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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
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:
| 2020 |  | 2019 |  | 2018 |
Current |  |  |  |  |  |
U.S. federal | ($237) |  |  | $2 |  |  | $2 |  |
State | (339) |  |  | (122) |  |  | 37 |  |
Foreign | (5,391) |  |  | (1,542) |  |  | (1,914) |  |
| (5,967) |  |  | (1,662) |  |  | (1,875) |  |
Deferred |  |  |  |  |  |
U.S. federal | 8,355 |  |  | 465 |  |  | 3,803 |  |
State | 325 |  |  | 17 |  |  | 146 |  |
Foreign | (3,027) |  |  | (11,278) |  |  | (23,360) |  |
| 5,653 |  |  | (10,796) |  |  | (19,411) |  |
Changes in valuation allowance | (6,695) |  |  | (482) |  |  | (3,950) |  |
Total | ($7,009) |  |  | ($12,940) |  |  | ($25,236) |  |
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:
|  | 2020 |  | 2019 |  | 2018
U.S. federal statutory income tax rate |  | ($7,726) |  |  | (21.0) | % |  | ($16,930) |  |  | (21.0) | % |  | ($29,939) |  |  | (21.0) | %
U.S. and foreign REIT income |  | 16,569 |  |  | 45.0 |  |  | 19,902 |  |  | 24.7 |  |  | 32,949 |  |  | 23.1 |
Matariki Group and Rayonier New Zealand Ltd |  | (7,698) |  |  | (20.8) |  |  | (11,181) |  |  | (13.9) |  |  | (23,166) |  |  | (16.2) |
Change in valuation allowance |  | (6,695) |  |  | (18.2) |  |  | (482) |  |  | (0.6) |  |  | (3,950) |  |  | (2.8) |
State Net Operating Loss |  | 1,118 |  |  | 3.0 |  |  | — |  |  | — |  |  | — |  |  | — |
Prepaid land sales |  | (1,084) |  |  | (2.9) |  |  | — |  |  | — |  |  | — |  |  | — |
Internal transfer of assets deferred |  | — |  |  | — |  |  | (1,815) |  |  | (2.3) |  |  | — |  |  | — |
Foreign income tax withholding |  | (721) |  |  | (2.0) |  |  | (1,535) |  |  | (1.9) |  |  | (1,848) |  |  | (1.3) |
Other |  | (772) |  |  | (2.1) |  |  | (899) |  |  | (1.1) |  |  | 718 |  |  | 0.5 |
Income tax expense as reported for net income |  | ($7,009) |  |  | (19.0) | % |  | ($12,940) |  |  | (16.1) | % |  | ($25,236) |  |  | (17.7) | %
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:
| 2020 |  | 2019
Gross deferred tax assets: |  |  |
Pension, postretirement and other employee benefits | $1,403 |  |  | $1,512 |
New Zealand subsidiary | 23,461 |  |  | 23,211 |
CBPC tax credit carry forwards | 14,555 |  |  | 14,555 |
Capitalized real estate costs | 1,459 |  |  | 6,635 |
U.S. TRS net operating loss | 18,363 |  |  | 5,410 |
Land basis difference | 9,468 |  |  | 10,626 |
Other | 5,502 |  |  | 4,356 |
Total gross deferred tax assets | 74,211 |  |  | 66,305 |
Less: Valuation allowance | (46,015) |  |  | (39,320) |
Total deferred tax assets after valuation allowance | $28,196 |  |  | $26,985 |
Gross deferred tax liabilities: |  |  |
Accelerated depreciation | (38) |  |  | (23) |
New Zealand subsidiary | (98,245) |  |  | (87,548) |
Other | (4,884) |  |  | (3,938) |
Total gross deferred tax liabilities | (103,167) |  |  | (91,509) |
Net deferred tax liability reported as noncurrent | ($74,971) |  |  | ($64,524) |
Summary of Operating Loss and Tax Credit Carryforwards | Net operating loss (“NOL”) and tax credit carryforwards as of the two years ended December 31 follows:
| Tax Effected Balance |  |  |  |  | Expiration
2020 |  |  |  |  |  |
U.S. Federal NOL Carryforwards- Pre TCJA (a) | $2,363 |  |  |  |  |  | 2036
U.S. Federal NOL Carryforwards- Post TCJA (a) | 13,017 |  |  |  |  |  | None
U.S State NOL Carryforwards (b) | 2,983 |  |  |  |  |  | 2031
Cellulosic Biofuel Producer Credit (c) | 14,555 |  |  |  |  |  | 2023
2019 |  |  |  |  |  |
New Zealand subsidiary NOL carryforwards | $3,262 |  |  |  |  |  | None
U.S. Federal NOL Carryforwards- Pre TCJA (a) | 2,363 |  |  |  |  |  | 2036
U.S. Federal NOL Carryforwards- Post TCJA (a) | 1,872 |  |  |  |  |  | None
U.S State NOL Carryforwards (b) | 1,175 |  |  |  |  |  | 2031
Cellulosic Biofuel Producer Credit (c) | 14,555 |  |  |  |  |  | 2023
(a)The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. The TCJA lifted the 20-year federal NOL Carryforward period. Net operating losses generated after 12/31/2017 have an indefinite carryforward period. (b)The U.S. state NOL is made up of several jurisdictions that expire in various future years. No State NOL is set to expire before 12/31/2031. (c)The Further Consolidated Appropriations Act, 2020 was signed into law on December 20, 2019. The Further Consolidated Appropriations Act, 2020 included the Taxpayer Certainty and Disaster Relief Act of 2019 (Tax Extenders Act), which temporarily renewed approximately two dozen credits that previously expired or were set to expire at the end of 2019. The Cellulosic Biofuel Producer Credit was one of the credits extended under this act.
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 | 2017 - 2019
New Zealand Inland Revenue | 2015 - 2019
Summary of Tax Characteristics of Dividend Distributions | The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows:
| 2020 |  | 2019 |  | 2018 |
Total dividends/distributions paid per common share/unit | $1.08 |  |  | $1.08 |  |  | $1.06 |  |
Tax characteristics: |  |  |  |  |  |
Capital gain | 100 | % |  | 100 | % |  | 100 | % |

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