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Revenue Recognition | 12 Months Ended
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Dec. 31, 2019
Revenue From Contract With Customer [Abstract] |
Revenue Recognition | NOTE 4. REVENUE RECOGNITION The following table represents our revenues by major product. We adopted ASC 606, Revenue from Contracts with Customers, on January 1, 2018 using the cumulative effect method. Year ended December 31, 2017 is provided for comparison purposes and was accounted for in accordance with ASC 605, Revenue Recognition. For additional information regarding our revenue recognition policy, see Note 1: Summary of Significant Accounting Policies. For additional information regarding our segments, see Note 5: Segment Information.
|  | Year Ended December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Timberlands |  |  |  |  |  |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  | $ | 161,570 |  |  | $ | 205,977 |  |  | $ | 190,693 |
Pulpwood |  |  | 5,767 |  |  |  | 5,996 |  |  |  | 5,634 |
Stumpage |  |  | 109 |  |  |  | 176 |  |  |  | 153 |
Other |  |  | 1,970 |  |  |  | 1,801 |  |  |  | 1,387 |
Total Northern revenues |  |  | 169,416 |  |  |  | 213,950 |  |  |  | 197,867 |
Southern region |  |  |  |  |  |  |  |  |  |  |  |
Sawlogs |  |  | 88,048 |  |  |  | 81,460 |  |  |  | 40,993 |
Pulpwood |  |  | 53,315 |  |  |  | 48,585 |  |  |  | 34,907 |
Stumpage |  |  | 1,666 |  |  |  | 2,434 |  |  |  | 557 |
Other |  |  | 10,248 |  |  |  | 8,521 |  |  |  | 3,875 |
Total Southern revenues |  |  | 153,277 |  |  |  | 141,000 |  |  |  | 80,332 |
Total Timberlands revenues |  |  | 322,693 |  |  |  | 354,950 |  |  |  | 278,199 |
Wood Products |  |  |  |  |  |  |  |  |  |  |  |
Lumber |  |  | 396,648 |  |  |  | 464,180 |  |  |  | 313,083 |
Residuals and Panels |  |  | 143,760 |  |  |  | 216,751 |  |  |  | 128,074 |
Total Wood Products revenues |  |  | 540,408 |  |  |  | 680,931 |  |  |  | 441,157 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Rural real estate |  |  | 49,675 |  |  |  | 36,024 |  |  |  | 30,655 |
Development real estate |  |  | 22,363 |  |  |  | 12,852 |  |  |  | — |
Other1 |  |  | 6,834 |  |  |  | 5,690 |  |  |  | — |
Total Real Estate revenues |  |  | 78,872 |  |  |  | 54,566 |  |  |  | 30,655 |
Total segment revenues |  |  | 941,973 |  |  |  | 1,090,447 |  |  |  | 750,011 |
Intersegment Timberlands revenues2 |  |  | (114,875 | ) |  |  | (115,868 | ) |  |  | (71,416 | )
Total consolidated revenues |  | $ | 827,098 |  |  | $ | 974,579 |  |  | $ | 678,595 |
1 | Other Real Estate revenues primarily relate to the Chenal Country Club.
2 | Intersegment revenues represent logs sold by our Timberlands segment to the Wood Products segment.
Contract Balances In general, a customer receivable is recorded as we deliver wood products, logs and residuals. We generally receive payment shortly after products have been received by our customers. At December 31, 2019 and 2018, we recorded $5.5 million and $4.3 million, respectively, for contract liabilities recorded as deferred revenue. These contract 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.

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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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