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