XML 66 R32.htm IDEA: XBRL DOCUMENT
v3.24.0.1

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | 12 Months Ended
--- | ---
Dec. 31, 2023
Inventory Disclosure [Abstract] |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS We routinely assess potential alternative uses of our timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. We periodically transfer, via a sale or contribution from the real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“HBU”) timberlands to enable land-use entitlement, development or marketing activities. We also acquire HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, we also selectively pursue various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, we also invest in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. Changes in higher and better use timberlands and real estate development investments from December 31, 2022 to December 31, 2023 are shown below:
| Higher and Better Use Timberlands and Real Estate Development Investments
| Land and Timber |  | Development Investments |  | Total
Non-current portion at December 31, 2022 | $91,374 |  |  | $23,723 |  |  | $115,097 |
Plus: Current portion (a) | 408 |  |  | 17,501 |  |  | 17,909 |
Total Balance at December 31, 2022 | 91,782 |  |  | 41,224 |  |  | 133,006 |
Non-cash cost of land and improved development | (2,122) |  |  | (16,261) |  |  | (18,383) |
Amortization of parcel real estate development investments | — |  |  | (12,628) |  |  | (12,628) |
Timber depletion from harvesting activities and basis of timber sold in real estate sales | (1,732) |  |  | — |  |  | (1,732) |
Capitalized real estate development investments (b) | — |  |  | 30,913 |  |  | 30,913 |
Capital expenditures (silviculture) | 136 |  |  | — |  |  | 136 |
Intersegment transfers | 621 |  |  | — |  |  | 621 |
Total Balance at December 31, 2023 | 88,685 |  |  | 43,248 |  |  | 131,933 |
Less: Current portion (a) | (1,699) |  |  | (24,639) |  |  | (26,338) |
Non-current portion at December 31, 2023 | $86,986 |  |  | $18,609 |  |  | $105,595 |
(a)The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 15 — Inventory for additional information. (b)Capitalized real estate development investments includes $1.0 million of capitalized interest and $7.8 million of parcel real estate development investments. Parcel real estate development investments represent investments made for specific lots and/or commercial parcels that are currently under contract or expected to be ready for market within one year.

X
- References No definition available. + Details
Name: | us-gaap_InventoryDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration