NOTE 5. TIMBER AND TIMBERLANDS

(Dollars in thousands)	2016		2015
Timber and timberlands	$	572,273	$	745,634
Logging roads		69,583		70,965
Total timber and timberlands, net	$	641,856	$	816,599

Depletion from company-owned lands totaled $20.8 million, $25.3 million and $14.5 million in 2016, 2015 and 2014, respectively. Amortization of road costs, such as bridges, culverts and gravel surfacing, totaled $3.1 million, $3.1 million and $2.8 million in 2016, 2015 and 2014, respectively.

Future payments due under timber cutting contracts as of December 31, 2016 are as follows:

(Dollars in thousands)
2017	$	6,741
2018		5,275
2019		1,604
2020		32
2021		275
Total	$	13,927

LOSS ON SALE OF CENTRAL IDAHO TIMBER AND TIMBERLANDS

On April 21, 2016, we sold approximately 172,000 acres of timberlands located in central Idaho for $114 million. We purchased the property in 2007 and 2008 for the purpose of growing and harvesting timber and selling rural recreational parcels. In the recent recession, the central Idaho rural recreational real estate market collapsed and has not recovered. The sale freed up capital without having to wait for the rural recreational real estate market in central Idaho to recover. We recorded a loss of $48.5 million before taxes in our Real Estate segment in the second quarter of 2016. Historical earnings generated by the property were positive, but not material.