Certain Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

NOTE 4. CERTAIN BALANCE SHEET COMPONENTS

Inventories


(in thousands)	September 30, 2025			December 31, 2024
Logs	$	35,298		$	31,786
Lumber, panels and veneer		38,885			37,689
Materials and supplies		32,853			29,284
Total inventories		107,036			98,759
Less: LIFO reserve		(15,833	)		(15,833	)
Total inventories, net	$	91,203		$	82,926

Property, plant and equipment


(in thousands)	September 30, 2025			December 31, 2024
Property, plant and equipment	$	715,863		$	710,703
Less: accumulated depreciation		(319,354	)		(301,790	)
Total property, plant and equipment, net	$	396,509		$	408,913

Timber and timberlands


(in thousands)	September 30, 2025		December 31, 2024
Timber and timberlands, net	$	2,224,042	$	2,263,991
Logging roads, net		93,240		93,160
Total timber and timberlands, net	$	2,317,282	$	2,357,151

In September 2025, we acquired approximately 11,200 acres of mature timberland located in Arkansas for total consideration of $24.8 million, inclusive of transaction costs. In January 2024, we acquired 16,000 acres of mature timberlands in Arkansas for $31.4 million, including transaction costs.

Accounts payable and accrued liabilities


(in thousands)	September 30, 2025		December 31, 2024
Accrued payroll and benefits	$	23,024	$	25,249
Accounts payable		19,240		16,991
Deferred revenue1		14,611		12,234
Accrued taxes		8,615		5,212
Accrued interest		5,724		6,826
Other current liabilities		26,397		29,116
Total accounts payable and accrued liabilities	$	97,611	$	95,628

         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.