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REVENUE | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023:
Year | 2024 |  | 2023 | Balance Sheet Location
Contract assets |  |  |  |
Trade receivables, net (a) | $26,969 |  |  | $28,652 |  | Trade receivables
Contract liabilities |  |  |  |
Deferred revenue, current (b) | 20,902 |  |  | 19,012 |  | Deferred revenue
Deferred revenue, non-current (c) | 10,697 |  |  | 11,294 |  | Long-term deferred revenue
(a)The decrease in trade receivables was primarily driven by timing of sales in our timber segments. (b)The increase in deferred revenue, current is primarily driven by the current portion of carbon capture and storage contracts entered into during 2024, partially offset by the satisfaction of post-closing obligations on real estate sales and the timing of advance payments on non-timber and stumpage contracts. (c)The decrease in deferred revenue, non-current is primarily driven by a decrease in the non-current portion of carbon capture and storage contracts. The following table summarizes revenue recognized during the years ended December 31, 2024 and 2023 that was included in the contract liability balance at the beginning of each year:
| Year Ended December 31,
| 2024 |  | 2023
Revenue recognized from contract liability balance at the beginning of the year (a) | $26,534 |  |  | $21,187 |
(a)Revenue recognized was primarily from hunting licenses, carbon capture and storage (“CCS”), the use of advances on pay-as-cut timber sales, and the satisfaction of post closing obligations on net real estate sales. The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2024, 2023 and 2022:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pulpwood | $94,820 |  |  | $5,473 |  |  | $34,110 |  |  |  |  | — |  |  | $2,459 |  |  |  |  | — |  |  | $136,862 |
Sawtimber | 99,636 |  |  | 89,726 |  |  | 181,232 |  |  |  |  | — |  |  | 25,667 |  |  |  |  | — |  |  | 396,261 |
Hardwood | 4,967 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 4,967 |
Total Timber Sales | 199,423 |  |  | 95,199 |  |  | 215,342 |  |  |  |  | — |  |  | 28,126 |  |  |  |  | — |  |  | 538,090 |
License Revenue, primarily from Hunting | 21,164 |  |  | 942 |  |  | 320 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 22,426 |
Land Based Solutions (a) | 14,518 |  |  | 50 |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 14,568 |
Other Non-Timber/Carbon Credit Revenue | 15,314 |  |  | 4,595 |  |  | 22,962 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 42,871 |
Agency Fee Income | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,273 |  |  |  |  | — |  |  | 1,273 |
Total Non-Timber Sales | 50,996 |  |  | 5,587 |  |  | 23,282 |  |  |  |  | — |  |  | 1,273 |  |  |  |  | — |  |  | 81,138 |
Improved Development | — |  |  | — |  |  | — |  |  |  |  | 30,754 |  |  | — |  |  |  |  | — |  |  | 30,754 |
Unimproved Development | — |  |  | — |  |  | — |  |  |  |  | 12,400 |  |  | — |  |  |  |  | — |  |  | 12,400 |
Rural | — |  |  | — |  |  | — |  |  |  |  | 72,913 |  |  | — |  |  |  |  | — |  |  | 72,913 |
Timberland & Non-Strategic | — |  |  | — |  |  | — |  |  |  |  | 16,111 |  |  | — |  |  |  |  | — |  |  | 16,111 |
Conservation Easements | — |  |  | — |  |  | — |  |  |  |  | 1,101 |  |  | — |  |  |  |  | — |  |  | 1,101 |
Deferred Revenue/Other (b) | — |  |  | — |  |  | — |  |  |  |  | 14,001 |  |  | — |  |  |  |  | — |  |  | 14,001 |
Large Dispositions | — |  |  | — |  |  | — |  |  |  |  | 495,000 |  |  | — |  |  |  |  | — |  |  | 495,000 |
Total Real Estate Sales | — |  |  | — |  |  | — |  |  |  |  | 642,280 |  |  | — |  |  |  |  | — |  |  | 642,280 |
Revenue from Contracts with Customers | 250,419 |  |  | 100,786 |  |  | 238,624 |  |  |  |  | 642,280 |  |  | 29,399 |  |  |  |  | — |  |  | 1,261,508 |
Lease Revenue | — |  |  | — |  |  | — |  |  |  |  | 1,489 |  |  | — |  |  |  |  | — |  |  | 1,489 |
Intersegment | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 232 |  |  |  |  | (232) |  |  | — |
Total Revenue | $250,419 |  |  | $100,786 |  |  | $238,624 |  |  |  |  | $643,769 |  |  | $29,631 |  |  |  |  | ($232) |  |  | $1,262,997 |
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 | 23,130 |  |  | 1,344 |  |  | 279 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 24,753 |
Land Based Solutions (a) | 3,989 |  |  | 1,355 |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 5,344 |
Other Non-Timber/Carbon Credit Revenue | 10,383 |  |  | 3,590 |  |  | 24,087 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 38,060 |
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 (b) | — |  |  | — |  |  | — |  |  |  |  | 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 |
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Real Estate |  | Trading |  |  |  | Elim. |  | Total
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 | 21,135 |  |  | 1,069 |  |  | 341 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 22,545 |
Land Based Solutions (a) | 1,067 |  |  | 7 |  |  | — |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 1,074 |
Other Non-Timber/Carbon Credit Revenue | 5,387 |  |  | 4,526 |  |  | 20,626 |  |  |  |  | — |  |  | — |  |  |  |  | — |  |  | 30,539 |
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 (b) | — |  |  | — |  |  | — |  |  |  |  | (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 |
(a) Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts and conservation easements for habitat protection. (b) Includes deferred revenue adjustments, builder price participation and marketing fees related to Improved Development sales. The following table presents our timber sales disaggregated by contract type for the years ended December 31, 2024, 2023 and 2022:
Year Ended | Southern Timber |  | Pacific Northwest Timber |  | New Zealand Timber |  |  |  | Trading |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Stumpage Pay-as-Cut | $97,369 |  |  | $8 |  |  | — |  |  |  |  | — |  |  | $97,377 |
Stumpage Lump Sum | 827 |  |  | 8,228 |  |  | — |  |  |  |  | — |  |  | 9,055 |
Total Stumpage | 98,196 |  |  | 8,236 |  |  | — |  |  |  |  | — |  |  | 106,432 |
Delivered Wood (Domestic) | 96,492 |  |  | 83,041 |  |  | 52,252 |  |  |  |  | 2,094 |  |  | 233,879 |
Delivered Wood (Export) | 4,735 |  |  | 3,922 |  |  | 163,090 |  |  |  |  | 26,032 |  |  | 197,779 |
Total Delivered | 101,227 |  |  | 86,963 |  |  | 215,342 |  |  |  |  | 28,126 |  |  | 431,658 |
Total Timber Sales | $199,423 |  |  | $95,199 |  |  | $215,342 |  |  |  |  | $28,126 |  |  | $538,090 |
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 |
SIGNIFICANT CUSTOMERS For the year ended December 31, 2024, we closed on four Large Disposition transactions for a total of $495.0 million, representing approximately 39% of consolidated sales. Individually, each large disposition represents 10% or more of consolidated sales. For the year ended December 31, 2023, we closed on a 55,000-acre Large Disposition to Manulife Investment Management on behalf of clients for $242.2 million, representing approximately 23% of consolidated sales. For the year ended December 31, 2022, no individual customer (or group of customers under common control) represented 10% or more of consolidated sales.

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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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