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Revenue Recognition | 9 Months Ended
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Sep. 30, 2019
Revenue From Contract With Customer [Abstract] |
Revenue Recognition | 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 September 30, 2019 and December 31, 2018, we recorded $7.2 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 September 30, |  |  | Nine Months Ended September 30, |
(in thousands) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Timberlands |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sawlogs | $ | 53,152 |  |  | $ | 69,658 |  |  | $ | 116,118 |  |  | $ | 168,869 |
Pulpwood |  | 1,489 |  |  |  | 1,575 |  |  |  | 4,698 |  |  |  | 4,654 |
Stumpage |  | 3 |  |  |  | 39 |  |  |  | 109 |  |  |  | 175 |
Other |  | 1,085 |  |  |  | 765 |  |  |  | 1,649 |  |  |  | 1,233 |
|  | 55,729 |  |  |  | 72,037 |  |  |  | 122,574 |  |  |  | 174,931 |
Southern region |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | 24,053 |  |  |  | 21,974 |  |  |  | 63,469 |  |  |  | 61,194 |
Pulpwood |  | 15,754 |  |  |  | 13,700 |  |  |  | 38,847 |  |  |  | 36,138 |
Stumpage |  | 767 |  |  |  | 653 |  |  |  | 1,233 |  |  |  | 2,106 |
Other |  | 2,506 |  |  |  | 3,057 |  |  |  | 7,725 |  |  |  | 6,069 |
|  | 43,080 |  |  |  | 39,384 |  |  |  | 111,274 |  |  |  | 105,507 |
Total Timberlands revenues |  | 98,809 |  |  |  | 111,421 |  |  |  | 233,848 |  |  |  | 280,438 |
Wood Products |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lumber |  | 108,364 |  |  |  | 138,281 |  |  |  | 301,923 |  |  |  | 367,062 |
Residuals and Panels |  | 35,279 |  |  |  | 60,744 |  |  |  | 112,056 |  |  |  | 165,363 |
Total Wood Products revenues |  | 143,643 |  |  |  | 199,025 |  |  |  | 413,979 |  |  |  | 532,425 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  | 9,689 |  |  |  | 8,238 |  |  |  | 44,223 |  |  |  | 29,740 |
Development real estate |  | 7,674 |  |  |  | 1,287 |  |  |  | 12,102 |  |  |  | 4,249 |
Other1 |  | 1,500 |  |  |  | 1,708 |  |  |  | 5,134 |  |  |  | 4,230 |
Total Real Estate revenues |  | 18,863 |  |  |  | 11,233 |  |  |  | 61,459 |  |  |  | 38,219 |
Total Segment Revenues |  | 261,315 |  |  |  | 321,679 |  |  |  | 709,286 |  |  |  | 851,082 |
Intersegment Timberlands revenues2 |  | (35,013 | ) |  |  | (32,480 | ) |  |  | (85,687 | ) |  |  | (93,753 | )
Total consolidated revenues | $ | 226,302 |  |  | $ | 289,199 |  |  | $ | 623,599 |  |  | $ | 757,329 |
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.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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