Certain Balance Sheet Components

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

NOTE 4. CERTAIN BALANCE SHEET COMPONENTS

Inventories


(in thousands)	March 31, 2024			December 31, 2023
Logs	$	31,379		$	39,011
Lumber, panels and veneer		39,613			34,621
Materials and supplies		25,260			23,713
Total inventories		96,252			97,345
Less: LIFO reserve		(18,680	)		(18,680	)
Total inventories, net	$	77,572		$	78,665

Property, plant and equipment


(in thousands)	March 31, 2024			December 31, 2023
Property, plant and equipment	$	697,182		$	681,914
Less: accumulated depreciation		(321,291	)		(309,082	)
Total property, plant and equipment, net	$	375,891		$	372,832

Timber and timberlands


(in thousands)	March 31, 2024		December 31, 2023
Timber and timberlands	$	2,324,815	$	2,347,300
Logging roads		91,003		93,098
Total timber and timberlands, net	$	2,415,818	$	2,440,398

In January 2024, we entered into an agreement to sell approximately 34,000 acres of four-year average age Southern timberlands for approximately $58.0 million to Forest Investment Associates (FIA), 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. At March 31, 2024, $42.8 million of timber and timberlands basis associated with the pending sale to FIA was classified as real estate held for sale and is included in Other current assets on the Condensed Consolidated Balance Sheets. We generally consider assets to be held for sale at the point at which a sale contract is executed, the buyer has made a significant non-refundable earnest money deposit against the contracted purchase price, and there is a high degree of certainty a transaction will close. Additionally, in January 2024, we acquired 16,000 acres of timberlands in Arkansas for $31.4 million, including transaction costs. We funded the acquisition with cash on hand.

Accounts payable and accrued liabilities


(in thousands)	March 31, 2024		December 31, 2023
Accrued payroll and benefits	$	16,692	$	24,473
Accounts payable		11,258		12,521
Deferred revenue1		8,000		10,455
Accrued taxes		7,222		5,712
Accrued interest		6,836		8,344
Other current liabilities		30,689		20,878
Total accounts payable and accrued liabilities	$	80,697	$	82,383

        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 respective contract, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.