Certain Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Balance Sheet Related Disclosures [Abstract]

NOTE 4. CERTAIN BALANCE SHEET COMPONENTS

Inventories


(in thousands)	June 30, 2024			December 31, 2023
Logs	$	32,417		$	39,011
Lumber, panels and veneer		39,198			34,621
Materials and supplies		27,162			23,713
Total inventories		98,777			97,345
Less: LIFO reserve		(18,680	)		(18,680	)
Total inventories, net	$	80,097		$	78,665

Property, plant and equipment


(in thousands)	June 30, 2024			December 31, 2023
Property, plant and equipment	$	710,727		$	681,914
Less: accumulated depreciation		(333,667	)		(309,082	)
Total property, plant and equipment, net	$	377,060		$	372,832

Timber and timberlands


(in thousands)	June 30, 2024		December 31, 2023
Timber and timberlands	$	2,302,657	$	2,347,300
Logging roads		92,052		93,098
Total timber and timberlands, net	$	2,394,709	$	2,440,398

On June 17, 2024, we completed the sale of 34,100 acres of four-year average age Southern timberlands to Forest Investment Associates (FIA) for $56.7 million. Additionally, in January 2024, we acquired 16,000 acres of mature 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)	June 30, 2024		December 31, 2023
Accrued payroll and benefits	$	22,047	$	24,473
Accounts payable		16,760		12,521
Deferred revenue1		15,863		10,455
Accrued interest		8,158		8,344
Accrued taxes		7,303		5,712
Other current liabilities		25,346		20,878
Total accounts payable and accrued liabilities	$	95,477	$	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.