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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of the Income Tax Provision Allocated to Continuing Operations | Income taxes consist of the following for the year ended December 31:
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current |  | $ | (913 | ) |  | $ | 9,053 |  |  | $ | 70,669 |
Deferred |  |  | (12,776 | ) |  |  | (9,501 | ) |  |  | (5,302 | )
Net operating loss carryforwards |  |  | — |  |  |  | 232 |  |  |  | 45 |
Income taxes |  | $ | (13,689 | ) |  | $ | (216 | ) |  | $ | 65,412 |
Schedule of Effective Income Tax Rate Reconciliation | Income taxes differ 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) |  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. federal statutory income tax |  | $ | 1,719 |  |  | $ | 12,996 |  |  | $ | 83,855 |
REIT income not subject to federal income tax |  |  | (13,253 | ) |  |  | (9,766 | ) |  |  | (27,085 | )
Federal unrecognized tax benefit change |  |  | (1,146 | ) |  |  | (1,638 | ) |  |  | — |
State income taxes, net of federal tax benefit |  |  | (1,127 | ) |  |  | (862 | ) |  |  | 9,478 |
Other items, net 1 |  |  | 118 |  |  |  | (946 | ) |  |  | (836 | )
Income taxes |  | $ | (13,689 | ) |  | $ | (216 | ) |  | $ | 65,412 |
Effective tax rate |  |  | (167.2 | %) |  |  | (0.3 | %) |  |  | 16.4 | %
1. | Includes $1.0 million of deferred tax rate changes for the year ended December 31, 2023.
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) |  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Pension and other postretirement employee benefits |  | $ | 20,342 |  |  | $ | 18,098 |
Inventories |  |  | 754 |  |  |  | 892 |
Nondeductible accruals |  |  | 1,921 |  |  |  | 1,663 |
Incentive compensation |  |  | 1,946 |  |  |  | 1,444 |
Employee benefits |  |  | 1,450 |  |  |  | 1,451 |
Net operating loss carryforwards |  |  | 25,012 |  |  |  | — |
Other |  |  | 944 |  |  |  | 790 |
Total deferred tax assets |  |  | 52,369 |  |  |  | 24,338 |
Deferred tax liabilities: |  |  |  |  |  |
Timber and timberlands, net |  |  | (1,820 | ) |  |  | (1,827 | )
Property, plant and equipment, net |  |  | (66,724 | ) |  |  | (51,704 | )
Intangible assets, net |  |  | (3,223 | ) |  |  | (3,590 | )
Real estate development |  |  | (230 | ) |  |  | (982 | )
Other |  |  | (1,495 | ) |  |  | (2,876 | )
Total deferred tax liabilities |  |  | (73,492 | ) |  |  | (60,979 | )
Deferred tax liabilities, net |  | $ | (21,123 | ) |  | $ | (36,641 | )
Summary of Net Operating Loss (NOL) Carryforwards | Net operating loss (NOL) carryforwards consist of the following at December 31:
(amounts in thousands) |  | 2024 |  |  | 2023 |  |  | Expiration
Federal NOL carryforwards - Post TCJA 1 |  | $ | 104,938 |  |  | $ | — |  |  | None
Federal NOL carryforwards - Pre TCJA 2 |  | $ | 12,307 |  |  | $ | 12,307 |  |  | 2035 - 2037
State NOL carryforwards 3 |  | $ | 65,709 |  |  | $ | 4,283 |  |  | Various
1. | The Tax Cuts and Jobs Act ("TCJA") was signed into law on December 22, 2017. The TCJA lifted the 20-year Federal NOL carryforward period but utilization of the carryforwards may be subject to a limitation of 80% of taxable income.
2. | These net operating loss carryforwards were acquired in the CatchMark merger have been reduced for Section 382 limitations under the Internal Revenue Code and are netted against corresponding uncertain tax position liabilities.
3. | The state NOL carryforwards total is made up of several jurisdictions that expire over various times. A portion of the state NOLs were acquired in the CatchMark merger have been reduced for Section 382 limitations under the Internal Revenue Code, and are netted against corresponding uncertain tax position liabilities. No state NOL is set to expire before December 31, 2032.
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) |  | 2024 |  |  | 2023 |
Balance at January 1 |  | $ | 7,786 |  |  | $ | 8,306 |
Additions for tax positions related to the current year |  |  | — |  |  |  | 249 |
Additions for tax positions of prior years |  |  | 13 |  |  |  | 1,545 |
Reduction for tax positions of prior years |  |  | (13 | ) |  |  | (334 | )
Lapse of statutes of limitations |  |  | (1,460 | ) |  |  | (1,980 | )
Balance at December 31 |  | $ | 6,326 |  |  | $ | 7,786 |
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 |  | 2021 - 2024
Arkansas |  | 2021 - 2024
Idaho |  | 2021 - 2024
Illinois |  | 2020 - 2024
Michigan |  | 2020 - 2024
Minnesota |  | 2020 - 2024
Georgia |  | 2021 - 2024

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