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Revenue Recognition
 6 Months Ended
Jun. 30, 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 June 30,

 

 

 

 

Six Months Ended June 30,

 

(in thousands)

2020

 

 

2019

 

 

 

 

2020

 

 

 

 

2019

 

Timberlands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sawlogs

$

30,638

 

 

$

30,467

 

 

 

 

$

72,045

 

 

 

 

$

62,966

 

Pulpwood

 

1,236

 

 

 

1,148

 

 

 

 

 

2,671

 

 

 

 

 

3,209

 

Stumpage

 

-

 

 

 

-

 

 

 

 

 

316

 

 

 

 

 

106

 

Other

 

292

 

 

 

353

 

 

 

 

 

595

 

 

 

 

 

564

 

Total Northern revenues

 

32,166

 

 

 

31,968

 

 

 

 

 

75,627

 

 

 

 

 

66,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sawlogs

 

21,205

 

 

 

20,979

 

 

 

 

 

45,144

 

 

 

 

 

39,416

 

Pulpwood

 

10,872

 

 

 

11,282

 

 

 

 

 

22,073

 

 

 

 

 

23,093

 

Stumpage

 

817

 

 

 

144

 

 

 

 

 

1,646

 

 

 

 

 

466

 

Other

 

2,285

 

 

 

2,508

 

 

 

 

 

5,280

 

 

 

 

 

5,219

 

Total Southern revenues

 

35,179

 

 

 

34,913

 

 

 

 

 

74,143

 

 

 

 

 

68,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Timberlands revenues

 

67,345

 

 

 

66,881

 

 

 

 

 

149,770

 

 

 

 

 

135,039

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lumber

 

102,793

 

 

 

103,054

 

 

 

 

 

214,732

 

 

 

 

 

193,559

 

Residuals and Panels

 

23,423

 

 

 

34,976

 

 

 

 

 

56,484

 

 

 

 

 

76,777

 

Total Wood Products revenues

 

126,216

 

 

 

138,030

 

 

 

 

 

271,216

 

 

 

 

 

270,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rural real estate

 

9,879

 

 

 

30,315

 

 

 

 

 

17,171

 

 

 

 

 

34,534

 

Development real estate

 

1,672

 

 

 

3,755

 

 

 

 

 

3,964

 

 

 

 

 

4,428

 

Other

 

1,554

 

 

 

2,362

 

 

 

 

 

2,939

 

 

 

 

 

3,634

 

Total Real Estate revenues

 

13,105

 

 

 

36,432

 

 

 

 

 

24,074

 

 

 

 

 

42,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment revenues

 

206,666

 

 

 

241,343

 

 

 

 

 

445,060

 

 

 

 

 

447,971

 

Intersegment Timberlands revenues1

 

(25,111

)

 

 

(25,762

)

 

 

 

 

(54,625

)

 

 

 

 

(50,674

)

Total consolidated revenues

$

181,555

 

 

$

215,581

 

 

 

 

$

390,435

 

 

 

 

$

397,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30, 2020 and December 31, 2019, we recorded deferred revenue of $10.4 million and $5.5 million, respectively, for contract liabilities. 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.