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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The (provision for)/benefit from income taxes consisted of the following:
 
2015
 
2014
 
2013
Current
 
 
 
 
 
U.S. federal

($624
)
 

$27,521

 

$27,338

State
226

 
1,353

 
1,462

Foreign
(308
)
 
—

 
(261
)
 
(706
)
 
28,874

 
28,539

Deferred
 
 
 
 
 
U.S. federal
3,702

 
(7,260
)
 
22,649

State
107

 
(357
)
 
1,211

Foreign
2,360

 
1,633

 
(2,119
)
 
6,169

 
(5,984
)
 
21,741

Changes in valuation allowance
(4,604
)
 
(13,289
)
 
(14,595
)
Total

$859

 

$9,601

 

$35,685
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:  
 
 
2015
 
2014
 
2013
U.S. federal statutory income tax rate
 

($15,079
)
 
35.0
 %
 

($15,695
)
 
35.0
 %
 

($24,555
)
 
35.0
 %
U.S. and foreign REIT income and U.S. TRS taxable losses
 
19,446

 
(45.1
)
 
32,058

 
(71.5
)
 
52,812

 
(75.3
)
U.S. net deferred tax asset valuation allowance
 
(3,607
)
 
8.4

 
—

 
—

 
—

 
—

Foreign TRS operations
 
1,097

 
(2.6
)
 
(159
)
 
0.4

 
(95
)
 
0.1

Loss on early redemption of Senior Exchangeable Notes
 
—

 
—

 
—

 
—

 
(859
)
 
1.2

Other
 
5

 
—

 
112

 
(0.3
)
 
101

 
(0.1
)
Income tax benefit before discrete items
 
1,862

 
(4.3
)
 
16,316

 
(36.4
)
 
27,404

 
(39.1
)
CBPC valuation allowance
 
(997
)
 
2.3

 
(13,644
)
 
30.4

 
—

 
—

Deferred tax inventory valuations
 
—

 
—

 
5,151

 
(11.5
)
 
983

 
(1.4
)
Uncertain tax positions
 
—

 
—

 
1,830

 
(4.1
)
 
800

 
(1.1
)
Gain related to consolidation of New Zealand joint venture
 
—

 
—

 
—

 
—

 
5,634

 
(8.0
)
Reversal of REIT BIG tax payable
 
—

 
—

 
—

 
—

 
485

 
(0.7
)
Other
 
(6
)
 
—

 
(52
)
 
0.2

 
379

 
(0.6
)
Income tax benefit as reported for continuing operations
 

$859

 
(2.0
)%
 

$9,601

 
(21.4
)%
 

$35,685

 
(50.9
)%
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:
 
2015
 
2014
Gross deferred tax assets:
 
 
 
Pension, postretirement and other employee benefits

$1,040

 

$1,994

New Zealand JV
65,078

 
71,482

CBPC Tax Credit Carry Forwards (a)
14,641

 
13,644

Capitalized real estate costs
9,378

 
9,554

U.S. TRS Net Operating Loss
2,327

 
—

Other
7,050

 
8,067

Total gross deferred tax assets
99,514

 
104,741

Less: Valuation allowance
(18,248
)
 
(13,644
)
Total deferred tax assets after valuation allowance

$81,266

 

$91,097

Gross deferred tax liabilities:
 
 
 
Accelerated depreciation
(1,357
)
 
(1,796
)
Repatriation of foreign earnings
(7,251
)
 
(8,817
)
New Zealand JV
(68,551
)
 
(78,008
)
Timber installment sale
(7,511
)
 
(7,511
)
Other
(311
)
 
(1,304
)
Total gross deferred tax liabilities
(84,981
)
 
(97,436
)
Net deferred tax (liability)/asset

($3,715
)
 

($6,339
)
 
 
 
 
Noncurrent portion of deferred tax asset (b)
—

 
8,057

Current portion of deferred tax liability (b)
—

 
(7,893
)
Noncurrent portion of deferred tax liability (b)
(3,715
)
 
(6,503
)
Net deferred tax (liability)/asset

($3,715
)
 

($6,339
)

 
 
 
 
 
(a)
In 2015, a $1.0 million return to accrual adjustment was made in conjunction with the filing of the Company’s 2014 U.S. federal income tax return.
(b)
Rayonier adopted ASU No. 2015-17, which requires deferred tax assets and liabilities to be classified as noncurrent, in its Consolidated Balance Sheet as of December 31, 2015. Deferred tax assets and liabilities as of December 31, 2014 have not been retrospectively adjusted.
Summary of Operating Loss and Tax Credit Carryforwards
Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2015: 
Item
Gross
Amount
 
Valuation
Allowance
 
Expiration
New Zealand JV NOL Carryforwards

$232,846

 
—
 
None
U.S. Net Deferred Tax Asset
3,607

 
(3,607
)
 
None
Cellulosic Biofuel Producer Credit (a)
14,641

 
(14,641
)
 
2019
Total Valuation Allowance
 
 

($18,248
)
 
 

 
 
 
 
 
(a)
In 2015, a $1.0 million return to accrual adjustment was made in conjunction with the filing of the Company’s 2014 U.S. federal income tax return.
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:
 
2015
 
2014
 
2013
Balance at January 1,
—

 

$10,547

 

$6,580

Decreases related to prior year tax positions
—

 
(10,547
)
 
(800
)
Increases related to prior year tax positions
135

 
—

 
4,767

Balance at December 31,

$135

 
—

 

$10,547
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
2012 - 2015
New Zealand Inland Revenue
2011 - 2015