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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of the Income Tax Provision Allocated to Continuing Operations | Income tax expense consists of the following for the year ended December 31:
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  | $ | 9,053 |  |  | $ | 70,669 |  |  | $ | 85,131 |
Deferred |  |  | (9,501 | ) |  |  | (5,302 | ) |  |  | 25 |
Net operating loss carryforwards |  |  | 232 |  |  |  | 45 |  |  |  | — |
Income taxes |  | $ | (216 | ) |  | $ | 65,412 |  |  | $ | 85,156 |
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 year ended December 31:
(in thousands, except effective tax rate) |  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. federal statutory income tax |  | $ | 12,996 |  |  | $ | 83,855 |  |  | $ | 106,893 |
REIT income not subject to federal income tax |  |  | (9,766 | ) |  |  | (27,085 | ) |  |  | (34,332 | )
Federal unrecognized tax benefit change |  |  | (1,638 | ) |  |  | — |  |  |  | — |
State income taxes, net of federal tax benefit |  |  | (862 | ) |  |  | 9,478 |  |  |  | 13,314 |
Other items, net 1 |  |  | (946 | ) |  |  | (836 | ) |  |  | (719 | )
Income taxes |  | $ | (216 | ) |  | $ | 65,412 |  |  | $ | 85,156 |
Effective tax rate |  |  | (0.3 | %) |  |  | 16.4 | % |  |  | 16.7 | %
1 | Includes $1.0 million, $0 million and $1.0 million of deferred tax rate changes for the year ended December 31, 2023, 2022 and 2021, respectively.
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) |  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Pension and other postretirement employee benefits |  | $ | 18,098 |  |  | $ | 20,992 |
Inventories |  |  | 892 |  |  |  | 753 |
Nondeductible accruals |  |  | 1,663 |  |  |  | 2,559 |
Incentive compensation |  |  | 1,444 |  |  |  | 1,910 |
Employee benefits |  |  | 1,451 |  |  |  | 1,477 |
Other |  |  | 790 |  |  |  | 706 |
Total deferred tax assets |  |  | 24,338 |  |  |  | 28,397 |
Deferred tax liabilities: |  |  |  |  |  |
Timber and timberlands, net |  |  | (1,827 | ) |  |  | (1,852 | )
Property, plant and equipment, net |  |  | (51,704 | ) |  |  | (58,464 | )
Intangible assets, net |  |  | (3,590 | ) |  |  | (4,037 | )
Real estate development |  |  | (982 | ) |  |  | (1,628 | )
Other |  |  | (2,876 | ) |  |  | (4,206 | )
Total deferred tax liabilities |  |  | (60,979 | ) |  |  | (70,187 | )
Deferred tax liabilities, net |  | $ | (36,641 | ) |  | $ | (41,790 | )
Summary of Reconciliation of Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending unrecognized tax benefits for the year ended December 31:
(in thousands) |  | 2023 |  |  | 2022 |
Balance at January 1 |  | $ | 8,306 |  |  | $ | — |
Additions for tax positions related to the current year |  |  | 249 |  |  |  | 171 |
Additions for tax positions of prior years |  |  | 1,545 |  |  |  | 8,810 |
Reduction for tax positions of prior years |  |  | (334 | ) |  |  | — |
Lapse of statutes of limitations |  |  | (1,980 | ) |  |  | (675 | )
Balance at December 31 |  | $ | 7,786 |  |  | $ | 8,306 |
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 |  | 2020 - 2023
Arkansas |  | 2020 - 2023
Idaho |  | 2020 - 2023
Michigan |  | 2019 - 2023
Minnesota |  | 2019 - 2023
Georgia |  | 2020 - 2023

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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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