Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
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-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 126,867,147 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Statement of Comprehensive Income [Abstract] | |||
SALES | $140,305 | $143,187 | |
Costs and Expenses | |||
Cost of sales | 107,234 | 115,900 | |
Selling and general expenses | 10,898 | 13,237 | |
Other operating income, net (Note 17) | -5,574 | -375 | |
Costs and Expenses, Total | 112,558 | 128,762 | |
OPERATING INCOME | 27,747 | 14,425 | |
Interest expense | -8,544 | -10,675 | |
Interest income and miscellaneous expense, net | -1,494 | -1,011 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 17,709 | 2,739 | |
Income tax benefit | 471 | 7,596 | |
INCOME FROM CONTINUING OPERATIONS | 18,180 | 10,335 | |
DISCONTINUED OPERATIONS, NET (Note 2) | |||
Income from discontinued operations, net of income tax expense of $0 and $15,308 | 0 | 31,008 | |
NET INCOME | 18,180 | 41,343 | 97,846 |
Less: Net income (loss) attributable to noncontrolling interest | 433 | -83 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 17,747 | 41,426 | |
OTHER COMPREHENSIVE (LOSS) INCOME | |||
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | -14,323 | 17,803 | -15,847 |
New Zealand joint venture cash flow hedges, net of income tax benefit (expense) of $436 and ($501) | -946 | 1,711 | -1,855 |
Amortization of pension and postretirement plans, net of income tax expense of $158 and $931 | 781 | 2,097 | |
Total other comprehensive (loss) income | -14,488 | 21,611 | |
COMPREHENSIVE INCOME | 3,692 | 62,954 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -3,791 | 5,425 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $7,483 | $57,529 | |
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | |||
Continuing Operations (in dollars per share) | $0.14 | $0.08 | |
Discontinued Operations (in dollars per share) | $0 | $0.25 | |
Net Income, Basic (in dollars per share) | $0.14 | $0.33 | |
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC. | |||
Continuing Operations (in dollars per share) | $0.14 | $0.08 | |
Discontinued Operations, (in dollars per share) | $0 | $0.24 | |
Net Income, Diluted (in dollars per share) | $0.14 | $0.32 | |
Dividends per share | $0.25 | $0.49 | $2.03 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Income from discontinued operations, income tax expense | $0 | $15,308 |
Foreign currency translation adjustment, income tax benefit | 343 | 0 |
New Zealand joint venture cash flow hedges, income tax benefit (expense) | 436 | -501 |
Amortization of pension and postretirement plans, income tax expense | $158 | $931 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $139,049 | $161,558 |
Accounts receivable, less allowance for doubtful accounts of $42 and $42 | 19,960 | 24,018 |
Inventory (Note 14) | 13,100 | 8,383 |
Prepaid and other current assets | 18,040 | 19,745 |
Total current assets | 190,149 | 213,704 |
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,073,024 | 2,088,501 |
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS (NOTE 5) | 71,952 | 77,433 |
PROPERTY, PLANT AND EQUIPMENT | ||
Land | 1,833 | 1,833 |
Buildings | 8,894 | 8,961 |
Machinery and equipment | 3,530 | 3,503 |
Construction in progress | 710 | 579 |
Total property, plant and equipment, gross | 14,967 | 14,876 |
Less — accumulated depreciation | -8,375 | -8,170 |
Total property, plant and equipment, net | 6,592 | 6,706 |
OTHER ASSETS | 70,833 | 66,771 |
TOTAL ASSETS | 2,412,550 | 2,453,115 |
CURRENT LIABILITIES | ||
Accounts payable | 22,228 | 20,211 |
Current maturities of long-term debt | 130,213 | 129,706 |
Accrued taxes | 12,461 | 11,405 |
Accrued payroll and benefits | 2,996 | 6,390 |
Accrued interest | 9,892 | 8,433 |
Other current liabilities | 19,002 | 25,857 |
Total current liabilities | 196,792 | 202,002 |
LONG-TERM DEBT | 612,804 | 621,849 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 13) | 33,661 | 33,477 |
OTHER NON-CURRENT LIABILITIES | 21,077 | 20,636 |
COMMITMENTS AND CONTINGENCIES (Notes 11 and 12) | ||
SHAREHOLDERS’ EQUITY | ||
Common Shares, 480,000,000 shares authorized, 126,802,309 and 126,773,097 shares issued and outstanding | 703,588 | 702,598 |
Retained earnings | 776,827 | 790,697 |
Accumulated other comprehensive loss | -15,088 | -4,825 |
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,327 | 1,488,470 |
Noncontrolling interest | 82,889 | 86,681 |
TOTAL SHAREHOLDERS’ EQUITY | 1,548,216 | 1,575,151 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $2,412,550 | $2,453,115 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ||
Accounts receivable, allowance for doubtful accounts | $42 | $42 |
Shareholders’ Equity: | ||
Common shares, shares authorized | 480,000,000 | 480,000,000 |
Common shares, shares issued | 126,802,309 | 126,773,097 |
Common shares, shares outstanding | 126,802,309 | 126,773,097 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
OPERATING ACTIVITIES | ||||
Net income | $18,180 | $41,343 | ||
Adjustments to reconcile net income to cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 29,975 | 25,981 | ||
Non-cash cost of land sold and real estate development costs recovered upon sale | 3,747 | 3,076 | ||
Stock-based incentive compensation expense | 805 | 3,103 | ||
Deferred income taxes | -189 | 5,596 | ||
Non-cash adjustments to unrecognized tax benefit liability | 0 | -3,896 | ||
Depreciation and amortization from discontinued operations | 0 | 20,649 | ||
Amortization of losses from pension and postretirement plans | 939 | 3,028 | ||
Other | 105 | 2,368 | ||
Changes in operating assets and liabilities: | ||||
Receivables | 3,544 | -15,950 | ||
Inventories | -3,133 | -950 | ||
Accounts payable | 2,857 | 13,929 | ||
Income tax receivable/payable | -150 | 1,319 | ||
All other operating activities | -3,282 | 3,002 | ||
Expenditures for dispositions and discontinued operations | 0 | -2,498 | ||
CASH PROVIDED BY OPERATING ACTIVITIES | 53,398 | 100,100 | ||
INVESTING ACTIVITIES | ||||
Capital expenditures | -13,292 | -34,640 | ||
Real estate development costs | -306 | -1,812 | ||
Purchase of timberlands | -23,070 | -10,637 | ||
Change in restricted cash | -7,071 | 45,312 | ||
Other | 0 | -778 | ||
CASH USED FOR INVESTING ACTIVITIES | -43,739 | -2,555 | ||
FINANCING ACTIVITIES | ||||
Issuance of debt | 12,000 | 31,819 | ||
Repayment of debt | -11,371 | -110,000 | ||
Dividends paid | -31,667 | -62,545 | ||
Proceeds from the issuance of common shares | 546 | 2,027 | ||
Repurchase of common shares | -94 | -1,754 | ||
Other | 0 | -678 | ||
CASH USED FOR FINANCING ACTIVITIES | -30,586 | -141,131 | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -1,582 | 13 | ||
CASH AND CASH EQUIVALENTS | ||||
Change in cash and cash equivalents | -22,509 | -43,573 | ||
Balance, beginning of year | 161,558 | 199,644 | ||
Balance, end of period | 139,049 | 156,071 | ||
Cash paid during the period: | ||||
Interest (a) | 5,016 | [1] | 6,928 | [1] |
Income taxes | 138 | 7,134 | ||
Non-cash investing activity: | ||||
Capital assets purchased on account | 2,441 | 17,891 | ||
Patronage refunds received, netted with interest paid | $1,300 | $2,100 | ||
[1] | Interest paid is presented net of patronage refunds received of $1.3 million for the three months ended March 31, 2015 and $2.1 million for the three months ended March 31, 2014. For additional information on patronage refunds, see Note 13 — Debt in the 2014 Form 10-K. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION |
Basis of Presentation | |
The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries (“Rayonier” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, these financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC (the “2014 Form 10-K”). | |
Reclassifications | |
Certain 2014 amounts have been reclassified to conform to the current presentation, including changes in balance sheet presentation. During the first quarter of 2015, the Company reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets. Rayonier also reclassified long-term higher and better use (“HBU”) timberlands and real estate development costs from Other Assets to a separate balance sheet caption. These adjustments are reflected in the March 31, 2015 and December 31, 2014 Consolidated Balance Sheets. Corresponding changes have also been made to the Consolidated Statements of Cash Flows for both periods presented. | |
Certain 2014 amounts have also been adjusted for reclassifications of discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014. Accordingly, the operating results of this business segment are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for the prior-year period. Certain administrative and general costs historically allocated to the Performance Fibers business that remained with Rayonier are reported in continuing operations. | |
The Consolidated Statement of Cash Flows for March 31, 2014 has not been restated to exclude Performance Fibers cash flows. | |
See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business. | |
New Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) and 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. In April 2015, the FASB voted for a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. If approved, this standard will be effective for Rayonier beginning January 1, 2018 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 February 2015, the FASB issued ASU No. 2015-02, Consolidation, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This standard will be effective for Rayonier’s first quarter 2016 Form 10-Q filing and is not expected to have an impact on the Company’s consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest. This amendment requires that debt issuance costs be presented in the Balance Sheet as a direct deduction from the carrying amount of the debt liability. This standard will be effective for Rayonier’s first quarter 2016 Form 10-Q filing and is not expected to have a material impact on the Company’s consolidated financial statements. | |
Subsequent Events | |
The Company evaluated events and transactions that occurred after the Balance Sheet date but before the financial statements were issued, and no subsequent events were identified. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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 Inc. (“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 of 2014. | |||||
In order to effect the spin-off and govern the Company’s 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. See Note 3 — Discontinued Operations in the 2014 Form 10-K for further details concerning these agreements. | |||||
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 months ended March 31, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income: | |||||
Three Months Ended March 31, 2014 | |||||
Sales | $243,499 | ||||
Cost of sales and other | (193,864 | ) | |||
Transaction expenses | (3,319 | ) | |||
Income from discontinued operations before income taxes | 46,316 | ||||
Income tax expense | (15,308 | ) | |||
Income from discontinued operations, net | $31,008 | ||||
In accordance with Accounting Standards Codification (“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 months ended March 31, 2014: | |||||
Three Months Ended March 31, 2014 | |||||
Interest expense allocated to the Performance Fibers business | ($2,295 | ) | |||
The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business: | |||||
Three Months Ended March 31, 2014 | |||||
Depreciation and amortization | $20,649 | ||||
Capital expenditures | 17,876 | ||||
Pursuant to a Memorandum of Understanding agreement, Rayonier may provide Rayonier Advanced Materials with up to 120,000 tons of hardwood annually through July 30, 2017. Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows: | |||||
Three Months Ended March 31, 2014 | |||||
Hardwood purchases | $2,745 | ||||
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Common Share | EARNINGS PER COMMON SHARE | |||||||
The following table provides details of the calculations of basic and diluted earnings per common share: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Income from continuing operations | $18,180 | $10,335 | ||||||
Less: Net income (loss) from continuing operations attributable to noncontrolling interest | 433 | (83 | ) | |||||
Income from continuing operations attributable to Rayonier Inc. | $17,747 | $10,418 | ||||||
Income from discontinued operations, net, attributable to Rayonier Inc. | — | 31,008 | ||||||
Net income attributable to Rayonier Inc. | $17,747 | $41,426 | ||||||
Shares used for determining basic earnings per common share | 126,614,334 | 126,344,987 | ||||||
Dilutive effect of: | ||||||||
Stock options | 168,680 | 286,535 | ||||||
Performance and restricted shares | 51,494 | 83,850 | ||||||
Assumed conversion of Senior Exchangeable Notes (a) | 892,885 | 1,063,538 | ||||||
Assumed conversion of warrants (a) | — | 645,583 | ||||||
Shares used for determining diluted earnings per common share | 127,727,393 | 128,424,493 | ||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||
Continuing operations | $0.14 | $0.08 | ||||||
Discontinued operations | — | 0.25 | ||||||
Net income | $0.14 | $0.33 | ||||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||
Continuing operations | $0.14 | $0.08 | ||||||
Discontinued operations | — | 0.24 | ||||||
Net income | $0.14 | $0.32 | ||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | ||||||||
Stock options, performance and restricted shares | 757,960 | 731,046 | ||||||
Assumed conversion of exchangeable note hedges (a) | 892,885 | 1,063,538 | ||||||
Total | 1,650,845 | 1,794,584 | ||||||
(a) Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the | ||||||||
“2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented. | ||||||||
Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three months ended March 31, 2015 as the average stock price for the period did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Income Taxes | INCOME TAXES | |||||||||||||
The operations conducted by the Company’s Real Estate Investment Trust (“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 business. As such, during 2014 and prior periods the income tax benefit from continuing operations was significantly impacted by the TRS businesses. Subsequent to the spin-off, the primary businesses performed in Rayonier’s taxable REIT subsidiaries include log trading and certain real estate activities, such as the sale and entitlement of development HBU properties. | ||||||||||||||
Provision for Income Taxes from Continuing Operations | ||||||||||||||
The Company’s effective tax rate is below the 35 percent U.S. statutory rate due to tax benefits associated with being a REIT. The income tax benefit for the three months ended March 31, 2015 is principally related to the Matariki Forestry Group joint venture (the “New Zealand JV”). The prior year period’s benefit was due to losses at Rayonier's taxable operations primarily from interest and general administrative expenses not allowed to be allocated to the discontinued operations of the Performance Fibers business and is not comparable to the current year. | ||||||||||||||
The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented: | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Income tax expense at federal statutory rate | ($6,198 | ) | 35 | % | ($959 | ) | 35 | % | ||||||
REIT income and taxable losses | 7,502 | (42.4 | ) | 7,188 | (262.4 | ) | ||||||||
Foreign operations | 1,137 | (6.4 | ) | (10 | ) | 0.4 | ||||||||
Net operating loss valuation allowance | (1,812 | ) | 10.2 | — | — | |||||||||
Other | (158 | ) | 0.9 | 7 | (0.3 | ) | ||||||||
Income tax benefit before discrete items | $471 | (2.7 | )% | $6,226 | (227.3 | )% | ||||||||
Prior period state tax adjustments | — | — | 1,370 | (50.0 | ) | |||||||||
Income tax benefit as reported for continuing operations | $471 | (2.7 | )% | $7,596 | (277.3 | )% | ||||||||
Provision for Income Taxes from Discontinued Operations | ||||||||||||||
On June 27, 2014, Rayonier completed the spin-off of its Performance Fibers business. For the three months ended March 31, 2014, income tax expense related to Performance Fibers discontinued operations was $15.3 million. See Note 2 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business. |
HIGHER_AND_BETTER_USE_TIMBERLA
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Real Estate [Abstract] | ||||||||||||
Higher and Better Use Timberlands and Real Estate Development Costs | HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | |||||||||||
Rayonier continuously assesses potential alternative uses of its timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. The Company periodically transfers, via a sale or contribution from the REIT to TRS, HBU timberlands to enable land-use entitlement, development or marketing activities. The Company also acquires HBU properties in connection with timberland acquisitions. These properties are still managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, the Company also selectively pursues various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, Rayonier also invests in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties. | ||||||||||||
An analysis of higher and better use timberlands and real estate development costs from December 31, 2014 to March 31, 2015 is shown below: | ||||||||||||
Higher and Better Use Timberlands and Real Estate Development Costs | ||||||||||||
Land and Timber | Development Costs | Total | ||||||||||
Non-current portion at December 31, 2014 | $65,959 | $11,474 | $77,433 | |||||||||
Plus: Current portion (a) | 4,875 | 57 | 4,932 | |||||||||
Total Balance at December 31, 2014 | 70,834 | 11,531 | 82,365 | |||||||||
Non-cash cost of land sold and real estate development costs recovered upon sale | (3,669 | ) | (4 | ) | (3,673 | ) | ||||||
Timber depletion from harvesting activities | (554 | ) | — | (554 | ) | |||||||
Capitalized real estate development costs (b) | — | 276 | 276 | |||||||||
Capital expenditures (silviculture) | 49 | — | 49 | |||||||||
Acquisitions | — | — | — | |||||||||
Transfers | — | — | — | |||||||||
Total Balance at March 31, 2015 | 66,660 | 11,803 | 78,463 | |||||||||
Less: Current portion (a) | (6,173 | ) | (338 | ) | (6,511 | ) | ||||||
Non-current portion at March 31, 2015 | $60,487 | $11,465 | $71,952 | |||||||||
(a) | The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 14 — Inventory for additional information. | |||||||||||
(b) | Capitalized real estate development costs for the three months ended March 31, 2015 of $276,000 consisted of $306,000 in cash outflows and a $30,000 change in accrued spending. |
RESTRICTED_DEPOSITS
RESTRICTED DEPOSITS | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Cash and Investments [Abstract] | |
Restricted Deposits | RESTRICTED DEPOSITS |
In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of March 31, 2015 and December 31, 2014, the Company had $13.8 million and $6.7 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||
Shareholders' Equity | SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
An analysis of shareholders’ equity for the three months ended March 31, 2015 and the year ended December 31, 2014 is shown below (share amounts not in thousands): | |||||||||||||||||||||||
Rayonier Inc. Shareholders’ Equity | |||||||||||||||||||||||
Common Shares | Retained | Accumulated Other Comprehensive Income/(Loss) | Non-controlling Interest | Total Shareholders’ | |||||||||||||||||||
Shares (a) | Amount | Earnings | Equity | ||||||||||||||||||||
Balance, December 31, 2013 | 126,257,870 | $692,100 | $1,015,209 | ($46,139 | ) | $94,073 | $1,755,243 | ||||||||||||||||
Net income (loss) | — | — | 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 plans | 561,701 | 5,579 | — | — | — | 5,579 | |||||||||||||||||
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 shares | — | — | — | — | (931 | ) | (931 | ) | |||||||||||||||
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 | ||||||||||||||||
Net income | — | — | 17,747 | — | 433 | 18,180 | |||||||||||||||||
Dividends ($0.25 per share) | — | — | (31,617 | ) | — | — | (31,617 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 32,196 | 546 | — | — | — | 546 | |||||||||||||||||
Stock-based compensation | — | 805 | — | — | — | 805 | |||||||||||||||||
Tax deficiency on stock-based compensation | — | (267 | ) | — | — | — | (267 | ) | |||||||||||||||
Repurchase of common shares | (2,984 | ) | (94 | ) | — | — | — | (94 | ) | ||||||||||||||
Net gain from pension and postretirement plans | — | — | — | 781 | — | 781 | |||||||||||||||||
Foreign currency translation adjustment | — | — | — | (10,429 | ) | (3,894 | ) | (14,323 | ) | ||||||||||||||
Joint venture cash flow hedges | — | — | — | (615 | ) | (331 | ) | (946 | ) | ||||||||||||||
Balance, March 31, 2015 | 126,802,309 | $703,588 | $776,827 | ($15,088 | ) | $82,889 | $1,548,216 | ||||||||||||||||
(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. |
SEGMENT_AND_GEOGRAPHICAL_INFOR
SEGMENT AND GEOGRAPHICAL INFORMATION | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||||
Segment and Geographical Information | SEGMENT AND GEOGRAPHICAL INFORMATION | |||||||
On June 27, 2014, the Company spun-off its Performance Fibers business and its operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information. 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. All prior period amounts have been reclassified to reflect the newly realigned segment structure. See Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Our Company for additional information. | ||||||||
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. | ||||||||
Segment information for each of the three months ended March 31, 2015 and 2014 were as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
SALES | 2015 | 2014 | ||||||
Southern Timber | $35,531 | $33,876 | ||||||
Pacific Northwest Timber | 19,154 | 33,038 | ||||||
New Zealand Timber | 41,194 | 37,764 | ||||||
Real Estate | 23,791 | 5,530 | ||||||
Trading | 20,635 | 35,686 | ||||||
Intersegment Eliminations | — | (2,707 | ) | |||||
Total | $140,305 | $143,187 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
OPERATING INCOME | 2015 | 2014 | ||||||
Southern Timber | $12,413 | $10,493 | ||||||
Pacific Northwest Timber | 2,587 | 12,642 | ||||||
New Zealand Timber | 5,694 | 2,411 | ||||||
Real Estate | 12,582 | 725 | ||||||
Trading | 270 | (412 | ) | |||||
Corporate and other | (5,799 | ) | (11,434 | ) | ||||
Total Operating Income | 27,747 | 14,425 | ||||||
Unallocated interest expense and other | (10,038 | ) | (11,686 | ) | ||||
Total income from continuing operations before income taxes | $17,709 | $2,739 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2015 | 2014 | ||||||
Southern Timber | $14,301 | $11,996 | ||||||
Pacific Northwest Timber | 3,790 | 6,297 | ||||||
New Zealand Timber | 8,003 | 6,496 | ||||||
Real Estate | 3,812 | 910 | ||||||
Trading | — | — | ||||||
Corporate and other | 69 | 282 | ||||||
Total | $29,975 | $25,981 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | 2015 | 2014 | ||||||
Southern Timber | — | — | ||||||
Pacific Northwest Timber | — | — | ||||||
New Zealand Timber | — | 2,098 | ||||||
Real Estate | 3,747 | 978 | ||||||
Trading | — | — | ||||||
Corporate and other | — | — | ||||||
Total | $3,747 | $3,076 | ||||||
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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 Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. 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 and those which are no longer effective as hedging instruments, are recognized immediately in earnings. The Company’s hedge ineffectiveness was immaterial for all periods presented. | ||||||||||
Foreign Currency Exchange and Option Contracts | ||||||||||
The functional currency of Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) and the New Zealand JV is the New Zealand dollar. The New Zealand JV is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The timber operations of the New Zealand JV are typically hedged 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. Foreign currency exposure from the New Zealand JV’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of March 31, 2015, foreign currency exchange contracts and foreign currency option contracts had maturity dates through July 2016 and September 2016, respectively. | ||||||||||
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 March 31, 2015, the Company’s 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 has 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 three months ended March 31, 2015 and 2014. | ||||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
Income Statement Location | 2015 | 2014 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Other comprehensive (loss) income | ($700 | ) | $1,487 | ||||||
Foreign currency option contracts | Other comprehensive (loss) income | (681 | ) | 725 | ||||||
Derivative designated as a net investment hedge: | ||||||||||
Foreign currency exchange contract | Other comprehensive (loss) income | 591 | — | |||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | Other operating (income) expense | — | 25 | |||||||
Foreign currency option contracts | Other operating (income) expense | — | 7 | |||||||
Interest rate swaps | Interest and miscellaneous (expense) income, net | (1,855 | ) | (1,134 | ) | |||||
Fuel hedge contracts | Cost of sales (benefit) | — | 317 | |||||||
During the next 12 months, the amount of the March 31, 2015 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a loss of approximately $1.8 million. | ||||||||||
The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: | ||||||||||
Notional Amount | ||||||||||
March 31, 2015 | December 31, 2014 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | $29,560 | $28,540 | ||||||||
Foreign currency option contracts | 99,400 | 79,400 | ||||||||
Derivative designated as a net investment hedge: | ||||||||||
Foreign currency exchange contract | 26,278 | 27,419 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Interest rate swaps | 142,101 | 161,968 | ||||||||
The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: | ||||||||||
Location on Balance Sheet | Fair Value Assets / (Liabilities) (a) | |||||||||
31-Mar-15 | 31-Dec-14 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Prepaid and other current assets | $87 | $132 | |||||||
Other assets | 8 | 59 | ||||||||
Other current liabilities | (823 | ) | (272 | ) | ||||||
Other non-current liabilities | (49 | ) | — | |||||||
Foreign currency option contracts | Prepaid and other current assets | 393 | 299 | |||||||
Other assets | 390 | 198 | ||||||||
Other current liabilities | (2,176 | ) | (1,439 | ) | ||||||
Other non-current liabilities | (374 | ) | (196 | ) | ||||||
Derivative designated as a net investment hedge: | ||||||||||
Foreign currency exchange contract | Prepaid and other current assets | 711 | — | |||||||
Other current liabilities | — | (223 | ) | |||||||
Derivatives not designated as hedging instruments: | ||||||||||
Interest rate swaps | Other current liabilities | (80 | ) | — | ||||||
Other non-current liabilities | (8,085 | ) | (7,247 | ) | ||||||
Total derivative contracts: | ||||||||||
Prepaid and other current assets | $1,191 | $431 | ||||||||
Other assets | 398 | 257 | ||||||||
Total derivative assets | 1,589 | 688 | ||||||||
Other current liabilities | (3,079 | ) | (1,934 | ) | ||||||
Other non-current liabilities | (8,508 | ) | (7,443 | ) | ||||||
Total derivative liabilities | ($11,587 | ) | ($9,377 | ) | ||||||
(a) | See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy. | |||||||||
Offsetting Derivatives | ||||||||||
Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||
The Accounting Standards Codification established a three-level hierarchy that prioritizes the inputs used to measure fair value as follows: | ||||||||||||||||||||||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||
Level 2 — Observable inputs other than quoted prices included in Level 1. | ||||||||||||||||||||||
Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||
The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at March 31, 2015 and December 31, 2014, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: | ||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Asset (liability) | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||
Cash and cash equivalents | $139,049 | $139,049 | — | $161,558 | $161,558 | — | ||||||||||||||||
Restricted cash (a) | 13,759 | 13,759 | — | 6,688 | 6,688 | — | ||||||||||||||||
Current maturities of long-term debt | (130,213 | ) | — | (150,588 | ) | (129,706 | ) | — | (156,762 | ) | ||||||||||||
Long-term debt | (612,804 | ) | — | (621,605 | ) | (621,849 | ) | — | (628,476 | ) | ||||||||||||
Interest rate swaps (b) | (8,165 | ) | — | (8,165 | ) | (7,247 | ) | — | (7,247 | ) | ||||||||||||
Foreign currency exchange contracts (b) | (66 | ) | — | (66 | ) | (304 | ) | — | (304 | ) | ||||||||||||
Foreign currency option contracts (b) | (1,767 | ) | — | (1,767 | ) | (1,138 | ) | — | (1,138 | ) | ||||||||||||
(a) | Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||||||||||||||||||||
(b) | See Note 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. | |||||||||||||||||||||
Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: | ||||||||||||||||||||||
Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. | ||||||||||||||||||||||
Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. | ||||||||||||||||||||||
Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. | ||||||||||||||||||||||
Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. | ||||||||||||||||||||||
Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. |
GUARANTEES
GUARANTEES | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Guarantees | GUARANTEES | ||||||||
The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of March 31, 2015, the following financial guarantees were outstanding: | |||||||||
Financial Commitments | Maximum Potential | Carrying Amount | |||||||
Payment | of Associated Liability | ||||||||
Standby letters of credit (a) | $16,685 | $15,000 | |||||||
Guarantees (b) | 2,254 | 43 | |||||||
Surety bonds (c) | 682 | — | |||||||
Total financial commitments | $19,621 | $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 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At March 31, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement. | ||||||||
(c) | Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates during 2015 and 2016 and are expected to be renewed as required. |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Contingencies | CONTINGENCIES | |
Following the Company’s November 10, 2014 earnings release and filing of the 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 Paul G. Boynton, Hans E. Vanden Noort, David L. Nunes, and H. Edwin Kiker 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-01395-TJC-JBT, in the United States District Court for the Middle District of Florida. The plaintiffs alleged 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 sought 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, which was granted on February 25, 2015. On April 7, 2015, the plaintiffs filed a Consolidated Class Action Complaint (the “Amended Complaint”). In the Amended Complaint, plaintiffs added allegations as to and added as a defendant N. Lynn Wilson, a former officer of Rayonier. Although the Amended Complaint does not contain any allegations as to David L. Nunes or H. Edwin Kiker, they have not yet been formally dismissed from the case as defendants. Defendants’ Motion to Dismiss is due not later than May 15, 2015. The court has set a hearing on the motion for August 25, 2015. At this preliminary stage, the Company cannot determine whether there is a reasonable possibility that a loss has been incurred nor can the range of any potential loss be estimated. | ||
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, the ultimate outcome of these matters cannot be predicted, nor can the range of potential expenses the Company may incur as a result of the obligations identified above be estimated. | ||
In November 2014, the Company received a subpoena from 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 financial condition, results of operations, or cash flow, 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. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS | |||||||||||||||
The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Currently, the pension plans are closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In the first quarter of 2015, the Company lowered its return on asset assumption from 8.5 percent to 7.7 percent for 2015. | ||||||||||||||||
The net pension and postretirement benefit costs that have been recorded are shown in the following table: | ||||||||||||||||
Pension | Postretirement | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $371 | $1,624 | $3 | $179 | ||||||||||||
Interest cost | 830 | 4,683 | 13 | 206 | ||||||||||||
Expected return on plan assets | (1,007 | ) | (6,658 | ) | — | — | ||||||||||
Amortization of prior service cost | 3 | 292 | — | 4 | ||||||||||||
Amortization of losses | 933 | 2,737 | 3 | 129 | ||||||||||||
Amortization of negative plan amendment | — | — | — | (134 | ) | |||||||||||
Net periodic benefit cost (a) | $1,130 | $2,678 | $19 | $384 | ||||||||||||
(a) | Net periodic benefit cost for the three months ended March 31, 2014 includes $2.0 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. | |||||||||||||||
In 2015, the Company has no mandatory pension contribution requirement. |
INVENTORY
INVENTORY | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory | INVENTORY | |||||||
In the first quarter of 2015, Rayonier reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets, as discussed at Note 1 — Basis of Presentation. As of March 31, 2015 and December 31, 2014, Rayonier’s inventory was solely comprised of finished goods, as follows: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Finished goods inventory | ||||||||
Real estate inventory (a) | $6,511 | $4,932 | ||||||
New Zealand log inventory | 6,589 | 3,451 | ||||||
Total inventory | $13,100 | $8,383 | ||||||
(a) | Represents HBU real estate (including capitalized development costs) expected to be sold within 12 months. |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT |
As of December 31, 2014, the Senior Exchangeable Notes due 2015 were not exchangeable at the option of the holders for the calendar quarter ended March 31, 2015. According to the indenture, in order for the notes to become exchangeable prior to May 15, 2015, the Company’s stock price must exceed 130 percent of the exchange price for 20 trading days during a period of 30 consecutive trading days as of the last day of the quarter. Based upon the average stock price for the 30 trading days ended March 31, 2015, these notes will not become exchangeable until May 15, 2015, the date at which the notes become exchangeable until maturity without the aforementioned condition. The notes mature in August of 2015 and are classified as current maturities of long-term debt as of March 31, 2015. | |
Net draws of $2 million were made in the first quarter of 2015 on the revolving credit facility. At March 31, 2015, the Company had available borrowings of $180 million under the revolving credit facility, net of $2 million to secure its outstanding letters of credit, and additional draws available of $100 million under the term credit agreement. | |
As of March 31, 2015, the New Zealand JV had $176 million of long-term variable rate debt maturing in September of 2016. This debt is subject to interest rate risk resulting from changes in the 90-day New Zealand Bank bill rate (“BKBM”). However, the New Zealand JV uses interest rate swaps to manage its exposure to interest rate movements on its bank loan by swapping a portion of these borrowings from floating rates to fixed rates. The notional amount of the outstanding interest rate swap contracts at March 31, 2015 was $142 million, or 81 percent of the variable rate debt. The interest rate swap contracts have maturities extending through January 2020. The periodic interest rate on New Zealand JV debt is BKBM plus 80 basis points with an additional 80 basis point credit line fee. The Company estimates the periodic effective interest rate on New Zealand JV debt to be approximately 6.6% after consideration of interest rate swaps. During the three months ended March 31, 2015, the New Zealand JV paid $1.4 million on its shareholder loan held with the non-controlling interest party. Favorable exchange rate changes resulted in a $9.5 million decrease to the New Zealand JV’s debt on a U.S. dollar basis. | |
There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the 2014 Form 10-K. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | |||||||||||||||||||
The following table summarizes the changes in AOCI by component for the three months ended March 31, 2015 and the year ended December 31, 2014. 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 | Unrecognized components of employee benefit plans | Total | ||||||||||||||||
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 | (a) | 36,922 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | (1,716 | ) | 6,108 | (b) | 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 | ) | |||||||||||
Other comprehensive income/(loss) before reclassifications | (11,020 | ) | 591 | (907 | ) | — | (11,336 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 292 | 781 | (c) | 1,073 | ||||||||||||||
Net other comprehensive income/(loss) | (11,020 | ) | 591 | (615 | ) | 781 | (10,263 | ) | ||||||||||||
Balance as of March 31, 2015 | $14,513 | $446 | ($2,163 | ) | ($27,884 | ) | ($15,088 | ) | ||||||||||||
(a) | 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 December 31, 2014. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information. | |||||||||||||||||||
(b) | 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. | |||||||||||||||||||
(c) | This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 13 — Employee Benefit Plans for additional information. | |||||||||||||||||||
The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2015 and March 31, 2014: | ||||||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the income statement | ||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||
Realized loss (gain) on foreign currency exchange contracts | $364 | ($872 | ) | Other operating income, net | ||||||||||||||||
Realized loss (gain) on foreign currency option contracts | 293 | (107 | ) | Other operating income, net | ||||||||||||||||
Noncontrolling interest | (230 | ) | 343 | Comprehensive (loss) income attributable to noncontrolling interest | ||||||||||||||||
Income tax (benefit) expense on loss from foreign currency contracts | (135 | ) | 144 | Income tax benefit | ||||||||||||||||
Net loss (gain) on cash flow hedges reclassified from accumulated other comprehensive income | $292 | ($492 | ) | |||||||||||||||||
OTHER_OPERATING_INCOME_NET
OTHER OPERATING INCOME, NET | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Other Operating Income, Net | OTHER OPERATING INCOME, NET | |||||||
Other operating income, net was comprised of the following: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Lease income, primarily from hunting leases | $4,109 | $3,036 | ||||||
Other non-timber income | 1,364 | 552 | ||||||
Foreign currency losses | (241 | ) | (1,519 | ) | ||||
Loss on foreign currency exchange contracts | — | (32 | ) | |||||
Miscellaneous income (expense), net | 342 | (1,662 | ) | |||||
Total | $5,574 | $375 | ||||||
CONSOLIDATING_FINANCIAL_STATEM
CONSOLIDATING FINANCIAL STATEMENTS | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
CONSOLIDATING FINANCIAL STATEMENTS [Abstract] | ||||||||||||||||||||||||
Consolidating Financial Statements | CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||||||||
The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. | ||||||||||||||||||||||||
In August 2009, Rayonier TRS Holdings Inc. issued $172.5 million of 4.50% Senior Exchangeable Notes due 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. | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | — | — | — | $140,305 | — | $140,305 | ||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 107,234 | — | 107,234 | ||||||||||||||||||
Selling and general expenses | — | 4,949 | — | 5,949 | — | 10,898 | ||||||||||||||||||
Other operating income, net | — | — | — | (5,574 | ) | — | (5,574 | ) | ||||||||||||||||
— | 4,949 | — | 107,609 | — | 112,558 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,949 | ) | — | 32,696 | — | 27,747 | |||||||||||||||||
Interest expense | (3,168 | ) | (92 | ) | (2,432 | ) | (2,852 | ) | — | (8,544 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 1,936 | 837 | (144 | ) | (4,123 | ) | — | (1,494 | ) | |||||||||||||||
Equity in income (loss) from subsidiaries | 18,979 | 23,183 | 1,427 | — | (43,589 | ) | — | |||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 17,747 | 18,979 | (1,149 | ) | 25,721 | (43,589 | ) | 17,709 | ||||||||||||||||
Income tax benefit (expense) | — | — | 960 | (489 | ) | — | 471 | |||||||||||||||||
NET INCOME (LOSS) | 17,747 | 18,979 | (189 | ) | 25,232 | (43,589 | ) | 18,180 | ||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 433 | — | 433 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | 17,747 | 18,979 | (189 | ) | 24,799 | (43,589 | ) | 17,747 | ||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | (10,430 | ) | (10,430 | ) | (852 | ) | (14,323 | ) | 21,712 | (14,323 | ) | |||||||||||||
New Zealand joint venture cash flow hedges | (615 | ) | (615 | ) | (615 | ) | (946 | ) | 1,845 | (946 | ) | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 781 | 781 | 20 | 20 | (821 | ) | 781 | |||||||||||||||||
Total other comprehensive loss | (10,264 | ) | (10,264 | ) | (1,447 | ) | (15,249 | ) | 22,736 | (14,488 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | 7,483 | 8,715 | (1,636 | ) | 9,983 | (20,853 | ) | 3,692 | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (3,791 | ) | — | (3,791 | ) | ||||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | $7,483 | $8,715 | ($1,636 | ) | $13,774 | ($20,853 | ) | $7,483 | ||||||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non-guarantors | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | Adjustments | Consolidated | |||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | — | — | — | $143,187 | — | $143,187 | ||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 115,900 | — | 115,900 | ||||||||||||||||||
Selling and general expenses | — | 2,150 | — | 11,087 | — | 13,237 | ||||||||||||||||||
Other operating expense (income), net | — | 2,375 | — | (2,750 | ) | — | (375 | ) | ||||||||||||||||
— | 4,525 | — | 124,237 | — | 128,762 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,525 | ) | — | 18,950 | — | 14,425 | |||||||||||||||||
Interest expense | (3,193 | ) | (243 | ) | (6,690 | ) | (549 | ) | — | (10,675 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 2,698 | 814 | (1,047 | ) | (3,476 | ) | — | (1,011 | ) | |||||||||||||||
Equity in income from subsidiaries | 41,921 | 46,478 | 31,110 | — | (119,509 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 41,426 | 42,524 | 23,373 | 14,925 | (119,509 | ) | 2,739 | |||||||||||||||||
Income tax (expense) benefit | — | (603 | ) | 2,824 | 5,375 | — | 7,596 | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 41,426 | 41,921 | 26,197 | 20,300 | (119,509 | ) | 10,335 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 31,008 | — | 31,008 | ||||||||||||||||||
NET INCOME | 41,426 | 41,921 | 26,197 | 51,308 | (119,509 | ) | 41,343 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (83 | ) | — | (83 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 41,426 | 41,921 | 26,197 | 51,391 | (119,509 | ) | 41,426 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 12,894 | 12,893 | 766 | 17,795 | (26,545 | ) | 17,803 | |||||||||||||||||
New Zealand joint venture cash flow hedges | 1,112 | 1,112 | 1,112 | 1,711 | (3,336 | ) | 1,711 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,097 | 2,097 | 1,620 | 1,620 | (5,337 | ) | 2,097 | |||||||||||||||||
Total other comprehensive income | 16,103 | 16,102 | 3,498 | 21,126 | (35,218 | ) | 21,611 | |||||||||||||||||
COMPREHENSIVE INCOME | 57,529 | 58,023 | 29,695 | 72,434 | (154,727 | ) | 62,954 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | 5,425 | — | 5,425 | ||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $57,529 | $58,023 | $29,695 | $67,009 | ($154,727 | ) | $57,529 | |||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
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 | $77,738 | $4,282 | $1,287 | $55,742 | — | $139,049 | ||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | — | 182 | 19,778 | — | 19,960 | ||||||||||||||||||
Inventory | — | — | — | 13,100 | — | 13,100 | ||||||||||||||||||
Prepaid and other current assets | — | 2,075 | 2,120 | 13,845 | — | 18,040 | ||||||||||||||||||
Total current assets | 77,738 | 6,357 | 3,589 | 102,465 | — | 190,149 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,073,024 | — | 2,073,024 | ||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — | — | — | 71,952 | — | 71,952 | ||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 390 | — | 6,202 | — | 6,592 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,465,487 | 1,946,368 | 650,156 | — | (4,062,011 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 250,530 | — | 21,713 | — | (272,243 | ) | — | |||||||||||||||||
OTHER ASSETS | 2,667 | 16,538 | 1,516 | 50,112 | — | 70,833 | ||||||||||||||||||
TOTAL ASSETS | $1,796,422 | $1,969,653 | $676,974 | $2,303,755 | ($4,334,254 | ) | $2,412,550 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | — | $1,809 | $31 | $20,388 | — | $22,228 | ||||||||||||||||||
Current maturities of long-term debt | — | — | 130,213 | — | — | 130,213 | ||||||||||||||||||
Accrued taxes | — | 11 | — | 12,450 | — | 12,461 | ||||||||||||||||||
Accrued payroll and benefits | — | 1,282 | — | 1,714 | — | 2,996 | ||||||||||||||||||
Accrued interest | 6,095 | (8 | ) | 1,047 | 33,468 | (30,710 | ) | 9,892 | ||||||||||||||||
Other current liabilities | — | 788 | (69 | ) | 18,283 | — | 19,002 | |||||||||||||||||
Total current liabilities | 6,095 | 3,882 | 131,222 | 86,303 | (30,710 | ) | 196,792 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 33,759 | 254,045 | — | 612,804 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 34,345 | — | (684 | ) | — | 33,661 | |||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,623 | — | 14,454 | — | 21,077 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 459,316 | — | (201,620 | ) | (257,696 | ) | — | ||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,327 | 1,465,487 | 511,993 | 2,068,368 | (4,045,848 | ) | 1,465,327 | |||||||||||||||||
Noncontrolling interest | — | — | — | 82,889 | — | 82,889 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,465,327 | 1,465,487 | 511,993 | 2,151,257 | (4,045,848 | ) | 1,548,216 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,796,422 | $1,969,653 | $676,974 | $2,303,755 | ($4,334,254 | ) | $2,412,550 | |||||||||||||||||
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 | — | — | — | 8,383 | — | 8,383 | ||||||||||||||||||
Prepaid and other current assets | — | 2,003 | 6 | 17,736 | — | 19,745 | ||||||||||||||||||
Total current assets | 102,218 | 2,014 | 9,509 | 99,963 | — | 213,704 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,088,501 | — | 2,088,501 | ||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — | — | — | 77,433 | — | 77,433 | ||||||||||||||||||
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 | 45,639 | — | 66,771 | ||||||||||||||||||
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 STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $6,735 | $13,604 | — | $42,105 | ($9,046 | ) | $53,398 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | — | — | (13,292 | ) | — | (13,292 | ) | ||||||||||||||||
Real estate development costs | — | — | — | (306 | ) | — | (306 | ) | ||||||||||||||||
Purchase of timberlands | — | — | — | (23,070 | ) | — | (23,070 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | (7,071 | ) | — | (7,071 | ) | ||||||||||||||||
Investment in Subsidiaries | — | — | (8,807 | ) | — | 8,807 | — | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | — | (8,807 | ) | (43,739 | ) | 8,807 | (43,739 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | — | 12,000 | — | — | 12,000 | ||||||||||||||||||
Repayment of debt | — | — | (10,000 | ) | (1,371 | ) | — | (11,371 | ) | |||||||||||||||
Dividends paid | (31,667 | ) | — | — | — | — | (31,667 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 546 | — | — | — | — | 546 | ||||||||||||||||||
Repurchase of common shares | (94 | ) | — | — | — | — | (94 | ) | ||||||||||||||||
Intercompany distributions | — | (9,333 | ) | — | 9,094 | 239 | — | |||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (31,215 | ) | (9,333 | ) | 2,000 | 7,723 | 239 | (30,586 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (1,582 | ) | — | (1,582 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (24,480 | ) | 4,271 | (6,807 | ) | 4,507 | — | (22,509 | ) | |||||||||||||||
Balance, beginning of year | 102,218 | 11 | 8,094 | 51,235 | — | 161,558 | ||||||||||||||||||
Balance, end of period | $77,738 | $4,282 | $1,287 | $55,742 | — | $139,049 | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $25,931 | $32,794 | — | $68,585 | ($27,210 | ) | $100,100 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (170 | ) | — | (34,470 | ) | — | (34,640 | ) | |||||||||||||||
Real estate development costs | — | — | — | (1,812 | ) | — | (1,812 | ) | ||||||||||||||||
Purchase of timberlands | — | — | — | (10,637 | ) | — | (10,637 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | 45,312 | — | 45,312 | ||||||||||||||||||
Investment in Subsidiaries | — | — | 69,103 | — | (69,103 | ) | — | |||||||||||||||||
Other | — | — | — | (778 | ) | — | (778 | ) | ||||||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | (170 | ) | 69,103 | (2,385 | ) | (69,103 | ) | (2,555 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | — | 30,000 | 1,819 | — | 31,819 | ||||||||||||||||||
Repayment of debt | — | — | (110,000 | ) | — | — | (110,000 | ) | ||||||||||||||||
Dividends paid | (62,545 | ) | — | — | — | — | (62,545 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 2,027 | — | — | — | — | 2,027 | ||||||||||||||||||
Repurchase of common shares | (1,754 | ) | — | — | — | — | (1,754 | ) | ||||||||||||||||
Intercompany distributions | — | (28,434 | ) | — | (67,879 | ) | 96,313 | — | ||||||||||||||||
Other | — | — | — | (678 | ) | — | (678 | ) | ||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) | (28,434 | ) | (80,000 | ) | (66,738 | ) | 96,313 | (141,131 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | 13 | — | 13 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (36,341 | ) | 4,190 | (10,897 | ) | (525 | ) | — | (43,573 | ) | ||||||||||||||
Balance, beginning of year | 130,181 | 304 | 10,719 | 58,440 | — | 199,644 | ||||||||||||||||||
Balance, end of period | $93,840 | $4,494 | ($178 | ) | $57,915 | — | $156,071 | |||||||||||||||||
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. | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | — | — | $140,305 | — | $140,305 | |||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 107,234 | — | 107,234 | |||||||||||||||||||
Selling and general expenses | — | 4,949 | 5,949 | — | 10,898 | |||||||||||||||||||
Other operating income, net | — | — | (5,574 | ) | — | (5,574 | ) | |||||||||||||||||
— | 4,949 | 107,609 | — | 112,558 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,949 | ) | 32,696 | — | 27,747 | ||||||||||||||||||
Interest expense | (3,168 | ) | (2,524 | ) | (2,852 | ) | — | (8,544 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 1,936 | 693 | (4,123 | ) | — | (1,494 | ) | |||||||||||||||||
Equity in income from subsidiaries | 18,979 | 24,799 | — | (43,778 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 17,747 | 18,019 | 25,721 | (43,778 | ) | 17,709 | ||||||||||||||||||
Income tax benefit (expense) | — | 960 | (489 | ) | — | 471 | ||||||||||||||||||
NET INCOME | 17,747 | 18,979 | 25,232 | (43,778 | ) | 18,180 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 433 | — | 433 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 17,747 | 18,979 | 24,799 | (43,778 | ) | 17,747 | ||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | (10,430 | ) | (10,430 | ) | (14,323 | ) | 20,860 | (14,323 | ) | |||||||||||||||
New Zealand joint venture cash flow hedges | (615 | ) | (615 | ) | (946 | ) | 1,230 | (946 | ) | |||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 781 | 781 | 20 | (801 | ) | 781 | ||||||||||||||||||
Total other comprehensive loss | (10,264 | ) | (10,264 | ) | (15,249 | ) | 21,289 | (14,488 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 7,483 | 8,715 | 9,983 | (22,489 | ) | 3,692 | ||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (3,791 | ) | — | (3,791 | ) | |||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $7,483 | $8,715 | $13,774 | ($22,489 | ) | $7,483 | ||||||||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | — | — | $143,187 | — | $143,187 | |||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 115,900 | — | 115,900 | |||||||||||||||||||
Selling and general expenses | — | 2,150 | 11,087 | — | 13,237 | |||||||||||||||||||
Other operating expense (income), net | — | 2,375 | (2,750 | ) | — | (375 | ) | |||||||||||||||||
— | 4,525 | 124,237 | — | 128,762 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,525 | ) | 18,950 | — | 14,425 | ||||||||||||||||||
Interest expense | (3,193 | ) | (6,933 | ) | (549 | ) | — | (10,675 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 2,698 | (233 | ) | (3,476 | ) | — | (1,011 | ) | ||||||||||||||||
Equity in income from subsidiaries | 41,921 | 51,391 | — | (93,312 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 41,426 | 39,700 | 14,925 | (93,312 | ) | 2,739 | ||||||||||||||||||
Income tax benefit | — | 2,221 | 5,375 | — | 7,596 | |||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 41,426 | 41,921 | 20,300 | (93,312 | ) | 10,335 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 31,008 | — | 31,008 | |||||||||||||||||||
NET INCOME | 41,426 | 41,921 | 51,308 | (93,312 | ) | 41,343 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (83 | ) | — | (83 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 41,426 | 41,921 | 51,391 | (93,312 | ) | 41,426 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 12,894 | 12,892 | 17,795 | (25,778 | ) | 17,803 | ||||||||||||||||||
New Zealand joint venture cash flow hedges | 1,112 | 1,112 | 1,711 | (2,224 | ) | 1,711 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,097 | 2,097 | 1,620 | (3,717 | ) | 2,097 | ||||||||||||||||||
Total other comprehensive income | 16,103 | 16,101 | 21,126 | (31,719 | ) | 21,611 | ||||||||||||||||||
COMPREHENSIVE INCOME | 57,529 | 58,022 | 72,434 | (125,031 | ) | 62,954 | ||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 5,425 | — | 5,425 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $57,529 | $58,022 | $67,009 | ($125,031 | ) | $57,529 | ||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $77,738 | $5,569 | $55,742 | — | $139,049 | |||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 182 | 19,778 | — | 19,960 | |||||||||||||||||||
Inventory | — | — | 13,100 | — | 13,100 | |||||||||||||||||||
Prepaid and other current assets | — | 4,195 | 13,845 | — | 18,040 | |||||||||||||||||||
Total current assets | 77,738 | 9,946 | 102,465 | — | 190,149 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,073,024 | — | 2,073,024 | |||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — | — | 71,952 | — | 71,952 | |||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 390 | 6,202 | — | 6,592 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,465,487 | 2,084,531 | — | (3,550,018 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 250,530 | 21,713 | — | (272,243 | ) | — | ||||||||||||||||||
OTHER ASSETS | 2,667 | 18,054 | 50,112 | — | 70,833 | |||||||||||||||||||
TOTAL ASSETS | $1,796,422 | $2,134,634 | $2,303,755 | ($3,822,261 | ) | $2,412,550 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | — | $1,840 | $20,388 | — | $22,228 | |||||||||||||||||||
Current maturities of long-term debt | — | 130,213 | — | — | 130,213 | |||||||||||||||||||
Accrued taxes | — | 11 | 12,450 | — | 12,461 | |||||||||||||||||||
Accrued payroll and benefits | — | 1,282 | 1,714 | — | 2,996 | |||||||||||||||||||
Accrued interest | 6,095 | 1,039 | 33,468 | (30,710 | ) | 9,892 | ||||||||||||||||||
Other current liabilities | — | 719 | 18,283 | — | 19,002 | |||||||||||||||||||
Total current liabilities | 6,095 | 135,104 | 86,303 | (30,710 | ) | 196,792 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 33,759 | 254,045 | — | 612,804 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 34,345 | (684 | ) | — | 33,661 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,623 | 14,454 | — | 21,077 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 459,316 | (201,620 | ) | (257,696 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,327 | 1,465,487 | 2,068,368 | (3,533,855 | ) | 1,465,327 | ||||||||||||||||||
Noncontrolling interest | — | — | 82,889 | — | 82,889 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,465,327 | 1,465,487 | 2,151,257 | (3,533,855 | ) | 1,548,216 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,796,422 | $2,134,634 | $2,303,755 | ($3,822,261 | ) | $2,412,550 | ||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
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 | — | — | 8,383 | — | 8,383 | |||||||||||||||||||
Prepaid and other current assets | — | 2,009 | 17,736 | — | 19,745 | |||||||||||||||||||
Total current assets | 102,218 | 11,523 | 99,963 | — | 213,704 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,088,501 | — | 2,088,501 | |||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — | — | 77,433 | — | 77,433 | |||||||||||||||||||
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 | 45,639 | — | 66,771 | |||||||||||||||||||
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 INC. SHAREHOLDERS’ EQUITY | 1,488,470 | 1,463,303 | 2,017,520 | (3,480,823 | ) | 1,488,470 | ||||||||||||||||||
Noncontrolling interest | — | — | 86,681 | — | 86,681 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ 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 STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $6,735 | $13,604 | $42,105 | ($9,046 | ) | $53,398 | ||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | — | (13,292 | ) | — | (13,292 | ) | |||||||||||||||||
Real estate development costs | — | — | (306 | ) | — | (306 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (23,070 | ) | — | (23,070 | ) | |||||||||||||||||
Change in restricted cash | — | — | (7,071 | ) | — | (7,071 | ) | |||||||||||||||||
Investment in Subsidiaries | — | (8,807 | ) | — | 8,807 | — | ||||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | (8,807 | ) | (43,739 | ) | 8,807 | (43,739 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | 12,000 | — | — | 12,000 | |||||||||||||||||||
Repayment of debt | — | (10,000 | ) | (1,371 | ) | — | (11,371 | ) | ||||||||||||||||
Dividends paid | (31,667 | ) | — | — | — | (31,667 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 546 | — | — | — | 546 | |||||||||||||||||||
Repurchase of common shares | (94 | ) | — | — | — | (94 | ) | |||||||||||||||||
Intercompany distributions | — | (9,333 | ) | 9,094 | 239 | — | ||||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (31,215 | ) | (7,333 | ) | 7,723 | 239 | (30,586 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (1,582 | ) | — | (1,582 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (24,480 | ) | (2,536 | ) | 4,507 | — | (22,509 | ) | ||||||||||||||||
Balance, beginning of year | 102,218 | 8,105 | 51,235 | — | 161,558 | |||||||||||||||||||
Balance, end of period | $77,738 | $5,569 | $55,742 | — | $139,049 | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $25,931 | $32,794 | $68,585 | ($27,210 | ) | $100,100 | ||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (170 | ) | (34,470 | ) | — | (34,640 | ) | ||||||||||||||||
Real estate development costs | — | — | (1,812 | ) | — | (1,812 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (10,637 | ) | — | (10,637 | ) | |||||||||||||||||
Change in restricted cash | — | — | 45,312 | — | 45,312 | |||||||||||||||||||
Investment in Subsidiaries | — | 69,103 | — | (69,103 | ) | — | ||||||||||||||||||
Other | — | — | (778 | ) | — | (778 | ) | |||||||||||||||||
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — | 68,933 | (2,385 | ) | (69,103 | ) | (2,555 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | 30,000 | 1,819 | — | 31,819 | |||||||||||||||||||
Repayment of debt | — | (110,000 | ) | — | — | (110,000 | ) | |||||||||||||||||
Dividends paid | (62,545 | ) | — | — | — | (62,545 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 2,027 | — | — | — | 2,027 | |||||||||||||||||||
Repurchase of common shares | (1,754 | ) | — | — | — | (1,754 | ) | |||||||||||||||||
Intercompany distributions | — | (28,434 | ) | (67,879 | ) | 96,313 | — | |||||||||||||||||
Other | — | — | (678 | ) | — | (678 | ) | |||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) | (108,434 | ) | (66,738 | ) | 96,313 | (141,131 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | 13 | — | 13 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (36,341 | ) | (6,707 | ) | (525 | ) | — | (43,573 | ) | |||||||||||||||
Balance, beginning of year | 130,181 | 11,023 | 58,440 | — | 199,644 | |||||||||||||||||||
Balance, end of period | $93,840 | $4,316 | $57,915 | — | $156,071 | |||||||||||||||||||
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Reclassifications |
Certain 2014 amounts have been reclassified to conform to the current presentation, including changes in balance sheet presentation. During the first quarter of 2015, the Company reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets. Rayonier also reclassified long-term higher and better use (“HBU”) timberlands and real estate development costs from Other Assets to a separate balance sheet caption. These adjustments are reflected in the March 31, 2015 and December 31, 2014 Consolidated Balance Sheets. Corresponding changes have also been made to the Consolidated Statements of Cash Flows for both periods presented. | |
Certain 2014 amounts have also been adjusted for reclassifications of discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014. Accordingly, the operating results of this business segment are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for the prior-year period. Certain administrative and general costs historically allocated to the Performance Fibers business that remained with Rayonier are reported in continuing operations. | |
The Consolidated Statement of Cash Flows for March 31, 2014 has not been restated to exclude Performance Fibers cash flows. | |
See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business. | |
New Accounting Standards | New Accounting Standards |
In May 2014, the Financial Accounting Standards Board (“FASB”) and 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. In April 2015, the FASB voted for a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. If approved, this standard will be effective for Rayonier beginning January 1, 2018 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 February 2015, the FASB issued ASU No. 2015-02, Consolidation, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This standard will be effective for Rayonier’s first quarter 2016 Form 10-Q filing and is not expected to have an impact on the Company’s consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest. This amendment requires that debt issuance costs be presented in the Balance Sheet as a direct deduction from the carrying amount of the debt liability. This standard will be effective for Rayonier’s first quarter 2016 Form 10-Q filing and is not expected to have a material impact on the Company’s consolidated financial statements. | |
Subsequent Events | Subsequent Events |
The Company evaluated events and transactions that occurred after the Balance Sheet date but before the financial statements were issued, and no subsequent events were identified. | |
Interest Expense Allocated to Discontinued Operations | In accordance with Accounting Standards Codification (“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). |
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. | |
Derivatives | Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. 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 and those which are no longer effective as hedging instruments, are recognized immediately in earnings. |
Derivatives, Offsetting Fair Value Amounts | Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset. |
Fair Value | 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. | |
Consolidation 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. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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 months ended March 31, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income: | ||||
Three Months Ended March 31, 2014 | |||||
Sales | $243,499 | ||||
Cost of sales and other | (193,864 | ) | |||
Transaction expenses | (3,319 | ) | |||
Income from discontinued operations before income taxes | 46,316 | ||||
Income tax expense | (15,308 | ) | |||
Income from discontinued operations, net | $31,008 | ||||
Schedule of Interest Expense Allocated to Discontinued Operations | The following table summarizes the interest expense allocated to discontinued operations for the three months ended March 31, 2014: | ||||
Three Months Ended March 31, 2014 | |||||
Interest expense allocated to the Performance Fibers business | ($2,295 | ) | |||
Schedule of Disposal Groups, Depreciation, Amortization, and Capital Expenditures | The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business: | ||||
Three Months Ended March 31, 2014 | |||||
Depreciation and amortization | $20,649 | ||||
Capital expenditures | 17,876 | ||||
Schedule of Elimination of Intercompany Hardwood Purchases | Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows: | ||||
Three Months Ended March 31, 2014 | |||||
Hardwood purchases | $2,745 | ||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted | (a) Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the | |||||||
“2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented. | ||||||||
Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three months ended March 31, 2015 as the average stock price for the period did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q. | ||||||||
The following table provides details of the calculations of basic and diluted earnings per common share: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Income from continuing operations | $18,180 | $10,335 | ||||||
Less: Net income (loss) from continuing operations attributable to noncontrolling interest | 433 | (83 | ) | |||||
Income from continuing operations attributable to Rayonier Inc. | $17,747 | $10,418 | ||||||
Income from discontinued operations, net, attributable to Rayonier Inc. | — | 31,008 | ||||||
Net income attributable to Rayonier Inc. | $17,747 | $41,426 | ||||||
Shares used for determining basic earnings per common share | 126,614,334 | 126,344,987 | ||||||
Dilutive effect of: | ||||||||
Stock options | 168,680 | 286,535 | ||||||
Performance and restricted shares | 51,494 | 83,850 | ||||||
Assumed conversion of Senior Exchangeable Notes (a) | 892,885 | 1,063,538 | ||||||
Assumed conversion of warrants (a) | — | 645,583 | ||||||
Shares used for determining diluted earnings per common share | 127,727,393 | 128,424,493 | ||||||
Basic earnings per common share attributable to Rayonier Inc.: | ||||||||
Continuing operations | $0.14 | $0.08 | ||||||
Discontinued operations | — | 0.25 | ||||||
Net income | $0.14 | $0.33 | ||||||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||||||
Continuing operations | $0.14 | $0.08 | ||||||
Discontinued operations | — | 0.24 | ||||||
Net income | $0.14 | $0.32 | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Anti-dilutive shares excluded from the computations of diluted earnings per share: | ||||||||
Stock options, performance and restricted shares | 757,960 | 731,046 | ||||||
Assumed conversion of exchangeable note hedges (a) | 892,885 | 1,063,538 | ||||||
Total | 1,650,845 | 1,794,584 | ||||||
(a) Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the | ||||||||
“2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented. | ||||||||
Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three months ended March 31, 2015 as the average stock price for the period did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented: | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Income tax expense at federal statutory rate | ($6,198 | ) | 35 | % | ($959 | ) | 35 | % | ||||||
REIT income and taxable losses | 7,502 | (42.4 | ) | 7,188 | (262.4 | ) | ||||||||
Foreign operations | 1,137 | (6.4 | ) | (10 | ) | 0.4 | ||||||||
Net operating loss valuation allowance | (1,812 | ) | 10.2 | — | — | |||||||||
Other | (158 | ) | 0.9 | 7 | (0.3 | ) | ||||||||
Income tax benefit before discrete items | $471 | (2.7 | )% | $6,226 | (227.3 | )% | ||||||||
Prior period state tax adjustments | — | — | 1,370 | (50.0 | ) | |||||||||
Income tax benefit as reported for continuing operations | $471 | (2.7 | )% | $7,596 | (277.3 | )% | ||||||||
HIGHER_AND_BETTER_USE_TIMBERLA1
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Real Estate [Abstract] | ||||||||||||
Schedule of Costs for Land, Timber and Real Estate Development | An analysis of higher and better use timberlands and real estate development costs from December 31, 2014 to March 31, 2015 is shown below: | |||||||||||
Higher and Better Use Timberlands and Real Estate Development Costs | ||||||||||||
Land and Timber | Development Costs | Total | ||||||||||
Non-current portion at December 31, 2014 | $65,959 | $11,474 | $77,433 | |||||||||
Plus: Current portion (a) | 4,875 | 57 | 4,932 | |||||||||
Total Balance at December 31, 2014 | 70,834 | 11,531 | 82,365 | |||||||||
Non-cash cost of land sold and real estate development costs recovered upon sale | (3,669 | ) | (4 | ) | (3,673 | ) | ||||||
Timber depletion from harvesting activities | (554 | ) | — | (554 | ) | |||||||
Capitalized real estate development costs (b) | — | 276 | 276 | |||||||||
Capital expenditures (silviculture) | 49 | — | 49 | |||||||||
Acquisitions | — | — | — | |||||||||
Transfers | — | — | — | |||||||||
Total Balance at March 31, 2015 | 66,660 | 11,803 | 78,463 | |||||||||
Less: Current portion (a) | (6,173 | ) | (338 | ) | (6,511 | ) | ||||||
Non-current portion at March 31, 2015 | $60,487 | $11,465 | $71,952 | |||||||||
(a) | The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 14 — Inventory for additional information. | |||||||||||
(b) | Capitalized real estate development costs for the three months ended March 31, 2015 of $276,000 consisted of $306,000 in cash outflows and a $30,000 change in accrued spending. |
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||
Schedule of Stockholders Equity | An analysis of shareholders’ equity for the three months ended March 31, 2015 and the year ended December 31, 2014 is shown below (share amounts not in thousands): | ||||||||||||||||||||||
Rayonier Inc. Shareholders’ Equity | |||||||||||||||||||||||
Common Shares | Retained | Accumulated Other Comprehensive Income/(Loss) | Non-controlling Interest | Total Shareholders’ | |||||||||||||||||||
Shares (a) | Amount | Earnings | Equity | ||||||||||||||||||||
Balance, December 31, 2013 | 126,257,870 | $692,100 | $1,015,209 | ($46,139 | ) | $94,073 | $1,755,243 | ||||||||||||||||
Net income (loss) | — | — | 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 plans | 561,701 | 5,579 | — | — | — | 5,579 | |||||||||||||||||
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 shares | — | — | — | — | (931 | ) | (931 | ) | |||||||||||||||
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 | ||||||||||||||||
Net income | — | — | 17,747 | — | 433 | 18,180 | |||||||||||||||||
Dividends ($0.25 per share) | — | — | (31,617 | ) | — | — | (31,617 | ) | |||||||||||||||
Issuance of shares under incentive stock plans | 32,196 | 546 | — | — | — | 546 | |||||||||||||||||
Stock-based compensation | — | 805 | — | — | — | 805 | |||||||||||||||||
Tax deficiency on stock-based compensation | — | (267 | ) | — | — | — | (267 | ) | |||||||||||||||
Repurchase of common shares | (2,984 | ) | (94 | ) | — | — | — | (94 | ) | ||||||||||||||
Net gain from pension and postretirement plans | — | — | — | 781 | — | 781 | |||||||||||||||||
Foreign currency translation adjustment | — | — | — | (10,429 | ) | (3,894 | ) | (14,323 | ) | ||||||||||||||
Joint venture cash flow hedges | — | — | — | (615 | ) | (331 | ) | (946 | ) | ||||||||||||||
Balance, March 31, 2015 | 126,802,309 | $703,588 | $776,827 | ($15,088 | ) | $82,889 | $1,548,216 | ||||||||||||||||
(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. |
SEGMENT_AND_GEOGRAPHICAL_INFOR1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||||
Schedule of Segment Reporting Information, by Segment | Segment information for each of the three months ended March 31, 2015 and 2014 were as follows: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
SALES | 2015 | 2014 | ||||||
Southern Timber | $35,531 | $33,876 | ||||||
Pacific Northwest Timber | 19,154 | 33,038 | ||||||
New Zealand Timber | 41,194 | 37,764 | ||||||
Real Estate | 23,791 | 5,530 | ||||||
Trading | 20,635 | 35,686 | ||||||
Intersegment Eliminations | — | (2,707 | ) | |||||
Total | $140,305 | $143,187 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
OPERATING INCOME | 2015 | 2014 | ||||||
Southern Timber | $12,413 | $10,493 | ||||||
Pacific Northwest Timber | 2,587 | 12,642 | ||||||
New Zealand Timber | 5,694 | 2,411 | ||||||
Real Estate | 12,582 | 725 | ||||||
Trading | 270 | (412 | ) | |||||
Corporate and other | (5,799 | ) | (11,434 | ) | ||||
Total Operating Income | 27,747 | 14,425 | ||||||
Unallocated interest expense and other | (10,038 | ) | (11,686 | ) | ||||
Total income from continuing operations before income taxes | $17,709 | $2,739 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
DEPRECIATION, DEPLETION AND AMORTIZATION | 2015 | 2014 | ||||||
Southern Timber | $14,301 | $11,996 | ||||||
Pacific Northwest Timber | 3,790 | 6,297 | ||||||
New Zealand Timber | 8,003 | 6,496 | ||||||
Real Estate | 3,812 | 910 | ||||||
Trading | — | — | ||||||
Corporate and other | 69 | 282 | ||||||
Total | $29,975 | $25,981 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | 2015 | 2014 | ||||||
Southern Timber | — | — | ||||||
Pacific Northwest Timber | — | — | ||||||
New Zealand Timber | — | 2,098 | ||||||
Real Estate | 3,747 | 978 | ||||||
Trading | — | — | ||||||
Corporate and other | — | — | ||||||
Total | $3,747 | $3,076 | ||||||
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2015 and 2014. | |||||||||
Three Months Ended | ||||||||||
March 31, | ||||||||||
Income Statement Location | 2015 | 2014 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Other comprehensive (loss) income | ($700 | ) | $1,487 | ||||||
Foreign currency option contracts | Other comprehensive (loss) income | (681 | ) | 725 | ||||||
Derivative designated as a net investment hedge: | ||||||||||
Foreign currency exchange contract | Other comprehensive (loss) income | 591 | — | |||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency exchange contracts | Other operating (income) expense | — | 25 | |||||||
Foreign currency option contracts | Other operating (income) expense | — | 7 | |||||||
Interest rate swaps | Interest and miscellaneous (expense) income, net | (1,855 | ) | (1,134 | ) | |||||
Fuel hedge contracts | Cost of sales (benefit) | — | 317 | |||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: | |||||||||
Notional Amount | ||||||||||
March 31, 2015 | December 31, 2014 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | $29,560 | $28,540 | ||||||||
Foreign currency option contracts | 99,400 | 79,400 | ||||||||
Derivative designated as a net investment hedge: | ||||||||||
Foreign currency exchange contract | 26,278 | 27,419 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Interest rate swaps | 142,101 | 161,968 | ||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: | |||||||||
Location on Balance Sheet | Fair Value Assets / (Liabilities) (a) | |||||||||
31-Mar-15 | 31-Dec-14 | |||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Foreign currency exchange contracts | Prepaid and other current assets | $87 | $132 | |||||||
Other assets | 8 | 59 | ||||||||
Other current liabilities | (823 | ) | (272 | ) | ||||||
Other non-current liabilities | (49 | ) | — | |||||||
Foreign currency option contracts | Prepaid and other current assets | 393 | 299 | |||||||
Other assets | 390 | 198 | ||||||||
Other current liabilities | (2,176 | ) | (1,439 | ) | ||||||
Other non-current liabilities | (374 | ) | (196 | ) | ||||||
Derivative designated as a net investment hedge: | ||||||||||
Foreign currency exchange contract | Prepaid and other current assets | 711 | — | |||||||
Other current liabilities | — | (223 | ) | |||||||
Derivatives not designated as hedging instruments: | ||||||||||
Interest rate swaps | Other current liabilities | (80 | ) | — | ||||||
Other non-current liabilities | (8,085 | ) | (7,247 | ) | ||||||
Total derivative contracts: | ||||||||||
Prepaid and other current assets | $1,191 | $431 | ||||||||
Other assets | 398 | 257 | ||||||||
Total derivative assets | 1,589 | 688 | ||||||||
Other current liabilities | (3,079 | ) | (1,934 | ) | ||||||
Other non-current liabilities | (8,508 | ) | (7,443 | ) | ||||||
Total derivative liabilities | ($11,587 | ) | ($9,377 | ) | ||||||
(a) | See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: | |||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Asset (liability) | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||
Cash and cash equivalents | $139,049 | $139,049 | — | $161,558 | $161,558 | — | ||||||||||||||||
Restricted cash (a) | 13,759 | 13,759 | — | 6,688 | 6,688 | — | ||||||||||||||||
Current maturities of long-term debt | (130,213 | ) | — | (150,588 | ) | (129,706 | ) | — | (156,762 | ) | ||||||||||||
Long-term debt | (612,804 | ) | — | (621,605 | ) | (621,849 | ) | — | (628,476 | ) | ||||||||||||
Interest rate swaps (b) | (8,165 | ) | — | (8,165 | ) | (7,247 | ) | — | (7,247 | ) | ||||||||||||
Foreign currency exchange contracts (b) | (66 | ) | — | (66 | ) | (304 | ) | — | (304 | ) | ||||||||||||
Foreign currency option contracts (b) | (1,767 | ) | — | (1,767 | ) | (1,138 | ) | — | (1,138 | ) | ||||||||||||
(a) | Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||||||||||||||||||||
(b) | See Note 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
GUARANTEES_Tables
GUARANTEES (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Guarantees [Abstract] | |||||||||
Schedule of Guarantor Obligations | As of March 31, 2015, the following financial guarantees were outstanding: | ||||||||
Financial Commitments | Maximum Potential | Carrying Amount | |||||||
Payment | of Associated Liability | ||||||||
Standby letters of credit (a) | $16,685 | $15,000 | |||||||
Guarantees (b) | 2,254 | 43 | |||||||
Surety bonds (c) | 682 | — | |||||||
Total financial commitments | $19,621 | $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 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At March 31, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement. | ||||||||
(c) | Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates during 2015 and 2016 and are expected to be renewed as required. |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||
Schedule of Net Benefit Costs | The net pension and postretirement benefit costs that have been recorded are shown in the following table: | |||||||||||||||
Pension | Postretirement | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||
Service cost | $371 | $1,624 | $3 | $179 | ||||||||||||
Interest cost | 830 | 4,683 | 13 | 206 | ||||||||||||
Expected return on plan assets | (1,007 | ) | (6,658 | ) | — | — | ||||||||||
Amortization of prior service cost | 3 | 292 | — | 4 | ||||||||||||
Amortization of losses | 933 | 2,737 | 3 | 129 | ||||||||||||
Amortization of negative plan amendment | — | — | — | (134 | ) | |||||||||||
Net periodic benefit cost (a) | $1,130 | $2,678 | $19 | $384 | ||||||||||||
(a) | Net periodic benefit cost for the three months ended March 31, 2014 includes $2.0 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income. |
INVENTORY_Tables
INVENTORY (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory | As of March 31, 2015 and December 31, 2014, Rayonier’s inventory was solely comprised of finished goods, as follows: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Finished goods inventory | ||||||||
Real estate inventory (a) | $6,511 | $4,932 | ||||||
New Zealand log inventory | 6,589 | 3,451 | ||||||
Total inventory | $13,100 | $8,383 | ||||||
(a) | Represents HBU real estate (including capitalized development costs) expected to be sold within 12 months. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component for the three months ended March 31, 2015 and the year ended December 31, 2014. 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 | Unrecognized components of employee benefit plans | Total | ||||||||||||||||
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 | (a) | 36,922 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | (1,716 | ) | 6,108 | (b) | 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 | ) | |||||||||||
Other comprehensive income/(loss) before reclassifications | (11,020 | ) | 591 | (907 | ) | — | (11,336 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | 292 | 781 | (c) | 1,073 | ||||||||||||||
Net other comprehensive income/(loss) | (11,020 | ) | 591 | (615 | ) | 781 | (10,263 | ) | ||||||||||||
Balance as of March 31, 2015 | $14,513 | $446 | ($2,163 | ) | ($27,884 | ) | ($15,088 | ) | ||||||||||||
(a) | 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 December 31, 2014. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information. | |||||||||||||||||||
(b) | 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. | |||||||||||||||||||
(c) | This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 13 — Employee Benefit Plans for additional information. | |||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the three months ended March 31, 2015 and March 31, 2014: | |||||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income | Affected line item in the income statement | ||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||
Realized loss (gain) on foreign currency exchange contracts | $364 | ($872 | ) | Other operating income, net | ||||||||||||||||
Realized loss (gain) on foreign currency option contracts | 293 | (107 | ) | Other operating income, net | ||||||||||||||||
Noncontrolling interest | (230 | ) | 343 | Comprehensive (loss) income attributable to noncontrolling interest | ||||||||||||||||
Income tax (benefit) expense on loss from foreign currency contracts | (135 | ) | 144 | Income tax benefit | ||||||||||||||||
Net loss (gain) on cash flow hedges reclassified from accumulated other comprehensive income | $292 | ($492 | ) | |||||||||||||||||
OTHER_OPERATING_INCOME_NET_Tab
OTHER OPERATING INCOME, NET (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Other Income and Expenses [Abstract] | ||||||||
Interest and Other Income | Other operating income, net was comprised of the following: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
Lease income, primarily from hunting leases | $4,109 | $3,036 | ||||||
Other non-timber income | 1,364 | 552 | ||||||
Foreign currency losses | (241 | ) | (1,519 | ) | ||||
Loss on foreign currency exchange contracts | — | (32 | ) | |||||
Miscellaneous income (expense), net | 342 | (1,662 | ) | |||||
Total | $5,574 | $375 | ||||||
CONSOLIDATING_FINANCIAL_STATEM1
CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | ||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Income and Comprehensive Income | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | — | — | — | $140,305 | — | $140,305 | ||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 107,234 | — | 107,234 | ||||||||||||||||||
Selling and general expenses | — | 4,949 | — | 5,949 | — | 10,898 | ||||||||||||||||||
Other operating income, net | — | — | — | (5,574 | ) | — | (5,574 | ) | ||||||||||||||||
— | 4,949 | — | 107,609 | — | 112,558 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,949 | ) | — | 32,696 | — | 27,747 | |||||||||||||||||
Interest expense | (3,168 | ) | (92 | ) | (2,432 | ) | (2,852 | ) | — | (8,544 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 1,936 | 837 | (144 | ) | (4,123 | ) | — | (1,494 | ) | |||||||||||||||
Equity in income (loss) from subsidiaries | 18,979 | 23,183 | 1,427 | — | (43,589 | ) | — | |||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 17,747 | 18,979 | (1,149 | ) | 25,721 | (43,589 | ) | 17,709 | ||||||||||||||||
Income tax benefit (expense) | — | — | 960 | (489 | ) | — | 471 | |||||||||||||||||
NET INCOME (LOSS) | 17,747 | 18,979 | (189 | ) | 25,232 | (43,589 | ) | 18,180 | ||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 433 | — | 433 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | 17,747 | 18,979 | (189 | ) | 24,799 | (43,589 | ) | 17,747 | ||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | (10,430 | ) | (10,430 | ) | (852 | ) | (14,323 | ) | 21,712 | (14,323 | ) | |||||||||||||
New Zealand joint venture cash flow hedges | (615 | ) | (615 | ) | (615 | ) | (946 | ) | 1,845 | (946 | ) | |||||||||||||
Amortization of pension and postretirement plans, net of income tax | 781 | 781 | 20 | 20 | (821 | ) | 781 | |||||||||||||||||
Total other comprehensive loss | (10,264 | ) | (10,264 | ) | (1,447 | ) | (15,249 | ) | 22,736 | (14,488 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | 7,483 | 8,715 | (1,636 | ) | 9,983 | (20,853 | ) | 3,692 | ||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | — | (3,791 | ) | — | (3,791 | ) | ||||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC. | $7,483 | $8,715 | ($1,636 | ) | $13,774 | ($20,853 | ) | $7,483 | ||||||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non-guarantors | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | Adjustments | Consolidated | |||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
SALES | — | — | — | $143,187 | — | $143,187 | ||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | — | 115,900 | — | 115,900 | ||||||||||||||||||
Selling and general expenses | — | 2,150 | — | 11,087 | — | 13,237 | ||||||||||||||||||
Other operating expense (income), net | — | 2,375 | — | (2,750 | ) | — | (375 | ) | ||||||||||||||||
— | 4,525 | — | 124,237 | — | 128,762 | |||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,525 | ) | — | 18,950 | — | 14,425 | |||||||||||||||||
Interest expense | (3,193 | ) | (243 | ) | (6,690 | ) | (549 | ) | — | (10,675 | ) | |||||||||||||
Interest and miscellaneous income (expense), net | 2,698 | 814 | (1,047 | ) | (3,476 | ) | — | (1,011 | ) | |||||||||||||||
Equity in income from subsidiaries | 41,921 | 46,478 | 31,110 | — | (119,509 | ) | — | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 41,426 | 42,524 | 23,373 | 14,925 | (119,509 | ) | 2,739 | |||||||||||||||||
Income tax (expense) benefit | — | (603 | ) | 2,824 | 5,375 | — | 7,596 | |||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 41,426 | 41,921 | 26,197 | 20,300 | (119,509 | ) | 10,335 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | — | — | 31,008 | — | 31,008 | ||||||||||||||||||
NET INCOME | 41,426 | 41,921 | 26,197 | 51,308 | (119,509 | ) | 41,343 | |||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | — | (83 | ) | — | (83 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 41,426 | 41,921 | 26,197 | 51,391 | (119,509 | ) | 41,426 | |||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 12,894 | 12,893 | 766 | 17,795 | (26,545 | ) | 17,803 | |||||||||||||||||
New Zealand joint venture cash flow hedges | 1,112 | 1,112 | 1,112 | 1,711 | (3,336 | ) | 1,711 | |||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,097 | 2,097 | 1,620 | 1,620 | (5,337 | ) | 2,097 | |||||||||||||||||
Total other comprehensive income | 16,103 | 16,102 | 3,498 | 21,126 | (35,218 | ) | 21,611 | |||||||||||||||||
COMPREHENSIVE INCOME | 57,529 | 58,023 | 29,695 | 72,434 | (154,727 | ) | 62,954 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | — | 5,425 | — | 5,425 | ||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $57,529 | $58,023 | $29,695 | $67,009 | ($154,727 | ) | $57,529 | |||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
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 | $77,738 | $4,282 | $1,287 | $55,742 | — | $139,049 | ||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | — | 182 | 19,778 | — | 19,960 | ||||||||||||||||||
Inventory | — | — | — | 13,100 | — | 13,100 | ||||||||||||||||||
Prepaid and other current assets | — | 2,075 | 2,120 | 13,845 | — | 18,040 | ||||||||||||||||||
Total current assets | 77,738 | 6,357 | 3,589 | 102,465 | — | 190,149 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,073,024 | — | 2,073,024 | ||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — | — | — | 71,952 | — | 71,952 | ||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 390 | — | 6,202 | — | 6,592 | ||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,465,487 | 1,946,368 | 650,156 | — | (4,062,011 | ) | — | |||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 250,530 | — | 21,713 | — | (272,243 | ) | — | |||||||||||||||||
OTHER ASSETS | 2,667 | 16,538 | 1,516 | 50,112 | — | 70,833 | ||||||||||||||||||
TOTAL ASSETS | $1,796,422 | $1,969,653 | $676,974 | $2,303,755 | ($4,334,254 | ) | $2,412,550 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | — | $1,809 | $31 | $20,388 | — | $22,228 | ||||||||||||||||||
Current maturities of long-term debt | — | — | 130,213 | — | — | 130,213 | ||||||||||||||||||
Accrued taxes | — | 11 | — | 12,450 | — | 12,461 | ||||||||||||||||||
Accrued payroll and benefits | — | 1,282 | — | 1,714 | — | 2,996 | ||||||||||||||||||
Accrued interest | 6,095 | (8 | ) | 1,047 | 33,468 | (30,710 | ) | 9,892 | ||||||||||||||||
Other current liabilities | — | 788 | (69 | ) | 18,283 | — | 19,002 | |||||||||||||||||
Total current liabilities | 6,095 | 3,882 | 131,222 | 86,303 | (30,710 | ) | 196,792 | |||||||||||||||||
LONG-TERM DEBT | 325,000 | — | 33,759 | 254,045 | — | 612,804 | ||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 34,345 | — | (684 | ) | — | 33,661 | |||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,623 | — | 14,454 | — | 21,077 | ||||||||||||||||||
INTERCOMPANY PAYABLE | — | 459,316 | — | (201,620 | ) | (257,696 | ) | — | ||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,327 | 1,465,487 | 511,993 | 2,068,368 | (4,045,848 | ) | 1,465,327 | |||||||||||||||||
Noncontrolling interest | — | — | — | 82,889 | — | 82,889 | ||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,465,327 | 1,465,487 | 511,993 | 2,151,257 | (4,045,848 | ) | 1,548,216 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,796,422 | $1,969,653 | $676,974 | $2,303,755 | ($4,334,254 | ) | $2,412,550 | |||||||||||||||||
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 | — | — | — | 8,383 | — | 8,383 | ||||||||||||||||||
Prepaid and other current assets | — | 2,003 | 6 | 17,736 | — | 19,745 | ||||||||||||||||||
Total current assets | 102,218 | 2,014 | 9,509 | 99,963 | — | 213,704 | ||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | — | 2,088,501 | — | 2,088,501 | ||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — | — | — | 77,433 | — | 77,433 | ||||||||||||||||||
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 | 45,639 | — | 66,771 | ||||||||||||||||||
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 | |||||||||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $6,735 | $13,604 | — | $42,105 | ($9,046 | ) | $53,398 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | — | — | (13,292 | ) | — | (13,292 | ) | ||||||||||||||||
Real estate development costs | — | — | — | (306 | ) | — | (306 | ) | ||||||||||||||||
Purchase of timberlands | — | — | — | (23,070 | ) | — | (23,070 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | (7,071 | ) | — | (7,071 | ) | ||||||||||||||||
Investment in Subsidiaries | — | — | (8,807 | ) | — | 8,807 | — | |||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | — | (8,807 | ) | (43,739 | ) | 8,807 | (43,739 | ) | |||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | — | 12,000 | — | — | 12,000 | ||||||||||||||||||
Repayment of debt | — | — | (10,000 | ) | (1,371 | ) | — | (11,371 | ) | |||||||||||||||
Dividends paid | (31,667 | ) | — | — | — | — | (31,667 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 546 | — | — | — | — | 546 | ||||||||||||||||||
Repurchase of common shares | (94 | ) | — | — | — | — | (94 | ) | ||||||||||||||||
Intercompany distributions | — | (9,333 | ) | — | 9,094 | 239 | — | |||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (31,215 | ) | (9,333 | ) | 2,000 | 7,723 | 239 | (30,586 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | (1,582 | ) | — | (1,582 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (24,480 | ) | 4,271 | (6,807 | ) | 4,507 | — | (22,509 | ) | |||||||||||||||
Balance, beginning of year | 102,218 | 11 | 8,094 | 51,235 | — | 161,558 | ||||||||||||||||||
Balance, end of period | $77,738 | $4,282 | $1,287 | $55,742 | — | $139,049 | ||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | ROC (Subsidiary Guarantor) | Rayonier TRS | Non- | Consolidating | Total | |||||||||||||||||||
(Parent | Holdings Inc. | guarantors | Adjustments | Consolidated | ||||||||||||||||||||
Guarantor) | (Issuer) | |||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $25,931 | $32,794 | — | $68,585 | ($27,210 | ) | $100,100 | |||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (170 | ) | — | (34,470 | ) | — | (34,640 | ) | |||||||||||||||
Real estate development costs | — | — | — | (1,812 | ) | — | (1,812 | ) | ||||||||||||||||
Purchase of timberlands | — | — | — | (10,637 | ) | — | (10,637 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | 45,312 | — | 45,312 | ||||||||||||||||||
Investment in Subsidiaries | — | — | 69,103 | — | (69,103 | ) | — | |||||||||||||||||
Other | — | — | — | (778 | ) | — | (778 | ) | ||||||||||||||||
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES | — | (170 | ) | 69,103 | (2,385 | ) | (69,103 | ) | (2,555 | ) | ||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | — | 30,000 | 1,819 | — | 31,819 | ||||||||||||||||||
Repayment of debt | — | — | (110,000 | ) | — | — | (110,000 | ) | ||||||||||||||||
Dividends paid | (62,545 | ) | — | — | — | — | (62,545 | ) | ||||||||||||||||
Proceeds from the issuance of common shares | 2,027 | — | — | — | — | 2,027 | ||||||||||||||||||
Repurchase of common shares | (1,754 | ) | — | — | — | — | (1,754 | ) | ||||||||||||||||
Intercompany distributions | — | (28,434 | ) | — | (67,879 | ) | 96,313 | — | ||||||||||||||||
Other | — | — | — | (678 | ) | — | (678 | ) | ||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) | (28,434 | ) | (80,000 | ) | (66,738 | ) | 96,313 | (141,131 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | — | 13 | — | 13 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (36,341 | ) | 4,190 | (10,897 | ) | (525 | ) | — | (43,573 | ) | ||||||||||||||
Balance, beginning of year | 130,181 | 304 | 10,719 | 58,440 | — | 199,644 | ||||||||||||||||||
Balance, end of period | $93,840 | $4,494 | ($178 | ) | $57,915 | — | $156,071 | |||||||||||||||||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Income and Comprehensive Income | ||||||||||||||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | — | — | $140,305 | — | $140,305 | |||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 107,234 | — | 107,234 | |||||||||||||||||||
Selling and general expenses | — | 4,949 | 5,949 | — | 10,898 | |||||||||||||||||||
Other operating income, net | — | — | (5,574 | ) | — | (5,574 | ) | |||||||||||||||||
— | 4,949 | 107,609 | — | 112,558 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,949 | ) | 32,696 | — | 27,747 | ||||||||||||||||||
Interest expense | (3,168 | ) | (2,524 | ) | (2,852 | ) | — | (8,544 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 1,936 | 693 | (4,123 | ) | — | (1,494 | ) | |||||||||||||||||
Equity in income from subsidiaries | 18,979 | 24,799 | — | (43,778 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 17,747 | 18,019 | 25,721 | (43,778 | ) | 17,709 | ||||||||||||||||||
Income tax benefit (expense) | — | 960 | (489 | ) | — | 471 | ||||||||||||||||||
NET INCOME | 17,747 | 18,979 | 25,232 | (43,778 | ) | 18,180 | ||||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 433 | — | 433 | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 17,747 | 18,979 | 24,799 | (43,778 | ) | 17,747 | ||||||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | (10,430 | ) | (10,430 | ) | (14,323 | ) | 20,860 | (14,323 | ) | |||||||||||||||
New Zealand joint venture cash flow hedges | (615 | ) | (615 | ) | (946 | ) | 1,230 | (946 | ) | |||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 781 | 781 | 20 | (801 | ) | 781 | ||||||||||||||||||
Total other comprehensive loss | (10,264 | ) | (10,264 | ) | (15,249 | ) | 21,289 | (14,488 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 7,483 | 8,715 | 9,983 | (22,489 | ) | 3,692 | ||||||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest | — | — | (3,791 | ) | — | (3,791 | ) | |||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $7,483 | $8,715 | $13,774 | ($22,489 | ) | $7,483 | ||||||||||||||||||
CONSOLIDATING STATEMENTS OF INCOME | ||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
SALES | — | — | $143,187 | — | $143,187 | |||||||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Cost of sales | — | — | 115,900 | — | 115,900 | |||||||||||||||||||
Selling and general expenses | — | 2,150 | 11,087 | — | 13,237 | |||||||||||||||||||
Other operating expense (income), net | — | 2,375 | (2,750 | ) | — | (375 | ) | |||||||||||||||||
— | 4,525 | 124,237 | — | 128,762 | ||||||||||||||||||||
OPERATING (LOSS) INCOME | — | (4,525 | ) | 18,950 | — | 14,425 | ||||||||||||||||||
Interest expense | (3,193 | ) | (6,933 | ) | (549 | ) | — | (10,675 | ) | |||||||||||||||
Interest and miscellaneous income (expense), net | 2,698 | (233 | ) | (3,476 | ) | — | (1,011 | ) | ||||||||||||||||
Equity in income from subsidiaries | 41,921 | 51,391 | — | (93,312 | ) | — | ||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 41,426 | 39,700 | 14,925 | (93,312 | ) | 2,739 | ||||||||||||||||||
Income tax benefit | — | 2,221 | 5,375 | — | 7,596 | |||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 41,426 | 41,921 | 20,300 | (93,312 | ) | 10,335 | ||||||||||||||||||
DISCONTINUED OPERATIONS, NET | ||||||||||||||||||||||||
Income from discontinued operations, net of income tax | — | — | 31,008 | — | 31,008 | |||||||||||||||||||
NET INCOME | 41,426 | 41,921 | 51,308 | (93,312 | ) | 41,343 | ||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (83 | ) | — | (83 | ) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 41,426 | 41,921 | 51,391 | (93,312 | ) | 41,426 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
Foreign currency translation adjustment | 12,894 | 12,892 | 17,795 | (25,778 | ) | 17,803 | ||||||||||||||||||
New Zealand joint venture cash flow hedges | 1,112 | 1,112 | 1,711 | (2,224 | ) | 1,711 | ||||||||||||||||||
Amortization of pension and postretirement plans, net of income tax | 2,097 | 2,097 | 1,620 | (3,717 | ) | 2,097 | ||||||||||||||||||
Total other comprehensive income | 16,103 | 16,101 | 21,126 | (31,719 | ) | 21,611 | ||||||||||||||||||
COMPREHENSIVE INCOME | 57,529 | 58,022 | 72,434 | (125,031 | ) | 62,954 | ||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | — | — | 5,425 | — | 5,425 | |||||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | $57,529 | $58,022 | $67,009 | ($125,031 | ) | $57,529 | ||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $77,738 | $5,569 | $55,742 | — | $139,049 | |||||||||||||||||||
Accounts receivable, less allowance for doubtful accounts | — | 182 | 19,778 | — | 19,960 | |||||||||||||||||||
Inventory | — | — | 13,100 | — | 13,100 | |||||||||||||||||||
Prepaid and other current assets | — | 4,195 | 13,845 | — | 18,040 | |||||||||||||||||||
Total current assets | 77,738 | 9,946 | 102,465 | — | 190,149 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,073,024 | — | 2,073,024 | |||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — | — | 71,952 | — | 71,952 | |||||||||||||||||||
NET PROPERTY, PLANT AND EQUIPMENT | — | 390 | 6,202 | — | 6,592 | |||||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 1,465,487 | 2,084,531 | — | (3,550,018 | ) | — | ||||||||||||||||||
INTERCOMPANY NOTES RECEIVABLE | 250,530 | 21,713 | — | (272,243 | ) | — | ||||||||||||||||||
OTHER ASSETS | 2,667 | 18,054 | 50,112 | — | 70,833 | |||||||||||||||||||
TOTAL ASSETS | $1,796,422 | $2,134,634 | $2,303,755 | ($3,822,261 | ) | $2,412,550 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||
Accounts payable | — | $1,840 | $20,388 | — | $22,228 | |||||||||||||||||||
Current maturities of long-term debt | — | 130,213 | — | — | 130,213 | |||||||||||||||||||
Accrued taxes | — | 11 | 12,450 | — | 12,461 | |||||||||||||||||||
Accrued payroll and benefits | — | 1,282 | 1,714 | — | 2,996 | |||||||||||||||||||
Accrued interest | 6,095 | 1,039 | 33,468 | (30,710 | ) | 9,892 | ||||||||||||||||||
Other current liabilities | — | 719 | 18,283 | — | 19,002 | |||||||||||||||||||
Total current liabilities | 6,095 | 135,104 | 86,303 | (30,710 | ) | 196,792 | ||||||||||||||||||
LONG-TERM DEBT | 325,000 | 33,759 | 254,045 | — | 612,804 | |||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | — | 34,345 | (684 | ) | — | 33,661 | ||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | — | 6,623 | 14,454 | — | 21,077 | |||||||||||||||||||
INTERCOMPANY PAYABLE | — | 459,316 | (201,620 | ) | (257,696 | ) | — | |||||||||||||||||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,327 | 1,465,487 | 2,068,368 | (3,533,855 | ) | 1,465,327 | ||||||||||||||||||
Noncontrolling interest | — | — | 82,889 | — | 82,889 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | 1,465,327 | 1,465,487 | 2,151,257 | (3,533,855 | ) | 1,548,216 | ||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,796,422 | $2,134,634 | $2,303,755 | ($3,822,261 | ) | $2,412,550 | ||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
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 | — | — | 8,383 | — | 8,383 | |||||||||||||||||||
Prepaid and other current assets | — | 2,009 | 17,736 | — | 19,745 | |||||||||||||||||||
Total current assets | 102,218 | 11,523 | 99,963 | — | 213,704 | |||||||||||||||||||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | — | — | 2,088,501 | — | 2,088,501 | |||||||||||||||||||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | — | — | 77,433 | — | 77,433 | |||||||||||||||||||
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 | 45,639 | — | 66,771 | |||||||||||||||||||
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 INC. SHAREHOLDERS’ EQUITY | 1,488,470 | 1,463,303 | 2,017,520 | (3,480,823 | ) | 1,488,470 | ||||||||||||||||||
Noncontrolling interest | — | — | 86,681 | — | 86,681 | |||||||||||||||||||
TOTAL SHAREHOLDERS’ 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 | ||||||||||||||||||
Schedule of Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $6,735 | $13,604 | $42,105 | ($9,046 | ) | $53,398 | ||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | — | (13,292 | ) | — | (13,292 | ) | |||||||||||||||||
Real estate development costs | — | — | (306 | ) | — | (306 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (23,070 | ) | — | (23,070 | ) | |||||||||||||||||
Change in restricted cash | — | — | (7,071 | ) | — | (7,071 | ) | |||||||||||||||||
Investment in Subsidiaries | — | (8,807 | ) | — | 8,807 | — | ||||||||||||||||||
CASH USED FOR INVESTING ACTIVITIES | — | (8,807 | ) | (43,739 | ) | 8,807 | (43,739 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | 12,000 | — | — | 12,000 | |||||||||||||||||||
Repayment of debt | — | (10,000 | ) | (1,371 | ) | — | (11,371 | ) | ||||||||||||||||
Dividends paid | (31,667 | ) | — | — | — | (31,667 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 546 | — | — | — | 546 | |||||||||||||||||||
Repurchase of common shares | (94 | ) | — | — | — | (94 | ) | |||||||||||||||||
Intercompany distributions | — | (9,333 | ) | 9,094 | 239 | — | ||||||||||||||||||
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES | (31,215 | ) | (7,333 | ) | 7,723 | 239 | (30,586 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | (1,582 | ) | — | (1,582 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (24,480 | ) | (2,536 | ) | 4,507 | — | (22,509 | ) | ||||||||||||||||
Balance, beginning of year | 102,218 | 8,105 | 51,235 | — | 161,558 | |||||||||||||||||||
Balance, end of period | $77,738 | $5,569 | $55,742 | — | $139,049 | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Rayonier Inc. | Subsidiary Guarantors | Non- | Consolidating | Total | ||||||||||||||||||||
(Parent | guarantors | Adjustments | Consolidated | |||||||||||||||||||||
Issuer) | ||||||||||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES | $25,931 | $32,794 | $68,585 | ($27,210 | ) | $100,100 | ||||||||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||||||||||
Capital expenditures | — | (170 | ) | (34,470 | ) | — | (34,640 | ) | ||||||||||||||||
Real estate development costs | — | — | (1,812 | ) | — | (1,812 | ) | |||||||||||||||||
Purchase of timberlands | — | — | (10,637 | ) | — | (10,637 | ) | |||||||||||||||||
Change in restricted cash | — | — | 45,312 | — | 45,312 | |||||||||||||||||||
Investment in Subsidiaries | — | 69,103 | — | (69,103 | ) | — | ||||||||||||||||||
Other | — | — | (778 | ) | — | (778 | ) | |||||||||||||||||
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | — | 68,933 | (2,385 | ) | (69,103 | ) | (2,555 | ) | ||||||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||||||||||
Issuance of debt | — | 30,000 | 1,819 | — | 31,819 | |||||||||||||||||||
Repayment of debt | — | (110,000 | ) | — | — | (110,000 | ) | |||||||||||||||||
Dividends paid | (62,545 | ) | — | — | — | (62,545 | ) | |||||||||||||||||
Proceeds from the issuance of common shares | 2,027 | — | — | — | 2,027 | |||||||||||||||||||
Repurchase of common shares | (1,754 | ) | — | — | — | (1,754 | ) | |||||||||||||||||
Intercompany distributions | — | (28,434 | ) | (67,879 | ) | 96,313 | — | |||||||||||||||||
Other | — | — | (678 | ) | — | (678 | ) | |||||||||||||||||
CASH USED FOR FINANCING ACTIVITIES | (62,272 | ) | (108,434 | ) | (66,738 | ) | 96,313 | (141,131 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — | — | 13 | — | 13 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Change in cash and cash equivalents | (36,341 | ) | (6,707 | ) | (525 | ) | — | (43,573 | ) | |||||||||||||||
Balance, beginning of year | 130,181 | 11,023 | 58,440 | — | 199,644 | |||||||||||||||||||
Balance, end of period | $93,840 | $4,316 | $57,915 | — | $156,071 | |||||||||||||||||||
DISCONTINUED_OPERATIONS_Narrat
DISCONTINUED OPERATIONS - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Jun. 27, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
T | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Change in restricted cash | ($7,071,000) | $45,312,000 | |
Payments of dividends | 63,200,000 | 31,667,000 | 62,545,000 |
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 | ||
Change in restricted cash | 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] | Term Loans [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] | Revolving Credit Facility [Member] | Line of Credit [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 Advanced Materials shares for every three Rayonier shares | 1 | ||
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share | 3 |
DISCONTINUED_OPERATIONS_Summar
DISCONTINUED OPERATIONS - Summary of Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income tax expense | $0 | ($15,308) |
Income from discontinued operations, net | 0 | 31,008 |
Performance Fibers business [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sales | 243,499 | |
Cost of sales and other | -193,864 | |
Transaction expenses | -3,319 | |
Income from discontinued operations before income taxes | 46,316 | |
Income tax expense | -15,308 | |
Income from discontinued operations, net | $31,008 |
DISCONTINUED_OPERATIONS_Intere
DISCONTINUED OPERATIONS - Interest Expense Allocated to Discontinued Operations (Details) (Performance Fibers business [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
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 | ($2,295) |
DISCONTINUED_OPERATIONS_Deprec
DISCONTINUED OPERATIONS - Depreciation, Amortization, and Capital Expenditures (Details) (Performance Fibers business [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Performance Fibers business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Depreciation and amortization | $20,649 |
Capital expenditures | $17,876 |
DISCONTINUED_OPERATIONS_Elimin
DISCONTINUED OPERATIONS - Elimination of Intercompany Hardwood Purchases (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | |
Hardwood purchases | $2,745 |
EARNINGS_PER_COMMON_SHARE_Sche
EARNINGS PER COMMON SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Income amounts attributable to Rayonier Inc. | ||||
Income from continuing operations | $18,180 | $10,335 | ||
Less: Net income (loss) from continuing operations attributable to noncontrolling interest | 433 | -83 | ||
Income from continuing operations attributable to Rayonier Inc. | 17,747 | 10,418 | ||
Income from discontinued operations, net, attributable to Rayonier Inc. | 0 | 31,008 | ||
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | $17,747 | $41,426 | ||
Shares used for determining basic earnings per common share | 126,614,334 | 126,344,987 | ||
Dilutive effect of: | ||||
Stock options | 168,680 | 286,535 | ||
Performance and restricted shares | 51,494 | 83,850 | ||
Assumed conversion of Senior Exchangeable Notes | 892,885 | [1] | 1,063,538 | [1] |
Assumed conversion of warrants | 0 | [1] | 645,583 | [1] |
Shares used for determining diluted earnings per common share | 127,727,393 | 128,424,493 | ||
Basic earnings per common share attributable to Rayonier Inc.: | ||||
Continuing Operations, (in dollars per share) | $0.14 | $0.08 | ||
Discontinued Operations, (in dollars per share) | $0 | $0.25 | ||
Net Income, Basic (in dollars per share) | $0.14 | $0.33 | ||
Diluted earnings per common share attributable to Rayonier Inc.: | ||||
Continuing Operations, (in dollars per share) | $0.14 | $0.08 | ||
Discontinued Operations, (in dollars per share) | $0 | $0.24 | ||
Net Income, Diluted (in dollars per share) | $0.14 | $0.32 | ||
[1] | Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notesâ€) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented. Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three months ended March 31, 2015 as the average stock price for the period did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q. |
EARNINGS_PER_COMMON_SHARE_Sche1
EARNINGS PER COMMON SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the computations of diluted earnings per share | 1,650,845 | 1,794,584 | ||
Warrants on Senior Exchangeable Notes due 2015 [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Strike price of warrants | 28.12 | |||
Stock options, performance and restricted shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the computations of diluted earnings per share | 757,960 | 731,046 | ||
Assumed conversion of exchangable note hedges [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from the computations of diluted earnings per share | 892,885 | [1] | 1,063,538 | [1] |
[1] | Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notesâ€) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented. Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three months ended March 31, 2015 as the average stock price for the period did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q. |
INCOME_TAXES_Provision_for_Inc
INCOME TAXES - Provision for Income Taxes from Continuing Operations - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory tax rate | 35.00% | 35.00% |
INCOME_TAXES_Schedule_of_Effec
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income tax expense at federal statutory rate | ($6,198) | ($959) |
Income tax expense at federal statutory rate (percent) | 35.00% | 35.00% |
REIT income and taxable losses | 7,502 | 7,188 |
REIT income and taxable losses (percent) | -42.40% | -262.40% |
Foreign operations | 1,137 | -10 |
Foreign operations (percent) | -6.40% | 0.40% |
Net operating loss valuation allowance | -1,812 | 0 |
Net operating loss valuation allowance (percent) | 10.20% | 0.00% |
Other | -158 | 7 |
Other (percent) | 0.90% | -0.30% |
Income tax benefit before discrete items | 471 | 6,226 |
Income tax expense before discrete items (percent) | -2.70% | -227.30% |
Prior period state tax adjustments | 0 | 1,370 |
Prior period state tax adjustments (percent) | 0.00% | -50.00% |
Income tax benefit as reported for continuing operations | $471 | $7,596 |
Income tax expense as reported for continuing operations (percent) | -2.70% | -277.30% |
INCOME_TAXES_Provision_for_Inc1
INCOME TAXES - Provision for Income Taxes from Discontinued Operations Narrative (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ||
Income tax expense related to discontinued operations | $0 | $15,308 |
Performance Fibers business [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax expense related to discontinued operations | $15,308 |
HIGHER_AND_BETTER_USE_TIMBERLA2
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS - Analysis of Higher and Better Use Timberlands and Real Estate Development Costs (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Real Estate, Land and Land Development Costs [Roll Forward] | |||
Non-current portion, Beginning Balance | $77,433 | ||
Plus: Current portion, Beginning Balance | -4,932 | [1] | |
Total Balance, Beginning Balance | 82,365 | ||
Non-cash cost of land sold and real estate development costs recovered upon sale | -3,673 | ||
Timber depletion from harvesting activities | -554 | ||
Capitalized real estate development costs | 276 | [2] | |
Capital expenditures (silviculture) | 49 | ||
Acquisitions | 0 | ||
Transfers | 0 | ||
Total Balance, Ending Balance | 78,463 | ||
Less: Current portion, Ending Balance | -6,511 | ||
Non-current portion, Ending Balance | 71,952 | ||
Payments to Develop Real Estate Assets | -306 | -1,812 | |
Change in Accrued Real Estate Development Costs | 30 | ||
Land and Timber [Member] | |||
Real Estate, Land and Land Development Costs [Roll Forward] | |||
Non-current portion, Beginning Balance | 65,959 | ||
Plus: Current portion, Beginning Balance | -4,875 | [1] | |
Total Balance, Beginning Balance | 70,834 | ||
Non-cash cost of land sold and real estate development costs recovered upon sale | -3,669 | ||
Timber depletion from harvesting activities | -554 | ||
Capitalized real estate development costs | 0 | [2] | |
Capital expenditures (silviculture) | 49 | ||
Acquisitions | 0 | ||
Transfers | 0 | ||
Total Balance, Ending Balance | 66,660 | ||
Less: Current portion, Ending Balance | -6,173 | ||
Non-current portion, Ending Balance | 60,487 | ||
Development Costs [Member] | |||
Real Estate, Land and Land Development Costs [Roll Forward] | |||
Non-current portion, Beginning Balance | 11,474 | ||
Plus: Current portion, Beginning Balance | -57 | [1] | |
Total Balance, Beginning Balance | 11,531 | ||
Non-cash cost of land sold and real estate development costs recovered upon sale | -4 | ||
Timber depletion from harvesting activities | 0 | ||
Capitalized real estate development costs | 276 | [2] | |
Capital expenditures (silviculture) | 0 | ||
Acquisitions | 0 | ||
Transfers | 0 | ||
Total Balance, Ending Balance | 11,803 | ||
Less: Current portion, Ending Balance | -338 | ||
Non-current portion, Ending Balance | $11,465 | ||
[1] | The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 14 — Inventory for additional information. | ||
[2] | Capitalized real estate development costs for the three months ended March 31, 2015 of $276,000 consisted of $306,000 in cash outflows and a $30,000 change in accrued spending. |
RESTRICTED_DEPOSITS_Details
RESTRICTED DEPOSITS (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Investments [Abstract] | ||
Maximum time period proceeds from LKE sale maintained with third party intermediary | 180 days | |
Restricted deposits | $13.80 | $6.70 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $1,575,151 | $1,755,243 | $1,755,243 | |||
Net income (loss) | 18,180 | 41,343 | 97,846 | |||
Dividends ($0.25 and $2.03 per share for the three months ended March 31, 2015 and the year ended December 31, 2014, respectively) | -31,617 | -256,861 | ||||
Contribution to Rayonier Advanced Materials | 19,130 | |||||
Adjustments to Rayonier Advanced Materials | -8,226 | [1] | ||||
Issuance of shares under incentive stock plans | 546 | 5,579 | ||||
Stock-based compensation | 805 | 7,869 | ||||
Tax deficiency on stock-based compensation | -267 | -791 | ||||
Repurchase of common shares | -94 | -1,858 | ||||
Net gain (loss) from pension and postretirement plans | 781 | -24,147 | ||||
Noncontrolling interest redemption of shares | -931 | |||||
Foreign currency translation adjustment | -14,323 | 17,803 | -15,847 | |||
Joint venture cash flow hedges | -946 | 1,711 | -1,855 | |||
Ending balance | 1,548,216 | 1,575,151 | ||||
Dividends [Abstract] | ||||||
Dividends per share | $0.25 | $0.49 | $2.03 | |||
Common Shares [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance (in shares) | 126,773,097 | [2] | 126,257,870 | [2] | 126,257,870 | [2] |
Beginning balance | 702,598 | 692,100 | 692,100 | |||
Contribution to Rayonier Advanced Materials | -301 | |||||
Issuance of shares under incentive stock plan (in shares) | 32,196 | [2] | 561,701 | [2] | ||
Issuance of shares under incentive stock plans | 546 | 5,579 | ||||
Stock-based compensation | 805 | 7,869 | ||||
Tax deficiency on stock-based compensation | -267 | -791 | ||||
Repurchase of common shares (in shares) | -2,984 | [2] | -46,474 | [2] | ||
Repurchase of common shares | -94 | -1,858 | ||||
Ending balance (in shares) | 126,802,309 | [2] | 126,773,097 | [2] | ||
Ending balance | 703,588 | 702,598 | ||||
Retained Earnings [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 790,697 | 1,015,209 | 1,015,209 | |||
Net income (loss) | 17,747 | 99,337 | ||||
Dividends ($0.25 and $2.03 per share for the three months ended March 31, 2015 and the year ended December 31, 2014, respectively) | -31,617 | -256,861 | ||||
Contribution to Rayonier Advanced Materials | -61,318 | |||||
Adjustments to Rayonier Advanced Materials | -5,670 | [1] | ||||
Ending balance | 776,827 | 790,697 | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | -4,825 | -46,139 | -46,139 | |||
Contribution to Rayonier Advanced Materials | 80,749 | |||||
Adjustments to Rayonier Advanced Materials | -2,556 | [1] | ||||
Net gain (loss) from pension and postretirement plans | 781 | -24,147 | ||||
Foreign currency translation adjustment | -10,429 | -11,526 | ||||
Joint venture cash flow hedges | -615 | -1,206 | ||||
Ending balance | -15,088 | -4,825 | ||||
Non-controlling Interest [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 86,681 | 94,073 | 94,073 | |||
Net income (loss) | 433 | -1,491 | ||||
Noncontrolling interest redemption of shares | -931 | |||||
Foreign currency translation adjustment | -3,894 | -4,321 | ||||
Joint venture cash flow hedges | -331 | -649 | ||||
Ending balance | $82,889 | $86,681 | ||||
NORTH CAROLINA | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Par value (in dollars per share) | $0 | |||||
[1] | Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized. | |||||
[2] | The Company’s common shares are registered in North Carolina and have a $0.00 par value. |
SEGMENT_AND_GEOGRAPHICAL_INFOR2
SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
SALES | $140,305 | $143,187 |
OPERATING INCOME | 27,747 | 14,425 |
Unallocated Interest Expense and Other | -10,038 | -11,686 |
Total income from continuing operations before income taxes | 17,709 | 2,739 |
DEPRECIATION, DEPLETION AND AMORTIZATION | 29,975 | 25,981 |
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | 3,747 | 3,076 |
Southern Timber [Member] | ||
Segment Reporting Information [Line Items] | ||
SALES | 35,531 | 33,876 |
OPERATING INCOME | 12,413 | 10,493 |
DEPRECIATION, DEPLETION AND AMORTIZATION | 14,301 | 11,996 |
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | 0 | 0 |
Pacific Northwest Timber [Member] | ||
Segment Reporting Information [Line Items] | ||
SALES | 19,154 | 33,038 |
OPERATING INCOME | 2,587 | 12,642 |
DEPRECIATION, DEPLETION AND AMORTIZATION | 3,790 | 6,297 |
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | 0 | 0 |
New Zealand Timber [Member] | ||
Segment Reporting Information [Line Items] | ||
SALES | 41,194 | 37,764 |
OPERATING INCOME | 5,694 | 2,411 |
DEPRECIATION, DEPLETION AND AMORTIZATION | 8,003 | 6,496 |
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | 0 | 2,098 |
Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
SALES | 23,791 | 5,530 |
OPERATING INCOME | 12,582 | 725 |
DEPRECIATION, DEPLETION AND AMORTIZATION | 3,812 | 910 |
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | 3,747 | 978 |
Trading [Member] | ||
Segment Reporting Information [Line Items] | ||
SALES | 20,635 | 35,686 |
OPERATING INCOME | 270 | -412 |
DEPRECIATION, DEPLETION AND AMORTIZATION | 0 | 0 |
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | 0 | 0 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
SALES | 0 | -2,707 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
OPERATING INCOME | -5,799 | -11,434 |
DEPRECIATION, DEPLETION AND AMORTIZATION | 69 | 282 |
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE | $0 | $0 |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
AOCI balance expected to be reclassified in next twelve months, net of tax | ($1.80) |
New Zealand Timber [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Percent of forecast sales and purchases hedged for three months | 50.00% |
Percent of forecast sales and purchases hedged for three to 12 months | 50.00% |
New Zealand Timber [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Percent of forecast sales and purchases hedged for three months | 90.00% |
Percent of forecast sales and purchases hedged for three to 12 months | 75.00% |
Percent of forecast sales and purchases hedged for 12 to 18 months | 50.00% |
Matariki Forestry Group [Member] | Not Designated as Hedging Instrument [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Percent of New Zealand JV variable rate debt hedged | 81.00% |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other comprehensive (loss) income [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | ($700) | $1,487 |
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other comprehensive (loss) income [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | 591 | 0 |
Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Other comprehensive (loss) income [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Designated hedged item, gain (loss) recognized in other comprehensive income | -681 | 725 |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Other operating (income) expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (Ioss) recognized in income | 0 | 25 |
Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Other operating (income) expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (Ioss) recognized in income | 0 | 7 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Interest and miscellaneous (expense) income, net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (Ioss) recognized in income | 1,855 | 1,134 |
Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Cost of sales (benefit) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Non-designated hedged item, gain (Ioss) recognized in income | $0 | $317 |
DERIVATIVE_FINANCIAL_INSTRUMEN4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $29,560 | $28,540 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 99,400 | 79,400 |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 26,278 | 27,419 |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $142,101 | $161,968 |
DERIVATIVE_FINANCIAL_INSTRUMEN5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Balance Sheet Location (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative asset | $1,589 | [1] | $688 | [1] |
Fair value, derivative liability | -11,587 | [1] | -9,377 | [1] |
Prepaid and other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative asset | 1,191 | [1] | 431 | [1] |
Other assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative asset | 398 | [1] | 257 | [1] |
Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative liability | -3,079 | [1] | -1,934 | [1] |
Other non-current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative liability | -8,508 | [1] | -7,443 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative asset | 87 | [1] | 132 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative asset | 8 | [1] | 59 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative liability | -823 | [1] | -272 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Other non-current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative liability | -49 | [1] | 0 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Prepaid and other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative asset | 393 | [1] | 299 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative asset | 390 | [1] | 198 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative liability | -2,176 | [1] | -1,439 | [1] |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other non-current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative liability | -374 | [1] | -196 | [1] |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative asset | 711 | [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] | ||||
Fair value, derivative liability | 0 | [1] | -223 | [1] |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative liability | -80 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other non-current liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value, derivative liability | ($8,085) | [1] | ($7,247) | [1] |
[1] | See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy. |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS - Fair Values Measured on Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Carrying Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $139,049 | $161,558 | ||
Restricted cash | 13,759 | [1] | 6,688 | [1] |
Current maturities of long-term debt | -130,213 | -129,706 | ||
Long-term debt | -612,804 | -621,849 | ||
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps | -8,165 | [2] | -7,247 | [2] |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts | -66 | [2] | -304 | [2] |
Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts | -1,767 | [2] | -1,138 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 139,049 | 161,558 | ||
Restricted cash | 13,759 | [1] | 6,688 | [1] |
Current maturities of long-term debt | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps | 0 | [2] | 0 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts | 0 | [2] | 0 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts | 0 | [2] | 0 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | [1] | 0 | [1] |
Current maturities of long-term debt | -150,588 | -156,762 | ||
Long-term debt | -621,605 | -628,476 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate swaps | -8,165 | [2] | -7,247 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency exchange contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts | -66 | [2] | -304 | [2] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign currency option contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts | ($1,767) | [2] | ($1,138) | [2] |
[1] | Restricted cash is recorded in “Other Assets†and represents the proceeds from LKE sales deposited with a third-party intermediary. | |||
[2] | See Note 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments. |
FAIR_VALUE_MEASUREMENTS_Fair_V1
FAIR VALUE MEASUREMENTS - Fair Value Measurements Methods and Assumptions (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Foreign currency exchange contracts [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Valuation Techniques | The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. |
Foreign currency option contracts [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Valuation Techniques | The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. |
Borrowings [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Valuation Techniques | The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. |
Interest Rate Swap [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Valuation Techniques | The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. |
Cash, Cash Equivalents and Restricted Cash [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements, Valuation Techniques | The carrying amount is equal to fair market value |
GUARANTEES_Details
GUARANTEES (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payment | $19,621,000 | |
Carrying Amount of Associated Liability | 15,043,000 | |
Standby letters of credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payment | 16,685,000 | [1] |
Carrying Amount of Associated Liability | 15,000,000 | [1] |
Guarantor Obligations Collateral for Industrial Revenue Bonds | 15,000,000 | |
Guarantor Obligations, Term | various dates during 2015 | |
Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payment | 2,254,000 | [2] |
Carrying Amount of Associated Liability | 43,000 | [2] |
Variable Interest Entity Recorded Liability For Performance Obligation | de minimis liability | |
Surety bonds [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payment | 682,000 | [3] |
Carrying Amount of Associated Liability | $0 | [3] |
Surety Bond [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Term | various dates during 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 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At March 31, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement. | |
[3] | Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates during 2015 and 2016 and are expected to be renewed as required. |
CONTINGENCIES_Details
CONTINGENCIES (Details) | 0 Months Ended | |
Jan. 09, 2015 | Nov. 10, 2014 | |
plaintiff | claim | |
claim | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Number of claims filed | 5 | 5 |
Number of consolidated claims filed | 1 | |
Number of lead plaintiffs | 2 |
EMPLOYEE_BENEFIT_PLANS_Narrati
EMPLOYEE BENEFIT PLANS - Narrative (Details) | 0 Months Ended | 3 Months Ended |
Dec. 31, 2014 | Mar. 31, 2015 | |
pension_plan | ||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Number of qualified defined benefit plans | 1 | |
General information | The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees | |
Unfunded plan | an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan | |
Other information | Currently, the pension plans are closed to new participants. | |
Return on asset assumption | 8.50% | 7.70% |
EMPLOYEE_BENEFIT_PLANS_Net_Per
EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $371 | $1,624 | ||
Interest cost | 830 | 4,683 | ||
Expected return on plan assets | -1,007 | -6,658 | ||
Amortization of prior service cost | 3 | 292 | ||
Amortization of losses | 933 | 2,737 | ||
Amortization of negative plan amendment | 0 | 0 | ||
Net periodic benefit cost | 1,130 | [1] | 2,678 | [1] |
Postretirement [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 179 | ||
Interest cost | 13 | 206 | ||
Expected return on plan assets | 0 | 0 | ||
Amortization of prior service cost | 0 | 4 | ||
Amortization of losses | 3 | 129 | ||
Amortization of negative plan amendment | 0 | -134 | ||
Net periodic benefit cost | 19 | [1] | 384 | [1] |
Income from Discontinued Operations [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit cost | $2,000 | |||
[1] | Net periodic benefit cost for the three months ended March 31, 2014 includes $2.0 million recorded in “Income from discontinued operations, net†on the Consolidated Statements of Income and Comprehensive Income. |
INVENTORY_Details
INVENTORY (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Inventory [Line Items] | ||||
Inventory | $13,100 | $8,383 | ||
Real Estate Inventory [Member] | ||||
Inventory [Line Items] | ||||
Inventory | 6,511 | [1] | 4,932 | [1] |
New Zealand Log Inventory [Member] | ||||
Inventory [Line Items] | ||||
Inventory | $6,589 | $3,451 | ||
[1] | Represents HBU real estate (including capitalized development costs) expected to be sold within 12 months. |
DEBT_Details
DEBT (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Debt Instrument [Line Items] | ||
Notional amount | 142,101,000 | 161,968,000 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Net debt borrowings | 2,000,000 | |
Remaining borrowing capacity | 180,000,000 | |
Amount to secure outstanding letters of credit | 2,000,000 | |
Revolving Credit Facility [Member] | Term Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | 100,000,000 | |
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug-15 | 2015 |
Exchange feature description | According to the indenture, in order for the notes to become exchangeable prior to May 15, 2015, the Company’s stock price must exceed 130 percent of the exchange price for 20 trading days during a period of 30 consecutive trading days as of the last day of the quarter. Based upon the average stock price for the 30 trading days ended March 31, 2015, these notes will not become exchangeable until May 15, 2015, the date at which the notes become exchangeable until maturity without the aforementioned condition. | |
Percent of the exchange price the stock price must exceed | 130.00% | |
Trading day threshold | 20 days | |
Number of trading days for stock price | 30 days | |
Matariki Forestry Group [Member] | ||
Debt Instrument [Line Items] | ||
Effect of exchange rate on New Zealand JV debt | 9,500,000 | |
Matariki Forestry Group [Member] | Noncontrolling interest shareholder loan at 0% interest rate [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of Debt | 1,400,000 | |
Matariki Forestry Group [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
New Zealand JV long-term variable rate debt | 176,000,000 | |
Periodic effective interest rate | 6.60% | |
Basis point credit line fee | 80.00% | |
Matariki Forestry Group [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | New Zealand Bank Bill Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis points on periodic interest rate | 80.00% | |
Matariki Forestry Group [Member] | Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Debt Instrument [Line Items] | ||
Notional amount | 142,000,000 | |
Percent of variable rate debt | 81.00% |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | ($4,825,000) | ($46,139,000) | ($46,139,000) | ||
Other comprehensive income/(loss) before reclassifications | -11,336,000 | 36,922,000 | |||
Amounts reclassified from accumulated other comprehensive loss | 1,073,000 | 4,392,000 | |||
Net other comprehensive income/(loss) | -10,263,000 | 41,314,000 | |||
Ending balance | -15,088,000 | -4,825,000 | |||
Net losses transferred to Rayonier Advanced Materials Pension Plans | 78,000,000 | ||||
Additional Losses from Revaluation Related to Spinoff | 30,000,000 | ||||
Net periodic pension cost | 5,000,000 | ||||
Foreign currency translation gains (losses) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 25,533,000 | 36,914,000 | 36,914,000 | ||
Other comprehensive income/(loss) before reclassifications | -11,020,000 | -11,381,000 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
Net other comprehensive income/(loss) | -11,020,000 | -11,381,000 | |||
Ending balance | 14,513,000 | 25,533,000 | |||
Net investment hedge of New Zealand JV [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -145,000 | 0 | 0 | ||
Other comprehensive income/(loss) before reclassifications | 591,000 | -145,000 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |||
Net other comprehensive income/(loss) | 591,000 | -145,000 | |||
Ending balance | 446,000 | -145,000 | |||
New Zealand joint venture cash flow hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -1,548,000 | -342,000 | -342,000 | ||
Other comprehensive income/(loss) before reclassifications | -907,000 | 510,000 | |||
Amounts reclassified from accumulated other comprehensive loss | 292,000 | -1,716,000 | |||
Net other comprehensive income/(loss) | -615,000 | -1,206,000 | |||
Ending balance | -2,163,000 | -1,548,000 | |||
New Zealand joint venture cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Amounts reclassified from accumulated other comprehensive loss | 292,000 | -492,000 | |||
Deferred tax asset write-off | 1,000,000 | ||||
Unrecognized components of employee benefit plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | -28,665,000 | -82,711,000 | -82,711,000 | ||
Other comprehensive income/(loss) before reclassifications | 0 | 47,938,000 | [1] | ||
Amounts reclassified from accumulated other comprehensive loss | 781,000 | [2] | 6,108,000 | [3] | |
Net other comprehensive income/(loss) | 781,000 | 54,046,000 | |||
Ending balance | ($27,884,000) | ($28,665,000) | |||
[1] | 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 December 31, 2014. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information. | ||||
[2] | This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 13 — Employee Benefit Plans for additional information. | ||||
[3] | 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. |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassified AOCI) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other operating income, net | ($5,574) | ($375) | |
Comprehensive (loss) income attributable to noncontrolling interest | -3,791 | 5,425 | |
Income tax benefit | 471 | 7,596 | |
Amounts reclassified from accumulated other comprehensive loss | 1,073 | 4,392 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated other comprehensive loss | 292 | -1,716 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Comprehensive (loss) income attributable to noncontrolling interest | -230 | 343 | |
Income tax benefit | -135 | 144 | |
Amounts reclassified from accumulated other comprehensive loss | 292 | -492 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Foreign Exchange Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other operating income, net | 364 | -872 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Foreign Exchange Option [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other operating income, net | $293 | ($107) |
OTHER_OPERATING_INCOME_NET_Det
OTHER OPERATING INCOME, NET (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Income and Expenses [Abstract] | ||
Lease income, primarily from hunting leases | $4,109 | $3,036 |
Other non-timber income | 1,364 | 552 |
Foreign currency losses | -241 | -1,519 |
Loss on foreign currency exchange contracts | 0 | -32 |
Miscellaneous income (expense), net | 342 | -1,662 |
Total | $5,574 | $375 |
CONSOLIDATING_FINANCIAL_STATEM2
CONSOLIDATING FINANCIAL STATEMENTS - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | ||
Debt Instrument [Line Items] | ||
Issuance date | Aug-09 | |
Face amount | $172,500,000 | |
Stated interest rate | 4.50% | |
Maturity date | Aug-15 | 2015 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ||
Debt Instrument [Line Items] | ||
Issuance date | Mar-12 | |
Face amount | $325,000,000 | |
Stated interest rate | 3.75% | |
Maturity date | 2022 |
CONSOLIDATING_FINANCIAL_STATEM3
CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Income and Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Income Statement [Abstract] | |||
SALES | $140,305 | $143,187 | |
Cost of sales | 107,234 | 115,900 | |
Selling and general expenses | 10,898 | 13,237 | |
Other operating expense (income), net | -5,574 | -375 | |
Costs and Expenses, Total | 112,558 | 128,762 | |
OPERATING INCOME | 27,747 | 14,425 | |
Interest expense | -8,544 | -10,675 | |
Interest and miscellaneous income (expense), net | -1,494 | -1,011 | |
Equity in income from subsidiaries | 0 | 0 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 17,709 | 2,739 | |
Income tax benefit | 471 | 7,596 | |
INCOME FROM CONTINUING OPERATIONS | 18,180 | 10,335 | |
Income from discontinued operations, net | 0 | 31,008 | |
NET INCOME | 18,180 | 41,343 | 97,846 |
Less: Net loss attributable to noncontrolling interest | 433 | -83 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 17,747 | 41,426 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | -14,323 | 17,803 | -15,847 |
New Zealand joint venture cash flow hedges | -946 | 1,711 | -1,855 |
Amortization of pension and postretirement plans, net of income tax | 781 | 2,097 | |
Total other comprehensive (loss) income | -14,488 | 21,611 | |
COMPREHENSIVE INCOME | 3,692 | 62,954 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -3,791 | 5,425 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 7,483 | 57,529 | |
Rayonier Inc. (Parent Guarantor) [Member] | |||
Income Statement [Abstract] | |||
SALES | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling and general expenses | 0 | 0 | |
Other operating expense (income), net | 0 | 0 | |
Costs and Expenses, Total | 0 | 0 | |
OPERATING INCOME | 0 | 0 | |
Interest expense | -3,168 | -3,193 | |
Interest and miscellaneous income (expense), net | 1,936 | 2,698 | |
Equity in income from subsidiaries | 18,979 | 41,921 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 17,747 | 41,426 | |
Income tax benefit | 0 | 0 | |
INCOME FROM CONTINUING OPERATIONS | 41,426 | ||
Income from discontinued operations, net | 0 | ||
NET INCOME | 17,747 | 41,426 | |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 17,747 | 41,426 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | -10,430 | 12,894 | |
New Zealand joint venture cash flow hedges | -615 | 1,112 | |
Amortization of pension and postretirement plans, net of income tax | 781 | 2,097 | |
Total other comprehensive (loss) income | -10,264 | 16,103 | |
COMPREHENSIVE INCOME | 7,483 | 57,529 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 7,483 | 57,529 | |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | |||
Income Statement [Abstract] | |||
SALES | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling and general expenses | 4,949 | 2,150 | |
Other operating expense (income), net | 0 | 2,375 | |
Costs and Expenses, Total | 4,949 | 4,525 | |
OPERATING INCOME | -4,949 | -4,525 | |
Interest expense | -92 | -243 | |
Interest and miscellaneous income (expense), net | 837 | 814 | |
Equity in income from subsidiaries | 23,183 | 46,478 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 18,979 | 42,524 | |
Income tax benefit | 0 | -603 | |
INCOME FROM CONTINUING OPERATIONS | 41,921 | ||
Income from discontinued operations, net | 0 | ||
NET INCOME | 18,979 | 41,921 | |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 18,979 | 41,921 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | -10,430 | 12,893 | |
New Zealand joint venture cash flow hedges | -615 | 1,112 | |
Amortization of pension and postretirement plans, net of income tax | 781 | 2,097 | |
Total other comprehensive (loss) income | -10,264 | 16,102 | |
COMPREHENSIVE INCOME | 8,715 | 58,023 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 8,715 | 58,023 | |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member] | |||
Income Statement [Abstract] | |||
SALES | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling and general expenses | 0 | 0 | |
Other operating expense (income), net | 0 | 0 | |
Costs and Expenses, Total | 0 | 0 | |
OPERATING INCOME | 0 | 0 | |
Interest expense | -2,432 | -6,690 | |
Interest and miscellaneous income (expense), net | -144 | -1,047 | |
Equity in income from subsidiaries | 1,427 | 31,110 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -1,149 | 23,373 | |
Income tax benefit | 960 | 2,824 | |
INCOME FROM CONTINUING OPERATIONS | 26,197 | ||
Income from discontinued operations, net | 0 | ||
NET INCOME | -189 | 26,197 | |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -189 | 26,197 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | -852 | 766 | |
New Zealand joint venture cash flow hedges | -615 | 1,112 | |
Amortization of pension and postretirement plans, net of income tax | 20 | 1,620 | |
Total other comprehensive (loss) income | -1,447 | 3,498 | |
COMPREHENSIVE INCOME | -1,636 | 29,695 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | -1,636 | 29,695 | |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | |||
Income Statement [Abstract] | |||
SALES | 140,305 | 143,187 | |
Cost of sales | 107,234 | 115,900 | |
Selling and general expenses | 5,949 | 11,087 | |
Other operating expense (income), net | -5,574 | -2,750 | |
Costs and Expenses, Total | 107,609 | 124,237 | |
OPERATING INCOME | 32,696 | 18,950 | |
Interest expense | -2,852 | -549 | |
Interest and miscellaneous income (expense), net | -4,123 | -3,476 | |
Equity in income from subsidiaries | 0 | 0 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 25,721 | 14,925 | |
Income tax benefit | -489 | 5,375 | |
INCOME FROM CONTINUING OPERATIONS | 20,300 | ||
Income from discontinued operations, net | 31,008 | ||
NET INCOME | 25,232 | 51,308 | |
Less: Net loss attributable to noncontrolling interest | 433 | -83 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 24,799 | 51,391 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | -14,323 | 17,795 | |
New Zealand joint venture cash flow hedges | -946 | 1,711 | |
Amortization of pension and postretirement plans, net of income tax | 20 | 1,620 | |
Total other comprehensive (loss) income | -15,249 | 21,126 | |
COMPREHENSIVE INCOME | 9,983 | 72,434 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -3,791 | 5,425 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 13,774 | 67,009 | |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member] | |||
Income Statement [Abstract] | |||
SALES | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling and general expenses | 0 | 0 | |
Other operating expense (income), net | 0 | 0 | |
Costs and Expenses, Total | 0 | 0 | |
OPERATING INCOME | 0 | 0 | |
Interest expense | 0 | 0 | |
Interest and miscellaneous income (expense), net | 0 | 0 | |
Equity in income from subsidiaries | -43,589 | -119,509 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -43,589 | -119,509 | |
Income tax benefit | 0 | 0 | |
INCOME FROM CONTINUING OPERATIONS | -119,509 | ||
Income from discontinued operations, net | 0 | ||
NET INCOME | -43,589 | -119,509 | |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -43,589 | -119,509 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | 21,712 | -26,545 | |
New Zealand joint venture cash flow hedges | 1,845 | -3,336 | |
Amortization of pension and postretirement plans, net of income tax | -821 | -5,337 | |
Total other comprehensive (loss) income | 22,736 | -35,218 | |
COMPREHENSIVE INCOME | -20,853 | -154,727 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | -20,853 | -154,727 | |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | |||
Income Statement [Abstract] | |||
SALES | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling and general expenses | 4,949 | 2,150 | |
Other operating expense (income), net | 0 | 2,375 | |
Costs and Expenses, Total | 4,949 | 4,525 | |
OPERATING INCOME | -4,949 | -4,525 | |
Interest expense | -2,524 | -6,933 | |
Interest and miscellaneous income (expense), net | 693 | -233 | |
Equity in income from subsidiaries | 24,799 | 51,391 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 18,019 | 39,700 | |
Income tax benefit | 960 | 2,221 | |
INCOME FROM CONTINUING OPERATIONS | 41,921 | ||
Income from discontinued operations, net | 0 | ||
NET INCOME | 18,979 | 41,921 | |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 18,979 | 41,921 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | -10,430 | 12,892 | |
New Zealand joint venture cash flow hedges | -615 | 1,112 | |
Amortization of pension and postretirement plans, net of income tax | 781 | 2,097 | |
Total other comprehensive (loss) income | -10,264 | 16,101 | |
COMPREHENSIVE INCOME | 8,715 | 58,022 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 8,715 | 58,022 | |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | |||
Income Statement [Abstract] | |||
SALES | 140,305 | 143,187 | |
Cost of sales | 107,234 | 115,900 | |
Selling and general expenses | 5,949 | 11,087 | |
Other operating expense (income), net | -5,574 | -2,750 | |
Costs and Expenses, Total | 107,609 | 124,237 | |
OPERATING INCOME | 32,696 | 18,950 | |
Interest expense | -2,852 | -549 | |
Interest and miscellaneous income (expense), net | -4,123 | -3,476 | |
Equity in income from subsidiaries | 0 | 0 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 25,721 | 14,925 | |
Income tax benefit | -489 | 5,375 | |
INCOME FROM CONTINUING OPERATIONS | 20,300 | ||
Income from discontinued operations, net | 31,008 | ||
NET INCOME | 25,232 | 51,308 | |
Less: Net loss attributable to noncontrolling interest | 433 | -83 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 24,799 | 51,391 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | -14,323 | 17,795 | |
New Zealand joint venture cash flow hedges | -946 | 1,711 | |
Amortization of pension and postretirement plans, net of income tax | 20 | 1,620 | |
Total other comprehensive (loss) income | -15,249 | 21,126 | |
COMPREHENSIVE INCOME | 9,983 | 72,434 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -3,791 | 5,425 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | 13,774 | 67,009 | |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member] | |||
Income Statement [Abstract] | |||
SALES | 0 | 0 | |
Cost of sales | 0 | 0 | |
Selling and general expenses | 0 | 0 | |
Other operating expense (income), net | 0 | 0 | |
Costs and Expenses, Total | 0 | 0 | |
OPERATING INCOME | 0 | 0 | |
Interest expense | 0 | 0 | |
Interest and miscellaneous income (expense), net | 0 | 0 | |
Equity in income from subsidiaries | -43,778 | -93,312 | |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -43,778 | -93,312 | |
Income tax benefit | 0 | 0 | |
INCOME FROM CONTINUING OPERATIONS | -93,312 | ||
Income from discontinued operations, net | 0 | ||
NET INCOME | -43,778 | -93,312 | |
Less: Net loss attributable to noncontrolling interest | 0 | 0 | |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | -43,778 | -93,312 | |
Foreign currency translation adjustment, net of income tax benefit of $343 and $0 | 20,860 | -25,778 | |
New Zealand joint venture cash flow hedges | 1,230 | -2,224 | |
Amortization of pension and postretirement plans, net of income tax | -801 | -3,717 | |
Total other comprehensive (loss) income | 21,289 | -31,719 | |
COMPREHENSIVE INCOME | -22,489 | -125,031 | |
Less: Comprehensive (loss) income attributable to noncontrolling interest | 0 | 0 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. | ($22,489) | ($125,031) |
CONSOLIDATING_FINANCIAL_STATEM4
CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | $139,049 | $161,558 | $156,071 | $199,644 |
Accounts receivable, less allowance for doubtful accounts | 19,960 | 24,018 | ||
Inventory | 13,100 | 8,383 | ||
Prepaid and other current assets | 18,040 | 19,745 | ||
Total current assets | 190,149 | 213,704 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,073,024 | 2,088,501 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 71,952 | 77,433 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 6,592 | 6,706 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||
OTHER ASSETS | 70,833 | 66,771 | ||
TOTAL ASSETS | 2,412,550 | 2,453,115 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 22,228 | 20,211 | ||
Current maturities of long-term debt | 130,213 | 129,706 | ||
Accrued taxes | 12,461 | 11,405 | ||
Accrued payroll and benefits | 2,996 | 6,390 | ||
Accrued interest | 9,892 | 8,433 | ||
Other current liabilities | 19,002 | 25,857 | ||
Total current liabilities | 196,792 | 202,002 | ||
LONG-TERM DEBT | 612,804 | 621,849 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 33,661 | 33,477 | ||
OTHER NON-CURRENT LIABILITIES | 21,077 | 20,636 | ||
INTERCOMPANY PAYABLE | 0 | 0 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,327 | 1,488,470 | ||
Noncontrolling interest | 82,889 | 86,681 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,548,216 | 1,575,151 | 1,755,243 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,412,550 | 2,453,115 | ||
Rayonier Inc. (Parent Guarantor) [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 77,738 | 102,218 | 93,840 | 130,181 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid and other current assets | 0 | 0 | ||
Total current assets | 77,738 | 102,218 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | 1,465,487 | 1,463,303 | ||
INTERCOMPANY NOTES RECEIVABLE | 250,530 | 248,233 | ||
OTHER ASSETS | 2,667 | 2,763 | ||
TOTAL ASSETS | 1,796,422 | 1,816,517 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | 6,095 | 3,047 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 6,095 | 3,047 | ||
LONG-TERM DEBT | 325,000 | 325,000 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | 0 | 0 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,327 | 1,488,470 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,465,327 | 1,488,470 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,796,422 | 1,816,517 | ||
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 4,282 | 11 | 4,494 | 304 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid and other current assets | 2,075 | 2,003 | ||
Total current assets | 6,357 | 2,014 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 390 | 433 | ||
INVESTMENT IN SUBSIDIARIES | 1,946,368 | 1,923,185 | ||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||
OTHER ASSETS | 16,538 | 16,610 | ||
TOTAL ASSETS | 1,969,653 | 1,942,242 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 1,809 | 2,687 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 11 | 11 | ||
Accrued payroll and benefits | 1,282 | 3,253 | ||
Accrued interest | -8 | -3 | ||
Other current liabilities | 788 | 928 | ||
Total current liabilities | 3,882 | 6,876 | ||
LONG-TERM DEBT | 0 | 0 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 34,345 | 34,161 | ||
OTHER NON-CURRENT LIABILITIES | 6,623 | 6,436 | ||
INTERCOMPANY PAYABLE | 459,316 | 431,466 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,487 | 1,463,303 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,465,487 | 1,463,303 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,969,653 | 1,942,242 | ||
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Subsidiary Issuer [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 1,287 | 8,094 | -178 | 10,719 |
Accounts receivable, less allowance for doubtful accounts | 182 | 1,409 | ||
Inventory | 0 | 0 | ||
Prepaid and other current assets | 2,120 | 6 | ||
Total current assets | 3,589 | 9,509 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | 650,156 | 640,678 | ||
INTERCOMPANY NOTES RECEIVABLE | 21,713 | 21,500 | ||
OTHER ASSETS | 1,516 | 1,759 | ||
TOTAL ASSETS | 676,974 | 673,446 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 31 | 123 | ||
Current maturities of long-term debt | 130,213 | 129,706 | ||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | 1,047 | 2,520 | ||
Other current liabilities | -69 | 145 | ||
Total current liabilities | 131,222 | 132,494 | ||
LONG-TERM DEBT | 33,759 | 31,000 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | 0 | 0 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 511,993 | 509,952 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 511,993 | 509,952 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 676,974 | 673,446 | ||
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 55,742 | 51,235 | 57,915 | 58,440 |
Accounts receivable, less allowance for doubtful accounts | 19,778 | 22,609 | ||
Inventory | 13,100 | 8,383 | ||
Prepaid and other current assets | 13,845 | 17,736 | ||
Total current assets | 102,465 | 99,963 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,073,024 | 2,088,501 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 71,952 | 77,433 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 6,202 | 6,273 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||
OTHER ASSETS | 50,112 | 45,639 | ||
TOTAL ASSETS | 2,303,755 | 2,317,809 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 20,388 | 17,401 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 12,450 | 11,394 | ||
Accrued payroll and benefits | 1,714 | 3,137 | ||
Accrued interest | 33,468 | 31,281 | ||
Other current liabilities | 18,283 | 24,784 | ||
Total current liabilities | 86,303 | 87,997 | ||
LONG-TERM DEBT | 254,045 | 265,849 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | -684 | -684 | ||
OTHER NON-CURRENT LIABILITIES | 14,454 | 14,200 | ||
INTERCOMPANY PAYABLE | -201,620 | -153,754 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,068,368 | 2,017,520 | ||
Noncontrolling interest | 82,889 | 86,681 | ||
TOTAL SHAREHOLDERS’ EQUITY | 2,151,257 | 2,104,201 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,303,755 | 2,317,809 | ||
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | -4,062,011 | -4,027,166 | ||
INTERCOMPANY NOTES RECEIVABLE | -272,243 | -269,733 | ||
OTHER ASSETS | 0 | 0 | ||
TOTAL ASSETS | -4,334,254 | -4,296,899 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | -30,710 | -28,412 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | -30,710 | -28,412 | ||
LONG-TERM DEBT | 0 | 0 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | -257,696 | -277,712 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -4,045,848 | -3,990,775 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | -4,045,848 | -3,990,775 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | -4,334,254 | -4,296,899 | ||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 5,569 | 8,105 | 4,316 | 11,023 |
Accounts receivable, less allowance for doubtful accounts | 182 | 1,409 | ||
Inventory | 0 | 0 | ||
Prepaid and other current assets | 4,195 | 2,009 | ||
Total current assets | 9,946 | 11,523 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 390 | 433 | ||
INVESTMENT IN SUBSIDIARIES | 2,084,531 | 2,053,911 | ||
INTERCOMPANY NOTES RECEIVABLE | 21,713 | 21,500 | ||
OTHER ASSETS | 18,054 | 18,369 | ||
TOTAL ASSETS | 2,134,634 | 2,105,736 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 1,840 | 2,810 | ||
Current maturities of long-term debt | 130,213 | 129,706 | ||
Accrued taxes | 11 | 11 | ||
Accrued payroll and benefits | 1,282 | 3,253 | ||
Accrued interest | 1,039 | 2,517 | ||
Other current liabilities | 719 | 1,073 | ||
Total current liabilities | 135,104 | 139,370 | ||
LONG-TERM DEBT | 33,759 | 31,000 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 34,345 | 34,161 | ||
OTHER NON-CURRENT LIABILITIES | 6,623 | 6,436 | ||
INTERCOMPANY PAYABLE | 459,316 | 431,466 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,465,487 | 1,463,303 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | 1,465,487 | 1,463,303 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,134,634 | 2,105,736 | ||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 55,742 | 51,235 | 57,915 | 58,440 |
Accounts receivable, less allowance for doubtful accounts | 19,778 | 22,609 | ||
Inventory | 13,100 | 8,383 | ||
Prepaid and other current assets | 13,845 | 17,736 | ||
Total current assets | 102,465 | 99,963 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,073,024 | 2,088,501 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 71,952 | 77,433 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 6,202 | 6,273 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
INTERCOMPANY NOTES RECEIVABLE | 0 | 0 | ||
OTHER ASSETS | 50,112 | 45,639 | ||
TOTAL ASSETS | 2,303,755 | 2,317,809 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 20,388 | 17,401 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 12,450 | 11,394 | ||
Accrued payroll and benefits | 1,714 | 3,137 | ||
Accrued interest | 33,468 | 31,281 | ||
Other current liabilities | 18,283 | 24,784 | ||
Total current liabilities | 86,303 | 87,997 | ||
LONG-TERM DEBT | 254,045 | 265,849 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | -684 | -684 | ||
OTHER NON-CURRENT LIABILITIES | 14,454 | 14,200 | ||
INTERCOMPANY PAYABLE | -201,620 | -153,754 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 2,068,368 | 2,017,520 | ||
Noncontrolling interest | 82,889 | 86,681 | ||
TOTAL SHAREHOLDERS’ EQUITY | 2,151,257 | 2,104,201 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,303,755 | 2,317,809 | ||
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, less allowance for doubtful accounts | 0 | 0 | ||
Inventory | 0 | 0 | ||
Prepaid and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 0 | 0 | ||
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS | 0 | 0 | ||
NET PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | ||
INVESTMENT IN SUBSIDIARIES | -3,550,018 | -3,517,214 | ||
INTERCOMPANY NOTES RECEIVABLE | -272,243 | -269,733 | ||
OTHER ASSETS | 0 | 0 | ||
TOTAL ASSETS | -3,822,261 | -3,786,947 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Accrued taxes | 0 | 0 | ||
Accrued payroll and benefits | 0 | 0 | ||
Accrued interest | -30,710 | -28,412 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | -30,710 | -28,412 | ||
LONG-TERM DEBT | 0 | 0 | ||
PENSION AND OTHER POSTRETIREMENT BENEFITS | 0 | 0 | ||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | ||
INTERCOMPANY PAYABLE | -257,696 | -277,712 | ||
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | -3,533,855 | -3,480,823 | ||
Noncontrolling interest | 0 | 0 | ||
TOTAL SHAREHOLDERS’ EQUITY | -3,533,855 | -3,480,823 | ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | ($3,822,261) | ($3,786,947) |
CONSOLIDATING_FINANCIAL_STATEM5
CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | $53,398 | $100,100 |
INVESTING ACTIVITIES | ||
Capital expenditures | -13,292 | -34,640 |
Real estate development costs | -306 | -1,812 |
Purchase of timberlands | -23,070 | -10,637 |
Change in restricted cash | -7,071 | 45,312 |
Investment in Subsidiaries | 0 | 0 |
Other | 0 | -778 |
CASH USED FOR INVESTING ACTIVITIES | -43,739 | -2,555 |
FINANCING ACTIVITIES | ||
Issuance of debt | 12,000 | 31,819 |
Repayment of debt | -11,371 | -110,000 |
Dividends paid | -31,667 | -62,545 |
Proceeds from the issuance of common shares | 546 | 2,027 |
Repurchase of common shares | -94 | -1,754 |
Intercompany distributions | 0 | 0 |
Other | 0 | -678 |
CASH USED FOR FINANCING ACTIVITIES | -30,586 | -141,131 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -1,582 | 13 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | -22,509 | -43,573 |
Balance, beginning of year | 161,558 | 199,644 |
Balance, end of period | 139,049 | 156,071 |
Rayonier Inc. (Parent Guarantor) [Member] | ||
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | 6,735 | 25,931 |
INVESTING ACTIVITIES | ||
Capital expenditures | 0 | 0 |
Real estate development costs | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | 0 | 0 |
Other | 0 | |
CASH USED FOR INVESTING ACTIVITIES | 0 | 0 |
FINANCING ACTIVITIES | ||
Issuance of debt | 0 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | -31,667 | -62,545 |
Proceeds from the issuance of common shares | 546 | 2,027 |
Repurchase of common shares | -94 | -1,754 |
Intercompany distributions | 0 | 0 |
Other | 0 | |
CASH USED FOR FINANCING ACTIVITIES | -31,215 | -62,272 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | -24,480 | -36,341 |
Balance, beginning of year | 102,218 | 130,181 |
Balance, end of period | 77,738 | 93,840 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member] | ||
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | 13,604 | 32,794 |
INVESTING ACTIVITIES | ||
Capital expenditures | 0 | -170 |
Real estate development costs | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | -8,807 | 69,103 |
Other | 0 | |
CASH USED FOR INVESTING ACTIVITIES | -8,807 | 68,933 |
FINANCING ACTIVITIES | ||
Issuance of debt | 12,000 | 30,000 |
Repayment of debt | -10,000 | -110,000 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | -9,333 | -28,434 |
Other | 0 | |
CASH USED FOR FINANCING ACTIVITIES | -7,333 | -108,434 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | -2,536 | -6,707 |
Balance, beginning of year | 8,105 | 11,023 |
Balance, end of period | 5,569 | 4,316 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantors [Member] | ||
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | 42,105 | 68,585 |
INVESTING ACTIVITIES | ||
Capital expenditures | -13,292 | -34,470 |
Real estate development costs | -306 | -1,812 |
Purchase of timberlands | -23,070 | -10,637 |
Change in restricted cash | -7,071 | 45,312 |
Investment in Subsidiaries | 0 | 0 |
Other | -778 | |
CASH USED FOR INVESTING ACTIVITIES | -43,739 | -2,385 |
FINANCING ACTIVITIES | ||
Issuance of debt | 0 | 1,819 |
Repayment of debt | -1,371 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | 9,094 | -67,879 |
Other | -678 | |
CASH USED FOR FINANCING ACTIVITIES | 7,723 | -66,738 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -1,582 | 13 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | 4,507 | -525 |
Balance, beginning of year | 51,235 | 58,440 |
Balance, end of period | 55,742 | 57,915 |
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation Adjustments [Member] | ||
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | -9,046 | -27,210 |
INVESTING ACTIVITIES | ||
Capital expenditures | 0 | 0 |
Real estate development costs | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | 8,807 | -69,103 |
Other | 0 | |
CASH USED FOR INVESTING ACTIVITIES | 8,807 | -69,103 |
FINANCING ACTIVITIES | ||
Issuance of debt | 0 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | 239 | 96,313 |
Other | 0 | |
CASH USED FOR FINANCING ACTIVITIES | 239 | 96,313 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | 0 | 0 |
Balance, beginning of year | 0 | 0 |
Balance, end of period | 0 | 0 |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member] | ||
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | 13,604 | 32,794 |
INVESTING ACTIVITIES | ||
Capital expenditures | 0 | -170 |
Real estate development costs | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | 0 | 0 |
Other | 0 | |
CASH USED FOR INVESTING ACTIVITIES | 0 | -170 |
FINANCING ACTIVITIES | ||
Issuance of debt | 0 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | -9,333 | -28,434 |
Other | 0 | |
CASH USED FOR FINANCING ACTIVITIES | -9,333 | -28,434 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | 4,271 | 4,190 |
Balance, beginning of year | 11 | 304 |
Balance, end of period | 4,282 | 4,494 |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Subsidiary Issuer [Member] | ||
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | 0 | 0 |
INVESTING ACTIVITIES | ||
Capital expenditures | 0 | 0 |
Real estate development costs | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | -8,807 | 69,103 |
Other | 0 | |
CASH USED FOR INVESTING ACTIVITIES | -8,807 | 69,103 |
FINANCING ACTIVITIES | ||
Issuance of debt | 12,000 | 30,000 |
Repayment of debt | -10,000 | -110,000 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | 0 | 0 |
Other | 0 | |
CASH USED FOR FINANCING ACTIVITIES | 2,000 | -80,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | -6,807 | -10,897 |
Balance, beginning of year | 8,094 | 10,719 |
Balance, end of period | 1,287 | -178 |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Non-guarantors [Member] | ||
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | 42,105 | 68,585 |
INVESTING ACTIVITIES | ||
Capital expenditures | -13,292 | -34,470 |
Real estate development costs | -306 | -1,812 |
Purchase of timberlands | -23,070 | -10,637 |
Change in restricted cash | -7,071 | 45,312 |
Investment in Subsidiaries | 0 | 0 |
Other | -778 | |
CASH USED FOR INVESTING ACTIVITIES | -43,739 | -2,385 |
FINANCING ACTIVITIES | ||
Issuance of debt | 0 | 1,819 |
Repayment of debt | -1,371 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | 9,094 | -67,879 |
Other | -678 | |
CASH USED FOR FINANCING ACTIVITIES | 7,723 | -66,738 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -1,582 | 13 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | 4,507 | -525 |
Balance, beginning of year | 51,235 | 58,440 |
Balance, end of period | 55,742 | 57,915 |
Senior Exchangeable Notes due August 2015 at a fixed interest rate of 4.50% [Member] | Consolidation Adjustments [Member] | ||
Statement of Cash Flows [Abstract] | ||
CASH PROVIDED BY OPERATING ACTIVITIES | -9,046 | -27,210 |
INVESTING ACTIVITIES | ||
Capital expenditures | 0 | 0 |
Real estate development costs | 0 | 0 |
Purchase of timberlands | 0 | 0 |
Change in restricted cash | 0 | 0 |
Investment in Subsidiaries | 8,807 | -69,103 |
Other | 0 | |
CASH USED FOR INVESTING ACTIVITIES | 8,807 | -69,103 |
FINANCING ACTIVITIES | ||
Issuance of debt | 0 | 0 |
Repayment of debt | 0 | 0 |
Dividends paid | 0 | 0 |
Proceeds from the issuance of common shares | 0 | 0 |
Repurchase of common shares | 0 | 0 |
Intercompany distributions | 239 | 96,313 |
Other | 0 | |
CASH USED FOR FINANCING ACTIVITIES | 239 | 96,313 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Change in cash and cash equivalents | 0 | 0 |
Balance, beginning of year | 0 | 0 |
Balance, end of period | $0 | $0 |