Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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



	2014	2013	2012
Current
U.S. federal	$27,521	$27,338	$26,539
State	1,353	1,462	1,241
Foreign	—	(261)	—
	28,874	28,539	27,780
Deferred
U.S. federal	(7,260)	22,649	110
State	(357)	1,211	5
Foreign	1,633	(2,119)	(263)
	(5,984)	21,741	(148)
Changes in valuation allowance	(13,289)	(14,595)	(572)
Total	$9,601	$35,685	$27,060

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



	2014				2013				2012
U.S. federal statutory income tax rate	$(15,695)		35.0	%	$(24,555)		35.0	%	$3,600	(35.0	)%
REIT income and taxable losses	32,058		(71.5	)	52,812		(75.3	)	27,724	(269.5	)
Foreign operations	(159	)	0.4		(95)		0.1		—	—
Loss on early redemption of Senior Exchangeable Notes	—		—		(859	)	1.2		—	—
Other	112		(0.3	)	101		(0.1	)	251	(2.5	)
Income tax benefit before discrete items	16,316		(36.4	)	27,404		(39.1	)	31,575	(307.0	)
CBPC valuation allowance	(13,644	)	30.4		—		—		—	—
Deferred tax inventory valuations	5,151		(11.5	)	983		(1.4	)	(4,920)	47.8
Uncertain tax positions	1,830		(4.1	)	800		(1.1	)	—	—
Return to accrual adjustments	—		—		—		—		(12)	0.1
Gain related to consolidation of New Zealand joint venture	—		—		5,634		(8.0	)	—	—
Reversal of REIT BIG tax payable	—		—		485		(0.7	)	—	—
Other	(52	)	0.2		379		(0.6	)	417	(4.0	)
Income tax benefit as reported for continuing operations	$9,601		(21.4	)%	35,685		(50.9	)%	$27,060	(263.1	)%

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



	2014	2013 (a)
Gross deferred tax assets:
Liabilities for dispositions and discontinued operations	—	$28,050
Pension, postretirement and other employee benefits	1,994	43,058
Foreign and state NOL carryforwards	71,482	85,801
Tax credit carryforwards	13,644	52,682
Capitalized real estate costs	9,554	8,901
Other	8,067	20,970
Total gross deferred tax assets	104,741	239,462
Less: Valuation allowance	(13,644)	(33,889)
Total deferred tax assets after valuation allowance	$91,097	$205,573
Gross deferred tax liabilities:
Accelerated depreciation	(1,796)	(57,695)
Repatriation of foreign earnings	(8,817)	(9,065)
New Zealand forests, roads and carbon credits	(78,008)	(85,681)
Timber installment sale	(7,511)	(7,360)
Other	(1,304)	(5,247)
Total gross deferred tax liabilities	(97,436)	(165,048)
Net deferred tax (liability)/asset	$(6,339)	$40,525
Current portion of deferred tax asset	—	39,100
Noncurrent portion of deferred tax asset	8,057	10,720
Current portion of defered tax liability	(7,893)	—
Noncurrent portion of deferred tax liability	(6,503)	(9,295)
Net deferred tax (liability)/asset	$(6,339)	$40,525


(a)	Includes balances related to discontinued operations.

Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2014:



Item	Gross Amount	Valuation Allowance	Expiration
New Zealand JV NOL Carryforwards	$330,589	—	None
Cellulosic Biofuel Producer Credit	13,644	(13,644)	2017
Total Valuation Allowance		$(13,644)

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



	2014	2013	2012
Balance at January 1,	$10,547	$6,580	$6,580
Decreases related to prior year tax positions	(10,547)	(800)	—
Increases related to prior year tax positions	—	4,767	—
Balance at December 31,	—	$10,547	$6,580

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