Certain Balance Sheet Components

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

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

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.