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Certain Balance Sheet Components | 9 Months Ended
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Sep. 30, 2021
Balance Sheet Related Disclosures [Abstract] |
Certain Balance Sheet Components | NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Logs |  | $ | 34,980 |  |  | $ | 31,210 |
Lumber, panels and veneer |  |  | 35,716 |  |  |  | 34,136 |
Materials and supplies |  |  | 17,415 |  |  |  | 14,939 |
Total inventories |  |  | 88,111 |  |  |  | 80,285 |
Less: LIFO reserve |  |  | (18,249 | ) |  |  | (18,249 | )
Total inventories, net |  | $ | 69,862 |  |  | $ | 62,036 |
Property, plant and equipment
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Property, plant and equipment |  | $ | 521,271 |  |  | $ | 517,711 |
Less: accumulated depreciation |  |  | (235,237 | ) |  |  | (229,167 | )
Total property, plant and equipment, net |  | $ | 286,034 |  |  | $ | 288,544 |
Ola Arkansas sawmill fire
(in thousands) |  | Three Months Ended September 30, 2021 |  |  | Nine Months Ended September 30, 2021 |
Fixed asset write-offs |  | $ | (7,436 | ) |  | $ | (9,544 | )
Disposal costs |  |  | (1,061 | ) |  |  | (1,061 | )
Total fixed asset loss on disposal |  |  | (8,498 | ) |  |  | (10,606 | )
Insurance recoveries |  |  | 12,892 |  |  |  | 15,000 |
Net gain on insurance recoveries |  | $ | 4,394 |  |  | $ | 4,394 |
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. Based on our initial damage assessment, we wrote-off $2.1 million of net book value for property initially identified as destroyed and recognized a corresponding $2.1 million of insurance recoveries at June 30, 2021. During the quarter ended September 30, 2021, we were able to fully access the sawmill, further assess the damage and solidify a reconstruction plan for the sawmill. As a result, during the three months ended September 30, 2021, we wrote-off an additional $1.1 million of damaged equipment and $6.3 million of obsolete equipment due to the reconstruction plan and incurred approximately $1.1 million of disposal costs. Additionally, we recorded $12.9 million of insurance recoveries during the quarter ended September 30, 2021, resulting in the recognition of a $4.4 million net gain on insurance recoveries for the three and nine months ended September 30, 2021. No business interruption recoveries were recorded during the three or nine months ended September 30, 2021 as discussions with the insurance carriers are ongoing. Business interruption recoveries will be recorded when deemed probable and reasonably estimable. Timber and timberlands
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Timber and timberlands |  | $ | 1,488,727 |  |  | $ | 1,516,788 |
Logging roads |  |  | 83,748 |  |  |  | 83,273 |
Total timber and timberlands, net |  | $ | 1,572,475 |  |  | $ | 1,600,061 |
Accounts payable and accrued liabilities
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Accrued payroll and benefits |  | $ | 26,266 |  |  | $ | 29,675 |
Accounts payable |  |  | 15,795 |  |  |  | 9,724 |
Deferred revenue 1 |  |  | 9,806 |  |  |  | 8,789 |
Other accrued taxes |  |  | 8,957 |  |  |  | 6,025 |
Income taxes payable |  |  | 6,778 |  |  |  | 14,755 |
Accrued interest |  |  | 5,040 |  |  |  | 6,485 |
Other current liabilities |  |  | 15,177 |  |  |  | 17,826 |
Total accounts payable and accrued liabilities |  | $ | 87,819 |  |  | $ | 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 country club 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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