INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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:

	2022	2021	2020
Current
U.S. federal	($2,797)	($1,893)	($237)
State	(371)	(536)	(339)
Foreign	(2,694)	(11,425)	(5,391)
	(5,862)	(13,854)	(5,967)
Deferred
U.S. federal	2,302	(6,288)	8,355
State	1,693	(1,623)	325
Foreign	(3,583)	(2,007)	(3,027)
	412	(9,918)	5,653
Changes in valuation allowance	(3,939)	9,111	(6,695)
Total	($9,389)	($14,661)	($7,009)

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:

	2022			2021			2020
U.S. federal statutory income tax rate	($27,758)	(21.0)	%	($47,280)	(21.0)	%	($7,726)	(21.0)	%
U.S. and foreign REIT income	29,732	22.5		44,316	19.7		16,569	45.0
Matariki Group and Rayonier New Zealand Ltd	(5,038)	(3.8)		(12,927)	(5.7)		(7,698)	(20.8)
Change in valuation allowance	(3,939)	(3.0)		9,111	4.0		(6,695)	(18.2)
REIT Built-in Gain	(2,516)	(1.9)		(2,215)	(1.0)		—	—
State Net Operating Loss	—	—		—	—		1,118	3.0
Prepaid land sales	—	—		—	—		(1,084)	(2.9)
Foreign income tax withholding	(1,239)	(0.9)		(505)	(0.2)		(721)	(2.0)
Sale of Timber Funds	—	—		(2,399)	(1.1)		—	—
State Income Tax, Net of Federal Benefit	1,424	1.1		—	—		—	—
Bainbridge Landing JV, NCI	2,496	1.8		—	—		—	—
Other	(2,551)	(1.9)		(2,762)	(1.2)		(772)	(2.1)
Income tax expense as reported for net income	($9,389)	(7.1)	%	($14,661)	(6.5)	%	($7,009)	(19.0)	%

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:

	2022	2021
Gross deferred tax assets:
Pension, postretirement and other employee benefits	$489	$597
New Zealand subsidiary	20,753	21,790
CBPC tax credit carry forwards	13,688	13,701
Capitalized real estate costs	2,457	1,656
U.S. TRS net operating loss	23,885	12,489
Land basis difference	—	9,061
Other	4,808	5,367
Total gross deferred tax assets	66,080	64,661
Less: Valuation allowance	(40,844)	(36,904)
Total deferred tax assets after valuation allowance	$25,236	$27,757
Gross deferred tax liabilities:
Accelerated depreciation	(9)	(46)
New Zealand subsidiary	(88,414)	(91,388)
Other	(4,558)	(6,059)
Total gross deferred tax liabilities	(92,981)	(97,493)
Net deferred tax liability reported as noncurrent	($67,745)	($69,736)

Schedule 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
2022
U.S. Federal NOL Carryforwards- Post TCJA (a)	$20,538	None
U.S State NOL Carryforwards (b)	3,347	Various
Cellulosic Biofuel Producer Credit (c)	13,688	2024
2021
U.S. Federal NOL Carryforwards- Post TCJA (a)	$10,687	None
U.S State NOL Carryforwards (b)	1,802	Various
Cellulosic Biofuel Producer Credit (c)	13,701	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 December 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 December 31, 2033.

(c)The Inflation Reduction Act of 2022 was signed into law on August 16, 2022. The Inflation Reduction Act of 2022 temporarily extended existing fuels tax credits that previously expired or were set to expire at the end of 2023. The Cellulosic Biofuel Producer Credit was one of the credits extended under this act.

Schedule 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	2019 - 2021
New Zealand Inland Revenue	2017 - 2021

Schedule of Tax Characteristics of Dividend Distributions

The taxable nature of the dividend distributions paid for each of the three years ended December 31 follows:

	2022		2021		2020
Total dividends/distributions paid per common share/unit	$1.125		$1.08		$1.08
Tax characteristics:
Capital gain	100	%	100	%	100	%