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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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)		2020				2019				2018
Current		$	41,733			$	12,055			$	7,038
Deferred			(14,610	)			(11,082	)			11,370
Net operating loss carryforwards			—				37				791
Income taxes		$	27,123			$	1,010			$	19,199

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% to income before income taxes due to the following for the years ended December 31:

(in thousands, except effective tax rate)		2020				2019				2018
U.S. federal statutory income tax		$	40,730			$	11,901			$	29,837
REIT income not subject to federal income tax			(16,949	)			(11,285	)			(8,773	)
Pension contribution deducted at higher tax rate			—				—				(5,665	)
Change in valuation allowance			(395	)			(395	)			—
State income taxes, net of federal income tax			4,458				903				3,712
Permanent book-tax differences			(1,315	)			(793	)			(771	)
Other items, net			594				679				859
Income taxes		$	27,123			$	1,010			$	19,199
Effective tax rate			14.0	%			1.8	%			13.5	%

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)		2020				2019
Deferred tax assets:
Pension and other postretirement employee benefits		$	34,703			$	32,110
Inventories			552				754
Tax credits			1,519				2,190
Nondeductible accruals			2,005				815
Incentive compensation			971				1,044
Employee benefits			1,323				1,316
Other			1,110				1,296
Total deferred tax assets			42,183				39,525
Valuation allowance			—				(395	)
Deferred tax assets, net of valuation allowance			42,183				39,130
Deferred tax liabilities:
Timber and timberlands, net			(354	)			(965	)
Property, plant and equipment, net			(52,698	)			(50,901	)
Intangible assets, net			(3,656	)			(3,778	)
Real estate development			(1,236	)			(1,402	)
Other			(1,979	)			(2,249	)
Total deferred tax liabilities			(59,923	)			(59,295	)
Deferred tax liabilities, net		$	(17,740	)		$	(20,165	)

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		2017 — 2020
Arkansas		2017 — 2020
Idaho		2017 — 2020
Michigan		2016 — 2020
Minnesota		2016 — 2020

Summary of Reconciliation of Unrecognized Tax Benefits

a reconciliation of the beginning and ending unrecognized tax benefits for the year-ended December 31, 2019:

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

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