Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2013 |
Senior Exchangeable Notes due 2015 [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Schedule of Condensed Consolidating Income Statement | ' |
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| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
For the Year Ended December 31, 2013 |
| Rayonier Inc. | | ROC (Subsidiary Guarantor) | | Rayonier TRS | | Non- | | Consolidating | | Total |
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated |
Guarantor) | (Issuer) | | | |
SALES | $ | — | | | $ | — | | | $ | — | | | $ | 1,707,822 | | | $ | — | | | $ | 1,707,822 | |
|
Costs and Expenses | | | | | | | | | | | |
Cost of sales | — | | | — | | | — | | | 1,246,312 | | | — | | | 1,246,312 | |
|
Selling and general expenses | — | | | 9,821 | | | — | | | 55,022 | | | — | | | 64,843 | |
|
Other operating (income) expense, | (1,701 | ) | | 4,730 | | | — | | | (12,516 | ) | | — | | | (9,487 | ) |
net |
| (1,701 | ) | | 14,551 | | | — | | | 1,288,818 | | | — | | | 1,301,668 | |
|
Equity in income of New Zealand joint venture | — | | | — | | | — | | | 562 | | | — | | | 562 | |
|
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE | 1,701 | | | (14,551 | ) | | — | | | 419,566 | | | — | | | 406,716 | |
|
Gain related to the consolidation of the New Zealand joint venture | — | | | — | | | — | | | 16,098 | | | — | | | 16,098 | |
|
OPERATING INCOME (LOSS) | 1,701 | | | (14,551 | ) | | — | | | 435,664 | | | — | | | 422,814 | |
|
Interest expense | (13,088 | ) | | (914 | ) | | (27,516 | ) | | (2,242 | ) | | — | | | (43,760 | ) |
|
Interest and miscellaneous income (expense), net | 9,828 | | | 3,237 | | | (7,534 | ) | | (3,159 | ) | | — | | | 2,372 | |
|
Equity in income from subsidiaries | 373,455 | | | 384,567 | | | 245,126 | | | — | | | (1,003,148 | ) | | — | |
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | | | 372,339 | | | 210,076 | | | 430,263 | | | (1,003,148 | ) | | 381,426 | |
|
Income tax benefit (expense) | — | | | 1,116 | | | 11,895 | | | (62,672 | ) | | — | | | (49,661 | ) |
|
INCOME FROM CONTINUING OPERATIONS | 371,896 | | | 373,455 | | | 221,971 | | | 367,591 | | | (1,003,148 | ) | | 331,765 | |
|
DISCONTINUED OPERATIONS, NET | | | | | | | | | | | | | | | | | |
|
Income from discontinued operations, net of income tax | — | | | — | | | — | | | 42,033 | | | | | | 42,033 | |
|
NET INCOME | 371,896 | | | 373,455 | | | 221,971 | | | 409,624 | | | (1,003,148 | ) | | 373,798 | |
|
Less: Net income attributable to noncontrolling interest | — | | | — | | | — | | | 1,902 | | | — | | | 1,902 | |
|
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | | | 373,455 | | | 221,971 | | | 407,722 | | | (1,003,148 | ) | | 371,896 | |
|
OTHER COMPREHENSIVE INCOME | | | | | | | | | | | | | | | |
|
Foreign currency translation adjustment | (1,915 | ) | | (1,915 | ) | | (72 | ) | | (5,710 | ) | | 3,902 | | | (5,710 | ) |
|
New Zealand joint venture cash flows | 3,286 | | | 3,286 | | | 637 | | | 3,629 | | | (7,209 | ) | | 3,629 | |
|
Amortization of pension and postretirement plans | 61,869 | | | 61,869 | | | 20,589 | | | 20,589 | | | (103,047 | ) | | 61,869 | |
|
Total other comprehensive income | 63,240 | | | 63,240 | | | 21,154 | | | 18,508 | | | (106,354 | ) | | 59,788 | |
|
COMPREHENSIVE INCOME | 435,136 | | | 436,695 | | | 243,125 | | | 428,132 | | | (1,109,502 | ) | | 433,586 | |
|
Less: Comprehensive income attributable to noncontrolling interest | — | | | — | | | — | | | (1,550 | ) | | — | | | (1,550 | ) |
|
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 435,136 | | | $ | 436,695 | | | $ | 243,125 | | | $ | 429,682 | | | $ | (1,109,502 | ) | | $ | 435,136 | |
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| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
For the Year Ended December 31, 2012 |
| Rayonier Inc. | | ROC (Subsidiary Guarantor) | | Rayonier TRS | | Non- | | Consolidating | | Total |
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated |
Guarantor) | (Issuer) | | | |
SALES | $ | — | | | $ | — | | | $ | — | | | $ | 1,483,490 | | | $ | — | | | $ | 1,483,490 | |
|
Costs and Expenses | | | | | | | | | | | |
Cost of sales | — | | | — | | | — | | | 1,030,692 | | | — | | | 1,030,692 | |
|
Selling and general expenses | — | | | 10,575 | | | — | | | 56,382 | | | — | | | 66,957 | |
|
Other operating expense (income), net | 110 | | | 962 | | | — | | | (15,241 | ) | | — | | | (14,169 | ) |
|
| 110 | | | 11,537 | | | — | | | 1,071,833 | | | — | | | 1,083,480 | |
|
Equity in income of New Zealand joint venture | — | | | — | | | — | | | 550 | | | — | | | 550 | |
|
OPERATING (LOSS) INCOME | (110 | ) | | (11,537 | ) | | — | | | 412,207 | | | — | | | 400,560 | |
|
Interest expense | (10,717 | ) | | (941 | ) | | (37,971 | ) | | 4,648 | | | — | | | (44,981 | ) |
|
Interest and miscellaneous income (expense), | 6,638 | | | 5,519 | | | (3,334 | ) | | (8,217 | ) | | — | | | 606 | |
net |
Equity in income from subsidiaries | 282,874 | | | 289,486 | | | 232,871 | | | — | | | (805,231 | ) | | — | |
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME | 278,685 | | | 282,527 | | | 191,566 | | | 408,638 | | | (805,231 | ) | | 356,185 | |
TAXES |
Income tax benefit (expense) | — | | | 347 | | | 15,076 | | | (100,166 | ) | | — | | | (84,743 | ) |
|
INCOME FROM CONTINUING OPERATIONS | 278,685 | | | 282,874 | | | 206,642 | | | 308,472 | | | (805,231 | ) | | 271,442 | |
|
DISCONTINUED OPERATIONS, NET | | | | | | | | | | | |
Income from discontinued operations, net of income tax | — | | | — | | | — | | | 7,243 | | | — | | | 7,243 | |
|
NET INCOME | 278,685 | | | 282,874 | | | 206,642 | | | 315,715 | | | (805,231 | ) | | 278,685 | |
|
OTHER COMPREHENSIVE INCOME (LOSS) | | | | | | | | | | | |
Foreign currency translation adjustment | 4,352 | | | 4,352 | | | (3 | ) | | 4,353 | | | (8,702 | ) | | 4,352 | |
|
New Zealand joint venture cash flows | 213 | | | 213 | | | — | | | 213 | | | (426 | ) | | 213 | |
|
Amortization of pension and postretirement plans | (496 | ) | | (496 | ) | | (450 | ) | | (450 | ) | | 1,396 | | | (496 | ) |
|
Total other comprehensive income (loss) | 4,069 | | | 4,069 | | | (453 | ) | | 4,116 | | | (7,732 | ) | | 4,069 | |
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COMPREHENSIVE INCOME | $ | 282,754 | | | $ | 286,943 | | | $ | 206,189 | | | $ | 319,831 | | | $ | (812,963 | ) | | $ | 282,754 | |
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| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
For the Year Ended December 31, 2011 |
| Rayonier Inc. (Parent | | ROC (Subsidiary Guarantor) | | Rayonier TRS | | Non- | | Consolidating | | Total |
Guarantor) | Holdings Inc. | guarantors | Adjustments | Consolidated |
| (Issuer) | | | |
SALES | $ | — | | | $ | — | | | $ | — | | | $ | 1,420,960 | | | $ | — | | | $ | 1,420,960 | |
|
Costs and Expenses | | | | | | | | | | | |
Cost of sales | — | | | — | | | — | | | 1,006,297 | | | — | | | 1,006,297 | |
|
Selling and general expenses | — | | | 10,710 | | | — | | | 54,541 | | | — | | | 65,251 | |
|
Other operating expense (income), net | — | | | 117 | | | — | | | (3,911 | ) | | — | | | (3,794 | ) |
|
| — | | | 10,827 | | | — | | | 1,056,927 | | | — | | | 1,067,754 | |
|
Equity in income of New Zealand joint venture | — | | | — | | | — | | | 4,088 | | | — | | | 4,088 | |
|
OPERATING (LOSS) INCOME | — | | | (10,827 | ) | | — | | | 368,121 | | | — | | | 357,294 | |
|
Interest expense | 621 | | | (1,133 | ) | | (49,555 | ) | | (708 | ) | | — | | | (50,775 | ) |
|
Interest and miscellaneous income (expense), | — | | | 5,280 | | | (4,508 | ) | | 71 | | | — | | | 843 | |
net |
Equity in income from subsidiaries | 275,384 | | | 281,892 | | | 170,048 | | | — | | | (727,324 | ) | | — | |
|
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME | 276,005 | | | 275,212 | | | 115,985 | | | 367,484 | | | (727,324 | ) | | 307,362 | |
TAXES |
Income tax benefit (expense) | — | | | 172 | | | 19,733 | | | (50,593 | ) | | — | | | (30,688 | ) |
|
INCOME FROM CONTINUING OPERATIONS | 276,005 | | | 275,384 | | | 135,718 | | | 316,891 | | | (727,324 | ) | | 276,674 | |
|
DISCONTINUED OPERATIONS, NET | | | | | | | | | | | |
Loss from discontinued operations, net of income tax | — | | | — | | | — | | | (669 | ) | | — | | | (669 | ) |
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NET INCOME | 276,005 | | | 275,384 | | | 135,718 | | | 316,222 | | | (727,324 | ) | | 276,005 | |
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OTHER COMPREHENSIVE LOSS | | | | | | | | | | | |
Foreign currency translation adjustment | 3,546 | | | 3,546 | | | (137 | ) | | 3,545 | | | (6,954 | ) | | 3,546 | |
|
New Zealand joint venture cash flows | (2,373 | ) | | (2,373 | ) | | — | | | (2,373 | ) | | 4,746 | | | (2,373 | ) |
|
Amortization of pension and postretirement plans | (46,263 | ) | | (46,263 | ) | | (35,575 | ) | | (35,575 | ) | | 117,413 | | | (46,263 | ) |
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Total other comprehensive loss | (45,090 | ) | | (45,090 | ) | | (35,712 | ) | | (34,403 | ) | | 115,205 | | | (45,090 | ) |
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COMPREHENSIVE INCOME | $ | 230,915 | | | $ | 230,294 | | | $ | 100,006 | | | $ | 281,819 | | | $ | (612,119 | ) | | $ | 230,915 | |
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Schedule of Condensed Consolidating Balance Sheet | ' |
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| CONDENSED CONSOLIDATING BALANCE SHEETS |
As of December 31, 2013 |
| Rayonier Inc. | | ROC (Subsidiary Guarantor) | | Rayonier TRS | | Non- | | Consolidating | | Total |
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated |
Guarantor) | (Issuer) | | | |
ASSETS | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | |
Cash and cash equivalents | $ | 130,181 | | | $ | 304 | | | $ | 10,719 | | | $ | 58,440 | | | $ | — | | | $ | 199,644 | |
|
Accounts receivable, less allowance for doubtful accounts | — | | | 10 | | | 2,300 | | | 92,646 | | | — | | | 94,956 | |
|
Inventory | — | | | — | | | — | | | 138,818 | | | — | | | 138,818 | |
|
Current deferred tax assets | — | | | — | | | 681 | | | 38,419 | | | — | | | 39,100 | |
|
Prepaid and other current assets | — | | | 2,363 | | | 6 | | | 44,207 | | | — | | | 46,576 | |
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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 | |
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NET PROPERTY, PLANT AND | — | | | 2,612 | | | — | | | 858,209 | | | — | | | 860,821 | |
EQUIPMENT |
INVESTMENT IN JOINT VENTURE | — | | | — | | | — | | | — | | | — | | | — | |
|
INVESTMENT IN SUBSIDIARIES | 1,627,315 | | | 1,837,760 | | | 1,148,221 | | | — | | | (4,613,296 | ) | | — | |
|
INTERCOMPANY NOTES RECEIVABLE | 228,032 | | | — | | | 20,659 | | | — | | | (248,691 | ) | | — | |
|
OTHER ASSETS | 3,689 | | | 32,519 | | | 3,739 | | | 216,261 | | | — | | | 256,208 | |
|
TOTAL ASSETS | $ | 1,989,217 | | | $ | 1,875,568 | | | $ | 1,186,325 | | | $ | 3,496,378 | | | $ | (4,861,987 | ) | | $ | 3,685,501 | |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 1,522 | | | $ | 1,564 | | | $ | 66,207 | | | $ | — | | | $ | 69,293 | |
|
Current maturities of long-term debt | — | | | — | | | 112,500 | | | — | | | — | | | 112,500 | |
|
Accrued taxes | — | | | 4,855 | | | — | | | 3,696 | | | — | | | 8,551 | |
|
Uncertain tax positions | — | | | 5,780 | | | — | | | 4,767 | | | — | | | 10,547 | |
|
Accrued payroll and benefits | — | | | 11,382 | | | — | | | 13,566 | | | — | | | 24,948 | |
|
Accrued interest | 3,047 | | | 538 | | | 2,742 | | | 22,816 | | | (19,612 | ) | | 9,531 | |
|
Accrued customer incentives | — | | | — | | | — | | | 9,580 | | | — | | | 9,580 | |
|
Other current liabilities | — | | | 2,985 | | | — | | | 21,342 | | | — | | | 24,327 | |
|
Current liabilities for dispositions and discontinued operations | — | | | — | | | — | | | 6,835 | | | — | | | 6,835 | |
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Total current liabilities | 3,047 | | | 27,062 | | | 116,806 | | | 148,809 | | | (19,612 | ) | | 276,112 | |
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LONG-TERM DEBT | 325,000 | | | — | | | 847,749 | | | 288,975 | | | — | | | 1,461,724 | |
|
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | | | — | | | — | | | 69,543 | | | — | | | 69,543 | |
|
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | | | 91,471 | | | — | | | 4,183 | | | — | | | 95,654 | |
|
OTHER NON-CURRENT LIABILITIES | — | | | 11,493 | | | — | | | 15,732 | | | — | | | 27,225 | |
|
INTERCOMPANY PAYABLE | — | | | 118,227 | | | — | | | 125,921 | | | (244,148 | ) | | — | |
|
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,661,170 | | | 1,627,315 | | | 221,770 | | | 2,749,142 | | | (4,598,227 | ) | | 1,661,170 | |
|
Noncontrolling interest | — | | | — | | | — | | | 94,073 | | | — | | | 94,073 | |
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TOTAL SHAREHOLDERS’ EQUITY | 1,661,170 | | | 1,627,315 | | | 221,770 | | | 2,843,215 | | | (4,598,227 | ) | | 1,755,243 | |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | | | $ | 1,875,568 | | | $ | 1,186,325 | | | $ | 3,496,378 | | | $ | (4,861,987 | ) | | $ | 3,685,501 | |
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| CONDENSED CONSOLIDATING BALANCE SHEETS |
As of December 31, 2012 |
| Rayonier Inc. | | ROC (Subsidiary Guarantor) | | Rayonier TRS | | Non- | | Consolidating | | Total |
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated |
Guarantor) | (Issuer) | | | |
ASSETS | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | |
Cash and cash equivalents | $ | 252,888 | | | $ | 3,966 | | | $ | 19,358 | | | $ | 4,384 | | | $ | — | | | $ | 280,596 | |
|
Accounts receivable, less allowance for doubtful accounts | — | | | 386 | | | — | | | 99,973 | | | — | | | 100,359 | |
|
Inventory | — | | | — | | | — | | | 127,966 | | | — | | | 127,966 | |
|
Deferred tax assets | — | | | — | | | — | | | 15,845 | | | — | | | 15,845 | |
|
Prepaid and other current assets | — | | | 1,566 | | | 691 | | | 39,251 | | | — | | | 41,508 | |
|
Total current assets | 252,888 | | | 5,918 | | | 20,049 | | | 287,419 | | | — | | | 566,274 | |
|
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | | | — | | | — | | | 1,573,309 | | | — | | | 1,573,309 | |
|
NET PROPERTY, PLANT AND | — | | | 2,321 | | | — | | | 704,717 | | | — | | | 707,038 | |
EQUIPMENT |
INVESTMENT IN JOINT VENTURE | — | | | — | | | — | | | 72,419 | | | — | | | 72,419 | |
|
INVESTMENT IN SUBSIDIARIES | 1,445,205 | | | 1,677,782 | | | 1,452,027 | | | — | | | (4,575,014 | ) | | — | |
|
INTERCOMPANY NOTES RECEIVABLE | 213,863 | | | 14,000 | | | 19,831 | | | — | | | (247,694 | ) | | — | |
|
OTHER ASSETS | 4,148 | | | 27,779 | | | 5,182 | | | 166,802 | | | — | | | 203,911 | |
|
TOTAL ASSETS | $ | 1,916,104 | | | $ | 1,727,800 | | | $ | 1,497,089 | | | $ | 2,804,666 | | | $ | (4,822,708 | ) | | $ | 3,122,951 | |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 2,099 | | | $ | 33 | | | $ | 68,249 | | | $ | — | | | $ | 70,381 | |
|
Current maturities of long-term debt | 150,000 | | | — | | | — | | | — | | | — | | | 150,000 | |
|
Accrued taxes | — | | | 485 | | | — | | | 13,339 | | | — | | | 13,824 | |
|
Uncertain tax positions | — | | | — | | | — | | | 800 | | | — | | | 800 | |
|
Accrued payroll and benefits | — | | | 15,044 | | | — | | | 13,024 | | | — | | | 28,068 | |
|
Accrued interest | 3,100 | | | 379 | | | 3,197 | | | 1,280 | | | — | | | 7,956 | |
|
Accrued customer incentives | — | | | — | | | — | | | 10,849 | | | — | | | 10,849 | |
|
Other current liabilities | — | | | 2,925 | | | — | | | 14,915 | | | — | | | 17,840 | |
|
Current liabilities for dispositions and discontinued operations | — | | | — | | | — | | | 8,105 | | | — | | | 8,105 | |
|
Total current liabilities | 153,100 | | | 20,932 | | | 3,230 | | | 130,561 | | | — | | | 307,823 | |
|
LONG-TERM DEBT | 325,000 | | | — | | | 718,321 | | | 76,731 | | | — | | | 1,120,052 | |
|
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | | | — | | | — | | | 73,590 | | | — | | | 73,590 | |
|
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | | | 129,156 | | | — | | | 30,426 | | | — | | | 159,582 | |
|
OTHER NON-CURRENT LIABILITIES | — | | | 16,432 | | | — | | | 7,468 | | | — | | | 23,900 | |
|
INTERCOMPANY PAYABLE | — | | | 116,075 | | | — | | | 137,797 | | | (253,872 | ) | | — | |
|
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 | | | 1,445,205 | | | 775,538 | | | 2,348,093 | | | (4,568,836 | ) | | 1,438,004 | |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 | | | $ | 1,727,800 | | | $ | 1,497,089 | | | $ | 2,804,666 | | | $ | (4,822,708 | ) | | $ | 3,122,951 | |
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Schedule of Condensed Consolidating Cash Flows Statement | ' |
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| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
For the Year Ended December 31, 2013 |
| Rayonier Inc. | | ROC (Subsidiary Guarantor) | | Rayonier TRS | | Non- | | Consolidating | | Total |
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated |
Guarantor) | (Issuer) | | | |
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 407,712 | | | $ | 417,074 | | | $ | 84,000 | | | $ | 491,762 | | | $ | (855,375 | ) | | $ | 545,173 | |
|
INVESTING ACTIVITIES | | | | | | | | | | | |
Capital expenditures | — | | | (663 | ) | | — | | | (158,235 | ) | | — | | | (158,898 | ) |
|
Purchase of additional interest in New Zealand joint venture | — | | | — | | | — | | | (139,879 | ) | | — | | | (139,879 | ) |
|
Purchase of timberlands | — | | | — | | | — | | | (20,401 | ) | | — | | | (20,401 | ) |
|
Jesup mill cellulose specialties expansion | — | | | — | | | — | | | (141,143 | ) | | — | | | (141,143 | ) |
|
Proceeds from disposition of Wood Products business | — | | | — | | | — | | | 62,720 | | | — | | | 62,720 | |
|
Change in restricted cash | — | | | — | | | — | | | (58,385 | ) | | — | | | (58,385 | ) |
|
Investment in Subsidiaries | (138,178 | ) | | (138,178 | ) | | (247,114 | ) | | — | | | 523,470 | | | — | |
|
Other | — | | | 1,701 | | | — | | | (14,635 | ) | | — | | | (12,934 | ) |
|
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | | (137,140 | ) | | (247,114 | ) | | (469,958 | ) | | 523,470 | | | (468,920 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | |
Issuance of debt | 175,000 | | | — | | | 390,000 | | | 57,885 | | | — | | | 622,885 | |
|
Repayment of debt | (325,000 | ) | | — | | | (151,525 | ) | | (72,960 | ) | | — | | | (549,485 | ) |
|
Dividends paid | (237,016 | ) | | — | | | — | | | — | | | — | | | (237,016 | ) |
|
Proceeds from the issuance of common shares | 10,101 | | | — | | | — | | | — | | | — | | | 10,101 | |
|
Excess tax benefits on stock-based compensation | — | | | — | | | — | | | 8,413 | | | — | | | 8,413 | |
|
Repurchase of common shares | (11,326 | ) | | — | | | — | | | — | | | — | | | (11,326 | ) |
|
Issuance of intercompany notes | (4,000 | ) | | — | | | — | | | 4,000 | | | — | | | — | |
|
Intercompany distributions | — | | | (283,596 | ) | | (84,000 | ) | | 35,691 | | | 331,905 | | | — | |
|
Other | — | | | — | | | — | | | (713 | ) | | — | | | (713 | ) |
|
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) | | (283,596 | ) | | 154,475 | | | 32,316 | | | 331,905 | | | (157,141 | ) |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | | | — | | | — | | | (64 | ) | | — | | | (64 | ) |
|
CASH AND CASH EQUIVALENTS | | | | | | | | | | | |
Change in cash and cash equivalents | (122,707 | ) | | (3,662 | ) | | (8,639 | ) | | 54,056 | | | — | | | (80,952 | ) |
|
Balance, beginning of year | 252,888 | | | 3,966 | | | 19,358 | | | 4,384 | | | — | | | 280,596 | |
|
Balance, end of year | $ | 130,181 | | | $ | 304 | | | $ | 10,719 | | | $ | 58,440 | | | $ | — | | | $ | 199,644 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
For the Year Ended December 31, 2012 |
| Rayonier Inc. | | ROC (Subsidiary Guarantor) | | Rayonier TRS | | Non- | | Consolidating | | Total |
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated |
Guarantor) | (Issuer) | | | |
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 90,456 | | | $ | 138,149 | | | $ | 41,000 | | | $ | 423,784 | | | $ | (247,475 | ) | | $ | 445,914 | |
|
INVESTING ACTIVITIES | | | | | | | | | | | |
Capital expenditures | — | | | (285 | ) | | — | | | (157,277 | ) | | — | | | (157,562 | ) |
|
Purchase of timberlands | — | | | — | | | — | | | (106,536 | ) | | — | | | (106,536 | ) |
|
Jesup mill cellulose specialties expansion | — | | | — | | | — | | | (201,359 | ) | | — | | | (201,359 | ) |
|
Change in restricted cash | — | | | — | | | — | | | (10,559 | ) | | — | | | (10,559 | ) |
|
Investment in Subsidiaries | — | | | — | | | (142,508 | ) | | — | | | 142,508 | | | — | |
|
Other | — | | | (69 | ) | | — | | | 3,184 | | | — | | | 3,115 | |
|
CASH USED FOR INVESTING ACTIVITIES | — | | | (354 | ) | | (142,508 | ) | | (472,547 | ) | | 142,508 | | | (472,901 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | |
Issuance of debt | 475,000 | | | — | | | 740,000 | | | 15,000 | | | — | | | 1,230,000 | |
|
Repayment of debt | (120,000 | ) | | (30,000 | ) | | (638,110 | ) | | (25,500 | ) | | — | | | (813,610 | ) |
|
Dividends paid | (206,583 | ) | | — | | | — | | | — | | | — | | | (206,583 | ) |
|
Proceeds from the issuance of common | 25,495 | | | — | | | — | | | — | | | — | | | 25,495 | |
shares |
Excess tax benefits on stock-based compensation | — | | | — | | | — | | | 7,635 | | | — | | | 7,635 | |
|
Debt issuance costs | (3,697 | ) | | (1,219 | ) | | — | | | (1,219 | ) | | — | | | (6,135 | ) |
|
Repurchase of common shares | (7,783 | ) | | — | | | — | | | — | | | — | | | (7,783 | ) |
|
Issuance of intercompany notes | — | | | (14,000 | ) | | — | | | 14,000 | | | — | | | — | |
|
Distributions to / from Parent | — | | | (97,587 | ) | | (41,000 | ) | | 33,620 | | | 104,967 | | | — | |
|
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | | | (142,806 | ) | | 60,890 | | | 43,536 | | | 104,967 | | | 229,019 | |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | | | — | | | — | | | (39 | ) | | — | | | (39 | ) |
|
CASH AND CASH EQUIVALENTS | | | | | | | | | | | |
Change in cash and cash equivalents | 252,888 | | | (5,011 | ) | | (40,618 | ) | | (5,266 | ) | | — | | | 201,993 | |
|
Balance, beginning of year | — | | | 8,977 | | | 59,976 | | | 9,650 | | | — | | | 78,603 | |
|
Balance, end of year | $ | 252,888 | | | $ | 3,966 | | | $ | 19,358 | | | $ | 4,384 | | | $ | — | | | $ | 280,596 | |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
For the Year Ended December 31, 2011 |
| Rayonier Inc. | | ROC (Subsidiary Guarantor) | | Rayonier TRS | | Non- | | Consolidating | | Total |
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated |
Guarantor) | (Issuer) | | | |
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 283,409 | | | $ | 332,577 | | | $ | 15,000 | | | $ | 402,994 | | | $ | (601,710 | ) | | $ | 432,270 | |
|
INVESTING ACTIVITIES | | | | | | | | | | | |
Capital expenditures | — | | | (270 | ) | | — | | | (144,252 | ) | | — | | | (144,522 | ) |
|
Purchase of timberlands | — | | | — | | | — | | | (320,899 | ) | | — | | | (320,899 | ) |
|
Jesup mill cellulose specialties expansion | — | | | — | | | — | | | (42,894 | ) | | — | | | (42,894 | ) |
|
Change in restricted cash | — | | | — | | | — | | | 8,323 | | | — | | | 8,323 | |
|
Investment in Subsidiaries | (19,259 | ) | | (99,988 | ) | | (35,828 | ) | | — | | | 155,075 | | | — | |
|
Other | — | | | 69 | | | — | | | 11,309 | | | — | | | 11,378 | |
|
CASH USED FOR INVESTING ACTIVITIES | (19,259 | ) | | (100,189 | ) | | (35,828 | ) | | (488,413 | ) | | 155,075 | | | (488,614 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | |
Issuance of debt | 120,000 | | | 105,000 | | | — | | | 235,000 | | | — | | | 460,000 | |
|
Repayment of debt | — | | | (75,000 | ) | | (168,057 | ) | | (256,000 | ) | | — | | | (499,057 | ) |
|
Dividends paid | (185,272 | ) | | — | | | — | | | — | | | — | | | (185,272 | ) |
|
Proceeds from the issuance of common | 13,451 | | | — | | | — | | | — | | | — | | | 13,451 | |
shares |
Excess tax benefits on stock-based compensation | — | | | — | | | — | | | 5,681 | | | — | | | 5,681 | |
|
Debt issuance costs | — | | | (675 | ) | | (676 | ) | | (676 | ) | | — | | | (2,027 | ) |
|
Repurchase of common shares | (7,909 | ) | | — | | | — | | | — | | | — | | | (7,909 | ) |
|
Intercompany distributions | (204,420 | ) | | — | | | (18,961 | ) | | 223,381 | | | — | | | — | |
|
Distributions to / from Parent | — | | | (282,495 | ) | | (14,760 | ) | | (149,380 | ) | | 446,635 | | | — | |
|
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (264,150 | ) | | (253,170 | ) | | (202,454 | ) | | 58,006 | | | 446,635 | | | (215,133 | ) |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | | | — | | | — | | | 617 | | | — | | | 617 | |
|
CASH AND CASH EQUIVALENTS | | | | | | | | | | | |
Change in cash and cash equivalents | — | | | (20,782 | ) | | (223,282 | ) | | (26,796 | ) | | — | | | (270,860 | ) |
|
Balance, beginning of year | — | | | 29,759 | | | 283,258 | | | 36,446 | | | — | | | 349,463 | |
|
Balance, end of year | $ | — | | | $ | 8,977 | | | $ | 59,976 | | | $ | 9,650 | | | $ | — | | | $ | 78,603 | |
|
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Schedule of Condensed Consolidating Income Statement | ' |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | | | | |
For the Year Ended December 31, 2013 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
SALES | $ | — | | | $ | — | | | $ | 1,707,822 | | | $ | — | | | $ | 1,707,822 | | | | | |
| | | |
Costs and Expenses | | | | | | | | | | | | | |
Cost of sales | — | | | — | | | 1,246,312 | | | — | | | 1,246,312 | | | | | |
| | | |
Selling and general expenses | — | | | 9,821 | | | 55,022 | | | — | | | 64,843 | | | | | |
| | | |
Other operating (income) expense, net | (1,701 | ) | | 4,730 | | | (12,516 | ) | | — | | | (9,487 | ) | | | | |
| | | |
| (1,701 | ) | | 14,551 | | | 1,288,818 | | | — | | | 1,301,668 | | | | | |
| | | |
Equity in income of New Zealand joint venture | — | | | — | | | 562 | | | — | | | 562 | | | | | |
| | | |
OPERATING (LOSS) INCOME BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE | 1,701 | | | (14,551 | ) | | 419,566 | | | — | | | 406,716 | | | | | |
| | | |
Gain related to the consolidation of the New Zealand joint venture | — | | | — | | | 16,098 | | | — | | | 16,098 | | | | | |
| | | |
OPERATING INCOME (LOSS) | 1,701 | | | (14,551 | ) | | 435,664 | | | — | | | 422,814 | | | | | |
| | | |
Interest expense | (13,088 | ) | | (28,430 | ) | | (2,242 | ) | | — | | | (43,760 | ) | | | | |
| | | |
Interest and miscellaneous income (expense), net | 9,828 | | | (4,297 | ) | | (3,159 | ) | | — | | | 2,372 | | | | | |
| | | |
Equity in income from subsidiaries | 373,455 | | | 407,722 | | | — | | | (781,177 | ) | | — | | | | | |
| | | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | | | 360,444 | | | 430,263 | | | (781,177 | ) | | 381,426 | | | | | |
| | | |
Income tax benefit (expense) | — | | | 13,011 | | | (62,672 | ) | | — | | | (49,661 | ) | | | | |
| | | |
INCOME FROM CONTINUING OPERATIONS | 371,896 | | | 373,455 | | | 367,591 | | | (781,177 | ) | | 331,765 | | | | | |
| | | |
DISCONTINUED OPERATIONS, NET | | | | | | | | | | | | | | | | | |
| | | |
Income from discontinued operations, net of income tax | — | | | — | | | 42,033 | | | — | | | 42,033 | | | | | |
| | | |
NET INCOME | 371,896 | | | 373,455 | | | 409,624 | | | (781,177 | ) | | 373,798 | | | | | |
| | | |
Less: Net income attributable to noncontrolling interest | — | | | — | | | 1,902 | | | — | | | 1,902 | | | | | |
| | | |
NET INCOME ATTRIBUTABLE TO RAYONIER | 371,896 | | | 373,455 | | | 407,722 | | | (781,177 | ) | | 371,896 | | | | | |
INC. | | | | |
OTHER COMPREHENSIVE INCOME | | | | | | | | | | | | | | | | | |
| | | |
Foreign currency translation adjustment | (1,915 | ) | | (1,915 | ) | | (5,710 | ) | | 3,830 | | | (5,710 | ) | | | | |
| | | |
New Zealand joint venture cash flows | 3,286 | | | 3,286 | | | 3,629 | | | (6,572 | ) | | 3,629 | | | | | |
| | | |
Amortization of pension and postretirement plans | 61,869 | | | 61,869 | | | 20,589 | | | (82,458 | ) | | 61,869 | | | | | |
| | | |
Total other comprehensive income | 63,240 | | | 63,240 | | | 18,508 | | | (85,200 | ) | | 59,788 | | | | | |
| | | |
COMPREHENSIVE INCOME | 435,136 | | | 436,695 | | | 428,132 | | | (866,377 | ) | | 433,586 | | | | | |
| | | |
Less: Comprehensive income attributable to noncontrolling interest | — | | | — | | | (1,550 | ) | | — | | | (1,550 | ) | | | | |
| | | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 435,136 | | | $ | 436,695 | | | $ | 429,682 | | | $ | (866,377 | ) | | $ | 435,136 | | | | | |
| | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | | | | |
For the Year Ended December 31, 2012 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
SALES | $ | — | | | $ | — | | | $ | 1,483,490 | | | $ | — | | | $ | 1,483,490 | | | | | |
| | | |
Costs and Expenses | | | | | | | | | | | | | |
Cost of sales | — | | | — | | | 1,030,692 | | | — | | | 1,030,692 | | | | | |
| | | |
Selling and general expenses | — | | | 10,575 | | | 56,382 | | | — | | | 66,957 | | | | | |
| | | |
Other operating expense (income), net | 110 | | | 962 | | | (15,241 | ) | | — | | | (14,169 | ) | | | | |
| | | |
| 110 | | | 11,537 | | | 1,071,833 | | | — | | | 1,083,480 | | | | | |
| | | |
Equity in income of New Zealand joint venture | — | | | — | | | 550 | | | — | | | 550 | | | | | |
| | | |
OPERATING (LOSS) INCOME | (110 | ) | | (11,537 | ) | | 412,207 | | | — | | | 400,560 | | | | | |
| | | |
Interest expense | (10,717 | ) | | (38,912 | ) | | 4,648 | | | — | | | (44,981 | ) | | | | |
| | | |
Interest and miscellaneous income (expense), net | 6,638 | | | 2,185 | | | (8,217 | ) | | — | | | 606 | | | | | |
| | | |
Equity in income from subsidiaries | 282,874 | | | 315,715 | | | — | | | (598,589 | ) | | — | | | | | |
| | | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | | | 267,451 | | | 408,638 | | | (598,589 | ) | | 356,185 | | | | | |
| | | |
Income tax benefit (expense) | — | | | 15,423 | | | (100,166 | ) | | — | | | (84,743 | ) | | | | |
| | | |
INCOME FROM CONTINUING OPERATIONS | 278,685 | | | 282,874 | | | 308,472 | | | (598,589 | ) | | 271,442 | | | | | |
| | | |
DISCONTINUED OPERATIONS, NET | | | | | | | | | | | | | |
Income from discontinued operations, net of income tax | — | | | — | | | 7,243 | | | — | | | 7,243 | | | | | |
| | | |
NET INCOME | 278,685 | | | 282,874 | | | 315,715 | | | (598,589 | ) | | 278,685 | | | | | |
| | | |
OTHER COMPREHENSIVE INCOME | | | | | | | | | | | | | |
Foreign currency translation adjustment | 4,352 | | | 4,352 | | | 4,353 | | | (8,705 | ) | | 4,352 | | | | | |
| | | |
New Zealand joint venture cash flows | 213 | | | 213 | | | 213 | | | (426 | ) | | 213 | | | | | |
| | | |
Amortization of pension and postretirement plans | (496 | ) | | (496 | ) | | (450 | ) | | 946 | | | (496 | ) | | | | |
| | | |
Total other comprehensive income | 4,069 | | | 4,069 | | | 4,116 | | | (8,185 | ) | | 4,069 | | | | | |
| | | |
COMPREHENSIVE INCOME | $ | 282,754 | | | $ | 286,943 | | | $ | 319,831 | | | $ | (606,774 | ) | | $ | 282,754 | | | | | |
| | | |
|
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | | | | |
For the Year Ended December 31, 2011 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
SALES | $ | — | | | $ | — | | | $ | 1,420,960 | | | $ | — | | | $ | 1,420,960 | | | | | |
| | | |
Costs and Expenses | | | | | | | | | | | | | |
Cost of sales | — | | | — | | | 1,006,297 | | | — | | | 1,006,297 | | | | | |
| | | |
Selling and general expenses | — | | | 10,710 | | | 54,541 | | | — | | | 65,251 | | | | | |
| | | |
Other operating expense (income), net | — | | | 117 | | | (3,911 | ) | | — | | | (3,794 | ) | | | | |
| | | |
| — | | | 10,827 | | | 1,056,927 | | | — | | | 1,067,754 | | | | | |
| | | |
Equity in income of New Zealand joint venture | — | | | — | | | 4,088 | | | — | | | 4,088 | | | | | |
| | | |
OPERATING (LOSS) INCOME | — | | | (10,827 | ) | | 368,121 | | | — | | | 357,294 | | | | | |
| | | |
Interest expense | 621 | | | (50,688 | ) | | (708 | ) | | — | | | (50,775 | ) | | | | |
| | | |
Interest and miscellaneous income, net | — | | | 772 | | | 71 | | | — | | | 843 | | | | | |
| | | |
Equity in income from subsidiaries | 275,384 | | | 316,222 | | | — | | | (591,606 | ) | | — | | | | | |
| | | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 276,005 | | | 255,479 | | | 367,484 | | | (591,606 | ) | | 307,362 | | | | | |
| | | |
Income tax benefit (expense) | — | | | 19,905 | | | (50,593 | ) | | — | | | (30,688 | ) | | | | |
| | | |
INCOME FROM CONTINUING OPERATIONS | 276,005 | | | 275,384 | | | 316,891 | | | (591,606 | ) | | 276,674 | | | | | |
| | | |
DISCONTINUED OPERATIONS, NET | | | | | | | | | | | | | |
Loss from discontinued operations, net of income tax | — | | | — | | | (669 | ) | | — | | | (669 | ) | | | | |
| | | |
NET INCOME | 276,005 | | | 275,384 | | | 316,222 | | | (591,606 | ) | | 276,005 | | | | | |
| | | |
OTHER COMPREHENSIVE LOSS | | | | | | | | | | | | | |
Foreign currency translation adjustment | 3,546 | | | 3,546 | | | 3,545 | | | (7,091 | ) | | 3,546 | | | | | |
| | | |
New Zealand joint venture cash flows | (2,373 | ) | | (2,373 | ) | | (2,373 | ) | | 4,746 | | | (2,373 | ) | | | | |
| | | |
Amortization of pension and postretirement plans | (46,263 | ) | | (46,263 | ) | | (35,575 | ) | | 81,838 | | | (46,263 | ) | | | | |
| | | |
Total other comprehensive loss | (45,090 | ) | | (45,090 | ) | | (34,403 | ) | | 79,493 | | | (45,090 | ) | | | | |
| | | |
COMPREHENSIVE INCOME | $ | 230,915 | | | $ | 230,294 | | | $ | 281,819 | | | $ | (512,113 | ) | | $ | 230,915 | | | | | |
| | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING BALANCE SHEETS | | | | |
As of December 31, 2013 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 130,181 | | | $ | 11,023 | | | $ | 58,440 | | | $ | — | | | $ | 199,644 | | | | | |
| | | |
Accounts receivable, less allowance for doubtful accounts | — | | | 2,310 | | | 92,646 | | | — | | | 94,956 | | | | | |
| | | |
Inventory | — | | | — | | | 138,818 | | | — | | | 138,818 | | | | | |
| | | |
Current deferred tax asset | — | | | 681 | | | 38,419 | | | — | | | 39,100 | | | | | |
| | | |
Prepaid and other current assets | — | | | 2,369 | | | 44,207 | | | — | | | 46,576 | | | | | |
| | | |
Total current assets | 130,181 | | | 16,383 | | | 372,530 | | | — | | | 519,094 | | | | | |
| | | |
TIMBER AND TIMBERLANDS, | — | | | — | | | 2,049,378 | | | — | | | 2,049,378 | | | | | |
NET OF DEPLETION AND AMORTIZATION | | | | |
NET PROPERTY, PLANT AND EQUIPMENT | — | | | 2,612 | | | 858,209 | | | — | | | 860,821 | | | | | |
| | | |
INVESTMENT IN SUBSIDIARIES | 1,627,315 | | | 2,764,211 | | | — | | | (4,391,526 | ) | | — | | | | | |
| | | |
INTERCOMPANY NOTES RECEIVABLE | 228,032 | | | 20,659 | | | — | | | (248,691 | ) | | — | | | | | |
| | | |
OTHER ASSETS | 3,689 | | | 36,258 | | | 216,261 | | | — | | | 256,208 | | | | | |
| | | |
TOTAL ASSETS | $ | 1,989,217 | | | $ | 2,840,123 | | | $ | 3,496,378 | | | $ | (4,640,217 | ) | | $ | 3,685,501 | | | | | |
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 3,086 | | | $ | 66,207 | | | $ | — | | | $ | 69,293 | | | | | |
| | | |
Current maturities of long-term debt | — | | | 112,500 | | | — | | | — | | | 112,500 | | | | | |
| | | |
Accrued taxes | — | | | 4,855 | | | 3,696 | | | — | | | 8,551 | | | | | |
| | | |
Uncertain tax positions | — | | | 5,780 | | | 4,767 | | | — | | | 10,547 | | | | | |
| | | |
Accrued payroll and benefits | — | | | 11,382 | | | 13,566 | | | — | | | 24,948 | | | | | |
| | | |
Accrued interest | 3,047 | | | 3,280 | | | 22,816 | | | (19,612 | ) | | 9,531 | | | | | |
| | | |
Accrued customer incentives | — | | | — | | | 9,580 | | | — | | | 9,580 | | | | | |
| | | |
Other current liabilities | — | | | 2,985 | | | 21,342 | | | — | | | 24,327 | | | | | |
| | | |
Current liabilities for dispositions and discontinued operations | — | | | — | | | 6,835 | | | — | | | 6,835 | | | | | |
| | | |
Total current liabilities | 3,047 | | | 143,868 | | | 148,809 | | | (19,612 | ) | | 276,112 | | | | | |
| | | |
LONG-TERM DEBT | 325,000 | | | 847,749 | | | 288,975 | | | — | | | 1,461,724 | | | | | |
| | | |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | | | — | | | 69,543 | | | — | | | 69,543 | | | | | |
| | | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | | | 91,471 | | | 4,183 | | | — | | | 95,654 | | | | | |
| | | |
OTHER NON-CURRENT LIABILITIES | — | | | 11,493 | | | 15,732 | | | — | | | 27,225 | | | | | |
| | | |
INTERCOMPANY PAYABLE | — | | | 118,227 | | | 125,921 | | | (244,148 | ) | | — | | | | | |
| | | |
TOTAL RAYONIER SHAREHOLDERS’ EQUITY | 1,661,170 | | | 1,627,315 | | | 2,749,142 | | | (4,376,457 | ) | | 1,661,170 | | | | | |
| | | |
Noncontrolling interest | — | | | — | | | 94,073 | | | — | | | 94,073 | | | | | |
| | | |
TOTAL SHAREHOLDER'S EQUITY | 1,661,170 | | | 1,627,315 | | | 2,843,215 | | | (4,376,457 | ) | | 1,755,243 | | | | | |
| | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | | | $ | 2,840,123 | | | $ | 3,496,378 | | | $ | (4,640,217 | ) | | $ | 3,685,501 | | | | | |
| | | |
Schedule of Condensed Consolidating Balance Sheet | ' |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING BALANCE SHEETS | | | | |
As of December 31, 2013 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 130,181 | | | $ | 11,023 | | | $ | 58,440 | | | $ | — | | | $ | 199,644 | | | | | |
| | | |
Accounts receivable, less allowance for doubtful accounts | — | | | 2,310 | | | 92,646 | | | — | | | 94,956 | | | | | |
| | | |
Inventory | — | | | — | | | 138,818 | | | — | | | 138,818 | | | | | |
| | | |
Current deferred tax asset | — | | | 681 | | | 38,419 | | | — | | | 39,100 | | | | | |
| | | |
Prepaid and other current assets | — | | | 2,369 | | | 44,207 | | | — | | | 46,576 | | | | | |
| | | |
Total current assets | 130,181 | | | 16,383 | | | 372,530 | | | — | | | 519,094 | | | | | |
| | | |
TIMBER AND TIMBERLANDS, | — | | | — | | | 2,049,378 | | | — | | | 2,049,378 | | | | | |
NET OF DEPLETION AND AMORTIZATION | | | | |
NET PROPERTY, PLANT AND EQUIPMENT | — | | | 2,612 | | | 858,209 | | | — | | | 860,821 | | | | | |
| | | |
INVESTMENT IN SUBSIDIARIES | 1,627,315 | | | 2,764,211 | | | — | | | (4,391,526 | ) | | — | | | | | |
| | | |
INTERCOMPANY NOTES RECEIVABLE | 228,032 | | | 20,659 | | | — | | | (248,691 | ) | | — | | | | | |
| | | |
OTHER ASSETS | 3,689 | | | 36,258 | | | 216,261 | | | — | | | 256,208 | | | | | |
| | | |
TOTAL ASSETS | $ | 1,989,217 | | | $ | 2,840,123 | | | $ | 3,496,378 | | | $ | (4,640,217 | ) | | $ | 3,685,501 | | | | | |
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 3,086 | | | $ | 66,207 | | | $ | — | | | $ | 69,293 | | | | | |
| | | |
Current maturities of long-term debt | — | | | 112,500 | | | — | | | — | | | 112,500 | | | | | |
| | | |
Accrued taxes | — | | | 4,855 | | | 3,696 | | | — | | | 8,551 | | | | | |
| | | |
Uncertain tax positions | — | | | 5,780 | | | 4,767 | | | — | | | 10,547 | | | | | |
| | | |
Accrued payroll and benefits | — | | | 11,382 | | | 13,566 | | | — | | | 24,948 | | | | | |
| | | |
Accrued interest | 3,047 | | | 3,280 | | | 22,816 | | | (19,612 | ) | | 9,531 | | | | | |
| | | |
Accrued customer incentives | — | | | — | | | 9,580 | | | — | | | 9,580 | | | | | |
| | | |
Other current liabilities | — | | | 2,985 | | | 21,342 | | | — | | | 24,327 | | | | | |
| | | |
Current liabilities for dispositions and discontinued operations | — | | | — | | | 6,835 | | | — | | | 6,835 | | | | | |
| | | |
Total current liabilities | 3,047 | | | 143,868 | | | 148,809 | | | (19,612 | ) | | 276,112 | | | | | |
| | | |
LONG-TERM DEBT | 325,000 | | | 847,749 | | | 288,975 | | | — | | | 1,461,724 | | | | | |
| | | |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | | | — | | | 69,543 | | | — | | | 69,543 | | | | | |
| | | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | | | 91,471 | | | 4,183 | | | — | | | 95,654 | | | | | |
| | | |
OTHER NON-CURRENT LIABILITIES | — | | | 11,493 | | | 15,732 | | | — | | | 27,225 | | | | | |
| | | |
INTERCOMPANY PAYABLE | — | | | 118,227 | | | 125,921 | | | (244,148 | ) | | — | | | | | |
| | | |
TOTAL RAYONIER SHAREHOLDERS’ EQUITY | 1,661,170 | | | 1,627,315 | | | 2,749,142 | | | (4,376,457 | ) | | 1,661,170 | | | | | |
| | | |
Noncontrolling interest | — | | | — | | | 94,073 | | | — | | | 94,073 | | | | | |
| | | |
TOTAL SHAREHOLDER'S EQUITY | 1,661,170 | | | 1,627,315 | | | 2,843,215 | | | (4,376,457 | ) | | 1,755,243 | | | | | |
| | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | | | $ | 2,840,123 | | | $ | 3,496,378 | | | $ | (4,640,217 | ) | | $ | 3,685,501 | | | | | |
| | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING BALANCE SHEETS | | | | |
As of December 31, 2012 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
ASSETS | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | $ | 252,888 | | | $ | 23,324 | | | $ | 4,384 | | | $ | — | | | $ | 280,596 | | | | | |
| | | |
Accounts receivable, less allowance for doubtful accounts | — | | | 386 | | | 99,973 | | | — | | | 100,359 | | | | | |
| | | |
Inventory | — | | | — | | | 127,966 | | | — | | | 127,966 | | | | | |
| | | |
Current deferred tax asset | — | | | — | | | 15,845 | | | — | | | 15,845 | | | | | |
| | | |
Prepaid and other current assets | — | | | 2,257 | | | 39,251 | | | — | | | 41,508 | | | | | |
| | | |
Total current assets | 252,888 | | | 25,967 | | | 287,419 | | | — | | | 566,274 | | | | | |
| | | |
TIMBER AND TIMBERLANDS, | — | | | — | | | 1,573,309 | | | — | | | 1,573,309 | | | | | |
NET OF DEPLETION AND AMORTIZATION | | | | |
NET PROPERTY, PLANT AND EQUIPMENT | — | | | 2,321 | | | 704,717 | | | — | | | 707,038 | | | | | |
| | | |
INVESTMENT IN JOINT VENTURE | — | | | — | | | 72,419 | | | — | | | 72,419 | | | | | |
| | | |
INVESTMENT IN SUBSIDIARIES | 1,445,205 | | | 2,354,270 | | | — | | | (3,799,475 | ) | | — | | | | | |
| | | |
INTERCOMPANY NOTES RECEIVABLE | 213,863 | | | 33,831 | | | — | | | (247,694 | ) | | — | | | | | |
| | | |
OTHER ASSETS | 4,148 | | | 32,961 | | | 166,802 | | | — | | | 203,911 | | | | | |
| | | |
TOTAL ASSETS | $ | 1,916,104 | | | $ | 2,449,350 | | | $ | 2,804,666 | | | $ | (4,047,169 | ) | | $ | 3,122,951 | | | | | |
| | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 2,132 | | | $ | 68,249 | | | $ | — | | | $ | 70,381 | | | | | |
| | | |
Current maturities of long-term debt | 150,000 | | | — | | | — | | | — | | | 150,000 | | | | | |
| | | |
Accrued taxes | — | | | 485 | | | 13,339 | | | — | | | 13,824 | | | | | |
| | | |
Uncertain tax positions | — | | | — | | | 800 | | | — | | | 800 | | | | | |
| | | |
Accrued payroll and benefits | — | | | 15,044 | | | 13,024 | | | — | | | 28,068 | | | | | |
| | | |
Accrued interest | 3,100 | | | 3,576 | | | 1,280 | | | — | | | 7,956 | | | | | |
| | | |
Accrued customer incentives | — | | | — | | | 10,849 | | | — | | | 10,849 | | | | | |
| | | |
Other current liabilities | — | | | 2,925 | | | 14,915 | | | — | | | 17,840 | | | | | |
| | | |
Current liabilities for dispositions and discontinued operations | — | | | — | | | 8,105 | | | — | | | 8,105 | | | | | |
| | | |
Total current liabilities | 153,100 | | | 24,162 | | | 130,561 | | | — | | | 307,823 | | | | | |
| | | |
LONG-TERM DEBT | 325,000 | | | 718,321 | | | 76,731 | | | — | | | 1,120,052 | | | | | |
| | | |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | | | — | | | 73,590 | | | — | | | 73,590 | | | | | |
| | | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | | | 129,156 | | | 30,426 | | | — | | | 159,582 | | | | | |
| | | |
OTHER NON-CURRENT LIABILITIES | — | | | 16,432 | | | 7,468 | | | — | | | 23,900 | | | | | |
| | | |
INTERCOMPANY PAYABLE | — | | | 116,074 | | | 137,797 | | | (253,871 | ) | | — | | | | | |
| | | |
TOTAL SHAREHOLDERS’ EQUITY | 1,438,004 | | | 1,445,205 | | | 2,348,093 | | | (3,793,298 | ) | | 1,438,004 | | | | | |
| | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,916,104 | | | $ | 2,449,350 | | | $ | 2,804,666 | | | $ | (4,047,169 | ) | | $ | 3,122,951 | | | | | |
| | | |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | | | | |
For the Year Ended December 31, 2013 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 407,712 | | | $ | 417,074 | | | $ | 491,762 | | | $ | (771,375 | ) | | $ | 545,173 | | | | | |
| | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Capital expenditures | — | | | (663 | ) | | (158,235 | ) | | — | | | (158,898 | ) | | | | |
| | | |
Purchase of additional interest in New Zealand joint venture | — | | | — | | | (139,879 | ) | | — | | | (139,879 | ) | | | | |
| | | |
Purchase of timberlands | — | | | — | | | (20,401 | ) | | — | | | (20,401 | ) | | | | |
| | | |
Jesup mill cellulose specialties expansion | — | | | — | | | (141,143 | ) | | — | | | (141,143 | ) | | | | |
| | | |
Proceeds from disposition of Wood Products business | — | | | — | | | 62,720 | | | — | | | 62,720 | | | | | |
| | | |
Change in restricted cash | — | | | — | | | (58,385 | ) | | — | | | (58,385 | ) | | | | |
| | | |
Investment in Subsidiaries | (138,178 | ) | | (385,292 | ) | | — | | | 523,470 | | | — | | | | | |
| | | |
Other | — | | | 1,701 | | | (14,635 | ) | | — | | | (12,934 | ) | | | | |
| | | |
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | | (384,254 | ) | | (469,958 | ) | | 523,470 | | | (468,920 | ) | | | | |
| | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Issuance of debt | 175,000 | | | 390,000 | | | 57,885 | | | — | | | 622,885 | | | | | |
| | | |
Repayment of debt | (325,000 | ) | | (151,525 | ) | | (72,960 | ) | | — | | | (549,485 | ) | | | | |
| | | |
Dividends paid | (237,016 | ) | | — | | | — | | | — | | | (237,016 | ) | | | | |
| | | |
Proceeds from the issuance of common shares | 10,101 | | | — | | | — | | | — | | | 10,101 | | | | | |
| | | |
Excess tax benefits on stock-based compensation | — | | | — | | | 8,413 | | | — | | | 8,413 | | | | | |
| | | |
Repurchase of common shares | (11,326 | ) | | — | | | — | | | — | | | (11,326 | ) | | | | |
| | | |
Issuance of intercompany notes | (4,000 | ) | | — | | | 4,000 | | | — | | | — | | | | | |
| | | |
Distributions to / from Parent | — | | | (283,596 | ) | | 35,691 | | | 247,905 | | | — | | | | | |
| | | |
Other | — | | | — | | | (713 | ) | | — | | | (713 | ) | | | | |
| | | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) | | (45,121 | ) | | 32,316 | | | 247,905 | | | (157,141 | ) | | | | |
| | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | | | — | | | (64 | ) | | — | | | (64 | ) | | | | |
| | | |
CASH AND CASH EQUIVALENTS | | | | | | | | | | | | | |
Change in cash and cash equivalents | (122,707 | ) | | (12,301 | ) | | 54,056 | | | — | | | (80,952 | ) | | | | |
| | | |
Balance, beginning of year | 252,888 | | | 23,324 | | | 4,384 | | | — | | | 280,596 | | | | | |
| | | |
Balance, end of year | $ | 130,181 | | | $ | 11,023 | | | $ | 58,440 | | | $ | — | | | $ | 199,644 | | | | | |
| | | |
Schedule of Condensed Consolidating Cash Flows Statement | ' |
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | | | | |
For the Year Ended December 31, 2013 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 407,712 | | | $ | 417,074 | | | $ | 491,762 | | | $ | (771,375 | ) | | $ | 545,173 | | | | | |
| | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Capital expenditures | — | | | (663 | ) | | (158,235 | ) | | — | | | (158,898 | ) | | | | |
| | | |
Purchase of additional interest in New Zealand joint venture | — | | | — | | | (139,879 | ) | | — | | | (139,879 | ) | | | | |
| | | |
Purchase of timberlands | — | | | — | | | (20,401 | ) | | — | | | (20,401 | ) | | | | |
| | | |
Jesup mill cellulose specialties expansion | — | | | — | | | (141,143 | ) | | — | | | (141,143 | ) | | | | |
| | | |
Proceeds from disposition of Wood Products business | — | | | — | | | 62,720 | | | — | | | 62,720 | | | | | |
| | | |
Change in restricted cash | — | | | — | | | (58,385 | ) | | — | | | (58,385 | ) | | | | |
| | | |
Investment in Subsidiaries | (138,178 | ) | | (385,292 | ) | | — | | | 523,470 | | | — | | | | | |
| | | |
Other | — | | | 1,701 | | | (14,635 | ) | | — | | | (12,934 | ) | | | | |
| | | |
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | | (384,254 | ) | | (469,958 | ) | | 523,470 | | | (468,920 | ) | | | | |
| | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Issuance of debt | 175,000 | | | 390,000 | | | 57,885 | | | — | | | 622,885 | | | | | |
| | | |
Repayment of debt | (325,000 | ) | | (151,525 | ) | | (72,960 | ) | | — | | | (549,485 | ) | | | | |
| | | |
Dividends paid | (237,016 | ) | | — | | | — | | | — | | | (237,016 | ) | | | | |
| | | |
Proceeds from the issuance of common shares | 10,101 | | | — | | | — | | | — | | | 10,101 | | | | | |
| | | |
Excess tax benefits on stock-based compensation | — | | | — | | | 8,413 | | | — | | | 8,413 | | | | | |
| | | |
Repurchase of common shares | (11,326 | ) | | — | | | — | | | — | | | (11,326 | ) | | | | |
| | | |
Issuance of intercompany notes | (4,000 | ) | | — | | | 4,000 | | | — | | | — | | | | | |
| | | |
Distributions to / from Parent | — | | | (283,596 | ) | | 35,691 | | | 247,905 | | | — | | | | | |
| | | |
Other | — | | | — | | | (713 | ) | | — | | | (713 | ) | | | | |
| | | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (392,241 | ) | | (45,121 | ) | | 32,316 | | | 247,905 | | | (157,141 | ) | | | | |
| | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | | | — | | | (64 | ) | | — | | | (64 | ) | | | | |
| | | |
CASH AND CASH EQUIVALENTS | | | | | | | | | | | | | |
Change in cash and cash equivalents | (122,707 | ) | | (12,301 | ) | | 54,056 | | | — | | | (80,952 | ) | | | | |
| | | |
Balance, beginning of year | 252,888 | | | 23,324 | | | 4,384 | | | — | | | 280,596 | | | | | |
| | | |
Balance, end of year | $ | 130,181 | | | $ | 11,023 | | | $ | 58,440 | | | $ | — | | | $ | 199,644 | | | | | |
| | | |
|
|
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | | | | |
For the Year Ended December 31, 2012 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 90,456 | | | $ | 138,149 | | | $ | 423,784 | | | $ | (206,475 | ) | | $ | 445,914 | | | | | |
| | | |
INVESTING ACTIVITIES | | | | | | | | | | | | | |
Capital expenditures | — | | | (285 | ) | | (157,277 | ) | | — | | | (157,562 | ) | | | | |
| | | |
Purchase of timberlands | — | | | — | | | (106,536 | ) | | — | | | (106,536 | ) | | | | |
| | | |
Jesup mill cellulose specialties expansion | — | | | — | | | (201,359 | ) | | — | | | (201,359 | ) | | | | |
| | | |
Change in restricted cash | — | | | — | | | (10,559 | ) | | — | | | (10,559 | ) | | | | |
| | | |
Investment in Subsidiaries | — | | | (142,508 | ) | | — | | | 142,508 | | | — | | | | | |
| | | |
Other | — | | | (69 | ) | | 3,184 | | | — | | | 3,115 | | | | | |
| | | |
CASH USED FOR INVESTING ACTIVITIES | — | | | (142,862 | ) | | (472,547 | ) | | 142,508 | | | (472,901 | ) | | | | |
| | | |
FINANCING ACTIVITIES | | | | | | | | | | | | | |
Issuance of debt | 475,000 | | | 740,000 | | | 15,000 | | | — | | | 1,230,000 | | | | | |
| | | |
Repayment of debt | (120,000 | ) | | (668,110 | ) | | (25,500 | ) | | — | | | (813,610 | ) | | | | |
| | | |
Dividends paid | (206,583 | ) | | — | | | — | | | — | | | (206,583 | ) | | | | |
| | | |
Proceeds from the issuance of common shares | 25,495 | | | — | | | — | | | — | | | 25,495 | | | | | |
| | | |
Excess tax benefits on stock-based compensation | — | | | — | | | 7,635 | | | — | | | 7,635 | | | | | |
| | | |
Debt issuance costs | (3,697 | ) | | (1,219 | ) | | (1,219 | ) | | — | | | (6,135 | ) | | | | |
| | | |
Repurchase of common shares | (7,783 | ) | | — | | | — | | | — | | | (7,783 | ) | | | | |
| | | |
Issuance of intercompany notes | — | | | (14,000 | ) | | 14,000 | | | — | | | — | | | | | |
| | | |
Intercompany distributions | — | | | (97,587 | ) | | 33,620 | | | 63,967 | | | — | | | | | |
| | | |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | | | (40,916 | ) | | 43,536 | | | 63,967 | | | 229,019 | | | | | |
| | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | | | — | | | (39 | ) | | — | | | (39 | ) | | | | |
| | | |
CASH AND CASH EQUIVALENTS | | | | | | | | | | | | | |
Change in cash and cash equivalents | 252,888 | | | (45,629 | ) | | (5,266 | ) | | — | | | 201,993 | | | | | |
| | | |
Balance, beginning of year | — | | | 68,953 | | | 9,650 | | | — | | | 78,603 | | | | | |
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Balance, end of year | $ | 252,888 | | | $ | 23,324 | | | $ | 4,384 | | | $ | — | | | $ | 280,596 | | | | | |
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| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | | | | |
For the Year Ended December 31, 2011 | | | | |
| Rayonier Inc.(Parent Issuer) | | Subsidiary Guarantors | | Non- | | Consolidating | | Total | | | | |
guarantors | Adjustments | Consolidated | | | | |
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 283,409 | | | $ | 332,817 | | | $ | 402,994 | | | $ | (586,950 | ) | | $ | 432,270 | | | | | |
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INVESTING ACTIVITIES | | | | | | | | | | | | | |
Capital expenditures | — | | | (270 | ) | | (144,252 | ) | | — | | | (144,522 | ) | | | | |
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Purchase of timberlands | — | | | — | | | (320,899 | ) | | — | | | (320,899 | ) | | | | |
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Jesup mill cellulose specialties expansion | — | | | — | | | (42,894 | ) | | — | | | (42,894 | ) | | | | |
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Change in restricted cash | — | | | — | | | 8,323 | | | — | | | 8,323 | | | | | |
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Investment in Subsidiaries | (19,259 | ) | | (135,816 | ) | | — | | | 155,075 | | | — | | | | | |
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Other | — | | | 69 | | | 11,309 | | | — | | | 11,378 | | | | | |
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CASH USED FOR INVESTING ACTIVITIES | (19,259 | ) | | (136,017 | ) | | (488,413 | ) | | 155,075 | | | (488,614 | ) | | | | |
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FINANCING ACTIVITIES | | | | | | | | | | | | | |
Issuance of debt | 120,000 | | | 105,000 | | | 235,000 | | | — | | | 460,000 | | | | | |
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Repayment of debt | — | | | (243,057 | ) | | (256,000 | ) | | — | | | (499,057 | ) | | | | |
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Dividends paid | (185,272 | ) | | — | | | — | | | — | | | (185,272 | ) | | | | |
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Proceeds from the issuance of common shares | 13,451 | | | — | | | — | | | — | | | 13,451 | | | | | |
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Excess tax benefits on stock-based compensation | — | | | — | | | 5,681 | | | — | | | 5,681 | | | | | |
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Debt issuance costs | — | | | (1,351 | ) | | (676 | ) | | — | | | (2,027 | ) | | | | |
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Repurchase of common shares | (7,909 | ) | | — | | | — | | | — | | | (7,909 | ) | | | | |
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Issuance of intercompany notes | (204,420 | ) | | (18,961 | ) | | 223,381 | | | — | | | — | | | | | |
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Intercompany distributions | — | | | (282,495 | ) | | (149,380 | ) | | 431,875 | | | — | | | | | |
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CASH USED FOR FINANCING ACTIVITIES | (264,150 | ) | | (440,864 | ) | | 58,006 | | | 431,875 | | | (215,133 | ) | | | | |
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EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | | | — | | | 617 | | | — | | | 617 | | | | | |
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CASH AND CASH EQUIVALENTS | | | | | | | | | | | | | |
Change in cash and cash equivalents | — | | | (244,064 | ) | | (26,796 | ) | | — | | | (270,860 | ) | | | | |
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Balance, beginning of year | — | | | 313,017 | | | 36,446 | | | — | | | 349,463 | | | | | |
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Balance, end of year | $ | — | | | $ | 68,953 | | | $ | 9,650 | | | $ | — | | | $ | 78,603 | | | | | |
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