INCOME TAXES (Tables)

12 Months Ended

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	%