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Timber and Timberlands | 12 Months Ended
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Dec. 31, 2021
Timber And Timberlands [Abstract] |
Timber and Timberlands | NO TE 6. TIMBER AND TIMBERLANDS Timber and Timberlands consist of the following at December 31:
(in thousands) |  | 2021 |  |  | 2020 |
Timber and timberlands |  | $ | 1,597,011 |  |  | $ | 1,516,788 |
Logging roads |  |  | 85,660 |  |  |  | 83,273 |
Total timber and timberlands, net |  | $ | 1,682,671 |  |  | $ | 1,600,061 |
Depletion from company-owned lands totaled $40.4 million, $46.3 million and $41.7 million in 2021, 2020 and 2019, respectively. Amortization of road costs, such as bridges, culverts and gravel surfacing, totaled $3.5 million, $3.6 million and $3.6 million in 2021, 2020 and 2019, respectively. Future payments due under timber cutting contracts at December 31, 2021 were $13.8 million. Loutre Land and Timber Company (Loutre) Merger On December 21, 2021, we merged with Loutre which owned and managed 51,340 acres of high-quality, well stocked timberlands in southern Arkansas and northern Louisiana. The acquisition cost of $107.7 million was satisfied through the issuance of 1.96 million shares of our common stock to the former Loutre shareholders valued at $100.9 million and the assumption of $6.8 million of liabilities, including $6.3 million of long-term debt which we paid off after the transaction closed. For accounting purposes, the fair value of the shares issued includes a discount for a required minimum holding period by the former Loutre shareholders. We accounted for the transaction as an asset acquisition as substantially all the value of the acquisition was concentrated in the acquired timber and timberlands. We allocated the cost of the acquisition to the net assets acquired based on their estimated fair values on the acquisition date. This resulted in an allocation of $105.2 million to timber and timberlands, $2.0 million to mineral rights and $0.5 million to other assets. Additionally, $0.6 million of transaction costs were capitalized.

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