XML 59 R41.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The (provision for)/benefit from income taxes consisted of the following:
| 2017 |  | 2016 |  | 2015
Current |  |  |  |  |
U.S. federal |  | $261 |  |  | — |  |  |  | ($624 | )
State | (38 | ) |  | (254 | ) |  | 226 |
Foreign | (245 | ) |  | (241 | ) |  | (308 | )
| (22 | ) |  | (495 | ) |  | (706 | )
Deferred |  |  |  |  |
U.S. federal | 13,028 |  |  | 5,403 |  |  | 3,702 |
State | — |  |  | (280 | ) |  | 107 |
Foreign | (21,659 | ) |  | (6,079 | ) |  | 2,360 |
| (8,631 | ) |  | (956 | ) |  | 6,169 |
Changes in valuation allowance | (13,028 | ) |  | (3,613 | ) |  | (4,604 | )
Total |  | ($21,681 | ) |  |  | ($5,064 | ) |  |  | $859 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows:
|  | 2017 |  | 2016 |  | 2015
U.S. federal statutory income tax rate |  |  | ($64,141 | ) |  | (35.0 | )% |  |  | ($77,992 | ) |  | (35.0 | )% |  |  | ($15,079 | ) |  | (35.0 | )%
U.S. and foreign REIT income |  | 63,813 |  |  | 34.8 |  |  | 82,037 |  |  | 36.8 |  |  | 17,191 |  |  | 39.9 |
Matariki Group and Rayonier New Zealand Ltd |  | (19,182 | ) |  | (10.5 | ) |  | (4,799 | ) |  | (2.2 | ) |  | 3,457 |  |  | 8.0 |
Transition tax |  | (3,506 | ) |  | (1.9 | ) |  | — |  |  | — |  |  | — |  |  | — |
Change in valuation allowance |  | (13,028 | ) |  | (7.1 | ) |  | (3,613 | ) |  | (1.6 | ) |  | (3,607 | ) |  | (8.4 | )
ASU No. 2016-16 adoption impact |  | 16,631 |  |  | 9.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Deemed repatriation of unremitted foreign earnings |  | 7,368 |  |  | 4.0 |  |  | — |  |  | — |  |  | — |  |  | — |
Reduction of deferred tax asset for statutory rate change |  | (10,499 | ) |  | (5.7 | ) |  | — |  |  | — |  |  | — |  |  | — |
CBPC valuation allowance |  | — |  |  | — |  |  | — |  |  | — |  |  | (997 | ) |  | (2.3 | )
Other |  | 863 |  |  | 0.5 |  |  | (697 | ) |  | (0.3 | ) |  | (106 | ) |  | (0.2 | )
Income tax (expense) benefit as reported for net income |  |  | ($21,681 | ) |  | (11.8 | )% |  |  | ($5,064 | ) |  | (2.3 | )% |  |  | $859 |  |  | 2.0 | %
Schedule of Deferred Tax Assets and Liabilities | The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31, were as follows:
| 2017 |  | 2016
Gross deferred tax assets: |  |  |
Pension, postretirement and other employee benefits |  | $1,017 |  |  |  | $1,648 |
New Zealand JV | 40,224 |  |  | 60,452 |
CBPC Tax Credit Carry Forwards | 14,641 |  |  | 14,641 |
Capitalized real estate costs | 7,058 |  |  | 11,489 |
U.S. TRS Net Operating Loss | 1,872 |  |  | 4,730 |
Land basis difference | 11,090 |  |  | — |
Other | 5,079 |  |  | 9,165 |
Total gross deferred tax assets | 80,981 |  |  | 102,125 |
Less: Valuation allowance | (34,889 | ) |  | (21,861 | )
Total deferred tax assets after valuation allowance |  | $46,092 |  |  |  | $80,264 |
Gross deferred tax liabilities: |  |  |
Accelerated depreciation | (35 | ) |  | (1,322 | )
Repatriation of foreign earnings | — |  |  | (7,368 | )
New Zealand JV | (72,527 | ) |  | (70,315 | )
Timber installment sale | (4,706 | ) |  | (7,601 | )
Other | (1,270 | ) |  | (3,833 | )
Total gross deferred tax liabilities | (78,538 | ) |  | (90,439 | )
Net deferred tax liability reported as noncurrent |  | ($32,446 | ) |  |  | ($10,175 | )
Summary of Operating Loss and Tax Credit Carryforwards | Included below are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2017:
| Gross Amount |  | Valuation Allowance |  | Expiration
2017 |  |  |  |  |
New Zealand JV NOL Carryforwards |  | $137,949 |  |  | — |  |  | None
U.S. Net Deferred Tax Asset | 20,248 |  |  | (20,248 | ) |  | None
Cellulosic Biofuel Producer Credit | 14,641 |  |  | (14,641 | ) |  | 2019
Total Valuation Allowance |  |  |  | ($34,889 | ) |  |
2016 |  |  |  |  |
New Zealand JV NOL Carryforwards |  | $215,898 |  |  | — |  |  | None
U.S. Net Deferred Tax Asset | 7,220 |  |  | (7,220 | ) |  | None
Cellulosic Biofuel Producer Credit | 14,641 |  |  | (14,641 | ) |  | 2019
Total Valuation Allowance |  |  |  | ($21,861 | ) |  |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows:
| 2017 |  | 2016 |  | 2015
Balance at January 1, |  | $135 |  |  |  | $135 |  |  | — |
Decreases related to prior year tax positions | (135 | ) |  | — |  |  | — |
Increases related to prior year tax positions | — |  |  | — |  |  | 135 |
Balance at December 31, | — |  |  |  | $135 |  |  |  | $135 |
Summary of Income Tax Examinations | The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions:
Taxing Jurisdiction | Open Tax Years
U.S. Internal Revenue Service | 2014 - 2016
New Zealand Inland Revenue | 2012 - 2016

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: 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=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: 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=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=96868398&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + 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=84230637&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=96868398&loc=d3e36027-109320 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: 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=84230637&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration