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REVENUE (Tables) | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Contracts with Customers | 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.
Schedule of Disaggregation of Revenue by Product | 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 |

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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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