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Income Taxes | 12 Months Ended
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Dec. 31, 2013
Income Taxes [Abstract] |
Income Taxes | Income Taxes Income Tax Provision On February 4, 2013, we converted from a limited liability company to a corporation. In addition, we elected to be treated as a corporation for federal and state income tax purposes effective as of January 1, 2013. Therefore, we are subject to federal and state income tax expense beginning January 1, 2013. As a limited liability company, we were treated as a disregarded entity for federal income tax purposes and, as such, were included in the income tax return for BC Holdings. Our income tax provision generally consisted of income taxes payable to state jurisdictions that do not allow for the income tax liability to be passed through to our former sole member as well as income taxes payable by our separate subsidiaries that are taxed as corporations. As a limited liability company, we had an effective tax rate of less than 1%. For the years ended December 31, 2012, and 2011, income tax expense was $0.3 million, and $0.2 million, respectively. As a corporation, we are subject to typical corporate U.S. federal, state, and foreign income tax rates. Boise Cascade Company will file tax returns as a corporation for the year ended December 31, 2013. A reconciliation of the statutory U.S. federal tax provision and the reported tax provision is as follows (dollars in thousands):
|  | Year Ended December 31, 2013
Income before income taxes |  | $ | 78,148 |
Statutory U.S. income tax rate |  | 35.0 | %
Statutory tax provision |  | $ | 27,352 |
State taxes |  | 2,545 |
Other |  | (19 | )
Total |  | $ | 29,878 |
Effective income tax rate excluding discrete item |  | 38.2 | %
Recognition of beginning deferred tax balances |  | $ | (68,666 | )
Income tax benefit with discrete item |  | $ | (38,788 | )
Effective income tax rate with discrete item |  | (49.6 | )%
The income tax provision (benefit) shown in the Consolidated Statements of Operations includes the following (dollars in thousands):
|  | Year Ended December 31, 2013
Current income tax provision (benefit) |  |
Federal |  | $ | 17,618 |
State |  | 3,172 |
Foreign |  | 22 |
Total current |  | 20,812 |
Deferred income tax provision (benefit) |  |
Federal |  | (54,611 | )
State |  | (4,989 | )
Foreign |  | — |
Total deferred |  | (59,600 | )
Income tax provision (benefit) |  | $ | (38,788 | )
During the years ended December 31, 2013, 2012, and 2011, cash paid for taxes, net of refunds received, was $22.7 million, $0.2 million, and $0.3 million, respectively. For tax purposes, our conversion from a limited liability company to a corporation was deemed a nontaxable transfer of Boise Cascade, L.L.C., assets and liabilities to Boise Cascade Company. As a result of our conversion to a corporation, we recorded net deferred tax assets of $68.7 million, the effect of which was recorded as an income tax benefit in our Consolidated Statement of Operations. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. The components of our net deferred tax assets and liabilities at December 31, 2013, and as of our conversion are as follows (dollars in thousands):
|  | December 31, 2013 |  | February 4, 2013
Deferred tax assets |  |  |  |
Employee benefits (a) |  | $ | 55,331 |  |  | $ | 87,783 |
Deferred financing costs |  | 540 |  |  | 279 |
Intangible assets and other |  | 386 |  |  | 632 |
Inventories |  | 4,657 |  |  | 3,124 |
Canadian net operating loss carryforward (b) |  | 17,180 |  |  | 15,488 |
Capital loss carryforward (b) |  | — |  |  | 6,104 |
Accrued sales credits |  | — |  |  | 5,372 |
Other |  | 3,803 |  |  | 3,535 |
Gross deferred tax assets |  | 81,897 |  |  | 122,317 |
Valuation allowance (b) |  | (17,180 | ) |  | (21,592 | )
Net deferred tax assets |  | $ | 64,717 |  |  | $ | 100,725 |
Deferred tax liabilities |  |  |  |
Property and equipment |  | $ | 40,976 |  |  | $ | 27,388 |
Intangible assets and other |  | 3,968 |  |  | 3,883 |
Other |  | 862 |  |  | 788 |
Deferred tax liabilities |  | $ | 45,806 |  |  | $ | 32,059 |
As reported on our Consolidated Balance Sheets |  |  |  |
Current deferred tax assets, net |  | $ | 18,151 |  |  | $ | 12,750 |
Noncurrent deferred tax assets, net |  | 760 |  |  | 55,916 |
Total deferred tax assets, net |  | $ | 18,911 |  |  | $ | 68,666 |
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(a) | As of December 31, 2013, the decrease relates to the tax effect of changes in recorded pension liabilities. See Note 9, Retirement and Benefit Plans, for more information.
(b) | Boise Cascade Wood Products Holdings Corp., a wholly owned, fully consolidated operating entity, has an investment in foreign subsidiaries. At December 31, 2013, and upon conversion on February 4, 2013, the foreign subsidiaries had $17.2 million and $15.5 million, respectively, of deferred tax assets. The deferred tax assets resulted primarily from net operating losses and were fully offset by a valuation allowance. In addition, upon conversion, Boise Cascade Wood Products Holdings Corp. had $6.1 million of deferred tax assets related to the capital loss carryforward from the sale of our subsidiaries in Brazil and the United Kingdom. The capital loss carryforward was fully offset by a valuation allowance, because it was more likely than not that we would not be able to utilize the capital loss carryforward before it expired in 2013.
Pretax income (loss) from domestic and foreign sources is as follows (dollars in thousands):
|  | December 31, 2013
Domestic |  | $ | 82,529 |
Foreign |  | (4,381 | )
Income before income taxes |  | $ | 78,148 |
In September 2013, the Internal Revenue Service and Treasury Department released final 263(a) regulations regarding the deduction and capitalization of expenditures related to tangible property. In general, the final regulations apply to taxable years beginning on or after January 1, 2014. We do not anticipate that these new regulations will materially affect our income tax provision. Income Tax Uncertainties Boise Cascade, and/or one of its subsidiaries, files federal income tax returns in the U.S. and Canada and various state income tax returns. The significant jurisdictions are California, Idaho, Oregon, and Texas. In the normal course of business, we are subject to examination by taxing authorities from 2010 to present. We recognize tax liabilities and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available or as new uncertainties occur. We had no unrecognized tax benefits recorded as of December 31, 2013, 2012, and 2011. We recognize interest and penalties related to uncertain tax positions as income tax expense in our Consolidated Statements of Operations. For the years ended December 31, 2013, 2012, and 2011, we recognized an insignificant amount of interest and penalties related to taxes.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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