XML 20 R15.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Certain Balance Sheet Components | 3 Months Ended
--- | ---
Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract] |
Certain Balance Sheet Components | NO TE 4. CERTAIN BALANCE SHEET COMPONENTS Inventories
(in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Logs |  | $ | 31,379 |  |  | $ | 39,011 |
Lumber, panels and veneer |  |  | 39,613 |  |  |  | 34,621 |
Materials and supplies |  |  | 25,260 |  |  |  | 23,713 |
Total inventories |  |  | 96,252 |  |  |  | 97,345 |
Less: LIFO reserve |  |  | (18,680 | ) |  |  | (18,680 | )
Total inventories, net |  | $ | 77,572 |  |  | $ | 78,665 |
Property, plant and equipment
(in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Property, plant and equipment |  | $ | 697,182 |  |  | $ | 681,914 |
Less: accumulated depreciation |  |  | (321,291 | ) |  |  | (309,082 | )
Total property, plant and equipment, net |  | $ | 375,891 |  |  | $ | 372,832 |
Timber and timberlands
(in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Timber and timberlands |  | $ | 2,324,815 |  |  | $ | 2,347,300 |
Logging roads |  |  | 91,003 |  |  |  | 93,098 |
Total timber and timberlands, net |  | $ | 2,415,818 |  |  | $ | 2,440,398 |
In January 2024, we entered into an agreement to sell approximately 34,000 acres of four-year average age Southern timberlands for approximately $58.0 million to Forest Investment Associates (FIA), subject to certain adjustments as defined in the agreement. The transaction is subject to customary closing conditions and is expected to close in the second quarter o f 2024. At March 31, 2024, $42.8 million of timber and timberlands basis associated with the pending sale to FIA was classified as real estate held for sale and is included in Other current assets on the Condensed Consolidated Balance Sheets. We generally consider assets to be held for sale at the point at which a sale contract is executed, the buyer has made a significant non-refundable earnest money deposit against the contracted purchase price, and there is a high degree of certainty a transaction will close. Additionally, in January 2024, we acquired 16,000 acres of timberlands in Arkansas for $31.4 million, including transaction costs. We funded the acquisition with cash on hand. Accounts payable and accrued liabilities
(in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Accrued payroll and benefits |  | $ | 16,692 |  |  | $ | 24,473 |
Accounts payable |  |  | 11,258 |  |  |  | 12,521 |
Deferred revenue 1 |  |  | 8,000 |  |  |  | 10,455 |
Accrued taxes |  |  | 7,222 |  |  |  | 5,712 |
Accrued interest |  |  | 6,836 |  |  |  | 8,344 |
Other current liabilities |  |  | 30,689 |  |  |  | 20,878 |
Total accounts payable and accrued liabilities |  | $ | 80,697 |  |  | $ | 82,383 |
1 | Deferred revenue predominately relates to hunting and other access rights on our timberlands, payments received for lumber shipments where control of goods has not transferred, member-related activities at an owned country club and any post-close obligations for real estate sales. These deferred revenues are recognized over the term of the respective contract, which is typically twelve months or less, except for country club initiation fees which are recognized over the average life of club membership.

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

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration