Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Nov. 03, 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 | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 126,726,146 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | $149,829 | ' | ' | $159,261 | ' | $456,161 | $421,203 | ' | |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales | 118,088 | ' | ' | 129,002 | ' | 357,083 | 333,523 | ' | |
Selling and general expenses | 8,806 | ' | ' | 13,104 | ' | 35,904 | 41,204 | ' | |
Other operating income, net (Note 20) | -9,144 | ' | ' | -2,814 | ' | -20,908 | -10,587 | ' | |
Costs and Expenses, Total | 117,750 | ' | ' | 139,292 | ' | 372,079 | 364,140 | ' | |
Equity in income of New Zealand joint venture | 0 | ' | ' | 0 | ' | 0 | 562 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 32,079 | ' | ' | 19,969 | ' | 84,082 | 57,625 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | 0 | ' | ' | 0 | ' | 0 | 16,098 | ' | |
OPERATING INCOME | 32,079 | 37,577 | 63,039 | [1] | 19,969 | 52,003 | 84,082 | 73,723 | ' |
Interest expense | -9,566 | ' | ' | -10,823 | ' | -35,852 | -30,626 | ' | |
Interest and miscellaneous (expense) income, net | -1,734 | ' | ' | -914 | ' | -7,131 | 1,852 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 20,779 | ' | ' | 8,232 | ' | 41,099 | 44,949 | ' | |
Income tax benefit | 11,280 | -13,557 | -7,712 | [1] | 6,808 | -5,961 | 5,319 | 28,750 | ' |
INCOME FROM CONTINUING OPERATIONS | 32,059 | 4,024 | 41,343 | [1] | 15,040 | 14,359 | 46,418 | 73,699 | ' |
DISCONTINUED OPERATIONS, NET (Note 2) | ' | ' | ' | ' | ' | ' | ' | ' | |
Income from discontinued operations, net of income tax expense of $0, $18,313, $21,231 and $82,223 | 0 | 12,084 | ' | 43,327 | 43,092 | 43,092 | 220,294 | ' | |
Net Income | 32,059 | 16,108 | 41,343 | [1] | 58,367 | 57,451 | 89,510 | 293,993 | 373,798 |
Less: Net (loss) income attributable to noncontrolling interest | -642 | ' | ' | 1,022 | ' | -970 | 1,749 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 32,701 | 16,353 | 41,426 | [1] | 57,345 | 57,779 | 90,480 | 292,244 | ' |
OTHER COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustment | -37,877 | ' | ' | 24,259 | ' | -16,426 | -2,967 | -5,710 | |
New Zealand joint venture cash flow hedges, net of income tax benefit of $1,170, $0, $1,270 and $0 | -3,494 | ' | ' | 3,433 | ' | -2,703 | 4,209 | 3,629 | |
Net gain from pension and postretirement plans, net of income tax expense of $150, $1,579, $37,025 and $5,403 | 2,265 | ' | ' | 3,639 | ' | 63,235 | 12,326 | ' | |
Total other comprehensive (loss) income | -39,106 | ' | ' | 31,331 | ' | 44,106 | 13,568 | ' | |
COMPREHENSIVE (LOSS) INCOME | -7,047 | ' | ' | 89,698 | ' | 133,616 | 307,561 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -12,426 | ' | ' | 8,594 | ' | -6,573 | -909 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $5,379 | ' | ' | $81,104 | ' | $140,189 | $308,470 | ' | |
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | |
Continuing operations, Basic (in dollars per share) | $0.26 | $0.03 | $0.33 | [1] | $0.11 | $0.12 | $0.38 | $0.57 | ' |
Discontinued operations, Basic (in dollars per share) | $0 | $0.10 | $0 | [1] | $0.34 | $0.34 | $0.34 | $1.76 | ' |
Net Income, Basic (in dollars per share) | $0.26 | $0.13 | $0.33 | [1] | $0.45 | $0.46 | $0.72 | $2.33 | ' |
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ' | ' | ' | ' | ' | ' | ' | ' | |
Continuing operations, Diluted (in dollars per share) | $0.25 | $0.03 | $0.32 | [1] | $0.11 | $0.11 | $0.36 | $0.55 | ' |
Discontinued operations, Diluted (in dollars per share) | $0 | $0.09 | $0 | [1] | $0.33 | $0.33 | $0.33 | $1.68 | ' |
Net Income, Diluted (in dollars per share) | $0.25 | $0.12 | $0.32 | [1] | $0.44 | $0.44 | $0.69 | $2.23 | ' |
Dividends per share | $0.80 | ' | ' | $0.49 | ' | $1.78 | $1.37 | $1.86 | |
[1] | Includes the Performance Fibers business that was spun-off on June 27, 2014. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Income from discontinued operations, income tax expense | $0 | $18,313 | $21,231 | $82,223 |
New Zealand joint venture cash flow hedges, income tax benefit | 1,170 | 0 | 1,270 | 0 |
Net gain from pension and postretirement plans, income tax expense | $150 | $1,579 | $37,025 | $5,403 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $182,831 | $199,644 |
Accounts receivable, less allowance for doubtful accounts of $217 and $673 | 28,237 | 94,956 |
Inventory | ' | ' |
Finished goods | 11,132 | 115,270 |
Work in progress | 0 | 3,555 |
Raw materials | 1,307 | 17,661 |
Manufacturing and maintenance supplies | 0 | 2,332 |
Total inventory | 12,439 | 138,818 |
Deferred tax assets | 4,211 | 39,100 |
Prepaid and other current assets | 23,821 | 46,576 |
Total current assets | 251,539 | 519,094 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,058,381 | 2,049,378 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Land | 1,833 | 20,138 |
Buildings | 8,885 | 180,573 |
Machinery and equipment | 3,326 | 1,760,641 |
Construction in progress | 393 | 19,795 |
Total property, plant and equipment, gross | 14,437 | 1,981,147 |
Less — accumulated depreciation | -7,906 | -1,120,326 |
Total property, plant and equipment, net | 6,531 | 860,821 |
OTHER ASSETS | 161,108 | 256,208 |
TOTAL ASSETS | 2,477,559 | 3,685,501 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 23,126 | 69,293 |
Current maturities of long-term debt | 130,486 | 112,500 |
Accrued taxes | 14,954 | 8,551 |
Uncertain tax positions | 0 | 10,547 |
Accrued payroll and benefits | 6,338 | 24,948 |
Accrued interest | 10,136 | 9,531 |
Accrued customer incentives | 0 | 9,580 |
Other current liabilities | 26,596 | 24,327 |
Current liabilities for dispositions and discontinued operations (Note 14) | 0 | 6,835 |
Total current liabilities | 211,636 | 276,112 |
LONG-TERM DEBT | 605,162 | 1,461,724 |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | 0 | 69,543 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 17) | 22,393 | 95,654 |
OTHER NON-CURRENT LIABILITIES | 27,466 | 27,225 |
COMMITMENTS AND CONTINGENCIES (Notes 13 and 15) | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Common Shares, 480,000,000 shares authorized, 126,724,444 and 126,257,870 shares issued and outstanding | 700,581 | 692,100 |
Retained earnings | 820,181 | 1,015,209 |
Accumulated other comprehensive income (loss) | 3,569 | -46,139 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,524,331 | 1,661,170 |
Noncontrolling interest | 86,571 | 94,073 |
TOTAL SHAREHOLDERS’ EQUITY | 1,610,902 | 1,755,243 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $2,477,559 | $3,685,501 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Accounts receivable, allowance for doubtful accounts | $217 | $673 |
Shareholders’ Equity: | ' | ' |
Common shares, shares authorized | 480,000,000 | 480,000,000 |
Common shares, shares issued | 126,724,444 | 126,257,870 |
Common shares, shares outstanding | 126,724,444 | 126,257,870 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $89,510 | $293,993 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 92,454 | 81,668 |
Non-cash cost of real estate sold | 6,507 | 4,349 |
Stock-based incentive compensation expense | 6,780 | 8,993 |
Deferred income taxes | 4,435 | 42,832 |
Tax benefit of AFMC for CBPC exchange | 0 | -18,761 |
Non-cash adjustments to unrecognized tax benefit liability | -10,547 | 3,966 |
Depreciation and amortization from discontinued operations | 37,985 | 51,696 |
Amortization of losses from pension and postretirement plans | 6,503 | 16,835 |
Gain on sale of discontinued operations, net | 0 | -42,670 |
Gain related to consolidation of New Zealand joint venture | 0 | -16,098 |
Loss on early redemption of exchangeable notes | 0 | 3,017 |
Other | 2,946 | -8,205 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | 263 | -18,710 |
Inventories | 2,607 | -9,040 |
Accounts payable | 33,305 | 13,712 |
Income tax receivable/payable | 756 | -2,482 |
All other operating activities | 12,321 | 5,863 |
Payment to exchange AFMC for CBPC | 0 | -70,311 |
Expenditures for dispositions and discontinued operations | -5,096 | -6,411 |
CASH PROVIDED BY OPERATING ACTIVITIES | 280,729 | 334,236 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -105,658 | -122,099 |
Purchase of additional interest in New Zealand joint venture | 0 | -139,879 |
Purchase of timberlands | -93,189 | -11,650 |
Jesup mill cellulose specialties expansion (gross purchases of $0 and $140,820, net of purchases on account of $0 and $3,428) | 0 | -137,392 |
Proceeds from disposition of Wood Products business | 0 | 68,063 |
Change in restricted cash | 47,318 | 3,989 |
Other | -478 | -224 |
CASH USED FOR INVESTING ACTIVITIES | -152,007 | -339,192 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 1,295,163 | 607,885 |
Repayment of debt | -1,173,049 | -453,463 |
Dividends paid | -225,877 | -175,079 |
Proceeds from the issuance of common shares | 4,645 | 9,205 |
Excess tax benefits on stock-based compensation | 0 | 8,189 |
Repurchase of common shares | -1,834 | -11,303 |
Debt issuance costs | -12,380 | 0 |
Purchase of timberland deeds for Rayonier Advanced Materials | -12,677 | 0 |
Debt issuance funds distributed to Rayonier Advanced Materials | -924,943 | 0 |
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | 0 |
Other | -680 | 0 |
CASH USED FOR FINANCING ACTIVITIES | -145,432 | -14,566 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -103 | -336 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -16,813 | -19,858 |
Balance, beginning of year | 199,644 | 280,596 |
Balance, end of period | 182,831 | 260,738 |
Cash paid during the period: | ' | ' |
Interest | 38,248 | 26,930 |
Income taxes | 10,453 | 88,024 |
Non-cash investing activity: | ' | ' |
Capital assets purchased on account | 2,310 | 29,738 |
Non-cash financing activity: | ' | ' |
Shareholder debt assumed in acquisition of New Zealand joint venture | 0 | 125,532 |
Conversion of shareholder debt to equity noncontrolling interest | 0 | -95,961 |
Partial conversion of Senior Exchangeable Notes to equity | $0 | $1,497 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Jesup mill cellulose specialties expansion, gross purchases | $0 | $140,820 |
Jesup mill cellulose specialties expansion, purchases on account | $0 | ($3,428) |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 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, except for a cumulative out-of-period adjustment for depletion expense - See Note 3 — Restatement of Previously Issued Consolidated Financial Statements) 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 fiscal year ended December 31, 2013, as amended by Amendment No. 1 to the Form 10-K on Form 10-K/A (the “Amended Form 10-K”), as filed with the SEC. | |
Reclassifications | |
Certain 2013 amounts and amounts previously reported in 2014 have been reclassified to agree with the current presentation, including reclassifications for discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014 and completed the sale of its Wood Products business on March 1, 2013. Accordingly, the operating results of these business segments are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the businesses that remained with Rayonier are reported in continuing operations. | |
The December 31, 2013 Consolidated Balance Sheet reports historical information and includes balances for all businesses as reported in the prior year. The September 30, 2014 Consolidated Balance Sheet reports only continuing operations and reflects the contribution of approximately $1.2 billion of assets, net, and corresponding liabilities and equity to Rayonier Advanced Materials Inc. (“Rayonier Advanced Materials”) in connection with the spin-off of the Performance Fibers business. | |
The Consolidated Statements of Cash Flows for both 2014 and 2013 have not been restated to exclude Performance Fibers or Wood Products cash flows. Cash flows for the nine months ended September 30, 2014 also reflect transactions related to the Performance Fibers spin-off, including borrowings to arrange the capital structure prior to the separation, proceeds received upon the spin-off and the use of proceeds to pay down debt and pay a special dividend. | |
See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business and sale of the Wood Products business. | |
New Accounting Standards | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to provide guidance on management’s responsibility in evaluating whether there is a substantial doubt about a company’s ability to continue as a going concern. If conditions or events raise substantial doubts about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, related footnote disclosures are required. This standard will be effective for Rayonier’s 2016 Form 10-K filing. It is not expected that the standard will have any impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB and International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard which will supersede current revenue recognition guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This standard will be effective for Rayonier beginning January 1, 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The standard requires a disposal of a component of an entity to be reported in discontinued operations if it represents a strategic shift with a major effect on an entity’s operations and financial results. It also removes requirements related to the evaluation of the component’s effect on ongoing operations and the entity’s continuing involvement with the component. Additional disclosures about discontinued operations are also required under this standard. ASU No. 2014-08 is required to be applied prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning December 15, 2014. As the Company has not elected early adoption, this standard will be effective for Rayonier’s first quarter 2015 Form 10-Q filing. It is not expected that the standard will have any impact on the Company’s consolidated financial statements. | |
Subsequent Events | |
The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and one subsequent event was identified that warranted disclosure. On November 7, 2014, the Board of Directors approved a fourth quarter cash dividend of 25 cents per common share. The dividend is payable on December 31, 2014 to shareholders of record on December 17, 2014. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
Spin-Off of the Performance Fibers Business | ||||||||||||||||
On June 27, 2014, Rayonier completed the tax-free spin-off of its Performance Fibers business from its Forest Resources and Real Estate segments. The spin-off resulted in two independent, publicly-traded companies, with the Performance Fibers business being spun-off to Rayonier shareholders as a newly formed public company named Rayonier Advanced Materials. On June 27, 2014, the shareholders of record received one share of Rayonier Advanced Materials common stock for every three common shares of Rayonier held as of the close of business on the record date of June 18, 2014. | ||||||||||||||||
In connection with the spin-off, Rayonier Advanced Materials distributed $906.2 million in cash to Rayonier from $550 million in Senior Notes issued by Rayonier A.M. Products (a wholly-owned subsidiary of Rayonier Advanced Materials), $325 million in term loans, and $75 million from a revolving credit facility Rayonier Advanced Materials entered into prior to the spin-off. Pursuant to the terms of the Internal Revenue Service spin-off ruling, $75 million of this cash was paid to Rayonier’s shareholders as dividends in the third quarter. Of this $75 million, $63.2 million was paid to shareholders as a special dividend. | ||||||||||||||||
In order to effect the spin-off and govern our relationship with Rayonier Advanced Materials after the spin-off, Rayonier and Rayonier Advanced Materials entered into a Separation and Distribution Agreement, an Intellectual Property Agreement, a Tax Sharing Agreement, an Employee Matters Agreement and a Transition Services Agreement. | ||||||||||||||||
The Separation and Distribution Agreement governs the spin-off of the Performance Fibers business and the transfer of assets and other matters related to our relationship with Rayonier Advanced Materials. The Separation and Distribution Agreement provides for cross-indemnities between Rayonier and Rayonier Advanced Materials and established procedures for handling claims subject to indemnification and related matters. | ||||||||||||||||
The Intellectual Property Agreement governs the allocation of intellectual property rights and assets between Rayonier and Rayonier Advanced Materials. | ||||||||||||||||
The Tax Sharing Agreement governs the respective rights, responsibilities and obligations of Rayonier and Rayonier Advanced Materials with respect to taxes, tax attributes, tax returns, tax proceedings and certain other tax matters including assistance and cooperation on tax matters. | ||||||||||||||||
The Employee Matters Agreement governs the compensation and employee benefit obligations with respect to the current and former employees and non-employee directors of Rayonier and Rayonier Advanced Materials, and generally allocates liabilities and responsibilities relating to employee compensation, benefit plans and programs. The Employee Matters Agreement provides that employees of Rayonier Advanced Materials will no longer participate in benefit plans sponsored or maintained by Rayonier. In addition, the Employee Matters Agreement provides that each of the parties will be responsible for their respective current employees and compensation plans for such current employees. The Employee Matters Agreement further provides that Rayonier Advanced Materials will be responsible for liabilities associated with former employees whose last employment was with the businesses that are to be operated by Rayonier Advanced Materials after the spin-off, including the Performance Fibers business, as well as certain specified former corporate employees, and Rayonier will remain responsible for former employees whose last employment was with the businesses retained by Rayonier following the spin-off and certain specified corporate employees. | ||||||||||||||||
The Transition Services Agreement sets forth the terms on which Rayonier will provide to Rayonier Advanced Materials, and Rayonier Advanced Materials will provide to Rayonier, certain services or functions that were shared prior to the spin-off. Transition services include administrative, payroll, human resources, data processing, environmental health and safety, financial audit support, financial transaction support, and other support services, information technology systems and various other corporate services. The agreement provides for the provision of specified transition services, generally for a period of up to 18 months, on a cost basis. | ||||||||||||||||
Rayonier will not have significant continuing involvement in the operations of the Performance Fibers business going forward. Accordingly, the operating results of the Performance Fibers business, formerly reported as a separate operating segment, are classified as discontinued operations in the Company's Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the Performance Fibers segment are reported in continuing operations. | ||||||||||||||||
The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the three and nine months ended September 30, 2014 and 2013, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | — | $ | 225,523 | $ | 456,180 | $ | 766,377 | ||||||||
Cost of sales and other | — | (162,515 | ) | (368,868 | ) | (529,098 | ) | |||||||||
Transaction expenses | — | (1,368 | ) | (22,989 | ) | (1,512 | ) | |||||||||
Income from discontinued operations before income taxes | — | 61,640 | 64,323 | 235,767 | ||||||||||||
Income tax expense | — | (18,313 | ) | (21,231 | ) | (59,950 | ) | |||||||||
Income from discontinued operations, net | $ | — | $ | 43,327 | $ | 43,092 | $ | 175,817 | ||||||||
In accordance with ASC 205-20-S99-3, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business. Interest expense has been allocated based on a ratio of net assets to be discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Forest Resources and Real Estate operations). The following table summarizes the interest expense allocated to discontinued operations for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense allocated to the Performance Fibers business | $ | — | $ | (2,489 | ) | $ | (4,205 | ) | $ | (6,286 | ) | |||||
The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Depreciation and amortization | $ | — | $ | 22,340 | $ | 37,985 | $ | 51,142 | ||||||||
Capital expenditures | — | 11,357 | 46,336 | 81,540 | ||||||||||||
Jesup mill cellulose specialties expansion | — | 37,207 | — | 137,392 | ||||||||||||
The major classes of Performance Fibers assets and liabilities included in the spin-off are as follows: | ||||||||||||||||
June 27, 2014 | ||||||||||||||||
Accounts receivable, net | $ | 66,050 | ||||||||||||||
Inventory | 121,705 | |||||||||||||||
Prepaid and other current assets | 70,092 | |||||||||||||||
Property, plant and equipment, net | 862,487 | |||||||||||||||
Other assets | 103,400 | |||||||||||||||
Total assets | 1,223,734 | |||||||||||||||
Accounts payable | 65,522 | |||||||||||||||
Other current liabilities | 51,006 | |||||||||||||||
Long-Term debt | 950,000 | |||||||||||||||
Non-current environmental liabilities | 66,434 | |||||||||||||||
Pension and other postretirement benefits | 102,633 | |||||||||||||||
Other non-current liabilities | 7,269 | |||||||||||||||
Deficit | (19,130 | ) | ||||||||||||||
Total liabilities and equity | $ | 1,223,734 | ||||||||||||||
In the third quarter of 2014, the Company made immaterial adjustments to the valuation of certain classes of Performance Fibers assets and liabilities included in the spin-off as the pension and postretirement plans segregation was finalized and tax obligations were updated based upon filing of the 2013 tax returns and allocated based on the Terms of the Tax Sharing Agreement. The effect of these adjustments has been reflected in equity for the period ended September 30, 2014. | ||||||||||||||||
Pursuant to a Memorandum of Understanding agreement, Rayonier may provide Rayonier Advanced Materials with up to 120,000 tons of hardwood annually through July 30, 2017. Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Hardwood purchases | $ | — | $ | 108 | $ | 3,935 | $ | 458 | ||||||||
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 nine months ended September 30, 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 nine months ended September 30, 2013. | ||||||||||||||||
The following table summarizes the operating results of the Company’s Wood Products discontinued operations and the related gain for the nine months ended September 30, 2013, as presented in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Sales | $ | 16,968 | ||||||||||||||
Cost of sales and other | (14,258 | ) | ||||||||||||||
Gain on sale of discontinued operations | 64,040 | |||||||||||||||
Income from discontinued operations before income taxes | 66,750 | |||||||||||||||
Income tax expense | (22,273 | ) | ||||||||||||||
Income from discontinued operations, net | $ | 44,477 | ||||||||||||||
Cash flows from the Wood Products business are immaterial in the aggregate. As such, they are included with cash flows from continuing operations in the Consolidated Statements of Cash Flows. | ||||||||||||||||
The following table reconciles the operating results of both the Performance Fibers and Wood Products discontinued operations, as presented in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Performance Fibers income from discontinued operations, net | $ | — | $ | 43,327 | $ | 43,092 | $ | 175,817 | ||||||||
Wood Products income from discontinued operations, net | — | — | — | 44,477 | ||||||||||||
Income from discontinued operations, net | $ | — | $ | 43,327 | $ | 43,092 | $ | 220,294 | ||||||||
RESTATEMENT_OF_PREVIOUSLY_ISSU
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Restatement of Previously Issued Consolidated Financial Statements | ' | ||||||||||||
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||
Subsequent to the filing of its second quarter 2014 Form 10-Q, the Company identified issues related to its historical timber harvest levels, its estimate of merchantable timber inventory and the effect of such estimate on its calculation of depletion expense in each of the quarterly periods ended March 31, 2014 and June 30, 2014. The Company concluded that it had understated its depletion expense in cost of goods sold (referred to as “Cost of sales” in the Company’s consolidated statements of income and comprehensive income) by approximately $2.0 million for each period. As a result, the financial amounts noted below have been restated from amounts previously reported. | |||||||||||||
The following tables summarize the effect of these restatements for the periods ended June 30, 2014 and March 31, 2014: | |||||||||||||
Consolidated Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2014 | |||||||||||||
As Previously Reported | Restatement | As Restated | |||||||||||
Operating Income | $ | 39,568 | $ | (1,991 | ) | $ | 37,577 | ||||||
Income Tax Expense | (13,515 | ) | (42 | ) | (13,557 | ) | |||||||
Income from Continuing Operations | 6,056 | (2,032 | ) | 4,024 | |||||||||
Income from Discontinued Operations, net | 12,084 | — | 12,084 | ||||||||||
Net Income | 18,140 | (2,032 | ) | 16,108 | |||||||||
Net Income Attributable to Rayonier Inc. | 18,385 | (2,032 | ) | 16,353 | |||||||||
Basic Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.05 | $ | (0.02 | ) | $ | 0.03 | ||||||
Discontinued Operations | 0.1 | — | 0.1 | ||||||||||
Net Income | $ | 0.15 | $ | (0.02 | ) | $ | 0.13 | ||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.05 | $ | (0.02 | ) | $ | 0.03 | ||||||
Discontinued Operations | 0.09 | — | 0.09 | ||||||||||
Net Income | $ | 0.14 | $ | (0.02 | ) | $ | 0.12 | ||||||
Consolidated Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2014 | |||||||||||||
As Previously Reported | Restatement | As Restated | |||||||||||
Operating Income | $ | 55,962 | $ | (3,959 | ) | $ | 52,003 | ||||||
Income Tax Expense | (5,939 | ) | (22 | ) | (5,961 | ) | |||||||
Income from Continuing Operations | 18,340 | (3,981 | ) | 14,359 | |||||||||
Income from Discontinued Operations, net | 43,092 | — | 43,092 | ||||||||||
Net Income | 61,432 | (3,981 | ) | 57,451 | |||||||||
Net Income Attributable to Rayonier Inc. | 61,760 | (3,981 | ) | 57,779 | |||||||||
Basic Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.15 | $ | (0.03 | ) | $ | 0.12 | ||||||
Discontinued Operations | 0.34 | — | 0.34 | ||||||||||
Net Income | $ | 0.49 | $ | (0.03 | ) | $ | 0.46 | ||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.14 | $ | (0.03 | ) | $ | 0.11 | ||||||
Discontinued Operations | 0.33 | — | 0.33 | ||||||||||
Net Income | $ | 0.47 | $ | (0.03 | ) | $ | 0.44 | ||||||
Consolidated Balance Sheet | |||||||||||||
as of June 30, 2014 | |||||||||||||
As Previously Reported | Restatement | As Restated | |||||||||||
Prepaid and Other Current Assets | $ | 21,565 | $ | (22 | ) | $ | 21,543 | ||||||
Timber and Timberlands, Net of Depletion and Amortization | 2,121,614 | (3,959 | ) | 2,117,655 | |||||||||
Retained earnings | 891,629 | (3,981 | ) | 887,648 | |||||||||
Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2014 | |||||||||||||
As Previously Reported (a) | Restatement | As Restated (a) | |||||||||||
Operating Income | $ | 65,008 | $ | (1,969 | ) | $ | 63,039 | ||||||
Income Tax Expense | (7,732 | ) | 20 | (7,712 | ) | ||||||||
Income from Continuing Operations | 43,292 | (1,949 | ) | 41,343 | |||||||||
Net Income | 43,292 | (1,949 | ) | 41,343 | |||||||||
Net Income Attributable to Rayonier Inc. | 43,375 | (1,949 | ) | 41,426 | |||||||||
Basic Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | ||||||
Discontinued Operations | — | — | — | ||||||||||
Net Income | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | ||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.34 | $ | (0.02 | ) | $ | 0.32 | ||||||
Discontinued Operations | — | — | — | ||||||||||
Net Income | $ | 0.34 | $ | (0.02 | ) | $ | 0.32 | ||||||
(a) | Includes the Performance Fibers business that was spun-off on June 27, 2014. | ||||||||||||
Consolidated Balance Sheet | |||||||||||||
as of March 31, 2014 | |||||||||||||
As Previously Reported | Restatement | As Restated | |||||||||||
Prepaid and Other Current Assets | $ | 54,557 | $ | 20 | $ | 54,577 | |||||||
Timber and Timberlands, Net of Depletion and Amortization | 2,069,518 | (1,969 | ) | 2,067,549 | |||||||||
Retained earnings | 996,573 | (1,949 | ) | 994,624 | |||||||||
In addition, in reviewing its depletion expense calculations, the Company determined that prior years included immaterial understatements of depletion expense as a result of including, in merchantable timber inventory, certain volumes that should have been excluded. The estimated cumulative effect of these prior year immaterial errors totaled $2.6 million and was recorded as additional depletion expense in the third quarter of 2014. |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations | $ | 32,059 | $ | 15,040 | $ | 46,418 | $ | 73,699 | ||||||||
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | (642 | ) | 1,022 | (970 | ) | 1,749 | ||||||||||
Income from continuing operations attributable to Rayonier Inc. | $ | 32,701 | $ | 14,018 | $ | 47,388 | $ | 71,950 | ||||||||
Income from discontinued operations, net, attributable to Rayonier Inc. | $ | — | $ | 43,327 | $ | 43,092 | $ | 220,294 | ||||||||
Net income attributable to Rayonier Inc. | $ | 32,701 | $ | 57,345 | $ | 90,480 | $ | 292,244 | ||||||||
Shares used for determining basic earnings per common share | 126,501,837 | 126,122,151 | 126,428,279 | 125,549,133 | ||||||||||||
Dilutive effect of: | ||||||||||||||||
Stock options | 320,839 | 468,286 | 347,721 | 501,324 | ||||||||||||
Performance and restricted shares | 37,682 | 546,247 | 165,627 | 518,138 | ||||||||||||
Assumed conversion of Senior Exchangeable Notes (a) | 1,692,343 | 2,168,254 | 2,395,698 | 2,176,414 | ||||||||||||
Assumed conversion of warrants (a) | 1,237,812 | 1,608,466 | 2,344,335 | 2,043,965 | ||||||||||||
Shares used for determining diluted earnings per common share | 129,790,513 | 130,913,404 | 131,681,660 | 130,788,974 | ||||||||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||||||||||
Continuing operations | $ | 0.26 | $ | 0.11 | $ | 0.38 | $ | 0.57 | ||||||||
Discontinued operations | — | 0.34 | 0.34 | 1.76 | ||||||||||||
Net income | $ | 0.26 | $ | 0.45 | $ | 0.72 | $ | 2.33 | ||||||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||||||||||
Continuing operations | $ | 0.25 | $ | 0.11 | $ | 0.36 | $ | 0.55 | ||||||||
Discontinued operations | — | 0.33 | 0.33 | 1.68 | ||||||||||||
Net income | $ | 0.25 | $ | 0.44 | $ | 0.69 | $ | 2.23 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | ||||||||||||||||
Stock options, performance and restricted shares | 374,562 | 101,884 | 485,850 | 167,487 | ||||||||||||
Assumed conversion of exchangeable note hedges (a) | 1,692,343 | 2,168,254 | 2,395,698 | 2,176,414 | ||||||||||||
Total | 2,066,905 | 2,270,138 | 2,881,548 | 2,343,901 | ||||||||||||
(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 price, 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 all periods presented. | ||||||||||||||||
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 and 97,918 shares were issued in the first week of April 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 $28.13 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 18 — Debt of this Form 10-Q. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended | |||||||||||||
Sep. 30, 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 qualifying activities, and foreign operations, 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. Prior to the spin-off (See Note 2 — Discontinued Operations for additional information), Rayonier produced and used an alternative fuel (“black liquor”) at its 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 an expected net $19 million tax benefit, which was recorded in discontinued operations. As a result of the spin-off of the Performance Fibers business in second quarter 2014, the Company recorded a $16 million valuation allowance in continuing operations as the credits remain with Rayonier after the spin-off, related to its limited potential use of the CBPC prior to its expiration on December 31, 2016. During the third quarter of 2014, the Company reversed $1 million of the valuation allowance due to an estimated increase in its ability to use the CBPC. | ||||||||||||||
Provision for Income Taxes from Continuing Operations | ||||||||||||||
The Company’s effective tax rate is below the 35 percent U.S. statutory rate due to tax benefits associated with being a REIT and tax benefits from losses at Rayonier's taxable operations from interest and general administrative expenses not allowed to be allocated to the discontinued operations of the Performance Fibers business. | ||||||||||||||
The tables below reconcile the U.S. statutory rate to the Company’s effective tax rate for each period presented: | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income tax expense at federal statutory rate | $ | 7,273 | 35 | % | $ | 2,881 | 35 | % | ||||||
REIT income, taxable losses and other | (16,673 | ) | (80.2 | ) | (10,094 | ) | (122.6 | ) | ||||||
Foreign operations | (44 | ) | (0.2 | ) | 1,295 | 15.8 | ||||||||
Loss on early redemption of Senior Exchangeable Notes | — | — | 288 | 3.5 | ||||||||||
Other | 99 | 0.4 | (33 | ) | (0.5 | ) | ||||||||
Income tax benefit before discrete items | (9,345 | ) | (45.0 | )% | (5,663 | ) | (68.8 | )% | ||||||
Uncertain tax positions | (1,830 | ) | (8.8 | ) | (800 | ) | (9.7 | ) | ||||||
CBPC valuation allowance | (990 | ) | (4.8 | ) | — | — | ||||||||
Return to accrual adjustments | 885 | 4.3 | — | — | ||||||||||
Other | — | — | (345 | ) | (4.2 | ) | ||||||||
Income tax benefit as reported for continuing operations | $ | (11,280 | ) | (54.3 | )% | $ | (6,808 | ) | (82.7 | )% | ||||
Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income tax expense at federal statutory rate | $ | 14,385 | 35 | % | $ | 15,732 | 35 | % | ||||||
REIT income and taxable losses | (30,572 | ) | (74.4 | ) | (41,417 | ) | (92.1 | ) | ||||||
Foreign operations | (88 | ) | (0.2 | ) | 2,812 | 6.3 | ||||||||
Loss on early redemption of Senior Exchangeable Notes | — | — | 1,572 | 3.5 | ||||||||||
Other | 196 | 0.5 | (185 | ) | (0.4 | ) | ||||||||
Income tax benefit before discrete items | (16,079 | ) | (39.1 | )% | (21,486 | ) | (47.7 | )% | ||||||
CBPC valuation allowance | 14,584 | 35.5 | — | — | ||||||||||
Deferred tax inventory valuations | (3,293 | ) | (8.0 | ) | — | — | ||||||||
Uncertain tax positions | (1,830 | ) | (4.5 | ) | — | — | ||||||||
Spin-off related costs | 797 | 1.9 | — | — | ||||||||||
Return to accrual adjustments | 885 | 2.2 | — | — | ||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | (5,634 | ) | (12.5 | ) | ||||||||
Reversal of REIT BIG tax payable | — | — | (485 | ) | (1.1 | ) | ||||||||
Other | (383 | ) | (0.9 | ) | (1,145 | ) | (2.6 | ) | ||||||
Income tax benefit as reported for continuing operations | $ | (5,319 | ) | (12.9 | )% | $ | (28,750 | ) | (63.9 | )% | ||||
Provision for Income Taxes from Discontinued Operations | ||||||||||||||
On June 27, 2014, Rayonier completed the spin-off of its Performance Fibers business. For the three and nine months ended September 30, 2014, income tax expense related to Performance Fibers discontinued operations was $0 and $21.2 million, respectively. For the three and nine months ended September 30, 2013, income tax expense related to Performance Fibers discontinued operations was $18.3 million and $59.9 million, respectively. | ||||||||||||||
On March 1, 2013, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. For the nine months ended September 30, 2013, income tax expense related to Wood Products discontinued operations was $22.3 million ($21.4 million from the gain on sale). | ||||||||||||||
See Note 2 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business and sale of the Wood Products business. | ||||||||||||||
Unrecognized Tax Benefits | ||||||||||||||
During the third quarter of 2014, the Company removed a $5.8 million unrecognized tax benefit liability due to the expiration of the statute of limitations on examination of its 2010 tax return. This resulted in a $1.8 million income tax benefit and a $4.0 million reduction of a non-current tax asset. There are no unrecognized tax benefit liabilities remaining as of September 30, 2014. | ||||||||||||||
During second quarter 2014, the Company received a refund from the IRS related to its amended 2009 TRS tax return. As a result, Rayonier reversed the $4.8 million reserve related to the increased domestic production deduction due to the inclusion of CBPC income. The reserve included a $0.9 million unrecognized tax benefit, which was recorded in discontinued operations. | ||||||||||||||
Deferred Taxes | ||||||||||||||
The spin-off of the Performance Fibers business resulted in the contribution of deferred tax assets and deferred tax liabilities to Rayonier Advanced Materials and impacted the Company’s expected future use of remaining deferred tax assets. The Company’s current portion of deferred tax assets decreased from $39.1 million at December 31, 2013 to $4.2 million as of September 30, 2014. The remaining balance reflects the $14.6 million valuation allowance related to Rayonier’s limited potential use of the CBPC credit. |
RESTRICTED_DEPOSITS
RESTRICTED DEPOSITS | 9 Months Ended |
Sep. 30, 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 September 30, 2014 and December 31, 2013, the Company had $21.6 million and $68.9 million, respectively, of proceeds from real estate sales classified as restricted cash within Other Assets, which were deposited with an LKE intermediary. |
JOINT_VENTURE_INVESTMENT
JOINT VENTURE INVESTMENT | 9 Months Ended | |||||||
Sep. 30, 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 September 30, 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. | ||||||||
The Company’s operating results for the nine months ended September 30, 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 following represents the pro forma Rayonier consolidated sales and net income for the three and nine months ended September 30, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013. | ||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||
Sales (a) | $ | 159,261 | $ | 455,729 | ||||
Net Income | $ | 58,367 | $ | 292,234 | ||||
(a) | Excludes results from discontinued operations. For additional information, see Note 2 — Discontinued Operations. |
SHAREHOLDERSS_EQUITY
SHAREHOLDERS'S EQUITY | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||
SHAREHOLDERS'S EQUITY | ' | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
An analysis of shareholders’ equity for the nine months ended September 30, 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 upon redemption | — | 2,453 | — | — | — | 2,453 | |||||||||||||||||
Settlement of warrants | 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) | — | — | 90,480 | — | (970 | ) | 89,510 | ||||||||||||||||
Dividends ($1.78 per share) | — | — | (225,175 | ) | — | — | (225,175 | ) | |||||||||||||||
Contribution to Rayonier Advanced Materials | — | (301 | ) | (61,318 | ) | 80,749 | — | 19,130 | |||||||||||||||
Adjustments to Rayonier Advanced Materials | — | — | 985 | (2,556 | ) | — | (1,571 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 512,364 | 4,645 | — | — | — | 4,645 | |||||||||||||||||
Stock-based compensation | — | 6,780 | — | — | — | 6,780 | |||||||||||||||||
Tax deficiency on stock-based compensation | — | (809 | ) | — | — | — | (809 | ) | |||||||||||||||
Repurchase of common shares | (45,790 | ) | (1,834 | ) | — | — | — | (1,834 | ) | ||||||||||||||
Net losses from pension and postretirement plans | — | — | — | (14,958 | ) | — | (14,958 | ) | |||||||||||||||
Noncontrolling interest redemption of shares | — | — | — | — | (930 | ) | (930 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | (11,770 | ) | (4,656 | ) | (16,426 | ) | ||||||||||||||
Joint venture cash flow hedges | — | — | — | (1,757 | ) | (946 | ) | (2,703 | ) | ||||||||||||||
Balance, September 30, 2014 | 126,724,444 | $ | 700,581 | $ | 820,181 | $ | 3,569 | $ | 86,571 | $ | 1,610,902 | ||||||||||||
SEGMENT_AND_GEOGRAPHICAL_INFOR
SEGMENT AND GEOGRAPHICAL INFORMATION | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ' | |||||||||||||||
SEGMENT AND GEOGRAPHICAL INFORMATION | ' | |||||||||||||||
SEGMENT AND GEOGRAPHICAL INFORMATION | ||||||||||||||||
Rayonier operates in two reportable business segments: Forest Resources and Real Estate. Prior to the second quarter of 2014, the Company operated in three reportable business segments, which included Performance Fibers. On June 27, 2014, the Company spun-off its Performance Fibers business and its operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information. | ||||||||||||||||
Forest Resources sales include all activities related to the harvesting of timber and other value-added activities such as the leasing of properties for hunting, mineral extraction and cell towers. Real Estate sales include all property sales, including those designated as higher and better use (“HBU”) and those designated as the sale of non-strategic timberlands. The assets of the Real Estate segment include HBU property held by the Company’s real estate subsidiary, TerraPointe LLC. The Company’s remaining operations, reported as “Other Operations,” include harvesting and selling timber acquired from third parties (log trading). 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: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
ASSETS | 2014 | 2013 | ||||||||||||||
Forest Resources | $ | 2,160,615 | $ | 2,162,913 | ||||||||||||
Real Estate | 110,825 | 149,001 | ||||||||||||||
Other Operations | 24,107 | 37,334 | ||||||||||||||
Corporate and other | 182,012 | 257,608 | ||||||||||||||
Performance Fibers | — | 1,078,645 | ||||||||||||||
Total | $ | 2,477,559 | $ | 3,685,501 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
SALES | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Forest Resources | $ | 108,024 | $ | 111,260 | $ | 313,822 | $ | 277,422 | ||||||||
Real Estate | 26,689 | 14,088 | 66,236 | 51,761 | ||||||||||||
Other Operations | 15,116 | 34,015 | 80,027 | 92,472 | ||||||||||||
Intersegment Eliminations | — | (102 | ) | (3,924 | ) | (452 | ) | |||||||||
Total | $ | 149,829 | $ | 159,261 | $ | 456,161 | $ | 421,203 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
OPERATING INCOME | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Forest Resources | $ | 19,191 | $ | 23,172 | $ | 64,657 | $ | 57,317 | ||||||||
Real Estate | 16,399 | 7,521 | 44,888 | 30,468 | ||||||||||||
Other Operations | 2,499 | (363 | ) | 1,955 | 1,356 | |||||||||||
Corporate and other (a) | (6,010 | ) | (10,361 | ) | (27,418 | ) | (15,418 | ) | ||||||||
Total | $ | 32,079 | $ | 19,969 | $ | 84,082 | $ | 73,723 | ||||||||
(a) | The nine months ended September 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV. | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Forest Resources | $ | 30,112 | $ | 28,475 | $ | 80,567 | $ | 72,210 | ||||||||
Real Estate | 3,807 | 2,074 | 11,140 | 8,720 | ||||||||||||
Corporate | 123 | 262 | 747 | 738 | ||||||||||||
Total | $ | 34,042 | $ | 30,811 | $ | 92,454 | $ | 81,668 | ||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended | |||||||||
Sep. 30, 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. The Company’s hedge ineffectiveness was immaterial for all periods presented. | ||||||||||
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 U.S. dollars. The New Zealand JV typically hedges 50 percent to 90 percent of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases, 50 percent to 75 percent of forecasted sales and purchases for the forward three to 12 months and up to 50 percent of the forward 12 to 18 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 September 30, 2014, the Company’s long-term interest rate contracts hedged 81 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 September 30, 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. Due to the low volume of diesel fuel purchases made by the New Zealand JV, the Company decided to no longer hedge its diesel fuel purchases effective November 2013. | ||||||||||
The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2014 and 2013. | ||||||||||
Three Months Ended | ||||||||||
September 30, | ||||||||||
Income Statement Location | 2014 | 2013 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | $ | (2,537 | ) | $ | 2,602 | ||||
Other operating (income) expense | — | 619 | ||||||||
Foreign currency option contracts | Other comprehensive income (loss) | (2,227 | ) | 832 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | Other operating (income) expense | $ | — | $ | (360 | ) | ||||
Foreign currency option contracts | Other operating (income) expense | — | (480 | ) | ||||||
Interest rate swaps | Interest and miscellaneous (expense) income, net | (1,765 | ) | 2,079 | ||||||
Fuel hedge contracts | Cost of sales (benefit) | (62 | ) | 162 | ||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
Income Statement Location | 2014 | 2013 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | $ | (1,868 | ) | $ | 1,093 | ||||
Other operating (income) expense | — | 619 | ||||||||
Foreign currency option contracts | Other comprehensive income (loss) | (2,006 | ) | 468 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | Other operating (income) expense | $ | 25 | $ | (1,786 | ) | ||||
Foreign currency option contracts | Other operating (income) expense | 7 | 1,011 | |||||||
Interest rate swaps | Interest and miscellaneous (expense) income, net | (3,628 | ) | 4,729 | ||||||
Fuel hedge contracts | Cost of sales (benefit) | 163 | 14 | |||||||
During the next 12 months, the amount of the September 30, 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 loss of approximately $1.5 million. | ||||||||||
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: | ||||||||||
Notional Amount | ||||||||||
September 30, 2014 | December 31, 2013 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | $ | 24,810 | $ | 32,300 | ||||||
Foreign currency option contracts | 70,500 | 38,000 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | $ | — | $ | 1,950 | ||||||
Foreign currency option contracts | — | 4,000 | ||||||||
Interest rate swaps | 180,858 | 183,851 | ||||||||
Fuel hedge contracts (in thousands of barrels) | 1 | 38 | ||||||||
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) | |||||||||
30-Sep-14 | 31-Dec-13 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Prepaid and other current assets | $ | — | $ | 915 | |||||
Other current liabilities | (696 | ) | — | |||||||
Other non-current liabilities | (181 | ) | — | |||||||
Foreign currency option contracts | Prepaid and other current assets | 134 | 673 | |||||||
Other assets | 89 | — | ||||||||
Other current liabilities | (1,555 | ) | (214 | ) | ||||||
Other non-current liabilities | (164 | ) | — | |||||||
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 | (5,519 | ) | (4,659 | ) | |||||
Fuel hedge contracts | Prepaid and other current assets | — | 160 | |||||||
Other current liabilities | (3 | ) | — | |||||||
Total derivative contracts: | ||||||||||
Prepaid and other current assets | $ | 134 | $ | 1,781 | ||||||
Other assets | 89 | — | ||||||||
Total derivative assets | 223 | 1,781 | ||||||||
Other current liabilities | (2,254 | ) | (214 | ) | ||||||
Other non-current liabilities | (5,864 | ) | (4,659 | ) | ||||||
Total derivative liabilities | $ | (8,118 | ) | $ | (4,873 | ) | ||||
(a) | See Note 11 — 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 | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 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 September 30, 2014 and December 31, 2013, using market information and what management believes to be appropriate valuation methodologies under generally accepted accounting principles: | ||||||||||||||||||||||||
September 30, 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 | $ | 182,831 | $ | 182,831 | $ | — | $ | 199,644 | $ | 199,644 | $ | — | ||||||||||||
Restricted cash (a) | 21,626 | 21,626 | — | 68,944 | 68,944 | — | ||||||||||||||||||
Current maturities of long-term debt | (130,486 | ) | — | (173,531 | ) | (112,500 | ) | — | (119,614 | ) | ||||||||||||||
Long-term debt | (605,162 | ) | — | (607,139 | ) | (1,461,724 | ) | — | (1,489,810 | ) | ||||||||||||||
Interest rate swaps (b) | (5,519 | ) | — | (5,519 | ) | (4,659 | ) | — | (4,659 | ) | ||||||||||||||
Foreign currency exchange contracts (b) | (877 | ) | — | (877 | ) | 940 | — | 940 | ||||||||||||||||
Foreign currency option contracts (b) | (1,496 | ) | — | (1,496 | ) | 467 | — | 467 | ||||||||||||||||
Fuel contracts (b) | (3 | ) | — | (3 | ) | 160 | — | 160 | ||||||||||||||||
(a) | Restricted cash of $22 million and $69 million, as of September 30, 2014 and December 31, 2013, respectively, is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||||||||||||||||||||||
(b) | See Note 10 — 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 | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Guarantees [Abstract] | ' | ||||||||
GUARANTEES | ' | ||||||||
GUARANTEES | |||||||||
The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of September 30, 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) | 782 | — | |||||||
Total financial commitments | $ | 20,391 | $ | 15,043 | |||||
(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, auto liability, and general liability policy requirements. These letters of credit will expire at various dates during 2014 and 2015 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 September 30, 2014, the Company has a de minimis 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. These surety bonds expire at various dates during 2015 and are expected to be renewed as required. |
COMMITMENTS
COMMITMENTS | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||
COMMITMENTS | ' | |||||||||||||||||
COMMITMENTS | ||||||||||||||||||
The Company leases certain buildings, machinery, and equipment under various operating leases. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. | ||||||||||||||||||
At September 30, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows: | ||||||||||||||||||
Operating | Timberland | Purchase Obligations (b) | Total | |||||||||||||||
Leases | Leases (a) | |||||||||||||||||
Remaining 2014 | $ | 620 | $ | 3,003 | $ | 489 | $ | 4,112 | ||||||||||
2015 | 1,941 | 9,798 | 592 | 12,331 | ||||||||||||||
2016 | 1,464 | 9,443 | 204 | 11,111 | ||||||||||||||
2017 | 884 | 9,255 | 170 | 10,309 | ||||||||||||||
2018 | 575 | 7,644 | 1,950 | 10,169 | ||||||||||||||
Thereafter | 1,689 | 133,626 | 4,063 | 139,378 | ||||||||||||||
$ | 7,173 | $ | 172,769 | $ | 7,468 | $ | 187,410 | |||||||||||
(a) | The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. | |||||||||||||||||
(b) | Purchase obligations include payments expected to be made on derivative financial instruments held in New Zealand. | |||||||||||||||||
The New Zealand JV has a number of Crown Forest Licenses (“CFL”) with the New Zealand government, which are excluded from the table above. A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35 year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one year term. As of September 30, 2014, the New Zealand JV has three CFL’s under termination notice, terminating in 2034, 2046 and 2049 and two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market value, with triennial rent reviews. The total annual license fee on the CFL’s is $1.9 million per year with CFL’s terminating or expiring of $0.2 million. | ||||||||||||||||||
The following table details the Company’s acres under lease as of September 30, 2014 by type of lease and lease expiration: | ||||||||||||||||||
(acres in 000s) | ||||||||||||||||||
Location | Type of Lease | Total | 2014 - 2024 | 2025 - 2034 | 2035 - 2044 | Thereafter | ||||||||||||
Southern U.S. | Fixed Term | 260 | 176 | 44 | 40 | — | ||||||||||||
Fixed Term with Renewal Option | 18 | 18 | — | — | — | |||||||||||||
New Zealand (a) | CFL - Perpetual | 60 | 37 | — | — | 23 | ||||||||||||
CFL - Fixed Term | 2 | — | — | — | 2 | |||||||||||||
CFL - Terminating | 21 | — | 3 | — | 18 | |||||||||||||
Forestry Right | 60 | 17 | 4 | 24 | 15 | |||||||||||||
Lease | 32 | 23 | — | — | 9 | |||||||||||||
Total Acres under Long-term Leases | 453 | 271 | 51 | 64 | 67 | |||||||||||||
(a) | Represents acres leased by the New Zealand JV, in which Rayonier has a 65 percent interest. |
LIABILITIES_FOR_DISPOSITIONS_A
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | 9 Months Ended | ||||||||
Sep. 30, 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: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Balance, beginning of period | $ | 76,378 | $ | 81,695 | |||||
Expenditures charged to liabilities | (5,096 | ) | (8,570 | ) | |||||
Increase to liabilities | 2,558 | 3,253 | |||||||
Contribution to Rayonier Advanced Materials | (73,840 | ) | — | ||||||
Balance, end of period | — | 76,378 | |||||||
Less: Current portion | — | (6,835 | ) | ||||||
Non-current portion | $ | — | $ | 69,543 | |||||
In connection with the spin-off of the Performance Fibers business, all prior dispositions and discontinued operations were contributed to Rayonier Advanced Materials. As part of the separation agreement, Rayonier has been indemnified, released and discharged from any liability related to these sites. For additional information on the Performance Fibers spin-off, see Note 2 — Discontinued Operations. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
CONTINGENCIES | ' |
CONTINGENCIES | |
Rayonier is engaged in various legal actions 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. |
INCENTIVE_STOCK_PLANS
INCENTIVE STOCK PLANS | 9 Months Ended | |
Sep. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
INCENTIVE STOCK PLANS | ' | |
INCENTIVE STOCK PLANS | ||
As a result of the spin-off and pursuant to the Employee Matters Agreement, the Company made certain adjustments to the exercise price and number of Rayonier stock-based compensation awards. The adjusted awards are generally subject to the same vesting conditions and other terms that applied to the original Rayonier award immediately before the spin-off, except as otherwise described below. | ||
Stock Option Awards | ||
Each Rayonier stock option was converted into an adjusted Rayonier stock option and a Rayonier Advanced Material stock option. The exercise price and number of shares subject to each stock option were adjusted in order to preserve the aggregate value of the original Rayonier stock option as measured immediately before and immediately after the spin-off, subject to rounding. | ||
Restricted Stock Awards | ||
Holders of Rayonier restricted stock, including Rayonier non-employee directors, retained those awards and also received restricted stock of Rayonier Advanced Materials, in an amount that reflects the distribution to Rayonier stockholders, by applying the distribution ratio (one share of Rayonier Advanced Materials for every three shares of Rayonier stock held) to Rayonier restricted stock awards as though they were unrestricted Rayonier common shares. | ||
Performance Share Awards | ||
Performance share awards outstanding as of the spin-off were treated as follows: | ||
• | Performance share awards granted in 2012 (with a 2012-2014 performance period) continue to be subject to the same performance criteria as applied immediately prior to the spin-off, except that total shareholder return at the end of the performance period will be based on the combined stock prices of Rayonier and Rayonier Advanced Materials and any payment earned will be made in shares of Rayonier common stock and shares of Rayonier Advanced Materials common stock. | |
• | Performance share awards granted in 2013 (with a 2013-2015 performance period) were cancelled as of the distribution date and were replaced with time-vested restricted stock of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be) that will vest 24 months after the distribution date, generally subject to the holder’s continued employment. The number of shares of time-vested restricted stock granted were determined in a manner intended to preserve the original value of the performance share award, subject to rounding. | |
• | Performance share awards granted in 2014 (with a 2014-2016 performance period) were cancelled and replaced with performance share awards of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be), and are subject to the achievement of performance criteria that relate to the post-separation business of the applicable employer during a performance period ending December 31, 2016. The number of shares underlying each such performance share award were determined in a manner intended to preserve the original value of the award, subject to rounding. | |
The replacement of the 2013 performance share awards with time-vested restricted stock resulted in a $0.7 million increase in intrinsic value to Rayonier holders. This amount will be expensed over the 2-year vesting period ending in the second quarter of 2016. Overall, the spin-off resulted in lower stock-based compensation expense, which was $0.8 million for the third quarter of 2014 compared to $2.9 million in the second quarter of 2014. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
In connection with the spin-off of the Performance Fibers business, Rayonier entered into an Employee Matters Agreement with Rayonier Advanced Materials, see Note 2 — Discontinued Operations, which provides that employees of Rayonier Advanced Materials will no longer participate in benefit plans sponsored or maintained by Rayonier. Upon separation, the Rayonier Pension Plans transferred assets and obligations to the Rayonier Advanced Materials Pension Plans resulting in a net decrease in sponsored pension plan obligations of $99 million after a revaluation of plan obligations using a 4.0 percent discount rate versus 4.6 percent at December 31, 2013. In addition, $78 million of other comprehensive losses were transferred to Rayonier Advanced Materials Pension Plans after revaluation, net of taxes of $45 million. In the third quarter of 2014, the Company made adjustments to the assets and obligations transferred to the Rayonier Advanced Materials Pension Plans as the pension and postretirement plans segregation was finalized. The effect of these period adjustments has been reflected in equity for the period ended September 30, 2014. | ||||||||||||||||
The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Currently, the qualified plan is 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 | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $ | 378 | $ | 2,011 | $ | 3 | $ | 330 | ||||||||
Interest cost | 786 | 3,953 | 18 | 231 | ||||||||||||
Expected return on plan assets | (1,135 | ) | (5,966 | ) | — | — | ||||||||||
Amortization of prior service cost | 3 | 322 | — | 6 | ||||||||||||
Amortization of losses | 601 | 4,792 | 3 | 98 | ||||||||||||
Net periodic benefit cost (a) | $ | 633 | $ | 5,112 | $ | 24 | $ | 665 | ||||||||
Pension | Postretirement | |||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $ | 3,545 | $ | 6,441 | $ | 328 | $ | 828 | ||||||||
Interest cost | 9,921 | 12,740 | 423 | 711 | ||||||||||||
Expected return on plan assets | (14,123 | ) | (19,356 | ) | — | — | ||||||||||
Amortization of prior service cost | 572 | 1,032 | 8 | 19 | ||||||||||||
Amortization of losses | 5,942 | 15,308 | 248 | 533 | ||||||||||||
Amortization of negative plan amendment | — | — | (267 | ) | — | |||||||||||
Net periodic benefit cost (b) | $ | 5,857 | $ | 16,165 | $ | 740 | $ | 2,091 | ||||||||
(a) | Net periodic benefit cost for the three months ended September 30, 2013 includes $3.7 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||
(b) | Net periodic benefit cost for the nine months ended September 30, 2014 and September 30, 2013 includes $4.0 million and $11.2 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||
In 2014, the Company has no mandatory pension contribution requirement. |
DEBT
DEBT | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
DEBT | ' | |||
DEBT | ||||
As of June 30, 2014, the 2015 Notes were exchangeable at the option of the holders for the calendar quarter ended September 30, 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 nine months ended September 30, 2014, the note holders did not elect to exercise the exchange option. Based upon the average stock price for the 30 trading days ended September 30, 2014, these notes again became exchangeable at the option of the holder for the calendar quarter ending December 31, 2014. The notes mature in September of 2015 and are classified as current maturities of long-term debt as of September 30, 2014. | ||||
As part of the spin-off of the Performance Fibers business, Rayonier Advanced Materials, while a subsidiary of Rayonier, incurred $950 million of new debt. Rayonier Advanced Materials distributed $906 million from the proceeds of this new debt to the Company prior to the spin-off, including $75 million restricted to shareholder dividend payments which were made during third quarter 2014. Rayonier used the remainder of the distribution, as well as available cash, to make repayments of $280 million on its unsecured revolving credit facility, $500 million on its term credit agreement and $112.5 million on its installment note due 2014. Additionally, during the third quarter of 2014 the Company prepaid $10.5 million of principal on the mortgage notes due 2017, the maximum amount allowable without penalty. | ||||
Net repayments of $80 million were made in the first quarter of 2014 on the revolving credit facility. In connection with the spin-off, the revolving credit facility and term credit agreement were amended to reduce the Company’s borrowing capacity and related commitment fees effective July 7, 2014. The revolving credit facility capacity was reduced from $450 million to $200 million and the term credit agreement was reduced from $640 million of available capacity to $100 million. The capacity reductions also resulted in the write-off of $1.7 million of capitalized debt costs. At September 30, 2014, the Company had available borrowings of $198 million under the revolving credit facility and additional draws available of $100 million under the term credit agreement. | ||||
Through the nine months ended September 30, 2014, the New Zealand JV paid $1.2 million on its shareholder loan held with the non-controlling interest party and made net draws on its working capital facility of $1.3 million. Favorable exchange rates resulted in a $11.4 million decrease to the New Zealand JV’s debt on a U.S. dollar basis. There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the Company’s Amended Form 10-K. | ||||
Rayonier’s debt consisted of the following at September 30, 2014: | ||||
September 30, 2014 | ||||
Senior Notes due 2022 at a fixed interest rate of 3.75% | $ | 325,000 | ||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a) | 129,199 | |||
Mortgage notes due 2017 at fixed interest rates of 4.35% (b) | 53,926 | |||
Solid waste bond due 2020 at a variable interest rate of 1.3% at September 30, 2014 | 15,000 | |||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.53% at September 30, 2014 | 183,394 | |||
New Zealand JV Working Capital Facility due 2014 at a variable interest rate of 4.69% at September 30, 2014 | 1,287 | |||
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate | 27,842 | |||
Total debt | 735,648 | |||
Less: Current maturities of long-term debt | (130,486 | ) | ||
Long-term debt | $ | 605,162 | ||
(a) | The Senior Exchangeable Notes maturing in 2015 were discounted by $1.8 million as of September 30, 2014. Upon maturity the liability will be $131 million. | |||
(b) | The mortgage notes due in 2017 were recorded at a premium of $1.4 million as of September 30, 2014. Upon maturity, the liability will be $52.5 million. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ' | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||
The following table summarizes the changes in AOCI by component for the nine months ended September 30, 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 | (11,770 | ) | 172 | 57,770 | (a) | 46,172 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (1,929 | ) | 5,465 | (b) | 3,536 | ||||||||||
Net other comprehensive income | (11,770 | ) | (1,757 | ) | 63,235 | 49,708 | ||||||||||
Balance as of September 30, 2014 | $ | 25,144 | $ | (2,099 | ) | $ | (19,476 | ) | $ | 3,569 | ||||||
(a) | Reflects $78 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $20 million, net of taxes, of additional losses as a result of the revaluation required due to the spin-off. See Note 17 — Employee Benefit Plans for additional information. | |||||||||||||||
(b) | This accumulated other comprehensive income component is comprised of $4 million in the computation of net periodic pension cost and $1 million of deferred tax asset related to the revaluation and transfer of liabilities as a result of the spin-off. | |||||||||||||||
The following table presents details of the amounts reclassified in their entirety from AOCI for the nine months ended September 30, 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 | $ | (3,194 | ) | Other operating income, net | ||||||||||||
Realized gain on foreign currency option contracts | (1,058 | ) | Other operating income, net | |||||||||||||
Noncontrolling interest | 1,488 | Comprehensive loss (income) attributable to noncontrolling interest | ||||||||||||||
Income tax expense on gain from foreign currency contracts | 835 | Income tax benefit | ||||||||||||||
Net gain on cash flow hedges reclassified from accumulated other comprehensive income | (1,929 | ) | ||||||||||||||
Income tax expense on pension plan contributed to Rayonier Advanced Materials | 843 | Income tax benefit | ||||||||||||||
Net gain reclassified from accumulated other comprehensive income | $ | (1,086 | ) |
OTHER_OPERATING_INCOME_NET
OTHER OPERATING INCOME, NET | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Other Operating Income, Net [Abstract] | ' | |||||||||||||||
OTHER OPERATING INCOME, NET | ' | |||||||||||||||
OTHER OPERATING INCOME, NET | ||||||||||||||||
Other operating income, net was comprised of the following: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Lease income, primarily from hunting leases | $ | 5,013 | $ | 4,367 | $ | 12,015 | $ | 9,141 | ||||||||
Other non-timber income | 817 | 573 | 1,503 | 1,651 | ||||||||||||
Foreign currency income (loss) | 4,304 | (2,050 | ) | 4,292 | 511 | |||||||||||
Gain on sale or disposal of property, plant & equipment | 66 | 2 | 46 | 287 | ||||||||||||
Gain (loss) on foreign currency exchange contracts | — | 221 | (32 | ) | 156 | |||||||||||
Bankruptcy claim settlement | — | — | 5,779 | — | ||||||||||||
Miscellaneous expense, net | (1,056 | ) | (299 | ) | (2,695 | ) | (1,159 | ) | ||||||||
Total | $ | 9,144 | $ | 2,814 | $ | 20,908 | $ | 10,587 | ||||||||
CONSOLIDATING_FINANCIAL_STATEM
CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 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, Rayonier TRS Holdings Inc. 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 September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 149,829 | $ | — | $ | 149,829 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 118,088 | — | 118,088 | ||||||||||||||||||
Selling and general expenses | — | 3,488 | — | 5,318 | — | 8,806 | ||||||||||||||||||
Other operating expense (income), net | — | (854 | ) | — | (8,290 | ) | — | (9,144 | ) | |||||||||||||||
— | 2,634 | — | 115,116 | — | 117,750 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (2,634 | ) | — | 34,713 | — | 32,079 | |||||||||||||||||
Interest expense | (3,685 | ) | 141 | (3,122 | ) | (2,900 | ) | — | (9,566 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | 1,799 | 814 | (260 | ) | (4,087 | ) | — | (1,734 | ) | |||||||||||||||
Equity in income from subsidiaries | 34,587 | 36,266 | 6,259 | — | (77,112 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 32,701 | 34,587 | 2,877 | 27,726 | (77,112 | ) | 20,779 | |||||||||||||||||
Income tax benefit | — | — | 1,234 | 10,046 | — | 11,280 | ||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 32,701 | 34,587 | 4,111 | 37,772 | (77,112 | ) | 32,059 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME (LOSS) | 32,701 | 34,587 | 4,111 | 37,772 | (77,112 | ) | 32,059 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (642 | ) | — | (642 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | 32,701 | 34,587 | 4,111 | 38,414 | (77,112 | ) | 32,701 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (27,317 | ) | (27,318 | ) | (1,441 | ) | (37,738 | ) | 55,937 | (37,877 | ) | |||||||||||||
New Zealand joint venture cash flow hedges | (2,270 | ) | (2,271 | ) | (2,272 | ) | (3,494 | ) | 6,813 | (3,494 | ) | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,265 | 2,265 | (4,120 | ) | (4,120 | ) | 5,975 | 2,265 | ||||||||||||||||
Total other comprehensive loss | (27,322 | ) | (27,324 | ) | (7,833 | ) | (45,352 | ) | 68,725 | (39,106 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | 5,379 | 7,263 | (3,722 | ) | (7,580 | ) | (8,387 | ) | (7,047 | ) | ||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (12,295 | ) | (131 | ) | (12,426 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | $ | 5,379 | $ | 7,263 | $ | (3,722 | ) | $ | 4,715 | $ | (8,256 | ) | $ | 5,379 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 159,261 | $ | — | $ | 159,261 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 129,002 | — | 129,002 | ||||||||||||||||||
Selling and general expenses | — | 2,276 | — | 10,828 | — | 13,104 | ||||||||||||||||||
Other operating expense (income), net | — | 738 | — | (4,213 | ) | 661 | (2,814 | ) | ||||||||||||||||
— | 3,014 | — | 135,617 | 661 | 139,292 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | — | — | — | ||||||||||||||||||
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | — | (3,014 | ) | — | 23,644 | (661 | ) | 19,969 | ||||||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | — | — | — | — | ||||||||||||||||||
OPERATING (LOSS) INCOME | — | (3,014 | ) | — | 23,644 | (661 | ) | 19,969 | ||||||||||||||||
Interest expense | (3,190 | ) | (162 | ) | (7,115 | ) | (356 | ) | — | (10,823 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 2,538 | 770 | (4,325 | ) | 103 | — | (914 | ) | ||||||||||||||||
Equity in income from subsidiaries | 57,932 | 58,802 | 39,544 | — | (156,278 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 57,280 | 56,396 | 28,104 | 23,391 | (156,939 | ) | 8,232 | |||||||||||||||||
Income tax benefit | 65 | 1,536 | 3,627 | 1,642 | (62 | ) | 6,808 | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 57,345 | 57,932 | 31,731 | 25,033 | (157,001 | ) | 15,040 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 43,327 | — | 43,327 | ||||||||||||||||||
NET INCOME | 57,345 | 57,932 | 31,731 | 68,360 | (157,001 | ) | 58,367 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 1,022 | — | 1,022 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 57,345 | 57,932 | 31,731 | 67,338 | (157,001 | ) | 57,345 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 17,887 | 17,887 | 2,084 | 24,259 | (37,858 | ) | 24,259 | |||||||||||||||||
New Zealand joint venture cash flow hedges | 2,233 | 2,231 | 2,231 | 3,434 | (6,696 | ) | 3,433 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 3,639 | 3,639 | 2,747 | 2,747 | (9,133 | ) | 3,639 | |||||||||||||||||
Total other comprehensive income | 23,759 | 23,757 | 7,062 | 30,440 | (53,687 | ) | 31,331 | |||||||||||||||||
COMPREHENSIVE INCOME | 81,104 | 81,689 | 38,793 | 98,800 | (210,688 | ) | 89,698 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | 8,594 | — | 8,594 | ||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 81,104 | $ | 81,689 | $ | 38,793 | $ | 90,206 | $ | (210,688 | ) | $ | 81,104 | |||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 456,161 | $ | — | $ | 456,161 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 357,083 | — | 357,083 | ||||||||||||||||||
Selling and general expenses | — | 8,032 | — | 27,872 | — | 35,904 | ||||||||||||||||||
Other operating expense (income), net | — | 3,094 | — | (24,002 | ) | — | (20,908 | ) | ||||||||||||||||
— | 11,126 | — | 360,953 | — | 372,079 | |||||||||||||||||||
OPERATING INCOME (LOSS) | — | (11,126 | ) | — | 95,208 | — | 84,082 | |||||||||||||||||
Interest expense | (10,074 | ) | (327 | ) | (20,794 | ) | (4,657 | ) | — | (35,852 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 7,230 | (1,375 | ) | (2,405 | ) | (10,581 | ) | — | (7,131 | ) | ||||||||||||||
Equity in income (loss) from subsidiaries | 93,324 | 106,315 | (16,692 | ) | — | (182,947 | ) | — | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 90,480 | 93,487 | (39,891 | ) | 79,970 | (182,947 | ) | 41,099 | ||||||||||||||||
Income tax benefit (expense) | — | (163 | ) | 8,467 | (2,985 | ) | — | 5,319 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 90,480 | 93,324 | (31,424 | ) | 76,985 | (182,947 | ) | 46,418 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 43,092 | — | 43,092 | ||||||||||||||||||
NET INCOME (LOSS) | 90,480 | 93,324 | (31,424 | ) | 120,077 | (182,947 | ) | 89,510 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (970 | ) | — | (970 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | 90,480 | 93,324 | (31,424 | ) | 121,047 | (182,947 | ) | 90,480 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (11,770 | ) | (11,770 | ) | (162 | ) | (16,426 | ) | 23,702 | (16,426 | ) | |||||||||||||
New Zealand joint venture cash flow hedges | (1,756 | ) | (1,757 | ) | (1,758 | ) | (2,703 | ) | 5,271 | (2,703 | ) | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 63,235 | 63,235 | 90,214 | 90,214 | (243,663 | ) | 63,235 | |||||||||||||||||
Total other comprehensive income | 49,709 | 49,708 | 88,294 | 71,085 | (214,690 | ) | 44,106 | |||||||||||||||||
COMPREHENSIVE INCOME | 140,189 | 143,032 | 56,870 | 191,163 | (397,638 | ) | 133,616 | |||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (6,573 | ) | — | (6,573 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 140,189 | $ | 143,032 | $ | 56,870 | $ | 197,736 | $ | (397,638 | ) | $ | 140,189 | |||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non-guarantors | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | Adjustments | Consolidated | |||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 421,203 | $ | — | $ | 421,203 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 333,523 | — | 333,523 | ||||||||||||||||||
Selling and general expenses | — | 7,357 | — | 33,847 | — | 41,204 | ||||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 1,187 | — | (10,073 | ) | — | (10,587 | ) | |||||||||||||||
(1,701 | ) | 8,544 | — | 357,297 | — | 364,140 | ||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 562 | — | 562 | ||||||||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | (8,544 | ) | — | 64,468 | — | 57,625 | |||||||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | — | 16,098 | — | 16,098 | ||||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (8,544 | ) | — | 80,566 | — | 73,723 | |||||||||||||||||
Interest (expense) income | (9,879 | ) | (680 | ) | (20,730 | ) | 663 | — | (30,626 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | 6,716 | 2,403 | (5,873 | ) | (1,394 | ) | — | 1,852 | ||||||||||||||||
Equity in income from subsidiaries | 293,706 | 298,802 | 198,981 | — | (791,489 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 292,244 | 291,981 | 172,378 | 79,835 | (791,489 | ) | 44,949 | |||||||||||||||||
Income tax benefit | — | 1,725 | 9,164 | 17,861 | — | 28,750 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 292,244 | 293,706 | 181,542 | 97,696 | (791,489 | ) | 73,699 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 220,294 | — | 220,294 | ||||||||||||||||||
NET INCOME | 292,244 | 293,706 | 181,542 | 317,990 | (791,489 | ) | 293,993 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 1,749 | — | 1,749 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 292,244 | 293,706 | 181,542 | 316,241 | (791,489 | ) | 292,244 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | 237 | 237 | 629 | (2,967 | ) | (1,103 | ) | (2,967 | ) | |||||||||||||||
New Zealand joint venture cash flow hedges | 3,663 | 3,663 | 1,014 | 4,209 | (8,340 | ) | 4,209 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 12,326 | 12,326 | 9,578 | 9,578 | (31,482 | ) | 12,326 | |||||||||||||||||
Total other comprehensive income | 16,226 | 16,226 | 11,221 | 10,820 | (40,925 | ) | 13,568 | |||||||||||||||||
COMPREHENSIVE INCOME | 308,470 | 309,932 | 192,763 | 328,810 | (832,414 | ) | 307,561 | |||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (909 | ) | — | (909 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 308,470 | $ | 309,932 | $ | 192,763 | $ | 329,719 | $ | (832,414 | ) | $ | 308,470 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of September 30, 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 | $ | 84,283 | $ | 3,255 | $ | 48,233 | $ | 47,060 | $ | — | $ | 182,831 | ||||||||||||
Restricted cash | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | — | 1,359 | 26,878 | — | 28,237 | ||||||||||||||||||
Inventory | — | — | — | 12,439 | — | 12,439 | ||||||||||||||||||
Deferred tax assets | — | — | — | 4,211 | — | 4,211 | ||||||||||||||||||
Prepaid and other current assets | — | 1,511 | 14 | 22,296 | — | 23,821 | ||||||||||||||||||
Total current assets | 84,283 | 4,766 | 49,606 | 112,884 | — | 251,539 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,058,381 | — | 2,058,381 | ||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 483 | — | 6,048 | — | 6,531 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,522,406 | 1,907,075 | 499,062 | — | (3,928,543 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 245,898 | — | 21,279 | — | (267,177 | ) | — | |||||||||||||||||
OTHER ASSETS | 2,860 | 17,315 | 1,962 | 138,971 | — | 161,108 | ||||||||||||||||||
TOTAL ASSETS | $ | 1,855,447 | $ | 1,929,639 | $ | 571,909 | $ | 2,316,284 | $ | (4,195,720 | ) | $ | 2,477,559 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 1,595 | $ | 2,052 | $ | 19,479 | $ | — | $ | 23,126 | ||||||||||||
Current maturities of long-term debt | — | — | 129,199 | 1,287 | — | 130,486 | ||||||||||||||||||
Accrued taxes | — | 41 | — | 14,913 | — | 14,954 | ||||||||||||||||||
Uncertain tax positions | — | — | — | — | — | — | ||||||||||||||||||
Accrued payroll and benefits | — | 3,892 | — | 2,446 | — | 6,338 | ||||||||||||||||||
Accrued interest | 6,116 | (3 | ) | 1,004 | 29,098 | (26,079 | ) | 10,136 | ||||||||||||||||
Other current liabilities | — | 1,113 | — | 25,483 | — | 26,596 | ||||||||||||||||||
Total current liabilities | 6,116 | 6,638 | 132,255 | 92,706 | (26,079 | ) | 211,636 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 14,999 | 265,163 | — | 605,162 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 23,078 | — | (685 | ) | — | 22,393 | |||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,876 | — | 20,590 | — | 27,466 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 370,641 | — | (100,759 | ) | (269,882 | ) | — | ||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,524,331 | 1,522,406 | 424,655 | 1,952,698 | (3,899,759 | ) | 1,524,331 | |||||||||||||||||
Noncontrolling interest | — | — | — | 86,571 | — | 86,571 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,524,331 | 1,522,406 | 424,655 | 2,039,269 | (3,899,759 | ) | 1,610,902 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,855,447 | $ | 1,929,639 | $ | 571,909 | $ | 2,316,284 | $ | (4,195,720 | ) | $ | 2,477,559 | |||||||||||
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 | ||||||||||||||||||
Uncertain tax positions | — | 5,780 | — | 4,767 | — | 10,547 | ||||||||||||||||||
Accrued payroll and benefits | — | 11,382 | — | 13,566 | — | 24,948 | ||||||||||||||||||
Accrued interest | 3,047 | 538 | 2,742 | 22,816 | (19,612 | ) | 9,531 | |||||||||||||||||
Accrued customer incentives | — | — | — | 9,580 | — | 9,580 | ||||||||||||||||||
Other current liabilities | — | 2,985 | — | 21,342 | — | 24,327 | ||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 6,835 | — | 6,835 | ||||||||||||||||||
Total current liabilities | 3,047 | 27,062 | 116,806 | 148,809 | (19,612 | ) | 276,112 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 847,749 | 288,975 | — | 1,461,724 | ||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 69,543 | — | 69,543 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,471 | — | 4,183 | — | 95,654 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 11,493 | — | 15,732 | — | 27,225 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 118,227 | — | 125,921 | (244,148 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 221,770 | 2,749,142 | (4,598,227 | ) | 1,661,170 | |||||||||||||||||
Noncontrolling interest | — | — | — | 94,073 | — | 94,073 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 221,770 | 2,843,215 | (4,598,227 | ) | 1,755,243 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | $ | 1,875,568 | $ | 1,186,325 | $ | 3,496,378 | $ | (4,861,987 | ) | $ | 3,685,501 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 219,988 | $ | 238,010 | $ | — | $ | 54,461 | $ | (231,730 | ) | $ | 280,729 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (400 | ) | — | (105,258 | ) | — | (105,658 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (93,189 | ) | — | (93,189 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | 47,318 | — | 47,318 | ||||||||||||||||||
Investment in Subsidiaries | — | — | 855,014 | — | (855,014 | ) | — | |||||||||||||||||
Other | — | — | — | (478 | ) | — | (478 | ) | ||||||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | (400 | ) | 855,014 | (151,607 | ) | (855,014 | ) | (152,007 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | — | 185,000 | 1,110,163 | — | 1,295,163 | ||||||||||||||||||
Repayment of debt | — | — | (1,002,500 | ) | (170,549 | ) | — | (1,173,049 | ) | |||||||||||||||
Dividends paid | (225,877 | ) | — | — | — | — | (225,877 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 4,645 | — | — | — | — | 4,645 | ||||||||||||||||||
Debt issuance costs | — | — | — | (12,380 | ) | — | (12,380 | ) | ||||||||||||||||
Repurchase of common shares | (1,834 | ) | — | — | — | — | (1,834 | ) | ||||||||||||||||
Purchase of timberland deeds for Rayonier Advanced Materials | (12,677 | ) | — | — | — | — | (12,677 | ) | ||||||||||||||||
Debt issuance funds distributed to Rayonier Advanced Materials | (924,943 | ) | — | — | — | — | (924,943 | ) | ||||||||||||||||
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | — | — | — | — | 906,200 | ||||||||||||||||||
Change in restricted cash reserved for dividends | — | — | — | — | — | — | ||||||||||||||||||
Issuance of intercompany notes | (11,400 | ) | — | — | 11,400 | — | — | |||||||||||||||||
Intercompany distributions | — | (234,659 | ) | — | (852,085 | ) | 1,086,744 | — | ||||||||||||||||
Other | — | — | — | (680 | ) | — | (680 | ) | ||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (265,886 | ) | (234,659 | ) | (817,500 | ) | 85,869 | 1,086,744 | (145,432 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (103 | ) | — | (103 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (45,898 | ) | 2,951 | 37,514 | (11,380 | ) | — | (16,813 | ) | |||||||||||||||
Balance, beginning of year | 130,181 | 304 | 10,719 | 58,440 | — | 199,644 | ||||||||||||||||||
Balance, end of period | $ | 84,283 | $ | 3,255 | $ | 48,233 | $ | 47,060 | $ | — | $ | 182,831 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 389,405 | $ | 394,700 | $ | 84,000 | $ | 291,478 | $ | (825,347 | ) | $ | 334,236 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (335 | ) | — | (121,764 | ) | — | (122,099 | ) | |||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | — | (139,879 | ) | — | (139,879 | ) | ||||||||||||||||
Purchase of timberlands | — | — | — | (11,650 | ) | — | (11,650 | ) | ||||||||||||||||
Intercompany purchase of real estate | — | — | — | — | — | — | ||||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (137,392 | ) | — | (137,392 | ) | ||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | — | 68,063 | — | 68,063 | ||||||||||||||||||
Change in restricted cash | — | — | — | 3,989 | — | 3,989 | ||||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (138,178 | ) | (316,836 | ) | — | 593,192 | — | |||||||||||||||
Other | — | 1,701 | — | (1,925 | ) | — | (224 | ) | ||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (136,812 | ) | (316,836 | ) | (340,558 | ) | 593,192 | (339,192 | ) | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | — | 375,000 | 57,885 | — | 607,885 | ||||||||||||||||||
Repayment of debt | (325,000 | ) | — | (56,527 | ) | (71,936 | ) | — | (453,463 | ) | ||||||||||||||
Dividends paid | (175,079 | ) | — | — | — | — | (175,079 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 9,205 | — | — | — | — | 9,205 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 8,189 | — | 8,189 | ||||||||||||||||||
Repurchase of common shares | (11,303 | ) | — | — | — | — | (11,303 | ) | ||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | 4,000 | — | — | ||||||||||||||||||
Intercompany distributions | — | (256,921 | ) | (84,000 | ) | 108,766 | 232,155 | — | ||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (331,177 | ) | (256,921 | ) | 234,473 | 106,904 | 232,155 | (14,566 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (336 | ) | — | (336 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (79,950 | ) | 967 | 1,637 | 57,488 | — | (19,858 | ) | ||||||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | ||||||||||||||||||
Balance, end of period | $ | 172,938 | $ | 4,933 | $ | 20,995 | $ | 61,872 | $ | — | $ | 260,738 | ||||||||||||
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 September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 149,829 | $ | — | $ | 149,829 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 118,088 | — | 118,088 | |||||||||||||||||||
Selling and general expenses | — | 3,488 | 5,318 | — | 8,806 | |||||||||||||||||||
Other operating income, net | — | (854 | ) | (8,290 | ) | — | (9,144 | ) | ||||||||||||||||
— | 2,634 | 115,116 | — | 117,750 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (2,634 | ) | 34,713 | — | 32,079 | ||||||||||||||||||
Interest expense | (3,685 | ) | (2,981 | ) | (2,900 | ) | — | (9,566 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 1,799 | 554 | (4,087 | ) | — | (1,734 | ) | |||||||||||||||||
Equity in income from subsidiaries | 34,587 | 38,414 | — | (73,001 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 32,701 | 33,353 | 27,726 | (73,001 | ) | 20,779 | ||||||||||||||||||
Income tax benefit | — | 1,234 | 10,046 | — | 11,280 | |||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 32,701 | 34,587 | 37,772 | (73,001 | ) | 32,059 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||||||||||
NET INCOME | 32,701 | 34,587 | 37,772 | (73,001 | ) | 32,059 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (642 | ) | — | (642 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 32,701 | 34,587 | 38,414 | (73,001 | ) | 32,701 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (27,317 | ) | (27,317 | ) | (37,738 | ) | 54,495 | (37,877 | ) | |||||||||||||||
New Zealand joint venture cash flow hedges | (2,270 | ) | (2,272 | ) | (3,494 | ) | 4,542 | (3,494 | ) | |||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,265 | 2,265 | (4,120 | ) | 1,855 | 2,265 | ||||||||||||||||||
Total other comprehensive loss | (27,322 | ) | (27,324 | ) | (45,352 | ) | 60,892 | (39,106 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 5,379 | 7,263 | (7,580 | ) | (12,109 | ) | (7,047 | ) | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (12,295 | ) | (131 | ) | (12,426 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 5,379 | $ | 7,263 | $ | 4,715 | $ | (11,978 | ) | $ | 5,379 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 159,261 | $ | — | $ | 159,261 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 129,002 | — | 129,002 | |||||||||||||||||||
Selling and general expenses | — | 2,276 | 10,828 | — | 13,104 | |||||||||||||||||||
Other operating expense (income), net | — | 738 | (4,213 | ) | 661 | (2,814 | ) | |||||||||||||||||
— | 3,014 | 135,617 | 661 | 139,292 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (3,014 | ) | 23,644 | (661 | ) | 19,969 | |||||||||||||||||
Interest expense | (3,190 | ) | (7,277 | ) | (356 | ) | — | (10,823 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 2,538 | (3,555 | ) | 103 | — | (914 | ) | |||||||||||||||||
Equity in income from subsidiaries | 57,932 | 66,610 | — | (124,542 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 57,280 | 52,764 | 23,391 | (125,203 | ) | 8,232 | ||||||||||||||||||
Income tax benefit | 65 | 5,168 | 1,642 | (67 | ) | 6,808 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 57,345 | 57,932 | 25,033 | (125,270 | ) | 15,040 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | 43,327 | — | 43,327 | |||||||||||||||||||
NET INCOME | 57,345 | 57,932 | 68,360 | (125,270 | ) | 58,367 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,022 | — | 1,022 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 57,345 | 57,932 | 67,338 | (125,270 | ) | 57,345 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 17,887 | 17,887 | 24,259 | (35,774 | ) | 24,259 | ||||||||||||||||||
New Zealand joint venture cash flow hedges | 2,233 | 2,231 | 3,434 | (4,465 | ) | 3,433 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 3,639 | 3,639 | 2,747 | (6,386 | ) | 3,639 | ||||||||||||||||||
Total other comprehensive income | 23,759 | 23,757 | 30,440 | (46,625 | ) | 31,331 | ||||||||||||||||||
COMPREHENSIVE INCOME | $ | 81,104 | $ | 81,689 | $ | 98,800 | $ | (171,895 | ) | $ | 89,698 | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 8,594 | $ | — | $ | 8,594 | ||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 81,104 | $ | 81,689 | $ | 90,206 | $ | (171,895 | ) | $ | 81,104 | |||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 456,161 | $ | — | $ | 456,161 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 357,083 | — | 357,083 | |||||||||||||||||||
Selling and general expenses | — | 8,032 | 27,872 | — | 35,904 | |||||||||||||||||||
Other operating expense (income), net | — | 3,094 | (24,002 | ) | — | (20,908 | ) | |||||||||||||||||
— | 11,126 | 360,953 | — | 372,079 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (11,126 | ) | 95,208 | — | 84,082 | ||||||||||||||||||
Interest expense | (10,074 | ) | (21,121 | ) | (4,657 | ) | — | (35,852 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 7,230 | (3,780 | ) | (10,581 | ) | — | (7,131 | ) | ||||||||||||||||
Equity in income from subsidiaries | 93,324 | 121,047 | — | (214,371 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 90,480 | 85,020 | 79,970 | (214,371 | ) | 41,099 | ||||||||||||||||||
Income tax benefit (expense) | — | 8,304 | (2,985 | ) | — | 5,319 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 90,480 | 93,324 | 76,985 | (214,371 | ) | 46,418 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | 43,092 | — | 43,092 | |||||||||||||||||||
NET INCOME | 90,480 | 93,324 | 120,077 | (214,371 | ) | 89,510 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (970 | ) | — | (970 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 90,480 | 93,324 | 121,047 | (214,371 | ) | 90,480 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (11,770 | ) | (11,770 | ) | (16,426 | ) | 23,540 | (16,426 | ) | |||||||||||||||
New Zealand joint venture cash flow hedges | (1,756 | ) | (1,758 | ) | (2,703 | ) | 3,514 | (2,703 | ) | |||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 63,235 | 63,235 | 90,214 | (153,449 | ) | 63,235 | ||||||||||||||||||
Total other comprehensive income | 49,709 | 49,707 | 71,085 | (126,395 | ) | 44,106 | ||||||||||||||||||
COMPREHENSIVE INCOME | 140,189 | 143,031 | 191,163 | (340,767 | ) | 133,616 | ||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (6,573 | ) | — | (6,573 | ) | |||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 140,189 | $ | 143,031 | $ | 197,736 | $ | (340,767 | ) | $ | 140,189 | |||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 421,203 | $ | — | $ | 421,203 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 333,523 | — | 333,523 | |||||||||||||||||||
Selling and general expenses | — | 7,357 | 33,847 | — | 41,204 | |||||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 1,187 | (10,073 | ) | — | (10,587 | ) | ||||||||||||||||
(1,701 | ) | 8,544 | 357,297 | — | 364,140 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 562 | — | 562 | |||||||||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | (8,544 | ) | 64,468 | — | 57,625 | ||||||||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | 16,098 | — | 16,098 | |||||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (8,544 | ) | 80,566 | — | 73,723 | ||||||||||||||||||
Interest (expense) income | (9,879 | ) | (21,410 | ) | 663 | — | (30,626 | ) | ||||||||||||||||
Interest and miscellaneous income (expense), net | 6,716 | (3,470 | ) | (1,394 | ) | — | 1,852 | |||||||||||||||||
Equity in income from subsidiaries | 293,706 | 316,241 | — | (609,947 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 292,244 | 282,817 | 79,835 | (609,947 | ) | 44,949 | ||||||||||||||||||
Income tax benefit | — | 10,889 | 17,861 | — | 28,750 | |||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 292,244 | 293,706 | 97,696 | (609,947 | ) | 73,699 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 220,294 | — | 220,294 | |||||||||||||||||||
NET INCOME | 292,244 | 293,706 | 317,990 | (609,947 | ) | 293,993 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,749 | — | 1,749 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 292,244 | 293,706 | 316,241 | (609,947 | ) | 292,244 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | 237 | 237 | (2,967 | ) | (474 | ) | (2,967 | ) | ||||||||||||||||
New Zealand joint venture cash flow hedges | 3,663 | 3,663 | 4,209 | (7,326 | ) | 4,209 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 12,326 | 12,326 | 9,578 | (21,904 | ) | 12,326 | ||||||||||||||||||
Total other comprehensive income | 16,226 | 16,226 | 10,820 | (29,704 | ) | 13,568 | ||||||||||||||||||
COMPREHENSIVE INCOME | 308,470 | 309,932 | 328,810 | (639,651 | ) | 307,561 | ||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (909 | ) | — | (909 | ) | |||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 308,470 | $ | 309,932 | $ | 329,719 | $ | (639,651 | ) | $ | 308,470 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 84,283 | $ | 51,488 | $ | 47,060 | $ | — | $ | 182,831 | ||||||||||||||
Restricted cash | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 1,359 | 26,878 | — | 28,237 | |||||||||||||||||||
Inventory | — | — | 12,439 | — | 12,439 | |||||||||||||||||||
Deferred tax asset | — | — | 4,211 | — | 4,211 | |||||||||||||||||||
Prepaid and other current assets | — | 1,525 | 22,296 | — | 23,821 | |||||||||||||||||||
Total current assets | 84,283 | 54,372 | 112,884 | — | 251,539 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,058,381 | — | 2,058,381 | |||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 483 | 6,048 | — | 6,531 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,522,406 | 1,981,482 | — | (3,503,888 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 245,898 | 21,279 | — | (267,177 | ) | — | ||||||||||||||||||
OTHER ASSETS | 2,860 | 19,277 | 138,971 | — | 161,108 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,855,447 | $ | 2,076,893 | $ | 2,316,284 | $ | (3,771,065 | ) | $ | 2,477,559 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3,647 | $ | 19,479 | $ | — | $ | 23,126 | ||||||||||||||
Current maturities of long-term debt | — | 129,199 | 1,287 | — | 130,486 | |||||||||||||||||||
Accrued taxes | — | 41 | 14,913 | — | 14,954 | |||||||||||||||||||
Uncertain tax positions | — | — | — | — | — | |||||||||||||||||||
Accrued payroll and benefits | — | 3,892 | 2,446 | — | 6,338 | |||||||||||||||||||
Accrued interest | 6,116 | 1,001 | 29,098 | (26,079 | ) | 10,136 | ||||||||||||||||||
Other current liabilities | — | 1,113 | 25,483 | — | 26,596 | |||||||||||||||||||
Total current liabilities | 6,116 | 138,893 | 92,706 | (26,079 | ) | 211,636 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 14,999 | 265,163 | — | 605,162 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 23,078 | (685 | ) | — | 22,393 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,876 | 20,590 | — | 27,466 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 370,641 | (100,759 | ) | (269,882 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,524,331 | 1,522,406 | 1,952,698 | (3,475,104 | ) | 1,524,331 | ||||||||||||||||||
Noncontrolling interest | — | — | 86,571 | — | 86,571 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,524,331 | 1,522,406 | 2,039,269 | (3,475,104 | ) | 1,610,902 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,855,447 | $ | 2,076,893 | $ | 2,316,284 | $ | (3,771,065 | ) | $ | 2,477,559 | |||||||||||||
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 | |||||||||||||||||||
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 INC. SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 2,749,142 | (4,376,457 | ) | 1,661,170 | ||||||||||||||||||
Noncontrolling interest | — | — | 94,073 | — | 94,073 | |||||||||||||||||||
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 Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 219,988 | $ | 238,010 | $ | 54,461 | $ | (231,730 | ) | $ | 280,729 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (400 | ) | (105,258 | ) | — | (105,658 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (93,189 | ) | — | (93,189 | ) | |||||||||||||||||
Change in restricted cash | — | — | 47,318 | — | 47,318 | |||||||||||||||||||
Investment in Subsidiaries | — | 855,014 | — | (855,014 | ) | — | ||||||||||||||||||
Other | — | — | (478 | ) | — | (478 | ) | |||||||||||||||||
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — | 854,614 | (151,607 | ) | (855,014 | ) | (152,007 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | 185,000 | 1,110,163 | — | 1,295,163 | |||||||||||||||||||
Repayment of debt | — | (1,002,500 | ) | (170,549 | ) | — | (1,173,049 | ) | ||||||||||||||||
Dividends paid | (225,877 | ) | — | — | — | (225,877 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 4,645 | — | — | — | 4,645 | |||||||||||||||||||
Debt issuance costs | — | — | (12,380 | ) | — | (12,380 | ) | |||||||||||||||||
Repurchase of common shares | (1,834 | ) | — | — | — | (1,834 | ) | |||||||||||||||||
Purchase of timberland deeds for Rayonier Advanced Materials | (12,677 | ) | — | — | — | (12,677 | ) | |||||||||||||||||
Debt issuance funds distributed to Rayonier Advanced Materials | (924,943 | ) | — | — | — | (924,943 | ) | |||||||||||||||||
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | — | — | — | 906,200 | |||||||||||||||||||
Change in restricted cash reserved for dividends | — | — | — | — | — | |||||||||||||||||||
Issuance of intercompany notes | (11,400 | ) | — | 11,400 | — | — | ||||||||||||||||||
Intercompany distributions | — | (234,659 | ) | (852,085 | ) | 1,086,744 | — | |||||||||||||||||
Other | — | — | (680 | ) | — | (680 | ) | |||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (265,886 | ) | (1,052,159 | ) | 85,869 | 1,086,744 | (145,432 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (103 | ) | — | (103 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (45,898 | ) | 40,465 | (11,380 | ) | — | (16,813 | ) | ||||||||||||||||
Balance, beginning of year | 130,181 | 11,023 | 58,440 | — | 199,644 | |||||||||||||||||||
Balance, end of period | $ | 84,283 | $ | 51,488 | $ | 47,060 | $ | — | $ | 182,831 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 389,405 | $ | 394,700 | $ | 291,478 | $ | (741,347 | ) | $ | 334,236 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (335 | ) | (121,764 | ) | — | (122,099 | ) | ||||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | (139,879 | ) | — | (139,879 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (11,650 | ) | — | (11,650 | ) | |||||||||||||||||
Intercompany purchase of real estate | — | — | — | — | — | |||||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (137,392 | ) | — | (137,392 | ) | |||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | 68,063 | — | 68,063 | |||||||||||||||||||
Change in restricted cash | — | — | 3,989 | — | 3,989 | |||||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (455,014 | ) | — | 593,192 | — | |||||||||||||||||
Other | — | 1,701 | (1,925 | ) | — | (224 | ) | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (453,648 | ) | (340,558 | ) | 593,192 | (339,192 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | 375,000 | 57,885 | — | 607,885 | |||||||||||||||||||
Repayment of debt | (325,000 | ) | (56,527 | ) | (71,936 | ) | — | (453,463 | ) | |||||||||||||||
Dividends paid | (175,079 | ) | — | — | — | (175,079 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 9,205 | — | — | — | 9,205 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 8,189 | — | 8,189 | |||||||||||||||||||
Repurchase of common shares | (11,303 | ) | — | — | — | (11,303 | ) | |||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | 4,000 | — | — | ||||||||||||||||||
Intercompany distributions | — | (256,921 | ) | 108,766 | 148,155 | — | ||||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (331,177 | ) | 61,552 | 106,904 | 148,155 | (14,566 | ) | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (336 | ) | — | (336 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (79,950 | ) | 2,604 | 57,488 | — | (19,858 | ) | |||||||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||||||||
Balance, end of period | $ | 172,938 | $ | 25,928 | $ | 61,872 | $ | — | $ | 260,738 | ||||||||||||||
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Reclassifications | ' |
Reclassifications | |
Certain 2013 amounts and amounts previously reported in 2014 have been reclassified to agree with the current presentation, including reclassifications for discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014 and completed the sale of its Wood Products business on March 1, 2013. Accordingly, the operating results of these business segments are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the businesses that remained with Rayonier are reported in continuing operations. | |
The December 31, 2013 Consolidated Balance Sheet reports historical information and includes balances for all businesses as reported in the prior year. The September 30, 2014 Consolidated Balance Sheet reports only continuing operations and reflects the contribution of approximately $1.2 billion of assets, net, and corresponding liabilities and equity to Rayonier Advanced Materials Inc. (“Rayonier Advanced Materials”) in connection with the spin-off of the Performance Fibers business. | |
The Consolidated Statements of Cash Flows for both 2014 and 2013 have not been restated to exclude Performance Fibers or Wood Products cash flows. Cash flows for the nine months ended September 30, 2014 also reflect transactions related to the Performance Fibers spin-off, including borrowings to arrange the capital structure prior to the separation, proceeds received upon the spin-off and the use of proceeds to pay down debt and pay a special dividend. | |
See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business and sale of the Wood Products business. | |
New Accounting Standards | ' |
New Accounting Standards | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to provide guidance on management’s responsibility in evaluating whether there is a substantial doubt about a company’s ability to continue as a going concern. If conditions or events raise substantial doubts about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, related footnote disclosures are required. This standard will be effective for Rayonier’s 2016 Form 10-K filing. It is not expected that the standard will have any impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB and International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard which will supersede current revenue recognition guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This standard will be effective for Rayonier beginning January 1, 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The standard requires a disposal of a component of an entity to be reported in discontinued operations if it represents a strategic shift with a major effect on an entity’s operations and financial results. It also removes requirements related to the evaluation of the component’s effect on ongoing operations and the entity’s continuing involvement with the component. Additional disclosures about discontinued operations are also required under this standard. ASU No. 2014-08 is required to be applied prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning December 15, 2014. As the Company has not elected early adoption, this standard will be effective for Rayonier’s first quarter 2015 Form 10-Q filing. It is not expected that the standard will have any impact on the Company’s consolidated financial statements. | |
Subsequent Events | ' |
Subsequent Events | |
The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and one subsequent event was identified that warranted disclosure. | |
Interest Expense Allocated to Discontinued Operations | ' |
In accordance with ASC 205-20-S99-3, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business. Interest expense has been allocated based on a ratio of net assets to be discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Forest Resources and Real Estate operations). | |
Equity Method Investments | ' |
The Company’s operating results for the nine months ended September 30, 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. | |
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 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. | |
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. | |
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 | ' |
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. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 related to the Performance Fibers spin-off for the three and nine months ended September 30, 2014 and 2013, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Sales | $ | — | $ | 225,523 | $ | 456,180 | $ | 766,377 | ||||||||
Cost of sales and other | — | (162,515 | ) | (368,868 | ) | (529,098 | ) | |||||||||
Transaction expenses | — | (1,368 | ) | (22,989 | ) | (1,512 | ) | |||||||||
Income from discontinued operations before income taxes | — | 61,640 | 64,323 | 235,767 | ||||||||||||
Income tax expense | — | (18,313 | ) | (21,231 | ) | (59,950 | ) | |||||||||
Income from discontinued operations, net | $ | — | $ | 43,327 | $ | 43,092 | $ | 175,817 | ||||||||
The following table reconciles the operating results of both the Performance Fibers and Wood Products discontinued operations, as presented in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Performance Fibers income from discontinued operations, net | $ | — | $ | 43,327 | $ | 43,092 | $ | 175,817 | ||||||||
Wood Products income from discontinued operations, net | — | — | — | 44,477 | ||||||||||||
Income from discontinued operations, net | $ | — | $ | 43,327 | $ | 43,092 | $ | 220,294 | ||||||||
The following table summarizes the operating results of the Company’s Wood Products discontinued operations and the related gain for the nine months ended September 30, 2013, as presented in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Sales | $ | 16,968 | ||||||||||||||
Cost of sales and other | (14,258 | ) | ||||||||||||||
Gain on sale of discontinued operations | 64,040 | |||||||||||||||
Income from discontinued operations before income taxes | 66,750 | |||||||||||||||
Income tax expense | (22,273 | ) | ||||||||||||||
Income from discontinued operations, net | $ | 44,477 | ||||||||||||||
Schedule of Interest Expense Allocated to Discontinued Operations | ' | |||||||||||||||
The following table summarizes the interest expense allocated to discontinued operations for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense allocated to the Performance Fibers business | $ | — | $ | (2,489 | ) | $ | (4,205 | ) | $ | (6,286 | ) | |||||
Schedule of Disposal Groups, Depreciation, Amortization, and Capital Expenditures | ' | |||||||||||||||
The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Depreciation and amortization | $ | — | $ | 22,340 | $ | 37,985 | $ | 51,142 | ||||||||
Capital expenditures | — | 11,357 | 46,336 | 81,540 | ||||||||||||
Jesup mill cellulose specialties expansion | — | 37,207 | — | 137,392 | ||||||||||||
Schedule of Major Classes of Performance Fibers Assets and Liabilities | ' | |||||||||||||||
The major classes of Performance Fibers assets and liabilities included in the spin-off are as follows: | ||||||||||||||||
June 27, 2014 | ||||||||||||||||
Accounts receivable, net | $ | 66,050 | ||||||||||||||
Inventory | 121,705 | |||||||||||||||
Prepaid and other current assets | 70,092 | |||||||||||||||
Property, plant and equipment, net | 862,487 | |||||||||||||||
Other assets | 103,400 | |||||||||||||||
Total assets | 1,223,734 | |||||||||||||||
Accounts payable | 65,522 | |||||||||||||||
Other current liabilities | 51,006 | |||||||||||||||
Long-Term debt | 950,000 | |||||||||||||||
Non-current environmental liabilities | 66,434 | |||||||||||||||
Pension and other postretirement benefits | 102,633 | |||||||||||||||
Other non-current liabilities | 7,269 | |||||||||||||||
Deficit | (19,130 | ) | ||||||||||||||
Total liabilities and equity | $ | 1,223,734 | ||||||||||||||
Schedule of Elimination of Intercompany Hardwood Purchases | ' | |||||||||||||||
Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Hardwood purchases | $ | — | $ | 108 | $ | 3,935 | $ | 458 | ||||||||
RESTATEMENT_OF_PREVIOUSLY_ISSU1
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | ||||||||||||
Consolidated Balance Sheet | |||||||||||||
as of March 31, 2014 | |||||||||||||
As Previously Reported | Restatement | As Restated | |||||||||||
Prepaid and Other Current Assets | $ | 54,557 | $ | 20 | $ | 54,577 | |||||||
Timber and Timberlands, Net of Depletion and Amortization | 2,069,518 | (1,969 | ) | 2,067,549 | |||||||||
Retained earnings | 996,573 | (1,949 | ) | 994,624 | |||||||||
The following tables summarize the effect of these restatements for the periods ended June 30, 2014 and March 31, 2014: | |||||||||||||
Consolidated Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2014 | |||||||||||||
As Previously Reported | Restatement | As Restated | |||||||||||
Operating Income | $ | 39,568 | $ | (1,991 | ) | $ | 37,577 | ||||||
Income Tax Expense | (13,515 | ) | (42 | ) | (13,557 | ) | |||||||
Income from Continuing Operations | 6,056 | (2,032 | ) | 4,024 | |||||||||
Income from Discontinued Operations, net | 12,084 | — | 12,084 | ||||||||||
Net Income | 18,140 | (2,032 | ) | 16,108 | |||||||||
Net Income Attributable to Rayonier Inc. | 18,385 | (2,032 | ) | 16,353 | |||||||||
Basic Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.05 | $ | (0.02 | ) | $ | 0.03 | ||||||
Discontinued Operations | 0.1 | — | 0.1 | ||||||||||
Net Income | $ | 0.15 | $ | (0.02 | ) | $ | 0.13 | ||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.05 | $ | (0.02 | ) | $ | 0.03 | ||||||
Discontinued Operations | 0.09 | — | 0.09 | ||||||||||
Net Income | $ | 0.14 | $ | (0.02 | ) | $ | 0.12 | ||||||
Consolidated Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2014 | |||||||||||||
As Previously Reported | Restatement | As Restated | |||||||||||
Operating Income | $ | 55,962 | $ | (3,959 | ) | $ | 52,003 | ||||||
Income Tax Expense | (5,939 | ) | (22 | ) | (5,961 | ) | |||||||
Income from Continuing Operations | 18,340 | (3,981 | ) | 14,359 | |||||||||
Income from Discontinued Operations, net | 43,092 | — | 43,092 | ||||||||||
Net Income | 61,432 | (3,981 | ) | 57,451 | |||||||||
Net Income Attributable to Rayonier Inc. | 61,760 | (3,981 | ) | 57,779 | |||||||||
Basic Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.15 | $ | (0.03 | ) | $ | 0.12 | ||||||
Discontinued Operations | 0.34 | — | 0.34 | ||||||||||
Net Income | $ | 0.49 | $ | (0.03 | ) | $ | 0.46 | ||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.14 | $ | (0.03 | ) | $ | 0.11 | ||||||
Discontinued Operations | 0.33 | — | 0.33 | ||||||||||
Net Income | $ | 0.47 | $ | (0.03 | ) | $ | 0.44 | ||||||
Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2014 | |||||||||||||
As Previously Reported (a) | Restatement | As Restated (a) | |||||||||||
Operating Income | $ | 65,008 | $ | (1,969 | ) | $ | 63,039 | ||||||
Income Tax Expense | (7,732 | ) | 20 | (7,712 | ) | ||||||||
Income from Continuing Operations | 43,292 | (1,949 | ) | 41,343 | |||||||||
Net Income | 43,292 | (1,949 | ) | 41,343 | |||||||||
Net Income Attributable to Rayonier Inc. | 43,375 | (1,949 | ) | 41,426 | |||||||||
Basic Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | ||||||
Discontinued Operations | — | — | — | ||||||||||
Net Income | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | ||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | |||||||||||||
Continuing Operations | $ | 0.34 | $ | (0.02 | ) | $ | 0.32 | ||||||
Discontinued Operations | — | — | — | ||||||||||
Net Income | $ | 0.34 | $ | (0.02 | ) | $ | 0.32 | ||||||
(a) | Includes the Performance Fibers business that was spun-off on June 27, 2014. | ||||||||||||
Consolidated Balance Sheet | |||||||||||||
as of June 30, 2014 | |||||||||||||
As Previously Reported | Restatement | As Restated | |||||||||||
Prepaid and Other Current Assets | $ | 21,565 | $ | (22 | ) | $ | 21,543 | ||||||
Timber and Timberlands, Net of Depletion and Amortization | 2,121,614 | (3,959 | ) | 2,117,655 | |||||||||
Retained earnings | 891,629 | (3,981 | ) | 887,648 | |||||||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Income from continuing operations | $ | 32,059 | $ | 15,040 | $ | 46,418 | $ | 73,699 | ||||||||
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | (642 | ) | 1,022 | (970 | ) | 1,749 | ||||||||||
Income from continuing operations attributable to Rayonier Inc. | $ | 32,701 | $ | 14,018 | $ | 47,388 | $ | 71,950 | ||||||||
Income from discontinued operations, net, attributable to Rayonier Inc. | $ | — | $ | 43,327 | $ | 43,092 | $ | 220,294 | ||||||||
Net income attributable to Rayonier Inc. | $ | 32,701 | $ | 57,345 | $ | 90,480 | $ | 292,244 | ||||||||
Shares used for determining basic earnings per common share | 126,501,837 | 126,122,151 | 126,428,279 | 125,549,133 | ||||||||||||
Dilutive effect of: | ||||||||||||||||
Stock options | 320,839 | 468,286 | 347,721 | 501,324 | ||||||||||||
Performance and restricted shares | 37,682 | 546,247 | 165,627 | 518,138 | ||||||||||||
Assumed conversion of Senior Exchangeable Notes (a) | 1,692,343 | 2,168,254 | 2,395,698 | 2,176,414 | ||||||||||||
Assumed conversion of warrants (a) | 1,237,812 | 1,608,466 | 2,344,335 | 2,043,965 | ||||||||||||
Shares used for determining diluted earnings per common share | 129,790,513 | 130,913,404 | 131,681,660 | 130,788,974 | ||||||||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||||||||||
Continuing operations | $ | 0.26 | $ | 0.11 | $ | 0.38 | $ | 0.57 | ||||||||
Discontinued operations | — | 0.34 | 0.34 | 1.76 | ||||||||||||
Net income | $ | 0.26 | $ | 0.45 | $ | 0.72 | $ | 2.33 | ||||||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||||||||||
Continuing operations | $ | 0.25 | $ | 0.11 | $ | 0.36 | $ | 0.55 | ||||||||
Discontinued operations | — | 0.33 | 0.33 | 1.68 | ||||||||||||
Net income | $ | 0.25 | $ | 0.44 | $ | 0.69 | $ | 2.23 | ||||||||
(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 price, 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 all periods presented. | ||||||||||||||||
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 and 97,918 shares were issued in the first week of April 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 $28.13 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 18 — Debt of this Form 10-Q. | ||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | ||||||||||||||||
Stock options, performance and restricted shares | 374,562 | 101,884 | 485,850 | 167,487 | ||||||||||||
Assumed conversion of exchangeable note hedges (a) | 1,692,343 | 2,168,254 | 2,395,698 | 2,176,414 | ||||||||||||
Total | 2,066,905 | 2,270,138 | 2,881,548 | 2,343,901 | ||||||||||||
(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 price, 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 all periods presented. | ||||||||||||||||
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 and 97,918 shares were issued in the first week of April 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 $28.13 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 18 — Debt of this Form 10-Q. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||
The tables below reconcile the U.S. statutory rate to the Company’s effective tax rate for each period presented: | ||||||||||||||
Three Months Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income tax expense at federal statutory rate | $ | 7,273 | 35 | % | $ | 2,881 | 35 | % | ||||||
REIT income, taxable losses and other | (16,673 | ) | (80.2 | ) | (10,094 | ) | (122.6 | ) | ||||||
Foreign operations | (44 | ) | (0.2 | ) | 1,295 | 15.8 | ||||||||
Loss on early redemption of Senior Exchangeable Notes | — | — | 288 | 3.5 | ||||||||||
Other | 99 | 0.4 | (33 | ) | (0.5 | ) | ||||||||
Income tax benefit before discrete items | (9,345 | ) | (45.0 | )% | (5,663 | ) | (68.8 | )% | ||||||
Uncertain tax positions | (1,830 | ) | (8.8 | ) | (800 | ) | (9.7 | ) | ||||||
CBPC valuation allowance | (990 | ) | (4.8 | ) | — | — | ||||||||
Return to accrual adjustments | 885 | 4.3 | — | — | ||||||||||
Other | — | — | (345 | ) | (4.2 | ) | ||||||||
Income tax benefit as reported for continuing operations | $ | (11,280 | ) | (54.3 | )% | $ | (6,808 | ) | (82.7 | )% | ||||
Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income tax expense at federal statutory rate | $ | 14,385 | 35 | % | $ | 15,732 | 35 | % | ||||||
REIT income and taxable losses | (30,572 | ) | (74.4 | ) | (41,417 | ) | (92.1 | ) | ||||||
Foreign operations | (88 | ) | (0.2 | ) | 2,812 | 6.3 | ||||||||
Loss on early redemption of Senior Exchangeable Notes | — | — | 1,572 | 3.5 | ||||||||||
Other | 196 | 0.5 | (185 | ) | (0.4 | ) | ||||||||
Income tax benefit before discrete items | (16,079 | ) | (39.1 | )% | (21,486 | ) | (47.7 | )% | ||||||
CBPC valuation allowance | 14,584 | 35.5 | — | — | ||||||||||
Deferred tax inventory valuations | (3,293 | ) | (8.0 | ) | — | — | ||||||||
Uncertain tax positions | (1,830 | ) | (4.5 | ) | — | — | ||||||||
Spin-off related costs | 797 | 1.9 | — | — | ||||||||||
Return to accrual adjustments | 885 | 2.2 | — | — | ||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | (5,634 | ) | (12.5 | ) | ||||||||
Reversal of REIT BIG tax payable | — | — | (485 | ) | (1.1 | ) | ||||||||
Other | (383 | ) | (0.9 | ) | (1,145 | ) | (2.6 | ) | ||||||
Income tax benefit as reported for continuing operations | $ | (5,319 | ) | (12.9 | )% | $ | (28,750 | ) | (63.9 | )% | ||||
JOINT_VENTURE_INVESTMENT_Table
JOINT VENTURE INVESTMENT (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Acquisition, Pro Forma Information | ' | |||||||
The following represents the pro forma Rayonier consolidated sales and net income for the three and nine months ended September 30, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013. | ||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||
Sales (a) | $ | 159,261 | $ | 455,729 | ||||
Net Income | $ | 58,367 | $ | 292,234 | ||||
(a) | Excludes results from discontinued operations. For additional information, see Note 2 — Discontinued Operations. |
SHAREHOLDERSS_EQUITY_Tables
SHAREHOLDERS'S EQUITY (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||
Schedule of Stockholders Equity | ' | ||||||||||||||||||||||
An analysis of shareholders’ equity for the nine months ended September 30, 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 upon redemption | — | 2,453 | — | — | — | 2,453 | |||||||||||||||||
Settlement of warrants | 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) | — | — | 90,480 | — | (970 | ) | 89,510 | ||||||||||||||||
Dividends ($1.78 per share) | — | — | (225,175 | ) | — | — | (225,175 | ) | |||||||||||||||
Contribution to Rayonier Advanced Materials | — | (301 | ) | (61,318 | ) | 80,749 | — | 19,130 | |||||||||||||||
Adjustments to Rayonier Advanced Materials | — | — | 985 | (2,556 | ) | — | (1,571 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 512,364 | 4,645 | — | — | — | 4,645 | |||||||||||||||||
Stock-based compensation | — | 6,780 | — | — | — | 6,780 | |||||||||||||||||
Tax deficiency on stock-based compensation | — | (809 | ) | — | — | — | (809 | ) | |||||||||||||||
Repurchase of common shares | (45,790 | ) | (1,834 | ) | — | — | — | (1,834 | ) | ||||||||||||||
Net losses from pension and postretirement plans | — | — | — | (14,958 | ) | — | (14,958 | ) | |||||||||||||||
Noncontrolling interest redemption of shares | — | — | — | — | (930 | ) | (930 | ) | |||||||||||||||
Foreign currency translation adjustment | — | — | — | (11,770 | ) | (4,656 | ) | (16,426 | ) | ||||||||||||||
Joint venture cash flow hedges | — | — | — | (1,757 | ) | (946 | ) | (2,703 | ) | ||||||||||||||
Balance, September 30, 2014 | 126,724,444 | $ | 700,581 | $ | 820,181 | $ | 3,569 | $ | 86,571 | $ | 1,610,902 | ||||||||||||
SEGMENT_AND_GEOGRAPHICAL_INFOR1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
ASSETS | 2014 | 2013 | ||||||||||||||
Forest Resources | $ | 2,160,615 | $ | 2,162,913 | ||||||||||||
Real Estate | 110,825 | 149,001 | ||||||||||||||
Other Operations | 24,107 | 37,334 | ||||||||||||||
Corporate and other | 182,012 | 257,608 | ||||||||||||||
Performance Fibers | — | 1,078,645 | ||||||||||||||
Total | $ | 2,477,559 | $ | 3,685,501 | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
SALES | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Forest Resources | $ | 108,024 | $ | 111,260 | $ | 313,822 | $ | 277,422 | ||||||||
Real Estate | 26,689 | 14,088 | 66,236 | 51,761 | ||||||||||||
Other Operations | 15,116 | 34,015 | 80,027 | 92,472 | ||||||||||||
Intersegment Eliminations | — | (102 | ) | (3,924 | ) | (452 | ) | |||||||||
Total | $ | 149,829 | $ | 159,261 | $ | 456,161 | $ | 421,203 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
OPERATING INCOME | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Forest Resources | $ | 19,191 | $ | 23,172 | $ | 64,657 | $ | 57,317 | ||||||||
Real Estate | 16,399 | 7,521 | 44,888 | 30,468 | ||||||||||||
Other Operations | 2,499 | (363 | ) | 1,955 | 1,356 | |||||||||||
Corporate and other (a) | (6,010 | ) | (10,361 | ) | (27,418 | ) | (15,418 | ) | ||||||||
Total | $ | 32,079 | $ | 19,969 | $ | 84,082 | $ | 73,723 | ||||||||
(a) | The nine months ended September 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV. | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Forest Resources | $ | 30,112 | $ | 28,475 | $ | 80,567 | $ | 72,210 | ||||||||
Real Estate | 3,807 | 2,074 | 11,140 | 8,720 | ||||||||||||
Corporate | 123 | 262 | 747 | 738 | ||||||||||||
Total | $ | 34,042 | $ | 30,811 | $ | 92,454 | $ | 81,668 | ||||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||
The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2014 and 2013. | ||||||||||
Three Months Ended | ||||||||||
September 30, | ||||||||||
Income Statement Location | 2014 | 2013 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | $ | (2,537 | ) | $ | 2,602 | ||||
Other operating (income) expense | — | 619 | ||||||||
Foreign currency option contracts | Other comprehensive income (loss) | (2,227 | ) | 832 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | Other operating (income) expense | $ | — | $ | (360 | ) | ||||
Foreign currency option contracts | Other operating (income) expense | — | (480 | ) | ||||||
Interest rate swaps | Interest and miscellaneous (expense) income, net | (1,765 | ) | 2,079 | ||||||
Fuel hedge contracts | Cost of sales (benefit) | (62 | ) | 162 | ||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
Income Statement Location | 2014 | 2013 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | $ | (1,868 | ) | $ | 1,093 | ||||
Other operating (income) expense | — | 619 | ||||||||
Foreign currency option contracts | Other comprehensive income (loss) | (2,006 | ) | 468 | ||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | Other operating (income) expense | $ | 25 | $ | (1,786 | ) | ||||
Foreign currency option contracts | Other operating (income) expense | 7 | 1,011 | |||||||
Interest rate swaps | Interest and miscellaneous (expense) income, net | (3,628 | ) | 4,729 | ||||||
Fuel hedge contracts | Cost of sales (benefit) | 163 | 14 | |||||||
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 | ||||||||||
September 30, 2014 | December 31, 2013 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | $ | 24,810 | $ | 32,300 | ||||||
Foreign currency option contracts | 70,500 | 38,000 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | $ | — | $ | 1,950 | ||||||
Foreign currency option contracts | — | 4,000 | ||||||||
Interest rate swaps | 180,858 | 183,851 | ||||||||
Fuel hedge contracts (in thousands of barrels) | 1 | 38 | ||||||||
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) | |||||||||
30-Sep-14 | 31-Dec-13 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Prepaid and other current assets | $ | — | $ | 915 | |||||
Other current liabilities | (696 | ) | — | |||||||
Other non-current liabilities | (181 | ) | — | |||||||
Foreign currency option contracts | Prepaid and other current assets | 134 | 673 | |||||||
Other assets | 89 | — | ||||||||
Other current liabilities | (1,555 | ) | (214 | ) | ||||||
Other non-current liabilities | (164 | ) | — | |||||||
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 | (5,519 | ) | (4,659 | ) | |||||
Fuel hedge contracts | Prepaid and other current assets | — | 160 | |||||||
Other current liabilities | (3 | ) | — | |||||||
Total derivative contracts: | ||||||||||
Prepaid and other current assets | $ | 134 | $ | 1,781 | ||||||
Other assets | 89 | — | ||||||||
Total derivative assets | 223 | 1,781 | ||||||||
Other current liabilities | (2,254 | ) | (214 | ) | ||||||
Other non-current liabilities | (5,864 | ) | (4,659 | ) | ||||||
Total derivative liabilities | $ | (8,118 | ) | $ | (4,873 | ) | ||||
(a) | See Note 11 — 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) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 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 September 30, 2014 and December 31, 2013, using market information and what management believes to be appropriate valuation methodologies under generally accepted accounting principles: | ||||||||||||||||||||||||
September 30, 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 | $ | 182,831 | $ | 182,831 | $ | — | $ | 199,644 | $ | 199,644 | $ | — | ||||||||||||
Restricted cash (a) | 21,626 | 21,626 | — | 68,944 | 68,944 | — | ||||||||||||||||||
Current maturities of long-term debt | (130,486 | ) | — | (173,531 | ) | (112,500 | ) | — | (119,614 | ) | ||||||||||||||
Long-term debt | (605,162 | ) | — | (607,139 | ) | (1,461,724 | ) | — | (1,489,810 | ) | ||||||||||||||
Interest rate swaps (b) | (5,519 | ) | — | (5,519 | ) | (4,659 | ) | — | (4,659 | ) | ||||||||||||||
Foreign currency exchange contracts (b) | (877 | ) | — | (877 | ) | 940 | — | 940 | ||||||||||||||||
Foreign currency option contracts (b) | (1,496 | ) | — | (1,496 | ) | 467 | — | 467 | ||||||||||||||||
Fuel contracts (b) | (3 | ) | — | (3 | ) | 160 | — | 160 | ||||||||||||||||
(a) | Restricted cash of $22 million and $69 million, as of September 30, 2014 and December 31, 2013, respectively, is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||||||||||||||||||||||
(b) | See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
GUARANTEES_Tables
GUARANTEES (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Schedule of Guarantor Obligations | ' | ||||||||
As of September 30, 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) | 782 | — | |||||||
Total financial commitments | $ | 20,391 | $ | 15,043 | |||||
(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, auto liability, and general liability policy requirements. These letters of credit will expire at various dates during 2014 and 2015 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 September 30, 2014, the Company has a de minimis 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. These surety bonds expire at various dates during 2015 and are expected to be renewed as required. |
COMMITMENTS_Tables
COMMITMENTS (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||||||||
At September 30, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows: | ||||||||||||||||||
Operating | Timberland | Purchase Obligations (b) | Total | |||||||||||||||
Leases | Leases (a) | |||||||||||||||||
Remaining 2014 | $ | 620 | $ | 3,003 | $ | 489 | $ | 4,112 | ||||||||||
2015 | 1,941 | 9,798 | 592 | 12,331 | ||||||||||||||
2016 | 1,464 | 9,443 | 204 | 11,111 | ||||||||||||||
2017 | 884 | 9,255 | 170 | 10,309 | ||||||||||||||
2018 | 575 | 7,644 | 1,950 | 10,169 | ||||||||||||||
Thereafter | 1,689 | 133,626 | 4,063 | 139,378 | ||||||||||||||
$ | 7,173 | $ | 172,769 | $ | 7,468 | $ | 187,410 | |||||||||||
(a) | The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. | |||||||||||||||||
(b) | Purchase obligations include payments expected to be made on derivative financial instruments held in New Zealand. | |||||||||||||||||
Summary of Leased Acres of Land | ' | |||||||||||||||||
The following table details the Company’s acres under lease as of September 30, 2014 by type of lease and lease expiration: | ||||||||||||||||||
(acres in 000s) | ||||||||||||||||||
Location | Type of Lease | Total | 2014 - 2024 | 2025 - 2034 | 2035 - 2044 | Thereafter | ||||||||||||
Southern U.S. | Fixed Term | 260 | 176 | 44 | 40 | — | ||||||||||||
Fixed Term with Renewal Option | 18 | 18 | — | — | — | |||||||||||||
New Zealand (a) | CFL - Perpetual | 60 | 37 | — | — | 23 | ||||||||||||
CFL - Fixed Term | 2 | — | — | — | 2 | |||||||||||||
CFL - Terminating | 21 | — | 3 | — | 18 | |||||||||||||
Forestry Right | 60 | 17 | 4 | 24 | 15 | |||||||||||||
Lease | 32 | 23 | — | — | 9 | |||||||||||||
Total Acres under Long-term Leases | 453 | 271 | 51 | 64 | 67 | |||||||||||||
(a) | Represents acres leased by the New Zealand JV, in which Rayonier has a 65 percent interest. |
LIABILITIES_FOR_DISPOSITIONS_A1
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | ||||||||
Sep. 30, 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: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Balance, beginning of period | $ | 76,378 | $ | 81,695 | |||||
Expenditures charged to liabilities | (5,096 | ) | (8,570 | ) | |||||
Increase to liabilities | 2,558 | 3,253 | |||||||
Contribution to Rayonier Advanced Materials | (73,840 | ) | — | ||||||
Balance, end of period | — | 76,378 | |||||||
Less: Current portion | — | (6,835 | ) | ||||||
Non-current portion | $ | — | $ | 69,543 | |||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $ | 378 | $ | 2,011 | $ | 3 | $ | 330 | ||||||||
Interest cost | 786 | 3,953 | 18 | 231 | ||||||||||||
Expected return on plan assets | (1,135 | ) | (5,966 | ) | — | — | ||||||||||
Amortization of prior service cost | 3 | 322 | — | 6 | ||||||||||||
Amortization of losses | 601 | 4,792 | 3 | 98 | ||||||||||||
Net periodic benefit cost (a) | $ | 633 | $ | 5,112 | $ | 24 | $ | 665 | ||||||||
Pension | Postretirement | |||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $ | 3,545 | $ | 6,441 | $ | 328 | $ | 828 | ||||||||
Interest cost | 9,921 | 12,740 | 423 | 711 | ||||||||||||
Expected return on plan assets | (14,123 | ) | (19,356 | ) | — | — | ||||||||||
Amortization of prior service cost | 572 | 1,032 | 8 | 19 | ||||||||||||
Amortization of losses | 5,942 | 15,308 | 248 | 533 | ||||||||||||
Amortization of negative plan amendment | — | — | (267 | ) | — | |||||||||||
Net periodic benefit cost (b) | $ | 5,857 | $ | 16,165 | $ | 740 | $ | 2,091 | ||||||||
(a) | Net periodic benefit cost for the three months ended September 30, 2013 includes $3.7 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||
(b) | Net periodic benefit cost for the nine months ended September 30, 2014 and September 30, 2013 includes $4.0 million and $11.2 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. |
DEBT_Tables
DEBT (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Schedule of Long-term Debt Instruments | ' | |||
Rayonier’s debt consisted of the following at September 30, 2014: | ||||
September 30, 2014 | ||||
Senior Notes due 2022 at a fixed interest rate of 3.75% | $ | 325,000 | ||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a) | 129,199 | |||
Mortgage notes due 2017 at fixed interest rates of 4.35% (b) | 53,926 | |||
Solid waste bond due 2020 at a variable interest rate of 1.3% at September 30, 2014 | 15,000 | |||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.53% at September 30, 2014 | 183,394 | |||
New Zealand JV Working Capital Facility due 2014 at a variable interest rate of 4.69% at September 30, 2014 | 1,287 | |||
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate | 27,842 | |||
Total debt | 735,648 | |||
Less: Current maturities of long-term debt | (130,486 | ) | ||
Long-term debt | $ | 605,162 | ||
(a) | The Senior Exchangeable Notes maturing in 2015 were discounted by $1.8 million as of September 30, 2014. Upon maturity the liability will be $131 million. | |||
(b) | The mortgage notes due in 2017 were recorded at a premium of $1.4 million as of September 30, 2014. Upon maturity, the liability will be $52.5 million. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 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 nine months ended September 30, 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 | (11,770 | ) | 172 | 57,770 | (a) | 46,172 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (1,929 | ) | 5,465 | (b) | 3,536 | ||||||||||
Net other comprehensive income | (11,770 | ) | (1,757 | ) | 63,235 | 49,708 | ||||||||||
Balance as of September 30, 2014 | $ | 25,144 | $ | (2,099 | ) | $ | (19,476 | ) | $ | 3,569 | ||||||
(a) | Reflects $78 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $20 million, net of taxes, of additional losses as a result of the revaluation required due to the spin-off. See Note 17 — Employee Benefit Plans for additional information. | |||||||||||||||
(b) | This accumulated other comprehensive income component is comprised of $4 million in the computation of net periodic pension cost and $1 million of deferred tax asset related to the revaluation and transfer of liabilities as a result of the spin-off. | |||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||
The following table presents details of the amounts reclassified in their entirety from AOCI for the nine months ended September 30, 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 | $ | (3,194 | ) | Other operating income, net | ||||||||||||
Realized gain on foreign currency option contracts | (1,058 | ) | Other operating income, net | |||||||||||||
Noncontrolling interest | 1,488 | Comprehensive loss (income) attributable to noncontrolling interest | ||||||||||||||
Income tax expense on gain from foreign currency contracts | 835 | Income tax benefit | ||||||||||||||
Net gain on cash flow hedges reclassified from accumulated other comprehensive income | (1,929 | ) | ||||||||||||||
Income tax expense on pension plan contributed to Rayonier Advanced Materials | 843 | Income tax benefit | ||||||||||||||
Net gain reclassified from accumulated other comprehensive income | $ | (1,086 | ) |
OTHER_OPERATING_INCOME_NET_Tab
OTHER OPERATING INCOME, NET (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Other Operating Income, Net [Abstract] | ' | |||||||||||||||
Interest and Other Income | ' | |||||||||||||||
Other operating income, net was comprised of the following: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Lease income, primarily from hunting leases | $ | 5,013 | $ | 4,367 | $ | 12,015 | $ | 9,141 | ||||||||
Other non-timber income | 817 | 573 | 1,503 | 1,651 | ||||||||||||
Foreign currency income (loss) | 4,304 | (2,050 | ) | 4,292 | 511 | |||||||||||
Gain on sale or disposal of property, plant & equipment | 66 | 2 | 46 | 287 | ||||||||||||
Gain (loss) on foreign currency exchange contracts | — | 221 | (32 | ) | 156 | |||||||||||
Bankruptcy claim settlement | — | — | 5,779 | — | ||||||||||||
Miscellaneous expense, net | (1,056 | ) | (299 | ) | (2,695 | ) | (1,159 | ) | ||||||||
Total | $ | 9,144 | $ | 2,814 | $ | 20,908 | $ | 10,587 | ||||||||
CONSOLIDATING_FINANCIAL_STATEM1
CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [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 September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 149,829 | $ | — | $ | 149,829 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 118,088 | — | 118,088 | ||||||||||||||||||
Selling and general expenses | — | 3,488 | — | 5,318 | — | 8,806 | ||||||||||||||||||
Other operating expense (income), net | — | (854 | ) | — | (8,290 | ) | — | (9,144 | ) | |||||||||||||||
— | 2,634 | — | 115,116 | — | 117,750 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (2,634 | ) | — | 34,713 | — | 32,079 | |||||||||||||||||
Interest expense | (3,685 | ) | 141 | (3,122 | ) | (2,900 | ) | — | (9,566 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | 1,799 | 814 | (260 | ) | (4,087 | ) | — | (1,734 | ) | |||||||||||||||
Equity in income from subsidiaries | 34,587 | 36,266 | 6,259 | — | (77,112 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 32,701 | 34,587 | 2,877 | 27,726 | (77,112 | ) | 20,779 | |||||||||||||||||
Income tax benefit | — | — | 1,234 | 10,046 | — | 11,280 | ||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 32,701 | 34,587 | 4,111 | 37,772 | (77,112 | ) | 32,059 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | — | ||||||||||||||||||
NET INCOME (LOSS) | 32,701 | 34,587 | 4,111 | 37,772 | (77,112 | ) | 32,059 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (642 | ) | — | (642 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | 32,701 | 34,587 | 4,111 | 38,414 | (77,112 | ) | 32,701 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (27,317 | ) | (27,318 | ) | (1,441 | ) | (37,738 | ) | 55,937 | (37,877 | ) | |||||||||||||
New Zealand joint venture cash flow hedges | (2,270 | ) | (2,271 | ) | (2,272 | ) | (3,494 | ) | 6,813 | (3,494 | ) | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,265 | 2,265 | (4,120 | ) | (4,120 | ) | 5,975 | 2,265 | ||||||||||||||||
Total other comprehensive loss | (27,322 | ) | (27,324 | ) | (7,833 | ) | (45,352 | ) | 68,725 | (39,106 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | 5,379 | 7,263 | (3,722 | ) | (7,580 | ) | (8,387 | ) | (7,047 | ) | ||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (12,295 | ) | (131 | ) | (12,426 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | $ | 5,379 | $ | 7,263 | $ | (3,722 | ) | $ | 4,715 | $ | (8,256 | ) | $ | 5,379 | ||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 159,261 | $ | — | $ | 159,261 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 129,002 | — | 129,002 | ||||||||||||||||||
Selling and general expenses | — | 2,276 | — | 10,828 | — | 13,104 | ||||||||||||||||||
Other operating expense (income), net | — | 738 | — | (4,213 | ) | 661 | (2,814 | ) | ||||||||||||||||
— | 3,014 | — | 135,617 | 661 | 139,292 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | — | — | — | ||||||||||||||||||
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | — | (3,014 | ) | — | 23,644 | (661 | ) | 19,969 | ||||||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | — | — | — | — | ||||||||||||||||||
OPERATING (LOSS) INCOME | — | (3,014 | ) | — | 23,644 | (661 | ) | 19,969 | ||||||||||||||||
Interest expense | (3,190 | ) | (162 | ) | (7,115 | ) | (356 | ) | — | (10,823 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 2,538 | 770 | (4,325 | ) | 103 | — | (914 | ) | ||||||||||||||||
Equity in income from subsidiaries | 57,932 | 58,802 | 39,544 | — | (156,278 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 57,280 | 56,396 | 28,104 | 23,391 | (156,939 | ) | 8,232 | |||||||||||||||||
Income tax benefit | 65 | 1,536 | 3,627 | 1,642 | (62 | ) | 6,808 | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 57,345 | 57,932 | 31,731 | 25,033 | (157,001 | ) | 15,040 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 43,327 | — | 43,327 | ||||||||||||||||||
NET INCOME | 57,345 | 57,932 | 31,731 | 68,360 | (157,001 | ) | 58,367 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 1,022 | — | 1,022 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 57,345 | 57,932 | 31,731 | 67,338 | (157,001 | ) | 57,345 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 17,887 | 17,887 | 2,084 | 24,259 | (37,858 | ) | 24,259 | |||||||||||||||||
New Zealand joint venture cash flow hedges | 2,233 | 2,231 | 2,231 | 3,434 | (6,696 | ) | 3,433 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 3,639 | 3,639 | 2,747 | 2,747 | (9,133 | ) | 3,639 | |||||||||||||||||
Total other comprehensive income | 23,759 | 23,757 | 7,062 | 30,440 | (53,687 | ) | 31,331 | |||||||||||||||||
COMPREHENSIVE INCOME | 81,104 | 81,689 | 38,793 | 98,800 | (210,688 | ) | 89,698 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | 8,594 | — | 8,594 | ||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 81,104 | $ | 81,689 | $ | 38,793 | $ | 90,206 | $ | (210,688 | ) | $ | 81,104 | |||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 456,161 | $ | — | $ | 456,161 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 357,083 | — | 357,083 | ||||||||||||||||||
Selling and general expenses | — | 8,032 | — | 27,872 | — | 35,904 | ||||||||||||||||||
Other operating expense (income), net | — | 3,094 | — | (24,002 | ) | — | (20,908 | ) | ||||||||||||||||
— | 11,126 | — | 360,953 | — | 372,079 | |||||||||||||||||||
OPERATING INCOME (LOSS) | — | (11,126 | ) | — | 95,208 | — | 84,082 | |||||||||||||||||
Interest expense | (10,074 | ) | (327 | ) | (20,794 | ) | (4,657 | ) | — | (35,852 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 7,230 | (1,375 | ) | (2,405 | ) | (10,581 | ) | — | (7,131 | ) | ||||||||||||||
Equity in income (loss) from subsidiaries | 93,324 | 106,315 | (16,692 | ) | — | (182,947 | ) | — | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 90,480 | 93,487 | (39,891 | ) | 79,970 | (182,947 | ) | 41,099 | ||||||||||||||||
Income tax benefit (expense) | — | (163 | ) | 8,467 | (2,985 | ) | — | 5,319 | ||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 90,480 | 93,324 | (31,424 | ) | 76,985 | (182,947 | ) | 46,418 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 43,092 | — | 43,092 | ||||||||||||||||||
NET INCOME (LOSS) | 90,480 | 93,324 | (31,424 | ) | 120,077 | (182,947 | ) | 89,510 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (970 | ) | — | (970 | ) | ||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | 90,480 | 93,324 | (31,424 | ) | 121,047 | (182,947 | ) | 90,480 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (11,770 | ) | (11,770 | ) | (162 | ) | (16,426 | ) | 23,702 | (16,426 | ) | |||||||||||||
New Zealand joint venture cash flow hedges | (1,756 | ) | (1,757 | ) | (1,758 | ) | (2,703 | ) | 5,271 | (2,703 | ) | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 63,235 | 63,235 | 90,214 | 90,214 | (243,663 | ) | 63,235 | |||||||||||||||||
Total other comprehensive income | 49,709 | 49,708 | 88,294 | 71,085 | (214,690 | ) | 44,106 | |||||||||||||||||
COMPREHENSIVE INCOME | 140,189 | 143,032 | 56,870 | 191,163 | (397,638 | ) | 133,616 | |||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (6,573 | ) | — | (6,573 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 140,189 | $ | 143,032 | $ | 56,870 | $ | 197,736 | $ | (397,638 | ) | $ | 140,189 | |||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non-guarantors | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | Adjustments | Consolidated | |||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | $ | — | $ | — | $ | — | $ | 421,203 | $ | — | $ | 421,203 | ||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 333,523 | — | 333,523 | ||||||||||||||||||
Selling and general expenses | — | 7,357 | — | 33,847 | — | 41,204 | ||||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 1,187 | — | (10,073 | ) | — | (10,587 | ) | |||||||||||||||
(1,701 | ) | 8,544 | — | 357,297 | — | 364,140 | ||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 562 | — | 562 | ||||||||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | (8,544 | ) | — | 64,468 | — | 57,625 | |||||||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | — | 16,098 | — | 16,098 | ||||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (8,544 | ) | — | 80,566 | — | 73,723 | |||||||||||||||||
Interest (expense) income | (9,879 | ) | (680 | ) | (20,730 | ) | 663 | — | (30,626 | ) | ||||||||||||||
Interest and miscellaneous income (expense), net | 6,716 | 2,403 | (5,873 | ) | (1,394 | ) | — | 1,852 | ||||||||||||||||
Equity in income from subsidiaries | 293,706 | 298,802 | 198,981 | — | (791,489 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 292,244 | 291,981 | 172,378 | 79,835 | (791,489 | ) | 44,949 | |||||||||||||||||
Income tax benefit | — | 1,725 | 9,164 | 17,861 | — | 28,750 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 292,244 | 293,706 | 181,542 | 97,696 | (791,489 | ) | 73,699 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 220,294 | — | 220,294 | ||||||||||||||||||
NET INCOME | 292,244 | 293,706 | 181,542 | 317,990 | (791,489 | ) | 293,993 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 1,749 | — | 1,749 | ||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 292,244 | 293,706 | 181,542 | 316,241 | (791,489 | ) | 292,244 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | 237 | 237 | 629 | (2,967 | ) | (1,103 | ) | (2,967 | ) | |||||||||||||||
New Zealand joint venture cash flow hedges | 3,663 | 3,663 | 1,014 | 4,209 | (8,340 | ) | 4,209 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 12,326 | 12,326 | 9,578 | 9,578 | (31,482 | ) | 12,326 | |||||||||||||||||
Total other comprehensive income | 16,226 | 16,226 | 11,221 | 10,820 | (40,925 | ) | 13,568 | |||||||||||||||||
COMPREHENSIVE INCOME | 308,470 | 309,932 | 192,763 | 328,810 | (832,414 | ) | 307,561 | |||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (909 | ) | — | (909 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 308,470 | $ | 309,932 | $ | 192,763 | $ | 329,719 | $ | (832,414 | ) | $ | 308,470 | |||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of September 30, 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 | $ | 84,283 | $ | 3,255 | $ | 48,233 | $ | 47,060 | $ | — | $ | 182,831 | ||||||||||||
Restricted cash | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | — | 1,359 | 26,878 | — | 28,237 | ||||||||||||||||||
Inventory | — | — | — | 12,439 | — | 12,439 | ||||||||||||||||||
Deferred tax assets | — | — | — | 4,211 | — | 4,211 | ||||||||||||||||||
Prepaid and other current assets | — | 1,511 | 14 | 22,296 | — | 23,821 | ||||||||||||||||||
Total current assets | 84,283 | 4,766 | 49,606 | 112,884 | — | 251,539 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,058,381 | — | 2,058,381 | ||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 483 | — | 6,048 | — | 6,531 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,522,406 | 1,907,075 | 499,062 | — | (3,928,543 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 245,898 | — | 21,279 | — | (267,177 | ) | — | |||||||||||||||||
OTHER ASSETS | 2,860 | 17,315 | 1,962 | 138,971 | — | 161,108 | ||||||||||||||||||
TOTAL ASSETS | $ | 1,855,447 | $ | 1,929,639 | $ | 571,909 | $ | 2,316,284 | $ | (4,195,720 | ) | $ | 2,477,559 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 1,595 | $ | 2,052 | $ | 19,479 | $ | — | $ | 23,126 | ||||||||||||
Current maturities of long-term debt | — | — | 129,199 | 1,287 | — | 130,486 | ||||||||||||||||||
Accrued taxes | — | 41 | — | 14,913 | — | 14,954 | ||||||||||||||||||
Uncertain tax positions | — | — | — | — | — | — | ||||||||||||||||||
Accrued payroll and benefits | — | 3,892 | — | 2,446 | — | 6,338 | ||||||||||||||||||
Accrued interest | 6,116 | (3 | ) | 1,004 | 29,098 | (26,079 | ) | 10,136 | ||||||||||||||||
Other current liabilities | — | 1,113 | — | 25,483 | — | 26,596 | ||||||||||||||||||
Total current liabilities | 6,116 | 6,638 | 132,255 | 92,706 | (26,079 | ) | 211,636 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 14,999 | 265,163 | — | 605,162 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 23,078 | — | (685 | ) | — | 22,393 | |||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,876 | — | 20,590 | — | 27,466 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 370,641 | — | (100,759 | ) | (269,882 | ) | — | ||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,524,331 | 1,522,406 | 424,655 | 1,952,698 | (3,899,759 | ) | 1,524,331 | |||||||||||||||||
Noncontrolling interest | — | — | — | 86,571 | — | 86,571 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,524,331 | 1,522,406 | 424,655 | 2,039,269 | (3,899,759 | ) | 1,610,902 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,855,447 | $ | 1,929,639 | $ | 571,909 | $ | 2,316,284 | $ | (4,195,720 | ) | $ | 2,477,559 | |||||||||||
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 | ||||||||||||||||||
Uncertain tax positions | — | 5,780 | — | 4,767 | — | 10,547 | ||||||||||||||||||
Accrued payroll and benefits | — | 11,382 | — | 13,566 | — | 24,948 | ||||||||||||||||||
Accrued interest | 3,047 | 538 | 2,742 | 22,816 | (19,612 | ) | 9,531 | |||||||||||||||||
Accrued customer incentives | — | — | — | 9,580 | — | 9,580 | ||||||||||||||||||
Other current liabilities | — | 2,985 | — | 21,342 | — | 24,327 | ||||||||||||||||||
Current liabilities for dispositions and discontinued operations | — | — | — | 6,835 | — | 6,835 | ||||||||||||||||||
Total current liabilities | 3,047 | 27,062 | 116,806 | 148,809 | (19,612 | ) | 276,112 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 847,749 | 288,975 | — | 1,461,724 | ||||||||||||||||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | — | — | — | 69,543 | — | 69,543 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 91,471 | — | 4,183 | — | 95,654 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 11,493 | — | 15,732 | — | 27,225 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 118,227 | — | 125,921 | (244,148 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 221,770 | 2,749,142 | (4,598,227 | ) | 1,661,170 | |||||||||||||||||
Noncontrolling interest | — | — | — | 94,073 | — | 94,073 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 221,770 | 2,843,215 | (4,598,227 | ) | 1,755,243 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,989,217 | $ | 1,875,568 | $ | 1,186,325 | $ | 3,496,378 | $ | (4,861,987 | ) | $ | 3,685,501 | |||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 219,988 | $ | 238,010 | $ | — | $ | 54,461 | $ | (231,730 | ) | $ | 280,729 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (400 | ) | — | (105,258 | ) | — | (105,658 | ) | |||||||||||||||
Purchase of timberlands | — | — | — | (93,189 | ) | — | (93,189 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | 47,318 | — | 47,318 | ||||||||||||||||||
Investment in Subsidiaries | — | — | 855,014 | — | (855,014 | ) | — | |||||||||||||||||
Other | — | — | — | (478 | ) | — | (478 | ) | ||||||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | (400 | ) | 855,014 | (151,607 | ) | (855,014 | ) | (152,007 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | — | 185,000 | 1,110,163 | — | 1,295,163 | ||||||||||||||||||
Repayment of debt | — | — | (1,002,500 | ) | (170,549 | ) | — | (1,173,049 | ) | |||||||||||||||
Dividends paid | (225,877 | ) | — | — | — | — | (225,877 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 4,645 | — | — | — | — | 4,645 | ||||||||||||||||||
Debt issuance costs | — | — | — | (12,380 | ) | — | (12,380 | ) | ||||||||||||||||
Repurchase of common shares | (1,834 | ) | — | — | — | — | (1,834 | ) | ||||||||||||||||
Purchase of timberland deeds for Rayonier Advanced Materials | (12,677 | ) | — | — | — | — | (12,677 | ) | ||||||||||||||||
Debt issuance funds distributed to Rayonier Advanced Materials | (924,943 | ) | — | — | — | — | (924,943 | ) | ||||||||||||||||
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | — | — | — | — | 906,200 | ||||||||||||||||||
Change in restricted cash reserved for dividends | — | — | — | — | — | — | ||||||||||||||||||
Issuance of intercompany notes | (11,400 | ) | — | — | 11,400 | — | — | |||||||||||||||||
Intercompany distributions | — | (234,659 | ) | — | (852,085 | ) | 1,086,744 | — | ||||||||||||||||
Other | — | — | — | (680 | ) | — | (680 | ) | ||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (265,886 | ) | (234,659 | ) | (817,500 | ) | 85,869 | 1,086,744 | (145,432 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (103 | ) | — | (103 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (45,898 | ) | 2,951 | 37,514 | (11,380 | ) | — | (16,813 | ) | |||||||||||||||
Balance, beginning of year | 130,181 | 304 | 10,719 | 58,440 | — | 199,644 | ||||||||||||||||||
Balance, end of period | $ | 84,283 | $ | 3,255 | $ | 48,233 | $ | 47,060 | $ | — | $ | 182,831 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 389,405 | $ | 394,700 | $ | 84,000 | $ | 291,478 | $ | (825,347 | ) | $ | 334,236 | |||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (335 | ) | — | (121,764 | ) | — | (122,099 | ) | |||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | — | (139,879 | ) | — | (139,879 | ) | ||||||||||||||||
Purchase of timberlands | — | — | — | (11,650 | ) | — | (11,650 | ) | ||||||||||||||||
Intercompany purchase of real estate | — | — | — | — | — | — | ||||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | (137,392 | ) | — | (137,392 | ) | ||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | — | 68,063 | — | 68,063 | ||||||||||||||||||
Change in restricted cash | — | — | — | 3,989 | — | 3,989 | ||||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (138,178 | ) | (316,836 | ) | — | 593,192 | — | |||||||||||||||
Other | — | 1,701 | — | (1,925 | ) | — | (224 | ) | ||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (136,812 | ) | (316,836 | ) | (340,558 | ) | 593,192 | (339,192 | ) | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | — | 375,000 | 57,885 | — | 607,885 | ||||||||||||||||||
Repayment of debt | (325,000 | ) | — | (56,527 | ) | (71,936 | ) | — | (453,463 | ) | ||||||||||||||
Dividends paid | (175,079 | ) | — | — | — | — | (175,079 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 9,205 | — | — | — | — | 9,205 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 8,189 | — | 8,189 | ||||||||||||||||||
Repurchase of common shares | (11,303 | ) | — | — | — | — | (11,303 | ) | ||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | 4,000 | — | — | ||||||||||||||||||
Intercompany distributions | — | (256,921 | ) | (84,000 | ) | 108,766 | 232,155 | — | ||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (331,177 | ) | (256,921 | ) | 234,473 | 106,904 | 232,155 | (14,566 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (336 | ) | — | (336 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (79,950 | ) | 967 | 1,637 | 57,488 | — | (19,858 | ) | ||||||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | ||||||||||||||||||
Balance, end of period | $ | 172,938 | $ | 4,933 | $ | 20,995 | $ | 61,872 | $ | — | $ | 260,738 | ||||||||||||
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 September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 149,829 | $ | — | $ | 149,829 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 118,088 | — | 118,088 | |||||||||||||||||||
Selling and general expenses | — | 3,488 | 5,318 | — | 8,806 | |||||||||||||||||||
Other operating income, net | — | (854 | ) | (8,290 | ) | — | (9,144 | ) | ||||||||||||||||
— | 2,634 | 115,116 | — | 117,750 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (2,634 | ) | 34,713 | — | 32,079 | ||||||||||||||||||
Interest expense | (3,685 | ) | (2,981 | ) | (2,900 | ) | — | (9,566 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 1,799 | 554 | (4,087 | ) | — | (1,734 | ) | |||||||||||||||||
Equity in income from subsidiaries | 34,587 | 38,414 | — | (73,001 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 32,701 | 33,353 | 27,726 | (73,001 | ) | 20,779 | ||||||||||||||||||
Income tax benefit | — | 1,234 | 10,046 | — | 11,280 | |||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 32,701 | 34,587 | 37,772 | (73,001 | ) | 32,059 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||||||||||
NET INCOME | 32,701 | 34,587 | 37,772 | (73,001 | ) | 32,059 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (642 | ) | — | (642 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 32,701 | 34,587 | 38,414 | (73,001 | ) | 32,701 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (27,317 | ) | (27,317 | ) | (37,738 | ) | 54,495 | (37,877 | ) | |||||||||||||||
New Zealand joint venture cash flow hedges | (2,270 | ) | (2,272 | ) | (3,494 | ) | 4,542 | (3,494 | ) | |||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,265 | 2,265 | (4,120 | ) | 1,855 | 2,265 | ||||||||||||||||||
Total other comprehensive loss | (27,322 | ) | (27,324 | ) | (45,352 | ) | 60,892 | (39,106 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 5,379 | 7,263 | (7,580 | ) | (12,109 | ) | (7,047 | ) | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (12,295 | ) | (131 | ) | (12,426 | ) | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 5,379 | $ | 7,263 | $ | 4,715 | $ | (11,978 | ) | $ | 5,379 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 159,261 | $ | — | $ | 159,261 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 129,002 | — | 129,002 | |||||||||||||||||||
Selling and general expenses | — | 2,276 | 10,828 | — | 13,104 | |||||||||||||||||||
Other operating expense (income), net | — | 738 | (4,213 | ) | 661 | (2,814 | ) | |||||||||||||||||
— | 3,014 | 135,617 | 661 | 139,292 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (3,014 | ) | 23,644 | (661 | ) | 19,969 | |||||||||||||||||
Interest expense | (3,190 | ) | (7,277 | ) | (356 | ) | — | (10,823 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 2,538 | (3,555 | ) | 103 | — | (914 | ) | |||||||||||||||||
Equity in income from subsidiaries | 57,932 | 66,610 | — | (124,542 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 57,280 | 52,764 | 23,391 | (125,203 | ) | 8,232 | ||||||||||||||||||
Income tax benefit | 65 | 5,168 | 1,642 | (67 | ) | 6,808 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 57,345 | 57,932 | 25,033 | (125,270 | ) | 15,040 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | 43,327 | — | 43,327 | |||||||||||||||||||
NET INCOME | 57,345 | 57,932 | 68,360 | (125,270 | ) | 58,367 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,022 | — | 1,022 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 57,345 | 57,932 | 67,338 | (125,270 | ) | 57,345 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 17,887 | 17,887 | 24,259 | (35,774 | ) | 24,259 | ||||||||||||||||||
New Zealand joint venture cash flow hedges | 2,233 | 2,231 | 3,434 | (4,465 | ) | 3,433 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 3,639 | 3,639 | 2,747 | (6,386 | ) | 3,639 | ||||||||||||||||||
Total other comprehensive income | 23,759 | 23,757 | 30,440 | (46,625 | ) | 31,331 | ||||||||||||||||||
COMPREHENSIVE INCOME | $ | 81,104 | $ | 81,689 | $ | 98,800 | $ | (171,895 | ) | $ | 89,698 | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 8,594 | $ | — | $ | 8,594 | ||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 81,104 | $ | 81,689 | $ | 90,206 | $ | (171,895 | ) | $ | 81,104 | |||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 456,161 | $ | — | $ | 456,161 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 357,083 | — | 357,083 | |||||||||||||||||||
Selling and general expenses | — | 8,032 | 27,872 | — | 35,904 | |||||||||||||||||||
Other operating expense (income), net | — | 3,094 | (24,002 | ) | — | (20,908 | ) | |||||||||||||||||
— | 11,126 | 360,953 | — | 372,079 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (11,126 | ) | 95,208 | — | 84,082 | ||||||||||||||||||
Interest expense | (10,074 | ) | (21,121 | ) | (4,657 | ) | — | (35,852 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 7,230 | (3,780 | ) | (10,581 | ) | — | (7,131 | ) | ||||||||||||||||
Equity in income from subsidiaries | 93,324 | 121,047 | — | (214,371 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 90,480 | 85,020 | 79,970 | (214,371 | ) | 41,099 | ||||||||||||||||||
Income tax benefit (expense) | — | 8,304 | (2,985 | ) | — | 5,319 | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 90,480 | 93,324 | 76,985 | (214,371 | ) | 46,418 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | 43,092 | — | 43,092 | |||||||||||||||||||
NET INCOME | 90,480 | 93,324 | 120,077 | (214,371 | ) | 89,510 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (970 | ) | — | (970 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 90,480 | 93,324 | 121,047 | (214,371 | ) | 90,480 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | (11,770 | ) | (11,770 | ) | (16,426 | ) | 23,540 | (16,426 | ) | |||||||||||||||
New Zealand joint venture cash flow hedges | (1,756 | ) | (1,758 | ) | (2,703 | ) | 3,514 | (2,703 | ) | |||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 63,235 | 63,235 | 90,214 | (153,449 | ) | 63,235 | ||||||||||||||||||
Total other comprehensive income | 49,709 | 49,707 | 71,085 | (126,395 | ) | 44,106 | ||||||||||||||||||
COMPREHENSIVE INCOME | 140,189 | 143,031 | 191,163 | (340,767 | ) | 133,616 | ||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (6,573 | ) | — | (6,573 | ) | |||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 140,189 | $ | 143,031 | $ | 197,736 | $ | (340,767 | ) | $ | 140,189 | |||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | $ | — | $ | — | $ | 421,203 | $ | — | $ | 421,203 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 333,523 | — | 333,523 | |||||||||||||||||||
Selling and general expenses | — | 7,357 | 33,847 | — | 41,204 | |||||||||||||||||||
Other operating (income) expense, net | (1,701 | ) | 1,187 | (10,073 | ) | — | (10,587 | ) | ||||||||||||||||
(1,701 | ) | 8,544 | 357,297 | — | 364,140 | |||||||||||||||||||
Equity in income of New Zealand joint venture | — | — | 562 | — | 562 | |||||||||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | (8,544 | ) | 64,468 | — | 57,625 | ||||||||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | 16,098 | — | 16,098 | |||||||||||||||||||
OPERATING INCOME (LOSS) | 1,701 | (8,544 | ) | 80,566 | — | 73,723 | ||||||||||||||||||
Interest (expense) income | (9,879 | ) | (21,410 | ) | 663 | — | (30,626 | ) | ||||||||||||||||
Interest and miscellaneous income (expense), net | 6,716 | (3,470 | ) | (1,394 | ) | — | 1,852 | |||||||||||||||||
Equity in income from subsidiaries | 293,706 | 316,241 | — | (609,947 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 292,244 | 282,817 | 79,835 | (609,947 | ) | 44,949 | ||||||||||||||||||
Income tax benefit | — | 10,889 | 17,861 | — | 28,750 | |||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 292,244 | 293,706 | 97,696 | (609,947 | ) | 73,699 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 220,294 | — | 220,294 | |||||||||||||||||||
NET INCOME | 292,244 | 293,706 | 317,990 | (609,947 | ) | 293,993 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,749 | — | 1,749 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 292,244 | 293,706 | 316,241 | (609,947 | ) | 292,244 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
Foreign currency translation adjustment | 237 | 237 | (2,967 | ) | (474 | ) | (2,967 | ) | ||||||||||||||||
New Zealand joint venture cash flow hedges | 3,663 | 3,663 | 4,209 | (7,326 | ) | 4,209 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 12,326 | 12,326 | 9,578 | (21,904 | ) | 12,326 | ||||||||||||||||||
Total other comprehensive income | 16,226 | 16,226 | 10,820 | (29,704 | ) | 13,568 | ||||||||||||||||||
COMPREHENSIVE INCOME | 308,470 | 309,932 | 328,810 | (639,651 | ) | 307,561 | ||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (909 | ) | — | (909 | ) | |||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $ | 308,470 | $ | 309,932 | $ | 329,719 | $ | (639,651 | ) | $ | 308,470 | |||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 84,283 | $ | 51,488 | $ | 47,060 | $ | — | $ | 182,831 | ||||||||||||||
Restricted cash | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 1,359 | 26,878 | — | 28,237 | |||||||||||||||||||
Inventory | — | — | 12,439 | — | 12,439 | |||||||||||||||||||
Deferred tax asset | — | — | 4,211 | — | 4,211 | |||||||||||||||||||
Prepaid and other current assets | — | 1,525 | 22,296 | — | 23,821 | |||||||||||||||||||
Total current assets | 84,283 | 54,372 | 112,884 | — | 251,539 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,058,381 | — | 2,058,381 | |||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 483 | 6,048 | — | 6,531 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,522,406 | 1,981,482 | — | (3,503,888 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 245,898 | 21,279 | — | (267,177 | ) | — | ||||||||||||||||||
OTHER ASSETS | 2,860 | 19,277 | 138,971 | — | 161,108 | |||||||||||||||||||
TOTAL ASSETS | $ | 1,855,447 | $ | 2,076,893 | $ | 2,316,284 | $ | (3,771,065 | ) | $ | 2,477,559 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 3,647 | $ | 19,479 | $ | — | $ | 23,126 | ||||||||||||||
Current maturities of long-term debt | — | 129,199 | 1,287 | — | 130,486 | |||||||||||||||||||
Accrued taxes | — | 41 | 14,913 | — | 14,954 | |||||||||||||||||||
Uncertain tax positions | — | — | — | — | — | |||||||||||||||||||
Accrued payroll and benefits | — | 3,892 | 2,446 | — | 6,338 | |||||||||||||||||||
Accrued interest | 6,116 | 1,001 | 29,098 | (26,079 | ) | 10,136 | ||||||||||||||||||
Other current liabilities | — | 1,113 | 25,483 | — | 26,596 | |||||||||||||||||||
Total current liabilities | 6,116 | 138,893 | 92,706 | (26,079 | ) | 211,636 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 14,999 | 265,163 | — | 605,162 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 23,078 | (685 | ) | — | 22,393 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,876 | 20,590 | — | 27,466 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 370,641 | (100,759 | ) | (269,882 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,524,331 | 1,522,406 | 1,952,698 | (3,475,104 | ) | 1,524,331 | ||||||||||||||||||
Noncontrolling interest | — | — | 86,571 | — | 86,571 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,524,331 | 1,522,406 | 2,039,269 | (3,475,104 | ) | 1,610,902 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,855,447 | $ | 2,076,893 | $ | 2,316,284 | $ | (3,771,065 | ) | $ | 2,477,559 | |||||||||||||
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 | |||||||||||||||||||
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 INC. SHAREHOLDERS’ EQUITY | 1,661,170 | 1,627,315 | 2,749,142 | (4,376,457 | ) | 1,661,170 | ||||||||||||||||||
Noncontrolling interest | — | — | 94,073 | — | 94,073 | |||||||||||||||||||
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 Nine Months Ended September 30, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 219,988 | $ | 238,010 | $ | 54,461 | $ | (231,730 | ) | $ | 280,729 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (400 | ) | (105,258 | ) | — | (105,658 | ) | ||||||||||||||||
Purchase of timberlands | — | — | (93,189 | ) | — | (93,189 | ) | |||||||||||||||||
Change in restricted cash | — | — | 47,318 | — | 47,318 | |||||||||||||||||||
Investment in Subsidiaries | — | 855,014 | — | (855,014 | ) | — | ||||||||||||||||||
Other | — | — | (478 | ) | — | (478 | ) | |||||||||||||||||
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — | 854,614 | (151,607 | ) | (855,014 | ) | (152,007 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | 185,000 | 1,110,163 | — | 1,295,163 | |||||||||||||||||||
Repayment of debt | — | (1,002,500 | ) | (170,549 | ) | — | (1,173,049 | ) | ||||||||||||||||
Dividends paid | (225,877 | ) | — | — | — | (225,877 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 4,645 | — | — | — | 4,645 | |||||||||||||||||||
Debt issuance costs | — | — | (12,380 | ) | — | (12,380 | ) | |||||||||||||||||
Repurchase of common shares | (1,834 | ) | — | — | — | (1,834 | ) | |||||||||||||||||
Purchase of timberland deeds for Rayonier Advanced Materials | (12,677 | ) | — | — | — | (12,677 | ) | |||||||||||||||||
Debt issuance funds distributed to Rayonier Advanced Materials | (924,943 | ) | — | — | — | (924,943 | ) | |||||||||||||||||
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | — | — | — | 906,200 | |||||||||||||||||||
Change in restricted cash reserved for dividends | — | — | — | — | — | |||||||||||||||||||
Issuance of intercompany notes | (11,400 | ) | — | 11,400 | — | — | ||||||||||||||||||
Intercompany distributions | — | (234,659 | ) | (852,085 | ) | 1,086,744 | — | |||||||||||||||||
Other | — | — | (680 | ) | — | (680 | ) | |||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (265,886 | ) | (1,052,159 | ) | 85,869 | 1,086,744 | (145,432 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (103 | ) | — | (103 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (45,898 | ) | 40,465 | (11,380 | ) | — | (16,813 | ) | ||||||||||||||||
Balance, beginning of year | 130,181 | 11,023 | 58,440 | — | 199,644 | |||||||||||||||||||
Balance, end of period | $ | 84,283 | $ | 51,488 | $ | 47,060 | $ | — | $ | 182,831 | ||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $ | 389,405 | $ | 394,700 | $ | 291,478 | $ | (741,347 | ) | $ | 334,236 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (335 | ) | (121,764 | ) | — | (122,099 | ) | ||||||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | (139,879 | ) | — | (139,879 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (11,650 | ) | — | (11,650 | ) | |||||||||||||||||
Intercompany purchase of real estate | — | — | — | — | — | |||||||||||||||||||
Jesup mill cellulose specialties expansion | — | — | (137,392 | ) | — | (137,392 | ) | |||||||||||||||||
Proceeds from disposition of Wood Products business | — | — | 68,063 | — | 68,063 | |||||||||||||||||||
Change in restricted cash | — | — | 3,989 | — | 3,989 | |||||||||||||||||||
Investment in Subsidiaries | (138,178 | ) | (455,014 | ) | — | 593,192 | — | |||||||||||||||||
Other | — | 1,701 | (1,925 | ) | — | (224 | ) | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | (138,178 | ) | (453,648 | ) | (340,558 | ) | 593,192 | (339,192 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | 175,000 | 375,000 | 57,885 | — | 607,885 | |||||||||||||||||||
Repayment of debt | (325,000 | ) | (56,527 | ) | (71,936 | ) | — | (453,463 | ) | |||||||||||||||
Dividends paid | (175,079 | ) | — | — | — | (175,079 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 9,205 | — | — | — | 9,205 | |||||||||||||||||||
Excess tax benefits on stock-based compensation | — | — | 8,189 | — | 8,189 | |||||||||||||||||||
Repurchase of common shares | (11,303 | ) | — | — | — | (11,303 | ) | |||||||||||||||||
Issuance of intercompany notes | (4,000 | ) | — | 4,000 | — | — | ||||||||||||||||||
Intercompany distributions | — | (256,921 | ) | 108,766 | 148,155 | — | ||||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (331,177 | ) | 61,552 | 106,904 | 148,155 | (14,566 | ) | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (336 | ) | — | (336 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (79,950 | ) | 2,604 | 57,488 | — | (19,858 | ) | |||||||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||||||||
Balance, end of period | $ | 172,938 | $ | 25,928 | $ | 61,872 | $ | — | $ | 260,738 | ||||||||||||||
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (USD $) | Sep. 30, 2014 | Nov. 07, 2014 |
In Billions, except Per Share data, unless otherwise specified | Subsequent Event [Member] | |
subsequent_event | ||
Subsequent Event [Line Items] | ' | ' |
Contributions of Assets, Net, Liabilities, and Equity to Spinoff | $1.20 | ' |
Number of Subsequent Events | ' | 1 |
Dividends Payable, Amount Per Share | ' | $0.25 |
DISCONTINUED_OPERATIONS_Narrat
DISCONTINUED OPERATIONS Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Jun. 27, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Jun. 27, 2014 | Mar. 01, 2013 | Sep. 30, 2013 | Mar. 01, 2013 | |
T | Performance Fibers business [Member] | Performance Fibers business [Member] | Performance Fibers business [Member] | Performance Fibers business [Member] | Performance Fibers business [Member] | Performance Fibers business [Member] | Wood Products business [Member] | Wood Products business [Member] | Wood Products business [Member] | |||
company | Senior Notes [Member] | Term Loans [Member] | Revolving Credit Facility [Member] | Common Stock [Member] | lumber_mill | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Post-Spin Companies | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Number of Rayonier Advanced Materials shares for every three Rayonier shares | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Cash Distribution from Former Subsidiary | ' | ' | ' | $906,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Rayonier Advanced Materials Debt | ' | 735,648,000 | ' | ' | 950,000,000 | 550,000,000 | 325,000,000 | 75,000,000 | ' | ' | ' | ' |
Change in restricted cash | ' | 47,318,000 | 3,989,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Dividends | 63,200,000 | 225,877,000 | 175,079,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Specified Transition Services, Period | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hardwood Provided to Former Subsidiary, Tons | ' | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of lumber mills sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Base consideration received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 80,000,000 |
After tax gain on disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,700,000 | ' | ' |
DISCONTINUED_OPERATIONS_Summar
DISCONTINUED OPERATIONS Summary of Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Income tax expense | $0 | ' | ($18,313) | ' | ($21,231) | ($82,223) |
Income from discontinued operations, net | 0 | 12,084 | 43,327 | 43,092 | 43,092 | 220,294 |
Performance Fibers business [Member] | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Sales | 0 | ' | 225,523 | ' | 456,180 | 766,377 |
Cost of sales and other | 0 | ' | -162,515 | ' | -368,868 | -529,098 |
Transaction expenses | 0 | ' | -1,368 | ' | -22,989 | -1,512 |
Income from discontinued operations before income taxes | 0 | ' | 61,640 | ' | 64,323 | 235,767 |
Income tax expense | 0 | ' | -18,313 | ' | -21,231 | -59,950 |
Income from discontinued operations, net | 0 | ' | 43,327 | ' | 43,092 | 175,817 |
Wood Products business [Member] | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | 16,968 |
Cost of sales and other | ' | ' | ' | ' | ' | -14,258 |
Gain on sale of discontinued operations | ' | ' | ' | ' | ' | 64,040 |
Income from discontinued operations before income taxes | ' | ' | ' | ' | ' | 66,750 |
Income tax expense | ' | ' | ' | ' | ' | -22,273 |
Income from discontinued operations, net | $0 | ' | $0 | ' | $0 | $44,477 |
DISCONTINUED_OPERATIONS_Intere
DISCONTINUED OPERATIONS Interest Expense Allocated to Discontinued Operations (Details) (Performance Fibers business [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Performance Fibers business [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Interest expense allocated to the Performance Fibers business | $0 | ($2,489) | ($4,205) | ($6,286) |
DISCONTINUED_OPERATIONS_Deprec
DISCONTINUED OPERATIONS Depreciation, Amortization, and Capital Expenditures (Details) (Performance Fibers business [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Performance Fibers business [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $0 | $22,340 | $37,985 | $51,142 |
Capital expenditures | 0 | 11,357 | 46,336 | 81,540 |
Jesup mill cellulose specialties expansion | $0 | $37,207 | $0 | $137,392 |
DISCONTINUED_OPERATIONS_Major_
DISCONTINUED OPERATIONS Major Classes of Performance Fibers Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 27, 2014 |
In Thousands, unless otherwise specified | Performance Fibers business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | $66,050 |
Inventory | 12,439 | ' | ' | 138,818 | 121,705 |
Prepaid and other current assets | ' | ' | ' | ' | 70,092 |
Property, plant and equipment, net | 6,531 | ' | ' | 860,821 | 862,487 |
Other assets | ' | ' | ' | ' | 103,400 |
TOTAL ASSETS | 2,477,559 | ' | ' | 3,685,501 | 1,223,734 |
Accounts payable | ' | ' | ' | ' | 65,522 |
Other current liabilities | 26,596 | ' | ' | 24,327 | 51,006 |
Long-Term debt | 735,648 | ' | ' | ' | 950,000 |
Non-current environmental liabilities | 0 | ' | ' | 69,543 | 66,434 |
Pension and other postretirement benefits | 22,393 | ' | ' | 95,654 | 102,633 |
Other non-current liabilities | 27,466 | ' | ' | 27,225 | 7,269 |
Deficit | 820,181 | 887,648 | 994,624 | 1,015,209 | -19,130 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $2,477,559 | ' | ' | $3,685,501 | $1,223,734 |
DISCONTINUED_OPERATIONS_Elimin
DISCONTINUED OPERATIONS Elimination of Intercompany Hardwood Purchases (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' |
Hardwood purchases | $0 | $108 | $3,935 | $458 |
DISCONTINUED_OPERATIONS_Reconc
DISCONTINUED OPERATIONS Reconciliation of Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Income from discontinued operations, net | $0 | $12,084 | $43,327 | $43,092 | $43,092 | $220,294 |
Performance Fibers business [Member] | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Income from discontinued operations, net | 0 | ' | 43,327 | ' | 43,092 | 175,817 |
Wood Products business [Member] | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Income from discontinued operations, net | $0 | ' | $0 | ' | $0 | $44,477 |
RESTATEMENT_OF_PREVIOUSLY_ISSU2
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 |
Understatement of Depletion Expense [Member] | Understatement of Depletion Expense [Member] | Additional Depletion Expense [Member] | |||||
Cost of sales | $118,088 | $129,002 | $357,083 | $333,523 | $2,000 | $2,000 | $2,600 |
RESTATEMENT_OF_PREVIOUSLY_ISSU3
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS Restatement of Consolidated Statements of Income and Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Operating Income | $32,079 | $37,577 | $63,039 | [1] | $19,969 | $52,003 | $84,082 | $73,723 | ' |
Income tax benefit | 11,280 | -13,557 | -7,712 | [1] | 6,808 | -5,961 | 5,319 | 28,750 | ' |
Income from Continuing Operations | 32,059 | 4,024 | 41,343 | [1] | 15,040 | 14,359 | 46,418 | 73,699 | ' |
Income from discontinued operations, net | 0 | 12,084 | ' | 43,327 | 43,092 | 43,092 | 220,294 | ' | |
Net Income | 32,059 | 16,108 | 41,343 | [1] | 58,367 | 57,451 | 89,510 | 293,993 | 373,798 |
Net Income Attributable to Rayonier Inc. | 32,701 | 16,353 | 41,426 | [1] | 57,345 | 57,779 | 90,480 | 292,244 | ' |
Basic Earnings Per Share Attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | |
Continuing operations, Basic (in dollars per share) | $0.26 | $0.03 | $0.33 | [1] | $0.11 | $0.12 | $0.38 | $0.57 | ' |
Discontinued operations, Basic (in dollars per share) | $0 | $0.10 | $0 | [1] | $0.34 | $0.34 | $0.34 | $1.76 | ' |
Net Income, Basic (in dollars per share) | $0.26 | $0.13 | $0.33 | [1] | $0.45 | $0.46 | $0.72 | $2.33 | ' |
Diluted Earnings Per Share Attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | |
Continuing operations, Diluted (in dollars per share) | $0.25 | $0.03 | $0.32 | [1] | $0.11 | $0.11 | $0.36 | $0.55 | ' |
Discontinued operations, Diluted (in dollars per share) | $0 | $0.09 | $0 | [1] | $0.33 | $0.33 | $0.33 | $1.68 | ' |
Net Income, Diluted (in dollars per share) | $0.25 | $0.12 | $0.32 | [1] | $0.44 | $0.44 | $0.69 | $2.23 | ' |
As Previously Preported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating Income | ' | 39,568 | 65,008 | [1] | ' | 55,962 | ' | ' | ' |
Income tax benefit | ' | -13,515 | -7,732 | [1] | ' | -5,939 | ' | ' | ' |
Income from Continuing Operations | ' | 6,056 | 43,292 | [1] | ' | 18,340 | ' | ' | ' |
Income from discontinued operations, net | ' | 12,084 | ' | ' | 43,092 | ' | ' | ' | |
Net Income | ' | 18,140 | 43,292 | [1] | ' | 61,432 | ' | ' | ' |
Net Income Attributable to Rayonier Inc. | ' | 18,385 | 43,375 | [1] | ' | 61,760 | ' | ' | ' |
Basic Earnings Per Share Attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | |
Continuing operations, Basic (in dollars per share) | ' | $0.05 | $0.34 | [1] | ' | $0.15 | ' | ' | ' |
Discontinued operations, Basic (in dollars per share) | ' | $0.10 | $0 | [1] | ' | $0.34 | ' | ' | ' |
Net Income, Basic (in dollars per share) | ' | $0.15 | $0.34 | [1] | ' | $0.49 | ' | ' | ' |
Diluted Earnings Per Share Attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | |
Continuing operations, Diluted (in dollars per share) | ' | $0.05 | $0.34 | [1] | ' | $0.14 | ' | ' | ' |
Discontinued operations, Diluted (in dollars per share) | ' | $0.09 | $0 | [1] | ' | $0.33 | ' | ' | ' |
Net Income, Diluted (in dollars per share) | ' | $0.14 | $0.34 | [1] | ' | $0.47 | ' | ' | ' |
Restatement [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating Income | ' | -1,991 | -1,969 | ' | -3,959 | ' | ' | ' | |
Income tax benefit | ' | -42 | 20 | ' | -22 | ' | ' | ' | |
Income from Continuing Operations | ' | -2,032 | -1,949 | ' | -3,981 | ' | ' | ' | |
Income from discontinued operations, net | ' | 0 | ' | ' | 0 | ' | ' | ' | |
Net Income | ' | -2,032 | -1,949 | ' | -3,981 | ' | ' | ' | |
Net Income Attributable to Rayonier Inc. | ' | ($2,032) | ($1,949) | ' | ($3,981) | ' | ' | ' | |
Basic Earnings Per Share Attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | |
Continuing operations, Basic (in dollars per share) | ' | ($0.02) | ($0.01) | ' | ($0.03) | ' | ' | ' | |
Discontinued operations, Basic (in dollars per share) | ' | $0 | $0 | ' | $0 | ' | ' | ' | |
Net Income, Basic (in dollars per share) | ' | ($0.02) | ($0.01) | ' | ($0.03) | ' | ' | ' | |
Diluted Earnings Per Share Attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | ' | |
Continuing operations, Diluted (in dollars per share) | ' | ($0.02) | ($0.02) | ' | ($0.03) | ' | ' | ' | |
Discontinued operations, Diluted (in dollars per share) | ' | $0 | $0 | ' | $0 | ' | ' | ' | |
Net Income, Diluted (in dollars per share) | ' | ($0.02) | ($0.02) | ' | ($0.03) | ' | ' | ' | |
[1] | Includes the Performance Fibers business that was spun-off on June 27, 2014. |
RESTATEMENT_OF_PREVIOUSLY_ISSU4
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS Restatement of Consolidated Balance Sheet (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Prepaid and Other Current Assets | $23,821 | $21,543 | $54,577 | $46,576 |
Timber and Timberlands, Net of Depletion and Amortization | 2,058,381 | 2,117,655 | 2,067,549 | 2,049,378 |
Retained earnings | 820,181 | 887,648 | 994,624 | 1,015,209 |
As Previously Preported [Member] | ' | ' | ' | ' |
Prepaid and Other Current Assets | ' | 21,565 | 54,557 | ' |
Timber and Timberlands, Net of Depletion and Amortization | ' | 2,121,614 | 2,069,518 | ' |
Retained earnings | ' | 891,629 | 996,573 | ' |
Restatement [Member] | ' | ' | ' | ' |
Prepaid and Other Current Assets | ' | -22 | 20 | ' |
Timber and Timberlands, Net of Depletion and Amortization | ' | -3,959 | -1,969 | ' |
Retained earnings | ' | ($3,981) | ($1,949) | ' |
EARNINGS_PER_COMMON_SHARE_Sche
EARNINGS PER COMMON SHARE Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Income amounts attributable to Rayonier Inc. | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations | $32,059 | $4,024 | $41,343 | [1] | $15,040 | $14,359 | $46,418 | $73,699 | ||||
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | -642 | ' | ' | 1,022 | ' | -970 | 1,749 | |||||
Income from continuing operations attributable to Rayonier Inc. | 32,701 | ' | ' | 14,018 | ' | 47,388 | 71,950 | |||||
Income from discontinued operations, net, attributable to Rayonier Inc. | 0 | ' | ' | 43,327 | ' | 43,092 | 220,294 | |||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $32,701 | $16,353 | $41,426 | [1] | $57,345 | $57,779 | $90,480 | $292,244 | ||||
Shares used for determining basic earnings per common share | 126,501,837 | ' | ' | 126,122,151 | ' | 126,428,279 | 125,549,133 | |||||
Dilutive effect of: | ' | ' | ' | ' | ' | ' | ' | |||||
Stock options | 320,839 | ' | ' | 468,286 | ' | 347,721 | 501,324 | |||||
Performance and restricted shares | 37,682 | ' | ' | 546,247 | ' | 165,627 | 518,138 | |||||
Assumed conversion of Senior Exchangeable Notes | 1,692,343 | [2] | ' | ' | 2,168,254 | [2] | ' | 2,395,698 | [2] | 2,176,414 | [2] | |
Assumed conversion of warrants | 1,237,812 | [2] | ' | ' | 1,608,466 | [2] | ' | 2,344,335 | [2] | 2,043,965 | [2] | |
Shares used for determining diluted earnings per common share | 129,790,513 | ' | ' | 130,913,404 | ' | 131,681,660 | 130,788,974 | |||||
Basic earnings per common share attributable to Rayonier Inc.: | ' | ' | ' | ' | ' | ' | ' | |||||
Continuing operations, Basic (in dollars per share) | $0.26 | $0.03 | $0.33 | [1] | $0.11 | $0.12 | $0.38 | $0.57 | ||||
Discontinued operations, Basic (in dollars per share) | $0 | $0.10 | $0 | [1] | $0.34 | $0.34 | $0.34 | $1.76 | ||||
Net Income, Basic (in dollars per share) | $0.26 | $0.13 | $0.33 | [1] | $0.45 | $0.46 | $0.72 | $2.33 | ||||
Diluted earnings per common share attributable to Rayonier Inc.: | ' | ' | ' | ' | ' | ' | ' | |||||
Continuing operations, Diluted (in dollars per share) | $0.25 | $0.03 | $0.32 | [1] | $0.11 | $0.11 | $0.36 | $0.55 | ||||
Discontinued operations, Diluted (in dollars per share) | $0 | $0.09 | $0 | [1] | $0.33 | $0.33 | $0.33 | $1.68 | ||||
Net Income, Diluted (in dollars per share) | $0.25 | $0.12 | $0.32 | [1] | $0.44 | $0.44 | $0.69 | $2.23 | ||||
[1] | Includes the Performance Fibers business that was spun-off on June 27, 2014. | |||||||||||
[2] | 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 price, 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 all periods presented.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 and 97,918 shares were issued in the first week of April 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 $28.13 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 18 — Debt of this Form 10-Q. |
EARNINGS_PER_COMMON_SHARE_Sche1
EARNINGS PER COMMON SHARE Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Anti-dilutive shares excluded from the computations of diluted earnings per share | 2,066,905 | 2,270,138 | 2,881,548 | 2,343,901 | ||||
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 | 374,562 | 101,884 | 485,850 | 167,487 | ||||
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 | 1,692,343 | [1] | 2,168,254 | [1] | 2,395,698 | [1] | 2,176,414 | [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 price, 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 all periods presented.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 and 97,918 shares were issued in the first week of April 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 $28.13 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 18 — Debt of this Form 10-Q. |
EARNINGS_PER_COMMON_SHARE_Pare
EARNINGS PER COMMON SHARE Parenthetical (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |
Apr. 07, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | |
Warrants on Senior Exchangeable Notes due 2012 [Member] | Warrants on Senior Exchangeable Notes due 2012 [Member] | 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 | 97,918 | 2,037,303 | ' | ' |
Strike price of warrants | ' | ' | ' | 28.13 |
INCOME_TAXES_AFMC_for_CBPC_exc
INCOME TAXES AFMC for CBPC exchange - Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2009 | Dec. 31, 2009 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2009 | Mar. 31, 2013 | |
tax_credit | Alternative Fuel Mixture Credit [Member] | Cellulosic Biofuel Producer Credit [Member] | Cellulosic Biofuel Producer 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 | ' | ' | ' | ' | ' | 0.5 | ' | ' | 1.01 | ' |
Tax payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $70,000,000 |
Gallons Exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 |
Expected income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 |
Valuation allowance | -990,000 | 0 | 14,584,000 | 0 | ' | ' | ' | 16,000,000 | ' | ' |
Valuation allowance, amount reversed | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' |
INCOME_TAXES_Schedule_of_Effec
INCOME TAXES Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | |
Income tax expense at federal statutory rate | $7,273 | ' | ' | $2,881 | ' | $14,385 | $15,732 | |
Income tax expense at federal statutory rate (percent) | 35.00% | ' | ' | 35.00% | ' | 35.00% | 35.00% | |
REIT income, taxable losses and other | -16,673 | ' | ' | -10,094 | ' | -30,572 | -41,417 | |
REIT income, taxable losses and other (percent) | -80.20% | ' | ' | -122.60% | ' | -74.40% | -92.10% | |
Foreign operations | -44 | ' | ' | 1,295 | ' | -88 | 2,812 | |
Foreign operations (percent) | -0.20% | ' | ' | 15.80% | ' | -0.20% | 6.30% | |
Loss on early redemption of Senior Exchangeable Notes | 0 | ' | ' | 288 | ' | 0 | 1,572 | |
Loss on early redemption of Senior Exchangeable Notes (percent) | 0.00% | ' | ' | 3.50% | ' | 0.00% | 3.50% | |
Other | 99 | ' | ' | -33 | ' | 196 | -185 | |
Other (percent) | 0.40% | ' | ' | -0.50% | ' | 0.50% | -0.40% | |
Income tax benefit before discrete items | -9,345 | ' | ' | -5,663 | ' | -16,079 | -21,486 | |
Income tax expense before discrete items (percent) | -45.00% | ' | ' | -68.80% | ' | -39.10% | -47.70% | |
CBPC valuation allowance | -990 | ' | ' | 0 | ' | 14,584 | 0 | |
CBPC valuation allowance | -4.80% | ' | ' | 0.00% | ' | 35.50% | 0.00% | |
Deferred tax inventory valuations | ' | ' | ' | ' | ' | -3,293 | 0 | |
Deferred tax inventory valuations (percent) | ' | ' | ' | ' | ' | -8.00% | 0.00% | |
Uncertain tax positions | -1,830 | ' | ' | -800 | ' | -1,830 | 0 | |
Uncertain tax positions (percent) | -8.80% | ' | ' | -9.70% | ' | -4.50% | 0.00% | |
Spin-off related costs | ' | ' | ' | ' | ' | 797 | 0 | |
Spin-off related costs (percent) | ' | ' | ' | ' | ' | 1.90% | 0.00% | |
Return to accrual adjustments | 885 | ' | ' | 0 | ' | 885 | 0 | |
Return to accrual adjustments (percent) | 4.30% | ' | ' | 0.00% | ' | 2.20% | 0.00% | |
Gain related to consolidation of New Zealand joint venture | ' | ' | ' | ' | ' | 0 | -5,634 | |
Gain related to consolidation of New Zealand joint venture (percent) | ' | ' | ' | ' | ' | 0.00% | -12.50% | |
Reversal of REIT BIG tax payable | ' | ' | ' | ' | ' | 0 | -485 | |
Reversal of REIT BIG tax payable (percent) | ' | ' | ' | ' | ' | 0.00% | -1.10% | |
Other | 0 | ' | ' | -345 | ' | -383 | -1,145 | |
Other (percent) | 0.00% | ' | ' | -4.20% | ' | -0.90% | -2.60% | |
Income tax benefit as reported for continuing operations | ($11,280) | $13,557 | $7,712 | [1] | ($6,808) | $5,961 | ($5,319) | ($28,750) |
Income tax expense as reported (percent) | -54.30% | ' | ' | -82.70% | ' | -12.90% | -63.90% | |
[1] | Includes the Performance Fibers business that was spun-off on June 27, 2014. |
INCOME_TAXES_Provision_for_Inc
INCOME TAXES Provision for Income Taxes from Discontinued Operations Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 01, 2013 | Sep. 30, 2013 | Mar. 01, 2013 | |
Performance Fibers business [Member] | Performance Fibers business [Member] | Performance Fibers business [Member] | Performance Fibers business [Member] | Wood Products business [Member] | Wood Products business [Member] | Wood Products business [Member] | |||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Tax Effect of Discontinued Operation | $0 | $18,313,000 | $21,231,000 | $82,223,000 | $0 | $18,313,000 | $21,231,000 | $59,950,000 | ' | $22,273,000 | ' |
Base consideration received | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 80,000,000 |
Description of Proceeds from Divestiture of Business | ' | ' | ' | ' | ' | ' | ' | ' | '$80 million plus a working capital adjustment | ' | ' |
Tax effect of gain on disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,400,000 | ' |
INCOME_TAXES_Unrecognized_Tax_
INCOME TAXES Unrecognized Tax Benefits Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ' | ' |
Expired unrecognized tax benefits | $5.80 | ' |
Income tax benefit due to expired unrecognized tax benefit liability | 1.8 | ' |
Decrease in deferred tax asset, noncurrent | 4 | ' |
Unrecognized tax benefits, reversed reserve | ' | 4.8 |
Amount of unrecognized tax benefits recorded in discontinued operations | ' | $0.90 |
INCOME_TAXES_Deferred_Taxes_Na
INCOME TAXES Deferred Taxes Narrative (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax assets | $4,211,000 | $39,100,000 |
Deferred Tax Assets, Valuation Allowance | $14,600,000 | ' |
RESTRICTED_DEPOSITS_Details
RESTRICTED DEPOSITS (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Restricted Cash and Investments [Abstract] | ' | ' |
Maximum Time Period Proceeds From LKE Sale Maintained with Third Party Intermediary | '180 days | ' |
Restricted Deposits | $21.60 | $68.90 |
JOINT_VENTURE_INVESTMENT_Narra
JOINT VENTURE INVESTMENT Narrative (Details) (USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Apr. 04, 2013 | Sep. 30, 2013 | Apr. 04, 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 | ' | ' |
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 | ' | ' |
Matariki Forestry Group [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Acres Of Timberland Owned Managed | 300,000 | ' | 300,000 |
JOINT_VENTURE_INVESTMENT_Busin
JOINT VENTURE INVESTMENT Business Acquisition, Pro Forma Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | ' | ||
Sales | $159,261 | [1] | $455,729 | [1] |
Net Income | $58,367 | $292,234 | ||
[1] | Excludes results from discontinued operations. For additional information, see Note 2 — Discontinued Operations. |
SHAREHOLDERSS_EQUITY_Details
SHAREHOLDERS'S EQUITY (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 07, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Warrants on Senior Exchangeable Notes due 2012 [Member] | Warrants on Senior Exchangeable Notes due 2012 [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | ||||||||||
Warrants on Senior Exchangeable Notes due 2012 [Member] | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Beginning balance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,257,870 | 123,332,444 | ' | ' | ' | ' | ' | ' | ' | |
Beginning balance | ' | ' | $1,755,243 | ' | $1,755,243 | $1,755,243 | $1,438,004 | $1,438,004 | ' | ' | $692,100 | $670,749 | ' | $1,015,209 | $876,634 | ($46,139) | ($109,379) | $94,073 | $0 | |
Net income (loss) | 32,059 | 16,108 | 41,343 | [1] | 58,367 | 57,451 | 89,510 | 293,993 | 373,798 | ' | ' | ' | ' | ' | 90,480 | 371,896 | ' | ' | -970 | 1,902 |
Dividends ($1.86 per share for 2013 and $1.78 per share for 9 months ended 9/30/14) | ' | ' | ' | ' | ' | -225,175 | ' | -233,321 | ' | ' | ' | ' | ' | -225,175 | -233,321 | ' | ' | ' | ' | |
Contribution to Rayonier Advanced Materials | ' | ' | ' | ' | ' | 19,130 | ' | ' | ' | ' | -301 | ' | ' | -61,318 | ' | 80,749 | ' | ' | ' | |
Adjustments to Rayonier Advanced Materials | ' | ' | ' | ' | ' | -1,571 | ' | ' | ' | ' | ' | ' | ' | 985 | ' | -2,556 | ' | ' | ' | |
Issuance of shares under incentive stock plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 512,364 | 1,001,426 | ' | ' | ' | ' | ' | ' | ' | |
Issuance of shares under incentive stock plans | ' | ' | ' | ' | ' | 4,645 | ' | 10,101 | ' | ' | 4,645 | 10,101 | ' | ' | ' | ' | ' | ' | ' | |
Stock-based compensation | ' | ' | ' | ' | ' | 6,780 | ' | 11,710 | ' | ' | 6,780 | 11,710 | ' | ' | ' | ' | ' | ' | ' | |
Excess tax benefit (deficiency) on stock-based compensation | ' | ' | ' | ' | ' | -809 | ' | 8,413 | ' | ' | -809 | 8,413 | ' | ' | ' | ' | ' | ' | ' | |
Repurchase of common shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,790 | -211,221 | ' | ' | ' | ' | ' | ' | ' | |
Repurchase of common shares | ' | ' | ' | ' | ' | -1,834 | ' | -11,326 | ' | ' | -1,834 | -11,326 | ' | ' | ' | ' | ' | ' | ' | |
Equity portion of convertible debt upon redemption | ' | ' | ' | ' | ' | ' | ' | 2,453 | ' | ' | ' | 2,453 | ' | ' | ' | ' | ' | ' | ' | |
Settlement of warrants | ' | ' | ' | ' | ' | ' | ' | ' | 97,918 | 2,037,303 | ' | ' | 2,135,221 | ' | ' | ' | ' | ' | ' | |
Net gain (loss) from pension and postretirement plans | ' | ' | ' | ' | ' | -14,958 | ' | 61,869 | ' | ' | ' | ' | ' | ' | ' | -14,958 | 61,869 | ' | ' | |
Acquisition of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | 96,336 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,336 | |
Noncontrolling interest redemption of shares | ' | ' | ' | ' | ' | -930 | ' | -713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -930 | -713 | |
Foreign currency translation adjustment | -37,877 | ' | ' | 24,259 | ' | -16,426 | -2,967 | -5,710 | ' | ' | ' | ' | ' | ' | ' | -11,770 | -1,915 | -4,656 | -3,795 | |
Joint venture cash flow hedges | -3,494 | ' | ' | 3,433 | ' | -2,703 | 4,209 | 3,629 | ' | ' | ' | ' | ' | ' | ' | -1,757 | 3,286 | -946 | 343 | |
Ending balance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,724,444 | 126,257,870 | ' | ' | ' | ' | ' | ' | ' | |
Ending balance | $1,610,902 | ' | ' | ' | ' | $1,610,902 | ' | $1,755,243 | ' | ' | $700,581 | $692,100 | ' | $820,181 | $1,015,209 | $3,569 | ($46,139) | $86,571 | $94,073 | |
Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Dividends per share | $0.80 | ' | ' | $0.49 | ' | $1.78 | $1.37 | $1.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Includes the Performance Fibers business that was spun-off on June 27, 2014. |
SEGMENT_AND_GEOGRAPHICAL_INFOR2
SEGMENT AND GEOGRAPHICAL INFORMATION Narrative (Details) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Sep. 30, 2014 | |
segment | segment | |
Segment Reporting [Abstract] | ' | ' |
Number of reportable segments | 3 | 2 |
SEGMENT_AND_GEOGRAPHICAL_INFOR3
SEGMENT AND GEOGRAPHICAL INFORMATION Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
ASSETS | $2,477,559 | ' | ' | ' | ' | $2,477,559 | ' | $3,685,501 | |||||
SALES | 149,829 | ' | ' | 159,261 | ' | 456,161 | 421,203 | ' | |||||
OPERATING INCOME | 32,079 | 37,577 | 63,039 | [1] | 19,969 | 52,003 | 84,082 | 73,723 | ' | ||||
Gain on consolidation | ' | ' | ' | ' | ' | 0 | 16,098 | ' | |||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 34,042 | ' | ' | 30,811 | ' | 92,454 | 81,668 | ' | |||||
New Zealand Joint Venture [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain on consolidation | ' | ' | ' | ' | ' | ' | 16,100 | ' | |||||
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
ASSETS | 182,012 | ' | ' | ' | ' | 182,012 | ' | 257,608 | |||||
OPERATING INCOME | -6,010 | [2] | ' | ' | -10,361 | [2] | ' | -27,418 | [2] | -15,418 | [2] | ' | |
DEPRECIATION, DEPLETION AND AMORTIZATION | 123 | ' | ' | 262 | ' | 747 | 738 | ' | |||||
Forest Resources [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
ASSETS | 2,160,615 | ' | ' | ' | ' | 2,160,615 | ' | 2,162,913 | |||||
SALES | 108,024 | ' | ' | 111,260 | ' | 313,822 | 277,422 | ' | |||||
OPERATING INCOME | 19,191 | ' | ' | 23,172 | ' | 64,657 | 57,317 | ' | |||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 30,112 | ' | ' | 28,475 | ' | 80,567 | 72,210 | ' | |||||
Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
ASSETS | 110,825 | ' | ' | ' | ' | 110,825 | ' | 149,001 | |||||
SALES | 26,689 | ' | ' | 14,088 | ' | 66,236 | 51,761 | ' | |||||
OPERATING INCOME | 16,399 | ' | ' | 7,521 | ' | 44,888 | 30,468 | ' | |||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 3,807 | ' | ' | 2,074 | ' | 11,140 | 8,720 | ' | |||||
Other Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
ASSETS | 24,107 | ' | ' | ' | ' | 24,107 | ' | 37,334 | |||||
SALES | 15,116 | ' | ' | 34,015 | ' | 80,027 | 92,472 | ' | |||||
OPERATING INCOME | 2,499 | ' | ' | -363 | ' | 1,955 | 1,356 | ' | |||||
Performance Fibers business [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
ASSETS | 0 | ' | ' | ' | ' | 0 | ' | 1,078,645 | |||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
SALES | $0 | ' | ' | ($102) | ' | ($3,924) | ($452) | ' | |||||
[1] | Includes the Performance Fibers business that was spun-off on June 27, 2014. | ||||||||||||
[2] | The nine months ended September 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV. |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Narrative (Details) | Sep. 30, 2014 |
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 | 81.00% |
Minimum [Member] | ' |
Derivative [Line Items] | ' |
Percent of New Zealand JV variable rate debt hedged for three months | 50.00% |
Percent of New Zealand JV variable rate debt hedged for three to 12 months | 50.00% |
Maximum [Member] | ' |
Derivative [Line Items] | ' |
Percent of New Zealand JV variable rate debt hedged for three months | 90.00% |
Percent of New Zealand JV variable rate debt hedged for three to 12 months | 75.00% |
Percent of New Zealand JV variable rate debt hedged for 12 to 18 months | 50.00% |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Income Statement Location (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | $0 | ($221,000) | $32,000 | ($156,000) |
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 | ' | ' | -1,500,000 | ' |
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other operating expense (income) [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 0 | 619,000 | 0 | 619,000 |
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 | -2,537,000 | 2,602,000 | -1,868,000 | 1,093,000 |
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 | -2,227,000 | 832,000 | -2,006,000 | 468,000 |
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 | 0 | 360,000 | -25,000 | 1,786,000 |
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 | 0 | 480,000 | -7,000 | -1,011,000 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Interest and other miscellaneous (expense) income [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Non-designated hedged item, gain (Ioss) recognized in income | -1,765,000 | 2,079,000 | -3,628,000 | 4,729,000 |
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 | $62,000 | ($162,000) | ($163,000) | ($14,000) |
DERIVATIVE_FINANCIAL_INSTRUMEN4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Notional Amounts (Details) (USD $) | Sep. 30, 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 | $1,950 |
Foreign currency option contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 0 | 4,000 |
Interest rate swaps [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 180,858 | 183,851 |
Fuel hedge contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount (in barrels) | 1,000 | 38,000 |
Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | 24,810 | 32,300 |
Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | $70,500 | $38,000 |
DERIVATIVE_FINANCIAL_INSTRUMEN5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Balance Sheet Location (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | $223 | [1] | $1,781 | [1] |
Fair value, derivative liability | -8,118 | [1] | -4,873 | [1] |
Other current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -2,254 | [1] | -214 | [1] |
Other non-current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -5,864 | [1] | -4,659 | [1] |
Prepaid and other current assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | 134 | [1] | 1,781 | [1] |
Other assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | 89 | [1] | 0 | [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 | -696 | [1] | 0 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other non-current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -181 | [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 | 0 | [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 | -1,555 | [1] | -214 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other non-current liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative liability | -164 | [1] | 0 | [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 | 134 | [1] | 673 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair value, derivative asset | 89 | [1] | 0 | [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 | -5,519 | [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 | -3 | [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 11 — 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 $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Restricted deposits from LKE sales | $21,600,000 | $68,900,000 | ||
Other assets [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Restricted deposits from LKE sales | 22,000,000 | 69,000,000 | ||
Carrying Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash and cash equivalents | 182,831,000 | 199,644,000 | ||
Restricted cash | 21,626,000 | [1] | 68,944,000 | [1] |
Current maturities of long-term debt | -130,486,000 | -112,500,000 | ||
Long-term debt | -605,162,000 | -1,461,724,000 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Interest rate swaps | -5,519,000 | [2] | -4,659,000 | [2] |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fuel contracts | -3,000 | [2] | 160,000 | [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 contracts | -877,000 | [2] | 940,000 | [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 contracts | -1,496,000 | [2] | 467,000 | [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 | 182,831,000 | 199,644,000 | ||
Restricted cash | 21,626,000 | [1] | 68,944,000 | [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] | Commodity Contract [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 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 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 | -173,531,000 | -119,614,000 | ||
Long-term debt | -607,139,000 | -1,489,810,000 | ||
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 | -5,519,000 | [2] | -4,659,000 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fuel contracts | -3,000 | [2] | 160,000 | [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 contracts | -877,000 | [2] | 940,000 | [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 contracts | ($1,496,000) | [2] | $467,000 | [2] |
[1] | Restricted cash of $22 million and $69 million, as of September 30, 2014 and December 31, 2013, respectively, is recorded in “Other Assets†and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||
[2] | See Note 10 — 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) | 9 Months Ended |
Sep. 30, 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. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. |
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 $) | 9 Months Ended | |
Sep. 30, 2014 | ||
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | $20,391,000 | |
Carrying Amount of Associated Liability | 15,043,000 | |
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 and 2015 | |
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 minimis liability | |
Surety bonds [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Maximum Potential Payment | 782,000 | [3] |
Carrying Amount of Associated Liability | $0 | [3] |
Surety Bond [Member] | ' | |
Guarantor Obligations [Line Items] | ' | |
Guarantor Obligations, Term | 'various dates during 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, auto liability, and general liability policy requirements. These letters of credit will expire at various dates during 2014 and 2015 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 September 30, 2014, the Company has a de minimis 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. These surety bonds expire at various dates during 2015 and are expected to be renewed as required. |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | ||
lease | ||
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | ' | |
2014 | $489,000 | [1] |
2015 | 592,000 | [1] |
2016 | 204,000 | [1] |
2017 | 170,000 | [1] |
2018 | 1,950,000 | [1] |
Thereafter | 4,063,000 | [1] |
Total | 7,468,000 | [1] |
Purchase Obligation, Fiscal Year Maturity [Abstract] | ' | |
2014 | 4,112,000 | |
2015 | 12,331,000 | |
2016 | 11,111,000 | |
2017 | 10,309,000 | |
2018 | 10,169,000 | |
Thereafter | 139,378,000 | |
Total | 187,410,000 | |
Operating Leases [Member] | ' | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | |
2014 | 620,000 | |
2015 | 1,941,000 | |
2016 | 1,464,000 | |
2017 | 884,000 | |
2018 | 575,000 | |
Thereafter | 1,689,000 | |
Total | 7,173,000 | |
Timber Properties [Member] | ' | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | |
2014 | 3,003,000 | [2] |
2015 | 9,798,000 | [2] |
2016 | 9,443,000 | [2] |
2017 | 9,255,000 | [2] |
2018 | 7,644,000 | [2] |
Thereafter | 133,626,000 | [2] |
Total | 172,769,000 | [2] |
Matariki Crown Forest Licenses [Member] | ' | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | ' | |
Lessee Leasing Arrangements, Operating Leases, Termination Notice | '35 years | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | '1 year | |
Number of Leases Under Termination Notice | 3 | |
Number of Fixed Term Forest Leases Expiring | 2 | |
Total annual license fee on CFLs | 1,900,000 | |
Annual license fee on CFLs terminating or expiring | $200,000 | |
Southern U.S. [Member] | Minimum [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '30 years | |
Southern U.S. [Member] | Maximum [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '65 years | |
New Zealand JV [Member] | Minimum [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '30 years | |
New Zealand JV [Member] | Maximum [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | '99 years | |
[1] | Purchase obligations include payments expected to be made on derivative financial instruments held in New Zealand. | |
[2] | The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. |
COMMITMENTS_Acres_Under_Lease_
COMMITMENTS Acres Under Lease by Type of Lease and Lease Expiration (Details) | 9 Months Ended | |
Sep. 30, 2014 | ||
Acres | ||
Operating Leased Assets [Line Items] | ' | |
Total number of acres | 453,000 | |
Number of acres with lease expiring 2014-2024 | 271,000 | |
Number of acres with lease expiring 2025-2034 | 51,000 | |
Number of acres with lease expiring 2035-2044 | 64,000 | |
Number of acres with lease expiring Thereafter | 67,000 | |
Ownership Percentage | 65.00% | |
Southern U.S. [Member] | Fixed Term [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Total number of acres | 260,000 | |
Number of acres with lease expiring 2014-2024 | 176,000 | |
Number of acres with lease expiring 2025-2034 | 44,000 | |
Number of acres with lease expiring 2035-2044 | 40,000 | |
Number of acres with lease expiring Thereafter | 0 | |
Southern U.S. [Member] | Fixed Term with Renewal Option [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Total number of acres | 18,000 | |
Number of acres with lease expiring 2014-2024 | 18,000 | |
Number of acres with lease expiring 2025-2034 | 0 | |
Number of acres with lease expiring 2035-2044 | 0 | |
Number of acres with lease expiring Thereafter | 0 | |
New Zealand [Member] | Crown Forest License Perpetual [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Total number of acres | 60,000 | [1] |
Number of acres with lease expiring 2014-2024 | 37,000 | [1] |
Number of acres with lease expiring 2025-2034 | 0 | [1] |
Number of acres with lease expiring 2035-2044 | 0 | [1] |
Number of acres with lease expiring Thereafter | 23,000 | [1] |
New Zealand [Member] | Crown Forest License Fixed Term [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Total number of acres | 2,000 | [1] |
Number of acres with lease expiring 2014-2024 | 0 | [1] |
Number of acres with lease expiring 2025-2034 | 0 | [1] |
Number of acres with lease expiring 2035-2044 | 0 | [1] |
Number of acres with lease expiring Thereafter | 2,000 | [1] |
New Zealand [Member] | Crown Forest License Terminating [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Total number of acres | 21,000 | [1] |
Number of acres with lease expiring 2014-2024 | 0 | [1] |
Number of acres with lease expiring 2025-2034 | 3,000 | [1] |
Number of acres with lease expiring 2035-2044 | 0 | [1] |
Number of acres with lease expiring Thereafter | 18,000 | [1] |
New Zealand [Member] | Forestry Right [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Total number of acres | 60,000 | [1] |
Number of acres with lease expiring 2014-2024 | 17,000 | [1] |
Number of acres with lease expiring 2025-2034 | 4,000 | [1] |
Number of acres with lease expiring 2035-2044 | 24,000 | [1] |
Number of acres with lease expiring Thereafter | 15,000 | [1] |
New Zealand [Member] | Lease [Member] | ' | |
Operating Leased Assets [Line Items] | ' | |
Total number of acres | 32,000 | [1] |
Number of acres with lease expiring 2014-2024 | 23,000 | [1] |
Number of acres with lease expiring 2025-2034 | 0 | [1] |
Number of acres with lease expiring 2035-2044 | 0 | [1] |
Number of acres with lease expiring Thereafter | 9,000 | [1] |
[1] | Represents acres leased by the New Zealand JV, in which Rayonier has a 65 percent interest. |
LIABILITIES_FOR_DISPOSITIONS_A2
LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS Analysis of Activity (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Accrual for Environmental Loss Contingencies [Roll Forward] | ' | ' |
Balance, beginning of period | $76,378 | $81,695 |
Expenditures charged to liabilities | -5,096 | -8,570 |
Increase to liabilities | 2,558 | 3,253 |
Contribution to Rayonier Advanced Materials | -73,840 | 0 |
Balance, end of period | 0 | 76,378 |
Less: Current portion | 0 | -6,835 |
Non-current portion | $0 | $69,543 |
INCENTIVE_STOCK_PLANS_Details
INCENTIVE STOCK PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Restricted Stock [Member] | Reissued 2013 Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of Rayonier Advanced Materials shares for every three Rayonier shares | ' | ' | 1 | ' |
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | ' | ' | 3 | ' |
Award vesting period | ' | ' | '2 years | '24 months |
Increase in intrinsic value | ' | ' | $0.70 | ' |
Stock-based compensation expense | $0.80 | $2.90 | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Narrati
EMPLOYEE BENEFIT PLANS Narrative (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ' |
Net decrease in pension obligations | $99 | ' |
Discount rate | 4.00% | 4.60% |
Other comprehensive loss transferred | 78 | ' |
Other comprehensive loss, tax | $45 | ' |
Defined Benefit Plans, General Information | 'The Company has one qualified non-contributory defined benefit pension plan covering a portion 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 plan | ' |
Defined Benefit Plan, Other Information | 'Currently, the qualified plan is closed to new participants. | ' |
EMPLOYEE_BENEFIT_PLANS_Net_Per
EMPLOYEE BENEFIT PLANS Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Pension [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | $378 | $2,011 | $3,545 | $6,441 | ||||
Interest cost | 786 | 3,953 | 9,921 | 12,740 | ||||
Expected return on plan assets | -1,135 | -5,966 | -14,123 | -19,356 | ||||
Amortization of prior service cost | 3 | 322 | 572 | 1,032 | ||||
Amortization of losses | 601 | 4,792 | 5,942 | 15,308 | ||||
Amortization of negative plan amendment | ' | ' | 0 | 0 | ||||
Net periodic benefit cost | 633 | [1] | 5,112 | [1] | 5,857 | [2] | 16,165 | [2] |
Postretirement [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 3 | 330 | 328 | 828 | ||||
Interest cost | 18 | 231 | 423 | 711 | ||||
Expected return on plan assets | 0 | 0 | 0 | 0 | ||||
Amortization of prior service cost | 0 | 6 | 8 | 19 | ||||
Amortization of losses | 3 | 98 | 248 | 533 | ||||
Amortization of negative plan amendment | ' | ' | -267 | 0 | ||||
Net periodic benefit cost | 24 | [1] | 665 | [1] | 740 | [2] | 2,091 | [2] |
Income from Discontinued Operations [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Net periodic benefit cost | $3,700 | ' | $4,000 | $11,200 | ||||
[1] | Net periodic benefit cost for the three months ended September 30, 2013 includes $3.7 million recorded in “Income from discontinued operations, net†on the Consolidated Statements of Income and Comprehensive Income. | |||||||
[2] | Net periodic benefit cost for the nine months ended September 30, 2014 and September 30, 2013 includes $4.0 million and $11.2 million, respectively, recorded in “Income from discontinued operations, net†on the Consolidated Statements of Income and Comprehensive Income. |
DEBT_Narrative_Details
DEBT Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Jul. 07, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 07, 2014 | Jul. 06, 2014 | Sep. 30, 2014 | Jul. 07, 2014 | Jul. 06, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||
April 2011 Line of Credit as Amended October 2012 [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | Term Credit Agreement due 2019 [Member] | Term Credit Agreement due 2019 [Member] | Term Credit Agreement due 2019 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Credit Agreement due 2019 [Member] | Secured Mortgage Notes, Timberland Acquisition [Member] | Noncontrolling interest shareholder loan at 0% interest rate [Member] | Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Rayonier Advanced Materials Debt [Member] | Installment note due 2014 [Member] | |||||
April 2011 Line of Credit as Amended October 2012 [Member] | April 2011 Line of Credit as Amended October 2012 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | ' | ' | |
Exchange period beginning date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-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 | ' | ' | |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52,500,000 | [1] | ' | $172,500,000 | $950,000,000 | ' |
Proceeds from spinoff | ' | 906,200,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 906,000,000 | ' | |
Receipt of restricted cash reserved for dividends | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | 280,000,000 | 500,000,000 | 10,500,000 | 1,200,000 | ' | ' | 112,500,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 200,000,000 | 450,000,000 | ' | 100,000,000 | 640,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Write off of Capitalized Debt Cost | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,000,000 | 100,000,000 | ' | ' | ' | ' | ' | |
Net draws on working capital facility | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Effect of exchange rate on New Zealand JV debt | ' | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The mortgage notes due in 2017 were recorded at a premium of $1.4 million as of September 30, 2014. Upon maturity, the liability will be $52.5 million. |
DEBT_Details
DEBT (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | |
Total Debt | $735,648,000 | ' | |
Less: Current maturities of long-term debt | -130,486,000 | -112,500,000 | |
Long-term debt | 605,162,000 | 1,461,724,000 | |
Matariki Forestry Group [Member] | Revolving Credit Facility [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Total Debt | 183,394,000 | ' | |
Stated interest rate | 4.53% | ' | |
Matariki Forestry Group [Member] | Working Capital Facility [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Total Debt | 1,287,000 | ' | |
Stated interest rate | 4.69% | ' | |
Mortgage Notes due 2017 [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Total Debt | 53,926,000 | [1] | ' |
Face amount | 52,500,000 | [1] | ' |
Debt Instrument, Unamortized Premium | 1,400,000 | [1] | ' |
Stated interest rate | 4.35% | ' | |
Solid Waste Bond [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Total Debt | 15,000,000 | ' | |
Stated interest rate | 1.30% | ' | |
Noncontrolling interest shareholder loan at 0% interest rate [Member] | Matariki Forestry Group [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Total Debt | 27,842,000 | ' | |
Stated interest rate | 0.00% | ' | |
Senior Notes due 2022 [Member] | Senior Notes [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Total Debt | 325,000,000 | ' | |
Stated interest rate | 3.75% | ' | |
Senior Exchangeable Notes due 2015 [Member] | Senior Notes [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Total Debt | 129,199,000 | [2] | ' |
Unamortized discount | 1,800,000 | [2] | ' |
Face amount | $131,000,000 | [2] | ' |
Stated interest rate | 4.50% | ' | |
[1] | The mortgage notes due in 2017 were recorded at a premium of $1.4 million as of September 30, 2014. Upon maturity, the liability will be $52.5 million. | ||
[2] | The Senior Exchangeable Notes maturing in 2015 were discounted by $1.8 million as of September 30, 2014. Upon maturity the liability will be $131 million. |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Beginning balance | ' | ' | ($46,139,000) | ' | ($46,139,000) | ($46,139,000) | ' | ||
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | 46,172,000 | ' | ||
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | ' | 3,536,000 | ' | ||
Net other comprehensive income | ' | ' | ' | ' | ' | 49,708,000 | ' | ||
Ending balance | 3,569,000 | ' | ' | ' | ' | 3,569,000 | ' | ||
Net losses transferred to Rayonier Advanced Materials Pension Plans | ' | ' | ' | ' | ' | 78,000,000 | ' | ||
Additional Losses from Revaluation Related to Spinoff | ' | ' | ' | ' | ' | 20,000,000 | ' | ||
Net periodic pension cost | ' | ' | ' | ' | ' | 4,000,000 | ' | ||
Other operating income, net | -9,144,000 | ' | ' | -2,814,000 | ' | -20,908,000 | -10,587,000 | ||
Comprehensive loss (income) attributable to noncontrolling interest | -12,426,000 | ' | ' | 8,594,000 | ' | -6,573,000 | -909,000 | ||
Income tax benefit | 11,280,000 | -13,557,000 | -7,712,000 | [1] | 6,808,000 | -5,961,000 | 5,319,000 | 28,750,000 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | ' | -1,086,000 | ' | ||
Foreign currency translation gains [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Beginning balance | ' | ' | 36,914,000 | ' | 36,914,000 | 36,914,000 | ' | ||
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | -11,770,000 | ' | ||
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | ' | 0 | ' | ||
Net other comprehensive income | ' | ' | ' | ' | ' | -11,770,000 | ' | ||
Ending balance | 25,144,000 | ' | ' | ' | ' | 25,144,000 | ' | ||
New Zealand joint venture cash flow hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Beginning balance | ' | ' | -342,000 | ' | -342,000 | -342,000 | ' | ||
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | 172,000 | ' | ||
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | ' | -1,929,000 | ' | ||
Net other comprehensive income | ' | ' | ' | ' | ' | -1,757,000 | ' | ||
Ending balance | -2,099,000 | ' | ' | ' | ' | -2,099,000 | ' | ||
New Zealand joint venture cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | ' | -1,929,000 | ' | ||
Recognized deferred tax asset related to spin-off revaluation | ' | ' | ' | ' | ' | 843,000 | ' | ||
Comprehensive loss (income) attributable to noncontrolling interest | ' | ' | ' | ' | ' | 1,488,000 | ' | ||
Income tax benefit | ' | ' | ' | ' | ' | 835,000 | ' | ||
New Zealand joint venture cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Other operating income, net | ' | ' | ' | ' | ' | -3,194,000 | ' | ||
New Zealand joint venture cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Option [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Other operating income, net | ' | ' | ' | ' | ' | -1,058,000 | ' | ||
Unrecognized components of employee benefit plans [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ||
Beginning balance | ' | ' | -82,711,000 | ' | -82,711,000 | -82,711,000 | ' | ||
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | 57,770,000 | [2] | ' | |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | ' | 5,465,000 | [3] | ' | |
Net other comprehensive income | ' | ' | ' | ' | ' | 63,235,000 | ' | ||
Ending balance | ($19,476,000) | ' | ' | ' | ' | ($19,476,000) | ' | ||
[1] | Includes the Performance Fibers business that was spun-off on June 27, 2014. | ||||||||
[2] | Reflects $78 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $20 million, net of taxes, of additional losses as a result of the revaluation required due to the spin-off. See Note 17 — Employee Benefit Plans for additional information. | ||||||||
[3] | This accumulated other comprehensive income component is comprised of $4 million in the computation of net periodic pension cost and $1 million of deferred tax asset related to the revaluation and transfer of liabilities as a result of the spin-off. |
OTHER_OPERATING_INCOME_NET_Det
OTHER OPERATING INCOME, NET (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Operating Income, Net [Abstract] | ' | ' | ' | ' |
Lease income, primarily from hunting leases | $5,013 | $4,367 | $12,015 | $9,141 |
Other non-timber income | 817 | 573 | 1,503 | 1,651 |
Foreign currency income (loss) | 4,304 | -2,050 | 4,292 | 511 |
Gain on sale or disposal of property, plant & equipment | 66 | 2 | 46 | 287 |
Gain (loss) on foreign currency exchange contracts | 0 | 221 | -32 | 156 |
Bankruptcy claim settlement | 0 | 0 | 5,779 | 0 |
Miscellaneous expense, net | -1,056 | -299 | -2,695 | -1,159 |
Total | $9,144 | $2,814 | $20,908 | $10,587 |
CONSOLIDATING_FINANCIAL_STATEM2
CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details) (USD $) | 9 Months Ended |
Sep. 30, 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 | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | $149,829 | ' | ' | $159,261 | ' | $456,161 | $421,203 | ' | |
Cost of sales | 118,088 | ' | ' | 129,002 | ' | 357,083 | 333,523 | ' | |
Selling and general expenses | 8,806 | ' | ' | 13,104 | ' | 35,904 | 41,204 | ' | |
Other operating expense (income), net | -9,144 | ' | ' | -2,814 | ' | -20,908 | -10,587 | ' | |
Costs and Expenses, Total | 117,750 | ' | ' | 139,292 | ' | 372,079 | 364,140 | ' | |
Equity in income of New Zealand joint venture | 0 | ' | ' | 0 | ' | 0 | 562 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 32,079 | ' | ' | 19,969 | ' | 84,082 | 57,625 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | 0 | ' | ' | 0 | ' | 0 | 16,098 | ' | |
OPERATING INCOME | 32,079 | 37,577 | 63,039 | [1] | 19,969 | 52,003 | 84,082 | 73,723 | ' |
Interest expense | -9,566 | ' | ' | -10,823 | ' | -35,852 | -30,626 | ' | |
Interest and miscellaneous income (expense), net | -1,734 | ' | ' | -914 | ' | -7,131 | 1,852 | ' | |
Equity in income from subsidiaries | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 20,779 | ' | ' | 8,232 | ' | 41,099 | 44,949 | ' | |
Income tax benefit | 11,280 | -13,557 | -7,712 | [1] | 6,808 | -5,961 | 5,319 | 28,750 | ' |
INCOME FROM CONTINUING OPERATIONS | 32,059 | 4,024 | 41,343 | [1] | 15,040 | 14,359 | 46,418 | 73,699 | ' |
Income from discontinued operations, net | 0 | 12,084 | ' | 43,327 | 43,092 | 43,092 | 220,294 | ' | |
Net Income | 32,059 | 16,108 | 41,343 | [1] | 58,367 | 57,451 | 89,510 | 293,993 | 373,798 |
Less: Net loss attributable to noncontrolling interest | -642 | ' | ' | 1,022 | ' | -970 | 1,749 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 32,701 | 16,353 | 41,426 | [1] | 57,345 | 57,779 | 90,480 | 292,244 | ' |
Foreign currency translation adjustment | -37,877 | ' | ' | 24,259 | ' | -16,426 | -2,967 | -5,710 | |
New Zealand joint venture cash flow hedges | -3,494 | ' | ' | 3,433 | ' | -2,703 | 4,209 | 3,629 | |
Amortization of pension and postretirement plans, net of income tax | 2,265 | ' | ' | 3,639 | ' | 63,235 | 12,326 | ' | |
Total other comprehensive (loss) income | -39,106 | ' | ' | 31,331 | ' | 44,106 | 13,568 | ' | |
COMPREHENSIVE (LOSS) INCOME | -7,047 | ' | ' | 89,698 | ' | 133,616 | 307,561 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -12,426 | ' | ' | 8,594 | ' | -6,573 | -909 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 5,379 | ' | ' | 81,104 | ' | 140,189 | 308,470 | ' | |
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Cost of sales | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Selling and general expenses | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Other operating expense (income), net | 0 | ' | ' | 0 | ' | 0 | -1,701 | ' | |
Costs and Expenses, Total | 0 | ' | ' | 0 | ' | 0 | -1,701 | ' | |
Equity in income of New Zealand joint venture | ' | ' | ' | 0 | ' | ' | 0 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | 0 | ' | ' | 1,701 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | ' | ' | ' | 0 | ' | ' | 0 | ' | |
OPERATING INCOME | 0 | ' | ' | 0 | ' | 0 | 1,701 | ' | |
Interest expense | -3,685 | ' | ' | -3,190 | ' | -10,074 | -9,879 | ' | |
Interest and miscellaneous income (expense), net | 1,799 | ' | ' | 2,538 | ' | 7,230 | 6,716 | ' | |
Equity in income from subsidiaries | 34,587 | ' | ' | 57,932 | ' | 93,324 | 293,706 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 32,701 | ' | ' | 57,280 | ' | 90,480 | 292,244 | ' | |
Income tax benefit | 0 | ' | ' | 65 | ' | 0 | 0 | ' | |
INCOME FROM CONTINUING OPERATIONS | 32,701 | ' | ' | 57,345 | ' | 90,480 | 292,244 | ' | |
Income from discontinued operations, net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Net Income | 32,701 | ' | ' | 57,345 | ' | 90,480 | 292,244 | ' | |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 32,701 | ' | ' | 57,345 | ' | 90,480 | 292,244 | ' | |
Foreign currency translation adjustment | -27,317 | ' | ' | 17,887 | ' | -11,770 | 237 | ' | |
New Zealand joint venture cash flow hedges | -2,270 | ' | ' | 2,233 | ' | -1,756 | 3,663 | ' | |
Amortization of pension and postretirement plans, net of income tax | 2,265 | ' | ' | 3,639 | ' | 63,235 | 12,326 | ' | |
Total other comprehensive (loss) income | -27,322 | ' | ' | 23,759 | ' | 49,709 | 16,226 | ' | |
COMPREHENSIVE (LOSS) INCOME | 5,379 | ' | ' | 81,104 | ' | 140,189 | 308,470 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 5,379 | ' | ' | 81,104 | ' | 140,189 | 308,470 | ' | |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Cost of sales | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Selling and general expenses | 3,488 | ' | ' | 2,276 | ' | 8,032 | 7,357 | ' | |
Other operating expense (income), net | -854 | ' | ' | 738 | ' | 3,094 | 1,187 | ' | |
Costs and Expenses, Total | 2,634 | ' | ' | 3,014 | ' | 11,126 | 8,544 | ' | |
Equity in income of New Zealand joint venture | ' | ' | ' | 0 | ' | ' | 0 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | -3,014 | ' | ' | -8,544 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | ' | ' | ' | 0 | ' | ' | 0 | ' | |
OPERATING INCOME | -2,634 | ' | ' | -3,014 | ' | -11,126 | -8,544 | ' | |
Interest expense | 141 | ' | ' | -162 | ' | -327 | -680 | ' | |
Interest and miscellaneous income (expense), net | 814 | ' | ' | 770 | ' | -1,375 | 2,403 | ' | |
Equity in income from subsidiaries | 36,266 | ' | ' | 58,802 | ' | 106,315 | 298,802 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 34,587 | ' | ' | 56,396 | ' | 93,487 | 291,981 | ' | |
Income tax benefit | 0 | ' | ' | 1,536 | ' | -163 | 1,725 | ' | |
INCOME FROM CONTINUING OPERATIONS | 34,587 | ' | ' | 57,932 | ' | 93,324 | 293,706 | ' | |
Income from discontinued operations, net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Net Income | 34,587 | ' | ' | 57,932 | ' | 93,324 | 293,706 | ' | |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 34,587 | ' | ' | 57,932 | ' | 93,324 | 293,706 | ' | |
Foreign currency translation adjustment | -27,318 | ' | ' | 17,887 | ' | -11,770 | 237 | ' | |
New Zealand joint venture cash flow hedges | -2,271 | ' | ' | 2,231 | ' | -1,757 | 3,663 | ' | |
Amortization of pension and postretirement plans, net of income tax | 2,265 | ' | ' | 3,639 | ' | 63,235 | 12,326 | ' | |
Total other comprehensive (loss) income | -27,324 | ' | ' | 23,757 | ' | 49,708 | 16,226 | ' | |
COMPREHENSIVE (LOSS) INCOME | 7,263 | ' | ' | 81,689 | ' | 143,032 | 309,932 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 7,263 | ' | ' | 81,689 | ' | 143,032 | 309,932 | ' | |
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 | ' | 0 | 0 | ' | |
Cost of sales | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Selling and general expenses | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Other operating expense (income), net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Costs and Expenses, Total | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Equity in income of New Zealand joint venture | ' | ' | ' | 0 | ' | ' | 0 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | 0 | ' | ' | 0 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | ' | ' | ' | 0 | ' | ' | 0 | ' | |
OPERATING INCOME | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Interest expense | -3,122 | ' | ' | -7,115 | ' | -20,794 | -20,730 | ' | |
Interest and miscellaneous income (expense), net | -260 | ' | ' | -4,325 | ' | -2,405 | -5,873 | ' | |
Equity in income from subsidiaries | 6,259 | ' | ' | 39,544 | ' | -16,692 | 198,981 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,877 | ' | ' | 28,104 | ' | -39,891 | 172,378 | ' | |
Income tax benefit | 1,234 | ' | ' | 3,627 | ' | 8,467 | 9,164 | ' | |
INCOME FROM CONTINUING OPERATIONS | 4,111 | ' | ' | 31,731 | ' | -31,424 | 181,542 | ' | |
Income from discontinued operations, net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Net Income | 4,111 | ' | ' | 31,731 | ' | -31,424 | 181,542 | ' | |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 4,111 | ' | ' | 31,731 | ' | -31,424 | 181,542 | ' | |
Foreign currency translation adjustment | -1,441 | ' | ' | 2,084 | ' | -162 | 629 | ' | |
New Zealand joint venture cash flow hedges | -2,272 | ' | ' | 2,231 | ' | -1,758 | 1,014 | ' | |
Amortization of pension and postretirement plans, net of income tax | -4,120 | ' | ' | 2,747 | ' | 90,214 | 9,578 | ' | |
Total other comprehensive (loss) income | -7,833 | ' | ' | 7,062 | ' | 88,294 | 11,221 | ' | |
COMPREHENSIVE (LOSS) INCOME | -3,722 | ' | ' | 38,793 | ' | 56,870 | 192,763 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | -3,722 | ' | ' | 38,793 | ' | 56,870 | 192,763 | ' | |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | 149,829 | ' | ' | 159,261 | ' | 456,161 | 421,203 | ' | |
Cost of sales | 118,088 | ' | ' | 129,002 | ' | 357,083 | 333,523 | ' | |
Selling and general expenses | 5,318 | ' | ' | 10,828 | ' | 27,872 | 33,847 | ' | |
Other operating expense (income), net | -8,290 | ' | ' | -4,213 | ' | -24,002 | -10,073 | ' | |
Costs and Expenses, Total | 115,116 | ' | ' | 135,617 | ' | 360,953 | 357,297 | ' | |
Equity in income of New Zealand joint venture | ' | ' | ' | 0 | ' | ' | 562 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | 23,644 | ' | ' | 64,468 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | ' | ' | ' | 0 | ' | ' | 16,098 | ' | |
OPERATING INCOME | 34,713 | ' | ' | 23,644 | ' | 95,208 | 80,566 | ' | |
Interest expense | -2,900 | ' | ' | -356 | ' | -4,657 | 663 | ' | |
Interest and miscellaneous income (expense), net | -4,087 | ' | ' | 103 | ' | -10,581 | -1,394 | ' | |
Equity in income from subsidiaries | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 27,726 | ' | ' | 23,391 | ' | 79,970 | 79,835 | ' | |
Income tax benefit | 10,046 | ' | ' | 1,642 | ' | -2,985 | 17,861 | ' | |
INCOME FROM CONTINUING OPERATIONS | 37,772 | ' | ' | 25,033 | ' | 76,985 | 97,696 | ' | |
Income from discontinued operations, net | 0 | ' | ' | 43,327 | ' | 43,092 | 220,294 | ' | |
Net Income | 37,772 | ' | ' | 68,360 | ' | 120,077 | 317,990 | ' | |
Less: Net loss attributable to noncontrolling interest | -642 | ' | ' | 1,022 | ' | -970 | 1,749 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 38,414 | ' | ' | 67,338 | ' | 121,047 | 316,241 | ' | |
Foreign currency translation adjustment | -37,738 | ' | ' | 24,259 | ' | -16,426 | -2,967 | ' | |
New Zealand joint venture cash flow hedges | -3,494 | ' | ' | 3,434 | ' | -2,703 | 4,209 | ' | |
Amortization of pension and postretirement plans, net of income tax | -4,120 | ' | ' | 2,747 | ' | 90,214 | 9,578 | ' | |
Total other comprehensive (loss) income | -45,352 | ' | ' | 30,440 | ' | 71,085 | 10,820 | ' | |
COMPREHENSIVE (LOSS) INCOME | -7,580 | ' | ' | 98,800 | ' | 191,163 | 328,810 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -12,295 | ' | ' | 8,594 | ' | -6,573 | -909 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 4,715 | ' | ' | 90,206 | ' | 197,736 | 329,719 | ' | |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Cost of sales | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Selling and general expenses | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Other operating expense (income), net | 0 | ' | ' | 661 | ' | 0 | 0 | ' | |
Costs and Expenses, Total | 0 | ' | ' | 661 | ' | 0 | 0 | ' | |
Equity in income of New Zealand joint venture | ' | ' | ' | 0 | ' | ' | 0 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | -661 | ' | ' | 0 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | ' | ' | ' | 0 | ' | ' | 0 | ' | |
OPERATING INCOME | 0 | ' | ' | -661 | ' | 0 | 0 | ' | |
Interest expense | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Interest and miscellaneous income (expense), net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Equity in income from subsidiaries | -77,112 | ' | ' | -156,278 | ' | -182,947 | -791,489 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -77,112 | ' | ' | -156,939 | ' | -182,947 | -791,489 | ' | |
Income tax benefit | 0 | ' | ' | -62 | ' | 0 | 0 | ' | |
INCOME FROM CONTINUING OPERATIONS | -77,112 | ' | ' | -157,001 | ' | -182,947 | -791,489 | ' | |
Income from discontinued operations, net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Net Income | -77,112 | ' | ' | -157,001 | ' | -182,947 | -791,489 | ' | |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -77,112 | ' | ' | -157,001 | ' | -182,947 | -791,489 | ' | |
Foreign currency translation adjustment | 55,937 | ' | ' | -37,858 | ' | 23,702 | -1,103 | ' | |
New Zealand joint venture cash flow hedges | 6,813 | ' | ' | -6,696 | ' | 5,271 | -8,340 | ' | |
Amortization of pension and postretirement plans, net of income tax | 5,975 | ' | ' | -9,133 | ' | -243,663 | -31,482 | ' | |
Total other comprehensive (loss) income | 68,725 | ' | ' | -53,687 | ' | -214,690 | -40,925 | ' | |
COMPREHENSIVE (LOSS) INCOME | -8,387 | ' | ' | -210,688 | ' | -397,638 | -832,414 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -131 | ' | ' | 0 | ' | 0 | 0 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | -8,256 | ' | ' | -210,688 | ' | -397,638 | -832,414 | ' | |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Cost of sales | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Selling and general expenses | 3,488 | ' | ' | 2,276 | ' | 8,032 | 7,357 | ' | |
Other operating expense (income), net | -854 | ' | ' | 738 | ' | 3,094 | 1,187 | ' | |
Costs and Expenses, Total | 2,634 | ' | ' | 3,014 | ' | 11,126 | 8,544 | ' | |
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | 0 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | -8,544 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | ' | ' | ' | ' | ' | ' | 0 | ' | |
OPERATING INCOME | -2,634 | ' | ' | -3,014 | ' | -11,126 | -8,544 | ' | |
Interest expense | -2,981 | ' | ' | -7,277 | ' | -21,121 | -21,410 | ' | |
Interest and miscellaneous income (expense), net | 554 | ' | ' | -3,555 | ' | -3,780 | -3,470 | ' | |
Equity in income from subsidiaries | 38,414 | ' | ' | 66,610 | ' | 121,047 | 316,241 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 33,353 | ' | ' | 52,764 | ' | 85,020 | 282,817 | ' | |
Income tax benefit | 1,234 | ' | ' | 5,168 | ' | 8,304 | 10,889 | ' | |
INCOME FROM CONTINUING OPERATIONS | 34,587 | ' | ' | 57,932 | ' | 93,324 | 293,706 | ' | |
Income from discontinued operations, net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Net Income | 34,587 | ' | ' | 57,932 | ' | 93,324 | 293,706 | ' | |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 34,587 | ' | ' | 57,932 | ' | 93,324 | 293,706 | ' | |
Foreign currency translation adjustment | -27,317 | ' | ' | 17,887 | ' | -11,770 | 237 | ' | |
New Zealand joint venture cash flow hedges | -2,272 | ' | ' | 2,231 | ' | -1,758 | 3,663 | ' | |
Amortization of pension and postretirement plans, net of income tax | 2,265 | ' | ' | 3,639 | ' | 63,235 | 12,326 | ' | |
Total other comprehensive (loss) income | -27,324 | ' | ' | 23,757 | ' | 49,707 | 16,226 | ' | |
COMPREHENSIVE (LOSS) INCOME | 7,263 | ' | ' | 81,689 | ' | 143,031 | 309,932 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 7,263 | ' | ' | 81,689 | ' | 143,031 | 309,932 | ' | |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | 149,829 | ' | ' | 159,261 | ' | 456,161 | 421,203 | ' | |
Cost of sales | 118,088 | ' | ' | 129,002 | ' | 357,083 | 333,523 | ' | |
Selling and general expenses | 5,318 | ' | ' | 10,828 | ' | 27,872 | 33,847 | ' | |
Other operating expense (income), net | -8,290 | ' | ' | -4,213 | ' | -24,002 | -10,073 | ' | |
Costs and Expenses, Total | 115,116 | ' | ' | 135,617 | ' | 360,953 | 357,297 | ' | |
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | 562 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | 64,468 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | ' | ' | ' | ' | ' | ' | 16,098 | ' | |
OPERATING INCOME | 34,713 | ' | ' | 23,644 | ' | 95,208 | 80,566 | ' | |
Interest expense | -2,900 | ' | ' | -356 | ' | -4,657 | 663 | ' | |
Interest and miscellaneous income (expense), net | -4,087 | ' | ' | 103 | ' | -10,581 | -1,394 | ' | |
Equity in income from subsidiaries | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 27,726 | ' | ' | 23,391 | ' | 79,970 | 79,835 | ' | |
Income tax benefit | 10,046 | ' | ' | 1,642 | ' | -2,985 | 17,861 | ' | |
INCOME FROM CONTINUING OPERATIONS | 37,772 | ' | ' | 25,033 | ' | 76,985 | 97,696 | ' | |
Income from discontinued operations, net | 0 | ' | ' | 43,327 | ' | 43,092 | 220,294 | ' | |
Net Income | 37,772 | ' | ' | 68,360 | ' | 120,077 | 317,990 | ' | |
Less: Net loss attributable to noncontrolling interest | -642 | ' | ' | 1,022 | ' | -970 | 1,749 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 38,414 | ' | ' | 67,338 | ' | 121,047 | 316,241 | ' | |
Foreign currency translation adjustment | -37,738 | ' | ' | 24,259 | ' | -16,426 | -2,967 | ' | |
New Zealand joint venture cash flow hedges | -3,494 | ' | ' | 3,434 | ' | -2,703 | 4,209 | ' | |
Amortization of pension and postretirement plans, net of income tax | -4,120 | ' | ' | 2,747 | ' | 90,214 | 9,578 | ' | |
Total other comprehensive (loss) income | -45,352 | ' | ' | 30,440 | ' | 71,085 | 10,820 | ' | |
COMPREHENSIVE (LOSS) INCOME | -7,580 | ' | ' | 98,800 | ' | 191,163 | 328,810 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -12,295 | ' | ' | 8,594 | ' | -6,573 | -909 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 4,715 | ' | ' | 90,206 | ' | 197,736 | 329,719 | ' | |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |
SALES | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Cost of sales | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Selling and general expenses | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Other operating expense (income), net | 0 | ' | ' | 661 | ' | 0 | 0 | ' | |
Costs and Expenses, Total | 0 | ' | ' | 661 | ' | 0 | 0 | ' | |
Equity in income of New Zealand joint venture | ' | ' | ' | ' | ' | ' | 0 | ' | |
OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | ' | ' | ' | ' | ' | ' | 0 | ' | |
Gain related to consolidation of New Zealand joint venture (Note 7) | ' | ' | ' | ' | ' | ' | 0 | ' | |
OPERATING INCOME | 0 | ' | ' | -661 | ' | 0 | 0 | ' | |
Interest expense | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Interest and miscellaneous income (expense), net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Equity in income from subsidiaries | -73,001 | ' | ' | -124,542 | ' | -214,371 | -609,947 | ' | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -73,001 | ' | ' | -125,203 | ' | -214,371 | -609,947 | ' | |
Income tax benefit | 0 | ' | ' | -67 | ' | 0 | 0 | ' | |
INCOME FROM CONTINUING OPERATIONS | -73,001 | ' | ' | -125,270 | ' | -214,371 | -609,947 | ' | |
Income from discontinued operations, net | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
Net Income | -73,001 | ' | ' | -125,270 | ' | -214,371 | -609,947 | ' | |
Less: Net loss attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 | ' | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -73,001 | ' | ' | -125,270 | ' | -214,371 | -609,947 | ' | |
Foreign currency translation adjustment | 54,495 | ' | ' | -35,774 | ' | 23,540 | -474 | ' | |
New Zealand joint venture cash flow hedges | 4,542 | ' | ' | -4,465 | ' | 3,514 | -7,326 | ' | |
Amortization of pension and postretirement plans, net of income tax | 1,855 | ' | ' | -6,386 | ' | -153,449 | -21,904 | ' | |
Total other comprehensive (loss) income | 60,892 | ' | ' | -46,625 | ' | -126,395 | -29,704 | ' | |
COMPREHENSIVE (LOSS) INCOME | -12,109 | ' | ' | -171,895 | ' | -340,767 | -639,651 | ' | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -131 | ' | ' | 0 | ' | 0 | 0 | ' | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ($11,978) | ' | ' | ($171,895) | ' | ($340,767) | ($639,651) | ' | |
[1] | Includes the Performance Fibers business that was spun-off on June 27, 2014. |
CONSOLIDATING_FINANCIAL_STATEM4
CONSOLIDATING FINANCIAL STATEMENTS Condensed Consolidating Balance Sheets (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
CURRENT ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $182,831 | ' | ' | $199,644 | $260,738 | $280,596 |
Restricted cash | 0 | ' | ' | ' | ' | ' |
Accounts receivable, less allowance for doubtful accounts | 28,237 | ' | ' | 94,956 | ' | ' |
Inventory | 12,439 | ' | ' | 138,818 | ' | ' |
Deferred tax assets | 4,211 | ' | ' | 39,100 | ' | ' |
Prepaid and other current assets | 23,821 | 21,543 | 54,577 | 46,576 | ' | ' |
Total current assets | 251,539 | ' | ' | 519,094 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,058,381 | 2,117,655 | 2,067,549 | 2,049,378 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 6,531 | ' | ' | 860,821 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | ' | ' | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | ' | ' | 0 | ' | ' |
OTHER ASSETS | 161,108 | ' | ' | 256,208 | ' | ' |
TOTAL ASSETS | 2,477,559 | ' | ' | 3,685,501 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 23,126 | ' | ' | 69,293 | ' | ' |
Current maturities of long-term debt | 130,486 | ' | ' | 112,500 | ' | ' |
Accrued taxes | 14,954 | ' | ' | 8,551 | ' | ' |
Uncertain tax positions | 0 | ' | ' | 10,547 | ' | ' |
Accrued payroll and benefits | 6,338 | ' | ' | 24,948 | ' | ' |
Accrued interest | 10,136 | ' | ' | 9,531 | ' | ' |
Accrued customer incentives | 0 | ' | ' | 9,580 | ' | ' |
Other current liabilities | 26,596 | ' | ' | 24,327 | ' | ' |
Current liabilities for dispositions and discontinued operations | 0 | ' | ' | 6,835 | ' | ' |
Total current liabilities | 211,636 | ' | ' | 276,112 | ' | ' |
LONG-TERM DEBT | 605,162 | ' | ' | 1,461,724 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | 0 | ' | ' | 69,543 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 22,393 | ' | ' | 95,654 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 27,466 | ' | ' | 27,225 | ' | ' |
INTERCOMPANY PAYABLE | 0 | ' | ' | 0 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,524,331 | ' | ' | 1,661,170 | ' | ' |
Noncontrolling interest | 86,571 | ' | ' | 94,073 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,610,902 | ' | ' | 1,755,243 | ' | 1,438,004 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,477,559 | ' | ' | 3,685,501 | ' | ' |
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 84,283 | ' | ' | 130,181 | 172,938 | 252,888 |
Restricted cash | 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 | 84,283 | ' | ' | 130,181 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | ' | ' | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 0 | ' | ' | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,522,406 | ' | ' | 1,627,315 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 245,898 | ' | ' | 228,032 | ' | ' |
OTHER ASSETS | 2,860 | ' | ' | 3,689 | ' | ' |
TOTAL ASSETS | 1,855,447 | ' | ' | 1,989,217 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 0 | ' | ' | 0 | ' | ' |
Current maturities of long-term debt | 0 | ' | ' | 0 | ' | ' |
Accrued taxes | 0 | ' | ' | 0 | ' | ' |
Uncertain tax positions | 0 | ' | ' | 0 | ' | ' |
Accrued payroll and benefits | 0 | ' | ' | 0 | ' | ' |
Accrued interest | 6,116 | ' | ' | 3,047 | ' | ' |
Accrued customer incentives | ' | ' | ' | 0 | ' | ' |
Other current liabilities | 0 | ' | ' | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | ' | ' | ' | 0 | ' | ' |
Total current liabilities | 6,116 | ' | ' | 3,047 | ' | ' |
LONG-TERM DEBT | 325,000 | ' | ' | 325,000 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | ' | ' | ' | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | ' | ' | 0 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 0 | ' | ' | 0 | ' | ' |
INTERCOMPANY PAYABLE | 0 | ' | ' | 0 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,524,331 | ' | ' | 1,661,170 | ' | ' |
Noncontrolling interest | 0 | ' | ' | 0 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,524,331 | ' | ' | 1,661,170 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,855,447 | ' | ' | 1,989,217 | ' | ' |
ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Uncertain tax positions | ' | ' | ' | 5,780 | ' | ' |
Consolidation Adjustments [Member] | ' | ' | ' | ' | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Uncertain tax positions | ' | ' | ' | 0 | ' | ' |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | ' | ' | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 3,255 | ' | ' | 304 | 4,933 | 3,966 |
Restricted cash | 0 | ' | ' | ' | ' | ' |
Accounts receivable, less allowance for doubtful accounts | 0 | ' | ' | 10 | ' | ' |
Inventory | 0 | ' | ' | 0 | ' | ' |
Deferred tax assets | 0 | ' | ' | 0 | ' | ' |
Prepaid and other current assets | 1,511 | ' | ' | 2,363 | ' | ' |
Total current assets | 4,766 | ' | ' | 2,677 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | ' | ' | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 483 | ' | ' | 2,612 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,907,075 | ' | ' | 1,837,760 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | ' | ' | 0 | ' | ' |
OTHER ASSETS | 17,315 | ' | ' | 32,519 | ' | ' |
TOTAL ASSETS | 1,929,639 | ' | ' | 1,875,568 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 1,595 | ' | ' | 1,522 | ' | ' |
Current maturities of long-term debt | 0 | ' | ' | 0 | ' | ' |
Accrued taxes | 41 | ' | ' | 4,855 | ' | ' |
Uncertain tax positions | 0 | ' | ' | 5,780 | ' | ' |
Accrued payroll and benefits | 3,892 | ' | ' | 11,382 | ' | ' |
Accrued interest | -3 | ' | ' | 538 | ' | ' |
Accrued customer incentives | ' | ' | ' | 0 | ' | ' |
Other current liabilities | 1,113 | ' | ' | 2,985 | ' | ' |
Current liabilities for dispositions and discontinued operations | ' | ' | ' | 0 | ' | ' |
Total current liabilities | 6,638 | ' | ' | 27,062 | ' | ' |
LONG-TERM DEBT | 0 | ' | ' | 0 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | ' | ' | ' | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 23,078 | ' | ' | 91,471 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 6,876 | ' | ' | 11,493 | ' | ' |
INTERCOMPANY PAYABLE | 370,641 | ' | ' | 118,227 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,522,406 | ' | ' | 1,627,315 | ' | ' |
Noncontrolling interest | 0 | ' | ' | 0 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,522,406 | ' | ' | 1,627,315 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,929,639 | ' | ' | 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 | 48,233 | ' | ' | 10,719 | 20,995 | 19,358 |
Restricted cash | 0 | ' | ' | ' | ' | ' |
Accounts receivable, less allowance for doubtful accounts | 1,359 | ' | ' | 2,300 | ' | ' |
Inventory | 0 | ' | ' | 0 | ' | ' |
Deferred tax assets | 0 | ' | ' | 681 | ' | ' |
Prepaid and other current assets | 14 | ' | ' | 6 | ' | ' |
Total current assets | 49,606 | ' | ' | 13,706 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | ' | ' | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 0 | ' | ' | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 499,062 | ' | ' | 1,148,221 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 21,279 | ' | ' | 20,659 | ' | ' |
OTHER ASSETS | 1,962 | ' | ' | 3,739 | ' | ' |
TOTAL ASSETS | 571,909 | ' | ' | 1,186,325 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 2,052 | ' | ' | 1,564 | ' | ' |
Current maturities of long-term debt | 129,199 | ' | ' | 112,500 | ' | ' |
Accrued taxes | 0 | ' | ' | 0 | ' | ' |
Uncertain tax positions | 0 | ' | ' | 0 | ' | ' |
Accrued payroll and benefits | 0 | ' | ' | 0 | ' | ' |
Accrued interest | 1,004 | ' | ' | 2,742 | ' | ' |
Accrued customer incentives | ' | ' | ' | 0 | ' | ' |
Other current liabilities | 0 | ' | ' | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | ' | ' | ' | 0 | ' | ' |
Total current liabilities | 132,255 | ' | ' | 116,806 | ' | ' |
LONG-TERM DEBT | 14,999 | ' | ' | 847,749 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | ' | ' | ' | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | ' | ' | 0 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 0 | ' | ' | 0 | ' | ' |
INTERCOMPANY PAYABLE | 0 | ' | ' | 0 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 424,655 | ' | ' | 221,770 | ' | ' |
Noncontrolling interest | 0 | ' | ' | 0 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 424,655 | ' | ' | 221,770 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 571,909 | ' | ' | 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 | 47,060 | ' | ' | 58,440 | 61,872 | 4,384 |
Restricted cash | 0 | ' | ' | ' | ' | ' |
Accounts receivable, less allowance for doubtful accounts | 26,878 | ' | ' | 92,646 | ' | ' |
Inventory | 12,439 | ' | ' | 138,818 | ' | ' |
Deferred tax assets | 4,211 | ' | ' | 38,419 | ' | ' |
Prepaid and other current assets | 22,296 | ' | ' | 44,207 | ' | ' |
Total current assets | 112,884 | ' | ' | 372,530 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,058,381 | ' | ' | 2,049,378 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 6,048 | ' | ' | 858,209 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | ' | ' | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | ' | ' | 0 | ' | ' |
OTHER ASSETS | 138,971 | ' | ' | 216,261 | ' | ' |
TOTAL ASSETS | 2,316,284 | ' | ' | 3,496,378 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 19,479 | ' | ' | 66,207 | ' | ' |
Current maturities of long-term debt | 1,287 | ' | ' | 0 | ' | ' |
Accrued taxes | 14,913 | ' | ' | 3,696 | ' | ' |
Uncertain tax positions | 0 | ' | ' | 4,767 | ' | ' |
Accrued payroll and benefits | 2,446 | ' | ' | 13,566 | ' | ' |
Accrued interest | 29,098 | ' | ' | 22,816 | ' | ' |
Accrued customer incentives | ' | ' | ' | 9,580 | ' | ' |
Other current liabilities | 25,483 | ' | ' | 21,342 | ' | ' |
Current liabilities for dispositions and discontinued operations | ' | ' | ' | 6,835 | ' | ' |
Total current liabilities | 92,706 | ' | ' | 148,809 | ' | ' |
LONG-TERM DEBT | 265,163 | ' | ' | 288,975 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | ' | ' | ' | 69,543 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | -685 | ' | ' | 4,183 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 20,590 | ' | ' | 15,732 | ' | ' |
INTERCOMPANY PAYABLE | -100,759 | ' | ' | 125,921 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,952,698 | ' | ' | 2,749,142 | ' | ' |
Noncontrolling interest | 86,571 | ' | ' | 94,073 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 2,039,269 | ' | ' | 2,843,215 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,316,284 | ' | ' | 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 |
Restricted cash | 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 | -3,928,543 | ' | ' | -4,613,296 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | -267,177 | ' | ' | -248,691 | ' | ' |
OTHER ASSETS | 0 | ' | ' | 0 | ' | ' |
TOTAL ASSETS | -4,195,720 | ' | ' | -4,861,987 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 0 | ' | ' | 0 | ' | ' |
Current maturities of long-term debt | 0 | ' | ' | 0 | ' | ' |
Accrued taxes | 0 | ' | ' | 0 | ' | ' |
Uncertain tax positions | 0 | ' | ' | 0 | ' | ' |
Accrued payroll and benefits | 0 | ' | ' | 0 | ' | ' |
Accrued interest | -26,079 | ' | ' | -19,612 | ' | ' |
Accrued customer incentives | ' | ' | ' | 0 | ' | ' |
Other current liabilities | 0 | ' | ' | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | ' | ' | ' | 0 | ' | ' |
Total current liabilities | -26,079 | ' | ' | -19,612 | ' | ' |
LONG-TERM DEBT | 0 | ' | ' | 0 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | ' | ' | ' | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | ' | ' | 0 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 0 | ' | ' | 0 | ' | ' |
INTERCOMPANY PAYABLE | -269,882 | ' | ' | -244,148 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -3,899,759 | ' | ' | -4,598,227 | ' | ' |
Noncontrolling interest | 0 | ' | ' | 0 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | -3,899,759 | ' | ' | -4,598,227 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | -4,195,720 | ' | ' | -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 | 51,488 | ' | ' | 11,023 | 25,928 | 23,324 |
Restricted cash | 0 | ' | ' | ' | ' | ' |
Accounts receivable, less allowance for doubtful accounts | 1,359 | ' | ' | 2,310 | ' | ' |
Inventory | 0 | ' | ' | 0 | ' | ' |
Deferred tax assets | 0 | ' | ' | 681 | ' | ' |
Prepaid and other current assets | 1,525 | ' | ' | 2,369 | ' | ' |
Total current assets | 54,372 | ' | ' | 16,383 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | ' | ' | 0 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 483 | ' | ' | 2,612 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,981,482 | ' | ' | 2,764,211 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 21,279 | ' | ' | 20,659 | ' | ' |
OTHER ASSETS | 19,277 | ' | ' | 36,258 | ' | ' |
TOTAL ASSETS | 2,076,893 | ' | ' | 2,840,123 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 3,647 | ' | ' | 3,086 | ' | ' |
Current maturities of long-term debt | 129,199 | ' | ' | 112,500 | ' | ' |
Accrued taxes | 41 | ' | ' | 4,855 | ' | ' |
Uncertain tax positions | 0 | ' | ' | ' | ' | ' |
Accrued payroll and benefits | 3,892 | ' | ' | 11,382 | ' | ' |
Accrued interest | 1,001 | ' | ' | 3,280 | ' | ' |
Accrued customer incentives | ' | ' | ' | 0 | ' | ' |
Other current liabilities | 1,113 | ' | ' | 2,985 | ' | ' |
Current liabilities for dispositions and discontinued operations | ' | ' | ' | 0 | ' | ' |
Total current liabilities | 138,893 | ' | ' | 143,868 | ' | ' |
LONG-TERM DEBT | 14,999 | ' | ' | 847,749 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | ' | ' | ' | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 23,078 | ' | ' | 91,471 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 6,876 | ' | ' | 11,493 | ' | ' |
INTERCOMPANY PAYABLE | 370,641 | ' | ' | 118,227 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,522,406 | ' | ' | 1,627,315 | ' | ' |
Noncontrolling interest | 0 | ' | ' | 0 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 1,522,406 | ' | ' | 1,627,315 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,076,893 | ' | ' | 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 | 47,060 | ' | ' | 58,440 | 61,872 | 4,384 |
Restricted cash | 0 | ' | ' | ' | ' | ' |
Accounts receivable, less allowance for doubtful accounts | 26,878 | ' | ' | 92,646 | ' | ' |
Inventory | 12,439 | ' | ' | 138,818 | ' | ' |
Deferred tax assets | 4,211 | ' | ' | 38,419 | ' | ' |
Prepaid and other current assets | 22,296 | ' | ' | 44,207 | ' | ' |
Total current assets | 112,884 | ' | ' | 372,530 | ' | ' |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,058,381 | ' | ' | 2,049,378 | ' | ' |
NET PROPERTY, PLANT AND EQUIPMENT | 6,048 | ' | ' | 858,209 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | ' | ' | 0 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | 0 | ' | ' | 0 | ' | ' |
OTHER ASSETS | 138,971 | ' | ' | 216,261 | ' | ' |
TOTAL ASSETS | 2,316,284 | ' | ' | 3,496,378 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 19,479 | ' | ' | 66,207 | ' | ' |
Current maturities of long-term debt | 1,287 | ' | ' | 0 | ' | ' |
Accrued taxes | 14,913 | ' | ' | 3,696 | ' | ' |
Uncertain tax positions | 0 | ' | ' | 4,767 | ' | ' |
Accrued payroll and benefits | 2,446 | ' | ' | 13,566 | ' | ' |
Accrued interest | 29,098 | ' | ' | 22,816 | ' | ' |
Accrued customer incentives | ' | ' | ' | 9,580 | ' | ' |
Other current liabilities | 25,483 | ' | ' | 21,342 | ' | ' |
Current liabilities for dispositions and discontinued operations | ' | ' | ' | 6,835 | ' | ' |
Total current liabilities | 92,706 | ' | ' | 148,809 | ' | ' |
LONG-TERM DEBT | 265,163 | ' | ' | 288,975 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | ' | ' | ' | 69,543 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | -685 | ' | ' | 4,183 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 20,590 | ' | ' | 15,732 | ' | ' |
INTERCOMPANY PAYABLE | -100,759 | ' | ' | 125,921 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,952,698 | ' | ' | 2,749,142 | ' | ' |
Noncontrolling interest | 86,571 | ' | ' | 94,073 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | 2,039,269 | ' | ' | 2,843,215 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,316,284 | ' | ' | 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 |
Restricted cash | 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 | -3,503,888 | ' | ' | -4,391,526 | ' | ' |
INTERCOMPANY NOTES RECEIVABLE | -267,177 | ' | ' | -248,691 | ' | ' |
OTHER ASSETS | 0 | ' | ' | 0 | ' | ' |
TOTAL ASSETS | -3,771,065 | ' | ' | -4,640,217 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' | ' | ' |
Accounts payable | 0 | ' | ' | 0 | ' | ' |
Current maturities of long-term debt | 0 | ' | ' | 0 | ' | ' |
Accrued taxes | 0 | ' | ' | 0 | ' | ' |
Uncertain tax positions | 0 | ' | ' | ' | ' | ' |
Accrued payroll and benefits | 0 | ' | ' | 0 | ' | ' |
Accrued interest | -26,079 | ' | ' | -19,612 | ' | ' |
Accrued customer incentives | ' | ' | ' | 0 | ' | ' |
Other current liabilities | 0 | ' | ' | 0 | ' | ' |
Current liabilities for dispositions and discontinued operations | ' | ' | ' | 0 | ' | ' |
Total current liabilities | -26,079 | ' | ' | -19,612 | ' | ' |
LONG-TERM DEBT | 0 | ' | ' | 0 | ' | ' |
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14) | ' | ' | ' | 0 | ' | ' |
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | ' | ' | 0 | ' | ' |
OTHER NON-CURRENT LIABILITIES | 0 | ' | ' | 0 | ' | ' |
INTERCOMPANY PAYABLE | -269,882 | ' | ' | -244,148 | ' | ' |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -3,475,104 | ' | ' | -4,376,457 | ' | ' |
Noncontrolling interest | 0 | ' | ' | 0 | ' | ' |
TOTAL SHAREHOLDERS’ EQUITY | -3,475,104 | ' | ' | -4,376,457 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | ($3,771,065) | ' | ' | ($4,640,217) | ' | ' |
CONSOLIDATING_FINANCIAL_STATEM5
CONSOLIDATING FINANCIAL STATEMENTS Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | $280,729 | $334,236 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -105,658 | -122,099 |
Purchase of additional interest in New Zealand joint venture | 0 | -139,879 |
Purchase of timberlands | -93,189 | -11,650 |
Intercompany purchase of real estate | ' | 0 |
Jesup mill cellulose specialties expansion | 0 | -137,392 |
Proceeds from the disposition of Wood Products business | 0 | 68,063 |
Change in restricted cash | 47,318 | 3,989 |
Investment in Subsidiaries | 0 | 0 |
Other | -478 | -224 |
CASH USED FOR INVESTING ACTIVITIES | -152,007 | -339,192 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 1,295,163 | 607,885 |
Repayment of debt | -1,173,049 | -453,463 |
Dividends paid | -225,877 | -175,079 |
Proceeds from the issuance of common shares | 4,645 | 9,205 |
Excess tax benefits on stock-based compensation | 0 | 8,189 |
Debt issuance costs | -12,380 | 0 |
Repurchase of common shares | -1,834 | -11,303 |
Purchase of timberland deeds for Rayonier Advanced Materials | -12,677 | 0 |
Debt issuance funds distributed to Rayonier Advanced Materials | -924,943 | 0 |
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | 0 |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | 0 | 0 |
Intercompany distributions | 0 | 0 |
Other | -680 | 0 |
CASH USED FOR FINANCING ACTIVITIES | -145,432 | -14,566 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -103 | -336 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -16,813 | -19,858 |
Balance, beginning of year | 199,644 | 280,596 |
Balance, end of period | 182,831 | 260,738 |
Rayonier Inc. (Parent Guarantor) [Member] | ' | ' |
Statement of Cash Flows [Abstract] | ' | ' |
CASH PROVIDED BY OPERATING ACTIVITIES | 219,988 | 389,405 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | ' | 0 |
Purchase of timberlands | 0 | 0 |
Intercompany purchase of real estate | ' | 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 | -138,178 |
Other | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | 0 | -138,178 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 0 | 175,000 |
Repayment of debt | 0 | -325,000 |
Dividends paid | -225,877 | -175,079 |
Proceeds from the issuance of common shares | 4,645 | 9,205 |
Excess tax benefits on stock-based compensation | ' | 0 |
Debt issuance costs | 0 | ' |
Repurchase of common shares | -1,834 | -11,303 |
Purchase of timberland deeds for Rayonier Advanced Materials | -12,677 | ' |
Debt issuance funds distributed to Rayonier Advanced Materials | -924,943 | ' |
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | ' |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | -11,400 | -4,000 |
Intercompany distributions | 0 | 0 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | -265,886 | -331,177 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -45,898 | -79,950 |
Balance, beginning of year | 130,181 | 252,888 |
Balance, end of period | 84,283 | 172,938 |
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 | 238,010 | 394,700 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -400 | -335 |
Purchase of additional interest in New Zealand joint venture | ' | 0 |
Purchase of timberlands | 0 | 0 |
Intercompany purchase of real estate | ' | 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 | -138,178 |
Other | 0 | 1,701 |
CASH USED FOR INVESTING ACTIVITIES | -400 | -136,812 |
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 benefits on stock-based compensation | ' | 0 |
Debt issuance costs | 0 | ' |
Repurchase of common shares | 0 | 0 |
Purchase of timberland deeds for Rayonier Advanced Materials | 0 | ' |
Debt issuance funds distributed to Rayonier Advanced Materials | 0 | ' |
Proceeds from spin-off of Rayonier Advanced Materials | 0 | ' |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | 0 | ' |
Intercompany distributions | -234,659 | -256,921 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | -234,659 | -256,921 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | 2,951 | 967 |
Balance, beginning of year | 304 | 3,966 |
Balance, end of period | 3,255 | 4,933 |
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 | 84,000 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | ' | 0 |
Purchase of timberlands | 0 | 0 |
Intercompany purchase of real estate | ' | 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 | 855,014 | -316,836 |
Other | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | 855,014 | -316,836 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 185,000 | 375,000 |
Repayment of debt | -1,002,500 | -56,527 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax benefits on stock-based compensation | ' | 0 |
Debt issuance costs | 0 | ' |
Repurchase of common shares | 0 | 0 |
Purchase of timberland deeds for Rayonier Advanced Materials | 0 | ' |
Debt issuance funds distributed to Rayonier Advanced Materials | 0 | ' |
Proceeds from spin-off of Rayonier Advanced Materials | 0 | ' |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | 0 | 0 |
Intercompany distributions | 0 | -84,000 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | -817,500 | 234,473 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | 37,514 | 1,637 |
Balance, beginning of year | 10,719 | 19,358 |
Balance, end of period | 48,233 | 20,995 |
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 | 54,461 | 291,478 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -105,258 | -121,764 |
Purchase of additional interest in New Zealand joint venture | ' | -139,879 |
Purchase of timberlands | -93,189 | -11,650 |
Intercompany purchase of real estate | ' | 0 |
Jesup mill cellulose specialties expansion | ' | -137,392 |
Proceeds from the disposition of Wood Products business | ' | 68,063 |
Change in restricted cash | 47,318 | 3,989 |
Investment in Subsidiaries | 0 | 0 |
Other | -478 | -1,925 |
CASH USED FOR INVESTING ACTIVITIES | -151,607 | -340,558 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 1,110,163 | 57,885 |
Repayment of debt | -170,549 | -71,936 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax benefits on stock-based compensation | ' | 8,189 |
Debt issuance costs | -12,380 | ' |
Repurchase of common shares | 0 | 0 |
Purchase of timberland deeds for Rayonier Advanced Materials | 0 | ' |
Debt issuance funds distributed to Rayonier Advanced Materials | 0 | ' |
Proceeds from spin-off of Rayonier Advanced Materials | 0 | ' |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | 11,400 | 4,000 |
Intercompany distributions | -852,085 | 108,766 |
Other | -680 | ' |
CASH USED FOR FINANCING ACTIVITIES | 85,869 | 106,904 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -103 | -336 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -11,380 | 57,488 |
Balance, beginning of year | 58,440 | 4,384 |
Balance, end of period | 47,060 | 61,872 |
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 | -231,730 | -825,347 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | ' | 0 |
Purchase of timberlands | 0 | 0 |
Intercompany purchase of real estate | ' | 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 | -855,014 | 593,192 |
Other | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | -855,014 | 593,192 |
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 benefits on stock-based compensation | ' | 0 |
Debt issuance costs | 0 | ' |
Repurchase of common shares | 0 | 0 |
Purchase of timberland deeds for Rayonier Advanced Materials | 0 | ' |
Debt issuance funds distributed to Rayonier Advanced Materials | 0 | ' |
Proceeds from spin-off of Rayonier Advanced Materials | 0 | ' |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | 0 | 0 |
Intercompany distributions | 1,086,744 | 232,155 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | 1,086,744 | 232,155 |
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 | 238,010 | 394,700 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -400 | -335 |
Purchase of additional interest in New Zealand joint venture | ' | 0 |
Purchase of timberlands | 0 | 0 |
Intercompany purchase of real estate | ' | 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 | 855,014 | -455,014 |
Other | 0 | 1,701 |
CASH USED FOR INVESTING ACTIVITIES | 854,614 | -453,648 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 185,000 | 375,000 |
Repayment of debt | -1,002,500 | -56,527 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax benefits on stock-based compensation | ' | 0 |
Debt issuance costs | 0 | ' |
Repurchase of common shares | 0 | 0 |
Purchase of timberland deeds for Rayonier Advanced Materials | 0 | ' |
Debt issuance funds distributed to Rayonier Advanced Materials | 0 | ' |
Proceeds from spin-off of Rayonier Advanced Materials | 0 | ' |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | 0 | 0 |
Intercompany distributions | -234,659 | -256,921 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | -1,052,159 | 61,552 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | 40,465 | 2,604 |
Balance, beginning of year | 11,023 | 23,324 |
Balance, end of period | 51,488 | 25,928 |
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 | 54,461 | 291,478 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -105,258 | -121,764 |
Purchase of additional interest in New Zealand joint venture | ' | -139,879 |
Purchase of timberlands | -93,189 | -11,650 |
Intercompany purchase of real estate | ' | 0 |
Jesup mill cellulose specialties expansion | ' | -137,392 |
Proceeds from the disposition of Wood Products business | ' | 68,063 |
Change in restricted cash | 47,318 | 3,989 |
Investment in Subsidiaries | 0 | 0 |
Other | -478 | -1,925 |
CASH USED FOR INVESTING ACTIVITIES | -151,607 | -340,558 |
FINANCING ACTIVITIES | ' | ' |
Issuance of debt | 1,110,163 | 57,885 |
Repayment of debt | -170,549 | -71,936 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Excess tax benefits on stock-based compensation | ' | 8,189 |
Debt issuance costs | -12,380 | ' |
Repurchase of common shares | 0 | 0 |
Purchase of timberland deeds for Rayonier Advanced Materials | 0 | ' |
Debt issuance funds distributed to Rayonier Advanced Materials | 0 | ' |
Proceeds from spin-off of Rayonier Advanced Materials | 0 | ' |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | 11,400 | 4,000 |
Intercompany distributions | -852,085 | 108,766 |
Other | -680 | ' |
CASH USED FOR FINANCING ACTIVITIES | 85,869 | 106,904 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -103 | -336 |
CASH AND CASH EQUIVALENTS | ' | ' |
Change in cash and cash equivalents | -11,380 | 57,488 |
Balance, beginning of year | 58,440 | 4,384 |
Balance, end of period | 47,060 | 61,872 |
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 | -231,730 | -741,347 |
INVESTING ACTIVITIES | ' | ' |
Capital expenditures | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | ' | 0 |
Purchase of timberlands | 0 | 0 |
Intercompany purchase of real estate | ' | 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 | -855,014 | 593,192 |
Other | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | -855,014 | 593,192 |
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 benefits on stock-based compensation | ' | 0 |
Debt issuance costs | 0 | ' |
Repurchase of common shares | 0 | 0 |
Purchase of timberland deeds for Rayonier Advanced Materials | 0 | ' |
Debt issuance funds distributed to Rayonier Advanced Materials | 0 | ' |
Proceeds from spin-off of Rayonier Advanced Materials | 0 | ' |
Change in restricted cash reserved for dividends | 0 | ' |
Issuance of intercompany notes | 0 | 0 |
Intercompany distributions | 1,086,744 | 148,155 |
Other | 0 | ' |
CASH USED FOR FINANCING ACTIVITIES | 1,086,744 | 148,155 |
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 |