Certain Balance Sheet Components

9 Months Ended

Sep. 30, 2023

Balance Sheet Related Disclosures [Abstract]

NOTE 4. CERTAIN BALANCE SHEET COMPONENTS

Inventories


(in thousands)	September 30, 2023			December 31, 2022
Logs	$	40,300		$	30,586
Lumber, panels and veneer		38,662			35,888
Materials and supplies		23,353			21,262
Total inventories		102,315			87,736
Less: LIFO reserve		(19,778	)		(19,778	)
Total inventories, net	$	82,537		$	67,958

Property, plant and equipment


(in thousands)	September 30, 2023			December 31, 2022
Property, plant and equipment	$	634,096		$	588,935
Less: accumulated depreciation		(299,746	)		(270,751	)
Total property, plant and equipment, net	$	334,350		$	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, subject to a $2.0 million deductible. Insurance recoveries are recorded when deemed probable and reasonably estimable. In September 2023, we finalized our claim with the insurance carriers resulting in $89.4 million of total insurance recoveries, net of a $2.0 million deductible, for both the property damage and business interruption claims. During the three and nine months ended September 30, 2023, we recorded insurance recoveries of $16.3 million and $39.4 million, respectively, 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 nine months ended September 30, 2022, we recorded $24.9 million and $34.1 million, respectively, as gain on fire damage.

Timber and timberlands


(in thousands)	September 30, 2023		December 31, 2022
Timber and timberlands	$	2,366,877	$	2,416,134
Logging roads		92,631		92,238
Total timber and timberlands, net	$	2,459,508	$	2,508,372

Accounts payable and accrued liabilities


(in thousands)	September 30, 2023		December 31, 2022
Accounts payable	$	37,845	$	12,241
Accrued payroll and benefits		20,006		29,051
Deferred revenue1		14,858		10,860
Accrued taxes		6,878		7,161
Accrued interest		6,912		7,778
Other current liabilities		28,835		27,770
Total accounts payable and accrued liabilities	$	115,334	$	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 deferred revenues 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.