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INCOME TAXES
 9 Months Ended
Sep. 30, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
INCOME TAXES
The operations conducted by the Company’s REIT entities are generally not subject to U.S. federal and state income tax. The New Zealand JV is subject to corporate level tax in New Zealand. Non-REIT qualifying operations are conducted by the Company’s TRS. The primary businesses performed in Rayonier’s TRS include log trading and certain real estate activities, such as the sale and entitlement of development HBU properties.
Provision for Income Taxes
The Company’s effective tax rate is below the 35.0% U.S. statutory rate due to tax benefits associated with being a REIT. The income tax expense (benefit) for the three and nine months ended September 30, 2016 and 2015 are principally related to the New Zealand JV.
The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented:
 
Three Months Ended September 30,
 
2016
 
2015
Income tax expense at federal statutory rate

$14,491

 
35.0
 %
 

$6,524

 
35.0
 %
U.S. and foreign REIT income & U.S. TRS taxable losses
(11,487
)
 
(27.7
)
 
(9,259
)
 
(49.6
)
Foreign TRS operations
(312
)
 
(0.8
)
 
(1,466
)
 
(7.9
)
U.S. net deferred tax asset valuation allowance
(1,741
)
 
(4.2
)
 
2,742

 
14.7

Other
(70
)
 
(0.2
)
 
90

 
0.5

Income tax expense (benefit) before discrete items

$881

 
2.1
 %
 

($1,369
)
 
(7.3
)%
CBPC(a) valuation allowance
—

 
—

 
997

 
5.3

Return-to-accrual adjustments
(171
)
 
(0.4
)
 
(169
)
 
(0.9
)
Other
69

 
0.2

 
—

 
—

Income tax expense (benefit) as reported

$779

 
1.9
 %
 

($541
)
 
(2.9
)%

 
Nine Months Ended September 30,
 
2016
 
2015
Income tax expense at federal statutory rate

$59,337

 
35.0
 %
 

$11,617

 
35.0
 %
U.S. and foreign REIT income & U.S. TRS taxable losses
(55,801
)
 
(32.9
)
 
(16,260
)
 
(48.9
)
Foreign TRS operations
(626
)
 
(0.4
)
 
(3,029
)
 
(9.1
)
U.S. net deferred tax asset valuation allowance
2,654

 
1.6

 
5,360

 
16.1

Other
137

 
0.1

 
175

 
0.5

Income tax expense (benefit) before discrete items

$5,701

 
3.4
 %
 

($2,137
)
 
(6.4
)%
CBPC(a) valuation allowance
—

 
—

 
997

 
3.0

Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory
(1,833
)
 
(1.1
)
 
—

 
—

Purchase accounting deferred tax benefit
(1,423
)
 
(0.9
)
 
—

 
—

Return-to-accrual adjustments
(171
)
 
(0.1
)
 
(169
)
 
(0.5
)
Income tax expense (benefit) as reported

$2,274

 
1.3
 %
 

($1,309
)
 
(3.9
)%

 
 
 
 
 
(a)    Cellulosic biofuels producer credit.