Certain Balance Sheet Components

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

NOTE 4. CERTAIN BALANCE SHEET COMPONENTS

Inventories


(in thousands)	March 31, 2022			December 31, 2021
Logs	$	32,794		$	41,199
Lumber, panels and veneer		37,539			34,528
Materials and supplies		18,478			17,780
Total inventories		88,811			93,507
Less: LIFO reserve		(21,138	)		(21,138	)
Total inventories, net	$	67,673		$	72,369

Property, plant and equipment


(in thousands)	March 31, 2022			December 31, 2021
Property, plant and equipment	$	545,163		$	532,324
Less: accumulated depreciation		(247,453	)		(240,004	)
Total property, plant and equipment, net	$	297,710		$	292,320

Ola, Arkansas sawmill fire

On June 13, 2021, a fire occurred at our Ola, Arkansas sawmill. There were no injuries or environmental issues from the fire. The damage was principally limited to the large log primary breakdown area of the mill. The planer mill, kiln, and shipping department were not affected. We have adequate property damage and business interruption insurance and expect to be reimbursed for both property damage and business interruption losses by our insurance carriers, subject to an applicable deductible. We recognized a total of $15.0 million in initial insurance recoveries for property damage associated with the fire at the sawmill during the third quarter of 2021. No insurance recoveries for property damage or business interruption losses for the fire at the sawmill were recorded during the three months ended March 31, 2022 as discussions with the insurance carriers are ongoing. Insurance recoveries will be recorded when deemed probable and reasonably estimable.

Timber and timberlands


(in thousands)	March 31, 2022		December 31, 2021
Timber and timberlands	$	1,586,628	$	1,597,011
Logging roads		84,702		85,660
Total timber and timberlands, net	$	1,671,330	$	1,682,671

Accounts payable and accrued liabilities


(in thousands)	March 31, 2022		December 31, 2021
Income taxes payable	$	35,421	$	1,134
Accrued payroll and benefits		19,084		28,944
Accounts payable		10,419		12,749
Deferred revenue1		9,671		8,392
Other accrued taxes		7,310		5,714
Accrued interest		4,468		6,046
Other current liabilities		15,216		15,230
Total accounts payable and accrued liabilities	$	101,589	$	78,209

Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber 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. These contract liabilities are recognized over the term of the contracts, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.