Revenue Recognition

6 Months Ended

Jun. 30, 2019

Revenue From Contract With Customer [Abstract]

NOTE 5. REVENUE RECOGNITION

The majority of our revenues are derived from the sale of delivered logs, manufactured wood products, residual wood by-products and real estate. We recognize revenue in accordance with FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606). Performance obligations associated with real estate sales are generally satisfied at a point in time when all conditions of closing have been met and title transfers to the buyer. Real estate closings are generally facilitated through an escrow process.

At June 30, 2019 and December 31, 2018, we recorded $8.1 million and $4.3 million, respectively, for contract liabilities recorded as deferred revenue. These contract related liabilities predominately relate to hunting and other access rights on our timberlands and member related activities at the Chenal Country Club. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except membership initiation fees at the Chenal Country Club which typically are recognized up to 10 years. Other contract asset and liability balances, such as prepayments, are immaterial. For real estate sales, we typically receive the entire consideration in cash at closing.

The following table represents our revenues by major product. For additional information regarding our segments, see Note 6: Segment Information.

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2019			2018			2019			2018
Timberlands
Northern region
Sawlogs	$	30,467		$	49,627		$	62,966		$	99,211
Pulpwood		1,148			1,299			3,209			3,079
Stumpage		—			57			106			136
Other		353			252			564			468
		31,968			51,235			66,845			102,894
Southern region
Sawlogs		20,979			25,190			39,416			39,220
Pulpwood		11,282			13,468			23,093			22,438
Stumpage		144			1,062			466			1,453
Other		2,508			1,556			5,219			3,012
		34,913			41,276			68,194			66,123
Total Timberlands revenues		66,881			92,511			135,039			169,017

Wood Products
Lumber		103,054			133,788			193,559			228,781
Residuals and Panels		34,976			59,797			76,777			104,619
Total Wood Products revenues		138,030			193,585			270,336			333,400

Real Estate
Rural real estate		30,315			12,669			34,534			21,502
Development real estate		3,755			1,743			4,428			2,962
Other¹		2,362			2,019			3,634			2,522
Total Real Estate revenues		36,432			16,431			42,596			26,986

Total segment revenues		241,343			302,527			447,971			529,403

Intersegment Timberlands revenues²		(25,762	)		(34,294	)		(50,674	)		(61,273	)
Total consolidated revenues	$	215,581		$	268,233		$	397,297		$	468,130

¹	^{Other Real Estate revenues primarily relate to the Chenal Country Club.}

²	Intersegment revenues represent logs sold by our Timberlands segment to our Wood Products segment.