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REVENUE (Tables) | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Contract Balances | The following table contains contract balances recorded in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023:
| March 31, 2024 |  | December 31, 2023 | Balance Sheet Location
Contract assets |  |  |  |
Trade receivables, net (a) | $35,309 |  |  | $28,652 |  | Trade receivables
Contract liabilities |  |  |  |
Deferred revenue, current (b) | 20,900 |  |  | 19,012 |  | Deferred revenue
Deferred revenue, non-current (c) | 15,349 |  |  | 11,294 |  | 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 current portion of a carbon capture and storage contract entered into in the first quarter of 2024, partially offset by the satisfaction of post-closing obligations on real estate sales and the timing of renewals of hunting 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 2024. The following table summarizes revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liability balance at the beginning of each year:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Revenue recognized from contract liability balance at the beginning of the year (a) |  |  |  |  | $10,235 |  |  | $11,400 |
(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.
Schedule of 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, 2024 and 2023:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $25,931 |  |  | $1,551 |  |  | $7,754 |  |  |  |  | — |  |  | $1,138 |  |  |  |  | — |  |  | $36,374 |
Sawtimber | 33,740 |  |  | 22,677 |  |  | 34,405 |  |  |  |  | — |  |  | 10,195 |  |  |  |  | — |  |  | 101,017 |
Hardwood | 1,195 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,195 |
Total Timber Sales | 60,866 |  |  | 24,228 |  |  | 42,159 |  |  |  |  | — |  |  | 11,333 |  |  |  |  | — |  |  | 138,586 |
License Revenue, Primarily From Hunting | 5,275 |  |  | 95 |  |  | 51 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,421 |
Land-Based Solutions (a) | 1,710 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,710 |
Other Non-Timber/Carbon Credit Revenue | 2,127 |  |  | 869 |  |  | 3,490 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 6,486 |
Agency Fee Income | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 330 |  |  |  |  | — |  |  | 330 |
Total Non-Timber Sales | 9,112 |  |  | 964 |  |  | 3,541 |  |  |  |  | — |  |  | 330 |  |  |  |  | — |  |  | 13,947 |
Improved Development | — |  |  | — |  |  | — |  |  |  |  | 1,825 |  |  | — |  |  |  |  | — |  |  | 1,825 |
Rural | — |  |  | — |  |  | — |  |  |  |  | 8,728 |  |  | — |  |  |  |  | — |  |  | 8,728 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  |  |  | 610 |  |  | — |  |  |  |  | — |  |  | 610 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  |  |  | 4,112 |  |  | — |  |  |  |  | — |  |  | 4,112 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  |  |  | 15,275 |  |  | — |  |  |  |  | — |  |  | 15,275 |
Revenue from Contracts with Customers | 69,978 |  |  | 25,192 |  |  | 45,700 |  |  |  |  | 15,275 |  |  | 11,663 |  |  |  |  | — |  |  | 167,808 |
Lease Revenue | — |  |  | — |  |  | — |  |  |  |  | 289 |  |  | — |  |  |  |  | — |  |  | 289 |
Intersegment | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 111 |  |  |  |  | (111) |  |  | — |
Total Revenue | $69,978 |  |  | $25,192 |  |  | $45,700 |  |  |  |  | $15,564 |  |  | $11,774 |  |  |  |  | ($111) |  |  | $168,097 |
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $26,783 |  |  | $3,715 |  |  | $6,081 |  |  |  |  | — |  |  | $1,439 |  |  |  |  | — |  |  | $38,018 |
Sawtimber | 34,543 |  |  | 29,781 |  |  | 37,683 |  |  |  |  | — |  |  | 10,667 |  |  |  |  | — |  |  | 112,674 |
Hardwood | 1,120 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,120 |
Total Timber Sales | 62,446 |  |  | 33,496 |  |  | 43,764 |  |  |  |  | — |  |  | 12,106 |  |  |  |  | — |  |  | 151,812 |
License Revenue, Primarily from Hunting | 5,222 |  |  | 136 |  |  | 55 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,413 |
Land-Based Solutions (a) | 835 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 835 |
Other Non-Timber/Carbon Credit Revenue | 3,339 |  |  | 787 |  |  | 286 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,412 |
Agency Fee Income | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 334 |  |  |  |  | — |  |  | 334 |
Total Non-Timber Sales | 9,396 |  |  | 923 |  |  | 341 |  |  |  |  | — |  |  | 334 |  |  |  |  | — |  |  | 10,994 |
Improved Development | — |  |  | — |  |  | — |  |  |  |  | 4,802 |  |  | — |  |  |  |  | — |  |  | 4,802 |
Rural | — |  |  | — |  |  | — |  |  |  |  | 6,499 |  |  | — |  |  |  |  | — |  |  | 6,499 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  |  |  | 1,637 |  |  | — |  |  |  |  | — |  |  | 1,637 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  |  |  | 3,093 |  |  | — |  |  |  |  | — |  |  | 3,093 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  |  |  | 16,031 |  |  | — |  |  |  |  | — |  |  | 16,031 |
Revenue from Contracts with Customers | 71,842 |  |  | 34,419 |  |  | 44,105 |  |  |  |  | 16,031 |  |  | 12,440 |  |  |  |  | — |  |  | 178,837 |
Lease Revenue | — |  |  | — |  |  | — |  |  |  |  | 245 |  |  | — |  |  |  |  | — |  |  | 245 |
Intersegment | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 129 |  |  |  |  | (129) |  |  | — |
Total Revenue | $71,842 |  |  | $34,419 |  |  | $44,105 |  |  |  |  | $16,276 |  |  | $12,569 |  |  |  |  | ($129) |  |  | $179,082 |
(a) Consists of sales from carbon capture and storage (“CCS”), solar and wind energy contracts. (b) 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, 2024 and 2023:
Three Months Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Trading |  |  |  | Total
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $33,530 |  |  | 3 |  |  | — |  |  |  |  | — |  |  |  |  | $33,533 |
Stumpage Lump Sum | — |  |  | 1,981 |  |  | — |  |  |  |  | — |  |  |  |  | 1,981 |
Total Stumpage | 33,530 |  |  | 1,984 |  |  | — |  |  |  |  | — |  |  |  |  | 35,514 |
Delivered Wood (Domestic) | 25,113 |  |  | 19,559 |  |  | 10,828 |  |  |  |  | 758 |  |  |  |  | 56,258 |
Delivered Wood (Export) | 2,223 |  |  | 2,685 |  |  | 31,331 |  |  |  |  | 10,575 |  |  |  |  | 46,814 |
Total Delivered | 27,336 |  |  | 22,244 |  |  | 42,159 |  |  |  |  | 11,333 |  |  |  |  | 103,072 |
Total Timber Sales | $60,866 |  |  | $24,228 |  |  | $42,159 |  |  |  |  | $11,333 |  |  |  |  | $138,586 |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $30,477 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | $30,477 |
Stumpage Lump Sum | 105 |  |  | 624 |  |  | — |  |  |  |  | — |  |  |  |  | 729 |
Total Stumpage | 30,582 |  |  | 624 |  |  | — |  |  |  |  | — |  |  |  |  | 31,206 |
Delivered Wood (Domestic) | 29,413 |  |  | 29,168 |  |  | 11,595 |  |  |  |  | 403 |  |  |  |  | 70,579 |
Delivered Wood (Export) | 2,451 |  |  | 3,704 |  |  | 32,169 |  |  |  |  | 11,703 |  |  |  |  | 50,027 |
Total Delivered | 31,864 |  |  | 32,872 |  |  | 43,764 |  |  |  |  | 12,106 |  |  |  |  | 120,606 |
Total Timber Sales | $62,446 |  |  | $33,496 |  |  | $43,764 |  |  |  |  | $12,106 |  |  |  |  | $151,812 |

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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 -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 + 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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