Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022			2021		2020
Current	$	70,669		$	85,131	$	41,733
Deferred		(5,302	)		25		(14,610	)
Net operating loss carryforwards		45			—		—
Income taxes	$	65,412		$	85,156	$	27,123

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)	2022			2021			2020
U.S. federal statutory income tax	$	83,855		$	106,893		$	40,730
REIT income not subject to federal income tax		(27,085	)		(34,332	)		(16,949	)
Change in valuation allowance		—			—			(395	)
State income taxes, net of federal tax benefit		9,478			13,314			3,099
Other items, net		(836	)		(719	)		638
Income taxes	$	65,412		$	85,156		$	27,123
Effective tax rate		16.4	%		16.7	%		14.0	%

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)	2022			2021
Deferred tax assets:
Pension and other postretirement employee benefits	$	20,992		$	22,610
Inventories		753			387
Nondeductible accruals		2,559			1,634
Incentive compensation		1,910			1,437
Employee benefits		1,477			1,444
Other		706			598
Total deferred tax assets		28,397			28,110
Deferred tax liabilities:
Timber and timberlands, net		(1,852	)		(226	)
Property, plant and equipment, net		(58,464	)		(53,800	)
Intangible assets, net		(4,037	)		(3,466	)
Real estate development		(1,628	)		(2,476	)
Other		(4,206	)		(3,016	)
Total deferred tax liabilities		(70,187	)		(62,984	)
Deferred tax liabilities, net	$	(41,790	)	$	(34,874	)

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, 2022:

(in thousands)
Balance at January 1	$	—
Additions for tax positions related to the current year		171
Additions for tax positions of prior years		8,810
Lapse of statutes of limitations		(675	)
Balance at December 31	$	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	2019 - 2022
Arkansas	2019 - 2022
Idaho	2019 - 2022
Michigan	2018 - 2022
Minnesota	2018 - 2022
Georgia	2019 - 2022