Certain Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Balance Sheet Related Disclosures [Abstract]

NOTE 4. CERTAIN BALANCE SHEET COMPONENTS

Inventories


(in thousands)	June 30, 2023			December 31, 2022
Logs	$	30,294		$	30,586
Lumber, panels and veneer		37,270			35,888
Materials and supplies		22,877			21,262
Total inventories		90,441			87,736
Less: LIFO reserve		(19,778	)		(19,778	)
Total inventories, net	$	70,663		$	67,958

Property, plant and equipment


(in thousands)	June 30, 2023			December 31, 2022
Property, plant and equipment	$	597,517		$	588,935
Less: accumulated depreciation		(290,539	)		(270,751	)
Total property, plant and equipment, net	$	306,978		$	318,184

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 new equipment has been installed and the large log line restarted in September 2022. 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 a $2.0 million deductible. During the three and six months ended June 30, 2023, we recorded insurance recoveries of $23.1 million from the Ola sawmill claim, all of which was recognized as a gain on fire damage in the Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2022, we recorded $9.9 million and $9.2 million, respectively as gain on fire damage at the Ola sawmill. Through June 30, 2023, the insurance carriers have approved a total of $73.1 million in insurance recoveries for both property damage and business interruption claims at the Ola sawmill. We expect to finalize our insurance claim for the Ola, Arkansas sawmill fire during the second half of 2023. Insurance recoveries are recorded when deemed probable and reasonably estimable.

Timber and timberlands


(in thousands)	June 30, 2023		December 31, 2022
Timber and timberlands	$	2,385,167	$	2,416,134
Logging roads		90,887		92,238
Total timber and timberlands, net	$	2,476,054	$	2,508,372

Accounts payable and accrued liabilities


(in thousands)	June 30, 2023		December 31, 2022
Accrued payroll and benefits	$	19,369	$	29,051
Accounts payable		17,138		12,241
Deferred revenue1		16,519		10,860
Accrued taxes		8,336		7,161
Accrued interest		8,254		7,778
Other current liabilities		26,477		27,770
Total accounts payable and accrued liabilities	$	96,093	$	94,861

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 any 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.