Rayonier (RYN) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	RAYONIER INC.
Trading Symbol	RYN
Entity Central Index Key	52,827
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		122,866,702

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
SALES	$ 261,550	$ 115,801	$ 396,393	$ 256,106
Costs and Expenses
Cost of sales	138,194	103,689	246,166	210,923
Selling and general expenses	11,252	12,727	21,031	23,626
Other operating income, net (Note 15)	(9,463)	(7,138)	(15,368)	(12,713)
Costs and Expenses, Total	139,983	109,278	251,829	221,836
OPERATING INCOME	121,567	6,523	144,564	34,270
Interest expense	(7,961)	(8,483)	(15,059)	(17,027)
Interest income and miscellaneous income (expense), net	249	(1,196)	(1,373)	(2,691)
INCOME (LOSS) BEFORE INCOME TAXES	113,855	(3,156)	128,132	14,552
Income tax (expense) benefit	(2,276)	296	(1,495)	768
NET INCOME (LOSS)	111,579	(2,860)	126,637	15,320	$ 43,941
Less: Net income (loss) attributable to noncontrolling interest	1,758	(1,324)	2,344	(891)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	109,821	(1,536)	124,293	16,211
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax expense of $0, $732, $0 and $1,074	13,219	(25,395)	16,023	(39,717)	(32,451)
Cash flow hedges, net of income tax benefit (expense) of $631, $1,133, $1,064 and $1,501	(12,476)	(2,917)	(26,250)	(3,863)	(9,961)
Actuarial change and amortization of pension and postretirement plans, net of income tax expense of $0, $179, $0 and $337	632	743	1,249	1,524	$ 2,933
Total other comprehensive income (loss)	1,375	(27,569)	(8,978)	(42,056)
COMPREHENSIVE INCOME (LOSS)	112,954	(30,429)	117,659	(26,736)
Less: Comprehensive income (loss) attributable to noncontrolling interest	4,410	(9,731)	8,153	(13,522)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$ 108,544	$ (20,698)	$ 109,506	$ (13,214)
EARNINGS (LOSS) PER COMMON SHARE (Note 11)
Basic earnings (loss) per share attributable to Rayonier Inc. (in dollars per share)	$ 0.90	$ (0.01)	$ 1.01	$ 0.13
Diluted earnings (loss) per share attributable to Rayonier Inc. (in dollars per share)	0.89	(0.01)	1.01	0.13
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50	$ 1

Consolidated Statements of Inc3

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax benefit	$ 0	$ 732	$ 0	$ 1,074
Cash flow hedges, income tax benefit (expense)	631	1,133	1,064	1,501
Amortization of pension and postretirement plans, income tax expense	$ 0	$ 179	$ 0	$ 337

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 129,654	$ 51,777
Accounts receivable, less allowance for doubtful accounts of $50 and $42	30,576	20,222
Inventory (Note 16)	14,957	15,351
Prepaid expenses	13,489	12,654
Other current assets	6,197	5,681
Total current assets	194,873	105,685
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,306,105	2,066,780
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	68,164	65,450
PROPERTY, PLANT AND EQUIPMENT
Land	1,832	1,833
Buildings	9,673	9,014
Machinery and equipment	3,631	3,686
Construction in progress	2,614	1,282
Total property, plant and equipment, gross	17,750	15,815
Less — accumulated depreciation	(8,626)	(9,073)
Total property, plant and equipment, net	9,124	6,742
OTHER ASSETS	53,913	71,281
TOTAL ASSETS	2,632,179	2,315,938
CURRENT LIABILITIES
Accounts payable	22,833	21,479
Accrued taxes	5,571	3,685
Accrued payroll and benefits	5,054	7,037
Accrued interest	5,174	6,153
Other current liabilities	29,370	21,103
Total current liabilities	68,002	59,457
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,052,307	830,554
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 14)	34,525	34,137
OTHER NON-CURRENT LIABILITIES	56,825	30,050
COMMITMENTS AND CONTINGENCIES (Notes 7 and 9)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 122,864,910 and 122,770,217 shares issued and outstanding	706,677	708,827
Retained earnings	674,954	612,760
Accumulated other comprehensive loss	(44,857)	(33,503)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,336,774	1,288,084
Noncontrolling interest	83,746	73,656
TOTAL SHAREHOLDERS’ EQUITY	1,420,520	1,361,740
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,632,179	$ 2,315,938

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 50	$ 42
Shareholders’ Equity:
Common shares, shares authorized	480,000,000	480,000,000
Common shares, shares issued	122,864,910	122,770,217
Common shares, shares outstanding	122,864,910	122,770,217

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2014		126,773,097
Beginning balance at Dec. 31, 2014	$ 1,575,151	$ 702,598	$ 790,697	$ (4,825)	$ 86,681
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	43,941		46,165		(2,224)
Dividends	(124,943)		(124,943)
Issuance of shares under incentive stock plans (shares)		205,219
Issuance of shares under incentive stock plans	2,117	$ 2,117
Stock-based compensation	4,484	4,484
Tax deficiency on stock-based compensation	(250)	$ (250)
Repurchase of common shares (in shares)		(4,208,099)
Repurchase of common shares	(100,122)	$ (122)	(100,000)
Net gain from pension and postretirement plans	2,933			2,933
Adjustments to Rayonier Advanced Materials	841		841
Foreign currency translation adjustment	(32,451)			(21,567)	(10,884)
Cash flow hedges	(9,961)			(10,044)	83
Ending balance (in shares) at Dec. 31, 2015		122,770,217
Ending balance at Dec. 31, 2015	1,361,740	$ 708,827	612,760	(33,503)	73,656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	126,637		124,293		2,344
Dividends	(61,409)		(61,409)
Issuance of shares under incentive stock plans (shares)		138,514
Issuance of shares under incentive stock plans	644	$ 644
Stock-based compensation	2,839	$ 2,839
Repurchase of common shares (in shares)		(43,821)
Repurchase of common shares	(829)	$ (139)	(690)
Net gain from pension and postretirement plans	1,249			1,249
Foreign currency translation adjustment	16,023			10,732	5,291
Cash flow hedges	(26,250)			(26,773)	523
Recapitalization of New Zealand Joint Venture	3,438	(5,398)		3,438	1,960
Recapitalization costs	(124)	$ (96)			(28)
Ending balance (in shares) at Jun. 30, 2016		122,864,910
Ending balance at Jun. 30, 2016	$ 1,420,520	$ 706,677	$ 674,954	$ (44,857)	$ 83,746

Consolidated Statements of Sha7

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net income		$ 126,637	$ 15,320
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		51,707	53,826
Non-cash cost of land and improved development		5,775	4,938
Stock-based incentive compensation expense		2,839	2,588
Deferred income taxes		2,840	(1,322)
Amortization of losses from pension and postretirement plans		1,249	1,861
Gain on sale of large disposition of timberlands		(101,325)	0
Other		(983)	1,592
Changes in operating assets and liabilities:
Receivables		(9,367)	2,414
Inventories		(2,132)	(8,107)
Accounts payable		2,315	3,874
Income tax receivable/payable		441	(321)
All other operating activities		(3,017)	9,220
CASH PROVIDED BY OPERATING ACTIVITIES		76,979	85,883
INVESTING ACTIVITIES
Capital expenditures		(26,180)	(25,318)
Real estate development investments		(3,018)	(926)
Purchase of timberlands		(276,614)	(88,414)
Assets purchased in business acquisition		(1,113)	0
Net proceeds from large disposition of timberlands		126,965	0
Rayonier office building under construction		(1,155)	(261)
Change in restricted cash		17,985	4,160
Other		(2,066)	3,486
CASH USED FOR INVESTING ACTIVITIES		(165,196)	(107,273)
FINANCING ACTIVITIES
Issuance of debt		653,775	59,100
Repayment of debt		(426,173)	(31,472)
Dividends paid		(61,409)	(63,421)
Proceeds from the issuance of common shares		644	718
Repurchase of common shares made under share repurchase program		(690)	(8,962)
Debt issuance costs		(818)	0
Other		(139)	(95)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES		165,190	(44,132)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		904	(4,404)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		77,877	(69,926)
Balance, beginning of year		51,777	161,558
Balance, end of period		129,654	91,632
Cash paid during the period:
Interest	[1]	16,934	15,303
Income taxes		337	270
Non-cash investing activity:
Capital assets purchased on account		2,062	2,396
Patronage refunds received, netted with interest paid		$ 400	$ 1,300
[1]	Interest paid is presented net of patronage payments received of $0.4 million and $1.3 million for the six months ended June 30, 2016 and June 30, 2015, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2015 Form 10-K.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2016
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 (“GAAP”) 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, 2015 , as filed with the SEC (the “2015 Form 10-K”). Reclassifications Certain 2015 amounts have been reclassified to conform with the current year presentation, including changes in balance sheet presentation. During the first quarter of 2016, the Company reclassified capitalized debt costs related to non-revolving debt from Other Assets to Long Term Debt as a result of the adoption of Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-50) - Simplifying the Presentation of Debt Issuance Costs, which is required to be applied on a retrospective basis. This reclassification is reflected in the June 30, 2016 and December 31, 2015 Consolidated Balance Sheets. A corresponding change has also been made to the Consolidated Statement of Cash Flows for both periods presented. New Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Rayonier intends to adopt ASU No. 2016-09 in the Company’s first quarter 2017 Form 10-Q. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships , which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU No. 2016-05 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Rayonier intends to adopt ASU No. 2016-05 in the Company’s first quarter 2017 Form 10-Q and does not expect it will have an impact on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. ASU No. 2016-02 also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. ASU No. 2016-02 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In May 2014, the FASB and International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers , a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. 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 August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date . ASU No. 2015-14 provides 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. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers—Identifying Performance Obligations and Licensing . The update clarifies the guidance for identifying performance obligations. In May 2016, the FASB issued ASU. No. 2016-12, Revenue from Contracts with Customers (Topic 660): Narrow-Scope Improvements and Practical Expedients . The update clarifies the guidance for assessing collectibility, presenting sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications at transition, completed contracts at transition and disclosing the accounting change in the period of adoption. 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 and has completed a preliminary analysis of the specific impacts to our New Zealand Timber and Real Estate segments. Subsequent Events On July 7, 2016, the Company entered into an interest rate swap agreement for a notional amount of $100 million through May 2026. This swap agreement fixes the variable portion of the interest rate on the Incremental Term Loan borrowings due 2026 from LIBOR to an average rate of 1.26% . Together with the bank margin of 1.90% , this results in a rate of 3.16% before estimated patronage payments. This derivative instrument has been designated as an interest rate cash flow hedge and qualifies for hedge accounting.

TIMBERLAND ACQUISITION

TIMBERLAND ACQUISITION	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Timberland Acquisition	TIMBERLAND ACQUISITION Menasha Acquisition The Company and Forest Investment Associates (“FIA”) formed Olympus Acquisition Company (“Olympus”) to acquire all the outstanding common stock of Menasha Forest Products Corporation (“Menasha”), a privately held company with approximately 132,000 acres of timberland located in Oregon and Washington (the “Menasha Acquisition”). On May 10, 2016 (the “acquisition date”), essentially all of the net assets of Olympus were distributed to the Company and FIA, resulting in the Company owning an identified portfolio of 61,000 acres of the former Menasha timberland for a final purchase price of approximately $263 million . Business Combination Accounting The distribution of net assets from Olympus to Rayonier has been accounted for as a business combination. Accordingly, the consideration paid by the Company has been recorded to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. In determining the fair value of the timberlands, the Company utilized valuation methodologies including a discounted cash flow analysis. A sales comparison approach was utilized to determine the fair market value of property, plant and equipment. The carrying values for current assets and liabilities were deemed to approximate their fair values due to the short-term nature of these assets and liabilities. Rayonier’s share of acquisition costs of $1.2 million is included in “Other operating income, net.” As of the filing date of this report, the Company has not completed its final accounting related to this acquisition. As a result, preliminary estimates have been recorded and are subject to change. Any necessary adjustments from the preliminary estimates will be finalized as soon as practicable but within one year from the date of acquisition. Measurement period adjustments will be recorded in the period in which they are determined, as if they had been completed at the acquisition date. The Company is currently in the process of finalizing its valuations related to the following: Timber and timberlands Property, plant and equipment Other current and non-current assets Other current and non-current liabilities The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date: May 10, 2016 Timber and timberlands (a) $263,073 Property, plant and equipment 1,554 Other current and non-current assets 280 Total identifiable assets acquired 264,907 Other current and non-current liabilities 1,503 Total liabilities assumed 1,503 Net identifiable assets (purchase price) $263,404 (a) Timber and timberlands include $0.8 million of seeds and seedlings. Operating Results and Unaudited Pro Forma Financial Information The net income effect resulting from the Menasha acquisition for the three and six months ended June 30, 2016 is impracticable to determine, as the Company immediately integrated Menasha into its ongoing operations. Additionally, pro forma information has not been provided, as the portion of Menasha acquired was a component of a larger legal entity and separate historical financial statements were not prepared. Since stand-alone financial information prior to the acquisition was not readily available, compilation of such data is impracticable. Washington Disposition The Company also completed its disposition of approximately 55,000 acres located in Washington to FIA (the “Washington disposition”) for a sale price of approximately $130 million . The proceeds received from the disposition were used to finance a portion of the Menasha Acquisition. The remainder of the acquisition was financed by entering into an incremental term loan agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions to provide a 10 -year, $300 million incremental term loan. See Note 5 — Debt for additional information.

JOINT VENTURE INVESTMENT

JOINT VENTURE INVESTMENT	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Joint Venture Investment	JOINT VENTURE INVESTMENT Matariki Forestry Group On March 3, 2016, the Company made a capital contribution into Matariki Forestry Group (the "New Zealand JV"), a joint venture that owns or leases approximately 0.4 million legal acres of New Zealand timberlands, for the purpose of refinancing approximately NZ $235 million of New Zealand JV indebtedness and paying related fees and expenses, including the costs of settling out-of-the-money interest rate swaps. As a result of the capital contribution, the Company's ownership interest in the New Zealand JV increased from 65% to 77% . As a result of the increase in ownership percentage, the pro-rata share of the New Zealand JV’s unrealized foreign currency and cash flow hedge losses were reallocated between the Company and the noncontrolling interest. In accordance with Accounting Standards Codification (“ASC”) 810-10-45-24, this reallocation resulted in a reduction to the common share balance. The Company maintains a controlling financial interest in the New Zealand JV and, accordingly, consolidates the New Zealand JV’s Balance Sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand JV’s 23% noncontrolling interest are shown separately within the Consolidated Statement of Income and Comprehensive Income and Consolidated Statement of Shareholders’ Equity. Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the New Zealand JV.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment and Geographical Information	SEGMENT AND GEOGRAPHICAL 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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other” or “unallocated interest expense and other.” Segment information for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended Six Months Ended SALES 2016 2015 2016 2015 Southern Timber $29,640 $32,681 $74,380 $68,212 Pacific Northwest Timber 16,869 17,102 36,178 36,256 New Zealand Timber 47,748 39,223 83,772 80,417 Real Estate (a) 137,307 6,945 150,670 30,736 Trading 29,986 19,850 51,393 40,485 Total $261,550 $115,801 $396,393 $256,106 (a) The three and six months ended June 30, 2016 include $129.5 million from the Washington disposition. Three Months Ended Six Months Ended OPERATING INCOME 2016 2015 2016 2015 Southern Timber $11,039 $11,777 $26,793 $24,190 Pacific Northwest Timber 1,034 1,687 2,419 4,275 New Zealand Timber 10,028 (945 ) 14,772 4,749 Real Estate (a) 105,695 1,421 109,920 14,003 Trading 625 (84 ) 975 186 Corporate and other (6,854 ) (7,333 ) (10,315 ) (13,133 ) Total Operating Income 121,567 6,523 144,564 34,270 Unallocated interest expense and other (7,712 ) (9,679 ) (16,432 ) (19,718 ) Total Income (Loss) before Income Taxes $113,855 ($3,156 ) $128,132 $14,552 (a) The three and six months ended June 30, 2016 include $101.3 million from the Washington disposition. Three Months Ended Six Months Ended DEPRECIATION, DEPLETION AND 2016 2015 2016 2015 Southern Timber $10,559 $12,650 $27,115 $26,951 Pacific Northwest Timber 3,672 2,941 8,311 6,731 New Zealand Timber 6,437 7,183 11,296 15,186 Real Estate (a) 23,525 1,006 26,728 4,818 Trading — — — — Corporate and other 105 70 190 140 Total $44,298 $23,850 $73,640 $53,826 (a) The three and six months ended June 30, 2016 include $21.9 million from the Washington disposition. Three Months Ended Six Months Ended NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2016 2015 2016 2015 Southern Timber — — — — Pacific Northwest Timber — — — — New Zealand Timber — — 1,824 — Real Estate (a) 3,471 1,191 5,755 4,938 Trading — — — — Corporate and other — — — — Total $3,471 $1,191 $7,579 $4,938 (a) The three and six months ended June 30, 2016 include $1.8 million from the Washington disposition.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	DEBT Rayonier’s debt consisted of the following at June 30, 2016 : June 30, 2016 Senior Notes due 2022 at a fixed interest rate of 3.75% $325,000 Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.1% at June 30, 2016 350,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.4% at June 30, 2016 300,000 Mortgage notes due 2017 at fixed interest rates of 4.35% 42,436 Solid waste bond due 2020 at a variable interest rate of 1.7% at June 30, 2016 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 23,747 Total debt 1,056,183 Less: Current maturities of long-term debt — Less: Deferred financing costs (3,876 ) Long-term debt, net of deferred financing costs $1,052,307 Principal payments due during the next five years and thereafter are as follows: 2016 — 2017 (a) 42,000 2018 — 2019 — 2020 15,000 Thereafter 998,747 Total Debt $1,055,747 (a) The mortgage notes due in 2017 were recorded at a premium of $0.4 million as of June 30, 2016 . Upon maturity the liability will be $42 million . Incremental Term Loan Agreement On April 28, 2016, the Company entered into an incremental term loan agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions to provide a 10 -year, $300 million incremental term loan. Proceeds from the new term loan were used to fund Rayonier’s portion of the Menasha acquisition net of the proceeds received from the Washington disposition, to repay approximately $105 million outstanding on the Company’s revolving credit facility and for general corporate purposes. The Company has entered into an interest rate swap transaction to fix the cost of $200 million of the term loan for its 10 -year term, while the remaining $100 million has a variable rate as of June 30, 2016 (see Note 1 — Basis of Presentation for subsequent event). The periodic interest rate on the incremental term loan agreement is LIBOR plus 1.900% . The Company receives annual patronage payments, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user. The Company estimates the effective interest rate for the second quarter was approximately 2.6% after consideration of the estimated patronage payments and interest rate swaps. Term Credit Agreement On August 5, 2015, the Company entered into a credit agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions and other commercial banks to provide $550 million of new credit facilities, including a five -year $200 million unsecured revolving credit facility (see below) and a nine -year $350 million term loan facility. The Company has entered into an interest rate swap transaction to fix the cost of the term loan facility over its nine -year term. The periodic interest rate on the term credit agreement is LIBOR plus 1.625% . The Company estimates the effective interest rate for the second quarter was approximately 3.3% after consideration of the estimated patronage payments and interest rate swaps. As of June 30, 2016 , the term debt was advanced in full under the term credit agreement. Revolving Credit Facility In August 2015, the Company entered into a five -year $200 million unsecured revolving credit facility, replacing the previous $200 million revolving credit facility and $100 million farm credit facility, which were scheduled to expire in April 2016 and December 2019, respectively. The periodic interest rate on the revolving credit facility is LIBOR plus 1.250% , with an unused commitment fee of 0.175% . Net repayments of $ 105.0 million were made in the second quarter of 2016 on the revolving credit facility. At June 30, 2016 , the Company had available borrowings of $ 194.5 million under the revolving credit facility, net of $5.5 million to secure its outstanding letters of credit. Joint Venture Debt On March 3, 2016, the Company used proceeds from the term loan facility to fund a capital contribution into the New Zealand JV. The New Zealand JV in turn used the proceeds for full repayment of the outstanding amount of $155 million under its Tranche A credit facility. In June 2016, the New Zealand JV entered into a 12 -month $14.2 million working capital facility and an 18 -month $14.2 million working capital facility, replacing the previous $28.4 million facility that expired in June 2016. During the six months ended June 30, 2016 , the New Zealand JV made additional borrowings and repayments of $135.8 million on the facility. Draws totaling $28.4 million remain available on the working capital facilities at June 30, 2016 . In addition, the New Zealand JV paid $0.3 million of its shareholder loan held with the non-controlling interest party. Changes in exchange rates for the six months ended June 30, 2016 increased debt on a U.S. dollar basis for its shareholder loan by $0.8 million . Debt Covenants In connection with the Company’s $350 million term credit agreement, $300 million incremental term loan agreement and $200 million revolving credit facility, customary covenants must be met, the most significant of which include interest coverage and leverage ratios. In addition to these financial covenants, the mortgage notes, senior notes, term credit agreement, incremental term loan agreement and revolving credit facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At June 30, 2016 , the Company was in compliance with all applicable covenants. Subsequent Event See Note 1 — Basis of Presentation for additional information on subsequent events.

HIGHER AND BETTER USE TIMBERLAN

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Higher and Better Use Timberlands and Real Estate Development Investments	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS 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 real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“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 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, 2015 to June 30, 2016 is shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2015 $57,897 $7,553 $65,450 Plus: Current portion (a) 6,019 6,233 12,252 Total Balance at December 31, 2015 63,916 13,786 77,702 Non-cash cost of land and improved development (1,157 ) (148 ) (1,305 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (789 ) — (789 ) Capitalized real estate development investments — 3,018 3,018 Capital expenditures (silviculture) 90 — 90 Intersegment transfers 4 — 4 Total Balance at June 30, 2016 62,064 16,656 78,720 Less: Current portion (a) (7,358 ) (3,198 ) (10,556 ) Non-current portion at June 30, 2016 $54,706 $13,458 $68,164 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 16 — Inventory for additional information.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments	COMMITMENTS The Company leases certain buildings, machinery, and equipment under various operating leases. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. At June 30, 2016, the future minimum payments under non-cancellable operating and timberland leases were as follows: Operating Leases Timberland Leases (a) Commitments (b) Total Remaining 2016 $976 $4,809 $10,309 $16,094 2017 1,514 10,484 13,285 25,283 2018 770 9,062 8,810 18,642 2019 628 8,580 8,810 18,018 2020 542 8,161 8,810 17,513 Thereafter (c) 1,633 158,547 34,968 195,148 $6,063 $199,643 $84,992 $290,698 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Commitments include payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), standby letters of credit fees for industrial revenue bonds and construction of the Company’s office building. (c) Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35 year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one year term. As of June 30, 2016 , the New Zealand JV has four CFL’s under termination notice, terminating in 2034, two in 2044 and 2049 as well as two fixed-term CFL’s expiring in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The operations conducted by the Company’s REIT entities are generally not subject to U.S. federal and state income tax. The New Zealand JV is subject to corporate level tax in New Zealand. Non-REIT qualifying operations are conducted by the Company’s TRS. The primary businesses performed in Rayonier’s TRS include log trading and certain real estate activities, such as the sale and entitlement of development HBU properties. Provision for Income Taxes The Company’s effective tax rate is below the 35.0% U.S. statutory rate due to tax benefits associated with being a REIT. The income tax expense (benefit) for the three and six months ended June 30, 2016 and 2015 are principally related to the New Zealand JV. The table below reconciles the U.S. statutory rate to the Company’s effective tax rate for each period presented: Three Months Ended June 30, 2016 2015 Income tax expense (benefit) at federal statutory rate $39,849 35.0 % ($1,105 ) 35.0 % U.S. and foreign REIT income & U.S. TRS taxable losses (39,954 ) (35.3 ) 1,077 (34.1 ) Foreign TRS operations (197 ) — 101 (3.2 ) U.S. net deferred tax asset valuation allowance 3,942 3.5 (216 ) 6.9 Other 128 — (153 ) 4.8 Income tax expense (benefit) before discrete items $3,768 3.2 % ($296 ) 9.4 % Purchase accounting deferred tax benefit (1,492 ) (1.2 ) — — Income tax expense (benefit) as reported $2,276 2.0 % ($296 ) 9.4 % Six Months Ended June 30, 2016 2015 Income tax expense at federal statutory rate $44,846 35.0 % $5,093 35.0 % U.S. and foreign REIT income & U.S. TRS taxable losses (44,314 ) (34.4 ) (6,894 ) (47.4 ) Foreign TRS operations (314 ) (0.3 ) (645 ) (4.4 ) U.S. net deferred tax asset valuation allowance 4,395 3.4 1,386 9.5 Other 207 — 292 2.0 Income tax expense (benefit) before discrete items $4,820 3.7 % ($768 ) (5.3 )% Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory (1,833 ) (1.5 ) — — Purchase accounting deferred tax benefit (1,492 ) (1.1 ) — — Income tax expense (benefit) as reported $1,495 1.1 % ($768 ) (5.3 )%

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
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 “Consolidated Complaint”). In the Consolidated Complaint, plaintiffs added allegations as to and added as a defendant N. Lynn Wilson, a former officer of Rayonier. With the filing of the Consolidated Complaint, David L. Nunes and H. Edwin Kiker were dropped from the case as defendants. Defendants timely filed Motions to Dismiss the Consolidated Complaint on May 15, 2015. After oral argument on Defendants' motions on August 25, 2015, the Court dismissed the Consolidated Complaint without prejudice, allowing plaintiffs leave to refile. Plaintiffs filed the Amended Consolidated Class Action Complaint (the “Amended Complaint”) on September 25, 2015, which continued to assert claims against the Company, as well as Ms. Wilson and Messrs. Boynton and Vanden Noort. Defendants timely filed Motions to Dismiss the Amended Complaint on October 26, 2015. The court denied those motions on May 20, 2016. The case is now in the discovery phase. At this preliminary stage, the Company cannot determine whether there is a reasonable likelihood a material loss has been incurred nor can the range of any such loss be estimated. On November 26, 2014, December 29, 2014, January 26, 2015, February 13, 2015, and May 12, 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 has certain obligations to advance expenses and provide indemnification to certain current and former officers and directors of the Company. The Company has also incurred expenses as a result of 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 cooperated with the SEC and complied with its requests. The Company received a letter, dated July 22, 2016, from the Division of Enforcement of the SEC, stating that it had concluded the investigation as to the Company and, based on the information provided to the staff of the Division of Enforcement during the investigation, the Division of Enforcement did not intend to recommend to the SEC an enforcement action against the Company. The Company has also been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow.

GUARANTEES

GUARANTEES	6 Months Ended
	Jun. 30, 2016
Guarantees [Abstract]
Guarantees	GUARANTEES The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2016 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Carrying Amount of Associated Liability Standby letters of credit (a) $20,642 $15,000 Guarantees (b) 2,254 43 Surety bonds (c) 911 — Total financial commitments $23,807 $15,043 (a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. Approximately $4 million of the standby letters of credit serve as credit support for infrastructure at Wildlight. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2016 and 2017 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 June 30, 2016 , 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 2016 and 2017 and are expected to be renewed as required.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS (LOSS) PER COMMON SHARE The following table provides details of the calculations of basic and diluted earnings (loss) per common share: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net Income (Loss) $111,579 ($2,860 ) $126,637 $15,320 Less: Net income (loss) attributable to noncontrolling interest 1,758 (1,324 ) 2,344 (891 ) Net income (loss) attributable to Rayonier Inc. $109,821 ($1,536 ) $124,293 $16,211 Shares used for determining basic earnings (loss) per common share 122,567,853 126,635,710 122,562,046 126,625,081 Dilutive effect of: Stock options 98,407 — 75,967 146,754 Performance and restricted shares 154,654 — 94,889 30,515 Assumed conversion of Senior Exchangeable Notes (a) — — — 702,301 Assumed conversion of warrants (a) — — — — Shares used for determining diluted earnings (loss) per common share 122,820,914 126,635,710 122,732,902 127,504,651 Basic earnings (loss) per common share attributable to Rayonier Inc.: $0.90 ($0.01 ) $1.01 $0.13 Diluted earnings (loss) per common share attributable to Rayonier Inc.: $0.89 ($0.01 ) $1.01 $0.13 Three Months Ended Six Months Ended 2016 2015 2016 2015 Anti-dilutive shares excluded from the computations of diluted earnings (loss) per share: Stock options, performance and restricted shares 748,402 158,191 921,928 937,236 Assumed conversion of exchangeable note hedges (a) — — — 702,301 Assumed conversion of Senior Exchangeable Notes due 2015 — 501,189 — — Total 748,402 659,380 921,928 1,639,537 (a) Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share required the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeded the strike price, while the conversion of the hedges was excluded since they were anti-dilutive. The full dilutive effect of the 2015 Notes was included for the prior period presented. Rayonier did not distribute additional shares upon the February 2016 maturity of the warrants sold in conjunction with the 2015 Notes as the stock price did not exceed $28.11 per share. The warrants were not dilutive for the six months ended June 30, 2016 and 2015 as the average stock price for the periods the warrants were outstanding did not exceed the strike price.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2016
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 uses derivative financial instruments to mitigate the financial impact of exposure to these risks. Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging , (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of 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 its New Zealand operations is partially or completely liquidated. The ineffective portion of any hedge, 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 de minimis for all periods presented. Foreign Currency Exchange and Option Contracts The functional currency of Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited, 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 New Zealand JV typically hedges 50% to 90% of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases, 50% to 75% of forecasted sales and purchases for the forward three to 12 months and up to 50% 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 June 30, 2016 , foreign currency exchange contracts and foreign currency option contracts had maturity dates through November 2017. Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments 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. The Company may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. In August 2015, the Company entered into foreign currency option contracts (notional amount of $332 million ) to mitigate the risk of fluctuations in foreign currency exchange rates when translating the New Zealand JV’s balance sheet to U.S. dollars. These contracts hedged a portion of the Company’s net investment in New Zealand and qualified as a net investment hedge. The fair value of these contracts was 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 hedges qualified for hedge accounting whereby fluctuations in fair market value during the life of the hedge are recorded in AOCI and remain there permanently unless a partial or full liquidation of the investment is made. At each reporting period, the Company reviews the hedges for ineffectiveness. Ineffectiveness can occur when changes to the investment or the hedged instrument are made such that the risk of foreign exchange movements are no longer mitigated by the hedging instrument. At that time, the amount related to the ineffectiveness of the hedge is recorded into earnings. The Company did not have any ineffectiveness during the life of the hedges. The foreign currency option contracts matured on February 3, 2016. On February 1, 2016, the Company entered into foreign currency option contracts (notional amounts of $159.7 million and $154.6 million ) to mitigate the risk of fluctuations in foreign exchange rates when funding the planned capital contribution to the New Zealand JV. On February 29, 2016, the contracts were settled for a net premium of $0.3 million . The gain on these contracts was recorded in “Other operating income, net” as they did not qualify for hedge accounting treatment. On February 29, 2016, the Company purchased a foreign exchange forward contract (notional amount $159.5 million ) to mitigate the risk of fluctuations in foreign exchange rate contracts when funding the planned capital contribution to the New Zealand JV. The contract matured on March 3, 2016, resulting in a gain of $0.9 million . The gain on this contract was recorded in “Other operating income, net” as it did not qualify for hedge accounting treatment. Interest Rate Swaps The Company used 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. On March 3, 2016, as part of the capital contribution into the New Zealand JV, the Company settled all remaining New Zealand JV interest rate swaps for $9.3 million . Initially, these hedges qualified for hedge accounting; however, upon consolidation of the New Zealand JV in 2013, the hedges no longer qualified, requiring all future changes in the fair market value of the hedges to be recorded in earnings. The Company is exposed to cash flow interest rate risk on its variable-rate Term Credit Agreement and Incremental Term Loan Agreement (as discussed below), and uses variable-to-fixed interest rate swaps to hedge this exposure. For these derivative instruments, the Company reports the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassifies them to earnings as interest expense in the same period in which the hedged interest payments affect earnings. In August 2015, the Company entered into a nine -year interest rate swap agreement for a notional amount of $170 million . This swap agreement fixes the variable portion of the interest rate on the Term Credit Agreement borrowings due 2024 from LIBOR to an average rate of 2.20% . Together with the bank margin of 1.63% , this results in a rate of 3.83% before estimated patronage payments. This derivative instrument has been designated as an interest rate cash flow hedge and qualifies for hedge accounting. Also, in August 2015, the Company entered into a nine -year forward interest rate swap agreement with a start date in April 2016 for a notional amount of $180 million . This swap agreement fixes the variable portion of the interest rate on the Term Credit Agreement borrowings due 2024 from LIBOR to an average rate of 2.35% . Together with the bank margin of 1.63% , this results in a rate of 3.97% before estimated patronage payments. This derivative instrument has been designated as an interest rate cash flow hedge and qualifies for hedge accounting. In April 2016, the Company entered into two nine -year interest rate swap agreements, each for a notional amount of $100 million . These swap agreements fix the variable portion of the interest rate on the Incremental Term Loan borrowings due 2026 to an average rate of 1.60% . Together with the bank margin of 1.90% , this results in a rate of 3.50% before estimated patronage payments.These derivative instruments have been designated as interest rate cash flow hedges and qualify for hedge accounting. Subsequent Event See Note 1 — Basis of Presentation for additional information on subsequent events. The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2016 and 2015 . Three Months Ended Income Statement Location 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,116 ($1,621 ) Foreign currency option contracts Other comprehensive income (loss) 1,096 (2,658 ) Interest rate swaps Other comprehensive income (loss) (14,102 ) — Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) — 2,173 Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating income, net — — Foreign currency option contracts Other operating income, net — 546 Interest rate swaps Interest income and miscellaneous income (expense), net — (1,417 ) Six Months Ended Income Statement Location 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,816 ($2,308 ) Foreign currency option contracts Other comprehensive income (loss) 1,929 (3,339 ) Interest rate swaps Other comprehensive income (loss) (28,988 ) — Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) (4,606 ) 3,107 Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating income, net 895 — Foreign currency option contracts Other operating income, net 258 546 Interest rate swaps Interest income and miscellaneous income (expense), net (1,219 ) (3,273 ) During the next 12 months, the amount of the June 30, 2016 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a gain of approximately $0.7 million . The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount June 30, 2016 December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $32,800 $21,250 Foreign currency option contracts 89,300 107,200 Interest rate swaps 550,000 350,000 Derivatives designated as net investment hedges: Foreign currency option contracts — 331,588 Derivative not designated as a hedging instrument: Interest rate swaps — 130,169 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) June 30, 2016 December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $758 $43 Other assets 235 — Other current liabilities (793 ) (1,449 ) Other non-current liabilities — (219 ) Foreign currency option contracts Other current assets 1,339 560 Other assets 568 408 Other current liabilities (342 ) (1,393 ) Other non-current liabilities (279 ) (217 ) Interest rate swaps Other non-current liabilities (39,185 ) (10,197 ) Derivatives designated as net investment hedges: Foreign currency option contracts Other current assets — 4,630 Other current liabilities — (24 ) Derivative not designated as a hedging instrument: Interest rate swaps Other non-current liabilities — (8,047 ) Total derivative contracts: Other current assets $2,097 $5,233 Other assets 803 408 Total derivative assets $2,900 $5,641 Other current liabilities (1,135 ) (2,866 ) Other non-current liabilities (39,464 ) (18,680 ) Total derivative liabilities ($40,599 ) ($21,546 ) (a) See Note 13 — 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	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at June 30, 2016 and December 31, 2015 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: June 30, 2016 December 31, 2015 Asset (Liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $129,654 $129,654 — $51,777 $51,777 — Restricted cash (b) 5,540 5,540 — 23,525 23,525 — Long-term debt (c) (1,052,307 ) — (1,058,133 ) (830,554 ) — (830,203 ) Interest rate swaps (d) (39,185 ) — (39,185 ) (18,244 ) — (18,244 ) Foreign currency exchange contracts (d) 200 — 200 (1,625 ) — (1,625 ) Foreign currency option contracts (d) 1,286 — 1,286 3,964 — 3,964 (a) The Company did not have Level 3 assets or liabilities at June 30, 2016 . (b) Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 17 — Restricted Deposits for additional information regarding restricted cash. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 1 — Basis of Presentation for additional information. (d) See Note 12 — 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.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2016
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 2016 , the Company has no mandatory pension contribution requirement. The net pension and postretirement benefit costs that have been recorded are shown in the following table: Pension Postretirement Three Months Ended June 30, Three Months Ended June 30, 2016 2015 2016 2015 Components of Net Periodic Benefit Cost Service cost $327 $371 $2 $3 Interest cost 869 830 12 13 Expected return on plan assets (1,008 ) (1,007 ) — — Amortization of prior service cost — 3 — — Amortization of losses 632 916 — 3 Net periodic benefit cost $820 $1,113 $14 $19 Pension Postretirement Six Months Ended Six Months Ended 2016 2015 2016 2015 Components of Net Periodic Benefit Cost Service cost $653 $742 $3 $6 Interest cost 1,737 1,659 24 26 Expected return on plan assets (2,015 ) (2,014 ) — — Amortization of prior service cost — 6 — — Amortization of losses (gains) 1,261 1,849 (12 ) 6 Net periodic benefit cost $1,636 $2,242 $15 $38

OTHER OPERATING INCOME, NET

OTHER OPERATING INCOME, NET	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Other Operating Income, Net	OTHER OPERATING INCOME, NET Other operating income, net comprised the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Lease income, primarily from hunting leases $5,661 $5,890 $10,221 $9,999 Other non-timber income 536 688 1,055 2,052 Foreign currency (loss) income (204 ) 108 (499 ) 215 Gain on sale or disposal of property and equipment 24 3 24 3 Loss on foreign currency exchange and option contracts (551 ) (645 ) (1,072 ) (994 ) Deferred payment related to a prior land sale 4,000 — 4,000 — Costs related to acquisition (1,215 ) — (1,215 ) — Gain on foreign currency derivatives (a) — — 1,153 — Gain on sale of carbon credits 754 352 754 352 Miscellaneous income, net 458 742 947 1,086 Total $9,463 $7,138 $15,368 $12,713 (a) The Company used foreign exchange derivatives to mitigate the risk of fluctuations in foreign exchange rates while awaiting the planned capital contribution to the New Zealand JV.

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventory	INVENTORY As of June 30, 2016 and December 31, 2015 , Rayonier’s inventory was solely comprised of finished goods, as follows: June 30, 2016 December 31, 2015 Finished goods inventory Real estate inventory (a) $10,556 $12,252 Log inventory 4,401 3,099 Total inventory $14,957 $15,351 (a) Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months.

RESTRICTED DEPOSITS

RESTRICTED DEPOSITS	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 , the Company had $5.5 million and $23.5 million , respectively, of proceeds from real estate sales classified as restricted cash in “Other Assets,” which includes cash deposited with an LKE intermediary as well as cash held in escrow for a real estate sale.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The following table summarizes the changes in AOCI by component for the six months ended June 30, 2016 and the year ended December 31, 2015. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. Foreign currency translation gains/ (losses) Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2014 $25,533 ($145 ) ($1,548 ) ($28,665 ) ($4,825 ) Other comprehensive income/(loss) before reclassifications (27,983 ) 6,416 (14,444 ) (a) (354 ) (36,365 ) Amounts reclassified from accumulated other comprehensive loss — — 4,400 3,287 (b) 7,687 Net other comprehensive income/(loss) (27,983 ) 6,416 (10,044 ) 2,933 (28,678 ) Balance as of December 31, 2015 ($2,450 ) $6,271 ($11,592 ) ($25,732 ) ($33,503 ) Other comprehensive income/(loss) before reclassifications 15,338 — (27,201 ) (c) — (11,863 ) Amounts reclassified from accumulated other comprehensive loss — (4,606 ) 428 1,249 (b) (2,929 ) Net other comprehensive income/(loss) 15,338 (4,606 ) (26,773 ) 1,249 (14,792 ) Recapitalization of New Zealand JV 3,622 — (184 ) — 3,438 Balance as of June 30, 2016 $16,510 $1,665 ($38,549 ) ($24,483 ) ($44,857 ) (a) Includes $10.2 million of other comprehensive loss related to interest rate swaps entered into in the third quarter 2015. See Note 12 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information. (c) Includes $29.0 million of other comprehensive loss related to interest rate swaps. See Note 12 — Derivative Financial Instruments and Hedging Activities for additional information. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2016 and June 30, 2015 : Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement June 30, 2016 June 30, 2015 Realized loss on foreign currency exchange contracts $341 $1,504 Other operating income, net Realized loss on foreign currency option contracts 573 1,035 Other operating income, net Noncontrolling interest (320 ) (889 ) Comprehensive income (loss) attributable to noncontrolling interest Income tax benefit on loss from foreign currency contracts (166 ) (462 ) Income tax (expense) benefit Net loss from accumulated other comprehensive income $428 $1,188

CONSOLIDATING FINANCIAL STATEME

CONSOLIDATING FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Consolidating Financial Statements	CONSOLIDATING FINANCIAL STATEMENTS The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries. In 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, Rayonier Operating Company LLC (“ROC”) and Rayonier TRS Holdings Inc., are wholly-owned by the Parent Company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries. CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Three Months Ended June 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $261,550 — $261,550 Costs and Expenses Cost of sales — — 138,194 — 138,194 Selling and general expenses — 2,643 8,609 — 11,252 Other operating expense (income), net — 1,343 (10,806 ) — (9,463 ) — 3,986 135,997 — 139,983 OPERATING (LOSS) INCOME — (3,986 ) 125,553 — 121,567 Interest expense (3,139 ) (4,384 ) (438 ) — (7,961 ) Interest and miscellaneous income (expense), net 2,109 685 (2,545 ) — 249 Equity in income from subsidiaries 110,851 119,275 — (230,126 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 109,821 111,590 122,570 (230,126 ) 113,855 Income tax (expense) benefit — (739 ) (1,537 ) — (2,276 ) NET INCOME 109,821 110,851 121,033 (230,126 ) 111,579 Less: Net income attributable to noncontrolling interest — — 1,758 — 1,758 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 109,821 110,851 119,275 (230,126 ) 109,821 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment, net of income tax 10,941 — 13,219 (10,941 ) 13,219 Cash flow hedges, net of income tax (12,850 ) (14,102 ) 1,626 12,850 (12,476 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 632 632 — (632 ) 632 Total other comprehensive (loss) income (1,277 ) (13,470 ) 14,845 1,277 1,375 COMPREHENSIVE INCOME 108,544 97,381 135,878 (228,849 ) 112,954 Less: Comprehensive loss attributable to noncontrolling interest — — 4,410 — 4,410 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $108,544 $97,381 $131,468 ($228,849 ) $108,544 CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Three Months Ended June 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $115,801 — $115,801 Costs and Expenses Cost of sales — — 103,689 — 103,689 Selling and general expenses — 6,330 6,397 — 12,727 Other operating income, net — (461 ) (6,677 ) — (7,138 ) — 5,869 103,409 — 109,278 OPERATING (LOSS) INCOME — (5,869 ) 12,392 — 6,523 Interest expense (3,169 ) (2,540 ) (2,774 ) — (8,483 ) Interest and miscellaneous income (expense), net 1,871 680 (3,747 ) — (1,196 ) Equity in income from subsidiaries (238 ) 6,564 — (6,326 ) — (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (1,536 ) (1,165 ) 5,871 (6,326 ) (3,156 ) Income tax benefit (expense) — 927 (631 ) — 296 NET (LOSS) INCOME (1,536 ) (238 ) 5,240 (6,326 ) (2,860 ) Less: Net loss attributable to noncontrolling interest — — (1,324 ) — (1,324 ) NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. (1,536 ) (238 ) 6,564 (6,326 ) (1,536 ) OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax (18,008 ) (18,008 ) (25,395 ) 36,016 (25,395 ) Cash flow hedges, net of income tax (1,896 ) (1,896 ) (2,917 ) 3,792 (2,917 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 743 743 (5 ) (738 ) 743 Total other comprehensive loss (19,161 ) (19,161 ) (28,317 ) 39,070 (27,569 ) COMPREHENSIVE LOSS (20,697 ) (19,399 ) (23,077 ) 32,744 (30,429 ) Less: Comprehensive loss attributable to noncontrolling interest — — (9,731 ) — (9,731 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC. ($20,697 ) ($19,399 ) ($13,346 ) $32,744 ($20,698 ) CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Six Months Ended June 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $396,393 — $396,393 Costs and Expenses Cost of sales — — 246,166 — 246,166 Selling and general expenses — 5,581 15,450 — 21,031 Other operating expense (income), net — 188 (15,556 ) — (15,368 ) — 5,769 246,060 — 251,829 OPERATING (LOSS) INCOME — (5,769 ) 150,333 — 144,564 Interest expense (6,278 ) (6,528 ) (2,253 ) — (15,059 ) Interest and miscellaneous income (expense), net 4,147 1,366 (6,886 ) — (1,373 ) Equity in income from subsidiaries 126,424 138,272 — (264,696 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 124,293 127,341 141,194 (264,696 ) 128,132 Income tax expense — (917 ) (578 ) — (1,495 ) NET INCOME 124,293 126,424 140,616 (264,696 ) 126,637 Less: Net income attributable to noncontrolling interest — — 2,344 — 2,344 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 124,293 126,424 138,272 (264,696 ) 124,293 OTHER COMPREHENSIVE INCOME (LOSS) — Foreign currency translation adjustment, net of income tax 10,737 (4,606 ) 20,629 (10,737 ) 16,023 Cash flow hedges, net of income tax (26,773 ) (28,988 ) 2,738 26,773 (26,250 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 1,249 1,249 — (1,249 ) 1,249 Total other comprehensive (loss) income (14,787 ) (32,345 ) 23,367 14,787 (8,978 ) COMPREHENSIVE INCOME 109,506 94,079 163,983 (249,909 ) 117,659 Less: Comprehensive income attributable to noncontrolling interest — — 8,153 — 8,153 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $109,506 $94,079 $155,830 ($249,909 ) $109,506 CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Six Months Ended June 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $256,106 — $256,106 Costs and Expenses Cost of sales — — 210,923 — 210,923 Selling and general expenses — 11,279 12,347 — 23,626 Other operating (income) expense, net — (461 ) (12,252 ) — (12,713 ) — 10,818 211,018 — 221,836 OPERATING (LOSS) INCOME — (10,818 ) 45,088 — 34,270 Interest expense (6,337 ) (5,064 ) (5,626 ) — (17,027 ) Interest and miscellaneous income (expense), net 3,807 1,373 (7,871 ) — (2,691 ) Equity in income from subsidiaries 18,741 31,363 — (50,104 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 16,211 16,854 31,591 (50,104 ) 14,552 Income tax benefit (expense) — 1,887 (1,119 ) — 768 NET INCOME 16,211 18,741 30,472 (50,104 ) 15,320 Less: Net income attributable to noncontrolling interest — — (891 ) — (891 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 16,211 18,741 31,363 (50,104 ) 16,211 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax (28,438 ) (28,438 ) (39,718 ) 56,877 (39,717 ) Cash flow hedges, net of income tax (2,511 ) (2,511 ) (3,863 ) 5,022 (3,863 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 1,524 1,524 15 (1,539 ) 1,524 Total other comprehensive (loss) income (29,425 ) (29,425 ) (43,566 ) 60,360 (42,056 ) COMPREHENSIVE (LOSS) INCOME (13,214 ) (10,684 ) (13,094 ) 10,256 (26,736 ) Less: Comprehensive loss attributable to noncontrolling interest — — (13,522 ) — (13,522 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. ($13,214 ) ($10,684 ) $428 $10,256 ($13,214 ) CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $75,357 $11,587 $42,710 — $129,654 Accounts receivable, less allowance for doubtful accounts — 1,205 29,371 — 30,576 Inventory — — 14,957 — 14,957 Prepaid expenses — 1,527 11,962 — 13,489 Other current assets — 246 5,951 — 6,197 Total current assets 75,357 14,565 104,951 — 194,873 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,306,105 — 2,306,105 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 68,164 — 68,164 NET PROPERTY, PLANT AND EQUIPMENT — 249 8,875 — 9,124 INVESTMENT IN SUBSIDIARIES 1,294,953 2,608,274 — (3,903,227 ) — INTERCOMPANY RECEIVABLE 36,674 (616,975 ) 580,301 — — OTHER ASSETS 3 21,767 32,143 — 53,913 TOTAL ASSETS $1,406,987 $2,027,880 $3,100,539 ($3,903,227 ) $2,632,179 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,067 $20,766 — $22,833 Accrued taxes — 618 4,953 — 5,571 Accrued payroll and benefits — 2,479 2,575 — 5,054 Accrued interest 3,046 1,823 305 — 5,174 Other current liabilities — 265 29,105 — 29,370 Total current liabilities 3,046 7,252 57,704 — 68,002 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 322,882 663,242 66,183 — 1,052,307 PENSION AND OTHER POSTRETIREMENT BENEFITS — 35,209 (684 ) — 34,525 OTHER NON-CURRENT LIABILITIES — 46,185 10,640 — 56,825 INTERCOMPANY PAYABLE (255,715 ) (18,961 ) 274,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,336,774 1,294,953 2,608,274 (3,903,227 ) 1,336,774 Noncontrolling interest — — 83,746 — 83,746 TOTAL SHAREHOLDERS’ EQUITY 1,336,774 1,294,953 2,692,020 (3,903,227 ) 1,420,520 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,406,987 $2,027,880 $3,100,539 ($3,903,227 ) $2,632,179 CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $2,472 $13,217 $36,088 — $51,777 Accounts receivable, less allowance for doubtful accounts — 1,870 18,352 — 20,222 Inventory — — 15,351 — 15,351 Prepaid expenses — 443 12,211 — 12,654 Other current assets — 4,876 805 — 5,681 Total current assets 2,472 20,406 82,807 — 105,685 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,066,780 — 2,066,780 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 65,450 — 65,450 NET PROPERTY, PLANT AND EQUIPMENT — 330 6,412 — 6,742 INVESTMENT IN SUBSIDIARIES 1,321,681 2,212,405 — (3,534,086 ) — INTERCOMPANY RECEIVABLE 34,567 (610,450 ) 575,883 — — OTHER ASSETS 3 18,718 52,560 — 71,281 TOTAL ASSETS $1,358,723 $1,641,409 $2,849,892 ($3,534,086 ) $2,315,938 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 609 $1,463 $19,407 — $21,479 Accrued taxes — (10 ) 3,695 — 3,685 Accrued payroll and benefits — 3,594 3,443 — 7,037 Accrued interest 3,047 666 2,440 — 6,153 Other current liabilities — 262 20,841 — 21,103 Total current liabilities 3,656 5,975 49,826 — 59,457 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 322,697 280,978 226,879 — 830,554 PENSION AND OTHER POSTRETIREMENT BENEFITS — 34,822 (685 ) — 34,137 OTHER NON-CURRENT LIABILITIES — 16,914 13,136 — 30,050 INTERCOMPANY PAYABLE (255,714 ) (18,961 ) 274,675 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,288,084 1,321,681 2,212,405 (3,534,086 ) 1,288,084 Noncontrolling interest — — 73,656 — 73,656 TOTAL SHAREHOLDERS’ EQUITY 1,288,084 1,321,681 2,286,061 (3,534,086 ) 1,361,740 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,358,723 $1,641,409 $2,849,892 ($3,534,086 ) $2,315,938 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES ($4,055 ) ($7,193 ) $88,227 — $76,979 INVESTING ACTIVITIES Capital expenditures — — (26,180 ) — (26,180 ) Real estate development investments — — (3,018 ) — (3,018 ) Purchase of timberlands — — (276,614 ) — (276,614 ) Assets purchased in business acquisition — — (1,113 ) — (1,113 ) Net proceeds from large disposition — — 126,965 — 126,965 Rayonier office building under construction — — (1,155 ) — (1,155 ) Change in restricted cash — — 17,985 — 17,985 Investment in subsidiaries — 262,505 — (262,505 ) — Other — — (2,066 ) — (2,066 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 262,505 (165,196 ) (262,505 ) (165,196 ) FINANCING ACTIVITIES Issuance of debt — 518,000 135,775 — 653,775 Repayment of debt — (135,000 ) (291,173 ) — (426,173 ) Dividends paid (61,409 ) — — — (61,409 ) Proceeds from the issuance of common shares 644 — — — 644 Repurchase of common shares — (690 ) — — (690 ) Debt issuance costs — (818 ) — — (818 ) Intercompany distributions 137,844 (638,434 ) 238,085 262,505 — Other (139 ) — — — (139 ) CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 76,940 (256,942 ) 82,687 262,505 165,190 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 904 — 904 CASH AND CASH EQUIVALENTS Change in cash and cash equivalents 72,885 (1,630 ) 6,622 — 77,877 Balance, beginning of year 2,472 13,217 36,088 — 51,777 Balance, end of period $75,357 $11,587 $42,710 — $129,654 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($25,092 ) ($13,561 ) $110,401 $14,135 $85,883 INVESTING ACTIVITIES Capital expenditures — (134 ) (25,184 ) — (25,318 ) Real estate development investments — — (926 ) — (926 ) Purchase of timberlands — — (88,414 ) — (88,414 ) Rayonier office building under construction — — (261 ) — (261 ) Change in restricted cash — — 4,160 — 4,160 Investment in subsidiaries — 8,753 — (8,753 ) — Other — — 3,486 — 3,486 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 8,619 (107,139 ) (8,753 ) (107,273 ) FINANCING ACTIVITIES Issuance of debt — 57,000 2,100 — 59,100 Repayment of debt — (28,000 ) (3,472 ) — (31,472 ) Dividends paid (63,421 ) — — — (63,421 ) Proceeds from the issuance of common shares 718 — — — 718 Repurchase of common shares (8,962 ) — — — (8,962 ) Intercompany distributions — 13,778 (8,396 ) (5,382 ) — Other (95 ) — — — (95 ) CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (71,760 ) 42,778 (9,768 ) (5,382 ) (44,132 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (4,404 ) — (4,404 ) CASH AND CASH EQUIVALENTS Change in cash and cash equivalents (96,852 ) 37,836 (10,910 ) — (69,926 ) Balance, beginning of year 102,218 8,105 51,235 — 161,558 Balance, end of period $5,366 $45,941 $40,325 — $91,632

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain 2015 amounts have been reclassified to conform with the current year presentation, including changes in balance sheet presentation. During the first quarter of 2016, the Company reclassified capitalized debt costs related to non-revolving debt from Other Assets to Long Term Debt as a result of the adoption of Accounting Standards Update (“ASU”) No. 2015-03, Interest - Imputation of Interest (Subtopic 835-50) - Simplifying the Presentation of Debt Issuance Costs, which is required to be applied on a retrospective basis. This reclassification is reflected in the June 30, 2016 and December 31, 2015 Consolidated Balance Sheets. A corresponding change has also been made to the Consolidated Statement of Cash Flows for both periods presented.
New Accounting Standards	New Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Rayonier intends to adopt ASU No. 2016-09 in the Company’s first quarter 2017 Form 10-Q. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships , which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU No. 2016-05 is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Rayonier intends to adopt ASU No. 2016-05 in the Company’s first quarter 2017 Form 10-Q and does not expect it will have an impact on the consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. ASU No. 2016-02 also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. ASU No. 2016-02 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In May 2014, the FASB and International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers , a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. 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 August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date . ASU No. 2015-14 provides 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. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers—Identifying Performance Obligations and Licensing . The update clarifies the guidance for identifying performance obligations. In May 2016, the FASB issued ASU. No. 2016-12, Revenue from Contracts with Customers (Topic 660): Narrow-Scope Improvements and Practical Expedients . The update clarifies the guidance for assessing collectibility, presenting sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications at transition, completed contracts at transition and disclosing the accounting change in the period of adoption. 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 and has completed a preliminary analysis of the specific impacts to our New Zealand Timber and Real Estate segments.
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 (Loss) is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income (Loss) are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other”
Derivatives	Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging , (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of 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 its New Zealand operations is partially or completely liquidated. The ineffective portion of any hedge, 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.

TIMBERLAND ACQUISITION (Tables)

TIMBERLAND ACQUISITION (Tables)	6 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Schedule of Business Combination	The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date: May 10, 2016 Timber and timberlands (a) $263,073 Property, plant and equipment 1,554 Other current and non-current assets 280 Total identifiable assets acquired 264,907 Other current and non-current liabilities 1,503 Total liabilities assumed 1,503 Net identifiable assets (purchase price) $263,404 (a) Timber and timberlands include $0.8 million of seeds and seedlings.

SEGMENT AND GEOGRAPHICAL INFO30

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment information for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended Six Months Ended SALES 2016 2015 2016 2015 Southern Timber $29,640 $32,681 $74,380 $68,212 Pacific Northwest Timber 16,869 17,102 36,178 36,256 New Zealand Timber 47,748 39,223 83,772 80,417 Real Estate (a) 137,307 6,945 150,670 30,736 Trading 29,986 19,850 51,393 40,485 Total $261,550 $115,801 $396,393 $256,106 (a) The three and six months ended June 30, 2016 include $129.5 million from the Washington disposition. Three Months Ended Six Months Ended OPERATING INCOME 2016 2015 2016 2015 Southern Timber $11,039 $11,777 $26,793 $24,190 Pacific Northwest Timber 1,034 1,687 2,419 4,275 New Zealand Timber 10,028 (945 ) 14,772 4,749 Real Estate (a) 105,695 1,421 109,920 14,003 Trading 625 (84 ) 975 186 Corporate and other (6,854 ) (7,333 ) (10,315 ) (13,133 ) Total Operating Income 121,567 6,523 144,564 34,270 Unallocated interest expense and other (7,712 ) (9,679 ) (16,432 ) (19,718 ) Total Income (Loss) before Income Taxes $113,855 ($3,156 ) $128,132 $14,552 (a) The three and six months ended June 30, 2016 include $101.3 million from the Washington disposition. Three Months Ended Six Months Ended DEPRECIATION, DEPLETION AND 2016 2015 2016 2015 Southern Timber $10,559 $12,650 $27,115 $26,951 Pacific Northwest Timber 3,672 2,941 8,311 6,731 New Zealand Timber 6,437 7,183 11,296 15,186 Real Estate (a) 23,525 1,006 26,728 4,818 Trading — — — — Corporate and other 105 70 190 140 Total $44,298 $23,850 $73,640 $53,826 (a) The three and six months ended June 30, 2016 include $21.9 million from the Washington disposition. Three Months Ended Six Months Ended NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT 2016 2015 2016 2015 Southern Timber — — — — Pacific Northwest Timber — — — — New Zealand Timber — — 1,824 — Real Estate (a) 3,471 1,191 5,755 4,938 Trading — — — — Corporate and other — — — — Total $3,471 $1,191 $7,579 $4,938 (a) The three and six months ended June 30, 2016 include $1.8 million from the Washington disposition.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Rayonier’s debt consisted of the following at June 30, 2016 : June 30, 2016 Senior Notes due 2022 at a fixed interest rate of 3.75% $325,000 Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.1% at June 30, 2016 350,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.4% at June 30, 2016 300,000 Mortgage notes due 2017 at fixed interest rates of 4.35% 42,436 Solid waste bond due 2020 at a variable interest rate of 1.7% at June 30, 2016 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 23,747 Total debt 1,056,183 Less: Current maturities of long-term debt — Less: Deferred financing costs (3,876 ) Long-term debt, net of deferred financing costs $1,052,307
Schedule of Maturities of Long-Term Debt	Principal payments due during the next five years and thereafter are as follows: 2016 — 2017 (a) 42,000 2018 — 2019 — 2020 15,000 Thereafter 998,747 Total Debt $1,055,747 (a) The mortgage notes due in 2017 were recorded at a premium of $0.4 million as of June 30, 2016 . Upon maturity the liability will be $42 million .

HIGHER AND BETTER USE TIMBERL32

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2015 to June 30, 2016 is shown below: Higher and Better Use Timberlands and Real Estate Development Investments Land and Timber Development Investments Total Non-current portion at December 31, 2015 $57,897 $7,553 $65,450 Plus: Current portion (a) 6,019 6,233 12,252 Total Balance at December 31, 2015 63,916 13,786 77,702 Non-cash cost of land and improved development (1,157 ) (148 ) (1,305 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (789 ) — (789 ) Capitalized real estate development investments — 3,018 3,018 Capital expenditures (silviculture) 90 — 90 Intersegment transfers 4 — 4 Total Balance at June 30, 2016 62,064 16,656 78,720 Less: Current portion (a) (7,358 ) (3,198 ) (10,556 ) Non-current portion at June 30, 2016 $54,706 $13,458 $68,164 (a) The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 16 — Inventory for additional information.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Payments	At June 30, 2016, the future minimum payments under non-cancellable operating and timberland leases were as follows: Operating Leases Timberland Leases (a) Commitments (b) Total Remaining 2016 $976 $4,809 $10,309 $16,094 2017 1,514 10,484 13,285 25,283 2018 770 9,062 8,810 18,642 2019 628 8,580 8,810 18,018 2020 542 8,161 8,810 17,513 Thereafter (c) 1,633 158,547 34,968 195,148 $6,063 $199,643 $84,992 $290,698 (a) The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates. (b) Commitments include payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), standby letters of credit fees for industrial revenue bonds and construction of the Company’s office building. (c) Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35 year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one year term. As of June 30, 2016 , the New Zealand JV has four CFL’s under termination notice, terminating in 2034, two in 2044 and 2049 as well as two fixed-term CFL’s expiring in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 2015 Income tax expense (benefit) at federal statutory rate $39,849 35.0 % ($1,105 ) 35.0 % U.S. and foreign REIT income & U.S. TRS taxable losses (39,954 ) (35.3 ) 1,077 (34.1 ) Foreign TRS operations (197 ) — 101 (3.2 ) U.S. net deferred tax asset valuation allowance 3,942 3.5 (216 ) 6.9 Other 128 — (153 ) 4.8 Income tax expense (benefit) before discrete items $3,768 3.2 % ($296 ) 9.4 % Purchase accounting deferred tax benefit (1,492 ) (1.2 ) — — Income tax expense (benefit) as reported $2,276 2.0 % ($296 ) 9.4 % Six Months Ended June 30, 2016 2015 Income tax expense at federal statutory rate $44,846 35.0 % $5,093 35.0 % U.S. and foreign REIT income & U.S. TRS taxable losses (44,314 ) (34.4 ) (6,894 ) (47.4 ) Foreign TRS operations (314 ) (0.3 ) (645 ) (4.4 ) U.S. net deferred tax asset valuation allowance 4,395 3.4 1,386 9.5 Other 207 — 292 2.0 Income tax expense (benefit) before discrete items $4,820 3.7 % ($768 ) (5.3 )% Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory (1,833 ) (1.5 ) — — Purchase accounting deferred tax benefit (1,492 ) (1.1 ) — — Income tax expense (benefit) as reported $1,495 1.1 % ($768 ) (5.3 )%

GUARANTEES (Tables)

GUARANTEES (Tables)	6 Months Ended
	Jun. 30, 2016
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of June 30, 2016 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Carrying Amount of Associated Liability Standby letters of credit (a) $20,642 $15,000 Guarantees (b) 2,254 43 Surety bonds (c) 911 — Total financial commitments $23,807 $15,043 (a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. Approximately $4 million of the standby letters of credit serve as credit support for infrastructure at Wildlight. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2016 and 2017 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 June 30, 2016 , 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 2016 and 2017 and are expected to be renewed as required.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides details of the calculations of basic and diluted earnings (loss) per common share: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net Income (Loss) $111,579 ($2,860 ) $126,637 $15,320 Less: Net income (loss) attributable to noncontrolling interest 1,758 (1,324 ) 2,344 (891 ) Net income (loss) attributable to Rayonier Inc. $109,821 ($1,536 ) $124,293 $16,211 Shares used for determining basic earnings (loss) per common share 122,567,853 126,635,710 122,562,046 126,625,081 Dilutive effect of: Stock options 98,407 — 75,967 146,754 Performance and restricted shares 154,654 — 94,889 30,515 Assumed conversion of Senior Exchangeable Notes (a) — — — 702,301 Assumed conversion of warrants (a) — — — — Shares used for determining diluted earnings (loss) per common share 122,820,914 126,635,710 122,732,902 127,504,651 Basic earnings (loss) per common share attributable to Rayonier Inc.: $0.90 ($0.01 ) $1.01 $0.13 Diluted earnings (loss) per common share attributable to Rayonier Inc.: $0.89 ($0.01 ) $1.01 $0.13
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended Six Months Ended 2016 2015 2016 2015 Anti-dilutive shares excluded from the computations of diluted earnings (loss) per share: Stock options, performance and restricted shares 748,402 158,191 921,928 937,236 Assumed conversion of exchangeable note hedges (a) — — — 702,301 Assumed conversion of Senior Exchangeable Notes due 2015 — 501,189 — — Total 748,402 659,380 921,928 1,639,537 (a) Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share required the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeded the strike price, while the conversion of the hedges was excluded since they were anti-dilutive. The full dilutive effect of the 2015 Notes was included for the prior period presented. Rayonier did not distribute additional shares upon the February 2016 maturity of the warrants sold in conjunction with the 2015 Notes as the stock price did not exceed $28.11 per share. The warrants were not dilutive for the six months ended June 30, 2016 and 2015 as the average stock price for the periods the warrants were outstanding did not exceed the strike price.

DERIVATIVE FINANCIAL INSTRUME37

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2016 and 2015 . Three Months Ended Income Statement Location 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,116 ($1,621 ) Foreign currency option contracts Other comprehensive income (loss) 1,096 (2,658 ) Interest rate swaps Other comprehensive income (loss) (14,102 ) — Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) — 2,173 Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating income, net — — Foreign currency option contracts Other operating income, net — 546 Interest rate swaps Interest income and miscellaneous income (expense), net — (1,417 ) Six Months Ended Income Statement Location 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $1,816 ($2,308 ) Foreign currency option contracts Other comprehensive income (loss) 1,929 (3,339 ) Interest rate swaps Other comprehensive income (loss) (28,988 ) — Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) (4,606 ) 3,107 Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating income, net 895 — Foreign currency option contracts Other operating income, net 258 546 Interest rate swaps Interest income and miscellaneous income (expense), net (1,219 ) (3,273 )
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 June 30, 2016 December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $32,800 $21,250 Foreign currency option contracts 89,300 107,200 Interest rate swaps 550,000 350,000 Derivatives designated as net investment hedges: Foreign currency option contracts — 331,588 Derivative not designated as a hedging instrument: Interest rate swaps — 130,169
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) June 30, 2016 December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $758 $43 Other assets 235 — Other current liabilities (793 ) (1,449 ) Other non-current liabilities — (219 ) Foreign currency option contracts Other current assets 1,339 560 Other assets 568 408 Other current liabilities (342 ) (1,393 ) Other non-current liabilities (279 ) (217 ) Interest rate swaps Other non-current liabilities (39,185 ) (10,197 ) Derivatives designated as net investment hedges: Foreign currency option contracts Other current assets — 4,630 Other current liabilities — (24 ) Derivative not designated as a hedging instrument: Interest rate swaps Other non-current liabilities — (8,047 ) Total derivative contracts: Other current assets $2,097 $5,233 Other assets 803 408 Total derivative assets $2,900 $5,641 Other current liabilities (1,135 ) (2,866 ) Other non-current liabilities (39,464 ) (18,680 ) Total derivative liabilities ($40,599 ) ($21,546 ) (a) See Note 13 — 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)	6 Months Ended
	Jun. 30, 2016
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 June 30, 2016 and December 31, 2015 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: June 30, 2016 December 31, 2015 Asset (Liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $129,654 $129,654 — $51,777 $51,777 — Restricted cash (b) 5,540 5,540 — 23,525 23,525 — Long-term debt (c) (1,052,307 ) — (1,058,133 ) (830,554 ) — (830,203 ) Interest rate swaps (d) (39,185 ) — (39,185 ) (18,244 ) — (18,244 ) Foreign currency exchange contracts (d) 200 — 200 (1,625 ) — (1,625 ) Foreign currency option contracts (d) 1,286 — 1,286 3,964 — 3,964 (a) The Company did not have Level 3 assets or liabilities at June 30, 2016 . (b) Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 17 — Restricted Deposits for additional information regarding restricted cash. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 1 — Basis of Presentation for additional information. (d) See Note 12 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The net pension and postretirement benefit costs that have been recorded are shown in the following table: Pension Postretirement Three Months Ended June 30, Three Months Ended June 30, 2016 2015 2016 2015 Components of Net Periodic Benefit Cost Service cost $327 $371 $2 $3 Interest cost 869 830 12 13 Expected return on plan assets (1,008 ) (1,007 ) — — Amortization of prior service cost — 3 — — Amortization of losses 632 916 — 3 Net periodic benefit cost $820 $1,113 $14 $19 Pension Postretirement Six Months Ended Six Months Ended 2016 2015 2016 2015 Components of Net Periodic Benefit Cost Service cost $653 $742 $3 $6 Interest cost 1,737 1,659 24 26 Expected return on plan assets (2,015 ) (2,014 ) — — Amortization of prior service cost — 6 — — Amortization of losses (gains) 1,261 1,849 (12 ) 6 Net periodic benefit cost $1,636 $2,242 $15 $38

OTHER OPERATING INCOME, NET (Ta

OTHER OPERATING INCOME, NET (Tables)	6 Months Ended
	Jun. 30, 2016
Other Income and Expenses [Abstract]
Interest and Other Income	Other operating income, net comprised the following: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Lease income, primarily from hunting leases $5,661 $5,890 $10,221 $9,999 Other non-timber income 536 688 1,055 2,052 Foreign currency (loss) income (204 ) 108 (499 ) 215 Gain on sale or disposal of property and equipment 24 3 24 3 Loss on foreign currency exchange and option contracts (551 ) (645 ) (1,072 ) (994 ) Deferred payment related to a prior land sale 4,000 — 4,000 — Costs related to acquisition (1,215 ) — (1,215 ) — Gain on foreign currency derivatives (a) — — 1,153 — Gain on sale of carbon credits 754 352 754 352 Miscellaneous income, net 458 742 947 1,086 Total $9,463 $7,138 $15,368 $12,713 (a) The Company used foreign exchange derivatives to mitigate the risk of fluctuations in foreign exchange rates while awaiting the planned capital contribution to the New Zealand JV.

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory	As of June 30, 2016 and December 31, 2015 , Rayonier’s inventory was solely comprised of finished goods, as follows: June 30, 2016 December 31, 2015 Finished goods inventory Real estate inventory (a) $10,556 $12,252 Log inventory 4,401 3,099 Total inventory $14,957 $15,351 (a) Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months.

ACCUMULATED OTHER COMPREHENSI42

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2016
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 six months ended June 30, 2016 and the year ended December 31, 2015. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. Foreign currency translation gains/ (losses) Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2014 $25,533 ($145 ) ($1,548 ) ($28,665 ) ($4,825 ) Other comprehensive income/(loss) before reclassifications (27,983 ) 6,416 (14,444 ) (a) (354 ) (36,365 ) Amounts reclassified from accumulated other comprehensive loss — — 4,400 3,287 (b) 7,687 Net other comprehensive income/(loss) (27,983 ) 6,416 (10,044 ) 2,933 (28,678 ) Balance as of December 31, 2015 ($2,450 ) $6,271 ($11,592 ) ($25,732 ) ($33,503 ) Other comprehensive income/(loss) before reclassifications 15,338 — (27,201 ) (c) — (11,863 ) Amounts reclassified from accumulated other comprehensive loss — (4,606 ) 428 1,249 (b) (2,929 ) Net other comprehensive income/(loss) 15,338 (4,606 ) (26,773 ) 1,249 (14,792 ) Recapitalization of New Zealand JV 3,622 — (184 ) — 3,438 Balance as of June 30, 2016 $16,510 $1,665 ($38,549 ) ($24,483 ) ($44,857 ) (a) Includes $10.2 million of other comprehensive loss related to interest rate swaps entered into in the third quarter 2015. See Note 12 — Derivative Financial Instruments and Hedging Activities for additional information. (b) This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information. (c) Includes $29.0 million of other comprehensive loss related to interest rate swaps. See Note 12 — Derivative Financial Instruments and Hedging Activities 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 six months ended June 30, 2016 and June 30, 2015 : Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement June 30, 2016 June 30, 2015 Realized loss on foreign currency exchange contracts $341 $1,504 Other operating income, net Realized loss on foreign currency option contracts 573 1,035 Other operating income, net Noncontrolling interest (320 ) (889 ) Comprehensive income (loss) attributable to noncontrolling interest Income tax benefit on loss from foreign currency contracts (166 ) (462 ) Income tax (expense) benefit Net loss from accumulated other comprehensive income $428 $1,188

CONSOLIDATING FINANCIAL STATE43

CONSOLIDATING FINANCIAL STATEMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Three Months Ended June 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $261,550 — $261,550 Costs and Expenses Cost of sales — — 138,194 — 138,194 Selling and general expenses — 2,643 8,609 — 11,252 Other operating expense (income), net — 1,343 (10,806 ) — (9,463 ) — 3,986 135,997 — 139,983 OPERATING (LOSS) INCOME — (3,986 ) 125,553 — 121,567 Interest expense (3,139 ) (4,384 ) (438 ) — (7,961 ) Interest and miscellaneous income (expense), net 2,109 685 (2,545 ) — 249 Equity in income from subsidiaries 110,851 119,275 — (230,126 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 109,821 111,590 122,570 (230,126 ) 113,855 Income tax (expense) benefit — (739 ) (1,537 ) — (2,276 ) NET INCOME 109,821 110,851 121,033 (230,126 ) 111,579 Less: Net income attributable to noncontrolling interest — — 1,758 — 1,758 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 109,821 110,851 119,275 (230,126 ) 109,821 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment, net of income tax 10,941 — 13,219 (10,941 ) 13,219 Cash flow hedges, net of income tax (12,850 ) (14,102 ) 1,626 12,850 (12,476 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 632 632 — (632 ) 632 Total other comprehensive (loss) income (1,277 ) (13,470 ) 14,845 1,277 1,375 COMPREHENSIVE INCOME 108,544 97,381 135,878 (228,849 ) 112,954 Less: Comprehensive loss attributable to noncontrolling interest — — 4,410 — 4,410 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $108,544 $97,381 $131,468 ($228,849 ) $108,544 CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Three Months Ended June 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $115,801 — $115,801 Costs and Expenses Cost of sales — — 103,689 — 103,689 Selling and general expenses — 6,330 6,397 — 12,727 Other operating income, net — (461 ) (6,677 ) — (7,138 ) — 5,869 103,409 — 109,278 OPERATING (LOSS) INCOME — (5,869 ) 12,392 — 6,523 Interest expense (3,169 ) (2,540 ) (2,774 ) — (8,483 ) Interest and miscellaneous income (expense), net 1,871 680 (3,747 ) — (1,196 ) Equity in income from subsidiaries (238 ) 6,564 — (6,326 ) — (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (1,536 ) (1,165 ) 5,871 (6,326 ) (3,156 ) Income tax benefit (expense) — 927 (631 ) — 296 NET (LOSS) INCOME (1,536 ) (238 ) 5,240 (6,326 ) (2,860 ) Less: Net loss attributable to noncontrolling interest — — (1,324 ) — (1,324 ) NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. (1,536 ) (238 ) 6,564 (6,326 ) (1,536 ) OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax (18,008 ) (18,008 ) (25,395 ) 36,016 (25,395 ) Cash flow hedges, net of income tax (1,896 ) (1,896 ) (2,917 ) 3,792 (2,917 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 743 743 (5 ) (738 ) 743 Total other comprehensive loss (19,161 ) (19,161 ) (28,317 ) 39,070 (27,569 ) COMPREHENSIVE LOSS (20,697 ) (19,399 ) (23,077 ) 32,744 (30,429 ) Less: Comprehensive loss attributable to noncontrolling interest — — (9,731 ) — (9,731 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO RAYONIER INC. ($20,697 ) ($19,399 ) ($13,346 ) $32,744 ($20,698 )
Schedule of Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $75,357 $11,587 $42,710 — $129,654 Accounts receivable, less allowance for doubtful accounts — 1,205 29,371 — 30,576 Inventory — — 14,957 — 14,957 Prepaid expenses — 1,527 11,962 — 13,489 Other current assets — 246 5,951 — 6,197 Total current assets 75,357 14,565 104,951 — 194,873 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,306,105 — 2,306,105 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 68,164 — 68,164 NET PROPERTY, PLANT AND EQUIPMENT — 249 8,875 — 9,124 INVESTMENT IN SUBSIDIARIES 1,294,953 2,608,274 — (3,903,227 ) — INTERCOMPANY RECEIVABLE 36,674 (616,975 ) 580,301 — — OTHER ASSETS 3 21,767 32,143 — 53,913 TOTAL ASSETS $1,406,987 $2,027,880 $3,100,539 ($3,903,227 ) $2,632,179 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,067 $20,766 — $22,833 Accrued taxes — 618 4,953 — 5,571 Accrued payroll and benefits — 2,479 2,575 — 5,054 Accrued interest 3,046 1,823 305 — 5,174 Other current liabilities — 265 29,105 — 29,370 Total current liabilities 3,046 7,252 57,704 — 68,002 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 322,882 663,242 66,183 — 1,052,307 PENSION AND OTHER POSTRETIREMENT BENEFITS — 35,209 (684 ) — 34,525 OTHER NON-CURRENT LIABILITIES — 46,185 10,640 — 56,825 INTERCOMPANY PAYABLE (255,715 ) (18,961 ) 274,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,336,774 1,294,953 2,608,274 (3,903,227 ) 1,336,774 Noncontrolling interest — — 83,746 — 83,746 TOTAL SHAREHOLDERS’ EQUITY 1,336,774 1,294,953 2,692,020 (3,903,227 ) 1,420,520 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,406,987 $2,027,880 $3,100,539 ($3,903,227 ) $2,632,179 CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $2,472 $13,217 $36,088 — $51,777 Accounts receivable, less allowance for doubtful accounts — 1,870 18,352 — 20,222 Inventory — — 15,351 — 15,351 Prepaid expenses — 443 12,211 — 12,654 Other current assets — 4,876 805 — 5,681 Total current assets 2,472 20,406 82,807 — 105,685 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,066,780 — 2,066,780 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 65,450 — 65,450 NET PROPERTY, PLANT AND EQUIPMENT — 330 6,412 — 6,742 INVESTMENT IN SUBSIDIARIES 1,321,681 2,212,405 — (3,534,086 ) — INTERCOMPANY RECEIVABLE 34,567 (610,450 ) 575,883 — — OTHER ASSETS 3 18,718 52,560 — 71,281 TOTAL ASSETS $1,358,723 $1,641,409 $2,849,892 ($3,534,086 ) $2,315,938 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable 609 $1,463 $19,407 — $21,479 Accrued taxes — (10 ) 3,695 — 3,685 Accrued payroll and benefits — 3,594 3,443 — 7,037 Accrued interest 3,047 666 2,440 — 6,153 Other current liabilities — 262 20,841 — 21,103 Total current liabilities 3,656 5,975 49,826 — 59,457 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 322,697 280,978 226,879 — 830,554 PENSION AND OTHER POSTRETIREMENT BENEFITS — 34,822 (685 ) — 34,137 OTHER NON-CURRENT LIABILITIES — 16,914 13,136 — 30,050 INTERCOMPANY PAYABLE (255,714 ) (18,961 ) 274,675 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,288,084 1,321,681 2,212,405 (3,534,086 ) 1,288,084 Noncontrolling interest — — 73,656 — 73,656 TOTAL SHAREHOLDERS’ EQUITY 1,288,084 1,321,681 2,286,061 (3,534,086 ) 1,361,740 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,358,723 $1,641,409 $2,849,892 ($3,534,086 ) $2,315,938
Schedule of Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES ($4,055 ) ($7,193 ) $88,227 — $76,979 INVESTING ACTIVITIES Capital expenditures — — (26,180 ) — (26,180 ) Real estate development investments — — (3,018 ) — (3,018 ) Purchase of timberlands — — (276,614 ) — (276,614 ) Assets purchased in business acquisition — — (1,113 ) — (1,113 ) Net proceeds from large disposition — — 126,965 — 126,965 Rayonier office building under construction — — (1,155 ) — (1,155 ) Change in restricted cash — — 17,985 — 17,985 Investment in subsidiaries — 262,505 — (262,505 ) — Other — — (2,066 ) — (2,066 ) CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 262,505 (165,196 ) (262,505 ) (165,196 ) FINANCING ACTIVITIES Issuance of debt — 518,000 135,775 — 653,775 Repayment of debt — (135,000 ) (291,173 ) — (426,173 ) Dividends paid (61,409 ) — — — (61,409 ) Proceeds from the issuance of common shares 644 — — — 644 Repurchase of common shares — (690 ) — — (690 ) Debt issuance costs — (818 ) — — (818 ) Intercompany distributions 137,844 (638,434 ) 238,085 262,505 — Other (139 ) — — — (139 ) CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 76,940 (256,942 ) 82,687 262,505 165,190 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 904 — 904 CASH AND CASH EQUIVALENTS Change in cash and cash equivalents 72,885 (1,630 ) 6,622 — 77,877 Balance, beginning of year 2,472 13,217 36,088 — 51,777 Balance, end of period $75,357 $11,587 $42,710 — $129,654 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($25,092 ) ($13,561 ) $110,401 $14,135 $85,883 INVESTING ACTIVITIES Capital expenditures — (134 ) (25,184 ) — (25,318 ) Real estate development investments — — (926 ) — (926 ) Purchase of timberlands — — (88,414 ) — (88,414 ) Rayonier office building under construction — — (261 ) — (261 ) Change in restricted cash — — 4,160 — 4,160 Investment in subsidiaries — 8,753 — (8,753 ) — Other — — 3,486 — 3,486 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 8,619 (107,139 ) (8,753 ) (107,273 ) FINANCING ACTIVITIES Issuance of debt — 57,000 2,100 — 59,100 Repayment of debt — (28,000 ) (3,472 ) — (31,472 ) Dividends paid (63,421 ) — — — (63,421 ) Proceeds from the issuance of common shares 718 — — — 718 Repurchase of common shares (8,962 ) — — — (8,962 ) Intercompany distributions — 13,778 (8,396 ) (5,382 ) — Other (95 ) — — — (95 ) CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (71,760 ) 42,778 (9,768 ) (5,382 ) (44,132 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (4,404 ) — (4,404 ) CASH AND CASH EQUIVALENTS Change in cash and cash equivalents (96,852 ) 37,836 (10,910 ) — (69,926 ) Balance, beginning of year 102,218 8,105 51,235 — 161,558 Balance, end of period $5,366 $45,941 $40,325 — $91,632

BASIS OF PRESENTATION (Narrativ

BASIS OF PRESENTATION (Narrative) (Details) - Subsequent Event - Interest Rate Contract - Cash Flow Hedging - Designated as Hedging Instrument $ in Millions	Jul. 07, 2016USD ($)
Subsequent Event [Line Items]
Notional amount	$ 100
Derivative, average rate	1.26%
Derivative, basis spread on variable rate	1.90%
Derivative, average variable interest rate	3.16%

TIMBERLAND ACQUISITION (Narrati

TIMBERLAND ACQUISITION (Narrative) (Details) a in Thousands	May 10, 2016USD ($)a	Apr. 28, 2016USD ($)	Jun. 30, 2016USD ($)a	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)a	Jun. 30, 2015USD ($)
Business Acquisition [Line Items]
Acres of timberland owned | a			400		400
Acres of timberlands acquired | a	61
Purchase price	$ 263,000,000
Acquisition related costs			$ 1,215,000	$ 0	$ 1,215,000	$ 0
Debt carrying amount			1,056,183,000		$ 1,056,183,000
Incremental Term Loan Agreement
Business Acquisition [Line Items]
Debt instrument, term		10 years			10 years
Debt carrying amount		$ 300,000,000	$ 300,000,000		$ 300,000,000
Disposal Group, Not Discontinued Operations
Business Acquisition [Line Items]
Acres of timberland divested | a			55		55
Consideration received from sale			$ 130,000,000		$ 130,000,000
Menasha Forest Products Corporation
Business Acquisition [Line Items]
Acres of timberland owned | a			132		132

TIMBERLAND ACQUISITION (Schedul

TIMBERLAND ACQUISITION (Schedule of Business Combination) (Details) - Menasha Acquisition	May 10, 2016USD ($)
Business Acquisition [Line Items]
Timber and timberlands	$ 263,073
Property, plant and equipment	1,554
Other current and non-current assets	280
Total identifiable assets acquired	264,907
Other current and non-current liabilities	1,503
Total liabilities assumed	1,503
Net identifiable assets (purchase price)	263,404
Seeds and seedling acquired	$ 1,000,000

JOINT VENTURE INVESTMENT (Detai

JOINT VENTURE INVESTMENT (Details) a in Millions, NZD in Millions	Mar. 03, 2016NZD	Jun. 30, 2016a	Mar. 02, 2016
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned | a		0.4
Ownership percentage by parent	77.00%		65.00%
Step acquisition percentage equity interest in acquiree		23.00%
Revolving Credit Facility Due 2016 Variable Interest Rate
Schedule of Equity Method Investments [Line Items]
Refinanced amount | NZD	NZD 235

SEGMENT AND GEOGRAPHICAL INFO48

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Segment Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
SALES	$ 261,550	$ 115,801	$ 396,393	$ 256,106
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
SALES	29,640	32,681	74,380	68,212
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	16,869	17,102	36,178	36,256
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
SALES	47,748	39,223	83,772	80,417
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
SALES	137,307	6,945	150,670	30,736
Operating Segments | Trading
Segment Reporting Information [Line Items]
SALES	29,986	$ 19,850	51,393	$ 40,485
Disposal Group, Not Discontinued Operations | Timberland | Real Estate
Segment Reporting Information [Line Items]
SALES	$ 129,500		$ 129,500

SEGMENT AND GEOGRAPHICAL INFO49

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Operating Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Total Operating Income	$ 121,567	$ 6,523	$ 144,564	$ 34,270
Unallocated interest expense and other	(7,712)	(9,679)	(16,432)	(19,718)
INCOME (LOSS) BEFORE INCOME TAXES	113,855	(3,156)	128,132	14,552
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	11,039	11,777	26,793	24,190
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	1,034	1,687	2,419	4,275
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	10,028	(945)	14,772	4,749
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	105,695	1,421	109,920	14,003
Operating Segments | Trading
Segment Reporting Information [Line Items]
Total Operating Income	625	(84)	975	186
Corporate and other
Segment Reporting Information [Line Items]
Total Operating Income	(6,854)	$ (7,333)	(10,315)	$ (13,133)
Disposal Group, Not Discontinued Operations | Timberland | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	$ 101,300		$ 101,300

SEGMENT AND GEOGRAPHICAL INFO50

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Depreciation, Depletion and Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Depreciation	$ 44,298	$ 23,850	$ 73,640	$ 53,826
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Depreciation	10,559	12,650	27,115	26,951
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Depreciation	3,672	2,941	8,311	6,731
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Depreciation	6,437	7,183	11,296	15,186
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Depreciation	23,525	1,006	26,728	4,818
Operating Segments | Trading
Segment Reporting Information [Line Items]
Depreciation	0	0	0	0
Corporate and other
Segment Reporting Information [Line Items]
Depreciation	105	$ 70	190	$ 140
Disposal Group, Not Discontinued Operations | Timberland | Real Estate
Segment Reporting Information [Line Items]
Depreciation	$ 21,900		$ 21,900

SEGMENT AND GEOGRAPHICAL INFO51

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Non-Cash Cost of Land and Improved Development) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Non-cash cost of improved development excluding amounts associated with dispositions	$ 3,471	$ 1,191	$ 7,579	$ 4,938
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Non-cash cost of improved development excluding amounts associated with dispositions	0	0	0	0
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Non-cash cost of improved development excluding amounts associated with dispositions	0	0	0	0
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Non-cash cost of improved development excluding amounts associated with dispositions	0	0	1,824	0
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Non-cash cost of improved development excluding amounts associated with dispositions	3,471	1,191	5,755	4,938
Operating Segments | Trading
Segment Reporting Information [Line Items]
Non-cash cost of improved development excluding amounts associated with dispositions	0	0	0	0
Corporate and other
Segment Reporting Information [Line Items]
Non-cash cost of improved development excluding amounts associated with dispositions	0	$ 0	0	$ 0
Timberland | Disposal Group, Not Discontinued Operations | Real Estate
Segment Reporting Information [Line Items]
Non-cash cost of improved development excluding amounts associated with dispositions	$ 1,800		$ 1,800

DEBT (Schedule of Long Term Deb

DEBT (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,056,183
Less: Current maturities of long-term debt	0
Less: Deferred financing costs	(3,876)
Long-term debt, net of deferred financing costs	1,052,307	$ 830,554
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 325,000
Fixed interest rate	3.75%
Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.1% at June 30, 2016
Debt Instrument [Line Items]
Variable interest rate	2.10%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.4% at June 30, 2016
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 300,000
Variable interest rate	2.40%
Mortgage notes due 2017 at fixed interest rates of 4.35%
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 42,436
Fixed interest rate	4.35%
Solid waste bond due 2020 at a variable interest rate of 1.7% at June 30, 2016
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 15,000
Variable interest rate	1.70%
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 23,747
Fixed interest rate	0.00%
Term Loan Facility | Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.1% at June 30, 2016
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 350,000
Variable interest rate	3.30%

DEBT (Schedule of Long Term Mat

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Jun. 30, 2016USD ($)
Debt Disclosure [Abstract]
2,016	$ 0
2,017	42,000
2,018	0
2,019	0
2,020	15,000
Thereafter	998,747
Total Debt	1,055,747
Debt instrument, unamortized premium	$ 400

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($)	Apr. 28, 2016	Mar. 03, 2016	Aug. 05, 2015	Jun. 30, 2016	Aug. 31, 2015	Jun. 30, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Debt carrying amount				$ 1,056,183,000		$ 1,056,183,000	$ 1,056,183,000
Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of debt						105,000,000
Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Debt instrument, term					5 years
Basis points on periodic interest rate					1.25%
Basis point credit line fee					0.175%
Remaining borrowing capacity				194,500,000		194,500,000	$ 194,500,000
Revolving Credit Facility Due 2016
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 200,000,000
Farm Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					100,000,000
Incremental Term Loan Agreement
Debt Instrument [Line Items]
Debt instrument, term	10 years						10 years
Debt carrying amount	$ 300,000,000			$ 300,000,000		$ 300,000,000	$ 300,000,000
Basis points on periodic interest rate	1.90%
Periodic effective interest rate				2.60%		2.60%	2.60%
Term Credit Agreement
Debt Instrument [Line Items]
Periodic effective interest rate				2.10%		2.10%	2.10%
Term Credit Agreement | Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term			9 years
Debt carrying amount				$ 350,000,000		$ 350,000,000	$ 350,000,000
Basis points on periodic interest rate			1.625%
Periodic effective interest rate				3.30%		3.30%	3.30%
Maximum borrowing capacity			$ 350,000,000
Term Credit Agreement | Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Debt instrument, term			5 years
Maximum borrowing capacity			$ 200,000,000		$ 200,000,000
Term Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 550,000,000
Tranche A
Debt Instrument [Line Items]
Repayments of lines of credit		$ 155,000,000
New Zealand JV Noncontrolling Interest
Debt Instrument [Line Items]
Debt carrying amount				$ 23,747,000		$ 23,747,000	$ 23,747,000
New Zealand JV Noncontrolling Interest | Long-term Debt
Debt Instrument [Line Items]
Increase in debt due to favorable changes in exchange rates							800,000
New Zealand JV | Working Capital Facility | Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity				$ 28,400,000		28,400,000	28,400,000
Repayments of lines of credit							135,800,000
New Zealand JV | Working Capital Facility, 12 month | Working Capital Facility
Debt Instrument [Line Items]
Debt instrument, term				12 months
Maximum borrowing capacity				$ 14,200,000		14,200,000	14,200,000
New Zealand JV | Working Capital Facility, 18 month | Working Capital Facility
Debt Instrument [Line Items]
Debt instrument, term				18 months
Maximum borrowing capacity				$ 14,200,000		14,200,000	14,200,000
New Zealand JV | Working Capital Facility, Expired in June 2016 | Working Capital Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				28,400,000		28,400,000	28,400,000
New Zealand JV | New Zealand JV Noncontrolling Interest
Debt Instrument [Line Items]
Repayments of debt							300,000
Standby Letters of Credit | Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Amount to secure outstanding letters of credit				$ 5,500,000		$ 5,500,000	$ 5,500,000
Interest rate swaps | Incremental Term Loan Agreement
Debt Instrument [Line Items]
Debt carrying amount	$ 200,000,000
Variable Interest Rate Portion | Incremental Term Loan Agreement
Debt Instrument [Line Items]
Debt carrying amount	$ 100,000,000

HIGHER AND BETTER USE TIMBERL55

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Analysis of Higher and Better Use Timberlands and Real Estate Development Investments) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	$ 65,450
Plus: Current portion, Beginning Balance	12,252
Total Balance, Beginning Balance	77,702
Non-cash cost of land and improved development	(1,305)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(789)
Capitalized real estate development investments	3,018
Capital expenditures (silviculture)	90
Intersegment transfers	4
Total Balance, Ending Balance	78,720
Less: Current portion, Ending Balance	10,556
Non-current portion, Ending Balance	68,164
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	57,897
Plus: Current portion, Beginning Balance	6,019
Total Balance, Beginning Balance	63,916
Non-cash cost of land and improved development	(1,157)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(789)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	90
Intersegment transfers	4
Total Balance, Ending Balance	62,064
Less: Current portion, Ending Balance	7,358
Non-current portion, Ending Balance	54,706
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	7,553
Plus: Current portion, Beginning Balance	6,233
Total Balance, Beginning Balance	13,786
Non-cash cost of land and improved development	(148)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	3,018
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, Ending Balance	16,656
Less: Current portion, Ending Balance	3,198
Non-current portion, Ending Balance	$ 13,458

COMMITMENTS (Narrative) (Detail

COMMITMENTS (Narrative) (Details) - Timberland Leases	6 Months Ended
	Jun. 30, 2016
United States | Minimum
Loss Contingencies [Line Items]
Contract terms, in years	30 years
United States | Maximum
Loss Contingencies [Line Items]
Contract terms, in years	65 years
New Zealand | Minimum
Loss Contingencies [Line Items]
Contract terms, in years	30 years
New Zealand | Maximum
Loss Contingencies [Line Items]
Contract terms, in years	99 years

COMMITMENTS (Future Minimum Pay

COMMITMENTS (Future Minimum Payments) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)lease
Commitments [Abstract]
Remaining 2,016	$ 10,309
2,017	13,285
2,018	8,810
2,019	8,810
2,020	8,810
Thereafter	34,968
Commitments, total	84,992
Purchase Obligation, Fiscal Year Maturity [Abstract]
Remaining 2,016	16,094
2,017	25,283
2,018	18,642
2,019	18,018
2,020	17,513
Thereafter	195,148
Total	290,698
Operating Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remaining 2,016	976
2,017	1,514
2,018	770
2,019	628
2,020	542
Thereafter	1,633
Operating leases, total	6,063
Timberland Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remaining 2,016	4,809
2,017	10,484
2,018	9,062
2,019	8,580
2,020	8,161
Thereafter	158,547
Operating leases, total	$ 199,643
Matariki Crown Forest Licenses
Purchase Obligation, Fiscal Year Maturity [Abstract]
Future Minimum Payments Included, years	20 years
Lessee Leasing Arrangements, Operating Leases, Termination Notice, years	35 years
Lessee Leasing Arrangements, Operating Leases, Renewal Term	1 year
Number of Leases Under Termination Notice | lease	4
Number of Leases Under Termination Notice, Expiring 2044-2049 | lease	2
Number of Leases Under Termination Notice, Expiring 2062 | lease	2

INCOME TAXES (Provision for Inc

INCOME TAXES (Provision for Income Taxes from Continuing Operations - Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate, percentage	35.00%	35.00%	35.00%	35.00%

INCOME TAXES (Schedule of Effec

INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense at federal statutory rate	$ 39,849	$ (1,105)	$ 44,846	$ 5,093
U.S. and foreign REIT income & U.S. TRS taxable losses	(39,954)	1,077	(44,314)	(6,894)
Foreign TRS operations	(197)	101	(314)	(645)
U.S. net deferred tax asset valuation allowance	3,942	(216)	4,395	1,386
Other	128	(153)	207	292
Income tax expense (benefit) before discrete items	3,768	(296)	4,820	(768)
Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory			(1,833)	0
Purchase accounting deferred tax benefit	(1,492)	0	(1,492)	0
Income tax expense (benefit) as reported	$ 2,276	$ (296)	$ 1,495	$ (768)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax expense at federal statutory rate	35.00%	35.00%	35.00%	35.00%
U.S. and foreign REIT income & U.S. TRS taxable losses	(35.30%)	(34.10%)	(34.40%)	(47.40%)
Foreign TRS operations	0.00%	(3.20%)	(0.30%)	(4.40%)
U.S. net deferred tax asset valuation allowance	3.50%	6.90%	3.40%	9.50%
Other	0.00%	4.80%	0.00%	2.00%
Income tax expense (benefit) before discrete items	3.20%	9.40%	3.70%	(5.30%)
Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory			(1.50%)	0.00%
Purchase accounting deferred tax benefit	(1.20%)	0.00%	(1.10%)	0.00%
Income tax expense (benefit) as reported	2.00%	9.40%	1.10%	(5.30%)

CONTINGENCIES (Details)

CONTINGENCIES (Details)	Jan. 09, 2015claimplaintiff	Nov. 10, 2014claim
Commitments and Contingencies Disclosure [Abstract]
Number of claims filed		5
Number of consolidated claims filed	1
Number of lead plaintiffs | plaintiff	2

GUARANTEES (Details)

GUARANTEES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 23,807
Carrying Amount of Associated Liability	15,043
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	20,642
Carrying Amount of Associated Liability	15,000
Guarantor obligations collateral for industrial revenue bonds	15,000
Guarantees
Guarantor Obligations [Line Items]
Maximum Potential Payment	2,254
Carrying Amount of Associated Liability	43
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	911
Carrying Amount of Associated Liability	$ 0

EARNINGS PER COMMON SHARE (Sche

EARNINGS PER COMMON SHARE (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income amounts attributable to Rayonier Inc.
Net Income (Loss)	$ 111,579	$ (2,860)	$ 126,637	$ 15,320
Less: Net income (loss) attributable to noncontrolling interest	1,758	(1,324)	2,344	(891)
Net income (loss) attributable to Rayonier Inc.	$ 109,821	$ (1,536)	$ 124,293	$ 16,211
Shares used for determining basic earnings per common share (in shares)	122,567,853	126,635,710	122,562,046	126,625,081
Dilutive effect of:
Stock options (in shares)	98,407	0	75,967	146,754
Performance and restricted shares (in shares)	154,654	0	94,889	30,515
Assumed conversion of senior exchangeable notes (in shares)	0	0	0	702,301
Assumed conversion of warrants (in shares)	0	0	0	0
Shares used for determining diluted earnings per common share (in shares)	122,820,914	126,635,710	122,732,902	127,504,651
Basic earnings (loss) per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.90	$ (0.01)	$ 1.01	$ 0.13
Diluted earnings (loss) per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.89	$ (0.01)	$ 1.01	$ 0.13

EARNINGS PER COMMON SHARE (Sc63

EARNINGS PER COMMON SHARE (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share (in shares)	748,402	659,380	921,928	1,639,537
Assumed conversion of Senior Exchangeable Notes due 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share (in shares)		501,189		0
Exercise price of warrants (USD per share)	$ 28.11		$ 28.11
Stock options, performance and restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share (in shares)	748,402	158,191	921,928	937,236
Assumed conversion of exchangeable note hedges
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share (in shares)	0	0	0	702,301

DERIVATIVE FINANCIAL INSTRUME64

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands	Mar. 03, 2016USD ($)	Feb. 29, 2016USD ($)	Apr. 30, 2016USD ($)derivative_agreement	Aug. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Feb. 01, 2016USD ($)	Dec. 31, 2015USD ($)
Derivative [Line Items]
Gain (loss) on sale of derivatives	$ 9,300
Foreign Exchange Option - Contract 2
Derivative [Line Items]
Notional amount									$ 154,600
Foreign currency option contracts
Derivative [Line Items]
Notional amount				$ 332,000					$ 159,700
Foreign Exchange Forward
Derivative [Line Items]
Notional amount		$ 159,500
Interest rate swaps
Derivative [Line Items]
Notional amount			$ 100,000	$ 170,000
Derivative, term of contract			9 years	9 years
Derivative, average rate			1.60%	2.20%
Derivative, basis spread on variable rate			1.90%	1.625%
Derivative, fixed interest rate			3.50%	3.83%
Number of interest rate derivatives held | derivative_agreement			2
Forward Interest Rate Swap
Derivative [Line Items]
Notional amount				$ 180,000
Derivative, term of contract				9 years
Derivative, average rate				2.35%
Derivative, fixed interest rate				3.97%
Not Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Notional amount					$ 0		$ 0			$ 130,169
Minimum
Derivative [Line Items]
Percent of forecast sales and purchases hedged for three months					50.00%		50.00%
Percent of forecast sales and purchases hedged for three to 12 months					50.00%		50.00%
Percent of forecast sales and purchases hedged for 12 to 18 months					50.00%		50.00%
Minimum | Foreign Currency Exchange and Option Contracts, Scale 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge							3 months
Minimum | Foreign Currency Exchange and Option Contracts, Scale 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge							12 months
Maximum
Derivative [Line Items]
Percent of forecast sales and purchases hedged for three months					90.00%		90.00%
Percent of forecast sales and purchases hedged for three to 12 months					75.00%		75.00%
Maximum | Foreign Currency Exchange and Option Contracts, Scale 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge							12 months
Maximum | Foreign Currency Exchange and Option Contracts, Scale 3
Derivative [Line Items]
Length of time, foreign currency cash flow hedge							18 months
Other operating income, net | Not Designated as Hedging Instrument | Foreign currency option contracts
Derivative [Line Items]
Gain on derivative		$ 300			$ 0	$ 546	$ 258	$ 546
Other operating income, net | Not Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Gain on derivative	$ 900				0	$ 0	895	$ 0
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
AOCI (loss) balance expected to be reclassified in next twelve months, net of tax							700
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency option contracts
Derivative [Line Items]
Notional amount					89,300		89,300			107,200
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Notional amount					32,800		32,800			21,250
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Notional amount					$ 550,000		$ 550,000			$ 350,000

DERIVATIVE FINANCIAL INSTRUME65

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Income Statement Location) (Details) - USD ($) $ in Thousands	Mar. 03, 2016	Feb. 29, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Designated as Hedging Instrument | Foreign currency exchange contracts | Other comprehensive income (loss) | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income			$ 1,116	$ (1,621)	$ 1,816	$ (2,308)
Designated as Hedging Instrument | Foreign currency exchange contracts | Other comprehensive income (loss) | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income			0	2,173	(4,606)	3,107
Designated as Hedging Instrument | Foreign currency option contracts | Other comprehensive income (loss) | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income			1,096	(2,658)	1,929	(3,339)
Designated as Hedging Instrument | Interest rate swaps | Other comprehensive income (loss) | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income			(14,102)	0	(28,988)	0
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other operating income, net
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in income	$ 900		0	0	895	0
Not Designated as Hedging Instrument | Foreign currency option contracts | Other operating income, net
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in income		$ 300	0	546	258	546
Not Designated as Hedging Instrument | Interest rate swaps | Interest income and miscellaneous income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income			$ 0	$ (1,417)	$ (1,219)	$ (3,273)

DERIVATIVE FINANCIAL INSTRUME66

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Notional Amounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Apr. 30, 2016	Feb. 01, 2016	Dec. 31, 2015	Aug. 31, 2015
Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount			$ 159,700		$ 332,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount		$ 100,000			$ 170,000
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 32,800			$ 21,250
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	89,300			107,200
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	550,000			350,000
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	0			331,588
Not Designated as Hedging Instrument | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	$ 0			$ 130,169

DERIVATIVE FINANCIAL INSTRUME67

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Balance Sheet Location) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 2,900	$ 5,641
Fair value, derivative liability	(40,599)	(21,546)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	2,097	5,233
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	803	408
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,135)	(2,866)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(39,464)	(18,680)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	758	43
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	235	0
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(793)	(1,449)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(219)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	1,339	560
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	568	408
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(342)	(1,393)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(279)	(217)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(39,185)	(10,197)
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency option contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0	4,630
Designated as Hedging Instrument | Net Investment Hedging | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(24)
Not Designated as Hedging Instrument | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ 0	$ (8,047)

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Values Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 129,654	$ 51,777
Restricted cash	5,540	23,525
Long-term debt	(1,052,307)	(830,554)
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	(39,185)	(18,244)
Carrying Amount | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts		(1,625)
Foreign currency contracts	200
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	1,286	3,964
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	129,654	51,777
Restricted cash	5,540	23,525
Long-term debt	0	0
Fair Value | Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Fair Value | Level 1 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts		0
Foreign currency contracts	0
Fair Value | Level 1 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	0	0
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Long-term debt	(1,058,133)	(830,203)
Fair Value | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	(39,185)	(18,244)
Fair Value | Level 2 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts		(1,625)
Foreign currency contracts	200
Fair Value | Level 2 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	$ 1,286	$ 3,964

EMPLOYEE BENEFIT PLANS (Narrati

EMPLOYEE BENEFIT PLANS (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016pension_plan
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Number of qualified defined benefit plans	1

EMPLOYEE BENEFIT PLANS (Net Per

EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 327	$ 371	$ 653	$ 742
Interest cost	869	830	1,737	1,659
Expected return on plan assets	(1,008)	(1,007)	(2,015)	(2,014)
Amortization of prior service cost	0	3	0	6
Amortization of losses (gains)	632	916	1,261	1,849
Net periodic benefit cost	820	1,113	1,636	2,242
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	3	3	6
Interest cost	12	13	24	26
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of losses (gains)	0	3	(12)	6
Net periodic benefit cost	$ 14	$ 19	$ 15	$ 38

OTHER OPERATING INCOME, NET (De

OTHER OPERATING INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Lease income, primarily from hunting leases	$ 5,661	$ 5,890	$ 10,221	$ 9,999
Other non-timber income	536	688	1,055	2,052
Foreign currency (loss) income	(204)	108	(499)	215
Gain on sale or disposal of property and equipment	24	3	24	3
Loss on foreign currency exchange and option contracts	(551)	(645)	(1,072)	(994)
Deferred payment with respect to prior land sale	4,000	0	4,000	0
Costs related to acquisition	(1,215)	0	(1,215)	0
Gain on foreign currency derivatives	0	0	1,153	0
Gain on sale of carbon credits	754	352	754	352
Miscellaneous income, net	458	742	947	1,086
Total	$ 9,463	$ 7,138	$ 15,368	$ 12,713

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory [Line Items]
Inventory	$ 14,957	$ 15,351
Real Estate Inventory
Inventory [Line Items]
Inventory	10,556	12,252
Log inventory
Inventory [Line Items]
Inventory	$ 4,401	$ 3,099

RESTRICTED DEPOSITS (Details)

RESTRICTED DEPOSITS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary, days	180 days
Restricted deposits	$ 5.5	$ 23.5

ACCUMULATED OTHER COMPREHENSI74

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		$ (33,503)	$ (4,825)
Other comprehensive income/(loss) before reclassifications		(11,863)	(36,365)
Amounts reclassified from accumulated other comprehensive loss		(2,929)	7,687
Net other comprehensive income/(loss)		(14,792)	(28,678)
Recapitalization of New Zealand JV		3,438
Ending balance		(44,857)	(33,503)
Foreign currency translation gains/ (losses)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(2,450)	25,533
Other comprehensive income/(loss) before reclassifications		15,338	(27,983)
Amounts reclassified from accumulated other comprehensive loss		0	0
Net other comprehensive income/(loss)		15,338	(27,983)
Recapitalization of New Zealand JV		3,622
Ending balance		16,510	(2,450)
Net investment hedges of New Zealand JV
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		6,271	(145)
Other comprehensive income/(loss) before reclassifications		0	6,416
Amounts reclassified from accumulated other comprehensive loss		(4,606)	0
Net other comprehensive income/(loss)		(4,606)	6,416
Recapitalization of New Zealand JV		0
Ending balance		1,665	6,271
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(11,592)	(1,548)
Other comprehensive income/(loss) before reclassifications		(27,201)	(14,444)
Amounts reclassified from accumulated other comprehensive loss		428	4,400
Net other comprehensive income/(loss)		(26,773)	(10,044)
Recapitalization of New Zealand JV		(184)
Ending balance		(38,549)	(11,592)
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(25,732)	(28,665)
Other comprehensive income/(loss) before reclassifications		0	(354)
Amounts reclassified from accumulated other comprehensive loss		1,249	3,287
Net other comprehensive income/(loss)		1,249	2,933
Recapitalization of New Zealand JV		0
Ending balance		(24,483)	$ (25,732)
Interest rate swaps | Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income/(loss) before reclassifications	$ (10,200)	$ (29,000)

ACCUMULATED OTHER COMPREHENSI75

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net	$ 9,463	$ 7,138	$ 15,368	$ 12,713
Comprehensive (loss) income attributable to noncontrolling interest	(4,410)	9,731	(8,153)	13,522
Income tax benefit	$ 2,276	$ (296)	1,495	(768)
Net loss from accumulated other comprehensive income			(2,929)		$ 7,687
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss from accumulated other comprehensive income			428	1,188
Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss from accumulated other comprehensive income			428		$ 4,400
Amount reclassified from accumulated other comprehensive income | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interest			(320)	(889)
Income tax benefit			(166)	(462)
Amount reclassified from accumulated other comprehensive income | Foreign currency exchange contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net			341	1,504
Amount reclassified from accumulated other comprehensive income | Foreign currency option contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net			$ 573	$ 1,035

CONSOLIDATING FINANCIAL STATE76

CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75%	Mar. 31, 2012USD ($)
Debt Instrument [Line Items]
Face amount	$ 325,000,000
Stated interest rate	3.75%

CONSOLIDATING FINANCIAL STATE77

CONSOLIDATING FINANCIAL STATEMENTS (Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Statement [Abstract]
SALES	$ 261,550	$ 115,801	$ 396,393	$ 256,106
Cost of sales	138,194	103,689	246,166	210,923
Selling and general expenses	11,252	12,727	21,031	23,626
Other operating expense (income), net	(9,463)	(7,138)	(15,368)	(12,713)
Costs and Expenses, Total	139,983	109,278	251,829	221,836
OPERATING INCOME	121,567	6,523	144,564	34,270
Interest expense	(7,961)	(8,483)	(15,059)	(17,027)
Interest and miscellaneous income (expense), net	249	(1,196)	(1,373)	(2,691)
Equity in income from subsidiaries	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	113,855	(3,156)	128,132	14,552
Income tax (expense) benefit	(2,276)	296	(1,495)	768
NET INCOME (LOSS)	111,579	(2,860)	126,637	15,320	$ 43,941
Less: Net income attributable to noncontrolling interest	1,758	(1,324)	2,344	(891)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	109,821	(1,536)	124,293	16,211
Foreign currency translation adjustment	13,219	(25,395)	16,023	(39,717)	(32,451)
New Zealand joint venture cash flow hedges	(12,476)	(2,917)	(26,250)	(3,863)	(9,961)
Actuarial change and amortization of pension and postretirement plans, net of income tax	632	743	1,249	1,524	$ 2,933
Total other comprehensive income (loss)	1,375	(27,569)	(8,978)	(42,056)
COMPREHENSIVE INCOME (LOSS)	112,954	(30,429)	117,659	(26,736)
Less: Comprehensive income (loss) attributable to noncontrolling interest	4,410	(9,731)	8,153	(13,522)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	108,544	(20,698)	109,506	(13,214)
Consolidating Adjustments
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
OPERATING INCOME	0	0	0	0
Interest expense	0	0	0	0
Interest and miscellaneous income (expense), net	0	0	0	0
Equity in income from subsidiaries	(230,126)	(6,326)	(264,696)	(50,104)
INCOME (LOSS) BEFORE INCOME TAXES	(230,126)	(6,326)	(264,696)	(50,104)
Income tax (expense) benefit	0	0	0	0
NET INCOME (LOSS)	(230,126)	(6,326)	(264,696)	(50,104)
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	(230,126)	(6,326)	(264,696)	(50,104)
Foreign currency translation adjustment	(10,941)	36,016	(10,737)	56,877
New Zealand joint venture cash flow hedges	12,850	3,792	26,773	5,022
Actuarial change and amortization of pension and postretirement plans, net of income tax	(632)	(738)	(1,249)	(1,539)
Total other comprehensive income (loss)	1,277	39,070	14,787	60,360
COMPREHENSIVE INCOME (LOSS)	(228,849)	32,744	(249,909)	10,256
Less: Comprehensive income (loss) attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	(228,849)	32,744	(249,909)	10,256
Rayonier Inc. (Parent Issuer)
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
OPERATING INCOME	0	0	0	0
Interest expense	(3,139)	(3,169)	(6,278)	(6,337)
Interest and miscellaneous income (expense), net	2,109	1,871	4,147	3,807
Equity in income from subsidiaries	110,851	(238)	126,424	18,741
INCOME (LOSS) BEFORE INCOME TAXES	109,821	(1,536)	124,293	16,211
Income tax (expense) benefit	0	0	0	0
NET INCOME (LOSS)	109,821	(1,536)	124,293	16,211
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	109,821	(1,536)	124,293	16,211
Foreign currency translation adjustment	10,941	(18,008)	10,737	(28,438)
New Zealand joint venture cash flow hedges	(12,850)	(1,896)	(26,773)	(2,511)
Actuarial change and amortization of pension and postretirement plans, net of income tax	632	743	1,249	1,524
Total other comprehensive income (loss)	(1,277)	(19,161)	(14,787)	(29,425)
COMPREHENSIVE INCOME (LOSS)	108,544	(20,697)	109,506	(13,214)
Less: Comprehensive income (loss) attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	108,544	(20,697)	109,506	(13,214)
Subsidiary Guarantors
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	2,643	6,330	5,581	11,279
Other operating expense (income), net	1,343	(461)	188	(461)
Costs and Expenses, Total	3,986	5,869	5,769	10,818
OPERATING INCOME	(3,986)	(5,869)	(5,769)	(10,818)
Interest expense	(4,384)	(2,540)	(6,528)	(5,064)
Interest and miscellaneous income (expense), net	685	680	1,366	1,373
Equity in income from subsidiaries	119,275	6,564	138,272	31,363
INCOME (LOSS) BEFORE INCOME TAXES	111,590	(1,165)	127,341	16,854
Income tax (expense) benefit	(739)	927	(917)	1,887
NET INCOME (LOSS)	110,851	(238)	126,424	18,741
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	110,851	(238)	126,424	18,741
Foreign currency translation adjustment	0	(18,008)	(4,606)	(28,438)
New Zealand joint venture cash flow hedges	(14,102)	(1,896)	(28,988)	(2,511)
Actuarial change and amortization of pension and postretirement plans, net of income tax	632	743	1,249	1,524
Total other comprehensive income (loss)	(13,470)	(19,161)	(32,345)	(29,425)
COMPREHENSIVE INCOME (LOSS)	97,381	(19,399)	94,079	(10,684)
Less: Comprehensive income (loss) attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	97,381	(19,399)	94,079	(10,684)
Non- guarantors
Income Statement [Abstract]
SALES	261,550	115,801	396,393	256,106
Cost of sales	138,194	103,689	246,166	210,923
Selling and general expenses	8,609	6,397	15,450	12,347
Other operating expense (income), net	(10,806)	(6,677)	(15,556)	(12,252)
Costs and Expenses, Total	135,997	103,409	246,060	211,018
OPERATING INCOME	125,553	12,392	150,333	45,088
Interest expense	(438)	(2,774)	(2,253)	(5,626)
Interest and miscellaneous income (expense), net	(2,545)	(3,747)	(6,886)	(7,871)
Equity in income from subsidiaries	0	0	0	0
INCOME (LOSS) BEFORE INCOME TAXES	122,570	5,871	141,194	31,591
Income tax (expense) benefit	(1,537)	(631)	(578)	(1,119)
NET INCOME (LOSS)	121,033	5,240	140,616	30,472
Less: Net income attributable to noncontrolling interest	1,758	(1,324)	2,344	(891)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	119,275	6,564	138,272	31,363
Foreign currency translation adjustment	13,219	(25,395)	20,629	(39,718)
New Zealand joint venture cash flow hedges	1,626	(2,917)	2,738	(3,863)
Actuarial change and amortization of pension and postretirement plans, net of income tax	0	(5)	0	15
Total other comprehensive income (loss)	14,845	(28,317)	23,367	(43,566)
COMPREHENSIVE INCOME (LOSS)	135,878	(23,077)	163,983	(13,094)
Less: Comprehensive income (loss) attributable to noncontrolling interest	4,410	(9,731)	8,153	(13,522)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$ 131,468	$ (13,346)	$ 155,830	$ 428

CONSOLIDATING FINANCIAL STATE78

CONSOLIDATING FINANCIAL STATEMENTS (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 129,654	$ 51,777	$ 91,632	$ 161,558
Accounts receivable, less allowance for doubtful accounts	30,576	20,222
Inventory	14,957	15,351
Prepaid expenses	13,489	12,654
Other current assets	6,197	5,681
Total current assets	194,873	105,685
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,306,105	2,066,780
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	68,164	65,450
NET PROPERTY, PLANT AND EQUIPMENT	9,124	6,742
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	53,913	71,281
TOTAL ASSETS	2,632,179	2,315,938
CURRENT LIABILITIES
Accounts payable	22,833	21,479
Accrued taxes	5,571	3,685
Accrued payroll and benefits	5,054	7,037
Accrued interest	5,174	6,153
Other current liabilities	29,370	21,103
Total current liabilities	68,002	59,457
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,052,307	830,554
PENSION AND OTHER POSTRETIREMENT BENEFITS	34,525	34,137
OTHER NON-CURRENT LIABILITIES	56,825	30,050
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,336,774	1,288,084
Noncontrolling interest	83,746	73,656
TOTAL SHAREHOLDERS’ EQUITY	1,420,520	1,361,740		1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,632,179	2,315,938
Consolidating Adjustments
CURRENT ASSETS
Cash and cash equivalents	0	0	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid expenses	0	0
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	(3,903,227)	(3,534,086)
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	0	0
TOTAL ASSETS	(3,903,227)	(3,534,086)
CURRENT LIABILITIES
Accounts payable	0	0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	0	0
Other current liabilities	0	0
Total current liabilities	0	0
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	(3,903,227)	(3,534,086)
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	(3,903,227)	(3,534,086)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	(3,903,227)	(3,534,086)
Rayonier Inc. (Parent Issuer)
CURRENT ASSETS
Cash and cash equivalents	75,357	2,472	5,366	102,218
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid expenses	0	0
Other current assets	0	0
Total current assets	75,357	2,472
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	1,294,953	1,321,681
INTERCOMPANY NOTES RECEIVABLE	36,674	34,567
OTHER ASSETS	3	3
TOTAL ASSETS	1,406,987	1,358,723
CURRENT LIABILITIES
Accounts payable	0	609
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	3,046	3,047
Other current liabilities	0	0
Total current liabilities	3,046	3,656
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	322,882	322,697
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(255,715)	(255,714)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,336,774	1,288,084
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,336,774	1,288,084
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,406,987	1,358,723
Subsidiary Guarantors
CURRENT ASSETS
Cash and cash equivalents	11,587	13,217	45,941	8,105
Accounts receivable, less allowance for doubtful accounts	1,205	1,870
Inventory	0	0
Prepaid expenses	1,527	443
Other current assets	246	4,876
Total current assets	14,565	20,406
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	249	330
INVESTMENT IN SUBSIDIARIES	2,608,274	2,212,405
INTERCOMPANY NOTES RECEIVABLE	(616,975)	(610,450)
OTHER ASSETS	21,767	18,718
TOTAL ASSETS	2,027,880	1,641,409
CURRENT LIABILITIES
Accounts payable	2,067	1,463
Accrued taxes	618	(10)
Accrued payroll and benefits	2,479	3,594
Accrued interest	1,823	666
Other current liabilities	265	262
Total current liabilities	7,252	5,975
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	663,242	280,978
PENSION AND OTHER POSTRETIREMENT BENEFITS	35,209	34,822
OTHER NON-CURRENT LIABILITIES	46,185	16,914
INTERCOMPANY PAYABLE	(18,961)	(18,961)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,294,953	1,321,681
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,294,953	1,321,681
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,027,880	1,641,409
Non- guarantors
CURRENT ASSETS
Cash and cash equivalents	42,710	36,088	$ 40,325	$ 51,235
Accounts receivable, less allowance for doubtful accounts	29,371	18,352
Inventory	14,957	15,351
Prepaid expenses	11,962	12,211
Other current assets	5,951	805
Total current assets	104,951	82,807
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,306,105	2,066,780
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	68,164	65,450
NET PROPERTY, PLANT AND EQUIPMENT	8,875	6,412
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	580,301	575,883
OTHER ASSETS	32,143	52,560
TOTAL ASSETS	3,100,539	2,849,892
CURRENT LIABILITIES
Accounts payable	20,766	19,407
Accrued taxes	4,953	3,695
Accrued payroll and benefits	2,575	3,443
Accrued interest	305	2,440
Other current liabilities	29,105	20,841
Total current liabilities	57,704	49,826
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	66,183	226,879
PENSION AND OTHER POSTRETIREMENT BENEFITS	(684)	(685)
OTHER NON-CURRENT LIABILITIES	10,640	13,136
INTERCOMPANY PAYABLE	274,676	274,675
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	2,608,274	2,212,405
Noncontrolling interest	83,746	73,656
TOTAL SHAREHOLDERS’ EQUITY	2,692,020	2,286,061
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,100,539	$ 2,849,892

CONSOLIDATING FINANCIAL STATE79

CONSOLIDATING FINANCIAL STATEMENTS (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	$ 76,979	$ 85,883
INVESTING ACTIVITIES
Capital expenditures	(26,180)	(25,318)
Real estate development costs	(3,018)	(926)
Purchase of timberlands	(276,614)	(88,414)
Assets purchased in business acquisition	1,113	0
Net proceeds from large disposition	126,965	0
One Rayonier office building under construction	(1,155)	(261)
Change in restricted cash	17,985	4,160
Investment in Subsidiaries	0	0
Other	(2,066)	3,486
CASH USED FOR INVESTING ACTIVITIES	(165,196)	(107,273)
FINANCING ACTIVITIES
Issuance of debt	653,775	59,100
Repayment of debt	(426,173)	(31,472)
Dividends paid	(61,409)	(63,421)
Proceeds from the issuance of common shares	644	718
Repurchase of common shares	(690)	(8,962)
Debt issuance costs	818	0
Intercompany distributions	0	0
Other	(139)	(95)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	165,190	(44,132)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	904	(4,404)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	77,877	(69,926)
Balance, beginning of year	51,777	161,558
Balance, end of period	129,654	91,632
Consolidating Adjustments
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	0	14,135
INVESTING ACTIVITIES
Capital expenditures	0	0
Real estate development costs	0	0
Purchase of timberlands	0	0
Assets purchased in business acquisition	0
Net proceeds from large disposition	0
One Rayonier office building under construction	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	(262,505)	(8,753)
Other	0	0
CASH USED FOR INVESTING ACTIVITIES	(262,505)	(8,753)
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
Debt issuance costs	0
Intercompany distributions	262,505	(5,382)
Other	0	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	262,505	(5,382)
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
Rayonier Inc. (Parent Issuer)
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	(4,055)	(25,092)
INVESTING ACTIVITIES
Capital expenditures	0	0
Real estate development costs	0	0
Purchase of timberlands	0	0
Assets purchased in business acquisition	0
Net proceeds from large disposition	0
One Rayonier office building under construction	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	0	0
Other	0	0
CASH USED FOR INVESTING ACTIVITIES	0	0
FINANCING ACTIVITIES
Issuance of debt	0	0
Repayment of debt	0	0
Dividends paid	(61,409)	(63,421)
Proceeds from the issuance of common shares	644	718
Repurchase of common shares	0	(8,962)
Debt issuance costs	0
Intercompany distributions	137,844	0
Other	(139)	(95)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	76,940	(71,760)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	72,885	(96,852)
Balance, beginning of year	2,472	102,218
Balance, end of period	75,357	5,366
Subsidiary Guarantors
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	(7,193)	(13,561)
INVESTING ACTIVITIES
Capital expenditures	0	(134)
Real estate development costs	0	0
Purchase of timberlands	0	0
Assets purchased in business acquisition	0
Net proceeds from large disposition	0
One Rayonier office building under construction	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	262,505	8,753
Other	0	0
CASH USED FOR INVESTING ACTIVITIES	262,505	8,619
FINANCING ACTIVITIES
Issuance of debt	518,000	57,000
Repayment of debt	(135,000)	(28,000)
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Repurchase of common shares	(690)	0
Debt issuance costs	818
Intercompany distributions	(638,434)	13,778
Other	0	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(256,942)	42,778
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(1,630)	37,836
Balance, beginning of year	13,217	8,105
Balance, end of period	11,587	45,941
Non- guarantors
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	88,227	110,401
INVESTING ACTIVITIES
Capital expenditures	(26,180)	(25,184)
Real estate development costs	(3,018)	(926)
Purchase of timberlands	(276,614)	(88,414)
Assets purchased in business acquisition	1,113
Net proceeds from large disposition	126,965
One Rayonier office building under construction	(1,155)	(261)
Change in restricted cash	17,985	4,160
Investment in Subsidiaries	0	0
Other	(2,066)	3,486
CASH USED FOR INVESTING ACTIVITIES	(165,196)	(107,139)
FINANCING ACTIVITIES
Issuance of debt	135,775	2,100
Repayment of debt	(291,173)	(3,472)
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Repurchase of common shares	0	0
Debt issuance costs	0
Intercompany distributions	238,085	(8,396)
Other	0	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	82,687	(9,768)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	904	(4,404)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	6,622	(10,910)
Balance, beginning of year	36,088	51,235
Balance, end of period	$ 42,710	$ 40,325