Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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



	2016			2015			2014
Current
U.S. federal	—				($624	)		$27,521
State	(254		)	226			1,353
Foreign	(241		)	(308		)	—
	(495		)	(706		)	28,874
Deferred
U.S. federal	5,403			3,702			(7,260		)
State	(280		)	107			(357		)
Foreign	(6,079		)	2,360			1,633
	(956		)	6,169			(5,984		)
Changes in valuation allowance	(3,613		)	(4,604		)	(13,289		)
Total		($5,064	)		$859			$9,601

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



	2016					2015					2014
U.S. federal statutory income tax rate		($77,992	)	35.0	%		($15,079	)	35.0	%		($15,695	)	35.0	%
U.S. and foreign REIT income and U.S. TRS taxable losses	72,507			(32.5	)	19,446			(45.1	)	32,058			(71.5	)
Foreign TRS operations	1,098			(0.5	)	1,097			(2.6	)	(159		)	0.4
U.S. net deferred tax asset valuation allowance	(3,613		)	1.6		(3,607		)	8.4		—			—
CBPC valuation allowance	—			—		(997		)	2.3		(13,644		)	30.4
Deferred tax inventory valuations	—			—		—			—		5,151			(11.5	)
Uncertain tax positions	—			—		—			—		1,830			(4.1	)
Other	2,936			(1.3	)	(1		)	—		60			(0.1	)
Income tax (expense) benefit as reported for continuing operations		($5,064	)	2.3	%	859			(2.0	)%		$9,601		(21.4	)%

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



	2016			2015
Gross deferred tax assets:
Pension, postretirement and other employee benefits		$1,648			$1,040
New Zealand JV	60,452			65,078
CBPC Tax Credit Carry Forwards (a)	14,641			14,641
Capitalized real estate costs	11,489			9,378
U.S. TRS Net Operating Loss	4,730			2,327
Other	9,165			7,050
Total gross deferred tax assets	102,125			99,514
Less: Valuation allowance	(21,861		)	(18,248		)
Total deferred tax assets after valuation allowance		$80,264			$81,266
Gross deferred tax liabilities:
Accelerated depreciation	(1,322		)	(1,357		)
Repatriation of foreign earnings	(7,368		)	(7,251		)
New Zealand JV	(70,315		)	(68,551		)
Timber installment sale	(7,601		)	(7,511		)
Other	(3,833		)	(311		)
Total gross deferred tax liabilities	(90,439		)	(84,981		)
Net deferred tax (liability)/asset reported as noncurrent		($10,175	)		($3,715	)


(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.

Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2016:



	Gross Amount		Valuation Allowance			Expiration
2016
New Zealand JV NOL Carryforwards		$215,898	—			None
U.S. Net Deferred Tax Asset	7,220		(7,220		)	None
Cellulosic Biofuel Producer Credit (a)	14,641		(14,641		)	2019
Total Valuation Allowance				($21,861	)
2015
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.

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



	2016		2015		2014
Balance at January 1,		$135	—			$10,547
Decreases related to prior year tax positions	—		—		(10,547		)
Increases related to prior year tax positions	—		135		—
Balance at December 31,		$135		$135	—

The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: