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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for each of the three years ended December 31 follows:

	2018				2017				2016
Current
U.S. federal		$2				$261			—
State	37				(38		)		(254		)
Foreign	(1,914		)		(245		)		(241		)
	(1,875		)		(22		)		(495		)
Deferred
U.S. federal	3,803				13,028				5,403
State	146				—				(280		)
Foreign	(23,360		)		(21,659		)		(6,079		)
	(19,411		)		(8,631		)		(956		)
Changes in valuation allowance	(3,950		)		(13,028		)		(3,613		)
Total		($25,236	)			($21,681	)			($5,064	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate for each of the three years ended December 31 follows:

		2018							2017							2016
U.S. federal statutory income tax rate			($29,939	)		(21.0	)%			($64,141	)		(35.0	)%			($77,992	)		(35.0	)%
U.S. and foreign REIT income		32,949				23.1			63,813				34.8			82,037				36.8
Matariki Group and Rayonier New Zealand Ltd		(23,166		)		(16.2	)		(19,182		)		(10.5	)		(4,799		)		(2.2	)
Transition tax		—				—			(3,506		)		(1.9	)		—				—
Change in valuation allowance		(3,950		)		(2.8	)		(13,028		)		(7.1	)		(3,613		)		(1.6	)
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	)		—				—
Foreign income tax withholding		(1,848		)		(1.3	)		—				—			—				—
Other		718				0.5			863				0.5			(697		)		(0.3	)
Income tax (expense) benefit as reported for net income			($25,236	)		(17.7	)%			($21,681	)		(11.8	)%			($5,064	)		(2.3	)%

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 follows:

	2018				2017
Gross deferred tax assets:
Pension, postretirement and other employee benefits		$1,791				$1,017
New Zealand subsidiary	14,252				40,224
CBPC tax credit carry forwards	14,555				14,641
Capitalized real estate costs	7,386				7,058
U.S. TRS net operating loss	5,747				1,872
Land basis difference	11,282				11,090
Other	4,047				5,079
Total gross deferred tax assets	59,060				80,981
Less: Valuation allowance	(38,839		)		(34,889		)
Total deferred tax assets after valuation allowance		$20,221				$46,092
Gross deferred tax liabilities:
Accelerated depreciation	(73		)		(35		)
New Zealand subsidiary	(66,430		)		(72,527		)
Timber installment sale	(4,823		)		(4,706		)
Other	(1,272		)		(1,270		)
Total gross deferred tax liabilities	(72,598		)		(78,538		)
Net deferred tax liability reported as noncurrent		($52,377	)			($32,446	)

Summary of Operating Loss and Tax Credit Carryforwards

Foreign net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows: 

	Gross Amount				Valuation Allowance				Expiration
2018
New Zealand subsidiary NOL carryforwards		$31,052			—				None
U.S. net deferred tax asset	24,284				(24,284		)		None
Cellulosic Biofuel Producer Credit	14,555				(14,555		)		2019
Total Valuation Allowance						($38,839	)
2017
New Zealand subsidiary 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	)

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 follows:

	2018			2017				2016
Balance at January 1,	—				$135				$135
Decreases related to prior year tax positions (a)	—			(135		)		—
Increases related to prior year tax positions	—			—				—
Balance at December 31,	—			—					$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	2015 - 2017
New Zealand Inland Revenue	2013 - 2017

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