |  | — |  |  | — |  |  | — |  |  | 3,041 |
Total Stumpage | 109,970 |  |  | 2,654 |  |  | — |  |  | — |  |  | — |  |  | 112,624 |
Delivered Wood (Domestic) | 108,354 |  |  | 102,533 |  |  | 52,535 |  |  | — |  |  | 523 |  |  | 263,945 |
Delivered Wood (Export) | 8,302 |  |  | 12,669 |  |  | 158,580 |  |  | — |  |  | 41,332 |  |  | 220,883 |
Total Delivered | 116,656 |  |  | 115,202 |  |  | 211,115 |  |  | — |  |  | 41,855 |  |  | 484,828 |
Total Timber Sales | $226,626 |  |  | $117,856 |  |  | $211,115 |  |  | — |  |  | $41,855 |  |  | $597,452 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $98,967 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $98,967 |
Stumpage Lump Sum | 1,022 |  |  | 7,770 |  |  | — |  |  | — |  |  | — |  |  | 8,792 |
Total Stumpage | 99,989 |  |  | 7,770 |  |  | — |  |  | — |  |  | — |  |  | 107,759 |
Delivered Wood (Domestic) | 125,136 |  |  | 137,421 |  |  | 62,068 |  |  | — |  |  | 2,310 |  |  | 326,935 |
Delivered Wood (Export) | 11,487 |  |  | 11,444 |  |  | 191,041 |  |  | — |  |  | 66,984 |  |  | 280,956 |
Total Delivered | 136,623 |  |  | 148,865 |  |  | 253,109 |  |  | — |  |  | 69,294 |  |  | 607,891 |
Total Timber Sales | $236,612 |  |  | $156,635 |  |  | $253,109 |  |  | — |  |  | $69,294 |  |  | $715,650 |
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 |

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- 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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