Revenue

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

REVENUE

ADOPTION OF ASC 606

For information on the adoption of ASC 606, including changes to significant accounting policies and required transition disclosures, see Note 1 — Summary of Significant Accounting Policies.

Contract Balances

The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when the Company has an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.

The following table summarizes revenue recognized during the years ended December 31, 2018 and 2017 that was included in the contract liability balance at the beginning of each year:



	Year Ended December 31,
	2018		2017
Revenue recognized from contract liability balance at the beginning of the year (a)		$9,004		$8,701


(a)	Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.

The following tables present our revenue from contracts with customers disaggregated by product type for the years ended December 31, 2018, 2017 and 2016:



Year Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
December 31, 2018
Pulpwood		$80,134		$14,305		$28,737	—			$13,771	—				$136,947
Sawtimber	60,295		92,166		213,206		—		134,299		—			499,966
Hardwood	3,433		—		—		—		—		—			3,433
Total Timber Sales	143,863		106,471		241,943		—		148,070		—			640,347
License Revenue, Primarily From Hunting	16,285		709		401		—		—		—			17,395
Other Non-Timber/Carbon Revenue	9,030		2,375		6,670		—		—		—			18,075
Agency Fee Income	—		—		—		—		652		—			652
Total Non-Timber Sales	25,315		3,084		7,071		—		652		—			36,122
Improved Development	—		—		—		8,393		—		—			8,393
Unimproved Development	—		—		—		8,621		—		—			8,621
Rural	—		—		—		22,689		—		—			22,689
Non-strategic / Timberlands	—		—		—		98,872		—		—			98,872
Total Real Estate Sales	—		—		—		138,575		—		—			138,575

Revenue from Contracts with Customers	169,178		109,555		249,014		138,575		148,722		—			815,044
Other Non-Timber Sales, Primarily Lease	817		277		—		—		—		—			1,094
Intersegment	—		—		—		—		92		(92		)	—
Total Revenue		$169,995		$109,832		$249,014		$138,575		$148,814		($92	)		$816,138

December 31, 2017
Pulpwood		$67,836		$11,242		$24,934	—			$13,352	—				$117,364
Sawtimber	50,891		77,477		197,521		—		137,854		—			463,743
Hardwood	3,912		—		—		—		—		—			3,912
Total Timber Sales	122,639		88,719		222,455		—		151,206		—			585,019
License Revenue, Primarily from Hunting	16,004		646		227		—		—		—			16,877
Other Non-Timber Revenue	5,061		2,243		617		—		—		—			7,921
Agency Fee Income	—		—		—		—		1,378		—			1,378
Total Non-Timber Sales	21,065		2,889		844		—		1,378		—			26,176
Improved Development	—		—		—		6,348		—		—			6,348
Unimproved Development	—		—		—		16,405		—		—			16,405
Rural	—		—		—		18,632		—		—			18,632
Non-strategic / Timberlands	—		—		—		70,590		—		—			70,590
Large Dispositions	—		—		—		95,351		—		—			95,351
Total Real Estate Sales	—		—		—		207,326		—		—			207,326

Revenue from Contracts with Customers	143,704		91,608		223,299		207,326		152,584		—			818,521
Other Non-Timber Sales, Primarily Lease	806		269		—		—		—		—			1,075
Total Revenue		$144,510		$91,877		$223,299		$207,326		$152,584	—				$819,596

December 31, 2016
Pulpwood		$80,248		$13,202		$18,993	—			$8,793	—				$121,236
Sawtimber	46,600		61,985		151,747		—		99,520		—			359,852
Hardwood	6,052		—		—		—		—		—			6,052
Total Timber Sales	132,854		75,187		170,740		—		108,313		—			487,094
License Revenue, Primarily from Hunting	14,313		503		279		—		—		—			15,095
Other Non-Timber Revenue	3,267		1,832		5,022		—		—		—			10,121
Agency Fee Income	—		—		—		—		1,369		—			1,369
Total Non-Timber Sales	17,580		2,335		5,301		—		1,369		—			26,585
Improved Development	—		—		—		1,740		—		—			1,740
Unimproved Development	—		—		—		5,540		—		—			5,540
Rural	—		—		—		18,672		—		—			18,672
Non-strategic / Timberlands	—		—		—		67,981		—		—			67,981
Large Dispositions	—		—		—		207,265		—		—			207,265
Total Real Estate Sales	—		—		—		301,198		—		—			301,198

Revenue from Contracts with Customers	150,434		77,522		176,041		301,198		109,682		—			814,877
Other Non-Timber Sales, Primarily Lease	758		280		—		—		—		—			1,038
Total Revenue		$151,192		$77,802		$176,041		$301,198		$109,682	—				$815,915

The following tables present our timber sales disaggregated by contract type for the years ended December 31, 2018, 2017 and 2016:



Year Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
December 31, 2018
Stumpage Pay-as-Cut		$72,385	—		—		—			$72,385
Stumpage Lump Sum	4,988		11,854		—		—		16,842
Stumpage Agreed Volume	—		—		—		—		—
Total Stumpage	77,373		11,854		—		—		89,227

Delivered Wood (Domestic)	60,931		94,617		90,631		6,141		252,320
Delivered Wood (Export)	5,559		—		151,312		141,929		298,800
Total Delivered	66,490		94,617		241,943		148,070		551,120

Total Timber Sales		$143,863		$106,471		$241,943		$148,070		$640,347

December 31, 2017
Stumpage Pay-as-Cut		$71,120	—		—		—			$71,120
Stumpage Lump Sum	9,093		10,628		—		—		19,721
Stumpage Agreed Volume	—		1,234		—		—		1,234
Total Stumpage	80,213		11,862		—		—		92,075

Delivered Wood (Domestic)	42,426		76,857		84,221		6,044		209,548
Delivered Wood (Export)	—		—		138,234		145,162		283,396
Total Delivered	42,426		76,857		222,455		151,206		492,944

Total Timber Sales		$122,639		$88,719		$222,455		$151,206		$585,019

December 31, 2016
Stumpage Pay-as-Cut		$73,673	—		—		—			$73,673
Stumpage Lump Sum	4,341		2,121		767		—		7,229
Stumpage Agreed Volume	—		2,492		—		—		2,492
Total Stumpage	78,014		4,613		767		—		83,394

Delivered Wood (Domestic)	54,840		70,574		71,294		3,757		200,465
Delivered Wood (Export)	—		—		98,679		104,556		203,235
Total Delivered	54,840		70,574		169,973		108,313		403,700

Total Timber Sales		$132,854		$75,187		$170,740		$108,313		$487,094