Income Taxes (Tables)

12 Months Ended

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, net1		(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