v3.26.1
REVENUE
 6 Months Ended
Jun. 30, 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 June 30, 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 has not transferred, member related activities at an owned country club and certain post-close obligations for real estate sales. Of these performance obligations, $48.5 million is expected to be recognized within the next twelve months, with the remaining $13.2 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 and six months ended June 30, 2026 and 2025 that was included in the contract liability balance at the beginning of each year:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue recognized from contract liability balance at the beginning
of the year (a)		$4,980 $6,759 $13,076 $15,849 
(a)    Revenue recognized during the three and six months ended June 30, 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 and six months ended June 30, 2026 and 2025:
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateElim.Total
June 30, 2026
Pulpwood$30,017 $1,949 — — — $31,966 
Sawtimber48,162 45,922 — — — 94,084 
Hardwood2,173 — — — — 2,173 
Total Timber Sales80,352 47,871 — — — 128,223 
License Revenue, Primarily from Hunting8,887 452 — — — 9,339 
Land-Based Solutions (a)4,059 2 — — — 4,061 
Other Non-Timber Revenue3,623 1,409 — — — 5,032 
Total Non-Timber Sales16,569 1,863 — — — 18,432 
Lumber— — 158,627 — — 158,627 
Plywood/Residual/Other— — 37,533 — — 37,533 
Total Wood Products Sales— — 196,160 — — 196,160 
Improved Development— — — 6,438 — 6,438 
Rural— — — 40,736 — 40,736 
Deferred Revenue/Other (b)— — — 6,127 — 6,127 
Total Real Estate Sales— — — 53,301 — 53,301 
Revenue from Contracts with Customers96,921 49,734 196,160 53,301 — 396,116 
Lease Revenue— — — 363 — 363 
Intersegment (c)10,671 16,254 — — (26,925)— 
Total Revenue$107,592 $65,988 $196,160 $53,664 ($26,925)$396,479 
Three Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateElim.Total
June 30, 2025
Pulpwood$19,436 $1,259 — — — $20,695 
Sawtimber23,404 19,903 — — — 43,307 
Hardwood923 — — — — 923 
Total Timber Sales43,763 21,162 — — — 64,925 
Trading— 1,399 — — — 1,399 
License Revenue, Primarily from Hunting5,331 104 — — — 5,435 
Land-Based Solutions (a)2,780 32 — — — 2,812 
Other Non-Timber Revenue1,450 1,085 — — — 2,535 
Total Non-Timber Sales9,561 2,620 — — — 12,181 
Improved Development— — — 8,484 — 8,484 
Unimproved Development— — — 3,000 — 3,000 
Rural— — — 15,729 — 15,729 
Deferred Revenue/Other (b)— — — 1,875 — 1,875 
Total Real Estate Sales— — — 29,088 — 29,088 
Revenue from Contracts with Customers53,324 23,782 — 29,088 — 106,194 
Lease Revenue— — — 344 — 344 
Total Revenue$53,324 $23,782 — $29,432 — $106,538 
(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.
Six Months EndedSouthern Timber Northwest TimberWood ProductsReal EstateElim.Total
June 30, 2026
Pulpwood$53,236 $3,704 — — — $56,940 
Sawtimber90,550 70,261 — — — 160,811 
Hardwood3,795 — — — — 3,795 
Total Timber Sales147,581 73,965 — — — 221,546 
License Revenue, Primarily from Hunting16,522 727 — — — 17,249 
Land-Based Solutions (a)7,653 3 — — — 7,656 
Other Non-Timber Revenue6,217 2,507 — — — 8,724 
Total Non-Timber Sales30,392 3,237 — — — 33,629 
Lumber— — 245,825 — — 245,825 
Plywood/Residual/Other— — 58,819 — — 58,819 
Total Wood Products Sales— — 304,644 — — 304,644 
Improved Development— — — 13,027 — 13,027 
Rural — — — 90,167 — 90,167 
Deferred Revenue/Other (b)— — — 9,626 — 9,626 
Total Real Estate Sales— — — 112,820 — 112,820 
Revenue from Contracts with Customers177,973 77,202 304,644 112,820 — 672,639 
Lease Revenue— — — 627 — 627 
Intersegment (c)18,312 20,853 — — (39,165)— 
Total Revenue$196,285 $98,055 $304,644 $113,447 ($39,165)$673,266 
Six Months EndedSouthern TimberNorthwest TimberWood ProductsReal EstateElim.Total
June 30, 2025
Pulpwood$39,234 $2,524 — — — $41,758 
Sawtimber43,970 39,009 — — — 82,979 
Hardwood2,451 — — — — 2,451 
Total Timber Sales85,655 41,533 — — — 127,188 
Trading— 1,805 — — — 1,805 
License Revenue, Primarily from Hunting10,566 195 — — — 10,761 
Land-Based Solutions (a)5,535 61 — — — 5,596 
Other Non-Timber Revenue2,512 1,998 — — — 4,510 
Total Non-Timber Sales18,613 4,059 — — — 22,672 
Improved Development— — — 11,778 — 11,778 
Unimproved Development— — — 3,000 — 3,000 
Rural— — — 21,003 — 21,003 
Deferred Revenue/Other (b)— — — 3,165 — 3,165 
Total Real Estate Sales— — — 38,946 — 38,946 
Revenue from Contracts with Customers104,268 45,592 — 38,946 — 188,806 
Lease Revenue— — — 653 — 653 
Total Revenue$104,268 $45,592 — $39,599 — $189,459 
(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 tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSouthern TimberNorthwest TimberTotal
June 30, 2026
Stumpage Pay-as-Cut $23,860 — $23,860 
Stumpage Lump Sum873 1,598 2,471 
Total Stumpage24,733 1,598 26,331 
Delivered Wood (Domestic)55,619 46,273 101,892 
Total Delivered55,619 46,273 101,892 
Total Timber Sales$80,352 $47,871 $128,223 
June 30, 2025
Stumpage Pay-as-Cut $19,132 — $19,132 
Stumpage Lump Sum— 561 561 
Total Stumpage19,132 561 19,693 
Delivered Wood (Domestic)24,631 20,601 45,232 
Total Delivered24,631 20,601 45,232 
Total Timber Sales$43,763 $21,162 $64,925 
Six Months EndedSouthern TimberNorthwest TimberTotal
June 30, 2026
Stumpage Pay-as-Cut $46,672 — $46,672 
Stumpage Lump Sum2,689 2,286 4,975 
Total Stumpage49,361 2,286 51,647 
Delivered Wood (Domestic)98,220 71,679 169,899 
Total Delivered98,220 71,679 169,899 
Total Timber Sales$147,581 $73,965 $221,546 
June 30, 2025
Stumpage Pay-as-Cut $37,113 — $37,113 
Stumpage Lump Sum
426 1,711 2,137 
Total Stumpage37,539 1,711 39,250 
Delivered Wood (Domestic)
48,116 39,779 87,895 
Delivered Wood (Export)
— 43 43 
Total Delivered48,116 39,822 87,938 
Total Timber Sales
$85,655 $41,533 $127,188