Certain Balance Sheet Components

6 Months Ended

Jun. 30, 2022

Balance Sheet Related Disclosures [Abstract]

NOTE 4. CERTAIN BALANCE SHEET COMPONENTS

Inventories


(in thousands)	June 30, 2022			December 31, 2021
Logs	$	25,613		$	41,199
Lumber, panels and veneer		40,207			34,528
Materials and supplies		19,565			17,780
Total inventories		85,385			93,507
Less: LIFO reserve		(21,138	)		(21,138	)
Total inventories, net	$	64,247		$	72,369

Property, plant and equipment


(in thousands)	June 30, 2022			December 31, 2021
Property, plant and equipment	$	569,447		$	532,324
Less: accumulated depreciation		(254,607	)		(240,004	)
Total property, plant and equipment, net	$	314,840		$	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, under which we filed a claim with the insurance carriers. Insurance recoveries are recorded when deemed probable and reasonably estimable.

Damaged and obsolete fixed asset write-offs, disposal costs, insurance recoveries for the Ola, Arkansas sawmill fire and gain on fire damage consists of the following:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Fixed asset write-offs	$	—		$	2,108		$	—		$	2,108
Disposal costs		132			—			836			—
Total fixed asset loss on disposal		132			2,108			836			2,108

Insurance recoveries		(10,000	)		(2,108	)		(10,000	)		(2,108	)
Gain on fire damage at Ola		(9,868	)		—			(9,164	)		—

Insurance recoveries on timberlands fire damage		—			—			(428	)		—
Gain on fire damage	$	(9,868	)	$	—		$	(9,592	)	$	—

Timber and timberlands


(in thousands)	June 30, 2022		December 31, 2021
Timber and timberlands	$	1,619,559	$	1,597,011
Logging roads		84,697		85,660
Total timber and timberlands, net	$	1,704,256	$	1,682,671

During the six months ended June 30, 2022, we were the successful bidder for three bolt-on timberland transactions, aggregating approximately $101 million, covering approximately 46,000 acres in Mississippi and Arkansas.

Accounts payable and accrued liabilities


(in thousands)	June 30, 2022		December 31, 2021
Income taxes payable	$	23,361	$	1,134
Accrued payroll and benefits		23,717		28,944
Accounts payable		13,898		12,749
Deferred revenue1		13,328		8,392
Other accrued taxes		7,187		5,714
Accrued interest		5,965		6,046
Other current liabilities		22,728		15,230
Total accounts payable and accrued liabilities	$	110,184	$	78,209

1

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.