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TIMBERLAND ACQUISITIONS
6 Months Ended
Jun. 30, 2022
Business Combination And Asset Acquisition [Abstract]  
TIMBERLAND ACQUISITIONS

NOTE 16: TIMBERLAND ACQUISITIONS

 

On April 14, 2022, we announced an agreement to purchase 81 thousand acres of North and South Carolina timberlands for approximately $265 million. We completed the purchase on May 18, 2022 and recorded $263 million of timberland assets in “Timber and timberlands at cost, less depletion” and $2 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet.

 

On February 25, 2021, we announced an agreement to purchase 69 thousand acres of southwest Alabama timberlands for approximately $149 million. We completed the purchase on April 27, 2021 and recorded $148 million of timberland assets in “Timber and timberlands at cost, less depletion” and $1 million of related assets in “Property and equipment, net” on our Consolidated Balance Sheet. This transaction was structured as a like-kind exchange.