Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2014 | Apr. 24, 2014 | |
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-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 126,465,605 |
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 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
SALES | $386,686 | $393,719 | ' |
Costs and Expenses | ' | ' | ' |
Cost of sales | 302,650 | 266,018 | ' |
Selling and general expenses | 15,491 | 16,099 | ' |
Other operating expense (income), net (Note 17) | 3,537 | -3,503 | ' |
Costs and Expenses, Total | 321,678 | 278,614 | ' |
Equity in income of New Zealand joint venture | 0 | 258 | ' |
OPERATING INCOME | 65,008 | 115,363 | ' |
Interest expense | -12,969 | -7,717 | ' |
Interest and miscellaneous (expense) income, net | -1,015 | 57 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 51,024 | 107,703 | ' |
Income tax expense | -7,732 | -4,445 | ' |
INCOME FROM CONTINUING OPERATIONS | 43,292 | 103,258 | ' |
DISCONTINUED OPERATIONS, NET (Note 2) | ' | ' | ' |
Income from discontinued operations, net of income tax expense of $0 and $22,273 | 0 | 44,477 | ' |
NET INCOME | 43,292 | 147,735 | 373,798 |
Less: Net loss attributable to noncontrolling interest | -83 | 0 | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 | 147,735 | ' |
OTHER COMPREHENSIVE INCOME | ' | ' | ' |
Foreign currency translation adjustment | 17,803 | 975 | -5,710 |
New Zealand joint venture cash flow hedges, net of income tax expense of $501 and $0 | 1,711 | 554 | 3,629 |
Amortization of pension and postretirement plans, net of income tax expense of $931 and $2,204 | 2,097 | 4,969 | 61,869 |
Total other comprehensive income | 21,611 | 6,498 | ' |
COMPREHENSIVE INCOME | 64,903 | 154,233 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 5,425 | 0 | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $59,478 | $154,233 | ' |
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' |
Continuing Operations, Basic (in dollars per share) | $0.34 | $0.83 | ' |
Discontinued Operations, Basic (in dollars per share) | $0 | $0.36 | ' |
Net Income, Basic (in dollars per share) | $0.34 | $1.19 | ' |
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' |
Continuing Operations, Diluted (in dollars per share) | $0.34 | $0.79 | ' |
Discontinued Operations, Diluted (in dollars per share) | $0 | $0.34 | ' |
Net Income, Diluted (in dollars per share) | $0.34 | $1.13 | ' |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Income from discontinued operations, income tax expense | $0 | $22,273 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 501 | 0 |
Amortization of pension and postretirement plans, income tax expense | $931 | $2,204 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $156,071 | $199,644 |
Accounts receivable, less allowance for doubtful accounts of $777 and $673 | 111,697 | 94,956 |
Inventory | ' | ' |
Finished goods | 124,075 | 115,270 |
Work in progress | 2,533 | 3,555 |
Raw materials | 12,943 | 17,661 |
Manufacturing and maintenance supplies | 2,377 | 2,332 |
Total inventory | 141,928 | 138,818 |
Deferred tax assets | 31,580 | 39,100 |
Prepaid and other current assets | 54,557 | 46,576 |
Total current assets | 495,833 | 519,094 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,069,518 | 2,049,378 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Land | 20,620 | 20,138 |
Buildings | 188,913 | 180,573 |
Machinery and equipment | 1,756,924 | 1,760,641 |
Construction in progress | 32,560 | 19,795 |
Total property, plant and equipment, gross | 1,999,017 | 1,981,147 |
Less — accumulated depreciation | -1,137,048 | -1,120,326 |
Total property, plant and equipment, net | 861,969 | 860,821 |
OTHER ASSETS | 217,458 | 256,208 |
TOTAL ASSETS | 3,644,778 | 3,685,501 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 86,282 | 69,293 |
Current maturities of long-term debt | 114,319 | 112,500 |
Accrued taxes | 11,374 | 8,551 |
Accrued payroll and benefits | 19,261 | 24,948 |
Accrued interest | 13,857 | 9,531 |
Accrued customer incentives | 10,082 | 9,580 |
Other current liabilities | 35,870 | 34,874 |
Current liabilities for dispositions and discontinued operations (Note 12) | 6,446 | 6,835 |
Total current liabilities | 297,491 | 276,112 |
LONG-TERM DEBT | 1,393,887 | 1,461,724 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 12) | 67,456 | 69,543 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 14) | 95,098 | 95,654 |
OTHER NON-CURRENT LIABILITIES | 31,254 | 27,225 |
COMMITMENTS AND CONTINGENCIES (Notes 11 and 13) | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Common Shares, 480,000,000 shares authorized, 126,451,505 and 126,257,870 shares issued and outstanding | 694,236 | 692,100 |
Retained earnings | 996,573 | 1,015,209 |
Accumulated other comprehensive loss | -30,037 | -46,139 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,660,772 | 1,661,170 |
Noncontrolling interest | 98,820 | 94,073 |
TOTAL SHAREHOLDERS’ EQUITY | 1,759,592 | 1,755,243 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $3,644,778 | $3,685,501 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Accounts receivable, allowance for doubtful accounts | $777 | $673 |
Shareholders’ Equity: | ' | ' |
Common stock, shares authorized | 480,000,000 | 480,000,000 |
Common stock, shares issued | 126,451,505 | 126,257,870 |
Common stock, shares outstanding | 126,451,505 | 126,257,870 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $43,292 | $147,735 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 46,759 | 35,992 |
Non-cash cost of real estate sold | 978 | 633 |
Stock-based incentive compensation expense | 3,103 | 3,280 |
Deferred income taxes | 5,596 | 1,832 |
Tax benefit of AFMC for CBPC exchange | 0 | -18,761 |
Amortization of losses from pension and postretirement plans | 3,028 | 6,279 |
Gain on sale of discontinued operations, net | 0 | -42,670 |
Gain on foreign currency forward contracts | 0 | -1,881 |
Other | -287 | -4,656 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -15,950 | -8,778 |
Inventories | -950 | 11,197 |
Accounts payable | 13,929 | 15,386 |
Income tax receivable/payable | 1,339 | 15,915 |
All other operating activities | 935 | 99 |
Payment to exchange AFMC for CBPC | 0 | -70,311 |
Expenditures for dispositions and discontinued operations | -2,498 | -1,631 |
CASH PROVIDED BY OPERATING ACTIVITIES | 99,274 | 89,660 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -36,755 | -32,664 |
Purchase of timberlands | -10,637 | -1,560 |
Jesup mill cellulose specialties expansion (gross purchases of $0 and $57,693, net of purchases on account of $0 and $20,959) | 0 | -36,734 |
Proceeds from disposition of Wood Products business | 0 | 83,741 |
Change in restricted cash | 45,312 | 9,908 |
Other | 1,592 | 1,790 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -488 | 24,481 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 31,819 | 100,000 |
Repayment of debt | -110,000 | -170,000 |
Dividends paid | -62,545 | -57,744 |
Proceeds from the issuance of common shares | 2,027 | 4,091 |
Excess tax (deficiencies) benefits on stock-based compensation | -1,240 | 6,191 |
Repurchase of common shares | -1,754 | -11,241 |
Other | -679 | 0 |
CASH USED FOR FINANCING ACTIVITIES | -142,372 | -128,703 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 13 | -17 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -43,573 | -14,579 |
Balance, beginning of year | 199,644 | 280,596 |
Balance, end of period | 156,071 | 266,017 |
Cash paid during the period: | ' | ' |
Interest | 8,990 | 3,562 |
Income taxes | 7,134 | 70,403 |
Non-cash investing activity: | ' | ' |
Capital assets purchased on account | $17,891 | $49,094 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Jesup mill cellulose specialties expansion, gross purchases | $0 | ($57,693) |
Jesup mill cellulose specialties expansion, purchases on account | $0 | ($20,959) |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
Basis of Presentation | |
The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries (“Rayonier” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC. | |
Reclassifications | |
Certain 2013 amounts have been reclassified to agree with the current year presentation. | |
New Accounting Standards | |
In March 2013, the FASB issued Accounting Standards Update (“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 became effective first quarter 2014. The adoption of this standard did not have any impact on the consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The standard requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss (“NOL”) or similar carryforward or a tax credit carryforward. If an NOL or tax credit carryforward is not available at the reporting date or tax law of the applicable jurisdiction does not require the entity to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. ASU 2013-11 became effective first quarter of 2014. The Company has applied the standard to its income tax balances and it did not have a material impact on the Company’s financial position. See Note 4 — Income Taxes for further information. | |
Subsequent Events | |
The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and no subsequent events were identified that warranted disclosure. | |
Separation of Performance Fibers Business | |
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 to Rayonier shareholders of a newly formed company named Rayonier Advanced Materials Inc. which will contain the Performance Fibers segment of Rayonier. 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 by mid-2014. |
SALE_OF_WOOD_PRODUCTS_BUSINESS
SALE OF WOOD PRODUCTS BUSINESS | 3 Months Ended | |||
Mar. 31, 2014 | ||||
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. 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 the three months ended March 31, 2013. | ||||
Rayonier recognized an after-tax gain of $42.7 million on the sale. The gain is included in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2013. | ||||
The following table summarizes the operating results of the Company’s discontinued operations and the related gain for the three months ended March 31, 2013, as presented in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income: | ||||
Three Months Ended | ||||
March 31, 2013 | ||||
Sales | $ | 16,968 | ||
Income from discontinued operations, net | $ | 44,477 | ||
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
EARNINGS PER COMMON SHARE | ' | |||||||
EARNINGS PER COMMON SHARE | ||||||||
The following table provides details of the calculations of basic and diluted earnings per common share: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Income from continuing operations | $ | 43,292 | $ | 103,258 | ||||
Less: Loss from continuing operations attributable to noncontrolling interest | (83 | ) | — | |||||
Income from continuing operations attributable to Rayonier Inc. | $ | 43,375 | $ | 103,258 | ||||
Income from discontinued operations attributable to Rayonier Inc. | $ | — | $ | 44,477 | ||||
Net income attributable to Rayonier Inc. | $ | 43,375 | $ | 147,735 | ||||
Shares used for determining basic earnings per common share | 126,344,987 | 124,479,865 | ||||||
Dilutive effect of: | ||||||||
Stock options | 286,535 | 533,031 | ||||||
Performance and restricted shares | 83,850 | 448,440 | ||||||
Assumed conversion of Senior Exchangeable Notes (a) | 1,063,538 | 2,115,959 | ||||||
Assumed conversion of warrants (a) (b) | 645,583 | 2,859,593 | ||||||
Shares used for determining diluted earnings per common share | 128,424,493 | 130,436,888 | ||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||
Continuing operations | $ | 0.34 | $ | 0.83 | ||||
Discontinued operations | — | 0.36 | ||||||
Net income | $ | 0.34 | $ | 1.19 | ||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||
Continuing operations | $ | 0.34 | $ | 0.79 | ||||
Discontinued operations | — | 0.34 | ||||||
Net income | $ | 0.34 | $ | 1.13 | ||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | ||||||||
Stock options, performance and restricted shares | 731,046 | 220,701 | ||||||
Assumed conversion of exchangeable note hedges (a) | 1,063,538 | 2,115,959 | ||||||
Total | 1,794,584 | 2,336,660 | ||||||
(a) Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 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 full dilutive effect of the 2015 Notes was included for the three months ended March 31, 2013 and March 31, 2014. | ||||||||
The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013. 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 $38.97 per share. For further information, see Note 13 — Debt in the 2013 Annual Report on Form 10-K and Note 15 — Debt of this Form 10-Q. | ||||||||
(b) The shares used for the assumed conversion of the warrants decreased in the first quarter of 2014 as there was no dilutive impact from the warrants on the 2012 Notes. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
INCOME TAXES | ' | |||||||||||||
INCOME TAXES | ||||||||||||||
Rayonier is a real estate investment trust (“REIT”). In general, only its taxable REIT subsidiaries, whose businesses include the Company’s non-REIT qualified activities, and foreign activities, are subject to corporate income taxes. Accordingly, the provision for corporate income taxes relates principally to current and deferred taxes on taxable REIT subsidiaries’ income and foreign operations. | ||||||||||||||
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 through December 31, 2009. The AFMC is a $.50 per gallon refundable 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. The Company claimed the AFMC on its original 2009 tax return. In the first quarter of 2013, management approved a $70 million tax payment to exchange approximately 120 million gallons of black liquor previously claimed for the AFMC for the CBPC, resulting in a $19 million tax benefit. | ||||||||||||||
Provision for Income Taxes from Continuing Operations | ||||||||||||||
The Company’s effective tax rate is below the 35 percent U.S. statutory tax rate primarily due to tax benefits associated with being a REIT. The Company’s effective tax rate in the prior year period was lower than 2014 primarily due to recording the above referenced AFMC exchange. Excluding the AFMC for CBPC exchange, the effective tax rate decreased in the first quarter 2014 compared to the prior year period principally due to proportionately higher earnings from REIT operations. | ||||||||||||||
The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented (in millions of dollars): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income tax expense at federal statutory rate | $ | 18 | 35 | % | $ | 38 | 35 | % | ||||||
REIT income not subject to tax | (8 | ) | (14.9 | ) | (11 | ) | (10.1 | ) | ||||||
Manufacturing deduction | (1 | ) | (2.1 | ) | (2 | ) | (2.2 | ) | ||||||
Other | — | (0.1 | ) | — | 0.7 | |||||||||
Income tax expense before discrete items | 9 | 17.9 | % | 25 | 23.4 | % | ||||||||
Exchange of AFMC for CBPC | — | — | (19 | ) | (17.5 | ) | ||||||||
Other | (1 | ) | (2.7 | ) | (2 | ) | (1.8 | ) | ||||||
Income tax expense as reported | $ | 8 | 15.2 | % | $ | 4 | 4.1 | % | ||||||
Provision for Income Taxes from Discontinued Operations | ||||||||||||||
In first quarter 2013, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. For the three months ended March 31, 2013, income tax expense related to discontinued operations was $22.3 million ($21.4 million from the gain on sale). See Note 2 — Sale of Wood Products Business for additional information. | ||||||||||||||
Unrecognized Tax Benefits | ||||||||||||||
During the first quarter of 2013, the Company implemented ASU 2013-11, which requires, in certain instances, an unrecognized tax benefit (or portion of an unrecognized tax benefit) to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. As a result, the Company reclassified $3.9 million from an unrecognized tax benefit liability to a reduction to current deferred tax assets at March 31, 2014. |
RESTRICTED_DEPOSITS
RESTRICTED DEPOSITS | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Cash and Investments [Abstract] | ' |
RESTRICTED DEPOSITS | ' |
RESTRICTED DEPOSITS | |
In order to qualify for like-kind exchange (“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 LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of March 31, 2014 and December 31, 2013, the Company had $23.6 million and $68.9 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary. |
JOINT_VENTURE_INVESTMENT
JOINT VENTURE INVESTMENT | 3 Months Ended | |||
Mar. 31, 2014 | ||||
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 joint venture (“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 March 31, 2014 and 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 New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., continues to serve as the manager of the New Zealand JV forests. | ||||
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 was acquired for $139.9 million and 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. 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. | ||||
The Company’s operating results for the three months ended March 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 for the first quarter 2014 are as follows: | ||||
Three Months Ended March 31, 2014 | ||||
Sales | $ | 37,764 | ||
Net Loss | (734 | ) | ||
The following represents the pro forma Rayonier consolidated sales and net income for the three months ended March 31, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2012. | ||||
Three Months Ended March 31, 2013 | ||||
Sales | $ | 428,245 | ||
Net Income | $ | 146,280 | ||
SHAREHOLDERSS_EQUITY
SHAREHOLDERS'S EQUITY | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||
SHAREHOLDERS'S EQUITY | ' | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
An analysis of shareholders’ equity for the three months ended March 31, 2014 and the year ended December 31, 2013 is shown below (share amounts not in thousands): | |||||||||||||||||||||||
Rayonier Inc. Shareholders Equity | |||||||||||||||||||||||
Common Shares | Retained | Accumulated Other Comprehensive Income/(Loss) | Non-controlling Interest | Total Shareholders’ | |||||||||||||||||||
Shares | Amount | Earnings | Equity | ||||||||||||||||||||
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 15) | — | 2,453 | — | — | — | 2,453 | |||||||||||||||||
Settlement of warrants (Note 15) | 2,135,221 | — | — | — | — | — | |||||||||||||||||
Net gain 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 | |||||||||||
Net income (loss) | — | — | 43,375 | — | (83 | ) | 43,292 | ||||||||||||||||
Dividends ($0.49 per share) | — | — | (62,011 | ) | — | — | (62,011 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 235,843 | 2,027 | — | — | — | 2,027 | |||||||||||||||||
Stock-based compensation | — | 3,103 | — | — | — | 3,103 | |||||||||||||||||
Excess tax deficiency on stock-based compensation | — | (1,240 | ) | — | — | — | (1,240 | ) | |||||||||||||||
Repurchase of common shares | (42,208 | ) | (1,754 | ) | — | — | — | (1,754 | ) | ||||||||||||||
Amortization of pension and postretirement plans | — | — | — | 2,097 | — | 2,097 | |||||||||||||||||
Noncontrolling interest redemption of shares | — | — | — | — | (679 | ) | (679 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | 12,893 | 4,910 | 17,803 | |||||||||||||||||
Joint venture cash flow hedges | — | — | — | 1,112 | 599 | 1,711 | |||||||||||||||||
Balance, March 31, 2014 | 126,451,505 | $ | 694,236 | $ | 996,573 | $ | (30,037 | ) | $ | 98,820 | $ | 1,759,592 | |||||||||||
SEGMENT_AND_GEOGRAPHICAL_INFOR
SEGMENT AND GEOGRAPHICAL INFORMATION | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | |||||||
SEGMENT AND GEOGRAPHICAL INFORMATION | ' | |||||||
SEGMENT AND GEOGRAPHICAL INFORMATION | ||||||||
Rayonier operates in three reportable business segments: Forest Resources, Real Estate and Performance Fibers. Forest Resources sales include all activities related to the harvesting of timber. Real Estate sales include all property sales, including those designated for higher and better use (“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 includes two major product lines, cellulose specialties and commodity grade products (primarily viscose). 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 estimated 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 (loss) as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). 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. | ||||||||
Total assets, sales, operating income (loss) and depreciation, depletion and amortization by segment including Corporate were as follows: | ||||||||
March 31, | December 31, | |||||||
ASSETS | 2014 | 2013 | ||||||
Forest Resources | $ | 2,189,467 | $ | 2,162,913 | ||||
Real Estate | 113,376 | 149,001 | ||||||
Performance Fibers | 1,095,574 | 1,078,645 | ||||||
Other Operations | 35,121 | 37,334 | ||||||
Corporate and other | 211,240 | 257,608 | ||||||
Total | $ | 3,644,778 | $ | 3,685,501 | ||||
Three Months Ended March 31, | ||||||||
SALES | 2014 | 2013 | ||||||
Forest Resources (a) | $ | 104,678 | $ | 57,102 | ||||
Real Estate | 5,530 | 24,297 | ||||||
Performance Fibers | 241,768 | 284,188 | ||||||
Other Operations | 37,417 | 28,227 | ||||||
Intersegment Eliminations | (2,707 | ) | (95 | ) | ||||
Total | $ | 386,686 | $ | 393,719 | ||||
(a) | First quarter 2014 included $38 million in sales from the consolidation of the New Zealand JV. See Note 6 — Joint Venture Investment. | |||||||
Three Months Ended March 31, | ||||||||
OPERATING INCOME | 2014 | 2013 | ||||||
Forest Resources | $ | 27,501 | $ | 13,255 | ||||
Real Estate | 739 | 16,842 | ||||||
Performance Fibers | 48,980 | 91,670 | ||||||
Other Operations | 184 | 165 | ||||||
Corporate and other (a) | (12,396 | ) | (6,569 | ) | ||||
Total | $ | 65,008 | $ | 115,363 | ||||
(a) | First quarter 2014 included $3.3 million of separation costs related to the planned separation of the Performance Fibers business from the Forest Resources and Real Estate businesses. | |||||||
Three Months Ended March 31, | ||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2014 | 2013 | ||||||
Forest Resources (a) | $ | 24,932 | $ | 16,444 | ||||
Real Estate | 896 | 4,177 | ||||||
Performance Fibers | 20,649 | 15,153 | ||||||
Corporate and other | 282 | 218 | ||||||
Total | $ | 46,759 | $ | 35,992 | ||||
(a) | 2014 included an increase of approximately $7 million in depletion expenses related to the consolidation of the New Zealand JV. See Note 6 — Joint Venture Investment. |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
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 Accounting Standards Codification 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 accumulated other comprehensive income (“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 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 New Zealand JV 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 March 31, 2014, the Company’s interest rate contracts hedged 88 percent of the New Zealand JV’s variable rate debt and had maturity dates through January 2020. | ||||||||||
Fuel Hedge Contracts | ||||||||||
The Company uses fuel swap 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 March 31, 2014 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 three months ended March 31, 2014. No derivative balances were consolidated prior to the Company’s acquisition of a controlling interest in the New Zealand JV in the second quarter of 2013. | ||||||||||
Three Months Ended | ||||||||||
Income Statement Location | 31-Mar-14 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | $ | 1,487 | |||||||
Foreign currency option contracts | Other comprehensive income (loss) | 725 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | Other operating expense (income) | 25 | ||||||||
Foreign currency option contracts | Other operating expense (income) | 7 | ||||||||
Interest rate swaps | Interest and miscellaneous (expense) income, net | (1,134 | ) | |||||||
Fuel hedge contracts | Cost of sales | 317 | ||||||||
During the next 12 months, the amount of the March 31, 2014 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 $2.7 million. | ||||||||||
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: | ||||||||||
Notional Amount (a) | ||||||||||
March 31, 2014 | December 31, 2013 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | $ | 37,064 | $ | 32,300 | ||||||
Foreign currency option contracts | 37,500 | 38,000 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | $ | — | $ | 1,950 | ||||||
Foreign currency option contracts | — | 4,000 | ||||||||
Interest rate swaps | 179,066 | 183,851 | ||||||||
Fuel hedge contracts | 25 | 38 | ||||||||
(a) | All notional amounts are stated in thousands of dollars except fuel 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 : | ||||||||||
Location on Balance Sheet | Fair Value Assets (Liabilities) (a) | |||||||||
31-Mar-14 | 31-Dec-13 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Prepaid and other current assets | $ | 2,616 | $ | 915 | |||||
Other current liabilities | (84 | ) | — | |||||||
Foreign currency option contracts | Prepaid and other current assets | 1,333 | 673 | |||||||
Other current liabilities | (90 | ) | (214 | ) | ||||||
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 | (5,145 | ) | (4,659 | ) | |||||
Fuel hedge contracts | Prepaid and other current assets | — | 160 | |||||||
Other current liabilities | (159 | ) | — | |||||||
Total derivative contracts: | ||||||||||
Prepaid and other current assets | $ | 3,949 | $ | 1,781 | ||||||
Other current liabilities | (333 | ) | (214 | ) | ||||||
Other non-current liabilities | (5,145 | ) | (4,659 | ) | ||||||
Total derivative liabilities | $ | (5,478 | ) | $ | (4,873 | ) | ||||
(a) | See Note 10 — 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 | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
The Accounting Standards Codification established a three-level hierarchy that prioritizes the inputs used to measure fair value 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, estimated fair values and categorization under the fair value hierarchy of financial instruments held by the Company at March 31, 2014 and December 31, 2013, using market information and what management believes to be appropriate valuation methodologies under generally accepted accounting principles: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Asset (liability) | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||
Cash and cash equivalents | $ | 156,071 | $ | 156,071 | $ | — | $ | 199,644 | $ | 199,644 | $ | — | ||||||||||||
Restricted cash (a) | 23,633 | 23,633 | — | 68,944 | 68,944 | — | ||||||||||||||||||
Current maturities of long-term debt | (114,319 | ) | — | (122,187 | ) | (112,500 | ) | — | (119,614 | ) | ||||||||||||||
Long-term debt | (1,393,887 | ) | — | (1,451,984 | ) | (1,461,724 | ) | — | (1,489,810 | ) | ||||||||||||||
Interest rate swaps (b) | (5,145 | ) | — | (5,145 | ) | (4,659 | ) | — | (4,659 | ) | ||||||||||||||
Foreign currency exchange contracts (b) | 2,532 | — | 2,532 | 940 | — | 940 | ||||||||||||||||||
Foreign currency option contracts (b) | 1,243 | — | 1,243 | 467 | — | 467 | ||||||||||||||||||
Fuel contracts (b) | (159 | ) | — | (159 | ) | 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 9 — 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. |
GUARANTEES
GUARANTEES | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Guarantees [Abstract] | ' | ||||||||
GUARANTEES | ' | ||||||||
GUARANTEES | |||||||||
The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of March 31, 2014, the following financial guarantees were outstanding: | |||||||||
Financial Commitments | Maximum Potential | Carrying Amount | |||||||
Payment | of Associated Liability | ||||||||
Standby letters of credit (a) | $ | 17,355 | $ | 15,000 | |||||
Guarantees (b) | 2,254 | 43 | |||||||
Surety bonds (c) | 5,498 | 1,099 | |||||||
Total financial commitments | $ | 25,107 | $ | 16,142 | |||||
(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 March 31, 2014, the Company has 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 during 2014 and 2015 and are expected to be renewed as required. |
LIABILITIES_FOR_DISPOSITIONS_A
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' | ||||||||
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | ' | ||||||||
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | |||||||||
An analysis of the liabilities for dispositions and discontinued operations follows: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Balance, beginning of period | $ | 76,378 | $ | 81,695 | |||||
Expenditures charged to liabilities | (2,498 | ) | (8,570 | ) | |||||
Increase to liabilities | 22 | 3,253 | |||||||
Balance, end of period | 73,902 | 76,378 | |||||||
Less: Current portion | (6,446 | ) | (6,835 | ) | |||||
Non-current portion | $ | 67,456 | $ | 69,543 | |||||
These prior dispositions and discontinued operations are exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of March 31, 2014, this amount could range up to $30 million, attributable to several of the applicable sites, and arises from uncertainty over the availability, feasibility and effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies, potential changes in applicable law and regulations, and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies. | |||||||||
Management believes established liabilities are sufficient for probable 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. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
Loss Contingency [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
Rayonier is engaged in various legal actions, including certain environmental proceedings, and 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 other 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. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
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. Currently, all qualified 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 net pension and postretirement benefit costs that have been recorded are shown in the following tables: | ||||||||||||||||
Pension | Postretirement | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $ | 1,624 | $ | 2,419 | $ | 179 | $ | 249 | ||||||||
Interest cost | 4,683 | 4,834 | 206 | 240 | ||||||||||||
Expected return on plan assets | (6,658 | ) | (7,424 | ) | — | — | ||||||||||
Amortization of prior service cost | 292 | 388 | 4 | 6 | ||||||||||||
Amortization of losses | 2,737 | 5,727 | 129 | 218 | ||||||||||||
Amortization of negative plan amendment | — | — | (134 | ) | — | |||||||||||
Net periodic benefit cost | $ | 2,678 | $ | 5,944 | $ | 384 | $ | 713 | ||||||||
In 2014, the Company has no mandatory pension contribution requirements, but may make discretionary contributions. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
DEBT | ' |
DEBT | |
As of December 31, 2013, the 2015 Notes became exchangeable at the option of the holders for the calendar quarter ended March 31, 2014. According to 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 during a period of 30 consecutive trading days as of the last day of the quarter. During the quarter ended March 31, 2014, the note holders did not elect to exercise the exchange option. Based upon the average stock price for the 30 trading days ended March 31, 2014, these notes again became exchangeable at the option of the holder for the calendar quarter ending June 30, 2014. The entire balance of the notes is classified as long-term debt at March 31, 2014 due to the ability and intent of the Company to refinance them on a long-term basis. | |
During the three months ended March 31, 2014, the Company made net repayments of $80 million on its unsecured revolving credit facility. The Company had $323 million of available borrowings under this facility at March 31, 2014, net of $2 million to secure its outstanding letters of credit. During the three months ended March 31, 2014, the New Zealand JV borrowed $1.8 million on its working capital facility. Additional draws totaling $18.1 million remain available on the facility. | |
There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the Company’s 2013 Annual Report on Form 10-K. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||||
The following table summarizes the changes in AOCI by component for the three months ended March 31, 2014. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. | ||||||||||||||||
Foreign currency translation gains | New Zealand joint venture cash flow hedges | Unrecognized components of employee benefit plans | Total | |||||||||||||
Balance as of December 31, 2013 | $ | 36,914 | $ | (342 | ) | $ | (82,711 | ) | $ | (46,139 | ) | |||||
Other comprehensive income before reclassifications | 12,893 | 1,604 | — | 14,497 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (492 | ) | 2,097 | (a) | 1,605 | ||||||||||
Net other comprehensive income | 12,893 | 1,112 | 2,097 | 16,102 | ||||||||||||
Balance as of March 31, 2014 | $ | 49,807 | $ | 770 | $ | (80,614 | ) | $ | (30,037 | ) | ||||||
(a) | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information. | |||||||||||||||
The following table presents details of the amounts reclassified in their entirety from AOCI for the three months ended March 31, 2014: | ||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the income statement | ||||||||||||||
Realized gain on foreign currency exchange contracts | $ | (872 | ) | Other operating (income) expense, net | ||||||||||||
Realized gain on foreign currency option contracts | (107 | ) | Other operating (income) expense, net | |||||||||||||
Noncontrolling interest | 343 | Comprehensive income (loss) attributable to noncontrolling interest | ||||||||||||||
Income tax expense | 144 | Income tax expense | ||||||||||||||
Net gain reclassified from accumulated other comprehensive income | $ | (492 | ) |
OTHER_OPERATING_EXPENSE_INCOME
OTHER OPERATING (EXPENSE) INCOME, NET | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Operating Income, Net [Abstract] | ' | |||||||
OTHER OPERATING (EXPENSE) INCOME, NET | ' | |||||||
OTHER OPERATING (EXPENSE) INCOME, NET | ||||||||
Other operating (expense) income, net was comprised of the following: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Lease income, primarily from hunting leases | $ | 3,036 | $ | 2,462 | ||||
Other non-timber income | 552 | 474 | ||||||
Foreign currency loss | (1,490 | ) | (184 | ) | ||||
Loss on sale or disposal of property, plant & equipment | (532 | ) | (429 | ) | ||||
(Loss) gain on foreign currency exchange contracts | (32 | ) | 1,881 | |||||
Separation costs related to Rayonier Advanced Materials Inc. | (3,318 | ) | (86 | ) | ||||
Miscellaneous expense, net | (1,753 | ) | (615 | ) | ||||
Total | $ | (3,537 | ) | $ | 3,503 | |||
CONSOLIDATING_FINANCIAL_STATEM
CONSOLIDATING FINANCIAL STATEMENTS | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
CONSOLIDATING FINANCIAL STATEMENTS [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 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. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 386,686 | $ | — | $ | 386,686 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 302,650 | — | 302,650 | ||||||||||||||||||
Selling and general expenses | — | 2,150 | — | 13,341 | — | 15,491 | ||||||||||||||||||
Other operating expense, net | — | 2,375 | — | 1,162 | — | 3,537 | ||||||||||||||||||
— | 4,525 | — | 317,153 | — | 321,678 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,525 | ) | — | 69,533 | — | 65,008 | |||||||||||||||||
Interest expense | (3,193 | ) | (243 | ) | (6,690 | ) | (2,843 | ) | — | (12,969 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 2,698 | 814 | (1,047 | ) | (3,480 | ) | — | (1,015 | ) | |||||||||||||||
Equity in income from subsidiaries | 43,870 | 48,447 | 31,110 | — | (123,427 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 43,375 | 44,493 | 23,373 | 63,210 | (123,427 | ) | 51,024 | |||||||||||||||||
Income tax (expense) benefit | — | (623 | ) | 2,824 | (9,933 | ) | — | (7,732 | ) | |||||||||||||||
NET INCOME | 43,375 | 43,870 | 26,197 | 53,277 | (123,427 | ) | 43,292 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (83 | ) | — | (83 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 | 43,870 | 26,197 | 53,360 | (123,427 | ) | 43,375 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 12,894 | 12,893 | 766 | 17,795 | (26,545 | ) | 17,803 | |||||||||||||||||
New Zealand joint venture cash flow hedges | 1,112 | 1,112 | 1,112 | 1,711 | (3,336 | ) | 1,711 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,097 | 2,097 | 1,620 | 1,620 | (5,337 | ) | 2,097 | |||||||||||||||||
Total other comprehensive income | 16,103 | 16,102 | 3,498 | 21,126 | (35,218 | ) | 21,611 | |||||||||||||||||
COMPREHENSIVE INCOME | 59,478 | 59,972 | 29,695 | 74,403 | (158,645 | ) | 64,903 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | 5,425 | — | 5,425 | ||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 59,478 | $ | 59,972 | $ | 29,695 | $ | 68,978 | $ | (158,645 | ) | $ | 59,478 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 393,719 | $ | — | $ | 393,719 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 266,018 | — | 266,018 | ||||||||||||||||||
Selling and general expenses | — | 2,401 | — | 13,698 | — | 16,099 | ||||||||||||||||||
Other operating (income) expense, net | (1,881 | ) | 523 | — | (2,145 | ) | — | (3,503 | ) | |||||||||||||||
(1,881 | ) | 2,924 | — | 277,571 | — | 278,614 | ||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 258 | — | 258 | ||||||||||||||||||
OPERATING INCOME (LOSS) | 1,881 | (2,924 | ) | — | 116,406 | — | 115,363 | |||||||||||||||||
Interest (expense) income | (3,275 | ) | (252 | ) | (6,618 | ) | 2,428 | — | (7,717 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | 2,419 | 529 | (751 | ) | (2,140 | ) | — | 57 | ||||||||||||||||
Equity in income from subsidiaries | 146,710 | 148,765 | 123,469 | — | (418,944 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 147,735 | 146,118 | 116,100 | 116,694 | (418,944 | ) | 107,703 | |||||||||||||||||
Income tax benefit (expense) | — | 592 | 2,690 | (7,727 | ) | — | (4,445 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 147,735 | 146,710 | 118,790 | 108,967 | (418,944 | ) | 103,258 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 44,477 | — | 44,477 | ||||||||||||||||||
NET INCOME | 147,735 | 146,710 | 118,790 | 153,444 | (418,944 | ) | 147,735 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 975 | 975 | 240 | 975 | (2,190 | ) | 975 | |||||||||||||||||
New Zealand joint venture cash flow hedges | 554 | 554 | — | 554 | (1,108 | ) | 554 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 4,969 | 4,969 | 4,012 | — | (8,981 | ) | 4,969 | |||||||||||||||||
Total other comprehensive income | 6,498 | 6,498 | 4,252 | 1,529 | (12,279 | ) | 6,498 | |||||||||||||||||
COMPREHENSIVE INCOME | $ | 154,233 | $ | 153,208 | $ | 123,042 | $ | 154,973 | $ | (431,223 | ) | $ | 154,233 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
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 | $ | 93,840 | $ | 4,494 | $ | (178 | ) | $ | 57,915 | $ | — | $ | 156,071 | |||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 10 | 689 | 110,998 | — | 111,697 | ||||||||||||||||||
Inventory | — | — | — | 141,928 | — | 141,928 | ||||||||||||||||||
Deferred tax assets | — | — | 646 | 30,934 | — | 31,580 | ||||||||||||||||||
Prepaid and other current assets | — | 6,582 | 3 | 47,972 | — | 54,557 | ||||||||||||||||||
Total current assets | 93,840 | 11,086 | 1,160 | 389,747 | — | 495,833 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,069,518 | — | 2,069,518 | ||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,698 | — | 859,271 | — | 861,969 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,677,296 | 1,853,207 | 1,170,733 | — | (4,701,236 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 216,844 | — | 20,866 | — | (237,710 | ) | — | |||||||||||||||||
OTHER ASSETS | 3,569 | 32,705 | 3,496 | 177,688 | — | 217,458 | ||||||||||||||||||
TOTAL ASSETS | $ | 1,991,549 | $ | 1,899,696 | $ | 1,196,255 | $ | 3,496,224 | $ | (4,938,946 | ) | $ | 3,644,778 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 1,054 | $ | 2,102 | $ | 83,126 | $ | — | $ | 86,282 | ||||||||||||
Current maturities of long-term debt | — | — | 112,500 | 1,819 | — | 114,319 | ||||||||||||||||||
Accrued taxes | — | 14 | — | 11,360 | — | 11,374 | ||||||||||||||||||
Accrued payroll and benefits | — | 8,038 | — | 11,223 | — | 19,261 | ||||||||||||||||||
Accrued interest | 5,777 | 669 | 3,723 | 25,112 | (21,424 | ) | 13,857 | |||||||||||||||||
Accrued customer incentives | — | — | — | 10,082 | — | 10,082 | ||||||||||||||||||
Other current liabilities | — | 9,058 | — | 26,812 | — | 35,870 | ||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 6,446 | — | 6,446 | ||||||||||||||||||
Total current liabilities | 5,777 | 18,833 | 118,325 | 175,980 | (21,424 | ) | 297,491 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 768,228 | 300,659 | — | 1,393,887 | ||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 67,456 | — | 67,456 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,807 | — | 3,291 | — | 95,098 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 13,763 | — | 17,491 | — | 31,254 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 97,997 | — | 151,940 | (249,937 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,660,772 | 1,677,296 | 309,702 | 2,680,587 | (4,667,585 | ) | 1,660,772 | |||||||||||||||||
Noncontrolling interest | — | — | — | 98,820 | — | 98,820 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,660,772 | 1,677,296 | 309,702 | 2,779,407 | (4,667,585 | ) | 1,759,592 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,991,549 | $ | 1,899,696 | $ | 1,196,255 | $ | 3,496,224 | $ | (4,938,946 | ) | $ | 3,644,778 | |||||||||||
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 | ||||||||||||||||||
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 EQUIPMENT | — | 2,612 | — | 858,209 | — | 860,821 | ||||||||||||||||||
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 | ||||||||||||||||||
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 | — | 8,765 | — | 26,109 | — | 34,874 | ||||||||||||||||||
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 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 STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 25,931 | $ | 32,794 | $ | — | $ | 67,759 | $ | (27,210 | ) | $ | 99,274 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (170 | ) | — | (36,585 | ) | — | (36,755 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (10,637 | ) | — | (10,637 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | 45,312 | — | 45,312 | ||||||||||||||||||
Investment in Subsidiaries | — | — | 69,103 | — | (69,103 | ) | — | |||||||||||||||||
Other | — | — | — | 1,592 | — | 1,592 | ||||||||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | (170 | ) | 69,103 | (318 | ) | (69,103 | ) | (488 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | — | 30,000 | 1,819 | — | 31,819 | ||||||||||||||||||
Repayment of debt | — | — | (110,000 | ) | — | — | (110,000 | ) | ||||||||||||||||
Dividends paid | (62,545 | ) | — | — | — | — | (62,545 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 2,027 | — | — | — | — | 2,027 | ||||||||||||||||||
Excess tax deficiencies on stock-based compensation | — | — | — | (1,240 | ) | — | (1,240 | ) | ||||||||||||||||
Repurchase of common shares | (1,754 | ) | — | — | — | — | (1,754 | ) | ||||||||||||||||
Intercompany distributions | — | (28,434 | ) | — | (67,879 | ) | 96,313 | — | ||||||||||||||||
Other | — | — | — | (679 | ) | — | (679 | ) | ||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) | (28,434 | ) | (80,000 | ) | (67,979 | ) | 96,313 | (142,372 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | 13 | — | 13 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (36,341 | ) | 4,190 | (10,897 | ) | (525 | ) | — | (43,573 | ) | ||||||||||||||
Balance, beginning of year | 130,181 | 304 | 10,719 | 58,440 | — | 199,644 | ||||||||||||||||||
Balance, end of period | $ | 93,840 | $ | 4,494 | $ | (178 | ) | $ | 57,915 | $ | — | $ | 156,071 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 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 | $ | 13,984 | $ | 22,259 | $ | — | $ | 58,980 | $ | (5,563 | ) | $ | 89,660 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (89 | ) | — | (32,575 | ) | — | (32,664 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (1,560 | ) | — | (1,560 | ) | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (36,734 | ) | — | (36,734 | ) | ||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | — | 83,741 | — | 83,741 | ||||||||||||||||||
Change in restricted cash | — | — | — | 9,908 | — | 9,908 | ||||||||||||||||||
Investment in Subsidiaries | — | — | 32,391 | — | (32,391 | ) | — | |||||||||||||||||
Other | — | — | — | 1,790 | — | 1,790 | ||||||||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | (89 | ) | 32,391 | 24,570 | (32,391 | ) | 24,481 | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 100,000 | — | — | — | — | 100,000 | ||||||||||||||||||
Repayment of debt | (150,000 | ) | — | (20,000 | ) | — | — | (170,000 | ) | |||||||||||||||
Dividends paid | (57,744 | ) | — | — | — | — | (57,744 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 4,091 | — | — | — | — | 4,091 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 6,191 | — | 6,191 | ||||||||||||||||||
Repurchase of common shares | (11,241 | ) | — | — | — | — | (11,241 | ) | ||||||||||||||||
Intercompany distributions | — | (5,206 | ) | — | (32,748 | ) | 37,954 | — | ||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (114,894 | ) | (5,206 | ) | (20,000 | ) | (26,557 | ) | 37,954 | (128,703 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (17 | ) | — | (17 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (100,910 | ) | 16,964 | 12,391 | 56,976 | — | (14,579 | ) | ||||||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | ||||||||||||||||||
Balance, end of period | $ | 151,978 | $ | 20,930 | $ | 31,749 | $ | 61,360 | $ | — | $ | 266,017 | ||||||||||||
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. The notes are fully and unconditionally guaranteed by ROC and Rayonier TRS Holdings Inc. In connection with these notes, the Company provides the following 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. | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 386,686 | $ | — | $ | 386,686 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 302,650 | — | 302,650 | |||||||||||||||||||
Selling and general expenses | — | 2,150 | 13,341 | — | 15,491 | |||||||||||||||||||
Other operating expense, net | — | 2,375 | 1,162 | — | 3,537 | |||||||||||||||||||
— | 4,525 | 317,153 | — | 321,678 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,525 | ) | 69,533 | — | 65,008 | ||||||||||||||||||
Interest expense | (3,193 | ) | (6,933 | ) | (2,843 | ) | — | (12,969 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 2,698 | (233 | ) | (3,480 | ) | — | (1,015 | ) | ||||||||||||||||
Equity in income from subsidiaries | 43,870 | 53,360 | — | (97,230 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 43,375 | 41,669 | 63,210 | (97,230 | ) | 51,024 | ||||||||||||||||||
Income tax benefit (expense) | — | 2,201 | (9,933 | ) | — | (7,732 | ) | |||||||||||||||||
NET INCOME | 43,375 | 43,870 | 53,277 | (97,230 | ) | 43,292 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (83 | ) | — | (83 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 | 43,870 | 53,360 | (97,230 | ) | 43,375 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 12,894 | 12,892 | 17,795 | (25,778 | ) | 17,803 | ||||||||||||||||||
New Zealand joint venture cash flow hedges | 1,112 | 1,112 | 1,711 | (2,224 | ) | 1,711 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,097 | 2,097 | 1,620 | (3,717 | ) | 2,097 | ||||||||||||||||||
Total other comprehensive income | 16,103 | 16,101 | 21,126 | (31,719 | ) | 21,611 | ||||||||||||||||||
COMPREHENSIVE INCOME | 59,478 | 59,971 | 74,403 | (128,949 | ) | 64,903 | ||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 5,425 | — | 5,425 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 59,478 | $ | 59,971 | $ | 68,978 | $ | (128,949 | ) | $ | 59,478 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 393,719 | $ | — | $ | 393,719 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 266,018 | — | 266,018 | |||||||||||||||||||
Selling and general expenses | — | 2,401 | 13,698 | — | 16,099 | |||||||||||||||||||
Other operating (income) expense, net | (1,881 | ) | 523 | (2,145 | ) | — | (3,503 | ) | ||||||||||||||||
(1,881 | ) | 2,924 | 277,571 | — | 278,614 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 258 | — | 258 | |||||||||||||||||||
OPERATING INCOME (LOSS) | 1,881 | (2,924 | ) | 116,406 | — | 115,363 | ||||||||||||||||||
Interest (expense) income | (3,275 | ) | (6,870 | ) | 2,428 | — | (7,717 | ) | ||||||||||||||||
Interest and miscellaneous income (expense), net | 2,419 | (222 | ) | (2,140 | ) | — | 57 | |||||||||||||||||
Equity in income from subsidiaries | 146,710 | 153,444 | — | (300,154 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 147,735 | 143,428 | 116,694 | (300,154 | ) | 107,703 | ||||||||||||||||||
Income tax benefit (expense) | — | 3,282 | (7,727 | ) | — | (4,445 | ) | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 147,735 | 146,710 | 108,967 | (300,154 | ) | 103,258 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | 44,477 | — | 44,477 | |||||||||||||||||||
NET INCOME | 147,735 | 146,710 | 153,444 | (300,154 | ) | 147,735 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 975 | 975 | 975 | (1,950 | ) | 975 | ||||||||||||||||||
New Zealand joint venture cash flow hedges | 554 | 554 | 554 | (1,108 | ) | 554 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 4,969 | 4,969 | — | (4,969 | ) | 4,969 | ||||||||||||||||||
Total other comprehensive income | 6,498 | 6,498 | 1,529 | (8,027 | ) | 6,498 | ||||||||||||||||||
COMPREHENSIVE INCOME | $ | 154,233 | $ | 153,208 | $ | 154,973 | $ | (308,181 | ) | $ | 154,233 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 93,840 | $ | 4,316 | $ | 57,915 | $ | — | $ | 156,071 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 699 | 110,998 | — | 111,697 | |||||||||||||||||||
Inventory | — | — | 141,928 | — | 141,928 | |||||||||||||||||||
Deferred tax asset | — | 646 | 30,934 | — | 31,580 | |||||||||||||||||||
Prepaid and other current assets | — | 6,585 | 47,972 | — | 54,557 | |||||||||||||||||||
Total current assets | 93,840 | 12,246 | 389,747 | — | 495,833 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,069,518 | — | 2,069,518 | |||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,698 | 859,271 | — | 861,969 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,677,296 | 2,714,238 | — | (4,391,534 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 216,844 | 20,866 | — | (237,710 | ) | — | ||||||||||||||||||
OTHER ASSETS | 3,569 | 36,201 | 177,688 | — | 217,458 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,991,549 | $ | 2,786,249 | $ | 3,496,224 | $ | (4,629,244 | ) | $ | 3,644,778 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3,156 | $ | 83,126 | $ | — | $ | 86,282 | ||||||||||||||
Current maturities of long-term debt | — | 112,500 | 1,819 | — | 114,319 | |||||||||||||||||||
Accrued taxes | — | 14 | 11,360 | — | 11,374 | |||||||||||||||||||
Accrued payroll and benefits | — | 8,038 | 11,223 | — | 19,261 | |||||||||||||||||||
Accrued interest | 5,777 | 4,392 | 25,112 | (21,424 | ) | 13,857 | ||||||||||||||||||
Accrued customer incentives | — | — | 10,082 | — | 10,082 | |||||||||||||||||||
Other current liabilities | — | 9,058 | 26,812 | — | 35,870 | |||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 6,446 | — | 6,446 | |||||||||||||||||||
Total current liabilities | 5,777 | 137,158 | 175,980 | (21,424 | ) | 297,491 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 768,228 | 300,659 | — | 1,393,887 | |||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 67,456 | — | 67,456 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,807 | 3,291 | — | 95,098 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 13,763 | 17,491 | — | 31,254 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 97,997 | 151,940 | (249,937 | ) | — | ||||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,660,772 | 1,677,296 | 2,680,587 | (4,357,883 | ) | 1,660,772 | ||||||||||||||||||
Noncontrolling interest | — | — | 98,820 | — | 98,820 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,660,772 | 1,677,296 | 2,779,407 | (4,357,883 | ) | 1,759,592 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,991,549 | $ | 2,786,249 | $ | 3,496,224 | $ | (4,629,244 | ) | $ | 3,644,778 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
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 | |||||||||||||||||||
Deferred tax assets | — | 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, NET OF DEPLETION AND AMORTIZATION | — | — | 2,049,378 | — | 2,049,378 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | — | 8,765 | 26,109 | — | 34,874 | |||||||||||||||||||
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 SHAREHOLDERS’ 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 STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 25,931 | $ | 32,794 | $ | 67,759 | $ | (27,210 | ) | $ | 99,274 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (170 | ) | (36,585 | ) | — | (36,755 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (10,637 | ) | — | (10,637 | ) | |||||||||||||||||
Change in restricted cash | — | — | 45,312 | — | 45,312 | |||||||||||||||||||
Investment in Subsidiaries | — | 69,103 | — | (69,103 | ) | — | ||||||||||||||||||
Other | — | — | 1,592 | — | 1,592 | |||||||||||||||||||
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — | 68,933 | (318 | ) | (69,103 | ) | (488 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | 30,000 | 1,819 | — | 31,819 | |||||||||||||||||||
Repayment of debt | — | (110,000 | ) | — | — | (110,000 | ) | |||||||||||||||||
Dividends paid | (62,545 | ) | — | — | — | (62,545 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 2,027 | — | — | — | 2,027 | |||||||||||||||||||
Excess tax deficiencies on stock-based compensation | — | — | (1,240 | ) | — | (1,240 | ) | |||||||||||||||||
Repurchase of common shares | (1,754 | ) | — | — | — | (1,754 | ) | |||||||||||||||||
Intercompany distributions | — | (28,434 | ) | (67,879 | ) | 96,313 | — | |||||||||||||||||
Other | — | — | (679 | ) | — | (679 | ) | |||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) | (108,434 | ) | (67,979 | ) | 96,313 | (142,372 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | 13 | — | 13 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (36,341 | ) | (6,707 | ) | (525 | ) | — | (43,573 | ) | |||||||||||||||
Balance, beginning of year | 130,181 | 11,023 | 58,440 | — | 199,644 | |||||||||||||||||||
Balance, end of period | $ | 93,840 | $ | 4,316 | $ | 57,915 | $ | — | $ | 156,071 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 13,984 | $ | 22,259 | $ | 58,980 | $ | (5,563 | ) | $ | 89,660 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (89 | ) | (32,575 | ) | — | (32,664 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (1,560 | ) | — | (1,560 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (36,734 | ) | — | (36,734 | ) | |||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | 83,741 | — | 83,741 | |||||||||||||||||||
Change in restricted cash | — | — | 9,908 | — | 9,908 | |||||||||||||||||||
Investment in Subsidiaries | — | 32,391 | — | (32,391 | ) | — | ||||||||||||||||||
Other | — | — | 1,790 | — | 1,790 | |||||||||||||||||||
CASH PROVIDED BY INVESTING ACTIVITIES | — | 32,302 | 24,570 | (32,391 | ) | 24,481 | ||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 100,000 | — | — | — | 100,000 | |||||||||||||||||||
Repayment of debt | (150,000 | ) | (20,000 | ) | — | — | (170,000 | ) | ||||||||||||||||
Dividends paid | (57,744 | ) | — | — | — | (57,744 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 4,091 | — | — | — | 4,091 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 6,191 | — | 6,191 | |||||||||||||||||||
Repurchase of common shares | (11,241 | ) | — | — | — | (11,241 | ) | |||||||||||||||||
Intercompany distributions | — | (5,206 | ) | (32,748 | ) | 37,954 | — | |||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (114,894 | ) | (25,206 | ) | (26,557 | ) | 37,954 | (128,703 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (17 | ) | — | (17 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (100,910 | ) | 29,355 | 56,976 | — | (14,579 | ) | |||||||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||||||||
Balance, end of period | $ | 151,978 | $ | 52,679 | $ | 61,360 | $ | — | $ | 266,017 | ||||||||||||||
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation [Line Items] | ' |
Reclassifications | ' |
Reclassifications | |
Certain 2013 amounts have been reclassified to agree with the current year presentation. | |
New Accounting Standards | ' |
New Accounting Standards | |
In March 2013, the FASB issued Accounting Standards Update (“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 became effective first quarter 2014. The adoption of this standard did not have any impact on the consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The standard requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss (“NOL”) or similar carryforward or a tax credit carryforward. If an NOL or tax credit carryforward is not available at the reporting date or tax law of the applicable jurisdiction does not require the entity to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. ASU 2013-11 became effective first quarter of 2014. The Company has applied the standard to its income tax balances and it did not have a material impact on the Company’s financial position. See Note 4 — Income Taxes for further information. | |
Equity Method Investments | ' |
The Company’s operating results for the three months ended March 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. | |
Segment Reporting | ' |
Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). 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 Accounting Standards Codification 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 accumulated other comprehensive income (“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. | |
Derivatives, Offsetting Fair Value Amounts | ' |
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 of 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. | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities | ' |
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 March 31, 2014 and 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. | |
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. | |
Business Combinations Policy | ' |
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. | |
Foreign Currency Exchange Contract [Member] | ' |
Basis of Presentation [Line Items] | ' |
Fair Value of Financial Instruments | ' |
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. | |
Commodity Contract [Member] | ' |
Basis of Presentation [Line Items] | ' |
Fair Value of Financial Instruments | ' |
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. |
SALE_OF_WOOD_PRODUCTS_BUSINESS1
SALE OF WOOD PRODUCTS BUSINESS (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||
The following table summarizes the operating results of the Company’s discontinued operations and the related gain for the three months ended March 31, 2013, as presented in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income: | ||||
Three Months Ended | ||||
March 31, 2013 | ||||
Sales | $ | 16,968 | ||
Income from discontinued operations, net | $ | 44,477 | ||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||
The following table provides details of the calculations of basic and diluted earnings per common share: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Income from continuing operations | $ | 43,292 | $ | 103,258 | ||||
Less: Loss from continuing operations attributable to noncontrolling interest | (83 | ) | — | |||||
Income from continuing operations attributable to Rayonier Inc. | $ | 43,375 | $ | 103,258 | ||||
Income from discontinued operations attributable to Rayonier Inc. | $ | — | $ | 44,477 | ||||
Net income attributable to Rayonier Inc. | $ | 43,375 | $ | 147,735 | ||||
Shares used for determining basic earnings per common share | 126,344,987 | 124,479,865 | ||||||
Dilutive effect of: | ||||||||
Stock options | 286,535 | 533,031 | ||||||
Performance and restricted shares | 83,850 | 448,440 | ||||||
Assumed conversion of Senior Exchangeable Notes (a) | 1,063,538 | 2,115,959 | ||||||
Assumed conversion of warrants (a) (b) | 645,583 | 2,859,593 | ||||||
Shares used for determining diluted earnings per common share | 128,424,493 | 130,436,888 | ||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||
Continuing operations | $ | 0.34 | $ | 0.83 | ||||
Discontinued operations | — | 0.36 | ||||||
Net income | $ | 0.34 | $ | 1.19 | ||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||
Continuing operations | $ | 0.34 | $ | 0.79 | ||||
Discontinued operations | — | 0.34 | ||||||
Net income | $ | 0.34 | $ | 1.13 | ||||
(a) Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 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 full dilutive effect of the 2015 Notes was included for the three months ended March 31, 2013 and March 31, 2014. | ||||||||
The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013. 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 $38.97 per share. For further information, see Note 13 — Debt in the 2013 Annual Report on Form 10-K and Note 15 — Debt of this Form 10-Q. | ||||||||
(b) The shares used for the assumed conversion of the warrants decreased in the first quarter of 2014 as there was no dilutive impact from the warrants on the 2012 Notes. | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | ||||||||
Stock options, performance and restricted shares | 731,046 | 220,701 | ||||||
Assumed conversion of exchangeable note hedges (a) | 1,063,538 | 2,115,959 | ||||||
Total | 1,794,584 | 2,336,660 | ||||||
(a) Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 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 full dilutive effect of the 2015 Notes was included for the three months ended March 31, 2013 and March 31, 2014. | ||||||||
The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013. 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 $38.97 per share. For further information, see Note 13 — Debt in the 2013 Annual Report on Form 10-K and Note 15 — Debt of this Form 10-Q. | ||||||||
(b) The shares used for the assumed conversion of the warrants decreased in the first quarter of 2014 as there was no dilutive impact from the warrants on the 2012 Notes. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||
The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented (in millions of dollars): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income tax expense at federal statutory rate | $ | 18 | 35 | % | $ | 38 | 35 | % | ||||||
REIT income not subject to tax | (8 | ) | (14.9 | ) | (11 | ) | (10.1 | ) | ||||||
Manufacturing deduction | (1 | ) | (2.1 | ) | (2 | ) | (2.2 | ) | ||||||
Other | — | (0.1 | ) | — | 0.7 | |||||||||
Income tax expense before discrete items | 9 | 17.9 | % | 25 | 23.4 | % | ||||||||
Exchange of AFMC for CBPC | — | — | (19 | ) | (17.5 | ) | ||||||||
Other | (1 | ) | (2.7 | ) | (2 | ) | (1.8 | ) | ||||||
Income tax expense as reported | $ | 8 | 15.2 | % | $ | 4 | 4.1 | % | ||||||
JOINT_VENTURE_INVESTMENT_Table
JOINT VENTURE INVESTMENT (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Business Acquisition, 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 for the first quarter 2014 are as follows: | ||||
Three Months Ended March 31, 2014 | ||||
Sales | $ | 37,764 | ||
Net Loss | (734 | ) | ||
The following represents the pro forma Rayonier consolidated sales and net income for the three months ended March 31, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2012. | ||||
Three Months Ended March 31, 2013 | ||||
Sales | $ | 428,245 | ||
Net Income | $ | 146,280 | ||
SHAREHOLDERSS_EQUITY_Tables
SHAREHOLDERS'S EQUITY (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||
Schedule of Stockholders Equity | ' | ||||||||||||||||||||||
An analysis of shareholders’ equity for the three months ended March 31, 2014 and the year ended December 31, 2013 is shown below (share amounts not in thousands): | |||||||||||||||||||||||
Rayonier Inc. Shareholders Equity | |||||||||||||||||||||||
Common Shares | Retained | Accumulated Other Comprehensive Income/(Loss) | Non-controlling Interest | Total Shareholders’ | |||||||||||||||||||
Shares | Amount | Earnings | Equity | ||||||||||||||||||||
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 15) | — | 2,453 | — | — | — | 2,453 | |||||||||||||||||
Settlement of warrants (Note 15) | 2,135,221 | — | — | — | — | — | |||||||||||||||||
Net gain 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 | |||||||||||
Net income (loss) | — | — | 43,375 | — | (83 | ) | 43,292 | ||||||||||||||||
Dividends ($0.49 per share) | — | — | (62,011 | ) | — | — | (62,011 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 235,843 | 2,027 | — | — | — | 2,027 | |||||||||||||||||
Stock-based compensation | — | 3,103 | — | — | — | 3,103 | |||||||||||||||||
Excess tax deficiency on stock-based compensation | — | (1,240 | ) | — | — | — | (1,240 | ) | |||||||||||||||
Repurchase of common shares | (42,208 | ) | (1,754 | ) | — | — | — | (1,754 | ) | ||||||||||||||
Amortization of pension and postretirement plans | — | — | — | 2,097 | — | 2,097 | |||||||||||||||||
Noncontrolling interest redemption of shares | — | — | — | — | (679 | ) | (679 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | 12,893 | 4,910 | 17,803 | |||||||||||||||||
Joint venture cash flow hedges | — | — | — | 1,112 | 599 | 1,711 | |||||||||||||||||
Balance, March 31, 2014 | 126,451,505 | $ | 694,236 | $ | 996,573 | $ | (30,037 | ) | $ | 98,820 | $ | 1,759,592 | |||||||||||
SEGMENT_AND_GEOGRAPHICAL_INFOR1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | |||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||
Total assets, sales, operating income (loss) and depreciation, depletion and amortization by segment including Corporate were as follows: | ||||||||
March 31, | December 31, | |||||||
ASSETS | 2014 | 2013 | ||||||
Forest Resources | $ | 2,189,467 | $ | 2,162,913 | ||||
Real Estate | 113,376 | 149,001 | ||||||
Performance Fibers | 1,095,574 | 1,078,645 | ||||||
Other Operations | 35,121 | 37,334 | ||||||
Corporate and other | 211,240 | 257,608 | ||||||
Total | $ | 3,644,778 | $ | 3,685,501 | ||||
Three Months Ended March 31, | ||||||||
SALES | 2014 | 2013 | ||||||
Forest Resources (a) | $ | 104,678 | $ | 57,102 | ||||
Real Estate | 5,530 | 24,297 | ||||||
Performance Fibers | 241,768 | 284,188 | ||||||
Other Operations | 37,417 | 28,227 | ||||||
Intersegment Eliminations | (2,707 | ) | (95 | ) | ||||
Total | $ | 386,686 | $ | 393,719 | ||||
(a) | First quarter 2014 included $38 million in sales from the consolidation of the New Zealand JV. See Note 6 — Joint Venture Investment. | |||||||
Three Months Ended March 31, | ||||||||
OPERATING INCOME | 2014 | 2013 | ||||||
Forest Resources | $ | 27,501 | $ | 13,255 | ||||
Real Estate | 739 | 16,842 | ||||||
Performance Fibers | 48,980 | 91,670 | ||||||
Other Operations | 184 | 165 | ||||||
Corporate and other (a) | (12,396 | ) | (6,569 | ) | ||||
Total | $ | 65,008 | $ | 115,363 | ||||
(a) | First quarter 2014 included $3.3 million of separation costs related to the planned separation of the Performance Fibers business from the Forest Resources and Real Estate businesses. | |||||||
Three Months Ended March 31, | ||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2014 | 2013 | ||||||
Forest Resources (a) | $ | 24,932 | $ | 16,444 | ||||
Real Estate | 896 | 4,177 | ||||||
Performance Fibers | 20,649 | 15,153 | ||||||
Corporate and other | 282 | 218 | ||||||
Total | $ | 46,759 | $ | 35,992 | ||||
(a) | 2014 included an increase of approximately $7 million in depletion expenses related to the consolidation of the New Zealand JV. See Note 6 — Joint Venture Investment. |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||
The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2014. No derivative balances were consolidated prior to the Company’s acquisition of a controlling interest in the New Zealand JV in the second quarter of 2013. | ||||||||||
Three Months Ended | ||||||||||
Income Statement Location | 31-Mar-14 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | $ | 1,487 | |||||||
Foreign currency option contracts | Other comprehensive income (loss) | 725 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | Other operating expense (income) | 25 | ||||||||
Foreign currency option contracts | Other operating expense (income) | 7 | ||||||||
Interest rate swaps | Interest and miscellaneous (expense) income, net | (1,134 | ) | |||||||
Fuel hedge contracts | Cost of sales | 317 | ||||||||
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: | ||||||||||
Notional Amount (a) | ||||||||||
March 31, 2014 | December 31, 2013 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | $ | 37,064 | $ | 32,300 | ||||||
Foreign currency option contracts | 37,500 | 38,000 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | $ | — | $ | 1,950 | ||||||
Foreign currency option contracts | — | 4,000 | ||||||||
Interest rate swaps | 179,066 | 183,851 | ||||||||
Fuel hedge contracts | 25 | 38 | ||||||||
(a) | All notional amounts are stated in thousands of dollars except fuel contracts which are denominated in thousands of barrels. | |||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||
The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets : | ||||||||||
Location on Balance Sheet | Fair Value Assets (Liabilities) (a) | |||||||||
31-Mar-14 | 31-Dec-13 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Prepaid and other current assets | $ | 2,616 | $ | 915 | |||||
Other current liabilities | (84 | ) | — | |||||||
Foreign currency option contracts | Prepaid and other current assets | 1,333 | 673 | |||||||
Other current liabilities | (90 | ) | (214 | ) | ||||||
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 | (5,145 | ) | (4,659 | ) | |||||
Fuel hedge contracts | Prepaid and other current assets | — | 160 | |||||||
Other current liabilities | (159 | ) | — | |||||||
Total derivative contracts: | ||||||||||
Prepaid and other current assets | $ | 3,949 | $ | 1,781 | ||||||
Other current liabilities | (333 | ) | (214 | ) | ||||||
Other non-current liabilities | (5,145 | ) | (4,659 | ) | ||||||
Total derivative liabilities | $ | (5,478 | ) | $ | (4,873 | ) | ||||
(a) | See Note 10 — 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) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||||||||||
The following table presents the carrying amount, estimated fair values and categorization under the fair value hierarchy of financial instruments held by the Company at March 31, 2014 and December 31, 2013, using market information and what management believes to be appropriate valuation methodologies under generally accepted accounting principles: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Asset (liability) | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||
Cash and cash equivalents | $ | 156,071 | $ | 156,071 | $ | — | $ | 199,644 | $ | 199,644 | $ | — | ||||||||||||
Restricted cash (a) | 23,633 | 23,633 | — | 68,944 | 68,944 | — | ||||||||||||||||||
Current maturities of long-term debt | (114,319 | ) | — | (122,187 | ) | (112,500 | ) | — | (119,614 | ) | ||||||||||||||
Long-term debt | (1,393,887 | ) | — | (1,451,984 | ) | (1,461,724 | ) | — | (1,489,810 | ) | ||||||||||||||
Interest rate swaps (b) | (5,145 | ) | — | (5,145 | ) | (4,659 | ) | — | (4,659 | ) | ||||||||||||||
Foreign currency exchange contracts (b) | 2,532 | — | 2,532 | 940 | — | 940 | ||||||||||||||||||
Foreign currency option contracts (b) | 1,243 | — | 1,243 | 467 | — | 467 | ||||||||||||||||||
Fuel contracts (b) | (159 | ) | — | (159 | ) | 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 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
GUARANTEES_Tables
GUARANTEES (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Schedule of Guarantor Obligations | ' | ||||||||
The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of March 31, 2014, the following financial guarantees were outstanding: | |||||||||
Financial Commitments | Maximum Potential | Carrying Amount | |||||||
Payment | of Associated Liability | ||||||||
Standby letters of credit (a) | $ | 17,355 | $ | 15,000 | |||||
Guarantees (b) | 2,254 | 43 | |||||||
Surety bonds (c) | 5,498 | 1,099 | |||||||
Total financial commitments | $ | 25,107 | $ | 16,142 | |||||
(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 March 31, 2014, the Company has 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 during 2014 and 2015 and are expected to be renewed as required. |
LIABILITIES_FOR_DISPOSITIONS_A1
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' | ||||||||
Schedule of Change in Environmental Loss Contingencies | ' | ||||||||
An analysis of the liabilities for dispositions and discontinued operations follows: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Balance, beginning of period | $ | 76,378 | $ | 81,695 | |||||
Expenditures charged to liabilities | (2,498 | ) | (8,570 | ) | |||||
Increase to liabilities | 22 | 3,253 | |||||||
Balance, end of period | 73,902 | 76,378 | |||||||
Less: Current portion | (6,446 | ) | (6,835 | ) | |||||
Non-current portion | $ | 67,456 | $ | 69,543 | |||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||
The net pension and postretirement benefit costs that have been recorded are shown in the following tables: | ||||||||||||||||
Pension | Postretirement | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $ | 1,624 | $ | 2,419 | $ | 179 | $ | 249 | ||||||||
Interest cost | 4,683 | 4,834 | 206 | 240 | ||||||||||||
Expected return on plan assets | (6,658 | ) | (7,424 | ) | — | — | ||||||||||
Amortization of prior service cost | 292 | 388 | 4 | 6 | ||||||||||||
Amortization of losses | 2,737 | 5,727 | 129 | 218 | ||||||||||||
Amortization of negative plan amendment | — | — | (134 | ) | — | |||||||||||
Net periodic benefit cost | $ | 2,678 | $ | 5,944 | $ | 384 | $ | 713 | ||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The following table summarizes the changes in AOCI by component for the three months ended March 31, 2014. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. | ||||||||||||||||
Foreign currency translation gains | New Zealand joint venture cash flow hedges | Unrecognized components of employee benefit plans | Total | |||||||||||||
Balance as of December 31, 2013 | $ | 36,914 | $ | (342 | ) | $ | (82,711 | ) | $ | (46,139 | ) | |||||
Other comprehensive income before reclassifications | 12,893 | 1,604 | — | 14,497 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (492 | ) | 2,097 | (a) | 1,605 | ||||||||||
Net other comprehensive income | 12,893 | 1,112 | 2,097 | 16,102 | ||||||||||||
Balance as of March 31, 2014 | $ | 49,807 | $ | 770 | $ | (80,614 | ) | $ | (30,037 | ) | ||||||
(a) | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information. | |||||||||||||||
The following table presents details of the amounts reclassified in their entirety from AOCI for the three months ended March 31, 2014: | ||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the income statement | ||||||||||||||
Realized gain on foreign currency exchange contracts | $ | (872 | ) | Other operating (income) expense, net | ||||||||||||
Realized gain on foreign currency option contracts | (107 | ) | Other operating (income) expense, net | |||||||||||||
Noncontrolling interest | 343 | Comprehensive income (loss) attributable to noncontrolling interest | ||||||||||||||
Income tax expense | 144 | Income tax expense | ||||||||||||||
Net gain reclassified from accumulated other comprehensive income | $ | (492 | ) |
OTHER_OPERATING_EXPENSE_INCOME1
OTHER OPERATING (EXPENSE) INCOME, NET (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Operating Income, Net [Abstract] | ' | |||||||
Interest and Other Income | ' | |||||||
Other operating (expense) income, net was comprised of the following: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Lease income, primarily from hunting leases | $ | 3,036 | $ | 2,462 | ||||
Other non-timber income | 552 | 474 | ||||||
Foreign currency loss | (1,490 | ) | (184 | ) | ||||
Loss on sale or disposal of property, plant & equipment | (532 | ) | (429 | ) | ||||
(Loss) gain on foreign currency exchange contracts | (32 | ) | 1,881 | |||||
Separation costs related to Rayonier Advanced Materials Inc. | (3,318 | ) | (86 | ) | ||||
Miscellaneous expense, net | (1,753 | ) | (615 | ) | ||||
Total | $ | (3,537 | ) | $ | 3,503 | |||
CONSOLIDATING_FINANCIAL_STATEM1
CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Senior Exchangeable Notes due 2015 [Member] | ' | |||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Income and Comprehensive Income | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 386,686 | $ | — | $ | 386,686 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 302,650 | — | 302,650 | ||||||||||||||||||
Selling and general expenses | — | 2,150 | — | 13,341 | — | 15,491 | ||||||||||||||||||
Other operating expense, net | — | 2,375 | — | 1,162 | — | 3,537 | ||||||||||||||||||
— | 4,525 | — | 317,153 | — | 321,678 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,525 | ) | — | 69,533 | — | 65,008 | |||||||||||||||||
Interest expense | (3,193 | ) | (243 | ) | (6,690 | ) | (2,843 | ) | — | (12,969 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 2,698 | 814 | (1,047 | ) | (3,480 | ) | — | (1,015 | ) | |||||||||||||||
Equity in income from subsidiaries | 43,870 | 48,447 | 31,110 | — | (123,427 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 43,375 | 44,493 | 23,373 | 63,210 | (123,427 | ) | 51,024 | |||||||||||||||||
Income tax (expense) benefit | — | (623 | ) | 2,824 | (9,933 | ) | — | (7,732 | ) | |||||||||||||||
NET INCOME | 43,375 | 43,870 | 26,197 | 53,277 | (123,427 | ) | 43,292 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (83 | ) | — | (83 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 | 43,870 | 26,197 | 53,360 | (123,427 | ) | 43,375 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 12,894 | 12,893 | 766 | 17,795 | (26,545 | ) | 17,803 | |||||||||||||||||
New Zealand joint venture cash flow hedges | 1,112 | 1,112 | 1,112 | 1,711 | (3,336 | ) | 1,711 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,097 | 2,097 | 1,620 | 1,620 | (5,337 | ) | 2,097 | |||||||||||||||||
Total other comprehensive income | 16,103 | 16,102 | 3,498 | 21,126 | (35,218 | ) | 21,611 | |||||||||||||||||
COMPREHENSIVE INCOME | 59,478 | 59,972 | 29,695 | 74,403 | (158,645 | ) | 64,903 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | 5,425 | — | 5,425 | ||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 59,478 | $ | 59,972 | $ | 29,695 | $ | 68,978 | $ | (158,645 | ) | $ | 59,478 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 393,719 | $ | — | $ | 393,719 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 266,018 | — | 266,018 | ||||||||||||||||||
Selling and general expenses | — | 2,401 | — | 13,698 | — | 16,099 | ||||||||||||||||||
Other operating (income) expense, net | (1,881 | ) | 523 | — | (2,145 | ) | — | (3,503 | ) | |||||||||||||||
(1,881 | ) | 2,924 | — | 277,571 | — | 278,614 | ||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 258 | — | 258 | ||||||||||||||||||
OPERATING INCOME (LOSS) | 1,881 | (2,924 | ) | — | 116,406 | — | 115,363 | |||||||||||||||||
Interest (expense) income | (3,275 | ) | (252 | ) | (6,618 | ) | 2,428 | — | (7,717 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | 2,419 | 529 | (751 | ) | (2,140 | ) | — | 57 | ||||||||||||||||
Equity in income from subsidiaries | 146,710 | 148,765 | 123,469 | — | (418,944 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 147,735 | 146,118 | 116,100 | 116,694 | (418,944 | ) | 107,703 | |||||||||||||||||
Income tax benefit (expense) | — | 592 | 2,690 | (7,727 | ) | — | (4,445 | ) | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 147,735 | 146,710 | 118,790 | 108,967 | (418,944 | ) | 103,258 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 44,477 | — | 44,477 | ||||||||||||||||||
NET INCOME | 147,735 | 146,710 | 118,790 | 153,444 | (418,944 | ) | 147,735 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 975 | 975 | 240 | 975 | (2,190 | ) | 975 | |||||||||||||||||
New Zealand joint venture cash flow hedges | 554 | 554 | — | 554 | (1,108 | ) | 554 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 4,969 | 4,969 | 4,012 | — | (8,981 | ) | 4,969 | |||||||||||||||||
Total other comprehensive income | 6,498 | 6,498 | 4,252 | 1,529 | (12,279 | ) | 6,498 | |||||||||||||||||
COMPREHENSIVE INCOME | $ | 154,233 | $ | 153,208 | $ | 123,042 | $ | 154,973 | $ | (431,223 | ) | $ | 154,233 | |||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
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 | $ | 93,840 | $ | 4,494 | $ | (178 | ) | $ | 57,915 | $ | — | $ | 156,071 | |||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 10 | 689 | 110,998 | — | 111,697 | ||||||||||||||||||
Inventory | — | — | — | 141,928 | — | 141,928 | ||||||||||||||||||
Deferred tax assets | — | — | 646 | 30,934 | — | 31,580 | ||||||||||||||||||
Prepaid and other current assets | — | 6,582 | 3 | 47,972 | — | 54,557 | ||||||||||||||||||
Total current assets | 93,840 | 11,086 | 1,160 | 389,747 | — | 495,833 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,069,518 | — | 2,069,518 | ||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,698 | — | 859,271 | — | 861,969 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,677,296 | 1,853,207 | 1,170,733 | — | (4,701,236 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 216,844 | — | 20,866 | — | (237,710 | ) | — | |||||||||||||||||
OTHER ASSETS | 3,569 | 32,705 | 3,496 | 177,688 | — | 217,458 | ||||||||||||||||||
TOTAL ASSETS | $ | 1,991,549 | $ | 1,899,696 | $ | 1,196,255 | $ | 3,496,224 | $ | (4,938,946 | ) | $ | 3,644,778 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 1,054 | $ | 2,102 | $ | 83,126 | $ | — | $ | 86,282 | ||||||||||||
Current maturities of long-term debt | — | — | 112,500 | 1,819 | — | 114,319 | ||||||||||||||||||
Accrued taxes | — | 14 | — | 11,360 | — | 11,374 | ||||||||||||||||||
Accrued payroll and benefits | — | 8,038 | — | 11,223 | — | 19,261 | ||||||||||||||||||
Accrued interest | 5,777 | 669 | 3,723 | 25,112 | (21,424 | ) | 13,857 | |||||||||||||||||
Accrued customer incentives | — | — | — | 10,082 | — | 10,082 | ||||||||||||||||||
Other current liabilities | — | 9,058 | — | 26,812 | — | 35,870 | ||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 6,446 | — | 6,446 | ||||||||||||||||||
Total current liabilities | 5,777 | 18,833 | 118,325 | 175,980 | (21,424 | ) | 297,491 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 768,228 | 300,659 | — | 1,393,887 | ||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 67,456 | — | 67,456 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,807 | — | 3,291 | — | 95,098 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 13,763 | — | 17,491 | — | 31,254 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 97,997 | — | 151,940 | (249,937 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,660,772 | 1,677,296 | 309,702 | 2,680,587 | (4,667,585 | ) | 1,660,772 | |||||||||||||||||
Noncontrolling interest | — | — | — | 98,820 | — | 98,820 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,660,772 | 1,677,296 | 309,702 | 2,779,407 | (4,667,585 | ) | 1,759,592 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,991,549 | $ | 1,899,696 | $ | 1,196,255 | $ | 3,496,224 | $ | (4,938,946 | ) | $ | 3,644,778 | |||||||||||
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 | ||||||||||||||||||
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 EQUIPMENT | — | 2,612 | — | 858,209 | — | 860,821 | ||||||||||||||||||
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 | ||||||||||||||||||
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 | — | 8,765 | — | 26,109 | — | 34,874 | ||||||||||||||||||
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 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 | |||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 25,931 | $ | 32,794 | $ | — | $ | 67,759 | $ | (27,210 | ) | $ | 99,274 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (170 | ) | — | (36,585 | ) | — | (36,755 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (10,637 | ) | — | (10,637 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | 45,312 | — | 45,312 | ||||||||||||||||||
Investment in Subsidiaries | — | — | 69,103 | — | (69,103 | ) | — | |||||||||||||||||
Other | — | — | — | 1,592 | — | 1,592 | ||||||||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | (170 | ) | 69,103 | (318 | ) | (69,103 | ) | (488 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | — | 30,000 | 1,819 | — | 31,819 | ||||||||||||||||||
Repayment of debt | — | — | (110,000 | ) | — | — | (110,000 | ) | ||||||||||||||||
Dividends paid | (62,545 | ) | — | — | — | — | (62,545 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 2,027 | — | — | — | — | 2,027 | ||||||||||||||||||
Excess tax deficiencies on stock-based compensation | — | — | — | (1,240 | ) | — | (1,240 | ) | ||||||||||||||||
Repurchase of common shares | (1,754 | ) | — | — | — | — | (1,754 | ) | ||||||||||||||||
Intercompany distributions | — | (28,434 | ) | — | (67,879 | ) | 96,313 | — | ||||||||||||||||
Other | — | — | — | (679 | ) | — | (679 | ) | ||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) | (28,434 | ) | (80,000 | ) | (67,979 | ) | 96,313 | (142,372 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | 13 | — | 13 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (36,341 | ) | 4,190 | (10,897 | ) | (525 | ) | — | (43,573 | ) | ||||||||||||||
Balance, beginning of year | 130,181 | 304 | 10,719 | 58,440 | — | 199,644 | ||||||||||||||||||
Balance, end of period | $ | 93,840 | $ | 4,494 | $ | (178 | ) | $ | 57,915 | $ | — | $ | 156,071 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 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 | $ | 13,984 | $ | 22,259 | $ | — | $ | 58,980 | $ | (5,563 | ) | $ | 89,660 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (89 | ) | — | (32,575 | ) | — | (32,664 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (1,560 | ) | — | (1,560 | ) | ||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (36,734 | ) | — | (36,734 | ) | ||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | — | 83,741 | — | 83,741 | ||||||||||||||||||
Change in restricted cash | — | — | — | 9,908 | — | 9,908 | ||||||||||||||||||
Investment in Subsidiaries | — | — | 32,391 | — | (32,391 | ) | — | |||||||||||||||||
Other | — | — | — | 1,790 | — | 1,790 | ||||||||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | (89 | ) | 32,391 | 24,570 | (32,391 | ) | 24,481 | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 100,000 | — | — | — | — | 100,000 | ||||||||||||||||||
Repayment of debt | (150,000 | ) | — | (20,000 | ) | — | — | (170,000 | ) | |||||||||||||||
Dividends paid | (57,744 | ) | — | — | — | — | (57,744 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 4,091 | — | — | — | — | 4,091 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 6,191 | — | 6,191 | ||||||||||||||||||
Repurchase of common shares | (11,241 | ) | — | — | — | — | (11,241 | ) | ||||||||||||||||
Intercompany distributions | — | (5,206 | ) | — | (32,748 | ) | 37,954 | — | ||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (114,894 | ) | (5,206 | ) | (20,000 | ) | (26,557 | ) | 37,954 | (128,703 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (17 | ) | — | (17 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (100,910 | ) | 16,964 | 12,391 | 56,976 | — | (14,579 | ) | ||||||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | ||||||||||||||||||
Balance, end of period | $ | 151,978 | $ | 20,930 | $ | 31,749 | $ | 61,360 | $ | — | $ | 266,017 | ||||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ' | |||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | |||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Income and Comprehensive Income | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 386,686 | $ | — | $ | 386,686 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 302,650 | — | 302,650 | |||||||||||||||||||
Selling and general expenses | — | 2,150 | 13,341 | — | 15,491 | |||||||||||||||||||
Other operating expense, net | — | 2,375 | 1,162 | — | 3,537 | |||||||||||||||||||
— | 4,525 | 317,153 | — | 321,678 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,525 | ) | 69,533 | — | 65,008 | ||||||||||||||||||
Interest expense | (3,193 | ) | (6,933 | ) | (2,843 | ) | — | (12,969 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 2,698 | (233 | ) | (3,480 | ) | — | (1,015 | ) | ||||||||||||||||
Equity in income from subsidiaries | 43,870 | 53,360 | — | (97,230 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 43,375 | 41,669 | 63,210 | (97,230 | ) | 51,024 | ||||||||||||||||||
Income tax benefit (expense) | — | 2,201 | (9,933 | ) | — | (7,732 | ) | |||||||||||||||||
NET INCOME | 43,375 | 43,870 | 53,277 | (97,230 | ) | 43,292 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (83 | ) | — | (83 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 | 43,870 | 53,360 | (97,230 | ) | 43,375 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 12,894 | 12,892 | 17,795 | (25,778 | ) | 17,803 | ||||||||||||||||||
New Zealand joint venture cash flow hedges | 1,112 | 1,112 | 1,711 | (2,224 | ) | 1,711 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,097 | 2,097 | 1,620 | (3,717 | ) | 2,097 | ||||||||||||||||||
Total other comprehensive income | 16,103 | 16,101 | 21,126 | (31,719 | ) | 21,611 | ||||||||||||||||||
COMPREHENSIVE INCOME | 59,478 | 59,971 | 74,403 | (128,949 | ) | 64,903 | ||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 5,425 | — | 5,425 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 59,478 | $ | 59,971 | $ | 68,978 | $ | (128,949 | ) | $ | 59,478 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 393,719 | $ | — | $ | 393,719 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 266,018 | — | 266,018 | |||||||||||||||||||
Selling and general expenses | — | 2,401 | 13,698 | — | 16,099 | |||||||||||||||||||
Other operating (income) expense, net | (1,881 | ) | 523 | (2,145 | ) | — | (3,503 | ) | ||||||||||||||||
(1,881 | ) | 2,924 | 277,571 | — | 278,614 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 258 | — | 258 | |||||||||||||||||||
OPERATING INCOME (LOSS) | 1,881 | (2,924 | ) | 116,406 | — | 115,363 | ||||||||||||||||||
Interest (expense) income | (3,275 | ) | (6,870 | ) | 2,428 | — | (7,717 | ) | ||||||||||||||||
Interest and miscellaneous income (expense), net | 2,419 | (222 | ) | (2,140 | ) | — | 57 | |||||||||||||||||
Equity in income from subsidiaries | 146,710 | 153,444 | — | (300,154 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 147,735 | 143,428 | 116,694 | (300,154 | ) | 107,703 | ||||||||||||||||||
Income tax benefit (expense) | — | 3,282 | (7,727 | ) | — | (4,445 | ) | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 147,735 | 146,710 | 108,967 | (300,154 | ) | 103,258 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | 44,477 | — | 44,477 | |||||||||||||||||||
NET INCOME | 147,735 | 146,710 | 153,444 | (300,154 | ) | 147,735 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 975 | 975 | 975 | (1,950 | ) | 975 | ||||||||||||||||||
New Zealand joint venture cash flow hedges | 554 | 554 | 554 | (1,108 | ) | 554 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 4,969 | 4,969 | — | (4,969 | ) | 4,969 | ||||||||||||||||||
Total other comprehensive income | 6,498 | 6,498 | 1,529 | (8,027 | ) | 6,498 | ||||||||||||||||||
COMPREHENSIVE INCOME | $ | 154,233 | $ | 153,208 | $ | 154,973 | $ | (308,181 | ) | $ | 154,233 | |||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 93,840 | $ | 4,316 | $ | 57,915 | $ | — | $ | 156,071 | ||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 699 | 110,998 | — | 111,697 | |||||||||||||||||||
Inventory | — | — | 141,928 | — | 141,928 | |||||||||||||||||||
Deferred tax asset | — | 646 | 30,934 | — | 31,580 | |||||||||||||||||||
Prepaid and other current assets | — | 6,585 | 47,972 | — | 54,557 | |||||||||||||||||||
Total current assets | 93,840 | 12,246 | 389,747 | — | 495,833 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,069,518 | — | 2,069,518 | |||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 2,698 | 859,271 | — | 861,969 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,677,296 | 2,714,238 | — | (4,391,534 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 216,844 | 20,866 | — | (237,710 | ) | — | ||||||||||||||||||
OTHER ASSETS | 3,569 | 36,201 | 177,688 | — | 217,458 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,991,549 | $ | 2,786,249 | $ | 3,496,224 | $ | (4,629,244 | ) | $ | 3,644,778 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3,156 | $ | 83,126 | $ | — | $ | 86,282 | ||||||||||||||
Current maturities of long-term debt | — | 112,500 | 1,819 | — | 114,319 | |||||||||||||||||||
Accrued taxes | — | 14 | 11,360 | — | 11,374 | |||||||||||||||||||
Accrued payroll and benefits | — | 8,038 | 11,223 | — | 19,261 | |||||||||||||||||||
Accrued interest | 5,777 | 4,392 | 25,112 | (21,424 | ) | 13,857 | ||||||||||||||||||
Accrued customer incentives | — | — | 10,082 | — | 10,082 | |||||||||||||||||||
Other current liabilities | — | 9,058 | 26,812 | — | 35,870 | |||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | 6,446 | — | 6,446 | |||||||||||||||||||
Total current liabilities | 5,777 | 137,158 | 175,980 | (21,424 | ) | 297,491 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 768,228 | 300,659 | — | 1,393,887 | |||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | 67,456 | — | 67,456 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,807 | 3,291 | — | 95,098 | |||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 13,763 | 17,491 | — | 31,254 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 97,997 | 151,940 | (249,937 | ) | — | ||||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,660,772 | 1,677,296 | 2,680,587 | (4,357,883 | ) | 1,660,772 | ||||||||||||||||||
Noncontrolling interest | — | — | 98,820 | — | 98,820 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,660,772 | 1,677,296 | 2,779,407 | (4,357,883 | ) | 1,759,592 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,991,549 | $ | 2,786,249 | $ | 3,496,224 | $ | (4,629,244 | ) | $ | 3,644,778 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
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 | |||||||||||||||||||
Deferred tax assets | — | 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, NET OF DEPLETION AND AMORTIZATION | — | — | 2,049,378 | — | 2,049,378 | |||||||||||||||||||
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 | |||||||||||||||||||
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 | — | 8,765 | 26,109 | — | 34,874 | |||||||||||||||||||
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 SHAREHOLDERS’ 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 Statements of Cash Flows | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 25,931 | $ | 32,794 | $ | 67,759 | $ | (27,210 | ) | $ | 99,274 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (170 | ) | (36,585 | ) | — | (36,755 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (10,637 | ) | — | (10,637 | ) | |||||||||||||||||
Change in restricted cash | — | — | 45,312 | — | 45,312 | |||||||||||||||||||
Investment in Subsidiaries | — | 69,103 | — | (69,103 | ) | — | ||||||||||||||||||
Other | — | — | 1,592 | — | 1,592 | |||||||||||||||||||
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — | 68,933 | (318 | ) | (69,103 | ) | (488 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | 30,000 | 1,819 | — | 31,819 | |||||||||||||||||||
Repayment of debt | — | (110,000 | ) | — | — | (110,000 | ) | |||||||||||||||||
Dividends paid | (62,545 | ) | — | — | — | (62,545 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 2,027 | — | — | — | 2,027 | |||||||||||||||||||
Excess tax deficiencies on stock-based compensation | — | — | (1,240 | ) | — | (1,240 | ) | |||||||||||||||||
Repurchase of common shares | (1,754 | ) | — | — | — | (1,754 | ) | |||||||||||||||||
Intercompany distributions | — | (28,434 | ) | (67,879 | ) | 96,313 | — | |||||||||||||||||
Other | — | — | (679 | ) | — | (679 | ) | |||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) | (108,434 | ) | (67,979 | ) | 96,313 | (142,372 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | 13 | — | 13 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (36,341 | ) | (6,707 | ) | (525 | ) | — | (43,573 | ) | |||||||||||||||
Balance, beginning of year | 130,181 | 11,023 | 58,440 | — | 199,644 | |||||||||||||||||||
Balance, end of period | $ | 93,840 | $ | 4,316 | $ | 57,915 | $ | — | $ | 156,071 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 13,984 | $ | 22,259 | $ | 58,980 | $ | (5,563 | ) | $ | 89,660 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (89 | ) | (32,575 | ) | — | (32,664 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (1,560 | ) | — | (1,560 | ) | |||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (36,734 | ) | — | (36,734 | ) | |||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | 83,741 | — | 83,741 | |||||||||||||||||||
Change in restricted cash | — | — | 9,908 | — | 9,908 | |||||||||||||||||||
Investment in Subsidiaries | — | 32,391 | — | (32,391 | ) | — | ||||||||||||||||||
Other | — | — | 1,790 | — | 1,790 | |||||||||||||||||||
CASH PROVIDED BY INVESTING ACTIVITIES | — | 32,302 | 24,570 | (32,391 | ) | 24,481 | ||||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 100,000 | — | — | — | 100,000 | |||||||||||||||||||
Repayment of debt | (150,000 | ) | (20,000 | ) | — | — | (170,000 | ) | ||||||||||||||||
Dividends paid | (57,744 | ) | — | — | — | (57,744 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 4,091 | — | — | — | 4,091 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 6,191 | — | 6,191 | |||||||||||||||||||
Repurchase of common shares | (11,241 | ) | — | — | — | (11,241 | ) | |||||||||||||||||
Intercompany distributions | — | (5,206 | ) | (32,748 | ) | 37,954 | — | |||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (114,894 | ) | (25,206 | ) | (26,557 | ) | 37,954 | (128,703 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (17 | ) | — | (17 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (100,910 | ) | 29,355 | 56,976 | — | (14,579 | ) | |||||||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||||||||
Balance, end of period | $ | 151,978 | $ | 52,679 | $ | 61,360 | $ | — | $ | 266,017 | ||||||||||||||
SALE_OF_WOOD_PRODUCTS_BUSINESS2
SALE OF WOOD PRODUCTS BUSINESS (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 02, 2013 | Mar. 31, 2013 | |
Wood Products business [Member] | Wood Products business [Member] | |||
lumber_mill | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Number of lumber mills sold | ' | ' | 3 | ' |
Base consideration received | ' | ' | $80,000,000 | $80,000,000 |
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€) | ' |
Description of Proceeds from Divestiture of Business | ' | ' | '$80 million plus a working capital adjustment | '$80 million plus a working capital adjustment |
Segment that Includes Disposal Group | ' | ' | 'Wood Products business, formerly reported as a separate operating segment | ' |
After-tax gain on gain on disposal | ' | ' | ' | 42,700,000 |
Operating results of discontinued operations | ' | ' | ' | ' |
Sales | ' | ' | ' | 16,968,000 |
Income from discontinued operations, net | $0 | $44,477,000 | ' | $44,477,000 |
EARNINGS_PER_COMMON_SHARE_Sche
EARNINGS PER COMMON SHARE Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Income amounts attributable to Rayonier Inc. | ' | ' | ||
Income from continuing operations | $43,292 | $103,258 | ||
Less: Loss from continuing operations attributable to noncontrolling interest | -83 | 0 | ||
Income from continuing operations attributable to Rayonier Inc. | 43,375 | 103,258 | ||
Income from discontinued operations attributable to Rayonier Inc. | 0 | 44,477 | ||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $43,375 | $147,735 | ||
Shares used for determining basic earnings per common share | 126,344,987 | 124,479,865 | ||
Dilutive effect of: | ' | ' | ||
Stock options | 286,535 | 533,031 | ||
Performance and restricted shares | 83,850 | 448,440 | ||
Assumed conversion of Senior Exchangeable Notes | 1,063,538 | [1] | 2,115,959 | [1] |
Assumed conversion of warrants | 645,583 | [1],[2] | 2,859,593 | [1],[2] |
Shares used for determining diluted earnings per common share | 128,424,493 | 130,436,888 | ||
Basic earnings per common share attributable to Rayonier Inc.: | ' | ' | ||
Continuing operations, Basic (in dollars per share) | $0.34 | $0.83 | ||
Discontinued operations, Basic (in dollars per share) | $0 | $0.36 | ||
Net Income, Basic (in dollars per share) | $0.34 | $1.19 | ||
Diluted earnings per common share attributable to Rayonier Inc.: | ' | ' | ||
Continuing operations, Diluted (in dollars per share) | $0.34 | $0.79 | ||
Discontinued operations, Diluted (in dollars per share) | $0 | $0.34 | ||
Net Income, Diluted (in dollars per share) | $0.34 | $1.13 | ||
[1] | Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notesâ€) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 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 full dilutive effect of the 2015 Notes was included for the three months ended March 31, 2013 and March 31, 2014.The Senior Exchangeable Notes due 2012 (the “2012 Notesâ€) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013. 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 $38.97 per share. For further information, see Note 13 — Debt in the 2013 Annual Report on Form 10-K and Note 15 — Debt of this Form 10-Q. | |||
[2] | The shares used for the assumed conversion of the warrants decreased in the first quarter of 2014 as there was no dilutive impact from the warrants on the 2012 Notes. |
EARNINGS_PER_COMMON_SHARE_Sche1
EARNINGS PER COMMON SHARE Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Anti-dilutive shares excluded from the computations of diluted earnings per share | 1,794,584 | 2,336,660 | ||
Stock options, performance and restricted shares [Member] | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Anti-dilutive shares excluded from the computations of diluted earnings per share | 731,046 | 220,701 | ||
Assumed conversion of exchangable note hedges [Member] | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Anti-dilutive shares excluded from the computations of diluted earnings per share | 1,063,538 | [1] | 2,115,959 | [1] |
[1] | Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notesâ€) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 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 full dilutive effect of the 2015 Notes was included for the three months ended March 31, 2013 and March 31, 2014.The Senior Exchangeable Notes due 2012 (the “2012 Notesâ€) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013. 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 $38.97 per share. For further information, see Note 13 — Debt in the 2013 Annual Report on Form 10-K and Note 15 — Debt of this Form 10-Q. |
EARNINGS_PER_COMMON_SHARE_Pare
EARNINGS PER COMMON SHARE Parenthetical (Details) | 3 Months Ended | |
Mar. 31, 2013 | Mar. 31, 2014 | |
Warrants on Senior Exchangeable Notes due 2012 [Member] | Warrants on Senior Exchangeable Notes due 2015 [Member] | |
Class of Warrant or Right [Line Items] | ' | ' |
Beginning Date for Maturity of Warrants | 15-Jan-13 | ' |
Ending Date for Maturity of Warrants | 27-Mar-13 | ' |
Shares issued on conversion of warrants | 2,037,303 | ' |
Strike price of warrants | ' | 38.97 |
INCOME_TAXES_AFMC_for_CBPC_exc
INCOME TAXES AFMC for CBPC exchange Narrative (Details) (USD $) | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2009 | Mar. 31, 2013 |
tax_credit | Alternative Fuel Mixture Credit [Member] | Cellulosic Biofuel Producer Credit [Member] | Exchange of Alternative Fuel Tax Benefit [Member] | |
gal | ||||
AFMC for CBPC Exchange [Line Items] | ' | ' | ' | ' |
Number of tax credits | 2 | ' | ' | ' |
Tax Credit Amount per Gallon | ' | $0.50 | $1.01 | ' |
Tax payment | ' | ' | ' | 70,000,000 |
Gallons Exchanged | ' | ' | ' | 120,000,000 |
Income Tax Benefit | ' | ' | ' | $19,000,000 |
INCOME_TAXES_Schedule_of_Effec
INCOME TAXES Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax expense at federal statutory rate | $18,000,000 | $38,000,000 |
Income tax expense at federal statutory rate (percent) | 35.00% | 35.00% |
REIT income not subject to tax | -8,000,000 | -11,000,000 |
REIT income not subject to tax (percent) | -14.90% | -10.10% |
Manufacturing deduction | -1,000,000 | -2,000,000 |
Manufacturing deduction (percent) | -2.10% | -2.20% |
Other | 0 | 0 |
Other (percent) | -0.10% | 0.70% |
Income tax expense before discrete items | 9,000,000 | 25,000,000 |
Income tax expense before discrete items (percent) | 17.90% | 23.40% |
Exchange of AFMC for CBPC | 0 | -19,000,000 |
Exchange of AFMC for CBPC (percent) | 0.00% | -17.50% |
Other | -1,000,000 | -2,000,000 |
Other (percent) | -2.70% | -1.80% |
Income tax expense as reported | $7,732,000 | $4,445,000 |
Income tax expense as reported (percent) | 15.20% | 4.10% |
INCOME_TAXES_Provision_for_Inc
INCOME TAXES Provision for Income Taxes from Discontinued Operations and Unrecognized Tax Benefits Narrative (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 02, 2013 | Mar. 31, 2013 | |
Wood Products business [Member] | Wood Products business [Member] | |||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Base consideration received | ' | ' | $80,000,000 | $80,000,000 |
Description of Proceeds from Divestiture of Business | ' | ' | '$80 million plus a working capital adjustment | '$80 million plus a working capital adjustment |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 22,273,000 | ' | 22,300,000 |
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | ' | ' | ' | $21,400,000 |
INCOME_TAXES_Unrecognized_Tax_
INCOME TAXES Unrecognized Tax Benefits Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ' |
Unrecognized tax benefit reclassified to current deferred tax assets | $3.90 |
RESTRICTED_DEPOSITS_Details
RESTRICTED DEPOSITS (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Restricted Cash and Investments [Abstract] | ' | ' |
Maximum Time Period Proceeds From LKE Sale Maintained with Third Party Intermediary | '180 days | ' |
Restricted Cash and Cash Equivalents | $23.60 | $68.90 |
JOINT_VENTURE_INVESTMENT_Narra
JOINT VENTURE INVESTMENT Narrative (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2013 | Mar. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Effective Date of Acquisition | 4-Apr-13 | ' |
Additional ownership interest acquired | 39.00% | ' |
Name of Acquired Entity | 'Matariki Forestry Group | ' |
Description of Acquired Entity | 'a joint venture (“New Zealand JVâ€) that owns or leases approximately 0.3 million acres of New Zealand timberlands. | ' |
Post-acquisition ownership percentage | 65.00% | ' |
Ownership Percentage by Noncontrolling Owners | 35.00% | ' |
Pre-acquisition ownership percentage | 26.00% | 26.00% |
Purchase price | $139.90 | ' |
Step Acquisition Description | 'The additional 39 percent interest was acquired for $139.9 million and 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. | ' |
Acquisition date fair value | 93.3 | ' |
Matariki Forestry Group [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acres Of Timberland Owned Managed | 300,000 | ' |
Recognition of deferred gain on original sale of operations [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Step Acquisition, Remeasurement Gain, Amount | 10.1 | ' |
Gain on fair market value revaluation of equity interest [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Step Acquisition, Remeasurement Gain, Amount | $6 | ' |
JOINT_VENTURE_INVESTMENT_Busin
JOINT VENTURE INVESTMENT Business Acquisition, Pro Forma Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Combinations [Abstract] | ' | ' |
Sales | $37,764 | ' |
Net Loss | -734 | ' |
Sales | ' | 428,245 |
Net Income | ' | $146,280 |
SHAREHOLDERSS_EQUITY_Details
SHAREHOLDERS'S EQUITY (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Total stockholders' equity, Beginning balance | $1,755,243 | $1,438,004 | $1,438,004 | ' |
Net income (loss) | 43,292 | 147,735 | 373,798 | ' |
Dividends ($1.86 per share for 2013 and $0.49 per share for 3 months ended 3/31/14) | -62,011 | ' | -233,321 | ' |
Issuance of shares under incentive stock plans | 2,027 | ' | 10,101 | ' |
Stock-based compensation | 3,103 | ' | 11,710 | ' |
Excess tax benefit (deficiency) on stock-based compensation | -1,240 | ' | 8,413 | ' |
Repurchase of common shares | -1,754 | ' | -11,326 | ' |
Equity portion of convertible debt (Note 15) | ' | ' | 2,453 | ' |
Amortization of / net gain from pension and postretirement plans | 2,097 | 4,969 | 61,869 | ' |
Acquisition of noncontrolling interest | ' | ' | 96,336 | ' |
Noncontrolling interest redemption of shares | -679 | ' | -713 | ' |
Foreign currency translation adjustment, Total | 17,803 | 975 | -5,710 | ' |
Joint venture cash flow hedges, Total | 1,711 | 554 | 3,629 | ' |
Total stockholders' equity, Ending balance | 1,759,592 | ' | 1,755,243 | 1,438,004 |
Dividends [Abstract] | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.49 | ' | ' | $1.86 |
Warrants on Senior Exchangeable Notes due 2012 [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Settlement of warrants (Note 15) (in shares) | ' | 2,037,303 | ' | ' |
Common Shares [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stockholders' equity, beginning balance (in shares) | 126,257,870 | 123,332,444 | 123,332,444 | ' |
Total stockholders' equity, Beginning balance | 692,100 | 670,749 | 670,749 | ' |
Issuance of shares under incentive stock plan (in shares) | 235,843 | ' | 1,001,426 | ' |
Issuance of shares under incentive stock plans | 2,027 | ' | 10,101 | ' |
Stock-based compensation | 3,103 | ' | 11,710 | ' |
Excess tax benefit (deficiency) on stock-based compensation | -1,240 | ' | 8,413 | ' |
Repurchase of common shares (in shares) | -42,208 | ' | -211,221 | ' |
Repurchase of common shares | -1,754 | ' | -11,326 | ' |
Equity portion of convertible debt (Note 15) | ' | ' | 2,453 | ' |
Stockholders' equity, ending balance (in shares) | 126,451,505 | ' | 126,257,870 | ' |
Total stockholders' equity, Ending balance | 694,236 | ' | 692,100 | ' |
Common Shares [Member] | Warrants on Senior Exchangeable Notes due 2012 [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Settlement of warrants (Note 15) (in shares) | ' | ' | 2,135,221 | ' |
Retained Earnings [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Total stockholders' equity, Beginning balance | 1,015,209 | 876,634 | 876,634 | ' |
Net income (loss) | 43,375 | ' | 371,896 | ' |
Dividends ($1.86 per share for 2013 and $0.49 per share for 3 months ended 3/31/14) | -62,011 | ' | -233,321 | ' |
Total stockholders' equity, Ending balance | 996,573 | ' | 1,015,209 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Total stockholders' equity, Beginning balance | -46,139 | -109,379 | -109,379 | ' |
Amortization of / net gain from pension and postretirement plans | 2,097 | ' | 61,869 | ' |
Foreign currency translation adjustment, Total | 12,893 | ' | -1,915 | ' |
Joint venture cash flow hedges, Total | 1,112 | ' | 3,286 | ' |
Total stockholders' equity, Ending balance | -30,037 | ' | -46,139 | ' |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Total stockholders' equity, Beginning balance | 94,073 | 0 | 0 | ' |
Net income (loss) | -83 | ' | 1,902 | ' |
Acquisition of noncontrolling interest | ' | ' | 96,336 | ' |
Noncontrolling interest redemption of shares | -679 | ' | -713 | ' |
Foreign currency translation adjustment, Total | 4,910 | ' | -3,795 | ' |
Joint venture cash flow hedges, Total | 599 | ' | 343 | ' |
Total stockholders' equity, Ending balance | $98,820 | ' | $94,073 | ' |
SEGMENT_AND_GEOGRAPHICAL_INFOR2
SEGMENT AND GEOGRAPHICAL INFORMATION Narrative (Details) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
product_line | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 3 |
Number of product lines | 2 |
SEGMENT_AND_GEOGRAPHICAL_INFOR3
SEGMENT AND GEOGRAPHICAL INFORMATION Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
ASSETS | $3,644,778,000 | ' | $3,685,501,000 | ||
SALES | 386,686,000 | 393,719,000 | ' | ||
OPERATING INCOME | 65,008,000 | 115,363,000 | ' | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 46,759,000 | 35,992,000 | ' | ||
Forest Resources [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
ASSETS | 2,189,467,000 | ' | 2,162,913,000 | ||
SALES | 104,678,000 | [1] | 57,102,000 | [1] | ' |
OPERATING INCOME | 27,501,000 | 13,255,000 | ' | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 24,932,000 | [2] | 16,444,000 | [2] | ' |
Real Estate [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
ASSETS | 113,376,000 | ' | 149,001,000 | ||
SALES | 5,530,000 | 24,297,000 | ' | ||
OPERATING INCOME | 739,000 | 16,842,000 | ' | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 896,000 | 4,177,000 | ' | ||
Performance Fibers [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
ASSETS | 1,095,574,000 | ' | 1,078,645,000 | ||
SALES | 241,768,000 | 284,188,000 | ' | ||
OPERATING INCOME | 48,980,000 | 91,670,000 | ' | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | 20,649,000 | 15,153,000 | ' | ||
Other Operations [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
ASSETS | 35,121,000 | ' | 37,334,000 | ||
SALES | 37,417,000 | 28,227,000 | ' | ||
OPERATING INCOME | 184,000 | 165,000 | ' | ||
Corporate and other [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
ASSETS | 211,240,000 | ' | 257,608,000 | ||
OPERATING INCOME | -12,396,000 | [3] | -6,569,000 | [3] | ' |
DEPRECIATION, DEPLETION AND AMORTIZATION | 282,000 | 218,000 | ' | ||
Separation Costs | 3,300,000 | ' | ' | ||
Intersegment Eliminations [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
SALES | -2,707,000 | -95,000 | ' | ||
New Zealand Joint Venture [Member] | Forest Resources [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
SALES | 38,000,000 | ' | ' | ||
DEPRECIATION, DEPLETION AND AMORTIZATION | $7,000,000 | ' | ' | ||
[1] | First quarter 2014 included $38 million in sales from the consolidation of the New Zealand JV. See Note 6 — Joint Venture Investment. | ||||
[2] | 2014 included an increase of approximately $7 million in depletion expenses related to the consolidation of the New Zealand JV. See Note 6 — Joint Venture Investment. | ||||
[3] | First quarter 2014 included $3.3 million of separation costs related to the planned separation of the Performance Fibers business from the Forest Resources and Real Estate businesses. |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Narrative (Details) | Mar. 31, 2014 |
Derivative [Line Items] | ' |
Foreign currency exposure hedged for forecasted sales in next three months (in percent, least amount) | 70.00% |
Foreign currency exposure hedged for forecasted sales in next twelve months (in percent, least amount) | 50.00% |
Not Designated as Hedging Instrument [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Interest Rate Swap [Member] | ' |
Derivative [Line Items] | ' |
Percent of New Zealand JV variable rate debt hedged | 88.00% |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Income Statement Location (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
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, net of tax | $2,700,000 |
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other comprehensive income (loss) [Member] | Cash Flow Hedging [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Designated hedged item, gain (loss) recognized in other comprehensive income | 1,487,000 |
Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Other comprehensive income (loss) [Member] | Cash Flow Hedging [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Designated hedged item, gain (loss) recognized in other comprehensive income | 725,000 |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other operating expense (income) [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Non-designated hedged item, gain (Ioss) recognized in income | 25,000 |
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Other operating expense (income) [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Non-designated hedged item, gain (Ioss) recognized in income | 7,000 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Interest and other miscellaneous income [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Non-designated hedged item, gain (Ioss) recognized in income | -1,134,000 |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Cost of sales - benefit [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Non-designated hedged item, gain (Ioss) recognized in income | $317,000 |
DERIVATIVE_FINANCIAL_INSTRUMEN4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Notional Amounts (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Foreign currency exchange contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount | $0 | [1] | $1,950 | [1] |
Foreign currency option contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount | 0 | [1] | 4,000 | [1] |
Interest rate swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount | 179,066 | [1] | 183,851 | [1] |
Fuel hedge contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount (in thousands of barrels) | 25,000 | [1] | 38,000 | [1] |
Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount | 37,064 | [1] | 32,300 | [1] |
Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Notional Amount | $37,500 | [1] | $38,000 | [1] |
[1] | All notional amounts are stated in thousands of dollars except fuel contracts which are denominated in thousands of barrels. |
DERIVATIVE_FINANCIAL_INSTRUMEN5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Balance Sheet Location (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | ($5,478) | [1] | ($4,873) | [1] |
Other current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -333 | [1] | -214 | [1] |
Other non-current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -5,145 | [1] | -4,659 | [1] |
Prepaid and other current assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | 3,949 | [1] | 1,781 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -84 | [1] | 0 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | 2,616 | [1] | 915 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -90 | [1] | -214 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Prepaid and other current assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | 1,333 | [1] | 673 | [1] |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | 0 | [1] | 25 | [1] |
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Prepaid and other current assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | 0 | [1] | 8 | [1] |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other non-current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -5,145 | [1] | -4,659 | [1] |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Other current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -159 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Prepaid and other current assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | $0 | [1] | $160 | [1] |
[1] | See Note 10 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS Fair Values Measured on Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Carrying Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and cash equivalents | $156,071 | $199,644 | ||
Restricted cash | 23,633 | [1] | 68,944 | [1] |
Current maturities of long-term debt | -114,319 | -112,500 | ||
Long-term debt | -1,393,887 | -1,461,724 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swaps | -5,145 | [2] | -4,659 | [2] |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Energy Related Derivative [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fuel contracts | -159 | [2] | 160 | [2] |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency option contracts | 2,532 | [2] | 940 | [2] |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency option contracts | 1,243 | [2] | 467 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and cash equivalents | 156,071 | 199,644 | ||
Restricted cash | 23,633 | [1] | 68,944 | [1] |
Current maturities of long-term debt | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swaps | 0 | [2] | 0 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Energy Related Derivative [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fuel contracts | 0 | [2] | 0 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency option contracts | 0 | [2] | 0 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency option contracts | 0 | [2] | 0 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | [1] | 0 | [1] |
Current maturities of long-term debt | -122,187 | -119,614 | ||
Long-term debt | -1,451,984 | -1,489,810 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swaps | -5,145 | [2] | -4,659 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Energy Related Derivative [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fuel contracts | -159 | [2] | 160 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency option contracts | 2,532 | [2] | 940 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency option contracts | $1,243 | [2] | $467 | [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 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
FAIR_VALUE_MEASUREMENTS_Fair_V1
FAIR VALUE MEASUREMENTS Fair Value Measurements Methods and Assumptions (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Foreign currency exchange contracts [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Measurements, Valuation Techniques | '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 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Measurements, Valuation Techniques | 'The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. |
Borrowings [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Measurements, Valuation Techniques | 'The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. |
Interest Rate Swap [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Measurements, Valuation Techniques | 'The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. |
Cash, Cash Equivalents and Restricted Cash [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value Measurements, Valuation Techniques | 'The carrying amount is equal to fair market value |
GUARANTEES_Details
GUARANTEES (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | $25,107,000 | |
Carrying Amount of Associated Liability | 16,142,000 | |
Standby letters of credit [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | 17,355,000 | [1] |
Carrying Amount of Associated 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 Associated Liability | 43,000 | [2] |
Variable Interest Entity Recorded Liability For Performance Obligation | 'de minimus liability | |
Surety bonds [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | 5,498,000 | [3] |
Carrying Amount of Associated Liability | $1,099,000 | [3] |
Guarantor Obligations, Term | 'various dates during 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 March 31, 2014, the Company has 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 during 2014 and 2015 and are expected to be renewed as required. |
LIABILITIES_FOR_DISPOSITIONS_A2
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS Analysis of Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' |
Balance, beginning of period | $76,378 | $81,695 |
Expenditures charged to liabilities | -2,498 | -8,570 |
Increase to liabilities | 22 | 3,253 |
Balance, end of period | 73,902 | 76,378 |
Less: Current portion | -6,446 | -6,835 |
Non-current portion | $67,456 | $69,543 |
LIABILITIES_FOR_DISPOSITIONS_A3
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' |
Environmental Applicability, Impact and Conclusion Disclosures | 'These prior dispositions and discontinued operations are exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of March 31, 2014, this amount could range up to $30 million, attributable to several of the applicable sites, and arises from uncertainty over the availability, feasibility and effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies, potential changes in applicable law and regulations, and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies. |
Environmental Contingency, Loss Exposure in Excess of Accrual, High Estimate | $30 |
Environmental Loss Contingencies Term | '20 years |
Environmental Exit Costs, Nature of Costs | '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. |
EMPLOYEE_BENEFIT_PLANS_Narrati
EMPLOYEE BENEFIT PLANS Narrative (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' |
Defined Benefit Plans, General Information | 'The Company has four qualified non-contributory defined benefit pension plans covering a significant majority of its employees |
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 | 'Currently, all qualified plans are closed to new participants. |
EMPLOYEE_BENEFIT_PLANS_Net_Per
EMPLOYEE BENEFIT PLANS Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $1,624 | $2,419 |
Interest cost | 4,683 | 4,834 |
Expected return on plan assets | -6,658 | -7,424 |
Amortization of prior service cost | 292 | 388 |
Amortization of losses | 2,737 | 5,727 |
Amortization of negative plan amendment | 0 | 0 |
Net periodic benefit cost | 2,678 | 5,944 |
Postretirement [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 179 | 249 |
Interest cost | 206 | 240 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 4 | 6 |
Amortization of losses | 129 | 218 |
Amortization of negative plan amendment | -134 | 0 |
Net periodic benefit cost | $384 | $713 |
DEBT_Narrative_Details
DEBT Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
April 2011 Line of Credit as Amended October 2012 [Member] | ' |
Debt Instrument [Line Items] | ' |
Repayments on line of credit | $80 |
Remaining borrowing capacity | 323 |
Amount to secure letters of credit | 2 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ' |
Debt Instrument [Line Items] | ' |
Maturity date | '2015 |
Exchange period beginning date | 31-Mar-14 |
Exchange feature description | 'According to 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 during a period of 30 consecutive trading days as of the last day of the quarter. |
Percent of the exchange price the stock price must exceed | 130.00% |
Trading day threshold | '20 days |
Number of trading days for stock price | '30 days |
Exchange feature end date | 30-Jun-14 |
Term Credit Agreement due 2019 [Member] | ' |
Debt Instrument [Line Items] | ' |
Additional borrowings | 1.8 |
Unused borrowing capacity | $18.10 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | ($46,139) | ' | |
Other comprehensive income before reclassifications | 14,497 | ' | |
Amounts reclassified from accumulated other comprehensive income | 1,605 | ' | |
Net other comprehensive income | 16,102 | ' | |
Ending balance | -30,037 | ' | |
Other operating (income) expense, net | 3,537 | -3,503 | |
Comprehensive income (loss) attributable to noncontrolling interest | 5,425 | 0 | |
Income tax expense | 7,732 | 4,445 | |
Foreign currency translation gains [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | 36,914 | ' | |
Other comprehensive income before reclassifications | 12,893 | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | |
Net other comprehensive income | 12,893 | ' | |
Ending balance | 49,807 | ' | |
New Zealand joint venture cash flow hedges [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -342 | ' | |
Other comprehensive income before reclassifications | 1,604 | ' | |
Amounts reclassified from accumulated other comprehensive income | -492 | ' | |
Net other comprehensive income | 1,112 | ' | |
Ending balance | 770 | ' | |
Unrecognized components of employee benefit plans [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Beginning balance | -82,711 | ' | |
Other comprehensive income before reclassifications | 0 | ' | |
Amounts reclassified from accumulated other comprehensive income | 2,097 | [1] | ' |
Net other comprehensive income | 2,097 | ' | |
Ending balance | -80,614 | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | New Zealand joint venture cash flow hedges [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Amounts reclassified from accumulated other comprehensive income | -492 | ' | |
Comprehensive income (loss) attributable to noncontrolling interest | 343 | ' | |
Income tax expense | 144 | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | New Zealand joint venture cash flow hedges [Member] | Foreign Currency Exchange Contract [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Other operating (income) expense, net | -872 | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | New Zealand joint venture cash flow hedges [Member] | Foreign Currency Option [Member] | ' | ' | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | |
Other operating (income) expense, net | ($107) | ' | |
[1] | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information. |
OTHER_OPERATING_EXPENSE_INCOME2
OTHER OPERATING (EXPENSE) INCOME, NET (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Operating Income, Net [Abstract] | ' | ' |
Lease income, primarily from hunting leases | $3,036 | $2,462 |
Other non-timber income | 552 | 474 |
Foreign currency loss | -1,490 | -184 |
Loss on sale or disposal of property, plant & equipment | -532 | -429 |
(Loss) gain on foreign currency exchange contracts | -32 | 1,881 |
Separation costs related to Rayonier Advanced Materials Inc. | -3,318 | -86 |
Miscellaneous expense, net | -1,753 | -615 |
Total | ($3,537) | $3,503 |
CONSOLIDATING_FINANCIAL_STATEM2
CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ' |
Debt Instrument [Line Items] | ' |
Issuance Date | 'August 2009 |
Face Amount | $172,500,000 |
Stated interest rate | 4.50% |
Maturity date | '2015 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ' |
Debt Instrument [Line Items] | ' |
Issuance Date | 'March 2012 |
Face Amount | $325,000,000 |
Stated interest rate | 3.75% |
Maturity date | '2022 |
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 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' |
SALES | $386,686 | $393,719 | ' |
Cost of sales | 302,650 | 266,018 | ' |
Selling and general expenses | 15,491 | 16,099 | ' |
Other operating (income) expense, net | 3,537 | -3,503 | ' |
Costs and Expenses, Total | 321,678 | 278,614 | ' |
Equity in income of New Zealand joint venture | 0 | 258 | ' |
OPERATING INCOME | 65,008 | 115,363 | ' |
Interest (expense) income | -12,969 | -7,717 | ' |
Interest and miscellaneous income (expense), net | -1,015 | 57 | ' |
Equity in income from subsidiaries | 0 | 0 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 51,024 | 107,703 | ' |
Income tax (expense) benefit | -7,732 | -4,445 | ' |
Income from continuing operations | 43,292 | 103,258 | ' |
Income from discontinued operations, net | 0 | 44,477 | ' |
NET INCOME | 43,292 | 147,735 | 373,798 |
Less: Net loss attributable to noncontrolling interest | -83 | 0 | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 | 147,735 | ' |
Foreign currency translation adjustment | 17,803 | 975 | -5,710 |
New Zealand joint venture cash flow hedges | 1,711 | 554 | 3,629 |
Amortization of pension and postretirement plans, net of income tax | 2,097 | 4,969 | 61,869 |
Total other comprehensive income | 21,611 | 6,498 | ' |
COMPREHENSIVE INCOME | 64,903 | 154,233 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 5,425 | 0 | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 59,478 | 154,233 | ' |
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' |
SALES | 0 | 0 | ' |
Cost of sales | 0 | 0 | ' |
Selling and general expenses | 0 | 0 | ' |
Other operating (income) expense, net | 0 | -1,881 | ' |
Costs and Expenses, Total | 0 | -1,881 | ' |
Equity in income of New Zealand joint venture | ' | 0 | ' |
OPERATING INCOME | 0 | 1,881 | ' |
Interest (expense) income | -3,193 | -3,275 | ' |
Interest and miscellaneous income (expense), net | 2,698 | 2,419 | ' |
Equity in income from subsidiaries | 43,870 | 146,710 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 43,375 | 147,735 | ' |
Income tax (expense) benefit | 0 | 0 | ' |
Income from continuing operations | ' | 147,735 | ' |
Income from discontinued operations, net | ' | 0 | ' |
NET INCOME | 43,375 | 147,735 | ' |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,375 | ' | ' |
Foreign currency translation adjustment | 12,894 | 975 | ' |
New Zealand joint venture cash flow hedges | 1,112 | 554 | ' |
Amortization of pension and postretirement plans, net of income tax | 2,097 | 4,969 | ' |
Total other comprehensive income | 16,103 | 6,498 | ' |
COMPREHENSIVE INCOME | 59,478 | 154,233 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 0 | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 59,478 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' |
SALES | 0 | 0 | ' |
Cost of sales | 0 | 0 | ' |
Selling and general expenses | 2,150 | 2,401 | ' |
Other operating (income) expense, net | 2,375 | 523 | ' |
Costs and Expenses, Total | 4,525 | 2,924 | ' |
Equity in income of New Zealand joint venture | ' | 0 | ' |
OPERATING INCOME | -4,525 | -2,924 | ' |
Interest (expense) income | -243 | -252 | ' |
Interest and miscellaneous income (expense), net | 814 | 529 | ' |
Equity in income from subsidiaries | 48,447 | 148,765 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 44,493 | 146,118 | ' |
Income tax (expense) benefit | -623 | 592 | ' |
Income from continuing operations | ' | 146,710 | ' |
Income from discontinued operations, net | ' | 0 | ' |
NET INCOME | 43,870 | 146,710 | ' |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,870 | ' | ' |
Foreign currency translation adjustment | 12,893 | 975 | ' |
New Zealand joint venture cash flow hedges | 1,112 | 554 | ' |
Amortization of pension and postretirement plans, net of income tax | 2,097 | 4,969 | ' |
Total other comprehensive income | 16,102 | 6,498 | ' |
COMPREHENSIVE INCOME | 59,972 | 153,208 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 0 | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 59,972 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member] | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' |
SALES | 0 | 0 | ' |
Cost of sales | 0 | 0 | ' |
Selling and general expenses | 0 | 0 | ' |
Other operating (income) expense, net | 0 | 0 | ' |
Costs and Expenses, Total | 0 | 0 | ' |
Equity in income of New Zealand joint venture | ' | 0 | ' |
OPERATING INCOME | 0 | 0 | ' |
Interest (expense) income | -6,690 | -6,618 | ' |
Interest and miscellaneous income (expense), net | -1,047 | -751 | ' |
Equity in income from subsidiaries | 31,110 | 123,469 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 23,373 | 116,100 | ' |
Income tax (expense) benefit | 2,824 | 2,690 | ' |
Income from continuing operations | ' | 118,790 | ' |
Income from discontinued operations, net | ' | 0 | ' |
NET INCOME | 26,197 | 118,790 | ' |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 26,197 | ' | ' |
Foreign currency translation adjustment | 766 | 240 | ' |
New Zealand joint venture cash flow hedges | 1,112 | 0 | ' |
Amortization of pension and postretirement plans, net of income tax | 1,620 | 4,012 | ' |
Total other comprehensive income | 3,498 | 4,252 | ' |
COMPREHENSIVE INCOME | 29,695 | 123,042 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 0 | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 29,695 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' |
SALES | 386,686 | 393,719 | ' |
Cost of sales | 302,650 | 266,018 | ' |
Selling and general expenses | 13,341 | 13,698 | ' |
Other operating (income) expense, net | 1,162 | -2,145 | ' |
Costs and Expenses, Total | 317,153 | 277,571 | ' |
Equity in income of New Zealand joint venture | ' | 258 | ' |
OPERATING INCOME | 69,533 | 116,406 | ' |
Interest (expense) income | -2,843 | 2,428 | ' |
Interest and miscellaneous income (expense), net | -3,480 | -2,140 | ' |
Equity in income from subsidiaries | 0 | 0 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 63,210 | 116,694 | ' |
Income tax (expense) benefit | -9,933 | -7,727 | ' |
Income from continuing operations | ' | 108,967 | ' |
Income from discontinued operations, net | ' | 44,477 | ' |
NET INCOME | 53,277 | 153,444 | ' |
Less: Net loss attributable to noncontrolling interest | -83 | ' | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 53,360 | ' | ' |
Foreign currency translation adjustment | 17,795 | 975 | ' |
New Zealand joint venture cash flow hedges | 1,711 | 554 | ' |
Amortization of pension and postretirement plans, net of income tax | 1,620 | 0 | ' |
Total other comprehensive income | 21,126 | 1,529 | ' |
COMPREHENSIVE INCOME | 74,403 | 154,973 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 5,425 | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 68,978 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member] | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' |
SALES | 0 | 0 | ' |
Cost of sales | 0 | 0 | ' |
Selling and general expenses | 0 | 0 | ' |
Other operating (income) expense, net | 0 | 0 | ' |
Costs and Expenses, Total | 0 | 0 | ' |
Equity in income of New Zealand joint venture | ' | 0 | ' |
OPERATING INCOME | 0 | 0 | ' |
Interest (expense) income | 0 | 0 | ' |
Interest and miscellaneous income (expense), net | 0 | 0 | ' |
Equity in income from subsidiaries | -123,427 | -418,944 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -123,427 | -418,944 | ' |
Income tax (expense) benefit | 0 | 0 | ' |
Income from continuing operations | ' | -418,944 | ' |
Income from discontinued operations, net | ' | 0 | ' |
NET INCOME | -123,427 | -418,944 | ' |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -123,427 | ' | ' |
Foreign currency translation adjustment | -26,545 | -2,190 | ' |
New Zealand joint venture cash flow hedges | -3,336 | -1,108 | ' |
Amortization of pension and postretirement plans, net of income tax | -5,337 | -8,981 | ' |
Total other comprehensive income | -35,218 | -12,279 | ' |
COMPREHENSIVE INCOME | -158,645 | -431,223 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 0 | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | -158,645 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' |
SALES | 0 | 0 | ' |
Cost of sales | 0 | 0 | ' |
Selling and general expenses | 2,150 | 2,401 | ' |
Other operating (income) expense, net | 2,375 | 523 | ' |
Costs and Expenses, Total | 4,525 | 2,924 | ' |
Equity in income of New Zealand joint venture | ' | 0 | ' |
OPERATING INCOME | -4,525 | -2,924 | ' |
Interest (expense) income | -6,933 | -6,870 | ' |
Interest and miscellaneous income (expense), net | -233 | -222 | ' |
Equity in income from subsidiaries | 53,360 | 153,444 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 41,669 | 143,428 | ' |
Income tax (expense) benefit | 2,201 | 3,282 | ' |
Income from continuing operations | ' | 146,710 | ' |
Income from discontinued operations, net | ' | 0 | ' |
NET INCOME | 43,870 | 146,710 | ' |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 43,870 | ' | ' |
Foreign currency translation adjustment | 12,892 | 975 | ' |
New Zealand joint venture cash flow hedges | 1,112 | 554 | ' |
Amortization of pension and postretirement plans, net of income tax | 2,097 | 4,969 | ' |
Total other comprehensive income | 16,101 | 6,498 | ' |
COMPREHENSIVE INCOME | 59,971 | 153,208 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 0 | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 59,971 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' |
SALES | 386,686 | 393,719 | ' |
Cost of sales | 302,650 | 266,018 | ' |
Selling and general expenses | 13,341 | 13,698 | ' |
Other operating (income) expense, net | 1,162 | -2,145 | ' |
Costs and Expenses, Total | 317,153 | 277,571 | ' |
Equity in income of New Zealand joint venture | ' | 258 | ' |
OPERATING INCOME | 69,533 | 116,406 | ' |
Interest (expense) income | -2,843 | 2,428 | ' |
Interest and miscellaneous income (expense), net | -3,480 | -2,140 | ' |
Equity in income from subsidiaries | 0 | 0 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 63,210 | 116,694 | ' |
Income tax (expense) benefit | -9,933 | -7,727 | ' |
Income from continuing operations | ' | 108,967 | ' |
Income from discontinued operations, net | ' | 44,477 | ' |
NET INCOME | 53,277 | 153,444 | ' |
Less: Net loss attributable to noncontrolling interest | -83 | ' | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 53,360 | ' | ' |
Foreign currency translation adjustment | 17,795 | 975 | ' |
New Zealand joint venture cash flow hedges | 1,711 | 554 | ' |
Amortization of pension and postretirement plans, net of income tax | 1,620 | 0 | ' |
Total other comprehensive income | 21,126 | 1,529 | ' |
COMPREHENSIVE INCOME | 74,403 | 154,973 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 5,425 | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 68,978 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member] | ' | ' | ' |
Income Statement [Abstract] | ' | ' | ' |
SALES | 0 | 0 | ' |
Cost of sales | 0 | 0 | ' |
Selling and general expenses | 0 | 0 | ' |
Other operating (income) expense, net | 0 | 0 | ' |
Costs and Expenses, Total | 0 | 0 | ' |
Equity in income of New Zealand joint venture | ' | 0 | ' |
OPERATING INCOME | 0 | 0 | ' |
Interest (expense) income | 0 | 0 | ' |
Interest and miscellaneous income (expense), net | 0 | 0 | ' |
Equity in income from subsidiaries | -97,230 | -300,154 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -97,230 | -300,154 | ' |
Income tax (expense) benefit | 0 | 0 | ' |
Income from continuing operations | ' | -300,154 | ' |
Income from discontinued operations, net | ' | 0 | ' |
NET INCOME | -97,230 | -300,154 | ' |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -97,230 | ' | ' |
Foreign currency translation adjustment | -25,778 | -1,950 | ' |
New Zealand joint venture cash flow hedges | -2,224 | -1,108 | ' |
Amortization of pension and postretirement plans, net of income tax | -3,717 | -4,969 | ' |
Total other comprehensive income | -31,719 | -8,027 | ' |
COMPREHENSIVE INCOME | -128,949 | -308,181 | ' |
Less: Comprehensive income attributable to noncontrolling interest | 0 | ' | ' |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ($128,949) | ' | ' |
CONSOLIDATING_FINANCIAL_STATEM4
CONSOLIDATING FINANCIAL STATEMENTS Condensed Consolidating Balance Sheets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $156,071 | $199,644 | $266,017 | $280,596 |
Accounts receivable, less allowance for doubtful accounts | 111,697 | 94,956 | ' | ' |
Inventory | 141,928 | 138,818 | ' | ' |
Deferred tax assets | 31,580 | 39,100 | ' | ' |
Prepaid and other current assets | 54,557 | 46,576 | ' | ' |
Total current assets | 495,833 | 519,094 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,069,518 | 2,049,378 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 861,969 | 860,821 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ' | ' |
OTHER ASSETS | 217,458 | 256,208 | ' | ' |
TOTAL ASSETS | 3,644,778 | 3,685,501 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 86,282 | 69,293 | ' | ' |
Current maturities of long-term debt | 114,319 | 112,500 | ' | ' |
Accrued taxes | 11,374 | 8,551 | ' | ' |
Accrued payroll and benefits | 19,261 | 24,948 | ' | ' |
Accrued interest | 13,857 | 9,531 | ' | ' |
Accrued customer incentives | 10,082 | 9,580 | ' | ' |
Other current liabilities | 35,870 | 34,874 | ' | ' |
Current liabilities for dispositions and discontinued operations | 6,446 | 6,835 | ' | ' |
Total current liabilities | 297,491 | 276,112 | ' | ' |
LONG-TERM DEBT | 1,393,887 | 1,461,724 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 67,456 | 69,543 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 95,098 | 95,654 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 31,254 | 27,225 | ' | ' |
INTERCOMPANY PAYABLE | 0 | 0 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,660,772 | 1,661,170 | ' | ' |
Noncontrolling interest | 98,820 | 94,073 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,759,592 | 1,755,243 | ' | 1,438,004 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,644,778 | 3,685,501 | ' | ' |
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 93,840 | 130,181 | 151,978 | 252,888 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Prepaid and other current assets | 0 | 0 | ' | ' |
Total current assets | 93,840 | 130,181 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,677,296 | 1,627,315 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 216,844 | 228,032 | ' | ' |
OTHER ASSETS | 3,569 | 3,689 | ' | ' |
TOTAL ASSETS | 1,991,549 | 1,989,217 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Accrued payroll and benefits | 0 | 0 | ' | ' |
Accrued interest | 5,777 | 3,047 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 5,777 | 3,047 | ' | ' |
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 | 1,660,772 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,660,772 | 1,661,170 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,991,549 | 1,989,217 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 4,494 | 304 | 20,930 | 3,966 |
Accounts receivable, less allowance for doubtful accounts | 10 | 10 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Prepaid and other current assets | 6,582 | 2,363 | ' | ' |
Total current assets | 11,086 | 2,677 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 2,698 | 2,612 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,853,207 | 1,837,760 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ' | ' |
OTHER ASSETS | 32,705 | 32,519 | ' | ' |
TOTAL ASSETS | 1,899,696 | 1,875,568 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 1,054 | 1,522 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 14 | 4,855 | ' | ' |
Accrued payroll and benefits | 8,038 | 11,382 | ' | ' |
Accrued interest | 669 | 538 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 9,058 | 8,765 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 18,833 | 27,062 | ' | ' |
LONG-TERM DEBT | 0 | 0 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 91,807 | 91,471 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 13,763 | 11,493 | ' | ' |
INTERCOMPANY PAYABLE | 97,997 | 118,227 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,677,296 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,677,296 | 1,627,315 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,899,696 | 1,875,568 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Subsidiary Issuer [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | -178 | 10,719 | 31,749 | 19,358 |
Accounts receivable, less allowance for doubtful accounts | 689 | 2,300 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Deferred tax assets | 646 | 681 | ' | ' |
Prepaid and other current assets | 3 | 6 | ' | ' |
Total current assets | 1,160 | 13,706 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,170,733 | 1,148,221 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 20,866 | 20,659 | ' | ' |
OTHER ASSETS | 3,496 | 3,739 | ' | ' |
TOTAL ASSETS | 1,196,255 | 1,186,325 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 2,102 | 1,564 | ' | ' |
Current maturities of long-term debt | 112,500 | 112,500 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Accrued payroll and benefits | 0 | 0 | ' | ' |
Accrued interest | 3,723 | 2,742 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 118,325 | 116,806 | ' | ' |
LONG-TERM DEBT | 768,228 | 847,749 | ' | ' |
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 | 309,702 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 309,702 | 221,770 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,196,255 | 1,186,325 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 57,915 | 58,440 | 61,360 | 4,384 |
Accounts receivable, less allowance for doubtful accounts | 110,998 | 92,646 | ' | ' |
Inventory | 141,928 | 138,818 | ' | ' |
Deferred tax assets | 30,934 | 38,419 | ' | ' |
Prepaid and other current assets | 47,972 | 44,207 | ' | ' |
Total current assets | 389,747 | 372,530 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,069,518 | 2,049,378 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 859,271 | 858,209 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ' | ' |
OTHER ASSETS | 177,688 | 216,261 | ' | ' |
TOTAL ASSETS | 3,496,224 | 3,496,378 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 83,126 | 66,207 | ' | ' |
Current maturities of long-term debt | 1,819 | 0 | ' | ' |
Accrued taxes | 11,360 | 3,696 | ' | ' |
Accrued payroll and benefits | 11,223 | 13,566 | ' | ' |
Accrued interest | 25,112 | 22,816 | ' | ' |
Accrued customer incentives | 10,082 | 9,580 | ' | ' |
Other current liabilities | 26,812 | 26,109 | ' | ' |
Current liabilities for dispositions and discontinued operations | 6,446 | 6,835 | ' | ' |
Total current liabilities | 175,980 | 148,809 | ' | ' |
LONG-TERM DEBT | 300,659 | 288,975 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 67,456 | 69,543 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 3,291 | 4,183 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 17,491 | 15,732 | ' | ' |
INTERCOMPANY PAYABLE | 151,940 | 125,921 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,680,587 | ' | ' | ' |
Noncontrolling interest | 98,820 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 2,779,407 | 2,843,215 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,496,224 | 3,496,378 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
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 SUBSIDIARIES | -4,701,236 | -4,613,296 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | -237,710 | -248,691 | ' | ' |
OTHER ASSETS | 0 | 0 | ' | ' |
TOTAL ASSETS | -4,938,946 | -4,861,987 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Accrued payroll and benefits | 0 | 0 | ' | ' |
Accrued interest | -21,424 | -19,612 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | -21,424 | -19,612 | ' | ' |
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 | -249,937 | -244,148 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -4,667,585 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | -4,667,585 | -4,598,227 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | -4,938,946 | -4,861,987 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 4,316 | 11,023 | 52,679 | 23,324 |
Accounts receivable, less allowance for doubtful accounts | 699 | 2,310 | ' | ' |
Inventory | 0 | 0 | ' | ' |
Deferred tax assets | 646 | 681 | ' | ' |
Prepaid and other current assets | 6,585 | 2,369 | ' | ' |
Total current assets | 12,246 | 16,383 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 2,698 | 2,612 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 2,714,238 | 2,764,211 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 20,866 | 20,659 | ' | ' |
OTHER ASSETS | 36,201 | 36,258 | ' | ' |
TOTAL ASSETS | 2,786,249 | 2,840,123 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 3,156 | 3,086 | ' | ' |
Current maturities of long-term debt | 112,500 | 112,500 | ' | ' |
Accrued taxes | 14 | 4,855 | ' | ' |
Accrued payroll and benefits | 8,038 | 11,382 | ' | ' |
Accrued interest | 4,392 | 3,280 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 9,058 | 8,765 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | 137,158 | 143,868 | ' | ' |
LONG-TERM DEBT | 768,228 | 847,749 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 0 | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 91,807 | 91,471 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 13,763 | 11,493 | ' | ' |
INTERCOMPANY PAYABLE | 97,997 | 118,227 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,677,296 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,677,296 | 1,627,315 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,786,249 | 2,840,123 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 57,915 | 58,440 | 61,360 | 4,384 |
Accounts receivable, less allowance for doubtful accounts | 110,998 | 92,646 | ' | ' |
Inventory | 141,928 | 138,818 | ' | ' |
Deferred tax assets | 30,934 | 38,419 | ' | ' |
Prepaid and other current assets | 47,972 | 44,207 | ' | ' |
Total current assets | 389,747 | 372,530 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,069,518 | 2,049,378 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 859,271 | 858,209 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ' | ' |
OTHER ASSETS | 177,688 | 216,261 | ' | ' |
TOTAL ASSETS | 3,496,224 | 3,496,378 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 83,126 | 66,207 | ' | ' |
Current maturities of long-term debt | 1,819 | 0 | ' | ' |
Accrued taxes | 11,360 | 3,696 | ' | ' |
Accrued payroll and benefits | 11,223 | 13,566 | ' | ' |
Accrued interest | 25,112 | 22,816 | ' | ' |
Accrued customer incentives | 10,082 | 9,580 | ' | ' |
Other current liabilities | 26,812 | 26,109 | ' | ' |
Current liabilities for dispositions and discontinued operations | 6,446 | 6,835 | ' | ' |
Total current liabilities | 175,980 | 148,809 | ' | ' |
LONG-TERM DEBT | 300,659 | 288,975 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 67,456 | 69,543 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 3,291 | 4,183 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 17,491 | 15,732 | ' | ' |
INTERCOMPANY PAYABLE | 151,940 | 125,921 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,680,587 | ' | ' | ' |
Noncontrolling interest | 98,820 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 2,779,407 | 2,843,215 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,496,224 | 3,496,378 | ' | ' |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member] | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ' | ' |
Inventory | 0 | 0 | ' | ' |
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 SUBSIDIARIES | -4,391,534 | -4,391,526 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | -237,710 | -248,691 | ' | ' |
OTHER ASSETS | 0 | 0 | ' | ' |
TOTAL ASSETS | -4,629,244 | -4,640,217 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Accrued payroll and benefits | 0 | 0 | ' | ' |
Accrued interest | -21,424 | -19,612 | ' | ' |
Accrued customer incentives | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | 0 | ' | ' |
Total current liabilities | -21,424 | -19,612 | ' | ' |
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 | -249,937 | -244,148 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -4,357,883 | ' | ' | ' |
Noncontrolling interest | 0 | ' | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | -4,357,883 | -4,376,457 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | ($4,629,244) | ($4,640,217) | ' | ' |
CONSOLIDATING_FINANCIAL_STATEM5
CONSOLIDATING FINANCIAL STATEMENTS Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | $99,274 | $89,660 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -36,755 | -32,664 |
Purchase of timberlands | -10,637 | -1,560 |
Jesup mill cellulose specialties expansion | 0 | -36,734 |
Proceeds from the disposition of Wood Products business | 0 | 83,741 |
Change in restricted cash | 45,312 | 9,908 |
Investment in Subsidiaries | 0 | 0 |
Other | 1,592 | 1,790 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -488 | 24,481 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 31,819 | 100,000 |
Repayment of debt | -110,000 | -170,000 |
Dividends paid | -62,545 | -57,744 |
Proceeds from the issuance of common shares | 2,027 | 4,091 |
Excess tax (deficiencies) benefits on stock-based compensation | -1,240 | 6,191 |
Repurchase of common shares | -1,754 | -11,241 |
Intercompany distributions | 0 | 0 |
Other | -679 | 0 |
CASH USED FOR FINANCING ACTIVITIES | -142,372 | -128,703 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 13 | -17 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -43,573 | -14,579 |
Balance, beginning of year | 199,644 | 280,596 |
Balance, end of period | 156,071 | 266,017 |
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 25,931 | 13,984 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Jesup mill cellulose specialties expansion | ' | 0 |
Proceeds from the disposition of Wood Products business | ' | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | 0 | 0 |
Other | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | 0 | 0 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 0 | 100,000 |
Repayment of debt | 0 | -150,000 |
Dividends paid | -62,545 | -57,744 |
Proceeds from the issuance of common shares | 2,027 | 4,091 |
Excess tax (deficiencies) benefits on stock-based compensation | 0 | 0 |
Repurchase of common shares | -1,754 | -11,241 |
Intercompany distributions | 0 | 0 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | -62,272 | -114,894 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -36,341 | -100,910 |
Balance, beginning of year | 130,181 | 252,888 |
Balance, end of period | 93,840 | 151,978 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 32,794 | 22,259 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -170 | -89 |
Purchase of timberlands | 0 | 0 |
Jesup mill cellulose specialties expansion | ' | 0 |
Proceeds from the disposition of Wood Products business | ' | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | 0 | 0 |
Other | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -170 | -89 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 0 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax (deficiencies) benefits on stock-based compensation | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | -28,434 | -5,206 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | -28,434 | -5,206 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | 4,190 | 16,964 |
Balance, beginning of year | 304 | 3,966 |
Balance, end of period | 4,494 | 20,930 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Subsidiary Issuer [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 0 | 0 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Jesup mill cellulose specialties expansion | ' | 0 |
Proceeds from the disposition of Wood Products business | ' | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | 69,103 | 32,391 |
Other | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | 69,103 | 32,391 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 30,000 | 0 |
Repayment of debt | -110,000 | -20,000 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax (deficiencies) benefits on stock-based compensation | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | 0 | 0 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | -80,000 | -20,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -10,897 | 12,391 |
Balance, beginning of year | 10,719 | 19,358 |
Balance, end of period | -178 | 31,749 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 67,759 | 58,980 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -36,585 | -32,575 |
Purchase of timberlands | -10,637 | -1,560 |
Jesup mill cellulose specialties expansion | ' | -36,734 |
Proceeds from the disposition of Wood Products business | ' | 83,741 |
Change in restricted cash | 45,312 | 9,908 |
Investment in Subsidiaries | 0 | 0 |
Other | 1,592 | 1,790 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -318 | 24,570 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 1,819 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax (deficiencies) benefits on stock-based compensation | -1,240 | 6,191 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | -67,879 | -32,748 |
Other | -679 | ' |
CASH USED FOR FINANCING ACTIVITIES | -67,979 | -26,557 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 13 | -17 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -525 | 56,976 |
Balance, beginning of year | 58,440 | 4,384 |
Balance, end of period | 57,915 | 61,360 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | -27,210 | -5,563 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Jesup mill cellulose specialties expansion | ' | 0 |
Proceeds from the disposition of Wood Products business | ' | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | -69,103 | -32,391 |
Other | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -69,103 | -32,391 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 0 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax (deficiencies) benefits on stock-based compensation | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | 96,313 | 37,954 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | 96,313 | 37,954 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | 0 | 0 |
Balance, beginning of year | 0 | 0 |
Balance, end of period | 0 | 0 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 32,794 | 22,259 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -170 | -89 |
Purchase of timberlands | 0 | 0 |
Jesup mill cellulose specialties expansion | ' | 0 |
Proceeds from the disposition of Wood Products business | ' | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | 69,103 | 32,391 |
Other | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | 68,933 | 32,302 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 30,000 | 0 |
Repayment of debt | -110,000 | -20,000 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax (deficiencies) benefits on stock-based compensation | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | -28,434 | -5,206 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | -108,434 | -25,206 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -6,707 | 29,355 |
Balance, beginning of year | 11,023 | 23,324 |
Balance, end of period | 4,316 | 52,679 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 67,759 | 58,980 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -36,585 | -32,575 |
Purchase of timberlands | -10,637 | -1,560 |
Jesup mill cellulose specialties expansion | ' | -36,734 |
Proceeds from the disposition of Wood Products business | ' | 83,741 |
Change in restricted cash | 45,312 | 9,908 |
Investment in Subsidiaries | 0 | 0 |
Other | 1,592 | 1,790 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -318 | 24,570 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 1,819 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax (deficiencies) benefits on stock-based compensation | -1,240 | 6,191 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | -67,879 | -32,748 |
Other | -679 | ' |
CASH USED FOR FINANCING ACTIVITIES | -67,979 | -26,557 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 13 | -17 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -525 | 56,976 |
Balance, beginning of year | 58,440 | 4,384 |
Balance, end of period | 57,915 | 61,360 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | -27,210 | -5,563 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Jesup mill cellulose specialties expansion | ' | 0 |
Proceeds from the disposition of Wood Products business | ' | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | -69,103 | -32,391 |
Other | 0 | 0 |
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | -69,103 | -32,391 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 0 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax (deficiencies) benefits on stock-based compensation | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | 96,313 | 37,954 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | 96,313 | 37,954 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | 0 | 0 |
Balance, beginning of year | 0 | 0 |
Balance, end of period | $0 | $0 |