Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'RAYONIER INC. | ' | ' |
Trading Symbol | 'RYN | ' | ' |
Entity Central Index Key | '0000052827 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 126,435,173 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $6,925,214,692 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | $520,242 | $384,784 | $409,077 | $393,719 | $412,660 | $386,163 | $348,096 | $336,571 | $1,707,822 | $1,483,490 | $1,420,960 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | 395,446 | 287,150 | 297,698 | 266,018 | 292,212 | 259,201 | 243,571 | 235,708 | 1,246,312 | 1,030,692 | 1,006,297 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 64,843 | 66,957 | 65,251 | |||
Other operating income, net (Note 16) | ' | ' | ' | ' | ' | ' | ' | ' | -9,487 | -14,169 | -3,794 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,301,668 | 1,083,480 | 1,067,754 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 562 | 550 | 4,088 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | 406,716 | 400,560 | 357,294 | |||
Gain related to consolidation of New Zealand joint venture (Note 4) | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 422,814 | 400,560 | 357,294 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -43,760 | -44,981 | -50,775 | |||
Interest and miscellaneous income, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,372 | 606 | 843 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 381,426 | 356,185 | 307,362 | |||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -49,661 | -84,743 | -30,688 | |||
INCOME FROM CONTINUING OPERATIONS | 82,249 | 58,367 | 87,891 | [1] | 103,258 | 73,474 | 79,278 | 66,091 | 52,599 | 331,765 | [1] | 271,442 | 276,674 | |
Income (loss) from discontinued operations, net of income tax (expense) benefit of ($21,050), ($3,648) and $331 | -2,444 | 0 | 0 | 44,477 | 2,135 | 1,282 | 2,988 | 838 | 42,033 | 7,243 | -669 | |||
NET INCOME | 79,805 | 58,367 | 87,891 | 147,735 | [2] | 75,609 | 80,560 | 69,079 | 53,437 | 373,798 | [2] | 278,685 | 276,005 | |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 1,902 | 0 | 0 | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 79,652 | 57,345 | 87,164 | [1] | 147,735 | [2] | 75,609 | 80,560 | 69,079 | 53,437 | 371,896 | [1],[2] | 278,685 | 276,005 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -5,710 | 4,352 | 3,546 | |||
New Zealand joint venture cash flow hedges, net of income tax (expense) benefit of ($248), $0 and $0 | ' | ' | ' | ' | ' | ' | ' | ' | 3,629 | 213 | -2,373 | |||
Net gain (loss) from pension and postretirement plans, net of income tax (expense) benefit of ($27,786), ($339) and $20,665 | ' | ' | ' | ' | ' | ' | ' | ' | 61,869 | -496 | -46,263 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 59,788 | 4,069 | -45,090 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 433,586 | 282,754 | 230,915 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -1,550 | 0 | 0 | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | $435,136 | $282,754 | $230,915 | |||
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.63 | $2.21 | $2.28 | |||
Discontinued Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.33 | $0.06 | ($0.01) | |||
Net Income (in dollars per share) | $0.63 | $0.45 | $0.69 | $1.19 | $0.61 | $0.66 | $0.56 | $0.44 | $2.96 | $2.27 | $2.27 | |||
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Continuing Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.54 | $2.11 | $2.21 | |||
Discontinued Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | $0.06 | ($0.01) | |||
Net income (in dollars per share) | $0.62 | $0.44 | $0.67 | $1.13 | $0.59 | $0.62 | $0.54 | $0.42 | $2.86 | $2.17 | $2.20 | |||
[1] | Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||
[2] | Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Discontinued operation tax effect of discontinued operation | ($21,050) | ($3,648) | $331 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | -248 | 0 | 0 |
Amortization of losses and gains from pension and postretirement benefit plans, income tax (expense) benefit | ($27,786) | ($339) | $20,665 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $199,644 | $280,596 |
Accounts receivable, less allowance for doubtful accounts of $673 and $417 | 94,956 | 100,359 |
Inventory (Note 12) | 138,818 | 127,966 |
Current deferred tax assets | 39,100 | 15,845 |
Prepaid and other current assets | 46,576 | 41,508 |
Total current assets | 519,094 | 566,274 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,049,378 | 1,573,309 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Land | 20,138 | 27,383 |
Buildings | 180,573 | 147,445 |
Machinery and equipment | 1,760,641 | 1,444,012 |
Construction in progress | 19,795 | 268,459 |
Total property, plant and equipment, gross | 1,981,147 | 1,887,299 |
Less—accumulated depreciation | -1,120,326 | -1,180,261 |
Total property, plant and equipment, net | 860,821 | 707,038 |
INVESTMENT IN JOINT VENTURE (Note 4) | 0 | 72,419 |
OTHER ASSETS | 256,208 | 203,911 |
TOTAL ASSETS | 3,685,501 | 3,122,951 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 69,293 | 70,381 |
Current maturities of long-term debt (Note 13) | 112,500 | 150,000 |
Accrued taxes | 8,551 | 13,824 |
Uncertain tax positions | 10,547 | 800 |
Accrued payroll and benefits | 24,948 | 28,068 |
Accrued interest | 9,531 | 7,956 |
Accrued customer incentives | 9,580 | 10,849 |
Other current liabilities | 24,327 | 17,840 |
Current liabilities for dispositions and discontinued operations (Note 17) | 6,835 | 8,105 |
Total current liabilities | 276,112 | 307,823 |
LONG-TERM DEBT (Note 13) | 1,461,724 | 1,120,052 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 69,543 | 73,590 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 22) | 95,654 | 159,582 |
OTHER NON-CURRENT LIABILITIES | 27,225 | 23,900 |
COMMITMENTS AND CONTINGENCIES (Notes 18, 19 and 20) | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Common Shares, 480,000,000 shares authorized, 126,257,870 and 123,332,444 shares issued and outstanding | 692,100 | 670,749 |
Retained earnings | 1,015,209 | 876,634 |
Accumulated other comprehensive loss | -46,139 | -109,379 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,661,170 | 1,438,004 |
Noncontrolling interest | 94,073 | 0 |
TOTAL SHAREHOLDERS’ EQUITY | 1,755,243 | 1,438,004 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $3,685,501 | $3,122,951 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Accounts receivable, allowance for doubtful accounts | $673 | $417 |
Shareholders' Equity: | ' | ' |
Common stock, shares authorized | 480,000,000 | 480,000,000 |
Common stock, shares, issued | 126,257,870 | 123,332,444 |
Common stock, shares outstanding | 126,257,870 | 123,332,444 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
OPERATING ACTIVITIES | ' | ' | ' | |
Net income | $373,798 | [1] | $278,685 | $276,005 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' | |
Depreciation, depletion and amortization | 191,274 | 145,540 | 132,548 | |
Non-cash cost of real estate sold | 10,178 | 4,746 | 4,329 | |
Non-cash cost of New York timberland sale | 53,990 | 0 | 0 | |
Stock-based incentive compensation expense | 11,683 | 15,116 | 16,181 | |
Amortization of debt discount/premium | 1,215 | 6,323 | 8,654 | |
Deferred income taxes | 5,857 | 3,505 | 2,498 | |
Tax benefit of AFMC for CBPC exchange | -18,761 | -12,196 | 0 | |
Non-cash adjustments to unrecognized tax benefit liability | 3,967 | 0 | -16,000 | |
Amortization of losses from pension and postretirement plans | 22,029 | 19,493 | 12,369 | |
Gain on sale of discontinued operations, net | -42,121 | 0 | 0 | |
Gain related to consolidation of New Zealand joint venture | -16,098 | 0 | 0 | |
Loss on early redemption of exchangeable notes | 3,974 | 0 | 0 | |
Other | -5,528 | 298 | 8,378 | |
Changes in operating assets and liabilities: | ' | ' | ' | |
Receivables | 11,100 | -4,248 | -12,011 | |
Inventories | -19,986 | -10,649 | -3,868 | |
Accounts payable | -1,655 | -7,967 | 6,347 | |
Income tax receivable/payable | 47,232 | 65,212 | 19,788 | |
All other operating activities | -8,094 | 2,750 | -13,739 | |
Payment to exchange AFMC for CBPC | -70,311 | -50,768 | 0 | |
Expenditures for dispositions and discontinued operations | -8,570 | -9,926 | -9,209 | |
CASH PROVIDED BY OPERATING ACTIVITIES | 545,173 | 445,914 | 432,270 | |
INVESTING ACTIVITIES | ' | ' | ' | |
Capital expenditures | -158,898 | -157,562 | -144,522 | |
Purchase of additional interest in New Zealand joint venture | -139,879 | 0 | 0 | |
Purchase of timberlands | -20,401 | -106,536 | -320,899 | |
Jesup mill cellulose specialties expansion | -141,143 | -201,359 | -42,894 | |
Proceeds from disposition of Wood Products business | 62,720 | 0 | 0 | |
Change in restricted cash | -58,385 | -10,559 | 8,323 | |
Other | -12,934 | 3,115 | 11,378 | |
CASH USED FOR INVESTING ACTIVITIES | -468,920 | -472,901 | -488,614 | |
FINANCING ACTIVITIES | ' | ' | ' | |
Issuance of debt (Note 13) | 622,885 | 1,230,000 | 460,000 | |
Repayment of debt | -549,485 | -813,610 | -499,057 | |
Dividends paid | -237,016 | -206,583 | -185,272 | |
Proceeds from the issuance of common shares | 10,101 | 25,495 | 13,451 | |
Excess tax benefits on stock-based compensation | 8,413 | 7,635 | 5,681 | |
Debt issuance costs | 0 | -6,135 | -2,027 | |
Repurchase of common shares | -11,326 | -7,783 | -7,909 | |
Other | -713 | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -157,141 | 229,019 | -215,133 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -64 | -39 | 617 | |
CASH AND CASH EQUIVALENTS | ' | ' | ' | |
Change in cash and cash equivalents | -80,952 | 201,993 | -270,860 | |
Balance, beginning of year | 280,596 | 78,603 | 349,463 | |
Balance, end of year | 199,644 | 280,596 | 78,603 | |
Cash paid during the year: | ' | ' | ' | |
Interest | 44,156 | 34,956 | 38,223 | |
Income taxes | 99,120 | 74,745 | 17,509 | |
Non-cash investing and financing activity: | ' | ' | ' | |
Acquisition of timberlands (Note 8) | 0 | 0 | 105,000 | |
Assumption of loan (Note 13) | 0 | 0 | 105,000 | |
Capital assets purchased on account | 15,522 | 25,926 | 20,866 | |
Shareholder debt assumed in acquisition of New Zealand joint venture | 125,532 | 0 | 0 | |
Conversion of shareholder debt to equity noncontrolling interest | -95,961 | 0 | 0 | |
Partial conversion of Senior Exchangeable Notes to equity | $2,453 | $0 | $0 | |
[1] | Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013. |
Nature_of_Business_Operations
Nature of Business Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Business Operations | ' |
NATURE OF BUSINESS OPERATIONS | |
Rayonier Inc., including its consolidated subsidiaries, (“Rayonier” or “the Company”) is a leading international forest products company primarily engaged in timberland management, the sale of real estate, and the production and sale of high value specialty cellulose fibers. The Company owns or leases approximately 2.6 million acres of timberland and real estate located in the United States and New Zealand. Included in this property is over 0.2 million acres of high value real estate located primarily along the coastal region from Savannah, Georgia to Daytona Beach, Florida, which is referred to as the “coastal corridor.” The Company owns and operates two specialty cellulose fibers mills in the United States. The Company also engages in the trading of logs. | |
Rayonier operates in three reportable business segments: Forest Resources, Real Estate and Performance Fibers. Prior to the first quarter of 2013, the Company operated in four reportable business segments, which included Wood Products. See Note 5 — Segment and Geographical Information for further discussion of our reportable business segments and Note 3 — Sale of Wood Products Business for additional information on the sale of Wood Products. | |
The Company is a real estate investment trust (“REIT”). The Company is generally not required to pay federal income taxes on its U.S. timber harvest earnings and other U.S. REIT operations contingent upon meeting applicable distribution, income, asset, shareholder and other tests. The U.S. timber operations are primarily conducted by the Company’s wholly-owned REIT subsidiaries. Non-REIT qualifying and certain foreign operations, which are subject to corporate-level tax on earnings, are operated by our wholly-owned taxable subsidiary, Rayonier TRS Holdings Inc. (“TRS”). These operations include the Performance Fibers and trading businesses, as well as the Real Estate segment’s entitlement and sale of higher and better use (“HBU”) properties. The Company’s majority owned joint venture, Matariki Forestry Group (“New Zealand JV”), is subject to entity-level tax in New Zealand. | |
Forest Resources | |
The Company’s Forest Resources segment owns or leases approximately 2.5 million acres of timberlands located in the U.S. and New Zealand. The Forest Resources segment conducts activities that relate to the harvesting of timber in addition to managing timberlands and selling timber and logs to third parties. On April 4, 2013, the Company acquired an additional 39 percent interest in the New Zealand JV, which owns or leases approximately 0.3 million acres of New Zealand timberlands. The acquisition of additional interest brought the Company’s ownership to 65 percent. As a result, 100 percent of the New Zealand JV’s results of operations have been consolidated and included with the Forest Resources segment since the date Rayonier acquired control. Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) continues to serve as the manager of the New Zealand JV forests. See Note 4 — Joint Venture Investment. Also during 2013, the Company sold its 128,000 acres of New York timberlands, completed a non-strategic timberland sale of 21,000 acres in the Southeast and acquired approximately 17,000 acres of U.S. timberlands. In 2012, Forest Resources acquired approximately 88,000 acres of U.S. timberlands. See Note 8 — Timberland Acquisitions for additional information on the timberland acquisitions. | |
Real Estate | |
Rayonier invests in timberlands seeking to maximize its total return from a full cycle of ownership, including selling portions of its asset base to capture the appreciated value. An increasing portion of Rayonier’s acreage has become more valuable for development, residential, recreational or conservation purposes than for growing timber. The Company’s real estate subsidiary, TerraPointe LLC, owns approximately 0.1 million acres. | |
Performance Fibers | |
Rayonier is a manufacturer of high-value cellulose fibers with two production facilities in Jesup, Georgia and Fernandina Beach, Florida, which have a combined annual capacity of approximately 675,000 metric tons. These fiber products are sold throughout the world to companies that produce a wide variety of products, including cigarette filters, foods, pharmaceuticals, textiles, electronics and various industrial applications. Approximately 58 percent of Performance Fibers sales are to export customers, primarily in Asia and Europe. | |
In 2011, Rayonier began a capital project, the Cellulose Specialties Expansion (“CSE”), to convert a fiber line at the Jesup, Georgia mill from absorbent materials to cellulose specialties. The CSE was completed in 2013 at a total cost of $385 million and added approximately 190,000 metric tons of cellulose specialties capacity, bringing total cellulose specialties capacity to about 675,000 metric tons. In July 2013, the Company restarted the converted production line and began the qualification process for the line’s production with its customers. Production of cellulose specialties is expected to gradually increase to capacity by 2017/2018. The Performance Fibers segment primary products consist of the following: | |
Cellulose specialties—Rayonier is a producer of cellulose specialties, most of which are used in dissolving chemical applications that require a highly purified form of cellulose fiber. The Company concentrates on producing the most high-value, technologically-demanding forms of cellulose specialty products, such as cellulose acetate and high purity cellulose ethers, and is a leading supplier of these products. | |
Commodity viscose—As a result of the start-up of the CSE project, Rayonier began producing commodity viscose at the Jesup mill. Commodity viscose is primarily sold to producers of viscose staple fibers, which are used in the manufacture of textiles for clothing and other fabrics, and in non-woven applications such as baby wipes, cosmetic and personal wipes, industrial wipes and mattress ticking. | |
Absorbent materials—Rayonier has historically been a producer of fibers for absorbent hygiene products. These fibers are typically referred to as fluff fibers and are used as an absorbent medium in products such as disposable baby diapers, feminine hygiene products, incontinence pads, convalescent bed pads, industrial towels and wipes and non-woven fabrics. | |
Other | |
Rayonier operates log trading businesses in the northwest U.S. and New Zealand. | |
Subsequent Event | |
In January 2014, the Company announced its intention to separate the Performance Fibers business from the Forest Resources and Real Estate businesses. The separation will result in two independent, publicly-traded companies by means of a tax-free spin-off of the Performance Fibers business to Rayonier shareholders. The separation, which is subject to a number of conditions including final Board approval, receipt of a favorable private letter ruling from the Internal Revenue Service (“IRS”) and effectiveness of a registration statement on Form 10, is expected to be completed in mid-2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | |
The Company’s consolidated financial statements include the accounts of Rayonier and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65 percent) of its New Zealand JV, and, as such, consolidates 100 percent of its results of operations and balance sheet. The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (35 percent) of the New Zealand JV’s results of operations and equity. | |
All intercompany balances and transactions are eliminated. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include time deposits with original maturities of three months or less. At December 31, 2013 the consolidated cash balance included a one-month time deposit of $45 million which bore interest at 24 basis points. At December 31, 2012 the consolidated cash balance included time deposits totaling $45 million at an average interest of 31 basis points. | |
Inventory | |
Inventories are valued at the lower of cost or market. The costs of manufactured performance fibers are determined on the first-in, first-out basis. Other products are valued on an average cost basis. Inventory costs include material, labor and manufacturing overhead. Physical counts of inventories are taken at least annually. The need for a provision for estimated losses from obsolete, excess or slow-moving inventories is reviewed periodically. | |
HBU real estate properties that are expected to be sold within one year are included in inventory, while properties that are expected to be sold after one year are included in “Other assets.” | |
Timber | |
Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, lease rental payments, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Payroll costs are capitalized only for time spent on these activities, while interest or any other soft costs aside from those mentioned above are not capitalized. Such accumulated costs attributed to merchantable timber are charged to cost of goods sold (depletion) at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition, concurrent with the harvesting of the acquired timber. | |
Property, Plant, Equipment and Depreciation | |
Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. Performance Fibers mill assets are depreciated using the units-of-production method. The Company depreciates its non-production Performance Fibers assets, including office, lab and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. | |
Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. | |
Capitalized Interest | |
In accordance with Accounting Standards Codification (“ASC”) 835-20, Capitalization of Interest, interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. The interest costs are added to the cost of the underlying basis of the property, plant and equipment and amortized over the useful life of the assets. At December 31, 2013 and 2012, the property, plant and equipment balances include capitalized interest of $13.8 million and $8.8 million, respectively. | |
Fair Value Measurements | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: | |
Level 1 — Quoted prices in active markets for identical assets or liabilities. | |
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |
Foreign Currency Translation | |
The functional currency of the Company’s New Zealand-based operations and its JV investment is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gain and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“AOCI”), within Shareholders’ Equity. | |
Revenue Recognition | |
The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. | |
Revenue from the sale of timber is recorded when title passes to the buyer. Timber sales are either sales of delivered logs or stumpage sales. Stumpage sales in the Atlantic, Gulf States and Northern regions and New Zealand are primarily made on a pay-as-cut basis. Title and risk of loss are transferred when the timber is cut. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The Company also sells the rights to cut standing timber on specified parcels of land through lump sum timber sale agreements. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Title and risk of loss to the timber pass to the purchaser upon contract execution. Any uncut timber remaining at the end of the contract period reverts to the Company. | |
Real estate sales are recorded when title passes, full payment or a minimum down payment of 25 percent is received and full collectibility is assured. If a down payment of less than 25 percent is received at closing or if full collectibility is not reasonably assured, the Company typically records revenue based on the installment method or cost recovery method. | |
Revenue from domestic sales of Performance Fibers products is recorded when title passes which, depending on the contract, is either at time of shipment or when the customer receives goods. Foreign sales of Performance Fibers products are recorded when the customer or agent receives the goods and title passes. | |
The Company’s Other segment includes log trading sales. Revenue is recorded when the goods are received by the customer and title passes. | |
Environmental Costs | |
Rayonier expenses environmental costs related to ongoing businesses resulting from current operations. Expenditures that meaningfully extend the life or increase the efficiency of operating assets are capitalized. | |
The Company has established liabilities to assess, remediate and monitor sites related to dispositions or discontinued operations from which no current or future benefit is discernible. These obligations are established based on payments over the next 20 years and require significant estimates to determine the proper amount at any point in time. Generally, monitoring expense obligations are fixed once remediation projects are at or near completion. The projected period, from 2014 through 2033, reflects the time in which potential future costs are both estimable and probable. As new information becomes available, these cost estimates are updated and the recorded liabilities are adjusted appropriately. Environmental liabilities are accounted for on an undiscounted basis and are reflected in current and non-current “Liabilities for dispositions and discontinued operations” in the Consolidated Balance Sheets. | |
Employee Benefit Plans | |
The determination of expense and funding requirements for Rayonier’s four defined benefit pension plans, its unfunded excess pension plan and its postretirement health care and life insurance plans are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, health care cost trends, mortality rates, longevity and service lives of employees. See Note 22 — Employee Benefit Plans for assumptions used to determine benefit obligations, the net periodic benefit cost and health care cost trend rates for the year ended December 31, 2013. | |
Periodic pension and other postretirement expense is included in “Cost of sales” and “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2013 and 2012, the Company’s pension plans were in a net liability position (underfunded) of $71.7 million and $133.8 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and other postretirement benefits.” Changes in the funded status of the Company’s plans are recorded through comprehensive income (loss) in the year in which the changes occur. See Note 22 — Employee Benefit Plans for additional information. | |
Income Taxes | |
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. | |
In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. | |
The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for unrecognized tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Uncertain tax positions” and “Other non-current liabilities” in the Company’s Consolidated Balance Sheets. See Note 10 — Income Taxes for additional information. | |
Reclassifications | |
Certain 2012 and 2011 amounts have been reclassified to conform with the current year presentation. See Note 3 — Sale of Wood Products Business for information regarding reclassifications for discontinued operations. | |
New or Recently Adopted Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The standard requires enhanced disclosures about assets and liabilities that are subject to a master netting agreement or when the right of offset exists. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This pronouncement limits the scope of ASU No. 2011-1. The standards’ disclosure requirements are retrospective and were effective beginning in first quarter 2013. See Note 6 — Derivative Financial Instruments and Hedging Activities for the disclosures required under this guidance. | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard requires reporting, in one place, information about reclassifications out of AOCI by component. An entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount is reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified to net income in their entirety, an entity is required to cross-reference to other currently required disclosures that provide additional detail about those amounts. The information required by this standard must be presented in one place, either parenthetically on the face of the financial statements by income statement line item or in a note. See Note 15 — Accumulated Other Comprehensive Income/(Loss) for the disclosures required under this guidance. | |
In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This standard requires a parent entity to release a related foreign entity’s cumulative translation adjustment into net income only if its sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The cumulative translation adjustment should be released into net income if the transaction results in the loss of a controlling financial interest in a foreign entity or results in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. ASU No. 2013-05 will be effective for first quarter 2014. The Company does not expect the adoption of this standard to have any impact on its consolidated financial statements. |
Sale_of_Wood_Products_Business
Sale of Wood Products Business | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Sale of Wood Products Business | ' | |||||||||||
SALE OF WOOD PRODUCTS BUSINESS | ||||||||||||
On March 1, 2013, Rayonier completed the sale of its Wood Products business (consisting of three lumber mills in Baxley, Swainsboro and Eatonton, Georgia) to International Forest Products Limited (“Interfor”) for $80 million plus a working capital adjustment. The sale is consistent with the Company’s strategic plan to fully position its manufacturing operations in the specialty chemicals sector. Rayonier will not have significant continuing involvement in the operations of the Wood Products business. Accordingly, the operating results of the Wood Products business, formerly reported as a separate operating segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the Wood Products segment, which will remain with the Company after the sale, are reported in continuing operations. | ||||||||||||
Rayonier recognized an after-tax gain of $42.1 million on the sale, which includes a fourth quarter adjustment for the acceleration of pension settlement costs of $0.5 million resulting from a lump sum distribution to Wood Products participants. The gain is included in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 2013. | ||||||||||||
The operating results and gain on the sale of the Wood Products business are included in “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31, 2013. Additionally, environmental remediation activities related to Southern Wood Piedmont Company are currently classified as discontinued operations in the Consolidated Statements of Income and Comprehensive Income. | ||||||||||||
Operating results of the discontinued operations are summarized below: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Sales | $ | 16,968 | $ | 87,510 | $ | 67,682 | ||||||
Cost of sales and other | (17,102 | ) | (76,619 | ) | (68,682 | ) | ||||||
Gain on sale of discontinued operations | 63,217 | — | — | |||||||||
Income (loss) from discontinued operations before income taxes | 63,083 | 10,891 | (1,000 | ) | ||||||||
Income tax (expense) benefit | (21,050 | ) | (3,648 | ) | 331 | |||||||
Income (loss) from discontinued operations, net | $ | 42,033 | $ | 7,243 | $ | (669 | ) | |||||
The sale did not meet the “held for sale” criteria prior to the period it was completed. The major classes of Wood Products assets and liabilities included in the sale were as follows: | ||||||||||||
1-Mar-13 | ||||||||||||
Accounts receivable, net | $ | 4,127 | ||||||||||
Inventory | 4,270 | |||||||||||
Prepaid and other current assets | 2,053 | |||||||||||
Property, plant and equipment, net | 9,990 | |||||||||||
Total assets | $ | 20,440 | ||||||||||
Total liabilities | $ | 596 | ||||||||||
Cash flows from discontinued operations are immaterial both individually and in the aggregate. As such, they are included with cash flows from continuing operations in the Consolidated Statements of Cash Flows. | ||||||||||||
Pursuant to the purchase and sale agreement, Rayonier provided Interfor with saw timber procurement services for the three lumber mills through December 31, 2013. Rayonier also contracted with Interfor to purchase wood chips produced at the lumber mills for use at Rayonier’s Jesup mill and market other wood chips produced by the mills to third parties on Interfor’s behalf. The Company will purchase 100 percent of the Baxley mill chips for five years and purchased a minimum of 25 percent of the Swainsboro mill chips in 2013. The purchase price of these chips will be based on the average price paid by the Company to unrelated third parties. | ||||||||||||
Prior to the Wood Products sale, saw timber procurement services for and wood chip purchases from the lumber mills were intercompany transactions eliminated in consolidation as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Wood chip purchases | $ | 1,650 | $ | 12,526 | $ | 12,600 | ||||||
Saw timber procurement services | 231 | 1,125 | 1,023 | |||||||||
Total intercompany | $ | 1,881 | $ | 13,651 | $ | 13,623 | ||||||
Joint_Venture_Investment
Joint Venture Investment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Joint Venture Investment | ' | |||||||
JOINT VENTURE INVESTMENT | ||||||||
On April 4, 2013 (the “acquisition date”), the Company acquired an additional 39 percent ownership interest in Matariki Forestry Group , a New Zealand JV that owns or leases approximately 0.3 million acres of New Zealand timberlands. As a result of the acquisition, Rayonier is a 65 percent owner of the New Zealand JV and 100 percent of the results of its operations subsequent to April 4, 2013 have been included in the Company’s consolidated financial statements, along with 100 percent of the JV’s assets and liabilities at December 31, 2013. The portions of the consolidated financial position and results of operations attributable to the New Zealand JV’s 35 percent noncontrolling interest are also shown separately. Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) continues to serve as the manager of the New Zealand JV forests. | ||||||||
The purchase price of the additional interest in the New Zealand JV was $139.9 million, which included $3.3 million of contingent consideration and was financed through our term credit agreement. As the purchase price was in New Zealand dollars, the Company purchased foreign currency forward contracts to mitigate foreign currency risk on the purchase price. As a result, the Company recorded a benefit of $1.7 million and received that amount upon maturity of the contracts on April 2, 2013. | ||||||||
The contingent consideration arrangement required the Company to pay additional consideration to the New Zealand JV’s selling (former) shareholders equal to a multiple of the increase in log prices for a six month period beginning in November 2012. We estimated the fair value of the contingent consideration arrangement at the acquisition date to be $3.3 million. Fair value was determined using an average of the cost and freight (CFR) selling price of China A-grade 3.8 meter logs. In the second quarter of 2013, the contingent consideration was determined and paid in the amount of $3.3 million. | ||||||||
Prior to the acquisition date, the Company accounted for its 26 percent interest in the New Zealand JV as an equity method investment. The additional 39 percent interest acquired resulted in the Company obtaining a controlling financial interest in the New Zealand JV and accordingly, the purchase was accounted for as a step-acquisition. Upon consolidation, the Company recognized a $10.1 million deferred gain, which resulted from the original sale of its New Zealand operations to the joint venture in 2005 and a $6 million benefit due to the required fair market value remeasurement of the Company’s equity interest in the New Zealand JV held before the purchase of the additional interest. Both gains are included in the line item “Gain related to consolidation of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. The acquisition-date fair value of the previous equity interest was $93.3 million. | ||||||||
We have applied estimates and judgments in order to determine the fair value of assets acquired and liabilities assumed at the acquisition date. In determining fair value we utilized valuation methodologies including discounted cash flow analysis. The assumptions made in performing these valuations include assumptions as to discount rates, foreign exchange rates, and commodity prices. In the fourth quarter of 2013, the Company completed its valuation of the assets acquired and liabilities assumed in the business combination resulting in the following measurement period adjustments to the provisional amounts since the acquisition date. The effect of these measurement period adjustments has been reflected in the consolidated financial statements for the period ended December 31, 2013. | ||||||||
Provisional amount of adjustments | Increase/(Decrease) | |||||||
Timber and timberlands, net | $ | 10,348 | ||||||
Goodwill | 10,496 | |||||||
Deferred tax liabilities | $ | 20,844 | ||||||
The fair value of the identifiable net assets acquired was $129.4 million, which was $10.5 million below the purchase price of $139.9 million. Accordingly, the excess of the purchase price over the fair value of the identifiable net assets (including deferred taxes) was recorded as goodwill within “Other Assets”on the Consolidated Balance Sheets. In a business combination, deferred tax liabilities are not recognized at fair value. As the deferred tax liabilities were not discounted to present value, the book value exceeded the market value resulting in non-core goodwill. The goodwill was assigned to the Forest Resources segment and is not deductible for tax purposes. Based on significant positive cash flow, forecasted financial results and a third party timber valuation, there is no indication of potential impairment of goodwill as of December 31, 2013. | ||||||||
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the acquisition date, including the measurement period adjustments discussed above: | ||||||||
4-Apr-13 | ||||||||
Accounts receivable, net | $ | 9,777 | ||||||
Inventory | 2,465 | |||||||
Other current assets | 6,767 | |||||||
Timber and timberlands, net | 555,635 | |||||||
Other assets | 11,415 | |||||||
Total identifiable assets acquired | 586,059 | |||||||
Accounts payable | 11,679 | |||||||
Current maturities of long-term debt | 3,843 | |||||||
Accrued interest | 2,038 | |||||||
Other current liabilities | 3,624 | |||||||
Long-term debt (third party) | 196,319 | |||||||
Long-term debt (shareholders) (a) | 125,532 | |||||||
Other non-current liabilities | 20,388 | |||||||
Total liabilities assumed | 363,423 | |||||||
Net identifiable assets | 222,636 | |||||||
Plus: Goodwill | 10,496 | |||||||
Less: Fair value of equity method investment | (93,253 | ) | ||||||
Purchase price | $ | 139,879 | ||||||
(a) | Long-term debt included $125.5 million of shareholder loans payable to the noncontrolling interest by the New Zealand JV. Subsequent to the acquisition date, $96.0 million of the noncontrolling interest’s shareholder loans were converted to preferred equity. | |||||||
The Company’s operating results for the year ended December 31, 2013 reflect 26 percent of the New Zealand JV’s income prior to the acquisition date, as reported in “Equity in income of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. The amounts of revenue and earnings of the New Zealand JV included in the Company’s Consolidated Statements of Income and Comprehensive Income from the acquisition date through December 31, 2013 are as follows: | ||||||||
Revenue and earnings from | ||||||||
April 4, 2013 to December 31, 2013 | ||||||||
Sales | $ | 145,719 | ||||||
Net Income | 5,435 | |||||||
The following represents the pro forma consolidated sales and net income for the two years ended December 31, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2012. | ||||||||
2013 | 2012 | |||||||
Sales | $ | 1,742,348 | $ | 1,683,776 | ||||
Net Income | 372,039 | 271,589 | ||||||
Segment_and_Geographical_Infor
Segment and Geographical Information | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Segment and Geographical Information | ' | |||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHICAL INFORMATION | ||||||||||||||||||||||||||||||||
Rayonier operates in three reportable business segments: Forest Resources, Real Estate and Performance Fibers. Prior to the first quarter of 2013, the Company operated in four reportable business segments, which included Wood Products. In March 2013, the Company sold its Wood Products business and its operations are shown as discontinued operations for all periods presented. See Note 3 — Sale of Wood Products Business for additional information. | ||||||||||||||||||||||||||||||||
Forest Resources sales include all activities that relate to the harvesting of timber. Real Estate sales include all property sales, including those designated as HBU. The assets of the Real Estate segment include HBU property held by the Company’s real estate subsidiary, TerraPointe LLC. | ||||||||||||||||||||||||||||||||
The Performance Fibers segment included two major product lines, cellulose specialties and absorbent materials. Beginning in the third quarter of 2013 and in conjunction with the completion of the CSE project, the Company’s Jesup mill began producing commodity grade products (primarily viscose) during the multi-year transition to higher cellulose specialties volume. Commodity viscose is a dissolving wood pulp used primarily in the manufacture of textiles. Commodity Viscose/Other includes commodity viscose and off-grade. | ||||||||||||||||||||||||||||||||
The Company’s remaining operations include harvesting and selling timber acquired from third parties (log trading). These operations are reported in “Other Operations.” Sales between operating segments are made based on fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on the operating income of the segments. | ||||||||||||||||||||||||||||||||
Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations. | ||||||||||||||||||||||||||||||||
Two customers in the Performance Fibers segment represented approximately 13 percent and 11 percent of the Company’s consolidated sales in 2013, respectively. Four customers in the Performance Fibers segment represented 15 percent, 12 percent, 10 percent, and 10 percent of the Company’s consolidated sales in 2012, respectively. Three customers in the Performance Fibers segment represented 15 percent, 11 percent and 11 percent of the Company’s consolidated sales in 2011, respectively. | ||||||||||||||||||||||||||||||||
Segment information for each of the three years ended December 31, 2013 follows (in millions of dollars): | ||||||||||||||||||||||||||||||||
Sales | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 382 | $ | 230 | $ | 215 | ||||||||||||||||||||||||||
Real Estate (b) | 149 | 57 | 71 | |||||||||||||||||||||||||||||
Performance Fibers | 1,042 | 1,093 | 1,020 | |||||||||||||||||||||||||||||
Other Operations | 138 | 105 | 122 | |||||||||||||||||||||||||||||
Intersegment Eliminations | (3 | ) | (2 | ) | (7 | ) | ||||||||||||||||||||||||||
Total | $ | 1,708 | $ | 1,483 | $ | 1,421 | ||||||||||||||||||||||||||
(a) | 2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||
(b) | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million. | |||||||||||||||||||||||||||||||
Operating Income/(Loss) | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources | $ | 81 | $ | 46 | $ | 47 | ||||||||||||||||||||||||||
Real Estate | 56 | 32 | 47 | |||||||||||||||||||||||||||||
Performance Fibers | 311 | 359 | 298 | |||||||||||||||||||||||||||||
Other Operations | 2 | — | 1 | |||||||||||||||||||||||||||||
Corporate and other (a) | (27 | ) | (36 | ) | (36 | ) | ||||||||||||||||||||||||||
Total | $ | 423 | $ | 401 | $ | 357 | ||||||||||||||||||||||||||
(a) | 2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. 2011 included a $7 million increase in a disposition reserve. | |||||||||||||||||||||||||||||||
Gross Capital Expenditures | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 83 | $ | 156 | $ | 468 | ||||||||||||||||||||||||||
Performance Fibers (b) | 242 | 309 | 140 | |||||||||||||||||||||||||||||
Wood Products (c) | — | 2 | 3 | |||||||||||||||||||||||||||||
Corporate and other | — | 1 | 2 | |||||||||||||||||||||||||||||
Total assets acquired | $ | 325 | $ | 468 | $ | 613 | ||||||||||||||||||||||||||
Less: Assumption of loan for timberlands acquisition | — | — | (105 | ) | ||||||||||||||||||||||||||||
Total capital expenditures | $ | 325 | $ | 468 | $ | 508 | ||||||||||||||||||||||||||
(a) | Includes strategic timberland acquisitions of $107 million and $426 million (including assumption of a $105 million loan) in 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||
(b) | Includes $141 million, $201 million, and $43 million of strategic capital expenditures related to the Jesup mill CSE in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||
(c) | The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information. | |||||||||||||||||||||||||||||||
Depreciation, | ||||||||||||||||||||||||||||||||
Depletion and Amortization | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 99 | $ | 75 | $ | 63 | ||||||||||||||||||||||||||
Real Estate | 17 | 8 | 12 | |||||||||||||||||||||||||||||
Performance Fibers | 75 | 61 | 56 | |||||||||||||||||||||||||||||
Corporate and other | — | 2 | 2 | |||||||||||||||||||||||||||||
Total | $ | 191 | $ | 146 | $ | 133 | ||||||||||||||||||||||||||
(a) | 2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 2,163 | $ | 1,690 | ||||||||||||||||||||||||||||
Real Estate | 149 | 113 | ||||||||||||||||||||||||||||||
Performance Fibers | 1,079 | 902 | ||||||||||||||||||||||||||||||
Wood Products (b) | — | 18 | ||||||||||||||||||||||||||||||
Other Operations | 37 | 23 | ||||||||||||||||||||||||||||||
Corporate and other | 258 | 377 | ||||||||||||||||||||||||||||||
Total | $ | 3,686 | $ | 3,123 | ||||||||||||||||||||||||||||
(a) | 2013 included an increase in total assets of approximately $577 million related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||
(b) | The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information. | |||||||||||||||||||||||||||||||
Sales by Product Line | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 382 | $ | 230 | $ | 215 | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
Development | 4 | 2 | 4 | |||||||||||||||||||||||||||||
Rural | 37 | 39 | 33 | |||||||||||||||||||||||||||||
Non-Strategic Timberlands (b) | 108 | 16 | 34 | |||||||||||||||||||||||||||||
Total Real Estate | 149 | 57 | 71 | |||||||||||||||||||||||||||||
Performance Fibers | ||||||||||||||||||||||||||||||||
Cellulose specialties | 930 | 935 | 824 | |||||||||||||||||||||||||||||
Viscose/other (c) | 39 | — | — | |||||||||||||||||||||||||||||
Absorbent materials | 73 | 158 | 196 | |||||||||||||||||||||||||||||
Total Performance Fibers | 1,042 | 1,093 | 1,020 | |||||||||||||||||||||||||||||
Other | 135 | 103 | 115 | |||||||||||||||||||||||||||||
Total Sales | $ | 1,708 | $ | 1,483 | $ | 1,421 | ||||||||||||||||||||||||||
(a) | 2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||
(b) | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million. | |||||||||||||||||||||||||||||||
(c) | Beginning in the third quarter of 2013, viscose and commodity grades are being produced as the Company begins its multi-year transition to producing only cellulose specialties. | |||||||||||||||||||||||||||||||
Geographical Operating Information | ||||||||||||||||||||||||||||||||
Sales | Operating Income | Identifiable Assets | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||||||||||
United States | $ | 1,428 | $ | 1,379 | $ | 1,310 | $ | 394 | $ | 399 | $ | 351 | $ | 3,077 | $ | 3,022 | ||||||||||||||||
New Zealand | 280 | 104 | 111 | 29 | 2 | 6 | 609 | 101 | ||||||||||||||||||||||||
Total | $ | 1,708 | $ | 1,483 | $ | 1,421 | $ | 423 | $ | 401 | $ | 357 | $ | 3,686 | $ | 3,123 | ||||||||||||||||
Sales by Destination | ||||||||||||||||||||||||||||||||
2013 | % | 2012 | % | 2011 | % | |||||||||||||||||||||||||||
United States | $ | 818 | 48 | $ | 690 | 47 | $ | 669 | 47 | |||||||||||||||||||||||
China | 351 | 20 | 281 | 19 | 277 | 19 | ||||||||||||||||||||||||||
Japan | 150 | 9 | 170 | 11 | 159 | 11 | ||||||||||||||||||||||||||
New Zealand | 157 | 9 | 18 | 1 | 22 | 2 | ||||||||||||||||||||||||||
Europe | 79 | 5 | 182 | 12 | 173 | 12 | ||||||||||||||||||||||||||
Other Asia | 82 | 5 | 68 | 5 | 55 | 4 | ||||||||||||||||||||||||||
Latin America | 60 | 3 | 53 | 4 | 36 | 3 | ||||||||||||||||||||||||||
Canada | 1 | — | 4 | — | 9 | 1 | ||||||||||||||||||||||||||
All other | 10 | 1 | 17 | 1 | 21 | 1 | ||||||||||||||||||||||||||
Total Sales | $ | 1,708 | 100 | $ | 1,483 | 100 | $ | 1,421 | 100 | |||||||||||||||||||||||
The majority of sales to foreign countries are denominated in U.S. dollars. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||
Derivative Financial Instruments and Hedging Activities | ' | |||||
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | ||||||
The Company is exposed to market risk related to potential fluctuations in foreign currency exchange rates, interest rates and fuel prices. The Company’s New Zealand JV uses derivative financial instruments to mitigate the financial impact of exposure to these risks. | ||||||
Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of AOCI and reclassified into earnings when the hedged transaction materializes. The ineffective portion of any hedge as well as changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. | ||||||
Foreign Currency Exchange and Option Contracts | ||||||
The functional currency of the Company’s New Zealand-based operations and New Zealand JV is the New Zealand dollar. These operations are exposed to foreign currency risk on export sales and ocean freight payments which are predominately denominated in US dollars. The Company typically hedges at least 70 percent of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases and 50 percent of the forward twelve months. | ||||||
The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black Scholes option pricing model. | ||||||
Interest Rate Swaps | ||||||
The Company uses interest rate swaps to manage the New Zealand JV’s exposure to interest rate movements on its variable rate debt attributable to changes in the New Zealand Bank bill rate. By converting a portion of these borrowings from floating rates to fixed rates, the Company has reduced the impact of interest rate changes on its expected future cash outflows. As of December 31, 2013, the Company’s interest rate contracts hedged 95 percent of the New Zealand JV’s variable rate debt and had maturity dates through January 2020. | ||||||
Fuel Hedge Contracts | ||||||
The Company uses fuel hedge contracts to manage its New Zealand JV’s exposure to changes in New Zealand’s domestic diesel prices. The fuel swaps are quoted by domestic banks in New Zealand dollar price terms. As of December 31, 2013 all of the contracts had maturities of less than one year. The fair value of the fuel swap contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract. | ||||||
The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 2013: | ||||||
Income Statement Location | 2013 | |||||
Derivatives designated as cash flow hedges: | ||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | $ | 950 | |||
Other operating (income) expense | 652 | |||||
Foreign currency option contracts | Other comprehensive income (loss) | 460 | ||||
Derivatives not designated as hedging instruments: | ||||||
Foreign currency exchange contracts | Other operating (income) expense | (1,607 | ) | |||
Foreign currency option contracts | Other operating (income) expense | 1,147 | ||||
Interest rate swaps | Interest and miscellaneous income (expense) | 6,085 | ||||
Fuel hedge contracts | Cost of sales (benefit) | (255 | ) | |||
During the next 12 months, the amount of the December 31, 2013 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a gain of approximately $1.0 million. | ||||||
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2013: | ||||||
2013 | ||||||
Notional Amount (a) | ||||||
Derivatives designated as cash flow hedges: | ||||||
Foreign currency exchange contracts | $ | 32,300 | ||||
Foreign currency option contracts | 38,000 | |||||
Derivatives not designated as hedging instruments: | ||||||
Foreign currency exchange contracts | $ | 1,950 | ||||
Foreign currency option contracts | 4,000 | |||||
Interest rate swaps | 183,851 | |||||
Fuel hedge contracts | 38 | |||||
(a) | All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels. | |||||
The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2013: | ||||||
2013 | ||||||
Location on Balance Sheet | Fair Value Assets (Liabilities) (a) | |||||
Derivatives designated as cash flow hedges: | ||||||
Foreign currency exchange contracts | Prepaid and other current assets | $ | 915 | |||
Foreign currency option contracts | Other current liabilities | (214 | ) | |||
Prepaid and other current assets | 673 | |||||
Derivatives not designated as hedging instruments: | ||||||
Foreign currency exchange contracts | Prepaid and other current assets | 25 | ||||
Foreign currency option contracts | Prepaid and other current assets | 8 | ||||
Interest rate swaps | Other non-current liabilities | (4,659 | ) | |||
Fuel hedge contracts | Prepaid and other current assets | 160 | ||||
Total derivative contracts: | ||||||
Prepaid and other current assets | $ | 1,781 | ||||
Other current liabilities | (214 | ) | ||||
Other non-current liabilities | (4,659 | ) | ||||
Total derivative liabilities | $ | (4,873 | ) | |||
(a) | See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. | |||||
Offsetting Derivatives | ||||||
Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements which would allow the right of offset. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: | ||||||||||||||||||||||||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
Level 2 — Observable inputs other than quoted prices included in Level 1. | ||||||||||||||||||||||||
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||
The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2013 and 2012, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Asset (liability) | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||
Cash and cash equivalents | $ | 199,644 | $ | 199,644 | $ | — | $ | 280,596 | $ | 280,596 | $ | — | ||||||||||||
Restricted cash (a) | 68,944 | 68,944 | — | 10,559 | 10,559 | — | ||||||||||||||||||
Current maturities of long-term debt | (112,500 | ) | — | (119,614 | ) | (150,000 | ) | — | (150,000 | ) | ||||||||||||||
Long-term debt | (1,461,724 | ) | — | (1,489,810 | ) | (1,120,052 | ) | — | (1,250,341 | ) | ||||||||||||||
Interest rate swaps (b) | (4,659 | ) | — | (4,659 | ) | — | — | — | ||||||||||||||||
Foreign currency exchange contracts (b) | 940 | — | 940 | — | — | — | ||||||||||||||||||
Foreign currency option contracts (b) | 467 | — | 467 | — | — | — | ||||||||||||||||||
Fuel hedge contracts (b) | 160 | — | 160 | — | — | — | ||||||||||||||||||
(a) | Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||||||||||||||||||||||
(b) | See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. | |||||||||||||||||||||||
Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: | ||||||||||||||||||||||||
Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. | ||||||||||||||||||||||||
Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. | ||||||||||||||||||||||||
Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. | ||||||||||||||||||||||||
Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. | ||||||||||||||||||||||||
Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. |
Timberland_Acquisitions
Timberland Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ' |
Timberland Acquisitions | ' |
TIMBERLAND ACQUISITIONS | |
In four separate transactions throughout 2013, Rayonier purchased 17,000 acres located in Florida, Georgia and Louisiana for $20 million. These acquisitions were funded with cash on hand or through the revolving credit facility and were accounted for as asset purchases. | |
In December 2012, the Company acquired approximately 63,000 acres of timberland in Texas for $88 million. The acquisition was funded with $30 million in borrowings on the Company’s existing revolving credit facility and cash on hand. The acquisition was accounted for as an asset purchase. | |
In three separate transactions throughout 2012, Rayonier purchased 25,000 acres of timberland located in Alabama, Florida and Texas for $19 million. These acquisitions were funded with cash on hand and were accounted for as asset purchases. |
Other_Assets
Other Assets | 12 Months Ended |
Dec. 31, 2013 | |
Other Assets [Abstract] | ' |
Other Assets | ' |
OTHER ASSETS | |
Included in Other Assets are non-current prepaid and deferred income taxes, restricted cash, HBU real estate not expected to be sold within the next 12 months, manufacturing and maintenance supplies not expected to be utilized within the next 12 months, and other deferred expenses including debt issuance and capitalized software costs. | |
In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of December 31, 2013 and 2012, the Company had $68.9 million and $10.6 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary. | |
Debt issuance costs are capitalized and amortized to interest expense over the term of the debt to which they relate using a method that approximates the interest method. At December 31, 2013 and 2012, capitalized debt issuance costs were $7.0 million and $9.3 million, respectively. Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. At December 31, 2013 and 2012, capitalized software costs were $8.0 million and $8.2 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
INCOME TAXES | |||||||||||||
In general, only the taxable REIT subsidiaries, whose businesses include the Company’s non-REIT qualified activities and foreign activities, are subject to corporate income taxes. However, the Company was subject to U.S. federal corporate income tax on built-in gains (the excess of fair market value over tax basis for property held upon REIT election at January 1, 2004) on taxable sales of such property during calendar years 2004 through 2010. In 2011, the law provided a built-in gains tax holiday. In 2013, the law provided a built-in gains tax holiday for 2012 (retroactive) and 2013 which impacted the Company’s 2013 tax provision. Accordingly, the provision for corporate income taxes relates principally to current and deferred taxes on TRS income and foreign operations. | |||||||||||||
Like-Kind Exchanges | |||||||||||||
Under current tax law, the built-in gain tax from the sale of REIT property can be deferred and eliminated if sale proceeds from “relinquished” properties are reinvested in similar property consistent with the LKE requirements of the U.S. Internal Revenue Code, as long as the “replacement” property is owned through the end of the built-in gain period (10-year period which began on January 1, 2004). The LKE requirements do not restrict the Company’s ability to harvest timber on a pay-as-cut basis from such replacement property during the built-in gain period. | |||||||||||||
Alternative Fuel Mixture Credit (“AFMC”) and Cellulosic Biofuel Producer Credit (“CBPC”) | |||||||||||||
The U.S. Internal Revenue Code allowed two credits for taxpayers that produced and used an alternative fuel in the operation of their business during calendar year 2009. The AFMC is a $0.50 per gallon refundable excise tax credit (which is not taxable), while the CBPC is a $1.01 per gallon credit that is nonrefundable, taxable and has limitations based on an entity’s tax liability. Rayonier produces and uses an alternative fuel (“black liquor”) at its Jesup, Georgia and Fernandina Beach, Florida Performance Fibers mills, which qualified for both credits. Rayonier claimed the AFMC on its original 2009 income tax return. In 2013, 2012 and 2011, management approved exchanges of black liquor gallons previously claimed under the AFMC for the CBPC. The net tax benefit from these exchanges was $18.8 million, $12.2 million and $5.8 million, respectively. | |||||||||||||
Provision for Income Taxes from Continuing Operations | |||||||||||||
The (provision for)/benefit from income taxes consisted of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
U.S. federal | $ | (83,119 | ) | $ | (76,381 | ) | $ | (27,224 | ) | ||||
State | (4,315 | ) | (4,569 | ) | (624 | ) | |||||||
Foreign | (400 | ) | (288 | ) | (342 | ) | |||||||
(87,834 | ) | (81,238 | ) | (28,190 | ) | ||||||||
Deferred | |||||||||||||
U.S. federal | 39,567 | (2,598 | ) | (2,079 | ) | ||||||||
State | 18,320 | (595 | ) | (1,066 | ) | ||||||||
Foreign | (5,119 | ) | (55 | ) | (32 | ) | |||||||
52,768 | (3,248 | ) | (3,177 | ) | |||||||||
Changes in valuation allowance | (14,595 | ) | (a) | (257 | ) | 679 | |||||||
Total | $ | (49,661 | ) | $ | (84,743 | ) | $ | (30,688 | ) | ||||
(a) | The increase in the valuation allowance during 2013 was primarily related to Georgia investment tax credits earned on the CSE project, the majority of which are fully reserved. | ||||||||||||
A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
REIT income not subject to federal tax | (11.0 | ) | (7.3 | ) | (10.6 | ) | |||||||
Manufacturing deduction | (2.5 | ) | (2.4 | ) | — | ||||||||
Other | 2 | 1 | (1.0 | ) | |||||||||
Effective tax rate before non-routine items | 23.5 | % | 26.3 | % | 23.4 | % | |||||||
Installment note prepayment | (2.4 | ) | — | (3.6 | ) | ||||||||
Built-in gains tax holiday | — | — | (1.9 | ) | |||||||||
AFMC for CBPC exchange | (4.9 | ) | (3.3 | ) | (1.9 | ) | |||||||
Taxing authority settlements and unrecognized tax benefit adjustments | — | — | (5.3 | ) | |||||||||
Gain related to consolidation of New Zealand joint venture | (1.5 | ) | — | — | |||||||||
Other | (1.7 | ) | 0.8 | (0.7 | ) | ||||||||
Income tax rate as reported | 13 | % | 23.8 | % | 10 | % | |||||||
The effective tax rate decreased in 2013 from 2012 due to proportionately higher earnings from REIT operations and a benefit associated with the internal transfer of timberland properties. The effective tax rate increased in 2012 from 2011 due to proportionally higher TRS income. The Company’s effective tax rate is below the 35 percent U.S. statutory rate primarily due to tax benefits associated with being a REIT and the AFMC for CBPC exchange. | |||||||||||||
Provision for Income Taxes from Discontinued Operations | |||||||||||||
During 2013, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. Income tax expense related to the Wood Products business that was classified in discontinued operations was $22.0 million ($21.1 million from the gain on sale) and $3.6 million for the years ended December 31, 2013 and 2012, respectively. For the year ended December 31, 2011, the income tax benefit related to Wood Products discontinued operations was $0.3 million. See Note 3 — Sale of Wood Products Business for additional information. Additionally, a tax benefit of $0.9 million related to environmental remediation activities of Southern Wood Piedmont Company was classified as discontinued operations for the year ended December 31, 2013. | |||||||||||||
Deferred Taxes | |||||||||||||
Deferred income taxes result from recording revenues and expenses in different periods for financial reporting versus tax reporting. The nature of the temporary differences and the resulting net deferred tax asset for the two years ended December 31, were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Gross deferred tax assets: | |||||||||||||
Liabilities for dispositions and discontinued operations | $ | 28,050 | $ | 29,944 | |||||||||
Pension, postretirement and other employee benefits | 43,058 | 66,354 | |||||||||||
Foreign and state NOL carryforwards | 85,801 | 18,023 | |||||||||||
Tax credit carryforwards | 52,682 | 4,429 | |||||||||||
Other | 29,871 | 8,736 | |||||||||||
Total gross deferred tax assets | 239,462 | 127,486 | |||||||||||
Less: Valuation allowance | (33,889 | ) | (19,294 | ) | |||||||||
Total deferred tax assets after valuation allowance | 205,573 | 108,192 | |||||||||||
Gross deferred tax liabilities: | |||||||||||||
Accelerated depreciation | (57,695 | ) | (61,414 | ) | |||||||||
Repatriation of foreign earnings | (9,065 | ) | (5,428 | ) | |||||||||
New Zealand forests, roads and carbon credits | (85,681 | ) | — | ||||||||||
Other | (12,607 | ) | (4,461 | ) | |||||||||
Total gross deferred tax liabilities | (165,048 | ) | (71,303 | ) | |||||||||
Net deferred tax asset | $ | 40,525 | $ | 36,889 | |||||||||
Current portion of deferred tax asset | $ | 39,100 | $ | 15,845 | |||||||||
Noncurrent portion of deferred tax asset | 10,720 | 26,792 | |||||||||||
Noncurrent portion of deferred tax liability | (9,295 | ) | (5,748 | ) | |||||||||
Net deferred tax asset | $ | 40,525 | $ | 36,889 | |||||||||
Included above are the following foreign and state net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2013: | |||||||||||||
Item | Gross | Valuation | Expiration | ||||||||||
Amount | Allowance | ||||||||||||
RNZ NOL Carryforwards (a) | $ | 6,342 | $ | (1,776 | ) | None | |||||||
State NOL Carryforwards (a) | 243,087 | (7,525 | ) | 2014 - 2019 | |||||||||
New Zealand JV NOL Carryforwards | 273,212 | — | None | ||||||||||
State Tax Credits | 26,000 | (24,588 | ) | 2014 - 2023 | |||||||||
Cellulosic Biofuel Producer Credit | 26,682 | — | 2016 | ||||||||||
Total Valuation Allowance | $ | (33,889 | ) | ||||||||||
(a) | Fully reserved at December 31, 2013. | ||||||||||||
In 2013 and 2012, the Company recorded excess tax benefits of $8.4 million and $7.6 million, respectively, related to stock-based compensation. These amounts were credited directly to shareholders’ equity and were not included in the consolidated tax provision. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
In accordance with generally accepted accounting principles, we recognize the impact of a tax position if a position is “more likely than not” to prevail. | |||||||||||||
A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1, | $ | 6,580 | $ | 6,580 | $ | 22,580 | |||||||
Decreases related to prior year tax positions | (800 | ) | — | (16,000 | ) | (a) | |||||||
Increases related to prior year tax positions | 4,767 | — | — | ||||||||||
Balance at December 31, | $ | 10,547 | $ | 6,580 | $ | 6,580 | |||||||
(a) | During 2011, the Company received a final examination report from the IRS regarding its TRS 2009 tax return. As a result, Rayonier reversed the uncertain tax liability recorded in 2009 relating to the taxability of the AFMC and recognized a $16 million tax benefit in the third quarter of 2011. | ||||||||||||
The unrecognized tax benefits as of December 31, 2013 included $4.8 million related to an increased domestic production deduction on the Company’s amended 2009 tax return due to the inclusion of the CBPC income. The IRS is currently examining the position and a resolution is expected in 2014. The remaining $5.8 million of unrecognized tax benefits is related to positions on the Company’s 2010 tax return, which is expected to be settled in 2014. As such, it is expected that $10.5 million of unrecognized tax benefits will be reversed in the next 12 months. | |||||||||||||
The total amount of unrecognized tax benefits that, if recognized, would have affected the effective tax rate at December 31, 2013, 2012 and 2011 is $6.6 million, $2.6 million and $2.6 million, respectively. At December 31, 2013, the amount of unrecognized tax benefits that, if recognized, would decrease prepaid tax assets are $4.0 million. Prepaid tax assets are reported in “Other assets” on the Company’s Consolidated Balance Sheets. | |||||||||||||
The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expenses. For the years ended December 31, 2013 and 2012, the Company recorded interest expense of $0.1 million and $0.2 million, respectively. For the year ended December 31, 2011, the Company recorded an interest benefit of $0.3 million. The Company has liabilities of approximately $0.5 million and $0.4 million for the payment of interest at December 31, 2013 and 2012, respectively. | |||||||||||||
Tax Statutes | |||||||||||||
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 | 2008 – 2013 | ||||||||||||
State of Alabama | 2009 – 2013 | ||||||||||||
State of Florida | 2005 – 2006, 2008 – 2013 | ||||||||||||
State of Georgia | 2009 – 2013 | ||||||||||||
New Zealand Inland Revenue | 2009 – 2013 |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Common Share | ' | |||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||
Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt. | ||||||||||||
The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income from continuing operations | $ | 331,765 | $ | 271,442 | $ | 276,674 | ||||||
Less: Income from continuing operations attributable to noncontrolling interest | 1,902 | — | — | |||||||||
Income from continuing operations attributable to Rayonier Inc. | $ | 329,863 | $ | 271,442 | $ | 276,674 | ||||||
Income from discontinued operations attributable to Rayonier Inc. | $ | 42,033 | $ | 7,243 | $ | (669 | ) | |||||
Net income attributable to Rayonier Inc. | $ | 371,896 | $ | 278,685 | $ | 276,005 | ||||||
Shares used for determining basic earnings per common share | 125,717,311 | 122,711,802 | 121,662,985 | |||||||||
Dilutive effect of: | ||||||||||||
Stock options | 463,949 | 634,218 | 702,693 | |||||||||
Performance and restricted shares | 158,319 | 757,308 | 982,951 | |||||||||
Assumed conversion of Senior Exchangeable Notes (a) | 1,965,177 | 2,888,650 | 1,895,762 | |||||||||
Assumed conversion of warrants (a) | 1,800,345 | 1,710,445 | 149,900 | |||||||||
Shares used for determining diluted earnings per common share | 130,105,101 | 128,702,423 | 125,394,291 | |||||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||||||
Continuing operations | $ | 2.63 | $ | 2.21 | $ | 2.28 | ||||||
Discontinued operations | 0.33 | 0.06 | (0.01 | ) | ||||||||
Net income | $ | 2.96 | $ | 2.27 | $ | 2.27 | ||||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||||||
Continuing operations | $ | 2.54 | $ | 2.11 | $ | 2.21 | ||||||
Discontinued operations | 0.32 | 0.06 | (0.01 | ) | ||||||||
Net income | $ | 2.86 | $ | 2.17 | $ | 2.2 | ||||||
2013 | 2012 | 2011 | ||||||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | ||||||||||||
Stock options, performance and restricted shares | 337,145 | 224,918 | 161,786 | |||||||||
Assumed conversion of exchangeable note hedges (a) | 1,965,177 | 2,888,650 | 1,895,762 | |||||||||
Total | 2,302,322 | 3,113,568 | 2,057,548 | |||||||||
(a) The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013. | ||||||||||||
The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $39.10 per share. For further information, see Note 13 — Debt. |
Inventory
Inventory | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory | ' | |||||||
INVENTORY | ||||||||
As of December 31, 2013 and 2012, Rayonier’s inventory included the following: | ||||||||
2013 | 2012 | |||||||
Finished goods (a) | $ | 115,270 | $ | 103,568 | ||||
Work in progress | 3,555 | 4,446 | ||||||
Raw materials | 17,661 | 17,602 | ||||||
Manufacturing and maintenance supplies | 2,332 | 2,350 | ||||||
Total inventory | $ | 138,818 | $ | 127,966 | ||||
(a) | Includes $6.3 million and $4.9 million of HBU real estate held for sale at December 31, 2013 and 2012, respectively. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
DEBT | ||||||||||||
Rayonier’s debt consisted of the following at December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% | $ | 325,000 | $ | 325,000 | ||||||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a) | 127,749 | 165,821 | ||||||||||
Installment note due 2014 at a fixed interest rate of 8.64% | 112,500 | 112,500 | ||||||||||
Mortgage notes due 2017 at fixed interest rates of 4.35% (b) | 65,165 | 76,731 | ||||||||||
Solid waste bond due 2020 at a variable interest rate of 1.5% at December 31, 2013 | 15,000 | 15,000 | ||||||||||
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.14% at December 31, 2013 | 205,000 | 275,000 | ||||||||||
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.67% at December 31, 2013 | 500,000 | 300,000 | ||||||||||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.39% at December 31, 2013 | 193,311 | — | ||||||||||
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate | 30,499 | — | ||||||||||
Total debt | 1,574,224 | 1,270,052 | ||||||||||
Less: Current maturities of long-term debt | (112,500 | ) | (150,000 | ) | ||||||||
Long-term debt | $ | 1,461,724 | $ | 1,120,052 | ||||||||
Principal payments due during the next five years and thereafter are as follows: | ||||||||||||
2014 | $ | 112,500 | ||||||||||
2015 (a) | 130,973 | |||||||||||
2016 | 398,311 | |||||||||||
2017 (b) | 63,000 | |||||||||||
2018 | — | |||||||||||
Thereafter | 870,499 | |||||||||||
Total Debt | $ | 1,575,283 | ||||||||||
(a) | Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million. | |||||||||||
(b) | The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million. | |||||||||||
Term Credit Agreement | ||||||||||||
In December 2012, the Company entered into a $640 million senior unsecured term credit agreement with banks in the farm credit system, which is a network of cooperatives. The agreement matures in December 2019 and has a delayed draw feature that allows borrowings up to $640 million through December 2017 using a maximum of five advances. The periodic interest rate on the term credit agreement is LIBOR plus 150 basis points, with an unused commitment fee of 15 basis points. The Company receives annual patronage refunds, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user. The Company expects the effective interest rate to approximate LIBOR plus 95 basis points after consideration of the patronage refunds. At December 31, 2013, the Company had $140 million of available borrowings under this facility. | ||||||||||||
Revolving Credit Facility | ||||||||||||
In April 2011, the Company entered into a five year $300 million unsecured revolving credit facility, replacing the previous $250 million facility which was scheduled to expire in August 2011. The facility had a borrowing rate of LIBOR plus 105 basis points plus a facility fee of 20 basis points. In August 2011, the Company increased the revolving credit facility to $450 million from $300 million. In October 2012, the Company negotiated amendments to the facility providing for improved pricing with a borrowing rate of LIBOR plus 97.5 basis points and a facility fee of 15 basis points. The amended and restated credit agreement also eliminated all requirements for subsidiary guarantors, other than cross-guarantees of the borrowers. The covenants related to the facility were also amended to provide additional borrowing capacity and other changes. The April 2016 expiration date remained unchanged. At December 31, 2013, the Company had $243 million of available borrowings under this facility, net of $2 million to secure its outstanding letters of credit. | ||||||||||||
Joint Venture Debt | ||||||||||||
On April 4, 2013, Rayonier acquired an additional 39 percent interest in its New Zealand JV, bringing its total ownership to 65 percent and as a result, the New Zealand JV’s debt was consolidated effective on that date. See Note 4 — Joint Venture Investment for further information. | ||||||||||||
Senior Secured Facilities Agreement | ||||||||||||
The New Zealand JV is party to a $212 million variable rate Senior Secured Facilities Agreement comprised of two tranches. Tranche A, a $193 million revolving cash advance facility expires September 2016 and Tranche B, a $19 million working capital facility expires September 2014. Although the maximum amounts available under the agreement are denominated in New Zealand dollars, advances on Tranche A are also available in U.S. dollars. This agreement is secured by a Security Trust Deed that provides recourse only to the New Zealand JV’s assets; there is no recourse to Rayonier Inc. or any of its subsidiaries. | ||||||||||||
Revolving Credit Facility | ||||||||||||
As of December 31, 2013 the Senior Secured Facilities Agreement had $193 million outstanding on Tranche A at 4.39 percent due September 2016. The interest rate is indexed to the 90 day New Zealand Bank bill rate and is generally repriced quarterly. The margin on the index rate fluctuates based on the interest coverage ratio. The New Zealand JV manages these rates through interest rate swaps, as discussed at Note 6 — Derivative Financial Instruments and Hedging Activities. The notional amounts of the outstanding interest rate swap contracts at December 31, 2013 were $184 million, or 95 percent of the variable rate debt. The weighted average fixed interest rate resulting from the swaps was 4.9 percent. The interest rate swap contracts have maturities between one and seven years. | ||||||||||||
Working Capital Facility | ||||||||||||
The $19 million Working Capital Facility is available for short-term operating cash flow needs of the New Zealand JV. This facility holds a variable interest rate indexed to the Official Cash Rate set by the Reserve Bank of New Zealand. The margin ranges from 1.17 percent to 1.44 percent based on the interest coverage ratio and the length of time each borrowing is outstanding. At December 31, 2013, there was no outstanding balance on the Working Capital Facility. | ||||||||||||
Shareholder Loan | ||||||||||||
The shareholder loan is an interest-free loan from the noncontrolling New Zealand JV partner in the amount of $30 million. This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is secured by timberlands owned by the New Zealand JV and is subordinated to the Senior Secured Facilities Agreement. Although Rayonier Inc. is not liable for this loan, the shareholder loan instrument contains features with characteristics of both debt and equity and is therefore required to be classified as debt and consolidated. As the loan is effectively at par, the carrying amount is deemed to be the fair value. The entire balance of the shareholder loan remained classified as long-term debt at December 31, 2013 due to the ability and intent of the Company to refinance it on a long-term basis. | ||||||||||||
$105 Million Secured Mortgage Notes Assumed | ||||||||||||
In November 2011, in connection with the acquisition of approximately 250,000 acres of timberlands, the Company assumed notes totaling $105 million, secured by mortgages on certain parcels of the timberlands acquired. The notes bear fixed interest rates of 4.35 percent with original terms of seven years maturing in August 2017. The Company prepaid $21.0 million of principal on the mortgage notes concurrent with the acquisition and an additional $10.5 million during both 2013 and 2012, the maximum amounts allowed without penalty at the respective dates. The notes were recorded at fair value on the date of acquisition. At December 31, 2013, the carrying value of the debt outstanding was $65.2 million; however, the liability will be $63.0 million at maturity. | ||||||||||||
4.50% Senior Exchangeable Notes issued August 2009 | ||||||||||||
In August 2009, TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes are guaranteed by Rayonier and are non-callable. The principal will be settled in cash and any excess exchange value will be settled at the option of the Company in either cash or stock of Rayonier. Note holders may convert their notes to common stock of Rayonier, subject to certain provisions including the market price of the stock and the trading price of the convertible notes. The current exchange rate is 30.55 shares per $1,000 principal based on an exchange price of $32.74. | ||||||||||||
In separate transactions, TRS and Rayonier purchased exchangeable note hedges and sold warrants, respectively, based on 5,169,653 underlying shares of Rayonier. These transactions had the effect of increasing the conversion premium from 22.5 percent to 46 percent or to $39.10 per share. The exchangeable note hedge and warrant transactions are intended to limit exposure of potential dilution to Rayonier shareholders from note holders who could exchange the notes for Rayonier common shares. On exercise of the hedges, TRS will receive shares of Rayonier common stock equal to the difference between the then market price and the strike price of $32.74. The holders of the warrants will receive net shares from Rayonier if the share price is above $39.10 at maturity of the warrants. | ||||||||||||
The purchased hedges and sold warrants are not part of the terms of the notes and will not affect the note holders’ rights. Likewise, the note holders will not have any rights with respect to the hedge or the warrants. The purchased hedges and the sold warrants do not meet the definition of a derivative instrument because they are indexed to the Company’s own stock. They were recorded in shareholders’ equity in the Consolidated Balance Sheet and are not subject to mark-to-market adjustments. | ||||||||||||
The $172.5 million 4.50% Senior Exchangeable Notes due 2015 were exchangeable at the option of the holders for all four calendar quarters ending in 2013. Per the indenture, in order for the notes to become exchangeable, the Company’s stock price must exceed 130 percent of the exchange price for 20 trading days in a period of 30 consecutive trading days as of the last day of the quarter. | ||||||||||||
During the third quarter of 2013, three groups of note holders elected to exercise their right to redeem $41.5 million of the notes. As of December 31, 2013, all three redemptions have settled. In accordance with ASC 470-50, Modifications and Extinguishments [Debt], the fair value of the debt prior to redemption was compared to its carrying amount and the difference expensed, along with unamortized discount and issuance costs. As a result, Rayonier recorded a loss on the early redemption of $4 million. | ||||||||||||
Based upon the average stock price for the 30 trading days ended December 31, 2013, these notes again became exchangeable at the option of the holder for the calendar quarter ending March 31, 2014. The remaining balance of the notes is classified as long-term debt at December 31, 2013 due to the ability and intent of the Company to refinance them on a long-term basis. | ||||||||||||
3.75% Senior Exchangeable Notes issued October 2007 | ||||||||||||
In October 2007, TRS issued $300.0 million of 3.75% Senior Exchangeable Notes due 2012. In separate transactions, TRS and Rayonier, purchased an exchangeable note hedge and sold warrants, respectively, based on 8,239,920 underlying shares of Rayonier. The notes matured in October 2012 and the outstanding principal balance of $300.0 million was paid in cash. The exchangeable note hedges also matured and the associated shares were used to pay the excess exchange value of 2,221,056 shares of Rayonier stock. As a result, there was no impact on the number of shares outstanding. The warrants sold in conjunction with the issuance of the 3.75% Senior Exchangeable Notes due 2012 began maturing on January 15, 2013 and continued to mature through March 27, 2013. In first and second quarter 2013, 8,313,511 of warrants were settled, resulting in the issuance of 2,135,221 Rayonier common shares. For information regarding the dilutive effect of the assumed conversion of the warrants, refer to Note 11 — Earnings per Common Share. | ||||||||||||
The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2013 and 2012 are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Liabilities: | ||||||||||||
Principal amount of debt | ||||||||||||
4.50% Senior Exchangeable Notes | $ | 130,973 | $ | 172,500 | ||||||||
Unamortized discount | ||||||||||||
4.50% Senior Exchangeable Notes | (3,224 | ) | (6,679 | ) | ||||||||
Net carrying amount of debt | $ | 127,749 | $ | 165,821 | ||||||||
Equity: | ||||||||||||
Common stock | $ | 8,850 | $ | 8,850 | ||||||||
The discount for the 4.50% notes will be amortized through August 2015. | ||||||||||||
The amount of interest related to the convertible debt recognized in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Contractual interest coupon | ||||||||||||
4.50% Senior Exchangeable Notes | $ | 7,271 | $ | 7,763 | $ | 7,763 | ||||||
3.75% Senior Exchangeable Notes | — | 8,682 | 11,250 | |||||||||
Amortization of debt discount | ||||||||||||
4.50% Senior Exchangeable Notes | 2,281 | 2,296 | 2,167 | |||||||||
3.75% Senior Exchangeable Notes | — | 5,378 | 6,487 | |||||||||
Total interest expense recognized | $ | 9,552 | $ | 24,119 | $ | 27,667 | ||||||
The effective interest rate on the liability component of both issues for the years ended December 31, 2013, 2012 and 2011 was 6.21%. | ||||||||||||
Debt Covenants | ||||||||||||
In connection with the Company’s $450 million revolving credit facility, covenants must be met, including an interest coverage ratio based on the facility’s definition of EBITDA (“Covenant EBITDA”). Covenant EBITDA consists of earnings from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense, depreciation, depletion, amortization and the non-cash cost basis of real estate sold. Additionally, debt at subsidiaries (excluding Rayonier Operating Company LLC and TRS, which are borrowers under the agreement) is limited to 15 percent of Consolidated Net Tangible Assets. Consolidated Net Tangible Assets is defined as total assets less the sum of total current liabilities and intangible assets. | ||||||||||||
The term credit agreement, executed in December 2012, contains various covenants customary to credit agreements with borrowers having investment-grade debt ratings. These covenants are substantially identical to those of the credit facility discussed above. | ||||||||||||
The Company’s $112 million installment note includes covenants related to Rayonier Forest Resources (“RFR”). RFR may not incur additional debt unless, at the time of incurrence, and after giving pro forma effect to the receipt and application of the proceeds of such debt, RFR meets or exceeds a minimum ratio of cash flow to fixed charges. RFR’s ability to make certain quarterly distributions to Rayonier Inc. is limited to an amount equal to RFR’s “available cash,” which consists of its opening cash balance plus proceeds from permitted borrowings. | ||||||||||||
In connection with the New Zealand JV’s Senior Secured Facilities Agreement, covenants must be met, including generation of sufficient cash flows to meet a minimum interest coverage ratio of 1.25 to 1 on a quarterly basis and maintenance of a leverage ratio of bank debt versus the forest and land valuation below the covenant’s maximum ratio of 40 percent. | ||||||||||||
At December 31, 2013, the Company was in compliance with all covenants. The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2013, are calculated on a trailing 12-month basis: | ||||||||||||
Covenant | Actual ratio | Favorable | ||||||||||
Requirement | ||||||||||||
Covenant EBITDA to consolidated interest expense should not be less than | 2.50 to 1 | 13.31 to 1 | 10.81 | |||||||||
Consolidated funded debt should not exceed 65 percent of consolidated net worth plus the amount of consolidated funded debt | 65% | 47.50% | 17.50% | |||||||||
Subsidiary debt should not exceed 15 percent of Consolidated Net Tangible Assets | 15% | 6% | 9% | |||||||||
RFR cash flow available for fixed charges to RFR fixed charges should not be less than | 2.50 to 1 | 27.44 to 1 | 24.94 | |||||||||
New Zealand JV's minimum interest coverage ratio should not be less than | 1.25 to 1 | 2.08 to 1 | 0.83 | |||||||||
New Zealand JV's leverage ratio of bank debt versus the forest and land valuation should not exceed | 40% | 31.70% | 8.30% | |||||||||
In addition to the financial covenants listed above, the installment note, mortgage notes, senior notes, term credit agreement and revolving credit facility include customary covenants that limit the incurrence of debt, the disposition of assets, and the making of certain payments between RFR and Rayonier, among others. An asset sales covenant in the RFR installment note related agreements requires the Company, subject to certain exceptions, to either reinvest cumulative timberland sale proceeds for individual sales greater than $10 million (the “excess proceeds”) in timberland-related investments or, once the amount of excess proceeds not reinvested exceeds $50 million, to offer the note holders prepayment of the notes ratably in the amount of the excess proceeds. During April 2012, the excess proceeds exceeded the $50 million limit and as a result, repayment of $59.9 million was offered to the note holders. The note holders declined the offer and the excess proceeds were reset to zero. The amount of excess proceeds was $0 million at December 31, 2013 and 2012, respectively. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
An analysis of shareholders’ equity for each of the three years ended December 31, 2013 is shown below. | |||||||||||||||||||||||
Common Shares | Retained | Accumulated | Non-controlling Interest | Shareholders’ | |||||||||||||||||||
Earnings | Other | Equity | |||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||
Shares | Amount | Income/(Loss) | |||||||||||||||||||||
Balance, December 31, 2010 | 121,023,140 | $ | 602,882 | $ | 717,058 | $ | (68,358 | ) | $ | — | $ | 1,251,582 | |||||||||||
Net income | — | — | 276,005 | — | — | 276,005 | |||||||||||||||||
Dividends ($1.52 per share) | — | — | (186,828 | ) | — | — | (186,828 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 1,220,731 | 13,451 | — | — | — | 13,451 | |||||||||||||||||
Stock-based compensation | — | 16,181 | — | — | — | 16,181 | |||||||||||||||||
Excess tax benefit on stock-based compensation | — | 5,681 | — | — | — | 5,681 | |||||||||||||||||
Repurchase of common shares | (208,694 | ) | (7,909 | ) | — | — | — | (7,909 | ) | ||||||||||||||
Net loss from pension and postretirement plans | — | — | — | (46,263 | ) | — | (46,263 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | 3,546 | — | 3,546 | |||||||||||||||||
Joint venture cash flow hedges | — | — | — | (2,373 | ) | — | (2,373 | ) | |||||||||||||||
Balance, December 31, 2011 | 122,035,177 | $ | 630,286 | $ | 806,235 | $ | (113,448 | ) | $ | — | $ | 1,323,073 | |||||||||||
Net income | — | — | 278,685 | — | — | 278,685 | |||||||||||||||||
Dividends ($1.68 per share) | — | — | (208,286 | ) | — | — | (208,286 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 1,467,024 | 25,495 | — | — | — | 25,495 | |||||||||||||||||
Stock-based compensation | — | 15,116 | — | — | — | 15,116 | |||||||||||||||||
Excess tax benefit on stock-based compensation | — | 7,635 | — | — | — | 7,635 | |||||||||||||||||
Repurchase of common shares | (169,757 | ) | (7,783 | ) | — | — | — | (7,783 | ) | ||||||||||||||
Net loss from pension and postretirement plans | — | — | — | (496 | ) | — | (496 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | 4,352 | — | 4,352 | |||||||||||||||||
Joint venture cash flow hedges | — | — | — | 213 | — | 213 | |||||||||||||||||
Balance, December 31, 2012 | 123,332,444 | $ | 670,749 | $ | 876,634 | $ | (109,379 | ) | $ | — | $ | 1,438,004 | |||||||||||
Net income | — | — | 371,896 | — | 1,902 | 373,798 | |||||||||||||||||
Dividends ($1.86 per share) | — | — | (233,321 | ) | — | — | (233,321 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 1,001,426 | 10,101 | — | — | — | 10,101 | |||||||||||||||||
Stock-based compensation | — | 11,710 | — | — | — | 11,710 | |||||||||||||||||
Excess tax benefit on stock-based compensation | — | 8,413 | — | — | — | 8,413 | |||||||||||||||||
Repurchase of common shares | (211,221 | ) | (11,326 | ) | — | — | — | (11,326 | ) | ||||||||||||||
Equity portion of convertible debt (Note 13) | — | 2,453 | — | — | — | 2,453 | |||||||||||||||||
Settlement of warrants (Note 13) | 2,135,221 | — | — | — | — | — | |||||||||||||||||
Net loss from pension and postretirement plans | — | — | — | 61,869 | — | 61,869 | |||||||||||||||||
Acquisition of noncontrolling interest | — | — | — | — | 96,336 | 96,336 | |||||||||||||||||
Noncontrolling interest redemption of shares | — | — | — | — | (713 | ) | (713 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | (1,915 | ) | (3,795 | ) | (5,710 | ) | ||||||||||||||
Joint venture cash flow hedges | — | — | — | 3,286 | 343 | 3,629 | |||||||||||||||||
Balance, December 31, 2013 | 126,257,870 | $ | 692,100 | $ | 1,015,209 | $ | (46,139 | ) | $ | 94,073 | $ | 1,755,243 | |||||||||||
The table below summarizes the tax characteristics of the cash dividend paid to shareholders for the three years ended December 31, 2013: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Capital gain | $ | 0.72 | $ | 1.68 | $ | 1.52 | |||||||||||||||||
Qualified | 1.14 | — | — | ||||||||||||||||||||
Non-taxable return of capital | — | — | — | ||||||||||||||||||||
Total cash dividend per common share | $ | 1.86 | $ | 1.68 | $ | 1.52 | |||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income/(Loss) | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||||
The following table summarizes the changes in AOCI by component for the year ended December 31, 2013. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. | ||||||||||||||||
Foreign currency translation gains (a) | New Zealand joint venture cash flow hedges (b) | Unrecognized components of employee benefit plans | Total | |||||||||||||
Balance as of December 31, 2012 | $ | 38,829 | $ | (3,628 | ) | $ | (144,580 | ) | $ | (109,379 | ) | |||||
Other comprehensive income/(loss) before reclassifications | (1,915 | ) | 798 | 45,931 | (c) | 44,814 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 2,488 | 15,938 | (d) | 18,426 | |||||||||||
Net other comprehensive income/(loss) | (1,915 | ) | 3,286 | 61,869 | 63,240 | |||||||||||
Balance as of December 31, 2013 | $ | 36,914 | $ | (342 | ) | $ | (82,711 | ) | $ | (46,139 | ) | |||||
(a) | During the year ended December 31, 2013 the decrease in net foreign currency translation gains was due to the strengthening of the U.S. dollar against the New Zealand dollar. | |||||||||||||||
(b) | Prior to the acquisition of a majority interest in the New Zealand JV, Rayonier recorded its proportionate share of its cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition, as discussed in Note 6 — Derivative Financial Instruments and Hedging Activities. | |||||||||||||||
(c) | The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013. | |||||||||||||||
(d) | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information. | |||||||||||||||
The following table presents details of the amounts reclassified in their entirety from AOCI for the year ended December 31, 2013: | ||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the income statement | ||||||||||||||
Loss from New Zealand joint venture cash flow hedges | $ | 2,159 | Gain related to consolidation of New Zealand joint venture | |||||||||||||
Realized loss on foreign exchange contracts | 843 | Other operating (income) expense, net | ||||||||||||||
Noncontrolling interest benefit | (295 | ) | Comprehensive (loss) attributable to noncontrolling interest | |||||||||||||
Income tax benefit | (219 | ) | Income tax expense | |||||||||||||
Net loss reclassified from accumulated other comprehensive income | $ | 2,488 | ||||||||||||||
Other_Operating_Income_Net
Other Operating Income, Net | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Other Operating Income, Net | ' | |||||||||||
OTHER OPERATING INCOME, NET | ||||||||||||
The following table provides the composition of Other operating income, net for the three years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Lease income, primarily for hunting | $ | 19,479 | $ | 15,937 | $ | 13,071 | ||||||
Other non-timber income | 2,714 | 3,346 | 2,145 | |||||||||
Foreign currency gains | 901 | — | — | |||||||||
Insurance recoveries | — | 2,298 | 1,890 | |||||||||
Loss on sale or disposal of property plant & equipment (a) | (2,103 | ) | (2,342 | ) | (7,415 | ) | ||||||
Loss on foreign currency contracts, net | (192 | ) | — | — | ||||||||
Environmental and disposition reserve adjustments (b) | — | (797 | ) | (5,989 | ) | |||||||
Legal and corporate development costs (c) | (8,275 | ) | (1,073 | ) | — | |||||||
Miscellaneous (expense) income, net | (3,037 | ) | (3,200 | ) | 92 | |||||||
Total | $ | 9,487 | $ | 14,169 | $ | 3,794 | ||||||
(a) | 2011 included a $5.5 million write-off related to process equipment changes needed for the CSE project. | |||||||||||
(b) | 2011 included a $6.5 million increase in a disposition reserve for a closed mill site. For additional information, see Note 17 — Liabilities for Dispositions and Discontinued Operations. | |||||||||||
(c) | 2013 included additional expenses primarily related to planning the separation of our Performance Fibers business from our Forest Resources and Real Estate businesses. |
Liabilities_for_Dispositions_a
Liabilities for Dispositions and Discontinued Operations | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' | ||||||||||||||||||||||||||||
Liabilities for Dispositions and Discontinued Operations | ' | ||||||||||||||||||||||||||||
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | |||||||||||||||||||||||||||||
The Company’s dispositions and discontinued operations include its Port Angeles, Washington former dissolving pulp mill site, which was closed in 1997; Southern Wood Piedmont Company (“SWP”), which ceased operations in 1989 except for investigation and remediation activities; and other miscellaneous assets held for disposition. SWP owns or has liability for nine inactive former wood treating sites that are subject to the Resource Conservation and Recovery Act (“RCRA”), the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and/or other similar federal or state statutes relating to the investigation and remediation of environmentally-impacted sites. | |||||||||||||||||||||||||||||
An analysis of activity in the liabilities for dispositions and discontinued operations for the three years ended December 31, 2013 follows: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Balance, January 1 | $ | 81,695 | $ | 90,824 | $ | 93,160 | |||||||||||||||||||||||
Expenditures charged to liabilities | (8,570 | ) | (9,926 | ) | (9,209 | ) | |||||||||||||||||||||||
Increase to liabilities | 3,253 | 797 | 6,873 | ||||||||||||||||||||||||||
Balance, December 31 | 76,378 | 81,695 | 90,824 | ||||||||||||||||||||||||||
Less: Current portion | (6,835 | ) | (8,105 | ) | (9,931 | ) | |||||||||||||||||||||||
Non-current portion | $ | 69,543 | $ | 73,590 | $ | 80,893 | |||||||||||||||||||||||
Below are disclosures for specific site liabilities where current estimates exceed 10 percent of the total liabilities for dispositions and discontinued operations at December 31, 2013. An analysis of the activity for the two years ended December 31, 2013 is as follows: | |||||||||||||||||||||||||||||
Activity (in millions) as of December 31, | |||||||||||||||||||||||||||||
2011 | (Reduction) Increase to Liabilities | 2012 | Increase (Reduction) to Liabilities | 2013 | |||||||||||||||||||||||||
Sites | Liability | Expenditures | Liability | Expenditures | Liability | ||||||||||||||||||||||||
Augusta, Georgia | $ | 13.9 | $ | (0.8 | ) | $ | (1.0 | ) | $ | 12.1 | $ | (1.0 | ) | $ | 0.8 | $ | 11.9 | ||||||||||||
Spartanburg, South Carolina | 14.7 | (0.9 | ) | 0.2 | 14 | (1.4 | ) | (0.8 | ) | 11.8 | |||||||||||||||||||
East Point, Georgia | 11 | (1.0 | ) | 0.9 | 10.9 | (0.8 | ) | (0.2 | ) | 9.9 | |||||||||||||||||||
Baldwin, Florida | 9.7 | (0.9 | ) | 0.3 | 9.1 | (1.1 | ) | 2.7 | 10.7 | ||||||||||||||||||||
Other SWP sites | 26.3 | (3.6 | ) | (1.8 | ) | 20.9 | (2.1 | ) | (0.2 | ) | 18.6 | ||||||||||||||||||
Total SWP | 75.6 | (7.2 | ) | (1.4 | ) | 67 | (6.4 | ) | 2.3 | 62.9 | |||||||||||||||||||
Port Angeles, Washington | 9.3 | (1.7 | ) | 1.9 | 9.5 | (1.5 | ) | 1.4 | 9.4 | ||||||||||||||||||||
All other sites | 5.9 | (1.0 | ) | 0.3 | 5.2 | (0.7 | ) | (0.4 | ) | 4.1 | |||||||||||||||||||
TOTAL | $ | 90.8 | $ | (9.9 | ) | $ | 0.8 | $ | 81.7 | $ | (8.6 | ) | $ | 3.3 | $ | 76.4 | |||||||||||||
A brief description of each of these sites is as follows: | |||||||||||||||||||||||||||||
Augusta, Georgia — SWP operated a wood treatment plant at this site from 1928 to 1988. The majority of visually contaminated surface soils have been removed, and remediation activities currently consist primarily of a groundwater treatment and recovery system. The site operates under a 10 year hazardous waste permit issued pursuant to RCRA, which expires in 2014. Current cost estimates could change if recovery or discharge volumes increase or decrease significantly, or if changes to current remediation activities are required in the future. Total spending as of December 31, 2013 was $68.3 million. Liabilities are recorded to cover obligations for the estimated remaining assessment, remedial and monitoring activities through 2033. | |||||||||||||||||||||||||||||
Spartanburg, South Carolina — SWP operated a wood treatment plant at this site from 1925 to 1989. Remediation activities include: (1) a recovery system and biological wastewater treatment plant, (2) an ozone-sparging system treating soil and groundwater and (3) an ion-exchange resin system treating groundwater. In 2012, SWP entered into a consent decree with the South Carolina Department of Health and Environmental Control which governs future investigatory and assessment activities at the site. Depending on the results of this investigation and assessment, additional remedial actions may be required in the future. Therefore, current cost estimates could change. Total spending as of December 31, 2013 was $40.2 million. Liabilities are recorded to cover obligations for the estimated remaining assessment, remedial and monitoring activities through 2033. | |||||||||||||||||||||||||||||
East Point, Georgia — SWP operated a wood treatment plant at this site from 1908 to 1984. This site operates under a 10 year RCRA hazardous waste permit, which is currently in the renewal process. In 2009, SWP entered into a consent order with the Environmental Protection Division of the Georgia Department of Natural Resources which requires that SWP perform certain additional investigatory, analytical and potentially, remedial activity. Therefore, while active remedial measures are currently ongoing, additional remedial measures may be necessary in the future. Total spending as of December 31, 2013 was $21.8 million. Liabilities are recorded to cover obligations for the estimated remaining assessment, remedial and monitoring activities through 2033. | |||||||||||||||||||||||||||||
Baldwin, Florida — SWP operated a wood treatment plant at this site from 1954 to 1987. This site operates under a 10 year hazardous waste permit issued pursuant to RCRA, which expires in 2016. Visually contaminated surface soils have been removed, and current remediation activities primarily consist of a groundwater recovery and treatment system. Investigation and assessment of other potential areas of concern are ongoing in accordance with the facility’s RCRA permit and additional remedial activities may be necessary in the future. Therefore, current cost estimates could change. Total spending as of December 31, 2013 was $21.7 million. Liabilities are recorded to cover obligations for the estimated remaining assessment, remedial and monitoring activities through 2033. | |||||||||||||||||||||||||||||
Port Angeles, Washington — Rayonier operated a dissolving pulp mill at this site from 1930 until 1997. The site and the adjacent marine areas (a portion of Port Angeles harbor) have been in various stages of the assessment process under the Washington Model Toxics Control Act (“MTCA”) since about 2000, and several voluntary interim soil clean-up actions have also been performed during this time. In 2010, Rayonier entered into an agreed order with the Washington Department of Ecology (“Ecology”), under which the MTCA investigatory, assessment and feasibility and alternatives study process will be completed on a set timetable, subject to approval of all reports and studies by Ecology. Upon completion of all work required under the agreed order and negotiation of an approved remedy, additional remedial measures for the site and adjacent marine areas may be necessary in the future. In 2011, an increase in the reserve of $7.1 million was recorded, with $6.5 million of the increase recorded as an expense in “other operating income, net” in the Consolidated Statements of Income and Comprehensive Income. Total spending as of December 31, 2013 was $42.7 million. Liabilities are recorded to cover obligations for the estimated assessment, remediation and monitoring obligations that are deemed probable and estimable at this time. | |||||||||||||||||||||||||||||
The estimated expenditures for environmental investigation, remediation, monitoring and other costs for all of the Company’s dispositions and discontinued operations will be approximately $8 million in 2014 and $7 million in 2015. Such costs will be charged against the established liabilities for dispositions and discontinued operations, which include environmental assessment, remediation and monitoring costs. Management believes established liabilities are sufficient for costs expected to be incurred over the next 20 years with respect to its dispositions and discontinued operations. Remedial actions for these sites vary, but include on-site (and in certain cases off-site) removal or treatment of contaminated soils and sediments, recovery and treatment/remediation of groundwater, and source remediation and/or control. | |||||||||||||||||||||||||||||
In addition, these prior dispositions and discontinued operations are exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of December 31, 2013, this amount could range up to $30 million, allocable over several of the applicable sites, and arises from uncertainty over the availability, feasibility or effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Loss Contingency [Abstract] | ' |
Contingencies | ' |
CONTINGENCIES | |
Rayonier is engaged in various legal actions, including certain environmental matters that are discussed more fully in Note 17 — Liabilities for Dispositions and Discontinued Operations. | |
The Company has been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow. |
Guarantees
Guarantees | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Guarantees [Abstract] | ' | |||||||
Guarantees | ' | |||||||
GUARANTEES | ||||||||
The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2013, the following financial guarantees were outstanding: | ||||||||
Financial Commitments | Maximum Potential | Carrying Amount | ||||||
Payment | of Liability | |||||||
Standby letters of credit (a) | $ | 17,355 | $ | 15,000 | ||||
Guarantees (b) | 2,254 | 43 | ||||||
Surety bonds (c) | 5,498 | 1,143 | ||||||
Total financial commitments | $ | 25,107 | $ | 16,186 | ||||
(a) | Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2014 and will be renewed as required. | |||||||
(b) | In conjunction with a timberland sale and note monetization in the first quarter of 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2013, the Company has recorded a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement. | |||||||
(c) | Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates between 2014 and 2015 and are expected to be renewed as required. |
Commitments
Commitments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Commitments | ' | |||||||||||||||
COMMITMENTS | ||||||||||||||||
The Company leases certain buildings, machinery and equipment under various operating leases. Total rental expense for operating leases amounted to $4.0 million, $3.9 million and $3.3 million in 2013, 2012 and 2011, respectively. The Company also has long-term lease agreements on certain timberlands in the Southern U.S and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. Total expenditures for long-term leases and deeds on timberlands amounted to $10.4 million, $8.0 million and $7.3 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||
At December 31, 2013, the future minimum payments under non-cancellable operating and timberland leases were as follows: | ||||||||||||||||
Operating | Timberland | Purchase Obligations (c) | Total | |||||||||||||
Leases (a) | Leases (b) | |||||||||||||||
2014 | $ | 3,288 | $ | 10,164 | $ | 16,034 | $ | 29,486 | ||||||||
2015 | 2,347 | 9,819 | 12,349 | 24,515 | ||||||||||||
2016 | 3,002 | 9,598 | 12,716 | 25,316 | ||||||||||||
2017 | 3,121 | 9,180 | 12,183 | 24,484 | ||||||||||||
2018 | 2,776 | 7,798 | 4,219 | 14,793 | ||||||||||||
Thereafter | 16,525 | 142,264 | 5,047 | 163,836 | ||||||||||||
$ | 31,059 | $ | 188,823 | $ | 62,548 | $ | 282,430 | |||||||||
(a) | Includes leases on buildings, machinery and equipment under various operating leases and a Jesup mill natural gas transportation lease. | |||||||||||||||
(b) | The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. | |||||||||||||||
(c) | Pursuant to the Wood Products purchase and sale agreement, Rayonier contracted with Interfor to purchase wood chips produced at the lumber mills for use at Rayonier’s Jesup mill through 2018. Purchase obligations include obligations under this agreement as well as payments expected to be made on derivative financial instruments held in New Zealand and various environmental monitoring and maintenance service agreements. | |||||||||||||||
The New Zealand JV has a number of Crown Forest Licenses (“CFL”) with the New Zealand government, which are excluded from the table above. A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35 year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one year term. As of December 31, 2013, the New Zealand JV has two CFL’s under termination notice, terminating in 2034 and 2046 respectively and two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market value, with three yearly rent reviews. The total annual license fee on the CFL’s is $2.7 million per year. |
Incentive_Stock_Plans
Incentive Stock Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Incentive Stock Plans | ' | ||||||||||||
INCENTIVE STOCK PLANS | |||||||||||||
The Rayonier Incentive Stock Plan (“the Stock Plan”) provides for up to 15.8 million shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. At December 31, 2013, a total of 6.4 million shares were available for future grants under the Stock Plan. Under the Stock Plan, shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted. The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares. | |||||||||||||
Total stock-based compensation cost recorded in “Selling and general expenses” was $10.8 million, $14.3 million and $16.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. For the years ended December 31, 2013, 2012 and 2011, stock-based compensation expense of $0.9 million, $0.8 million and $0, respectively, was recorded in “Cost of sales.” | |||||||||||||
Tax benefits recognized related to stock-based compensation expense for the three years ended December 31, 2013 were $3.1 million, $4.0 million and $4.3 million, respectively. | |||||||||||||
Fair Value Calculations by Award | |||||||||||||
Restricted Stock | |||||||||||||
Restricted stock granted under the Stock Plan generally vests upon completion of a one to three year period. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. As of December 31, 2013, there was $1.1 million of unrecognized compensation cost related to the Company’s outstanding restricted stock. This cost is expected to be recognized over a weighted average period of 1.5 years. | |||||||||||||
A summary of the Company’s restricted shares is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Restricted shares granted | 33,607 | 18,742 | 20,535 | ||||||||||
Weighted average price of restricted shares granted | $ | 57.54 | $ | 42.4 | $ | 43.55 | |||||||
(Amounts in millions) | |||||||||||||
Intrinsic value of restricted stock outstanding (a) | $ | 1.7 | $ | 2.1 | $ | 3.4 | |||||||
Fair value of restricted stock vested | $ | 1.3 | $ | 1.8 | $ | 2.6 | |||||||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $ | 0.3 | $ | 0.6 | $ | 0.8 | |||||||
(a) | Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2013. | ||||||||||||
2013 | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Date Fair Value | |||||||||||||
Non-vested Restricted Shares at January 1, | 40,572 | $ | 37.36 | ||||||||||
Granted | 33,607 | $ | 57.54 | ||||||||||
Vested | (34,947 | ) | $ | 36.23 | |||||||||
Cancelled | — | — | |||||||||||
Non-vested Restricted Shares at December 31, | 39,232 | $ | 55.66 | ||||||||||
Performance Share Units | |||||||||||||
The Company’s performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then amortized over the vesting period. | |||||||||||||
The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2013, there was $8.2 million of unrecognized compensation cost related to the Company’s performance share unit awards. This cost is expected to be recognized over a weighted average period of 1.7 years. | |||||||||||||
A summary of the Company’s performance share units is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common shares of Company stock reserved for performance shares | 276,240 | 337,360 | 470,820 | ||||||||||
Weighted average fair value of performance share units granted | $ | 59.16 | $ | 56.36 | $ | 51.57 | |||||||
(Amounts in millions) | |||||||||||||
Intrinsic value of outstanding performance share units (a) | $ | 22.1 | $ | 36.3 | $ | 46 | |||||||
Fair value of performance shares vested | $ | 7 | $ | 22.2 | $ | 9.9 | |||||||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $ | 11 | $ | 7.2 | $ | 7.1 | |||||||
(a) | Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2013. | ||||||||||||
2013 | |||||||||||||
Number | Weighted | ||||||||||||
of Units | Average Grant | ||||||||||||
Date Fair Value | |||||||||||||
Outstanding Performance Share units at January 1, | 700,825 | $ | 47.23 | ||||||||||
Granted | 138,120 | 59.16 | |||||||||||
Units Distributed | (294,515 | ) | 39.25 | ||||||||||
Cancelled/Adjustments | (19,684 | ) | 54.83 | ||||||||||
Outstanding Performance Share units at December 31, | 524,746 | $ | 54.57 | ||||||||||
Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. The following chart provides a tabular overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2013: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 23.2 | % | 36.9 | % | 51.3 | % | |||||||
Risk-free rate | 0.4 | % | 0.4 | % | 1 | % | |||||||
Non-Qualified Employee Stock Options | |||||||||||||
The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is ten years from the grant date. Awards vest ratably over three years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility for each grant and is calculated using the historical change in the daily market price of the Company’s common stock over the expected life of the award. The expected life is based on prior exercise behavior. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years. | |||||||||||||
The following chart provides a tabular overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2013: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 39 | % | 39.3 | % | 38.2 | % | |||||||
Dividend yield | 3.4 | % | 3.6 | % | 3.9 | % | |||||||
Risk-free rate | 1 | % | 1.3 | % | 2.6 | % | |||||||
Expected life (in years) | 6.3 | 6.4 | 6.5 | ||||||||||
Fair value per share of options granted | $14.01 | $11.85 | $9.99 | ||||||||||
Fair value of options granted (in millions) | $ | 2.7 | $ | 2.8 | $ | 3 | |||||||
A summary of the status of the Company’s stock options as of and for the year ended December 31, 2013 is presented below: | |||||||||||||
2013 | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average Exercise | Average | Intrinsic | ||||||||||
Price (per | Remaining | Value (in | |||||||||||
common share) | Contractual Term | millions) | |||||||||||
(in years) | |||||||||||||
Options outstanding at January 1, | 1,609,129 | $ | 29.56 | ||||||||||
Granted | 190,360 | 52.65 | |||||||||||
Exercised | (400,856 | ) | 26.14 | ||||||||||
Cancelled | (5,411 | ) | 46.3 | ||||||||||
Options outstanding at December 31, | 1,393,222 | $ | 33.79 | 5.9 | $ | 14.1 | |||||||
Options vested and expected to vest | 1,391,464 | $ | 33.79 | 5.9 | $ | 14.1 | |||||||
Options exercisable at December 31, | 1,061,807 | $ | 29.46 | 5.2 | $ | 13.8 | |||||||
A summary of additional information pertaining to the Company’s stock options is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in millions) | |||||||||||||
Intrinsic value of options exercised (a) | $ | 12.3 | $ | 20.5 | $ | 10.4 | |||||||
Fair value of options vested | $ | 2.6 | $ | 3.3 | $ | 2.5 | |||||||
(a) | Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. | ||||||||||||
As of December 31, 2013, there was $2.0 million of unrecognized compensation cost related to the Company’s stock options. This cost is expected to be recognized over a weighted average period of 1.0 year. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||
The Company has four qualified non-contributory defined benefit pension plans covering a significant majority of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005, to Fernandina hourly employees hired after April 30, 2006, to Jesup hourly employees hired after March 4, 2009 and to Wood Products hourly employees hired after February 28, 2011. Currently, all plans are closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. | ||||||||||||||||||||||||
The Company sold its Wood Products business in March 2013. As a result of the sale, all employees covered by the Wood Products defined benefit pension plan are considered terminated employees. Amendments to the plan in June 2013 resulted in all such employees automatically vesting in the plan. Additionally, a one-time lump sum distribution was offered to terminated Wood Products plan participants or their beneficiaries. Based upon acceptance of that offer by certain participants, $3.0 million was paid from the plan assets during 2013 with a corresponding decrease of $2.8 million in the benefit obligation. As a result of the lump sum distribution, a settlement loss of $0.5 million, net of tax, was recorded in “Income from Discontinued Operations, net” in the Consolidated Statements of Income and Comprehensive Income as it was directly related to the sale of the Wood Products business. For additional information on the sale of the Wood Products business, see Note 3 — Sale of Wood Products Business. | ||||||||||||||||||||||||
During 2013, the Company amended its postretirement medical plan for active and retired hourly employees at the Jesup mill by placing a limit on Rayonier’s contributions toward retiree medical coverage. The change was accounted for as a negative plan amendment, which resulted in a reduction to the retiree medical liability. The net impact of the reduction was an unrecognized gain in other comprehensive income of $3.4 million ($2.2 million, net of tax) which will be amortized over 13.9 years, the average remaining service period of participants. As a result of the plan change, a gain of $0.1 million was included in the Company’s net periodic benefit cost in 2013. | ||||||||||||||||||||||||
The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 454,470 | $ | 413,147 | $ | 27,582 | $ | 24,833 | ||||||||||||||||
Service cost | 8,452 | 8,407 | 1,056 | 918 | ||||||||||||||||||||
Interest cost | 16,682 | 17,284 | 937 | 956 | ||||||||||||||||||||
Settlement loss | 137 | — | — | — | ||||||||||||||||||||
Actuarial (gain) loss | (44,786 | ) | 32,666 | (3,206 | ) | 2,021 | ||||||||||||||||||
Plan amendments | — | — | (3,372 | ) | — | |||||||||||||||||||
Employee contributions | — | — | 980 | 1,136 | ||||||||||||||||||||
Benefits paid | (21,317 | ) | (17,034 | ) | (1,978 | ) | (2,282 | ) | ||||||||||||||||
Projected benefit obligation at end of year | $ | 413,638 | $ | 454,470 | $ | 21,999 | $ | 27,582 | ||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 320,699 | $ | 295,655 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 42,285 | 41,729 | — | — | ||||||||||||||||||||
Employer contributions | 1,699 | 1,565 | 998 | 1,146 | ||||||||||||||||||||
Employee contributions | — | — | 980 | 1,136 | ||||||||||||||||||||
Benefits paid | (21,317 | ) | (17,034 | ) | (1,978 | ) | (2,282 | ) | ||||||||||||||||
Other expense | (1,461 | ) | (1,216 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 341,905 | $ | 320,699 | $ | — | $ | — | ||||||||||||||||
Funded Status at End of Year: | ||||||||||||||||||||||||
Net accrued benefit cost | $ | (71,733 | ) | $ | (133,771 | ) | $ | (21,999 | ) | $ | (27,582 | ) | ||||||||||||
Amounts Recognized in the Consolidated | ||||||||||||||||||||||||
Balance Sheets Consist of: | ||||||||||||||||||||||||
Noncurrent assets | $ | 3,583 | $ | — | $ | — | $ | — | ||||||||||||||||
Current liabilities | (1,776 | ) | (1,702 | ) | (1,071 | ) | (1,256 | ) | ||||||||||||||||
Noncurrent liabilities | (73,540 | ) | (132,069 | ) | (20,928 | ) | (26,326 | ) | ||||||||||||||||
Net amount recognized | $ | (71,733 | ) | $ | (133,771 | ) | $ | (21,999 | ) | $ | (27,582 | ) | ||||||||||||
Net gains or losses, prior service costs or credits and plan amendment gains recognized in other comprehensive income for the three years ended December 31 are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Net gains (losses) | $ | 60,171 | $ | (17,630 | ) | $ | (75,995 | ) | $ | 3,206 | $ | (2,021 | ) | $ | (3,934 | ) | ||||||||
Prior service cost | — | — | — | — | — | 631 | ||||||||||||||||||
Negative plan amendment | — | — | — | 3,372 | — | — | ||||||||||||||||||
Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Amortization of losses | $ | 20,914 | $ | 17,578 | $ | 10,372 | $ | 675 | $ | 582 | $ | 570 | ||||||||||||
Amortization of prior service cost | 1,356 | 1,308 | 1,359 | 66 | 80 | 69 | ||||||||||||||||||
Amortization of negative plan amendment | — | — | — | (105 | ) | (55 | ) | — | ||||||||||||||||
Net losses and prior service costs or credits that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCI are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Prior service cost | $ | (5,707 | ) | $ | (7,062 | ) | $ | (49 | ) | $ | (328 | ) | ||||||||||||
Net losses | (110,728 | ) | (191,813 | ) | (8,057 | ) | (11,939 | ) | ||||||||||||||||
Negative plan amendment | — | — | 3,574 | 521 | ||||||||||||||||||||
Deferred income tax benefit | 36,685 | 61,968 | 1,571 | 4,073 | ||||||||||||||||||||
AOCI | $ | (79,750 | ) | $ | (136,907 | ) | $ | (2,961 | ) | $ | (7,673 | ) | ||||||||||||
For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 388,163 | $ | 482,052 | ||||||||||||||||||||
Accumulated benefit obligation | 350,605 | 434,810 | ||||||||||||||||||||||
Fair value of plan assets | 290,848 | 320,699 | ||||||||||||||||||||||
The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 8,452 | $ | 8,407 | $ | 6,782 | $ | 1,056 | $ | 918 | $ | 673 | ||||||||||||
Interest cost | 16,682 | 17,284 | 18,087 | 937 | 956 | 972 | ||||||||||||||||||
Expected return on plan assets | (25,302 | ) | (25,477 | ) | (25,819 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 1,296 | 1,308 | 1,359 | 66 | 80 | 69 | ||||||||||||||||||
Amortization of losses | 20,097 | 17,578 | 10,372 | 675 | 582 | 570 | ||||||||||||||||||
Amortization of negative plan amendment | — | — | — | (105 | ) | (55 | ) | — | ||||||||||||||||
Curtailment expense | 60 | — | — | — | — | — | ||||||||||||||||||
Settlement expense | 817 | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 22,102 | $ | 19,100 | $ | 10,781 | $ | 2,629 | $ | 2,481 | $ | 2,284 | ||||||||||||
The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2014 are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Amortization of loss | $ | 10,448 | $ | 640 | ||||||||||||||||||||
Amortization of prior service cost | 1,167 | 17 | ||||||||||||||||||||||
Amortization of negative plan amendment | — | (282 | ) | |||||||||||||||||||||
Total amortization of AOCI loss | $ | 11,615 | $ | 375 | ||||||||||||||||||||
The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||
Discount rate | 4.6 | % | 3.7 | % | 4.2 | % | 4.6 | % | 3.6 | % | 4.1 | % | ||||||||||||
Rate of compensation increase | 4.6 | % | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||
Assumptions used to determine net periodic benefit cost for years ended December 31: | ||||||||||||||||||||||||
Discount rate | 3.7 | % | 4.2 | % | 5.25 | % | 3.6 | % | 4.1 | % | 5.1 | % | ||||||||||||
Expected long-term return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % | — | — | — | |||||||||||||||
Rate of compensation increase | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||
At December 31, 2013, the pension plans’ discount rate was 4.60 percent, which closely approximates interest rates on high quality, long-term obligations. Effective December 31, 2013, the expected return on plan assets remained at 8.5 percent, which is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company, with the assistance of external consultants, utilizes this information in developing assumptions for returns, and risks and correlation of asset classes, which are then used to establish the asset allocation ranges. | ||||||||||||||||||||||||
The following table sets forth the assumed health care cost trend rates at December 31: | ||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7.5 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2017 | 2017 | ||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement benefit plans. The following table shows the effect of a one percentage point change in assumed health care cost trends: | ||||||||||||||||||||||||
1 Percent | ||||||||||||||||||||||||
Effect on: | Increase | Decrease | ||||||||||||||||||||||
Total of service and interest cost components | $ | 253 | $ | (208 | ) | |||||||||||||||||||
Accumulated postretirement benefit obligation | 1,389 | (1,183 | ) | |||||||||||||||||||||
Investment of Plan Assets | ||||||||||||||||||||||||
The Company’s pension plans’ asset allocation at December 31, 2013 and 2012, and target allocation ranges by asset category are as follows: | ||||||||||||||||||||||||
Percentage of Plan Assets | Target | |||||||||||||||||||||||
Allocation | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | Range | |||||||||||||||||||||
Domestic equity securities | 42 | % | 41 | % | 40-45% | |||||||||||||||||||
International equity securities | 26 | % | 25 | % | 20-30% | |||||||||||||||||||
Domestic fixed income securities | 25 | % | 26 | % | 25-30% | |||||||||||||||||||
International fixed income securities | 4 | % | 5 | % | 4-6% | |||||||||||||||||||
Real estate fund | 3 | % | 3 | % | 2-4% | |||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in Rayonier common stock at December 31, 2013 or 2012. | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies for definition), the assets of the plans as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
Fair Value at December 31, 2013 | Fair Value at December 31, 2012 | |||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||
Domestic equity securities | $ | 29,293 | $ | 110,401 | $ | 139,694 | $ | 50,653 | $ | 76,251 | $ | 126,904 | ||||||||||||
International equity securities | 55,692 | 31,347 | 87,039 | 51,758 | 27,173 | 78,931 | ||||||||||||||||||
Domestic fixed income securities | — | 85,222 | 85,222 | — | 81,045 | 81,045 | ||||||||||||||||||
International fixed income securities | 15,134 | — | 15,134 | 15,745 | — | 15,745 | ||||||||||||||||||
Real estate fund | 9,678 | — | 9,678 | 10,208 | — | 10,208 | ||||||||||||||||||
Short-term investments | 879 | 4,259 | 5,138 | 29 | 7,837 | 7,866 | ||||||||||||||||||
Total | $ | 110,676 | $ | 231,229 | $ | 341,905 | $ | 128,393 | $ | 192,306 | $ | 320,699 | ||||||||||||
The valuation methodology used for measuring the fair value of these asset categories was as follows: | ||||||||||||||||||||||||
Level 1 — Net asset value in an observable market. | ||||||||||||||||||||||||
Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. | ||||||||||||||||||||||||
There have been no changes in the methodology used during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||
Expected benefit payments for the next ten years are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
2014 | $ | 19,987 | $ | 1,071 | ||||||||||||||||||||
2015 | 21,070 | 1,170 | ||||||||||||||||||||||
2016 | 22,118 | 1,259 | ||||||||||||||||||||||
2017 | 23,149 | 1,271 | ||||||||||||||||||||||
2018 | 24,191 | 1,394 | ||||||||||||||||||||||
2019 - 2023 | 133,459 | 6,328 | ||||||||||||||||||||||
The Company has no mandatory pension contribution requirements in 2014, but may make discretionary contributions. | ||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||
The Company provides defined contribution plans to all of its hourly and salaried employees. Company contributions charged to expense for these plans were $4.4 million, $2.7 million and $2.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Rayonier Hourly and Salaried Defined Contribution Plans include Rayonier common stock with a fair market value of $73.2 million and $89.4 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
As discussed above, all pension plans are currently closed to new employees. Employees not eligible for the pension plans are immediately eligible to participate in the Company’s 401(k) plan and receive an enhanced contribution. Company contributions related to this plan enhancement for the years ended December 31, 2013, 2012 and 2011 were $1.1 million, $1.0 million and $0.9 million, respectively. |
Quarterly_Results_for_2013_and
Quarterly Results for 2013 and 2012 (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Results for 2013 and 2012 (UNAUDITED) | ' | ||||||||||||||||||||
QUARTERLY RESULTS FOR 2013 and 2012 (UNAUDITED) | |||||||||||||||||||||
(Thousands of dollars, except per share amounts) | |||||||||||||||||||||
Quarter Ended | Total Year | ||||||||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||||||
2013 | |||||||||||||||||||||
Sales | $ | 393,719 | $ | 409,077 | $ | 384,784 | $ | 520,242 | $ | 1,707,822 | |||||||||||
Cost of sales | 266,018 | 297,698 | 287,150 | 395,446 | 1,246,312 | ||||||||||||||||
Income from continuing operations | 103,258 | 87,891 | (b) | 58,367 | 82,249 | 331,765 | (b) | ||||||||||||||
Income from discontinued operations | 44,477 | — | — | (2,444 | ) | 42,033 | |||||||||||||||
Net income | 147,735 | (a) | 87,891 | 58,367 | 79,805 | 373,798 | (a) | ||||||||||||||
Net income attributable to Rayonier Inc. | 147,735 | (a) | 87,164 | (b) | 57,345 | 79,652 | 371,896 | (a) (b) | |||||||||||||
Basic EPS attributable to Rayonier Inc. | 1.19 | 0.69 | 0.45 | 0.63 | 2.96 | ||||||||||||||||
Diluted EPS attributable to Rayonier Inc. | 1.13 | 0.67 | 0.44 | 0.62 | 2.86 | ||||||||||||||||
2012 | |||||||||||||||||||||
Sales | 336,571 | 348,096 | 386,163 | 412,660 | 1,483,490 | ||||||||||||||||
Cost of sales | 235,708 | 243,571 | 259,201 | 292,212 | 1,030,692 | ||||||||||||||||
Income from continuing operations | 52,599 | 66,091 | 79,278 | 73,474 | 271,442 | ||||||||||||||||
Income from discontinued operations | 838 | 2,988 | 1,282 | 2,135 | 7,243 | ||||||||||||||||
Net income | 53,437 | 69,079 | 80,560 | 75,609 | 278,685 | ||||||||||||||||
Net income attributable to Rayonier Inc. | 53,437 | 69,079 | 80,560 | 75,609 | 278,685 | ||||||||||||||||
Basic EPS attributable to Rayonier Inc. | 0.44 | 0.56 | 0.66 | 0.61 | 2.27 | ||||||||||||||||
Diluted EPS attributable to Rayonier Inc. | 0.42 | 0.54 | 0.62 | 0.59 | 2.17 | ||||||||||||||||
(a) | Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013. | ||||||||||||||||||||
(b) | Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. |
Consolidating_Financial_Statem
Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Consolidating Financial Statements | ' | |||||||||||||||||||||||
CONSOLIDATING FINANCIAL STATEMENTS | ||||||||||||||||||||||||
The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. | ||||||||||||||||||||||||
In August 2009 TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due August 2015. The notes are guaranteed by Rayonier Inc. as the Parent Guarantor and Rayonier Operating Company LLC (“ROC”) as the Subsidiary Guarantor. In connection with these exchangeable notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. | ||||||||||||||||||||||||
The subsidiary issuer and subsidiary guarantor are wholly-owned by the Parent Company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiary and Rayonier Inc. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 1,707,822 | $ | — | $ | 1,707,822 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 1,246,312 | — | 1,246,312 | ||||||||||||||||||
Selling and general expenses | — | 9,821 | — | 55,022 | — | 64,843 | ||||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 4,730 | — | (12,516 | ) | — | (9,487 | ) | |||||||||||||||
(1,701 | ) | 14,551 | — | 1,288,818 | — | 1,301,668 | ||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 562 | — | 562 | ||||||||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE | 1,701 | (14,551 | ) | — | 419,566 | — | 406,716 | |||||||||||||||||
Gain related to the consolidation of the New Zealand joint venture | — | — | — | 16,098 | — | 16,098 | ||||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (14,551 | ) | — | 435,664 | — | 422,814 | |||||||||||||||||
Interest expense | (13,088 | ) | (914 | ) | (27,516 | ) | (2,242 | ) | — | (43,760 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 9,828 | 3,237 | (7,534 | ) | (3,159 | ) | — | 2,372 | ||||||||||||||||
Equity in income from subsidiaries | 373,455 | 384,567 | 245,126 | — | (1,003,148 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | 372,339 | 210,076 | 430,263 | (1,003,148 | ) | 381,426 | |||||||||||||||||
Income tax benefit (expense) | — | 1,116 | 11,895 | (62,672 | ) | — | (49,661 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 371,896 | 373,455 | 221,971 | 367,591 | (1,003,148 | ) | 331,765 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 42,033 | 42,033 | |||||||||||||||||||
NET INCOME | 371,896 | 373,455 | 221,971 | 409,624 | (1,003,148 | ) | 373,798 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 1,902 | — | 1,902 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | 373,455 | 221,971 | 407,722 | (1,003,148 | ) | 371,896 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | (1,915 | ) | (1,915 | ) | (72 | ) | (5,710 | ) | 3,902 | (5,710 | ) | |||||||||||||
New Zealand joint venture cash flows | 3,286 | 3,286 | 637 | 3,629 | (7,209 | ) | 3,629 | |||||||||||||||||
Amortization of pension and postretirement plans | 61,869 | 61,869 | 20,589 | 20,589 | (103,047 | ) | 61,869 | |||||||||||||||||
Total other comprehensive income | 63,240 | 63,240 | 21,154 | 18,508 | (106,354 | ) | 59,788 | |||||||||||||||||
COMPREHENSIVE INCOME | 435,136 | 436,695 | 243,125 | 428,132 | (1,109,502 | ) | 433,586 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | (1,550 | ) | — | (1,550 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 435,136 | $ | 436,695 | $ | 243,125 | $ | 429,682 | $ | (1,109,502 | ) | $ | 435,136 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 1,483,490 | $ | — | $ | 1,483,490 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 1,030,692 | — | 1,030,692 | ||||||||||||||||||
Selling and general expenses | — | 10,575 | — | 56,382 | — | 66,957 | ||||||||||||||||||
Other operating expense (income), net | 110 | 962 | — | (15,241 | ) | — | (14,169 | ) | ||||||||||||||||
110 | 11,537 | — | 1,071,833 | — | 1,083,480 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 550 | — | 550 | ||||||||||||||||||
OPERATING (LOSS) INCOME | (110 | ) | (11,537 | ) | — | 412,207 | — | 400,560 | ||||||||||||||||
Interest expense | (10,717 | ) | (941 | ) | (37,971 | ) | 4,648 | — | (44,981 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | 6,638 | 5,519 | (3,334 | ) | (8,217 | ) | — | 606 | ||||||||||||||||
Equity in income from subsidiaries | 282,874 | 289,486 | 232,871 | — | (805,231 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | 282,527 | 191,566 | 408,638 | (805,231 | ) | 356,185 | |||||||||||||||||
Income tax benefit (expense) | — | 347 | 15,076 | (100,166 | ) | — | (84,743 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 278,685 | 282,874 | 206,642 | 308,472 | (805,231 | ) | 271,442 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 7,243 | — | 7,243 | ||||||||||||||||||
NET INCOME | 278,685 | 282,874 | 206,642 | 315,715 | (805,231 | ) | 278,685 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | 4,352 | 4,352 | (3 | ) | 4,353 | (8,702 | ) | 4,352 | ||||||||||||||||
New Zealand joint venture cash flows | 213 | 213 | — | 213 | (426 | ) | 213 | |||||||||||||||||
Amortization of pension and postretirement plans | (496 | ) | (496 | ) | (450 | ) | (450 | ) | 1,396 | (496 | ) | |||||||||||||
Total other comprehensive income (loss) | 4,069 | 4,069 | (453 | ) | 4,116 | (7,732 | ) | 4,069 | ||||||||||||||||
COMPREHENSIVE INCOME | $ | 282,754 | $ | 286,943 | $ | 206,189 | $ | 319,831 | $ | (812,963 | ) | $ | 282,754 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Rayonier Inc. (Parent | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
Guarantor) | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
(Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 1,420,960 | $ | — | $ | 1,420,960 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 1,006,297 | — | 1,006,297 | ||||||||||||||||||
Selling and general expenses | — | 10,710 | — | 54,541 | — | 65,251 | ||||||||||||||||||
Other operating expense (income), net | — | 117 | — | (3,911 | ) | — | (3,794 | ) | ||||||||||||||||
— | 10,827 | — | 1,056,927 | — | 1,067,754 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 4,088 | — | 4,088 | ||||||||||||||||||
OPERATING (LOSS) INCOME | — | (10,827 | ) | — | 368,121 | — | 357,294 | |||||||||||||||||
Interest expense | 621 | (1,133 | ) | (49,555 | ) | (708 | ) | — | (50,775 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | — | 5,280 | (4,508 | ) | 71 | — | 843 | |||||||||||||||||
Equity in income from subsidiaries | 275,384 | 281,892 | 170,048 | — | (727,324 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 276,005 | 275,212 | 115,985 | 367,484 | (727,324 | ) | 307,362 | |||||||||||||||||
Income tax benefit (expense) | — | 172 | 19,733 | (50,593 | ) | — | (30,688 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 276,005 | 275,384 | 135,718 | 316,891 | (727,324 | ) | 276,674 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Loss from discontinued operations, net of income tax | — | — | — | (669 | ) | — | (669 | ) | ||||||||||||||||
NET INCOME | 276,005 | 275,384 | 135,718 | 316,222 | (727,324 | ) | 276,005 | |||||||||||||||||
OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||||||
Foreign currency translation adjustment | 3,546 | 3,546 | (137 | ) | 3,545 | (6,954 | ) | 3,546 | ||||||||||||||||
New Zealand joint venture cash flows | (2,373 | ) | (2,373 | ) | — | (2,373 | ) | 4,746 | (2,373 | ) | ||||||||||||||
Amortization of pension and postretirement plans | (46,263 | ) | (46,263 | ) | (35,575 | ) | (35,575 | ) | 117,413 | (46,263 | ) | |||||||||||||
Total other comprehensive loss | (45,090 | ) | (45,090 | ) | (35,712 | ) | (34,403 | ) | 115,205 | (45,090 | ) | |||||||||||||
COMPREHENSIVE INCOME | $ | 230,915 | $ | 230,294 | $ | 100,006 | $ | 281,819 | $ | (612,119 | ) | $ | 230,915 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 130,181 | $ | 304 | $ | 10,719 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 10 | 2,300 | 92,646 | — | 94,956 | ||||||||||||||||||
Inventory | — | — | — | 138,818 | — | 138,818 | ||||||||||||||||||
Current deferred tax assets | — | — | 681 | 38,419 | — | 39,100 | ||||||||||||||||||
Prepaid and other current assets | — | 2,363 | 6 | 44,207 | — | 46,576 | ||||||||||||||||||
Total current assets | 130,181 | 2,677 | 13,706 | 372,530 | — | 519,094 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,049,378 | — | 2,049,378 | ||||||||||||||||||
NET PROPERTY, PLANT AND | — | 2,612 | — | 858,209 | — | 860,821 | ||||||||||||||||||
EQUIPMENT | ||||||||||||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | — | — | — | — | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,627,315 | 1,837,760 | 1,148,221 | — | (4,613,296 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 228,032 | — | 20,659 | — | (248,691 | ) | — | |||||||||||||||||
OTHER ASSETS | 3,689 | 32,519 | 3,739 | 216,261 | — | 256,208 | ||||||||||||||||||
TOTAL ASSETS | $ | 1,989,217 | $ | 1,875,568 | $ | 1,186,325 | $ | 3,496,378 | $ | (4,861,987 | ) | $ | 3,685,501 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 1,522 | $ | 1,564 | $ | 66,207 | $ | — | $ | 69,293 | ||||||||||||
Current maturities of long-term debt | — | — | 112,500 | — | — | 112,500 | ||||||||||||||||||
Accrued taxes | — | 4,855 | — | 3,696 | — | 8,551 | ||||||||||||||||||
Uncertain tax positions | — | 5,780 | — | 4,767 | — | 10,547 | ||||||||||||||||||
Accrued payroll and benefits | — | 11,382 | — | 13,566 | — | 24,948 | ||||||||||||||||||
Accrued interest | 3,047 | 538 | 2,742 | 22,816 | (19,612 | ) | 9,531 | |||||||||||||||||
Accrued customer incentives | — | — | — | 9,580 | — | 9,580 | ||||||||||||||||||
Other current liabilities | — | 2,985 | — | 21,342 | — | 24,327 | ||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 6,835 | — | 6,835 | ||||||||||||||||||
Total current liabilities | 3,047 | 27,062 | 116,806 | 148,809 | (19,612 | ) | 276,112 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 847,749 | 288,975 | — | 1,461,724 | ||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 69,543 | — | 69,543 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,471 | — | 4,183 | — | 95,654 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 11,493 | — | 15,732 | — | 27,225 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 118,227 | — | 125,921 | (244,148 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 221,770 | 2,749,142 | (4,598,227 | ) | 1,661,170 | |||||||||||||||||
Noncontrolling interest | — | — | — | 94,073 | — | 94,073 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 221,770 | 2,843,215 | (4,598,227 | ) | 1,755,243 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | $ | 1,875,568 | $ | 1,186,325 | $ | 3,496,378 | $ | (4,861,987 | ) | $ | 3,685,501 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 252,888 | $ | 3,966 | $ | 19,358 | $ | 4,384 | $ | — | $ | 280,596 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 386 | — | 99,973 | — | 100,359 | ||||||||||||||||||
Inventory | — | — | — | 127,966 | — | 127,966 | ||||||||||||||||||
Deferred tax assets | — | — | — | 15,845 | — | 15,845 | ||||||||||||||||||
Prepaid and other current assets | — | 1,566 | 691 | 39,251 | — | 41,508 | ||||||||||||||||||
Total current assets | 252,888 | 5,918 | 20,049 | 287,419 | — | 566,274 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 1,573,309 | — | 1,573,309 | ||||||||||||||||||
NET PROPERTY, PLANT AND | — | 2,321 | — | 704,717 | — | 707,038 | ||||||||||||||||||
EQUIPMENT | ||||||||||||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | — | 72,419 | — | 72,419 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,445,205 | 1,677,782 | 1,452,027 | — | (4,575,014 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 213,863 | 14,000 | 19,831 | — | (247,694 | ) | — | |||||||||||||||||
OTHER ASSETS | 4,148 | 27,779 | 5,182 | 166,802 | — | 203,911 | ||||||||||||||||||
TOTAL ASSETS | $ | 1,916,104 | $ | 1,727,800 | $ | 1,497,089 | $ | 2,804,666 | $ | (4,822,708 | ) | $ | 3,122,951 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 2,099 | $ | 33 | $ | 68,249 | $ | — | $ | 70,381 | ||||||||||||
Current maturities of long-term debt | 150,000 | — | — | — | — | 150,000 | ||||||||||||||||||
Accrued taxes | — | 485 | — | 13,339 | — | 13,824 | ||||||||||||||||||
Uncertain tax positions | — | — | — | 800 | — | 800 | ||||||||||||||||||
Accrued payroll and benefits | — | 15,044 | — | 13,024 | — | 28,068 | ||||||||||||||||||
Accrued interest | 3,100 | 379 | 3,197 | 1,280 | — | 7,956 | ||||||||||||||||||
Accrued customer incentives | — | — | — | 10,849 | — | 10,849 | ||||||||||||||||||
Other current liabilities | — | 2,925 | — | 14,915 | — | 17,840 | ||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 8,105 | — | 8,105 | ||||||||||||||||||
Total current liabilities | 153,100 | 20,932 | 3,230 | 130,561 | — | 307,823 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 718,321 | 76,731 | — | 1,120,052 | ||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 73,590 | — | 73,590 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 129,156 | — | 30,426 | — | 159,582 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 16,432 | — | 7,468 | — | 23,900 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 116,075 | — | 137,797 | (253,872 | ) | — | |||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 | 1,445,205 | 775,538 | 2,348,093 | (4,568,836 | ) | 1,438,004 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 | $ | 1,727,800 | $ | 1,497,089 | $ | 2,804,666 | $ | (4,822,708 | ) | $ | 3,122,951 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 407,712 | $ | 417,074 | $ | 84,000 | $ | 491,762 | $ | (855,375 | ) | $ | 545,173 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (663 | ) | — | (158,235 | ) | — | (158,898 | ) | |||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | — | (139,879 | ) | — | (139,879 | ) | ||||||||||||||||
Purchase of timberlands | — | — | — | (20,401 | ) | — | (20,401 | ) | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (141,143 | ) | — | (141,143 | ) | ||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | — | 62,720 | — | 62,720 | ||||||||||||||||||
Change in restricted cash | — | — | — | (58,385 | ) | — | (58,385 | ) | ||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (138,178 | ) | (247,114 | ) | — | 523,470 | — | |||||||||||||||
Other | — | 1,701 | — | (14,635 | ) | — | (12,934 | ) | ||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (137,140 | ) | (247,114 | ) | (469,958 | ) | 523,470 | (468,920 | ) | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | — | 390,000 | 57,885 | — | 622,885 | ||||||||||||||||||
Repayment of debt | (325,000 | ) | — | (151,525 | ) | (72,960 | ) | — | (549,485 | ) | ||||||||||||||
Dividends paid | (237,016 | ) | — | — | — | — | (237,016 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | — | 10,101 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 8,413 | — | 8,413 | ||||||||||||||||||
Repurchase of common shares | (11,326 | ) | — | — | — | — | (11,326 | ) | ||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | — | 4,000 | — | — | |||||||||||||||||
Intercompany distributions | — | (283,596 | ) | (84,000 | ) | 35,691 | 331,905 | — | ||||||||||||||||
Other | — | — | — | (713 | ) | — | (713 | ) | ||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) | (283,596 | ) | 154,475 | 32,316 | 331,905 | (157,141 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (64 | ) | — | (64 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (122,707 | ) | (3,662 | ) | (8,639 | ) | 54,056 | — | (80,952 | ) | ||||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | ||||||||||||||||||
Balance, end of year | $ | 130,181 | $ | 304 | $ | 10,719 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 90,456 | $ | 138,149 | $ | 41,000 | $ | 423,784 | $ | (247,475 | ) | $ | 445,914 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (285 | ) | — | (157,277 | ) | — | (157,562 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (106,536 | ) | — | (106,536 | ) | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (201,359 | ) | — | (201,359 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | (10,559 | ) | — | (10,559 | ) | ||||||||||||||||
Investment in Subsidiaries | — | — | (142,508 | ) | — | 142,508 | — | |||||||||||||||||
Other | — | (69 | ) | — | 3,184 | — | 3,115 | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | (354 | ) | (142,508 | ) | (472,547 | ) | 142,508 | (472,901 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 475,000 | — | 740,000 | 15,000 | — | 1,230,000 | ||||||||||||||||||
Repayment of debt | (120,000 | ) | (30,000 | ) | (638,110 | ) | (25,500 | ) | — | (813,610 | ) | |||||||||||||
Dividends paid | (206,583 | ) | — | — | — | — | (206,583 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 25,495 | — | — | — | — | 25,495 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 7,635 | — | 7,635 | ||||||||||||||||||
Debt issuance costs | (3,697 | ) | (1,219 | ) | — | (1,219 | ) | — | (6,135 | ) | ||||||||||||||
Repurchase of common shares | (7,783 | ) | — | — | — | — | (7,783 | ) | ||||||||||||||||
Issuance of intercompany notes | — | (14,000 | ) | — | 14,000 | — | — | |||||||||||||||||
Distributions to / from Parent | — | (97,587 | ) | (41,000 | ) | 33,620 | 104,967 | — | ||||||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | (142,806 | ) | 60,890 | 43,536 | 104,967 | 229,019 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (39 | ) | — | (39 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | 252,888 | (5,011 | ) | (40,618 | ) | (5,266 | ) | — | 201,993 | |||||||||||||||
Balance, beginning of year | — | 8,977 | 59,976 | 9,650 | — | 78,603 | ||||||||||||||||||
Balance, end of year | $ | 252,888 | $ | 3,966 | $ | 19,358 | $ | 4,384 | $ | — | $ | 280,596 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 283,409 | $ | 332,577 | $ | 15,000 | $ | 402,994 | $ | (601,710 | ) | $ | 432,270 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (270 | ) | — | (144,252 | ) | — | (144,522 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (320,899 | ) | — | (320,899 | ) | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (42,894 | ) | — | (42,894 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | 8,323 | — | 8,323 | ||||||||||||||||||
Investment in Subsidiaries | (19,259 | ) | (99,988 | ) | (35,828 | ) | — | 155,075 | — | |||||||||||||||
Other | — | 69 | — | 11,309 | — | 11,378 | ||||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (19,259 | ) | (100,189 | ) | (35,828 | ) | (488,413 | ) | 155,075 | (488,614 | ) | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 120,000 | 105,000 | — | 235,000 | — | 460,000 | ||||||||||||||||||
Repayment of debt | — | (75,000 | ) | (168,057 | ) | (256,000 | ) | — | (499,057 | ) | ||||||||||||||
Dividends paid | (185,272 | ) | — | — | — | — | (185,272 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 13,451 | — | — | — | — | 13,451 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 5,681 | — | 5,681 | ||||||||||||||||||
Debt issuance costs | — | (675 | ) | (676 | ) | (676 | ) | — | (2,027 | ) | ||||||||||||||
Repurchase of common shares | (7,909 | ) | — | — | — | — | (7,909 | ) | ||||||||||||||||
Intercompany distributions | (204,420 | ) | — | (18,961 | ) | 223,381 | — | — | ||||||||||||||||
Distributions to / from Parent | — | (282,495 | ) | (14,760 | ) | (149,380 | ) | 446,635 | — | |||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (264,150 | ) | (253,170 | ) | (202,454 | ) | 58,006 | 446,635 | (215,133 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | 617 | — | 617 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | — | (20,782 | ) | (223,282 | ) | (26,796 | ) | — | (270,860 | ) | ||||||||||||||
Balance, beginning of year | — | 29,759 | 283,258 | 36,446 | — | 349,463 | ||||||||||||||||||
Balance, end of year | $ | — | $ | 8,977 | $ | 59,976 | $ | 9,650 | $ | — | $ | 78,603 | ||||||||||||
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. At issuance, the notes were fully and unconditionally guaranteed by the following subsidiaries of Rayonier Inc.: ROC, Rayonier Louisiana Timberlands LLC, Rayonier TRS Holdings Inc. and substantially all domestic subsidiaries of TRS Holdings Inc. In October 2012, the guarantee on the notes was amended whereby all guarantors were released except ROC and Rayonier TRS Holdings Inc. As such, for comparability purposes, all prior year information has been updated to reflect ROC and Rayonier TRS Holdings Inc. as the note guarantors. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. | ||||||||||||||||||||||||
The subsidiary guarantors, ROC and Rayonier TRS Holdings, Inc., are wholly-owned by the Parent Company, Rayonier, Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 1,707,822 | $ | — | $ | 1,707,822 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 1,246,312 | — | 1,246,312 | |||||||||||||||||||
Selling and general expenses | — | 9,821 | 55,022 | — | 64,843 | |||||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 4,730 | (12,516 | ) | — | (9,487 | ) | ||||||||||||||||
(1,701 | ) | 14,551 | 1,288,818 | — | 1,301,668 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 562 | — | 562 | |||||||||||||||||||
OPERATING (LOSS) INCOME BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE | 1,701 | (14,551 | ) | 419,566 | — | 406,716 | ||||||||||||||||||
Gain related to the consolidation of the New Zealand joint venture | — | — | 16,098 | — | 16,098 | |||||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (14,551 | ) | 435,664 | — | 422,814 | ||||||||||||||||||
Interest expense | (13,088 | ) | (28,430 | ) | (2,242 | ) | — | (43,760 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 9,828 | (4,297 | ) | (3,159 | ) | — | 2,372 | |||||||||||||||||
Equity in income from subsidiaries | 373,455 | 407,722 | — | (781,177 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | 360,444 | 430,263 | (781,177 | ) | 381,426 | ||||||||||||||||||
Income tax benefit (expense) | — | 13,011 | (62,672 | ) | — | (49,661 | ) | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 371,896 | 373,455 | 367,591 | (781,177 | ) | 331,765 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 42,033 | — | 42,033 | |||||||||||||||||||
NET INCOME | 371,896 | 373,455 | 409,624 | (781,177 | ) | 373,798 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,902 | — | 1,902 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | 373,455 | 407,722 | (781,177 | ) | 371,896 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | (1,915 | ) | (1,915 | ) | (5,710 | ) | 3,830 | (5,710 | ) | |||||||||||||||
New Zealand joint venture cash flows | 3,286 | 3,286 | 3,629 | (6,572 | ) | 3,629 | ||||||||||||||||||
Amortization of pension and postretirement plans | 61,869 | 61,869 | 20,589 | (82,458 | ) | 61,869 | ||||||||||||||||||
Total other comprehensive income | 63,240 | 63,240 | 18,508 | (85,200 | ) | 59,788 | ||||||||||||||||||
COMPREHENSIVE INCOME | 435,136 | 436,695 | 428,132 | (866,377 | ) | 433,586 | ||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | (1,550 | ) | — | (1,550 | ) | |||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 435,136 | $ | 436,695 | $ | 429,682 | $ | (866,377 | ) | $ | 435,136 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 1,483,490 | $ | — | $ | 1,483,490 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 1,030,692 | — | 1,030,692 | |||||||||||||||||||
Selling and general expenses | — | 10,575 | 56,382 | — | 66,957 | |||||||||||||||||||
Other operating expense (income), net | 110 | 962 | (15,241 | ) | — | (14,169 | ) | |||||||||||||||||
110 | 11,537 | 1,071,833 | — | 1,083,480 | ||||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 550 | — | 550 | |||||||||||||||||||
OPERATING (LOSS) INCOME | (110 | ) | (11,537 | ) | 412,207 | — | 400,560 | |||||||||||||||||
Interest expense | (10,717 | ) | (38,912 | ) | 4,648 | — | (44,981 | ) | ||||||||||||||||
Interest and miscellaneous income (expense), net | 6,638 | 2,185 | (8,217 | ) | — | 606 | ||||||||||||||||||
Equity in income from subsidiaries | 282,874 | 315,715 | — | (598,589 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | 267,451 | 408,638 | (598,589 | ) | 356,185 | ||||||||||||||||||
Income tax benefit (expense) | — | 15,423 | (100,166 | ) | — | (84,743 | ) | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 278,685 | 282,874 | 308,472 | (598,589 | ) | 271,442 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 7,243 | — | 7,243 | |||||||||||||||||||
NET INCOME | 278,685 | 282,874 | 315,715 | (598,589 | ) | 278,685 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 4,352 | 4,352 | 4,353 | (8,705 | ) | 4,352 | ||||||||||||||||||
New Zealand joint venture cash flows | 213 | 213 | 213 | (426 | ) | 213 | ||||||||||||||||||
Amortization of pension and postretirement plans | (496 | ) | (496 | ) | (450 | ) | 946 | (496 | ) | |||||||||||||||
Total other comprehensive income | 4,069 | 4,069 | 4,116 | (8,185 | ) | 4,069 | ||||||||||||||||||
COMPREHENSIVE INCOME | $ | 282,754 | $ | 286,943 | $ | 319,831 | $ | (606,774 | ) | $ | 282,754 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 1,420,960 | $ | — | $ | 1,420,960 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 1,006,297 | — | 1,006,297 | |||||||||||||||||||
Selling and general expenses | — | 10,710 | 54,541 | — | 65,251 | |||||||||||||||||||
Other operating expense (income), net | — | 117 | (3,911 | ) | — | (3,794 | ) | |||||||||||||||||
— | 10,827 | 1,056,927 | — | 1,067,754 | ||||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 4,088 | — | 4,088 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (10,827 | ) | 368,121 | — | 357,294 | ||||||||||||||||||
Interest expense | 621 | (50,688 | ) | (708 | ) | — | (50,775 | ) | ||||||||||||||||
Interest and miscellaneous income, net | — | 772 | 71 | — | 843 | |||||||||||||||||||
Equity in income from subsidiaries | 275,384 | 316,222 | — | (591,606 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 276,005 | 255,479 | 367,484 | (591,606 | ) | 307,362 | ||||||||||||||||||
Income tax benefit (expense) | — | 19,905 | (50,593 | ) | — | (30,688 | ) | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 276,005 | 275,384 | 316,891 | (591,606 | ) | 276,674 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Loss from discontinued operations, net of income tax | — | — | (669 | ) | — | (669 | ) | |||||||||||||||||
NET INCOME | 276,005 | 275,384 | 316,222 | (591,606 | ) | 276,005 | ||||||||||||||||||
OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||||||
Foreign currency translation adjustment | 3,546 | 3,546 | 3,545 | (7,091 | ) | 3,546 | ||||||||||||||||||
New Zealand joint venture cash flows | (2,373 | ) | (2,373 | ) | (2,373 | ) | 4,746 | (2,373 | ) | |||||||||||||||
Amortization of pension and postretirement plans | (46,263 | ) | (46,263 | ) | (35,575 | ) | 81,838 | (46,263 | ) | |||||||||||||||
Total other comprehensive loss | (45,090 | ) | (45,090 | ) | (34,403 | ) | 79,493 | (45,090 | ) | |||||||||||||||
COMPREHENSIVE INCOME | $ | 230,915 | $ | 230,294 | $ | 281,819 | $ | (512,113 | ) | $ | 230,915 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 130,181 | $ | 11,023 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 2,310 | 92,646 | — | 94,956 | |||||||||||||||||||
Inventory | — | — | 138,818 | — | 138,818 | |||||||||||||||||||
Current deferred tax asset | — | 681 | 38,419 | — | 39,100 | |||||||||||||||||||
Prepaid and other current assets | — | 2,369 | 44,207 | — | 46,576 | |||||||||||||||||||
Total current assets | 130,181 | 16,383 | 372,530 | — | 519,094 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, | — | — | 2,049,378 | — | 2,049,378 | |||||||||||||||||||
NET OF DEPLETION AND AMORTIZATION | ||||||||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,612 | 858,209 | — | 860,821 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,627,315 | 2,764,211 | — | (4,391,526 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 228,032 | 20,659 | — | (248,691 | ) | — | ||||||||||||||||||
OTHER ASSETS | 3,689 | 36,258 | 216,261 | — | 256,208 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,989,217 | $ | 2,840,123 | $ | 3,496,378 | $ | (4,640,217 | ) | $ | 3,685,501 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3,086 | $ | 66,207 | $ | — | $ | 69,293 | ||||||||||||||
Current maturities of long-term debt | — | 112,500 | — | — | 112,500 | |||||||||||||||||||
Accrued taxes | — | 4,855 | 3,696 | — | 8,551 | |||||||||||||||||||
Uncertain tax positions | — | 5,780 | 4,767 | — | 10,547 | |||||||||||||||||||
Accrued payroll and benefits | — | 11,382 | 13,566 | — | 24,948 | |||||||||||||||||||
Accrued interest | 3,047 | 3,280 | 22,816 | (19,612 | ) | 9,531 | ||||||||||||||||||
Accrued customer incentives | — | — | 9,580 | — | 9,580 | |||||||||||||||||||
Other current liabilities | — | 2,985 | 21,342 | — | 24,327 | |||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 6,835 | — | 6,835 | |||||||||||||||||||
Total current liabilities | 3,047 | 143,868 | 148,809 | (19,612 | ) | 276,112 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 847,749 | 288,975 | — | 1,461,724 | |||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 69,543 | — | 69,543 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,471 | 4,183 | — | 95,654 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 11,493 | 15,732 | — | 27,225 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 118,227 | 125,921 | (244,148 | ) | — | ||||||||||||||||||
TOTAL RAYONIER SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 2,749,142 | (4,376,457 | ) | 1,661,170 | ||||||||||||||||||
Noncontrolling interest | — | — | 94,073 | — | 94,073 | |||||||||||||||||||
TOTAL SHAREHOLDER'S EQUITY | 1,661,170 | 1,627,315 | 2,843,215 | (4,376,457 | ) | 1,755,243 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | $ | 2,840,123 | $ | 3,496,378 | $ | (4,640,217 | ) | $ | 3,685,501 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 252,888 | $ | 23,324 | $ | 4,384 | $ | — | $ | 280,596 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 386 | 99,973 | — | 100,359 | |||||||||||||||||||
Inventory | — | — | 127,966 | — | 127,966 | |||||||||||||||||||
Current deferred tax asset | — | — | 15,845 | — | 15,845 | |||||||||||||||||||
Prepaid and other current assets | — | 2,257 | 39,251 | — | 41,508 | |||||||||||||||||||
Total current assets | 252,888 | 25,967 | 287,419 | — | 566,274 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, | — | — | 1,573,309 | — | 1,573,309 | |||||||||||||||||||
NET OF DEPLETION AND AMORTIZATION | ||||||||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,321 | 704,717 | — | 707,038 | |||||||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | 72,419 | — | 72,419 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,445,205 | 2,354,270 | — | (3,799,475 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 213,863 | 33,831 | — | (247,694 | ) | — | ||||||||||||||||||
OTHER ASSETS | 4,148 | 32,961 | 166,802 | — | 203,911 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,916,104 | $ | 2,449,350 | $ | 2,804,666 | $ | (4,047,169 | ) | $ | 3,122,951 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 2,132 | $ | 68,249 | $ | — | $ | 70,381 | ||||||||||||||
Current maturities of long-term debt | 150,000 | — | — | — | 150,000 | |||||||||||||||||||
Accrued taxes | — | 485 | 13,339 | — | 13,824 | |||||||||||||||||||
Uncertain tax positions | — | — | 800 | — | 800 | |||||||||||||||||||
Accrued payroll and benefits | — | 15,044 | 13,024 | — | 28,068 | |||||||||||||||||||
Accrued interest | 3,100 | 3,576 | 1,280 | — | 7,956 | |||||||||||||||||||
Accrued customer incentives | — | — | 10,849 | — | 10,849 | |||||||||||||||||||
Other current liabilities | — | 2,925 | 14,915 | — | 17,840 | |||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 8,105 | — | 8,105 | |||||||||||||||||||
Total current liabilities | 153,100 | 24,162 | 130,561 | — | 307,823 | |||||||||||||||||||
LONG-TERM DEBT | 325,000 | 718,321 | 76,731 | — | 1,120,052 | |||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 73,590 | — | 73,590 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 129,156 | 30,426 | — | 159,582 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 16,432 | 7,468 | — | 23,900 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 116,074 | 137,797 | (253,871 | ) | — | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 | 1,445,205 | 2,348,093 | (3,793,298 | ) | 1,438,004 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 | $ | 2,449,350 | $ | 2,804,666 | $ | (4,047,169 | ) | $ | 3,122,951 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 407,712 | $ | 417,074 | $ | 491,762 | $ | (771,375 | ) | $ | 545,173 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (663 | ) | (158,235 | ) | — | (158,898 | ) | ||||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | (139,879 | ) | — | (139,879 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (20,401 | ) | — | (20,401 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (141,143 | ) | — | (141,143 | ) | |||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | 62,720 | — | 62,720 | |||||||||||||||||||
Change in restricted cash | — | — | (58,385 | ) | — | (58,385 | ) | |||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (385,292 | ) | — | 523,470 | — | |||||||||||||||||
Other | — | 1,701 | (14,635 | ) | — | (12,934 | ) | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (384,254 | ) | (469,958 | ) | 523,470 | (468,920 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | 390,000 | 57,885 | — | 622,885 | |||||||||||||||||||
Repayment of debt | (325,000 | ) | (151,525 | ) | (72,960 | ) | — | (549,485 | ) | |||||||||||||||
Dividends paid | (237,016 | ) | — | — | — | (237,016 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | 10,101 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 8,413 | — | 8,413 | |||||||||||||||||||
Repurchase of common shares | (11,326 | ) | — | — | — | (11,326 | ) | |||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | 4,000 | — | — | ||||||||||||||||||
Distributions to / from Parent | — | (283,596 | ) | 35,691 | 247,905 | — | ||||||||||||||||||
Other | — | — | (713 | ) | — | (713 | ) | |||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) | (45,121 | ) | 32,316 | 247,905 | (157,141 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (64 | ) | — | (64 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (122,707 | ) | (12,301 | ) | 54,056 | — | (80,952 | ) | ||||||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||||||||
Balance, end of year | $ | 130,181 | $ | 11,023 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 90,456 | $ | 138,149 | $ | 423,784 | $ | (206,475 | ) | $ | 445,914 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (285 | ) | (157,277 | ) | — | (157,562 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (106,536 | ) | — | (106,536 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (201,359 | ) | — | (201,359 | ) | |||||||||||||||||
Change in restricted cash | — | — | (10,559 | ) | — | (10,559 | ) | |||||||||||||||||
Investment in Subsidiaries | — | (142,508 | ) | — | 142,508 | — | ||||||||||||||||||
Other | — | (69 | ) | 3,184 | — | 3,115 | ||||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | (142,862 | ) | (472,547 | ) | 142,508 | (472,901 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 475,000 | 740,000 | 15,000 | — | 1,230,000 | |||||||||||||||||||
Repayment of debt | (120,000 | ) | (668,110 | ) | (25,500 | ) | — | (813,610 | ) | |||||||||||||||
Dividends paid | (206,583 | ) | — | — | — | (206,583 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 25,495 | — | — | — | 25,495 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 7,635 | — | 7,635 | |||||||||||||||||||
Debt issuance costs | (3,697 | ) | (1,219 | ) | (1,219 | ) | — | (6,135 | ) | |||||||||||||||
Repurchase of common shares | (7,783 | ) | — | — | — | (7,783 | ) | |||||||||||||||||
Issuance of intercompany notes | — | (14,000 | ) | 14,000 | — | — | ||||||||||||||||||
Intercompany distributions | — | (97,587 | ) | 33,620 | 63,967 | — | ||||||||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | (40,916 | ) | 43,536 | 63,967 | 229,019 | ||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (39 | ) | — | (39 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | 252,888 | (45,629 | ) | (5,266 | ) | — | 201,993 | |||||||||||||||||
Balance, beginning of year | — | 68,953 | 9,650 | — | 78,603 | |||||||||||||||||||
Balance, end of year | $ | 252,888 | $ | 23,324 | $ | 4,384 | $ | — | $ | 280,596 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 283,409 | $ | 332,817 | $ | 402,994 | $ | (586,950 | ) | $ | 432,270 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (270 | ) | (144,252 | ) | — | (144,522 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (320,899 | ) | — | (320,899 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (42,894 | ) | — | (42,894 | ) | |||||||||||||||||
Change in restricted cash | — | — | 8,323 | — | 8,323 | |||||||||||||||||||
Investment in Subsidiaries | (19,259 | ) | (135,816 | ) | — | 155,075 | — | |||||||||||||||||
Other | — | 69 | 11,309 | — | 11,378 | |||||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (19,259 | ) | (136,017 | ) | (488,413 | ) | 155,075 | (488,614 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 120,000 | 105,000 | 235,000 | — | 460,000 | |||||||||||||||||||
Repayment of debt | — | (243,057 | ) | (256,000 | ) | — | (499,057 | ) | ||||||||||||||||
Dividends paid | (185,272 | ) | — | — | — | (185,272 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 13,451 | — | — | — | 13,451 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 5,681 | — | 5,681 | |||||||||||||||||||
Debt issuance costs | — | (1,351 | ) | (676 | ) | — | (2,027 | ) | ||||||||||||||||
Repurchase of common shares | (7,909 | ) | — | — | — | (7,909 | ) | |||||||||||||||||
Issuance of intercompany notes | (204,420 | ) | (18,961 | ) | 223,381 | — | — | |||||||||||||||||
Intercompany distributions | — | (282,495 | ) | (149,380 | ) | 431,875 | — | |||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (264,150 | ) | (440,864 | ) | 58,006 | 431,875 | (215,133 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | 617 | — | 617 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | — | (244,064 | ) | (26,796 | ) | — | (270,860 | ) | ||||||||||||||||
Balance, beginning of year | — | 313,017 | 36,446 | — | 349,463 | |||||||||||||||||||
Balance, end of year | $ | — | $ | 68,953 | $ | 9,650 | $ | — | $ | 78,603 | ||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | |||||||||||||||
RAYONIER INC. AND SUBSIDIARIES | ||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Years Ended December 31, 2013, 2012, and 2011 | ||||||||||||||||
(In Thousands) | ||||||||||||||||
Description | Balance | Charged | Deductions | Balance | ||||||||||||
at | to Cost | -1 | at End | |||||||||||||
Beginning | and | of Year | ||||||||||||||
of Year | Expenses | |||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2013 | $ | 417 | $ | 855 | -2 | $ | (599 | ) | $ | 673 | ||||||
Year ended December 31, 2012 | $ | 399 | $ | 67 | $ | (49 | ) | $ | 417 | |||||||
Year ended December 31, 2011 | $ | 387 | $ | 12 | $ | — | $ | 399 | ||||||||
-1 | Primarily payments and adjustments to required reserves. | |||||||||||||||
-2 | The 2013 increase is primarily related to the consolidation of the New Zealand JV. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The Company’s consolidated financial statements include the accounts of Rayonier and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65 percent) of its New Zealand JV, and, as such, consolidates 100 percent of its results of operations and balance sheet. The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (35 percent) of the New Zealand JV’s results of operations and equity. | |
All intercompany balances and transactions are eliminated. | |
On April 4, 2013 (the “acquisition date”), the Company acquired an additional 39 percent ownership interest in Matariki Forestry Group , a New Zealand JV that owns or leases approximately 0.3 million acres of New Zealand timberlands. As a result of the acquisition, Rayonier is a 65 percent owner of the New Zealand JV and 100 percent of the results of its operations subsequent to April 4, 2013 have been included in the Company’s consolidated financial statements, along with 100 percent of the JV’s assets and liabilities at December 31, 2013. The portions of the consolidated financial position and results of operations attributable to the New Zealand JV’s 35 percent noncontrolling interest are also shown separately. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include time deposits with original maturities of three months or less. At December 31, 2013 the consolidated cash balance included a one-month time deposit of $45 million which bore interest at 24 basis points. | |
Inventory | ' |
Inventory | |
Inventories are valued at the lower of cost or market. The costs of manufactured performance fibers are determined on the first-in, first-out basis. Other products are valued on an average cost basis. Inventory costs include material, labor and manufacturing overhead. Physical counts of inventories are taken at least annually. The need for a provision for estimated losses from obsolete, excess or slow-moving inventories is reviewed periodically. | |
HBU real estate properties that are expected to be sold within one year are included in inventory, while properties that are expected to be sold after one year are included in “Other assets.” | |
Timber | ' |
Timber | |
Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, lease rental payments, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Payroll costs are capitalized only for time spent on these activities, while interest or any other soft costs aside from those mentioned above are not capitalized. Such accumulated costs attributed to merchantable timber are charged to cost of goods sold (depletion) at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition, concurrent with the harvesting of the acquired timber. | |
Property, Plant, Equipment and Depreciation | ' |
Property, Plant, Equipment and Depreciation | |
Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. Performance Fibers mill assets are depreciated using the units-of-production method. The Company depreciates its non-production Performance Fibers assets, including office, lab and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. | |
Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. | |
Capitalized Interest | ' |
Capitalized Interest | |
In accordance with Accounting Standards Codification (“ASC”) 835-20, Capitalization of Interest, interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. The interest costs are added to the cost of the underlying basis of the property, plant and equipment and amortized over the useful life of the assets. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: | |
Level 1 — Quoted prices in active markets for identical assets or liabilities. | |
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |
The fair value of the fuel swap contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract. | |
The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black Scholes option pricing model. | |
Fair Value of Financial Instruments | |
A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: | |
Level 1 — Quoted prices in active markets for identical assets or liabilities. | |
Level 2 — Observable inputs other than quoted prices included in Level 1. | |
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: | |
Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. | |
Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. | |
Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. | |
Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. | |
Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. | |
The valuation methodology used for measuring the fair value of these asset categories was as follows: | |
Level 1 — Net asset value in an observable market. | |
Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The functional currency of the Company’s New Zealand-based operations and its JV investment is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gain and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“AOCI”), within Shareholders’ Equity. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. | |
Revenue from the sale of timber is recorded when title passes to the buyer. Timber sales are either sales of delivered logs or stumpage sales. Stumpage sales in the Atlantic, Gulf States and Northern regions and New Zealand are primarily made on a pay-as-cut basis. Title and risk of loss are transferred when the timber is cut. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The Company also sells the rights to cut standing timber on specified parcels of land through lump sum timber sale agreements. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Title and risk of loss to the timber pass to the purchaser upon contract execution. Any uncut timber remaining at the end of the contract period reverts to the Company. | |
Real estate sales are recorded when title passes, full payment or a minimum down payment of 25 percent is received and full collectibility is assured. If a down payment of less than 25 percent is received at closing or if full collectibility is not reasonably assured, the Company typically records revenue based on the installment method or cost recovery method. | |
Revenue from domestic sales of Performance Fibers products is recorded when title passes which, depending on the contract, is either at time of shipment or when the customer receives goods. Foreign sales of Performance Fibers products are recorded when the customer or agent receives the goods and title passes. | |
The Company’s Other segment includes log trading sales. Revenue is recorded when the goods are received by the customer and title passes. | |
Environmental Costs | ' |
Environmental Costs | |
Rayonier expenses environmental costs related to ongoing businesses resulting from current operations. Expenditures that meaningfully extend the life or increase the efficiency of operating assets are capitalized. | |
The Company has established liabilities to assess, remediate and monitor sites related to dispositions or discontinued operations from which no current or future benefit is discernible. These obligations are established based on payments over the next 20 years and require significant estimates to determine the proper amount at any point in time. Generally, monitoring expense obligations are fixed once remediation projects are at or near completion. The projected period, from 2014 through 2033, reflects the time in which potential future costs are both estimable and probable. As new information becomes available, these cost estimates are updated and the recorded liabilities are adjusted appropriately. Environmental liabilities are accounted for on an undiscounted basis and are reflected in current and non-current “Liabilities for dispositions and discontinued operations” in the Consolidated Balance Sheets. | |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
The determination of expense and funding requirements for Rayonier’s four defined benefit pension plans, its unfunded excess pension plan and its postretirement health care and life insurance plans are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, health care cost trends, mortality rates, longevity and service lives of employees. See Note 22 — Employee Benefit Plans for assumptions used to determine benefit obligations, the net periodic benefit cost and health care cost trend rates for the year ended December 31, 2013. | |
Periodic pension and other postretirement expense is included in “Cost of sales” and “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2013 and 2012, the Company’s pension plans were in a net liability position (underfunded) of $71.7 million and $133.8 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and other postretirement benefits.” Changes in the funded status of the Company’s plans are recorded through comprehensive income (loss) in the year in which the changes occur. See Note 22 — Employee Benefit Plans for additional information. | |
Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. | |
At December 31, 2013, the pension plans’ discount rate was 4.60 percent, which closely approximates interest rates on high quality, long-term obligations. Effective December 31, 2013, the expected return on plan assets remained at 8.5 percent, which is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company, with the assistance of external consultants, utilizes this information in developing assumptions for returns, and risks and correlation of asset classes, which are then used to establish the asset allocation ranges. | |
Income Taxes | ' |
Income Taxes | |
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. | |
In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. | |
The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for unrecognized tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Uncertain tax positions” and “Other non-current liabilities” in the Company’s Consolidated Balance Sheets. See Note 10 — Income Taxes for additional information. | |
Reclassifications | ' |
Reclassifications | |
Certain 2012 and 2011 amounts have been reclassified to conform with the current year presentation. See Note 3 — Sale of Wood Products Business for information regarding reclassifications for discontinued operations. | |
New or Recently Adopted Accounting Pronouncements | ' |
New or Recently Adopted Accounting Pronouncements | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The standard requires enhanced disclosures about assets and liabilities that are subject to a master netting agreement or when the right of offset exists. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This pronouncement limits the scope of ASU No. 2011-1. The standards’ disclosure requirements are retrospective and were effective beginning in first quarter 2013. See Note 6 — Derivative Financial Instruments and Hedging Activities for the disclosures required under this guidance. | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard requires reporting, in one place, information about reclassifications out of AOCI by component. An entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount is reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified to net income in their entirety, an entity is required to cross-reference to other currently required disclosures that provide additional detail about those amounts. The information required by this standard must be presented in one place, either parenthetically on the face of the financial statements by income statement line item or in a note. See Note 15 — Accumulated Other Comprehensive Income/(Loss) for the disclosures required under this guidance. | |
In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This standard requires a parent entity to release a related foreign entity’s cumulative translation adjustment into net income only if its sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The cumulative translation adjustment should be released into net income if the transaction results in the loss of a controlling financial interest in a foreign entity or results in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. ASU No. 2013-05 will be effective for first quarter 2014. The Company does not expect the adoption of this standard to have any impact on its consolidated financial statements. | |
Discontinued Operations | ' |
Accordingly, the operating results of the Wood Products business, formerly reported as a separate operating segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the Wood Products segment, which will remain with the Company after the sale, are reported in continuing operations. | |
Equity Method Investments | ' |
The Company’s operating results for the year ended December 31, 2013 reflect 26 percent of the New Zealand JV’s income prior to the acquisition date, as reported in “Equity in income of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. | |
Prior to the acquisition of a majority interest in the New Zealand JV, Rayonier recorded its proportionate share of its cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. | |
Segment Reporting | ' |
Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations. | |
Derivatives | ' |
Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of AOCI and reclassified into earnings when the hedged transaction materializes. The ineffective portion of any hedge as well as changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings. | |
Offsetting Derivatives | ' |
Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements which would allow the right of offset. | |
Debt Issuance Costs | ' |
Debt issuance costs are capitalized and amortized to interest expense over the term of the debt to which they relate using a method that approximates the interest method. | |
Software Costs | ' |
Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. | |
Earnings Per Common Share | ' |
Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt. | |
Incentive Stock Plans | ' |
Non-Qualified Employee Stock Options | |
The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is ten years from the grant date. Awards vest ratably over three years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility for each grant and is calculated using the historical change in the daily market price of the Company’s common stock over the expected life of the award. The expected life is based on prior exercise behavior. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years. | |
Performance Share Units | |
The Company’s performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then amortized over the vesting period. | |
The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2013, there was $8.2 million of unrecognized compensation cost related to the Company’s performance share unit awards. This cost is expected to be recognized over a weighted average period of 1.7 years. | |
Restricted Stock | |
Restricted stock granted under the Stock Plan generally vests upon completion of a one to three year period. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. As of December 31, 2013, there was $1.1 million of unrecognized compensation cost related to the Company’s outstanding restricted stock. This cost is expected to be recognized over a weighted average period of 1.5 years. | |
Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. | |
Consolidating Financial Statements | ' |
The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. |
Sale_of_Wood_Products_Business1
Sale of Wood Products Business (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||
The major classes of Wood Products assets and liabilities included in the sale were as follows: | ||||||||||||
1-Mar-13 | ||||||||||||
Accounts receivable, net | $ | 4,127 | ||||||||||
Inventory | 4,270 | |||||||||||
Prepaid and other current assets | 2,053 | |||||||||||
Property, plant and equipment, net | 9,990 | |||||||||||
Total assets | $ | 20,440 | ||||||||||
Total liabilities | $ | 596 | ||||||||||
Operating results of the discontinued operations are summarized below: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Sales | $ | 16,968 | $ | 87,510 | $ | 67,682 | ||||||
Cost of sales and other | (17,102 | ) | (76,619 | ) | (68,682 | ) | ||||||
Gain on sale of discontinued operations | 63,217 | — | — | |||||||||
Income (loss) from discontinued operations before income taxes | 63,083 | 10,891 | (1,000 | ) | ||||||||
Income tax (expense) benefit | (21,050 | ) | (3,648 | ) | 331 | |||||||
Income (loss) from discontinued operations, net | $ | 42,033 | $ | 7,243 | $ | (669 | ) | |||||
Prior to the Wood Products sale, saw timber procurement services for and wood chip purchases from the lumber mills were intercompany transactions eliminated in consolidation as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Wood chip purchases | $ | 1,650 | $ | 12,526 | $ | 12,600 | ||||||
Saw timber procurement services | 231 | 1,125 | 1,023 | |||||||||
Total intercompany | $ | 1,881 | $ | 13,651 | $ | 13,623 | ||||||
Joint_Venture_Investment_Table
Joint Venture Investment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of measurement period adjustments | ' | |||||||
The effect of these measurement period adjustments has been reflected in the consolidated financial statements for the period ended December 31, 2013. | ||||||||
Provisional amount of adjustments | Increase/(Decrease) | |||||||
Timber and timberlands, net | $ | 10,348 | ||||||
Goodwill | 10,496 | |||||||
Deferred tax liabilities | $ | 20,844 | ||||||
Summary of purchase price allocation | ' | |||||||
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the acquisition date, including the measurement period adjustments discussed above: | ||||||||
4-Apr-13 | ||||||||
Accounts receivable, net | $ | 9,777 | ||||||
Inventory | 2,465 | |||||||
Other current assets | 6,767 | |||||||
Timber and timberlands, net | 555,635 | |||||||
Other assets | 11,415 | |||||||
Total identifiable assets acquired | 586,059 | |||||||
Accounts payable | 11,679 | |||||||
Current maturities of long-term debt | 3,843 | |||||||
Accrued interest | 2,038 | |||||||
Other current liabilities | 3,624 | |||||||
Long-term debt (third party) | 196,319 | |||||||
Long-term debt (shareholders) (a) | 125,532 | |||||||
Other non-current liabilities | 20,388 | |||||||
Total liabilities assumed | 363,423 | |||||||
Net identifiable assets | 222,636 | |||||||
Plus: Goodwill | 10,496 | |||||||
Less: Fair value of equity method investment | (93,253 | ) | ||||||
Purchase price | $ | 139,879 | ||||||
(a) | Long-term debt included $125.5 million of shareholder loans payable to the noncontrolling interest by the New Zealand JV. Subsequent to the acquisition date, $96.0 million of the noncontrolling interest’s shareholder loans were converted to preferred equity. | |||||||
Summary of Pro Forma information | ' | |||||||
The amounts of revenue and earnings of the New Zealand JV included in the Company’s Consolidated Statements of Income and Comprehensive Income from the acquisition date through December 31, 2013 are as follows: | ||||||||
Revenue and earnings from | ||||||||
April 4, 2013 to December 31, 2013 | ||||||||
Sales | $ | 145,719 | ||||||
Net Income | 5,435 | |||||||
The following represents the pro forma consolidated sales and net income for the two years ended December 31, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2012. | ||||||||
2013 | 2012 | |||||||
Sales | $ | 1,742,348 | $ | 1,683,776 | ||||
Net Income | 372,039 | 271,589 | ||||||
Segment_and_Geographical_Infor1
Segment and Geographical Information Segment and Geographical Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||||||||||||||||
Segment information for each of the three years ended December 31, 2013 follows (in millions of dollars): | ||||||||||||||||||||||||||||||||
Sales | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 382 | $ | 230 | $ | 215 | ||||||||||||||||||||||||||
Real Estate (b) | 149 | 57 | 71 | |||||||||||||||||||||||||||||
Performance Fibers | 1,042 | 1,093 | 1,020 | |||||||||||||||||||||||||||||
Other Operations | 138 | 105 | 122 | |||||||||||||||||||||||||||||
Intersegment Eliminations | (3 | ) | (2 | ) | (7 | ) | ||||||||||||||||||||||||||
Total | $ | 1,708 | $ | 1,483 | $ | 1,421 | ||||||||||||||||||||||||||
(a) | 2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||
(b) | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million. | |||||||||||||||||||||||||||||||
Operating Income/(Loss) | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources | $ | 81 | $ | 46 | $ | 47 | ||||||||||||||||||||||||||
Real Estate | 56 | 32 | 47 | |||||||||||||||||||||||||||||
Performance Fibers | 311 | 359 | 298 | |||||||||||||||||||||||||||||
Other Operations | 2 | — | 1 | |||||||||||||||||||||||||||||
Corporate and other (a) | (27 | ) | (36 | ) | (36 | ) | ||||||||||||||||||||||||||
Total | $ | 423 | $ | 401 | $ | 357 | ||||||||||||||||||||||||||
(a) | 2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. 2011 included a $7 million increase in a disposition reserve. | |||||||||||||||||||||||||||||||
Gross Capital Expenditures | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 83 | $ | 156 | $ | 468 | ||||||||||||||||||||||||||
Performance Fibers (b) | 242 | 309 | 140 | |||||||||||||||||||||||||||||
Wood Products (c) | — | 2 | 3 | |||||||||||||||||||||||||||||
Corporate and other | — | 1 | 2 | |||||||||||||||||||||||||||||
Total assets acquired | $ | 325 | $ | 468 | $ | 613 | ||||||||||||||||||||||||||
Less: Assumption of loan for timberlands acquisition | — | — | (105 | ) | ||||||||||||||||||||||||||||
Total capital expenditures | $ | 325 | $ | 468 | $ | 508 | ||||||||||||||||||||||||||
(a) | Includes strategic timberland acquisitions of $107 million and $426 million (including assumption of a $105 million loan) in 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||
(b) | Includes $141 million, $201 million, and $43 million of strategic capital expenditures related to the Jesup mill CSE in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||
(c) | The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information. | |||||||||||||||||||||||||||||||
Depreciation, | ||||||||||||||||||||||||||||||||
Depletion and Amortization | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 99 | $ | 75 | $ | 63 | ||||||||||||||||||||||||||
Real Estate | 17 | 8 | 12 | |||||||||||||||||||||||||||||
Performance Fibers | 75 | 61 | 56 | |||||||||||||||||||||||||||||
Corporate and other | — | 2 | 2 | |||||||||||||||||||||||||||||
Total | $ | 191 | $ | 146 | $ | 133 | ||||||||||||||||||||||||||
(a) | 2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||
Total Assets | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 2,163 | $ | 1,690 | ||||||||||||||||||||||||||||
Real Estate | 149 | 113 | ||||||||||||||||||||||||||||||
Performance Fibers | 1,079 | 902 | ||||||||||||||||||||||||||||||
Wood Products (b) | — | 18 | ||||||||||||||||||||||||||||||
Other Operations | 37 | 23 | ||||||||||||||||||||||||||||||
Corporate and other | 258 | 377 | ||||||||||||||||||||||||||||||
Total | $ | 3,686 | $ | 3,123 | ||||||||||||||||||||||||||||
(a) | 2013 included an increase in total assets of approximately $577 million related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||
(b) | The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information. | |||||||||||||||||||||||||||||||
Sales by Product Line | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Forest Resources (a) | $ | 382 | $ | 230 | $ | 215 | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
Development | 4 | 2 | 4 | |||||||||||||||||||||||||||||
Rural | 37 | 39 | 33 | |||||||||||||||||||||||||||||
Non-Strategic Timberlands (b) | 108 | 16 | 34 | |||||||||||||||||||||||||||||
Total Real Estate | 149 | 57 | 71 | |||||||||||||||||||||||||||||
Performance Fibers | ||||||||||||||||||||||||||||||||
Cellulose specialties | 930 | 935 | 824 | |||||||||||||||||||||||||||||
Viscose/other (c) | 39 | — | — | |||||||||||||||||||||||||||||
Absorbent materials | 73 | 158 | 196 | |||||||||||||||||||||||||||||
Total Performance Fibers | 1,042 | 1,093 | 1,020 | |||||||||||||||||||||||||||||
Other | 135 | 103 | 115 | |||||||||||||||||||||||||||||
Total Sales | $ | 1,708 | $ | 1,483 | $ | 1,421 | ||||||||||||||||||||||||||
(a) | 2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||
(b) | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million. | |||||||||||||||||||||||||||||||
(c) | Beginning in the third quarter of 2013, viscose and commodity grades are being produced as the Company begins its multi-year transition to producing only cellulose specialties. | |||||||||||||||||||||||||||||||
Geographical Operating Information | ||||||||||||||||||||||||||||||||
Sales | Operating Income | Identifiable Assets | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||||||||||
United States | $ | 1,428 | $ | 1,379 | $ | 1,310 | $ | 394 | $ | 399 | $ | 351 | $ | 3,077 | $ | 3,022 | ||||||||||||||||
New Zealand | 280 | 104 | 111 | 29 | 2 | 6 | 609 | 101 | ||||||||||||||||||||||||
Total | $ | 1,708 | $ | 1,483 | $ | 1,421 | $ | 423 | $ | 401 | $ | 357 | $ | 3,686 | $ | 3,123 | ||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | ' | |||||||||||||||||||||||||||||||
Geographical Operating Information | ||||||||||||||||||||||||||||||||
Sales | Operating Income | Identifiable Assets | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||||||||||
United States | $ | 1,428 | $ | 1,379 | $ | 1,310 | $ | 394 | $ | 399 | $ | 351 | $ | 3,077 | $ | 3,022 | ||||||||||||||||
New Zealand | 280 | 104 | 111 | 29 | 2 | 6 | 609 | 101 | ||||||||||||||||||||||||
Total | $ | 1,708 | $ | 1,483 | $ | 1,421 | $ | 423 | $ | 401 | $ | 357 | $ | 3,686 | $ | 3,123 | ||||||||||||||||
Sales by Destination | ||||||||||||||||||||||||||||||||
2013 | % | 2012 | % | 2011 | % | |||||||||||||||||||||||||||
United States | $ | 818 | 48 | $ | 690 | 47 | $ | 669 | 47 | |||||||||||||||||||||||
China | 351 | 20 | 281 | 19 | 277 | 19 | ||||||||||||||||||||||||||
Japan | 150 | 9 | 170 | 11 | 159 | 11 | ||||||||||||||||||||||||||
New Zealand | 157 | 9 | 18 | 1 | 22 | 2 | ||||||||||||||||||||||||||
Europe | 79 | 5 | 182 | 12 | 173 | 12 | ||||||||||||||||||||||||||
Other Asia | 82 | 5 | 68 | 5 | 55 | 4 | ||||||||||||||||||||||||||
Latin America | 60 | 3 | 53 | 4 | 36 | 3 | ||||||||||||||||||||||||||
Canada | 1 | — | 4 | — | 9 | 1 | ||||||||||||||||||||||||||
All other | 10 | 1 | 17 | 1 | 21 | 1 | ||||||||||||||||||||||||||
Total Sales | $ | 1,708 | 100 | $ | 1,483 | 100 | $ | 1,421 | 100 | |||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||
Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income | ' | |||||
The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 2013: | ||||||
Income Statement Location | 2013 | |||||
Derivatives designated as cash flow hedges: | ||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | $ | 950 | |||
Other operating (income) expense | 652 | |||||
Foreign currency option contracts | Other comprehensive income (loss) | 460 | ||||
Derivatives not designated as hedging instruments: | ||||||
Foreign currency exchange contracts | Other operating (income) expense | (1,607 | ) | |||
Foreign currency option contracts | Other operating (income) expense | 1,147 | ||||
Interest rate swaps | Interest and miscellaneous income (expense) | 6,085 | ||||
Fuel hedge contracts | Cost of sales (benefit) | (255 | ) | |||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2013: | ||||||
2013 | ||||||
Notional Amount (a) | ||||||
Derivatives designated as cash flow hedges: | ||||||
Foreign currency exchange contracts | $ | 32,300 | ||||
Foreign currency option contracts | 38,000 | |||||
Derivatives not designated as hedging instruments: | ||||||
Foreign currency exchange contracts | $ | 1,950 | ||||
Foreign currency option contracts | 4,000 | |||||
Interest rate swaps | 183,851 | |||||
Fuel hedge contracts | 38 | |||||
(a) | All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels. | |||||
Schedule of Derivative Instruments in Statement of Financial Position | ' | |||||
The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2013: | ||||||
2013 | ||||||
Location on Balance Sheet | Fair Value Assets (Liabilities) (a) | |||||
Derivatives designated as cash flow hedges: | ||||||
Foreign currency exchange contracts | Prepaid and other current assets | $ | 915 | |||
Foreign currency option contracts | Other current liabilities | (214 | ) | |||
Prepaid and other current assets | 673 | |||||
Derivatives not designated as hedging instruments: | ||||||
Foreign currency exchange contracts | Prepaid and other current assets | 25 | ||||
Foreign currency option contracts | Prepaid and other current assets | 8 | ||||
Interest rate swaps | Other non-current liabilities | (4,659 | ) | |||
Fuel hedge contracts | Prepaid and other current assets | 160 | ||||
Total derivative contracts: | ||||||
Prepaid and other current assets | $ | 1,781 | ||||
Other current liabilities | (214 | ) | ||||
Other non-current liabilities | (4,659 | ) | ||||
Total derivative liabilities | $ | (4,873 | ) | |||
(a) | See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||||||||||
The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2013 and 2012, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Asset (liability) | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||
Cash and cash equivalents | $ | 199,644 | $ | 199,644 | $ | — | $ | 280,596 | $ | 280,596 | $ | — | ||||||||||||
Restricted cash (a) | 68,944 | 68,944 | — | 10,559 | 10,559 | — | ||||||||||||||||||
Current maturities of long-term debt | (112,500 | ) | — | (119,614 | ) | (150,000 | ) | — | (150,000 | ) | ||||||||||||||
Long-term debt | (1,461,724 | ) | — | (1,489,810 | ) | (1,120,052 | ) | — | (1,250,341 | ) | ||||||||||||||
Interest rate swaps (b) | (4,659 | ) | — | (4,659 | ) | — | — | — | ||||||||||||||||
Foreign currency exchange contracts (b) | 940 | — | 940 | — | — | — | ||||||||||||||||||
Foreign currency option contracts (b) | 467 | — | 467 | — | — | — | ||||||||||||||||||
Fuel hedge contracts (b) | 160 | — | 160 | — | — | — | ||||||||||||||||||
(a) | Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||||||||||||||||||||||
(b) | See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The (provision for)/benefit from income taxes consisted of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
U.S. federal | $ | (83,119 | ) | $ | (76,381 | ) | $ | (27,224 | ) | ||||
State | (4,315 | ) | (4,569 | ) | (624 | ) | |||||||
Foreign | (400 | ) | (288 | ) | (342 | ) | |||||||
(87,834 | ) | (81,238 | ) | (28,190 | ) | ||||||||
Deferred | |||||||||||||
U.S. federal | 39,567 | (2,598 | ) | (2,079 | ) | ||||||||
State | 18,320 | (595 | ) | (1,066 | ) | ||||||||
Foreign | (5,119 | ) | (55 | ) | (32 | ) | |||||||
52,768 | (3,248 | ) | (3,177 | ) | |||||||||
Changes in valuation allowance | (14,595 | ) | (a) | (257 | ) | 679 | |||||||
Total | $ | (49,661 | ) | $ | (84,743 | ) | $ | (30,688 | ) | ||||
(a) | The increase in the valuation allowance during 2013 was primarily related to Georgia investment tax credits earned on the CSE project, the majority of which are fully reserved. | ||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
REIT income not subject to federal tax | (11.0 | ) | (7.3 | ) | (10.6 | ) | |||||||
Manufacturing deduction | (2.5 | ) | (2.4 | ) | — | ||||||||
Other | 2 | 1 | (1.0 | ) | |||||||||
Effective tax rate before non-routine items | 23.5 | % | 26.3 | % | 23.4 | % | |||||||
Installment note prepayment | (2.4 | ) | — | (3.6 | ) | ||||||||
Built-in gains tax holiday | — | — | (1.9 | ) | |||||||||
AFMC for CBPC exchange | (4.9 | ) | (3.3 | ) | (1.9 | ) | |||||||
Taxing authority settlements and unrecognized tax benefit adjustments | — | — | (5.3 | ) | |||||||||
Gain related to consolidation of New Zealand joint venture | (1.5 | ) | — | — | |||||||||
Other | (1.7 | ) | 0.8 | (0.7 | ) | ||||||||
Income tax rate as reported | 13 | % | 23.8 | % | 10 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The nature of the temporary differences and the resulting net deferred tax asset for the two years ended December 31, were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Gross deferred tax assets: | |||||||||||||
Liabilities for dispositions and discontinued operations | $ | 28,050 | $ | 29,944 | |||||||||
Pension, postretirement and other employee benefits | 43,058 | 66,354 | |||||||||||
Foreign and state NOL carryforwards | 85,801 | 18,023 | |||||||||||
Tax credit carryforwards | 52,682 | 4,429 | |||||||||||
Other | 29,871 | 8,736 | |||||||||||
Total gross deferred tax assets | 239,462 | 127,486 | |||||||||||
Less: Valuation allowance | (33,889 | ) | (19,294 | ) | |||||||||
Total deferred tax assets after valuation allowance | 205,573 | 108,192 | |||||||||||
Gross deferred tax liabilities: | |||||||||||||
Accelerated depreciation | (57,695 | ) | (61,414 | ) | |||||||||
Repatriation of foreign earnings | (9,065 | ) | (5,428 | ) | |||||||||
New Zealand forests, roads and carbon credits | (85,681 | ) | — | ||||||||||
Other | (12,607 | ) | (4,461 | ) | |||||||||
Total gross deferred tax liabilities | (165,048 | ) | (71,303 | ) | |||||||||
Net deferred tax asset | $ | 40,525 | $ | 36,889 | |||||||||
Current portion of deferred tax asset | $ | 39,100 | $ | 15,845 | |||||||||
Noncurrent portion of deferred tax asset | 10,720 | 26,792 | |||||||||||
Noncurrent portion of deferred tax liability | (9,295 | ) | (5,748 | ) | |||||||||
Net deferred tax asset | $ | 40,525 | $ | 36,889 | |||||||||
Summary of Operating Loss and Tax Credit Carryforwards | ' | ||||||||||||
Included above are the following foreign and state net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2013: | |||||||||||||
Item | Gross | Valuation | Expiration | ||||||||||
Amount | Allowance | ||||||||||||
RNZ NOL Carryforwards (a) | $ | 6,342 | $ | (1,776 | ) | None | |||||||
State NOL Carryforwards (a) | 243,087 | (7,525 | ) | 2014 - 2019 | |||||||||
New Zealand JV NOL Carryforwards | 273,212 | — | None | ||||||||||
State Tax Credits | 26,000 | (24,588 | ) | 2014 - 2023 | |||||||||
Cellulosic Biofuel Producer Credit | 26,682 | — | 2016 | ||||||||||
Total Valuation Allowance | $ | (33,889 | ) | ||||||||||
(a) | Fully reserved at December 31, 2013. | ||||||||||||
Summary of Income Tax Contingencies | ' | ||||||||||||
A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at January 1, | $ | 6,580 | $ | 6,580 | $ | 22,580 | |||||||
Decreases related to prior year tax positions | (800 | ) | — | (16,000 | ) | (a) | |||||||
Increases related to prior year tax positions | 4,767 | — | — | ||||||||||
Balance at December 31, | $ | 10,547 | $ | 6,580 | $ | 6,580 | |||||||
(a) | During 2011, the Company received a final examination report from the IRS regarding its TRS 2009 tax return. As a result, Rayonier reversed the uncertain tax liability recorded in 2009 relating to the taxability of the AFMC and recognized a $16 million tax benefit in the third quarter of 2011. | ||||||||||||
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 | 2008 – 2013 | ||||||||||||
State of Alabama | 2009 – 2013 | ||||||||||||
State of Florida | 2005 – 2006, 2008 – 2013 | ||||||||||||
State of Georgia | 2009 – 2013 | ||||||||||||
New Zealand Inland Revenue | 2009 – 2013 |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income from continuing operations | $ | 331,765 | $ | 271,442 | $ | 276,674 | ||||||
Less: Income from continuing operations attributable to noncontrolling interest | 1,902 | — | — | |||||||||
Income from continuing operations attributable to Rayonier Inc. | $ | 329,863 | $ | 271,442 | $ | 276,674 | ||||||
Income from discontinued operations attributable to Rayonier Inc. | $ | 42,033 | $ | 7,243 | $ | (669 | ) | |||||
Net income attributable to Rayonier Inc. | $ | 371,896 | $ | 278,685 | $ | 276,005 | ||||||
Shares used for determining basic earnings per common share | 125,717,311 | 122,711,802 | 121,662,985 | |||||||||
Dilutive effect of: | ||||||||||||
Stock options | 463,949 | 634,218 | 702,693 | |||||||||
Performance and restricted shares | 158,319 | 757,308 | 982,951 | |||||||||
Assumed conversion of Senior Exchangeable Notes (a) | 1,965,177 | 2,888,650 | 1,895,762 | |||||||||
Assumed conversion of warrants (a) | 1,800,345 | 1,710,445 | 149,900 | |||||||||
Shares used for determining diluted earnings per common share | 130,105,101 | 128,702,423 | 125,394,291 | |||||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||||||
Continuing operations | $ | 2.63 | $ | 2.21 | $ | 2.28 | ||||||
Discontinued operations | 0.33 | 0.06 | (0.01 | ) | ||||||||
Net income | $ | 2.96 | $ | 2.27 | $ | 2.27 | ||||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||||||
Continuing operations | $ | 2.54 | $ | 2.11 | $ | 2.21 | ||||||
Discontinued operations | 0.32 | 0.06 | (0.01 | ) | ||||||||
Net income | $ | 2.86 | $ | 2.17 | $ | 2.2 | ||||||
The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013. | ||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | ||||||||||||
Stock options, performance and restricted shares | 337,145 | 224,918 | 161,786 | |||||||||
Assumed conversion of exchangeable note hedges (a) | 1,965,177 | 2,888,650 | 1,895,762 | |||||||||
Total | 2,302,322 | 3,113,568 | 2,057,548 | |||||||||
(a) The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013. |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
As of December 31, 2013 and 2012, Rayonier’s inventory included the following: | ||||||||
2013 | 2012 | |||||||
Finished goods (a) | $ | 115,270 | $ | 103,568 | ||||
Work in progress | 3,555 | 4,446 | ||||||
Raw materials | 17,661 | 17,602 | ||||||
Manufacturing and maintenance supplies | 2,332 | 2,350 | ||||||
Total inventory | $ | 138,818 | $ | 127,966 | ||||
(a) | Includes $6.3 million and $4.9 million of HBU real estate held for sale at December 31, 2013 and 2012, respectively. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||
Rayonier’s debt consisted of the following at December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% | $ | 325,000 | $ | 325,000 | ||||||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a) | 127,749 | 165,821 | ||||||||||
Installment note due 2014 at a fixed interest rate of 8.64% | 112,500 | 112,500 | ||||||||||
Mortgage notes due 2017 at fixed interest rates of 4.35% (b) | 65,165 | 76,731 | ||||||||||
Solid waste bond due 2020 at a variable interest rate of 1.5% at December 31, 2013 | 15,000 | 15,000 | ||||||||||
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.14% at December 31, 2013 | 205,000 | 275,000 | ||||||||||
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.67% at December 31, 2013 | 500,000 | 300,000 | ||||||||||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.39% at December 31, 2013 | 193,311 | — | ||||||||||
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate | 30,499 | — | ||||||||||
Total debt | 1,574,224 | 1,270,052 | ||||||||||
Less: Current maturities of long-term debt | (112,500 | ) | (150,000 | ) | ||||||||
Long-term debt | $ | 1,461,724 | $ | 1,120,052 | ||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||
Principal payments due during the next five years and thereafter are as follows: | ||||||||||||
2014 | $ | 112,500 | ||||||||||
2015 (a) | 130,973 | |||||||||||
2016 | 398,311 | |||||||||||
2017 (b) | 63,000 | |||||||||||
2018 | — | |||||||||||
Thereafter | 870,499 | |||||||||||
Total Debt | $ | 1,575,283 | ||||||||||
(a) | Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million. | |||||||||||
(b) | The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million. | |||||||||||
Schedule of Convertible Debt | ' | |||||||||||
The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2013 and 2012 are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Liabilities: | ||||||||||||
Principal amount of debt | ||||||||||||
4.50% Senior Exchangeable Notes | $ | 130,973 | $ | 172,500 | ||||||||
Unamortized discount | ||||||||||||
4.50% Senior Exchangeable Notes | (3,224 | ) | (6,679 | ) | ||||||||
Net carrying amount of debt | $ | 127,749 | $ | 165,821 | ||||||||
Equity: | ||||||||||||
Common stock | $ | 8,850 | $ | 8,850 | ||||||||
Schedule of Interest Related to Convertible Debt | ' | |||||||||||
The amount of interest related to the convertible debt recognized in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31 is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Contractual interest coupon | ||||||||||||
4.50% Senior Exchangeable Notes | $ | 7,271 | $ | 7,763 | $ | 7,763 | ||||||
3.75% Senior Exchangeable Notes | — | 8,682 | 11,250 | |||||||||
Amortization of debt discount | ||||||||||||
4.50% Senior Exchangeable Notes | 2,281 | 2,296 | 2,167 | |||||||||
3.75% Senior Exchangeable Notes | — | 5,378 | 6,487 | |||||||||
Total interest expense recognized | $ | 9,552 | $ | 24,119 | $ | 27,667 | ||||||
Schedule of Debt Covenants | ' | |||||||||||
The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2013, are calculated on a trailing 12-month basis: | ||||||||||||
Covenant | Actual ratio | Favorable | ||||||||||
Requirement | ||||||||||||
Covenant EBITDA to consolidated interest expense should not be less than | 2.50 to 1 | 13.31 to 1 | 10.81 | |||||||||
Consolidated funded debt should not exceed 65 percent of consolidated net worth plus the amount of consolidated funded debt | 65% | 47.50% | 17.50% | |||||||||
Subsidiary debt should not exceed 15 percent of Consolidated Net Tangible Assets | 15% | 6% | 9% | |||||||||
RFR cash flow available for fixed charges to RFR fixed charges should not be less than | 2.50 to 1 | 27.44 to 1 | 24.94 | |||||||||
New Zealand JV's minimum interest coverage ratio should not be less than | 1.25 to 1 | 2.08 to 1 | 0.83 | |||||||||
New Zealand JV's leverage ratio of bank debt versus the forest and land valuation should not exceed | 40% | 31.70% | 8.30% |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||
Schedule of Stockholders Equity | ' | ||||||||||||||||||||||
An analysis of shareholders’ equity for each of the three years ended December 31, 2013 is shown below. | |||||||||||||||||||||||
Common Shares | Retained | Accumulated | Non-controlling Interest | Shareholders’ | |||||||||||||||||||
Earnings | Other | Equity | |||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||
Shares | Amount | Income/(Loss) | |||||||||||||||||||||
Balance, December 31, 2010 | 121,023,140 | $ | 602,882 | $ | 717,058 | $ | (68,358 | ) | $ | — | $ | 1,251,582 | |||||||||||
Net income | — | — | 276,005 | — | — | 276,005 | |||||||||||||||||
Dividends ($1.52 per share) | — | — | (186,828 | ) | — | — | (186,828 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 1,220,731 | 13,451 | — | — | — | 13,451 | |||||||||||||||||
Stock-based compensation | — | 16,181 | — | — | — | 16,181 | |||||||||||||||||
Excess tax benefit on stock-based compensation | — | 5,681 | — | — | — | 5,681 | |||||||||||||||||
Repurchase of common shares | (208,694 | ) | (7,909 | ) | — | — | — | (7,909 | ) | ||||||||||||||
Net loss from pension and postretirement plans | — | — | — | (46,263 | ) | — | (46,263 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | 3,546 | — | 3,546 | |||||||||||||||||
Joint venture cash flow hedges | — | — | — | (2,373 | ) | — | (2,373 | ) | |||||||||||||||
Balance, December 31, 2011 | 122,035,177 | $ | 630,286 | $ | 806,235 | $ | (113,448 | ) | $ | — | $ | 1,323,073 | |||||||||||
Net income | — | — | 278,685 | — | — | 278,685 | |||||||||||||||||
Dividends ($1.68 per share) | — | — | (208,286 | ) | — | — | (208,286 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 1,467,024 | 25,495 | — | — | — | 25,495 | |||||||||||||||||
Stock-based compensation | — | 15,116 | — | — | — | 15,116 | |||||||||||||||||
Excess tax benefit on stock-based compensation | — | 7,635 | — | — | — | 7,635 | |||||||||||||||||
Repurchase of common shares | (169,757 | ) | (7,783 | ) | — | — | — | (7,783 | ) | ||||||||||||||
Net loss from pension and postretirement plans | — | — | — | (496 | ) | — | (496 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | 4,352 | — | 4,352 | |||||||||||||||||
Joint venture cash flow hedges | — | — | — | 213 | — | 213 | |||||||||||||||||
Balance, December 31, 2012 | 123,332,444 | $ | 670,749 | $ | 876,634 | $ | (109,379 | ) | $ | — | $ | 1,438,004 | |||||||||||
Net income | — | — | 371,896 | — | 1,902 | 373,798 | |||||||||||||||||
Dividends ($1.86 per share) | — | — | (233,321 | ) | — | — | (233,321 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 1,001,426 | 10,101 | — | — | — | 10,101 | |||||||||||||||||
Stock-based compensation | — | 11,710 | — | — | — | 11,710 | |||||||||||||||||
Excess tax benefit on stock-based compensation | — | 8,413 | — | — | — | 8,413 | |||||||||||||||||
Repurchase of common shares | (211,221 | ) | (11,326 | ) | — | — | — | (11,326 | ) | ||||||||||||||
Equity portion of convertible debt (Note 13) | — | 2,453 | — | — | — | 2,453 | |||||||||||||||||
Settlement of warrants (Note 13) | 2,135,221 | — | — | — | — | — | |||||||||||||||||
Net loss from pension and postretirement plans | — | — | — | 61,869 | — | 61,869 | |||||||||||||||||
Acquisition of noncontrolling interest | — | — | — | — | 96,336 | 96,336 | |||||||||||||||||
Noncontrolling interest redemption of shares | — | — | — | — | (713 | ) | (713 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | (1,915 | ) | (3,795 | ) | (5,710 | ) | ||||||||||||||
Joint venture cash flow hedges | — | — | — | 3,286 | 343 | 3,629 | |||||||||||||||||
Balance, December 31, 2013 | 126,257,870 | $ | 692,100 | $ | 1,015,209 | $ | (46,139 | ) | $ | 94,073 | $ | 1,755,243 | |||||||||||
Tax Characteristics of Cash Dividend | ' | ||||||||||||||||||||||
The table below summarizes the tax characteristics of the cash dividend paid to shareholders for the three years ended December 31, 2013: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Capital gain | $ | 0.72 | $ | 1.68 | $ | 1.52 | |||||||||||||||||
Qualified | 1.14 | — | — | ||||||||||||||||||||
Non-taxable return of capital | — | — | — | ||||||||||||||||||||
Total cash dividend per common share | $ | 1.86 | $ | 1.68 | $ | 1.52 | |||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following table summarizes the changes in AOCI by component for the year ended December 31, 2013. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. | ||||||||||||||||
Foreign currency translation gains (a) | New Zealand joint venture cash flow hedges (b) | Unrecognized components of employee benefit plans | Total | |||||||||||||
Balance as of December 31, 2012 | $ | 38,829 | $ | (3,628 | ) | $ | (144,580 | ) | $ | (109,379 | ) | |||||
Other comprehensive income/(loss) before reclassifications | (1,915 | ) | 798 | 45,931 | (c) | 44,814 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 2,488 | 15,938 | (d) | 18,426 | |||||||||||
Net other comprehensive income/(loss) | (1,915 | ) | 3,286 | 61,869 | 63,240 | |||||||||||
Balance as of December 31, 2013 | $ | 36,914 | $ | (342 | ) | $ | (82,711 | ) | $ | (46,139 | ) | |||||
(a) | During the year ended December 31, 2013 the decrease in net foreign currency translation gains was due to the strengthening of the U.S. dollar against the New Zealand dollar. | |||||||||||||||
(b) | Prior to the acquisition of a majority interest in the New Zealand JV, Rayonier recorded its proportionate share of its cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition, as discussed in Note 6 — Derivative Financial Instruments and Hedging Activities. | |||||||||||||||
(c) | The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013. | |||||||||||||||
(d) | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information. | |||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||
The following table presents details of the amounts reclassified in their entirety from AOCI for the year ended December 31, 2013: | ||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the income statement | ||||||||||||||
Loss from New Zealand joint venture cash flow hedges | $ | 2,159 | Gain related to consolidation of New Zealand joint venture | |||||||||||||
Realized loss on foreign exchange contracts | 843 | Other operating (income) expense, net | ||||||||||||||
Noncontrolling interest benefit | (295 | ) | Comprehensive (loss) attributable to noncontrolling interest | |||||||||||||
Income tax benefit | (219 | ) | Income tax expense | |||||||||||||
Net loss reclassified from accumulated other comprehensive income | $ | 2,488 | ||||||||||||||
Other_Operating_Income_Net_Tab
Other Operating Income, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Interest and Other Income | ' | |||||||||||
The following table provides the composition of Other operating income, net for the three years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Lease income, primarily for hunting | $ | 19,479 | $ | 15,937 | $ | 13,071 | ||||||
Other non-timber income | 2,714 | 3,346 | 2,145 | |||||||||
Foreign currency gains | 901 | — | — | |||||||||
Insurance recoveries | — | 2,298 | 1,890 | |||||||||
Loss on sale or disposal of property plant & equipment (a) | (2,103 | ) | (2,342 | ) | (7,415 | ) | ||||||
Loss on foreign currency contracts, net | (192 | ) | — | — | ||||||||
Environmental and disposition reserve adjustments (b) | — | (797 | ) | (5,989 | ) | |||||||
Legal and corporate development costs (c) | (8,275 | ) | (1,073 | ) | — | |||||||
Miscellaneous (expense) income, net | (3,037 | ) | (3,200 | ) | 92 | |||||||
Total | $ | 9,487 | $ | 14,169 | $ | 3,794 | ||||||
(a) | 2011 included a $5.5 million write-off related to process equipment changes needed for the CSE project. | |||||||||||
(b) | 2011 included a $6.5 million increase in a disposition reserve for a closed mill site. For additional information, see Note 17 — Liabilities for Dispositions and Discontinued Operations. | |||||||||||
(c) | 2013 included additional expenses primarily related to planning the separation of our Performance Fibers business from our Forest Resources and Real Estate businesses. |
Liabilities_for_Dispositions_a1
Liabilities for Dispositions and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Change in Environmental Loss Contingencies | ' | ||||||||||||||||||||||||||||
An analysis of activity in the liabilities for dispositions and discontinued operations for the three years ended December 31, 2013 follows: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Balance, January 1 | $ | 81,695 | $ | 90,824 | $ | 93,160 | |||||||||||||||||||||||
Expenditures charged to liabilities | (8,570 | ) | (9,926 | ) | (9,209 | ) | |||||||||||||||||||||||
Increase to liabilities | 3,253 | 797 | 6,873 | ||||||||||||||||||||||||||
Balance, December 31 | 76,378 | 81,695 | 90,824 | ||||||||||||||||||||||||||
Less: Current portion | (6,835 | ) | (8,105 | ) | (9,931 | ) | |||||||||||||||||||||||
Non-current portion | $ | 69,543 | $ | 73,590 | $ | 80,893 | |||||||||||||||||||||||
Schedule of Environmental Loss Contingencies by Site | ' | ||||||||||||||||||||||||||||
Below are disclosures for specific site liabilities where current estimates exceed 10 percent of the total liabilities for dispositions and discontinued operations at December 31, 2013. An analysis of the activity for the two years ended December 31, 2013 is as follows: | |||||||||||||||||||||||||||||
Activity (in millions) as of December 31, | |||||||||||||||||||||||||||||
2011 | (Reduction) Increase to Liabilities | 2012 | Increase (Reduction) to Liabilities | 2013 | |||||||||||||||||||||||||
Sites | Liability | Expenditures | Liability | Expenditures | Liability | ||||||||||||||||||||||||
Augusta, Georgia | $ | 13.9 | $ | (0.8 | ) | $ | (1.0 | ) | $ | 12.1 | $ | (1.0 | ) | $ | 0.8 | $ | 11.9 | ||||||||||||
Spartanburg, South Carolina | 14.7 | (0.9 | ) | 0.2 | 14 | (1.4 | ) | (0.8 | ) | 11.8 | |||||||||||||||||||
East Point, Georgia | 11 | (1.0 | ) | 0.9 | 10.9 | (0.8 | ) | (0.2 | ) | 9.9 | |||||||||||||||||||
Baldwin, Florida | 9.7 | (0.9 | ) | 0.3 | 9.1 | (1.1 | ) | 2.7 | 10.7 | ||||||||||||||||||||
Other SWP sites | 26.3 | (3.6 | ) | (1.8 | ) | 20.9 | (2.1 | ) | (0.2 | ) | 18.6 | ||||||||||||||||||
Total SWP | 75.6 | (7.2 | ) | (1.4 | ) | 67 | (6.4 | ) | 2.3 | 62.9 | |||||||||||||||||||
Port Angeles, Washington | 9.3 | (1.7 | ) | 1.9 | 9.5 | (1.5 | ) | 1.4 | 9.4 | ||||||||||||||||||||
All other sites | 5.9 | (1.0 | ) | 0.3 | 5.2 | (0.7 | ) | (0.4 | ) | 4.1 | |||||||||||||||||||
TOTAL | $ | 90.8 | $ | (9.9 | ) | $ | 0.8 | $ | 81.7 | $ | (8.6 | ) | $ | 3.3 | $ | 76.4 | |||||||||||||
Guarantees_Tables
Guarantees (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Guarantees [Abstract] | ' | |||||||
Schedule of Guarantor Obligations | ' | |||||||
The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2013, the following financial guarantees were outstanding: | ||||||||
Financial Commitments | Maximum Potential | Carrying Amount | ||||||
Payment | of Liability | |||||||
Standby letters of credit (a) | $ | 17,355 | $ | 15,000 | ||||
Guarantees (b) | 2,254 | 43 | ||||||
Surety bonds (c) | 5,498 | 1,143 | ||||||
Total financial commitments | $ | 25,107 | $ | 16,186 | ||||
(a) | Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2014 and will be renewed as required. | |||||||
(b) | In conjunction with a timberland sale and note monetization in the first quarter of 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2013, the Company has recorded a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement. | |||||||
(c) | Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates between 2014 and 2015 and are expected to be renewed as required. |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||||||
At December 31, 2013, the future minimum payments under non-cancellable operating and timberland leases were as follows: | ||||||||||||||||
Operating | Timberland | Purchase Obligations (c) | Total | |||||||||||||
Leases (a) | Leases (b) | |||||||||||||||
2014 | $ | 3,288 | $ | 10,164 | $ | 16,034 | $ | 29,486 | ||||||||
2015 | 2,347 | 9,819 | 12,349 | 24,515 | ||||||||||||
2016 | 3,002 | 9,598 | 12,716 | 25,316 | ||||||||||||
2017 | 3,121 | 9,180 | 12,183 | 24,484 | ||||||||||||
2018 | 2,776 | 7,798 | 4,219 | 14,793 | ||||||||||||
Thereafter | 16,525 | 142,264 | 5,047 | 163,836 | ||||||||||||
$ | 31,059 | $ | 188,823 | $ | 62,548 | $ | 282,430 | |||||||||
(a) | Includes leases on buildings, machinery and equipment under various operating leases and a Jesup mill natural gas transportation lease. | |||||||||||||||
(b) | The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. | |||||||||||||||
(c) | Pursuant to the Wood Products purchase and sale agreement, Rayonier contracted with Interfor to purchase wood chips produced at the lumber mills for use at Rayonier’s Jesup mill through 2018. Purchase obligations include obligations under this agreement as well as payments expected to be made on derivative financial instruments held in New Zealand and various environmental monitoring and maintenance service agreements. |
Incentive_Stock_Plans_Tables
Incentive Stock Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||
A summary of the Company’s restricted shares is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Restricted shares granted | 33,607 | 18,742 | 20,535 | ||||||||||
Weighted average price of restricted shares granted | $ | 57.54 | $ | 42.4 | $ | 43.55 | |||||||
(Amounts in millions) | |||||||||||||
Intrinsic value of restricted stock outstanding (a) | $ | 1.7 | $ | 2.1 | $ | 3.4 | |||||||
Fair value of restricted stock vested | $ | 1.3 | $ | 1.8 | $ | 2.6 | |||||||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $ | 0.3 | $ | 0.6 | $ | 0.8 | |||||||
(a) | Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2013. | ||||||||||||
2013 | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Date Fair Value | |||||||||||||
Non-vested Restricted Shares at January 1, | 40,572 | $ | 37.36 | ||||||||||
Granted | 33,607 | $ | 57.54 | ||||||||||
Vested | (34,947 | ) | $ | 36.23 | |||||||||
Cancelled | — | — | |||||||||||
Non-vested Restricted Shares at December 31, | 39,232 | $ | 55.66 | ||||||||||
Schedule of Nonvested Performance-based Units Activity | ' | ||||||||||||
A summary of the Company’s performance share units is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Common shares of Company stock reserved for performance shares | 276,240 | 337,360 | 470,820 | ||||||||||
Weighted average fair value of performance share units granted | $ | 59.16 | $ | 56.36 | $ | 51.57 | |||||||
(Amounts in millions) | |||||||||||||
Intrinsic value of outstanding performance share units (a) | $ | 22.1 | $ | 36.3 | $ | 46 | |||||||
Fair value of performance shares vested | $ | 7 | $ | 22.2 | $ | 9.9 | |||||||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $ | 11 | $ | 7.2 | $ | 7.1 | |||||||
(a) | Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2013. | ||||||||||||
2013 | |||||||||||||
Number | Weighted | ||||||||||||
of Units | Average Grant | ||||||||||||
Date Fair Value | |||||||||||||
Outstanding Performance Share units at January 1, | 700,825 | $ | 47.23 | ||||||||||
Granted | 138,120 | 59.16 | |||||||||||
Units Distributed | (294,515 | ) | 39.25 | ||||||||||
Cancelled/Adjustments | (19,684 | ) | 54.83 | ||||||||||
Outstanding Performance Share units at December 31, | 524,746 | $ | 54.57 | ||||||||||
Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. The following chart provides a tabular overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2013: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 23.2 | % | 36.9 | % | 51.3 | % | |||||||
Risk-free rate | 0.4 | % | 0.4 | % | 1 | % | |||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
The following chart provides a tabular overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2013: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 39 | % | 39.3 | % | 38.2 | % | |||||||
Dividend yield | 3.4 | % | 3.6 | % | 3.9 | % | |||||||
Risk-free rate | 1 | % | 1.3 | % | 2.6 | % | |||||||
Expected life (in years) | 6.3 | 6.4 | 6.5 | ||||||||||
Fair value per share of options granted | $14.01 | $11.85 | $9.99 | ||||||||||
Fair value of options granted (in millions) | $ | 2.7 | $ | 2.8 | $ | 3 | |||||||
A summary of the status of the Company’s stock options as of and for the year ended December 31, 2013 is presented below: | |||||||||||||
2013 | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average Exercise | Average | Intrinsic | ||||||||||
Price (per | Remaining | Value (in | |||||||||||
common share) | Contractual Term | millions) | |||||||||||
(in years) | |||||||||||||
Options outstanding at January 1, | 1,609,129 | $ | 29.56 | ||||||||||
Granted | 190,360 | 52.65 | |||||||||||
Exercised | (400,856 | ) | 26.14 | ||||||||||
Cancelled | (5,411 | ) | 46.3 | ||||||||||
Options outstanding at December 31, | 1,393,222 | $ | 33.79 | 5.9 | $ | 14.1 | |||||||
Options vested and expected to vest | 1,391,464 | $ | 33.79 | 5.9 | $ | 14.1 | |||||||
Options exercisable at December 31, | 1,061,807 | $ | 29.46 | 5.2 | $ | 13.8 | |||||||
A summary of additional information pertaining to the Company’s stock options is presented below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in millions) | |||||||||||||
Intrinsic value of options exercised (a) | $ | 12.3 | $ | 20.5 | $ | 10.4 | |||||||
Fair value of options vested | $ | 2.6 | $ | 3.3 | $ | 2.5 | |||||||
(a) | Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations | ' | |||||||||||||||||||||||
The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 454,470 | $ | 413,147 | $ | 27,582 | $ | 24,833 | ||||||||||||||||
Service cost | 8,452 | 8,407 | 1,056 | 918 | ||||||||||||||||||||
Interest cost | 16,682 | 17,284 | 937 | 956 | ||||||||||||||||||||
Settlement loss | 137 | — | — | — | ||||||||||||||||||||
Actuarial (gain) loss | (44,786 | ) | 32,666 | (3,206 | ) | 2,021 | ||||||||||||||||||
Plan amendments | — | — | (3,372 | ) | — | |||||||||||||||||||
Employee contributions | — | — | 980 | 1,136 | ||||||||||||||||||||
Benefits paid | (21,317 | ) | (17,034 | ) | (1,978 | ) | (2,282 | ) | ||||||||||||||||
Projected benefit obligation at end of year | $ | 413,638 | $ | 454,470 | $ | 21,999 | $ | 27,582 | ||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | |||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 320,699 | $ | 295,655 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 42,285 | 41,729 | — | — | ||||||||||||||||||||
Employer contributions | 1,699 | 1,565 | 998 | 1,146 | ||||||||||||||||||||
Employee contributions | — | — | 980 | 1,136 | ||||||||||||||||||||
Benefits paid | (21,317 | ) | (17,034 | ) | (1,978 | ) | (2,282 | ) | ||||||||||||||||
Other expense | (1,461 | ) | (1,216 | ) | — | — | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 341,905 | $ | 320,699 | $ | — | $ | — | ||||||||||||||||
Funded Status at End of Year: | ||||||||||||||||||||||||
Net accrued benefit cost | $ | (71,733 | ) | $ | (133,771 | ) | $ | (21,999 | ) | $ | (27,582 | ) | ||||||||||||
Schedule of Net Funded Status | ' | |||||||||||||||||||||||
Funded Status at End of Year: | ||||||||||||||||||||||||
Net accrued benefit cost | $ | (71,733 | ) | $ | (133,771 | ) | $ | (21,999 | ) | $ | (27,582 | ) | ||||||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | |||||||||||||||||||||||
Amounts Recognized in the Consolidated | ||||||||||||||||||||||||
Balance Sheets Consist of: | ||||||||||||||||||||||||
Noncurrent assets | $ | 3,583 | $ | — | $ | — | $ | — | ||||||||||||||||
Current liabilities | (1,776 | ) | (1,702 | ) | (1,071 | ) | (1,256 | ) | ||||||||||||||||
Noncurrent liabilities | (73,540 | ) | (132,069 | ) | (20,928 | ) | (26,326 | ) | ||||||||||||||||
Net amount recognized | $ | (71,733 | ) | $ | (133,771 | ) | $ | (21,999 | ) | $ | (27,582 | ) | ||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Amortization of losses | $ | 20,914 | $ | 17,578 | $ | 10,372 | $ | 675 | $ | 582 | $ | 570 | ||||||||||||
Amortization of prior service cost | 1,356 | 1,308 | 1,359 | 66 | 80 | 69 | ||||||||||||||||||
Amortization of negative plan amendment | — | — | — | (105 | ) | (55 | ) | — | ||||||||||||||||
Net gains or losses, prior service costs or credits and plan amendment gains recognized in other comprehensive income for the three years ended December 31 are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Net gains (losses) | $ | 60,171 | $ | (17,630 | ) | $ | (75,995 | ) | $ | 3,206 | $ | (2,021 | ) | $ | (3,934 | ) | ||||||||
Prior service cost | — | — | — | — | — | 631 | ||||||||||||||||||
Negative plan amendment | — | — | — | 3,372 | — | — | ||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | ' | |||||||||||||||||||||||
Net losses and prior service costs or credits that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCI are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Prior service cost | $ | (5,707 | ) | $ | (7,062 | ) | $ | (49 | ) | $ | (328 | ) | ||||||||||||
Net losses | (110,728 | ) | (191,813 | ) | (8,057 | ) | (11,939 | ) | ||||||||||||||||
Negative plan amendment | — | — | 3,574 | 521 | ||||||||||||||||||||
Deferred income tax benefit | 36,685 | 61,968 | 1,571 | 4,073 | ||||||||||||||||||||
AOCI | $ | (79,750 | ) | $ | (136,907 | ) | $ | (2,961 | ) | $ | (7,673 | ) | ||||||||||||
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Fair Value | ' | |||||||||||||||||||||||
For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Projected benefit obligation | $ | 388,163 | $ | 482,052 | ||||||||||||||||||||
Accumulated benefit obligation | 350,605 | 434,810 | ||||||||||||||||||||||
Fair value of plan assets | 290,848 | 320,699 | ||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||
The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||||||||
Service cost | $ | 8,452 | $ | 8,407 | $ | 6,782 | $ | 1,056 | $ | 918 | $ | 673 | ||||||||||||
Interest cost | 16,682 | 17,284 | 18,087 | 937 | 956 | 972 | ||||||||||||||||||
Expected return on plan assets | (25,302 | ) | (25,477 | ) | (25,819 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 1,296 | 1,308 | 1,359 | 66 | 80 | 69 | ||||||||||||||||||
Amortization of losses | 20,097 | 17,578 | 10,372 | 675 | 582 | 570 | ||||||||||||||||||
Amortization of negative plan amendment | — | — | — | (105 | ) | (55 | ) | — | ||||||||||||||||
Curtailment expense | 60 | — | — | — | — | — | ||||||||||||||||||
Settlement expense | 817 | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 22,102 | $ | 19,100 | $ | 10,781 | $ | 2,629 | $ | 2,481 | $ | 2,284 | ||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | ' | |||||||||||||||||||||||
The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2014 are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Amortization of loss | $ | 10,448 | $ | 640 | ||||||||||||||||||||
Amortization of prior service cost | 1,167 | 17 | ||||||||||||||||||||||
Amortization of negative plan amendment | — | (282 | ) | |||||||||||||||||||||
Total amortization of AOCI loss | $ | 11,615 | $ | 375 | ||||||||||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||||||||||
The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||||||||
Discount rate | 4.6 | % | 3.7 | % | 4.2 | % | 4.6 | % | 3.6 | % | 4.1 | % | ||||||||||||
Rate of compensation increase | 4.6 | % | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||
Assumptions used to determine net periodic benefit cost for years ended December 31: | ||||||||||||||||||||||||
Discount rate | 3.7 | % | 4.2 | % | 5.25 | % | 3.6 | % | 4.1 | % | 5.1 | % | ||||||||||||
Expected long-term return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % | — | — | — | |||||||||||||||
Rate of compensation increase | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||
Schedule of Health Care Cost Trend Rates | ' | |||||||||||||||||||||||
The following table sets forth the assumed health care cost trend rates at December 31: | ||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7.5 | % | ||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5 | % | 5 | % | ||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2017 | 2017 | ||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||
The following table shows the effect of a one percentage point change in assumed health care cost trends: | ||||||||||||||||||||||||
1 Percent | ||||||||||||||||||||||||
Effect on: | Increase | Decrease | ||||||||||||||||||||||
Total of service and interest cost components | $ | 253 | $ | (208 | ) | |||||||||||||||||||
Accumulated postretirement benefit obligation | 1,389 | (1,183 | ) | |||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies for definition), the assets of the plans as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
Fair Value at December 31, 2013 | Fair Value at December 31, 2012 | |||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||
Domestic equity securities | $ | 29,293 | $ | 110,401 | $ | 139,694 | $ | 50,653 | $ | 76,251 | $ | 126,904 | ||||||||||||
International equity securities | 55,692 | 31,347 | 87,039 | 51,758 | 27,173 | 78,931 | ||||||||||||||||||
Domestic fixed income securities | — | 85,222 | 85,222 | — | 81,045 | 81,045 | ||||||||||||||||||
International fixed income securities | 15,134 | — | 15,134 | 15,745 | — | 15,745 | ||||||||||||||||||
Real estate fund | 9,678 | — | 9,678 | 10,208 | — | 10,208 | ||||||||||||||||||
Short-term investments | 879 | 4,259 | 5,138 | 29 | 7,837 | 7,866 | ||||||||||||||||||
Total | $ | 110,676 | $ | 231,229 | $ | 341,905 | $ | 128,393 | $ | 192,306 | $ | 320,699 | ||||||||||||
The Company’s pension plans’ asset allocation at December 31, 2013 and 2012, and target allocation ranges by asset category are as follows: | ||||||||||||||||||||||||
Percentage of Plan Assets | Target | |||||||||||||||||||||||
Allocation | ||||||||||||||||||||||||
Asset Category | 2013 | 2012 | Range | |||||||||||||||||||||
Domestic equity securities | 42 | % | 41 | % | 40-45% | |||||||||||||||||||
International equity securities | 26 | % | 25 | % | 20-30% | |||||||||||||||||||
Domestic fixed income securities | 25 | % | 26 | % | 25-30% | |||||||||||||||||||
International fixed income securities | 4 | % | 5 | % | 4-6% | |||||||||||||||||||
Real estate fund | 3 | % | 3 | % | 2-4% | |||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||
Expected benefit payments for the next ten years are as follows: | ||||||||||||||||||||||||
Pension | Postretirement | |||||||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||||||
2014 | $ | 19,987 | $ | 1,071 | ||||||||||||||||||||
2015 | 21,070 | 1,170 | ||||||||||||||||||||||
2016 | 22,118 | 1,259 | ||||||||||||||||||||||
2017 | 23,149 | 1,271 | ||||||||||||||||||||||
2018 | 24,191 | 1,394 | ||||||||||||||||||||||
2019 - 2023 | 133,459 | 6,328 | ||||||||||||||||||||||
Quarterly_Results_for_2013_and1
Quarterly Results for 2013 and 2012 (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
Quarter Ended | Total Year | ||||||||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||||||
2013 | |||||||||||||||||||||
Sales | $ | 393,719 | $ | 409,077 | $ | 384,784 | $ | 520,242 | $ | 1,707,822 | |||||||||||
Cost of sales | 266,018 | 297,698 | 287,150 | 395,446 | 1,246,312 | ||||||||||||||||
Income from continuing operations | 103,258 | 87,891 | (b) | 58,367 | 82,249 | 331,765 | (b) | ||||||||||||||
Income from discontinued operations | 44,477 | — | — | (2,444 | ) | 42,033 | |||||||||||||||
Net income | 147,735 | (a) | 87,891 | 58,367 | 79,805 | 373,798 | (a) | ||||||||||||||
Net income attributable to Rayonier Inc. | 147,735 | (a) | 87,164 | (b) | 57,345 | 79,652 | 371,896 | (a) (b) | |||||||||||||
Basic EPS attributable to Rayonier Inc. | 1.19 | 0.69 | 0.45 | 0.63 | 2.96 | ||||||||||||||||
Diluted EPS attributable to Rayonier Inc. | 1.13 | 0.67 | 0.44 | 0.62 | 2.86 | ||||||||||||||||
2012 | |||||||||||||||||||||
Sales | 336,571 | 348,096 | 386,163 | 412,660 | 1,483,490 | ||||||||||||||||
Cost of sales | 235,708 | 243,571 | 259,201 | 292,212 | 1,030,692 | ||||||||||||||||
Income from continuing operations | 52,599 | 66,091 | 79,278 | 73,474 | 271,442 | ||||||||||||||||
Income from discontinued operations | 838 | 2,988 | 1,282 | 2,135 | 7,243 | ||||||||||||||||
Net income | 53,437 | 69,079 | 80,560 | 75,609 | 278,685 | ||||||||||||||||
Net income attributable to Rayonier Inc. | 53,437 | 69,079 | 80,560 | 75,609 | 278,685 | ||||||||||||||||
Basic EPS attributable to Rayonier Inc. | 0.44 | 0.56 | 0.66 | 0.61 | 2.27 | ||||||||||||||||
Diluted EPS attributable to Rayonier Inc. | 0.42 | 0.54 | 0.62 | 0.59 | 2.17 | ||||||||||||||||
(a) | Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013. | ||||||||||||||||||||
(b) | Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. |
Consolidating_Financial_Statem1
Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Senior Exchangeable Notes due 2015 [Member] | ' | |||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Schedule of Condensed Consolidating Income Statement | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 1,707,822 | $ | — | $ | 1,707,822 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 1,246,312 | — | 1,246,312 | ||||||||||||||||||
Selling and general expenses | — | 9,821 | — | 55,022 | — | 64,843 | ||||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 4,730 | — | (12,516 | ) | — | (9,487 | ) | |||||||||||||||
(1,701 | ) | 14,551 | — | 1,288,818 | — | 1,301,668 | ||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 562 | — | 562 | ||||||||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE | 1,701 | (14,551 | ) | — | 419,566 | — | 406,716 | |||||||||||||||||
Gain related to the consolidation of the New Zealand joint venture | — | — | — | 16,098 | — | 16,098 | ||||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (14,551 | ) | — | 435,664 | — | 422,814 | |||||||||||||||||
Interest expense | (13,088 | ) | (914 | ) | (27,516 | ) | (2,242 | ) | — | (43,760 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 9,828 | 3,237 | (7,534 | ) | (3,159 | ) | — | 2,372 | ||||||||||||||||
Equity in income from subsidiaries | 373,455 | 384,567 | 245,126 | — | (1,003,148 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | 372,339 | 210,076 | 430,263 | (1,003,148 | ) | 381,426 | |||||||||||||||||
Income tax benefit (expense) | — | 1,116 | 11,895 | (62,672 | ) | — | (49,661 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 371,896 | 373,455 | 221,971 | 367,591 | (1,003,148 | ) | 331,765 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 42,033 | 42,033 | |||||||||||||||||||
NET INCOME | 371,896 | 373,455 | 221,971 | 409,624 | (1,003,148 | ) | 373,798 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 1,902 | — | 1,902 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | 373,455 | 221,971 | 407,722 | (1,003,148 | ) | 371,896 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | (1,915 | ) | (1,915 | ) | (72 | ) | (5,710 | ) | 3,902 | (5,710 | ) | |||||||||||||
New Zealand joint venture cash flows | 3,286 | 3,286 | 637 | 3,629 | (7,209 | ) | 3,629 | |||||||||||||||||
Amortization of pension and postretirement plans | 61,869 | 61,869 | 20,589 | 20,589 | (103,047 | ) | 61,869 | |||||||||||||||||
Total other comprehensive income | 63,240 | 63,240 | 21,154 | 18,508 | (106,354 | ) | 59,788 | |||||||||||||||||
COMPREHENSIVE INCOME | 435,136 | 436,695 | 243,125 | 428,132 | (1,109,502 | ) | 433,586 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | (1,550 | ) | — | (1,550 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 435,136 | $ | 436,695 | $ | 243,125 | $ | 429,682 | $ | (1,109,502 | ) | $ | 435,136 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 1,483,490 | $ | — | $ | 1,483,490 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 1,030,692 | — | 1,030,692 | ||||||||||||||||||
Selling and general expenses | — | 10,575 | — | 56,382 | — | 66,957 | ||||||||||||||||||
Other operating expense (income), net | 110 | 962 | — | (15,241 | ) | — | (14,169 | ) | ||||||||||||||||
110 | 11,537 | — | 1,071,833 | — | 1,083,480 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 550 | — | 550 | ||||||||||||||||||
OPERATING (LOSS) INCOME | (110 | ) | (11,537 | ) | — | 412,207 | — | 400,560 | ||||||||||||||||
Interest expense | (10,717 | ) | (941 | ) | (37,971 | ) | 4,648 | — | (44,981 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | 6,638 | 5,519 | (3,334 | ) | (8,217 | ) | — | 606 | ||||||||||||||||
Equity in income from subsidiaries | 282,874 | 289,486 | 232,871 | — | (805,231 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | 282,527 | 191,566 | 408,638 | (805,231 | ) | 356,185 | |||||||||||||||||
Income tax benefit (expense) | — | 347 | 15,076 | (100,166 | ) | — | (84,743 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 278,685 | 282,874 | 206,642 | 308,472 | (805,231 | ) | 271,442 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 7,243 | — | 7,243 | ||||||||||||||||||
NET INCOME | 278,685 | 282,874 | 206,642 | 315,715 | (805,231 | ) | 278,685 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | 4,352 | 4,352 | (3 | ) | 4,353 | (8,702 | ) | 4,352 | ||||||||||||||||
New Zealand joint venture cash flows | 213 | 213 | — | 213 | (426 | ) | 213 | |||||||||||||||||
Amortization of pension and postretirement plans | (496 | ) | (496 | ) | (450 | ) | (450 | ) | 1,396 | (496 | ) | |||||||||||||
Total other comprehensive income (loss) | 4,069 | 4,069 | (453 | ) | 4,116 | (7,732 | ) | 4,069 | ||||||||||||||||
COMPREHENSIVE INCOME | $ | 282,754 | $ | 286,943 | $ | 206,189 | $ | 319,831 | $ | (812,963 | ) | $ | 282,754 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Rayonier Inc. (Parent | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
Guarantor) | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
(Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 1,420,960 | $ | — | $ | 1,420,960 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 1,006,297 | — | 1,006,297 | ||||||||||||||||||
Selling and general expenses | — | 10,710 | — | 54,541 | — | 65,251 | ||||||||||||||||||
Other operating expense (income), net | — | 117 | — | (3,911 | ) | — | (3,794 | ) | ||||||||||||||||
— | 10,827 | — | 1,056,927 | — | 1,067,754 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 4,088 | — | 4,088 | ||||||||||||||||||
OPERATING (LOSS) INCOME | — | (10,827 | ) | — | 368,121 | — | 357,294 | |||||||||||||||||
Interest expense | 621 | (1,133 | ) | (49,555 | ) | (708 | ) | — | (50,775 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | — | 5,280 | (4,508 | ) | 71 | — | 843 | |||||||||||||||||
Equity in income from subsidiaries | 275,384 | 281,892 | 170,048 | — | (727,324 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 276,005 | 275,212 | 115,985 | 367,484 | (727,324 | ) | 307,362 | |||||||||||||||||
Income tax benefit (expense) | — | 172 | 19,733 | (50,593 | ) | — | (30,688 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 276,005 | 275,384 | 135,718 | 316,891 | (727,324 | ) | 276,674 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Loss from discontinued operations, net of income tax | — | — | — | (669 | ) | — | (669 | ) | ||||||||||||||||
NET INCOME | 276,005 | 275,384 | 135,718 | 316,222 | (727,324 | ) | 276,005 | |||||||||||||||||
OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||||||
Foreign currency translation adjustment | 3,546 | 3,546 | (137 | ) | 3,545 | (6,954 | ) | 3,546 | ||||||||||||||||
New Zealand joint venture cash flows | (2,373 | ) | (2,373 | ) | — | (2,373 | ) | 4,746 | (2,373 | ) | ||||||||||||||
Amortization of pension and postretirement plans | (46,263 | ) | (46,263 | ) | (35,575 | ) | (35,575 | ) | 117,413 | (46,263 | ) | |||||||||||||
Total other comprehensive loss | (45,090 | ) | (45,090 | ) | (35,712 | ) | (34,403 | ) | 115,205 | (45,090 | ) | |||||||||||||
COMPREHENSIVE INCOME | $ | 230,915 | $ | 230,294 | $ | 100,006 | $ | 281,819 | $ | (612,119 | ) | $ | 230,915 | |||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 130,181 | $ | 304 | $ | 10,719 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 10 | 2,300 | 92,646 | — | 94,956 | ||||||||||||||||||
Inventory | — | — | — | 138,818 | — | 138,818 | ||||||||||||||||||
Current deferred tax assets | — | — | 681 | 38,419 | — | 39,100 | ||||||||||||||||||
Prepaid and other current assets | — | 2,363 | 6 | 44,207 | — | 46,576 | ||||||||||||||||||
Total current assets | 130,181 | 2,677 | 13,706 | 372,530 | — | 519,094 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,049,378 | — | 2,049,378 | ||||||||||||||||||
NET PROPERTY, PLANT AND | — | 2,612 | — | 858,209 | — | 860,821 | ||||||||||||||||||
EQUIPMENT | ||||||||||||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | — | — | — | — | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,627,315 | 1,837,760 | 1,148,221 | — | (4,613,296 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 228,032 | — | 20,659 | — | (248,691 | ) | — | |||||||||||||||||
OTHER ASSETS | 3,689 | 32,519 | 3,739 | 216,261 | — | 256,208 | ||||||||||||||||||
TOTAL ASSETS | $ | 1,989,217 | $ | 1,875,568 | $ | 1,186,325 | $ | 3,496,378 | $ | (4,861,987 | ) | $ | 3,685,501 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 1,522 | $ | 1,564 | $ | 66,207 | $ | — | $ | 69,293 | ||||||||||||
Current maturities of long-term debt | — | — | 112,500 | — | — | 112,500 | ||||||||||||||||||
Accrued taxes | — | 4,855 | — | 3,696 | — | 8,551 | ||||||||||||||||||
Uncertain tax positions | — | 5,780 | — | 4,767 | — | 10,547 | ||||||||||||||||||
Accrued payroll and benefits | — | 11,382 | — | 13,566 | — | 24,948 | ||||||||||||||||||
Accrued interest | 3,047 | 538 | 2,742 | 22,816 | (19,612 | ) | 9,531 | |||||||||||||||||
Accrued customer incentives | — | — | — | 9,580 | — | 9,580 | ||||||||||||||||||
Other current liabilities | — | 2,985 | — | 21,342 | — | 24,327 | ||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 6,835 | — | 6,835 | ||||||||||||||||||
Total current liabilities | 3,047 | 27,062 | 116,806 | 148,809 | (19,612 | ) | 276,112 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 847,749 | 288,975 | — | 1,461,724 | ||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 69,543 | — | 69,543 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,471 | — | 4,183 | — | 95,654 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 11,493 | — | 15,732 | — | 27,225 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 118,227 | — | 125,921 | (244,148 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 221,770 | 2,749,142 | (4,598,227 | ) | 1,661,170 | |||||||||||||||||
Noncontrolling interest | — | — | — | 94,073 | — | 94,073 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 221,770 | 2,843,215 | (4,598,227 | ) | 1,755,243 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | $ | 1,875,568 | $ | 1,186,325 | $ | 3,496,378 | $ | (4,861,987 | ) | $ | 3,685,501 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 252,888 | $ | 3,966 | $ | 19,358 | $ | 4,384 | $ | — | $ | 280,596 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 386 | — | 99,973 | — | 100,359 | ||||||||||||||||||
Inventory | — | — | — | 127,966 | — | 127,966 | ||||||||||||||||||
Deferred tax assets | — | — | — | 15,845 | — | 15,845 | ||||||||||||||||||
Prepaid and other current assets | — | 1,566 | 691 | 39,251 | — | 41,508 | ||||||||||||||||||
Total current assets | 252,888 | 5,918 | 20,049 | 287,419 | — | 566,274 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 1,573,309 | — | 1,573,309 | ||||||||||||||||||
NET PROPERTY, PLANT AND | — | 2,321 | — | 704,717 | — | 707,038 | ||||||||||||||||||
EQUIPMENT | ||||||||||||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | — | 72,419 | — | 72,419 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,445,205 | 1,677,782 | 1,452,027 | — | (4,575,014 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 213,863 | 14,000 | 19,831 | — | (247,694 | ) | — | |||||||||||||||||
OTHER ASSETS | 4,148 | 27,779 | 5,182 | 166,802 | — | 203,911 | ||||||||||||||||||
TOTAL ASSETS | $ | 1,916,104 | $ | 1,727,800 | $ | 1,497,089 | $ | 2,804,666 | $ | (4,822,708 | ) | $ | 3,122,951 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 2,099 | $ | 33 | $ | 68,249 | $ | — | $ | 70,381 | ||||||||||||
Current maturities of long-term debt | 150,000 | — | — | — | — | 150,000 | ||||||||||||||||||
Accrued taxes | — | 485 | — | 13,339 | — | 13,824 | ||||||||||||||||||
Uncertain tax positions | — | — | — | 800 | — | 800 | ||||||||||||||||||
Accrued payroll and benefits | — | 15,044 | — | 13,024 | — | 28,068 | ||||||||||||||||||
Accrued interest | 3,100 | 379 | 3,197 | 1,280 | — | 7,956 | ||||||||||||||||||
Accrued customer incentives | — | — | — | 10,849 | — | 10,849 | ||||||||||||||||||
Other current liabilities | — | 2,925 | — | 14,915 | — | 17,840 | ||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 8,105 | — | 8,105 | ||||||||||||||||||
Total current liabilities | 153,100 | 20,932 | 3,230 | 130,561 | — | 307,823 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 718,321 | 76,731 | — | 1,120,052 | ||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 73,590 | — | 73,590 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 129,156 | — | 30,426 | — | 159,582 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 16,432 | — | 7,468 | — | 23,900 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 116,075 | — | 137,797 | (253,872 | ) | — | |||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 | 1,445,205 | 775,538 | 2,348,093 | (4,568,836 | ) | 1,438,004 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 | $ | 1,727,800 | $ | 1,497,089 | $ | 2,804,666 | $ | (4,822,708 | ) | $ | 3,122,951 | |||||||||||
Schedule of Condensed Consolidating Cash Flows Statement | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 407,712 | $ | 417,074 | $ | 84,000 | $ | 491,762 | $ | (855,375 | ) | $ | 545,173 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (663 | ) | — | (158,235 | ) | — | (158,898 | ) | |||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | — | (139,879 | ) | — | (139,879 | ) | ||||||||||||||||
Purchase of timberlands | — | — | — | (20,401 | ) | — | (20,401 | ) | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (141,143 | ) | — | (141,143 | ) | ||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | — | 62,720 | — | 62,720 | ||||||||||||||||||
Change in restricted cash | — | — | — | (58,385 | ) | — | (58,385 | ) | ||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (138,178 | ) | (247,114 | ) | — | 523,470 | — | |||||||||||||||
Other | — | 1,701 | — | (14,635 | ) | — | (12,934 | ) | ||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (137,140 | ) | (247,114 | ) | (469,958 | ) | 523,470 | (468,920 | ) | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | — | 390,000 | 57,885 | — | 622,885 | ||||||||||||||||||
Repayment of debt | (325,000 | ) | — | (151,525 | ) | (72,960 | ) | — | (549,485 | ) | ||||||||||||||
Dividends paid | (237,016 | ) | — | — | — | — | (237,016 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | — | 10,101 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 8,413 | — | 8,413 | ||||||||||||||||||
Repurchase of common shares | (11,326 | ) | — | — | — | — | (11,326 | ) | ||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | — | 4,000 | — | — | |||||||||||||||||
Intercompany distributions | — | (283,596 | ) | (84,000 | ) | 35,691 | 331,905 | — | ||||||||||||||||
Other | — | — | — | (713 | ) | — | (713 | ) | ||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) | (283,596 | ) | 154,475 | 32,316 | 331,905 | (157,141 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (64 | ) | — | (64 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (122,707 | ) | (3,662 | ) | (8,639 | ) | 54,056 | — | (80,952 | ) | ||||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | ||||||||||||||||||
Balance, end of year | $ | 130,181 | $ | 304 | $ | 10,719 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 90,456 | $ | 138,149 | $ | 41,000 | $ | 423,784 | $ | (247,475 | ) | $ | 445,914 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (285 | ) | — | (157,277 | ) | — | (157,562 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (106,536 | ) | — | (106,536 | ) | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (201,359 | ) | — | (201,359 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | (10,559 | ) | — | (10,559 | ) | ||||||||||||||||
Investment in Subsidiaries | — | — | (142,508 | ) | — | 142,508 | — | |||||||||||||||||
Other | — | (69 | ) | — | 3,184 | — | 3,115 | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | (354 | ) | (142,508 | ) | (472,547 | ) | 142,508 | (472,901 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 475,000 | — | 740,000 | 15,000 | — | 1,230,000 | ||||||||||||||||||
Repayment of debt | (120,000 | ) | (30,000 | ) | (638,110 | ) | (25,500 | ) | — | (813,610 | ) | |||||||||||||
Dividends paid | (206,583 | ) | — | — | — | — | (206,583 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 25,495 | — | — | — | — | 25,495 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 7,635 | — | 7,635 | ||||||||||||||||||
Debt issuance costs | (3,697 | ) | (1,219 | ) | — | (1,219 | ) | — | (6,135 | ) | ||||||||||||||
Repurchase of common shares | (7,783 | ) | — | — | — | — | (7,783 | ) | ||||||||||||||||
Issuance of intercompany notes | — | (14,000 | ) | — | 14,000 | — | — | |||||||||||||||||
Distributions to / from Parent | — | (97,587 | ) | (41,000 | ) | 33,620 | 104,967 | — | ||||||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | (142,806 | ) | 60,890 | 43,536 | 104,967 | 229,019 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (39 | ) | — | (39 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | 252,888 | (5,011 | ) | (40,618 | ) | (5,266 | ) | — | 201,993 | |||||||||||||||
Balance, beginning of year | — | 8,977 | 59,976 | 9,650 | — | 78,603 | ||||||||||||||||||
Balance, end of year | $ | 252,888 | $ | 3,966 | $ | 19,358 | $ | 4,384 | $ | — | $ | 280,596 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 283,409 | $ | 332,577 | $ | 15,000 | $ | 402,994 | $ | (601,710 | ) | $ | 432,270 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (270 | ) | — | (144,252 | ) | — | (144,522 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (320,899 | ) | — | (320,899 | ) | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (42,894 | ) | — | (42,894 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | 8,323 | — | 8,323 | ||||||||||||||||||
Investment in Subsidiaries | (19,259 | ) | (99,988 | ) | (35,828 | ) | — | 155,075 | — | |||||||||||||||
Other | — | 69 | — | 11,309 | — | 11,378 | ||||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (19,259 | ) | (100,189 | ) | (35,828 | ) | (488,413 | ) | 155,075 | (488,614 | ) | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 120,000 | 105,000 | — | 235,000 | — | 460,000 | ||||||||||||||||||
Repayment of debt | — | (75,000 | ) | (168,057 | ) | (256,000 | ) | — | (499,057 | ) | ||||||||||||||
Dividends paid | (185,272 | ) | — | — | — | — | (185,272 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 13,451 | — | — | — | — | 13,451 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 5,681 | — | 5,681 | ||||||||||||||||||
Debt issuance costs | — | (675 | ) | (676 | ) | (676 | ) | — | (2,027 | ) | ||||||||||||||
Repurchase of common shares | (7,909 | ) | — | — | — | — | (7,909 | ) | ||||||||||||||||
Intercompany distributions | (204,420 | ) | — | (18,961 | ) | 223,381 | — | — | ||||||||||||||||
Distributions to / from Parent | — | (282,495 | ) | (14,760 | ) | (149,380 | ) | 446,635 | — | |||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (264,150 | ) | (253,170 | ) | (202,454 | ) | 58,006 | 446,635 | (215,133 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | 617 | — | 617 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | — | (20,782 | ) | (223,282 | ) | (26,796 | ) | — | (270,860 | ) | ||||||||||||||
Balance, beginning of year | — | 29,759 | 283,258 | 36,446 | — | 349,463 | ||||||||||||||||||
Balance, end of year | $ | — | $ | 8,977 | $ | 59,976 | $ | 9,650 | $ | — | $ | 78,603 | ||||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ' | |||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Schedule of Condensed Consolidating Income Statement | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 1,707,822 | $ | — | $ | 1,707,822 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 1,246,312 | — | 1,246,312 | |||||||||||||||||||
Selling and general expenses | — | 9,821 | 55,022 | — | 64,843 | |||||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 4,730 | (12,516 | ) | — | (9,487 | ) | ||||||||||||||||
(1,701 | ) | 14,551 | 1,288,818 | — | 1,301,668 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 562 | — | 562 | |||||||||||||||||||
OPERATING (LOSS) INCOME BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE | 1,701 | (14,551 | ) | 419,566 | — | 406,716 | ||||||||||||||||||
Gain related to the consolidation of the New Zealand joint venture | — | — | 16,098 | — | 16,098 | |||||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (14,551 | ) | 435,664 | — | 422,814 | ||||||||||||||||||
Interest expense | (13,088 | ) | (28,430 | ) | (2,242 | ) | — | (43,760 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 9,828 | (4,297 | ) | (3,159 | ) | — | 2,372 | |||||||||||||||||
Equity in income from subsidiaries | 373,455 | 407,722 | — | (781,177 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | 360,444 | 430,263 | (781,177 | ) | 381,426 | ||||||||||||||||||
Income tax benefit (expense) | — | 13,011 | (62,672 | ) | — | (49,661 | ) | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 371,896 | 373,455 | 367,591 | (781,177 | ) | 331,765 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 42,033 | — | 42,033 | |||||||||||||||||||
NET INCOME | 371,896 | 373,455 | 409,624 | (781,177 | ) | 373,798 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,902 | — | 1,902 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | 373,455 | 407,722 | (781,177 | ) | 371,896 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | (1,915 | ) | (1,915 | ) | (5,710 | ) | 3,830 | (5,710 | ) | |||||||||||||||
New Zealand joint venture cash flows | 3,286 | 3,286 | 3,629 | (6,572 | ) | 3,629 | ||||||||||||||||||
Amortization of pension and postretirement plans | 61,869 | 61,869 | 20,589 | (82,458 | ) | 61,869 | ||||||||||||||||||
Total other comprehensive income | 63,240 | 63,240 | 18,508 | (85,200 | ) | 59,788 | ||||||||||||||||||
COMPREHENSIVE INCOME | 435,136 | 436,695 | 428,132 | (866,377 | ) | 433,586 | ||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | (1,550 | ) | — | (1,550 | ) | |||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 435,136 | $ | 436,695 | $ | 429,682 | $ | (866,377 | ) | $ | 435,136 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 1,483,490 | $ | — | $ | 1,483,490 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 1,030,692 | — | 1,030,692 | |||||||||||||||||||
Selling and general expenses | — | 10,575 | 56,382 | — | 66,957 | |||||||||||||||||||
Other operating expense (income), net | 110 | 962 | (15,241 | ) | — | (14,169 | ) | |||||||||||||||||
110 | 11,537 | 1,071,833 | — | 1,083,480 | ||||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 550 | — | 550 | |||||||||||||||||||
OPERATING (LOSS) INCOME | (110 | ) | (11,537 | ) | 412,207 | — | 400,560 | |||||||||||||||||
Interest expense | (10,717 | ) | (38,912 | ) | 4,648 | — | (44,981 | ) | ||||||||||||||||
Interest and miscellaneous income (expense), net | 6,638 | 2,185 | (8,217 | ) | — | 606 | ||||||||||||||||||
Equity in income from subsidiaries | 282,874 | 315,715 | — | (598,589 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | 267,451 | 408,638 | (598,589 | ) | 356,185 | ||||||||||||||||||
Income tax benefit (expense) | — | 15,423 | (100,166 | ) | — | (84,743 | ) | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 278,685 | 282,874 | 308,472 | (598,589 | ) | 271,442 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 7,243 | — | 7,243 | |||||||||||||||||||
NET INCOME | 278,685 | 282,874 | 315,715 | (598,589 | ) | 278,685 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 4,352 | 4,352 | 4,353 | (8,705 | ) | 4,352 | ||||||||||||||||||
New Zealand joint venture cash flows | 213 | 213 | 213 | (426 | ) | 213 | ||||||||||||||||||
Amortization of pension and postretirement plans | (496 | ) | (496 | ) | (450 | ) | 946 | (496 | ) | |||||||||||||||
Total other comprehensive income | 4,069 | 4,069 | 4,116 | (8,185 | ) | 4,069 | ||||||||||||||||||
COMPREHENSIVE INCOME | $ | 282,754 | $ | 286,943 | $ | 319,831 | $ | (606,774 | ) | $ | 282,754 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 1,420,960 | $ | — | $ | 1,420,960 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 1,006,297 | — | 1,006,297 | |||||||||||||||||||
Selling and general expenses | — | 10,710 | 54,541 | — | 65,251 | |||||||||||||||||||
Other operating expense (income), net | — | 117 | (3,911 | ) | — | (3,794 | ) | |||||||||||||||||
— | 10,827 | 1,056,927 | — | 1,067,754 | ||||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 4,088 | — | 4,088 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (10,827 | ) | 368,121 | — | 357,294 | ||||||||||||||||||
Interest expense | 621 | (50,688 | ) | (708 | ) | — | (50,775 | ) | ||||||||||||||||
Interest and miscellaneous income, net | — | 772 | 71 | — | 843 | |||||||||||||||||||
Equity in income from subsidiaries | 275,384 | 316,222 | — | (591,606 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 276,005 | 255,479 | 367,484 | (591,606 | ) | 307,362 | ||||||||||||||||||
Income tax benefit (expense) | — | 19,905 | (50,593 | ) | — | (30,688 | ) | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 276,005 | 275,384 | 316,891 | (591,606 | ) | 276,674 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Loss from discontinued operations, net of income tax | — | — | (669 | ) | — | (669 | ) | |||||||||||||||||
NET INCOME | 276,005 | 275,384 | 316,222 | (591,606 | ) | 276,005 | ||||||||||||||||||
OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||||||
Foreign currency translation adjustment | 3,546 | 3,546 | 3,545 | (7,091 | ) | 3,546 | ||||||||||||||||||
New Zealand joint venture cash flows | (2,373 | ) | (2,373 | ) | (2,373 | ) | 4,746 | (2,373 | ) | |||||||||||||||
Amortization of pension and postretirement plans | (46,263 | ) | (46,263 | ) | (35,575 | ) | 81,838 | (46,263 | ) | |||||||||||||||
Total other comprehensive loss | (45,090 | ) | (45,090 | ) | (34,403 | ) | 79,493 | (45,090 | ) | |||||||||||||||
COMPREHENSIVE INCOME | $ | 230,915 | $ | 230,294 | $ | 281,819 | $ | (512,113 | ) | $ | 230,915 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 130,181 | $ | 11,023 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 2,310 | 92,646 | — | 94,956 | |||||||||||||||||||
Inventory | — | — | 138,818 | — | 138,818 | |||||||||||||||||||
Current deferred tax asset | — | 681 | 38,419 | — | 39,100 | |||||||||||||||||||
Prepaid and other current assets | — | 2,369 | 44,207 | — | 46,576 | |||||||||||||||||||
Total current assets | 130,181 | 16,383 | 372,530 | — | 519,094 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, | — | — | 2,049,378 | — | 2,049,378 | |||||||||||||||||||
NET OF DEPLETION AND AMORTIZATION | ||||||||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,612 | 858,209 | — | 860,821 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,627,315 | 2,764,211 | — | (4,391,526 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 228,032 | 20,659 | — | (248,691 | ) | — | ||||||||||||||||||
OTHER ASSETS | 3,689 | 36,258 | 216,261 | — | 256,208 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,989,217 | $ | 2,840,123 | $ | 3,496,378 | $ | (4,640,217 | ) | $ | 3,685,501 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3,086 | $ | 66,207 | $ | — | $ | 69,293 | ||||||||||||||
Current maturities of long-term debt | — | 112,500 | — | — | 112,500 | |||||||||||||||||||
Accrued taxes | — | 4,855 | 3,696 | — | 8,551 | |||||||||||||||||||
Uncertain tax positions | — | 5,780 | 4,767 | — | 10,547 | |||||||||||||||||||
Accrued payroll and benefits | — | 11,382 | 13,566 | — | 24,948 | |||||||||||||||||||
Accrued interest | 3,047 | 3,280 | 22,816 | (19,612 | ) | 9,531 | ||||||||||||||||||
Accrued customer incentives | — | — | 9,580 | — | 9,580 | |||||||||||||||||||
Other current liabilities | — | 2,985 | 21,342 | — | 24,327 | |||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 6,835 | — | 6,835 | |||||||||||||||||||
Total current liabilities | 3,047 | 143,868 | 148,809 | (19,612 | ) | 276,112 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 847,749 | 288,975 | — | 1,461,724 | |||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 69,543 | — | 69,543 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,471 | 4,183 | — | 95,654 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 11,493 | 15,732 | — | 27,225 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 118,227 | 125,921 | (244,148 | ) | — | ||||||||||||||||||
TOTAL RAYONIER SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 2,749,142 | (4,376,457 | ) | 1,661,170 | ||||||||||||||||||
Noncontrolling interest | — | — | 94,073 | — | 94,073 | |||||||||||||||||||
TOTAL SHAREHOLDER'S EQUITY | 1,661,170 | 1,627,315 | 2,843,215 | (4,376,457 | ) | 1,755,243 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | $ | 2,840,123 | $ | 3,496,378 | $ | (4,640,217 | ) | $ | 3,685,501 | |||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 130,181 | $ | 11,023 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 2,310 | 92,646 | — | 94,956 | |||||||||||||||||||
Inventory | — | — | 138,818 | — | 138,818 | |||||||||||||||||||
Current deferred tax asset | — | 681 | 38,419 | — | 39,100 | |||||||||||||||||||
Prepaid and other current assets | — | 2,369 | 44,207 | — | 46,576 | |||||||||||||||||||
Total current assets | 130,181 | 16,383 | 372,530 | — | 519,094 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, | — | — | 2,049,378 | — | 2,049,378 | |||||||||||||||||||
NET OF DEPLETION AND AMORTIZATION | ||||||||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,612 | 858,209 | — | 860,821 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,627,315 | 2,764,211 | — | (4,391,526 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 228,032 | 20,659 | — | (248,691 | ) | — | ||||||||||||||||||
OTHER ASSETS | 3,689 | 36,258 | 216,261 | — | 256,208 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,989,217 | $ | 2,840,123 | $ | 3,496,378 | $ | (4,640,217 | ) | $ | 3,685,501 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3,086 | $ | 66,207 | $ | — | $ | 69,293 | ||||||||||||||
Current maturities of long-term debt | — | 112,500 | — | — | 112,500 | |||||||||||||||||||
Accrued taxes | — | 4,855 | 3,696 | — | 8,551 | |||||||||||||||||||
Uncertain tax positions | — | 5,780 | 4,767 | — | 10,547 | |||||||||||||||||||
Accrued payroll and benefits | — | 11,382 | 13,566 | — | 24,948 | |||||||||||||||||||
Accrued interest | 3,047 | 3,280 | 22,816 | (19,612 | ) | 9,531 | ||||||||||||||||||
Accrued customer incentives | — | — | 9,580 | — | 9,580 | |||||||||||||||||||
Other current liabilities | — | 2,985 | 21,342 | — | 24,327 | |||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 6,835 | — | 6,835 | |||||||||||||||||||
Total current liabilities | 3,047 | 143,868 | 148,809 | (19,612 | ) | 276,112 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 847,749 | 288,975 | — | 1,461,724 | |||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 69,543 | — | 69,543 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,471 | 4,183 | — | 95,654 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 11,493 | 15,732 | — | 27,225 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 118,227 | 125,921 | (244,148 | ) | — | ||||||||||||||||||
TOTAL RAYONIER SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 2,749,142 | (4,376,457 | ) | 1,661,170 | ||||||||||||||||||
Noncontrolling interest | — | — | 94,073 | — | 94,073 | |||||||||||||||||||
TOTAL SHAREHOLDER'S EQUITY | 1,661,170 | 1,627,315 | 2,843,215 | (4,376,457 | ) | 1,755,243 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | $ | 2,840,123 | $ | 3,496,378 | $ | (4,640,217 | ) | $ | 3,685,501 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 252,888 | $ | 23,324 | $ | 4,384 | $ | — | $ | 280,596 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 386 | 99,973 | — | 100,359 | |||||||||||||||||||
Inventory | — | — | 127,966 | — | 127,966 | |||||||||||||||||||
Current deferred tax asset | — | — | 15,845 | — | 15,845 | |||||||||||||||||||
Prepaid and other current assets | — | 2,257 | 39,251 | — | 41,508 | |||||||||||||||||||
Total current assets | 252,888 | 25,967 | 287,419 | — | 566,274 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, | — | — | 1,573,309 | — | 1,573,309 | |||||||||||||||||||
NET OF DEPLETION AND AMORTIZATION | ||||||||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,321 | 704,717 | — | 707,038 | |||||||||||||||||||
INVESTMENT IN JOINT VENTURE | — | — | 72,419 | — | 72,419 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,445,205 | 2,354,270 | — | (3,799,475 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 213,863 | 33,831 | — | (247,694 | ) | — | ||||||||||||||||||
OTHER ASSETS | 4,148 | 32,961 | 166,802 | — | 203,911 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,916,104 | $ | 2,449,350 | $ | 2,804,666 | $ | (4,047,169 | ) | $ | 3,122,951 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 2,132 | $ | 68,249 | $ | — | $ | 70,381 | ||||||||||||||
Current maturities of long-term debt | 150,000 | — | — | — | 150,000 | |||||||||||||||||||
Accrued taxes | — | 485 | 13,339 | — | 13,824 | |||||||||||||||||||
Uncertain tax positions | — | — | 800 | — | 800 | |||||||||||||||||||
Accrued payroll and benefits | — | 15,044 | 13,024 | — | 28,068 | |||||||||||||||||||
Accrued interest | 3,100 | 3,576 | 1,280 | — | 7,956 | |||||||||||||||||||
Accrued customer incentives | — | — | 10,849 | — | 10,849 | |||||||||||||||||||
Other current liabilities | — | 2,925 | 14,915 | — | 17,840 | |||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 8,105 | — | 8,105 | |||||||||||||||||||
Total current liabilities | 153,100 | 24,162 | 130,561 | — | 307,823 | |||||||||||||||||||
LONG-TERM DEBT | 325,000 | 718,321 | 76,731 | — | 1,120,052 | |||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 73,590 | — | 73,590 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 129,156 | 30,426 | — | 159,582 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 16,432 | 7,468 | — | 23,900 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 116,074 | 137,797 | (253,871 | ) | — | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 | 1,445,205 | 2,348,093 | (3,793,298 | ) | 1,438,004 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 | $ | 2,449,350 | $ | 2,804,666 | $ | (4,047,169 | ) | $ | 3,122,951 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 407,712 | $ | 417,074 | $ | 491,762 | $ | (771,375 | ) | $ | 545,173 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (663 | ) | (158,235 | ) | — | (158,898 | ) | ||||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | (139,879 | ) | — | (139,879 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (20,401 | ) | — | (20,401 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (141,143 | ) | — | (141,143 | ) | |||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | 62,720 | — | 62,720 | |||||||||||||||||||
Change in restricted cash | — | — | (58,385 | ) | — | (58,385 | ) | |||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (385,292 | ) | — | 523,470 | — | |||||||||||||||||
Other | — | 1,701 | (14,635 | ) | — | (12,934 | ) | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (384,254 | ) | (469,958 | ) | 523,470 | (468,920 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | 390,000 | 57,885 | — | 622,885 | |||||||||||||||||||
Repayment of debt | (325,000 | ) | (151,525 | ) | (72,960 | ) | — | (549,485 | ) | |||||||||||||||
Dividends paid | (237,016 | ) | — | — | — | (237,016 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | 10,101 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 8,413 | — | 8,413 | |||||||||||||||||||
Repurchase of common shares | (11,326 | ) | — | — | — | (11,326 | ) | |||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | 4,000 | — | — | ||||||||||||||||||
Distributions to / from Parent | — | (283,596 | ) | 35,691 | 247,905 | — | ||||||||||||||||||
Other | — | — | (713 | ) | — | (713 | ) | |||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) | (45,121 | ) | 32,316 | 247,905 | (157,141 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (64 | ) | — | (64 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (122,707 | ) | (12,301 | ) | 54,056 | — | (80,952 | ) | ||||||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||||||||
Balance, end of year | $ | 130,181 | $ | 11,023 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||||
Schedule of Condensed Consolidating Cash Flows Statement | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 407,712 | $ | 417,074 | $ | 491,762 | $ | (771,375 | ) | $ | 545,173 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (663 | ) | (158,235 | ) | — | (158,898 | ) | ||||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | (139,879 | ) | — | (139,879 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (20,401 | ) | — | (20,401 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (141,143 | ) | — | (141,143 | ) | |||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | 62,720 | — | 62,720 | |||||||||||||||||||
Change in restricted cash | — | — | (58,385 | ) | — | (58,385 | ) | |||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (385,292 | ) | — | 523,470 | — | |||||||||||||||||
Other | — | 1,701 | (14,635 | ) | — | (12,934 | ) | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (384,254 | ) | (469,958 | ) | 523,470 | (468,920 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | 390,000 | 57,885 | — | 622,885 | |||||||||||||||||||
Repayment of debt | (325,000 | ) | (151,525 | ) | (72,960 | ) | — | (549,485 | ) | |||||||||||||||
Dividends paid | (237,016 | ) | — | — | — | (237,016 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | 10,101 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 8,413 | — | 8,413 | |||||||||||||||||||
Repurchase of common shares | (11,326 | ) | — | — | — | (11,326 | ) | |||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | 4,000 | — | — | ||||||||||||||||||
Distributions to / from Parent | — | (283,596 | ) | 35,691 | 247,905 | — | ||||||||||||||||||
Other | — | — | (713 | ) | — | (713 | ) | |||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) | (45,121 | ) | 32,316 | 247,905 | (157,141 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (64 | ) | — | (64 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (122,707 | ) | (12,301 | ) | 54,056 | — | (80,952 | ) | ||||||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||||||||
Balance, end of year | $ | 130,181 | $ | 11,023 | $ | 58,440 | $ | — | $ | 199,644 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 90,456 | $ | 138,149 | $ | 423,784 | $ | (206,475 | ) | $ | 445,914 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (285 | ) | (157,277 | ) | — | (157,562 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (106,536 | ) | — | (106,536 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (201,359 | ) | — | (201,359 | ) | |||||||||||||||||
Change in restricted cash | — | — | (10,559 | ) | — | (10,559 | ) | |||||||||||||||||
Investment in Subsidiaries | — | (142,508 | ) | — | 142,508 | — | ||||||||||||||||||
Other | — | (69 | ) | 3,184 | — | 3,115 | ||||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | (142,862 | ) | (472,547 | ) | 142,508 | (472,901 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 475,000 | 740,000 | 15,000 | — | 1,230,000 | |||||||||||||||||||
Repayment of debt | (120,000 | ) | (668,110 | ) | (25,500 | ) | — | (813,610 | ) | |||||||||||||||
Dividends paid | (206,583 | ) | — | — | — | (206,583 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 25,495 | — | — | — | 25,495 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 7,635 | — | 7,635 | |||||||||||||||||||
Debt issuance costs | (3,697 | ) | (1,219 | ) | (1,219 | ) | — | (6,135 | ) | |||||||||||||||
Repurchase of common shares | (7,783 | ) | — | — | — | (7,783 | ) | |||||||||||||||||
Issuance of intercompany notes | — | (14,000 | ) | 14,000 | — | — | ||||||||||||||||||
Intercompany distributions | — | (97,587 | ) | 33,620 | 63,967 | — | ||||||||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | (40,916 | ) | 43,536 | 63,967 | 229,019 | ||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (39 | ) | — | (39 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | 252,888 | (45,629 | ) | (5,266 | ) | — | 201,993 | |||||||||||||||||
Balance, beginning of year | — | 68,953 | 9,650 | — | 78,603 | |||||||||||||||||||
Balance, end of year | $ | 252,888 | $ | 23,324 | $ | 4,384 | $ | — | $ | 280,596 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 283,409 | $ | 332,817 | $ | 402,994 | $ | (586,950 | ) | $ | 432,270 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (270 | ) | (144,252 | ) | — | (144,522 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (320,899 | ) | — | (320,899 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (42,894 | ) | — | (42,894 | ) | |||||||||||||||||
Change in restricted cash | — | — | 8,323 | — | 8,323 | |||||||||||||||||||
Investment in Subsidiaries | (19,259 | ) | (135,816 | ) | — | 155,075 | — | |||||||||||||||||
Other | — | 69 | 11,309 | — | 11,378 | |||||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (19,259 | ) | (136,017 | ) | (488,413 | ) | 155,075 | (488,614 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 120,000 | 105,000 | 235,000 | — | 460,000 | |||||||||||||||||||
Repayment of debt | — | (243,057 | ) | (256,000 | ) | — | (499,057 | ) | ||||||||||||||||
Dividends paid | (185,272 | ) | — | — | — | (185,272 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 13,451 | — | — | — | 13,451 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 5,681 | — | 5,681 | |||||||||||||||||||
Debt issuance costs | — | (1,351 | ) | (676 | ) | — | (2,027 | ) | ||||||||||||||||
Repurchase of common shares | (7,909 | ) | — | — | — | (7,909 | ) | |||||||||||||||||
Issuance of intercompany notes | (204,420 | ) | (18,961 | ) | 223,381 | — | — | |||||||||||||||||
Intercompany distributions | — | (282,495 | ) | (149,380 | ) | 431,875 | — | |||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (264,150 | ) | (440,864 | ) | 58,006 | 431,875 | (215,133 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | 617 | — | 617 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | — | (244,064 | ) | (26,796 | ) | — | (270,860 | ) | ||||||||||||||||
Balance, beginning of year | — | 313,017 | 36,446 | — | 349,463 | |||||||||||||||||||
Balance, end of year | $ | — | $ | 68,953 | $ | 9,650 | $ | — | $ | 78,603 | ||||||||||||||
Nature_of_Business_Operations_
Nature of Business Operations (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
segment | segment | |
acre | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Acres Of Timberland and Real Estate Owned Leased | 2,600,000 | ' |
Acres of High Value Real Estate Owned | 200,000 | ' |
Number of reportable segments | 3 | 4 |
Nature_of_Business_Operations_1
Nature of Business Operations Forest Resources (Details) | 0 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Apr. 04, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Apr. 04, 2013 | Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 04, 2013 | |
acre | Matariki Forestry Group [Member] | Forest Resources [Member] | Forest Resources [Member] | Forest Resources [Member] | Forest Resources [Member] | |||
Acres | acre | Acres | Matariki Forestry Group [Member] | |||||
acre | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acres of timberland owned or leased | ' | 2,500,000 | ' | 300,000 | ' | ' | ' | 300,000 |
Effective date of acquisition | 4-Apr-13 | ' | ' | ' | 4-Apr-13 | ' | ' | ' |
Percentage of voting interests acquired | 39.00% | ' | ' | ' | 39.00% | ' | ' | ' |
Noncontrolling interest ownership percentage by parent | 65.00% | ' | 65.00% | ' | 65.00% | ' | ' | ' |
Acres of timberland divested | ' | ' | ' | ' | ' | 128,000 | ' | ' |
Acres of Non-strategic Timberlands Sold | ' | ' | ' | ' | ' | 21,000 | ' | ' |
Acres of timberlands acquired | ' | ' | ' | ' | ' | 17,000 | 88,000 | ' |
Nature_of_Business_Operations_2
Nature of Business Operations Real Estate (Details) (Real Estate Segment [Member]) | Dec. 31, 2013 |
acre | |
Real Estate Segment [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Area of Real Estate Property | 100,000 |
Nature_of_Business_Operations_3
Nature of Business Operations Performance Fibers (Details) (Performance Fibers Segment [Member], USD $) | 12 Months Ended | 36 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
t | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of Production Facilities | 2 | ' | ' | 2 |
Production Capacity in Metric Tons | 675,000 | ' | ' | ' |
Percentage of Sales to Export Customers | 58.00% | ' | ' | ' |
Cellulose Specialties Expansion (CSE) [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Strategic Capital | $141 | $201 | $43 | $385 |
Increase in Cellulose Specialties Production Capacity | 190,000 | ' | ' | ' |
Cellulose Specialties Expansion (CSE) [Member] | Cellulose Specialties [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Production Capacity in Metric Tons | 675,000 | ' | ' | ' |
Cellulose Specialties Expansion (CSE) [Member] | Cellulose Specialties [Member] | Minimum [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Year Expected to Reach Capacity | '2017 | ' | ' | ' |
Cellulose Specialties Expansion (CSE) [Member] | Cellulose Specialties [Member] | Maximum [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Year Expected to Reach Capacity | '2018 | ' | ' | ' |
Nature_of_Business_Operations_4
Nature of Business Operations Subsequent Event (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
companies | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Subsequent Event, Description | 'In January 2014, the Company announced its intention to separate the Performance Fibers business from the Forest Resources and Real Estate businesses. The separation will result in two independent, publicly-traded companies by means of a tax-free spin-off of the Performance Fibers business to Rayonier shareholders. The separation, which is subject to a number of conditions including final Board approval, receipt of a favorable private letter ruling from the Internal Revenue Service (“IRSâ€) and effectiveness of a registration statement on Form 10, is expected to be completed in mid-2014. | ' |
Number of companies after spin-off | ' | 2 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Principles of Consolidation (Details) | Apr. 30, 2013 | Apr. 04, 2013 |
Accounting Policies [Abstract] | ' | ' |
Noncontrolling interest ownership percentage by parent | 65.00% | 65.00% |
Noncontrolling interest ownership percentage by noncontrolling owners | 35.00% | 35.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Time Deposits, $100,000 or More | $45 | $45 |
Weighted Average Rate Domestic Deposit, Other Time Deposit | 0.24% | 0.31% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Property, Plant, Equipment and Depreciation (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Non-production Performance Fiber assets [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '3 years |
Non-production Performance Fiber assets [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '25 years |
Building [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '15 years |
Building [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '35 years |
Land Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '5 years |
Land Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '30 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Capitalized Interest (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Interest Costs Capitalized | $13.80 | $8.80 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Employee Benefit Plans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Number of Qualified Defined Benefit Plans | 4 | ' |
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Amounts recognized in balance sheet | $71,733 | $133,771 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Minimum down payment required | 25.00% |
Sale_of_Wood_Products_Business2
Sale of Wood Products Business Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 01, 2013 |
lumber_mill | lumber_mill | |
Wood Products business [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Description and timing of disposal | 'On March 1, 2013, Rayonier completed the sale of its Wood Products business (consisting of three lumber mills in Baxley, Swainsboro and Eatonton, Georgia) to International Forest Products Limited (“Interforâ€) | ' |
Base consideration received | ' | $80 |
Description of proceeds from divestiture of business | '$80 million plus a working capital adjustment | ' |
Segment that includes disposal group | 'Wood Products business, formerly reported as a separate operating segment | ' |
Gain on disposal of discontinued operation, net of tax | 42.1 | ' |
Cash flows of disposal group | 'Cash flows from discontinued operations are immaterial both individually and in the aggregate. As such, they are included with cash flows from continuing operations in the Consolidated Statements of Cash Flows. | ' |
Number of lumber mills sold | 3 | 3 |
Wood Products business [Member] | Pension Plan, Defined Benefit [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Recognized net loss due to settlements | $0.50 | ' |
Baxley Mill [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Percent of mill chips required to purchase | 100.00% | ' |
Period to purchase required mill chips | '5 years | ' |
Swainsboro Mill [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Percent of mill chips required to purchase | 25.00% | ' |
Sale_of_Wood_Products_Business3
Sale of Wood Products Business Schedule of operating results from discontinued operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | $16,968 | $87,510 | $67,682 |
Cost of sales and other | ' | ' | ' | ' | ' | ' | ' | ' | -17,102 | -76,619 | -68,682 |
Gain on sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 63,217 | 0 | 0 |
Income (loss) from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 63,083 | 10,891 | -1,000 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -21,050 | -3,648 | 331 |
Income (loss) from discontinued operations, net | ($2,444) | $0 | $0 | $44,477 | $2,135 | $1,282 | $2,988 | $838 | $42,033 | $7,243 | ($669) |
Sale_of_Wood_Products_Business4
Sale of Wood Products Business Schedule of the major classes of wood product assets and liabilities sold (Details) (Wood Products business [Member], USD $) | Mar. 01, 2013 |
In Thousands, unless otherwise specified | |
Wood Products business [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Accounts receivable, net | $4,127 |
Inventory | 4,270 |
Prepaid and other current assets | 2,053 |
Property, plant and equipment, net | 9,990 |
Total assets | 20,440 |
Total liabilities | $596 |
Sale_of_Wood_Products_Business5
Sale of Wood Products Business Schedule of intercompany transactions eliminated (Details) (Wood Products business [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Wood Products business [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Wood chip purchases | $1,650 | $12,526 | $12,600 |
Saw timber procurement services | 231 | 1,125 | 1,023 |
Total intercompany | $1,881 | $13,651 | $13,623 |
Joint_Venture_Investment_Narra
Joint Venture Investment Narrative (Details) (USD $) | 0 Months Ended | ||||
Apr. 04, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | |
M | acre | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Effective date of acquisition | 4-Apr-13 | ' | ' | ' | ' |
Percentage of voting interests acquired | 39.00% | ' | ' | ' | ' |
Name of acquired entity | 'Matariki Forestry Group | ' | ' | ' | ' |
Acres of timberland owned | ' | ' | 2,500,000 | ' | ' |
Description of acquired entity | 'a New Zealand JV that owns or leases approximately 0.3 million acres of New Zealand timberlands | ' | ' | ' | ' |
Noncontrolling interest ownership percentage by parent | 65.00% | ' | ' | ' | 65.00% |
Noncontrolling interest ownership percentage by noncontrolling owners | 35.00% | ' | ' | ' | 35.00% |
Purchase price | $139,879,000 | ' | ' | ' | ' |
Contingent consideration liability | 3,300,000 | ' | ' | ' | ' |
Gain on business combination purchase price forward currency contract, net | 1,700,000 | ' | ' | ' | ' |
Contingent consideration description | 'The contingent consideration arrangement required the Company to pay additional consideration to the New Zealand JV’s selling (former) shareholders equal to a multiple of the increase in log prices for a six month period beginning in November 2012. | ' | ' | ' | ' |
Contingent consideration, period reviewed | ' | 6 | ' | ' | ' |
Contingent consideration arrangements basis for amount | 'Fair value was determined using an average of the cost and freight (CFR) selling price of China A-grade 3.8 meter logs. | ' | ' | ' | ' |
Contingent consideration amount of settlement | ' | ' | ' | 3,300,000 | ' |
Step acquisition percentage equity interest in acquiree | 26.00% | ' | 26.00% | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Description | 'The additional 39 percent interest acquired resulted in the Company obtaining a controlling financial interest in the New Zealand JV and accordingly, the purchase was accounted for as a step-acquisition. Upon consolidation, the Company recognized a $10.1 million deferred gain, which resulted from the original sale of its New Zealand operations to the joint venture in 2005 and a $6 million benefit due to the required fair market value remeasurement of the Company’s equity interest in the New Zealand JV held before the purchase of the additional interest. | ' | ' | ' | ' |
Step acquisition equity interest in acquiree remeasurement Gain financial statement caption | '“Gain related to consolidation of New Zealand joint venture†| ' | ' | ' | ' |
Step acquisition equity interest in acquiree, fair value | 93,253,000 | ' | ' | ' | ' |
Forest Resources [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Effective date of acquisition | 4-Apr-13 | ' | ' | ' | ' |
Percentage of voting interests acquired | 39.00% | ' | ' | ' | ' |
Noncontrolling interest ownership percentage by parent | 65.00% | ' | ' | ' | ' |
Recognition of deferred gain on original sale of operations [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Step Acquisition equity interest in acquiree remeasurement gain, net | 10,100,000 | ' | ' | ' | ' |
Gain on fair market value revaluation of equity interest [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Step Acquisition equity interest in acquiree remeasurement gain, net | $6,000,000 | ' | ' | ' | ' |
Matariki Forestry Group [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Acres of timberland owned | 300,000 | ' | ' | ' | ' |
Matariki Forestry Group [Member] | Forest Resources [Member] | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Acres of timberland owned | 300,000 | ' | ' | ' | ' |
Joint_Venture_Investment_Provi
Joint Venture Investment Provisional Information (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Business Combination, Provisional Information [Abstract] | ' | ' | ' |
Timber and timberlands, net | ' | $10,348,000 | ' |
Goodwill | ' | 10,496,000 | ' |
Deferred tax liabilities | ' | 20,844,000 | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | ' | 0 | 0 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Fair value of identifiable net assets acquired | 129,400,000 | ' | ' |
Goodwill | 10,496,000 | ' | ' |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 139,879,000 | ' | ' |
Initial accounting incomplete nature of adjustments | ' | ' | 'Accordingly, the excess of the purchase price over the fair value of the identifiable net assets (including deferred taxes) was recorded as goodwill within “Other Assetsâ€on the Consolidated Balance Sheets. In a business combination, deferred tax liabilities are not recognized at fair value. As the deferred tax liabilities were not discounted to present value, the book value exceeded the market value resulting in non-core goodwill. |
Forest Resources [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Goodwill | $10,496,000 | ' | ' |
Joint_Venture_Investment_Sched
Joint Venture Investment Schedule of Purchase Allocation (Details) (USD $) | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Business Combinations [Abstract] | ' | ' | ' | ' | |
Accounts receivable, net | $9,777 | ' | ' | ' | |
Inventory | 2,465 | ' | ' | ' | |
Other current assets | 6,767 | ' | ' | ' | |
Timber and timberlands, net | 555,635 | ' | ' | ' | |
Other assets | 11,415 | ' | ' | ' | |
Total identifiable assets acquired | 586,059 | ' | ' | ' | |
Accounts payable | 11,679 | ' | ' | ' | |
Current maturities of long-term debt | 3,843 | ' | ' | ' | |
Accrued interest | 2,038 | ' | ' | ' | |
Other current liabilities | 3,624 | ' | ' | ' | |
Long-term debt (third party) | 196,319 | ' | ' | ' | |
Long-term debt (shareholders) | 125,532 | [1] | 125,532 | 0 | 0 |
Other non-current liabilities | 20,388 | ' | ' | ' | |
Total liabilities assumed | 363,423 | ' | ' | ' | |
Net identifiable assets | 222,636 | ' | ' | ' | |
Plus: Goodwill | 10,496 | ' | ' | ' | |
Less: Fair value of equity method investment | -93,253 | ' | ' | ' | |
Purchase price | $139,879 | ' | ' | ' | |
[1] | Long-term debt included $125.5 million of shareholder loans payable to the noncontrolling interest by the New Zealand JV. Subsequent to the acquisition date, $96.0 million of the noncontrolling interest’s shareholder loans were converted to preferred equity. |
Joint_Venture_Investment_Sched1
Joint Venture Investment Schedule of purchase price allocation parenthetical (Details) (Conversion of Matariki shareholder debt to preferred equity [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Apr. 04, 2013 |
Conversion of Matariki shareholder debt to preferred equity [Member] | ' |
Debt Conversion [Line Items] | ' |
Original debt amount | $125.50 |
Type of debt | 'shareholder loans payable to the noncontrolling interest by the New Zealand JV |
Converted instrument amount | $96 |
Converted instrument type | 'preferred equity |
Joint_Venture_Investment_Summa
Joint Venture Investment Summary of Pro Forma information (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' | ' |
Sales from April 4, 2013 to December 31, 2013 | $145,719 | $146,000 | ' |
Net Income from April 4, 2013 to December 31, 2013 | 5,435 | ' | ' |
Pro forma consolidated sales | ' | 1,742,348 | 1,683,776 |
Pro forma consolidated net income | ' | $372,039 | $271,589 |
Segment_and_Geographical_Infor2
Segment and Geographical Information Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
NmbrCustsomers | segment | NmbrCustsomers | |
segment | NmbrCustsomers | ||
product_line | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment Reporting - Number of Major Customers | 2 | 4 | 3 |
Number of reportable segments | 3 | 4 | ' |
Number of product lines | 2 | ' | ' |
Customer 1 [Member] | Performance Fibers Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 13.00% | 15.00% | 15.00% |
Customer 2 [Member] | Performance Fibers Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | 11.00% | 12.00% | 11.00% |
Customer 3 [Member] | Performance Fibers Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | ' | 10.00% | 11.00% |
Customer 4 [Member] | Performance Fibers Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk percentage | ' | 10.00% | ' |
Segment_and_Geographical_Infor3
Segment and Geographical Information Schedule of Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||||||
Secured Mortgage Notes Assumed with Timberland Acquisition [Member] | Secured Mortgage Notes Assumed with Timberland Acquisition [Member] | Secured Mortgage Notes Assumed with Timberland Acquisition [Member] | Secured Mortgage Notes Assumed with Timberland Acquisition [Member] | Port Angeles Increase in Disposition Reserve [Member] | New Zealand Joint Venture [Member] | Forest Resources [Member] | Forest Resources [Member] | Forest Resources [Member] | Forest Resources [Member] | Forest Resources [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Real Estate Segment [Member] | Other Operations | Other Operations | Other Operations | Intersegment Elimination | Intersegment Elimination | Intersegment Elimination | Corporate and other | Corporate and other | Corporate and other | Corporate and other | Wood Products Segment [Member] | Performance Fibers Segment [Member] | Performance Fibers Segment [Member] | Performance Fibers Segment [Member] | Performance Fibers Segment [Member] | Performance Fibers Segment [Member] | Performance Fibers Segment [Member] | Performance Fibers Segment [Member] | Wood Products Segment [Member] | Wood Products Segment [Member] | Wood Products Segment [Member] | ||||||||||||||||||||||||||||
acre | Timber Properties [Member] | Timber Properties [Member] | Port Angeles Increase in Disposition Reserve [Member] | Cellulose Specialties Expansion (CSE) [Member] | Cellulose Specialties Expansion (CSE) [Member] | Cellulose Specialties Expansion (CSE) [Member] | Cellulose Specialties Expansion (CSE) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Sales | $520,242,000 | $384,784,000 | $409,077,000 | $393,719,000 | $412,660,000 | $386,163,000 | $348,096,000 | $336,571,000 | ' | $1,707,822,000 | $1,483,490,000 | $1,420,960,000 | ' | ' | ' | ' | ' | ' | $382,000,000 | [1] | $230,000,000 | [1] | $215,000,000 | [1] | ' | ' | $149,000,000 | [2] | $57,000,000 | [2] | $71,000,000 | [2] | $138,000,000 | $105,000,000 | $122,000,000 | ($3,000,000) | ($2,000,000) | ($7,000,000) | ' | ' | ' | ' | ' | $1,042,000,000 | $1,093,000,000 | $1,020,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 145,719,000 | 146,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Acres of timberland divested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Land sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 422,814,000 | 400,560,000 | 357,294,000 | ' | ' | ' | ' | ' | ' | 81,000,000 | 46,000,000 | 47,000,000 | ' | ' | 56,000,000 | 32,000,000 | 47,000,000 | 2,000,000 | 0 | 1,000,000 | ' | ' | ' | -27,000,000 | [3] | -36,000,000 | [3] | -36,000,000 | [3] | ' | ' | 311,000,000 | 359,000,000 | 298,000,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Step Acquisition equity interest in acquiree remeasurement gain (loss), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,253,000 | 797,000 | 6,873,000 | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Total assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | 468,000,000 | 613,000,000 | ' | ' | ' | ' | ' | ' | 83,000,000 | [4] | 156,000,000 | [4] | 468,000,000 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,000,000 | 2,000,000 | ' | ' | 242,000,000 | [5] | 309,000,000 | [5] | 140,000,000 | [5] | ' | ' | ' | ' | 0 | [6] | 2,000,000 | [6] | 3,000,000 | [6] | ||||||
Less: Assumption of loan for timberlands acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -105,000,000 | -105,000,000 | 0 | 0 | -105,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Strategic Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,000,000 | 426,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141,000,000 | 201,000,000 | 43,000,000 | 385,000,000 | ' | ' | ' | |||||||||||||||
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,274,000 | 145,540,000 | 132,548,000 | ' | ' | ' | ' | ' | ' | 99,000,000 | 75,000,000 | [7] | 63,000,000 | [7] | ' | ' | 17,000,000 | 8,000,000 | 12,000,000 | ' | ' | ' | ' | ' | ' | 0 | 2,000,000 | 2,000,000 | ' | 27,000,000 | 75,000,000 | 61,000,000 | 56,000,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Total Assets | 3,685,501,000 | ' | ' | ' | 3,122,951,000 | ' | ' | ' | 3,685,501,000 | 3,685,501,000 | 3,122,951,000 | ' | ' | ' | ' | ' | ' | ' | 2,163,000,000 | [8] | 1,690,000,000 | [8] | ' | ' | ' | 149,000,000 | 113,000,000 | ' | 37,000,000 | 23,000,000 | ' | ' | ' | ' | 258,000,000 | 377,000,000 | ' | ' | 577,000,000 | 1,079,000,000 | 902,000,000 | ' | ' | ' | ' | ' | 0 | [6] | 18,000,000 | [6] | ' | |||||||||||
Segment Reporting- Expenditures for Additions to Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | $325,000,000 | $468,000,000 | $508,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
[1] | 2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | 2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. 2011 included a $7 million increase in a disposition reserve. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Includes strategic timberland acquisitions of $107 million and $426 million (including assumption of a $105 million loan) in 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Includes $141 million, $201 million, and $43 million of strategic capital expenditures related to the Jesup mill CSE in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | 2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. Total Assets 2013 2012Forest Resources (a)$2,163 $1,690Real Estate149 113Performance Fibers1,079 902Wood Products (b)— 18Other Operations37 23Corporate and other258 377Total$3,686 $3,123 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | 2013 included an increase in total assets of approximately $577 million related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. |
Sales_by_Product_Line_Details
Sales by Product Line (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | $520,242,000 | $384,784,000 | $409,077,000 | $393,719,000 | $412,660,000 | $386,163,000 | $348,096,000 | $336,571,000 | ' | $1,707,822,000 | $1,483,490,000 | $1,420,960,000 | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 145,719,000 | 146,000,000 | ' | ' | |||
Forest Resources [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 382,000,000 | [1] | 230,000,000 | [1] | 215,000,000 | [1] |
Acres of timberland divested | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,000 | ' | ' | |||
Land sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,000,000 | ' | ' | |||
Real Estate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149,000,000 | [2] | 57,000,000 | [2] | 71,000,000 | [2] |
Real Estate Segment [Member] | Development [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 2,000,000 | 4,000,000 | |||
Real Estate Segment [Member] | Rural [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,000,000 | 39,000,000 | 33,000,000 | |||
Real Estate Segment [Member] | Non-Strategic Timberlands [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,000,000 | [2] | 16,000,000 | [2] | 34,000,000 | [2] |
Performance Fibers Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,042,000,000 | 1,093,000,000 | 1,020,000,000 | |||
Performance Fibers Segment [Member] | Cellulose Specialties [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 930,000,000 | 935,000,000 | 824,000,000 | |||
Performance Fibers Segment [Member] | Viscose/Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000,000 | [3] | 0 | [3] | 0 | [3] |
Performance Fibers Segment [Member] | Absorbent Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 | 158,000,000 | 196,000,000 | |||
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | $135,000,000 | $103,000,000 | $115,000,000 | |||
[1] | 2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | ||||||||||||||
[2] | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million. | ||||||||||||||
[3] | Beginning in the third quarter of 2013, viscose and commodity grades are being produced as the Company begins its multi-year transition to producing only cellulose specialties. Geographical Operating Information Sales Operating Income Identifiable Assets 2013 2012 2011 2013 2012 2011 2013 2012United States$1,428 $1,379 $1,310 $394 $399 $351 $3,077 $3,022New Zealand280 104 111 29 2 6 609 101Total$1,708 $1,483 $1,421 $423 $401 $357 $3,686 $3,123 |
Geographical_Operating_Informa
Geographical Operating Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | $520,242 | $384,784 | $409,077 | $393,719 | $412,660 | $386,163 | $348,096 | $336,571 | $1,707,822 | $1,483,490 | $1,420,960 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 422,814 | 400,560 | 357,294 |
Identifiable Assets | 3,685,501 | ' | ' | ' | 3,122,951 | ' | ' | ' | 3,685,501 | 3,122,951 | ' |
Geographic Concentration Risk [Member] | United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,428,000 | 1,379,000 | 1,310,000 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 394,000 | 399,000 | 351,000 |
Identifiable Assets | 3,077,000 | ' | ' | ' | 3,022,000 | ' | ' | ' | 3,077,000 | 3,022,000 | ' |
Geographic Concentration Risk [Member] | New Zealand [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 280,000 | 104,000 | 111,000 |
Operating Income | ' | ' | ' | ' | ' | ' | ' | ' | 29,000 | 2,000 | 6,000 |
Identifiable Assets | $609,000 | ' | ' | ' | $101,000 | ' | ' | ' | $609,000 | $101,000 | ' |
Sales_by_Destination_Details
Sales by Destination (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | $520,242 | $384,784 | $409,077 | $393,719 | $412,660 | $386,163 | $348,096 | $336,571 | $1,707,822 | $1,483,490 | $1,420,960 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk [Member] | United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 818,000 | 690,000 | 669,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 48.00% | 47.00% | 47.00% |
Customer Concentration Risk [Member] | China [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 351,000 | 281,000 | 277,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 19.00% | 19.00% |
Customer Concentration Risk [Member] | Japan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | 170,000 | 159,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 11.00% | 11.00% |
Customer Concentration Risk [Member] | New Zealand [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 157,000 | 18,000 | 22,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 1.00% | 2.00% |
Customer Concentration Risk [Member] | Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 79,000 | 182,000 | 173,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 12.00% | 12.00% |
Customer Concentration Risk [Member] | Other Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 82,000 | 68,000 | 55,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 4.00% |
Customer Concentration Risk [Member] | Latin America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | 53,000 | 36,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 4.00% | 3.00% |
Customer Concentration Risk [Member] | Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 4,000 | 9,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 1.00% |
Customer Concentration Risk [Member] | All other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Sales | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | $17,000 | $21,000 |
Revenue, net, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.00% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities Foreign Currency Exchange and Option Contracts Narrative (Details) | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Foreign currency exposure hedged for forecasted sales in next three months | 70.00% |
Foreign currency exposure hedged for forecasted sales in next twelve months | 50.00% |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Activities Interest Rate Swaps and Fuel Hedge Contracts Narrative (Details) (Interest rate swaps [Member], Not Designated as Hedging Instrument [Member]) | Dec. 31, 2013 | |
Derivative [Line Items] | ' | |
Percentage of JV variable debt hedged by interest rate derivatives | 95.00% | [1] |
Senior Secured Facilities Agreement, Revolving Cash Advance Facility [Member] | ' | |
Derivative [Line Items] | ' | |
Percentage of JV variable debt hedged by interest rate derivatives | 95.00% | |
[1] | All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Hedging Activities Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
AOCI balance expected to be reclassified in next twelve months | $1,000,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other operating (income) expense | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Designated hedged item, gain (loss) recognized in income | 652,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other comprehensive income (loss) | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Designated hedged item, gain (loss) recognized in other comprehensive income | 950,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other comprehensive income (loss) | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Designated hedged item, gain (loss) recognized in other comprehensive income | 460,000 |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other operating (income) expense | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Non-designated hedged item, gain (loss) recognized in income | 1,607,000 |
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Other operating (income) expense | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Non-designated hedged item, gain (loss) recognized in income | -1,147,000 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Interest and miscellaneous income (expense) | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Non-designated hedged item, gain (loss) recognized in income | 6,085,000 |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Cost of sales (benefit) | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Non-designated hedged item, gain (loss) recognized in income | $255,000 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments and Hedging Activities Schedule of Notional Amounts of Outstanding Derivative Positions (Details) (USD $) | Dec. 31, 2013 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | $32,300,000 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 38,000,000 | [1] |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 1,950,000 | [1] |
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | 4,000,000 | [1] |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Notional Amount | $183,851,000 | [1] |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Nonmonetary Notional Amount | 38,000 | [1] |
[1] | All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels. |
Derivative_Financial_Instrumen6
Derivative Financial Instruments and Hedging Activities Schedule of Derivative Instruments in Statement of Financial Position (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | |
Derivative Liability | ($4,873) | [1] |
Prepaid and other current assets | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Asset | 1,781 | [1] |
Other current liabilities | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Liability | -214 | [1] |
Other non-current liabilities | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Liability | -4,659 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Asset | 915 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Prepaid and other current assets | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Asset | 673 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other current liabilities | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Liability | -214 | [1] |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Asset | 25 | [1] |
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Prepaid and other current assets | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Asset | 8 | [1] |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other non-current liabilities | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Liability | -4,659 | [1] |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Prepaid and other current assets | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Derivative Asset | $160 | [1] |
[1] | See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
Fair_Value_Measurements_Carryi
Fair Value Measurements Carrying Amounts and Fair Values (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Restricted cash | $68,900 | $10,600 | ||
Current maturities of long-term debt | -112,500 | -150,000 | ||
Long-term debt | -1,461,724 | -1,120,052 | ||
Carrying Amount [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 199,644 | 280,596 | ||
Restricted cash | 68,944 | [1] | 10,559 | [1] |
Current maturities of long-term debt | -112,500 | -150,000 | ||
Long-term debt | -1,461,724 | -1,120,052 | ||
Fair Value, Level 1 [Member] | Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 199,644 | 280,596 | ||
Restricted cash | 68,944 | [1] | 10,559 | [1] |
Current maturities of long-term debt | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Fair Value, Level 2 [Member] | Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | [1] | 0 | [1] |
Current maturities of long-term debt | -119,614 | -150,000 | ||
Long-term debt | -1,489,810 | -1,250,341 | ||
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate swaps | -4,659 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Foreign currency exchange contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Foreign currency contract | 940 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Foreign currency option contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Foreign currency contract | 467 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Fuel contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fuel hedge contracts | 160 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Level 1 [Member] | Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate swaps | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Level 1 [Member] | Fair Value [Member] | Foreign currency exchange contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Foreign currency contract | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Level 1 [Member] | Fair Value [Member] | Foreign currency option contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Foreign currency contract | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Level 1 [Member] | Fair Value [Member] | Fuel contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fuel hedge contracts | 0 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Level 2 [Member] | Fair Value [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Interest rate swaps | -4,659 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Level 2 [Member] | Fair Value [Member] | Foreign currency exchange contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Foreign currency contract | 940 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Level 2 [Member] | Fair Value [Member] | Foreign currency option contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Foreign currency contract | 467 | [2] | 0 | [2] |
Fair Value, Measurements, Recurring [Member] | Fair Value, Level 2 [Member] | Fair Value [Member] | Fuel contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Fuel hedge contracts | $160 | [2] | $0 | [2] |
[1] | Restricted cash is recorded in “Other Assets†and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||
[2] | See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
Timberland_Acquisitions_Detail
Timberland Acquisitions (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
acquisition | acquisition | Other timberland acquisitions [Member] | Other timberland acquisitions [Member] | Acquired timberlands in Texas [Member] | Forest Resources [Member] | Forest Resources [Member] | |
acre | acre | acre | Acres | ||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of acquisitions | 4 | 3 | ' | ' | ' | ' | ' |
Acquisition date | ' | ' | 'throughout 2013 | 'throughout 2012 | 'December 2012 | ' | ' |
Acres of timberlands acquired | ' | ' | ' | 25,000 | 63,000 | 17,000 | 88,000 |
Description | ' | ' | 'located in Florida, Georgia and Louisiana | 'located in Alabama, Florida and Texas | 'Texas | ' | ' |
Acquisition purchase price | ' | ' | $20 | $19 | $88 | ' | ' |
Terms | ' | ' | 'funded with cash on hand or through the revolving credit facility | 'funded with cash on hand | 'cash on hand | ' | ' |
Significant acquisitions and disposals type | ' | ' | 'asset purchases | 'asset purchases | 'asset purchase | ' | ' |
Funding from existing revolving credit facility | ' | ' | ' | ' | $30 | ' | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Assets [Abstract] | ' | ' |
Time Period Proceeds From LKE Sale Maintained with Third Party Intermediary | '180 days | ' |
Restricted cash | $68.90 | $10.60 |
Capitalized debt issuance costs | 7 | 9.3 |
Capitalized computer software costs | $8 | $8.20 |
Income_Taxes_AFMC_and_CBPC_Nar
Income Taxes AFMC and CBPC Narrative (Details) (USD $) | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
tax_credit | Alternative Fuel Mixture Credit [Member] | Cellulosic Biofuel Producer Credit [Member] | Exchange of Alternative Fuel Tax Benefit [Member] | Exchange of Alternative Fuel Tax Benefit [Member] | Exchange of Alternative Fuel Tax Benefit [Member] | |
AFMC for CBPC Exchange [Line Items] | ' | ' | ' | ' | ' | ' |
Number of tax credits | 2 | ' | ' | ' | ' | ' |
Tax credit amount per gallon | ' | $0.50 | $1.01 | ' | ' | ' |
Income tax credits and adjustments | ' | ' | ' | $18,800,000 | $12,200,000 | $5,800,000 |
Income_Taxes_Schedule_of_Compo
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Current | ' | ' | ' | |
U.S. federal | ($83,119) | ($76,381) | ($27,224) | |
State | -4,315 | -4,569 | -624 | |
Foreign | -400 | -288 | -342 | |
Total Current | -87,834 | -81,238 | -28,190 | |
Deferred | ' | ' | ' | |
U.S. federal | 39,567 | -2,598 | -2,079 | |
State | 18,320 | -595 | -1,066 | |
Foreign | -5,119 | -55 | -32 | |
Total Deferred | 52,768 | -3,248 | -3,177 | |
Changes in valuation allowance | -14,595 | [1] | -257 | 679 |
Total | ($49,661) | ($84,743) | ($30,688) | |
[1] | The increase in the valuation allowance during 2013 was primarily related to Georgia investment tax credits earned on the CSE project, the majority of which are fully reserved. |
Income_Taxes_Schedule_of_Effec
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
REIT income not subject to federal tax | -11.00% | -7.30% | -10.60% |
Manufacturing deduction | -2.50% | -2.40% | 0.00% |
Other | 2.00% | 1.00% | -1.00% |
Effective tax rate before non-routine items | 23.50% | 26.30% | 23.40% |
Installment note prepayment | -2.40% | 0.00% | -3.60% |
Built-in gains tax holiday | 0.00% | 0.00% | -1.90% |
AFMC for CBPC exchange | -4.90% | -3.30% | -1.90% |
Taxing authority settlements and unrecognized tax benefit adjustments | 0.00% | 0.00% | -5.30% |
Gain related to consolidation of New Zealand joint venture | -1.50% | 0.00% | 0.00% |
Other | -1.70% | 0.80% | -0.70% |
Income tax rate as reported | 13.00% | 23.80% | 10.00% |
Income_Taxes_Provision_for_Inc
Income Taxes Provision for Income Taxes from Discontinued Operations Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 01, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Discontinued operation, tax effect of discontinued operation | $21,050,000 | $3,648,000 | ($331,000) | ' |
Wood Products business [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Description of proceeds from divestiture of business | '$80 million plus a working capital adjustment | ' | ' | ' |
Base consideration received | ' | ' | ' | 80,000,000 |
Discontinued operation, tax effect of discontinued operation | 22,000,000 | 3,600,000 | -300,000 | ' |
Tax effect of gain on sale of discontinued operations | 21,100,000 | ' | ' | ' |
Southern Wood Piedmont Company [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Discontinued operation, tax effect of discontinued operation | ($900,000) | ' | ' | ' |
Income_Taxes_Schedule_of_Defer
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Gross deferred tax assets: | ' | ' |
Liabilities for dispositions and discontinued operations | $28,050 | $29,944 |
Pension, postretirement and other employee benefits | 43,058 | 66,354 |
Foreign and state NOL carryforwards | 85,801 | 18,023 |
Tax credit carryforwards | 52,682 | 4,429 |
Other | 29,871 | 8,736 |
Total gross deferred tax assets | 239,462 | 127,486 |
Less: Valuation allowance | -33,889 | -19,294 |
Total deferred tax assets after valuation allowance | 205,573 | 108,192 |
Gross deferred tax liabilities: | ' | ' |
Accelerated depreciation | -57,695 | -61,414 |
Repatriation of foreign earnings | -9,065 | -5,428 |
New Zealand forests, roads and carbon credits | -85,681 | 0 |
Other | -12,607 | -4,461 |
Total gross deferred tax liabilities | -165,048 | -71,303 |
Net deferred tax asset | 40,525 | 36,889 |
Net deferred tax asset: | ' | ' |
Current portion of deferred tax asset | 39,100 | 15,845 |
Noncurrent portion of deferred tax asset | 10,720 | 26,792 |
Noncurrent portion of deferred tax liability | -9,295 | -5,748 |
Net deferred tax asset | $40,525 | $36,889 |
Income_Taxes_Summary_of_Operat
Income Taxes Summary of Operating Loss and Tax Credit Carryforwards (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | State Tax Credits [Member] | State Tax Credits [Member] | State Tax Credits [Member] | Cellulosic Biofuel Producer Credit [Member] | State [Member] | State [Member] | State [Member] | Rayonier New Zealand Limited [Member] | Matariki Forestry Group [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | New Zealand [Member] | New Zealand [Member] | ||||||||
NOL Carryforwards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Gross Amount, NOL Carryforwards | ' | ' | ' | ' | ' | ' | $243,087 | [1] | ' | ' | $6,342 | [1] | $273,212 |
Valuation Allowance, NOL Carryforwards | ' | ' | ' | ' | ' | ' | -7,525 | [1] | ' | ' | -1,776 | [1] | 0 |
Expiration, NOL Carryforwards | ' | ' | ' | ' | ' | ' | ' | 31-Dec-14 | 31-Dec-19 | ' | ' | ||
Gross Amount, Tax Credits | ' | ' | 26,000 | ' | ' | 26,682 | ' | ' | ' | ' | ' | ||
Valuation Allowance, Tax Credits | ' | ' | -24,588 | ' | ' | 0 | ' | ' | ' | ' | ' | ||
Expiration, Tax Credits | ' | ' | ' | 31-Dec-14 | 31-Dec-23 | 31-Dec-16 | ' | ' | ' | ' | ' | ||
Total Valuation Allowance | ($33,889) | ($19,294) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Fully reserved at December 31, 2013. |
Income_Taxes_Excess_Tax_Benefi
Income Taxes Excess Tax Benefits Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Excess tax benefits | $8.40 | $7.60 |
Income_Taxes_Summary_of_Income
Income Taxes Summary of Income Tax Contingencies (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2011 | ||
Increased Domestic Production Deduction due to Inclusion of CBPC Income [Member] | Settlement with Taxing Authority [Member] | Taxability of the alternative fuel mixture credit | |||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Beginning balance | $6,580,000 | $6,580,000 | $22,580,000 | ' | ' | ' | |
Decreases related to prior year tax positions | -800,000 | 0 | -16,000,000 | [1] | ' | ' | ' |
Increases related to prior year tax positions | 4,767,000 | 0 | 0 | ' | ' | ' | |
Ending balance | 10,547,000 | 6,580,000 | 6,580,000 | ' | ' | ' | |
Tax benefit recognized for final examination of uncertain tax position | ' | ' | ' | ' | ' | 16,000,000 | |
Unrecognized Tax Benefits Narrative | ' | ' | ' | ' | ' | ' | |
Significant Change in Unrecognized Tax Benefits Expected | 10,500,000 | ' | ' | 4,800,000 | 5,800,000 | ' | |
Significant Change in Unrecognized Tax Benefits, Nature of Event | ' | ' | ' | 'The IRS is currently examining the position and a resolution is expected in 2014 | 'positions on the Company’s 2010 tax return, which is expected to be settled in 2014. | ' | |
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 6,600,000 | 2,600,000 | 2,600,000 | ' | ' | ' | |
Unrecognized tax benefits that, if recognized, would decrease prepaid tax assets | 4,000,000 | ' | ' | ' | ' | ' | |
Interest expense (benefit) on unrecognized income tax benefits | 100,000 | 200,000 | -300,000 | ' | ' | ' | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $500,000 | $400,000 | ' | ' | ' | ' | |
[1] | During 2011, the Company received a final examination report from the IRS regarding its TRS 2009 tax return. As a result, Rayonier reversed the uncertain tax liability recorded in 2009 relating to the taxability of the AFMC and recognized a $16 million tax benefit in the third quarter of 2011. |
Income_Taxes_Summary_of_Income1
Income Taxes Summary of Income Tax Examinations (Details) | 12 Months Ended |
Dec. 31, 2013 | |
State of Florida [Member] | ' |
Income Tax Examination | ' |
Open Tax Years | '2005 – 2006, 2008 – 2013 |
Minimum [Member] | U.S. Internal Revenue Service [Member] | ' |
Income Tax Examination | ' |
Open Tax Year | '2008 |
Minimum [Member] | State of Alabama [Member] | ' |
Income Tax Examination | ' |
Open Tax Year | '2009 |
Minimum [Member] | State of Georgia [Member] | ' |
Income Tax Examination | ' |
Open Tax Year | '2009 |
Minimum [Member] | New Zealand Inland Revenue [Member] | ' |
Income Tax Examination | ' |
Open Tax Year | '2009 |
Maximum [Member] | U.S. Internal Revenue Service [Member] | ' |
Income Tax Examination | ' |
Open Tax Year | '2013 |
Maximum [Member] | State of Alabama [Member] | ' |
Income Tax Examination | ' |
Open Tax Year | '2013 |
Maximum [Member] | State of Georgia [Member] | ' |
Income Tax Examination | ' |
Open Tax Year | '2013 |
Maximum [Member] | New Zealand Inland Revenue [Member] | ' |
Income Tax Examination | ' |
Open Tax Year | '2013 |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations | $82,249 | $58,367 | $87,891 | [1] | $103,258 | $73,474 | $79,278 | $66,091 | $52,599 | $331,765 | [1] | $271,442 | $276,674 | |||
Less: Income from continuing operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 1,902 | 0 | 0 | |||||
Income from continuing operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 329,863 | 271,442 | 276,674 | |||||
Income from discontinued operations attributable to Rayonier Inc. | -2,444 | 0 | 0 | 44,477 | 2,135 | 1,282 | 2,988 | 838 | 42,033 | 7,243 | -669 | |||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $79,652 | $57,345 | $87,164 | [1] | $147,735 | [2] | $75,609 | $80,560 | $69,079 | $53,437 | $371,896 | [1],[2] | $278,685 | $276,005 | ||
Shares used for determining basic earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | 125,717,311 | 122,711,802 | 121,662,985 | |||||
Dilutive effect of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 463,949 | 634,218 | 702,693 | |||||
Performance and restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | 158,319 | 757,308 | 982,951 | |||||
Assumed conversion of Senior Exchangeable Notes | ' | ' | ' | ' | ' | ' | ' | ' | 1,965,177 | [3] | 2,888,650 | [3] | 1,895,762 | [3] | ||
Assumed conversion of warrants | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,345 | [3] | 1,710,445 | [3] | 149,900 | |||
Shares used for determining diluted earnings per common share | ' | ' | ' | ' | ' | ' | ' | ' | 130,105,101 | 128,702,423 | 125,394,291 | |||||
Basic earnings per common share attributable to Rayonier Inc.: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Continuing Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.63 | $2.21 | $2.28 | |||||
Discontinued Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.33 | $0.06 | ($0.01) | |||||
Net Income (in dollars per share) | $0.63 | $0.45 | $0.69 | $1.19 | $0.61 | $0.66 | $0.56 | $0.44 | $2.96 | $2.27 | $2.27 | |||||
Diluted earnings per common share attributable to Rayonier Inc.: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Continuing Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $2.54 | $2.11 | $2.21 | |||||
Discontinued Operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.32 | $0.06 | ($0.01) | |||||
Net income (in dollars per share) | $0.62 | $0.44 | $0.67 | $1.13 | $0.59 | $0.62 | $0.54 | $0.42 | $2.86 | $2.17 | $2.20 | |||||
[1] | Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||||
[2] | Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013. | |||||||||||||||
[3] | The Senior Exchangeable Notes due 2012 (the “2012 Notesâ€) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notesâ€) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013. |
Earnings_Per_Common_Share_Sche1
Earnings Per Common Share Schedule of Antidilutive Shares Excluded from the Computation of Diluted Earnings Per Share (Details) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Total | 2,302,322 | 3,113,568 | 2,057,548 | |||
Stock options, performance and restricted shares [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Total | 337,145 | 224,918 | 161,786 | |||
Assumed conversion of exchangeable note hedges [Member] | ' | ' | ' | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | |||
Total | 1,965,177 | [1] | 2,888,650 | [1] | 1,895,762 | [1] |
[1] | The Senior Exchangeable Notes due 2012 (the “2012 Notesâ€) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notesâ€) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013. |
Earnings_Per_Common_Share_Earn
Earnings Per Common Share Earnings Per Share Parenthetical (Details) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Oct. 31, 2007 | Jun. 30, 2013 | Dec. 31, 2013 |
Warrants on Senior Exchangeable Notes due 2012 [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Beginning date for maturity of warrants | 15-Jan-13 | ' | 15-Jan-13 |
Ending date for maturity of warrants | 27-Mar-13 | ' | 27-Mar-13 |
Shares issued on conversion of warrants | ' | 2,135,221 | 2,135,221 |
Warrants on Senior Exchangeable Notes due 2015 [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Strike price of warrants | ' | ' | 39.1 |
Senior Exchangeable Notes due 2015 - Settlements 1, 2 and 3 [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Redemption amount settled | ' | ' | 41.5 |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Inventory, Net [Abstract] | ' | ' | ||
Finished goods | $115,270,000 | [1] | $103,568,000 | [1] |
Work in progress | 3,555,000 | 4,446,000 | ||
Raw materials | 17,661,000 | 17,602,000 | ||
Manufacturing and maintenance supplies | 2,332,000 | 2,350,000 | ||
Total inventory | 138,818,000 | 127,966,000 | ||
HBU Real Estate Held for Sale | ' | ' | ||
HBU Real Estate Held for Sale | $6,300,000 | $4,900,000 | ||
[1] | Includes $6.3 million and $4.9 million of HBU real estate held for sale at December 31, 2013 and 2012, respectively. |
Debt_Schedule_of_LongTerm_Debt
Debt Schedule of Long-Term Debt Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
In Thousands, unless otherwise specified | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Installment note due 2014 at a fixed interest rate of 8.64% [Member] | Installment note due 2014 at a fixed interest rate of 8.64% [Member] | Mortgage notes due 2017 at fixed interest rates of 4.35% [Member] | Mortgage notes due 2017 at fixed interest rates of 4.35% [Member] | Mortgage notes due 2017 at fixed interest rates of 4.35% [Member] | Pollution control bond (retired in May 2012) and solid waste bond due 2020 at a variable interest rate of 1.57% at December 31, 2012 [Member] | Pollution control bond (retired in May 2012) and solid waste bond due 2020 at a variable interest rate of 1.57% at December 31, 2012 [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.71% at December 31, 2012 [Member] | Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.71% at December 31, 2012 [Member] | Noncontrolling interest shareholder loan at 0% interest rate [Member] | Noncontrolling interest shareholder loan at 0% interest rate [Member] | ||||||
Matariki Forestry Group [Member] | Matariki Forestry Group [Member] | Matariki Forestry Group [Member] | Matariki Forestry Group [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total debt | $1,574,224 | $1,270,052 | $193,311 | $0 | $325,000 | $325,000 | $127,749 | [1] | $165,821 | [1] | ' | $112,500 | $112,500 | $65,165 | [2] | $76,731 | [2] | ' | $15,000 | $15,000 | $205,000 | $275,000 | $500,000 | $300,000 | $30,499 | $0 |
Less: Current maturities of long-term debt | -112,500 | -150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Long-term debt | $1,461,724 | $1,120,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Fixed interest rate | ' | ' | ' | ' | 3.75% | ' | 4.50% | [1] | ' | 4.50% | 8.64% | ' | 4.35% | [2] | ' | 4.35% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Variable interest rate | ' | ' | 4.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | 1.14% | ' | 1.67% | ' | 0.00% | ' | ||||
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million. | |||||||||||||||||||||||||
[2] | The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million. |
Debt_Schedule_of_Maturities_of
Debt Schedule of Maturities of Long-term Debt (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ' | |
2014 | $112,500 | |
2015 | 130,973 | [1] |
2016 | 398,311 | |
2017 | 63,000 | [2] |
2018 | 0 | |
Thereafter | 870,499 | |
Total Debt | $1,575,283 | |
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million. | |
[2] | The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million. |
Debt_Schedule_of_Maturities_of1
Debt Schedule of Maturities of Long-term Debt Parenthetical (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2009 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unamortized discount | $3,224,000 | $6,679,000 | ' |
Amount due upon maturity | 130,973,000 | 172,500,000 | 172,500,000 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50%, post 2013 paydowns [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount due upon maturity | 131,000,000 | ' | ' |
Mortgage notes due 2017 at fixed interest rates of 4.35% [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amount due upon maturity | 63,000,000 | ' | ' |
Unamortized premium | $2,200,000 | $3,200,000 | ' |
Debt_Term_Credit_Agreement_Nar
Debt Term Credit Agreement Narrative (Details) (Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.71% at December 31, 2012 [Member], USD $) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
advance | ||
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.71% at December 31, 2012 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Issuance date of debt instrument | 'December 2012 | ' |
Maximum borrowing capacity | $640,000,000 | ' |
Maturity date description | 'December 2019 | ' |
Date through which borrowings can be made description | 'December 2017 | ' |
Maximum number of advances | ' | 5 |
Basis spread on variable rate | ' | 1.50% |
Commitment fee percentage | ' | 0.15% |
Effective basis spread on variable rate | ' | 0.95% |
Unused borrowing capacity | ' | $140,000,000 |
Debt_Revolving_Credit_Facility
Debt Revolving Credit Facility Narrative (Details) (USD $) | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2011 | Aug. 31, 2011 | Apr. 30, 2011 | Oct. 31, 2012 | Apr. 30, 2011 | Dec. 31, 2013 | |
April 2011 Line of Credit [Member] | April 2011 Line of Credit [Member] | August 2006 Line of Credit [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.05% | ' | ' | ' | ' | 0.98% |
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ' | ' | ' | ' | 0.15% |
Issuance date of debt instrument | 'April 2011 | ' | ' | 'October 2012 | ' | ' |
Line of credit facility term | '5 years | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity Before Increase | $300,000,000 | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | 450,000,000 | 250,000,000 | ' | ' | ' |
Maturity date description | ' | ' | 'August 2011 | ' | 'April 2016 | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | 243,000,000 |
Amount to secure standby letters of credit | ' | ' | ' | ' | ' | $2,000,000 |
Debt_Joint_Venture_Debt_Narrat
Debt Joint Venture Debt Narrative (Details) | Apr. 30, 2013 | Apr. 04, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Percentage of voting interests acquired | ' | 39.00% |
Noncontrolling interest ownership percentage by parent | 65.00% | 65.00% |
Debt_Senior_Secured_Facilities
Debt Senior Secured Facilities Agreement Narrative (Details) (Matariki Forestry Group [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
tranche | |
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | ' |
Debt Instrument [Line Items] | ' |
Maximum borrowing capacity | $193,000,000 |
Senior Secured Facilities Agreement as Amended July 2013 [Member] | ' |
Debt Instrument [Line Items] | ' |
Maximum borrowing capacity | 212,000,000 |
Number of tranches | 2 |
Line of credit facility description | 'comprised of two tranches. Tranche A, a $193 million revolving cash advance facility expires September 2016 and Tranche B, a $19 million working capital facility expires September 2014 |
Line of credit facility currency | 'New Zealand dollars |
Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Maximum borrowing capacity | $19,000,000 |
Debt_Senior_Secured_Facilities1
Debt Senior Secured Facilities Agreement - Revolving Credit Facility Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Notional Amount | 183,851,000 | [1] |
Percentage of JV variable debt hedged by interest rate derivatives | 95.00% | [1] |
Weighted average interest rate | 4.90% | [1] |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Minimum [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Remaining maturity | '1 year | |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Maximum [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Remaining maturity | '7 years | |
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Percentage of JV variable debt hedged by interest rate derivatives | 95.00% | |
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Matariki Forestry Group [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Amount outstanding | 193,000,000 | |
Interest rate during period | 4.39% | |
Maturity date description | 'September 2016 | |
Interest rate description | 'The interest rate is indexed to the 90 day New Zealand Bank bill rate and is generally repriced quarterly. The margin on the index rate fluctuates based on the interest coverage ratio | |
[1] | All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels. |
Debt_Senior_Secured_Facilities2
Debt Senior Secured Facilities Agreement - Working Capital Facility Narrative (Details) (Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member], Matariki Forestry Group [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' |
Maximum borrowing capacity | $19,000,000 |
Description of variable rate basis | 'Official Cash Rate set by the Reserve Bank of New Zealand |
Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread on variable rate | 1.17% |
Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Basis spread on variable rate | 1.44% |
Debt_Shareholder_Loan_Narrativ
Debt Shareholder Loan Narrative (Details) (Noncontrolling interest shareholder loan at 0% interest rate [Member], Matariki Forestry Group [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling interest shareholder loan at 0% interest rate [Member] | Matariki Forestry Group [Member] | ' |
Debt Instrument [Line Items] | ' |
Face amount | $30,000,000 |
Description | 'This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is secured by timberlands owned by the New Zealand JV and is subordinated to the Senior Secured Facilities Agreement. Although Rayonier Inc. is not liable for this loan, the shareholder loan instrument contains features with characteristics of both debt and equity and is therefore required to be classified as debt and consolidated |
Debt_105_Million_Secured_Mortg
Debt $105 Million Secured Mortgage Notes Assumed Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Acres | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||
Noncash or Part Noncash Acquisition, Debt Assumed | ' | $0 | $0 | $105,000,000 | ||
Carrying value of debt | ' | 1,574,224,000 | 1,270,052,000 | ' | ||
Mortgage notes due 2017 at fixed interest rates of 4.35% [Member] | ' | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||
Noncash or Part Noncash Acquisition, Debt Assumed, Date | 'November 2011 | ' | ' | ' | ||
Debt Instrument, Collateral | 'approximately 250,000 acres of timberlands | ' | ' | ' | ||
Acres of timberlands acquired | 250,000 | ' | ' | ' | ||
Noncash or Part Noncash Acquisition, Debt Assumed | 105,000,000 | 0 | 0 | 105,000,000 | ||
Fixed interest rate | 4.35% | 4.35% | [1] | ' | ' | |
Debt instrument term | '7 years | ' | ' | ' | ||
Maturity date description | 'August 2017 | ' | ' | ' | ||
Repayments of Secured Debt | ' | 21,000,000 | 10,500,000 | ' | ||
Carrying value of debt | ' | 65,165,000 | [1] | 76,731,000 | [1] | ' |
Debt Instrument, Outstanding Principal | ' | $63,000,000 | ' | ' | ||
[1] | The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million. |
Debt_450_Senior_Exchangeable_N
Debt 4.50% Senior Exchangeable Notes issued August 2009 Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2009 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 - Settlements 1 and 2 [Member] | |||||
note_holder | redemption | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Trading Day Threshold | ' | ' | ' | ' | ' | '20 days | ' | ' | |
Issuance date of debt instrument | ' | ' | ' | 'August 2009 | ' | ' | ' | ' | |
Face amount | ' | ' | ' | $172,500,000 | ' | $130,973,000 | $172,500,000 | ' | |
Fixed interest rate | ' | ' | ' | 4.50% | ' | 4.50% | [1] | ' | ' |
Debt Instrument, Exchange Price the Stock Price Must Exceed, Percent | ' | ' | ' | ' | ' | 130.00% | ' | ' | |
Terms of conversion feature | ' | ' | ' | 'The principal will be settled in cash and any excess exchange value will be settled at the option of the Company in either cash or stock of Rayonier. Note holders may convert their notes to common stock of Rayonier, subject to certain provisions including the market price of the stock and the trading price of the convertible notes. The current exchange rate is 30.55 shares per $1,000 principal based on an exchange price of $32.74. | ' | ' | ' | ' | |
Conversion ratio (per $1,000 principal) | ' | ' | ' | 30.55 | ' | ' | ' | ' | |
Option indexed to issuer's equity, indexed shares | ' | ' | ' | 5,169,653 | ' | ' | ' | ' | |
Conversion premium | ' | ' | ' | 22.50% | ' | ' | ' | ' | |
Effective conversion premium | ' | ' | ' | 46.00% | ' | ' | ' | ' | |
Effective conversion price | ' | ' | ' | $39.10 | ' | ' | ' | ' | |
Option indexed to issuer's equity, strike price | ' | ' | ' | 32.74 | ' | ' | ' | ' | |
Exercise price of warrants or rights | ' | ' | ' | 39.1 | ' | ' | ' | ' | |
Number of note holder groups | ' | ' | ' | ' | 3 | ' | ' | ' | |
Principal amount redeemed | ' | ' | ' | ' | 41,500,000 | ' | ' | ' | |
Number of redemptions settled | ' | ' | ' | ' | ' | 3 | ' | ' | |
Loss on extinguishment of debt | $3,974,000 | $0 | $0 | ' | ' | ' | ' | $4,000,000 | |
Number of consecutive trading days for stock price | ' | ' | ' | ' | ' | '30 days | ' | ' | |
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million. |
Debt_375_Senior_Exchangeable_N
Debt 3.75% Senior Exchangeable Notes issued October 2007 (Details) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | |||
Oct. 31, 2007 | Jun. 30, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2007 | Dec. 31, 2013 | Oct. 31, 2007 | |
Warrants on Senior Exchangeable Notes due 2012 [Member] | Warrants on Senior Exchangeable Notes due 2012 [Member] | Warrants on Senior Exchangeable Notes due 2012 [Member] | Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member] | Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member] | Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member] | Senior Exchangeable Notes Due 2012 at a fixed interest rate of 3.75% [Member] | |
unit | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Issuance date of debt instrument | ' | ' | ' | ' | 'October 2007 | ' | ' |
Face amount | ' | ' | ' | ' | $300,000,000 | ' | ' |
Fixed interest rate | ' | ' | ' | ' | 3.75% | 3.75% | 3.75% |
Option indexed to issuer's equity, indexed shares | ' | ' | ' | ' | 8,239,920 | ' | ' |
Maturity date description | ' | ' | ' | ' | 'October 2012 | ' | ' |
Redemption amount settled | ' | ' | ' | $300,000,000 | ' | ' | ' |
Option indexed to issuer's equity, shares paid | ' | ' | ' | ' | 2,221,056 | ' | ' |
Beginning date for maturity of warrants | 15-Jan-13 | ' | 15-Jan-13 | ' | ' | ' | ' |
Ending date for maturity of warrants | 27-Mar-13 | ' | 27-Mar-13 | ' | ' | ' | ' |
Total number of warrants | ' | 8,313,511 | ' | ' | ' | ' | ' |
Settlement of warrants (in shares) | ' | 2,135,221 | 2,135,221 | ' | ' | ' | ' |
Debt_Schedule_of_Convertible_D
Debt Schedule of Convertible Debt (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member] | Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member] | Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member] | Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member] | |||||
Schedule of Convertible Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Principal amount of debt | ' | ' | ' | $172,500,000 | $130,973,000 | $172,500,000 | ' | $300,000,000 | ' | ' | ' | |
Unamortized discount | ' | ' | ' | ' | -3,224,000 | -6,679,000 | ' | ' | ' | ' | ' | |
Net carrying amount of debt | 127,749,000 | 165,821,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock | 8,850,000 | 8,850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Fixed interest rate | ' | ' | ' | 4.50% | 4.50% | [1] | ' | ' | 3.75% | 3.75% | ' | ' |
Maturity date description | ' | ' | ' | 'August 2015 | 'August 2015 | ' | ' | 'October 2012 | ' | ' | ' | |
Contractual interest coupon | ' | ' | ' | ' | 7,271,000 | 7,763,000 | 7,763,000 | ' | 0 | 8,682,000 | 11,250,000 | |
Amortization of debt discount | 1,215,000 | 6,323,000 | 8,654,000 | ' | 2,281,000 | 2,296,000 | 2,167,000 | ' | 0 | 5,378,000 | 6,487,000 | |
Total interest expense recognized | $9,552,000 | $24,119,000 | $27,667,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Effective rate | 6.21% | 6.21% | 6.21% | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million. |
Debt_Covenants_Details
Debt Covenants (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Covenant EBITDA to Consolidated Interest Expense [Member] | Subsidiary Debt as a Percentage of Consolidated Net Tangible Assets [Member] | RFR Cash Flow Available for Fixed Charges to RFR Fixed Charges Ratio [Member] | Matariki Forestry Group [Member] | April 2011 Line of Credit [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.71% at December 31, 2012 [Member] | Installment note due 2014 at a fixed interest rate of 8.64% [Member] | Installment note due 2014 at a fixed interest rate of 8.64% [Member] | Installment note due 2014 at a fixed interest rate of 8.64% [Member] | Installment note due 2014 at a fixed interest rate of 8.64% [Member] | Installment note due 2014 at a fixed interest rate of 8.64% [Member] | Senior Secured Facilities Agreement as Amended July 2013 [Member] | ||
Covenant EBITDA to Consolidated Interest Expense [Member] | Subsidiary Debt as a Percentage of Consolidated Net Tangible Assets [Member] | RFR Cash Flow Available for Fixed Charges to RFR Fixed Charges Ratio [Member] | Reinvestment of Excess Timberland Sales Proceeds [Member] | Reinvestment of Excess Timberland Sales Proceeds [Member] | Reinvestment of Excess Timberland Sales Proceeds [Member] | Matariki Forestry Group [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Covenant Requirement, Percentage | ' | ' | 15.00% | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% |
Maximum borrowing capacity | ' | ' | ' | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $212,000,000 |
Covenant description | ' | ' | ' | ' | 'In connection with the New Zealand JV’s Senior Secured Facilities Agreement, covenants must be met, including generation of sufficient cash flows to meet a minimum interest coverage ratio of 1.25 to 1 on a quarterly basis and maintenance of a leverage ratio of bank debt versus the forest and land valuation below the covenant’s maximum ratio of 40 percent | ' | 'interest coverage ratio based on the facility’s definition of EBITDA (“Covenant EBITDAâ€). Covenant EBITDA consists of earnings from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense, depreciation, depletion, amortization and the non-cash cost basis of real estate sold. | 'debt at subsidiaries (excluding Rayonier Operating Company LLC and TRS, which are borrowers under the agreement) is limited to 15 percent of Consolidated Net Tangible Assets. Consolidated Net Tangible Assets is defined as total assets less the sum of total current liabilities and intangible assets. | 'contains various covenants customary to credit agreements with borrowers having investment-grade debt ratings. These covenants are substantially identical to those of the credit facility | ' | 'RFR may not incur additional debt unless, at the time of incurrence, and after giving pro forma effect to the receipt and application of the proceeds of such debt, RFR meets or exceeds a minimum ratio of cash flow to fixed charges. RFR’s ability to make certain quarterly distributions to Rayonier Inc. is limited to an amount equal to RFR’s “available cash,†which consists of its opening cash balance plus proceeds from permitted borrowings. | ' | 'An asset sales covenant in the RFR installment note related agreements requires the Company, subject to certain exceptions, to either reinvest cumulative timberland sale proceeds for individual sales greater than $10 million (the “excess proceedsâ€) in timberland-related investments or, once the amount of excess proceeds not reinvested exceeds $50 million, to offer the note holders prepayment of the notes ratably in the amount of the excess proceeds. | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,000,000 | ' | ' | ' | ' | ' |
Covenant compliance | 'the Company was in compliance with all covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of repayment offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'April 2012 | ' | ' | ' |
Debt Covenant Requirement, Limit of Non-reinvestment of Excess Timberland Sales Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' |
Limit of non-reinvestment of excess timberland sales proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' |
Amount of repayment offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,900,000 | ' | ' | ' |
Excess timberland sales proceeds after repayment offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Excess timberland sales proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' |
Debt Covenant Requirement, Ratio | ' | 250.00% | ' | 250.00% | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% |
Debt_Schedule_of_Debt_Covenant
Debt Schedule of Debt Covenants (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Covenant EBITDA to Consolidated Interest Expense [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Covenant Requirement, Ratio | 250.00% |
Actual ratio | 1331.00% |
Favorable ratio | 1081.00% |
Leverage Ratio [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Covenant Requirement, Percentage | 65.00% |
Actual percentage | 47.50% |
Favorable percentage | 17.50% |
Subsidiary Debt as a Percentage of Consolidated Net Tangible Assets [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Covenant Requirement, Percentage | 15.00% |
Actual percentage | 6.00% |
Favorable percentage | 9.00% |
RFR Cash Flow Available for Fixed Charges to RFR Fixed Charges Ratio [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Covenant Requirement, Ratio | 250.00% |
Actual ratio | 2744.00% |
Favorable ratio | 2494.00% |
Matariki Forestry Group [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Covenant Requirement, Ratio | 125.00% |
Debt Covenant Requirement, Percentage | 40.00% |
Actual ratio | 208.00% |
Actual percentage | 31.70% |
Favorable ratio | 83.00% |
Favorable percentage | 8.30% |
Shareholders_Equity_Schedule_o
Shareholders' Equity Schedule of Stockholders Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Warrants on Senior Exchangeable Notes due 2012 [Member] | Warrants on Senior Exchangeable Notes due 2012 [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Non-controlling Interest [Member] | Non-controlling Interest [Member] | Non-controlling Interest [Member] | ||||||||||||||
Warrants on Senior Exchangeable Notes due 2012 [Member] | ||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stockholders' equity, beginning balance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,332,444 | 122,035,177 | 121,023,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total stockholders' equity, beginning balance | ' | ' | ' | $1,438,004 | ' | ' | ' | $1,323,073 | $1,438,004 | $1,323,073 | $1,251,582 | ' | ' | $670,749 | $630,286 | $602,882 | ' | $876,634 | $806,235 | $717,058 | ($109,379) | ($113,448) | ($68,358) | $0 | $0 | $0 | ||
Acquisition of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 96,336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,336 | ' | ' | ||
Noncontrolling interest redemption of shares | ' | ' | ' | ' | ' | ' | ' | ' | -713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -713 | ' | ' | ||
Net income | 79,805 | 58,367 | 87,891 | 147,735 | [1] | 75,609 | 80,560 | 69,079 | 53,437 | 373,798 | [1] | 278,685 | 276,005 | ' | ' | ' | ' | ' | ' | 371,896 | 278,685 | 276,005 | ' | ' | ' | -1,902 | ' | ' |
Dividends ($1.52, $1.68 and $1.86 per share in 2011, 2012 and 2013, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | -233,321 | -208,286 | -186,828 | ' | ' | ' | ' | ' | ' | -233,321 | -208,286 | -186,828 | ' | ' | ' | ' | ' | ' | ||
Issuance of shares under incentive stock plans, (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,001,426 | 1,467,024 | 1,220,731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Issuance of shares under incentive stock plans | ' | ' | ' | ' | ' | ' | ' | ' | 10,101 | 25,495 | 13,451 | ' | ' | 10,101 | 25,495 | 13,451 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 11,710 | 15,116 | 16,181 | ' | ' | 11,710 | 15,116 | 16,181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Excess tax benefit on stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | 8,413 | 7,635 | 5,681 | ' | ' | 8,413 | 7,635 | 5,681 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repurchase of common shares, (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -211,221 | -169,757 | -208,694 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Repurchase of common shares | ' | ' | ' | ' | ' | ' | ' | ' | -11,326 | -7,783 | -7,909 | ' | ' | -11,326 | -7,783 | -7,909 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Equity portion of convertible debt (Note 13) | ' | ' | ' | ' | ' | ' | ' | ' | 2,453 | ' | ' | ' | ' | 2,453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Settlement of warrants (Note 13) (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,135,221 | 2,135,221 | ' | ' | ' | 2,135,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net loss from pension and postretirement plans, total | ' | ' | ' | ' | ' | ' | ' | ' | 61,869 | -496 | -46,263 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,869 | -496 | -46,263 | ' | ' | ' | ||
Foreign currency translation adjustment, total | ' | ' | ' | ' | ' | ' | ' | ' | -5,710 | 4,352 | 3,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,915 | 4,352 | 3,546 | 3,795 | ' | ' | ||
Joint venture cash flow hedges, total | ' | ' | ' | ' | ' | ' | ' | ' | 3,629 | 213 | -2,373 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,286 | 213 | -2,373 | 343 | ' | ' | ||
Stockholders' equity, ending balance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,257,870 | 123,332,444 | 122,035,177 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shareholders' equity attributable to parent, ending balance | 1,661,170 | ' | ' | ' | 1,438,004 | ' | ' | ' | 1,661,170 | 1,438,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total stockholders' equity, ending balance | $1,755,243 | ' | ' | ' | $1,438,004 | ' | ' | ' | $1,755,243 | $1,438,004 | $1,323,073 | ' | ' | $692,100 | $670,749 | $630,286 | ' | $1,015,209 | $876,634 | $806,235 | ($46,139) | ($109,379) | ($113,448) | $94,073 | $0 | $0 | ||
Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Dividends per share | ' | ' | ' | ' | ' | ' | ' | ' | $1.86 | $1.68 | $1.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013. |
Shareholders_Equity_Tax_Charac
Shareholders' Equity Tax Characteristics of Cash Dividend (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Capital gain | $0.72 | $1.68 | $1.52 |
Qualified | $1.14 | $0 | $0 |
Non-taxable return of capital | $0 | $0 | $0 |
Total cash dividend per common share | $1.86 | $1.68 | $1.52 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income/(Loss) Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Foreign currency translation losses [Member] | New Zealand joint venture cash flow hedges [Member] | Unrecognized components of employee benefit plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||
Beginning balance | ($109,379) | ' | ' | ' | $38,829 | [1] | ($3,628) | [2] | ($144,580) | |
Other comprehensive income/(loss) before reclassifications | 44,814 | ' | ' | ' | -1,915 | [1] | 798 | [2] | 45,931 | [3] |
Amounts reclassified from accumulated other comprehensive loss | 18,426 | ' | ' | ' | 0 | [1] | 2,488 | [2] | 15,938 | [4] |
Net other comprehensive income/(loss) | 63,240 | ' | ' | ' | -1,915 | [1] | 3,286 | [2] | 61,869 | |
Ending balance | ($46,139) | ' | ' | ' | $36,914 | [1] | ($342) | [2] | ($82,711) | |
Discount rate | ' | 4.60% | 3.70% | 4.20% | ' | ' | ' | |||
[1] | During the year ended December 31, 2013 the decrease in net foreign currency translation gains was due to the strengthening of the U.S. dollar against the New Zealand dollar. | |||||||||
[2] | Prior to the acquisition of a majority interest in the New Zealand JV, Rayonier recorded its proportionate share of its cash flow hedges as increases or decreases to “Investment in Joint Venture†with corresponding adjustments to “Accumulated other comprehensive loss†in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition, as discussed in Note 6 — Derivative Financial Instruments and Hedging Activities. | |||||||||
[3] | The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013. | |||||||||
[4] | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income/(Loss) Reclassifications (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | |
Gain related to consolidation of New Zealand joint venture | $16,000 | ' | $0 | $0 | |
Other operating (income) expense, net | ' | 9,487 | 14,169 | 3,794 | |
Comprehensive (loss) attributable to noncontrolling interest | ' | 1,550 | 0 | 0 | |
Income tax expense | ' | -49,661 | -84,743 | -30,688 | |
Net loss reclassified from accumulated other comprehensive income | ' | 18,426 | ' | ' | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | |
Net loss reclassified from accumulated other comprehensive income | ' | 2,488 | [1] | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | |
Gain related to consolidation of New Zealand joint venture | ' | 2,159 | ' | ' | |
Other operating (income) expense, net | ' | 843 | ' | ' | |
Comprehensive (loss) attributable to noncontrolling interest | ' | -295 | ' | ' | |
Income tax expense | ' | -219 | ' | ' | |
Net loss reclassified from accumulated other comprehensive income | ' | $2,488 | ' | ' | |
[1] | Prior to the acquisition of a majority interest in the New Zealand JV, Rayonier recorded its proportionate share of its cash flow hedges as increases or decreases to “Investment in Joint Venture†with corresponding adjustments to “Accumulated other comprehensive loss†in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition, as discussed in Note 6 — Derivative Financial Instruments and Hedging Activities. |
Other_Operating_Income_Net_Det
Other Operating Income, Net (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other Income and Expenses [Line Items] | ' | ' | ' | ||
Lease income, primarily for hunting | $19,479,000 | $15,937,000 | $13,071,000 | ||
Other non-timber income | 2,714,000 | 3,346,000 | 2,145,000 | ||
Foreign currency gains | 901,000 | 0 | 0 | ||
Insurance recoveries | 0 | 2,298,000 | 1,890,000 | ||
Loss on sale or disposal of property plant & equipment | -2,103,000 | -2,342,000 | -7,415,000 | [1] | |
Loss on foreign currency contracts, net | -192,000 | 0 | 0 | ||
Environmental and disposition reserve adjustments | 0 | -797,000 | -5,989,000 | [2] | |
Legal and corporate development costs | -8,275,000 | [3] | -1,073,000 | 0 | |
Miscellaneous (expense) income, net | -3,037,000 | -3,200,000 | 92,000 | ||
Total | 9,487,000 | 14,169,000 | 3,794,000 | ||
Amount of PP&E write-off | ' | ' | 5,500,000 | ||
Description of PP&E write-off | ' | ' | 'write-off related to process equipment changes needed for the CSE project | ||
Increase to liabilities | 3,253,000 | 797,000 | 6,873,000 | ||
Port Angeles Increase in Disposition Reserve [Member] | ' | ' | ' | ||
Other Income and Expenses [Line Items] | ' | ' | ' | ||
Increase to liabilities | ' | ' | $6,500,000 | ||
[1] | 2011 included a $5.5 million write-off related to process equipment changes needed for the CSE project. | ||||
[2] | 2011 included a $6.5 million increase in a disposition reserve for a closed mill site. For additional information, see Note 17 — Liabilities for Dispositions and Discontinued Operations. | ||||
[3] | 2013 included additional expenses primarily related to planning the separation of our Performance Fibers business from our Forest Resources and Real Estate businesses. |
Liabilities_for_Dispositions_a2
Liabilities for Dispositions and Discontinued Operations Schedule of Change in Environmental Loss Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | $81,695 | $90,824 | $93,160 |
Expenditures charged to liabilities | -8,570 | -9,926 | -9,209 |
Increase to liabilities | 3,253 | 797 | 6,873 |
Ending balance | 76,378 | 81,695 | 90,824 |
Less: Current portion | -6,835 | -8,105 | -9,931 |
Non-current portion | $69,543 | $73,590 | $80,893 |
Liabilities_for_Dispositions_a3
Liabilities for Dispositions and Discontinued Operations Site Liabilities Rollforward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | $81,695 | $90,824 | $93,160 |
Expenditures | -8,570 | -9,926 | -9,209 |
Increase (Reduction) to Liabilities | 3,253 | 797 | 6,873 |
Ending balance | 76,378 | 81,695 | 90,824 |
Total SWP sites [Member] | ' | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 67,000 | 75,600 | ' |
Expenditures | -6,400 | -7,200 | ' |
Increase (Reduction) to Liabilities | 2,300 | -1,400 | ' |
Ending balance | 62,900 | 67,000 | ' |
Augusta, Georgia [Member] | ' | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 12,100 | 13,900 | ' |
Expenditures | -1,000 | -800 | ' |
Increase (Reduction) to Liabilities | 800 | -1,000 | ' |
Ending balance | 11,900 | 12,100 | ' |
Spartanburg, South Carolina [Member] | ' | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 14,000 | 14,700 | ' |
Expenditures | -1,400 | -900 | ' |
Increase (Reduction) to Liabilities | -800 | 200 | ' |
Ending balance | 11,800 | 14,000 | ' |
East Point, Georgia [Member] | ' | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 10,900 | 11,000 | ' |
Expenditures | -800 | -1,000 | ' |
Increase (Reduction) to Liabilities | -200 | 900 | ' |
Ending balance | 9,900 | 10,900 | ' |
Baldwin, Florida [Member] | ' | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 9,100 | 9,700 | ' |
Expenditures | -1,100 | -900 | ' |
Increase (Reduction) to Liabilities | 2,700 | 300 | ' |
Ending balance | 10,700 | 9,100 | ' |
Other SWP sites [Member] | ' | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 20,900 | 26,300 | ' |
Expenditures | -2,100 | -3,600 | ' |
Increase (Reduction) to Liabilities | -200 | -1,800 | ' |
Ending balance | 18,600 | 20,900 | ' |
Port Angeles, Washington [Member] | ' | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 9,500 | 9,300 | ' |
Expenditures | -1,500 | -1,700 | ' |
Increase (Reduction) to Liabilities | 1,400 | 1,900 | 7,100 |
Ending balance | 9,400 | 9,500 | 9,300 |
All other sites [Member] | ' | ' | ' |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' | ' |
Beginning balance | 5,200 | 5,900 | ' |
Expenditures | -700 | -1,000 | ' |
Increase (Reduction) to Liabilities | -400 | 300 | ' |
Ending balance | $4,100 | $5,200 | ' |
Liabilities_for_Dispositions_a4
Liabilities for Dispositions and Discontinued Operations Site Liabilities Narrative (Details) (USD $) | 12 Months Ended | 732 Months Ended | 12 Months Ended | 780 Months Ended | 12 Months Ended | 924 Months Ended | 12 Months Ended | 408 Months Ended | 12 Months Ended | 816 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1988 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1989 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1984 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1987 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 1997 | Dec. 31, 2011 | |
Augusta, Georgia [Member] | Augusta, Georgia [Member] | Augusta, Georgia [Member] | Spartanburg, South Carolina [Member] | Spartanburg, South Carolina [Member] | Spartanburg, South Carolina [Member] | East Point, Georgia [Member] | East Point, Georgia [Member] | East Point, Georgia [Member] | Baldwin, Florida [Member] | Baldwin, Florida [Member] | Baldwin, Florida [Member] | Port Angeles, Washington [Member] | Port Angeles, Washington [Member] | Port Angeles, Washington [Member] | Port Angeles, Washington [Member] | Port Angeles Increase in Disposition Reserve [Member] | ||||
Site Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Type of operation | ' | ' | ' | ' | ' | 'wood treatment plant | ' | ' | 'wood treatment plant | ' | ' | 'wood treatment plant | ' | ' | 'wood treatment plant | ' | ' | ' | 'dissolving pulp mill | ' |
Years in operation | ' | ' | ' | ' | ' | '1928 to 1988 | ' | ' | '1925 to 1989 | ' | ' | '1908 to 1984 | ' | ' | '1954 to 1987 | ' | ' | ' | '1930 until 1997 | ' |
Environmental Permit Term | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | '10 years | ' | ' | '10 years | ' | ' | ' | ' | ' |
Environmental remediation costs recognized | ' | ' | ' | ' | ' | 'The majority of visually contaminated surface soils have been removed, and remediation activities currently consist primarily of a groundwater treatment and recovery system. | ' | ' | 'Remediation activities include: (1) a recovery system and biological wastewater treatment plant, (2) an ozone-sparging system treating soil and groundwater and (3) an ion-exchange resin system treating groundwater. | ' | ' | 'In 2009, SWP entered into a consent order with the Environmental Protection Division of the Georgia Department of Natural Resources which requires that SWP perform certain additional investigatory, analytical and potentially, remedial activity. | ' | ' | 'Visually contaminated surface soils have been removed, and current remediation activities primarily consist of a groundwater recovery and treatment system. Investigation and assessment of other potential areas of concern are ongoing in accordance with the facility’s RCRA permit | ' | ' | ' | 'The site and the adjacent marine areas (a portion of Port Angeles harbor) have been in various stages of the assessment process under the Washington Model Toxics Control Act (“MTCAâ€) since about 2000, and several voluntary interim soil clean-up actions have also been performed during this time. In 2010, Rayonier entered into an agreed order with the Washington Department of Ecology (“Ecologyâ€), under which the MTCA investigatory, assessment and feasibility and alternatives study process will be completed on a set timetable, subject to approval of all reports and studies by Ecology. | ' |
Permit expiration date | ' | ' | ' | ' | ' | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | '2016 | ' | ' | ' | ' | ' |
Factors changing estimate | ' | ' | ' | ' | ' | 'Current cost estimates could change if recovery or discharge volumes increase or decrease significantly, or if changes to current remediation activities are required in the future. | ' | ' | ' | ' | ' | 'Therefore, while active remedial measures are currently ongoing, additional remedial measures may be necessary in the future. | ' | ' | 'additional remedial activities may be necessary in the future. Therefore, current cost estimates could change. | ' | ' | ' | 'Upon completion of all work required under the agreed order and negotiation of an approved remedy, additional remedial measures for the site and adjacent marine areas may be necessary in the future. | ' |
Indication accrual may change | ' | ' | ' | ' | ' | ' | ' | ' | 'In 2012, SWP entered into a consent decree with the South Carolina Department of Health and Environmental Control which governs future investigatory and assessment activities at the site. Depending on the results of this investigation and assessment, additional remedial actions may be required in the future. Therefore, current cost estimates could change. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total spending-to-date | ' | ' | ' | $68,300,000 | ' | ' | $40,200,000 | ' | ' | $21,800,000 | ' | ' | $21,700,000 | ' | ' | $42,700,000 | ' | ' | ' | ' |
Increase to liabilities | $3,253,000 | $797,000 | $6,873,000 | $800,000 | ($1,000,000) | ' | ($800,000) | $200,000 | ' | ($200,000) | $900,000 | ' | $2,700,000 | $300,000 | ' | $1,400,000 | $1,900,000 | $7,100,000 | ' | $6,500,000 |
Environmental cost recognized, caption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '“other operating income, net†|
Date through which recorded liabilities cover estimated obligations | ' | ' | ' | 'through 2033 | ' | ' | 'through 2033 | ' | ' | 'through 2033 | ' | ' | 'through 2033 | ' | ' | 'Liabilities are recorded to cover obligations for the estimated assessment, remediation and monitoring obligations that are deemed probable and estimable at this time | ' | ' | ' | ' |
Liabilities_for_Dispositions_a5
Liabilities for Dispositions and Discontinued Operations General Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Estimated 2014 Environmental Expenditures | $8 |
Estimated 2015 Environmental Expenditures | 7 |
Environmental Expenditures, Balance Sheet Caption | 'liabilities for dispositions and discontinued operations |
Environmental Loss Contingencies Term | '20 years |
Description of Remedial Actions | 'Remedial actions for these sites vary, but include on-site (and in certain cases off-site) removal or treatment of contaminated soils and sediments, recovery and treatment/remediation of groundwater, and source remediation and/or control. |
Environmental Contingency, Loss Exposure in Excess of Accrual, High Estimate | $30 |
Environmental Applicability, Impact and Conclusion Disclosures | 'In addition, these prior dispositions and discontinued operations are exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of December 31, 2013, this amount could range up to $30 million, allocable over several of the applicable sites, and arises from uncertainty over the availability, feasibility or effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies. |
Port Angeles, Washington [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Status of Dispositions and Discontinued Operations | 'closed in 1997 |
Total SWP sites [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Status of Dispositions and Discontinued Operations | 'ceased operations in 1989 except for investigation and remediation activities |
Total SWP sites [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Applicability and Impact of Environmental Laws | 'SWP owns or has liability for nine inactive former wood treating sites that are subject to the Resource Conservation and Recovery Act (“RCRAâ€), the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and/or other similar federal or state statutes relating to the investigation and remediation of environmentally-impacted sites. |
Guarantees_Details
Guarantees (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | $25,107,000 | |
Carrying Amount of Liability | 16,186,000 | |
Standy letters of credit [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | 17,354,517 | [1] |
Carrying Amount of Liability | 15,000,000 | [1] |
Guarantor obligations collateral for industrial revenue bonds | 15,000,000 | |
Guarantor obligations term | 'various dates during 2014 | |
Guarantees [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | 2,254,000 | [2] |
Carrying Amount of Liability | 43,000 | [2] |
Recorded liability for performance obligation | 'de minimus liability | |
Surety bonds [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | 5,497,630 | [3] |
Carrying Amount of Liability | $1,143,000 | [3] |
Guarantor obligations term | 'various dates between 2014 and 2015 | |
[1] | Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2014 and will be renewed as required. | |
[2] | In conjunction with a timberland sale and note monetization in the first quarter of 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2013, the Company has recorded a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement. | |
[3] | Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates between 2014 and 2015 and are expected to be renewed as required. |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | ' | ' | ' | |
2014 | $16,034,000 | [1] | ' | ' |
2015 | 12,349,000 | [1] | ' | ' |
2016 | 12,716,000 | [1] | ' | ' |
2017 | 12,183,000 | [1] | ' | ' |
2018 | 4,219,000 | [1] | ' | ' |
Thereafter | 5,047,000 | [1] | ' | ' |
Total | 62,548,000 | [1] | ' | ' |
Purchase Obligation, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
2014 | 29,486,000 | ' | ' | |
2015 | 24,515,000 | ' | ' | |
2016 | 25,316,000 | ' | ' | |
2017 | 24,484,000 | ' | ' | |
2018 | 14,793,000 | ' | ' | |
Thereafter | 163,836,000 | ' | ' | |
Total | 282,430,000 | ' | ' | |
Operating Leases [Member] | ' | ' | ' | |
Leases, Operating [Abstract] | ' | ' | ' | |
Rent expense | 4,000,000 | 3,900,000 | 3,300,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
2014 | 3,288,000 | [2] | ' | ' |
2015 | 2,347,000 | [2] | ' | ' |
2016 | 3,002,000 | [2] | ' | ' |
2017 | 3,121,000 | [2] | ' | ' |
2018 | 2,776,000 | [2] | ' | ' |
Thereafter | 16,525,000 | [2] | ' | ' |
Total | 31,059,000 | [2] | ' | ' |
Timber Properties [Member] | ' | ' | ' | |
Leases, Operating [Abstract] | ' | ' | ' | |
Expenditures for long-term leases and deeds on timberlands | 10,400,000 | 8,000,000 | 7,300,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
2014 | 10,164,000 | [3] | ' | ' |
2015 | 9,819,000 | [3] | ' | ' |
2016 | 9,598,000 | [3] | ' | ' |
2017 | 9,180,000 | [3] | ' | ' |
2018 | 7,798,000 | [3] | ' | ' |
Thereafter | 142,264,000 | [3] | ' | ' |
Total | 188,823,000 | [3] | ' | ' |
Matariki Crown Forest Licenses [Member] | ' | ' | ' | |
Operating Leased Assets [Line Items] | ' | ' | ' | |
Lessee Leasing Arrangements, Operating Leases, Termination Notice | '35 years | ' | ' | |
Number of Fixed Term Forest Leases Expiring | 2 | ' | ' | |
Rent Review Term | '3 years | ' | ' | |
Leases, Operating [Abstract] | ' | ' | ' | |
Rent expense | $2,700,000 | ' | ' | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | '1 year | ' | ' | |
Number of Leases Under Termination Notice | 2 | ' | ' | |
Minimum [Member] | Timber Properties [Member] | ' | ' | ' | |
Leases, Operating [Abstract] | ' | ' | ' | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '30 years | ' | ' | |
Minimum [Member] | Matariki Crown Forest Licenses [Member] | ' | ' | ' | |
Leases, Operating [Abstract] | ' | ' | ' | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '30 years | ' | ' | |
Maximum [Member] | Timber Properties [Member] | ' | ' | ' | |
Leases, Operating [Abstract] | ' | ' | ' | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '65 years | ' | ' | |
Maximum [Member] | Matariki Crown Forest Licenses [Member] | ' | ' | ' | |
Leases, Operating [Abstract] | ' | ' | ' | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '99 years | ' | ' | |
[1] | Pursuant to the Wood Products purchase and sale agreement, Rayonier contracted with Interfor to purchase wood chips produced at the lumber mills for use at Rayonier’s Jesup mill through 2018. Purchase obligations include obligations under this agreement as well as payments expected to be made on derivative financial instruments held in New Zealand and various environmental monitoring and maintenance service agreements. | |||
[2] | Includes leases on buildings, machinery and equipment under various operating leases and a Jesup mill natural gas transportation lease. | |||
[3] | The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. |
Incentive_Stock_Plans_Incentiv
Incentive Stock Plans Incentive Stock Plans Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Tax benefits recognized related to stock-based compensation expense | $3.10 | $4 | $4.30 |
Selling and general expenses [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation cost | 10.8 | 14.3 | 16.2 |
Cost of sales [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation cost | $0.90 | $0.80 | $0 |
Rayonier Incentive Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 15,800,000 | ' | ' |
Plan description | 'shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. | ' | ' |
Shares available for future grant (millions) | 6,400,000 | ' | ' |
Incremental reduction of shares available for grant | 'shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted | ' | ' |
Policy for issuing shares | 'The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares. | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Reduction in number of shares available for grants | 1 | ' | ' |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Reduction in number of shares available for grants | 2.27 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Reduction in number of shares available for grants | 2.27 | ' | ' |
Incentive_Stock_Plans_Restrict
Incentive Stock Plans Restricted Stock Narrative (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation cost | $1.10 |
Weighted average period for recognition (years) | '1 year 6 months |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award vesting period | '1 year |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award vesting period | '3 years |
Incentive_Stock_Plans_Summary_
Incentive Stock Plans Summary of Restricted Shares (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restricted Stock [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Restricted shares granted | 33,607 | 18,742 | 20,535 | |||
Weighted average price of restricted shares granted | $57.54 | $42.40 | $43.55 | |||
Intrinsic value of restricted stock outstanding | $1.70 | [1] | $2.10 | [1] | $3.40 | [1] |
Fair value of restricted stock vested | 1.3 | 1.8 | 2.6 | |||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $0.30 | $0.60 | $0.80 | |||
[1] | Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2013. |
Incentive_Stock_Plans_Schedule
Incentive Stock Plans Schedule of Restricted Stock Activity (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Number of Shares, Beginning Balance | 40,572 | ' | ' |
Granted | 33,607 | 18,742 | 20,535 |
Vested | -34,947 | ' | ' |
Cancelled | 0 | ' | ' |
Number of Shares, Ending Balance | 39,232 | 40,572 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Weighted Average Grant Date Fair Value, Beginning Balance | $37.36 | ' | ' |
Granted | $57.54 | $42.40 | $43.55 |
Vested | $36.23 | ' | ' |
Cancelled | $0 | ' | ' |
Weighted Average Grant Date Fair Value, Ending Balance | $55.66 | $37.36 | ' |
Incentive_Stock_Plans_Performa
Incentive Stock Plans Performance Share Units Narrative (Details) (Performance Shares [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award vesting period | '3 years |
Valuation method | 'Monte Carlo simulation model |
Unrecognized compensation cost | $8.20 |
Weighted average period for recognition (years) | '1 year 8 months 12 days |
Risk-free rate, description | 'The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. |
Dividend yield, description | 'The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. |
Incentive_Stock_Plans_Summary_1
Incentive Stock Plans Summary of Performance Shares (Details) (Performance Shares [Member], USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Performance Shares [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Common shares of Company stock reserved for performance shares | 276,240 | 337,360 | 470,820 | |||
Weighted average fair value of performance share units granted | $59.16 | $56.36 | $51.57 | |||
Intrinsic value of outstanding performance share units | $22.10 | [1] | $36.30 | [1] | $46 | [1] |
Fair value of restricted stock vested | 7 | 22.2 | 9.9 | |||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $11 | $7.20 | $7.10 | |||
[1] | Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2013. |
Incentive_Stock_Plans_Schedule1
Incentive Stock Plans Schedule of Performance Share Activity (Details) (Performance Shares [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Number of Shares, Beginning Balance | 700,825 | ' | ' |
Granted | 138,120 | ' | ' |
Units Distributed | -294,515 | ' | ' |
Cancelled/Adjustments | -19,684 | ' | ' |
Number of Shares, Ending Balance | 524,746 | 700,825 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Weighted Average Grant Date Fair Value, Beginning Balance | $47.23 | ' | ' |
Weighted average price of restricted shares granted | $59.16 | $56.36 | $51.57 |
Units Distributed | $39.25 | ' | ' |
Cancelled/Adjustments | $54.83 | ' | ' |
Weighted Average Grant Date Fair Value, Ending Balance | $54.57 | $47.23 | ' |
Incentive_Stock_Plans_Schedule2
Incentive Stock Plans Schedule of Assumptions used for Performance Shares (Details) (Performance Shares [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility | 23.20% | 36.90% | 51.30% |
Risk-free rate | 0.40% | 0.40% | 1.00% |
Incentive_Stock_Plans_NonQuali
Incentive Stock Plans Non-Qualified Employee Stock Options Narrative (Details) (Stock Options [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum term | '10 years |
Award vesting period | '3 years |
Valuation method | 'Black-Scholes option-pricing model |
Expense recognition method | '3 years |
Unrecognized compensation cost | $2 |
Weighted average period for recognition (years) | '1 year |
Incentive_Stock_Plans_Schedule3
Incentive Stock Plans Schedule of Assumptions Used to Determine Fair Value, Options (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility | 39.00% | 39.30% | 38.20% |
Dividend yield | 3.40% | 3.60% | 3.90% |
Risk-free rate | 1.00% | 1.30% | 2.60% |
Expected life (in years) | '6 years 3 months 18 days | '6 years 4 months 24 days | '6 years 6 months |
Fair value per share of options granted | $14.01 | $11.85 | $9.99 |
Fair value of options granted (in millions) | $2.70 | $2.80 | $3 |
Incentive_Stock_Plans_Schedule4
Incentive Stock Plans Schedule of Stock Option Activity (Details) (Stock Options [Member], USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Number of Shares, Beginning Balance | 1,609,129 |
Granted | 190,360 |
Exercised | -400,856 |
Cancelled | -5,411 |
Number of Shares, Ending Balance | 1,393,222 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Weighted Average Exercise Price (per common share), Beginning Balance | $29.56 |
Granted | $52.65 |
Exercised | $26.14 |
Cancelled | $46.30 |
Weighted Average Exercise Price (per common share), Ending Balance | $33.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
Weighted Average Remaining Contractual term (in years), Options outstanding | '5 years 10 months 24 days |
Aggregate Intrinsic Value, Options outstanding | $14.10 |
Number of Shares, Options vested and expected to vest | 1,391,464 |
Weighted Average Exercise Price (per common share), Options vested and expected to vest | $33.79 |
Weighted Average Remaining Contractual term (in years), Options vested and expected to vest | '5 years 10 months 24 days |
Aggregate Intrinsic Value, Options vested and expected to vest | 14.1 |
Number of Shares, Options exercisable | 1,061,807 |
Weighted Average Exercise Price (per common share), Options exercisable | $29.46 |
Weighted Average Remaining Contractual term (in years), Options exercisable | '5 years 2 months 12 days |
Aggregate Intrinsic Value, Options exercisable | $13.80 |
Incentive_Stock_Plans_Summary_2
Incentive Stock Plans Summary of Additional Information for Stock Options (Details) (Stock Options [Member], USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Stock Options [Member] | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Intrinsic value of options exercised | $12.30 | [1] | $20.50 | [1] | $10.40 | [1] |
Fair value of options vested | $2.60 | $3.30 | $2.50 | |||
[1] | Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. |
Employee_Benefit_Plans_Defined
Employee Benefit Plans Defined Benefit Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plans, General Information | 'The Company has four qualified non-contributory defined benefit pension plans covering a significant majority of its employees | ' | ' |
Number of Qualified Defined Benefit Plans | 4 | ' | ' |
Defined Benefit Plan, Unfunded Plan | 'an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans | ' | ' |
Defined Benefit Plan, Other Information | 'The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005, to Fernandina hourly employees hired after April 30, 2006, to Jesup hourly employees hired after March 4, 2009 and to Wood Products hourly employees hired after February 28, 2011. Currently, all plans are closed to new participants. | ' | ' |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Description of Settlements and Curtailments | 'The Company sold its Wood Products business in March 2013. As a result of the sale, all employees covered by the Wood Products defined benefit pension plan are considered terminated employees. Amendments to the plan in June 2013 resulted in all such employees automatically vesting in the plan. Additionally, a one-time lump sum distribution was offered to terminated Wood Products plan participants or their beneficiaries. | ' | ' |
Settlement Payment Amount | $3,000,000 | ' | ' |
Effect of Plan Amendment on Benefit Obligation | 2,800,000 | ' | ' |
Unrecognized gain in other comprehensive income, before tax | 0 | 0 | 0 |
Amortization of Plan Amendment Gain | 0 | 0 | 0 |
Pension Plan, Defined Benefit [Member] | Income from Discontinued Operations, net [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Recognized Loss Due to Settlements, Net of Tax | 500,000 | ' | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Description of Plan Amendment | 'the Company amended its postretirement medical plan for active and retired hourly employees at the Jesup mill by placing a limit on Rayonier’s contributions toward retiree medical coverage. The change was accounted for as a negative plan amendment, which resulted in a reduction to the retiree medical liability. | ' | ' |
Unrecognized gain in other comprehensive income, before tax | -3,372,000 | 0 | 0 |
Unrecognized gain in other comprehensive income, net of tax | -2,200,000 | ' | ' |
Amortization Period for Plan Amendment | '13 years 10 months 24 days | ' | ' |
Amortization of Plan Amendment Gain | $105,000 | $55,000 | $0 |
Employee_Benefit_Plans_Change_
Employee Benefit Plans Change in PBO and Assets and Reconciliations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Noncurrent liabilities | ($95,654) | ($159,582) | ' |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Rollforward] | ' | ' | ' |
Projected benefit obligation at beginning of year | 454,470 | 413,147 | ' |
Service cost | 8,452 | 8,407 | 6,782 |
Interest cost | 16,682 | 17,284 | 18,087 |
Settlement loss | 137 | 0 | ' |
Actuarial (gain) loss | -44,786 | 32,666 | ' |
Plan amendments | 0 | 0 | ' |
Employee contributions | 0 | 0 | ' |
Benefits paid | -21,317 | -17,034 | ' |
Projected benefit obligation at end of year | 413,638 | 454,470 | 413,147 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 320,699 | 295,655 | ' |
Actual return on plan assets | 42,285 | 41,729 | ' |
Employer contributions | 1,699 | 1,565 | ' |
Employee contributions | 0 | 0 | ' |
Benefits paid | -21,317 | -17,034 | ' |
Other expense | -1,461 | -1,216 | ' |
Fair value of plan assets at end of year | 341,905 | 320,699 | 295,655 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Net accrued benefit cost | -71,733 | -133,771 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Noncurrent assets | 3,583 | 0 | ' |
Current liabilities | -1,776 | -1,702 | ' |
Noncurrent liabilities | -73,540 | -132,069 | ' |
Net amount recognized | -71,733 | -133,771 | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Change in Benefit Obligation [Rollforward] | ' | ' | ' |
Projected benefit obligation at beginning of year | 27,582 | 24,833 | ' |
Service cost | 1,056 | 918 | 673 |
Interest cost | 937 | 956 | 972 |
Settlement loss | 0 | 0 | ' |
Actuarial (gain) loss | -3,206 | 2,021 | ' |
Plan amendments | -3,372 | 0 | ' |
Employee contributions | 980 | 1,136 | ' |
Benefits paid | -1,978 | -2,282 | ' |
Projected benefit obligation at end of year | 21,999 | 27,582 | 24,833 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 998 | 1,146 | ' |
Employee contributions | 980 | 1,136 | ' |
Benefits paid | -1,978 | -2,282 | ' |
Other expense | 0 | 0 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | ' | ' | ' |
Net accrued benefit cost | -21,999 | -27,582 | ' |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ' | ' | ' |
Noncurrent assets | 0 | 0 | ' |
Current liabilities | -1,071 | -1,256 | ' |
Noncurrent liabilities | -20,928 | -26,326 | ' |
Net amount recognized | ($21,999) | ($27,582) | ' |
Employee_Benefit_Plans_Other_C
Employee Benefit Plans Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net gains (losses) | $60,171 | ($17,630) | ($75,995) |
Prior service cost | 0 | 0 | 0 |
Negative plan amendment | 0 | 0 | 0 |
Amortization of losses | 20,914 | 17,578 | 10,372 |
Amortization of prior service cost | 1,356 | 1,308 | 1,359 |
Amortization of negative plan amendment | 0 | 0 | 0 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net gains (losses) | 3,206 | -2,021 | -3,934 |
Prior service cost | 0 | 0 | 631 |
Negative plan amendment | 3,372 | 0 | 0 |
Amortization of losses | 675 | 582 | 570 |
Amortization of prior service cost | 66 | 80 | 69 |
Amortization of negative plan amendment | ($105) | ($55) | $0 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans Accumulated Other Comprehensive Income (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Deferred income tax benefit | ($40,525) | ($36,889) |
Pension Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | -5,707 | -7,062 |
Net losses | -110,728 | -191,813 |
Negative plan amendment | 0 | 0 |
Deferred income tax benefit | 36,685 | 61,968 |
AOCI | -79,750 | -136,907 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost | -49 | -328 |
Net losses | -8,057 | -11,939 |
Negative plan amendment | 3,574 | 521 |
Deferred income tax benefit | 1,571 | 4,073 |
AOCI | ($2,961) | ($7,673) |
Employee_Benefit_Plans_Accumul1
Employee Benefit Plans Accumulated Benefit Obligations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Projected benefit obligation | $388,163 | $482,052 |
Accumulated benefit obligation | 350,605 | 434,810 |
Fair value of plan assets | $290,848 | $320,699 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $8,452 | $8,407 | $6,782 |
Interest cost | 16,682 | 17,284 | 18,087 |
Expected return on plan assets | -25,302 | -25,477 | -25,819 |
Amortization of prior service cost | 1,296 | 1,308 | 1,359 |
Amortization of losses | 20,097 | 17,578 | 10,372 |
Amortization of negative plan amendment | 0 | 0 | 0 |
Curtailment expense | 60 | 0 | 0 |
Settlement expense | 817 | 0 | 0 |
Net periodic benefit cost | 22,102 | 19,100 | 10,781 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 1,056 | 918 | 673 |
Interest cost | 937 | 956 | 972 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 66 | 80 | 69 |
Amortization of losses | 675 | 582 | 570 |
Amortization of negative plan amendment | -105 | -55 | 0 |
Curtailment expense | 0 | 0 | 0 |
Settlement expense | 0 | 0 | 0 |
Net periodic benefit cost | $2,629 | $2,481 | $2,284 |
Employee_Benefit_Plans_AOCI_Am
Employee Benefit Plans AOCI Amortization in Next Fiscal Year (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of loss | $10,448 |
Amortization of prior service cost | 1,167 |
Amortization of negative plan amendment | 0 |
Total amortization of AOCI loss | 11,615 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of loss | 640 |
Amortization of prior service cost | 17 |
Amortization of negative plan amendment | -282 |
Total amortization of AOCI loss | $375 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans Assumptions Used in Calculations (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Assumptions Used to Determine Benefit Obligations | ' | ' | ' |
Discount rate | 4.60% | 3.70% | 4.20% |
Rate of compensation increase | 4.60% | 4.60% | 4.50% |
Discount rate methodology | 'closely approximates interest rates on high quality, long-term obligations | ' | ' |
Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' | ' |
Discount rate | 3.70% | 4.20% | 5.25% |
Expected long-term return on plan assets | 8.50% | 8.50% | 8.50% |
Rate of compensation increase | 4.60% | 4.50% | 4.50% |
Return on plan assets methodology | 'based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return | ' | ' |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' |
Assumptions Used to Determine Benefit Obligations | ' | ' | ' |
Discount rate | 4.60% | 3.60% | 4.10% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Assumptions Used to Determine Net Periodic Benefit Cost | ' | ' | ' |
Discount rate | 3.60% | 4.10% | 5.10% |
Expected long-term return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans Expected Health Care Cost Trend Rates (Details) (Other Postretirement Benefit Plan, Defined Benefit [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
Health care cost trend rate assumed for next year | 7.00% | 7.50% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2017 | '2017 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
Effect of one percentage point increase on total of service and interest cost components | $253 | ' |
Effect of one percentage point decrease on total of service and interest cost components | -208 | ' |
Effect of one percentage point increase on accumulated postretirement benefit obligation | 1,389 | ' |
Effect of one percentage point decrease on accumulated postretirement benefit obligation | ($1,183) | ' |
Employee_Benefit_Plans_Investm
Employee Benefit Plans Investment of Plan Assets (Details) (Pension Plan, Defined Benefit [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Defined Benefit Plan, Investment Goals | 'The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. | ' |
Defined Benefit Plan, Type of Employer and Related Party Securities Included in Plan Assets | 'direct investment in Rayonier common stock | ' |
Defined Benefit Plan, Amount of Employer and Related Party Securities Included in Plan Assets | $0 | $0 |
Domestic equity securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 42.00% | 41.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Target allocation range minimum | 40.00% | ' |
Target allocation range maximum | 45.00% | ' |
International equity securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 26.00% | 25.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Target allocation range minimum | 20.00% | ' |
Target allocation range maximum | 30.00% | ' |
Domestic fixed income securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 25.00% | 26.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Target allocation range minimum | 25.00% | ' |
Target allocation range maximum | 30.00% | ' |
International fixed income securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 5.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Target allocation range minimum | 4.00% | ' |
Target allocation range maximum | 6.00% | ' |
Real estate funds [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% | 3.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ' | ' |
Target allocation range minimum | 2.00% | ' |
Target allocation range maximum | 4.00% | ' |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans Fair Value Measurements (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | |||
Fair Value, Level 1 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 2 [Member] | Equity Securities, Domestic [Member] | Equity Securities, Domestic [Member] | Equity Securities, Domestic [Member] | Equity Securities, Domestic [Member] | Equity Securities, Domestic [Member] | Equity Securities, Domestic [Member] | Equity Securities, International [Member] | Equity Securities, International [Member] | Equity Securities, International [Member] | Equity Securities, International [Member] | Equity Securities, International [Member] | Equity Securities, International [Member] | Domestic Debt Securities [Member] | Domestic Debt Securities [Member] | Domestic Debt Securities [Member] | Domestic Debt Securities [Member] | Domestic Debt Securities [Member] | Domestic Debt Securities [Member] | Foreign Debt Securities [Member] | Foreign Debt Securities [Member] | Foreign Debt Securities [Member] | Foreign Debt Securities [Member] | Foreign Debt Securities [Member] | Foreign Debt Securities [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | Short-term Investments [Member] | ||||||
Fair Value, Level 1 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 1 [Member] | Fair Value, Level 2 [Member] | Fair Value, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | ' | ' | $341,905 | $320,699 | $295,655 | $110,676 | $128,393 | $231,229 | $192,306 | $139,694 | $126,904 | $29,293 | $50,653 | $110,401 | $76,251 | $87,039 | $78,931 | $55,692 | $51,758 | $31,347 | $27,173 | $85,222 | $81,045 | $0 | $0 | $85,222 | $81,045 | $15,134 | $15,745 | $15,134 | $15,745 | $0 | $0 | $9,678 | $10,208 | $9,678 | $10,208 | $0 | $0 | $5,138 | $7,866 | $879 | $29 | $4,259 | $7,837 |
Valuation Methodology | ' | ' | ' | ' | ' | 'Level 1 — Net asset value in an observable market. | ' | 'Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in Valuation Methodology | 'no changes in the methodology | 'no changes in the methodology | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Expecte1
Employee Benefit Plans Expected Benefit Payments (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, Description | 'The Company has no mandatory pension contribution requirements in 2014, but may make discretionary contributions. |
Pension Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
2014 | 19,987 |
2015 | 21,070 |
2016 | 22,118 |
2017 | 23,149 |
2018 | 24,191 |
2019 - 2023 | 133,459 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ' |
2014 | 1,071 |
2015 | 1,170 |
2016 | 1,259 |
2017 | 1,271 |
2018 | 1,394 |
2019 - 2023 | 6,328 |
Employee_Benefit_Plans_Defined1
Employee Benefit Plans Defined Contribution Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Description of Defined Contribution Pension and Other Postretirement Plans | 'The Company provides defined contribution plans to all of its hourly and salaried employees. | ' | ' |
Defined Contribution Plan, Cost Recognized | $4.40 | $2.70 | $2.60 |
Type of Employer and Related Party Securities Included in Plan Assets | 'Rayonier common stock | ' | ' |
Amount of Employer and Related Party Securities Included in Plan Assets | 73.2 | 89.4 | ' |
Defined Contribution Plan, Contributions for 401(k) Plan Enhancement | $1.10 | $1 | $0.90 |
Quarterly_Results_for_2013_and2
Quarterly Results for 2013 and 2012 (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | $520,242 | $384,784 | $409,077 | $393,719 | $412,660 | $386,163 | $348,096 | $336,571 | $1,707,822 | $1,483,490 | $1,420,960 | |||
Cost of sales | 395,446 | 287,150 | 297,698 | 266,018 | 292,212 | 259,201 | 243,571 | 235,708 | 1,246,312 | 1,030,692 | 1,006,297 | |||
Income from continuing operations | 82,249 | 58,367 | 87,891 | [1] | 103,258 | 73,474 | 79,278 | 66,091 | 52,599 | 331,765 | [1] | 271,442 | 276,674 | |
Income from discontinued operations | -2,444 | 0 | 0 | 44,477 | 2,135 | 1,282 | 2,988 | 838 | 42,033 | 7,243 | -669 | |||
Net income | 79,805 | 58,367 | 87,891 | 147,735 | [2] | 75,609 | 80,560 | 69,079 | 53,437 | 373,798 | [2] | 278,685 | 276,005 | |
Net income attributable to Rayonier Inc. | 79,652 | 57,345 | 87,164 | [1] | 147,735 | [2] | 75,609 | 80,560 | 69,079 | 53,437 | 371,896 | [1],[2] | 278,685 | 276,005 |
Basic EPS attributable to Rayonier Inc. (in dollars per share) | $0.63 | $0.45 | $0.69 | $1.19 | $0.61 | $0.66 | $0.56 | $0.44 | $2.96 | $2.27 | $2.27 | |||
Diluted EPS attributable to Rayonier Inc. (in dollars per share) | $0.62 | $0.44 | $0.67 | $1.13 | $0.59 | $0.62 | $0.54 | $0.42 | $2.86 | $2.17 | $2.20 | |||
Gain on disposition of business | ' | ' | ' | 43,000 | ' | ' | ' | ' | 42,121 | 0 | 0 | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | $16,000 | ' | ' | ' | ' | ' | ' | $0 | $0 | |||
[1] | Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||
[2] | Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013. |
Consolidating_Financial_Statem2
Consolidating Financial Statements Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Issuance date of debt instrument | 'August 2009 | ' | ' | |
Face amount | $172,500,000 | $130,973,000 | $172,500,000 | |
Fixed interest rate | 4.50% | 4.50% | [1] | ' |
Maturity date description | 'August 2015 | 'August 2015 | ' | |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ' | ' | ' | |
Debt Instrument [Line Items] | ' | ' | ' | |
Issuance date of debt instrument | ' | 'March 2012 | ' | |
Face amount | ' | $325,000,000 | ' | |
Fixed interest rate | ' | 3.75% | ' | |
Maturity date description | ' | '2022 | ' | |
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million. |
Consolidating_Financial_Statem3
Consolidating Financial Statements Condensed Consolidating Statements of Income and Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | $520,242 | $384,784 | $409,077 | $393,719 | $412,660 | $386,163 | $348,096 | $336,571 | $1,707,822 | $1,483,490 | $1,420,960 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | 395,446 | 287,150 | 297,698 | 266,018 | 292,212 | 259,201 | 243,571 | 235,708 | 1,246,312 | 1,030,692 | 1,006,297 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 64,843 | 66,957 | 65,251 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -9,487 | -14,169 | -3,794 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,301,668 | 1,083,480 | 1,067,754 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 562 | 550 | 4,088 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | 406,716 | 400,560 | 357,294 | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 422,814 | 400,560 | 357,294 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -43,760 | -44,981 | -50,775 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 2,372 | 606 | 843 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 381,426 | 356,185 | 307,362 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -49,661 | -84,743 | -30,688 | |||
INCOME FROM CONTINUING OPERATIONS | 82,249 | 58,367 | 87,891 | [1] | 103,258 | 73,474 | 79,278 | 66,091 | 52,599 | 331,765 | [1] | 271,442 | 276,674 | |
Income from discontinued operations attributable to Rayonier Inc. | -2,444 | 0 | 0 | 44,477 | 2,135 | 1,282 | 2,988 | 838 | 42,033 | 7,243 | -669 | |||
NET INCOME | 79,805 | 58,367 | 87,891 | 147,735 | [2] | 75,609 | 80,560 | 69,079 | 53,437 | 373,798 | [2] | 278,685 | 276,005 | |
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 1,902 | 0 | 0 | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 79,652 | 57,345 | 87,164 | [1] | 147,735 | [2] | 75,609 | 80,560 | 69,079 | 53,437 | 371,896 | [1],[2] | 278,685 | 276,005 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -5,710 | 4,352 | 3,546 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | 3,629 | 213 | -2,373 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 61,869 | -496 | -46,263 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 59,788 | 4,069 | -45,090 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 433,586 | 282,754 | 230,915 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -1,550 | 0 | 0 | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 435,136 | 282,754 | 230,915 | |||
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,701 | 110 | 0 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | -1,701 | 110 | 0 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | 1,701 | ' | ' | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 1,701 | -110 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -13,088 | -10,717 | 621 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 9,828 | 6,638 | 0 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 373,455 | 282,874 | 275,384 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 371,896 | 278,685 | 276,005 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 371,896 | 278,685 | 276,005 | |||
Income from discontinued operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 371,896 | 278,685 | 276,005 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 371,896 | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -1,915 | 4,352 | 3,546 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | 3,286 | 213 | -2,373 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 61,869 | -496 | -46,263 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 63,240 | 4,069 | -45,090 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 435,136 | 282,754 | 230,915 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 435,136 | ' | ' | |||
Senior Exchangeable Notes due 2015 [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,821 | 10,575 | 10,710 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 4,730 | 962 | 117 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 14,551 | 11,537 | 10,827 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | -14,551 | ' | ' | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -14,551 | -11,537 | -10,827 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -914 | -941 | -1,133 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 3,237 | 5,519 | 5,280 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 384,567 | 289,486 | 281,892 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 372,339 | 282,527 | 275,212 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 1,116 | 347 | 172 | |||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 373,455 | 282,874 | 275,384 | |||
Income from discontinued operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 373,455 | 282,874 | 275,384 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 373,455 | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -1,915 | 4,352 | 3,546 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | 3,286 | 213 | -2,373 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 61,869 | -496 | -46,263 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 63,240 | 4,069 | -45,090 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 436,695 | 286,943 | 230,294 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 436,695 | ' | ' | |||
Senior Exchangeable Notes due 2015 [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -27,516 | -37,971 | -49,555 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -7,534 | -3,334 | -4,508 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 245,126 | 232,871 | 170,048 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 210,076 | 191,566 | 115,985 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 11,895 | 15,076 | 19,733 | |||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 221,971 | 206,642 | 135,718 | |||
Income from discontinued operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 221,971 | 206,642 | 135,718 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 221,971 | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -72 | -3 | -137 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | 637 | 0 | 0 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 20,589 | -450 | -35,575 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 21,154 | -453 | -35,712 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 243,125 | 206,189 | 100,006 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 243,125 | ' | ' | |||
Senior Exchangeable Notes due 2015 [Member] | Non-guarantor [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | ' | ' | ' | ' | ' | ' | ' | ' | 1,707,822 | 1,483,490 | 1,420,960 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,246,312 | 1,030,692 | 1,006,297 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 55,022 | 56,382 | 54,541 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -12,516 | -15,241 | -3,911 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,288,818 | 1,071,833 | 1,056,927 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 562 | 550 | 4,088 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | 419,566 | ' | ' | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 16,098 | ' | ' | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 435,664 | 412,207 | 368,121 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,242 | 4,648 | -708 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -3,159 | -8,217 | 71 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 430,263 | 408,638 | 367,484 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -62,672 | -100,166 | -50,593 | |||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 367,591 | 308,472 | 316,891 | |||
Income from discontinued operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 42,033 | 7,243 | -669 | |||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 409,624 | 315,715 | 316,222 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 1,902 | ' | ' | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 407,722 | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -5,710 | 4,353 | 3,545 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | 3,629 | 213 | -2,373 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 20,589 | -450 | -35,575 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 18,508 | 4,116 | -34,403 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 428,132 | 319,831 | 281,819 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -1,550 | ' | ' | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 429,682 | ' | ' | |||
Senior Exchangeable Notes due 2015 [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,003,148 | -805,231 | -727,324 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | -1,003,148 | -805,231 | -727,324 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -1,003,148 | -805,231 | -727,324 | |||
Income from discontinued operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -1,003,148 | -805,231 | -727,324 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | -1,003,148 | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 3,902 | -8,702 | -6,954 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | -7,209 | -426 | 4,746 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | -103,047 | 1,396 | 117,413 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -106,354 | -7,732 | 115,205 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -1,109,502 | -812,963 | -612,119 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | -1,109,502 | ' | ' | |||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,821 | 10,575 | 10,710 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 4,730 | 962 | 117 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 14,551 | 11,537 | 10,827 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | -14,551 | ' | ' | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -14,551 | -11,537 | -10,827 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -28,430 | -38,912 | -50,688 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -4,297 | 2,185 | 772 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 407,722 | 315,715 | 316,222 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 360,444 | 267,451 | 255,479 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 13,011 | 15,423 | 19,905 | |||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 373,455 | 282,874 | 275,384 | |||
Income from discontinued operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 373,455 | 282,874 | 275,384 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 373,455 | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -1,915 | 4,352 | 3,546 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | 3,286 | 213 | -2,373 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 61,869 | -496 | -46,263 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 63,240 | 4,069 | -45,090 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 436,695 | 286,943 | 230,294 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 436,695 | ' | ' | |||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantor [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | ' | ' | ' | ' | ' | ' | ' | ' | 1,707,822 | 1,483,490 | 1,420,960 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,246,312 | 1,030,692 | 1,006,297 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 55,022 | 56,382 | 54,541 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -12,516 | -15,241 | -3,911 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,288,818 | 1,071,833 | 1,056,927 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 562 | 550 | 4,088 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | 419,566 | ' | ' | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 16,098 | ' | ' | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 435,664 | 412,207 | 368,121 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,242 | 4,648 | -708 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -3,159 | -8,217 | 71 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 430,263 | 408,638 | 367,484 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -62,672 | -100,166 | -50,593 | |||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | 367,591 | 308,472 | 316,891 | |||
Income from discontinued operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 42,033 | 7,243 | -669 | |||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 409,624 | 315,715 | 316,222 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 1,902 | ' | ' | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 407,722 | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -5,710 | 4,353 | 3,545 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | 3,629 | 213 | -2,373 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 20,589 | -450 | -35,575 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 18,508 | 4,116 | -34,403 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 428,132 | 319,831 | 281,819 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -1,550 | ' | ' | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | 429,682 | ' | ' | |||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
SALES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling and general expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Costs and Expenses, Total | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
Gain related to the consolidation of the New Zealand joint venture | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest and miscellaneous income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -781,177 | -598,589 | -591,606 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | -781,177 | -598,589 | -591,606 | |||
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
INCOME FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -781,177 | -598,589 | -591,606 | |||
Income from discontinued operations attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -781,177 | -598,589 | -591,606 | |||
Less: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | -781,177 | ' | ' | |||
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 3,830 | -8,705 | -7,091 | |||
New Zealand joint venture cash flows | ' | ' | ' | ' | ' | ' | ' | ' | -6,572 | -426 | 4,746 | |||
Amortization of pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | -82,458 | 946 | 81,838 | |||
Total other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -85,200 | -8,185 | 79,493 | |||
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -866,377 | -606,774 | -512,113 | |||
Less: Comprehensive loss attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | ($866,377) | ' | ' | |||
[1] | Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||
[2] | Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013. |
Consolidating_Financial_Statem4
Consolidating Financial Statements Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $199,644 | $280,596 | $78,603 | $349,463 |
Accounts receivable, less allowance for doubtful accounts | 94,956 | 100,359 | ' | ' |
Inventory | 138,818 | 127,966 | ' | ' |
Current deferred tax assets | 39,100 | 15,845 | ' | ' |
Prepaid and other current assets | 46,576 | 41,508 | ' | ' |
Total current assets | 519,094 | 566,274 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,049,378 | 1,573,309 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 860,821 | 707,038 | ' | ' |
INVESTMENT IN JOINT VENTURE | 0 | 72,419 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ' | ' |
OTHER ASSETS | 256,208 | 203,911 | ' | ' |
TOTAL ASSETS | 3,685,501 | 3,122,951 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 69,293 | 70,381 | ' | ' |
Current maturities of long-term debt | 112,500 | 150,000 | ' | ' |
Accrued taxes | 8,551 | 13,824 | ' | ' |
Uncertain tax positions | 10,547 | 800 | ' | ' |
Accrued payroll and benefits | 24,948 | 28,068 | ' | ' |
Accrued interest | 9,531 | 7,956 | ' | ' |
Accrued customer incentives | 9,580 | 10,849 | ' | ' |
Other current liabilities | 24,327 | 17,840 | ' | ' |
Current liabilities for dispositions and discontinued operations | 6,835 | 8,105 | 9,931 | ' |
Total current liabilities | 276,112 | 307,823 | ' | ' |
LONG-TERM DEBT | 1,461,724 | 1,120,052 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 69,543 | 73,590 | 80,893 | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 95,654 | 159,582 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 27,225 | 23,900 | ' | ' |
INTERCOMPANY PAYABLE | 0 | 0 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,661,170 | 1,438,004 | ' | ' |
Noncontrolling interest | 94,073 | 0 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,755,243 | 1,438,004 | 1,323,073 | 1,251,582 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,685,501 | 3,122,951 | ' | ' |
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 130,181 | 252,888 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Current deferred tax assets | 0 | 0 | ' | ' |
Prepaid and other current assets | 0 | 0 | ' | ' |
Total current assets | 130,181 | 252,888 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ' | ' |
INVESTMENT IN JOINT VENTURE | 0 | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,627,315 | 1,445,205 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 228,032 | 213,863 | ' | ' |
OTHER ASSETS | 3,689 | 4,148 | ' | ' |
TOTAL ASSETS | 1,989,217 | 1,916,104 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 150,000 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Uncertain tax positions | 0 | 0 | ' | ' |
Accrued payroll and benefits | 0 | 0 | ' | ' |
Accrued interest | 3,047 | 3,100 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 3,047 | 153,100 | ' | ' |
LONG-TERM DEBT | 325,000 | 325,000 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ' | ' |
INTERCOMPANY PAYABLE | 0 | 0 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,661,170 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,661,170 | 1,438,004 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,989,217 | 1,916,104 | ' | ' |
Senior Exchangeable Notes due 2015 [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 304 | 3,966 | 8,977 | 29,759 |
Accounts receivable, less allowance for doubtful accounts | 10 | 386 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Current deferred tax assets | 0 | 0 | ' | ' |
Prepaid and other current assets | 2,363 | 1,566 | ' | ' |
Total current assets | 2,677 | 5,918 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 2,612 | 2,321 | ' | ' |
INVESTMENT IN JOINT VENTURE | 0 | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,837,760 | 1,677,782 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | 14,000 | ' | ' |
OTHER ASSETS | 32,519 | 27,779 | ' | ' |
TOTAL ASSETS | 1,875,568 | 1,727,800 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 1,522 | 2,099 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 4,855 | 485 | ' | ' |
Uncertain tax positions | 5,780 | 0 | ' | ' |
Accrued payroll and benefits | 11,382 | 15,044 | ' | ' |
Accrued interest | 538 | 379 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 2,985 | 2,925 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 27,062 | 20,932 | ' | ' |
LONG-TERM DEBT | 0 | 0 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 91,471 | 129,156 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 11,493 | 16,432 | ' | ' |
INTERCOMPANY PAYABLE | 118,227 | 116,075 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,627,315 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,627,315 | 1,445,205 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,875,568 | 1,727,800 | ' | ' |
Senior Exchangeable Notes due 2015 [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 10,719 | 19,358 | 59,976 | 283,258 |
Accounts receivable, less allowance for doubtful accounts | 2,300 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Current deferred tax assets | 681 | 0 | ' | ' |
Prepaid and other current assets | 6 | 691 | ' | ' |
Total current assets | 13,706 | 20,049 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ' | ' |
INVESTMENT IN JOINT VENTURE | 0 | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,148,221 | 1,452,027 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 20,659 | 19,831 | ' | ' |
OTHER ASSETS | 3,739 | 5,182 | ' | ' |
TOTAL ASSETS | 1,186,325 | 1,497,089 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 1,564 | 33 | ' | ' |
Current maturities of long-term debt | 112,500 | 0 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Uncertain tax positions | 0 | 0 | ' | ' |
Accrued payroll and benefits | 0 | 0 | ' | ' |
Accrued interest | 2,742 | 3,197 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 116,806 | 3,230 | ' | ' |
LONG-TERM DEBT | 847,749 | 718,321 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ' | ' |
INTERCOMPANY PAYABLE | 0 | 0 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 221,770 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 221,770 | 775,538 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,186,325 | 1,497,089 | ' | ' |
Senior Exchangeable Notes due 2015 [Member] | Non-guarantor [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 58,440 | 4,384 | 9,650 | 36,446 |
Accounts receivable, less allowance for doubtful accounts | 92,646 | 99,973 | ' | ' |
Inventory | 138,818 | 127,966 | ' | ' |
Current deferred tax assets | 38,419 | 15,845 | ' | ' |
Prepaid and other current assets | 44,207 | 39,251 | ' | ' |
Total current assets | 372,530 | 287,419 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,049,378 | 1,573,309 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 858,209 | 704,717 | ' | ' |
INVESTMENT IN JOINT VENTURE | 0 | 72,419 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ' | ' |
OTHER ASSETS | 216,261 | 166,802 | ' | ' |
TOTAL ASSETS | 3,496,378 | 2,804,666 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 66,207 | 68,249 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 3,696 | 13,339 | ' | ' |
Uncertain tax positions | 4,767 | ' | ' | ' |
Accrued payroll and benefits | 13,566 | 13,024 | ' | ' |
Accrued interest | 22,816 | 1,280 | ' | ' |
Accrued customer incentives | 9,580 | 10,849 | ' | ' |
Other current liabilities | 21,342 | 14,915 | ' | ' |
Current liabilities for dispositions and discontinued operations | 6,835 | 8,105 | ' | ' |
Total current liabilities | 148,809 | 130,561 | ' | ' |
LONG-TERM DEBT | 288,975 | 76,731 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 69,543 | 73,590 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 4,183 | 30,426 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 15,732 | 7,468 | ' | ' |
INTERCOMPANY PAYABLE | 125,921 | 137,797 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,749,142 | ' | ' | ' |
Noncontrolling interest | 94,073 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 2,843,215 | 2,348,093 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,496,378 | 2,804,666 | ' | ' |
Senior Exchangeable Notes due 2015 [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Current deferred tax assets | 0 | 0 | ' | ' |
Prepaid and other current assets | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ' | ' |
INVESTMENT IN JOINT VENTURE | 0 | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | -4,613,296 | -4,575,014 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | -248,691 | -247,694 | ' | ' |
OTHER ASSETS | 0 | 0 | ' | ' |
TOTAL ASSETS | -4,861,987 | -4,822,708 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Uncertain tax positions | 0 | ' | ' | ' |
Accrued payroll and benefits | 0 | 0 | ' | ' |
Accrued interest | -19,612 | 0 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | -19,612 | 0 | ' | ' |
LONG-TERM DEBT | 0 | 0 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ' | ' |
INTERCOMPANY PAYABLE | -244,148 | -253,872 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -4,598,227 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | -4,598,227 | -4,568,836 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | -4,861,987 | -4,822,708 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 11,023 | 23,324 | 68,953 | 313,017 |
Accounts receivable, less allowance for doubtful accounts | 2,310 | 386 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Current deferred tax assets | 681 | 0 | ' | ' |
Prepaid and other current assets | 2,369 | 2,257 | ' | ' |
Total current assets | 16,383 | 25,967 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 2,612 | 2,321 | ' | ' |
INVESTMENT IN JOINT VENTURE | ' | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 2,764,211 | 2,354,270 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 20,659 | 33,831 | ' | ' |
OTHER ASSETS | 36,258 | 32,961 | ' | ' |
TOTAL ASSETS | 2,840,123 | 2,449,350 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 3,086 | 2,132 | ' | ' |
Current maturities of long-term debt | 112,500 | 0 | ' | ' |
Accrued taxes | 4,855 | 485 | ' | ' |
Uncertain tax positions | 5,780 | 0 | ' | ' |
Accrued payroll and benefits | 11,382 | 15,044 | ' | ' |
Accrued interest | 3,280 | 3,576 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 2,985 | 2,925 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 143,868 | 24,162 | ' | ' |
LONG-TERM DEBT | 847,749 | 718,321 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 91,471 | 129,156 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 11,493 | 16,432 | ' | ' |
INTERCOMPANY PAYABLE | 118,227 | 116,074 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,627,315 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,627,315 | 1,445,205 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,840,123 | 2,449,350 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantor [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 58,440 | 4,384 | 9,650 | 36,446 |
Accounts receivable, less allowance for doubtful accounts | 92,646 | 99,973 | ' | ' |
Inventory | 138,818 | 127,966 | ' | ' |
Current deferred tax assets | 38,419 | 15,845 | ' | ' |
Prepaid and other current assets | 44,207 | 39,251 | ' | ' |
Total current assets | 372,530 | 287,419 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,049,378 | 1,573,309 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 858,209 | 704,717 | ' | ' |
INVESTMENT IN JOINT VENTURE | ' | 72,419 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ' | ' |
OTHER ASSETS | 216,261 | 166,802 | ' | ' |
TOTAL ASSETS | 3,496,378 | 2,804,666 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 66,207 | 68,249 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 3,696 | 13,339 | ' | ' |
Uncertain tax positions | 4,767 | 800 | ' | ' |
Accrued payroll and benefits | 13,566 | 13,024 | ' | ' |
Accrued interest | 22,816 | 1,280 | ' | ' |
Accrued customer incentives | 9,580 | 10,849 | ' | ' |
Other current liabilities | 21,342 | 14,915 | ' | ' |
Current liabilities for dispositions and discontinued operations | 6,835 | 8,105 | ' | ' |
Total current liabilities | 148,809 | 130,561 | ' | ' |
LONG-TERM DEBT | 288,975 | 76,731 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 69,543 | 73,590 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 4,183 | 30,426 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 15,732 | 7,468 | ' | ' |
INTERCOMPANY PAYABLE | 125,921 | 137,797 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,749,142 | ' | ' | ' |
Noncontrolling interest | 94,073 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 2,843,215 | 2,348,093 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,496,378 | 2,804,666 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Current deferred tax assets | 0 | 0 | ' | ' |
Prepaid and other current assets | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ' | ' |
INVESTMENT IN JOINT VENTURE | ' | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | -4,391,526 | -3,799,475 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | -248,691 | -247,694 | ' | ' |
OTHER ASSETS | 0 | 0 | ' | ' |
TOTAL ASSETS | -4,640,217 | -4,047,169 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Uncertain tax positions | 0 | 0 | ' | ' |
Accrued payroll and benefits | 0 | 0 | ' | ' |
Accrued interest | -19,612 | 0 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | -19,612 | 0 | ' | ' |
LONG-TERM DEBT | 0 | 0 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ' | ' |
INTERCOMPANY PAYABLE | -244,148 | -253,871 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -4,376,457 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | -4,376,457 | -3,793,298 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | ($4,640,217) | ($4,047,169) | ' | ' |
Consolidating_Financial_Statem5
Consolidating Financial Statements Condensed Consolidating Statements of Cash Flow (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | $545,173 | $445,914 | $432,270 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -158,898 | -157,562 | -144,522 |
Purchase of additional interest in New Zealand joint venture | -139,879 | 0 | 0 |
Purchase of timberlands | -20,401 | -106,536 | -320,899 |
Jesup mill cellulose specialties expansion | -141,143 | -201,359 | -42,894 |
Proceeds from disposition of Wood Products business | 62,720 | 0 | 0 |
Change in restricted cash | -58,385 | -10,559 | 8,323 |
Investment in Subsidiaries | 0 | 0 | 0 |
Other | -12,934 | 3,115 | 11,378 |
CASH USED FOR INVESTING ACTIVITIES | -468,920 | -472,901 | -488,614 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 622,885 | 1,230,000 | 460,000 |
Repayment of debt | -549,485 | -813,610 | -499,057 |
Dividends paid | -237,016 | -206,583 | -185,272 |
Proceeds from the issuance of common shares | 10,101 | 25,495 | 13,451 |
Excess tax benefits on stock-based compensation | 8,413 | 7,635 | 5,681 |
Debt issuance costs | 0 | -6,135 | -2,027 |
Repurchase of common shares | -11,326 | -7,783 | -7,909 |
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 0 | 0 | 0 |
Other | -713 | 0 | 0 |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -157,141 | 229,019 | -215,133 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -64 | -39 | 617 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | -80,952 | 201,993 | -270,860 |
Balance, beginning of year | 280,596 | 78,603 | 349,463 |
Balance, end of year | 199,644 | 280,596 | 78,603 |
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 407,712 | 90,456 | 283,409 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | 0 | ' | ' |
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | 0 |
Proceeds from disposition of Wood Products business | 0 | ' | ' |
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | -138,178 | 0 | -19,259 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | -138,178 | 0 | -19,259 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 175,000 | 475,000 | 120,000 |
Repayment of debt | -325,000 | -120,000 | 0 |
Dividends paid | -237,016 | -206,583 | -185,272 |
Proceeds from the issuance of common shares | 10,101 | 25,495 | 13,451 |
Excess tax benefits on stock-based compensation | 0 | 0 | 0 |
Debt issuance costs | ' | -3,697 | 0 |
Repurchase of common shares | -11,326 | -7,783 | -7,909 |
Issuance of intercompany notes | -4,000 | 0 | -204,420 |
Intercompany distributions | 0 | 0 | 0 |
Other | 0 | ' | ' |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -392,241 | 162,432 | -264,150 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | -122,707 | 252,888 | 0 |
Balance, beginning of year | 252,888 | 0 | 0 |
Balance, end of year | 130,181 | 252,888 | 0 |
Senior Exchangeable Notes due 2015 [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 417,074 | 138,149 | 332,577 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -663 | -285 | -270 |
Purchase of additional interest in New Zealand joint venture | 0 | ' | ' |
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | 0 |
Proceeds from disposition of Wood Products business | 0 | ' | ' |
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | -138,178 | 0 | -99,988 |
Other | 1,701 | -69 | 69 |
CASH USED FOR INVESTING ACTIVITIES | -137,140 | -354 | -100,189 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 0 | 0 | 105,000 |
Repayment of debt | 0 | -30,000 | -75,000 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | 0 |
Debt issuance costs | ' | -1,219 | -675 |
Repurchase of common shares | 0 | 0 | 0 |
Issuance of intercompany notes | 0 | -14,000 | 0 |
Intercompany distributions | -283,596 | -97,587 | -282,495 |
Other | 0 | ' | ' |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -283,596 | -142,806 | -253,170 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | -3,662 | -5,011 | -20,782 |
Balance, beginning of year | 3,966 | 8,977 | 29,759 |
Balance, end of year | 304 | 3,966 | 8,977 |
Senior Exchangeable Notes due 2015 [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member] | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 84,000 | 41,000 | 15,000 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | 0 | ' | ' |
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | 0 |
Proceeds from disposition of Wood Products business | 0 | ' | ' |
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | -247,114 | -142,508 | -35,828 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | -247,114 | -142,508 | -35,828 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 390,000 | 740,000 | 0 |
Repayment of debt | -151,525 | -638,110 | -168,057 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | 0 |
Debt issuance costs | ' | 0 | -676 |
Repurchase of common shares | 0 | 0 | 0 |
Issuance of intercompany notes | 0 | 0 | -18,961 |
Intercompany distributions | -84,000 | -41,000 | -14,760 |
Other | 0 | ' | ' |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 154,475 | 60,890 | -202,454 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | -8,639 | -40,618 | -223,282 |
Balance, beginning of year | 19,358 | 59,976 | 283,258 |
Balance, end of year | 10,719 | 19,358 | 59,976 |
Senior Exchangeable Notes due 2015 [Member] | Non-guarantor [Member] | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 491,762 | 423,784 | 402,994 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -158,235 | -157,277 | -144,252 |
Purchase of additional interest in New Zealand joint venture | -139,879 | ' | ' |
Purchase of timberlands | -20,401 | -106,536 | -320,899 |
Jesup mill cellulose specialties expansion | -141,143 | -201,359 | -42,894 |
Proceeds from disposition of Wood Products business | 62,720 | ' | ' |
Change in restricted cash | -58,385 | -10,559 | 8,323 |
Investment in Subsidiaries | 0 | 0 | 0 |
Other | -14,635 | 3,184 | 11,309 |
CASH USED FOR INVESTING ACTIVITIES | -469,958 | -472,547 | -488,413 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 57,885 | 15,000 | 235,000 |
Repayment of debt | -72,960 | -25,500 | -256,000 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 8,413 | 7,635 | 5,681 |
Debt issuance costs | ' | -1,219 | -676 |
Repurchase of common shares | 0 | 0 | 0 |
Issuance of intercompany notes | 4,000 | 14,000 | 223,381 |
Intercompany distributions | 35,691 | 33,620 | -149,380 |
Other | -713 | ' | ' |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 32,316 | 43,536 | 58,006 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -64 | -39 | 617 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | 54,056 | -5,266 | -26,796 |
Balance, beginning of year | 4,384 | 9,650 | 36,446 |
Balance, end of year | 58,440 | 4,384 | 9,650 |
Senior Exchangeable Notes due 2015 [Member] | Consolidating Adjustments [Member] | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | -855,375 | -247,475 | -601,710 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | 0 | ' | ' |
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | 0 |
Proceeds from disposition of Wood Products business | 0 | ' | ' |
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | 523,470 | 142,508 | 155,075 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | 523,470 | 142,508 | 155,075 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 0 | 0 | 0 |
Repayment of debt | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | 0 |
Debt issuance costs | ' | 0 | 0 |
Repurchase of common shares | 0 | 0 | 0 |
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 331,905 | 104,967 | 446,635 |
Other | 0 | ' | ' |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 331,905 | 104,967 | 446,635 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | 0 | 0 | 0 |
Balance, beginning of year | 0 | 0 | 0 |
Balance, end of year | 0 | 0 | 0 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 417,074 | 138,149 | 332,817 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -663 | -285 | -270 |
Purchase of additional interest in New Zealand joint venture | 0 | ' | ' |
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | 0 |
Proceeds from disposition of Wood Products business | 0 | ' | ' |
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | -385,292 | -142,508 | -135,816 |
Other | 1,701 | -69 | 69 |
CASH USED FOR INVESTING ACTIVITIES | -384,254 | -142,862 | -136,017 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 390,000 | 740,000 | 105,000 |
Repayment of debt | -151,525 | -668,110 | -243,057 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | 0 |
Debt issuance costs | ' | -1,219 | -1,351 |
Repurchase of common shares | 0 | 0 | 0 |
Issuance of intercompany notes | 0 | -14,000 | -18,961 |
Intercompany distributions | -283,596 | -97,587 | -282,495 |
Other | 0 | ' | ' |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -45,121 | -40,916 | -440,864 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | -12,301 | -45,629 | -244,064 |
Balance, beginning of year | 23,324 | 68,953 | 313,017 |
Balance, end of year | 11,023 | 23,324 | 68,953 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantor [Member] | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 491,762 | 423,784 | 402,994 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -158,235 | -157,277 | -144,252 |
Purchase of additional interest in New Zealand joint venture | -139,879 | ' | ' |
Purchase of timberlands | -20,401 | -106,536 | -320,899 |
Jesup mill cellulose specialties expansion | -141,143 | -201,359 | -42,894 |
Proceeds from disposition of Wood Products business | 62,720 | ' | ' |
Change in restricted cash | -58,385 | -10,559 | 8,323 |
Investment in Subsidiaries | 0 | 0 | 0 |
Other | -14,635 | 3,184 | 11,309 |
CASH USED FOR INVESTING ACTIVITIES | -469,958 | -472,547 | -488,413 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 57,885 | 15,000 | 235,000 |
Repayment of debt | -72,960 | -25,500 | -256,000 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 8,413 | 7,635 | 5,681 |
Debt issuance costs | ' | -1,219 | -676 |
Repurchase of common shares | 0 | 0 | 0 |
Issuance of intercompany notes | 4,000 | 14,000 | 223,381 |
Intercompany distributions | 35,691 | 33,620 | -149,380 |
Other | -713 | ' | ' |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 32,316 | 43,536 | 58,006 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -64 | -39 | 617 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | 54,056 | -5,266 | -26,796 |
Balance, beginning of year | 4,384 | 9,650 | 36,446 |
Balance, end of year | 58,440 | 4,384 | 9,650 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidating Adjustments [Member] | ' | ' | ' |
Consolidated Statements of Cash Flows [Abstract] | ' | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | -771,375 | -206,475 | -586,950 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | 0 | ' | ' |
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | 0 |
Proceeds from disposition of Wood Products business | 0 | ' | ' |
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | 523,470 | 142,508 | 155,075 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | 523,470 | 142,508 | 155,075 |
FINANCING ACTIVITIES | ' | ' | ' |
Issuance of debt | 0 | 0 | 0 |
Repayment of debt | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | 0 |
Debt issuance costs | ' | 0 | 0 |
Repurchase of common shares | 0 | 0 | 0 |
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 247,905 | 63,967 | 431,875 |
Other | 0 | ' | ' |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 247,905 | 63,967 | 431,875 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Change in cash and cash equivalents | 0 | 0 | 0 |
Balance, beginning of year | 0 | 0 | 0 |
Balance, end of year | $0 | $0 | $0 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | $417 | $399 | $387 | |||
Charged to Cost and Expenses | 855 | [1] | 67 | 12 | ||
Deductions | -599 | [2] | -49 | [2] | 0 | [2] |
Balance at End of Year | $673 | $417 | $399 | |||
[1] | The 2013 increase is primarily related to the consolidation of the New Zealand JV. | |||||
[2] | Primarily payments and adjustments to required reserves. |