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Certain Balance Sheet Components | 6 Months Ended
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Jun. 30, 2021
Balance Sheet Related Disclosures [Abstract] |
Certain Balance Sheet Components | NOTE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories
(in thousands) |  | June 30, 2021 |  |  | December 31, 2020 |
Logs |  | $ | 32,379 |  |  | $ | 31,210 |
Lumber, panels and veneer |  |  | 42,595 |  |  |  | 34,136 |
Materials and supplies |  |  | 16,349 |  |  |  | 14,939 |
Total inventories |  |  | 91,323 |  |  |  | 80,285 |
Less: LIFO reserve |  |  | (18,249 | ) |  |  | (18,249 | )
Total inventories, net |  | $ | 73,074 |  |  | $ | 62,036 |
Property, plant and equipment
(in thousands) |  | June 30, 2021 |  |  | December 31, 2020 |
Property, plant and equipment |  | $ | 523,105 |  |  | $ | 517,711 |
Less: accumulated depreciation |  |  | (231,555 | ) |  |  | (229,167 | )
Total property, plant and equipment, net |  | $ | 291,550 |  |  | $ | 288,544 |
On June 13, 2021, a fire occurred at our Ola, Arkansas sawmill. There were no injuries or environmental issues from the fire. The damage was principally limited to the large log primary breakdown area of the mill. The planer mill, kiln, and shipping department were not affected. We have adequate property damage and business interruption insurance, subject to an applicable deductible, under which we filed a claim with the insurance carriers. Based on our initial damage assessment, the property destroyed had a net book value of $2.1 million, which was written off and recognized as a loss during the second quarter of 2021. At June 30, 2021, we also recorded a receivable from the insurance carriers and a corresponding gain on insurance recoveries of $2.1 million for the book value of the destroyed property as we expect to recover these losses under our insurance policy. As we further assess the damage, it is possible that additional losses and associated insurance recoveries may be recorded. A determination regarding downtime and costs to repair the Ola sawmill will be made once the extent of damage and repair options are fully assessed. Timber and timberlands
(in thousands) |  | June 30, 2021 |  |  | December 31, 2020 |
Timber and timberlands |  | $ | 1,498,413 |  |  | $ | 1,516,788 |
Logging roads |  |  | 82,414 |  |  |  | 83,273 |
Total timber and timberlands, net |  | $ | 1,580,827 |  |  | $ | 1,600,061 |
Accounts payable and accrued liabilities
(in thousands) |  | June 30, 2021 |  |  | December 31, 2020 |
Accrued payroll and benefits |  | $ | 23,480 |  |  | $ | 29,675 |
Accounts payable |  |  | 21,272 |  |  |  | 9,724 |
Deferred revenue1 |  |  | 13,678 |  |  |  | 8,789 |
Accrued interest |  |  | 6,403 |  |  |  | 6,485 |
Income taxes payable |  |  | 4,493 |  |  |  | 14,755 |
Operating lease liabilities |  |  | 3,437 |  |  |  | 4,304 |
Other accrued taxes |  |  | 7,385 |  |  |  | 6,025 |
Other current liabilities |  |  | 17,314 |  |  |  | 13,522 |
Total accounts payable and accrued liabilities |  | $ | 97,462 |  |  | $ | 93,279 |
1 | Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods have 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 initiation fees which are recognized over the average life of club membership.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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