REVENUE

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

PERFORMANCE OBLIGATIONS

The Company recognizes revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). The Company generally satisfies performance obligations within a year of entering into a contract and therefore has applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of March 31, 2019 are primarily due to advances on stumpage contracts and unearned license revenue.These performance obligations are expected to be satisfied within the next twelve months. The Company generally collects payment within a year of satisfying performance obligations and therefore has elected not to adjust revenues for a financing component.

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 three months ended March 31, 2019 and 2018 that was included in the contract liability balance at the beginning of each year:



	Three Months Ended March 31,
	2019		2018
Revenue recognized from contract liability balance at the beginning of the year (a)		$5,356		$6,372


(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 three months ended March 31, 2019 and 2018:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
March 31, 2019
Pulpwood		$26,799		$2,820		$8,767	—			$4,326	—				$42,712
Sawtimber	23,152		17,277		45,863		—		27,512		—			113,804
Hardwood	1,086		—		—		—		—		—			1,086
Total Timber Sales	51,037		20,097		54,630		—		31,838		—			157,602
License Revenue, Primarily From Hunting	4,026		4		53		—		—		—			4,083
Other Non-Timber/Carbon Revenue	5,783		434		2,447		—		—		—			8,664
Agency Fee Income	—		—		—		—		198		—			198
Total Non-Timber Sales	9,809		438		2,500		—		198		—			12,945
Improved Development	—		—		—		341		—		—			341
Unimproved Development	—		—		—		1,000		—		—			1,000
Rural	—		—		—		12,665		—		—			12,665
Non-strategic / Timberlands	—		—		—		6,934		—		—			6,934
Other	—		—		—		59		—		—			59
Total Real Estate Sales	—		—		—		20,999		—		—			20,999

Revenue from Contracts with Customers	60,846		20,535		57,130		20,999		32,036		—			191,546
Intersegment	—		—		—		—		29		(29		)	—
Total Revenue		$60,846		$20,535		$57,130		$20,999		$32,065		($29	)		$191,546

March 31, 2018
Pulpwood		$21,606		$3,419		$5,844	—			$4,257	—				$35,126
Sawtimber	15,937		27,068		44,745		—		34,826		—			122,576
Hardwood	597		—		—		—		—		—			597
Total Timber Sales	38,140		30,487		50,589		—		39,083		—			158,299
License Revenue, Primarily from Hunting	4,084		25		52		—		—		—			4,161
Other Non-Timber/Carbon Revenue	1,364		862		2,323		—		—		—			4,549
Agency Fee Income	—		—		—		—		123		—			123
Total Non-Timber Sales	5,448		887		2,375		—		123		—			8,833
Improved Development	—		—		—		1,121		—		—			1,121
Unimproved Development	—		—		—		7,446		—		—			7,446
Rural	—		—		—		1,652		—		—			1,652
Non-strategic / Timberlands	—		—		—		25,845		—		—			25,845
Total Real Estate Sales	—		—		—		36,064		—		—			36,064

Revenue from Contracts with Customers	43,588		31,374		52,964		36,064		39,206		—			203,196
Intersegment	—		—		—		—		6		(6		)	—
Total Revenue		$43,588		$31,374		$52,964		$36,064		$39,212		($6	)		$203,196

The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2019 and 2018:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
March 31, 2019
Stumpage Pay-as-Cut		$28,008	—		—		—			$28,008
Stumpage Lump Sum	2,095		—		—		—		2,095
Total Stumpage	30,103		—		—		—		30,103

Delivered Wood (Domestic)	19,338		20,097		20,700		2,124		62,259
Delivered Wood (Export)	1,596		—		33,930		29,714		65,240
Total Delivered	20,934		20,097		54,630		31,838		127,499

Total Timber Sales		$51,037		$20,097		$54,630		$31,838		$157,602

March 31, 2018
Stumpage Pay-as-Cut		$22,511	—		—		—			$22,511
Stumpage Lump Sum	1,818		5,106		—		—		6,924
Total Stumpage	24,329		5,106		—		—		29,435

Delivered Wood (Domestic)	13,377		25,381		20,103		937		59,798
Delivered Wood (Export)	434		—		30,486		38,146		69,066
Total Delivered	13,811		25,381		50,589		39,083		128,864

Total Timber Sales		$38,140		$30,487		$50,589		$39,083		$158,299