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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of the Income Tax Provision Allocated to Continuing Operations

Income tax expense consists of the following for the years ended December 31:

(in thousands)		2019				2018				2017
Current		$	12,055			$	7,038			$	16,657
Deferred			(11,082	)			11,370				14,325
Net operating loss carryforwards			37				791				1,039
Income tax provision		$	1,010			$	19,199			$	32,021

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differs from the amount computed by applying the statutory federal income tax rate of 21% for 2019 and 2018 and 35% for 2017 to income before income taxes due to the following for the years ended December 31:

(in thousands)		2019				2018				2017
U.S. federal statutory income tax		$	11,901			$	29,837			$	41,466
REIT income not subject to federal income tax			(11,285	)			(8,773	)			(20,651	)
U.S. tax rate change on deferred tax assets and liabilities			—				—				10,528
Pension contribution deducted at higher tax rate			—				(5,665	)			—
Change in valuation allowance			(395	)			—				140
State income taxes, net of federal income tax			903				3,712				2,608
Domestic production activities deduction			—				—				(1,511	)
Permanent book-tax differences			(793	)			(771	)			(252	)
Research and development credits			—				—				(294	)
Other items, net			679				859				(13	)
Income tax provision		$	1,010			$	19,199			$	32,021
Effective tax rate			1.8	%			13.5	%			27.0	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were:

(in thousands)		2019				2018
Deferred tax assets:
Pension and other postretirement employee benefits		$	32,110			$	30,523
Inventories			754				601
Tax credits			2,190				2,688
Nondeductible accruals			815				1,039
Incentive compensation			1,044				1,000
Employee benefits			1,316				1,452
Other			1,296				320
Total deferred tax assets			39,525				37,623
Valuation allowance			(395	)			(790	)
Deferred tax assets, net of valuation allowance			39,130				36,833
Deferred tax liabilities:
Timber and timberlands, net			(965	)			(1,025	)
Property, plant and equipment, net			(50,901	)			(58,909	)
Intangible assets, net			(3,778	)			(4,134	)
Real estate development			(1,402	)			(2,035	)
Other			(2,249	)			(2,739	)
Total deferred tax liabilities			(59,295	)			(68,842	)
Deferred tax liabilities, net		$	(20,165	)		$	(32,009	)

Summary of Tax Years Subject to Examination by Major Taxing Jurisdictions

The following table summarizes the tax years subject to examination by major taxing jurisdictions: 

Jurisdiction		Years
Federal		2016 — 2019
Arkansas		2016 — 2019
Idaho		2016 — 2019
Michigan		2015 — 2019
Minnesota		2015 — 2019

Summary of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefits is as follows:

(in thousands)		2019				2018
Balance at January 1		$	564			$	564
Additions for tax positions of prior years			—				—
Reduction for tax positions of prior years			(564	)			—
Balance at December 31		$	—			$	564

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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