Timber and Timberlands

12 Months Ended

Dec. 31, 2023

Timber And Timberlands [Abstract]

Timber and Timberlands

NOTE 6. TIMBER AND TIMBERLANDS

Timber and Timberlands consist of the following at December 31:

(in thousands)	2023		2022
Timber and timberlands	$	2,347,300	$	2,416,134
Logging roads		93,098		92,238
Total timber and timberlands, net	$	2,440,398	$	2,508,372

Depletion from company-owned lands totaled $69.0 million, $54.0 million and $40.4 million in 2023, 2022 and 2021, respectively. Amortization of road costs, such as bridges, culverts and gravel surfacing, totaled $3.6 million, $3.5 million and $3.5 million in 2023, 2022 and 2021, respectively.

On January 26, 2024, we entered into an agreement to sell approximately 34,000 acres of four-year average age Southern timberlands for approximately $58.0 million, subject to certain adjustments as defined in the agreement. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2024. Additionally, in January 2024, we acquired approximately 16,000 acres of timberlands in Arkansas for approximately $31.0 million. We funded the acquisition with cash on hand.

During the year ended December 31, 2022, we acquired approximately 46,000 acres of timberlands in Mississippi and Arkansas for approximately $101.0 million. Additionally, on September 14, 2022, we completed our merger with CatchMark which consists of approximately 348,000 acres in Alabama, Georgia and South Carolina. See Note 17: CatchMark Merger for additional information.

Future payments due under timber cutting contracts at December 31, 2023 were $11.4 million.