An analysis of higher and better use timberlands and real estate development costs from December 31, 2014 to March 31, 2015 is shown below:



	Higher and Better Use Timberlands and Real Estate Development Costs
	Land and Timber			Development Costs			Total
Non-current portion at December 31, 2014		$65,959			$11,474			$77,433
Plus: Current portion (a)	4,875			57			4,932
Total Balance at December 31, 2014	70,834			11,531			82,365
Non-cash cost of land sold and real estate development costs recovered upon sale	(3,669		)	(4		)	(3,673		)
Timber depletion from harvesting activities	(554		)	—			(554		)
Capitalized real estate development costs (b)	—			276			276
Capital expenditures (silviculture)	49			—			49
Acquisitions	—			—			—
Transfers	—			—			—
Total Balance at March 31, 2015	66,660			11,803			78,463
Less: Current portion (a)	(6,173		)	(338		)	(6,511		)
Non-current portion at March 31, 2015		$60,487			$11,465			$71,952


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 14 — Inventory for additional information.


(b)	Capitalized real estate development costs for the three months ended March 31, 2015 of $276,000 consisted of $306,000 in cash outflows and a $30,000 change in accrued spending.