v3.26.1
REVENUE
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
PERFORMANCE OBLIGATIONS
We recognize revenue when control of promised goods or services (“performance obligations”) is transferred to customers in an amount that reflects the consideration we expect to receive in exchange for those goods or services (“transaction price”).
Unsatisfied performance obligations as of March 31, 2026 primarily consist of advances on stumpage contracts, unearned license revenue, unearned carbon capture and storage revenue, hunting and other access rights on our timberlands, payments received for shipments where control of goods have not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. Of these performance obligations, $26.3 million is expected to be recognized within the next twelve months, with the remaining $14.2 million expected to be recognized thereafter as we satisfy our performance obligations. We generally collect payment within one year of satisfying a performance obligation; therefore, we have elected the practical expedient not to adjust revenue for a financing component.
CONTRACT BALANCES
The timing of revenue recognition, invoicing and cash collections results in trade receivables and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Trade receivables are recorded when we have an unconditional right to consideration for completed performance under a contract. Contract liabilities relate to payments received in advance of performance under a contract and are recognized as revenue as, or when, we perform under a contract.
The following table summarizes revenue recognized during the three months ended March 31, 2026 and 2025 that was included in the contract liability balance at the beginning of each year:
 Three Months Ended March 31,
20262025
Revenue recognized from contract liability balance at the beginning of the year (a)$8,096 $9,089 
(a)    Revenue recognized during the three months ended March 31, 2026, from contract liabilities at the beginning of the year excludes amounts related to PotlatchDeltic Corporation, as the merger was completed on January 30, 2026, and PotlatchDeltic’s contract liabilities were not included in our contract liability balance as of December 31, 2025.
The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2026 and 2025:
Three Months EndedSouthern Timber Northwest TimberWood ProductsReal EstateElim.Total
March 31, 2026
Pulpwood$23,219 $1,755 — — — $24,974 
Sawtimber42,388 24,340 — — — 66,728 
Hardwood1,621 — — — — 1,621 
Total Timber Sales67,228 26,095 — — — 93,323 
License Revenue, Primarily from Hunting7,637 274 — — — 7,911 
Land-Based Solutions (a)3,593 2 — — — 3,595 
Other Non-Timber Revenue2,594 1,098 — — — 3,692 
Total Non-Timber Sales13,824 1,374 — — — 15,198 
Lumber— — 87,197 — — 87,197 
Plywood/Residual/Other— — 21,286 — — 21,286 
Total Wood Products Sales— — 108,483 — — 108,483 
Improved Development— — — 6,588 — 6,588 
Rural — — — 49,431 — 49,431 
Deferred Revenue/Other (b)— — — 3,499 — 3,499 
Total Real Estate Sales— — — 59,518 — 59,518 
Revenue from Contracts with Customers81,052 27,469 108,483 59,518 — 276,522 
Lease Revenue— — — 265 — 265 
Intersegment (c)7,641 4,599 — — (12,240)— 
Total Revenue$88,693 $32,068 $108,483 $59,783 ($12,240)$276,787 
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateElim.Total
March 31, 2025
Pulpwood$19,798 $1,265 — — — $21,063 
Sawtimber20,565 19,106 — — — 39,671 
Hardwood1,529 — — — — 1,529 
Total Timber Sales41,892 20,371 — — — 62,263 
Trading— 407 — — — 407 
License Revenue, Primarily from Hunting5,235 91 — — — 5,326 
Land-Based Solutions (a)2,755 30 — — — 2,785 
Other Non-Timber Revenue1,062 912 — — — 1,974 
Total Non-Timber Sales9,052 1,440 — — — 10,492 
Improved Development— — — 3,294 — 3,294 
Rural— — — 5,274 — 5,274 
Deferred Revenue/Other (b)— — — 1,290 — 1,290 
Total Real Estate Sales— — — 9,858 — 9,858 
Revenue from Contracts with Customers50,944 21,811 — 9,858 — 82,613 
Lease Revenue— — — 309 — 309 
Total Revenue$50,944 $21,811 — $10,167 — $82,922 
(a)    Consists primarily of sales from carbon capture and storage (“CCS”) and solar energy contracts.
(b)    Includes deferred revenue adjustments, builder price participation and other fees related to Improved Development sales, as well as revenue from our country club operations.    
(c)    Intersegment revenues represent logs sold from the Timber segments to Wood Products.
The following table presents our timber sales disaggregated by contract type for the three months ended March 31, 2026 and 2025:
Three Months EndedSouthern TimberNorthwest TimberTotal
March 31, 2026
Stumpage Pay-as-Cut $22,812 — $22,812 
Stumpage Lump Sum1,815 689 2,504 
Total Stumpage24,627 689 25,316 
Delivered Wood (Domestic)42,601 25,406 68,007 
Total Delivered42,601 25,406 68,007 
Total Timber Sales$67,228 $26,095 $93,323 
March 31, 2025
Stumpage Pay-as-Cut $17,982 — $17,982 
Stumpage Lump Sum
426 1,150 1,576 
Total Stumpage18,408 1,150 19,558 
Delivered Wood (Domestic)
23,484 19,178 42,662 
Delivered Wood (Export)
— 43 43 
Total Delivered23,484 19,221 42,705 
Total Timber Sales
$41,892 $20,371 $62,263