XML 56 R40.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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) |  | 2021 |  |  | 2020 |  |  | 2019 |
Current |  | $ | 85,131 |  |  | $ | 41,733 |  |  | $ | 12,055 |
Deferred |  |  | 25 |  |  |  | (14,610 | ) |  |  | (11,082 | )
Net operating loss carryforwards |  |  | — |  |  |  | — |  |  |  | 37 |
Income taxes |  | $ | 85,156 |  |  | $ | 27,123 |  |  | $ | 1,010 |
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) |  | 2021 |  |  | 2020 |  |  | 2019 |
U.S. federal statutory income tax |  | $ | 106,893 |  |  | $ | 40,730 |  |  | $ | 11,901 |
REIT income not subject to federal income tax |  |  | (34,332 | ) |  |  | (16,949 | ) |  |  | (11,285 | )
Change in valuation allowance |  |  | — |  |  |  | (395 | ) |  |  | (395 | )
State income taxes, net of federal tax benefit |  |  | 13,314 |  |  |  | 3,099 |  |  |  | 334 |
Other items, net |  |  | (719 | ) |  |  | 638 |  |  |  | 455 |
Income taxes |  | $ | 85,156 |  |  | $ | 27,123 |  |  | $ | 1,010 |
Effective tax rate |  |  | 16.7 | % |  |  | 14.0 | % |  |  | 1.8 | %
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) |  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Pension and other postretirement employee benefits |  | $ | 22,610 |  |  | $ | 34,703 |
Inventories |  |  | 387 |  |  |  | 552 |
Tax credits |  |  | — |  |  |  | 1,519 |
Nondeductible accruals |  |  | 1,634 |  |  |  | 2,005 |
Incentive compensation |  |  | 1,437 |  |  |  | 971 |
Employee benefits |  |  | 1,444 |  |  |  | 1,323 |
Other |  |  | 598 |  |  |  | 1,110 |
Total deferred tax assets |  |  | 28,110 |  |  |  | 42,183 |
Deferred tax liabilities: |  |  |  |  |  |
Timber and timberlands, net |  |  | (226 | ) |  |  | (354 | )
Property, plant and equipment, net |  |  | (53,800 | ) |  |  | (52,698 | )
Intangible assets, net |  |  | (3,466 | ) |  |  | (3,656 | )
Real estate development |  |  | (2,476 | ) |  |  | (1,236 | )
Other |  |  | (3,016 | ) |  |  | (1,979 | )
Total deferred tax liabilities |  |  | (62,984 | ) |  |  | (59,923 | )
Deferred tax liabilities, net |  | $ | (34,874 | ) |  | $ | (17,740 | )
We believe it is more likely than not that we will have sufficient future taxable income to realize our deferred tax assets.
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 |  | 2018 - 2021
Arkansas |  | 2018 - 2021
Idaho |  | 2018 - 2021
Michigan |  | 2017 - 2021
Minnesota |  | 2017 - 2021

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

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration