Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | RAYONIER INC. | ||
Trading Symbol | RYN | ||
Entity Central Index Key | 52827 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 126,799,090 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $4,494,036,477 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | ||||
SALES | $603,521 | $659,718 | $378,608 | |
Costs and Expenses | ||||
Cost of sales | 483,860 | 530,772 | 305,479 | |
Selling and general expenses | 47,883 | 55,433 | 58,632 | |
Other operating income, net (Note 16) | -26,511 | -18,487 | -17,011 | |
Costs and Expenses, Total | 505,232 | 567,718 | 347,100 | |
Equity in income of New Zealand joint venture | 0 | 562 | 550 | |
OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 98,289 | 92,562 | 32,058 | |
Gain related to consolidation of New Zealand joint venture (Note 4) | 0 | 16,098 | 0 | |
OPERATING INCOME | 98,289 | 108,660 | 32,058 | |
Interest expense | -44,248 | -40,941 | -42,826 | |
Interest and miscellaneous (expense) income, net | -9,199 | 2,439 | 482 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 44,842 | 70,158 | -10,286 | |
Income tax benefit | 9,601 | 35,685 | 27,060 | |
INCOME FROM CONTINUING OPERATIONS | 54,443 | 105,843 | [1] | 16,774 |
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 43,403 | 267,955 | [2] | 261,911 |
NET INCOME | 97,846 | 373,798 | [1],[2] | 278,685 |
Less: Net (loss) income attributable to noncontrolling interest | -1,491 | 1,902 | 0 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 99,337 | 371,896 | [1],[2] | 278,685 |
OTHER COMPREHENSIVE INCOME | ||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | -15,847 | -5,710 | 4,352 | |
New Zealand joint venture cash flow hedges, net of income tax benefit (expense) of $861, ($248) and $0 | -1,855 | 3,629 | 213 | |
Net gain (loss) from pension and postretirement plans, net of income tax (expense) benefit of ($35,852), ($27,786) and ($339) | 54,046 | 61,869 | -496 | |
Total other comprehensive income | 36,344 | 59,788 | 4,069 | |
COMPREHENSIVE INCOME | 134,190 | 433,586 | 282,754 | |
Less: Comprehensive loss attributable to noncontrolling interest | -6,462 | -1,550 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $140,652 | $435,136 | $282,754 | |
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||
Continuing Operations (in dollars per share) | $0.44 | $0.83 | $0.14 | |
Discontinued Operations (in dollars per share) | $0.34 | $2.13 | $2.13 | |
Net Income (in dollars per share) | $0.78 | $2.96 | $2.27 | |
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||
Continuing Operations | $0.43 | $0.80 | $0.13 | |
Discontinued Operations (in dollars per share) | $0.33 | $2.06 | $2.04 | |
Net income (in dollars per share) | $0.76 | $2.86 | $2.17 | |
[1] | Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||
[2] | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Discontinued operation tax effect of discontinued operation | $20,578 | $106,397 | $115,451 |
Foreign currency translation adjustment, income tax benefit | 78 | 0 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 861 | -248 | 0 |
Amortization of losses and gains from pension and postretirement benefit plans, income tax (expense) benefit | ($35,852) | ($27,786) | ($339) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | $161,558 | $199,644 | ||
Accounts receivable, less allowance for doubtful accounts of $42 and $673 | 24,018 | 94,956 | ||
Inventory (Note 12) | 9,042 | [1] | 138,818 | [1] |
Current deferred tax assets | 0 | 39,100 | ||
Prepaid logging roads | 12,665 | 12,992 | ||
Prepaid and other current assets | 7,080 | 33,584 | ||
Total current assets | 214,363 | 519,094 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,083,743 | 2,049,378 | ||
PROPERTY, PLANT AND EQUIPMENT | ||||
Land | 1,833 | 20,138 | ||
Buildings | 8,961 | 180,573 | ||
Machinery and equipment | 3,503 | 1,760,641 | ||
Construction in progress | 579 | 19,795 | ||
Total property, plant and equipment, gross | 14,876 | 1,981,147 | ||
Less—accumulated depreciation | -8,170 | -1,120,326 | ||
Total property, plant and equipment, net | 6,706 | 860,821 | ||
OTHER ASSETS (Note 9) | 148,303 | 256,208 | ||
TOTAL ASSETS | 2,453,115 | 3,685,501 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 20,211 | 69,293 | ||
Current maturities of long-term debt (Note 13) | 129,706 | 112,500 | ||
Accrued taxes | 11,405 | 8,551 | ||
Uncertain tax positions | 0 | 10,547 | ||
Accrued payroll and benefits | 6,390 | 24,948 | ||
Accrued interest | 8,433 | 9,531 | ||
Accrued customer incentives | 0 | 9,580 | ||
Other current liabilities | 25,857 | 24,327 | ||
Current liabilities for dispositions and discontinued operations (Note 17) | 0 | 6,835 | ||
Total current liabilities | 202,002 | 276,112 | ||
LONG-TERM DEBT (Note 13) | 621,849 | 1,461,724 | ||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 0 | 69,543 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 22) | 33,477 | 95,654 | ||
OTHER NON-CURRENT LIABILITIES | 20,636 | 27,225 | ||
COMMITMENTS AND CONTINGENCIES (Notes 18, 19 and 20) | ||||
SHAREHOLDERS’ EQUITY | ||||
Common Shares, 480,000,000 shares authorized, 126,773,097 and 126,257,870 shares issued and outstanding | 702,598 | 692,100 | ||
Retained earnings | 790,697 | 1,015,209 | ||
Accumulated other comprehensive loss | -4,825 | -46,139 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,488,470 | 1,661,170 | ||
Noncontrolling interest | 86,681 | 94,073 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,575,151 | 1,755,243 | ||
Total liabilities and equity | $2,453,115 | $3,685,501 | ||
[1] | 2013 includes $128.2 million of inventory related to the Performance Fibers business. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ||
Accounts receivable, allowance for doubtful accounts | $42 | $673 |
Shareholders' Equity: | ||
Common stock, shares authorized | 480,000,000 | 480,000,000 |
Common stock, shares, issued | 126,773,097 | 126,257,870 |
Common stock, shares outstanding | 126,773,097 | 126,257,870 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING ACTIVITIES | ||||
Net income | $97,846 | $373,798 | [1],[2] | $278,685 |
Adjustments to reconcile net income to cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 119,980 | 116,854 | 84,631 | |
Non-cash cost of land sold | 13,264 | 10,212 | 4,746 | |
Non-cash cost of New York timberland sale | 0 | 53,990 | 0 | |
Stock-based incentive compensation expense | 7,869 | 11,683 | 15,116 | |
Amortization of debt discount/premium | 1,092 | 1,215 | 6,323 | |
Deferred income taxes | 1,828 | 5,857 | 3,505 | |
Tax benefit of AFMC for CBPC exchange | 0 | -18,761 | -12,196 | |
Non-cash adjustments to unrecognized tax benefit liability | -6,597 | 3,967 | 0 | |
Depreciation and amortization from discontinued operations | 37,985 | 74,940 | 64,087 | |
Amortization of losses from pension and postretirement plans | 7,276 | 22,029 | 19,493 | |
Gain on sale of discontinued operations, net | 0 | -42,121 | 0 | |
Gain related to consolidation of New Zealand joint venture | 0 | -16,098 | 0 | |
Loss on early redemption of exchangeable notes | 0 | 3,974 | 0 | |
Other | 3,307 | -6,082 | -2,880 | |
Changes in operating assets and liabilities: | ||||
Receivables | 4,300 | 11,100 | -4,248 | |
Inventories | 3,926 | -19,986 | -10,649 | |
Accounts payable | 29,929 | -1,655 | -7,967 | |
Income tax receivable/payable | 838 | 47,232 | 65,212 | |
All other operating activities | -1,200 | -8,094 | 2,750 | |
Payment to exchange AFMC for CBPC | 0 | -70,311 | -50,768 | |
Expenditures for dispositions and discontinued operations | -5,096 | -8,570 | -9,926 | |
CASH PROVIDED BY OPERATING ACTIVITIES | 316,547 | 545,173 | 445,914 | |
INVESTING ACTIVITIES | ||||
Capital expenditures | -123,689 | -162,183 | -155,520 | |
Purchase of additional interest in New Zealand joint venture | 0 | -139,879 | 0 | |
Purchase of timberlands | -130,896 | -20,401 | -106,536 | |
Jesup mill cellulose specialties expansion | 0 | -148,262 | -198,341 | |
Proceeds from disposition of Wood Products business | 0 | 62,720 | 0 | |
Change in restricted cash | 62,256 | -58,385 | -10,559 | |
Other | -478 | -2,530 | -1,945 | |
CASH USED FOR INVESTING ACTIVITIES | -192,807 | -468,920 | -472,901 | |
FINANCING ACTIVITIES | ||||
Issuance of debt (Note 13) | 1,426,464 | 622,885 | 1,230,000 | |
Repayment of debt | -1,289,637 | -549,485 | -813,610 | |
Dividends paid | -257,517 | -237,016 | -206,583 | |
Proceeds from the issuance of common shares | 5,579 | 10,101 | 25,495 | |
Excess tax benefits on stock-based compensation | 0 | 8,413 | 7,635 | |
Repurchase of common shares | -1,858 | -11,326 | -7,783 | |
Debt issuance costs | -12,380 | 0 | -6,135 | |
Purchase of timberland deeds for Rayonier Advanced Materials | -12,677 | 0 | 0 | |
Debt issuance funds distributed to Rayonier Advanced Materials | -924,943 | 0 | 0 | |
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | 0 | 0 | |
Other | -680 | -713 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -161,449 | -157,141 | 229,019 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -377 | -64 | -39 | |
CASH AND CASH EQUIVALENTS | ||||
Change in cash and cash equivalents | -38,086 | -80,952 | 201,993 | |
Balance, beginning of year | 199,644 | 280,596 | 78,603 | |
Balance, end of year | 161,558 | 199,644 | 280,596 | |
Cash paid during the year: | ||||
Interest | 47,640 | 44,156 | 34,956 | |
Income taxes | 8,789 | 99,120 | 74,745 | |
Non-cash investing and financing activities: | ||||
Capital assets purchased on account | 2,599 | 15,522 | 25,926 | |
Shareholder debt assumed in acquisition of New Zealand joint venture | 0 | 125,532 | 0 | |
Conversion of shareholder debt to equity noncontrolling interest | 0 | -95,961 | 0 | |
Partial conversion of Senior Exchangeable Notes to equity | $0 | $2,453 | $0 | |
[1] | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. | |||
[2] | Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. |
Nature_of_Business_Operations
Nature of Business Operations | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business Operations | NATURE OF BUSINESS OPERATIONS |
Rayonier Inc., including its consolidated subsidiaries (“Rayonier” or “the Company”), is a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive timber growing regions in the U.S. and New Zealand. The Company owns or leases approximately 2.7 million acres of timberland, located in the United States and New Zealand. Included in this property is approximately 0.2 million acres of timberlands located primarily along the coastal region from Savannah, Georgia to Daytona Beach, Florida, with long-term potential for real estate development. The Company also engages in the trading of logs, primarily to support the Company’s New Zealand export operations. | |
Rayonier operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. See Note 5 — Segment and Geographical Information for further discussion of its reportable business segments and Note 3 — Discontinued Operations for additional information on the sale of the Wood Products business and the spin-off of the Performance Fibers business. | |
The Company is a REIT and is generally not required to pay federal income taxes on its U.S. timber harvest earnings and other U.S. REIT operations contingent upon meeting applicable distribution, income, asset, shareholder and other tests. The U.S. timber operations are primarily conducted by the Company’s wholly-owned REIT subsidiaries. Non-REIT qualifying and certain foreign operations, which are subject to corporate-level tax on earnings, are operated by taxable subsidiaries. These operations include the Real Estate segment’s entitlement and sale of higher and better use (“HBU”) properties as well as the log trading business. The Company’s consolidated joint venture, Matariki Forestry Group (“New Zealand JV”), is subject to entity-level tax in New Zealand. | |
Southern, Pacific Northwest and New Zealand Timber | |
The Company’s Timber segments own or lease approximately 2.7 million acres of timberlands located in the U.S. and New Zealand. The Timber segments conduct timber harvesting activities, manage timberlands and sell timber and logs to third parties. On April 4, 2013, the Company acquired an additional 39 percent interest in the New Zealand JV, which currently owns or leases approximately 451,000 gross acres (309,000 net plantable acres) of New Zealand timberlands. The acquisition of additional interest brought the Company’s ownership to 65 percent. As a result, the New Zealand JV’s results of operations have been consolidated and included within the New Zealand Timber segment (formerly within the Forest Resources segment) since the date Rayonier acquired control. Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) serves as the manager of the New Zealand JV forests. See Note 4 — Joint Venture Investment. | |
During 2014, the Company acquired approximately 62 thousand acres of timberlands. See Note 8 — Timberland Acquisitions for additional information. | |
Real Estate | |
The vast majority of the Company’s HBU properties are managed as timberland and generate cash flow from timber operations prior to their sale or, in the case of Development Improved properties, prior to improvement. As a portion of the Company’s acreage has become more valuable for development, residential, recreational or conservation purposes than for growing timber, Rayonier employs a detailed land classification process for all of its timberland and HBU acres. | |
Trading | |
The Company’s trading business comprises log trading in New Zealand conducted by the New Zealand JV in two core areas of business: managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. The Trading segment complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation and Principles of Consolidation | |
The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65 percent) in its New Zealand JV, and, as such, consolidates its results of operations and Balance Sheet. The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (35 percent) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include time deposits with original maturities of three months or less. The consolidated cash balance includes time deposits of $0 and $45 million at December 31, 2014 and December 31, 2013, respectively. The time deposit outstanding at December 31, 2013 was a one-month instrument which bore interest at 24 basis points. | |
Accounts Receivable | |
Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts. | |
Prepaid Logging Roads | |
Costs for roads in the Pacific Northwest built to access particular tracts to be harvested in the upcoming 24 months are recorded as prepaid logging roads. The Company charges such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule. | |
Inventory | |
HBU real estate properties that are expected to be sold within one year are included in inventory, while properties that are expected to be sold after one year are included in “Other assets.” Inventory also includes seedlings as well as logs available to be sold by the log trading segment. | |
Timber and Timberlands | |
Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, lease rental payments, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Payroll costs are capitalized only for time spent on these activities, while interest or any other intangible costs aside from those mentioned above are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense, included in cost of sales, at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. | |
Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition. | |
Property, Plant, Equipment and Depreciation | |
Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company depreciates its assets, including office, and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. | |
Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. | |
Fair Value Measurements | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: | |
Level 1 — Quoted prices in active markets for identical assets or liabilities. | |
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |
Goodwill | |
Goodwill represents the excess of the acquisition cost of the New Zealand JV over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. In performing Step 1 (recoverability test) of the impairment test as outlined in Accounting Standards Codification (“ASC”) 360-10-35, Impairment or Disposal of Long-Lived Assets, the Company compares the fair value of the New Zealand JV to its carrying value including goodwill. If the carrying value including goodwill were to exceed the fair value of the New Zealand JV, Step 2 of the test would be performed. Step 2 of the impairment test requires the carrying value of goodwill to be reduced to its fair value, if lower, as of the test date. | |
For Step 1 of the test, the Company estimates the reporting unit's fair value which utilizes an independent valuation for the New Zealand forest assets. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2014 and determined that the estimated fair value of the New Zealand JV exceeded its carrying value, and no impairment was recorded. | |
Foreign Currency Translation | |
The functional currency of the Company’s New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“AOCI”), within Shareholders’ Equity. | |
Revenue Recognition | |
The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. | |
Timber Sales | |
Revenue from the sale of timber is recognized when title passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and delivered logs. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and title and risk of loss pass to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and title and risk of loss pass to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale whereby revenue is recognized as periodic physical observations are made of the percentage of acreage harvested. | |
In delivered log sales, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Revenue is recognized when the logs are delivered and title and risk of loss transfer to the buyer. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The sales method the Company employs for a given tract of timber depends upon local market conditions and which method is expected to provide the best overall margins. | |
Non-timber income included in “Other Operating Income, Net” is primarily comprised of hunting and recreational leases. Lease income is recognized ratably over the period of the lease. | |
Log Trading | |
Domestic log trading revenue for sales within New Zealand is recorded when the goods are received by the customer and title passes. Export log trading revenue is recorded when the ship leaves the port, at which time title passes to the customer. | |
Real Estate | |
The Company recognizes revenue on sales of real estate when the sale is consummated, generally when payment is received and title and risk of loss have passed to the buyer. Cost of sales associated with real estate sold comprises the cost of the land, the cost of any timber on the property that was conveyed to the buyer, and any closing costs including sales commissions that may be borne by the Company. Costs incurred to obtain land use entitlements or for infrastructure such as utilities, roads or other improvements are allocated ratably to the acres benefiting from such expenditures and charged to cost of sales as the acres are sold. | |
Employee Benefit Plans | |
The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates, longevity and service lives of employees. See Note 22 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2014. | |
Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2014 and 2013, the Company’s pension plans were in a net liability position (underfunded) of $31.8 million and $71.7 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through comprehensive income (loss) in the year in which the changes occur. See Note 22 — Employee Benefit Plans for additional information. | |
Income Taxes | |
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. | |
In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. | |
The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Uncertain tax positions” and “Other Non-Current Liabilities” in the Company’s Consolidated Balance Sheets. See Note 10 — Income Taxes for additional information. | |
Reclassifications | |
Certain 2013 and 2012 amounts have been reclassified to conform with the current year 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, as discussed at Note 3 — Discontinued Operations. Accordingly, the operating results of these businesses 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, 2014 Consolidated Balance Sheet reports only continuing operations and reflects the contribution of approximately $1.2 billion of assets, and corresponding liabilities and equity to Rayonier Advanced Materials in connection with the spin-off of the Performance Fibers business. The December 31, 2013 Consolidated Balance Sheet includes the Performance Fibers business. | |
The Consolidated Statements of Cash Flows for 2014, 2013 and 2012 have not been restated to exclude Performance Fibers or Wood Products cash flows. Cash flows for the year ended December 31, 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. | |
New or Recently Adopted Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard that 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 on or after 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 and is not expected to have any impact on the Company’s consolidated financial statements. | |
Subsequent Events | |
The Company has evaluated events occurring from December 31, 2014 to the date of issuance for potential recognition or disclosure in the consolidated financial statements. | |
Quarterly Dividend | |
On March 2, 2015, the Company announced a first quarter dividend of 25 cents per share payable March 31, 2015, to shareholders of record on March 17, 2015. | |
Legal Proceedings | |
See Note 18 — Contingencies. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||
Dec. 31, 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 and retained its timber, real estate and trading businesses. 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. Of this $75 million, $63.2 million was paid to shareholders as a special dividend in the third quarter. | |||||||
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. In addition, 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, information technology systems and various other corporate support 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 disclosed as a separate reportable 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, as required. | |||||||
The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the three years ended December 31, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income: | |||||||
2014 | 2013 | 2012 | |||||
Sales | $456,180 | $1,048,104 | $1,104,882 | ||||
Cost of sales and other | -369,210 | -736,471 | -738,412 | ||||
Transaction expenses | -22,989 | -3,208 | — | ||||
Income from discontinued operations before income taxes | 63,981 | 308,425 | 366,470 | ||||
Income tax expense | -20,578 | -84,398 | -111,802 | ||||
Income from discontinued operations, net | $43,403 | $224,027 | $254,668 | ||||
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 Timber and Real Estate operations). The following table summarizes the interest expense allocated to discontinued operations for the three years ended December 31, 2014: | |||||||
2014 | 2013 | 2012 | |||||
Interest expense allocated to the Performance Fibers business | ($4,205) | ($8,964) | ($9,333) | ||||
The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business: | |||||||
2014 | 2013 | 2012 | |||||
Depreciation and amortization | $37,985 | $74,386 | $60,909 | ||||
Capital expenditures | 60,443 | 97,874 | 104,908 | ||||
Jesup mill cellulose specialties expansion | — | 148,262 | 198,341 | ||||
The major classes of Performance Fibers assets and liabilities included in the spin-off are as follows: | |||||||
27-Jun-14 | |||||||
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 and fourth quarters 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 segregation of the pension and postretirement plans were 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 have been reflected in discontinued operations and equity for the year ended December 31, 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 intercompany purchases were transactions eliminated in consolidation as follows: | |||||||
2014 | 2013 | 2012 | |||||
Hardwood purchases | $3,935 | $3,051 | $2,144 | ||||
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 disclosed as a separate reportable segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2013 and 2012. | |||||||
Rayonier recognized an after-tax gain of $42.1 million on the sale, which included the acceleration of pension settlement costs of $0.5 million resulting from a lump sum distribution to Wood Products participants. The gain is included in “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 2013. | |||||||
The following table summarizes the operating results of the Company’s Wood Products discontinued operations as presented in “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2013 and 2012: | |||||||
2013 | 2012 | ||||||
Sales | $16,968 | $87,510 | |||||
Cost of sales and other | -14,258 | -76,619 | |||||
Gain on sale of discontinued operations | 63,217 | — | |||||
Income from discontinued operations before income taxes | 65,927 | 10,891 | |||||
Income tax expense | -21,999 | -3,648 | |||||
Income from discontinued operations, net | $43,928 | $7,243 | |||||
The sale did not meet the “held for sale” criteria prior to the period it was completed. The major classes of Wood Products assets and liabilities included in the sale were as follows: | |||||||
1-Mar-13 | |||||||
Accounts receivable, net | $4,127 | ||||||
Inventory | 4,270 | ||||||
Prepaid and other current assets | 2,053 | ||||||
Property, plant and equipment, net | 9,990 | ||||||
Total assets | $20,440 | ||||||
Total liabilities | $596 | ||||||
Cash flows from the Wood Products business were de minimis both individually and in the aggregate. As such, they were included with cash flows from continuing operations in the Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012. | |||||||
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" in the Consolidated Statements of Income and Comprehensive Income: | |||||||
2014 | 2013 | 2012 | |||||
Performance Fibers income from discontinued operations, net | $43,403 | $224,027 | $254,668 | ||||
Wood Products income from discontinued operations, net | — | 43,928 | 7,243 | ||||
Income from discontinued operations, net | $43,403 | $267,955 | $261,911 | ||||
Joint_Venture_Investment
Joint Venture Investment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Joint Venture Investment | JOINT VENTURE INVESTMENT | |||||||
On April 4, 2013 (the “acquisition date”), the Company acquired an additional 39 percent ownership interest in Matariki Forestry Group, a joint venture ("New Zealand JV") that owns or leases approximately 0.4 million legal acres of New Zealand timberlands. As a result of the acquisition, Rayonier is a 65 percent owner of the New Zealand JV and subsequent to April 4, 2013 consolidated the balance sheet and results of operations. 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 year ended December 31, 2013 reflect 26 percent of the New Zealand JV’s income prior to the acquisition date, as reported in “Equity in income of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. The following represents the pro forma (unaudited) consolidated sales and net income for the two years ended December 31, 2014 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013. | ||||||||
2014 | 2013 | |||||||
Sales | $603,521 | $1,742,348 | ||||||
Net Income | 97,846 | 372,039 | ||||||
Segment_and_Geographical_Infor
Segment and Geographical Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Segment and Geographical Information | SEGMENT AND GEOGRAPHICAL INFORMATION | |||||||||||||||||||
Prior to the first quarter of 2013, the Company operated in four reportable business segments, Forest Resources, Real Estate, Performance Fibers and Wood Products. In March 2013, the Company sold its Wood Products business and its operations are shown as discontinued operations for the years ended December 31, 2013 and 2012. 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 3 — Discontinued Operations for additional information. Effective with the fourth quarter of 2014, the Company realigned its segments considering the economic characteristics of each business unit and the way management now internally evaluates business performance and makes capital allocation decisions. | ||||||||||||||||||||
As part of the realignment, the previously reported Forest Resources segment has been disaggregated into Southern Timber, Pacific Northwest Timber and New Zealand Timber segments. All prior period amounts have been reclassified to reflect the newly realigned segment structure. Sales in the Timber segments include all activities related to the harvesting of timber and other non-timber income activities such as the leasing of properties for hunting, mineral extraction and cell towers. | ||||||||||||||||||||
In the Real Estate segment, the Company changed the composition of its sales categories to include Unimproved Development, Improved Development, Rural, and Non-Strategic / Timberlands. The unimproved development sales category comprises properties sold for commercial, industrial or residential development purposes and for which Rayonier has not invested in improvements such as utilities or roads. Improved development includes sales of development property for which Rayonier, through one of its taxable REIT subsidiaries, has invested in infrastructure to enhance the value and marketability of the property. Conservation sales previously reported within Rural are now reported as Non-Strategic / Timberlands. All prior period amounts have been reclassified to reflect the newly realigned sales categories. Real Estate sales include all U.S. property sales, including those lands designated as HBU and those designated as the sale of non-strategic timberlands. | ||||||||||||||||||||
The Trading segment (formerly reported within “Other Operations”) comprises log trading in New Zealand, conducted by the Company’s New Zealand JV in two core areas of business, managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. The Trading segment complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment, and by contributing to income with minimal investment. | ||||||||||||||||||||
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 segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally. | ||||||||||||||||||||
Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other.” | ||||||||||||||||||||
Segment information for each of the three years ended December 31, 2014 follows (in millions of dollars): | ||||||||||||||||||||
Sales | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | $142 | $124 | $109 | |||||||||||||||||
Pacific Northwest Timber | 102 | 110 | 110 | |||||||||||||||||
New Zealand Timber | 182 | 148 | 11 | |||||||||||||||||
Real Estate (A) | 77 | 149 | 57 | |||||||||||||||||
Trading | 104 | 132 | 94 | |||||||||||||||||
Intersegment Eliminations | -3 | -3 | -2 | |||||||||||||||||
Total | $604 | $660 | $379 | |||||||||||||||||
(a) | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million. | |||||||||||||||||||
Operating Income/(Loss) | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | $46 | $38 | $23 | |||||||||||||||||
Pacific Northwest Timber | 30 | 33 | 21 | |||||||||||||||||
New Zealand Timber | 9 | 10 | 2 | |||||||||||||||||
Real Estate | 48 | 56 | 32 | |||||||||||||||||
Trading | 2 | 2 | — | |||||||||||||||||
Corporate and other (a) | -37 | -30 | -46 | |||||||||||||||||
Total Operating Income | $98 | $109 | $32 | |||||||||||||||||
Unallocated interest expense and other | -53 | -39 | -42 | |||||||||||||||||
Total income from continuing operations before income taxes | $45 | $70 | ($10) | |||||||||||||||||
(a) | 2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||
Gross Capital Expenditures | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Capital Expenditures (a) | ||||||||||||||||||||
Southern Timber | $35 | $39 | $39 | |||||||||||||||||
Pacific Northwest Timber | 10 | 8 | 8 | |||||||||||||||||
New Zealand Timber | 18 | 16 | — | |||||||||||||||||
Real Estate | — | — | 2 | |||||||||||||||||
Trading | — | — | — | |||||||||||||||||
Corporate and other | — | 1 | 1 | |||||||||||||||||
Total capital expenditures | $63 | $64 | $50 | |||||||||||||||||
Strategic Capital Expenditures (timberland acquisitions) | ||||||||||||||||||||
Southern Timber | $126 | $20 | $101 | |||||||||||||||||
Pacific Northwest Timber | 2 | — | — | |||||||||||||||||
New Zealand Timber (b) | — | 140 | — | |||||||||||||||||
Real Estate | 2 | — | 5 | |||||||||||||||||
Trading | — | — | — | |||||||||||||||||
Corporate and other | — | — | — | |||||||||||||||||
Total strategic capital expenditures | $130 | $160 | $106 | |||||||||||||||||
Total Gross Capital Expenditures | $193 | $224 | $156 | |||||||||||||||||
(a) | Excludes strategic capital expenditures presented separately. | |||||||||||||||||||
(b) | Includes $139.9 million related to the purchase price of the additional 39 percent interest acquired in 2013. See Note 4 — Joint Venture Investment for additional information. | |||||||||||||||||||
Depreciation, | ||||||||||||||||||||
Depletion and Amortization | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | $52 | $49 | $53 | |||||||||||||||||
Pacific Northwest Timber | 21 | 21 | 22 | |||||||||||||||||
New Zealand Timber (a) | 32 | 28 | — | |||||||||||||||||
Real Estate | 13 | 18 | 8 | |||||||||||||||||
Trading | — | — | — | |||||||||||||||||
Corporate and other | 2 | 1 | 2 | |||||||||||||||||
Total | $120 | $117 | $85 | |||||||||||||||||
(a) | 2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||
Non-Cash Cost of Land Sold | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | — | — | — | |||||||||||||||||
Pacific Northwest Timber | — | — | — | |||||||||||||||||
New Zealand Timber (a) | 4 | — | — | |||||||||||||||||
Real Estate | 9 | 10 | 5 | |||||||||||||||||
Trading | — | — | — | |||||||||||||||||
Corporate and other | — | — | — | |||||||||||||||||
Total | $13 | $10 | $5 | |||||||||||||||||
Sales by Product Line | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | $142 | $124 | $109 | |||||||||||||||||
Pacific Northwest Timber | 102 | 110 | 110 | |||||||||||||||||
New Zealand Timber | 182 | 148 | 11 | |||||||||||||||||
Real Estate | ||||||||||||||||||||
Unimproved Development | 5 | 3 | 2 | |||||||||||||||||
Improved Development | — | 2 | — | |||||||||||||||||
Rural | 41 | 27 | 32 | |||||||||||||||||
Non-Strategic / Timberlands (a) | 31 | 117 | 23 | |||||||||||||||||
Total Real Estate | 77 | 149 | 57 | |||||||||||||||||
Trading | 104 | 132 | 94 | |||||||||||||||||
Intersegment eliminations | -3 | -3 | -2 | |||||||||||||||||
Total Sales | $604 | $660 | $379 | |||||||||||||||||
(a) | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million. | |||||||||||||||||||
Geographical Operating Information | ||||||||||||||||||||
Sales | Operating Income | Identifiable Assets | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||
United States | $318 | $380 | $274 | $87 | $81 | $30 | $ | 1,884 | $ | 3,077 | ||||||||||
New Zealand (a) | 286 | 280 | 105 | 11 | 28 | 2 | 569 | 609 | ||||||||||||
Total | $604 | $660 | $379 | $98 | $109 | $32 | $ | 2,453 | $ | 3,686 | ||||||||||
(a) | 2013 included a $16 million operating income gain from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Derivative Financial Instruments and Hedging Activities | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | |||||||
The Company is exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. The Company’s New Zealand JV uses derivative financial instruments to mitigate the financial impact of exposure to these risks. The Company also uses derivative financial instruments to mitigate exposure to foreign currency risk due to the translation of the investment in Rayonier’s New Zealand-based operations from New Zealand dollars to U.S. dollars. | ||||||||
Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of AOCI and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in New Zealand is partially or completely liquidated. The ineffective portion of any hedge as well as changes in the fair value of derivatives not designated as hedging instruments (primarily New Zealand interest rate swaps) and those which are no longer effective as hedging instruments, are recognized immediately in earnings. The Company's hedge ineffectiveness was de minimis for all periods presented. | ||||||||
Foreign Currency Exchange and Option Contracts | ||||||||
The functional currency of RNZ and 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 mainly denominated in US 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. As of December 31, 2014, foreign currency exchange contracts and foreign currency option contracts had maturity dates through April 2016. | ||||||||
Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments that were entered into subsequent to the Company’s acquisition of a majority interest in the New Zealand JV qualify for cash flow hedge accounting. 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. | ||||||||
In December 2014, the Company entered into a foreign currency exchange contract to mitigate the risk of fluctuations in foreign currency exchange rates when translating RNZ’s balance sheet to U.S. dollars. This contract hedges a portion of the Company’s net investment in New Zealand and qualifies as a net investment hedge. The fair value of the foreign currency exchange contract 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 ineffectiveness of the foreign currency exchange contract is measured using the spot rate method, whereby the change in the fair value of the contract, other than the change attributable to movements in the spot rate, is excluded from the measure of hedge ineffectiveness and is reported directly in earnings. The Company does not expect any ineffectiveness or changes other than those attributable to movements in the spot rate as the critical risks of the forward contract and the net investment in RNZ coincide. | ||||||||
Interest Rate Swaps | ||||||||
The Company uses interest rate swaps to manage the New Zealand JV’s exposure to interest rate movements on its variable rate debt attributable to changes in the New Zealand Bank bill rate. By converting a portion of these borrowings from floating rates to fixed rates, the Company has reduced the impact of interest rate changes on its expected future cash outflows. As of December 31, 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 historically used fuel hedge contracts to manage its New Zealand JV’s exposure to changes in New Zealand’s domestic diesel prices. Due to the low volume of diesel fuel purchases made by the New Zealand JV in 2013, the Company decided to no longer hedge its diesel fuel purchases effective November 2013. There were no contracts remaining as of December 31, 2014. | ||||||||
The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2014 and 2013. Information is not presented for 2012 as derivative balances and activity were not consolidated prior to Rayonier’s acquisition of a controlling interest in the New Zealand JV during 2013. | ||||||||
Location on Statement of Income and Comprehensive Income | 2014 | 2013 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | ($1,069) | $950 | |||||
Other operating (income) expense | — | 652 | ||||||
Foreign currency option contracts | Other comprehensive income (loss) | -1,647 | 460 | |||||
Derivative designated as a net investment hedge: | ||||||||
Foreign currency exchange contract | Other comprehensive income (loss) | -145 | — | |||||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency exchange contracts | Other operating (income) expense | 25 | -1,607 | |||||
Foreign currency option contracts | Other operating (income) expense | 7 | 1,147 | |||||
Interest rate swaps | Interest and miscellaneous (expense) income | -5,882 | 6,085 | |||||
Fuel hedge contracts | Cost of sales (benefit) | 160 | -255 | |||||
During the next 12 months, the amount of the December 31, 2014 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a loss of approximately $0.9 million. | ||||||||
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013: | ||||||||
Notional Amount | ||||||||
2014 | 2013 | |||||||
Derivatives designated as cash flow hedges: | ||||||||
Foreign currency exchange contracts | $28,540 | $32,300 | ||||||
Foreign currency option contracts | 79,400 | 38,000 | ||||||
Derivative designated as a net investment hedge: | ||||||||
Foreign currency exchange contract | $27,419 | — | ||||||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency exchange contracts | — | $1,950 | ||||||
Foreign currency option contracts | — | 4,000 | ||||||
Interest rate swaps | 161,968 | 183,851 | ||||||
Fuel hedge contracts (in thousands of barrels) | — | 38 | ||||||
The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows. | ||||||||
Fair Value Assets (Liabilities) (a) | ||||||||
Location on Balance Sheet | 2014 | 2013 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Foreign currency exchange contracts | Prepaid and other current assets | $132 | $915 | |||||
Other assets | 59 | — | ||||||
Other current liabilities | -272 | — | ||||||
Foreign currency option contracts | Prepaid and other current assets | 299 | 673 | |||||
Other assets | 198 | — | ||||||
Other current liabilities | -1,439 | -214 | ||||||
Other non-current liabilities | -196 | — | ||||||
Derivative designated as a net investment hedge: | ||||||||
Foreign currency exchange contract | Other current liabilities | -223 | — | |||||
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 | -7,247 | -4,659 | |||||
Fuel hedge contracts | Prepaid and other current assets | — | 160 | |||||
Total derivative contracts: | ||||||||
Prepaid and other current assets | $431 | $1,781 | ||||||
Other assets | 257 | — | ||||||
Total derivative assets | $688 | $1,781 | ||||||
Other current liabilities | ($1,934) | ($214) | ||||||
Other non-current liabilities | -7,443 | -4,659 | ||||||
Total derivative liabilities | ($9,377) | ($4,873) | ||||||
(a) | See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. | |||||||
Offsetting Derivatives | ||||||||
Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements which would allow the right of offset. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: | |||||||||||||||||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||||
Level 2 — Observable inputs other than quoted prices included in Level 1. | |||||||||||||||||
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||
The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2014 and 2013, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset (liability) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Cash and cash equivalents | $161,558 | $161,558 | — | $199,644 | $199,644 | — | |||||||||||
Restricted cash (a) | 6,688 | 6,688 | — | 68,944 | 68,944 | — | |||||||||||
Current maturities of long-term debt | -129,706 | — | -156,762 | -112,500 | — | -119,614 | |||||||||||
Long-term debt | -621,849 | — | -628,476 | -1,461,724 | — | -1,489,810 | |||||||||||
Interest rate swaps (b) | -7,247 | — | -7,247 | -4,659 | — | -4,659 | |||||||||||
Foreign currency exchange contracts (b) | -304 | — | -304 | 940 | — | 940 | |||||||||||
Foreign currency option contracts (b) | -1,138 | — | -1,138 | 467 | — | 467 | |||||||||||
Fuel hedge contracts (b) | — | — | — | 160 | — | 160 | |||||||||||
(a) | Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. | ||||||||||||||||
(b) | See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. | ||||||||||||||||
Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: | |||||||||||||||||
Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. | |||||||||||||||||
Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. | |||||||||||||||||
Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. | |||||||||||||||||
Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. | |||||||||||||||||
Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. |
Timberland_Acquisitions
Timberland Acquisitions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||
Timberland Acquisitions | TIMBERLAND ACQUISITIONS | |||||||||||
In 12 separate transactions throughout 2014, Rayonier purchased 61,798 acres of timberland located in Alabama, Florida, Georgia, Texas and Washington, for approximately $130.0 million. These acquisitions were funded with cash on hand, like-kind exchange proceeds from real estate and timberland sales, or through the revolving credit facility and were accounted for as asset purchases. Additionally, in one transaction during 2014, 546 acres were purchased in New Zealand for approximately $0.9 million. This acquisition was funded with cash on hand. | ||||||||||||
In four separate transactions throughout 2013, Rayonier purchased 17,094 acres located in Florida, Georgia and Louisiana for $20.4 million. These acquisitions were funded with cash on hand or through the revolving credit facility and were accounted for as asset purchases. | ||||||||||||
The following table summarizes the timberland acquisitions at December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | |||||||||||
Cost | Acres | Cost | Acres | |||||||||
Alabama | $41,453 | 18,113 | — | — | ||||||||
Florida | 22,157 | 15,774 | 1,198 | 640 | ||||||||
Georgia | 46,525 | 16,573 | 10,215 | 9,036 | ||||||||
Louisiana | — | — | 8,894 | 7,418 | ||||||||
Texas | 17,960 | 10,900 | 94 | (a) | — | |||||||
Washington | 1,878 | 438 | — | — | ||||||||
New Zealand | 923 | 546 | — | — | ||||||||
Total Acquisitions | $130,896 | 62,344 | $20,401 | 17,094 | ||||||||
(a) | Represents funds expended in early 2013 for an acquisition in late 2012. |
Other_Assets
Other Assets | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other Assets [Abstract] | ||||||
Other Assets | OTHER ASSETS | |||||
Included in Other Assets are non-current prepaid and deferred income taxes, restricted cash, HBU real estate not expected to be sold within the next 12 months, goodwill in the New Zealand JV, and other deferred expenses including debt issuance and capitalized software costs. | ||||||
As of December 31, 2014 and 2013, the cost of Rayonier’s HBU real estate not expected to be sold within the next 12 months was $77.4 million and $68.2 million, respectively. | ||||||
As of December 31, 2014, New Zealand JV goodwill was $9.7 million and was included in the assets of the New Zealand Timber segment (formerly within the Forest Resources segment). Based on a Step 1 impairment analysis performed as of October 1, 2014, there is no indication of impairment of goodwill as of December 31, 2014. No adjustments have resulted from the subsequent recognition of deferred tax assets during the period as goodwill is not deductible for tax purposes. See Note 2 — Summary of Significant Accounting Policies for additional information on goodwill. | ||||||
Changes in goodwill for the years ended December 31, 2014 and 2013 were: | ||||||
2014 | 2013 | |||||
Balance, January 1 (net of $0 of accumulated impairment) | $10,179 | — | ||||
Changes to carrying amount | ||||||
Acquisitions | — | 10,496 | ||||
Impairment | — | — | ||||
Foreign currency adjustment | -485 | (317 | ) | |||
Balance, December 31 (net of $0 of accumulated impairment) | $9,694 | $10,179 | ||||
In order to qualify for like-kind (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of December 31, 2014 and 2013, the Company had $6.7 million and $68.9 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary. | ||||||
Debt issuance costs are capitalized and amortized to interest expense over the term of the debt to which they relate using a method that approximates the interest method. At December 31, 2014 and 2013, capitalized debt issuance costs were $3.7 million and $7.0 million, respectively. Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. At December 31, 2014 and 2013, capitalized software costs were $4.2 million and $8.0 million, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Income Taxes | INCOME TAXES | ||||||||||||||||||
The operations conducted by the Company’s REIT entities are generally not subject to U.S. federal and state income taxation. Non-REIT qualifying operations are conducted by the Company’s taxable REIT subsidiaries. Prior to the June 27, 2014 spin-off of Rayonier Advanced Materials, the Company’s taxable REIT subsidiaries (“TRS”) operations included the Performance Fibers manufacturing business. As such, during 2014 and prior periods, the income tax benefit from continuing operations was significantly impacted by the TRS businesses. As of December 31, 2014, the primary businesses performed in Rayonier’s taxable REIT subsidiaries included log trading and certain real estate activities, such as the sale and entitlement of development HBU properties. | |||||||||||||||||||
The Company was subject to U.S. federal corporate income tax on built-in gains (the excess of fair market value over tax basis for property held upon REIT election at January 1, 2004) on taxable sales of such property during calendar years 2004 through 2010. In 2011, the law provided a built-in gains tax holiday. In 2013, the law provided a built-in gains tax holiday for 2012 (retroactive) and 2013, which impacted the Company’s 2013 tax provision. The Company’s 2014 tax provision was not impacted by built-in-gains taxes. | |||||||||||||||||||
Like-Kind Exchanges | |||||||||||||||||||
Under current tax law, taxable income from the sale of REIT property and the required distribution of such gains to shareholders can be deferred and eliminated if sale proceeds from “relinquished” properties are reinvested in similar property consistent with the LKE requirements of the U.S. Internal Revenue Code. | |||||||||||||||||||
Alternative Fuel Mixture Credit (“AFMC”) and Cellulosic Biofuel Producer Credit (“CBPC”) | |||||||||||||||||||
The U.S. Internal Revenue Code allowed two credits for taxpayers that produced and used an alternative fuel in the operation of their business during calendar year 2009. The AFMC is a $0.50 per gallon refundable excise tax credit (which is not taxable), while the CBPC is a $1.01 per gallon credit that is nonrefundable, taxable and has limitations based on an entity’s tax liability. Rayonier produced and used an alternative fuel (“black liquor”) in its Performance Fibers business, which qualified for both credits. The Company claimed the AFMC on its original 2009 income tax return. In 2013, 2012 and 2011, management approved exchanges of black liquor gallons previously claimed under the AFMC for the CBPC. The net tax benefit from these exchanges of $18.8 million, $12.2 million and $5.8 million were recorded in discontinued operations in the respective periods. As a result of the spin-off of the Performance Fibers business in 2014, the Company recorded a $13.6 million valuation allowance in continuing operations related to CPBC remaining with the Company’s taxable REIT subsidiary and the limited potential use of the CBPC prior to its expiration on December 31, 2017. | |||||||||||||||||||
Provision for Income Taxes from Continuing Operations | |||||||||||||||||||
The (provision for)/benefit from income taxes consisted of the following: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Current | |||||||||||||||||||
U.S. federal | $27,521 | $27,338 | $26,539 | ||||||||||||||||
State | 1,353 | 1,462 | 1,241 | ||||||||||||||||
Foreign | — | -261 | — | ||||||||||||||||
28,874 | 28,539 | 27,780 | |||||||||||||||||
Deferred | |||||||||||||||||||
U.S. federal | -7,260 | 22,649 | 110 | ||||||||||||||||
State | -357 | 1,211 | 5 | ||||||||||||||||
Foreign | 1,633 | -2,119 | -263 | ||||||||||||||||
-5,984 | 21,741 | -148 | |||||||||||||||||
Changes in valuation allowance | -13,289 | -14,595 | -572 | ||||||||||||||||
Total | $9,601 | $35,685 | $27,060 | ||||||||||||||||
A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
U.S. federal statutory income tax rate | ($15,695) | 35 | % | ($24,555) | 35 | % | $3,600 | (35.0 | )% | ||||||||||
REIT income and taxable losses | 32,058 | (71.5 | ) | 52,812 | (75.3 | ) | 27,724 | (269.5 | ) | ||||||||||
Foreign operations | (159 | ) | 0.4 | -95 | 0.1 | — | — | ||||||||||||
Loss on early redemption of Senior Exchangeable Notes | — | — | (859 | ) | 1.2 | — | — | ||||||||||||
Other | 112 | (0.3 | ) | 101 | (0.1 | ) | 251 | (2.5 | ) | ||||||||||
Income tax benefit before discrete items | 16,316 | (36.4 | ) | 27,404 | (39.1 | ) | 31,575 | (307.0 | ) | ||||||||||
CBPC valuation allowance | (13,644 | ) | 30.4 | — | — | — | — | ||||||||||||
Deferred tax inventory valuations | 5,151 | (11.5 | ) | 983 | (1.4 | ) | -4,920 | 47.8 | |||||||||||
Uncertain tax positions | 1,830 | (4.1 | ) | 800 | (1.1 | ) | — | — | |||||||||||
Return to accrual adjustments | — | — | — | — | -12 | 0.1 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | 5,634 | (8.0 | ) | — | — | ||||||||||||
Reversal of REIT BIG tax payable | — | — | 485 | (0.7 | ) | — | — | ||||||||||||
Other | (52 | ) | 0.2 | 379 | (0.6 | ) | 417 | (4.0 | ) | ||||||||||
Income tax benefit as reported for continuing operations | $9,601 | (21.4 | )% | 35,685 | (50.9 | )% | $27,060 | (263.1 | )% | ||||||||||
The Company’s effective tax rate is below the 35 percent U.S. statutory rate primarily due to tax benefits associated with being a REIT and 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. | |||||||||||||||||||
Provision for Income Taxes from Discontinued Operations | |||||||||||||||||||
On June 27, 2014 Rayonier completed the spin-off of its Performance Fibers business. Income tax expense related to Performance Fibers discontinued operations was $20.6 million, $84.4 million and $111.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||
During 2013, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. Income tax expense related to the Wood Products business (recorded in discontinued operations) was $22.0 million ($21.1 million from the gain on sale) and $3.6 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||
See Note 3 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business and the sale of the Wood Products business. | |||||||||||||||||||
Deferred Taxes | |||||||||||||||||||
Deferred income taxes result from recording revenues and expenses in different periods for financial reporting versus tax reporting. The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31, were as follows: | |||||||||||||||||||
2014 | 2013 (a) | ||||||||||||||||||
Gross deferred tax assets: | |||||||||||||||||||
Liabilities for dispositions and discontinued operations | — | $28,050 | |||||||||||||||||
Pension, postretirement and other employee benefits | 1,994 | 43,058 | |||||||||||||||||
Foreign and state NOL carryforwards | 71,482 | 85,801 | |||||||||||||||||
Tax credit carryforwards | 13,644 | 52,682 | |||||||||||||||||
Capitalized real estate costs | 9,554 | 8,901 | |||||||||||||||||
Other | 8,067 | 20,970 | |||||||||||||||||
Total gross deferred tax assets | 104,741 | 239,462 | |||||||||||||||||
Less: Valuation allowance | -13,644 | -33,889 | |||||||||||||||||
Total deferred tax assets after valuation allowance | $91,097 | $205,573 | |||||||||||||||||
Gross deferred tax liabilities: | |||||||||||||||||||
Accelerated depreciation | -1,796 | -57,695 | |||||||||||||||||
Repatriation of foreign earnings | -8,817 | -9,065 | |||||||||||||||||
New Zealand forests, roads and carbon credits | -78,008 | -85,681 | |||||||||||||||||
Timber installment sale | -7,511 | -7,360 | |||||||||||||||||
Other | -1,304 | -5,247 | |||||||||||||||||
Total gross deferred tax liabilities | -97,436 | -165,048 | |||||||||||||||||
Net deferred tax (liability)/asset | ($6,339) | $40,525 | |||||||||||||||||
Current portion of deferred tax asset | — | 39,100 | |||||||||||||||||
Noncurrent portion of deferred tax asset | 8,057 | 10,720 | |||||||||||||||||
Current portion of defered tax liability | -7,893 | — | |||||||||||||||||
Noncurrent portion of deferred tax liability | -6,503 | -9,295 | |||||||||||||||||
Net deferred tax (liability)/asset | ($6,339) | $40,525 | |||||||||||||||||
(a) | Includes balances related to discontinued operations. | ||||||||||||||||||
Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2014: | |||||||||||||||||||
Item | Gross | Valuation | Expiration | ||||||||||||||||
Amount | Allowance | ||||||||||||||||||
New Zealand JV NOL Carryforwards | $330,589 | — | None | ||||||||||||||||
Cellulosic Biofuel Producer Credit | 13,644 | -13,644 | 2017 | ||||||||||||||||
Total Valuation Allowance | ($13,644) | ||||||||||||||||||
In 2014, the Company recorded a tax deficiency on stock-based compensation of $0.8 million. In 2013 and 2012, the Company recorded excess tax benefits of $8.4 million and $7.6 million, respectively, related to stock-based compensation. These amounts were recorded directly to shareholders’ equity and were not included in the consolidated tax provision. | |||||||||||||||||||
Unrecognized Tax Benefits | |||||||||||||||||||
In accordance with generally accepted accounting principles, the Company recognizes the impact of a tax position if a position is “more-likely-than-not” to prevail. | |||||||||||||||||||
A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Balance at January 1, | $10,547 | $6,580 | $6,580 | ||||||||||||||||
Decreases related to prior year tax positions | -10,547 | -800 | — | ||||||||||||||||
Increases related to prior year tax positions | — | 4,767 | — | ||||||||||||||||
Balance at December 31, | — | $10,547 | $6,580 | ||||||||||||||||
The unrecognized tax benefits as of December 31, 2013 included $4.8 million related to an increased domestic production deduction on the Company’s amended 2009 tax return due to the inclusion of the CBPC income. Rayonier reversed this reserve during 2014 upon receipt of a refund from the IRS after its examination of the amended 2009 TRS tax return. The reserve included a $0.9 million unrecognized tax benefit, which was recorded in discontinued operations. The remaining $5.8 million of unrecognized tax benefits as of December 31, 2013 was related to positions on the Company’s 2010 tax return, on which the statute of limitations on examination expired during 2014. As such, the Company removed the $5.8 million unrecognized tax benefit liability during 2014, resulting 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 December 31, 2014. | |||||||||||||||||||
The total amount of unrecognized tax benefits that, if recognized, would have affected the effective tax rate at December 31, 2014, 2013 and 2012 is $0, $6.6 million and $2.6 million, respectively. | |||||||||||||||||||
The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expenses. The Company recorded a $0.5 million benefit to interest expense in 2014. For the years ended December 31, 2013 and 2012, the Company recorded interest expense of $0.1 million and $0.2 million, respectively. The Company had liabilities of $0 and $0.5 million for the payment of interest at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Tax Statutes | |||||||||||||||||||
The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: | |||||||||||||||||||
Taxing Jurisdiction | Open Tax Years | ||||||||||||||||||
U.S. Internal Revenue Service | 2011 – 2014 | ||||||||||||||||||
State of Alabama | 2009 – 2013 | ||||||||||||||||||
State of Florida | 2010 – 2014 | ||||||||||||||||||
State of Georgia | 2010 – 2014 | ||||||||||||||||||
New Zealand Inland Revenue | 2010 – 2014 |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Common Share | EARNINGS PER COMMON SHARE | ||||||||
Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt. | |||||||||
The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31: | |||||||||
2014 | 2013 | 2012 | |||||||
Income from continuing operations | $54,443 | $105,843 | $16,774 | ||||||
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | -1,491 | 1,902 | — | ||||||
Income from continuing operations attributable to Rayonier Inc. | $55,934 | $103,941 | $16,774 | ||||||
Income from discontinued operations attributable to Rayonier Inc. | $43,403 | $267,955 | $261,911 | ||||||
Net income attributable to Rayonier Inc. | $99,337 | $371,896 | $278,685 | ||||||
Shares used for determining basic earnings per common share | 126,458,710 | 125,717,311 | 122,711,802 | ||||||
Dilutive effect of: | |||||||||
Stock options | 323,125 | 463,949 | 634,218 | ||||||
Performance and restricted shares | 149,292 | 158,319 | 757,308 | ||||||
Assumed conversion of Senior Exchangeable Notes (a) | 2,149,982 | 1,965,177 | 2,888,650 | ||||||
Assumed conversion of warrants (a) | 1,957,154 | 1,800,345 | 1,710,445 | ||||||
Shares used for determining diluted earnings per common share | 131,038,263 | 130,105,101 | 128,702,423 | ||||||
Basic earnings per common share attributable to Rayonier Inc.: | |||||||||
Continuing operations | $0.44 | $0.83 | $0.14 | ||||||
Discontinued operations | 0.34 | 2.13 | 2.13 | ||||||
Net income | $0.78 | $2.96 | $2.27 | ||||||
Diluted earnings per common share attributable to Rayonier Inc.: | |||||||||
Continuing operations | $0.43 | $0.80 | $0.13 | ||||||
Discontinued operations | 0.33 | 2.06 | 2.04 | ||||||
Net income | $0.76 | $2.86 | $2.17 | ||||||
2014 | 2013 | 2012 | |||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | |||||||||
Stock options, performance and restricted shares | 461,663 | 337,145 | 224,918 | ||||||
Assumed conversion of exchangeable note hedges (a) | 2,149,982 | 1,965,177 | 2,888,650 | ||||||
Total | 2,611,645 | 2,302,322 | 3,113,568 | ||||||
(a) | The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount, based on the length of time the $41.5 million balance was outstanding before the exchange, was included for the year ended December 31, 2013. The year ended December 31, 2014 included the dilutive effect of the $131 million 2015 Notes, as this was the principal balance outstanding during the full year. | ||||||||
The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt. |
Inventory
Inventory | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Inventory Disclosure [Abstract] | |||||
Inventory | INVENTORY | ||||
As of December 31, 2014 and 2013, Rayonier’s inventory included the following: | |||||
2014 | 2013 | ||||
Finished goods (a) (b) | $8,383 | $115,270 | |||
Work in progress | — | 3,555 | |||
Raw materials (c) | 659 | 17,661 | |||
Manufacturing and maintenance supplies | — | 2,332 | |||
Total inventory (d) | $9,042 | $138,818 | |||
(a) | Includes $4.9 million and $6.3 million of HBU real estate held for sale at December 31, 2014 and 2013, respectively. | ||||
(b) | Includes $3.4 million and $4.1 million of New Zealand log inventory at December 31, 2014 and 2013, respectively. | ||||
(c) | Includes $0.7 million and $0.2 million of seedling inventory at December 31, 2014 and 2013, respectively. | ||||
(d) | 2013 includes $128.2 million of inventory related to the Performance Fibers business. |
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | DEBT | |||||||||||
Rayonier’s debt consisted of the following at December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | |||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% | $325,000 | $325,000 | ||||||||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a) | 129,706 | 127,749 | ||||||||||
Installment note due 2014 at a fixed interest rate of 8.64% | — | 112,500 | ||||||||||
Mortgage notes due 2017 at fixed interest rates of 4.35% (b) | 53,801 | 65,165 | ||||||||||
Solid waste bond due 2020 at a variable interest rate of 1.3% at December 31, 2014 | 15,000 | 15,000 | ||||||||||
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.34% at December 31, 2014 | 16,000 | 205,000 | ||||||||||
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.63% at December 31, 2014 | — | 500,000 | ||||||||||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.47% at December 31, 2014 | 184,099 | 193,311 | ||||||||||
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate | 27,949 | 30,499 | ||||||||||
Total debt | 751,555 | 1,574,224 | ||||||||||
Less: Current maturities of long-term debt | (129,706 | ) | (112,500 | ) | ||||||||
Long-term debt | $621,849 | $1,461,724 | ||||||||||
Principal payments due during the next five years and thereafter are as follows: | ||||||||||||
2015 (a) | $130,973 | |||||||||||
2016 | 200,099 | |||||||||||
2017 (b) | 52,500 | |||||||||||
2018 | — | |||||||||||
2019 | — | |||||||||||
Thereafter | 367,949 | |||||||||||
Total Debt | $751,521 | |||||||||||
(a) | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. | |||||||||||
(b) | The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million. | |||||||||||
Term Credit Agreement | ||||||||||||
In December 2012, the Company entered into a $640 million senior unsecured term credit agreement with banks in the farm credit system, which is a network of cooperatives. As part of the spin-off of Performance Fibers, the facility was fully repaid and, in second quarter 2014, amended to reduce the Company’s borrowing capacity to $100 million after the spin-off was completed. The agreement matures in December 2019 and has a delayed draw feature that allows borrowings up to $100 million through December 2017 using a maximum of three remaining advances. The periodic interest rate on the term credit agreement is LIBOR plus 163 basis points, with an unused commitment fee of 20 basis points. The Company receives annual patronage refunds, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user. The Company expects the effective interest rate to approximate LIBOR plus 107 basis points after consideration of the patronage refunds. At December 31, 2014, the Company had $100 million of available borrowings under this facility. | ||||||||||||
Revolving Credit Facility | ||||||||||||
In April 2011, the Company entered into a five year $300 million unsecured revolving credit facility, replacing the previous $250 million facility which was scheduled to expire in August 2011. In August 2011, the Company increased the revolving credit facility to $450 million. As part of the spin-off of Performance Fibers, the revolving credit facility was fully repaid and, in second quarter 2014, amended to reduce the Company’s borrowing capacity to $200 million after the spin-off was completed. The April 2016 expiration date remained unchanged. The periodic interest rate on the revolving credit facility is LIBOR plus 118 basis points, with an unused commitment fee of 20 basis points. At December 31, 2014, the Company had $182 million of available borrowings under this facility, net of $2 million to secure its outstanding letters of credit. | ||||||||||||
Joint Venture Debt | ||||||||||||
On April 4, 2013, Rayonier acquired an additional 39 percent interest in its New Zealand JV, bringing its total ownership to 65 percent and as a result, the New Zealand JV’s debt was consolidated effective on that date. See Note 4 — Joint Venture Investment for further information. | ||||||||||||
Senior Secured Facilities Agreement | ||||||||||||
The New Zealand JV is party to a $202 million variable rate Senior Secured Facilities Agreement comprised of two tranches. Tranche A, a $184 million revolving cash advance facility expires September 2016 and Tranche B, an $18 million working capital facility expires June 2015. Although the maximum amounts available under the agreement are denominated in New Zealand dollars, advances on Tranche A are also available in U.S. dollars. This agreement is secured by a Security Trust Deed that provides recourse only to the New Zealand JV’s assets; there is no recourse to Rayonier Inc. or any of its subsidiaries. | ||||||||||||
Revolving Credit Facility | ||||||||||||
As of December 31, 2014 the Senior Secured Facilities Agreement had $184 million outstanding on Tranche A at 4.47 percent due September 2016, with a commitment fee of 80 basis points. The interest rate is indexed to the 90 day New Zealand Bank bill rate and is generally repriced quarterly. The margin on the index rate fluctuates based on the interest coverage ratio. The New Zealand JV manages these rates through interest rate swaps, as discussed at Note 6 — Derivative Financial Instruments and Hedging Activities. The notional amounts of the outstanding interest rate swap contracts at December 31, 2014 were $149 million, net of notional amounts of $13 million set to expire January 2015 for which replacement swaps have been entered into before year end. These interest rate swap contracts cover 81 percent of the variable rate debt. The weighted average fixed interest rate resulting from the swaps was 5.0 percent. The interest rate swap contracts have maturities between one and five years. | ||||||||||||
Working Capital Facility | ||||||||||||
The $18 million Working Capital Facility is available for short-term operating cash flow needs of the New Zealand JV. This facility holds a variable interest rate indexed to the Official Cash Rate set by the Reserve Bank of New Zealand. The margin ranges from 1.20 percent to 1.45 percent based on the interest coverage ratio and the length of time each borrowing is outstanding. At December 31, 2014, there was no outstanding balance on the Working Capital Facility. | ||||||||||||
Shareholder Loan | ||||||||||||
The shareholder loan is an interest-free loan from the noncontrolling New Zealand JV partner in the amount of $28 million. This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is secured by timberlands owned by the New Zealand JV and is subordinated to the Senior Secured Facilities Agreement. Although Rayonier Inc. is not liable for this loan, the shareholder loan instrument contains features with characteristics of both debt and equity and is therefore required to be classified as debt and consolidated. As the loan is effectively at par, the carrying amount is deemed to be the fair value. The entire balance of the shareholder loan remained classified as long-term debt at December 31, 2014 due to the ability and intent of the Company to refinance it on a long-term basis. | ||||||||||||
3.75% Senior Notes issued March 2012 | ||||||||||||
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022, guaranteed by certain subsidiaries. The guarantors were revised in October 2012, leaving TRS and Rayonier Operating Company LLC as the remaining guarantors. | ||||||||||||
$105 Million Secured Mortgage Notes Assumed | ||||||||||||
In November 2011, in connection with the acquisition of approximately 250,000 acres of timberlands, the Company assumed notes totaling $105 million, secured by mortgages on certain parcels of the timberlands acquired. The notes bear fixed interest rates of 4.35 percent with original terms of seven years maturing in August 2017. The Company prepaid $21.0 million of principal on the mortgage notes concurrent with the acquisition and an additional $10.5 million during both 2014 and 2013, the maximum amounts allowed without penalty at the respective dates. The notes were recorded at fair value on the date of acquisition. At December 31, 2014, the carrying value of the debt outstanding was $53.8 million; however, the liability will be $52.5 million at maturity. | ||||||||||||
4.50% Senior Exchangeable Notes issued August 2009 | ||||||||||||
In August 2009, TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes are guaranteed by Rayonier and are non-callable. The principal will be settled in cash and any excess exchange value will be settled at the option of the Company in either cash or stock of Rayonier. Note holders may convert their notes to common stock of Rayonier, subject to certain provisions including the market price of the stock and the trading price of the convertible notes. The current exchange rate is 42.47 shares per $1,000 principal based on an exchange price of $23.54. | ||||||||||||
In separate transactions, TRS and Rayonier purchased exchangeable note hedges and sold warrants, respectively, based on 5,169,653 underlying shares of Rayonier. These transactions had the effect of increasing the conversion premium from 22.5 percent to 46 percent or to $28.12 per share. The exchangeable note hedge and warrant transactions are intended to limit exposure of potential dilution to Rayonier shareholders from note holders who could exchange the notes for Rayonier common shares. Upon exercise of the hedges, TRS will receive shares of Rayonier common stock equal to the difference between the then market price and the strike price of $23.54. The holders of the warrants will receive net shares from Rayonier if the share price is above $28.12 at maturity of the warrants. | ||||||||||||
The purchased hedges and sold warrants are not part of the terms of the notes and will not affect the note holders’ rights. Likewise, the note holders will not have any rights with respect to the hedge or the warrants. The purchased hedges and the sold warrants do not meet the definition of a derivative instrument because they are indexed to the Company’s own stock. They were recorded in shareholders’ equity in the Consolidated Balance Sheet and are not subject to mark-to-market adjustments. | ||||||||||||
The $172.5 million 4.50% Senior Exchangeable Notes due 2015 were exchangeable at the option of the holders for all four calendar quarters ending in 2014. Per the indenture, in order for the notes to become exchangeable, the Company’s stock price must exceed 130 percent of the exchange price for 20 trading days in a period of 30 consecutive trading days as of the last day of the quarter. During the twelve months ended December 31, 2014, the note holders did not elect to exercise the exchange option. | ||||||||||||
During the third quarter of 2013, three groups of note holders elected to exercise their right to redeem $41.5 million of the notes with all three redemptions settling by December 31, 2013. In accordance with ASC 470-50, Modifications and Extinguishments [Debt], the fair value of the debt prior to redemption was compared to its carrying amount and the difference expensed, along with unamortized discount and issuance costs. As a result, Rayonier recorded a loss on the early redemption of $4 million in 2013. | ||||||||||||
Based upon the average stock price for the 30 trading days ended December 31, 2014, these notes are not exchangeable for the calendar quarter ending March 31, 2015. The remaining balance of the notes is classified as current maturities of long-term debt at December 31, 2014 as the notes mature in September of 2015. | ||||||||||||
The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Liabilities: | ||||||||||||
Principal amount of debt | ||||||||||||
4.50% Senior Exchangeable Notes | $130,973 | $130,973 | ||||||||||
Unamortized discount (a) | ||||||||||||
4.50% Senior Exchangeable Notes | (1,267 | ) | (3,224 | ) | ||||||||
Net carrying amount of debt | $129,706 | $127,749 | ||||||||||
Equity: | ||||||||||||
Common stock | $8,850 | $8,850 | ||||||||||
(a) The discount for the 4.50% notes will be amortized through August 2015. | ||||||||||||
The amount of interest related to the convertible debt recognized in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31 is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Contractual interest coupon | ||||||||||||
4.50% Senior Exchangeable Notes | $5,930 | $7,271 | $7,763 | |||||||||
Amortization of debt discount | ||||||||||||
4.50% Senior Exchangeable Notes | 1,957 | 2,281 | 2,296 | |||||||||
Total interest expense recognized | $7,887 | $9,552 | $10,059 | |||||||||
The effective interest rate on the liability component for the years ended December 31, 2014, 2013 and 2012 was 6.21%. | ||||||||||||
Debt Covenants | ||||||||||||
In connection with the Company’s $200 million revolving credit facility, covenants must be met, including an interest coverage ratio based on the facility’s definition of EBITDA (“Covenant EBITDA”). Covenant EBITDA consists of earnings from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense, depreciation, depletion, amortization and the non-cash cost basis of real estate sold. Additionally, debt at subsidiaries (excluding Rayonier Operating Company LLC and TRS, which are borrowers under the agreement) is limited to 15 percent of Consolidated Net Tangible Assets. Consolidated Net Tangible Assets is defined as total assets less the sum of total current liabilities and intangible assets. | ||||||||||||
The term credit agreement contains various covenants customary to credit agreements with borrowers having investment-grade debt ratings. These covenants are substantially identical to those of the credit facility discussed above. | ||||||||||||
In connection with the New Zealand JV’s Senior Secured Facilities Agreement, covenants must be met, including generation of sufficient cash flows to meet a minimum interest coverage ratio of 1.25 to 1 on a quarterly basis and maintenance of a leverage ratio of bank debt versus the forest and land valuation below the covenant’s maximum ratio of 40 percent. | ||||||||||||
In addition to the financial covenants listed above, the installment note, mortgage notes, senior notes, term credit agreement and revolving credit facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At December 31, 2014, the Company was in compliance with all covenants. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||
Shareholders' Equity | SHAREHOLDERS’ EQUITY | |||||||||||||||||
An analysis of shareholders’ equity for each of the three years ended December 31, 2014 is shown below (share amounts not in thousands): | ||||||||||||||||||
Common Shares | Retained | Accumulated | Non-controlling Interest | Shareholders’ | ||||||||||||||
Earnings | Other | Equity | ||||||||||||||||
Comprehensive | ||||||||||||||||||
Shares (a) | Amount | Income/(Loss) | ||||||||||||||||
Balance, December 31, 2011 | 122,035,177 | $630,286 | $806,235 | ($113,448) | — | $1,323,073 | ||||||||||||
Net income | — | — | 278,685 | — | — | 278,685 | ||||||||||||
Dividends ($1.68 per share) | — | — | -208,286 | — | — | -208,286 | ||||||||||||
Issuance of shares under incentive stock | 1,467,024 | 25,495 | — | — | — | 25,495 | ||||||||||||
plans | ||||||||||||||||||
Stock-based compensation | — | 15,116 | — | — | — | 15,116 | ||||||||||||
Excess tax benefit on stock-based compensation | — | 7,635 | — | — | — | 7,635 | ||||||||||||
Repurchase of common shares | -169,757 | -7,783 | — | — | — | -7,783 | ||||||||||||
Net loss from pension and postretirement plans | — | — | — | -496 | — | -496 | ||||||||||||
Foreign currency translation adjustment | — | — | — | 4,352 | — | 4,352 | ||||||||||||
Joint venture cash flow hedges | — | — | — | 213 | — | 213 | ||||||||||||
Balance, December 31, 2012 | 123,332,444 | $670,749 | $876,634 | ($109,379) | — | $1,438,004 | ||||||||||||
Net income | — | — | 371,896 | — | 1,902 | 373,798 | ||||||||||||
Dividends ($1.86 per share) | — | — | -233,321 | — | — | -233,321 | ||||||||||||
Issuance of shares under incentive stock | 1,001,426 | 10,101 | — | — | — | 10,101 | ||||||||||||
plans | ||||||||||||||||||
Stock-based compensation | — | 11,710 | — | — | — | 11,710 | ||||||||||||
Excess tax benefit on stock-based compensation | — | 8,413 | — | — | — | 8,413 | ||||||||||||
Repurchase of common shares | -211,221 | -11,326 | — | — | — | -11,326 | ||||||||||||
Equity portion of convertible debt (Note 13) | — | 2,453 | — | — | — | 2,453 | ||||||||||||
Settlement of warrants (Note 13) | 2,135,221 | — | — | — | — | — | ||||||||||||
Net loss from pension and postretirement plans | — | — | — | 61,869 | — | 61,869 | ||||||||||||
Acquisition of noncontrolling interest | — | — | — | — | 96,336 | 96,336 | ||||||||||||
Noncontrolling interest redemption of shares | — | — | — | — | -713 | -713 | ||||||||||||
Foreign currency translation adjustment | — | — | — | -1,915 | -3,795 | -5,710 | ||||||||||||
Joint venture cash flow hedges | — | — | — | 3,286 | 343 | 3,629 | ||||||||||||
Balance, December 31, 2013 | 126,257,870 | $692,100 | $1,015,209 | ($46,139) | $94,073 | $1,755,243 | ||||||||||||
Net income | — | — | 99,337 | — | -1,491 | 97,846 | ||||||||||||
Dividends ($2.03 per share) | — | — | -256,861 | — | — | -256,861 | ||||||||||||
Contribution to Rayonier Advanced Materials | — | -301 | -61,318 | 80,749 | — | 19,130 | ||||||||||||
Adjustments to Rayonier Advanced Materials (b) | — | — | -5,670 | -2,556 | — | -8,226 | ||||||||||||
Issuance of shares under incentive stock | 561,701 | 5,579 | — | — | — | 5,579 | ||||||||||||
plans | ||||||||||||||||||
Stock-based compensation | — | 7,869 | — | — | — | 7,869 | ||||||||||||
Tax deficiency on stock-based compensation | — | -791 | — | — | — | -791 | ||||||||||||
Repurchase of common shares | -46,474 | -1,858 | — | — | — | -1,858 | ||||||||||||
Net loss from pension and postretirement plans | — | — | — | -24,147 | — | -24,147 | ||||||||||||
Noncontrolling interest redemption of | — | — | — | — | -931 | -931 | ||||||||||||
shares | ||||||||||||||||||
Foreign currency translation adjustment | — | — | — | -11,526 | -4,321 | -15,847 | ||||||||||||
Joint venture cash flow hedges | — | — | — | -1,206 | -649 | -1,855 | ||||||||||||
Balance, December 31, 2014 | 126,773,097 | $702,598 | $790,697 | ($4,825) | $86,681 | $1,575,151 | ||||||||||||
(a) | The Company’s common shares are registered in North Carolina and have a $0.00 par value. | |||||||||||||||||
(b) | Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized. | |||||||||||||||||
The table below summarizes the tax characteristics of the cash dividend paid to shareholders for the three years ended December 31, 2014: | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Capital gain | $1.61 | $0.72 | $1.68 | |||||||||||||||
Qualified | — | 1.14 | — | |||||||||||||||
Return of capital | 0.42 | — | — | |||||||||||||||
Total cash dividend per common share | $2.03 | $1.86 | $1.68 | |||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income/(Loss) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity [Abstract] | |||||||||||||||
Accumulated Other Comprehensive Income/(Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ||||||||||||||
The following table summarizes the changes in AOCI by component for the years ended December 31, 2014 and 2013. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. | |||||||||||||||
Foreign currency translation gains/(losses) | Net investment hedge of New Zealand JV | New Zealand JV cash flow hedges (a) | Unrecognized components of employee benefit plans | Total | |||||||||||
Balance as of December 31, 2012 | $38,829 | — | ($3,628) | ($144,580) | ($109,379) | ||||||||||
Other comprehensive income/(loss) before reclassifications | (1,915 | ) | — | 798 | 45,931 | (b) | 44,814 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 2,488 | 15,938 | (c) | 18,426 | |||||||||
Net other comprehensive income/(loss) | (1,915 | ) | — | 3,286 | 61,869 | 63,240 | |||||||||
Balance as of December 31, 2013 | $36,914 | — | ($342) | ($82,711) | ($46,139) | ||||||||||
Other comprehensive income/(loss) before reclassifications | -11,381 | -145 | 510 | 47,938 | (d) | 36,922 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | -1,716 | 6,108 | (e) | 4,392 | |||||||||
Net other comprehensive income/(loss) | (11,381 | ) | (145 | ) | (1,206 | ) | 54,046 | 41,314 | |||||||
Balance as of December 31, 2014 | $25,533 | ($145) | ($1,548) | ($28,665) | ($4,825) | ||||||||||
(a) | Prior to the acquisition of a majority interest in the New Zealand JV in 2013, Rayonier recorded its proportionate share of the New Zealand JV’s cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition. | ||||||||||||||
(b) | The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013. | ||||||||||||||
(c) | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information. | ||||||||||||||
(d) | Reflects $78 million, net of taxes, of comprehensive income due to the transfer of losses to Rayonier Advanced Materials Pension Plans. This comprehensive income was offset by $30 million, net of taxes, of losses as a result of revaluations required due to the spin-off and at year-end. The actuarial losses were primarily caused by a decrease in the discount rate from 4.6 percent as of December 31, 2013 to 3.8 percent as of December 31, 2014. See Note 22 — Employee Benefit Plans for additional information. | ||||||||||||||
(e) | This accumulated other comprehensive income component is comprised of $5 million from the computation of net periodic pension cost and the $1 million write-off of a 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 years ended December 31, 2014 and 2013: | |||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the income statement | |||||||||||||
2014 | 2013 | ||||||||||||||
Loss from New Zealand joint venture cash flow hedges | — | $2,159 | Gain related to consolidated of New Zealand joint venture | ||||||||||||
Realized (gain) loss on foreign currency exchange contracts | -2,858 | 843 | Other operating income, net | ||||||||||||
Realized gain on foreign currency option contracts | -1,007 | — | Other operating income, net | ||||||||||||
Noncontrolling interest | 1,352 | -295 | Comprehensive loss attributable to noncontrolling interest | ||||||||||||
Income tax expense (benefit) from foreign currency contracts | 797 | -219 | Income tax benefit | ||||||||||||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | -1,716 | 2,488 | |||||||||||||
Income tax expense on pension plan contributed to Rayonier Advanced Materials | 843 | — | Income tax benefit | ||||||||||||
Net (gain) loss reclassified from accumulated other comprehensive income | ($873) | $2,488 | |||||||||||||
Other_Operating_Income_Net
Other Operating Income, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Other Operating Income, Net | OTHER OPERATING INCOME, NET | ||||||||
The following table provides the composition of Other operating income, net for the three years ended December 31: | |||||||||
2014 | 2013 | 2012 | |||||||
Lease income, primarily for hunting | $17,569 | $19,479 | $15,937 | ||||||
Other non-timber income | 2,314 | 2,714 | 3,346 | ||||||
Foreign exchange gains | 3,498 | 901 | — | ||||||
Insurance recoveries | — | — | 2,298 | ||||||
Gain (loss) on sale or disposal of property plant & equipment | 48 | 287 | (23 | ) | |||||
Gain (loss) on foreign currency contracts, net | 32 | (192 | ) | — | |||||
Legal and corporate development costs | (222 | ) | (2,242 | ) | (1,073 | ) | |||
Bankruptcy claim settlement | 5,779 | — | — | ||||||
Miscellaneous (expense), net | (2,507 | ) | (2,460 | ) | (3,474 | ) | |||
Total | $26,511 | $18,487 | $17,011 | ||||||
Liabilities_for_Dispositions_a
Liabilities for Dispositions and Discontinued Operations | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||||||
Liabilities for Dispositions and Discontinued Operations | LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS | ||||||||
An analysis of activity in the liabilities for dispositions and discontinued operations for the three years ended December 31, 2014 follows: | |||||||||
2014 | 2013 | 2012 | |||||||
Balance, January 1 | $76,378 | $81,695 | $90,824 | ||||||
Expenditures charged to liabilities | -5,096 | -8,570 | -9,926 | ||||||
Increase to liabilities | 2,558 | 3,253 | 797 | ||||||
Contribution to Rayonier Advanced Materials | -73,840 | — | — | ||||||
Balance, December 31 | — | 76,378 | 81,695 | ||||||
Less: Current portion | — | -6,835 | -8,105 | ||||||
Non-current portion | — | $69,543 | $73,590 | ||||||
In connection with the spin-off of the Performance Fibers business, all liabilities associated with prior dispositions and discontinued operations were assumed by 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 3 — Discontinued Operations. |
Contingencies
Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Contingencies | CONTINGENCIES | |
Following our November 10, 2014 announcement that we intended to file restated interim financial statements for the quarterly periods ended March 31, 2014 and June 30, 2014 (the “November 2014 Announcement”), shareholders of the Company filed five putative class actions against the Company and four of its current and former officers and directors (together, the “Defendants”) arising from circumstances described in the November 2014 Announcement, entitled respectively: | ||
• | Sating v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01395; filed November 12, 2014 in the United States District Court for the Middle District of Florida; | |
• | Keasler v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01398, filed November 13, 2014 in the United States District Court for the Middle District of Florida; | |
• | Lake Worth Firefighters Pension Trust Fund v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01403, filed November 13, 2014 in the United States District Court for the Middle District of Florida; | |
• | Christie v. Rayonier Inc. et al, Civil Action No. 3:14-cv-01429, filed November 21, 2014 in the United States District Court for the Middle District of Florida; and | |
• | Brown v. Rayonier Inc. et al, Civil Action No. 1:14-cv-08986, initially filed in the United States District Court for the Southern District of New York and later transferred to the United States District Court for the Middle District of Florida and assigned as Civil Action No. 3:14-cv-01474. | |
On January 9, 2015, the five Securities Actions were consolidated into one putative class action entitled In re Rayonier Inc. Securities Litigation, Case No. 3:14-cv-1395-TJC-JBT in the United States District Court for the Middle District of Florida. The plaintiffs allege that the Defendants made false and/or misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The plaintiffs seek unspecified monetary damages and attorneys’ fees and costs. Two shareholders, the Pension Trust Fund for Operating Engineers and the Lake Worth Firefighters’ Pension Trust Fund moved for appointment as lead plaintiff on January 12, 2015. In that motion, the lead plaintiff movants asserted that the class period should be July 22, 2013 to November 7, 2014. At this preliminary stage, the Company cannot determine whether there is a reasonable possibility that a loss has been incurred nor can we estimate the range of any potential loss. On February 25, 2015, the court appointed the Pension Trust Fund for Operating Engineers and the Lake Worth Firefighters’ Pension Trust Fund as lead plaintiffs in the case. | ||
On November 26, 2014, December 29, 2014, January 26, 2015, and February 13, 2015, the Company received separate letters from shareholders requesting that the Company investigate or pursue derivative claims against certain officers and directors related to the November 2014 announcement. Although these demands do not identify any claims against the Company, the Company could potentially incur certain obligations to advance expenses and provide indemnification to certain current and former officers and directors of the Company. The Company may also incur expenses as a result of any costs arising from the investigation of the claims alleged in the various demands. At this preliminary stage, we cannot predict the ultimate outcome of these matters, nor can we estimate the range of potential expenses the Company may incur as a result of the obligations identified above. | ||
In November 2014, the Company received a subpoena from the United States Securities and Exchange Commission (the “SEC”) seeking documents related to the Company’s amended reports filed with the SEC on November 10, 2014. The Company is cooperating with the SEC and complying with the subpoena. The Company does not currently believe that the investigation will have a material impact on the Company’s results of operations, cash flows or financial condition, but cannot predict the timing or outcome of the SEC investigation. | ||
The Company has also been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow. |
Guarantees
Guarantees | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Guarantees [Abstract] | |||||
Guarantees | GUARANTEES | ||||
The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2014, the following financial guarantees were outstanding: | |||||
Financial Commitments | Maximum Potential | Carrying Amount | |||
Payment | of Liability | ||||
Standby letters of credit (a) | $17,355 | $15,000 | |||
Guarantees (b) | 2,254 | 43 | |||
Surety bonds (c) | 682 | — | |||
Total financial commitments | $20,291 | $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. These letters of credit will expire at various dates during 2015 and will be renewed as required. | ||||
(b) | In conjunction with a timberland sale and note monetization in the 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2014, the Company has recorded 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 and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates in 2015 and 2016 and are expected to be renewed as required. |
Commitments
Commitments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Commitments | COMMITMENTS | |||||||||||||||
The Company leases certain buildings, machinery and equipment under various operating leases. Total rental expense for operating leases amounted to $1 million, $2 million and $2 million in 2014, 2013 and 2012, respectively. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. Total expenditures for long-term leases and deeds on timberlands amounted to $10.4 million, $10.4 million and $8.0 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||
At December 31, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows: | ||||||||||||||||
Operating | Timberland | Purchase Obligations (b) | Total | |||||||||||||
Leases | Leases (a) | |||||||||||||||
2015 | $1,288 | $10,162 | $472 | $11,922 | ||||||||||||
2016 | 941 | 9,727 | 262 | 10,930 | ||||||||||||
2017 | 492 | 9,389 | 191 | 10,072 | ||||||||||||
2018 | 277 | 8,080 | 1,419 | 9,776 | ||||||||||||
2019 | 191 | 7,137 | 4,525 | 11,853 | ||||||||||||
Thereafter | 42 | 130,884 | 1,673 | 132,599 | ||||||||||||
$3,231 | $175,379 | $8,542 | $187,152 | |||||||||||||
(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 (foreign exchange contracts and options) 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 December 31, 2014, the New Zealand JV has four CFL’s under either a complete or partial termination notice, terminating in 2034, 2046 and two in 2049 as well as two fixed term CFL’s set to expire in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews. The total annual license fee on the CFL’s is $2.2 million per year including CFL's terminating or expiring of $0.2 million. |
Incentive_Stock_Plans
Incentive Stock Plans | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Incentive Stock Plans | INCENTIVE STOCK PLANS | ||||||||
The Rayonier Incentive Stock Plan (“the Stock Plan”) provides up to 15.8 million shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. At December 31, 2014, a total of 6.2 million shares were available for future grants under the Stock Plan. Under the Stock Plan, shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted. The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares. | |||||||||
Total stock-based compensation cost recorded in “Selling and general expenses” was $7.1 million, $10.7 million and $14.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. For the years ended December 31, 2014, 2013 and 2012, stock-based compensation expense of $0.7 million, $0.9 million and $0.8 million, respectively, was recorded in “Cost of sales.” Stock-based compensation expense of $0.1 million was capitalized to “Timber and Timberlands, net” in each of the years ended December 31, 2014, 2013 and 2012 as part of the allocation of timber-related costs. | |||||||||
Tax benefits recognized related to stock-based compensation expense for the three years ended December 31, 2014 were $1.7 million, $3.1 million and $4.0 million, respectively. | |||||||||
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, which are described below. For additional information on the spin-off of the Performance Fibers business, see Note 3 — Discontinued Operations. | |||||||||
Fair Value Calculations by Award | |||||||||
Restricted Stock | |||||||||
Restricted stock granted under the Stock Plan generally vests upon completion of a one to five year period. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. Restricted stock was impacted by the spin-off as follows: | |||||||||
• | 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 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). The restricted shares will vest 24 months after the distribution date, generally subject to the holder’s continued employment. The number of shares of restricted stock granted was determined in a manner intended to preserve the original value of the performance share award. | ||||||||
The Company compared the fair value of the reissued restricted stock held by Rayonier employees with the fair value of the restricted stock and 2013 performance share awards immediately before the modification. The replacement of the 2013 performance share awards with restricted stock resulted in $0.7 million of incremental value. After adjusting the incremental value for cancellations prior to December 31, 2014, the additional expense to be recognized over the two-year vesting period ending in the second quarter of 2016 totaled $0.4 million. | |||||||||
As of December 31, 2014, there was $4.2 million of unrecognized compensation cost related to Rayonier and Rayonier Advanced Materials restricted stock held by Rayonier employees. The Company expects to recognize this cost over a weighted average period of 3.5 years. | |||||||||
A summary of the Company’s restricted shares is presented below: | |||||||||
2014 | 2013 | 2012 | |||||||
Restricted shares granted | 186,783 | 33,607 | 18,742 | ||||||
Weighted average price of restricted shares granted | $36.42 | $57.54 | $42.40 | ||||||
(Amounts in millions) | |||||||||
Intrinsic value of restricted stock outstanding (a) | $5.10 | $1.70 | $2.10 | ||||||
Fair value of restricted stock vested | $1.30 | $1.30 | $1.80 | ||||||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | — | $0.30 | $0.60 | ||||||
(a) | Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2014. | ||||||||
2014 | |||||||||
Number of | Weighted | ||||||||
Shares | Average Grant | ||||||||
Date Fair Value | |||||||||
Non-vested Restricted Shares at January 1, | 39,232 | $55.66 | |||||||
Granted | 186,783 | (a) | 36.42 | ||||||
Vested | (23,599 | ) | 55.86 | ||||||
Cancelled | (18,393 | ) | 39.9 | ||||||
Non-vested Restricted Shares at December 31, | 184,023 | (b) | $37.53 | ||||||
(a) | Includes restricted shares granted to Rayonier employees in replacement of the 2013 performance share awards. | ||||||||
(b) | Represents all Rayonier restricted shares outstanding as of December 31, 2014, including 2012 restricted share awards held by Rayonier Advanced Materials employees. | ||||||||
Performance Share Units | |||||||||
The Company’s performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then amortized over the vesting period. | |||||||||
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) remained 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 was based on the combined stock prices of Rayonier and Rayonier Advanced Materials and any payment earned was to be 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, as discussed in the Restricted Stock section above. | ||||||||
• | 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. | ||||||||
A comparison of the fair value of modified performance share awards held by Rayonier employees with the fair value of the awards immediately before the modification did not yield any incremental value. As such, the Company did not record any incremental compensation expense related to performance shares. The replacement of the 2013 performance share awards with time-vested restricted stock did result in incremental compensation expense, as discussed above. | |||||||||
The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2014, there was $1.6 million of unrecognized compensation cost related to the Company’s performance share unit awards, which is solely attributable to awards granted in 2014 to Rayonier employees. This cost is expected to be recognized over a weighted average period of 2.0 years. | |||||||||
A summary of the Company’s performance share units is presented below: | |||||||||
2014 | 2013 | 2012 | |||||||
Common shares of Company stock reserved for performance shares | 130,164 | 276,240 | 337,360 | ||||||
Weighted average fair value of performance share units granted | $40.33 | $59.16 | $56.36 | ||||||
(Amounts in millions) | |||||||||
Intrinsic value of outstanding performance share units (a) | $5.80 | $22.10 | $36.30 | ||||||
Fair value of performance shares vested | — | $7.00 | $22.20 | ||||||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $1.80 | $11.00 | $7.20 | ||||||
(a) | Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2014. | ||||||||
2014 | |||||||||
Number | Weighted | ||||||||
of Units | Average Grant | ||||||||
Date Fair Value | |||||||||
Outstanding Performance Share units at January 1, | 524,746 | $54.57 | |||||||
Granted | 286,340 | (a) | 40.33 | ||||||
Units Distributed | (231,717 | ) | 50.63 | ||||||
Cancelled at Spin-off | (315,297 | ) | 48.28 | ||||||
Other Cancellations/Adjustments | (55,048 | ) | 46.59 | ||||||
Outstanding Performance Share units at December 31, | 209,024 | $51.01 | |||||||
(a) | Includes performance shares reissued to Rayonier employees subsequent to the cancellation of the 2014 performance shares at spin-off. | ||||||||
Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. The following chart provides a tabular overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2014: | |||||||||
2014 (a) | 2013 | 2012 | |||||||
Expected volatility | 19.7 | % | 23.2 | % | 36.9 | % | |||
Risk-free rate | 0.7 | % | 0.4 | % | 0.4 | % | |||
(a) | Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8%. | ||||||||
Non-Qualified Employee Stock Options | |||||||||
The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is ten years from the grant date. Awards vest ratably over three years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility for each grant and is calculated using the historical change in the daily market price of the Company’s common stock over the expected life of the award. The expected life is based on prior exercise behavior. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years. | |||||||||
At the time of the spin-off, each Rayonier stock option was converted into an adjusted Rayonier stock option and a Rayonier Advanced Materials 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. A comparison of the fair value of modified awards held by Rayonier employees, including options in both Rayonier and Rayonier Advanced Materials shares, with the fair value of the awards immediately before the modification did not yield any incremental value. As such, the Company did not record any incremental compensation expense related to stock options. | |||||||||
The following table provides an overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2014: | |||||||||
2014 (a) | 2013 | 2012 | |||||||
Expected volatility | 39.3 | % | 39 | % | 39.3 | % | |||
Dividend yield | 4.6 | % | 3.4 | % | 3.6 | % | |||
Risk-free rate | 2.2 | % | 1 | % | 1.3 | % | |||
Expected life (in years) | 6.3 | 6.3 | 6.4 | ||||||
Fair value per share of options granted (b) | $10.58 | $14.01 | $11.85 | ||||||
Fair value of options granted (in millions) | $3.20 | $2.70 | $2.80 | ||||||
(a) | The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees. | ||||||||
(b) | The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants, $10.70 for 2013 grants and $9.04 for 2012 grants. | ||||||||
A summary of the status of the Company’s stock options as of and for the year ended December 31, 2014 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees. | |||||||||
2014 | |||||||||
Number of | Weighted | Weighted | Aggregate | ||||||
Shares | Average Exercise | Average | Intrinsic | ||||||
Price (per | Remaining | Value (in | |||||||
common share) | Contractual Term | millions) | |||||||
(in years) | |||||||||
Options outstanding at January 1, | 1,393,222 | $33.79 | (a) | ||||||
Granted | 305,305 | 42.47 | (b) | ||||||
Exercised | -251,547 | 22.54 | (c) | ||||||
Cancelled | -44,585 | 31.48 | (c) | ||||||
Modified in connection with spin-off | -32,495 | 36.28 | (a) | ||||||
Options outstanding at December 31, | 1,369,900 | $27.21 | (d) | 6.1 | $4.90 | ||||
Options vested and expected to vest | 1,367,044 | $27.19 | (d) | 6.1 | $4.90 | ||||
Options exercisable at December 31, | 923,570 | $24.17 | (d) | 4.9 | $4.90 | ||||
(a) | Reflects exercise prices prior to the spin-off. | ||||||||
(b) | Represents the weighted-average exercise price at time of grant. Exercise prices were modified at the time of the spin-off. The adjusted weighted-average exercise price of 2014 grants was $31.52. | ||||||||
(c) | Represents the weighted-average of exercise prices in place at the time of exercise or cancellation. Pre-spin activity was not adjusted to reflect the subsequent modification of exercise prices. | ||||||||
(d) | Reflects exercise prices as of December 31, 2014. | ||||||||
A summary of additional information pertaining to the Company’s stock options is presented below: | |||||||||
2014 | 2013 | 2012 | |||||||
(Amounts in millions) | |||||||||
Intrinsic value of options exercised (a) | $4.00 | $12.30 | $20.50 | ||||||
Fair value of options vested | $3.10 | $2.60 | $3.30 | ||||||
(a) | Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. | ||||||||
As of December 31, 2014, there was $0.6 million of unrecognized compensation cost related to Rayonier and Rayonier Advanced Materials stock options held by the Company’s employees. This cost is expected to be recognized over a weighted average period of 1.4 years. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Compensation and Retirement Disclosure [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 3— 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 and Postretirement Plans transferred assets and obligations to the Rayonier Advanced Materials Pension and Postretirement Plans resulting in a net decrease in sponsored pension and postretirement plan obligations of $100 million. This was based on 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, net of taxes of $45 million. | ||||||||||||||||||
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 plans. The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. | ||||||||||||||||||
The Company sold its Wood Products business in March 2013. As a result of the sale, all employees covered by the Wood Products defined benefit pension plan are considered terminated employees. Amendments to the plan in June 2013 resulted in all such employees automatically vesting in the plan. Additionally, a one-time lump sum distribution was offered to terminated Wood Products plan participants or their beneficiaries. Based upon acceptance of that offer by certain participants, $3.0 million was paid from the plan assets during 2013, with a corresponding decrease of $2.8 million in the benefit obligation. As a result of the lump sum distribution, a settlement loss of $0.5 million, net of tax, was recorded in “Income from Discontinued Operations, net” in the Consolidated Statements of Income and Comprehensive Income as it was directly related to the sale of the Wood Products business. For additional information on the sale of the Wood Products business, see Note 3 — Discontinued Operations. | ||||||||||||||||||
The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||
Projected benefit obligation at beginning of year | $413,638 | $454,470 | $21,999 | $27,582 | ||||||||||||||
Service cost | 3,923 | 8,452 | 402 | 1,056 | ||||||||||||||
Interest cost | 10,707 | 16,682 | 537 | 937 | ||||||||||||||
Settlement loss | — | 137 | — | — | ||||||||||||||
Actuarial loss (gain) | 43,093 | -44,786 | 2,250 | -3,206 | ||||||||||||||
Plan amendments | — | — | — | -3,372 | ||||||||||||||
Employee contributions | — | — | 484 | 980 | ||||||||||||||
Benefits paid | -11,288 | -21,317 | -888 | -1,978 | ||||||||||||||
Transferred to Rayonier Advanced Materials | -372,718 | — | -23,558 | — | ||||||||||||||
Projected benefit obligation at end of year | $87,355 | $413,638 | $1,226 | $21,999 | ||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of plan assets at beginning of year | $341,905 | $320,699 | — | — | ||||||||||||||
Actual return on plan assets | 21,399 | 42,285 | — | — | ||||||||||||||
Employer contributions | 1,103 | 1,699 | 404 | 998 | ||||||||||||||
Employee contributions | — | — | 484 | 980 | ||||||||||||||
Benefits paid | -11,288 | -21,317 | -888 | -1,978 | ||||||||||||||
Other expense | -607 | -1,461 | — | — | ||||||||||||||
Transferred to Rayonier Advanced Materials | -296,966 | — | — | — | ||||||||||||||
Fair value of plan assets at end of year | $55,546 | $341,905 | — | — | ||||||||||||||
Funded Status at End of Year: | ||||||||||||||||||
Net accrued benefit cost | ($31,809) | ($71,733) | ($1,226) | ($21,999) | ||||||||||||||
Amounts Recognized in the Consolidated | ||||||||||||||||||
Balance Sheets Consist of: | ||||||||||||||||||
Noncurrent assets | — | $3,583 | — | — | ||||||||||||||
Current liabilities | -15 | -1,776 | -25 | -1,071 | ||||||||||||||
Noncurrent liabilities | -31,794 | -73,540 | -1,201 | -20,928 | ||||||||||||||
Net amount recognized | ($31,809) | ($71,733) | ($1,226) | ($21,999) | ||||||||||||||
Net gains or losses, prior service costs or credits and plan amendment gains recognized in other comprehensive income for the three years ended December 31 are as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Net gains (losses) | $37,559 | $60,171 | ($17,630) | ($2,250) | $3,206 | ($2,021) | ||||||||||||
Prior service cost | — | — | — | — | — | — | ||||||||||||
Negative plan amendment | — | — | — | — | 3,372 | — | ||||||||||||
Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Amortization of losses | $6,542 | $20,914 | $17,578 | $288 | $675 | $582 | ||||||||||||
Amortization of prior service cost | 576 | 1,356 | 1,308 | 8 | 66 | 80 | ||||||||||||
Amortization of negative plan amendment | — | — | — | -137 | -105 | -55 | ||||||||||||
Net losses and prior service costs or credits that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCI are as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Prior service cost | ($13) | ($5,707) | — | ($49) | ||||||||||||||
Net losses | -30,965 | -110,728 | -90 | -8,057 | ||||||||||||||
Negative plan amendment | — | — | — | 3,574 | ||||||||||||||
Deferred income tax benefit | 2,425 | 36,685 | -22 | 1,571 | ||||||||||||||
AOCI | ($28,553) | ($79,750) | ($112) | ($2,961) | ||||||||||||||
For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Projected benefit obligation | $87,355 | $388,163 | ||||||||||||||||
Accumulated benefit obligation | 81,141 | 350,605 | ||||||||||||||||
Fair value of plan assets | 55,546 | 290,848 | ||||||||||||||||
The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||
Service cost | $3,923 | $8,452 | $8,407 | $402 | $1,056 | $918 | ||||||||||||
Interest cost | 10,707 | 16,682 | 17,284 | 537 | 937 | 956 | ||||||||||||
Expected return on plan assets | -15,258 | -25,302 | -25,477 | — | — | — | ||||||||||||
Amortization of prior service cost | 576 | 1,296 | 1,308 | 8 | 66 | 80 | ||||||||||||
Amortization of losses | 6,542 | 20,097 | 17,578 | 288 | 675 | 582 | ||||||||||||
Amortization of negative plan amendment | — | — | — | -137 | -105 | -55 | ||||||||||||
Curtailment expense | — | 60 | — | — | — | — | ||||||||||||
Settlement expense | — | 817 | — | — | — | — | ||||||||||||
Net periodic benefit cost (a) | $6,490 | $22,102 | $19,100 | $1,098 | $2,629 | $2,481 | ||||||||||||
(a) | Net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 included $4.0 million, $14.9 million, and $12.8 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||||
The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2015 are as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
Amortization of loss | $3,420 | — | ||||||||||||||||
Amortization of prior service cost | 13 | — | ||||||||||||||||
Total amortization of AOCI loss | $3,433 | — | ||||||||||||||||
The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||
Discount rate | 3.8 | % | 4.6 | % | 3.7 | % | 3.96 | % | 4.6 | % | 3.6 | % | ||||||
Rate of compensation increase | 4.5 | % | 4.6 | % | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||
Assumptions used to determine net periodic benefit cost for years ended December 31: | ||||||||||||||||||
Discount rate (pre-spin off) | 4.6 | % | 3.7 | % | 4.2 | % | 4.6 | % | 3.6 | % | 4.1 | % | ||||||
Discount rate (post-spin off) | 4.04 | % | — | — | 4 | % | — | — | ||||||||||
Expected long-term return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % | — | — | — | |||||||||
Rate of compensation increase | 4.5 | % | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||
The sensitivity of pension expense and projected benefit obligation to changes in economic assumptions is highlighted below: | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Impact on: | ||||||||||||||||||
Change in Assumption | Pension Expense | Projected Benefit | ||||||||||||||||
Obligation | ||||||||||||||||||
0.5% decrease in discount rate | + 0.4 million | + 7.5 million | ||||||||||||||||
0.5% increase in discount rate | - 0.4 million | - 6.6 million | ||||||||||||||||
0.5% decrease in long-term return on assets | + 0.1 million | |||||||||||||||||
0.5% increase in long-term return on assets | - 0.1 million | |||||||||||||||||
At December 31, 2014, the pension plan’s discount rate was 3.80 percent, which closely approximates interest rates on high quality, long-term obligations. Effective December 31, 2014, the expected return on plan assets remained at 8.5 percent, which is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company, with the assistance of external consultants, utilizes this information in developing assumptions for returns, and risks and correlation of asset classes, which are then used to establish the asset allocation ranges. | ||||||||||||||||||
The following table sets forth the assumed health care cost trend rates at December 31: | ||||||||||||||||||
Postretirement | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Health care cost trend rate assumed for next year (a) | N/A | 7 | % | |||||||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (a) | N/A | 5 | % | |||||||||||||||
Year that the rate reaches the ultimate trend rate (a) | N/A | 2017 | ||||||||||||||||
(a) | The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business. | |||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement benefit plans. The following table shows the effect of a one percentage point change in assumed health care cost trends as of December 31, 2013: | ||||||||||||||||||
1 Percent | ||||||||||||||||||
Effect on: | Increase | Decrease | ||||||||||||||||
Total of service and interest cost components (a) | $253 | ($208) | ||||||||||||||||
Accumulated postretirement benefit obligation (a) | 1,389 | -1,183 | ||||||||||||||||
(a) | The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business. | |||||||||||||||||
Investment of Plan Assets | ||||||||||||||||||
The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2014 and 2013, and target allocation ranges by asset category are as follows: | ||||||||||||||||||
Percentage of Plan Assets | Target | |||||||||||||||||
Allocation | ||||||||||||||||||
Asset Category | 2014 | 2013 | Range | |||||||||||||||
Domestic equity securities | 42 | % | 42 | % | 35-45% | |||||||||||||
International equity securities | 23 | % | 26 | % | 20-30% | |||||||||||||
Domestic fixed income securities | 27 | % | 25 | % | 25-29% | |||||||||||||
International fixed income securities | 4 | % | 4 | % | 3-7% | |||||||||||||
Real estate fund | 4 | % | 3 | % | 2-4% | |||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||
The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in Rayonier common stock at December 31, 2014 or 2013. | ||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies for definition), the assets of the plans as of December 31, 2014 and 2013. | ||||||||||||||||||
Fair Value at December 31, 2014 | Fair Value at December 31, 2013 | |||||||||||||||||
Asset Category | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||
Domestic equity securities | $4,557 | $18,326 | $22,883 | $29,293 | $110,401 | $139,694 | ||||||||||||
International equity securities | 6,277 | 6,488 | 12,765 | 55,692 | 31,347 | 87,039 | ||||||||||||
Domestic fixed income securities | — | 14,643 | 14,643 | — | 85,222 | 85,222 | ||||||||||||
International fixed income securities | 2,428 | — | 2,428 | 15,134 | — | 15,134 | ||||||||||||
Real estate fund | 1,887 | — | 1,887 | 9,678 | — | 9,678 | ||||||||||||
Short-term investments | — | 940 | 940 | 879 | 4,259 | 5,138 | ||||||||||||
Total | $15,149 | $40,397 | $55,546 | $110,676 | $231,229 | $341,905 | ||||||||||||
The valuation methodology used for measuring the fair value of these asset categories was as follows: | ||||||||||||||||||
Level 1 — Net asset value in an observable market. | ||||||||||||||||||
Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. | ||||||||||||||||||
There have been no changes in the methodology used during the years ended December 31, 2014 and 2013. | ||||||||||||||||||
Cash Flows | ||||||||||||||||||
Expected benefit payments for the next 10 years are as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | |||||||||||||||||
2015 | $2,729 | $25 | ||||||||||||||||
2016 | 2,866 | 27 | ||||||||||||||||
2017 | 3,041 | 28 | ||||||||||||||||
2018 | 3,231 | 30 | ||||||||||||||||
2019 | 3,450 | 33 | ||||||||||||||||
2020 - 2024 | 20,807 | 201 | ||||||||||||||||
The Company has no mandatory pension contribution requirements in 2015, but may make discretionary contributions. | ||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||
The Company provides defined contribution plans to all of its hourly and salaried employees. Company contributions charged to expense for these plans were $1.6 million, $4.4 million and $2.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. Rayonier Hourly and Salaried Defined Contribution Plans include Rayonier common stock with a fair market value of $16.3 million and $73.2 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||
As discussed above, all defined benefit pension plans are currently closed to new employees. Employees not eligible for the pension plans are immediately eligible to participate in the Company’s 401(k) plan and receive an enhanced contribution. Company contributions related to this plan enhancement for the years ended December 31, 2014, 2013 and 2012 were $0.5 million, $1.1 million and $1.0 million, respectively. |
Quarterly_Results_for_2014_and
Quarterly Results for 2014 and 2013 (UNAUDITED) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Results for 2014 and 2013 (UNAUDITED) | QUARTERLY RESULTS FOR 2014 and 2013 (UNAUDITED) | |||||||||||||||
(thousands of dollars, except per share amounts) | ||||||||||||||||
Quarter Ended | Total Year | |||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | |||||||||||||
2014 | ||||||||||||||||
Sales | $143,187 | $163,145 | $149,829 | $147,360 | $603,521 | |||||||||||
Cost of sales | 115,900 | 123,096 | 118,088 | 126,776 | 483,860 | |||||||||||
Income from continuing operations | 10,335 | 4,024 | 32,059 | 8,025 | 54,443 | |||||||||||
Income from discontinued operations | 31,008 | 12,084 | — | 311 | 43,403 | |||||||||||
Net income | 41,343 | 16,108 | 32,059 | 8,336 | 97,846 | |||||||||||
Net income attributable to Rayonier Inc. | 41,426 | 16,353 | 32,701 | 8,857 | 99,337 | |||||||||||
Basic EPS attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.08 | $0.03 | $0.26 | $0.07 | $0.44 | |||||||||||
Discontinued Operations | 0.25 | 0.1 | — | — | 0.34 | |||||||||||
Net Income | $0.33 | $0.13 | $0.26 | $0.07 | $0.78 | |||||||||||
Diluted EPS attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.08 | $0.03 | $0.25 | $0.07 | $0.43 | |||||||||||
Discontinued Operations | 0.24 | 0.09 | — | — | 0.33 | |||||||||||
Net Income | $0.32 | $0.12 | $0.25 | $0.07 | $0.76 | |||||||||||
2013 | ||||||||||||||||
Sales | 107,053 | 154,889 | 159,261 | 238,515 | 659,718 | |||||||||||
Cost of sales | 76,660 | 127,861 | 129,002 | 197,249 | 530,772 | |||||||||||
Income from continuing operations | 19,028 | 39,631 | (b) | 15,040 | 32,144 | 105,843 | (b) | |||||||||
Income from discontinued operations | 128,707 | (a) | 48,260 | 43,327 | 47,661 | 267,955 | (a) | |||||||||
Net income | 147,735 | (a) | 87,891 | (b) | 58,367 | 79,805 | 373,798 | (a) (b) | ||||||||
Net income attributable to Rayonier Inc. | 147,735 | (a) | 87,164 | (b) | 57,345 | 79,652 | 371,896 | (a) (b) | ||||||||
Basic EPS attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.15 | $0.31 | $0.11 | $0.25 | $0.83 | |||||||||||
Discontinued Operations | 1.04 | 0.38 | 0.34 | 0.38 | 2.13 | |||||||||||
Net Income | $1.19 | $0.69 | $0.45 | $0.63 | $2.96 | |||||||||||
Diluted EPS attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.15 | $0.30 | $0.11 | $0.25 | $0.80 | |||||||||||
Discontinued Operations | 0.98 | 0.37 | 0.33 | 0.37 | 2.06 | |||||||||||
Net Income | $1.13 | $0.67 | $0.44 | $0.62 | $2.86 | |||||||||||
(a) | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. | |||||||||||||||
(b) | Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||||
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, as discussed at Note 3 — Discontinued Operations. Accordingly, the operating results of these businesses are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented, including the quarterly periods shown above. | ||||||||||||||||
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. As a result, the Company concluded that it had understated its depletion expense “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 amounts in the previous table have been restated from amounts previously reported. See Item 2 — Management Discussion and Analysis — Overview — Background in Form 10-Q for the quarter ended September 30, 2014, as filed with the SEC on November 14, 2014 for further discussion. | ||||||||||||||||
The following tables summarize the effect of the discontinued operations reclassification and the restatement for the period ended March 31, 2014 and the effect of the restatement for the period ended June 30, 2014. 2013 is excluded from the reconciliations below as all changes from amounts originally reported in 2013 are solely attributable to discontinued operations reclassifications. | ||||||||||||||||
Quarter Ended March 31, 2014 | ||||||||||||||||
As Previously Reported | Discontinued Operations Reclassification | Restatement | As Restated | |||||||||||||
Sales | $386,686 | ($243,499) | — | $143,187 | ||||||||||||
Cost of sales | 302,650 | -184,801 | -1,949 | 115,900 | ||||||||||||
Income from Continuing Operations | 43,292 | -31,008 | -1,949 | 10,335 | ||||||||||||
Income from Discontinued Operations | — | 31,008 | — | 31,008 | ||||||||||||
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 | ($0.25) | ($0.01) | $0.08 | ||||||||||||
Discontinued Operations | — | 0.25 | — | 0.25 | ||||||||||||
Net Income | $0.34 | — | ($0.01) | $0.33 | ||||||||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.34 | ($0.24) | ($0.02) | $0.08 | ||||||||||||
Discontinued Operations | — | 0.24 | — | 0.24 | ||||||||||||
Net Income | $0.34 | — | ($0.02) | $0.32 | ||||||||||||
Quarter Ended June 30, 2014 | ||||||||||||||||
As Previously Reported | Restatement | As Restated | ||||||||||||||
Sales | $163,145 | — | $163,145 | |||||||||||||
Cost of sales | 121,105 | 1,991 | 123,096 | |||||||||||||
Income from Continuing Operations | 6,056 | -2,032 | 4,024 | |||||||||||||
Income from Discontinued Operations | 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 |
Consolidating_Financial_Statem
Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||
Consolidating Financial Statements | CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||
The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. | ||||||||||||||||||
In August 2009, Rayonier TRS Holdings Inc. issued $172.5 million of 4.50% Senior Exchangeable Notes due August 2015. The notes are guaranteed by Rayonier Inc. as the Parent Guarantor and Rayonier Operating Company LLC (“ROC”) as the Subsidiary Guarantor. In connection with these exchangeable notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. | ||||||||||||||||||
The subsidiary issuer and subsidiary guarantor are wholly-owned by the Parent Company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiary and Rayonier Inc. | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
SALES | — | — | — | $603,521 | — | $603,521 | ||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | — | 483,860 | — | 483,860 | ||||||||||||
Selling and general expenses | — | 14,578 | — | 33,305 | — | 47,883 | ||||||||||||
Other operating expense (income), net | — | 3,275 | — | -29,786 | — | -26,511 | ||||||||||||
— | 17,853 | — | 487,379 | — | 505,232 | |||||||||||||
OPERATING (LOSS) INCOME | — | -17,853 | — | 116,142 | — | 98,289 | ||||||||||||
Interest expense | -13,247 | -445 | -23,126 | -7,430 | — | -44,248 | ||||||||||||
Interest and miscellaneous income (expense), net | 9,186 | -566 | -2,534 | -15,285 | — | -9,199 | ||||||||||||
Equity in income from subsidiaries | 103,398 | 122,425 | -15,697 | — | -210,126 | — | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 99,337 | 103,561 | -41,357 | 93,427 | -210,126 | 44,842 | ||||||||||||
Income tax (expense) benefit | — | -163 | 9,366 | 398 | — | 9,601 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 99,337 | 103,398 | -31,991 | 93,825 | -210,126 | 54,443 | ||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 43,403 | — | 43,403 | ||||||||||||
NET INCOME | 99,337 | 103,398 | -31,991 | 137,228 | -210,126 | 97,846 | ||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | -1,491 | — | -1,491 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 99,337 | 103,398 | -31,991 | 138,719 | -210,126 | 99,337 | ||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | -11,525 | -11,526 | -894 | -15,847 | 23,945 | -15,847 | ||||||||||||
New Zealand joint venture cash flow hedges | -1,206 | -1,206 | -1,206 | -1,855 | 3,618 | -1,855 | ||||||||||||
Net gain from pension and postretirement plans | 54,046 | 54,046 | 88,174 | 88,174 | -230,394 | 54,046 | ||||||||||||
Total other comprehensive income | 41,315 | 41,314 | 86,074 | 70,472 | -202,831 | 36,344 | ||||||||||||
COMPREHENSIVE INCOME | 140,652 | 144,712 | 54,083 | 207,700 | -412,957 | 134,190 | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | -6,462 | — | -6,462 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $140,652 | $144,712 | $54,083 | $214,162 | ($412,957) | $140,652 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
SALES | — | — | — | $659,718 | — | $659,718 | ||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | — | 530,772 | — | 530,772 | ||||||||||||
Selling and general expenses | — | 9,821 | — | 45,612 | — | 55,433 | ||||||||||||
Other operating (income) expense, net | -1,701 | 4,730 | — | -21,516 | — | -18,487 | ||||||||||||
-1,701 | 14,551 | — | 554,868 | — | 567,718 | |||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 562 | — | 562 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | -14,551 | — | 105,412 | — | 92,562 | ||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | — | 16,098 | — | 16,098 | ||||||||||||
OPERATING INCOME (LOSS) | 1,701 | -14,551 | — | 121,510 | — | 108,660 | ||||||||||||
Interest expense | -13,088 | -914 | -27,516 | 577 | — | -40,941 | ||||||||||||
Interest and miscellaneous income (expense), net | 9,828 | 3,237 | -7,534 | -3,092 | — | 2,439 | ||||||||||||
Equity in income from subsidiaries | 373,455 | 384,567 | 245,126 | — | -1,003,148 | — | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | 372,339 | 210,076 | 118,995 | -1,003,148 | 70,158 | ||||||||||||
Income tax benefit | — | 1,116 | 11,895 | 22,674 | — | 35,685 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 371,896 | 373,455 | 221,971 | 141,669 | -1,003,148 | 105,843 | ||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 267,955 | — | 267,955 | ||||||||||||
NET INCOME | 371,896 | 373,455 | 221,971 | 409,624 | -1,003,148 | 373,798 | ||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 1,902 | — | 1,902 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | 373,455 | 221,971 | 407,722 | -1,003,148 | 371,896 | ||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | -1,915 | -1,915 | -72 | -5,710 | 3,902 | -5,710 | ||||||||||||
New Zealand joint venture cash flow hedges | 3,286 | 3,286 | 637 | 3,629 | -7,209 | 3,629 | ||||||||||||
Net gain from pension and postretirement plans | 61,869 | 61,869 | 20,589 | 20,589 | -103,047 | 61,869 | ||||||||||||
Total other comprehensive income | 63,240 | 63,240 | 21,154 | 18,508 | -106,354 | 59,788 | ||||||||||||
COMPREHENSIVE INCOME | 435,136 | 436,695 | 243,125 | 428,132 | -1,109,502 | 433,586 | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | -1,550 | — | -1,550 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $435,136 | $436,695 | $243,125 | $429,682 | ($1,109,502) | $435,136 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Rayonier Inc. (Parent | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
Guarantor) | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
(Issuer) | ||||||||||||||||||
SALES | — | — | — | $378,608 | — | $378,608 | ||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | — | 305,479 | — | 305,479 | ||||||||||||
Selling and general expenses | — | 10,575 | — | 48,057 | — | 58,632 | ||||||||||||
Other operating expense (income), net | 110 | 962 | — | -18,083 | — | -17,011 | ||||||||||||
110 | 11,537 | — | 335,453 | — | 347,100 | |||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 550 | — | 550 | ||||||||||||
OPERATING (LOSS) INCOME | -110 | -11,537 | — | 43,705 | — | 32,058 | ||||||||||||
Interest expense | -10,717 | -941 | -37,971 | 6,803 | — | -42,826 | ||||||||||||
Interest and miscellaneous income (expense), net | 6,638 | 5,519 | -3,334 | -8,341 | — | 482 | ||||||||||||
Equity in income from subsidiaries | 282,874 | 289,486 | 232,871 | — | -805,231 | — | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | 282,527 | 191,566 | 42,167 | -805,231 | -10,286 | ||||||||||||
Income tax benefit | — | 347 | 15,076 | 11,637 | — | 27,060 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 278,685 | 282,874 | 206,642 | 53,804 | -805,231 | 16,774 | ||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 261,911 | — | 261,911 | ||||||||||||
NET INCOME | 278,685 | 282,874 | 206,642 | 315,715 | -805,231 | 278,685 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Foreign currency translation adjustment | 4,352 | 4,352 | -3 | 4,353 | -8,702 | 4,352 | ||||||||||||
New Zealand joint venture cash flow hedges | 213 | 213 | — | 213 | -426 | 213 | ||||||||||||
Net loss from pension and postretirement plans | -496 | -496 | -450 | -450 | 1,396 | -496 | ||||||||||||
Total other comprehensive income (loss) | 4,069 | 4,069 | -453 | 4,116 | -7,732 | 4,069 | ||||||||||||
COMPREHENSIVE INCOME | $282,754 | $286,943 | $206,189 | $319,831 | ($812,963) | $282,754 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $102,218 | $11 | $8,094 | $51,235 | — | $161,558 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | — | 1,409 | 22,609 | — | 24,018 | ||||||||||||
Inventory | — | — | — | 9,042 | — | 9,042 | ||||||||||||
Prepaid logging roads | — | — | — | 12,665 | — | 12,665 | ||||||||||||
Prepaid and other current assets | — | 2,003 | 6 | 5,071 | — | 7,080 | ||||||||||||
Total current assets | 102,218 | 2,014 | 9,509 | 100,622 | — | 214,363 | ||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,083,743 | — | 2,083,743 | ||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 433 | — | 6,273 | — | 6,706 | ||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,463,303 | 1,923,185 | 640,678 | — | -4,027,166 | — | ||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 248,233 | — | 21,500 | — | -269,733 | — | ||||||||||||
OTHER ASSETS | 2,763 | 16,610 | 1,759 | 127,171 | — | 148,303 | ||||||||||||
TOTAL ASSETS | $1,816,517 | $1,942,242 | $673,446 | $2,317,809 | ($4,296,899) | $2,453,115 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||
Accounts payable | — | $2,687 | $123 | $17,401 | — | $20,211 | ||||||||||||
Current maturities of long-term debt | — | — | 129,706 | — | — | 129,706 | ||||||||||||
Accrued taxes | — | 11 | — | 11,394 | — | 11,405 | ||||||||||||
Accrued payroll and benefits | — | 3,253 | — | 3,137 | — | 6,390 | ||||||||||||
Accrued interest | 3,047 | -3 | 2,520 | 31,281 | -28,412 | 8,433 | ||||||||||||
Other current liabilities | — | 928 | 145 | 24,784 | — | 25,857 | ||||||||||||
Total current liabilities | 3,047 | 6,876 | 132,494 | 87,997 | -28,412 | 202,002 | ||||||||||||
LONG-TERM DEBT | 325,000 | — | 31,000 | 265,849 | — | 621,849 | ||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 34,161 | — | -684 | — | 33,477 | ||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,436 | — | 14,200 | — | 20,636 | ||||||||||||
INTERCOMPANY PAYABLE | — | 431,466 | — | -153,754 | -277,712 | — | ||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,488,470 | 1,463,303 | 509,952 | 2,017,520 | -3,990,775 | 1,488,470 | ||||||||||||
Noncontrolling interest | — | — | — | 86,681 | — | 86,681 | ||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,488,470 | 1,463,303 | 509,952 | 2,104,201 | -3,990,775 | 1,575,151 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,816,517 | $1,942,242 | $673,446 | $2,317,809 | ($4,296,899) | $2,453,115 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $130,181 | $304 | $10,719 | $58,440 | — | $199,644 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 10 | 2,300 | 92,646 | — | 94,956 | ||||||||||||
Inventory | — | — | — | 138,818 | — | 138,818 | ||||||||||||
Current deferred tax assets | — | — | 681 | 38,419 | — | 39,100 | ||||||||||||
Prepaid logging roads | — | — | — | 12,992 | — | 12,992 | ||||||||||||
Prepaid and other current assets | — | 2,363 | 6 | 31,215 | — | 33,584 | ||||||||||||
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 Year Ended December 31, 2014 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $269,653 | $293,193 | — | $43,858 | ($290,157) | $316,547 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -400 | — | -123,289 | — | -123,689 | ||||||||||||
Purchase of timberlands | — | — | — | -130,896 | — | -130,896 | ||||||||||||
Change in restricted cash | — | — | — | 62,256 | — | 62,256 | ||||||||||||
Investment in Subsidiaries | — | — | 798,875 | — | -798,875 | — | ||||||||||||
Other | — | — | — | -478 | — | -478 | ||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | -400 | 798,875 | -192,407 | -798,875 | -192,807 | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | — | — | 201,000 | 1,225,464 | — | 1,426,464 | ||||||||||||
Repayment of debt | — | — | -1,002,500 | -287,137 | — | -1,289,637 | ||||||||||||
Dividends paid | -257,517 | — | — | — | — | -257,517 | ||||||||||||
Proceeds from the issuance of common shares | 5,579 | — | — | — | — | 5,579 | ||||||||||||
Repurchase of common shares | -1,858 | — | — | — | — | -1,858 | ||||||||||||
Debt issuance costs | — | — | — | (12,380 | ) | — | -12,380 | |||||||||||
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 | ||||||||||||
Issuance of intercompany notes | -12,400 | — | — | 12,400 | — | — | ||||||||||||
Intercompany distributions | — | -293,086 | — | -795,946 | 1,089,032 | — | ||||||||||||
Other | — | — | — | -680 | — | -680 | ||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -297,616 | -293,086 | -801,500 | 141,721 | 1,089,032 | -161,449 | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | -377 | — | -377 | ||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | -27,963 | -293 | -2,625 | -7,205 | — | -38,086 | ||||||||||||
Balance, beginning of year | 130,181 | 304 | 10,719 | 58,440 | — | 199,644 | ||||||||||||
Balance, end of year | $102,218 | $11 | $8,094 | $51,235 | — | $161,558 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $407,712 | $417,074 | $84,000 | $491,762 | ($855,375) | $545,173 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -663 | — | -161,520 | — | -162,183 | ||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | — | -139,879 | — | -139,879 | ||||||||||||
Purchase of timberlands | — | — | — | -20,401 | — | -20,401 | ||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | -148,262 | — | -148,262 | ||||||||||||
Proceeds from disposition of Wood Products business | — | — | — | 62,720 | — | 62,720 | ||||||||||||
Change in restricted cash | — | — | — | -58,385 | — | -58,385 | ||||||||||||
Investment in Subsidiaries | -138,178 | -138,178 | -247,114 | — | 523,470 | — | ||||||||||||
Other | — | 1,701 | — | -4,231 | — | -2,530 | ||||||||||||
CASH USED FOR INVESTING ACTIVITIES | -138,178 | -137,140 | -247,114 | -469,958 | 523,470 | -468,920 | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | 175,000 | — | 390,000 | 57,885 | — | 622,885 | ||||||||||||
Repayment of debt | -325,000 | — | -151,525 | -72,960 | — | -549,485 | ||||||||||||
Dividends paid | -237,016 | — | — | — | — | -237,016 | ||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | — | 10,101 | ||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 8,413 | — | 8,413 | ||||||||||||
Repurchase of common shares | -11,326 | — | — | — | — | -11,326 | ||||||||||||
Issuance of intercompany notes | -4,000 | — | — | 4,000 | — | — | ||||||||||||
Intercompany distributions | — | -283,596 | -84,000 | 35,691 | 331,905 | — | ||||||||||||
Other | — | — | — | -713 | — | -713 | ||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -392,241 | -283,596 | 154,475 | 32,316 | 331,905 | -157,141 | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | -64 | — | -64 | ||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | -122,707 | -3,662 | -8,639 | 54,056 | — | -80,952 | ||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | ||||||||||||
Balance, end of year | $130,181 | $304 | $10,719 | $58,440 | — | $199,644 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $90,456 | $138,149 | $41,000 | $423,784 | ($247,475) | $445,914 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -354 | — | -155,166 | — | -155,520 | ||||||||||||
Purchase of timberlands | — | — | — | -106,536 | — | -106,536 | ||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | -198,341 | — | -198,341 | ||||||||||||
Change in restricted cash | — | — | — | -10,559 | — | -10,559 | ||||||||||||
Investment in Subsidiaries | — | — | -142,508 | — | 142,508 | — | ||||||||||||
Other | — | — | — | -1,945 | — | -1,945 | ||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | -354 | -142,508 | -472,547 | 142,508 | -472,901 | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | 475,000 | — | 740,000 | 15,000 | — | 1,230,000 | ||||||||||||
Repayment of debt | -120,000 | -30,000 | -638,110 | -25,500 | — | -813,610 | ||||||||||||
Dividends paid | -206,583 | — | — | — | — | -206,583 | ||||||||||||
Proceeds from the issuance of common shares | 25,495 | — | — | — | — | 25,495 | ||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 7,635 | — | 7,635 | ||||||||||||
Debt issuance costs | -3,697 | -1,219 | — | -1,219 | — | -6,135 | ||||||||||||
Repurchase of common shares | -7,783 | — | — | — | — | -7,783 | ||||||||||||
Issuance of intercompany notes | — | -14,000 | — | 14,000 | — | — | ||||||||||||
Intercompany distributions | — | -97,587 | -41,000 | 33,620 | 104,967 | — | ||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | -142,806 | 60,890 | 43,536 | 104,967 | 229,019 | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | -39 | — | -39 | ||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | 252,888 | -5,011 | -40,618 | -5,266 | — | 201,993 | ||||||||||||
Balance, beginning of year | — | 8,977 | 59,976 | 9,650 | — | 78,603 | ||||||||||||
Balance, end of year | $252,888 | $3,966 | $19,358 | $4,384 | — | $280,596 | ||||||||||||
In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. | ||||||||||||||||||
The subsidiary guarantors, ROC and Rayonier TRS Holdings, Inc., are wholly-owned by the Parent Company, Rayonier, Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries. | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
SALES | — | — | $603,521 | — | $603,521 | |||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | 483,860 | — | 483,860 | |||||||||||||
Selling and general expenses | — | 14,578 | 33,305 | — | 47,883 | |||||||||||||
Other operating expense (income), net | — | 3,275 | -29,786 | — | -26,511 | |||||||||||||
— | 17,853 | 487,379 | — | 505,232 | ||||||||||||||
OPERATING (LOSS) INCOME | — | -17,853 | 116,142 | — | 98,289 | |||||||||||||
Interest expense | -13,247 | -23,571 | -7,430 | — | -44,248 | |||||||||||||
Interest and miscellaneous income (expense), net | 9,186 | -3,100 | -15,285 | — | -9,199 | |||||||||||||
Equity in income from subsidiaries | 103,398 | 138,719 | — | -242,117 | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 99,337 | 94,195 | 93,427 | -242,117 | 44,842 | |||||||||||||
Income tax benefit | — | 9,203 | 398 | — | 9,601 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 99,337 | 103,398 | 93,825 | -242,117 | 54,443 | |||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 43,403 | — | 43,403 | |||||||||||||
NET INCOME | 99,337 | 103,398 | 137,228 | -242,117 | 97,846 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | -1,491 | — | -1,491 | |||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 99,337 | 103,398 | 138,719 | -242,117 | 99,337 | |||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | -11,525 | -11,527 | -15,847 | 23,052 | -15,847 | |||||||||||||
New Zealand joint venture cash flow hedges | -1,206 | -1,206 | -1,855 | 2,412 | -1,855 | |||||||||||||
Net gain from pension and postretirement plans | 54,046 | 54,046 | 88,174 | -142,220 | 54,046 | |||||||||||||
Total other comprehensive income | 41,315 | 41,313 | 70,472 | -116,756 | 36,344 | |||||||||||||
COMPREHENSIVE INCOME | 140,652 | 144,711 | 207,700 | -358,873 | 134,190 | |||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | -6,462 | — | -6,462 | |||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $140,652 | $144,711 | $214,162 | ($358,873) | $140,652 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
SALES | — | — | $659,718 | — | $659,718 | |||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | 530,772 | — | 530,772 | |||||||||||||
Selling and general expenses | — | 9,821 | 45,612 | — | 55,433 | |||||||||||||
Other operating (income) expense, net | -1,701 | 4,730 | -21,516 | — | -18,487 | |||||||||||||
-1,701 | 14,551 | 554,868 | — | 567,718 | ||||||||||||||
Equity in income of New Zealand joint venture | — | — | 562 | — | 562 | |||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | -14,551 | 105,412 | — | 92,562 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | 16,098 | — | 16,098 | |||||||||||||
OPERATING INCOME (LOSS) | 1,701 | -14,551 | 121,510 | — | 108,660 | |||||||||||||
Interest expense | -13,088 | -28,430 | 577 | — | -40,941 | |||||||||||||
Interest and miscellaneous income (expense), net | 9,828 | -4,297 | -3,092 | — | 2,439 | |||||||||||||
Equity in income from subsidiaries | 373,455 | 407,722 | — | -781,177 | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | 360,444 | 118,995 | -781,177 | 70,158 | |||||||||||||
Income tax benefit | — | 13,011 | 22,674 | — | 35,685 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 371,896 | 373,455 | 141,669 | -781,177 | 105,843 | |||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 267,955 | — | 267,955 | |||||||||||||
NET INCOME | 371,896 | 373,455 | 409,624 | -781,177 | 373,798 | |||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,902 | — | 1,902 | |||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | 373,455 | 407,722 | -781,177 | 371,896 | |||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | -1,915 | -1,915 | -5,710 | 3,830 | -5,710 | |||||||||||||
New Zealand joint venture cash flow hedges | 3,286 | 3,286 | 3,629 | -6,572 | 3,629 | |||||||||||||
Net gain from pension and postretirement plans | 61,869 | 61,869 | 20,589 | -82,458 | 61,869 | |||||||||||||
Total other comprehensive income | 63,240 | 63,240 | 18,508 | -85,200 | 59,788 | |||||||||||||
COMPREHENSIVE INCOME | 435,136 | 436,695 | 428,132 | -866,377 | 433,586 | |||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | -1,550 | — | -1,550 | |||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $435,136 | $436,695 | $429,682 | ($866,377) | $435,136 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
SALES | — | — | $378,608 | — | $378,608 | |||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | 305,479 | — | 305,479 | |||||||||||||
Selling and general expenses | — | 10,575 | 48,057 | — | 58,632 | |||||||||||||
Other operating expense (income), net | 110 | 962 | -18,083 | — | -17,011 | |||||||||||||
110 | 11,537 | 335,453 | — | 347,100 | ||||||||||||||
Equity in income of New Zealand joint venture | — | — | 550 | — | 550 | |||||||||||||
OPERATING (LOSS) INCOME | -110 | -11,537 | 43,705 | — | 32,058 | |||||||||||||
Interest expense | -10,717 | -38,912 | 6,803 | — | -42,826 | |||||||||||||
Interest and miscellaneous income (expense), net | 6,638 | 2,185 | -8,341 | — | 482 | |||||||||||||
Equity in income from subsidiaries | 282,874 | 315,715 | — | -598,589 | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | 267,451 | 42,167 | -598,589 | -10,286 | |||||||||||||
Income tax benefit | — | 15,423 | 11,637 | — | 27,060 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 278,685 | 282,874 | 53,804 | -598,589 | 16,774 | |||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 261,911 | — | 261,911 | |||||||||||||
NET INCOME | 278,685 | 282,874 | 315,715 | -598,589 | 278,685 | |||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | 4,352 | 4,352 | 4,353 | -8,705 | 4,352 | |||||||||||||
New Zealand joint venture cash flow hedges | 213 | 213 | 213 | -426 | 213 | |||||||||||||
Net loss from pension and postretirement plans | -496 | -496 | -450 | 946 | -496 | |||||||||||||
Total other comprehensive income | 4,069 | 4,069 | 4,116 | -8,185 | 4,069 | |||||||||||||
COMPREHENSIVE INCOME | $282,754 | $286,943 | $319,831 | ($606,774) | $282,754 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $102,218 | $8,105 | $51,235 | — | $161,558 | |||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 1,409 | 22,609 | — | 24,018 | |||||||||||||
Inventory | — | — | 9,042 | — | 9,042 | |||||||||||||
Prepaid logging roads | — | — | 12,665 | — | 12,665 | |||||||||||||
Prepaid and other current assets | — | 2,009 | 5,071 | — | 7,080 | |||||||||||||
Total current assets | 102,218 | 11,523 | 100,622 | — | 214,363 | |||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,083,743 | — | 2,083,743 | |||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 433 | 6,273 | — | 6,706 | |||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,463,303 | 2,053,911 | — | -3,517,214 | — | |||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 248,233 | 21,500 | — | -269,733 | — | |||||||||||||
OTHER ASSETS | 2,763 | 18,369 | 127,171 | — | 148,303 | |||||||||||||
TOTAL ASSETS | $1,816,517 | $2,105,736 | $2,317,809 | ($3,786,947) | $2,453,115 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||
Accounts payable | — | $2,810 | $17,401 | — | $20,211 | |||||||||||||
Current maturities of long-term debt | — | 129,706 | — | — | 129,706 | |||||||||||||
Accrued taxes | — | 11 | 11,394 | — | 11,405 | |||||||||||||
Accrued payroll and benefits | — | 3,253 | 3,137 | — | 6,390 | |||||||||||||
Accrued interest | 3,047 | 2,517 | 31,281 | -28,412 | 8,433 | |||||||||||||
Other current liabilities | — | 1,073 | 24,784 | — | 25,857 | |||||||||||||
Total current liabilities | 3,047 | 139,370 | 87,997 | -28,412 | 202,002 | |||||||||||||
LONG-TERM DEBT | 325,000 | 31,000 | 265,849 | — | 621,849 | |||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 34,161 | -684 | — | 33,477 | |||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,436 | 14,200 | — | 20,636 | |||||||||||||
INTERCOMPANY PAYABLE | — | 431,466 | -153,754 | -277,712 | — | |||||||||||||
TOTAL RAYONIER SHAREHOLDERS’ EQUITY | 1,488,470 | 1,463,303 | 2,017,520 | -3,480,823 | 1,488,470 | |||||||||||||
Noncontrolling interest | — | — | 86,681 | — | 86,681 | |||||||||||||
TOTAL SHAREHOLDER'S EQUITY | 1,488,470 | 1,463,303 | 2,104,201 | -3,480,823 | 1,575,151 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,816,517 | $2,105,736 | $2,317,809 | ($3,786,947) | $2,453,115 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $130,181 | $11,023 | $58,440 | — | $199,644 | |||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 2,310 | 92,646 | — | 94,956 | |||||||||||||
Inventory | — | — | 138,818 | — | 138,818 | |||||||||||||
Current deferred tax asset | — | 681 | 38,419 | — | 39,100 | |||||||||||||
Prepaid logging roads | — | — | 12,992 | — | 12,992 | |||||||||||||
Prepaid and other current assets | — | 2,369 | 31,215 | — | 33,584 | |||||||||||||
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 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 Year Ended December 31, 2014 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $269,653 | $293,193 | $43,858 | ($290,157) | $316,547 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -400 | -123,289 | — | -123,689 | |||||||||||||
Purchase of timberlands | — | — | -130,896 | — | -130,896 | |||||||||||||
Change in restricted cash | — | — | 62,256 | — | 62,256 | |||||||||||||
Investment in Subsidiaries | — | 798,875 | — | -798,875 | — | |||||||||||||
Other | — | — | -478 | — | -478 | |||||||||||||
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — | 798,475 | -192,407 | -798,875 | -192,807 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | — | 201,000 | 1,225,464 | — | 1,426,464 | |||||||||||||
Repayment of debt | — | -1,002,500 | -287,137 | — | -1,289,637 | |||||||||||||
Dividends paid | -257,517 | — | — | — | -257,517 | |||||||||||||
Proceeds from the issuance of common shares | 5,579 | — | — | — | 5,579 | |||||||||||||
Repurchase of common shares | -1,858 | — | — | — | -1,858 | |||||||||||||
Debt issuance costs | — | — | (12,380 | ) | — | -12,380 | ||||||||||||
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 | |||||||||||||
Issuance of intercompany notes | -12,400 | — | 12,400 | — | — | |||||||||||||
Intercompany distributions | — | -293,086 | -795,946 | 1,089,032 | — | |||||||||||||
Other | — | — | -680 | — | -680 | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -297,616 | -1,094,586 | 141,721 | 1,089,032 | -161,449 | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | -377 | — | -377 | |||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | -27,963 | -2,918 | -7,205 | — | -38,086 | |||||||||||||
Balance, beginning of year | 130,181 | 11,023 | 58,440 | — | 199,644 | |||||||||||||
Balance, end of year | $102,218 | $8,105 | $51,235 | — | $161,558 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $407,712 | $417,074 | $491,762 | ($771,375) | $545,173 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -663 | -161,520 | — | -162,183 | |||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | -139,879 | — | -139,879 | |||||||||||||
Purchase of timberlands | — | — | -20,401 | — | -20,401 | |||||||||||||
Jesup mill cellulose specialties expansion | — | — | -148,262 | — | -148,262 | |||||||||||||
Proceeds from disposition of Wood Products business | — | — | 62,720 | — | 62,720 | |||||||||||||
Change in restricted cash | — | — | -58,385 | — | -58,385 | |||||||||||||
Investment in Subsidiaries | -138,178 | -385,292 | — | 523,470 | — | |||||||||||||
Other | — | 1,701 | -4,231 | — | -2,530 | |||||||||||||
CASH USED FOR INVESTING ACTIVITIES | -138,178 | -384,254 | -469,958 | 523,470 | -468,920 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | 175,000 | 390,000 | 57,885 | — | 622,885 | |||||||||||||
Repayment of debt | -325,000 | -151,525 | -72,960 | — | -549,485 | |||||||||||||
Dividends paid | -237,016 | — | — | — | -237,016 | |||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | 10,101 | |||||||||||||
Excess tax benefits on stock-based compensation | — | — | 8,413 | — | 8,413 | |||||||||||||
Repurchase of common shares | -11,326 | — | — | — | -11,326 | |||||||||||||
Issuance of intercompany notes | -4,000 | — | 4,000 | — | — | |||||||||||||
Intercompany distributions | — | -283,596 | 35,691 | 247,905 | — | |||||||||||||
Other | — | — | -713 | — | -713 | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -392,241 | -45,121 | 32,316 | 247,905 | -157,141 | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | -64 | — | -64 | |||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | -122,707 | -12,301 | 54,056 | — | -80,952 | |||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||
Balance, end of year | $130,181 | $11,023 | $58,440 | — | $199,644 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $90,456 | $138,149 | $423,784 | ($206,475) | $445,914 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -354 | -155,166 | — | -155,520 | |||||||||||||
Purchase of timberlands | — | — | -106,536 | — | -106,536 | |||||||||||||
Jesup mill cellulose specialties expansion | — | — | -198,341 | — | -198,341 | |||||||||||||
Change in restricted cash | — | — | -10,559 | — | -10,559 | |||||||||||||
Investment in Subsidiaries | — | -142,508 | — | 142,508 | — | |||||||||||||
Other | — | — | -1,945 | — | -1,945 | |||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | -142,862 | -472,547 | 142,508 | -472,901 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | 475,000 | 740,000 | 15,000 | — | 1,230,000 | |||||||||||||
Repayment of debt | -120,000 | -668,110 | -25,500 | — | -813,610 | |||||||||||||
Dividends paid | -206,583 | — | — | — | -206,583 | |||||||||||||
Proceeds from the issuance of common shares | 25,495 | — | — | — | 25,495 | |||||||||||||
Excess tax benefits on stock-based compensation | — | — | 7,635 | — | 7,635 | |||||||||||||
Debt issuance costs | -3,697 | -1,219 | -1,219 | — | -6,135 | |||||||||||||
Repurchase of common shares | -7,783 | — | — | — | -7,783 | |||||||||||||
Issuance of intercompany notes | — | -14,000 | 14,000 | — | — | |||||||||||||
Intercompany distributions | — | -97,587 | 33,620 | 63,967 | — | |||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | -40,916 | 43,536 | 63,967 | 229,019 | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | -39 | — | -39 | |||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | 252,888 | -45,629 | -5,266 | — | 201,993 | |||||||||||||
Balance, beginning of year | — | 68,953 | 9,650 | — | 78,603 | |||||||||||||
Balance, end of year | $252,888 | $23,324 | $4,384 | — | $280,596 | |||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||
Schedule II - Valuation and Qualifying Accounts | RAYONIER INC. AND SUBSIDIARIES | ||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||
Years Ended December 31, 2014, 2013, and 2012 | |||||||||
(In Thousands) | |||||||||
Description | Balance | Additions Charged | Deductions | Balance | |||||
at | to Cost | at End | |||||||
Beginning | and | of Year | |||||||
of Year | Expenses | ||||||||
Allowance for doubtful accounts: | |||||||||
Year ended December 31, 2014 | $673 | $134 | ($765) | (a) | $42 | ||||
Year ended December 31, 2013 | 417 | 855 | (b) | -599 | (c) | 673 | |||
Year ended December 31, 2012 | 399 | 67 | -49 | (c) | 417 | ||||
Deferred tax asset valuation allowance: | |||||||||
Year ended December 31, 2014 | $33,889 | $13,289 | (d) | ($33,534) | (e) | $13,644 | |||
Year ended December 31, 2013 | 19,294 | 14,595 | (f) | — | 33,889 | ||||
Year ended December 31, 2012 | 18,811 | 572 | (g) | -89 | (h) | 19,294 | |||
(a) | The 2014 decrease is largely related to the spin-off of the Performance Fibers business. | ||||||||
(b) | The 2013 increase is primarily related to the consolidation of the New Zealand JV. | ||||||||
(c) | The deductions are primarily payments and adjustments to required reserves. | ||||||||
(d) | The 2014 increase is primarily related to the Company’s limited potential use of the CBPC prior to its expiration in 2017. | ||||||||
(e) | The decrease is primarily related to deferred tax assets contributed to Rayonier Advanced Materials in the spin-off. The decrease also reflects the utilization and expiration of RNZ NOL carryforwards, of which $355 thousand was recorded as income tax expense. | ||||||||
(f) | The 2013 increase is primarily Georgia investment tax credits earned on the CSE project. | ||||||||
(g) | The 2012 increase is primarily attributable to state NOLs and Georgia investment tax credits and training credits. | ||||||||
(h) | The 2012 decrease relates to RNZ NOL carryforwards. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | |
The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65 percent) in its New Zealand JV, and, as such, consolidates its results of operations and Balance Sheet. The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (35 percent) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated. | ||
On April 4, 2013 (the “acquisition date”), the Company acquired an additional 39 percent ownership interest in Matariki Forestry Group, a joint venture ("New Zealand JV") that owns or leases approximately 0.4 million legal acres of New Zealand timberlands. As a result of the acquisition, Rayonier is a 65 percent owner of the New Zealand JV and subsequent to April 4, 2013 consolidated the balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand JV’s 35 percent noncontrolling interest are also shown separately. | ||
Use of Estimates | Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents | |
Cash and cash equivalents include time deposits with original maturities of three months or less. The consolidated cash balance includes time deposits of $0 and $45 million at December 31, 2014 and December 31, 2013, respectively. The time deposit outstanding at December 31, 2013 was a one-month instrument which bore interest at 24 basis points. | ||
Accounts Receivable | Accounts Receivable | |
Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts. | ||
Prepaid Logging Roads | Prepaid Logging Roads | |
Costs for roads in the Pacific Northwest built to access particular tracts to be harvested in the upcoming 24 months are recorded as prepaid logging roads. The Company charges such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule. | ||
Inventory | Inventory | |
HBU real estate properties that are expected to be sold within one year are included in inventory, while properties that are expected to be sold after one year are included in “Other assets.” Inventory also includes seedlings as well as logs available to be sold by the log trading segment. | ||
Timber and Timberlands | Timber and Timberlands | |
Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, lease rental payments, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Payroll costs are capitalized only for time spent on these activities, while interest or any other intangible costs aside from those mentioned above are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense, included in cost of sales, at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. | ||
Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition. | ||
Property, Plant, Equipment and Depreciation | Property, Plant, Equipment and Depreciation | |
Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company depreciates its assets, including office, and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. | ||
Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. | ||
Fair Value Measurements | Fair Value Measurements | |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: | ||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||
The fair value of 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. | ||
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. | ||
Fair Value of Financial Instruments | ||
A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: | ||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 — Observable inputs other than quoted prices included in Level 1. | ||
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||
valuation methodology used for measuring the fair value of these asset categories was as follows: | ||
Level 1 — Net asset value in an observable market. | ||
Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. | ||
Goodwill | Goodwill | |
Goodwill represents the excess of the acquisition cost of the New Zealand JV over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. In performing Step 1 (recoverability test) of the impairment test as outlined in Accounting Standards Codification (“ASC”) 360-10-35, Impairment or Disposal of Long-Lived Assets, the Company compares the fair value of the New Zealand JV to its carrying value including goodwill. If the carrying value including goodwill were to exceed the fair value of the New Zealand JV, Step 2 of the test would be performed. Step 2 of the impairment test requires the carrying value of goodwill to be reduced to its fair value, if lower, as of the test date. | ||
For Step 1 of the test, the Company estimates the reporting unit's fair value which utilizes an independent valuation for the New Zealand forest assets. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2014 and determined that the estimated fair value of the New Zealand JV exceeded its carrying value, and no impairment was recorded. | ||
Foreign Currency Translation | Foreign Currency Translation | |
The functional currency of the Company’s New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“AOCI”), within Shareholders’ Equity. | ||
Revenue Recognition | Revenue Recognition | |
The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. | ||
Timber Sales | ||
Revenue from the sale of timber is recognized when title passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and delivered logs. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and title and risk of loss pass to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and title and risk of loss pass to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale whereby revenue is recognized as periodic physical observations are made of the percentage of acreage harvested. | ||
In delivered log sales, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Revenue is recognized when the logs are delivered and title and risk of loss transfer to the buyer. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The sales method the Company employs for a given tract of timber depends upon local market conditions and which method is expected to provide the best overall margins. | ||
Non-timber income included in “Other Operating Income, Net” is primarily comprised of hunting and recreational leases. Lease income is recognized ratably over the period of the lease. | ||
Log Trading | ||
Domestic log trading revenue for sales within New Zealand is recorded when the goods are received by the customer and title passes. Export log trading revenue is recorded when the ship leaves the port, at which time title passes to the customer. | ||
Real Estate | ||
The Company recognizes revenue on sales of real estate when the sale is consummated, generally when payment is received and title and risk of loss have passed to the buyer. Cost of sales associated with real estate sold comprises the cost of the land, the cost of any timber on the property that was conveyed to the buyer, and any closing costs including sales commissions that may be borne by the Company. Costs incurred to obtain land use entitlements or for infrastructure such as utilities, roads or other improvements are allocated ratably to the acres benefiting from such expenditures and charged to cost of sales as the acres are sold. | ||
Employee Benefit Plans | Employee Benefit Plans | |
The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates, longevity and service lives of employees. See Note 22 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2014. | ||
Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2014 and 2013, the Company’s pension plans were in a net liability position (underfunded) of $31.8 million and $71.7 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through comprehensive income (loss) in the year in which the changes occur. See Note 22 — Employee Benefit Plans for additional information. | ||
Income Taxes | Income Taxes | |
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. | ||
In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. | ||
The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Uncertain tax positions” and “Other Non-Current Liabilities” in the Company’s Consolidated Balance Sheets. See Note 10 — Income Taxes for additional information. | ||
Reclassifications | Reclassifications | |
Certain 2013 and 2012 amounts have been reclassified to conform with the current year 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, as discussed at Note 3 — Discontinued Operations. Accordingly, the operating results of these businesses 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, 2014 Consolidated Balance Sheet reports only continuing operations and reflects the contribution of approximately $1.2 billion of assets, and corresponding liabilities and equity to Rayonier Advanced Materials in connection with the spin-off of the Performance Fibers business. The December 31, 2013 Consolidated Balance Sheet includes the Performance Fibers business. | ||
The Consolidated Statements of Cash Flows for 2014, 2013 and 2012 have not been restated to exclude Performance Fibers or Wood Products cash flows. Cash flows for the year ended December 31, 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. | ||
New or Recently Adopted Accounting Pronouncements | New or Recently Adopted Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard that 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 on or after 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 and is not expected to have any impact on the Company’s consolidated financial statements. | ||
Discontinued Operations | 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 disclosed as a separate reportable 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, as required. | |
Accordingly, the operating results of the Wood Products business, formerly disclosed as a separate reportable segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2013 and 2012. | ||
Equity Method Investments | The Company’s operating results for the year ended December 31, 2013 reflect 26 percent of the New Zealand JV’s income prior to the acquisition date, as reported in “Equity in income of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. | |
Segment Reporting | 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 segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally. | |
Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other.” | ||
Derivatives | Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of AOCI and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in New Zealand is partially or completely liquidated. The ineffective portion of any hedge as well as changes in the fair value of derivatives not designated as hedging instruments (primarily New Zealand interest rate swaps) and those which are no longer effective as hedging instruments, are recognized immediately in earnings. | |
Offsetting Derivatives | Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements which would allow the right of offset. | |
Debt Issuance Costs | Debt issuance costs are capitalized and amortized to interest expense over the term of the debt to which they relate using a method that approximates the interest method. | |
Software Costs | Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. | |
Earnings Per Common Share | Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt. | |
Incentive Stock Plans | Non-Qualified Employee Stock Options | |
The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is ten years from the grant date. Awards vest ratably over three years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility for each grant and is calculated using the historical change in the daily market price of the Company’s common stock over the expected life of the award. The expected life is based on prior exercise behavior. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years. | ||
At the time of the spin-off, each Rayonier stock option was converted into an adjusted Rayonier stock option and a Rayonier Advanced Materials 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. A comparison of the fair value of modified awards held by Rayonier employees, including options in both Rayonier and Rayonier Advanced Materials shares, with the fair value of the awards immediately before the modification did not yield any incremental value. As such, the Company did not record any incremental compensation expense related to stock options. | ||
Performance Share Units | ||
The Company’s performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then amortized over the vesting period. | ||
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) remained 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 was based on the combined stock prices of Rayonier and Rayonier Advanced Materials and any payment earned was to be 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, as discussed in the Restricted Stock section above. | |
• | 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. | |
A comparison of the fair value of modified performance share awards held by Rayonier employees with the fair value of the awards immediately before the modification did not yield any incremental value. As such, the Company did not record any incremental compensation expense related to performance shares. The replacement of the 2013 performance share awards with time-vested restricted stock did result in incremental compensation expense, as discussed above. | ||
The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2014, there was $1.6 million of unrecognized compensation cost related to the Company’s performance share unit awards, which is solely attributable to awards granted in 2014 to Rayonier employees. This cost is expected to be recognized over a weighted average period of 2.0 years. | ||
Restricted Stock | ||
Restricted stock granted under the Stock Plan generally vests upon completion of a one to five year period. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. Restricted stock was impacted by the spin-off as follows: | ||
• | 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 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). The restricted shares will vest 24 months after the distribution date, generally subject to the holder’s continued employment. The number of shares of restricted stock granted was determined in a manner intended to preserve the original value of the performance share award. | |
The Company compared the fair value of the reissued restricted stock held by Rayonier employees with the fair value of the restricted stock and 2013 performance share awards immediately before the modification. The replacement of the 2013 performance share awards with restricted stock resulted in $0.7 million of incremental value. After adjusting the incremental value for cancellations prior to December 31, 2014, the additional expense to be recognized over the two-year vesting period ending in the second quarter of 2016 totaled $0.4 million. | ||
As of December 31, 2014, there was $4.2 million of unrecognized compensation cost related to Rayonier and Rayonier Advanced Materials restricted stock held by Rayonier employees. The Company expects to recognize this cost over a weighted average period of 3.5 years. | ||
Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. | ||
Consolidating Financial Statements | The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. | |
Interest Expense Allocated to Discontinued Operations, Policy | 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 Timber and Real Estate operations). |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the three years ended December 31, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income: | ||||||
2014 | 2013 | 2012 | |||||
Sales | $456,180 | $1,048,104 | $1,104,882 | ||||
Cost of sales and other | -369,210 | -736,471 | -738,412 | ||||
Transaction expenses | -22,989 | -3,208 | — | ||||
Income from discontinued operations before income taxes | 63,981 | 308,425 | 366,470 | ||||
Income tax expense | -20,578 | -84,398 | -111,802 | ||||
Income from discontinued operations, net | $43,403 | $224,027 | $254,668 | ||||
The following table summarizes the operating results of the Company’s Wood Products discontinued operations as presented in “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2013 and 2012: | |||||||
2013 | 2012 | ||||||
Sales | $16,968 | $87,510 | |||||
Cost of sales and other | -14,258 | -76,619 | |||||
Gain on sale of discontinued operations | 63,217 | — | |||||
Income from discontinued operations before income taxes | 65,927 | 10,891 | |||||
Income tax expense | -21,999 | -3,648 | |||||
Income from discontinued operations, net | $43,928 | $7,243 | |||||
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" in the Consolidated Statements of Income and Comprehensive Income: | |||||||
2014 | 2013 | 2012 | |||||
Performance Fibers income from discontinued operations, net | $43,403 | $224,027 | $254,668 | ||||
Wood Products income from discontinued operations, net | — | 43,928 | 7,243 | ||||
Income from discontinued operations, net | $43,403 | $267,955 | $261,911 | ||||
The major classes of Wood Products assets and liabilities included in the sale were as follows: | |||||||
1-Mar-13 | |||||||
Accounts receivable, net | $4,127 | ||||||
Inventory | 4,270 | ||||||
Prepaid and other current assets | 2,053 | ||||||
Property, plant and equipment, net | 9,990 | ||||||
Total assets | $20,440 | ||||||
Total liabilities | $596 | ||||||
Schedule of Interest Expense Allocated to Discontinued Operations | The following table summarizes the interest expense allocated to discontinued operations for the three years ended December 31, 2014: | ||||||
2014 | 2013 | 2012 | |||||
Interest expense allocated to the Performance Fibers business | ($4,205) | ($8,964) | ($9,333) | ||||
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: | ||||||
2014 | 2013 | 2012 | |||||
Depreciation and amortization | $37,985 | $74,386 | $60,909 | ||||
Capital expenditures | 60,443 | 97,874 | 104,908 | ||||
Jesup mill cellulose specialties expansion | — | 148,262 | 198,341 | ||||
Schedule of Adjustments to 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: | ||||||
27-Jun-14 | |||||||
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 intercompany purchases were transactions eliminated in consolidation as follows: | ||||||
2014 | 2013 | 2012 | |||||
Hardwood purchases | $3,935 | $3,051 | $2,144 |
Joint_Venture_Investment_Table
Joint Venture Investment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Summary of Pro Forma information | The following represents the pro forma (unaudited) consolidated sales and net income for the two years ended December 31, 2014 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013. | |||||||
2014 | 2013 | |||||||
Sales | $603,521 | $1,742,348 | ||||||
Net Income | 97,846 | 372,039 | ||||||
Segment_and_Geographical_Infor1
Segment and Geographical Information Segment and Geographical Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment information for each of the three years ended December 31, 2014 follows (in millions of dollars): | |||||||||||||||||||
Sales | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | $142 | $124 | $109 | |||||||||||||||||
Pacific Northwest Timber | 102 | 110 | 110 | |||||||||||||||||
New Zealand Timber | 182 | 148 | 11 | |||||||||||||||||
Real Estate (A) | 77 | 149 | 57 | |||||||||||||||||
Trading | 104 | 132 | 94 | |||||||||||||||||
Intersegment Eliminations | -3 | -3 | -2 | |||||||||||||||||
Total | $604 | $660 | $379 | |||||||||||||||||
(a) | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million. | |||||||||||||||||||
Operating Income/(Loss) | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | $46 | $38 | $23 | |||||||||||||||||
Pacific Northwest Timber | 30 | 33 | 21 | |||||||||||||||||
New Zealand Timber | 9 | 10 | 2 | |||||||||||||||||
Real Estate | 48 | 56 | 32 | |||||||||||||||||
Trading | 2 | 2 | — | |||||||||||||||||
Corporate and other (a) | -37 | -30 | -46 | |||||||||||||||||
Total Operating Income | $98 | $109 | $32 | |||||||||||||||||
Unallocated interest expense and other | -53 | -39 | -42 | |||||||||||||||||
Total income from continuing operations before income taxes | $45 | $70 | ($10) | |||||||||||||||||
(a) | 2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||
Gross Capital Expenditures | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Capital Expenditures (a) | ||||||||||||||||||||
Southern Timber | $35 | $39 | $39 | |||||||||||||||||
Pacific Northwest Timber | 10 | 8 | 8 | |||||||||||||||||
New Zealand Timber | 18 | 16 | — | |||||||||||||||||
Real Estate | — | — | 2 | |||||||||||||||||
Trading | — | — | — | |||||||||||||||||
Corporate and other | — | 1 | 1 | |||||||||||||||||
Total capital expenditures | $63 | $64 | $50 | |||||||||||||||||
Strategic Capital Expenditures (timberland acquisitions) | ||||||||||||||||||||
Southern Timber | $126 | $20 | $101 | |||||||||||||||||
Pacific Northwest Timber | 2 | — | — | |||||||||||||||||
New Zealand Timber (b) | — | 140 | — | |||||||||||||||||
Real Estate | 2 | — | 5 | |||||||||||||||||
Trading | — | — | — | |||||||||||||||||
Corporate and other | — | — | — | |||||||||||||||||
Total strategic capital expenditures | $130 | $160 | $106 | |||||||||||||||||
Total Gross Capital Expenditures | $193 | $224 | $156 | |||||||||||||||||
(a) | Excludes strategic capital expenditures presented separately. | |||||||||||||||||||
(b) | Includes $139.9 million related to the purchase price of the additional 39 percent interest acquired in 2013. See Note 4 — Joint Venture Investment for additional information. | |||||||||||||||||||
Depreciation, | ||||||||||||||||||||
Depletion and Amortization | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | $52 | $49 | $53 | |||||||||||||||||
Pacific Northwest Timber | 21 | 21 | 22 | |||||||||||||||||
New Zealand Timber (a) | 32 | 28 | — | |||||||||||||||||
Real Estate | 13 | 18 | 8 | |||||||||||||||||
Trading | — | — | — | |||||||||||||||||
Corporate and other | 2 | 1 | 2 | |||||||||||||||||
Total | $120 | $117 | $85 | |||||||||||||||||
(a) | 2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. | |||||||||||||||||||
Non-Cash Cost of Land Sold | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | — | — | — | |||||||||||||||||
Pacific Northwest Timber | — | — | — | |||||||||||||||||
New Zealand Timber (a) | 4 | — | — | |||||||||||||||||
Real Estate | 9 | 10 | 5 | |||||||||||||||||
Trading | — | — | — | |||||||||||||||||
Corporate and other | — | — | — | |||||||||||||||||
Total | $13 | $10 | $5 | |||||||||||||||||
Sales by Product Line | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Southern Timber | $142 | $124 | $109 | |||||||||||||||||
Pacific Northwest Timber | 102 | 110 | 110 | |||||||||||||||||
New Zealand Timber | 182 | 148 | 11 | |||||||||||||||||
Real Estate | ||||||||||||||||||||
Unimproved Development | 5 | 3 | 2 | |||||||||||||||||
Improved Development | — | 2 | — | |||||||||||||||||
Rural | 41 | 27 | 32 | |||||||||||||||||
Non-Strategic / Timberlands (a) | 31 | 117 | 23 | |||||||||||||||||
Total Real Estate | 77 | 149 | 57 | |||||||||||||||||
Trading | 104 | 132 | 94 | |||||||||||||||||
Intersegment eliminations | -3 | -3 | -2 | |||||||||||||||||
Total Sales | $604 | $660 | $379 | |||||||||||||||||
(a) | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million. | |||||||||||||||||||
Geographical Operating Information | ||||||||||||||||||||
Sales | Operating Income | Identifiable Assets | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||
United States | $318 | $380 | $274 | $87 | $81 | $30 | $ | 1,884 | $ | 3,077 | ||||||||||
New Zealand (a) | 286 | 280 | 105 | 11 | 28 | 2 | 569 | 609 | ||||||||||||
Total | $604 | $660 | $379 | $98 | $109 | $32 | $ | 2,453 | $ | 3,686 | ||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | ||||||||||||||||||||
Geographical Operating Information | ||||||||||||||||||||
Sales | Operating Income | Identifiable Assets | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||
United States | $318 | $380 | $274 | $87 | $81 | $30 | $ | 1,884 | $ | 3,077 | ||||||||||
New Zealand (a) | 286 | 280 | 105 | 11 | 28 | 2 | 569 | 609 | ||||||||||||
Total | $604 | $660 | $379 | $98 | $109 | $32 | $ | 2,453 | $ | 3,686 | ||||||||||
(a) | 2013 included a $16 million operating income gain from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||
Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income | The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2014 and 2013. Information is not presented for 2012 as derivative balances and activity were not consolidated prior to Rayonier’s acquisition of a controlling interest in the New Zealand JV during 2013. | |||||||
Location on Statement of Income and Comprehensive Income | 2014 | 2013 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Foreign currency exchange contracts | Other comprehensive income (loss) | ($1,069) | $950 | |||||
Other operating (income) expense | — | 652 | ||||||
Foreign currency option contracts | Other comprehensive income (loss) | -1,647 | 460 | |||||
Derivative designated as a net investment hedge: | ||||||||
Foreign currency exchange contract | Other comprehensive income (loss) | -145 | — | |||||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency exchange contracts | Other operating (income) expense | 25 | -1,607 | |||||
Foreign currency option contracts | Other operating (income) expense | 7 | 1,147 | |||||
Interest rate swaps | Interest and miscellaneous (expense) income | -5,882 | 6,085 | |||||
Fuel hedge contracts | Cost of sales (benefit) | 160 | -255 | |||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013: | |||||||
Notional Amount | ||||||||
2014 | 2013 | |||||||
Derivatives designated as cash flow hedges: | ||||||||
Foreign currency exchange contracts | $28,540 | $32,300 | ||||||
Foreign currency option contracts | 79,400 | 38,000 | ||||||
Derivative designated as a net investment hedge: | ||||||||
Foreign currency exchange contract | $27,419 | — | ||||||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency exchange contracts | — | $1,950 | ||||||
Foreign currency option contracts | — | 4,000 | ||||||
Interest rate swaps | 161,968 | 183,851 | ||||||
Fuel hedge contracts (in thousands of barrels) | — | 38 | ||||||
Schedule of Derivative Instruments in Statement of Financial Position | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows. | |||||||
Fair Value Assets (Liabilities) (a) | ||||||||
Location on Balance Sheet | 2014 | 2013 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Foreign currency exchange contracts | Prepaid and other current assets | $132 | $915 | |||||
Other assets | 59 | — | ||||||
Other current liabilities | -272 | — | ||||||
Foreign currency option contracts | Prepaid and other current assets | 299 | 673 | |||||
Other assets | 198 | — | ||||||
Other current liabilities | -1,439 | -214 | ||||||
Other non-current liabilities | -196 | — | ||||||
Derivative designated as a net investment hedge: | ||||||||
Foreign currency exchange contract | Other current liabilities | -223 | — | |||||
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 | -7,247 | -4,659 | |||||
Fuel hedge contracts | Prepaid and other current assets | — | 160 | |||||
Total derivative contracts: | ||||||||
Prepaid and other current assets | $431 | $1,781 | ||||||
Other assets | 257 | — | ||||||
Total derivative assets | $688 | $1,781 | ||||||
Other current liabilities | ($1,934) | ($214) | ||||||
Other non-current liabilities | -7,443 | -4,659 | ||||||
Total derivative liabilities | ($9,377) | ($4,873) | ||||||
(a) | See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2014 and 2013, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Asset (liability) | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Cash and cash equivalents | $161,558 | $161,558 | — | $199,644 | $199,644 | — | |||||||||||
Restricted cash (a) | 6,688 | 6,688 | — | 68,944 | 68,944 | — | |||||||||||
Current maturities of long-term debt | -129,706 | — | -156,762 | -112,500 | — | -119,614 | |||||||||||
Long-term debt | -621,849 | — | -628,476 | -1,461,724 | — | -1,489,810 | |||||||||||
Interest rate swaps (b) | -7,247 | — | -7,247 | -4,659 | — | -4,659 | |||||||||||
Foreign currency exchange contracts (b) | -304 | — | -304 | 940 | — | 940 | |||||||||||
Foreign currency option contracts (b) | -1,138 | — | -1,138 | 467 | — | 467 | |||||||||||
Fuel hedge contracts (b) | — | — | — | 160 | — | 160 | |||||||||||
(a) | Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. | ||||||||||||||||
(b) | See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
Timberland_Acquisitions_Tables
Timberland Acquisitions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||
Summary of Timberland Acquisitions | The following table summarizes the timberland acquisitions at December 31, 2014 and 2013: | |||||||||||
2014 | 2013 | |||||||||||
Cost | Acres | Cost | Acres | |||||||||
Alabama | $41,453 | 18,113 | — | — | ||||||||
Florida | 22,157 | 15,774 | 1,198 | 640 | ||||||||
Georgia | 46,525 | 16,573 | 10,215 | 9,036 | ||||||||
Louisiana | — | — | 8,894 | 7,418 | ||||||||
Texas | 17,960 | 10,900 | 94 | (a) | — | |||||||
Washington | 1,878 | 438 | — | — | ||||||||
New Zealand | 923 | 546 | — | — | ||||||||
Total Acquisitions | $130,896 | 62,344 | $20,401 | 17,094 | ||||||||
(a) | Represents funds expended in early 2013 for an acquisition in late 2012. |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other Assets [Abstract] | ||||||
Schedule of Changes in Goodwill | Changes in goodwill for the years ended December 31, 2014 and 2013 were: | |||||
2014 | 2013 | |||||
Balance, January 1 (net of $0 of accumulated impairment) | $10,179 | — | ||||
Changes to carrying amount | ||||||
Acquisitions | — | 10,496 | ||||
Impairment | — | — | ||||
Foreign currency adjustment | -485 | (317 | ) | |||
Balance, December 31 (net of $0 of accumulated impairment) | $9,694 | $10,179 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The (provision for)/benefit from income taxes consisted of the following: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Current | |||||||||||||||||||
U.S. federal | $27,521 | $27,338 | $26,539 | ||||||||||||||||
State | 1,353 | 1,462 | 1,241 | ||||||||||||||||
Foreign | — | -261 | — | ||||||||||||||||
28,874 | 28,539 | 27,780 | |||||||||||||||||
Deferred | |||||||||||||||||||
U.S. federal | -7,260 | 22,649 | 110 | ||||||||||||||||
State | -357 | 1,211 | 5 | ||||||||||||||||
Foreign | 1,633 | -2,119 | -263 | ||||||||||||||||
-5,984 | 21,741 | -148 | |||||||||||||||||
Changes in valuation allowance | -13,289 | -14,595 | -572 | ||||||||||||||||
Total | $9,601 | $35,685 | $27,060 | ||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
U.S. federal statutory income tax rate | ($15,695) | 35 | % | ($24,555) | 35 | % | $3,600 | (35.0 | )% | ||||||||||
REIT income and taxable losses | 32,058 | (71.5 | ) | 52,812 | (75.3 | ) | 27,724 | (269.5 | ) | ||||||||||
Foreign operations | (159 | ) | 0.4 | -95 | 0.1 | — | — | ||||||||||||
Loss on early redemption of Senior Exchangeable Notes | — | — | (859 | ) | 1.2 | — | — | ||||||||||||
Other | 112 | (0.3 | ) | 101 | (0.1 | ) | 251 | (2.5 | ) | ||||||||||
Income tax benefit before discrete items | 16,316 | (36.4 | ) | 27,404 | (39.1 | ) | 31,575 | (307.0 | ) | ||||||||||
CBPC valuation allowance | (13,644 | ) | 30.4 | — | — | — | — | ||||||||||||
Deferred tax inventory valuations | 5,151 | (11.5 | ) | 983 | (1.4 | ) | -4,920 | 47.8 | |||||||||||
Uncertain tax positions | 1,830 | (4.1 | ) | 800 | (1.1 | ) | — | — | |||||||||||
Return to accrual adjustments | — | — | — | — | -12 | 0.1 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | 5,634 | (8.0 | ) | — | — | ||||||||||||
Reversal of REIT BIG tax payable | — | — | 485 | (0.7 | ) | — | — | ||||||||||||
Other | (52 | ) | 0.2 | 379 | (0.6 | ) | 417 | (4.0 | ) | ||||||||||
Income tax benefit as reported for continuing operations | $9,601 | (21.4 | )% | 35,685 | (50.9 | )% | $27,060 | (263.1 | )% | ||||||||||
Schedule of Deferred Tax Assets and Liabilities | The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31, were as follows: | ||||||||||||||||||
2014 | 2013 (a) | ||||||||||||||||||
Gross deferred tax assets: | |||||||||||||||||||
Liabilities for dispositions and discontinued operations | — | $28,050 | |||||||||||||||||
Pension, postretirement and other employee benefits | 1,994 | 43,058 | |||||||||||||||||
Foreign and state NOL carryforwards | 71,482 | 85,801 | |||||||||||||||||
Tax credit carryforwards | 13,644 | 52,682 | |||||||||||||||||
Capitalized real estate costs | 9,554 | 8,901 | |||||||||||||||||
Other | 8,067 | 20,970 | |||||||||||||||||
Total gross deferred tax assets | 104,741 | 239,462 | |||||||||||||||||
Less: Valuation allowance | -13,644 | -33,889 | |||||||||||||||||
Total deferred tax assets after valuation allowance | $91,097 | $205,573 | |||||||||||||||||
Gross deferred tax liabilities: | |||||||||||||||||||
Accelerated depreciation | -1,796 | -57,695 | |||||||||||||||||
Repatriation of foreign earnings | -8,817 | -9,065 | |||||||||||||||||
New Zealand forests, roads and carbon credits | -78,008 | -85,681 | |||||||||||||||||
Timber installment sale | -7,511 | -7,360 | |||||||||||||||||
Other | -1,304 | -5,247 | |||||||||||||||||
Total gross deferred tax liabilities | -97,436 | -165,048 | |||||||||||||||||
Net deferred tax (liability)/asset | ($6,339) | $40,525 | |||||||||||||||||
Current portion of deferred tax asset | — | 39,100 | |||||||||||||||||
Noncurrent portion of deferred tax asset | 8,057 | 10,720 | |||||||||||||||||
Current portion of defered tax liability | -7,893 | — | |||||||||||||||||
Noncurrent portion of deferred tax liability | -6,503 | -9,295 | |||||||||||||||||
Net deferred tax (liability)/asset | ($6,339) | $40,525 | |||||||||||||||||
(a) | Includes balances related to discontinued operations. | ||||||||||||||||||
Summary of Operating Loss and Tax Credit Carryforwards | Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2014: | ||||||||||||||||||
Item | Gross | Valuation | Expiration | ||||||||||||||||
Amount | Allowance | ||||||||||||||||||
New Zealand JV NOL Carryforwards | $330,589 | — | None | ||||||||||||||||
Cellulosic Biofuel Producer Credit | 13,644 | -13,644 | 2017 | ||||||||||||||||
Total Valuation Allowance | ($13,644) | ||||||||||||||||||
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows: | ||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Balance at January 1, | $10,547 | $6,580 | $6,580 | ||||||||||||||||
Decreases related to prior year tax positions | -10,547 | -800 | — | ||||||||||||||||
Increases related to prior year tax positions | — | 4,767 | — | ||||||||||||||||
Balance at December 31, | — | $10,547 | $6,580 | ||||||||||||||||
Summary of Income Tax Examinations | The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions: | ||||||||||||||||||
Taxing Jurisdiction | Open Tax Years | ||||||||||||||||||
U.S. Internal Revenue Service | 2011 – 2014 | ||||||||||||||||||
State of Alabama | 2009 – 2013 | ||||||||||||||||||
State of Florida | 2010 – 2014 | ||||||||||||||||||
State of Georgia | 2010 – 2014 | ||||||||||||||||||
New Zealand Inland Revenue | 2010 – 2014 |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31: | ||||||||
2014 | 2013 | 2012 | |||||||
Income from continuing operations | $54,443 | $105,843 | $16,774 | ||||||
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | -1,491 | 1,902 | — | ||||||
Income from continuing operations attributable to Rayonier Inc. | $55,934 | $103,941 | $16,774 | ||||||
Income from discontinued operations attributable to Rayonier Inc. | $43,403 | $267,955 | $261,911 | ||||||
Net income attributable to Rayonier Inc. | $99,337 | $371,896 | $278,685 | ||||||
Shares used for determining basic earnings per common share | 126,458,710 | 125,717,311 | 122,711,802 | ||||||
Dilutive effect of: | |||||||||
Stock options | 323,125 | 463,949 | 634,218 | ||||||
Performance and restricted shares | 149,292 | 158,319 | 757,308 | ||||||
Assumed conversion of Senior Exchangeable Notes (a) | 2,149,982 | 1,965,177 | 2,888,650 | ||||||
Assumed conversion of warrants (a) | 1,957,154 | 1,800,345 | 1,710,445 | ||||||
Shares used for determining diluted earnings per common share | 131,038,263 | 130,105,101 | 128,702,423 | ||||||
Basic earnings per common share attributable to Rayonier Inc.: | |||||||||
Continuing operations | $0.44 | $0.83 | $0.14 | ||||||
Discontinued operations | 0.34 | 2.13 | 2.13 | ||||||
Net income | $0.78 | $2.96 | $2.27 | ||||||
Diluted earnings per common share attributable to Rayonier Inc.: | |||||||||
Continuing operations | $0.43 | $0.80 | $0.13 | ||||||
Discontinued operations | 0.33 | 2.06 | 2.04 | ||||||
Net income | $0.76 | $2.86 | $2.17 | ||||||
The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount, based on the length of time the $41.5 million balance was outstanding before the exchange, was included for the year ended December 31, 2013. The year ended December 31, 2014 included the dilutive effect of the $131 million 2015 Notes, as this was the principal balance outstanding during the full year. | |||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||
2014 | 2013 | 2012 | |||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | |||||||||
Stock options, performance and restricted shares | 461,663 | 337,145 | 224,918 | ||||||
Assumed conversion of exchangeable note hedges (a) | 2,149,982 | 1,965,177 | 2,888,650 | ||||||
Total | 2,611,645 | 2,302,322 | 3,113,568 | ||||||
(a) | The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount, based on the length of time the $41.5 million balance was outstanding before the exchange, was included for the year ended December 31, 2013. The year ended December 31, 2014 included the dilutive effect of the $131 million 2015 Notes, as this was the principal balance outstanding during the full year. | ||||||||
The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt. |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Inventory Disclosure [Abstract] | |||||
Schedule of Inventory | As of December 31, 2014 and 2013, Rayonier’s inventory included the following: | ||||
2014 | 2013 | ||||
Finished goods (a) (b) | $8,383 | $115,270 | |||
Work in progress | — | 3,555 | |||
Raw materials (c) | 659 | 17,661 | |||
Manufacturing and maintenance supplies | — | 2,332 | |||
Total inventory (d) | $9,042 | $138,818 | |||
(a) | Includes $4.9 million and $6.3 million of HBU real estate held for sale at December 31, 2014 and 2013, respectively. | ||||
(b) | Includes $3.4 million and $4.1 million of New Zealand log inventory at December 31, 2014 and 2013, respectively. | ||||
(c) | Includes $0.7 million and $0.2 million of seedling inventory at December 31, 2014 and 2013, respectively. | ||||
(d) | 2013 includes $128.2 million of inventory related to the Performance Fibers business. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Long-term Debt Instruments | Rayonier’s debt consisted of the following at December 31, 2014 and 2013: | |||||||||||
2014 | 2013 | |||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% | $325,000 | $325,000 | ||||||||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a) | 129,706 | 127,749 | ||||||||||
Installment note due 2014 at a fixed interest rate of 8.64% | — | 112,500 | ||||||||||
Mortgage notes due 2017 at fixed interest rates of 4.35% (b) | 53,801 | 65,165 | ||||||||||
Solid waste bond due 2020 at a variable interest rate of 1.3% at December 31, 2014 | 15,000 | 15,000 | ||||||||||
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.34% at December 31, 2014 | 16,000 | 205,000 | ||||||||||
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.63% at December 31, 2014 | — | 500,000 | ||||||||||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.47% at December 31, 2014 | 184,099 | 193,311 | ||||||||||
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate | 27,949 | 30,499 | ||||||||||
Total debt | 751,555 | 1,574,224 | ||||||||||
Less: Current maturities of long-term debt | (129,706 | ) | (112,500 | ) | ||||||||
Long-term debt | $621,849 | $1,461,724 | ||||||||||
Schedule of Maturities of Long-term Debt | Principal payments due during the next five years and thereafter are as follows: | |||||||||||
2015 (a) | $130,973 | |||||||||||
2016 | 200,099 | |||||||||||
2017 (b) | 52,500 | |||||||||||
2018 | — | |||||||||||
2019 | — | |||||||||||
Thereafter | 367,949 | |||||||||||
Total Debt | $751,521 | |||||||||||
(a) | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. | |||||||||||
(b) | The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million. | |||||||||||
Schedule of Convertible Debt | The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2014 and 2013 are as follows: | |||||||||||
2014 | 2013 | |||||||||||
Liabilities: | ||||||||||||
Principal amount of debt | ||||||||||||
4.50% Senior Exchangeable Notes | $130,973 | $130,973 | ||||||||||
Unamortized discount (a) | ||||||||||||
4.50% Senior Exchangeable Notes | (1,267 | ) | (3,224 | ) | ||||||||
Net carrying amount of debt | $129,706 | $127,749 | ||||||||||
Equity: | ||||||||||||
Common stock | $8,850 | $8,850 | ||||||||||
(a) The discount for the 4.50% notes will be amortized through August 2015. | ||||||||||||
Schedule of Interest Related to Convertible Debt | The amount of interest related to the convertible debt recognized in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31 is as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Contractual interest coupon | ||||||||||||
4.50% Senior Exchangeable Notes | $5,930 | $7,271 | $7,763 | |||||||||
Amortization of debt discount | ||||||||||||
4.50% Senior Exchangeable Notes | 1,957 | 2,281 | 2,296 | |||||||||
Total interest expense recognized | $7,887 | $9,552 | $10,059 | |||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||
Schedule of Stockholders Equity | An analysis of shareholders’ equity for each of the three years ended December 31, 2014 is shown below (share amounts not in thousands): | |||||||||||||||||
Common Shares | Retained | Accumulated | Non-controlling Interest | Shareholders’ | ||||||||||||||
Earnings | Other | Equity | ||||||||||||||||
Comprehensive | ||||||||||||||||||
Shares (a) | Amount | Income/(Loss) | ||||||||||||||||
Balance, December 31, 2011 | 122,035,177 | $630,286 | $806,235 | ($113,448) | — | $1,323,073 | ||||||||||||
Net income | — | — | 278,685 | — | — | 278,685 | ||||||||||||
Dividends ($1.68 per share) | — | — | -208,286 | — | — | -208,286 | ||||||||||||
Issuance of shares under incentive stock | 1,467,024 | 25,495 | — | — | — | 25,495 | ||||||||||||
plans | ||||||||||||||||||
Stock-based compensation | — | 15,116 | — | — | — | 15,116 | ||||||||||||
Excess tax benefit on stock-based compensation | — | 7,635 | — | — | — | 7,635 | ||||||||||||
Repurchase of common shares | -169,757 | -7,783 | — | — | — | -7,783 | ||||||||||||
Net loss from pension and postretirement plans | — | — | — | -496 | — | -496 | ||||||||||||
Foreign currency translation adjustment | — | — | — | 4,352 | — | 4,352 | ||||||||||||
Joint venture cash flow hedges | — | — | — | 213 | — | 213 | ||||||||||||
Balance, December 31, 2012 | 123,332,444 | $670,749 | $876,634 | ($109,379) | — | $1,438,004 | ||||||||||||
Net income | — | — | 371,896 | — | 1,902 | 373,798 | ||||||||||||
Dividends ($1.86 per share) | — | — | -233,321 | — | — | -233,321 | ||||||||||||
Issuance of shares under incentive stock | 1,001,426 | 10,101 | — | — | — | 10,101 | ||||||||||||
plans | ||||||||||||||||||
Stock-based compensation | — | 11,710 | — | — | — | 11,710 | ||||||||||||
Excess tax benefit on stock-based compensation | — | 8,413 | — | — | — | 8,413 | ||||||||||||
Repurchase of common shares | -211,221 | -11,326 | — | — | — | -11,326 | ||||||||||||
Equity portion of convertible debt (Note 13) | — | 2,453 | — | — | — | 2,453 | ||||||||||||
Settlement of warrants (Note 13) | 2,135,221 | — | — | — | — | — | ||||||||||||
Net loss from pension and postretirement plans | — | — | — | 61,869 | — | 61,869 | ||||||||||||
Acquisition of noncontrolling interest | — | — | — | — | 96,336 | 96,336 | ||||||||||||
Noncontrolling interest redemption of shares | — | — | — | — | -713 | -713 | ||||||||||||
Foreign currency translation adjustment | — | — | — | -1,915 | -3,795 | -5,710 | ||||||||||||
Joint venture cash flow hedges | — | — | — | 3,286 | 343 | 3,629 | ||||||||||||
Balance, December 31, 2013 | 126,257,870 | $692,100 | $1,015,209 | ($46,139) | $94,073 | $1,755,243 | ||||||||||||
Net income | — | — | 99,337 | — | -1,491 | 97,846 | ||||||||||||
Dividends ($2.03 per share) | — | — | -256,861 | — | — | -256,861 | ||||||||||||
Contribution to Rayonier Advanced Materials | — | -301 | -61,318 | 80,749 | — | 19,130 | ||||||||||||
Adjustments to Rayonier Advanced Materials (b) | — | — | -5,670 | -2,556 | — | -8,226 | ||||||||||||
Issuance of shares under incentive stock | 561,701 | 5,579 | — | — | — | 5,579 | ||||||||||||
plans | ||||||||||||||||||
Stock-based compensation | — | 7,869 | — | — | — | 7,869 | ||||||||||||
Tax deficiency on stock-based compensation | — | -791 | — | — | — | -791 | ||||||||||||
Repurchase of common shares | -46,474 | -1,858 | — | — | — | -1,858 | ||||||||||||
Net loss from pension and postretirement plans | — | — | — | -24,147 | — | -24,147 | ||||||||||||
Noncontrolling interest redemption of | — | — | — | — | -931 | -931 | ||||||||||||
shares | ||||||||||||||||||
Foreign currency translation adjustment | — | — | — | -11,526 | -4,321 | -15,847 | ||||||||||||
Joint venture cash flow hedges | — | — | — | -1,206 | -649 | -1,855 | ||||||||||||
Balance, December 31, 2014 | 126,773,097 | $702,598 | $790,697 | ($4,825) | $86,681 | $1,575,151 | ||||||||||||
(a) | The Company’s common shares are registered in North Carolina and have a $0.00 par value. | |||||||||||||||||
(b) | Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized. | |||||||||||||||||
Tax Characteristics of Cash Dividend | The table below summarizes the tax characteristics of the cash dividend paid to shareholders for the three years ended December 31, 2014: | |||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Capital gain | $1.61 | $0.72 | $1.68 | |||||||||||||||
Qualified | — | 1.14 | — | |||||||||||||||
Return of capital | 0.42 | — | — | |||||||||||||||
Total cash dividend per common share | $2.03 | $1.86 | $1.68 | |||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Equity [Abstract] | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component for the years ended December 31, 2014 and 2013. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. | ||||||||||||||
Foreign currency translation gains/(losses) | Net investment hedge of New Zealand JV | New Zealand JV cash flow hedges (a) | Unrecognized components of employee benefit plans | Total | |||||||||||
Balance as of December 31, 2012 | $38,829 | — | ($3,628) | ($144,580) | ($109,379) | ||||||||||
Other comprehensive income/(loss) before reclassifications | (1,915 | ) | — | 798 | 45,931 | (b) | 44,814 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 2,488 | 15,938 | (c) | 18,426 | |||||||||
Net other comprehensive income/(loss) | (1,915 | ) | — | 3,286 | 61,869 | 63,240 | |||||||||
Balance as of December 31, 2013 | $36,914 | — | ($342) | ($82,711) | ($46,139) | ||||||||||
Other comprehensive income/(loss) before reclassifications | -11,381 | -145 | 510 | 47,938 | (d) | 36,922 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | -1,716 | 6,108 | (e) | 4,392 | |||||||||
Net other comprehensive income/(loss) | (11,381 | ) | (145 | ) | (1,206 | ) | 54,046 | 41,314 | |||||||
Balance as of December 31, 2014 | $25,533 | ($145) | ($1,548) | ($28,665) | ($4,825) | ||||||||||
(a) | Prior to the acquisition of a majority interest in the New Zealand JV in 2013, Rayonier recorded its proportionate share of the New Zealand JV’s cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition. | ||||||||||||||
(b) | The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013. | ||||||||||||||
(c) | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information. | ||||||||||||||
(d) | Reflects $78 million, net of taxes, of comprehensive income due to the transfer of losses to Rayonier Advanced Materials Pension Plans. This comprehensive income was offset by $30 million, net of taxes, of losses as a result of revaluations required due to the spin-off and at year-end. The actuarial losses were primarily caused by a decrease in the discount rate from 4.6 percent as of December 31, 2013 to 3.8 percent as of December 31, 2014. See Note 22 — Employee Benefit Plans for additional information. | ||||||||||||||
(e) | This accumulated other comprehensive income component is comprised of $5 million from the computation of net periodic pension cost and the $1 million write-off of a 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 years ended December 31, 2014 and 2013: | ||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the income statement | |||||||||||||
2014 | 2013 | ||||||||||||||
Loss from New Zealand joint venture cash flow hedges | — | $2,159 | Gain related to consolidated of New Zealand joint venture | ||||||||||||
Realized (gain) loss on foreign currency exchange contracts | -2,858 | 843 | Other operating income, net | ||||||||||||
Realized gain on foreign currency option contracts | -1,007 | — | Other operating income, net | ||||||||||||
Noncontrolling interest | 1,352 | -295 | Comprehensive loss attributable to noncontrolling interest | ||||||||||||
Income tax expense (benefit) from foreign currency contracts | 797 | -219 | Income tax benefit | ||||||||||||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | -1,716 | 2,488 | |||||||||||||
Income tax expense on pension plan contributed to Rayonier Advanced Materials | 843 | — | Income tax benefit | ||||||||||||
Net (gain) loss reclassified from accumulated other comprehensive income | ($873) | $2,488 | |||||||||||||
Other_Operating_Income_Net_Tab
Other Operating Income, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Income and Expenses [Abstract] | |||||||||
Interest and Other Income | The following table provides the composition of Other operating income, net for the three years ended December 31: | ||||||||
2014 | 2013 | 2012 | |||||||
Lease income, primarily for hunting | $17,569 | $19,479 | $15,937 | ||||||
Other non-timber income | 2,314 | 2,714 | 3,346 | ||||||
Foreign exchange gains | 3,498 | 901 | — | ||||||
Insurance recoveries | — | — | 2,298 | ||||||
Gain (loss) on sale or disposal of property plant & equipment | 48 | 287 | (23 | ) | |||||
Gain (loss) on foreign currency contracts, net | 32 | (192 | ) | — | |||||
Legal and corporate development costs | (222 | ) | (2,242 | ) | (1,073 | ) | |||
Bankruptcy claim settlement | 5,779 | — | — | ||||||
Miscellaneous (expense), net | (2,507 | ) | (2,460 | ) | (3,474 | ) | |||
Total | $26,511 | $18,487 | $17,011 | ||||||
Liabilities_for_Dispositions_a1
Liabilities for Dispositions and Discontinued Operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | |||||||||
Schedule of Change in Environmental Loss Contingencies | An analysis of activity in the liabilities for dispositions and discontinued operations for the three years ended December 31, 2014 follows: | ||||||||
2014 | 2013 | 2012 | |||||||
Balance, January 1 | $76,378 | $81,695 | $90,824 | ||||||
Expenditures charged to liabilities | -5,096 | -8,570 | -9,926 | ||||||
Increase to liabilities | 2,558 | 3,253 | 797 | ||||||
Contribution to Rayonier Advanced Materials | -73,840 | — | — | ||||||
Balance, December 31 | — | 76,378 | 81,695 | ||||||
Less: Current portion | — | -6,835 | -8,105 | ||||||
Non-current portion | — | $69,543 | $73,590 | ||||||
Guarantees_Tables
Guarantees (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Guarantees [Abstract] | |||||
Schedule of Guarantor Obligations | The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2014, the following financial guarantees were outstanding: | ||||
Financial Commitments | Maximum Potential | Carrying Amount | |||
Payment | of Liability | ||||
Standby letters of credit (a) | $17,355 | $15,000 | |||
Guarantees (b) | 2,254 | 43 | |||
Surety bonds (c) | 682 | — | |||
Total financial commitments | $20,291 | $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. These letters of credit will expire at various dates during 2015 and will be renewed as required. | ||||
(b) | In conjunction with a timberland sale and note monetization in the 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2014, the Company has recorded 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 and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates in 2015 and 2016 and are expected to be renewed as required. |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | At December 31, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows: | |||||||||||||||
Operating | Timberland | Purchase Obligations (b) | Total | |||||||||||||
Leases | Leases (a) | |||||||||||||||
2015 | $1,288 | $10,162 | $472 | $11,922 | ||||||||||||
2016 | 941 | 9,727 | 262 | 10,930 | ||||||||||||
2017 | 492 | 9,389 | 191 | 10,072 | ||||||||||||
2018 | 277 | 8,080 | 1,419 | 9,776 | ||||||||||||
2019 | 191 | 7,137 | 4,525 | 11,853 | ||||||||||||
Thereafter | 42 | 130,884 | 1,673 | 132,599 | ||||||||||||
$3,231 | $175,379 | $8,542 | $187,152 | |||||||||||||
(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 (foreign exchange contracts and options) held in New Zealand. |
Incentive_Stock_Plans_Tables
Incentive Stock Plans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of the Company’s restricted shares is presented below: | ||||||||
2014 | 2013 | 2012 | |||||||
Restricted shares granted | 186,783 | 33,607 | 18,742 | ||||||
Weighted average price of restricted shares granted | $36.42 | $57.54 | $42.40 | ||||||
(Amounts in millions) | |||||||||
Intrinsic value of restricted stock outstanding (a) | $5.10 | $1.70 | $2.10 | ||||||
Fair value of restricted stock vested | $1.30 | $1.30 | $1.80 | ||||||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | — | $0.30 | $0.60 | ||||||
(a) | Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2014. | ||||||||
2014 | |||||||||
Number of | Weighted | ||||||||
Shares | Average Grant | ||||||||
Date Fair Value | |||||||||
Non-vested Restricted Shares at January 1, | 39,232 | $55.66 | |||||||
Granted | 186,783 | (a) | 36.42 | ||||||
Vested | (23,599 | ) | 55.86 | ||||||
Cancelled | (18,393 | ) | 39.9 | ||||||
Non-vested Restricted Shares at December 31, | 184,023 | (b) | $37.53 | ||||||
(a) | Includes restricted shares granted to Rayonier employees in replacement of the 2013 performance share awards. | ||||||||
(b) | Represents all Rayonier restricted shares outstanding as of December 31, 2014, including 2012 restricted share awards held by Rayonier Advanced Materials employees. | ||||||||
Schedule of Nonvested Performance-based Units Activity | A summary of the Company’s performance share units is presented below: | ||||||||
2014 | 2013 | 2012 | |||||||
Common shares of Company stock reserved for performance shares | 130,164 | 276,240 | 337,360 | ||||||
Weighted average fair value of performance share units granted | $40.33 | $59.16 | $56.36 | ||||||
(Amounts in millions) | |||||||||
Intrinsic value of outstanding performance share units (a) | $5.80 | $22.10 | $36.30 | ||||||
Fair value of performance shares vested | — | $7.00 | $22.20 | ||||||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $1.80 | $11.00 | $7.20 | ||||||
(a) | Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2014. | ||||||||
2014 | |||||||||
Number | Weighted | ||||||||
of Units | Average Grant | ||||||||
Date Fair Value | |||||||||
Outstanding Performance Share units at January 1, | 524,746 | $54.57 | |||||||
Granted | 286,340 | (a) | 40.33 | ||||||
Units Distributed | (231,717 | ) | 50.63 | ||||||
Cancelled at Spin-off | (315,297 | ) | 48.28 | ||||||
Other Cancellations/Adjustments | (55,048 | ) | 46.59 | ||||||
Outstanding Performance Share units at December 31, | 209,024 | $51.01 | |||||||
(a) | Includes performance shares reissued to Rayonier employees subsequent to the cancellation of the 2014 performance shares at spin-off. | ||||||||
Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. The following chart provides a tabular overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2014: | |||||||||
2014 (a) | 2013 | 2012 | |||||||
Expected volatility | 19.7 | % | 23.2 | % | 36.9 | % | |||
Risk-free rate | 0.7 | % | 0.4 | % | 0.4 | % | |||
(a) | Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8%. | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides an overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2014: | ||||||||
2014 (a) | 2013 | 2012 | |||||||
Expected volatility | 39.3 | % | 39 | % | 39.3 | % | |||
Dividend yield | 4.6 | % | 3.4 | % | 3.6 | % | |||
Risk-free rate | 2.2 | % | 1 | % | 1.3 | % | |||
Expected life (in years) | 6.3 | 6.3 | 6.4 | ||||||
Fair value per share of options granted (b) | $10.58 | $14.01 | $11.85 | ||||||
Fair value of options granted (in millions) | $3.20 | $2.70 | $2.80 | ||||||
(a) | The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees. | ||||||||
(b) | The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants, $10.70 for 2013 grants and $9.04 for 2012 grants. | ||||||||
A summary of the status of the Company’s stock options as of and for the year ended December 31, 2014 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees. | |||||||||
2014 | |||||||||
Number of | Weighted | Weighted | Aggregate | ||||||
Shares | Average Exercise | Average | Intrinsic | ||||||
Price (per | Remaining | Value (in | |||||||
common share) | Contractual Term | millions) | |||||||
(in years) | |||||||||
Options outstanding at January 1, | 1,393,222 | $33.79 | (a) | ||||||
Granted | 305,305 | 42.47 | (b) | ||||||
Exercised | -251,547 | 22.54 | (c) | ||||||
Cancelled | -44,585 | 31.48 | (c) | ||||||
Modified in connection with spin-off | -32,495 | 36.28 | (a) | ||||||
Options outstanding at December 31, | 1,369,900 | $27.21 | (d) | 6.1 | $4.90 | ||||
Options vested and expected to vest | 1,367,044 | $27.19 | (d) | 6.1 | $4.90 | ||||
Options exercisable at December 31, | 923,570 | $24.17 | (d) | 4.9 | $4.90 | ||||
(a) | Reflects exercise prices prior to the spin-off. | ||||||||
(b) | Represents the weighted-average exercise price at time of grant. Exercise prices were modified at the time of the spin-off. The adjusted weighted-average exercise price of 2014 grants was $31.52. | ||||||||
(c) | Represents the weighted-average of exercise prices in place at the time of exercise or cancellation. Pre-spin activity was not adjusted to reflect the subsequent modification of exercise prices. | ||||||||
(d) | Reflects exercise prices as of December 31, 2014. | ||||||||
A summary of additional information pertaining to the Company’s stock options is presented below: | |||||||||
2014 | 2013 | 2012 | |||||||
(Amounts in millions) | |||||||||
Intrinsic value of options exercised (a) | $4.00 | $12.30 | $20.50 | ||||||
Fair value of options vested | $3.10 | $2.60 | $3.30 | ||||||
(a) | Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations | ||||||||||||||||||
Funded Status at End of Year: | ||||||||||||||||||
Net accrued benefit cost | ($31,809) | ($71,733) | ($1,226) | ($21,999) | ||||||||||||||
The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Change in Projected Benefit Obligation | ||||||||||||||||||
Projected benefit obligation at beginning of year | $413,638 | $454,470 | $21,999 | $27,582 | ||||||||||||||
Service cost | 3,923 | 8,452 | 402 | 1,056 | ||||||||||||||
Interest cost | 10,707 | 16,682 | 537 | 937 | ||||||||||||||
Settlement loss | — | 137 | — | — | ||||||||||||||
Actuarial loss (gain) | 43,093 | -44,786 | 2,250 | -3,206 | ||||||||||||||
Plan amendments | — | — | — | -3,372 | ||||||||||||||
Employee contributions | — | — | 484 | 980 | ||||||||||||||
Benefits paid | -11,288 | -21,317 | -888 | -1,978 | ||||||||||||||
Transferred to Rayonier Advanced Materials | -372,718 | — | -23,558 | — | ||||||||||||||
Projected benefit obligation at end of year | $87,355 | $413,638 | $1,226 | $21,999 | ||||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||
Fair value of plan assets at beginning of year | $341,905 | $320,699 | — | — | ||||||||||||||
Actual return on plan assets | 21,399 | 42,285 | — | — | ||||||||||||||
Employer contributions | 1,103 | 1,699 | 404 | 998 | ||||||||||||||
Employee contributions | — | — | 484 | 980 | ||||||||||||||
Benefits paid | -11,288 | -21,317 | -888 | -1,978 | ||||||||||||||
Other expense | -607 | -1,461 | — | — | ||||||||||||||
Transferred to Rayonier Advanced Materials | -296,966 | — | — | — | ||||||||||||||
Fair value of plan assets at end of year | $55,546 | $341,905 | — | — | ||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ||||||||||||||||||
Amounts Recognized in the Consolidated | ||||||||||||||||||
Balance Sheets Consist of: | ||||||||||||||||||
Noncurrent assets | — | $3,583 | — | — | ||||||||||||||
Current liabilities | -15 | -1,776 | -25 | -1,071 | ||||||||||||||
Noncurrent liabilities | -31,794 | -73,540 | -1,201 | -20,928 | ||||||||||||||
Net amount recognized | ($31,809) | ($71,733) | ($1,226) | ($21,999) | ||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Net gains or losses, prior service costs or credits and plan amendment gains recognized in other comprehensive income for the three years ended December 31 are as follows: | |||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Net gains (losses) | $37,559 | $60,171 | ($17,630) | ($2,250) | $3,206 | ($2,021) | ||||||||||||
Prior service cost | — | — | — | — | — | — | ||||||||||||
Negative plan amendment | — | — | — | — | 3,372 | — | ||||||||||||
Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows: | ||||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Amortization of losses | $6,542 | $20,914 | $17,578 | $288 | $675 | $582 | ||||||||||||
Amortization of prior service cost | 576 | 1,356 | 1,308 | 8 | 66 | 80 | ||||||||||||
Amortization of negative plan amendment | — | — | — | -137 | -105 | -55 | ||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | Net losses and prior service costs or credits that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCI are as follows: | |||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Prior service cost | ($13) | ($5,707) | — | ($49) | ||||||||||||||
Net losses | -30,965 | -110,728 | -90 | -8,057 | ||||||||||||||
Negative plan amendment | — | — | — | 3,574 | ||||||||||||||
Deferred income tax benefit | 2,425 | 36,685 | -22 | 1,571 | ||||||||||||||
AOCI | ($28,553) | ($79,750) | ($112) | ($2,961) | ||||||||||||||
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Fair Value | For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31: | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Projected benefit obligation | $87,355 | $388,163 | ||||||||||||||||
Accumulated benefit obligation | 81,141 | 350,605 | ||||||||||||||||
Fair value of plan assets | 55,546 | 290,848 | ||||||||||||||||
Schedule of Net Benefit Costs | The following tables set forth the components of net pension and postretirement benefit cost that have been recognized during the three years ended December 31: | |||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||
Service cost | $3,923 | $8,452 | $8,407 | $402 | $1,056 | $918 | ||||||||||||
Interest cost | 10,707 | 16,682 | 17,284 | 537 | 937 | 956 | ||||||||||||
Expected return on plan assets | -15,258 | -25,302 | -25,477 | — | — | — | ||||||||||||
Amortization of prior service cost | 576 | 1,296 | 1,308 | 8 | 66 | 80 | ||||||||||||
Amortization of losses | 6,542 | 20,097 | 17,578 | 288 | 675 | 582 | ||||||||||||
Amortization of negative plan amendment | — | — | — | -137 | -105 | -55 | ||||||||||||
Curtailment expense | — | 60 | — | — | — | — | ||||||||||||
Settlement expense | — | 817 | — | — | — | — | ||||||||||||
Net periodic benefit cost (a) | $6,490 | $22,102 | $19,100 | $1,098 | $2,629 | $2,481 | ||||||||||||
(a) | Net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 included $4.0 million, $14.9 million, and $12.8 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2015 are as follows: | |||||||||||||||||
Pension | Postretirement | |||||||||||||||||
Amortization of loss | $3,420 | — | ||||||||||||||||
Amortization of prior service cost | 13 | — | ||||||||||||||||
Total amortization of AOCI loss | $3,433 | — | ||||||||||||||||
Schedule of Assumptions Used | The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31: | |||||||||||||||||
Pension | Postretirement | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Assumptions used to determine benefit obligations at December 31: | ||||||||||||||||||
Discount rate | 3.8 | % | 4.6 | % | 3.7 | % | 3.96 | % | 4.6 | % | 3.6 | % | ||||||
Rate of compensation increase | 4.5 | % | 4.6 | % | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||
Assumptions used to determine net periodic benefit cost for years ended December 31: | ||||||||||||||||||
Discount rate (pre-spin off) | 4.6 | % | 3.7 | % | 4.2 | % | 4.6 | % | 3.6 | % | 4.1 | % | ||||||
Discount rate (post-spin off) | 4.04 | % | — | — | 4 | % | — | — | ||||||||||
Expected long-term return on plan assets | 8.5 | % | 8.5 | % | 8.5 | % | — | — | — | |||||||||
Rate of compensation increase | 4.5 | % | 4.6 | % | 4.5 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||
Schedule of Effect of 0.5% Change in Discount Rate and Long-term Return on Assets | The sensitivity of pension expense and projected benefit obligation to changes in economic assumptions is highlighted below: | |||||||||||||||||
(unaudited) | ||||||||||||||||||
Impact on: | ||||||||||||||||||
Change in Assumption | Pension Expense | Projected Benefit | ||||||||||||||||
Obligation | ||||||||||||||||||
0.5% decrease in discount rate | + 0.4 million | + 7.5 million | ||||||||||||||||
0.5% increase in discount rate | - 0.4 million | - 6.6 million | ||||||||||||||||
0.5% decrease in long-term return on assets | + 0.1 million | |||||||||||||||||
0.5% increase in long-term return on assets | - 0.1 million | |||||||||||||||||
Schedule of Health Care Cost Trend Rates | The following table sets forth the assumed health care cost trend rates at December 31: | |||||||||||||||||
Postretirement | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Health care cost trend rate assumed for next year (a) | N/A | 7 | % | |||||||||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (a) | N/A | 5 | % | |||||||||||||||
Year that the rate reaches the ultimate trend rate (a) | N/A | 2017 | ||||||||||||||||
(a) | The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business. | |||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The following table shows the effect of a one percentage point change in assumed health care cost trends as of December 31, 2013: | |||||||||||||||||
1 Percent | ||||||||||||||||||
Effect on: | Increase | Decrease | ||||||||||||||||
Total of service and interest cost components (a) | $253 | ($208) | ||||||||||||||||
Accumulated postretirement benefit obligation (a) | 1,389 | -1,183 | ||||||||||||||||
(a) | The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business. | |||||||||||||||||
Schedule of Allocation of Plan Assets | The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies for definition), the assets of the plans as of December 31, 2014 and 2013. | |||||||||||||||||
Fair Value at December 31, 2014 | Fair Value at December 31, 2013 | |||||||||||||||||
Asset Category | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||
Domestic equity securities | $4,557 | $18,326 | $22,883 | $29,293 | $110,401 | $139,694 | ||||||||||||
International equity securities | 6,277 | 6,488 | 12,765 | 55,692 | 31,347 | 87,039 | ||||||||||||
Domestic fixed income securities | — | 14,643 | 14,643 | — | 85,222 | 85,222 | ||||||||||||
International fixed income securities | 2,428 | — | 2,428 | 15,134 | — | 15,134 | ||||||||||||
Real estate fund | 1,887 | — | 1,887 | 9,678 | — | 9,678 | ||||||||||||
Short-term investments | — | 940 | 940 | 879 | 4,259 | 5,138 | ||||||||||||
Total | $15,149 | $40,397 | $55,546 | $110,676 | $231,229 | $341,905 | ||||||||||||
The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2014 and 2013, and target allocation ranges by asset category are as follows: | ||||||||||||||||||
Percentage of Plan Assets | Target | |||||||||||||||||
Allocation | ||||||||||||||||||
Asset Category | 2014 | 2013 | Range | |||||||||||||||
Domestic equity securities | 42 | % | 42 | % | 35-45% | |||||||||||||
International equity securities | 23 | % | 26 | % | 20-30% | |||||||||||||
Domestic fixed income securities | 27 | % | 25 | % | 25-29% | |||||||||||||
International fixed income securities | 4 | % | 4 | % | 3-7% | |||||||||||||
Real estate fund | 4 | % | 3 | % | 2-4% | |||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||
Schedule of Expected Benefit Payments | Expected benefit payments for the next 10 years are as follows: | |||||||||||||||||
Pension | Postretirement | |||||||||||||||||
Benefits | Benefits | |||||||||||||||||
2015 | $2,729 | $25 | ||||||||||||||||
2016 | 2,866 | 27 | ||||||||||||||||
2017 | 3,041 | 28 | ||||||||||||||||
2018 | 3,231 | 30 | ||||||||||||||||
2019 | 3,450 | 33 | ||||||||||||||||
2020 - 2024 | 20,807 | 201 |
Quarterly_Results_for_2014_and1
Quarterly Results for 2014 and 2013 (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||
Quarter Ended | Total Year | |||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | |||||||||||||
2014 | ||||||||||||||||
Sales | $143,187 | $163,145 | $149,829 | $147,360 | $603,521 | |||||||||||
Cost of sales | 115,900 | 123,096 | 118,088 | 126,776 | 483,860 | |||||||||||
Income from continuing operations | 10,335 | 4,024 | 32,059 | 8,025 | 54,443 | |||||||||||
Income from discontinued operations | 31,008 | 12,084 | — | 311 | 43,403 | |||||||||||
Net income | 41,343 | 16,108 | 32,059 | 8,336 | 97,846 | |||||||||||
Net income attributable to Rayonier Inc. | 41,426 | 16,353 | 32,701 | 8,857 | 99,337 | |||||||||||
Basic EPS attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.08 | $0.03 | $0.26 | $0.07 | $0.44 | |||||||||||
Discontinued Operations | 0.25 | 0.1 | — | — | 0.34 | |||||||||||
Net Income | $0.33 | $0.13 | $0.26 | $0.07 | $0.78 | |||||||||||
Diluted EPS attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.08 | $0.03 | $0.25 | $0.07 | $0.43 | |||||||||||
Discontinued Operations | 0.24 | 0.09 | — | — | 0.33 | |||||||||||
Net Income | $0.32 | $0.12 | $0.25 | $0.07 | $0.76 | |||||||||||
2013 | ||||||||||||||||
Sales | 107,053 | 154,889 | 159,261 | 238,515 | 659,718 | |||||||||||
Cost of sales | 76,660 | 127,861 | 129,002 | 197,249 | 530,772 | |||||||||||
Income from continuing operations | 19,028 | 39,631 | (b) | 15,040 | 32,144 | 105,843 | (b) | |||||||||
Income from discontinued operations | 128,707 | (a) | 48,260 | 43,327 | 47,661 | 267,955 | (a) | |||||||||
Net income | 147,735 | (a) | 87,891 | (b) | 58,367 | 79,805 | 373,798 | (a) (b) | ||||||||
Net income attributable to Rayonier Inc. | 147,735 | (a) | 87,164 | (b) | 57,345 | 79,652 | 371,896 | (a) (b) | ||||||||
Basic EPS attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.15 | $0.31 | $0.11 | $0.25 | $0.83 | |||||||||||
Discontinued Operations | 1.04 | 0.38 | 0.34 | 0.38 | 2.13 | |||||||||||
Net Income | $1.19 | $0.69 | $0.45 | $0.63 | $2.96 | |||||||||||
Diluted EPS attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.15 | $0.30 | $0.11 | $0.25 | $0.80 | |||||||||||
Discontinued Operations | 0.98 | 0.37 | 0.33 | 0.37 | 2.06 | |||||||||||
Net Income | $1.13 | $0.67 | $0.44 | $0.62 | $2.86 | |||||||||||
(a) | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. | |||||||||||||||
(b) | Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | The following tables summarize the effect of the discontinued operations reclassification and the restatement for the period ended March 31, 2014 and the effect of the restatement for the period ended June 30, 2014. 2013 is excluded from the reconciliations below as all changes from amounts originally reported in 2013 are solely attributable to discontinued operations reclassifications. | |||||||||||||||
Quarter Ended March 31, 2014 | ||||||||||||||||
As Previously Reported | Discontinued Operations Reclassification | Restatement | As Restated | |||||||||||||
Sales | $386,686 | ($243,499) | — | $143,187 | ||||||||||||
Cost of sales | 302,650 | -184,801 | -1,949 | 115,900 | ||||||||||||
Income from Continuing Operations | 43,292 | -31,008 | -1,949 | 10,335 | ||||||||||||
Income from Discontinued Operations | — | 31,008 | — | 31,008 | ||||||||||||
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 | ($0.25) | ($0.01) | $0.08 | ||||||||||||
Discontinued Operations | — | 0.25 | — | 0.25 | ||||||||||||
Net Income | $0.34 | — | ($0.01) | $0.33 | ||||||||||||
Diluted Earnings Per Share Attributable to Rayonier Inc. | ||||||||||||||||
Continuing Operations | $0.34 | ($0.24) | ($0.02) | $0.08 | ||||||||||||
Discontinued Operations | — | 0.24 | — | 0.24 | ||||||||||||
Net Income | $0.34 | — | ($0.02) | $0.32 | ||||||||||||
Quarter Ended June 30, 2014 | ||||||||||||||||
As Previously Reported | Restatement | As Restated | ||||||||||||||
Sales | $163,145 | — | $163,145 | |||||||||||||
Cost of sales | 121,105 | 1,991 | 123,096 | |||||||||||||
Income from Continuing Operations | 6,056 | -2,032 | 4,024 | |||||||||||||
Income from Discontinued Operations | 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 |
Consolidating_Financial_Statem1
Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Senior Exchangeable Notes due 2015 [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Schedule of Condensed Consolidating Income Statement | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
SALES | — | — | — | $603,521 | — | $603,521 | ||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | — | 483,860 | — | 483,860 | ||||||||||||
Selling and general expenses | — | 14,578 | — | 33,305 | — | 47,883 | ||||||||||||
Other operating expense (income), net | — | 3,275 | — | -29,786 | — | -26,511 | ||||||||||||
— | 17,853 | — | 487,379 | — | 505,232 | |||||||||||||
OPERATING (LOSS) INCOME | — | -17,853 | — | 116,142 | — | 98,289 | ||||||||||||
Interest expense | -13,247 | -445 | -23,126 | -7,430 | — | -44,248 | ||||||||||||
Interest and miscellaneous income (expense), net | 9,186 | -566 | -2,534 | -15,285 | — | -9,199 | ||||||||||||
Equity in income from subsidiaries | 103,398 | 122,425 | -15,697 | — | -210,126 | — | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 99,337 | 103,561 | -41,357 | 93,427 | -210,126 | 44,842 | ||||||||||||
Income tax (expense) benefit | — | -163 | 9,366 | 398 | — | 9,601 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 99,337 | 103,398 | -31,991 | 93,825 | -210,126 | 54,443 | ||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 43,403 | — | 43,403 | ||||||||||||
NET INCOME | 99,337 | 103,398 | -31,991 | 137,228 | -210,126 | 97,846 | ||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | -1,491 | — | -1,491 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 99,337 | 103,398 | -31,991 | 138,719 | -210,126 | 99,337 | ||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | -11,525 | -11,526 | -894 | -15,847 | 23,945 | -15,847 | ||||||||||||
New Zealand joint venture cash flow hedges | -1,206 | -1,206 | -1,206 | -1,855 | 3,618 | -1,855 | ||||||||||||
Net gain from pension and postretirement plans | 54,046 | 54,046 | 88,174 | 88,174 | -230,394 | 54,046 | ||||||||||||
Total other comprehensive income | 41,315 | 41,314 | 86,074 | 70,472 | -202,831 | 36,344 | ||||||||||||
COMPREHENSIVE INCOME | 140,652 | 144,712 | 54,083 | 207,700 | -412,957 | 134,190 | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | -6,462 | — | -6,462 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $140,652 | $144,712 | $54,083 | $214,162 | ($412,957) | $140,652 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
SALES | — | — | — | $659,718 | — | $659,718 | ||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | — | 530,772 | — | 530,772 | ||||||||||||
Selling and general expenses | — | 9,821 | — | 45,612 | — | 55,433 | ||||||||||||
Other operating (income) expense, net | -1,701 | 4,730 | — | -21,516 | — | -18,487 | ||||||||||||
-1,701 | 14,551 | — | 554,868 | — | 567,718 | |||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 562 | — | 562 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | -14,551 | — | 105,412 | — | 92,562 | ||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | — | 16,098 | — | 16,098 | ||||||||||||
OPERATING INCOME (LOSS) | 1,701 | -14,551 | — | 121,510 | — | 108,660 | ||||||||||||
Interest expense | -13,088 | -914 | -27,516 | 577 | — | -40,941 | ||||||||||||
Interest and miscellaneous income (expense), net | 9,828 | 3,237 | -7,534 | -3,092 | — | 2,439 | ||||||||||||
Equity in income from subsidiaries | 373,455 | 384,567 | 245,126 | — | -1,003,148 | — | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | 372,339 | 210,076 | 118,995 | -1,003,148 | 70,158 | ||||||||||||
Income tax benefit | — | 1,116 | 11,895 | 22,674 | — | 35,685 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 371,896 | 373,455 | 221,971 | 141,669 | -1,003,148 | 105,843 | ||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 267,955 | — | 267,955 | ||||||||||||
NET INCOME | 371,896 | 373,455 | 221,971 | 409,624 | -1,003,148 | 373,798 | ||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 1,902 | — | 1,902 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | 373,455 | 221,971 | 407,722 | -1,003,148 | 371,896 | ||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | -1,915 | -1,915 | -72 | -5,710 | 3,902 | -5,710 | ||||||||||||
New Zealand joint venture cash flow hedges | 3,286 | 3,286 | 637 | 3,629 | -7,209 | 3,629 | ||||||||||||
Net gain from pension and postretirement plans | 61,869 | 61,869 | 20,589 | 20,589 | -103,047 | 61,869 | ||||||||||||
Total other comprehensive income | 63,240 | 63,240 | 21,154 | 18,508 | -106,354 | 59,788 | ||||||||||||
COMPREHENSIVE INCOME | 435,136 | 436,695 | 243,125 | 428,132 | -1,109,502 | 433,586 | ||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | -1,550 | — | -1,550 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $435,136 | $436,695 | $243,125 | $429,682 | ($1,109,502) | $435,136 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Rayonier Inc. (Parent | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
Guarantor) | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
(Issuer) | ||||||||||||||||||
SALES | — | — | — | $378,608 | — | $378,608 | ||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | — | 305,479 | — | 305,479 | ||||||||||||
Selling and general expenses | — | 10,575 | — | 48,057 | — | 58,632 | ||||||||||||
Other operating expense (income), net | 110 | 962 | — | -18,083 | — | -17,011 | ||||||||||||
110 | 11,537 | — | 335,453 | — | 347,100 | |||||||||||||
Equity in income of New Zealand joint venture | — | — | — | 550 | — | 550 | ||||||||||||
OPERATING (LOSS) INCOME | -110 | -11,537 | — | 43,705 | — | 32,058 | ||||||||||||
Interest expense | -10,717 | -941 | -37,971 | 6,803 | — | -42,826 | ||||||||||||
Interest and miscellaneous income (expense), net | 6,638 | 5,519 | -3,334 | -8,341 | — | 482 | ||||||||||||
Equity in income from subsidiaries | 282,874 | 289,486 | 232,871 | — | -805,231 | — | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | 282,527 | 191,566 | 42,167 | -805,231 | -10,286 | ||||||||||||
Income tax benefit | — | 347 | 15,076 | 11,637 | — | 27,060 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 278,685 | 282,874 | 206,642 | 53,804 | -805,231 | 16,774 | ||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | — | 261,911 | — | 261,911 | ||||||||||||
NET INCOME | 278,685 | 282,874 | 206,642 | 315,715 | -805,231 | 278,685 | ||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
Foreign currency translation adjustment | 4,352 | 4,352 | -3 | 4,353 | -8,702 | 4,352 | ||||||||||||
New Zealand joint venture cash flow hedges | 213 | 213 | — | 213 | -426 | 213 | ||||||||||||
Net loss from pension and postretirement plans | -496 | -496 | -450 | -450 | 1,396 | -496 | ||||||||||||
Total other comprehensive income (loss) | 4,069 | 4,069 | -453 | 4,116 | -7,732 | 4,069 | ||||||||||||
COMPREHENSIVE INCOME | $282,754 | $286,943 | $206,189 | $319,831 | ($812,963) | $282,754 | ||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $102,218 | $11 | $8,094 | $51,235 | — | $161,558 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | — | 1,409 | 22,609 | — | 24,018 | ||||||||||||
Inventory | — | — | — | 9,042 | — | 9,042 | ||||||||||||
Prepaid logging roads | — | — | — | 12,665 | — | 12,665 | ||||||||||||
Prepaid and other current assets | — | 2,003 | 6 | 5,071 | — | 7,080 | ||||||||||||
Total current assets | 102,218 | 2,014 | 9,509 | 100,622 | — | 214,363 | ||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,083,743 | — | 2,083,743 | ||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 433 | — | 6,273 | — | 6,706 | ||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,463,303 | 1,923,185 | 640,678 | — | -4,027,166 | — | ||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 248,233 | — | 21,500 | — | -269,733 | — | ||||||||||||
OTHER ASSETS | 2,763 | 16,610 | 1,759 | 127,171 | — | 148,303 | ||||||||||||
TOTAL ASSETS | $1,816,517 | $1,942,242 | $673,446 | $2,317,809 | ($4,296,899) | $2,453,115 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||
Accounts payable | — | $2,687 | $123 | $17,401 | — | $20,211 | ||||||||||||
Current maturities of long-term debt | — | — | 129,706 | — | — | 129,706 | ||||||||||||
Accrued taxes | — | 11 | — | 11,394 | — | 11,405 | ||||||||||||
Accrued payroll and benefits | — | 3,253 | — | 3,137 | — | 6,390 | ||||||||||||
Accrued interest | 3,047 | -3 | 2,520 | 31,281 | -28,412 | 8,433 | ||||||||||||
Other current liabilities | — | 928 | 145 | 24,784 | — | 25,857 | ||||||||||||
Total current liabilities | 3,047 | 6,876 | 132,494 | 87,997 | -28,412 | 202,002 | ||||||||||||
LONG-TERM DEBT | 325,000 | — | 31,000 | 265,849 | — | 621,849 | ||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 34,161 | — | -684 | — | 33,477 | ||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,436 | — | 14,200 | — | 20,636 | ||||||||||||
INTERCOMPANY PAYABLE | — | 431,466 | — | -153,754 | -277,712 | — | ||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,488,470 | 1,463,303 | 509,952 | 2,017,520 | -3,990,775 | 1,488,470 | ||||||||||||
Noncontrolling interest | — | — | — | 86,681 | — | 86,681 | ||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,488,470 | 1,463,303 | 509,952 | 2,104,201 | -3,990,775 | 1,575,151 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,816,517 | $1,942,242 | $673,446 | $2,317,809 | ($4,296,899) | $2,453,115 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $130,181 | $304 | $10,719 | $58,440 | — | $199,644 | ||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 10 | 2,300 | 92,646 | — | 94,956 | ||||||||||||
Inventory | — | — | — | 138,818 | — | 138,818 | ||||||||||||
Current deferred tax assets | — | — | 681 | 38,419 | — | 39,100 | ||||||||||||
Prepaid logging roads | — | — | — | 12,992 | — | 12,992 | ||||||||||||
Prepaid and other current assets | — | 2,363 | 6 | 31,215 | — | 33,584 | ||||||||||||
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 Cash Flows Statement | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $269,653 | $293,193 | — | $43,858 | ($290,157) | $316,547 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -400 | — | -123,289 | — | -123,689 | ||||||||||||
Purchase of timberlands | — | — | — | -130,896 | — | -130,896 | ||||||||||||
Change in restricted cash | — | — | — | 62,256 | — | 62,256 | ||||||||||||
Investment in Subsidiaries | — | — | 798,875 | — | -798,875 | — | ||||||||||||
Other | — | — | — | -478 | — | -478 | ||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | -400 | 798,875 | -192,407 | -798,875 | -192,807 | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | — | — | 201,000 | 1,225,464 | — | 1,426,464 | ||||||||||||
Repayment of debt | — | — | -1,002,500 | -287,137 | — | -1,289,637 | ||||||||||||
Dividends paid | -257,517 | — | — | — | — | -257,517 | ||||||||||||
Proceeds from the issuance of common shares | 5,579 | — | — | — | — | 5,579 | ||||||||||||
Repurchase of common shares | -1,858 | — | — | — | — | -1,858 | ||||||||||||
Debt issuance costs | — | — | — | (12,380 | ) | — | -12,380 | |||||||||||
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 | ||||||||||||
Issuance of intercompany notes | -12,400 | — | — | 12,400 | — | — | ||||||||||||
Intercompany distributions | — | -293,086 | — | -795,946 | 1,089,032 | — | ||||||||||||
Other | — | — | — | -680 | — | -680 | ||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -297,616 | -293,086 | -801,500 | 141,721 | 1,089,032 | -161,449 | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | -377 | — | -377 | ||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | -27,963 | -293 | -2,625 | -7,205 | — | -38,086 | ||||||||||||
Balance, beginning of year | 130,181 | 304 | 10,719 | 58,440 | — | 199,644 | ||||||||||||
Balance, end of year | $102,218 | $11 | $8,094 | $51,235 | — | $161,558 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $407,712 | $417,074 | $84,000 | $491,762 | ($855,375) | $545,173 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -663 | — | -161,520 | — | -162,183 | ||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | — | -139,879 | — | -139,879 | ||||||||||||
Purchase of timberlands | — | — | — | -20,401 | — | -20,401 | ||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | -148,262 | — | -148,262 | ||||||||||||
Proceeds from disposition of Wood Products business | — | — | — | 62,720 | — | 62,720 | ||||||||||||
Change in restricted cash | — | — | — | -58,385 | — | -58,385 | ||||||||||||
Investment in Subsidiaries | -138,178 | -138,178 | -247,114 | — | 523,470 | — | ||||||||||||
Other | — | 1,701 | — | -4,231 | — | -2,530 | ||||||||||||
CASH USED FOR INVESTING ACTIVITIES | -138,178 | -137,140 | -247,114 | -469,958 | 523,470 | -468,920 | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | 175,000 | — | 390,000 | 57,885 | — | 622,885 | ||||||||||||
Repayment of debt | -325,000 | — | -151,525 | -72,960 | — | -549,485 | ||||||||||||
Dividends paid | -237,016 | — | — | — | — | -237,016 | ||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | — | 10,101 | ||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 8,413 | — | 8,413 | ||||||||||||
Repurchase of common shares | -11,326 | — | — | — | — | -11,326 | ||||||||||||
Issuance of intercompany notes | -4,000 | — | — | 4,000 | — | — | ||||||||||||
Intercompany distributions | — | -283,596 | -84,000 | 35,691 | 331,905 | — | ||||||||||||
Other | — | — | — | -713 | — | -713 | ||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -392,241 | -283,596 | 154,475 | 32,316 | 331,905 | -157,141 | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | -64 | — | -64 | ||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | -122,707 | -3,662 | -8,639 | 54,056 | — | -80,952 | ||||||||||||
Balance, beginning of year | 252,888 | 3,966 | 19,358 | 4,384 | — | 280,596 | ||||||||||||
Balance, end of year | $130,181 | $304 | $10,719 | $58,440 | — | $199,644 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $90,456 | $138,149 | $41,000 | $423,784 | ($247,475) | $445,914 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -354 | — | -155,166 | — | -155,520 | ||||||||||||
Purchase of timberlands | — | — | — | -106,536 | — | -106,536 | ||||||||||||
Jesup mill cellulose specialties expansion | — | — | — | -198,341 | — | -198,341 | ||||||||||||
Change in restricted cash | — | — | — | -10,559 | — | -10,559 | ||||||||||||
Investment in Subsidiaries | — | — | -142,508 | — | 142,508 | — | ||||||||||||
Other | — | — | — | -1,945 | — | -1,945 | ||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | -354 | -142,508 | -472,547 | 142,508 | -472,901 | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | 475,000 | — | 740,000 | 15,000 | — | 1,230,000 | ||||||||||||
Repayment of debt | -120,000 | -30,000 | -638,110 | -25,500 | — | -813,610 | ||||||||||||
Dividends paid | -206,583 | — | — | — | — | -206,583 | ||||||||||||
Proceeds from the issuance of common shares | 25,495 | — | — | — | — | 25,495 | ||||||||||||
Excess tax benefits on stock-based compensation | — | — | — | 7,635 | — | 7,635 | ||||||||||||
Debt issuance costs | -3,697 | -1,219 | — | -1,219 | — | -6,135 | ||||||||||||
Repurchase of common shares | -7,783 | — | — | — | — | -7,783 | ||||||||||||
Issuance of intercompany notes | — | -14,000 | — | 14,000 | — | — | ||||||||||||
Intercompany distributions | — | -97,587 | -41,000 | 33,620 | 104,967 | — | ||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | -142,806 | 60,890 | 43,536 | 104,967 | 229,019 | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | -39 | — | -39 | ||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | 252,888 | -5,011 | -40,618 | -5,266 | — | 201,993 | ||||||||||||
Balance, beginning of year | — | 8,977 | 59,976 | 9,650 | — | 78,603 | ||||||||||||
Balance, end of year | $252,888 | $3,966 | $19,358 | $4,384 | — | $280,596 | ||||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Schedule of Condensed Consolidating Income Statement | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
SALES | — | — | $603,521 | — | $603,521 | |||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | 483,860 | — | 483,860 | |||||||||||||
Selling and general expenses | — | 14,578 | 33,305 | — | 47,883 | |||||||||||||
Other operating expense (income), net | — | 3,275 | -29,786 | — | -26,511 | |||||||||||||
— | 17,853 | 487,379 | — | 505,232 | ||||||||||||||
OPERATING (LOSS) INCOME | — | -17,853 | 116,142 | — | 98,289 | |||||||||||||
Interest expense | -13,247 | -23,571 | -7,430 | — | -44,248 | |||||||||||||
Interest and miscellaneous income (expense), net | 9,186 | -3,100 | -15,285 | — | -9,199 | |||||||||||||
Equity in income from subsidiaries | 103,398 | 138,719 | — | -242,117 | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 99,337 | 94,195 | 93,427 | -242,117 | 44,842 | |||||||||||||
Income tax benefit | — | 9,203 | 398 | — | 9,601 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 99,337 | 103,398 | 93,825 | -242,117 | 54,443 | |||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 43,403 | — | 43,403 | |||||||||||||
NET INCOME | 99,337 | 103,398 | 137,228 | -242,117 | 97,846 | |||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | -1,491 | — | -1,491 | |||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 99,337 | 103,398 | 138,719 | -242,117 | 99,337 | |||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | -11,525 | -11,527 | -15,847 | 23,052 | -15,847 | |||||||||||||
New Zealand joint venture cash flow hedges | -1,206 | -1,206 | -1,855 | 2,412 | -1,855 | |||||||||||||
Net gain from pension and postretirement plans | 54,046 | 54,046 | 88,174 | -142,220 | 54,046 | |||||||||||||
Total other comprehensive income | 41,315 | 41,313 | 70,472 | -116,756 | 36,344 | |||||||||||||
COMPREHENSIVE INCOME | 140,652 | 144,711 | 207,700 | -358,873 | 134,190 | |||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | -6,462 | — | -6,462 | |||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $140,652 | $144,711 | $214,162 | ($358,873) | $140,652 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
SALES | — | — | $659,718 | — | $659,718 | |||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | 530,772 | — | 530,772 | |||||||||||||
Selling and general expenses | — | 9,821 | 45,612 | — | 55,433 | |||||||||||||
Other operating (income) expense, net | -1,701 | 4,730 | -21,516 | — | -18,487 | |||||||||||||
-1,701 | 14,551 | 554,868 | — | 567,718 | ||||||||||||||
Equity in income of New Zealand joint venture | — | — | 562 | — | 562 | |||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | -14,551 | 105,412 | — | 92,562 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | — | — | 16,098 | — | 16,098 | |||||||||||||
OPERATING INCOME (LOSS) | 1,701 | -14,551 | 121,510 | — | 108,660 | |||||||||||||
Interest expense | -13,088 | -28,430 | 577 | — | -40,941 | |||||||||||||
Interest and miscellaneous income (expense), net | 9,828 | -4,297 | -3,092 | — | 2,439 | |||||||||||||
Equity in income from subsidiaries | 373,455 | 407,722 | — | -781,177 | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 371,896 | 360,444 | 118,995 | -781,177 | 70,158 | |||||||||||||
Income tax benefit | — | 13,011 | 22,674 | — | 35,685 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 371,896 | 373,455 | 141,669 | -781,177 | 105,843 | |||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 267,955 | — | 267,955 | |||||||||||||
NET INCOME | 371,896 | 373,455 | 409,624 | -781,177 | 373,798 | |||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 1,902 | — | 1,902 | |||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 371,896 | 373,455 | 407,722 | -781,177 | 371,896 | |||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | -1,915 | -1,915 | -5,710 | 3,830 | -5,710 | |||||||||||||
New Zealand joint venture cash flow hedges | 3,286 | 3,286 | 3,629 | -6,572 | 3,629 | |||||||||||||
Net gain from pension and postretirement plans | 61,869 | 61,869 | 20,589 | -82,458 | 61,869 | |||||||||||||
Total other comprehensive income | 63,240 | 63,240 | 18,508 | -85,200 | 59,788 | |||||||||||||
COMPREHENSIVE INCOME | 435,136 | 436,695 | 428,132 | -866,377 | 433,586 | |||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | -1,550 | — | -1,550 | |||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $435,136 | $436,695 | $429,682 | ($866,377) | $435,136 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
SALES | — | — | $378,608 | — | $378,608 | |||||||||||||
Costs and Expenses | ||||||||||||||||||
Cost of sales | — | — | 305,479 | — | 305,479 | |||||||||||||
Selling and general expenses | — | 10,575 | 48,057 | — | 58,632 | |||||||||||||
Other operating expense (income), net | 110 | 962 | -18,083 | — | -17,011 | |||||||||||||
110 | 11,537 | 335,453 | — | 347,100 | ||||||||||||||
Equity in income of New Zealand joint venture | — | — | 550 | — | 550 | |||||||||||||
OPERATING (LOSS) INCOME | -110 | -11,537 | 43,705 | — | 32,058 | |||||||||||||
Interest expense | -10,717 | -38,912 | 6,803 | — | -42,826 | |||||||||||||
Interest and miscellaneous income (expense), net | 6,638 | 2,185 | -8,341 | — | 482 | |||||||||||||
Equity in income from subsidiaries | 282,874 | 315,715 | — | -598,589 | — | |||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 278,685 | 267,451 | 42,167 | -598,589 | -10,286 | |||||||||||||
Income tax benefit | — | 15,423 | 11,637 | — | 27,060 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 278,685 | 282,874 | 53,804 | -598,589 | 16,774 | |||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 261,911 | — | 261,911 | |||||||||||||
NET INCOME | 278,685 | 282,874 | 315,715 | -598,589 | 278,685 | |||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||
Foreign currency translation adjustment | 4,352 | 4,352 | 4,353 | -8,705 | 4,352 | |||||||||||||
New Zealand joint venture cash flow hedges | 213 | 213 | 213 | -426 | 213 | |||||||||||||
Net loss from pension and postretirement plans | -496 | -496 | -450 | 946 | -496 | |||||||||||||
Total other comprehensive income | 4,069 | 4,069 | 4,116 | -8,185 | 4,069 | |||||||||||||
COMPREHENSIVE INCOME | $282,754 | $286,943 | $319,831 | ($606,774) | $282,754 | |||||||||||||
Schedule of Condensed Consolidating Balance Sheet | ||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $102,218 | $8,105 | $51,235 | — | $161,558 | |||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 1,409 | 22,609 | — | 24,018 | |||||||||||||
Inventory | — | — | 9,042 | — | 9,042 | |||||||||||||
Prepaid logging roads | — | — | 12,665 | — | 12,665 | |||||||||||||
Prepaid and other current assets | — | 2,009 | 5,071 | — | 7,080 | |||||||||||||
Total current assets | 102,218 | 11,523 | 100,622 | — | 214,363 | |||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,083,743 | — | 2,083,743 | |||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 433 | 6,273 | — | 6,706 | |||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,463,303 | 2,053,911 | — | -3,517,214 | — | |||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 248,233 | 21,500 | — | -269,733 | — | |||||||||||||
OTHER ASSETS | 2,763 | 18,369 | 127,171 | — | 148,303 | |||||||||||||
TOTAL ASSETS | $1,816,517 | $2,105,736 | $2,317,809 | ($3,786,947) | $2,453,115 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||
Accounts payable | — | $2,810 | $17,401 | — | $20,211 | |||||||||||||
Current maturities of long-term debt | — | 129,706 | — | — | 129,706 | |||||||||||||
Accrued taxes | — | 11 | 11,394 | — | 11,405 | |||||||||||||
Accrued payroll and benefits | — | 3,253 | 3,137 | — | 6,390 | |||||||||||||
Accrued interest | 3,047 | 2,517 | 31,281 | -28,412 | 8,433 | |||||||||||||
Other current liabilities | — | 1,073 | 24,784 | — | 25,857 | |||||||||||||
Total current liabilities | 3,047 | 139,370 | 87,997 | -28,412 | 202,002 | |||||||||||||
LONG-TERM DEBT | 325,000 | 31,000 | 265,849 | — | 621,849 | |||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 34,161 | -684 | — | 33,477 | |||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,436 | 14,200 | — | 20,636 | |||||||||||||
INTERCOMPANY PAYABLE | — | 431,466 | -153,754 | -277,712 | — | |||||||||||||
TOTAL RAYONIER SHAREHOLDERS’ EQUITY | 1,488,470 | 1,463,303 | 2,017,520 | -3,480,823 | 1,488,470 | |||||||||||||
Noncontrolling interest | — | — | 86,681 | — | 86,681 | |||||||||||||
TOTAL SHAREHOLDER'S EQUITY | 1,488,470 | 1,463,303 | 2,104,201 | -3,480,823 | 1,575,151 | |||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,816,517 | $2,105,736 | $2,317,809 | ($3,786,947) | $2,453,115 | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
ASSETS | ||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||
Cash and cash equivalents | $130,181 | $11,023 | $58,440 | — | $199,644 | |||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 2,310 | 92,646 | — | 94,956 | |||||||||||||
Inventory | — | — | 138,818 | — | 138,818 | |||||||||||||
Current deferred tax asset | — | 681 | 38,419 | — | 39,100 | |||||||||||||
Prepaid logging roads | — | — | 12,992 | — | 12,992 | |||||||||||||
Prepaid and other current assets | — | 2,369 | 31,215 | — | 33,584 | |||||||||||||
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 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 Cash Flows Statement | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $269,653 | $293,193 | $43,858 | ($290,157) | $316,547 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -400 | -123,289 | — | -123,689 | |||||||||||||
Purchase of timberlands | — | — | -130,896 | — | -130,896 | |||||||||||||
Change in restricted cash | — | — | 62,256 | — | 62,256 | |||||||||||||
Investment in Subsidiaries | — | 798,875 | — | -798,875 | — | |||||||||||||
Other | — | — | -478 | — | -478 | |||||||||||||
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — | 798,475 | -192,407 | -798,875 | -192,807 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | — | 201,000 | 1,225,464 | — | 1,426,464 | |||||||||||||
Repayment of debt | — | -1,002,500 | -287,137 | — | -1,289,637 | |||||||||||||
Dividends paid | -257,517 | — | — | — | -257,517 | |||||||||||||
Proceeds from the issuance of common shares | 5,579 | — | — | — | 5,579 | |||||||||||||
Repurchase of common shares | -1,858 | — | — | — | -1,858 | |||||||||||||
Debt issuance costs | — | — | (12,380 | ) | — | -12,380 | ||||||||||||
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 | |||||||||||||
Issuance of intercompany notes | -12,400 | — | 12,400 | — | — | |||||||||||||
Intercompany distributions | — | -293,086 | -795,946 | 1,089,032 | — | |||||||||||||
Other | — | — | -680 | — | -680 | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -297,616 | -1,094,586 | 141,721 | 1,089,032 | -161,449 | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | -377 | — | -377 | |||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | -27,963 | -2,918 | -7,205 | — | -38,086 | |||||||||||||
Balance, beginning of year | 130,181 | 11,023 | 58,440 | — | 199,644 | |||||||||||||
Balance, end of year | $102,218 | $8,105 | $51,235 | — | $161,558 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $407,712 | $417,074 | $491,762 | ($771,375) | $545,173 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -663 | -161,520 | — | -162,183 | |||||||||||||
Purchase of additional interest in New Zealand joint venture | — | — | -139,879 | — | -139,879 | |||||||||||||
Purchase of timberlands | — | — | -20,401 | — | -20,401 | |||||||||||||
Jesup mill cellulose specialties expansion | — | — | -148,262 | — | -148,262 | |||||||||||||
Proceeds from disposition of Wood Products business | — | — | 62,720 | — | 62,720 | |||||||||||||
Change in restricted cash | — | — | -58,385 | — | -58,385 | |||||||||||||
Investment in Subsidiaries | -138,178 | -385,292 | — | 523,470 | — | |||||||||||||
Other | — | 1,701 | -4,231 | — | -2,530 | |||||||||||||
CASH USED FOR INVESTING ACTIVITIES | -138,178 | -384,254 | -469,958 | 523,470 | -468,920 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | 175,000 | 390,000 | 57,885 | — | 622,885 | |||||||||||||
Repayment of debt | -325,000 | -151,525 | -72,960 | — | -549,485 | |||||||||||||
Dividends paid | -237,016 | — | — | — | -237,016 | |||||||||||||
Proceeds from the issuance of common shares | 10,101 | — | — | — | 10,101 | |||||||||||||
Excess tax benefits on stock-based compensation | — | — | 8,413 | — | 8,413 | |||||||||||||
Repurchase of common shares | -11,326 | — | — | — | -11,326 | |||||||||||||
Issuance of intercompany notes | -4,000 | — | 4,000 | — | — | |||||||||||||
Intercompany distributions | — | -283,596 | 35,691 | 247,905 | — | |||||||||||||
Other | — | — | -713 | — | -713 | |||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -392,241 | -45,121 | 32,316 | 247,905 | -157,141 | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | -64 | — | -64 | |||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | -122,707 | -12,301 | 54,056 | — | -80,952 | |||||||||||||
Balance, beginning of year | 252,888 | 23,324 | 4,384 | — | 280,596 | |||||||||||||
Balance, end of year | $130,181 | $11,023 | $58,440 | — | $199,644 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||
Rayonier Inc.(Parent Issuer) | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||
guarantors | Adjustments | Consolidated | ||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $90,456 | $138,149 | $423,784 | ($206,475) | $445,914 | |||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||
Capital expenditures | — | -354 | -155,166 | — | -155,520 | |||||||||||||
Purchase of timberlands | — | — | -106,536 | — | -106,536 | |||||||||||||
Jesup mill cellulose specialties expansion | — | — | -198,341 | — | -198,341 | |||||||||||||
Change in restricted cash | — | — | -10,559 | — | -10,559 | |||||||||||||
Investment in Subsidiaries | — | -142,508 | — | 142,508 | — | |||||||||||||
Other | — | — | -1,945 | — | -1,945 | |||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | -142,862 | -472,547 | 142,508 | -472,901 | |||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||
Issuance of debt | 475,000 | 740,000 | 15,000 | — | 1,230,000 | |||||||||||||
Repayment of debt | -120,000 | -668,110 | -25,500 | — | -813,610 | |||||||||||||
Dividends paid | -206,583 | — | — | — | -206,583 | |||||||||||||
Proceeds from the issuance of common shares | 25,495 | — | — | — | 25,495 | |||||||||||||
Excess tax benefits on stock-based compensation | — | — | 7,635 | — | 7,635 | |||||||||||||
Debt issuance costs | -3,697 | -1,219 | -1,219 | — | -6,135 | |||||||||||||
Repurchase of common shares | -7,783 | — | — | — | -7,783 | |||||||||||||
Issuance of intercompany notes | — | -14,000 | 14,000 | — | — | |||||||||||||
Intercompany distributions | — | -97,587 | 33,620 | 63,967 | — | |||||||||||||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | 162,432 | -40,916 | 43,536 | 63,967 | 229,019 | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | -39 | — | -39 | |||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||
Change in cash and cash equivalents | 252,888 | -45,629 | -5,266 | — | 201,993 | |||||||||||||
Balance, beginning of year | — | 68,953 | 9,650 | — | 78,603 | |||||||||||||
Balance, end of year | $252,888 | $23,324 | $4,384 | — | $280,596 | |||||||||||||
Nature_of_Business_Operations_
Nature of Business Operations (Narrative) (Details) | 0 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2014 | |
segment | segment | |
acre | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Acres of timberland owned leased | 2,700,000 | |
Acres of high value real estate owned | 200,000 | |
Number of reportable segments | 4 | 5 |
Nature_of_Business_Operations_1
Nature of Business Operations - Southern, Pacific Northwest and New Zealand Timber (Narrative) (Details) | 0 Months Ended | 12 Months Ended | |||
Apr. 04, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Apr. 04, 2013 | |
acre | acre | ||||
Segment Reporting Information [Line Items] | |||||
Effective date of acquisition | 4-Apr-13 | ||||
Percentage of voting interests acquired | 39.00% | 39.00% | |||
Ownership percentage by parent | 65.00% | 65.00% | 65.00% | ||
Acres | 62,344 | 17,094,000 | |||
Timber Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Acres of timberland owned or leased | 2,700,000 | ||||
New Zealand Timber [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Acres of timberland owned or leased | 451,000 | 451,000 | |||
Productive Acres of Timberland | 309,000 | 309,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Principles of Consolidation (Details) | Apr. 30, 2013 | Apr. 04, 2013 |
Accounting Policies [Abstract] | ||
Ownership percentage by parent | 65.00% | 65.00% |
Noncontrolling interest ownership percentage by noncontrolling owners | 35.00% | 35.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Time Deposits | $0 | $45,000,000 |
Average interest basis points | 0.24% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Prepaid Logging Roads (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Period for recording prepaid logging roads | 24 months |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Property, Plant, Equipment and Depreciation (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 25 years |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 35 years |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Employee Benefit Plans (Details) (Pension Benefits [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Underfunded amount recognized in balance sheet | $31,809 | $71,733 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Reclassifications (Details) (USD $) | Dec. 31, 2014 |
In Billions, unless otherwise specified | |
Accounting Policies [Abstract] | |
Contributions of Assets, Net, Liabilities, and Equity to Spinoff | $1.20 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Subsequent Events (Details) (Subsequent Event [Member], USD $) | Mar. 02, 2015 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividend declared | $0.25 |
Discontinued_Operations_Narrat
Discontinued Operations - Narrative (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||
Jun. 27, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2013 | |
T | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | 3 | |||||
Rayonier Advanced Materials debt | $751,555,000 | $1,574,224,000 | ||||
Restricted cash received | -62,256,000 | 58,385,000 | 10,559,000 | |||
Payments of dividends | 63,200,000 | 257,517,000 | 237,016,000 | 206,583,000 | ||
Term for specified transition services | 18 months | |||||
Annual number of tons of hardwood that can be provided to former subsidiary | 120,000 | |||||
Performance Fibers business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of post-spin companies | 2 | |||||
Cash distribution from former subsidiary | 906,200,000 | |||||
Rayonier Advanced Materials debt | 950,000,000 | |||||
Restricted cash received | -75,000,000 | |||||
Performance Fibers business [Member] | Senior Notes [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Rayonier Advanced Materials debt | 550,000,000 | |||||
Performance Fibers business [Member] | Medium-term Notes [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Rayonier Advanced Materials debt | 325,000,000 | |||||
Performance Fibers business [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Rayonier Advanced Materials debt | 75,000,000 | |||||
Performance Fibers business [Member] | Common Stock [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Rayonier Adcanced Materials shares for every three Rayonier shares | 1 | |||||
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | 3 | |||||
Wood Products business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Description and timing of disposal | On March 1, 2013, Rayonier completed the sale of its Wood Products business (consisting of three lumber mills in Baxley, Swainsboro and Eatonton, Georgia) to International Forest Products Limited (“Interforâ€) | |||||
Number of lumber mills sold | 3 | |||||
Description of proceeds from divestiture of business | $80 million plus a working capital adjustment | $80 million plus a working capital adjustment | ||||
Base consideration received | 80,000,000 | 80,000,000 | ||||
Segment that includes disposal group | Wood Products business, formerly disclosed as a separate reportable segment | |||||
Gain on disposal of discontinued operation, net of tax | 42,100,000 | |||||
Cash flows of disposal group | Cash flows from the Wood Products business were de minimis both individually and in the aggregate. As such, they were included with cash flows from continuing operations in the Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012. | |||||
Wood Products business [Member] | Pension Benefits [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Recognized net loss due to settlements | $500,000 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Income tax expense | ($20,578) | ($106,397) | ($115,451) | ||||||||||
Income from discontinued operations, net | 311 | 0 | 12,084 | 31,008 | 47,661 | 43,327 | 48,260 | 128,707 | [1] | 43,403 | 267,955 | [1] | 261,911 |
Performance Fibers business [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales | 456,180 | 1,048,104 | 1,104,882 | ||||||||||
Cost of sales and other | -369,210 | -736,471 | -738,412 | ||||||||||
Transaction expenses | -22,989 | -3,208 | 0 | ||||||||||
Income from discontinued operations before income taxes | 63,981 | 308,425 | 366,470 | ||||||||||
Income tax expense | -20,578 | -84,398 | -111,802 | ||||||||||
Income from discontinued operations, net | 43,403 | 224,027 | 254,668 | ||||||||||
Wood Products business [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Sales | 16,968 | 87,510 | |||||||||||
Cost of sales and other | -14,258 | -76,619 | |||||||||||
Gain on sale of discontinued operations | 63,217 | 0 | |||||||||||
Income from discontinued operations before income taxes | 65,927 | 10,891 | |||||||||||
Income tax expense | -21,999 | -3,648 | |||||||||||
Income from discontinued operations, net | $0 | $43,928 | $7,243 | ||||||||||
[1] | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. |
Discontinued_Operations_Intere
Discontinued Operations - Interest Expense Allocated to Discontinued Operations (Details) (Performance Fibers business [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | ($4,205) | ($8,964) | ($9,333) |
Discontinued_Operations_Deprec
Discontinued Operations - Depreciation, Amortization, and Capital Expenditures (Details) (Performance Fibers business [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Performance Fibers business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $37,985 | $74,386 | $60,909 |
Capital expenditures | 60,443 | 97,874 | 104,908 |
Jesup mill cellulose specialties expansion | $0 | $148,262 | $198,341 |
Discontinued_Operations_Major_
Discontinued Operations - Major Classes of Performance Fibers Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2014 | ||
In Thousands, unless otherwise specified | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Inventory | $9,042 | [1] | $138,818 | [1] | ||
Property, plant and equipment, net | 6,706 | 860,821 | ||||
TOTAL ASSETS | 2,453,115 | 3,685,501 | ||||
Other current liabilities | 25,857 | 24,327 | ||||
Long-term debt | 751,555 | 1,574,224 | ||||
Non-current environmental liabilities | 0 | 69,543 | 73,590 | |||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 33,477 | 95,654 | ||||
Other non-current liabilities | 20,636 | 27,225 | ||||
Deficit | 790,697 | 1,015,209 | ||||
Total liabilities and equity | 2,453,115 | 3,685,501 | ||||
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 | 128,200 | 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 | |||||
[1] | 2013 includes $128.2 million of inventory related to the Performance Fibers business. |
Discontinued_Operations_Elimin
Discontinued Operations - Elimination of Intercompany Hardwood Purchases (Details) (Wood Products business [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Wood Products business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Hardwood purchases | $3,935 | $3,051 | $2,144 |
Discontinued_Operations_Major_1
Discontinued Operations - Major Classes of Wood Product Assets and Liabilities Sold (Details) (Wood Products business [Member], USD $) | Mar. 01, 2013 |
In Thousands, unless otherwise specified | |
Wood Products business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Accounts receivable, net | $4,127 |
Inventory | 4,270 |
Prepaid and other current assets | 2,053 |
Property, plant and equipment, net | 9,990 |
Total assets | 20,440 |
Total liabilities | $596 |
Discontinued_Operations_Reconc
Discontinued Operations - Reconciliation of Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Income from discontinued operations, net | $311 | $0 | $12,084 | $31,008 | $47,661 | $43,327 | $48,260 | $128,707 | [1] | $43,403 | $267,955 | [1] | $261,911 |
Performance Fibers business [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Income from discontinued operations, net | 43,403 | 224,027 | 254,668 | ||||||||||
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 | $43,928 | $7,243 | ||||||||||
[1] | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. |
Joint_Venture_Investment_Narra
Joint Venture Investment - Narrative (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Apr. 30, 2013 |
Business Acquisition [Line Items] | ||||
Effective date of acquisition | 4-Apr-13 | |||
Percentage of voting interests acquired | 39.00% | |||
Name of acquired entity | Matariki Forestry Group | |||
Description of acquired entity | a joint venture ("New Zealand JV") that owns or leases approximately 0.4 million legal acres of New Zealand timberlands | |||
Ownership percentage by parent | 65.00% | 65.00% | ||
Noncontrolling interest ownership percentage by noncontrolling owners | 35.00% | 35.00% | ||
Step acquisition percentage equity interest in acquiree | 26.00% | 26.00% | ||
Business combination, step acquisition, equity interest in acquiree, description | The additional 39 percent interest 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. | |||
Purchase price | $139.90 | |||
Step acquisition equity interest in acquiree, fair value | 93.3 | |||
Recognition of deferred gain on original sale of operations [Member] | ||||
Business Acquisition [Line Items] | ||||
Step acquisition equity interest in acquiree remeasurement gain, net | 10.1 | |||
Gain on fair market value revaluation of equity interest [Member] | ||||
Business Acquisition [Line Items] | ||||
Step acquisition equity interest in acquiree remeasurement gain, net | 6 | |||
Matariki Forestry Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Effective date of acquisition | 4-Apr-13 | |||
Percentage of voting interests acquired | 39.00% | |||
Acres of timberland owned | 400,000 | |||
Ownership percentage by parent | 65.00% | |||
Step acquisition equity interest in acquiree remeasurement gain, net | $16 |
Joint_Venture_Investment_Pro_F
Joint Venture Investment - Pro Forma Sales and Net Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||
Sales | $603,521 | $1,742,348 |
Net Income | $97,846 | $372,039 |
Segment_and_Geographical_Infor2
Segment and Geographical Information - Narrative (Details) | 0 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2014 | |
segment | segment | |
Segment Reporting [Abstract] | ||
Number of reportable segments prior to first quarter 2013 | 4 | 5 |
Segment_and_Geographical_Infor3
Segment and Geographical Information - Schedule of Segment Revenue (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Apr. 04, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||||
SALES | $147,360,000 | $149,829,000 | $163,145,000 | $143,187,000 | $238,515,000 | $159,261,000 | $154,889,000 | $107,053,000 | $603,521,000 | $659,718,000 | $378,608,000 | |||||
Minority interest | 35.00% | 35.00% | ||||||||||||||
Southern Timber [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
SALES | 142,000,000 | 124,000,000 | 109,000,000 | |||||||||||||
Pacific Northwest Timber [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
SALES | 102,000,000 | 110,000,000 | 110,000,000 | |||||||||||||
New Zealand Timber [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
SALES | 182,000,000 | [1] | 148,000,000 | [1] | 11,000,000 | [1] | ||||||||||
Real Estate [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
SALES | 77,000,000 | [2] | 149,000,000 | [2] | 57,000,000 | [2] | ||||||||||
Acres of timberland divested | 128,000 | |||||||||||||||
Sale of New York timberlands | 57,000,000 | |||||||||||||||
Trading [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
SALES | 104,000,000 | 132,000,000 | 94,000,000 | |||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
SALES | ($3,000,000) | ($3,000,000) | ($2,000,000) | |||||||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFhYzhhMzYwY2FiMTQyMWZhZjFjNzkwN2Y0MTBiMTc0fFRleHRTZWxlY3Rpb246MDBFNkY3Q0QzN0EwQTA4QTIwNDUyRkUwRkI4NDNCNzgM} | |||||||||||||||
[2] | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million. |
Segment_and_Geographical_Infor4
Segment and Geographical Information - Schedule of Segment Operating Income (Loss) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ||||||
Total Operating Income | $98,289,000 | $108,660,000 | $32,058,000 | |||
Unallocated interest expense and other | -53,000,000 | -39,000,000 | -42,000,000 | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 44,842,000 | 70,158,000 | -10,286,000 | |||
Matariki Forestry Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Operating Income | 16,000,000 | |||||
Southern Timber [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Operating Income | 46,000,000 | 38,000,000 | 23,000,000 | |||
Pacific Northwest Timber [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Operating Income | 30,000,000 | 33,000,000 | 21,000,000 | |||
New Zealand Timber [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Operating Income | 9,000,000 | 10,000,000 | 2,000,000 | |||
Real Estate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Operating Income | 48,000,000 | 56,000,000 | 32,000,000 | |||
Trading [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Operating Income | 2,000,000 | 2,000,000 | 0 | |||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Operating Income | ($37,000,000) | [1] | ($30,000,000) | [1] | ($46,000,000) | [1] |
[1] | 2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. |
Segment_and_Geographical_Infor5
Segment and Geographical Information - Schedule of Gross Capital Expenditures (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
Apr. 04, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 04, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||
Capital expenditures | $63,000,000 | [1] | $64,000,000 | [1] | $50,000,000 | [1] | ||
Strategic capital expenditures | 130,128,000 | 160,000,000 | 106,000,000 | |||||
Total Gross Capital Expenditures | 193,000,000 | 224,000,000 | 156,000,000 | |||||
Purchase price | 139,900,000 | |||||||
Percentage of voting interests acquired | 39.00% | 39.00% | ||||||
Southern Timber [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Capital expenditures | 35,000,000 | [1] | 39,000,000 | [1] | 39,000,000 | [1] | ||
Strategic capital expenditures | 126,000,000 | 20,000,000 | 101,000,000 | |||||
Pacific Northwest Timber [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Capital expenditures | 10,000,000 | [1] | 8,000,000 | [1] | 8,000,000 | [1] | ||
Strategic capital expenditures | 2,000,000 | 0 | 0 | |||||
New Zealand Timber [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Capital expenditures | 18,000,000 | [1] | 16,000,000 | [1] | 0 | [1] | ||
Strategic capital expenditures | 0 | [2] | 140,000,000 | [2] | 0 | [2] | ||
Real Estate [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Capital expenditures | 0 | [1] | 0 | [1] | 2,000,000 | [1] | ||
Strategic capital expenditures | 2,000,000 | 0 | 5,000,000 | |||||
Trading [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Capital expenditures | 0 | [1] | 0 | [1] | 0 | [1] | ||
Strategic capital expenditures | 0 | 0 | 0 | |||||
Corporate and Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Capital expenditures | 0 | [1] | 1,000,000 | [1] | 1,000,000 | [1] | ||
Strategic capital expenditures | $0 | $0 | $0 | |||||
[1] | Excludes strategic capital expenditures presented separately. | |||||||
[2] | Includes $139.9 million related to the purchase price of the additional 39 percent interest acquired in 2013. See Note 4 — Joint Venture Investment for additional information. |
Segment_and_Geographical_Infor6
Segment and Geographical Information - Schedule Depreciation, Depletion and Amortization (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Depreciation, depletion and amortization | $119,980 | $116,854 | $84,631 | |||
Matariki Forestry Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, depletion and amortization | 27,000 | |||||
Southern Timber [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, depletion and amortization | 52,000 | 49,000 | 53,000 | |||
Pacific Northwest Timber [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, depletion and amortization | 21,000 | 21,000 | 22,000 | |||
New Zealand Timber [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, depletion and amortization | 32,000 | [1] | 28,000 | [1] | 0 | [1] |
Real Estate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, depletion and amortization | 13,000 | 18,000 | 8,000 | |||
Trading [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Depreciation, depletion and amortization | $2,000 | $1,000 | $2,000 | |||
[1] | 2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. |
Schedule_of_the_Noncash_Cost_o
- Schedule of the Non-cash Cost of Land Sold (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land Sold | $13,264 | $10,212 | $4,746 |
Southern Timber [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land Sold | 0 | 0 | 0 |
Pacific Northwest Timber [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land Sold | 0 | 0 | 0 |
New Zealand Timber [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land Sold | 4,000 | 0 | 0 |
Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land Sold | 9,000 | 10,000 | 5,000 |
Trading [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land Sold | 0 | 0 | 0 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-Cash Cost of Land Sold | $0 | $0 | $0 |
Segment_and_Geographical_Infor7
Segment and Geographical Information - Schedule of Sales by Product Line (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | $147,360,000 | $149,829,000 | $163,145,000 | $143,187,000 | $238,515,000 | $159,261,000 | $154,889,000 | $107,053,000 | $603,521,000 | $659,718,000 | $378,608,000 | |||
Southern Timber [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 142,000,000 | 124,000,000 | 109,000,000 | |||||||||||
Pacific Northwest Timber [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 102,000,000 | 110,000,000 | 110,000,000 | |||||||||||
New Zealand Timber [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 182,000,000 | [1] | 148,000,000 | [1] | 11,000,000 | [1] | ||||||||
Real Estate [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 77,000,000 | [2] | 149,000,000 | [2] | 57,000,000 | [2] | ||||||||
Acres of timberland divested | 128,000 | |||||||||||||
Sale of New York timberlands | 57,000,000 | |||||||||||||
Real Estate [Member] | Unimproved Development [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 5,000,000 | 3,000,000 | 2,000,000 | |||||||||||
Real Estate [Member] | Improved Development [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 0 | 2,000,000 | 0 | |||||||||||
Real Estate [Member] | Rural [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 41,000,000 | 27,000,000 | 32,000,000 | |||||||||||
Real Estate [Member] | Non-Strategic Timberlands [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 31,000,000 | [2] | 117,000,000 | [2] | 23,000,000 | [2] | ||||||||
Trading [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | 104,000,000 | 132,000,000 | 94,000,000 | |||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Sales by Product Line | ($3,000,000) | ($3,000,000) | ($2,000,000) | |||||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFhYzhhMzYwY2FiMTQyMWZhZjFjNzkwN2Y0MTBiMTc0fFRleHRTZWxlY3Rpb246MDBFNkY3Q0QzN0EwQTA4QTIwNDUyRkUwRkI4NDNCNzgM} | |||||||||||||
[2] | 2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million. |
Geographical_Operating_Informa
- Geographical Operating Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Apr. 04, 2013 | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
SALES | $147,360,000 | $149,829,000 | $163,145,000 | $143,187,000 | $238,515,000 | $159,261,000 | $154,889,000 | $107,053,000 | $603,521,000 | $659,718,000 | $378,608,000 | |||||||
Operating Income | 98,289,000 | 108,660,000 | 32,058,000 | |||||||||||||||
Identifiable Assets | 2,453,115,000 | 3,685,501,000 | 2,453,115,000 | 3,685,501,000 | ||||||||||||||
Noncontrolling interest ownership percentage by noncontrolling owners | 35.00% | 35.00% | ||||||||||||||||
Matariki Forestry Group [Member] | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Operating Income | 16,000,000 | |||||||||||||||||
Operating income gain from consolidation of New Zealand JV | 16,000,000 | |||||||||||||||||
Geographic Operating Information [Member] | United States [Member] | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
SALES | 318,000,000 | 380,000,000 | 274,000,000 | |||||||||||||||
Operating Income | 87,000,000 | 81,000,000 | 30,000,000 | |||||||||||||||
Identifiable Assets | 1,884,000,000 | 3,077,000,000 | 1,884,000,000 | 3,077,000,000 | ||||||||||||||
Geographic Operating Information [Member] | New Zealand [Member] | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
SALES | 286,000,000 | [1] | 280,000,000 | [1] | 105,000,000 | [1] | ||||||||||||
Operating Income | 11,000,000 | [1] | 28,000,000 | [1] | 2,000,000 | [1] | ||||||||||||
Identifiable Assets | $569,000,000 | [1] | $609,000,000 | [1] | $569,000,000 | [1] | $609,000,000 | [1] | ||||||||||
[1] | 2013 included a $16 million operating income gain from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. |
Narrative_Details
- Narrative (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
AOCI balance expected to be reclassified in next twelve months | $0.90 |
Interest rate swaps [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Percentage of JV variable debt hedged by long-term interest rate derivatives | 81.00% |
Minimum [Member] | |
Derivative [Line Items] | |
Foreign currency exposure hedged for forecasted sales in next three months | 50.00% |
Foreign currency exposure hedged for forecasted sales In next three to twelve months | 50.00% |
Percentage of Foreign Currency Exposure Hedged For Forecasted Sales In Next Twelve to Eighteen Months | 50.00% |
Maximum [Member] | |
Derivative [Line Items] | |
Foreign currency exposure hedged for forecasted sales in next three months | 90.00% |
Foreign currency exposure hedged for forecasted sales In next three to twelve months | 75.00% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities - Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other operating (income) expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Designated hedged item, gain (loss) recognized in income | $0 | $652 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other comprehensive income (loss) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | -1,069 | 950 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other comprehensive income (loss) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | -1,647 | 460 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member] | Other comprehensive income (loss) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | -145 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other operating (income) expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (loss) recognized in income | 25 | -1,607 |
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Other operating (income) expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (loss) recognized in income | 7 | 1,147 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Interest and miscellaneous (expense) income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (loss) recognized in income | 5,882 | -6,085 |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Cost of sales (benefit) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (loss) recognized in income | $160 | ($255) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $28,540 | $32,300 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 79,400 | 38,000 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 27,419 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 1,950 |
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 4,000 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $161,968 | $183,851 |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Nonmonetary Notional Amount (in thousands of barrels) | 0 | 38,000 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | $688 | [1] | $1,781 | [1] |
Derivative Liability | -9,377 | [1] | -4,873 | [1] |
Prepaid and other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 431 | [1] | 1,781 | [1] |
Other assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 257 | [1] | 0 | [1] |
Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability | -1,934 | [1] | -214 | [1] |
Other non-current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability | -7,443 | [1] | -4,659 | [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] | ||||
Derivative Asset | 132 | [1] | 915 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 59 | [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] | ||||
Derivative Liability | -272 | [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] | ||||
Derivative Asset | 299 | [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] | ||||
Derivative Asset | 198 | [1] | 0 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability | -1,439 | [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] | ||||
Derivative Liability | -196 | [1] | 0 | [1] |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability | -223 | [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] | ||||
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] | ||||
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] | ||||
Derivative Liability | -7,247 | [1] | -4,659 | [1] |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Prepaid and other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | $0 | [1] | $160 | [1] |
[1] | See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. |
Fair_Value_Measurements_Carryi
Fair Value Measurements Carrying Amounts and Fair Values (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Current maturities of long-term debt | ($129,706) | ($112,500) | ||
Long-term debt | -621,849 | -1,461,724 | ||
Fuel hedge contracts | 688 | [1] | 1,781 | [1] |
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 161,558 | 199,644 | ||
Restricted cash | 6,688 | [2] | 68,944 | [2] |
Current maturities of long-term debt | -129,706 | -112,500 | ||
Long-term debt | -621,849 | -1,461,724 | ||
Carrying Amount [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swaps | -7,247 | [3] | -4,659 | [3] |
Carrying Amount [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract | -304 | [3] | 940 | [3] |
Carrying Amount [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract | -1,138 | [3] | 467 | [3] |
Carrying Amount [Member] | Fair Value, Measurements, Recurring [Member] | Fuel contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fuel hedge contracts | 0 | [3] | 160 | [3] |
Fair Value [Member] | Fair Value, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 161,558 | 199,644 | ||
Restricted cash | 6,688 | [2] | 68,944 | [2] |
Current maturities of long-term debt | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Fair Value [Member] | Fair Value, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swaps | 0 | [3] | 0 | [3] |
Fair Value [Member] | Fair Value, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract | 0 | [3] | 0 | [3] |
Fair Value [Member] | Fair Value, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract | 0 | [3] | 0 | [3] |
Fair Value [Member] | Fair Value, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Fuel contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fuel hedge contracts | 0 | [3] | 0 | [3] |
Fair Value [Member] | Fair Value, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | [2] | 0 | [2] |
Current maturities of long-term debt | -156,762 | -119,614 | ||
Long-term debt | -628,476 | -1,489,810 | ||
Fair Value [Member] | Fair Value, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swaps | -7,247 | [3] | -4,659 | [3] |
Fair Value [Member] | Fair Value, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract | -304 | [3] | 940 | [3] |
Fair Value [Member] | Fair Value, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign currency contract | -1,138 | [3] | 467 | [3] |
Fair Value [Member] | Fair Value, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Fuel contracts [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fuel hedge contracts | $0 | [3] | $160 | [3] |
[1] | See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy. | |||
[2] | Restricted cash is recorded in “Other Assets†and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||
[3] | See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
Timberland_Acquisitions_Narrat
Timberland Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
acre | acre | |
Significant Acquisitions and Disposals [Line Items] | ||
Acres | 62,344 | 17,094,000 |
Cost | $130,896 | $20,401 |
Alabama, Florida, Georgia, Texas and Washington [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Number of timberland acquisition transactions | 12 | |
Acres | 61,798 | |
Cost | 130,000 | |
New Zealand [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Number of timberland acquisition transactions | 1 | |
Acres | 546 | 0 |
Cost | 923 | 0 |
Florida, Georgia and Louisiana [Member] | ||
Significant Acquisitions and Disposals [Line Items] | ||
Number of timberland acquisition transactions | 4 | |
Acres | 17,094 | |
Cost | $20,400 |
Timberland_Acquisitions_Summar
Timberland Acquisitions - Summary of Timberland Acquisitions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
acre | acre | ||
Significant Acquisitions and Disposals [Line Items] | |||
Cost | $130,896 | $20,401 | |
Acres | 62,344 | 17,094,000 | |
Alabama [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Cost | 41,453 | 0 | |
Acres | 18,113 | 0 | |
Florida [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Cost | 22,157 | 1,198 | |
Acres | 15,774 | 640,000 | |
Georgia [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Cost | 46,525 | 10,215 | |
Acres | 16,573 | 9,036,000 | |
Louisiana [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Cost | 0 | 8,894 | |
Acres | 0 | 7,418,000 | |
Texas [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Cost | 17,960 | 94 | [1] |
Acres | 10,900 | 0 | |
Washington [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Cost | 1,878 | 0 | |
Acres | 438 | 0 | |
New Zealand [Member] | |||
Significant Acquisitions and Disposals [Line Items] | |||
Cost | $923 | $0 | |
Acres | 546 | 0 | |
[1] | Represents funds expended in early 2013 for an acquisition in late 2012. |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Goodwill [Line Items] | |||||
HBU real estate not expected to be sold within next 12 months | $77,400,000 | $68,200,000 | |||
Goodwill | 9,694,000 | 10,179,000 | 0 | ||
Time period proceeds from LKE sale maintained with third party intermediary | 180 days | ||||
Capitalized debt issuance costs | 3,700,000 | 7,000,000 | |||
Software Cost, Amortization Period | 5 years | ||||
Capitalized computer software costs | 4,200,000 | 8,000,000 | |||
Reported Value Measurement [Member] | |||||
Goodwill [Line Items] | |||||
Restricted cash | 6,688,000 | [1] | 68,944,000 | [1] | |
Matariki Forestry Group [Member] | New Zealand Timber [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | $9,700,000 | ||||
[1] | Restricted cash is recorded in “Other Assets†and represents the proceeds from LKE sales deposited with a third-party intermediary. |
Other_Assets_Other_Assets_Chan
Other Assets Other Assets - Changes in Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes to carrying amount | ||
Goodwill Beginning Balance (net of $0 of accumulated impairment) | $10,179 | $0 |
Acquisitions | 0 | 10,496 |
Impairment | 0 | 0 |
Foreign currency adjustment | -485 | -317 |
Goodwill Ending Balance (net of $0 accumulated impairment) | $9,694 | $10,179 |
Income_Taxes_AFMC_and_CBPC_Nar
Income Taxes - AFMC and CBPC - Narrative (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
AFMC for CBPC Exchange [Line Items] | |||||
Number of tax credits | 2 | ||||
Valuation allowance | $13,644,000 | $33,889,000 | [1] | ||
Alternative Fuel Mixture Credit [Member] | |||||
AFMC for CBPC Exchange [Line Items] | |||||
Tax credit amount per gallon | 0.5 | ||||
Cellulosic Biofuel Producer Credit [Member] | |||||
AFMC for CBPC Exchange [Line Items] | |||||
Tax credit amount per gallon | 1.01 | ||||
Valuation allowance | 13,600,000 | ||||
Exchange of Alternative Fuel Tax Benefit [Member] | |||||
AFMC for CBPC Exchange [Line Items] | |||||
Net tax benefit from AFMC for CBPC exchange | $18,800,000 | $12,200,000 | $5,800,000 | ||
[1] | Includes balances related to discontinued operations. |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
U.S. federal | $27,521 | $27,338 | $26,539 |
State | 1,353 | 1,462 | 1,241 |
Foreign | 0 | -261 | 0 |
Total Current | 28,874 | 28,539 | 27,780 |
Deferred | |||
U.S. federal | -7,260 | 22,649 | 110 |
State | -357 | 1,211 | 5 |
Foreign | 1,633 | -2,119 | -263 |
Total Deferred | -5,984 | 21,741 | -148 |
Changes in valuation allowance | -13,289 | -14,595 | -572 |
Total | $9,601 | $35,685 | $27,060 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal statutory income tax rate | ($15,695) | ($24,555) | $3,600 |
REIT income and taxable losses | 32,058 | 52,812 | 27,724 |
Foreign operations | -159 | -95 | 0 |
Loss on early redemption of Senior Exchangeable Notes | 0 | -859 | 0 |
Other | 112 | 101 | 251 |
Income tax benefit before discrete items | 16,316 | 27,404 | 31,575 |
CBPC valuation allowance | -13,644 | 0 | 0 |
Deferred tax inventory valuations | 5,151 | 983 | -4,920 |
Uncertain tax positions | 1,830 | 800 | 0 |
Return to accrual adjustments | 0 | 0 | -12 |
Gain related to consolidation of New Zealand joint venture | 0 | 5,634 | 0 |
Reversal of REIT BIG tax payable | 0 | 485 | 0 |
Other | -52 | 379 | 417 |
Total | $9,601 | $35,685 | $27,060 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | -35.00% |
REIT income and taxable losses | -71.50% | -75.30% | -269.50% |
Foreign operations | 0.40% | 0.10% | 0.00% |
Loss on early redemption of Senior Exchangeable Notes | 0.00% | 1.20% | 0.00% |
Other | -0.30% | -0.10% | -2.50% |
Income tax benefit before discrete items | -36.40% | -39.10% | -307.00% |
CBPC valuation allowance | 30.40% | 0.00% | 0.00% |
Deferred tax inventory valuations | -11.50% | -1.40% | 47.80% |
Uncertain tax positions | -4.10% | -1.10% | 0.00% |
Return to accrual adjustments | 0.00% | 0.00% | 0.10% |
Gain related to consolidation of New Zealand joint venture | 0.00% | -8.00% | 0.00% |
Reversal of REIT BIG tax payable | 0.00% | -0.70% | 0.00% |
Other | 0.20% | -0.60% | -4.00% |
Income tax benefit as reported for continuing operations | -21.40% | -50.90% | -263.10% |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes from Discontinued Operations - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operation, tax effect of discontinued operation | $20,578,000 | $106,397,000 | $115,451,000 | |
Performance Fibers business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operation, tax effect of discontinued operation | 20,578,000 | 84,398,000 | 111,802,000 | |
Wood Products business [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operation, tax effect of discontinued operation | 21,999,000 | 3,648,000 | ||
Description of proceeds from divestiture of business | $80 million plus a working capital adjustment | $80 million plus a working capital adjustment | ||
Base consideration received | 80,000,000 | 80,000,000 | ||
Tax effect of gain on sale of discontinued operations | $21,100,000 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Gross deferred tax assets: | |||
Liabilities for dispositions and discontinued operations | $0 | $28,050 | [1] |
Pension, postretirement and other employee benefits | 1,994 | 43,058 | [1] |
Foreign and state NOL carryforwards | 71,482 | 85,801 | [1] |
Tax credit carryforwards | 13,644 | 52,682 | [1] |
Capitalized real estate costs | 9,554 | 8,901 | [1] |
Other | 8,067 | 20,970 | [1] |
Total gross deferred tax assets | 104,741 | 239,462 | [1] |
Less: Valuation allowance | -13,644 | -33,889 | [1] |
Total deferred tax assets after valuation allowance | 91,097 | 205,573 | [1] |
Gross deferred tax liabilities: | |||
Accelerated depreciation | -1,796 | -57,695 | [1] |
Repatriation of foreign earnings | -8,817 | -9,065 | [1] |
New Zealand forests, roads and carbon credits | -78,008 | -85,681 | [1] |
Timber installment sale | -7,511 | -7,360 | [1] |
Other | -1,304 | -5,247 | [1] |
Total gross deferred tax liabilities | -97,436 | -165,048 | [1] |
Net deferred tax (liability)/asset | -6,339 | 40,525 | [1] |
Net deferred tax asset: | |||
Current portion of deferred tax asset | 0 | 39,100 | [1] |
Noncurrent portion of deferred tax asset | 8,057 | 10,720 | [1] |
Current portion of defered tax liability | -7,893 | 0 | [1] |
Noncurrent portion of deferred tax liability | -6,503 | -9,295 | [1] |
Net deferred tax (liability)/asset | ($6,339) | $40,525 | [1] |
[1] | Includes balances related to discontinued operations. |
Income_Taxes_Summary_of_Operat
Income Taxes - Summary of Operating Loss and Tax Credit Carryforwards (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
NOL Carryforwards | |||
Total Valuation Allowance | ($13,644) | ($33,889) | [1] |
Cellulosic Biofuel Producer Credit [Member] | |||
NOL Carryforwards | |||
Gross Amount, Tax Credits | 13,644 | ||
Valuation Allowance, Tax Credits | -13,644 | ||
Tax Credit Carryforward, Expiration Date | 31-Dec-17 | ||
Matariki Forestry Group [Member] | New Zealand [Member] | |||
NOL Carryforwards | |||
Gross Amount, NOL Carryforwards | 330,589 | ||
Valuation Allowance, NOL Carryforwards | $0 | ||
[1] | Includes balances related to discontinued operations. |
Income_Taxes_Deferred_Taxes_Na
Income Taxes - Deferred Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Excess tax benefits (deficiency) | ($0.80) | $8.40 | $7.60 |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $10,547 | $6,580 | $6,580 |
Decreases related to prior year tax positions | -10,547 | -800 | 0 |
Increases related to prior year tax positions | 0 | 4,767 | 0 |
Ending balance | $0 | $10,547 | $6,580 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $4,800,000 | ||
Income tax benefit | 9,601,000 | 35,685,000 | 27,060,000 |
Unrecognized tax benefits that, if recognized, would affect the effective tax rate | 0 | 6,600,000 | 2,600,000 |
Interest expense (benefit) on unrecognized income tax benefits | -500,000 | 100,000 | 200,000 |
Interest on income taxes accrued | 0 | 500,000 | |
Increased Domestic Production Deduction due to Inclusion of CBPC Income [Member] | |||
Income Tax Contingency [Line Items] | |||
Significant change in unrecognized tax benefits expected | 4,800,000 | ||
Unrecognized Tax Benefits Included in the Reserve Decrease Resulting from Settlements with Taxing Authorities | 900,000 | ||
Settlement with Taxing Authority [Member] | |||
Income Tax Contingency [Line Items] | |||
Significant change in unrecognized tax benefits expected | 5,800,000 | ||
Significant change in unrecognized tax benefits, nature of event | positions on the Company’s 2010 tax return, on which the statute of limitations on examination expired during 2014 | ||
Unrecognized Tax Benefits, Decrease Resulting from Lapse of Statute of Limitations | 5,800,000 | ||
Income tax benefit | 1,800,000 | ||
Decrease in deferred tax asset, non-current | $4,000,000 |
Income_Taxes_Summary_of_Income1
Income Taxes - Summary of Income Tax Examinations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Examination | |||
Discontinued operation tax effect of discontinued operation | $20,578 | $106,397 | $115,451 |
Minimum [Member] | U.S. Internal Revenue Service [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2011 | ||
Minimum [Member] | State of Alabama [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2009 | ||
Minimum [Member] | State of Florida [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2010 | ||
Minimum [Member] | State of Georgia [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2010 | ||
Minimum [Member] | New Zealand Inland Revenue [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2010 | ||
Maximum [Member] | U.S. Internal Revenue Service [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2014 | ||
Maximum [Member] | State of Alabama [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2013 | ||
Maximum [Member] | State of Florida [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2014 | ||
Maximum [Member] | State of Georgia [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2014 | ||
Maximum [Member] | New Zealand Inland Revenue [Member] | |||
Income Tax Examination | |||
Open Tax Year | 2014 | ||
Wood Products business [Member] | |||
Income Tax Examination | |||
Discontinued operation tax effect of discontinued operation | $21,999 | $3,648 |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Earnings Per Share [Abstract] | ||||||||||||||||
Income from continuing operations | $8,025 | $32,059 | $4,024 | $10,335 | $32,144 | $15,040 | $39,631 | [1] | $19,028 | $54,443 | $105,843 | [1] | $16,774 | |||
Less: Net (loss) income from continuing operations attributable to noncontrolling interest | -1,491 | 1,902 | 0 | |||||||||||||
Income from continuing operations attributable to Rayonier Inc. | 55,934 | 103,941 | 16,774 | |||||||||||||
Income from discontinued operations attributable to Rayonier Inc. | 311 | 0 | 12,084 | 31,008 | 47,661 | 43,327 | 48,260 | 128,707 | [2] | 43,403 | 267,955 | [2] | 261,911 | |||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $8,857 | $32,701 | $16,353 | $41,426 | $79,652 | $57,345 | $87,164 | [1] | $147,735 | [2] | $99,337 | $371,896 | [1],[2] | $278,685 | ||
Shares used for determining basic earnings per common share | 126,458,710 | 125,717,311 | 122,711,802 | |||||||||||||
Dilutive effect of: | ||||||||||||||||
Stock options | 323,125 | 463,949 | 634,218 | |||||||||||||
Performance and restricted shares | 149,292 | 158,319 | 757,308 | |||||||||||||
Assumed conversion of Senior Exchangeable Notes | 2,149,982 | [3] | 1,965,177 | [3] | 2,888,650 | [3] | ||||||||||
Assumed conversion of warrants | 1,957,154 | [3] | 1,800,345 | [3] | 1,710,445 | [3] | ||||||||||
Shares used for determining diluted earnings per common share | 131,038,263 | 130,105,101 | 128,702,423 | |||||||||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||||||||||
Continuing Operations (in dollars per share) | $0.07 | $0.26 | $0.03 | $0.08 | $0.25 | $0.11 | $0.31 | $0.15 | $0.44 | $0.83 | $0.14 | |||||
Discontinued Operations (in dollars per share) | $0.34 | $2.13 | $2.13 | |||||||||||||
Net Income (in dollars per share) | $0.07 | $0.26 | $0.13 | $0.33 | $0.63 | $0.45 | $0.69 | $1.19 | $0.78 | $2.96 | $2.27 | |||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||||||||||
Continuing Operations (in dollars per share) | $0.07 | $0.25 | $0.03 | $0.08 | $0.25 | $0.11 | $0.30 | $0.15 | $0.43 | $0.80 | $0.13 | |||||
Discontinued Operations (in dollars per share) | $0 | $0 | $0.09 | $0.24 | $0.37 | $0.33 | $0.37 | $0.98 | $0.33 | $2.06 | $2.04 | |||||
Net income (in dollars per share) | $0.07 | $0.25 | $0.12 | $0.32 | $0.62 | $0.44 | $0.67 | $1.13 | $0.76 | $2.86 | $2.17 | |||||
[1] | Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||||
[2] | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. | |||||||||||||||
[3] | The Senior Exchangeable Notes due 2012 (the “2012 Notesâ€) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notesâ€) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount, based on the length of time the $41.5 million balance was outstanding before the exchange, was included for the year ended December 31, 2013. The year ended December 31, 2014 included the dilutive effect of the $131 million 2015 Notes, as this was the principal balance outstanding during the full year.The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt. |
Earnings_Per_Common_Share_Sche1
Earnings Per Common Share Schedule of Antidilutive Shares Excluded from the Computation of Diluted Earnings Per Share (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total | 2,611,645 | 2,302,322 | 3,113,568 | |||
Stock options, performance and restricted shares [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total | 461,663 | 337,145 | 224,918 | |||
Assumed conversion of exchangeable note hedges [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total | 2,149,982 | [1] | 1,965,177 | [1] | 2,888,650 | [1] |
[1] | The Senior Exchangeable Notes due 2012 (the “2012 Notesâ€) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notesâ€) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount, based on the length of time the $41.5 million balance was outstanding before the exchange, was included for the year ended December 31, 2013. The year ended December 31, 2014 included the dilutive effect of the $131 million 2015 Notes, as this was the principal balance outstanding during the full year.The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt. |
Earnings_Per_Common_Share_Earn
Earnings Per Common Share Earnings Per Share Footnote (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2014 | Aug. 31, 2009 | |
Class of Warrant or Right [Line Items] | |||
Shares issued on conversion of warrants | 0 | ||
Warrants on Senior Exchangeable Notes due 2012 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Beginning date for maturity of warrants | 15-Jan-13 | ||
Ending date for maturity of warrants | 27-Mar-13 | ||
Shares issued on conversion of warrants | 2,135,221 | ||
Warrants on Senior Exchangeable Notes due 2015 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Strike price of warrants | 28.12 | ||
Senior Exchangeable Notes due 2015 - Settlements 1, 2 and 3 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Redemption amount settled | 41,500,000 | ||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | |||
Class of Warrant or Right [Line Items] | |||
Face amount | 130,973,000 | $130,973,000 | $172,500,000 |
Strike price of warrants | 28.12 |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 27, 2014 | ||
Inventory, Net [Abstract] | |||||
Finished goods | $8,383,000 | [1],[2] | $115,270,000 | [1],[2] | |
Work in progress | 0 | 3,555,000 | |||
Raw materials | 659,000 | [3] | 17,661,000 | [3] | |
Manufacturing and maintenance supplies | 0 | 2,332,000 | |||
Total inventory | 9,042,000 | [4] | 138,818,000 | [4] | |
HBU Real Estate Held for Sale | |||||
HBU Real Estate Held for Sale | 4,900,000 | 6,300,000 | |||
Seedling [Member] | |||||
Inventory, Net [Abstract] | |||||
Raw materials | 700,000 | 200,000 | |||
Performance Fibers business [Member] | |||||
Inventory, Net [Abstract] | |||||
Total inventory | 128,200,000 | 121,705,000 | |||
New Zealand [Member] | Logs [Member] | |||||
Inventory, Net [Abstract] | |||||
Finished goods | $3,400,000 | $4,100,000 | |||
[1] | Includes $4.9 million and $6.3 million of HBU real estate held for sale at December 31, 2014 and 2013, respectively. | ||||
[2] | Includes $3.4 million and $4.1 million of New Zealand log inventory at December 31, 2014 and 2013, respectively. | ||||
[3] | Includes $0.7 million and $0.2 million of seedling inventory at December 31, 2014 and 2013, respectively. | ||||
[4] | 2013 includes $128.2 million of inventory related to the Performance Fibers business. |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | Aug. 31, 2009 | Nov. 30, 2011 | ||
In Thousands, unless otherwise specified | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $751,555 | $1,574,224 | |||||
Less: Current maturities of long-term debt | -129,706 | -112,500 | |||||
Long-term debt | 621,849 | 1,461,724 | |||||
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.47% [Member] | Matariki Forestry Group [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 184,099 | 193,311 | |||||
Variable interest rate | 4.47% | ||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 325,000 | 325,000 | |||||
Fixed interest rate | 3.75% | 3.75% | |||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 129,706 | [1] | 127,749 | [1] | |||
Fixed interest rate | 4.50% | [1] | 4.50% | ||||
Installment note due 2014 at a fixed interest rate of 8.64% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 0 | 112,500 | |||||
Fixed interest rate | 8.64% | ||||||
Mortgage notes due 2017 at fixed interest rates of 4.35% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 53,801 | [2] | 65,165 | [2] | |||
Fixed interest rate | 4.35% | [2] | 4.35% | ||||
Solid waste bond due 2020 at a variable rate of 1.3% | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 15,000 | 15,000 | |||||
Variable interest rate | 1.30% | ||||||
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.34% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 16,000 | 205,000 | |||||
Variable interest rate | 1.34% | ||||||
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.63% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | 0 | 500,000 | |||||
Variable interest rate | 1.63% | ||||||
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate [Member] | Matariki Forestry Group [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total debt | $27,949 | $30,499 | |||||
Variable interest rate | 0.00% | ||||||
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. | ||||||
[2] | The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million. |
Debt_Schedule_of_Maturities_of
Debt - Schedule of Maturities of Long-term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2009 | ||
Maturities of Long-term Debt [Abstract] | |||||
2015 | $130,973,000 | [1] | |||
2016 | 200,099,000 | ||||
2017 | 52,500,000 | [2] | |||
2018 | 0 | ||||
2019 | 0 | ||||
Thereafter | 367,949,000 | ||||
Total Debt | 751,521,000 | ||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | |||||
Maturities of Long-term Debt [Abstract] | |||||
Unamortized discount | 1,267,000 | [3] | 3,224,000 | [3] | |
Amount due upon maturity | 130,973,000 | 130,973,000 | 172,500,000 | ||
Secured Mortgage Notes Assumed with Timberland Acquisition [Member] | |||||
Maturities of Long-term Debt [Abstract] | |||||
Amount due upon maturity | 53,000,000 | ||||
Unamortized premium | $1,300,000 | $2,200,000 | |||
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. | ||||
[2] | The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million. | ||||
[3] | The discount for the 4.50% notes will be amortized through August 2015. |
Debt_Term_Credit_Agreement_Nar
Debt - Term Credit Agreement (Narrative) (Details) (Term Credit Agreement due 2019 [Member], USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Jun. 30, 2014 | |
advance | ||||
Term Credit Agreement due 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance date of debt instrument | Dec-12 | |||
Maximum borrowing capacity | $640,000,000 | $100,000,000 | ||
Maturity date description | Dec-19 | |||
Date through which borrowings can be made description | Dec-17 | |||
Maximum number of advances | 3 | |||
Basis spread on variable rate | 1.63% | |||
Commitment fee percentage | 0.20% | |||
Effective basis spread on variable rate | 1.07% | |||
Unused borrowing capacity | $100,000,000 | $100,000,000 |
Debt_Revolving_Credit_Facility
Debt - Revolving Credit Facility (Narrative) (Details) (Line of Credit [Member], USD $) | 0 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Apr. 30, 2011 | Jun. 30, 2014 | Aug. 31, 2011 | |
April 2011 Line of Credit as Amended Second Quarter 2014 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $200,000,000 | |||
Maturity date description | Apr-16 | |||
Basis spread on variable rate | 1.18% | |||
Commitment fee percentage | 0.20% | |||
Remaining borrowing capacity | 182,000,000 | |||
Amount to secure standby letters of credit | 2,000,000 | |||
August 2006 Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 250,000,000 | |||
Maturity date description | Aug-11 | |||
April 2011 Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Issuance date of debt instrument | Apr-11 | |||
Line of credit facility term | 5 years | |||
Maximum borrowing capacity before amendments | 300,000,000 | |||
Maximum borrowing capacity | $450,000,000 |
Debt_Joint_Venture_Debt_Narrat
Debt - Joint Venture Debt (Narrative) (Details) | Apr. 30, 2013 | Apr. 04, 2013 |
Debt Disclosure [Abstract] | ||
Percentage of voting interests acquired | 39.00% | |
Ownership percentage by parent | 65.00% | 65.00% |
Debt_Senior_Secured_Facilities
Debt - Senior Secured Facilities Agreement (Narrative) (Details) (Matariki Forestry Group [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
tranche | |
Senior Secured Facilities Agreement as Amended July 2013 [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $202,000,000 |
Line of credit facility description | comprised of two tranches. Tranche A, a $184 million revolving cash advance facility expires September 2016 and Tranche B, an $18 million working capital facility expires June 2015 |
Number of tranches | 2 |
Line of Credit Facility, Currency | New Zealand dollars |
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 184,000,000 |
Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $18,000,000 |
Debt_Senior_Secured_Facilities1
Debt - Senior Secured Facilities Agreement - Revolving Credit Facility (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Apr. 30, 2011 | Dec. 31, 2013 | |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount, Net of Current Expirations | 149,000,000 | ||
Notional Amount | 161,968,000 | 183,851,000 | |
Weighted average interest rate | 5.00% | ||
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Remaining maturity | 1 year | ||
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Remaining maturity | 5 years | ||
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of JV variable debt hedged by long-term interest rate derivatives | 81.00% | ||
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Matariki Forestry Group [Member] | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 184,000,000 | ||
Interest rate during period | 4.47% | ||
Maturity date description | Sep-16 | ||
Interest rate description | The interest rate is indexed to the 90 day New Zealand Bank bill rate and is generally repriced quarterly. The margin on the index rate fluctuates based on the interest coverage ratio | ||
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage | 0.80% | ||
Notional Amounts Set to Expire January 2015 [Member] | Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |||
Debt Instrument [Line Items] | |||
Notional Amount | 13,000,000 |
Debt_Senior_Secured_Facilities2
Debt - Senior Secured Facilities Agreement - Working Capital Facility (Narrative) (Details) (Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member], Matariki Forestry Group [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $18,000,000 |
Description of variable rate basis | Official Cash Rate set by the Reserve Bank of New Zealand |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.20% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.45% |
Debt_Shareholder_Loan_Narrativ
Debt - Shareholder Loan (Narrative) (Details) (Noncontrolling interest shareholder loan at 0% interest rate [Member], Matariki Forestry Group [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Noncontrolling interest shareholder loan at 0% interest rate [Member] | Matariki Forestry Group [Member] | |
Debt Instrument [Line Items] | |
Face amount | $28,000,000 |
Description | This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is secured by timberlands owned by the New Zealand JV and is subordinated to the Senior Secured Facilities Agreement. Although Rayonier Inc. is not liable for this loan, the shareholder loan instrument contains features with characteristics of both debt and equity and is therefore required to be classified as debt and consolidated |
Debt_375_Senior_Notes_issued_M
Debt - 3.75% Senior Notes issued March 2012 (Narrative) (Details) (Senior Notes due 2022 at a fixed interest rate of 3.75% [Member], USD $) | Dec. 31, 2014 | Mar. 31, 2012 |
Debt Instrument [Line Items] | ||
Face amount | $325,000,000 | |
Fixed interest rate | 3.75% | 3.75% |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $325,000,000 | |
Fixed interest rate | 3.75% |
Debt_105_Million_Secured_Mortg
Debt - $105 Million Secured Mortgage Notes Assumed (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Acres | |||||
Debt Instrument [Line Items] | |||||
Number of acres acquired | 62,344 | 17,094,000 | |||
Carrying value of debt | $751,555,000 | $1,574,224,000 | |||
Secured Mortgage Notes Assumed with Timberland Acquisition [Member] | |||||
Debt Instrument [Line Items] | |||||
Noncash or part noncash acquisition, debt assumed, date | Nov-11 | ||||
Number of acres acquired | 250,000 | ||||
Debt instrument, collateral | approximately 250,000 acres of timberlands | ||||
Noncash or part noncash acquisition, debt assumed | 105,000,000 | ||||
Fixed interest rate | 4.35% | 4.35% | [1] | ||
Debt instrument term | 7 years | ||||
Maturity date description | Aug-17 | ||||
Repayments of secured debt | 21,000,000 | 10,500,000 | 10,500,000 | ||
Carrying value of debt | 53,801,000 | [1] | 65,165,000 | [1] | |
Outstanding principal | $52,500,000 | ||||
[1] | The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million. |
Debt_450_Senior_Exchangeable_N
Debt - 4.50% Senior Exchangeable Notes issued August 2009 (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Aug. 31, 2009 | |||
note_holder | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $0 | $3,974,000 | $0 | |||||
Number of note holder groups | 3 | |||||||
Effective rate | 6.21% | |||||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Issuance date of debt instrument | Aug-09 | |||||||
Face amount | 130,973,000 | 130,973,000 | 130,973,000 | 172,500,000 | ||||
Fixed interest rate | 4.50% | [1] | 4.50% | [1] | 4.50% | |||
Terms of conversion feature | The principal will be settled in cash and any excess exchange value will be settled at the option of the Company in either cash or stock of Rayonier. Note holders may convert their notes to common stock of Rayonier, subject to certain provisions including the market price of the stock and the trading price of the convertible notes. The current exchange rate is 42.47 shares per $1,000 principal based on an exchange price of $23.54. | |||||||
Conversion ratio (per $1,000 principal) | 42.47 | |||||||
Option indexed to issuer's equity, indexed shares | 5,169,653 | |||||||
Conversion premium | 22.50% | |||||||
Effective conversion premium | 46.00% | |||||||
Effective conversion price | $28.12 | |||||||
Option indexed to issuer's equity, strike price | 23.54 | |||||||
Exercise price of warrants or rights | 28.12 | 28.12 | ||||||
Exchange price the stock price must exceed | 130.00% | |||||||
Trading days | 20 days | |||||||
Principal amount redeemed | 41,500,000 | |||||||
Number of consecutive trading days for stock price | 30 days | |||||||
Senior Exchangeable Notes due 2015 - Settlements 1 and 2 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | ($4,000,000) | |||||||
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. |
Debt_Schedule_of_Convertible_D
Debt - Schedule of Convertible Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2009 | ||
Schedule of Convertible Debt [Line Items] | |||||
Net carrying amount of debt | $129,706,000 | $127,749,000 | |||
Common stock | 8,850,000 | 8,850,000 | |||
4.50% Senior Exchangeable Notes [Member] | |||||
Schedule of Convertible Debt [Line Items] | |||||
Principal amount of debt | 130,973,000 | 130,973,000 | 172,500,000 | ||
Unamortized discount | ($1,267,000) | [1] | ($3,224,000) | [1] | |
Fixed interest rate | 4.50% | [2] | 4.50% | ||
[1] | The discount for the 4.50% notes will be amortized through August 2015. | ||||
[2] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. |
Debt_Interest_Related_to_Conve
Debt - Interest Related to Convertible Debt (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2009 | |
Schedule of Convertible Debt [Line Items] | |||||
Amortization of debt discount | $1,092 | $1,215 | $6,323 | ||
4.50% Senior Exchangeable Notes [Member] | |||||
Schedule of Convertible Debt [Line Items] | |||||
Fixed interest rate | 4.50% | [1] | 4.50% | ||
Contractual interest coupon | 5,930 | 7,271 | 7,763 | ||
Amortization of debt discount | 1,957 | 2,281 | 2,296 | ||
Convertible Debt [Member] | |||||
Schedule of Convertible Debt [Line Items] | |||||
Total interest expense recognized | $7,887 | $9,552 | $10,059 | ||
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. |
Debt_Debt_Covenants_Narrative_
Debt - Debt Covenants (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Compliance | the Company was in compliance with all covenants | |
Term Credit Agreement due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Description | contains various covenants customary to credit agreements with borrowers having investment-grade debt ratings. These covenants are substantially identical to those of the credit facility | |
April 2011 Line of Credit as Amended Second Quarter 2014 [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $200,000,000 | |
Covenant EBITDA to Consolidated Interest Expense [Member] | April 2011 Line of Credit as Amended Second Quarter 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Description | interest coverage ratio based on the facility’s definition of EBITDA (“Covenant EBITDAâ€). Covenant EBITDA consists of earnings from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense, depreciation, depletion, amortization and the non-cash cost basis of real estate sold. | |
Subsidiary Debt as a Percentage of Consolidated Net Tangible Assets [Member] | April 2011 Line of Credit as Amended Second Quarter 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Covenant Requirement, Percentage | 15.00% | |
Debt Instrument, Covenant Description | debt at subsidiaries (excluding Rayonier Operating Company LLC and TRS, which are borrowers under the agreement) is limited to 15 percent of Consolidated Net Tangible Assets. Consolidated Net Tangible Assets is defined as total assets less the sum of total current liabilities and intangible assets. | |
Matariki Forestry Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Description | In connection with the New Zealand JV’s Senior Secured Facilities Agreement, covenants must be met, including generation of sufficient cash flows to meet a minimum interest coverage ratio of 1.25 to 1 on a quarterly basis and maintenance of a leverage ratio of bank debt versus the forest and land valuation below the covenant’s maximum ratio of 40 percent | |
Matariki Forestry Group [Member] | Senior Secured Facilities Agreement as Amended July 2013 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Covenant Requirement, Percentage | 40.00% | |
Debt Covenant Requirement, Ratio | 125.00% | |
Maximum borrowing capacity | 202,000,000 |
Shareholders_Equity_Schedule_o
Shareholders' Equity Schedule of Stockholders Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Beginning balance | $1,755,243 | $1,438,004 | $1,755,243 | $1,438,004 | $1,323,073 | |||||||||||||||
Net income | 8,336 | 32,059 | 16,108 | 41,343 | 79,805 | 58,367 | 87,891 | [1] | 147,735 | [2] | 97,846 | 373,798 | [1],[2] | 278,685 | ||||||
Dividends ($1.68, $1.86, and $2.03 per share in 2012, 2013 and 2014, respectively) | -256,861 | -233,321 | -208,286 | |||||||||||||||||
Issuance of shares under incentive stock plans | 5,579 | 10,101 | 25,495 | |||||||||||||||||
Stock-based compensation | 7,869 | 11,710 | 15,116 | |||||||||||||||||
Excell tax benefit (deficiency) on stock-based compensation | -791 | 8,413 | 7,635 | |||||||||||||||||
Repurchase of common shares | -1,858 | -11,326 | -7,783 | |||||||||||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | -24,147 | |||||||||||||||||||
Net loss from pension and postretirement plans | 54,046 | 61,869 | -496 | |||||||||||||||||
Foreign currency translation adjustment | -15,847 | -5,710 | 4,352 | |||||||||||||||||
Joint venture cash flow hedges | -1,855 | 3,629 | 213 | |||||||||||||||||
Equity portion of convertible debt (Note 13) | 2,453 | |||||||||||||||||||
Settlement of warrants (Note 13) | 0 | |||||||||||||||||||
Acquisition of noncontrolling interest | 96,336 | |||||||||||||||||||
Noncontrolling interest redemption of shares | -931 | -713 | ||||||||||||||||||
Contribution to Rayonier Advanced Materials | 19,130 | |||||||||||||||||||
Adjustments to Rayonier Advanced Materials | -8,226 | [3] | ||||||||||||||||||
Ending balance | 1,575,151 | 1,755,243 | 1,575,151 | 1,755,243 | 1,438,004 | |||||||||||||||
Dividends (per share) | $2.03 | $1.86 | $1.68 | |||||||||||||||||
Common Shares [Member] | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Beginning balance (in shares) | 126,257,870 | [4] | 123,332,444 | [4] | 126,257,870 | [4] | 123,332,444 | [4] | 122,035,177 | [4] | ||||||||||
Beginning balance | 692,100 | 670,749 | 692,100 | 670,749 | 630,286 | |||||||||||||||
Issuance of shares under incentive stock plans, (in shares) | 561,701 | [4] | 1,001,426 | [4] | 1,467,024 | [4] | ||||||||||||||
Issuance of shares under incentive stock plans | 5,579 | 10,101 | 25,495 | |||||||||||||||||
Stock-based compensation | 7,869 | 11,710 | 15,116 | |||||||||||||||||
Excell tax benefit (deficiency) on stock-based compensation | -791 | 8,413 | 7,635 | |||||||||||||||||
Repurchase of common shares, (in shares) | -46,474 | [4] | -211,221 | [4] | -169,757 | [4] | ||||||||||||||
Repurchase of common shares | -1,858 | -11,326 | -7,783 | |||||||||||||||||
Equity portion of convertible debt (Note 13) | 2,453 | |||||||||||||||||||
Settlement of warrants (Note 13) | 2,135,221 | [4] | ||||||||||||||||||
Contribution to Rayonier Advanced Materials | -301 | |||||||||||||||||||
Ending balance (in shares) | 126,773,097 | [4] | 126,257,870 | [4] | 126,773,097 | [4] | 126,257,870 | [4] | 123,332,444 | [4] | ||||||||||
Ending balance | 702,598 | 692,100 | 702,598 | 692,100 | 670,749 | |||||||||||||||
Retained Earnings [Member] | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Beginning balance | 1,015,209 | 876,634 | 1,015,209 | 876,634 | 806,235 | |||||||||||||||
Net income | 99,337 | 371,896 | 278,685 | |||||||||||||||||
Dividends ($1.68, $1.86, and $2.03 per share in 2012, 2013 and 2014, respectively) | -256,861 | -233,321 | -208,286 | |||||||||||||||||
Contribution to Rayonier Advanced Materials | -61,318 | |||||||||||||||||||
Adjustments to Rayonier Advanced Materials | -5,670 | [3] | ||||||||||||||||||
Ending balance | 790,697 | 1,015,209 | 790,697 | 1,015,209 | 876,634 | |||||||||||||||
Accumulated Other Comprehensive Income/(Loss) [Member] | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Beginning balance | -46,139 | -109,379 | -46,139 | -109,379 | -113,448 | |||||||||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 24,147 | |||||||||||||||||||
Net loss from pension and postretirement plans | 61,869 | -496 | ||||||||||||||||||
Foreign currency translation adjustment | -11,526 | -1,915 | 4,352 | |||||||||||||||||
Joint venture cash flow hedges | -1,206 | 3,286 | 213 | |||||||||||||||||
Contribution to Rayonier Advanced Materials | 80,749 | |||||||||||||||||||
Adjustments to Rayonier Advanced Materials | -2,556 | [3] | ||||||||||||||||||
Ending balance | -4,825 | -46,139 | -4,825 | -46,139 | -109,379 | |||||||||||||||
Non-controlling Interest [Member] | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Beginning balance | 94,073 | 0 | 94,073 | 0 | 0 | |||||||||||||||
Net income | -1,491 | 1,902 | ||||||||||||||||||
Foreign currency translation adjustment | -4,321 | -3,795 | ||||||||||||||||||
Joint venture cash flow hedges | -649 | 343 | ||||||||||||||||||
Acquisition of noncontrolling interest | 96,336 | |||||||||||||||||||
Noncontrolling interest redemption of shares | 931 | -713 | ||||||||||||||||||
Ending balance | $86,681 | $94,073 | $86,681 | $94,073 | $0 | |||||||||||||||
NORTH CAROLINA | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||
Par value | $0 | $0 | ||||||||||||||||||
[1] | Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||||||||
[2] | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. | |||||||||||||||||||
[3] | Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized. | |||||||||||||||||||
[4] | The Company’s common shares are registered in North Carolina and have a $0.00 par value. |
Shareholders_Equity_Tax_Charac
Shareholders' Equity Tax Characteristics of Cash Dividend (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||
Capital gain | $1.61 | $0.72 | $1.68 |
Qualified | $0 | $1.14 | $0 |
Return of capital | $0.42 | $0 | $0 |
Total cash dividend per common share | $2.03 | $1.86 | $1.68 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income/(Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | ($46,139,000) | ($109,379,000) | |||
Other comprehensive income/(loss) before reclassifications | 36,922,000 | 44,814,000 | |||
Amounts reclassified from accumulated other comprehensive loss | 4,392,000 | 18,426,000 | |||
Net other comprehensive income/(loss) | 41,314,000 | 63,240,000 | |||
Ending balance | -4,825,000 | -46,139,000 | |||
Net losses transferred to Rayonier Advanced Materials Pension Plans | 78,000,000 | ||||
Additional Losses from Revaluation Related to Spinoff | 30,000,000 | ||||
Discount rate | 4.00% | 4.60% | |||
Net periodic pension cost | 5,000,000 | ||||
Pension Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Discount rate | 3.80% | 4.60% | 3.70% | ||
Foreign currency translation losses [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 36,914,000 | 38,829,000 | |||
Other comprehensive income/(loss) before reclassifications | -11,381,000 | -1,915,000 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
Net other comprehensive income/(loss) | -11,381,000 | -1,915,000 | |||
Ending balance | 25,533,000 | 36,914,000 | |||
Net investment hedge of New Zealand JV [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 0 | 0 | |||
Other comprehensive income/(loss) before reclassifications | -145,000 | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
Net other comprehensive income/(loss) | -145,000 | 0 | |||
Ending balance | -145,000 | 0 | |||
New Zealand joint venture cash flow hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -342,000 | [1] | -3,628,000 | [1] | |
Other comprehensive income/(loss) before reclassifications | 510,000 | [1] | 798,000 | [1] | |
Amounts reclassified from accumulated other comprehensive loss | -1,716,000 | [1] | 2,488,000 | [1] | |
Net other comprehensive income/(loss) | -1,206,000 | [1] | 3,286,000 | [1] | |
Ending balance | -1,548,000 | [1] | -342,000 | [1] | |
Unrecognized components of employee benefit plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -82,711,000 | -144,580,000 | |||
Other comprehensive income/(loss) before reclassifications | 47,938,000 | [2] | 45,931,000 | [3] | |
Amounts reclassified from accumulated other comprehensive loss | 6,108,000 | [4] | 15,938,000 | [5] | |
Net other comprehensive income/(loss) | 54,046,000 | 61,869,000 | |||
Ending balance | -28,665,000 | -82,711,000 | |||
Discount rate | 4.60% | 3.70% | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Amounts reclassified from accumulated other comprehensive loss | -873,000 | 2,488,000 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | New Zealand joint venture cash flow hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Amounts reclassified from accumulated other comprehensive loss | -1,716,000 | 2,488,000 | |||
Income tax benefit | $843,000 | $0 | |||
[1] | Prior to the acquisition of a majority interest in the New Zealand JV in 2013, Rayonier recorded its proportionate share of the New Zealand JV’s cash flow hedges as increases or decreases to “Investment in Joint Venture†with corresponding adjustments to “Accumulated other comprehensive loss†in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition. | ||||
[2] | Reflects $78 million, net of taxes, of comprehensive income due to the transfer of losses to Rayonier Advanced Materials Pension Plans. This comprehensive income was offset by $30 million, net of taxes, of losses as a result of revaluations required due to the spin-off and at year-end. The actuarial losses were primarily caused by a decrease in the discount rate from 4.6 percent as of December 31, 2013 to 3.8 percent as of December 31, 2014. See Note 22 — Employee Benefit Plans for additional information. | ||||
[3] | The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013. | ||||
[4] | This accumulated other comprehensive income component is comprised of $5 million from the computation of net periodic pension cost and the $1 million write-off of a deferred tax asset related to the revaluation and transfer of liabilities as a result of the spin-off. | ||||
[5] | This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income/(Loss) - Reclassifications (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Gain related to consolidation of New Zealand joint venture | $16,000 | $0 | $16,098 | $0 | ||
Other operating income, net | -26,511 | -18,487 | -17,011 | |||
Comprehensive loss attributable to noncontrolling interest | -6,462 | -1,550 | 0 | |||
Income tax benefit | 9,601 | 35,685 | 27,060 | |||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | 4,392 | 18,426 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | -1,716 | [1] | 2,488 | [1] | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Gain related to consolidation of New Zealand joint venture | 2,159 | |||||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | -873 | 2,488 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Comprehensive loss attributable to noncontrolling interest | 1,352 | -295 | ||||
Income tax benefit | 797 | -219 | ||||
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income | -1,716 | 2,488 | ||||
Income tax benefit | 843 | 0 | ||||
Foreign currency exchange contracts [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Other operating income, net | -2,858 | 843 | ||||
Foreign Exchange Option [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Other operating income, net | ($1,007) | $0 | ||||
[1] | Prior to the acquisition of a majority interest in the New Zealand JV in 2013, Rayonier recorded its proportionate share of the New Zealand JV’s cash flow hedges as increases or decreases to “Investment in Joint Venture†with corresponding adjustments to “Accumulated other comprehensive loss†in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition. |
Other_Operating_Income_Net_Det
Other Operating Income, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Lease income, primarily for hunting | $17,569 | $19,479 | $15,937 |
Other non-timber income | 2,314 | 2,714 | 3,346 |
Foreign exchange gains | 3,498 | 901 | 0 |
Insurance recoveries | 0 | 0 | 2,298 |
Gain (loss) on sale or disposal of property plant & equipment | 48 | 287 | -23 |
Gain (loss) on foreign currency contracts, net | 32 | -192 | 0 |
Legal and corporate development costs | -222 | -2,242 | -1,073 |
Bankruptcy claim settlement | 5,779 | 0 | 0 |
Miscellaneous (expense), net | -2,507 | -2,460 | -3,474 |
Total | $26,511 | $18,487 | $17,011 |
Liabilities_for_Dispositions_a2
Liabilities for Dispositions and Discontinued Operations - Schedule of Change in Environmental Loss Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Beginning balance | $76,378 | $81,695 | $90,824 |
Expenditures charged to liabilities | -5,096 | -8,570 | -9,926 |
Increase to liabilities | 2,558 | 3,253 | 797 |
Contribution to Rayonier Advanced Materials | -73,840 | 0 | 0 |
Ending balance | 0 | 76,378 | 81,695 |
Less: Current portion | 0 | -6,835 | -8,105 |
Non-current portion | $0 | $69,543 | $73,590 |
Contingencies_Narrative_Detail
Contingencies Narrative (Details) (Pending Litigation [Member]) | 0 Months Ended | |
Nov. 10, 2014 | Jan. 09, 2015 | |
claim | claim | |
Loss Contingencies [Line Items] | ||
Number of new claims filed | 5 | |
Subsequent Event [Member] | ||
Loss Contingencies [Line Items] | ||
Number of consolidated claims filed | 1 |
Guarantees_Details
Guarantees (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payment | $20,291,000 | |
Carrying Amount of Liability | 15,043,000 | |
Standy letters of credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payment | 17,355,000 | [1] |
Carrying Amount of Liability | 15,000,000 | [1] |
Guarantor obligations collateral for industrial revenue bonds | 15,000,000 | |
Guarantor obligations term | various dates during 2015 | |
Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payment | 2,254,000 | [2] |
Carrying Amount of Liability | 43,000 | [2] |
Recorded liability for performance obligation | de minimis liability | |
Surety bonds [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payment | 682,000 | [3] |
Carrying Amount of Liability | $0 | [3] |
Guarantor obligations term | various dates in 2015 and 2016 | |
[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. These letters of credit will expire at various dates during 2015 and will be renewed as required. | |
[2] | In conjunction with a timberland sale and note monetization in the 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2014, the Company has recorded 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 and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates in 2015 and 2016 and are expected to be renewed as required. |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract] | ||||
2015 | $472,000 | [1] | ||
2016 | 262,000 | [1] | ||
2017 | 191,000 | [1] | ||
2018 | 1,419,000 | [1] | ||
2019 | 4,525,000 | [1] | ||
Thereafter | 1,673,000 | [1] | ||
Total | 8,542,000 | [1] | ||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||
2015 | 11,922,000 | |||
2016 | 10,930,000 | |||
2017 | 10,072,000 | |||
2018 | 9,776,000 | |||
2019 | 11,853,000 | |||
Thereafter | 132,599,000 | |||
Total | 187,152,000 | |||
Operating Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Rent expense | 1,000,000 | 2,000,000 | 2,000,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2015 | 1,288,000 | |||
2016 | 941,000 | |||
2017 | 492,000 | |||
2018 | 277,000 | |||
2019 | 191,000 | |||
Thereafter | 42,000 | |||
Total | 3,231,000 | |||
Timber Properties [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Expenditures for long-term leases and deeds on timberlands | 10,400,000 | 10,400,000 | 8,000,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2015 | 10,162,000 | [2] | ||
2016 | 9,727,000 | [2] | ||
2017 | 9,389,000 | [2] | ||
2018 | 8,080,000 | [2] | ||
2019 | 7,137,000 | [2] | ||
Thereafter | 130,884,000 | [2] | ||
Total | 175,379,000 | [2] | ||
Matariki Crown Forest Licenses [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Rent expense | 2,200,000 | |||
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 Fixed Term Forest Leases Expiring | 2 | |||
Number of Leases Under Termination Notice | 4 | |||
Operating Leases, Rent Expense, Terminating or Expiring | $200,000 | |||
United States [Member] | Timber Properties [Member] | Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 30 years | |||
United States [Member] | Timber Properties [Member] | Maximum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 65 years | |||
New Zealand [Member] | Timber Properties [Member] | Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 30 years | |||
New Zealand [Member] | Timber Properties [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 (foreign exchange contracts and options) 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. |
Incentive_Stock_Plans_Incentiv
Incentive Stock Plans Incentive Stock Plans - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefits recognized related to stock-based compensation expense | $1.70 | $3.10 | $4 |
Timber and Timberlands, Net [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost | 0.1 | 0.1 | 0.1 |
Selling and general expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost | 7.1 | 10.7 | 14.2 |
Cost of sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation cost | $0.70 | $0.90 | $0.80 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reduction in number of shares available for grants | 1 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reduction in number of shares available for grants | 2.27 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reduction in number of shares available for grants | 2.27 | ||
Rayonier Incentive Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 15,800,000 | ||
Plan description | shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. | ||
Number of shares available for future grant | 6,200,000 | ||
Incremental reduction of shares available for grant | shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted | ||
Policy for issuing shares | The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares. |
Incentive_Stock_Plans_Restrict
Incentive Stock Plans - Restricted Stock - Narrative (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | 3 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Rayonier Adcanced Materials shares for every three Rayonier shares | 1 |
Unrecognized compensation cost | 4.2 |
Weighted average period for recognition | 3 years 6 months |
Restricted Stock [Member] | Reissued 2013 Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Incremental value | 0.7 |
Weighted average period for recognition | 24 months |
Restricted Stock [Member] | Performance Share Award 2013 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost | 0.4 |
Weighted average period for recognition | 2 years |
Minimum [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 1 year |
Maximum [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 5 years |
Incentive_Stock_Plans_Summary_
Incentive Stock Plans - Summary of Restricted Shares (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares granted | 186,783 | [1] | 33,607 | 18,742 | ||
Weighted average price of restricted shares granted | $36.42 | $57.54 | $42.40 | |||
Intrinsic value of restricted stock outstanding | $5.10 | [2] | $1.70 | [2] | $2.10 | [2] |
Fair value of restricted stock vested | 1.3 | 1.3 | 1.8 | |||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $0 | $0.30 | $0.60 | |||
[1] | Includes restricted shares granted to Rayonier employees in replacement of the 2013 performance share awards. | |||||
[2] | Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2014 |
Incentive_Stock_Plans_Schedule
Incentive Stock Plans - Schedule of Restricted Stock Activity (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of Shares, Beginning Balance | 39,232 | |||
Granted | 186,783 | [1] | 33,607 | 18,742 |
Vested | -23,599 | |||
Cancelled | -18,393 | |||
Number of Shares, Ending Balance | 184,023 | [2] | 39,232 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Weighted Average Grant Date Fair Value, Beginning Balance | $55.66 | |||
Granted | $36.42 | $57.54 | $42.40 | |
Vested | $55.86 | |||
Cancelled | $39.90 | |||
Weighted Average Grant Date Fair Value, Ending Balance | $37.53 | $55.66 | ||
[1] | Includes restricted shares granted to Rayonier employees in replacement of the 2013 performance share awards. | |||
[2] | Represents all Rayonier restricted shares outstanding as of December 31, 2014, including 2012 restricted share awards held by Rayonier Advanced Materials employees. |
Incentive_Stock_Plans_Performa
Incentive Stock Plans - Performance Share Units - Narrative (Details) (Performance Shares [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 3 years |
Valuation method | Monte Carlo simulation model |
Unrecognized compensation cost | $1.60 |
Weighted average period for recognition | 2 years 0 months 0 days |
Risk-free rate, description | The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. |
Dividend yield, description | The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. |
Incentive_Stock_Plans_Summary_1
Incentive Stock Plans - Summary of Performance Shares (Details) (Performance Shares [Member], USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common shares of Company stock reserved for performance shares | 130,164 | 276,240 | 337,360 | |||
Weighted average fair value of performance share units granted | $40.33 | $59.16 | $56.36 | |||
Intrinsic value of outstanding performance share units | $5.80 | [1] | $22.10 | [1] | $36.30 | [1] |
Fair value of performance shares vested | 0 | 7 | 22.2 | |||
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares | $1.80 | $11 | $7.20 | |||
[1] | Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2014. |
Incentive_Stock_Plans_Schedule1
Incentive Stock Plans - Schedule of Performance Share Activity (Details) (Performance Shares [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of Shares, Beginning Balance | 524,746 | |||
Granted | 286,340 | [1] | ||
Units Distributed | -231,717 | |||
Cancelled at Spin-off | -315,297 | |||
Other Cancellations/Adjustments | -55,048 | |||
Number of Shares, Ending Balance | 209,024 | 524,746 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Weighted Average Grant Date Fair Value, Beginning Balance | $54.57 | |||
Weighted average price of restricted shares granted | $40.33 | $59.16 | $56.36 | |
Units Distributed | $50.63 | |||
Cancelled at Spin-off | $48.28 | |||
Other Cancellations/Adjustments | $46.59 | |||
Weighted Average Grant Date Fair Value, Ending Balance | $51.01 | $54.57 | ||
[1] | Includes performance shares reissued to Rayonier employees subsequent to the cancellation of the 2014 performance shares at spin-off. |
Incentive_Stock_Plans_Schedule2
Incentive Stock Plans - Schedule of Assumptions used for Performance Shares (Details) (Performance Shares [Member]) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 23.20% | 36.90% | ||
Risk-free rate | 0.40% | 0.40% | ||
Re-issued 2014 Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 19.70% | [1] | ||
Risk-free rate | 0.70% | [1] | ||
Maximum term | 2 years 6 months | |||
2014 Performance Shares, as originally issued [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 22.80% | |||
Risk-free rate | 0.80% | |||
[1] | Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8%. |
Incentive_Stock_Plans_NonQuali
Incentive Stock Plans - Non-Qualified Employee Stock Options - Narrative (Details) (Stock Options [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum term | 10 years |
Award vesting period | 3 years |
Valuation method | Black-Scholes option-pricing model |
Expense recognition method | 3 years |
Unrecognized compensation cost | $0.60 |
Weighted average period for recognition | 1 year 5 months |
Incentive_Stock_Plans_Schedule3
Incentive Stock Plans - Schedule of Assumptions Used to Determine Fair Value, Options (Details) (Stock Options [Member], USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected volatility | 39.30% | [1] | 39.00% | 39.30% | ||
Dividend yield | 4.60% | [1] | 3.40% | 3.60% | ||
Risk-free rate | 2.20% | [1] | 1.00% | 1.30% | ||
Expected life (in years) | 6 years 3 months 18 days | [1] | 6 years 3 months 18 days | 6 years 4 months 24 days | ||
Fair value per share of options granted | $10.58 | [1],[2] | $14.01 | [2] | $11.85 | [2] |
Fair value of options granted (in millions) | $3.20 | [1] | $2.70 | $2.80 | ||
2014 Rayonier Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Adjusted fair value per share of options granted | $8.23 | |||||
2013 Rayonier Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Adjusted fair value per share of options granted | $10.70 | |||||
2012 Rayonier Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Adjusted fair value per share of options granted | $9.04 | |||||
[1] | The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees. | |||||
[2] | The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants, $10.70 for 2013 grants and $9.04 for 2012 grants. |
Incentive_Stock_Plans_Schedule4
Incentive Stock Plans - Schedule of Stock Option Activity (Details) (Stock Options [Member], USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Shares, Beginning Balance | 1,393,222 | |
Granted | 305,305 | |
Exercised | -251,547 | |
Cancelled | -44,585 | |
Modified in connection with spin-off | -32,495 | |
Number of Shares, Ending Balance | 1,369,900 | |
Number of Shares, Options vested and expected to vest | 1,367,044 | |
Number of Shares, Options exercisable | 923,570 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price (per common share), Beginning Balance | $33.79 | [1] |
Granted | $42.47 | [2] |
Exercised | $22.54 | [3] |
Cancelled | $31.48 | [3] |
Modified in connection with spin-off | $36.28 | [1] |
Weighted Average Exercise Price (per common share), Ending Balance | $27.21 | [4] |
Weighted Average Exercise Price (per common share), Options vested and expected to vest | $27.19 | [4] |
Weighted Average Exercise Price (per common share), Options exercisable | $24.17 | [4] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual term (in years), Options outstanding | 6 years 1 month 6 days | |
Weighted Average Remaining Contractual term (in years), Options vested and expected to vest | 6 years 1 month 6 days | |
Weighted Average Remaining Contractual term (in years), Options exercisable | 4 years 10 months 24 days | |
Aggregate Intrinsic Value, Options outstanding | $4.90 | |
Aggregate Intrinsic Value, Options vested and expected to vest | 4.9 | |
Aggregate Intrinsic Value, Options exercisable | $4.90 | |
2014 Rayonier Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Adjusted weighted-average exercise price | $31.52 | |
[1] | Reflects exercise prices prior to the spin-off. | |
[2] | Represents the weighted-average exercise price at time of grant. Exercise prices were modified at the time of the spin-off. The adjusted weighted-average exercise price of 2014 grants was $31.52. | |
[3] | Represents the weighted-average of exercise prices in place at the time of exercise or cancellation. Pre-spin activity was not adjusted to reflect the subsequent modification of exercise prices. | |
[4] | Reflects exercise prices as of December 31, 2014. |
Incentive_Stock_Plans_Summary_2
Incentive Stock Plans - Summary of Additional Information for Stock Options (Details) (Stock Options [Member], USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Intrinsic value of options exercised | $4 | [1] | $12.30 | [1] | $20.50 | [1] |
Fair value of options vested | $3.10 | $2.60 | $3.30 | |||
[1] | Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option. |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net decrease in pension obligations | $100 | ||
Discount rate | 4.00% | 4.60% | |
Other comprehensive loss transferred | 78 | ||
Other comprehensive income 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 | ||
Number of Qualified Defined Benefit Plans | 1 | ||
Defined Benefit Plan, Unfunded Plan | an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans | ||
Defined Benefit Plan, Other Information | The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005. | ||
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.80% | 4.60% | 3.70% |
Settlement Payment Amount | 3 | ||
Effect of Plan Amendment on Benefit Obligation | 2.8 | ||
Discount rate methodology | closely approximates interest rates on high quality, long-term obligations | ||
Expected long-term return on plan assets | 8.50% | 8.50% | 8.50% |
Return on plan assets methodology | based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return | ||
Pension [Member] | Income from Discontinued Operations, net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Recognized Loss Due to Settlements, Net of Tax | 0.5 | ||
Performance Fibers business [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Description of Settlements and Curtailments | In connection with the spin-off of the Performance Fibers business, Rayonier entered into an Employee Matters Agreement with Rayonier Advanced Materials, (see Note 3— Discontinued Operations), which provides that employees of Rayonier Advanced Materials will no longer participate in benefit plans sponsored or maintained by Rayonier. | ||
Wood Products business [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Description of Settlements and Curtailments | The Company sold its Wood Products business in March 2013. As a result of the sale, all employees covered by the Wood Products defined benefit pension plan are considered terminated employees. Amendments to the plan in June 2013 resulted in all such employees automatically vesting in the plan. Additionally, a one-time lump sum distribution was offered to terminated Wood Products plan participants or their beneficiaries. | ||
Recognized Loss Due to Settlements, Net of Tax | $0.50 |
Employee_Benefit_Plans_Change_
Employee Benefit Plans - Change in PBO and Assets and Reconciliations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Noncurrent liabilities | ($33,477) | ($95,654) | |
Pension [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Rollforward] | |||
Projected benefit obligation at beginning of year | 413,638 | 454,470 | |
Service cost | 3,923 | 8,452 | 8,407 |
Interest cost | 10,707 | 16,682 | 17,284 |
Settlement loss | 0 | 137 | |
Actuarial (gain) loss | 43,093 | -44,786 | |
Plan amendments | 0 | 0 | |
Employee contributions | 0 | 0 | |
Benefits paid | -11,288 | -21,317 | |
Transferred to Rayonier Advanced Materials | -296,966 | 0 | |
Projected benefit obligation at end of year | 87,355 | 413,638 | 454,470 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 341,905 | 320,699 | |
Actual return on plan assets | 21,399 | 42,285 | |
Employer contributions | 1,103 | 1,699 | |
Employee contributions | 0 | 0 | |
Benefits paid | -11,288 | -21,317 | |
Other expense | -607 | -1,461 | |
Transferred to Rayonier Advanced Materials | -372,718 | 0 | |
Fair value of plan assets at end of year | 55,546 | 341,905 | 320,699 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Net accrued benefit cost | -31,809 | -71,733 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Noncurrent assets | 0 | 3,583 | |
Current liabilities | -15 | -1,776 | |
Noncurrent liabilities | -31,794 | -73,540 | |
Net amount recognized | -31,809 | -71,733 | |
Postretirement [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Rollforward] | |||
Projected benefit obligation at beginning of year | 21,999 | 27,582 | |
Service cost | 402 | 1,056 | 918 |
Interest cost | 537 | 937 | 956 |
Settlement loss | 0 | 0 | |
Actuarial (gain) loss | 2,250 | -3,206 | |
Plan amendments | 0 | -3,372 | |
Employee contributions | 484 | 980 | |
Benefits paid | -888 | -1,978 | |
Transferred to Rayonier Advanced Materials | 0 | 0 | |
Projected benefit obligation at end of year | 1,226 | 21,999 | 27,582 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 404 | 998 | |
Employee contributions | 484 | 980 | |
Benefits paid | -888 | -1,978 | |
Other expense | 0 | 0 | |
Transferred to Rayonier Advanced Materials | -23,558 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Net accrued benefit cost | -1,226 | -21,999 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Noncurrent assets | 0 | 0 | |
Current liabilities | -25 | -1,071 | |
Noncurrent liabilities | -1,201 | -20,928 | |
Net amount recognized | ($1,226) | ($21,999) |
Employee_Benefit_Plans_Other_C
Employee Benefit Plans - Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net gains (losses) | $37,559 | $60,171 | ($17,630) |
Prior service cost | 0 | 0 | 0 |
Negative plan amendment | 0 | 0 | 0 |
Amortization of losses | 6,542 | 20,914 | 17,578 |
Amortization of prior service cost | 576 | 1,356 | 1,308 |
Amortization of negative plan amendment | 0 | 0 | 0 |
Postretirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net gains (losses) | -2,250 | 3,206 | -2,021 |
Prior service cost | 0 | 0 | 0 |
Negative plan amendment | 0 | 3,372 | 0 |
Amortization of losses | 288 | 675 | 582 |
Amortization of prior service cost | 8 | 66 | 80 |
Amortization of negative plan amendment | ($137) | ($105) | ($55) |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans - Accumulated Other Comprehensive Income (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred income tax benefit | $6,339 | ($40,525) | [1] |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | -13 | -5,707 | |
Net losses | -30,965 | -110,728 | |
Negative plan amendment | 0 | 0 | |
Deferred income tax benefit | 2,425 | 36,685 | |
AOCI | -28,553 | -79,750 | |
Postretirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost | 0 | -49 | |
Net losses | -90 | -8,057 | |
Negative plan amendment | 0 | 3,574 | |
Deferred income tax benefit | -22 | 1,571 | |
AOCI | ($112) | ($2,961) | |
[1] | Includes balances related to discontinued operations. |
Employee_Benefit_Plans_Accumul1
Employee Benefit Plans - Accumulated Benefit Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $87,355 | $388,163 |
Accumulated benefit obligation | 81,141 | 350,605 |
Fair value of plan assets | $55,546 | $290,848 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans - Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $3,923 | $8,452 | $8,407 | |||
Interest cost | 10,707 | 16,682 | 17,284 | |||
Expected return on plan assets | -15,258 | -25,302 | -25,477 | |||
Amortization of prior service cost | 576 | 1,296 | 1,308 | |||
Amortization of losses | 6,542 | 20,097 | 17,578 | |||
Amortization of negative plan amendment | 0 | 0 | 0 | |||
Curtailment expense | 0 | 60 | 0 | |||
Settlement expense | 0 | 817 | 0 | |||
Net periodic benefit cost | 6,490 | [1] | 22,102 | [1] | 19,100 | [1] |
Postretirement [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 402 | 1,056 | 918 | |||
Interest cost | 537 | 937 | 956 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Amortization of prior service cost | 8 | 66 | 80 | |||
Amortization of losses | 288 | 675 | 582 | |||
Amortization of negative plan amendment | -137 | -105 | -55 | |||
Curtailment expense | 0 | 0 | 0 | |||
Settlement expense | 0 | 0 | 0 | |||
Net periodic benefit cost | 1,098 | [1] | 2,629 | [1] | 2,481 | [1] |
Income (Loss) from Discontinued Operations, Net [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit cost | $4,000 | $14,900 | $12,800 | |||
[1] | Net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 included $4.0 million, $14.9 million, and $12.8 million, respectively, recorded in “Income from discontinued operations, net†on the Consolidated Statements of Income and Comprehensive Income. |
Employee_Benefit_Plans_AOCI_Am
Employee Benefit Plans - AOCI Amortization in Next Fiscal Year (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of loss | $3,420 |
Amortization of prior service cost | 13 |
Total amortization of AOCI loss | 3,433 |
Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of loss | 0 |
Amortization of prior service cost | 0 |
Total amortization of AOCI loss | $0 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans - Assumptions Used in Calculations (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.00% | 4.60% | |
Pension [Member] | |||
Assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 3.80% | 4.60% | 3.70% |
Rate of compensation increase | 4.50% | 4.60% | 4.60% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate (pre-spin off) | 4.60% | 3.70% | 4.20% |
Discount rate (post-spin off) | 4.04% | 0.00% | 0.00% |
Expected long-term return on plan assets | 8.50% | 8.50% | 8.50% |
Rate of compensation increase | 4.50% | 4.60% | 4.50% |
Postretirement [Member] | |||
Assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 3.96% | 4.60% | 3.60% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Assumptions used to determine net periodic benefit cost for years ended December 31: | |||
Discount rate (pre-spin off) | 4.60% | 3.60% | 4.10% |
Discount rate (post-spin off) | 4.00% | 0.00% | 0.00% |
Expected long-term return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Employee_Benefit_Plans_Effect_
Employee Benefit Plans - Effect of 0.5% Change in Discount Rate and Long-term Return on Assets (Details) (Pension Benefits [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect of .5% Percentage Point Decrease in Discount Rate on Pension Expense | $0.40 |
Effect of .5% Percentage Point Decrease in Discount Rate on Projected Benefit Obligation | 7.5 |
Effect of .5% Percentage Point Increase in Discount Rate on Pension Expense | -0.4 |
Effect of .5% Percentage Point Increase in Discount Rate on Projected Benefit Obligation | -6.6 |
Effect of .5% Percentage Point Decrease from Long-term Return on Assets on Pension Expense | 0.1 |
Effect of .5% Percentage Point Increase from Long-term Return on Assets on Pension Expense | ($0.10) |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans - Expected Health Care Cost Trend Rates (Details) (Postretirement [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Postretirement [Member] | ||||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||||
Health care cost trend rate assumed for next year | 7.00% | [1] | ||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | [1] | ||
Year that the rate reaches the ultimate trend rate | 2017 | [1] | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||||
Effect of one percentage point increase on total of service and interest cost components | $253 | [1] | ||
Effect of one percentage point decrease on total of service and interest cost components | -208 | [1] | ||
Effect of one percentage point increase on accumulated postretirement benefit obligation | 1,389 | [1] | ||
Effect of one percentage point decrease on accumulated postretirement benefit obligation | ($1,183) | [1] | ||
[1] | The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business. |
Employee_Benefit_Plans_Investm
Employee Benefit Plans - Investment of Plan Assets (Details) (Pension [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Defined benefit plan, investment goals | The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. | |
Defined benefit plan, type of employer and related party securities included in plan assets | direct investment in Rayonier common stock | |
Defined Benefit Plan, Amount of Employer and Related Party Securities Included in Plan Assets | $0 | $0 |
Domestic equity securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 42.00% | 42.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum | 35.00% | |
Target allocation range maximum | 45.00% | |
International equity securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 23.00% | 26.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum | 20.00% | |
Target allocation range maximum | 30.00% | |
Domestic fixed income securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 27.00% | 25.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum | 25.00% | |
Target allocation range maximum | 29.00% | |
International fixed income securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 4.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum | 3.00% | |
Target allocation range maximum | 7.00% | |
Real estate fund [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 3.00% |
Defined Benefit Plan, Assets, Target Allocations [Abstract] | ||
Target allocation range minimum | 2.00% | |
Target allocation range maximum | 4.00% |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Changes in valuation methodology | no changes in the methodology | no changes in the methodology | |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 55,546 | 341,905 | $320,699 |
Pension [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 15,149 | 110,676 | |
Valuation methodology | Level 1 — Net asset value in an observable market. | ||
Pension [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 40,397 | 231,229 | |
Valuation methodology | Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets. | ||
Pension [Member] | Domestic equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 22,883 | 139,694 | |
Pension [Member] | Domestic equity securities [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 4,557 | 29,293 | |
Pension [Member] | Domestic equity securities [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 18,326 | 110,401 | |
Pension [Member] | International equity securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 12,765 | 87,039 | |
Pension [Member] | International equity securities [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 6,277 | 55,692 | |
Pension [Member] | International equity securities [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 6,488 | 31,347 | |
Pension [Member] | Domestic fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 14,643 | 85,222 | |
Pension [Member] | Domestic fixed income securities [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 0 | 0 | |
Pension [Member] | Domestic fixed income securities [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 14,643 | 85,222 | |
Pension [Member] | International fixed income securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 2,428 | 15,134 | |
Pension [Member] | International fixed income securities [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 2,428 | 15,134 | |
Pension [Member] | International fixed income securities [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 0 | 0 | |
Pension [Member] | Real estate fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 1,887 | 9,678 | |
Pension [Member] | Real estate fund [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 1,887 | 9,678 | |
Pension [Member] | Real estate fund [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 0 | 0 | |
Pension [Member] | Short-term investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 940 | 5,138 | |
Pension [Member] | Short-term investments [Member] | Fair Value, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 0 | 879 | |
Pension [Member] | Short-term investments [Member] | Fair Value, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value | 940 | 4,259 |
Employee_Benefit_Plans_Expecte1
Employee Benefit Plans - Expected Benefit Payments (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Estimated future employer contributions in next fiscal year, description | The Company has no mandatory pension contribution requirements in 2015, but may make discretionary contributions. |
Pension Benefits [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2015 | 2,729 |
2016 | 2,866 |
2017 | 3,041 |
2018 | 3,231 |
2019 | 3,450 |
2020 - 2024 | 20,807 |
Postretirement Benefits [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2015 | 25 |
2016 | 27 |
2017 | 28 |
2018 | 30 |
2019 | 33 |
2020 - 2024 | 201 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans - Defined Contribution Plans - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Description of defined contribution pension and other postretirement plans | The Company provides defined contribution plans to all of its hourly and salaried employees. | ||
Cost recognized | $1.60 | $4.40 | $2.70 |
Type of employer and related party securities included in plan assets | Rayonier common stock | ||
Amount of employer and related party securities included in plan assets | 16.3 | 73.2 | |
Contributions for 401k plan enhancement | $0.50 | $1.10 | $1 |
Quarterly_Results_for_2014_and2
Quarterly Results for 2014 and 2013 (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
SALES | $147,360 | $149,829 | $163,145 | $143,187 | $238,515 | $159,261 | $154,889 | $107,053 | $603,521 | $659,718 | $378,608 | |||
Cost of sales | 126,776 | 118,088 | 123,096 | 115,900 | 197,249 | 129,002 | 127,861 | 76,660 | 483,860 | 530,772 | 305,479 | |||
Income from continuing operations | 8,025 | 32,059 | 4,024 | 10,335 | 32,144 | 15,040 | 39,631 | [1] | 19,028 | 54,443 | 105,843 | [1] | 16,774 | |
Income from discontinued operations | 311 | 0 | 12,084 | 31,008 | 47,661 | 43,327 | 48,260 | 128,707 | [2] | 43,403 | 267,955 | [2] | 261,911 | |
Net income | 8,336 | 32,059 | 16,108 | 41,343 | 79,805 | 58,367 | 87,891 | [1] | 147,735 | [2] | 97,846 | 373,798 | [1],[2] | 278,685 |
Net income attributable to Rayonier Inc. | 8,857 | 32,701 | 16,353 | 41,426 | 79,652 | 57,345 | 87,164 | [1] | 147,735 | [2] | 99,337 | 371,896 | [1],[2] | 278,685 |
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
Continuing Operations | $0.07 | $0.26 | $0.03 | $0.08 | $0.25 | $0.11 | $0.31 | $0.15 | $0.44 | $0.83 | $0.14 | |||
Discontinued Operations | $0 | $0 | $0.10 | $0.25 | $0.38 | $0.34 | $0.38 | $1.04 | $0.34 | $2.13 | ||||
Net Income | $0.07 | $0.26 | $0.13 | $0.33 | $0.63 | $0.45 | $0.69 | $1.19 | $0.78 | $2.96 | $2.27 | |||
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
Continuing Operations | $0.07 | $0.25 | $0.03 | $0.08 | $0.25 | $0.11 | $0.30 | $0.15 | $0.43 | $0.80 | $0.13 | |||
Discontinued Operations | $0 | $0 | $0.09 | $0.24 | $0.37 | $0.33 | $0.37 | $0.98 | $0.33 | $2.06 | $2.04 | |||
Net Income | $0.07 | $0.25 | $0.12 | $0.32 | $0.62 | $0.44 | $0.67 | $1.13 | $0.76 | $2.86 | $2.17 | |||
Gain on disposition of business | 43,000 | 0 | 42,121 | 0 | ||||||||||
Gain related to consolidation of New Zealand joint venture | 16,000 | 0 | 16,098 | 0 | ||||||||||
Understatement of Depletion Expense [Member] | ||||||||||||||
Cost of sales | 2,000 | 2,000 | ||||||||||||
Scenario, Previously Reported [Member] | ||||||||||||||
SALES | 163,145 | 386,686 | ||||||||||||
Cost of sales | 121,105 | 302,650 | ||||||||||||
Income from continuing operations | 6,056 | 43,292 | ||||||||||||
Income from discontinued operations | 12,084 | 0 | ||||||||||||
Net income | 18,140 | 43,292 | ||||||||||||
Net income attributable to Rayonier Inc. | 18,385 | 43,375 | ||||||||||||
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
Continuing Operations | $0.05 | $0.34 | ||||||||||||
Discontinued Operations | $0.10 | $0 | ||||||||||||
Net Income | $0.15 | $0.34 | ||||||||||||
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
Continuing Operations | $0.05 | $0.34 | ||||||||||||
Discontinued Operations | $0.09 | $0 | ||||||||||||
Net Income | $0.14 | $0.34 | ||||||||||||
Discontinued operations reclassification [Member] | ||||||||||||||
SALES | -243,499 | |||||||||||||
Cost of sales | -184,801 | |||||||||||||
Income from continuing operations | -31,008 | |||||||||||||
Income from discontinued operations | 31,008 | |||||||||||||
Net income | 0 | |||||||||||||
Net income attributable to Rayonier Inc. | 0 | |||||||||||||
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
Continuing Operations | ($0.25) | |||||||||||||
Discontinued Operations | $0.25 | |||||||||||||
Net Income | $0 | |||||||||||||
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
Continuing Operations | ($0.24) | |||||||||||||
Discontinued Operations | $0.24 | |||||||||||||
Net Income | $0 | |||||||||||||
Restatement Adjustment [Member] | ||||||||||||||
SALES | 0 | 0 | ||||||||||||
Cost of sales | 1,991 | -1,949 | ||||||||||||
Income from continuing operations | -2,032 | -1,949 | ||||||||||||
Income from discontinued operations | 0 | 0 | ||||||||||||
Net income | -2,032 | -1,949 | ||||||||||||
Net income attributable to Rayonier Inc. | ($2,032) | ($1,949) | ||||||||||||
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
Continuing Operations | ($0.02) | ($0.01) | ||||||||||||
Discontinued Operations | $0 | $0 | ||||||||||||
Net Income | ($0.02) | ($0.01) | ||||||||||||
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | ||||||||||||||
Continuing Operations | ($0.02) | ($0.02) | ||||||||||||
Discontinued Operations | $0 | $0 | ||||||||||||
Net Income | ($0.02) | ($0.02) | ||||||||||||
[1] | Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||
[2] | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. |
Consolidating_Financial_Statem2
Consolidating Financial Statements - Narrative (Details) (USD $) | 1 Months Ended | ||||
Aug. 31, 2009 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuance date of debt instrument | Aug-09 | ||||
Face amount | $172,500,000 | $130,973,000 | $130,973,000 | ||
Fixed interest rate | 4.50% | 4.50% | [1] | ||
Maturity date description | Aug-15 | ||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuance date of debt instrument | Mar-12 | ||||
Face amount | $325,000,000 | ||||
Fixed interest rate | 3.75% | 3.75% | |||
Maturity date description | 2022 | ||||
[1] | Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million. |
Consolidating_Financial_Statem3
Consolidating Financial Statements - Condensed Consolidating Statements of Income and Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement [Abstract] | ||||||||||||||
SALES | $147,360 | $149,829 | $163,145 | $143,187 | $238,515 | $159,261 | $154,889 | $107,053 | $603,521 | $659,718 | $378,608 | |||
Costs and Expenses | ||||||||||||||
Cost of sales | 126,776 | 118,088 | 123,096 | 115,900 | 197,249 | 129,002 | 127,861 | 76,660 | 483,860 | 530,772 | 305,479 | |||
Selling and general expenses | 47,883 | 55,433 | 58,632 | |||||||||||
Other operating income, net | -26,511 | -18,487 | -17,011 | |||||||||||
Costs and Expenses, Total | 505,232 | 567,718 | 347,100 | |||||||||||
Equity in income of New Zealand joint venture | 0 | 562 | 550 | |||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 98,289 | 92,562 | 32,058 | |||||||||||
Gain related to consolidation of New Zealand joint venture | 16,000 | 0 | 16,098 | 0 | ||||||||||
OPERATING INCOME | 98,289 | 108,660 | 32,058 | |||||||||||
Interest expense | -44,248 | -40,941 | -42,826 | |||||||||||
Interest and miscellaneous income (expense), net | -9,199 | 2,439 | 482 | |||||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 44,842 | 70,158 | -10,286 | |||||||||||
Income tax (expense) benefit | 9,601 | 35,685 | 27,060 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 8,025 | 32,059 | 4,024 | 10,335 | 32,144 | 15,040 | 39,631 | [1] | 19,028 | 54,443 | 105,843 | [1] | 16,774 | |
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 311 | 0 | 12,084 | 31,008 | 47,661 | 43,327 | 48,260 | 128,707 | [2] | 43,403 | 267,955 | [2] | 261,911 | |
NET INCOME | 8,336 | 32,059 | 16,108 | 41,343 | 79,805 | 58,367 | 87,891 | [1] | 147,735 | [2] | 97,846 | 373,798 | [1],[2] | 278,685 |
Less: Net (loss) income attributable to noncontrolling interest | -1,491 | 1,902 | 0 | |||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 8,857 | 32,701 | 16,353 | 41,426 | 79,652 | 57,345 | 87,164 | [1] | 147,735 | [2] | 99,337 | 371,896 | [1],[2] | 278,685 |
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | -15,847 | -5,710 | 4,352 | |||||||||||
New Zealand joint venture cash flow hedges | -1,855 | 3,629 | 213 | |||||||||||
Net gain from pension and postretirement plans | 54,046 | 61,869 | -496 | |||||||||||
Total other comprehensive income | 36,344 | 59,788 | 4,069 | |||||||||||
COMPREHENSIVE INCOME | 134,190 | 433,586 | 282,754 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | -6,462 | -1,550 | 0 | |||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 140,652 | 435,136 | 282,754 | |||||||||||
Rayonier Inc. (Parent Guarantor) [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
SALES | 0 | 0 | 0 | |||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||
Selling and general expenses | 0 | 0 | 0 | |||||||||||
Other operating income, net | 0 | -1,701 | 110 | |||||||||||
Costs and Expenses, Total | 0 | -1,701 | 110 | |||||||||||
Equity in income of New Zealand joint venture | 0 | 0 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 1,701 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | 0 | |||||||||||||
OPERATING INCOME | 0 | 1,701 | -110 | |||||||||||
Interest expense | -13,247 | -13,088 | -10,717 | |||||||||||
Interest and miscellaneous income (expense), net | 9,186 | 9,828 | 6,638 | |||||||||||
Equity in income from subsidiaries | 103,398 | 373,455 | 282,874 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 99,337 | 371,896 | 278,685 | |||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 99,337 | 371,896 | 278,685 | |||||||||||
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 0 | 0 | 0 | |||||||||||
NET INCOME | 99,337 | 371,896 | 278,685 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 99,337 | 371,896 | ||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | -11,525 | -1,915 | 4,352 | |||||||||||
New Zealand joint venture cash flow hedges | -1,206 | 3,286 | 213 | |||||||||||
Net gain from pension and postretirement plans | 54,046 | 61,869 | -496 | |||||||||||
Total other comprehensive income | 41,315 | 63,240 | 4,069 | |||||||||||
COMPREHENSIVE INCOME | 140,652 | 435,136 | 282,754 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 140,652 | 435,136 | ||||||||||||
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 | |||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||
Selling and general expenses | 14,578 | 9,821 | 10,575 | |||||||||||
Other operating income, net | 3,275 | 4,730 | 962 | |||||||||||
Costs and Expenses, Total | 17,853 | 14,551 | 11,537 | |||||||||||
Equity in income of New Zealand joint venture | 0 | 0 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | -14,551 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | 0 | |||||||||||||
OPERATING INCOME | -17,853 | -14,551 | -11,537 | |||||||||||
Interest expense | -445 | -914 | -941 | |||||||||||
Interest and miscellaneous income (expense), net | -566 | 3,237 | 5,519 | |||||||||||
Equity in income from subsidiaries | 122,425 | 384,567 | 289,486 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 103,561 | 372,339 | 282,527 | |||||||||||
Income tax (expense) benefit | -163 | 1,116 | 347 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 103,398 | 373,455 | 282,874 | |||||||||||
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 0 | 0 | 0 | |||||||||||
NET INCOME | 103,398 | 373,455 | 282,874 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 103,398 | 373,455 | ||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | -11,526 | -1,915 | 4,352 | |||||||||||
New Zealand joint venture cash flow hedges | -1,206 | 3,286 | 213 | |||||||||||
Net gain from pension and postretirement plans | 54,046 | 61,869 | -496 | |||||||||||
Total other comprehensive income | 41,314 | 63,240 | 4,069 | |||||||||||
COMPREHENSIVE INCOME | 144,712 | 436,695 | 286,943 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 144,712 | 436,695 | ||||||||||||
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 | |||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||
Selling and general expenses | 0 | 0 | 0 | |||||||||||
Other operating income, net | 0 | 0 | 0 | |||||||||||
Costs and Expenses, Total | 0 | 0 | 0 | |||||||||||
Equity in income of New Zealand joint venture | 0 | 0 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 0 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | 0 | |||||||||||||
OPERATING INCOME | 0 | 0 | 0 | |||||||||||
Interest expense | -23,126 | -27,516 | -37,971 | |||||||||||
Interest and miscellaneous income (expense), net | -2,534 | -7,534 | -3,334 | |||||||||||
Equity in income from subsidiaries | -15,697 | 245,126 | 232,871 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -41,357 | 210,076 | 191,566 | |||||||||||
Income tax (expense) benefit | 9,366 | 11,895 | 15,076 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | -31,991 | 221,971 | 206,642 | |||||||||||
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 0 | 0 | 0 | |||||||||||
NET INCOME | -31,991 | 221,971 | 206,642 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -31,991 | 221,971 | ||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | -894 | -72 | -3 | |||||||||||
New Zealand joint venture cash flow hedges | -1,206 | 637 | 0 | |||||||||||
Net gain from pension and postretirement plans | 88,174 | 20,589 | -450 | |||||||||||
Total other comprehensive income | 86,074 | 21,154 | -453 | |||||||||||
COMPREHENSIVE INCOME | 54,083 | 243,125 | 206,189 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 54,083 | 243,125 | ||||||||||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
SALES | 603,521 | 659,718 | 378,608 | |||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | 483,860 | 530,772 | 305,479 | |||||||||||
Selling and general expenses | 33,305 | 45,612 | 48,057 | |||||||||||
Other operating income, net | -29,786 | -21,516 | -18,083 | |||||||||||
Costs and Expenses, Total | 487,379 | 554,868 | 335,453 | |||||||||||
Equity in income of New Zealand joint venture | 562 | 550 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 105,412 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | 16,098 | |||||||||||||
OPERATING INCOME | 116,142 | 121,510 | 43,705 | |||||||||||
Interest expense | -7,430 | 577 | 6,803 | |||||||||||
Interest and miscellaneous income (expense), net | -15,285 | -3,092 | -8,341 | |||||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 93,427 | 118,995 | 42,167 | |||||||||||
Income tax (expense) benefit | 398 | 22,674 | 11,637 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 93,825 | 141,669 | 53,804 | |||||||||||
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 43,403 | 267,955 | 261,911 | |||||||||||
NET INCOME | 137,228 | 409,624 | 315,715 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interest | -1,491 | 1,902 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 138,719 | 407,722 | ||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | -15,847 | -5,710 | 4,353 | |||||||||||
New Zealand joint venture cash flow hedges | -1,855 | 3,629 | 213 | |||||||||||
Net gain from pension and postretirement plans | 88,174 | 20,589 | -450 | |||||||||||
Total other comprehensive income | 70,472 | 18,508 | 4,116 | |||||||||||
COMPREHENSIVE INCOME | 207,700 | 428,132 | 319,831 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | -6,462 | -1,550 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 214,162 | 429,682 | ||||||||||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Consolidating Adjustments [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
SALES | 0 | 0 | 0 | |||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||
Selling and general expenses | 0 | 0 | 0 | |||||||||||
Other operating income, net | 0 | 0 | 0 | |||||||||||
Costs and Expenses, Total | 0 | 0 | 0 | |||||||||||
Equity in income of New Zealand joint venture | 0 | 0 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 0 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | 0 | |||||||||||||
OPERATING INCOME | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Interest and miscellaneous income (expense), net | 0 | 0 | 0 | |||||||||||
Equity in income from subsidiaries | -210,126 | -1,003,148 | -805,231 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -210,126 | -1,003,148 | -805,231 | |||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | -210,126 | -1,003,148 | -805,231 | |||||||||||
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 0 | 0 | 0 | |||||||||||
NET INCOME | -210,126 | -1,003,148 | -805,231 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -210,126 | -1,003,148 | ||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | 23,945 | 3,902 | -8,702 | |||||||||||
New Zealand joint venture cash flow hedges | 3,618 | -7,209 | -426 | |||||||||||
Net gain from pension and postretirement plans | -230,394 | -103,047 | 1,396 | |||||||||||
Total other comprehensive income | -202,831 | -106,354 | -7,732 | |||||||||||
COMPREHENSIVE INCOME | -412,957 | -1,109,502 | -812,963 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | -412,957 | -1,109,502 | ||||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
SALES | 0 | 0 | 0 | |||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||
Selling and general expenses | 14,578 | 9,821 | 10,575 | |||||||||||
Other operating income, net | 3,275 | 4,730 | 962 | |||||||||||
Costs and Expenses, Total | 17,853 | 14,551 | 11,537 | |||||||||||
Equity in income of New Zealand joint venture | 0 | 0 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | -14,551 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | 0 | |||||||||||||
OPERATING INCOME | -17,853 | -14,551 | -11,537 | |||||||||||
Interest expense | -23,571 | -28,430 | -38,912 | |||||||||||
Interest and miscellaneous income (expense), net | -3,100 | -4,297 | 2,185 | |||||||||||
Equity in income from subsidiaries | 138,719 | 407,722 | 315,715 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 94,195 | 360,444 | 267,451 | |||||||||||
Income tax (expense) benefit | 9,203 | 13,011 | 15,423 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 103,398 | 373,455 | 282,874 | |||||||||||
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 0 | 0 | 0 | |||||||||||
NET INCOME | 103,398 | 373,455 | 282,874 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 103,398 | 373,455 | ||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | -11,527 | -1,915 | 4,352 | |||||||||||
New Zealand joint venture cash flow hedges | -1,206 | 3,286 | 213 | |||||||||||
Net gain from pension and postretirement plans | 54,046 | 61,869 | -496 | |||||||||||
Total other comprehensive income | 41,313 | 63,240 | 4,069 | |||||||||||
COMPREHENSIVE INCOME | 144,711 | 436,695 | 286,943 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 144,711 | 436,695 | ||||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
SALES | 603,521 | 659,718 | 378,608 | |||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | 483,860 | 530,772 | 305,479 | |||||||||||
Selling and general expenses | 33,305 | 45,612 | 48,057 | |||||||||||
Other operating income, net | -29,786 | -21,516 | -18,083 | |||||||||||
Costs and Expenses, Total | 487,379 | 554,868 | 335,453 | |||||||||||
Equity in income of New Zealand joint venture | 562 | 550 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 105,412 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | 16,098 | |||||||||||||
OPERATING INCOME | 116,142 | 121,510 | 43,705 | |||||||||||
Interest expense | -7,430 | 577 | 6,803 | |||||||||||
Interest and miscellaneous income (expense), net | -15,285 | -3,092 | -8,341 | |||||||||||
Equity in income from subsidiaries | 0 | 0 | 0 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 93,427 | 118,995 | 42,167 | |||||||||||
Income tax (expense) benefit | 398 | 22,674 | 11,637 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 93,825 | 141,669 | 53,804 | |||||||||||
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 43,403 | 267,955 | 261,911 | |||||||||||
NET INCOME | 137,228 | 409,624 | 315,715 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interest | -1,491 | 1,902 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 138,719 | 407,722 | ||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | -15,847 | -5,710 | 4,353 | |||||||||||
New Zealand joint venture cash flow hedges | -1,855 | 3,629 | 213 | |||||||||||
Net gain from pension and postretirement plans | 88,174 | 20,589 | -450 | |||||||||||
Total other comprehensive income | 70,472 | 18,508 | 4,116 | |||||||||||
COMPREHENSIVE INCOME | 207,700 | 428,132 | 319,831 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | -6,462 | -1,550 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 214,162 | 429,682 | ||||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidating Adjustments [Member] | ||||||||||||||
Income Statement [Abstract] | ||||||||||||||
SALES | 0 | 0 | 0 | |||||||||||
Costs and Expenses | ||||||||||||||
Cost of sales | 0 | 0 | 0 | |||||||||||
Selling and general expenses | 0 | 0 | 0 | |||||||||||
Other operating income, net | 0 | 0 | 0 | |||||||||||
Costs and Expenses, Total | 0 | 0 | 0 | |||||||||||
Equity in income of New Zealand joint venture | 0 | 0 | ||||||||||||
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE | 0 | |||||||||||||
Gain related to consolidation of New Zealand joint venture | 0 | |||||||||||||
OPERATING INCOME | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Interest and miscellaneous income (expense), net | 0 | 0 | 0 | |||||||||||
Equity in income from subsidiaries | -242,117 | -781,177 | -598,589 | |||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -242,117 | -781,177 | -598,589 | |||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | -242,117 | -781,177 | -598,589 | |||||||||||
Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450 | 0 | 0 | 0 | |||||||||||
NET INCOME | -242,117 | -781,177 | -598,589 | |||||||||||
Less: Net (loss) income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -242,117 | -781,177 | ||||||||||||
Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0 | 23,052 | 3,830 | -8,705 | |||||||||||
New Zealand joint venture cash flow hedges | 2,412 | -6,572 | -426 | |||||||||||
Net gain from pension and postretirement plans | -142,220 | -82,458 | 946 | |||||||||||
Total other comprehensive income | -116,756 | -85,200 | -8,185 | |||||||||||
COMPREHENSIVE INCOME | -358,873 | -866,377 | -606,774 | |||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | 0 | 0 | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ($358,873) | ($866,377) | ||||||||||||
[1] | Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV. | |||||||||||||
[2] | Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013. |
Consolidating_Financial_Statem4
Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | $161,558 | $199,644 | $280,596 | $78,603 | ||
Accounts receivable, less allowance for doubtful accounts | 24,018 | 94,956 | ||||
Inventory | 9,042 | [1] | 138,818 | [1] | ||
Current deferred tax assets | 0 | 39,100 | ||||
Prepaid logging roads | 12,665 | 12,992 | ||||
Prepaid and other current assets | 7,080 | 33,584 | ||||
Total current assets | 214,363 | 519,094 | ||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,083,743 | 2,049,378 | ||||
NET PROPERTY, PLANT AND EQUIPMENT | 6,706 | 860,821 | ||||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||||
OTHER ASSETS (Note 9) | 148,303 | 256,208 | ||||
TOTAL ASSETS | 2,453,115 | 3,685,501 | ||||
CURRENT LIABILITIES | ||||||
Accounts payable | 20,211 | 69,293 | ||||
Current maturities of long-term debt | 129,706 | 112,500 | ||||
Accrued taxes | 11,405 | 8,551 | ||||
Uncertain tax positions | 0 | 10,547 | ||||
Accrued payroll and benefits | 6,390 | 24,948 | ||||
Accrued interest | 8,433 | 9,531 | ||||
Accrued customer incentives | 0 | 9,580 | ||||
Other current liabilities | 25,857 | 24,327 | ||||
Current liabilities for dispositions and discontinued operations | 0 | 6,835 | 8,105 | |||
Total current liabilities | 202,002 | 276,112 | ||||
LONG-TERM DEBT | 621,849 | 1,461,724 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 0 | 69,543 | 73,590 | |||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 33,477 | 95,654 | ||||
OTHER NON-CURRENT LIABILITIES | 20,636 | 27,225 | ||||
INTERCOMPANY PAYABLE | 0 | 0 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,488,470 | 1,661,170 | ||||
Noncontrolling interest | 86,681 | 94,073 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 1,575,151 | 1,755,243 | 1,438,004 | 1,323,073 | ||
Total liabilities and equity | 2,453,115 | 3,685,501 | ||||
Rayonier Inc. (Parent Guarantor) [Member] | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 102,218 | 130,181 | 252,888 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||||
Inventory | 0 | 0 | ||||
Current deferred tax assets | 0 | |||||
Prepaid logging roads | 0 | 0 | ||||
Prepaid and other current assets | 0 | 0 | ||||
Total current assets | 102,218 | 130,181 | ||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||||
INVESTMENT IN SUBSIDIARIES | 1,463,303 | 1,627,315 | ||||
INTERCOMPANY NOTES RECEIVABLE | 248,233 | 228,032 | ||||
OTHER ASSETS (Note 9) | 2,763 | 3,689 | ||||
TOTAL ASSETS | 1,816,517 | 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 | |||||
Accrued payroll and benefits | 0 | 0 | ||||
Accrued interest | 3,047 | 3,047 | ||||
Accrued customer incentives | 0 | |||||
Other current liabilities | 0 | 0 | ||||
Current liabilities for dispositions and discontinued operations | 0 | |||||
Total current liabilities | 3,047 | 3,047 | ||||
LONG-TERM DEBT | 325,000 | 325,000 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 0 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||||
INTERCOMPANY PAYABLE | 0 | 0 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,488,470 | 1,661,170 | ||||
Noncontrolling interest | 0 | 0 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 1,488,470 | 1,661,170 | ||||
Total liabilities and equity | 1,816,517 | 1,989,217 | ||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 11 | 304 | 3,966 | 8,977 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 10 | ||||
Inventory | 0 | 0 | ||||
Current deferred tax assets | 0 | |||||
Prepaid logging roads | 0 | 0 | ||||
Prepaid and other current assets | 2,003 | 2,363 | ||||
Total current assets | 2,014 | 2,677 | ||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||||
NET PROPERTY, PLANT AND EQUIPMENT | 433 | 2,612 | ||||
INVESTMENT IN SUBSIDIARIES | 1,923,185 | 1,837,760 | ||||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||||
OTHER ASSETS (Note 9) | 16,610 | 32,519 | ||||
TOTAL ASSETS | 1,942,242 | 1,875,568 | ||||
CURRENT LIABILITIES | ||||||
Accounts payable | 2,687 | 1,522 | ||||
Current maturities of long-term debt | 0 | 0 | ||||
Accrued taxes | 11 | 4,855 | ||||
Uncertain tax positions | 5,780 | |||||
Accrued payroll and benefits | 3,253 | 11,382 | ||||
Accrued interest | -3 | 538 | ||||
Accrued customer incentives | 0 | |||||
Other current liabilities | 928 | 2,985 | ||||
Current liabilities for dispositions and discontinued operations | 0 | |||||
Total current liabilities | 6,876 | 27,062 | ||||
LONG-TERM DEBT | 0 | 0 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 0 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 34,161 | 91,471 | ||||
OTHER NON-CURRENT LIABILITIES | 6,436 | 11,493 | ||||
INTERCOMPANY PAYABLE | 431,466 | 118,227 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,463,303 | 1,627,315 | ||||
Noncontrolling interest | 0 | 0 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 1,463,303 | 1,627,315 | ||||
Total liabilities and equity | 1,942,242 | 1,875,568 | ||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member] | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 8,094 | 10,719 | 19,358 | 59,976 | ||
Accounts receivable, less allowance for doubtful accounts | 1,409 | 2,300 | ||||
Inventory | 0 | 0 | ||||
Current deferred tax assets | 681 | |||||
Prepaid logging roads | 0 | 0 | ||||
Prepaid and other current assets | 6 | 6 | ||||
Total current assets | 9,509 | 13,706 | ||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||||
INVESTMENT IN SUBSIDIARIES | 640,678 | 1,148,221 | ||||
INTERCOMPANY NOTES RECEIVABLE | 21,500 | 20,659 | ||||
OTHER ASSETS (Note 9) | 1,759 | 3,739 | ||||
TOTAL ASSETS | 673,446 | 1,186,325 | ||||
CURRENT LIABILITIES | ||||||
Accounts payable | 123 | 1,564 | ||||
Current maturities of long-term debt | 129,706 | 112,500 | ||||
Accrued taxes | 0 | 0 | ||||
Uncertain tax positions | 0 | |||||
Accrued payroll and benefits | 0 | 0 | ||||
Accrued interest | 2,520 | 2,742 | ||||
Accrued customer incentives | 0 | |||||
Other current liabilities | 145 | 0 | ||||
Current liabilities for dispositions and discontinued operations | 0 | |||||
Total current liabilities | 132,494 | 116,806 | ||||
LONG-TERM DEBT | 31,000 | 847,749 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 0 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||||
INTERCOMPANY PAYABLE | 0 | 0 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 509,952 | 221,770 | ||||
Noncontrolling interest | 0 | 0 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 509,952 | 221,770 | ||||
Total liabilities and equity | 673,446 | 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 | 51,235 | 58,440 | 4,384 | 9,650 | ||
Accounts receivable, less allowance for doubtful accounts | 22,609 | 92,646 | ||||
Inventory | 9,042 | 138,818 | ||||
Current deferred tax assets | 38,419 | |||||
Prepaid logging roads | 12,665 | 12,992 | ||||
Prepaid and other current assets | 5,071 | 31,215 | ||||
Total current assets | 100,622 | 372,530 | ||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,083,743 | 2,049,378 | ||||
NET PROPERTY, PLANT AND EQUIPMENT | 6,273 | 858,209 | ||||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||||
OTHER ASSETS (Note 9) | 127,171 | 216,261 | ||||
TOTAL ASSETS | 2,317,809 | 3,496,378 | ||||
CURRENT LIABILITIES | ||||||
Accounts payable | 17,401 | 66,207 | ||||
Current maturities of long-term debt | 0 | 0 | ||||
Accrued taxes | 11,394 | 3,696 | ||||
Uncertain tax positions | 4,767 | |||||
Accrued payroll and benefits | 3,137 | 13,566 | ||||
Accrued interest | 31,281 | 22,816 | ||||
Accrued customer incentives | 9,580 | |||||
Other current liabilities | 24,784 | 21,342 | ||||
Current liabilities for dispositions and discontinued operations | 6,835 | |||||
Total current liabilities | 87,997 | 148,809 | ||||
LONG-TERM DEBT | 265,849 | 288,975 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 69,543 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | -684 | 4,183 | ||||
OTHER NON-CURRENT LIABILITIES | 14,200 | 15,732 | ||||
INTERCOMPANY PAYABLE | -153,754 | 125,921 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,017,520 | 2,749,142 | ||||
Noncontrolling interest | 86,681 | 94,073 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 2,104,201 | 2,843,215 | ||||
Total liabilities and equity | 2,317,809 | 3,496,378 | ||||
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Consolidating Adjustments [Member] | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||||
Inventory | 0 | 0 | ||||
Current deferred tax assets | 0 | |||||
Prepaid logging roads | 0 | 0 | ||||
Prepaid and other current assets | 0 | 0 | ||||
Total current assets | 0 | 0 | ||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||||
INVESTMENT IN SUBSIDIARIES | -4,027,166 | -4,613,296 | ||||
INTERCOMPANY NOTES RECEIVABLE | -269,733 | -248,691 | ||||
OTHER ASSETS (Note 9) | 0 | 0 | ||||
TOTAL ASSETS | -4,296,899 | -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 | |||||
Accrued payroll and benefits | 0 | 0 | ||||
Accrued interest | -28,412 | -19,612 | ||||
Accrued customer incentives | 0 | |||||
Other current liabilities | 0 | 0 | ||||
Current liabilities for dispositions and discontinued operations | 0 | |||||
Total current liabilities | -28,412 | -19,612 | ||||
LONG-TERM DEBT | 0 | 0 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 0 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||||
INTERCOMPANY PAYABLE | -277,712 | -244,148 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -3,990,775 | -4,598,227 | ||||
Noncontrolling interest | 0 | 0 | ||||
TOTAL SHAREHOLDERS’ EQUITY | -3,990,775 | -4,598,227 | ||||
Total liabilities and equity | -4,296,899 | -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 | 8,105 | 11,023 | 23,324 | 68,953 | ||
Accounts receivable, less allowance for doubtful accounts | 1,409 | 2,310 | ||||
Inventory | 0 | 0 | ||||
Current deferred tax assets | 681 | |||||
Prepaid logging roads | 0 | 0 | ||||
Prepaid and other current assets | 2,009 | 2,369 | ||||
Total current assets | 11,523 | 16,383 | ||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||||
NET PROPERTY, PLANT AND EQUIPMENT | 433 | 2,612 | ||||
INVESTMENT IN SUBSIDIARIES | 2,053,911 | 2,764,211 | ||||
INTERCOMPANY NOTES RECEIVABLE | 21,500 | 20,659 | ||||
OTHER ASSETS (Note 9) | 18,369 | 36,258 | ||||
TOTAL ASSETS | 2,105,736 | 2,840,123 | ||||
CURRENT LIABILITIES | ||||||
Accounts payable | 2,810 | 3,086 | ||||
Current maturities of long-term debt | 129,706 | 112,500 | ||||
Accrued taxes | 11 | 4,855 | ||||
Uncertain tax positions | 5,780 | |||||
Accrued payroll and benefits | 3,253 | 11,382 | ||||
Accrued interest | 2,517 | 3,280 | ||||
Accrued customer incentives | 0 | |||||
Other current liabilities | 1,073 | 2,985 | ||||
Current liabilities for dispositions and discontinued operations | 0 | |||||
Total current liabilities | 139,370 | 143,868 | ||||
LONG-TERM DEBT | 31,000 | 847,749 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 0 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 34,161 | 91,471 | ||||
OTHER NON-CURRENT LIABILITIES | 6,436 | 11,493 | ||||
INTERCOMPANY PAYABLE | 431,466 | 118,227 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,463,303 | 1,627,315 | ||||
Noncontrolling interest | 0 | 0 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 1,463,303 | 1,627,315 | ||||
Total liabilities and equity | 2,105,736 | 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 | 51,235 | 58,440 | 4,384 | 9,650 | ||
Accounts receivable, less allowance for doubtful accounts | 22,609 | 92,646 | ||||
Inventory | 9,042 | 138,818 | ||||
Current deferred tax assets | 38,419 | |||||
Prepaid logging roads | 12,665 | 12,992 | ||||
Prepaid and other current assets | 5,071 | 31,215 | ||||
Total current assets | 100,622 | 372,530 | ||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,083,743 | 2,049,378 | ||||
NET PROPERTY, PLANT AND EQUIPMENT | 6,273 | 858,209 | ||||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||||
OTHER ASSETS (Note 9) | 127,171 | 216,261 | ||||
TOTAL ASSETS | 2,317,809 | 3,496,378 | ||||
CURRENT LIABILITIES | ||||||
Accounts payable | 17,401 | 66,207 | ||||
Current maturities of long-term debt | 0 | 0 | ||||
Accrued taxes | 11,394 | 3,696 | ||||
Uncertain tax positions | 4,767 | |||||
Accrued payroll and benefits | 3,137 | 13,566 | ||||
Accrued interest | 31,281 | 22,816 | ||||
Accrued customer incentives | 9,580 | |||||
Other current liabilities | 24,784 | 21,342 | ||||
Current liabilities for dispositions and discontinued operations | 6,835 | |||||
Total current liabilities | 87,997 | 148,809 | ||||
LONG-TERM DEBT | 265,849 | 288,975 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 69,543 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | -684 | 4,183 | ||||
OTHER NON-CURRENT LIABILITIES | 14,200 | 15,732 | ||||
INTERCOMPANY PAYABLE | -153,754 | 125,921 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,017,520 | 2,749,142 | ||||
Noncontrolling interest | 86,681 | 94,073 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 2,104,201 | 2,843,215 | ||||
Total liabilities and equity | 2,317,809 | 3,496,378 | ||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidating Adjustments [Member] | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||||
Inventory | 0 | 0 | ||||
Current deferred tax assets | 0 | |||||
Prepaid logging roads | 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 | -3,517,214 | -4,391,526 | ||||
INTERCOMPANY NOTES RECEIVABLE | -269,733 | -248,691 | ||||
OTHER ASSETS (Note 9) | 0 | 0 | ||||
TOTAL ASSETS | -3,786,947 | -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 | -28,412 | -19,612 | ||||
Accrued customer incentives | 0 | |||||
Other current liabilities | 0 | 0 | ||||
Current liabilities for dispositions and discontinued operations | 0 | |||||
Total current liabilities | -28,412 | -19,612 | ||||
LONG-TERM DEBT | 0 | 0 | ||||
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17) | 0 | |||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||||
INTERCOMPANY PAYABLE | -277,712 | -244,148 | ||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -3,480,823 | -4,376,457 | ||||
Noncontrolling interest | 0 | 0 | ||||
TOTAL SHAREHOLDERS’ EQUITY | -3,480,823 | -4,376,457 | ||||
Total liabilities and equity | ($3,786,947) | ($4,640,217) | ||||
[1] | 2013 includes $128.2 million of inventory related to the Performance Fibers business. |
Consolidating_Financial_Statem5
Consolidating Financial Statements - Condensed Consolidating Statements of Cash Flow (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | $316,547 | $545,173 | $445,914 |
INVESTING ACTIVITIES | |||
Capital expenditures | -123,689 | -162,183 | -155,520 |
Purchase of additional interest in New Zealand joint venture | 0 | -139,879 | 0 |
Purchase of timberlands | -130,896 | -20,401 | -106,536 |
Jesup mill cellulose specialties expansion | 0 | 148,262 | 198,341 |
Proceeds from disposition of Wood Products business | 0 | 62,720 | 0 |
Change in restricted cash | 62,256 | -58,385 | -10,559 |
Investment in Subsidiaries | 0 | 0 | 0 |
Other | -478 | -2,530 | -1,945 |
CASH USED FOR INVESTING ACTIVITIES | -192,807 | -468,920 | -472,901 |
FINANCING ACTIVITIES | |||
Issuance of debt | 1,426,464 | 622,885 | 1,230,000 |
Repayment of debt | -1,289,637 | -549,485 | -813,610 |
Dividends paid | -257,517 | -237,016 | -206,583 |
Proceeds from the issuance of common shares | 5,579 | 10,101 | 25,495 |
Excess tax benefits on stock-based compensation | 0 | 8,413 | 7,635 |
Debt issuance costs | -12,380 | 0 | -6,135 |
Repurchase of common shares | -1,858 | -11,326 | -7,783 |
Purchase of timberland deeds for Rayonier Advanced Materials | -12,677 | 0 | 0 |
Debt issuance funds distributed to Rayonier Advanced Materials | -924,943 | 0 | 0 |
Proceeds from spin-off of Rayonier Advanced Materials | 906,200 | 0 | 0 |
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 0 | 0 | 0 |
Other | -680 | -713 | 0 |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -161,449 | -157,141 | 229,019 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -377 | -64 | -39 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | -38,086 | -80,952 | 201,993 |
Balance, beginning of year | 199,644 | 280,596 | 78,603 |
Balance, end of year | 161,558 | 199,644 | 280,596 |
Rayonier Inc. (Parent Guarantor) [Member] | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 269,653 | 407,712 | 90,456 |
INVESTING ACTIVITIES | |||
Capital expenditures | 0 | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | 0 | ||
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | |
Proceeds from disposition of Wood Products business | 0 | ||
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | 0 | -138,178 | 0 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | 0 | -138,178 | 0 |
FINANCING ACTIVITIES | |||
Issuance of debt | 0 | 175,000 | 475,000 |
Repayment of debt | 0 | -325,000 | -120,000 |
Dividends paid | -257,517 | -237,016 | -206,583 |
Proceeds from the issuance of common shares | 5,579 | 10,101 | 25,495 |
Excess tax benefits on stock-based compensation | 0 | 0 | |
Debt issuance costs | 0 | -3,697 | |
Repurchase of common shares | -1,858 | -11,326 | -7,783 |
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 | ||
Issuance of intercompany notes | -12,400 | -4,000 | 0 |
Intercompany distributions | 0 | 0 | 0 |
Other | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -297,616 | -392,241 | 162,432 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | -27,963 | -122,707 | 252,888 |
Balance, beginning of year | 130,181 | 252,888 | 0 |
Balance, end of year | 102,218 | 130,181 | 252,888 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 293,193 | 417,074 | 138,149 |
INVESTING ACTIVITIES | |||
Capital expenditures | -400 | -663 | -354 |
Purchase of additional interest in New Zealand joint venture | 0 | ||
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | |
Proceeds from disposition of Wood Products business | 0 | ||
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | 0 | -138,178 | 0 |
Other | 0 | 1,701 | 0 |
CASH USED FOR INVESTING ACTIVITIES | -400 | -137,140 | -354 |
FINANCING ACTIVITIES | |||
Issuance of debt | 0 | 0 | 0 |
Repayment of debt | 0 | 0 | -30,000 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | |
Debt issuance costs | 0 | -1,219 | |
Repurchase of common shares | 0 | 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 | ||
Issuance of intercompany notes | 0 | 0 | -14,000 |
Intercompany distributions | -293,086 | -283,596 | -97,587 |
Other | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -293,086 | -283,596 | -142,806 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | -293 | -3,662 | -5,011 |
Balance, beginning of year | 304 | 3,966 | 8,977 |
Balance, end of year | 11 | 304 | 3,966 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member] | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 0 | 84,000 | 41,000 |
INVESTING ACTIVITIES | |||
Capital expenditures | 0 | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | 0 | ||
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | |
Proceeds from disposition of Wood Products business | 0 | ||
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | 798,875 | -247,114 | -142,508 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | 798,875 | -247,114 | -142,508 |
FINANCING ACTIVITIES | |||
Issuance of debt | 201,000 | 390,000 | 740,000 |
Repayment of debt | -1,002,500 | -151,525 | -638,110 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | |
Debt issuance costs | 0 | 0 | |
Repurchase of common shares | 0 | 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 | ||
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 0 | -84,000 | -41,000 |
Other | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -801,500 | 154,475 | 60,890 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | -2,625 | -8,639 | -40,618 |
Balance, beginning of year | 10,719 | 19,358 | 59,976 |
Balance, end of year | 8,094 | 10,719 | 19,358 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 43,858 | 491,762 | 423,784 |
INVESTING ACTIVITIES | |||
Capital expenditures | -123,289 | -161,520 | -155,166 |
Purchase of additional interest in New Zealand joint venture | -139,879 | ||
Purchase of timberlands | -130,896 | -20,401 | -106,536 |
Jesup mill cellulose specialties expansion | 148,262 | 198,341 | |
Proceeds from disposition of Wood Products business | 62,720 | ||
Change in restricted cash | 62,256 | -58,385 | -10,559 |
Investment in Subsidiaries | 0 | 0 | 0 |
Other | -478 | -4,231 | -1,945 |
CASH USED FOR INVESTING ACTIVITIES | -192,407 | -469,958 | -472,547 |
FINANCING ACTIVITIES | |||
Issuance of debt | 1,225,464 | 57,885 | 15,000 |
Repayment of debt | -287,137 | -72,960 | -25,500 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 8,413 | 7,635 | |
Debt issuance costs | -12,380 | -1,219 | |
Repurchase of common shares | 0 | 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 | ||
Issuance of intercompany notes | 12,400 | 4,000 | 14,000 |
Intercompany distributions | -795,946 | 35,691 | 33,620 |
Other | -680 | -713 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 141,721 | 32,316 | 43,536 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -377 | -64 | -39 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | -7,205 | 54,056 | -5,266 |
Balance, beginning of year | 58,440 | 4,384 | 9,650 |
Balance, end of year | 51,235 | 58,440 | 4,384 |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Consolidating Adjustments [Member] | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | -290,157 | -855,375 | -247,475 |
INVESTING ACTIVITIES | |||
Capital expenditures | 0 | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | 0 | ||
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | |
Proceeds from disposition of Wood Products business | 0 | ||
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | -798,875 | 523,470 | 142,508 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | -798,875 | 523,470 | 142,508 |
FINANCING ACTIVITIES | |||
Issuance of debt | 0 | 0 | 0 |
Repayment of debt | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | |
Debt issuance costs | 0 | 0 | |
Repurchase of common shares | 0 | 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 | ||
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 1,089,032 | 331,905 | 104,967 |
Other | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 1,089,032 | 331,905 | 104,967 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | 0 | 0 | 0 |
Balance, beginning of year | 0 | 0 | 0 |
Balance, end of year | 0 | 0 | 0 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 293,193 | 417,074 | 138,149 |
INVESTING ACTIVITIES | |||
Capital expenditures | -400 | -663 | -354 |
Purchase of additional interest in New Zealand joint venture | 0 | ||
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | |
Proceeds from disposition of Wood Products business | 0 | ||
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | 798,875 | -385,292 | -142,508 |
Other | 0 | 1,701 | 0 |
CASH USED FOR INVESTING ACTIVITIES | 798,475 | -384,254 | -142,862 |
FINANCING ACTIVITIES | |||
Issuance of debt | 201,000 | 390,000 | 740,000 |
Repayment of debt | -1,002,500 | -151,525 | -668,110 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | |
Debt issuance costs | 0 | -1,219 | |
Repurchase of common shares | 0 | 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 | ||
Issuance of intercompany notes | 0 | 0 | -14,000 |
Intercompany distributions | -293,086 | -283,596 | -97,587 |
Other | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | -1,094,586 | -45,121 | -40,916 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | -2,918 | -12,301 | -45,629 |
Balance, beginning of year | 11,023 | 23,324 | 68,953 |
Balance, end of year | 8,105 | 11,023 | 23,324 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 43,858 | 491,762 | 423,784 |
INVESTING ACTIVITIES | |||
Capital expenditures | -123,289 | -161,520 | -155,166 |
Purchase of additional interest in New Zealand joint venture | -139,879 | ||
Purchase of timberlands | -130,896 | -20,401 | -106,536 |
Jesup mill cellulose specialties expansion | 148,262 | 198,341 | |
Proceeds from disposition of Wood Products business | 62,720 | ||
Change in restricted cash | 62,256 | -58,385 | -10,559 |
Investment in Subsidiaries | 0 | 0 | 0 |
Other | -478 | -4,231 | -1,945 |
CASH USED FOR INVESTING ACTIVITIES | -192,407 | -469,958 | -472,547 |
FINANCING ACTIVITIES | |||
Issuance of debt | 1,225,464 | 57,885 | 15,000 |
Repayment of debt | -287,137 | -72,960 | -25,500 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 8,413 | 7,635 | |
Debt issuance costs | -12,380 | -1,219 | |
Repurchase of common shares | 0 | 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 | ||
Issuance of intercompany notes | 12,400 | 4,000 | 14,000 |
Intercompany distributions | -795,946 | 35,691 | 33,620 |
Other | -680 | -713 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 141,721 | 32,316 | 43,536 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -377 | -64 | -39 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | -7,205 | 54,056 | -5,266 |
Balance, beginning of year | 58,440 | 4,384 | 9,650 |
Balance, end of year | 51,235 | 58,440 | 4,384 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidating Adjustments [Member] | |||
Consolidated Statements of Cash Flows [Abstract] | |||
CASH PROVIDED BY OPERATING ACTIVITIES | -290,157 | -771,375 | -206,475 |
INVESTING ACTIVITIES | |||
Capital expenditures | 0 | 0 | 0 |
Purchase of additional interest in New Zealand joint venture | 0 | ||
Purchase of timberlands | 0 | 0 | 0 |
Jesup mill cellulose specialties expansion | 0 | 0 | |
Proceeds from disposition of Wood Products business | 0 | ||
Change in restricted cash | 0 | 0 | 0 |
Investment in Subsidiaries | -798,875 | 523,470 | 142,508 |
Other | 0 | 0 | 0 |
CASH USED FOR INVESTING ACTIVITIES | -798,875 | 523,470 | 142,508 |
FINANCING ACTIVITIES | |||
Issuance of debt | 0 | 0 | 0 |
Repayment of debt | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 | 0 |
Excess tax benefits on stock-based compensation | 0 | 0 | |
Debt issuance costs | 0 | 0 | |
Repurchase of common shares | 0 | 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 | ||
Issuance of intercompany notes | 0 | 0 | 0 |
Intercompany distributions | 1,089,032 | 247,905 | 63,967 |
Other | 0 | 0 | |
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | 1,089,032 | 247,905 | 63,967 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Change in cash and cash equivalents | 0 | 0 | 0 |
Balance, beginning of year | 0 | 0 | 0 |
Balance, end of year | $0 | $0 | $0 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Additions Charged to Cost and Expenses | ($13,289) | ($14,595) | ($572) | |||
Income tax provision | -9,601 | -35,685 | -27,060 | |||
Allowance for doubtful accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 673 | 417 | 399 | |||
Additions Charged to Cost and Expenses | 134 | 855 | [1] | 67 | ||
Deductions | -765 | [2] | -599 | [3] | -49 | [3] |
Balance at End of Year | 42 | 673 | 417 | |||
Deferred tax asset valuation allowance [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 33,889 | 19,294 | 18,811 | |||
Additions Charged to Cost and Expenses | 13,289 | [4] | 14,595 | [5] | 572 | [6] |
Deductions | -33,534 | [7] | 0 | -89 | [8] | |
Balance at End of Year | 13,644 | 33,889 | 19,294 | |||
Valuation Allowance, Operating Loss Carryforwards [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Income tax provision | $355 | |||||
[1] | The 2013 increase is primarily related to the consolidation of the New Zealand JV. | |||||
[2] | The 2014 decrease is largely related to the spin-off of the Performance Fibers business. | |||||
[3] | The deductions are primarily payments and adjustments to required reserves. | |||||
[4] | The 2014 increase is primarily related to the Company’s limited potential use of the CBPC prior to its expiration in 2017. | |||||
[5] | The 2013 increase is primarily Georgia investment tax credits earned on the CSE project. | |||||
[6] | The 2012 increase is primarily attributable to state NOLs and Georgia investment tax credits and training credits. | |||||
[7] | The decrease is primarily related to deferred tax assets contributed to Rayonier Advanced Materials in the spin-off. The decrease also reflects the utilization and expiration of RNZ NOL carryforwards, of which $355 thousand was recorded as income tax expense. | |||||
[8] | The 2012 decrease relates to RNZ NOL carryforwards. |