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Revenue Recognition | 3 Months Ended
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Mar. 31, 2020
Revenue From Contract With Customer [Abstract] |
Revenue Recognition | NOTE 4. REVENUE RECOGNITION The following table represents our revenues by major product. For additional information regarding our segments, see Note 5: Segment Information.
| Three Months Ended March 31, |
(in thousands) | 2020 |  |  | 2019 |
Timberlands |  |  |  |  |  |  |
Northern region |  |  |  |  |  |  |
Sawlogs | $ | 41,407 |  |  | $ | 32,499 |
Pulpwood |  | 1,435 |  |  |  | 2,061 |
Stumpage |  | 316 |  |  |  | 106 |
Other |  | 303 |  |  |  | 211 |
Total Northern revenues |  | 43,461 |  |  |  | 34,877 |
Southern region |  |  |  |  |  |  |
Sawlogs |  | 23,939 |  |  |  | 18,437 |
Pulpwood |  | 11,201 |  |  |  | 11,811 |
Stumpage |  | 829 |  |  |  | 322 |
Other |  | 2,995 |  |  |  | 2,711 |
Total Southern revenues |  | 38,964 |  |  |  | 33,281 |
Total Timberlands revenues |  | 82,425 |  |  |  | 68,158 |
Wood Products |  |  |  |  |  |  |
Lumber |  | 111,939 |  |  |  | 90,505 |
Residuals and Panels |  | 33,061 |  |  |  | 41,801 |
Total Wood Products revenues |  | 145,000 |  |  |  | 132,306 |
Real Estate |  |  |  |  |  |  |
Rural real estate |  | 7,292 |  |  |  | 4,219 |
Development real estate |  | 2,292 |  |  |  | 673 |
Other |  | 1,385 |  |  |  | 1,272 |
Total Real Estate revenues |  | 10,969 |  |  |  | 6,164 |
Total Segment Revenues |  | 238,394 |  |  |  | 206,628 |
Intersegment Timberlands revenues1 |  | (29,514 | ) |  |  | (24,912 | )
Total consolidated revenues | $ | 208,880 |  |  | $ | 181,716 |
1 | Intersegment revenues represent logs sold by our Timberlands segment to our 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 March 31, 2020 and December 31, 2019, we recorded $4.8 million and $5.5 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 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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