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Certain Balance Sheet Components (Tables)
9 Months Ended
Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]  
Schedule of Inventories

Inventories

 

(in thousands)

 

September 30, 2022

 

 

December 31, 2021

 

Logs

 

$

25,179

 

 

$

41,199

 

Lumber, panels and veneer

 

 

37,893

 

 

 

34,528

 

Materials and supplies

 

 

20,650

 

 

 

17,780

 

Total inventories

 

 

83,722

 

 

 

93,507

 

Less: LIFO reserve

 

 

(21,138

)

 

 

(21,138

)

Total inventories, net

 

$

62,584

 

 

$

72,369

 

 

Schedule of Property, Plant and Equipment

Property, plant and equipment

 

(in thousands)

 

September 30, 2022

 

 

December 31, 2021

 

Property, plant and equipment

 

$

583,747

 

 

$

532,324

 

Less: accumulated depreciation

 

 

(264,515

)

 

 

(240,004

)

Total property, plant and equipment, net

 

$

319,232

 

 

$

292,320

 

Schedule of Damaged and obsolete Fixed Asset Write-Offs, Disposal Costs, Insurance Recoveries for Ola, Arkansas Sawmill Fire and Gain on Fire Damage

Damaged and obsolete fixed asset write-offs, disposal costs and insurance recoveries for the Ola, Arkansas sawmill fire and gain on fire damage consists of the following:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Fixed asset write-offs

 

$

 

 

$

7,436

 

 

$

 

 

$

9,544

 

Disposal costs

 

 

87

 

 

 

1,062

 

 

 

924

 

 

 

1,062

 

Total fixed asset loss on disposal

 

 

87

 

 

 

8,498

 

 

 

924

 

 

 

10,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance recoveries

 

 

(25,000

)

 

 

(12,892

)

 

 

(35,000

)

 

 

(15,000

)

Gain on fire damage at Ola

 

 

(24,913

)

 

 

(4,394

)

 

 

(34,076

)

 

 

(4,394

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance recoveries on timberlands fire damage

 

 

 

 

 

 

 

 

(429

)

 

 

 

Gain on fire damage

 

$

(24,913

)

 

$

(4,394

)

 

$

(34,505

)

 

$

(4,394

)

Schedule of Timber and Timberlands

Timber and timberlands

 

(in thousands)

 

September 30, 2022

 

 

December 31, 2021

 

Timber and timberlands

 

$

2,428,840

 

 

$

1,597,011

 

Logging roads

 

 

91,665

 

 

 

85,660

 

Total timber and timberlands, net

 

$

2,520,505

 

 

$

1,682,671

 

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities

 

(in thousands)

 

September 30, 2022

 

 

December 31, 2021

 

Income taxes payable

 

$

9,457

 

 

$

1,134

 

Accrued payroll and benefits

 

 

30,812

 

 

 

28,944

 

Accounts payable

 

 

15,898

 

 

 

12,749

 

Deferred revenue1

 

 

13,201

 

 

 

8,392

 

Other accrued taxes

 

 

9,793

 

 

 

5,714

 

Accrued interest

 

 

5,274

 

 

 

6,046

 

Other current liabilities

 

 

27,172

 

 

 

15,230

 

Total accounts payable and accrued liabilities

 

$

111,607

 

 

$

78,209

 

 

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 certain post-close obligations for real estate sales. These contract liabilities 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.