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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The (provision for)/benefit from income taxes consisted of the following:



	2011			2010			2009
Current
U.S. federal	$	(26,893	)	$	973		$	(50,586	)
State	(624		)	(12		)	(1,493		)
Foreign	(342		)	(1,242		)	(517		)
	(27,859		)	(281		)	(52,596		)
Deferred
U.S. federal	(2,079		)	(14,554		)	4,829
State	(1,066		)	(1,283		)	567
Foreign	(32		)	69			839
	(3,177		)	(15,768		)	6,235
Changes in valuation allowance	679			832			25
Total	$	(30,357	)	$	(15,217	)	$	(46,336	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows:



	2011		2010		2009
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
REIT income not subject to federal tax	(10.4	)	(16.8	)	(13.0	)
Income tax rate before non-routine items	24.6	%	18.2	%	22.0	%
Installment note prepayment	(3.7	)	—		—
Built-in gains tax holiday	(1.9	)	—		—
CBPC	—		(10.5	)	—
AFMC	—		—		(13.3	)
CBPC for AFMC exchange	(1.9	)	—		—
Taxing authority settlements and unrecognized tax benefit adjustments	(5.3	)	(1.1	)	4.6
Other	(1.9	)	(0.1	)	(0.4	)
Income tax rate as reported	9.9	%	6.5	%	12.9	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The nature of the temporary differences and the resulting net deferred tax asset (liability) for the two years ended December 31, were as follows:



	2011			2010
Gross deferred tax assets:
Liabilities for dispositions and discontinued operations	$	33,295		$	34,416
Pension, postretirement and other employee benefits	62,382			37,653
Foreign and state NOL carryforwards	17,796			18,225
Tax credit carryforwards	4,443			13,795
Other	13,615			18,726
Total gross deferred tax assets	131,531			122,815
Less: Valuation allowance	(18,811		)	(23,944		)
Total deferred tax assets after valuation allowance	112,720			98,871
Gross deferred tax liabilities:
Accelerated depreciation	(62,594		)	(65,683		)
Repatriation of foreign earnings	(5,030		)	(4,959		)
Other	(4,021		)	(5,309		)
Total gross deferred tax liabilities	(71,645		)	(75,951		)
Net deferred tax asset	$	41,075		$	22,920
Current portion of deferred tax asset	$	17,133		$	15,506
Noncurrent portion of deferred tax asset	30,211			14,190
Noncurrent portion of deferred tax liability	(6,269		)	(6,776		)
Net deferred tax asset	$	41,075		$	22,920

Summary of Operating Loss Carryforwards [Table Text Block]

Included above are the following foreign and state net operating loss ("NOL") and tax credit carryforwards as of December 31, 2011:



Item	Gross Amount		Valuation Allowance			Expiration
New Zealand NOL Carryforwards (a)	$	17,394	$	(4,870	)	None
State NOL Carryforwards (a)	226,889		(12,926		)	15 years
State and Foreign Tax Credits	3,418		(1,015		)	10 years
Cellulosic Biofuel Producer Credit	1,025		—			4 years
Total Valuation Allowance			$	(18,811	)

(a) Fully reserved at December 31, 2011.

Summary of Tax Credit Carryforwards [Table Text Block]

Included above are the following foreign and state net operating loss ("NOL") and tax credit carryforwards as of December 31, 2011:



Item	Gross Amount		Valuation Allowance			Expiration
New Zealand NOL Carryforwards (a)	$	17,394	$	(4,870	)	None
State NOL Carryforwards (a)	226,889		(12,926		)	15 years
State and Foreign Tax Credits	3,418		(1,015		)	10 years
Cellulosic Biofuel Producer Credit	1,025		—			4 years
Total Valuation Allowance			$	(18,811	)

(a) Fully reserved at December 31, 2011.

Summary of Income Tax Examinations [Table Text Block]

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 Periods
U.S. Internal Revenue Service	2008 – 2011
State of Alabama	2008 – 2011
State of Florida	2005 – 2011
State of Georgia	2008 – 2011
New Zealand Inland Revenue	2007 – 2011

Summary of Income Tax Contingencies [Table Text Block]

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



	2011				2010			2009
Balance at January 1,	$	22,580			$	17,973		$	3,906
Decreases related to prior year tax positions	(16,000		)	(a)	(1,057		)	(533		)
Increases related to current year tax positions	—				5,780			16,000			(a)
Payments	—				(116		)	(1,400		)
Balance at December 31,	$	6,580			$	22,580		$	17,973

(a) During 2011, the Company received a final examination report from the IRS regarding its TRS 2009 tax return. As a result, Rayonier reversed the uncertain tax liability recorded in 2009 relating to the taxability of the AFMC and recognized a $16 million tax benefit in the third quarter of 2011.

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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- 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.

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- Definition

Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

+ References+ Details