Page 18 - RosboroAR2020

Subsequent events - Subsequent events are events or transactions that occur after the balance sheet date but before nancial statements are available to be issued. The Company recognizes in the consolidated nancial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing the consolidated nancial statements. The Company’s consolidated nancial statements do not recognize subsequent events that provide evidence about conditions that did not
exist at the date of the balance sheet but arose after the balance sheet date and before the consolidated nancial statements are available to be issued.
The Company has evaluated subsequent events through February 26, 2021 which is the date the consolidated nancial statements were available to be issued.
Reclassifications - Certain prior year amounts have been reclassi ed to conform with the current year presentation. There was no effect on previously reported net income.
NOTE 2 INVENTORIES
NOTE 4 PROPERTY, PLANT &
18 — ROSBORO ANNUAL REPORT 2020
(IN THOUSANDS)
Logs $7,560
DEC. 31, 2019
$6,252 6,404 10,371 2,850 $25,877
EQUIPMENT (IN THOUSANDS)
Land - plantsite
Land improvements
Buildings
Manufacturing equipment
Office equipment
Transportation and rolling stock
Construction in progress
Less accumulated depreciation and amortization
Lumber 5,547 Glulam products 9,053 Supplies 3,087
$25,247
USEFUL LIVES
- 3-20 yrs 5-40 yrs 5-20 yrs 3-10 yrs
3-10 yrs -
DEC. 31, 2020
$6,290 932 16,949 69,483 760
3,423
1,837 99,674
30,926 $68,748
DEC. 31, 2019
$6,290 853 16,949 68,957 760
3,320
332 97,461
22,209 $75,252
NOTE 3 TIMBER ASSETS
(IN THOUSANDS)
Timber under contract
Timber deposits and logging roads Less current portion
DEC. 31, 2020
$4,605 3,617 8,222 1,511
$6,711
DEC. 31, 2019
$7,331 4,426 11,757 3,177 $8,580
Depreciation expense totaled $8,786,000 and $8,212,000 for the years ended December 31, 2020 and 2019, respectively.
DEC. 31, 2020