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REVENUE
 12 Months Ended
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:
Year20232022Balance 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,
20232022
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 EndedSouthern TimberPacific Northwest TimberNew Zealand TimberTimber FundsReal EstateTradingElim.Total
December 31, 2023
Pulpwood$99,035 $8,410 $28,760 — — $3,961 — $140,166 
Sawtimber123,312 109,446 182,355 — — 37,894 — 453,007 
Hardwood4,279 — — — — — — 4,279 
Total Timber Sales226,626 117,856 211,115 — — 41,855 — 597,452 
License Revenue, Primarily From Hunting23,335 1,344 279 — — — — 24,958 
Other Non-Timber/Carbon Revenue14,167 4,945 24,087 — — — — 43,199 
Agency Fee Income— — — — — 1,361 — 1,361 
Total Non-Timber Sales37,502 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 Customers264,128 124,145 235,481 — 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 
Sawtimber92,512 141,541 219,082 — — 62,116 — 515,251 
Hardwood17,216 — — — — — — 17,216 
Total Timber Sales236,612 156,635 253,109 — — 69,294 — 715,650 
License Revenue, Primarily from Hunting21,287 1,076 341 — — — — 22,704 
Other Non-Timber/Carbon Revenue6,302 4,526 20,626 — — — — 31,454 
Agency Fee Income— — — — — 1,256 — 1,256 
Total Non-Timber Sales27,589 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 Customers264,201 162,237 274,076 — 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 
Sawtimber79,154 127,768 237,262 38,042 — 82,276 — 564,502 
Hardwood4,671 — — — — — — 4,671 
Total Timber Sales179,820 137,104 280,098 38,834 — 93,645 — 729,501 
License Revenue, Primarily from Hunting18,116 990 385 40 — — — 19,531 
Other Non-Timber/Carbon Revenue6,505 4,927 675 439 — — — 12,546 
Agency Fee Income— — — — — 1,399 — 1,399 
Fund II Timberland Dispositions— — — 156,752 — — — 156,752 
Total Non-Timber Sales24,621 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 Customers204,441 143,021 281,158 196,065 188,716 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 EndedSouthern TimberPacific Northwest TimberNew Zealand TimberTimber FundsTradingTotal
December 31, 2023
Stumpage Pay-as-Cut $109,583 — — — — $109,583 
Stumpage Lump Sum387 2,654 — — — 3,041 
Total Stumpage109,970 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 Delivered116,656 115,202 211,115 — 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 Stumpage99,989 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 Delivered136,623 148,865 253,109 — 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 Stumpage75,361 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 Delivered104,459 126,335 280,098 38,066 93,645 642,603 
Total Timber Sales
$179,820 $137,104 $280,098 $38,834 $93,645 $729,501