Rayonier (RYN) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		122,877,503

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
SALES	$ 171,421	$ 151,657	$ 567,814	$ 407,764
Costs and Expenses
Cost of sales	116,624	116,044	362,790	326,966
Selling and general expenses	10,607	10,689	31,638	34,315
Other operating income, net (Note 15)	(5,499)	(2,855)	(20,867)	(15,567)
Costs and Expenses, Total	121,732	123,878	373,561	345,714
OPERATING INCOME	49,689	27,779	194,253	62,050
Interest expense	(8,544)	(7,581)	(23,603)	(24,608)
Interest income and miscellaneous income (expense), net	258	(1,558)	(1,115)	(4,250)
INCOME BEFORE INCOME TAXES	41,403	18,640	169,535	33,192
Income tax (expense) benefit	(779)	541	(2,274)	1,309
NET INCOME	40,624	19,181	167,261	34,501	$ 43,941
Less: Net income (loss) attributable to noncontrolling interest	1,269	(488)	3,613	(1,379)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	39,355	19,669	163,648	35,880
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax expense of $0, $429, $0 and $1,581	12,022	(13,370)	28,046	(53,087)	(32,451)
Cash flow hedges, net of income tax benefit (expense) of $229, $185, $1,293 and $1,687	4,195	(14,120)	(22,055)	(17,983)	(9,961)
Actuarial change and amortization of pension and postretirement plans, net of income tax expense of $0, $66, $0 and $404	632	890	1,881	2,414	$ 2,933
Total other comprehensive income (loss)	16,849	(26,600)	7,872	(68,656)
COMPREHENSIVE INCOME (LOSS)	57,473	(7,419)	175,133	(34,155)
Less: Comprehensive income (loss) attributable to noncontrolling interest	3,649	(5,363)	11,808	(18,884)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$ 53,824	$ (2,056)	$ 163,325	$ (15,271)
EARNINGS PER COMMON SHARE (Note 11)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.32	$ 0.16	$ 1.34	$ 0.28
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	0.32	0.16	1.33	0.28
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75	$ 1

Consolidated Statements of Inc3

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax benefit	$ 0	$ 429	$ 0	$ 1,581
Cash flow hedges, income tax benefit (expense)	229	185	1,293	1,687
Amortization of pension and postretirement plans, income tax expense	$ 0	$ 66	$ 0	$ 404

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 110,039	$ 51,777
Accounts receivable, less allowance for doubtful accounts of $35 and $42	24,731	20,222
Inventory (Note 16)	16,064	15,351
Prepaid expenses	12,564	12,654
Assets held for sale (Note 18)	47,361	0
Other current assets	3,369	5,681
Total current assets	214,128	105,685
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,325,489	2,066,780
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	70,324	65,450
PROPERTY, PLANT AND EQUIPMENT
Land	1,832	1,833
Buildings	9,673	9,014
Machinery and equipment	3,469	3,686
Construction in progress	4,993	1,282
Total property, plant and equipment, gross	19,967	15,815
Less — accumulated depreciation	(8,891)	(9,073)
Total property, plant and equipment, net	11,076	6,742
OTHER ASSETS	50,381	71,281
TOTAL ASSETS	2,671,398	2,315,938
CURRENT LIABILITIES
Accounts payable	23,735	21,479
Current maturities of long-term debt	31,752	0
Accrued taxes	6,892	3,685
Accrued payroll and benefits	6,224	7,037
Accrued interest	8,313	6,153
Other current liabilities	23,227	21,103
Total current liabilities	100,143	59,457
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,033,288	830,554
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 14)	34,702	34,137
OTHER NON-CURRENT LIABILITIES	54,684	30,050
COMMITMENTS AND CONTINGENCIES (Notes 7 and 9)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 122,876,035 and 122,770,217 shares issued and outstanding	707,977	708,827
Retained earnings	683,596	612,760
Accumulated other comprehensive loss	(30,388)	(33,503)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,361,185	1,288,084
Noncontrolling interest	87,396	73,656
TOTAL SHAREHOLDERS’ EQUITY	1,448,581	1,361,740
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,671,398	$ 2,315,938

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 35	$ 42
Shareholders’ Equity:
Common shares, shares authorized	480,000,000	480,000,000
Common shares, shares issued	122,876,035	122,770,217
Common shares, shares outstanding	122,876,035	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)	167,261		163,648		3,613
Dividends	(92,122)		(92,122)
Issuance of shares under incentive stock plans (shares)		149,666
Issuance of shares under incentive stock plans	889	$ 889
Stock-based compensation	3,894	$ 3,894
Repurchase of common shares (in shares)		(43,848)
Repurchase of common shares	(829)	$ (139)	(690)
Net gain from pension and postretirement plans	1,881			1,881
Foreign currency translation adjustment	28,046			20,527	7,519
Cash flow hedges	(22,055)			(22,731)	676
Recapitalization of New Zealand Joint Venture	3,438	(5,398)		3,438	1,960
Recapitalization costs	(124)	$ (96)			(28)
Ending balance (in shares) at Sep. 30, 2016		122,876,035
Ending balance at Sep. 30, 2016	$ 1,448,581	$ 707,977	$ 683,596	$ (30,388)	$ 87,396

Consolidated Statements of Sha7

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015
OPERATING ACTIVITIES
Net income		$ 167,261	$ 34,501
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		83,685	85,784
Non-cash cost of land and improved development		10,111	9,532
Stock-based incentive compensation expense		3,894	3,522
Deferred income taxes		4,472	(4,745)
Non-cash adjustments to unrecognized tax benefit liability		0	135
Amortization of losses from pension and postretirement plans		1,881	2,818
Gain on sale of large disposition of timberlands		(101,325)	0
Other		(251)	2,336
Changes in operating assets and liabilities:
Receivables		(3,897)	1,895
Inventories		(4,591)	(9,403)
Accounts payable		583	1,854
Income tax receivable/payable		(47)	(947)
All other operating activities		2,132	16,121
CASH PROVIDED BY OPERATING ACTIVITIES		163,908	143,403
INVESTING ACTIVITIES
Capital expenditures		(40,246)	(37,211)
Real estate development investments		(4,815)	(2,029)
Purchase of timberlands		(353,828)	(88,466)
Assets purchased in business acquisition		(1,113)	0
Net proceeds from large disposition of timberlands		126,965	0
Rayonier office building under construction		(3,933)	(369)
Change in restricted cash		22,430	(17,835)
Other		444	3,039
CASH USED FOR INVESTING ACTIVITIES		(254,096)	(142,871)
FINANCING ACTIVITIES
Issuance of debt		694,096	379,027
Repayment of debt		(454,419)	(300,871)
Dividends paid		(92,095)	(94,280)
Proceeds from the issuance of common shares		889	1,322
Repurchase of common shares made under share repurchase program		(690)	(73,621)
Debt issuance costs		(818)	(1,678)
Other		(139)	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES		146,824	(90,101)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		1,626	(6,234)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		58,262	(95,803)
Balance, beginning of year		51,777	161,558
Balance, end of period		110,039	65,755
Cash paid during the period:
Interest	[1]	23,540	21,944
Income taxes		495	421
Non-cash investing activity:
Capital assets purchased on account		4,376	1,945
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 nine months ended September 30, 2016 and September 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	9 Months Ended
	Sep. 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 September 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 August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-15 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 March 2016, the 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 (Topic 606) , 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 606): 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 Southern Timber, Pacific Northwest Timber, New Zealand Timber and Real Estate segments. Subsequent Events Disposition of 37,000 acres of Gulf states timberland On October 21, 2016, the Company completed two separate transactions for the sale of 37,000 acres of timberland in Alabama and Mississippi for $77.8 million . The basis in these properties were classified as held for sale in the Consolidated Balance Sheet as of September 30, 2016. See Note 18 — Assets Held For Sale for additional information.

TIMBERLAND ACQUISITION

TIMBERLAND ACQUISITION	9 Months Ended
	Sep. 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 $1.3 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 and 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 nine months ended September 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 In May 2016, the Company completed a 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	9 Months Ended
	Sep. 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 Statements of Income and Comprehensive Income and Consolidated Statements 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	9 Months Ended
	Sep. 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.” The following tables summarize the segment information for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended SALES 2016 2015 2016 2015 Southern Timber $27,826 $34,797 $102,205 $103,009 Pacific Northwest Timber 16,139 21,549 52,316 57,805 New Zealand Timber 42,179 41,065 125,951 121,482 Real Estate (a) 60,626 35,232 211,296 65,968 Trading 24,651 19,014 76,046 59,500 Total $171,421 $151,657 $567,814 $407,764 (a) The nine months ended September 30, 2016 include $129.5 million from the Washington disposition. Three Months Ended Nine Months Ended OPERATING INCOME (LOSS) 2016 2015 2016 2015 Southern Timber $8,183 $10,504 $34,976 $34,694 Pacific Northwest Timber (3,293 ) 3,081 (874 ) 7,356 New Zealand Timber 6,613 (915 ) 21,385 3,834 Real Estate (a) 43,078 20,001 152,997 34,004 Trading 481 428 1,456 614 Corporate and other (5,373 ) (5,320 ) (15,687 ) (18,452 ) Total Operating Income 49,689 27,779 194,253 62,050 Unallocated interest expense and other (8,286 ) (9,139 ) (24,718 ) (28,858 ) Total Income before Income Taxes $41,403 $18,640 $169,535 $33,192 (a) The nine months ended September 30, 2016 include $101.3 million from the Washington disposition. Three Months Ended Nine Months Ended DEPRECIATION, DEPLETION AND 2016 2015 2016 2015 Southern Timber $9,988 $14,404 $37,102 $41,356 Pacific Northwest Timber 6,668 4,189 14,978 10,920 New Zealand Timber 5,956 7,021 17,252 22,207 Real Estate (a) 9,260 6,269 35,988 11,087 Trading — — — — Corporate and other 106 75 298 214 Total $31,978 $31,958 $105,618 $85,784 (a) The nine months ended September 30, 2016 include $21.9 million from the Washington disposition. Three Months Ended Nine 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) 4,336 4,594 10,092 9,532 Trading — — — — Corporate and other — — — — Total $4,336 $4,594 $11,916 $9,532 (a) The nine months ended September 30, 2016 include $1.8 million from the Washington disposition.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	DEBT Rayonier’s debt consisted of the following at September 30, 2016 : September 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 September 30, 2016 350,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.4% at September 30, 2016 300,000 Mortgage notes due 2017 at fixed interest rates of 4.35% 31,752 Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.8% at September 30, 2016 25,000 Solid waste bond due 2020 at a variable interest rate of 2.1% at September 30, 2016 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 22,022 Total debt 1,068,774 Less: Current maturities of long-term debt (31,752 ) Less: Deferred financing costs (3,734 ) Long-term debt, net of deferred financing costs $1,033,288 Principal payments due during the next five years and thereafter are as follows: 2016 — 2017 (a) 31,500 2018 — 2019 — 2020 40,000 Thereafter 997,022 Total Debt $1,068,522 (a) The mortgage notes due in 2017 were recorded at a premium of $0.3 million as of September 30, 2016 . Upon maturity the liability will be $31.5 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 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 interest rate swap transactions to fix the cost of the term loan over its 10-year term. 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 third quarter was approximately 2.8% 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 interest rate swap transactions 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 third quarter was approximately 3.3% after consideration of the estimated patronage payments and interest rate swaps. 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 borrowings of $ 25.0 million were made in the third quarter of 2016 on the revolving credit facility. At September 30, 2016 , the Company had available borrowings of $ 169.5 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 NZ $20.0 million working capital facility and an 18 -month NZ $20.0 million working capital facility, replacing the previous NZ $40.0 million facility that expired in June 2016. During the nine months ended September 30, 2016 , the New Zealand JV made additional borrowings and repayments of $146.1 million on the facility. Draws totaling $29.2 million remain available on the working capital facilities at September 30, 2016 . In addition, the New Zealand JV paid $2.6 million of its shareholder loan held with the non-controlling interest party during the nine months ended September 30, 2016 . Changes in exchange rates increased debt on a U.S. dollar basis for its shareholder loan by $1.4 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 September 30, 2016 , the Company was in compliance with all applicable covenants.

HIGHER AND BETTER USE TIMBERLAN

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	9 Months Ended
	Sep. 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 September 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 (1,612 ) (151 ) (1,763 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,123 ) — (1,123 ) Capitalized real estate development investments (b) — 4,815 4,815 Capital expenditures (silviculture) 153 — 153 Intersegment transfers 4 — 4 Total Balance at September 30, 2016 61,338 18,450 79,788 Less: Current portion (a) (3,930 ) (5,534 ) (9,464 ) Non-current portion at September 30, 2016 $57,408 $12,916 $70,324 (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. (b) Capitalized real estate development investments includes $0.1 million of capitalized interest.

COMMITMENTS

COMMITMENTS	9 Months Ended
	Sep. 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 September 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 $518 $3,838 $5,120 $9,476 2017 1,657 10,594 13,786 26,037 2018 902 9,443 9,193 19,538 2019 725 8,966 9,193 18,884 2020 605 8,553 9,193 18,351 Thereafter (c) 1,770 163,003 37,393 202,166 $6,177 $204,397 $83,878 $294,452 (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 September 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2016 2015 Income tax expense at federal statutory rate $14,491 35.0 % $6,524 35.0 % U.S. and foreign REIT income & U.S. TRS taxable losses (11,487 ) (27.7 ) (9,259 ) (49.6 ) Foreign TRS operations (312 ) (0.8 ) (1,466 ) (7.9 ) U.S. net deferred tax asset valuation allowance (1,741 ) (4.2 ) 2,742 14.7 Other (70 ) (0.2 ) 90 0.5 Income tax expense (benefit) before discrete items $881 2.1 % ($1,369 ) (7.3 )% CBPC (a) valuation allowance — — 997 5.3 Return-to-accrual adjustments (171 ) (0.4 ) (169 ) (0.9 ) Other 69 0.2 — — Income tax expense (benefit) as reported $779 1.9 % ($541 ) (2.9 )% Nine Months Ended September 30, 2016 2015 Income tax expense at federal statutory rate $59,337 35.0 % $11,617 35.0 % U.S. and foreign REIT income & U.S. TRS taxable losses (55,801 ) (32.9 ) (16,260 ) (48.9 ) Foreign TRS operations (626 ) (0.4 ) (3,029 ) (9.1 ) U.S. net deferred tax asset valuation allowance 2,654 1.6 5,360 16.1 Other 137 0.1 175 0.5 Income tax expense (benefit) before discrete items $5,701 3.4 % ($2,137 ) (6.4 )% CBPC (a) valuation allowance — — 997 3.0 Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory (1,833 ) (1.1 ) — — Purchase accounting deferred tax benefit (1,423 ) (0.9 ) — — Return-to-accrual adjustments (171 ) (0.1 ) (169 ) (0.5 ) Income tax expense (benefit) as reported $2,274 1.3 % ($1,309 ) (3.9 )% (a) Cellulosic biofuels producer credit.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 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. 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	9 Months Ended
	Sep. 30, 2016
Guarantees [Abstract]
Guarantees	GUARANTEES The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of September 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) 771 — Total financial commitments $23,667 $15,043 (a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. Approximately $3.8 million of the standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. 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 September 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. Rayonier has also obtained performance bonds to secure the development activity at the Company’s Wildlight development project. These surety bonds expire at various dates during 2017 and are expected to be renewed as required.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS PER COMMON SHARE The following table provides details of the calculations of basic and diluted earnings per common share: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Income $40,624 $19,181 $167,261 $34,501 Less: Net income (loss) attributable to noncontrolling interest 1,269 (488 ) 3,613 (1,379 ) Net income attributable to Rayonier Inc. $39,355 $19,669 $163,648 $35,880 Shares used for determining basic earnings per common share 122,597,927 125,143,706 122,574,094 126,125,802 Dilutive effect of: Stock options 113,849 91,495 88,594 129,906 Performance and restricted shares 170,857 31,051 120,212 37,064 Assumed conversion of Senior Exchangeable Notes (a) — 39,720 — 477,931 Shares used for determining diluted earnings per common share 122,882,633 125,305,972 122,782,900 126,770,703 Basic earnings per common share attributable to Rayonier Inc.: $0.32 $0.16 $1.34 $0.28 Diluted earnings per common share attributable to Rayonier Inc.: $0.32 $0.16 $1.33 $0.28 Three Months Ended Nine Months Ended 2016 2015 2016 2015 Anti-dilutive shares excluded from the computations of diluted earnings per share: Stock options, performance and restricted shares 745,878 994,549 863,244 906,582 Assumed conversion of exchangeable note hedges (a) — 39,720 — 477,931 Total 745,878 1,034,269 863,244 1,384,513 (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 nine months ended September 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	9 Months Ended
	Sep. 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 35% to 90% of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases, 25% 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 September 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 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 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 ten -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. 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. The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 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) $259 ($289 ) Foreign currency option contracts Other comprehensive income (loss) 635 (788 ) Interest rate swaps Other comprehensive income (loss) 3,529 (13,644 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) — 1,151 Foreign currency option contracts Other comprehensive income (loss) — 2,084 Derivatives not designated as hedging instruments: Foreign currency option contracts Other operating income, net — 847 Interest rate swaps Interest income and miscellaneous income (expense), net — (1,650 ) Nine Months Ended Income Statement Location 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $2,075 ($2,597 ) Foreign currency option contracts Other comprehensive income (loss) 2,564 (4,127 ) Interest rate swaps Other comprehensive income (loss) (25,459 ) (13,644 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) (4,606 ) 4,258 Foreign currency option contracts Other comprehensive (loss) income — 2,084 Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating income, net 895 — Foreign currency option contracts Other operating income, net 258 1,394 Interest rate swaps Interest income and miscellaneous income (expense), net (1,219 ) 4,923 During the next 12 months, the amount of the September 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 $1.8 million . The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount September 30, 2016 December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $25,390 $21,250 Foreign currency option contracts 70,500 107,200 Interest rate swaps 650,000 350,000 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) September 30, 2016 December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $1,173 $43 Other assets 142 — Other current liabilities (342 ) (1,449 ) Other non-current liabilities — (219 ) Foreign currency option contracts Other current assets 1,909 560 Other assets 243 408 Other current liabilities (173 ) (1,393 ) Other non-current liabilities (59 ) (217 ) Interest rate swaps Other non-current liabilities (35,655 ) (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 $3,082 $5,233 Other assets 385 408 Total derivative assets $3,467 $5,641 Other current liabilities (515 ) (2,866 ) Other non-current liabilities (35,714 ) (18,680 ) Total derivative liabilities ($36,229 ) ($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	9 Months Ended
	Sep. 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. (a) The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at September 30, 2016 and December 31, 2015 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: September 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 $110,039 $110,039 — $51,777 $51,777 — Restricted cash (b) 1,095 1,095 — 23,525 23,525 — Current maturities of long-term debt (31,752 ) — (32,403 ) — — — Long-term debt (c) (1,033,288 ) — (1,049,210 ) (830,554 ) — (830,203 ) Interest rate swaps (d) (35,655 ) — (35,655 ) (18,244 ) — (18,244 ) Foreign currency exchange contracts (d) 973 — 973 (1,625 ) — (1,625 ) Foreign currency option contracts (d) 1,920 — 1,920 3,964 — 3,964 (a) The Company did not have Level 3 assets or liabilities at September 30, 2016 . (b) Restricted cash is recorded in “Other Assets” and represents the proceeds from like-kind exchange 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	9 Months Ended
	Sep. 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 plan is closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. 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 September 30, Three Months Ended September 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 632 950 — 3 Net periodic benefit cost $820 $1,147 $14 $19 Pension Postretirement Nine Months Ended Nine Months Ended 2016 2015 2016 2015 Components of Net Periodic Benefit Cost Service cost $980 $1,113 $5 $8 Interest cost 2,606 2,489 36 39 Expected return on plan assets (3,023 ) (3,020 ) — — Amortization of prior service cost — 10 — — Amortization of losses (gains) 1,893 2,799 (12 ) 9 Net periodic benefit cost $2,456 $3,391 $29 $56

OTHER OPERATING INCOME, NET

OTHER OPERATING INCOME, NET	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Lease income, primarily from hunting leases $3,769 $4,349 $13,991 $14,348 Other non-timber income 666 581 1,721 2,634 Foreign currency income (loss) 533 (149 ) 34 67 Gain on sale or disposal of property and equipment 58 4 81 6 Loss on foreign currency exchange and option contracts (333 ) (2,297 ) (1,406 ) (3,290 ) Deferred payment related to a prior land sale — — 4,000 — Costs related to acquisition (91 ) — (1,306 ) — Gain on foreign currency derivatives (a) — — 1,153 — Gain on sale of carbon credits 359 — 1,113 352 Miscellaneous income, net 538 367 1,486 1,450 Total $5,499 $2,855 $20,867 $15,567 (a) The Company used foreign exchange derivatives to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand JV.

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventory	INVENTORY As of September 30, 2016 and December 31, 2015 , Rayonier’s inventory was solely comprised of finished goods, as follows: September 30, 2016 December 31, 2015 Finished goods inventory Real estate inventory (a) $9,464 $12,252 Log inventory 6,600 3,099 Total inventory $16,064 $15,351 (a) Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months.

RESTRICTED DEPOSITS

RESTRICTED DEPOSITS	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 , the Company had $1.1 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.

ASSETS HELD FOR SALE ASSETS HEL

ASSETS HELD FOR SALE ASSETS HELD FOR SALE	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Assets Held For Sale	ASSETS HELD FOR SALE During the three months ended September 30, 2016, the Company entered in to three separate contracts to sell a total of 62,100 acres of timberland in Alabama and Mississippi for $119.7 million . The basis in these properties of $47.4 million is classified as assets held for sale in the Consolidated Balance Sheet as of September 30, 2016 as the properties are expected to be sold within the next 12 months and meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. Two of these transactions will close in October 2016, and the remaining transaction is expected to close in January 2017. Subsequent Event See Note 1 — Basis of Presentation for additional information on subsequent events.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 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 nine months ended September 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 25,133 — (22,954 ) (c) — 2,179 Amounts reclassified from accumulated other comprehensive loss — (4,606 ) 223 1,881 (b) (2,502 ) Net other comprehensive income/(loss) 25,133 (4,606 ) (22,731 ) 1,881 (323 ) Recapitalization of New Zealand JV 3,622 — (184 ) — 3,438 Balance as of September 30, 2016 $26,305 $1,665 ($34,507 ) ($23,851 ) ($30,388 ) (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 $25.5 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 nine months ended September 30, 2016 and September 30, 2015 : Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement September 30, 2016 September 30, 2015 Realized loss on foreign currency exchange contracts $43 $3,928 Other operating income, net Realized loss on foreign currency option contracts 502 3,149 Other operating income, net Noncontrolling interest (235 ) (2,477 ) Comprehensive income (loss) attributable to noncontrolling interest Income tax benefit on loss from foreign currency contracts (87 ) (1,288 ) Income tax (expense) benefit Net loss from accumulated other comprehensive income $223 $3,312

CONSOLIDATING FINANCIAL STATEME

CONSOLIDATING FINANCIAL STATEMENTS	9 Months Ended
	Sep. 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 September 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $171,421 — $171,421 Costs and Expenses Cost of sales — — 116,624 — 116,624 Selling and general expenses — 5,904 4,703 — 10,607 Other operating expense (income), net — 190 (5,689 ) — (5,499 ) — 6,094 115,638 — 121,732 OPERATING (LOSS) INCOME — (6,094 ) 55,783 — 49,689 Interest expense (3,139 ) (5,150 ) (255 ) — (8,544 ) Interest and miscellaneous income (expense), net 2,199 694 (2,635 ) — 258 Equity in income from subsidiaries 40,295 50,315 — (90,610 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 39,355 39,765 52,893 (90,610 ) 41,403 Income tax benefit (expense) — 530 (1,309 ) — (779 ) NET INCOME 39,355 40,295 51,584 (90,610 ) 40,624 Less: Net income attributable to noncontrolling interest — — 1,269 — 1,269 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 39,355 40,295 50,315 (90,610 ) 39,355 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment, net of income tax 9,793 — 12,020 (9,791 ) 12,022 Cash flow hedges, net of income tax 4,044 3,530 665 (4,044 ) 4,195 Actuarial change and amortization of pension and postretirement plans, net of income tax 632 632 — (632 ) 632 Total other comprehensive income 14,469 4,162 12,685 (14,467 ) 16,849 COMPREHENSIVE INCOME 53,824 44,457 64,269 (105,077 ) 57,473 Less: Comprehensive income attributable to noncontrolling interest — — 3,649 — 3,649 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $53,824 $44,457 $60,620 ($105,077 ) $53,824 CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Three Months Ended September 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $151,657 — $151,657 Costs and Expenses Cost of sales — — 116,044 — 116,044 Selling and general expenses — 4,412 6,277 — 10,689 Other operating income, net — 16 (2,871 ) — (2,855 ) — 4,428 119,450 — 123,878 OPERATING (LOSS) INCOME — (4,428 ) 32,207 — 27,779 Interest expense (3,227 ) (2,240 ) (2,114 ) — (7,581 ) Interest and miscellaneous income (expense), net 1,980 583 (4,121 ) — (1,558 ) Equity in income from subsidiaries 20,916 26,647 — (47,563 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 19,669 20,562 25,972 (47,563 ) 18,640 Income tax benefit (expense) — 354 187 — 541 NET INCOME 19,669 20,916 26,159 (47,563 ) 19,181 Less: Net loss attributable to noncontrolling interest — — (488 ) — (488 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 19,669 20,916 26,647 (47,563 ) 19,669 OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax (8,662 ) (8,662 ) (13,370 ) 17,324 (13,370 ) Cash flow hedges, net of income tax (13,954 ) (13,954 ) (14,120 ) 27,908 (14,120 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 890 890 117 (1,007 ) 890 Total other comprehensive loss (21,726 ) (21,726 ) (27,373 ) 44,225 (26,600 ) COMPREHENSIVE LOSS (2,057 ) (810 ) (1,214 ) (3,338 ) (7,419 ) Less: Comprehensive loss attributable to noncontrolling interest — — (5,363 ) — (5,363 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. ($2,057 ) ($810 ) $4,149 ($3,338 ) ($2,056 ) CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Nine Months Ended September 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $567,814 — $567,814 Costs and Expenses Cost of sales — — 362,790 — 362,790 Selling and general expenses — 11,485 20,153 — 31,638 Other operating expense (income), net — 378 (21,245 ) — (20,867 ) — 11,863 361,698 — 373,561 OPERATING (LOSS) INCOME — (11,863 ) 206,116 — 194,253 Interest expense (9,417 ) (11,678 ) (2,508 ) — (23,603 ) Interest and miscellaneous income (expense), net 6,346 2,059 (9,520 ) — (1,115 ) Equity in income from subsidiaries 166,719 188,588 — (355,307 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 163,648 167,106 194,088 (355,307 ) 169,535 Income tax expense — (387 ) (1,887 ) — (2,274 ) NET INCOME 163,648 166,719 192,201 (355,307 ) 167,261 Less: Net income attributable to noncontrolling interest — — 3,613 — 3,613 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 163,648 166,719 188,588 (355,307 ) 163,648 OTHER COMPREHENSIVE INCOME (LOSS) — Foreign currency translation adjustment, net of income tax 20,529 (4,607 ) 32,653 (20,529 ) 28,046 Cash flow hedges, net of income tax (22,733 ) (25,458 ) 3,403 22,733 (22,055 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 1,881 1,881 — (1,881 ) 1,881 Total other comprehensive (loss) income (323 ) (28,184 ) 36,056 323 7,872 COMPREHENSIVE INCOME 163,325 138,535 228,257 (354,984 ) 175,133 Less: Comprehensive income attributable to noncontrolling interest — — 11,808 — 11,808 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $163,325 $138,535 $216,449 ($354,984 ) $163,325 CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Nine Months Ended September 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $407,764 — $407,764 Costs and Expenses Cost of sales — — 326,966 — 326,966 Selling and general expenses — 15,691 18,624 — 34,315 Other operating (income) expense, net — (445 ) (15,122 ) — (15,567 ) — 15,246 330,468 — 345,714 OPERATING (LOSS) INCOME — (15,246 ) 77,296 — 62,050 Interest expense (9,564 ) (7,304 ) (7,740 ) — (24,608 ) Interest and miscellaneous income (expense), net 5,787 1,956 (11,993 ) — (4,250 ) Equity in income from subsidiaries 39,657 58,010 — (97,667 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 35,880 37,416 57,563 (97,667 ) 33,192 Income tax benefit (expense) — 2,241 (932 ) — 1,309 NET INCOME 35,880 39,657 56,631 (97,667 ) 34,501 Less: Net loss attributable to noncontrolling interest — — (1,379 ) — (1,379 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 35,880 39,657 58,010 (97,667 ) 35,880 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax (37,100 ) (37,100 ) (53,088 ) 74,201 (53,087 ) Cash flow hedges, net of income tax (16,465 ) (16,465 ) (17,983 ) 32,930 (17,983 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 2,414 2,414 132 (2,546 ) 2,414 Total other comprehensive (loss) income (51,151 ) (51,151 ) (70,939 ) 104,585 (68,656 ) COMPREHENSIVE (LOSS) INCOME (15,271 ) (11,494 ) (14,308 ) 6,918 (34,155 ) Less: Comprehensive loss attributable to noncontrolling interest — — (18,884 ) — (18,884 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. ($15,271 ) ($11,494 ) $4,576 $6,918 ($15,271 ) CONDENSED CONSOLIDATING BALANCE SHEETS As of September 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $59,966 $5,320 $44,753 — $110,039 Accounts receivable, less allowance for doubtful accounts — 2,050 22,681 — 24,731 Inventory — — 16,064 — 16,064 Prepaid expenses — 985 11,579 — 12,564 Assets held for sale — — 47,361 — 47,361 Other current assets — 242 3,127 — 3,369 Total current assets 59,966 8,597 145,565 — 214,128 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,325,489 — 2,325,489 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 70,324 — 70,324 NET PROPERTY, PLANT AND EQUIPMENT — 213 10,863 — 11,076 INVESTMENT IN SUBSIDIARIES 1,339,173 2,644,299 — (3,983,472 ) — INTERCOMPANY RECEIVABLE 23,396 (606,285 ) 582,889 — — OTHER ASSETS 3 21,937 28,441 — 50,381 TOTAL ASSETS $1,422,538 $2,068,761 $3,163,571 ($3,983,472 ) $2,671,398 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,106 $21,629 — $23,735 Current maturities of long-term debt 31,752 — — — 31,752 Accrued taxes — (149 ) 7,041 — 6,892 Accrued payroll and benefits — 3,115 3,109 — 6,224 Accrued interest 6,094 1,960 259 — 8,313 Other current liabilities — 372 22,855 — 23,227 Total current liabilities 37,846 7,404 54,893 — 100,143 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 291,222 663,292 78,774 — 1,033,288 PENSION AND OTHER POSTRETIREMENT BENEFITS — 35,386 (684 ) — 34,702 OTHER NON-CURRENT LIABILITIES — 42,466 12,218 — 54,684 INTERCOMPANY PAYABLE (267,715 ) (18,960 ) 286,675 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,361,185 1,339,173 2,644,299 (3,983,472 ) 1,361,185 Noncontrolling interest — — 87,396 — 87,396 TOTAL SHAREHOLDERS’ EQUITY 1,361,185 1,339,173 2,731,695 (3,983,472 ) 1,448,581 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,422,538 $2,068,761 $3,163,571 ($3,983,472 ) $2,671,398 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 Nine Months Ended September 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($578 ) $26,589 $137,897 — $163,908 INVESTING ACTIVITIES Capital expenditures — — (40,246 ) — (40,246 ) Real estate development investments — — (4,815 ) — (4,815 ) Purchase of timberlands — — (353,828 ) — (353,828 ) Assets purchased in business acquisition — — (1,113 ) — (1,113 ) Net proceeds from large disposition — — 126,965 — 126,965 Rayonier office building under construction — — (3,933 ) — (3,933 ) Change in restricted cash — — 22,430 — 22,430 Investment in subsidiaries — (285,937 ) — 285,937 — Other — — 444 — 444 CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES — (285,937 ) (254,096 ) 285,937 (254,096 ) FINANCING ACTIVITIES Issuance of debt — 548,000 146,096 — 694,096 Repayment of debt — (140,000 ) (314,419 ) — (454,419 ) Dividends paid (92,095 ) — — — (92,095 ) Proceeds from the issuance of common shares 889 — — — 889 Repurchase of common shares (690 ) — — — (690 ) Debt issuance costs — (818 ) — — (818 ) Issuance of intercompany notes (12,000 ) — 12,000 — — Intercompany distributions 162,107 (155,731 ) 279,561 (285,937 ) — Other (139 ) — — — (139 ) CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 58,072 251,451 123,238 (285,937 ) 146,824 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 1,626 — 1,626 CASH AND CASH EQUIVALENTS Change in cash and cash equivalents 57,494 (7,897 ) 8,665 — 58,262 Balance, beginning of year 2,472 13,217 36,088 — 51,777 Balance, end of period $59,966 $5,320 $44,753 — $110,039 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES $77,316 $92,414 $64,901 ($91,228 ) $143,403 INVESTING ACTIVITIES Capital expenditures — (78 ) (37,133 ) — (37,211 ) Real estate development investments — — (2,029 ) — (2,029 ) Purchase of timberlands — — (88,466 ) — (88,466 ) Rayonier office building under construction — — (369 ) — (369 ) Change in restricted cash — — (17,835 ) — (17,835 ) Investment in subsidiaries — (75,946 ) — 75,946 — Other — — 3,039 — 3,039 CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES — (76,024 ) (142,793 ) 75,946 (142,871 ) FINANCING ACTIVITIES Issuance of debt — 374,000 5,027 — 379,027 Repayment of debt — (294,472 ) (6,399 ) — (300,871 ) Dividends paid (94,280 ) — — — (94,280 ) Proceeds from the issuance of common shares 1,322 — — — 1,322 Repurchase of common shares (73,621 ) — — — (73,621 ) Debt issuance costs — (1,678 ) — — (1,678 ) Intercompany distributions — (91,585 ) 76,303 15,282 — CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (166,579 ) (13,735 ) 74,931 15,282 (90,101 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (6,234 ) — (6,234 ) CASH AND CASH EQUIVALENTS Change in cash and cash equivalents (89,263 ) 2,655 (9,195 ) — (95,803 ) Balance, beginning of year 102,218 8,105 51,235 — 161,558 Balance, end of period $12,955 $10,760 $42,040 — $65,755

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 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 September 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 August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-15 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 March 2016, the 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 (Topic 606) , 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 606): 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 Southern Timber, Pacific Northwest Timber, 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” or “unallocated interest expense 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)	9 Months Ended
	Sep. 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 INFO31

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables summarize the segment information for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended SALES 2016 2015 2016 2015 Southern Timber $27,826 $34,797 $102,205 $103,009 Pacific Northwest Timber 16,139 21,549 52,316 57,805 New Zealand Timber 42,179 41,065 125,951 121,482 Real Estate (a) 60,626 35,232 211,296 65,968 Trading 24,651 19,014 76,046 59,500 Total $171,421 $151,657 $567,814 $407,764 (a) The nine months ended September 30, 2016 include $129.5 million from the Washington disposition. Three Months Ended Nine Months Ended OPERATING INCOME (LOSS) 2016 2015 2016 2015 Southern Timber $8,183 $10,504 $34,976 $34,694 Pacific Northwest Timber (3,293 ) 3,081 (874 ) 7,356 New Zealand Timber 6,613 (915 ) 21,385 3,834 Real Estate (a) 43,078 20,001 152,997 34,004 Trading 481 428 1,456 614 Corporate and other (5,373 ) (5,320 ) (15,687 ) (18,452 ) Total Operating Income 49,689 27,779 194,253 62,050 Unallocated interest expense and other (8,286 ) (9,139 ) (24,718 ) (28,858 ) Total Income before Income Taxes $41,403 $18,640 $169,535 $33,192 (a) The nine months ended September 30, 2016 include $101.3 million from the Washington disposition. Three Months Ended Nine Months Ended DEPRECIATION, DEPLETION AND 2016 2015 2016 2015 Southern Timber $9,988 $14,404 $37,102 $41,356 Pacific Northwest Timber 6,668 4,189 14,978 10,920 New Zealand Timber 5,956 7,021 17,252 22,207 Real Estate (a) 9,260 6,269 35,988 11,087 Trading — — — — Corporate and other 106 75 298 214 Total $31,978 $31,958 $105,618 $85,784 (a) The nine months ended September 30, 2016 include $21.9 million from the Washington disposition. Three Months Ended Nine 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) 4,336 4,594 10,092 9,532 Trading — — — — Corporate and other — — — — Total $4,336 $4,594 $11,916 $9,532 (a) The nine months ended September 30, 2016 include $1.8 million from the Washington disposition.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Rayonier’s debt consisted of the following at September 30, 2016 : September 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 September 30, 2016 350,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.4% at September 30, 2016 300,000 Mortgage notes due 2017 at fixed interest rates of 4.35% 31,752 Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.8% at September 30, 2016 25,000 Solid waste bond due 2020 at a variable interest rate of 2.1% at September 30, 2016 15,000 New Zealand JV noncontrolling interest shareholder loan at 0% interest rate 22,022 Total debt 1,068,774 Less: Current maturities of long-term debt (31,752 ) Less: Deferred financing costs (3,734 ) Long-term debt, net of deferred financing costs $1,033,288
Schedule of Maturities of Long-Term Debt	Principal payments due during the next five years and thereafter are as follows: 2016 — 2017 (a) 31,500 2018 — 2019 — 2020 40,000 Thereafter 997,022 Total Debt $1,068,522 (a) The mortgage notes due in 2017 were recorded at a premium of $0.3 million as of September 30, 2016 . Upon maturity the liability will be $31.5 million .

HIGHER AND BETTER USE TIMBERL33

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)	9 Months Ended
	Sep. 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 September 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 (1,612 ) (151 ) (1,763 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (1,123 ) — (1,123 ) Capitalized real estate development investments (b) — 4,815 4,815 Capital expenditures (silviculture) 153 — 153 Intersegment transfers 4 — 4 Total Balance at September 30, 2016 61,338 18,450 79,788 Less: Current portion (a) (3,930 ) (5,534 ) (9,464 ) Non-current portion at September 30, 2016 $57,408 $12,916 $70,324 (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. (b) Capitalized real estate development investments includes $0.1 million of capitalized interest.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Payments	At September 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 $518 $3,838 $5,120 $9,476 2017 1,657 10,594 13,786 26,037 2018 902 9,443 9,193 19,538 2019 725 8,966 9,193 18,884 2020 605 8,553 9,193 18,351 Thereafter (c) 1,770 163,003 37,393 202,166 $6,177 $204,397 $83,878 $294,452 (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 September 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)	9 Months Ended
	Sep. 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 September 30, 2016 2015 Income tax expense at federal statutory rate $14,491 35.0 % $6,524 35.0 % U.S. and foreign REIT income & U.S. TRS taxable losses (11,487 ) (27.7 ) (9,259 ) (49.6 ) Foreign TRS operations (312 ) (0.8 ) (1,466 ) (7.9 ) U.S. net deferred tax asset valuation allowance (1,741 ) (4.2 ) 2,742 14.7 Other (70 ) (0.2 ) 90 0.5 Income tax expense (benefit) before discrete items $881 2.1 % ($1,369 ) (7.3 )% CBPC (a) valuation allowance — — 997 5.3 Return-to-accrual adjustments (171 ) (0.4 ) (169 ) (0.9 ) Other 69 0.2 — — Income tax expense (benefit) as reported $779 1.9 % ($541 ) (2.9 )% Nine Months Ended September 30, 2016 2015 Income tax expense at federal statutory rate $59,337 35.0 % $11,617 35.0 % U.S. and foreign REIT income & U.S. TRS taxable losses (55,801 ) (32.9 ) (16,260 ) (48.9 ) Foreign TRS operations (626 ) (0.4 ) (3,029 ) (9.1 ) U.S. net deferred tax asset valuation allowance 2,654 1.6 5,360 16.1 Other 137 0.1 175 0.5 Income tax expense (benefit) before discrete items $5,701 3.4 % ($2,137 ) (6.4 )% CBPC (a) valuation allowance — — 997 3.0 Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory (1,833 ) (1.1 ) — — Purchase accounting deferred tax benefit (1,423 ) (0.9 ) — — Return-to-accrual adjustments (171 ) (0.1 ) (169 ) (0.5 ) Income tax expense (benefit) as reported $2,274 1.3 % ($1,309 ) (3.9 )% (a) Cellulosic biofuels producer credit.

GUARANTEES (Tables)

GUARANTEES (Tables)	9 Months Ended
	Sep. 30, 2016
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of September 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) 771 — Total financial commitments $23,667 $15,043 (a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. Approximately $3.8 million of the standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. 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 September 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. Rayonier has also obtained performance bonds to secure the development activity at the Company’s Wildlight development project. These surety bonds expire at various dates during 2017 and are expected to be renewed as required.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 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 per common share: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net Income $40,624 $19,181 $167,261 $34,501 Less: Net income (loss) attributable to noncontrolling interest 1,269 (488 ) 3,613 (1,379 ) Net income attributable to Rayonier Inc. $39,355 $19,669 $163,648 $35,880 Shares used for determining basic earnings per common share 122,597,927 125,143,706 122,574,094 126,125,802 Dilutive effect of: Stock options 113,849 91,495 88,594 129,906 Performance and restricted shares 170,857 31,051 120,212 37,064 Assumed conversion of Senior Exchangeable Notes (a) — 39,720 — 477,931 Shares used for determining diluted earnings per common share 122,882,633 125,305,972 122,782,900 126,770,703 Basic earnings per common share attributable to Rayonier Inc.: $0.32 $0.16 $1.34 $0.28 Diluted earnings per common share attributable to Rayonier Inc.: $0.32 $0.16 $1.33 $0.28
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended Nine Months Ended 2016 2015 2016 2015 Anti-dilutive shares excluded from the computations of diluted earnings per share: Stock options, performance and restricted shares 745,878 994,549 863,244 906,582 Assumed conversion of exchangeable note hedges (a) — 39,720 — 477,931 Total 745,878 1,034,269 863,244 1,384,513 (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 nine months ended September 30, 2016 and 2015 as the average stock price for the periods the warrants were outstanding did not exceed the strike price.

DERIVATIVE FINANCIAL INSTRUME38

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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) $259 ($289 ) Foreign currency option contracts Other comprehensive income (loss) 635 (788 ) Interest rate swaps Other comprehensive income (loss) 3,529 (13,644 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) — 1,151 Foreign currency option contracts Other comprehensive income (loss) — 2,084 Derivatives not designated as hedging instruments: Foreign currency option contracts Other operating income, net — 847 Interest rate swaps Interest income and miscellaneous income (expense), net — (1,650 ) Nine Months Ended Income Statement Location 2016 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive income (loss) $2,075 ($2,597 ) Foreign currency option contracts Other comprehensive income (loss) 2,564 (4,127 ) Interest rate swaps Other comprehensive income (loss) (25,459 ) (13,644 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive income (loss) (4,606 ) 4,258 Foreign currency option contracts Other comprehensive (loss) income — 2,084 Derivatives not designated as hedging instruments: Foreign currency exchange contracts Other operating income, net 895 — Foreign currency option contracts Other operating income, net 258 1,394 Interest rate swaps Interest income and miscellaneous income (expense), net (1,219 ) 4,923
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount September 30, 2016 December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $25,390 $21,250 Foreign currency option contracts 70,500 107,200 Interest rate swaps 650,000 350,000 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) September 30, 2016 December 31, 2015 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $1,173 $43 Other assets 142 — Other current liabilities (342 ) (1,449 ) Other non-current liabilities — (219 ) Foreign currency option contracts Other current assets 1,909 560 Other assets 243 408 Other current liabilities (173 ) (1,393 ) Other non-current liabilities (59 ) (217 ) Interest rate swaps Other non-current liabilities (35,655 ) (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 $3,082 $5,233 Other assets 385 408 Total derivative assets $3,467 $5,641 Other current liabilities (515 ) (2,866 ) Other non-current liabilities (35,714 ) (18,680 ) Total derivative liabilities ($36,229 ) ($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)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 , using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles: September 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 $110,039 $110,039 — $51,777 $51,777 — Restricted cash (b) 1,095 1,095 — 23,525 23,525 — Current maturities of long-term debt (31,752 ) — (32,403 ) — — — Long-term debt (c) (1,033,288 ) — (1,049,210 ) (830,554 ) — (830,203 ) Interest rate swaps (d) (35,655 ) — (35,655 ) (18,244 ) — (18,244 ) Foreign currency exchange contracts (d) 973 — 973 (1,625 ) — (1,625 ) Foreign currency option contracts (d) 1,920 — 1,920 3,964 — 3,964 (a) The Company did not have Level 3 assets or liabilities at September 30, 2016 . (b) Restricted cash is recorded in “Other Assets” and represents the proceeds from like-kind exchange 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)	9 Months Ended
	Sep. 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 September 30, Three Months Ended September 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 632 950 — 3 Net periodic benefit cost $820 $1,147 $14 $19 Pension Postretirement Nine Months Ended Nine Months Ended 2016 2015 2016 2015 Components of Net Periodic Benefit Cost Service cost $980 $1,113 $5 $8 Interest cost 2,606 2,489 36 39 Expected return on plan assets (3,023 ) (3,020 ) — — Amortization of prior service cost — 10 — — Amortization of losses (gains) 1,893 2,799 (12 ) 9 Net periodic benefit cost $2,456 $3,391 $29 $56

OTHER OPERATING INCOME, NET (Ta

OTHER OPERATING INCOME, NET (Tables)	9 Months Ended
	Sep. 30, 2016
Other Income and Expenses [Abstract]
Interest and Other Income	Other operating income, net comprised the following: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Lease income, primarily from hunting leases $3,769 $4,349 $13,991 $14,348 Other non-timber income 666 581 1,721 2,634 Foreign currency income (loss) 533 (149 ) 34 67 Gain on sale or disposal of property and equipment 58 4 81 6 Loss on foreign currency exchange and option contracts (333 ) (2,297 ) (1,406 ) (3,290 ) Deferred payment related to a prior land sale — — 4,000 — Costs related to acquisition (91 ) — (1,306 ) — Gain on foreign currency derivatives (a) — — 1,153 — Gain on sale of carbon credits 359 — 1,113 352 Miscellaneous income, net 538 367 1,486 1,450 Total $5,499 $2,855 $20,867 $15,567 (a) The Company used foreign exchange derivatives to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand JV.

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory	As of September 30, 2016 and December 31, 2015 , Rayonier’s inventory was solely comprised of finished goods, as follows: September 30, 2016 December 31, 2015 Finished goods inventory Real estate inventory (a) $9,464 $12,252 Log inventory 6,600 3,099 Total inventory $16,064 $15,351 (a) Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months.

ACCUMULATED OTHER COMPREHENSI43

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 25,133 — (22,954 ) (c) — 2,179 Amounts reclassified from accumulated other comprehensive loss — (4,606 ) 223 1,881 (b) (2,502 ) Net other comprehensive income/(loss) 25,133 (4,606 ) (22,731 ) 1,881 (323 ) Recapitalization of New Zealand JV 3,622 — (184 ) — 3,438 Balance as of September 30, 2016 $26,305 $1,665 ($34,507 ) ($23,851 ) ($30,388 ) (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 $25.5 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 nine months ended September 30, 2016 and September 30, 2015 : Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement September 30, 2016 September 30, 2015 Realized loss on foreign currency exchange contracts $43 $3,928 Other operating income, net Realized loss on foreign currency option contracts 502 3,149 Other operating income, net Noncontrolling interest (235 ) (2,477 ) Comprehensive income (loss) attributable to noncontrolling interest Income tax benefit on loss from foreign currency contracts (87 ) (1,288 ) Income tax (expense) benefit Net loss from accumulated other comprehensive income $223 $3,312

CONSOLIDATING FINANCIAL STATE44

CONSOLIDATING FINANCIAL STATEMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $171,421 — $171,421 Costs and Expenses Cost of sales — — 116,624 — 116,624 Selling and general expenses — 5,904 4,703 — 10,607 Other operating expense (income), net — 190 (5,689 ) — (5,499 ) — 6,094 115,638 — 121,732 OPERATING (LOSS) INCOME — (6,094 ) 55,783 — 49,689 Interest expense (3,139 ) (5,150 ) (255 ) — (8,544 ) Interest and miscellaneous income (expense), net 2,199 694 (2,635 ) — 258 Equity in income from subsidiaries 40,295 50,315 — (90,610 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 39,355 39,765 52,893 (90,610 ) 41,403 Income tax benefit (expense) — 530 (1,309 ) — (779 ) NET INCOME 39,355 40,295 51,584 (90,610 ) 40,624 Less: Net income attributable to noncontrolling interest — — 1,269 — 1,269 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 39,355 40,295 50,315 (90,610 ) 39,355 OTHER COMPREHENSIVE INCOME Foreign currency translation adjustment, net of income tax 9,793 — 12,020 (9,791 ) 12,022 Cash flow hedges, net of income tax 4,044 3,530 665 (4,044 ) 4,195 Actuarial change and amortization of pension and postretirement plans, net of income tax 632 632 — (632 ) 632 Total other comprehensive income 14,469 4,162 12,685 (14,467 ) 16,849 COMPREHENSIVE INCOME 53,824 44,457 64,269 (105,077 ) 57,473 Less: Comprehensive income attributable to noncontrolling interest — — 3,649 — 3,649 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $53,824 $44,457 $60,620 ($105,077 ) $53,824 CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Three Months Ended September 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $151,657 — $151,657 Costs and Expenses Cost of sales — — 116,044 — 116,044 Selling and general expenses — 4,412 6,277 — 10,689 Other operating income, net — 16 (2,871 ) — (2,855 ) — 4,428 119,450 — 123,878 OPERATING (LOSS) INCOME — (4,428 ) 32,207 — 27,779 Interest expense (3,227 ) (2,240 ) (2,114 ) — (7,581 ) Interest and miscellaneous income (expense), net 1,980 583 (4,121 ) — (1,558 ) Equity in income from subsidiaries 20,916 26,647 — (47,563 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 19,669 20,562 25,972 (47,563 ) 18,640 Income tax benefit (expense) — 354 187 — 541 NET INCOME 19,669 20,916 26,159 (47,563 ) 19,181 Less: Net loss attributable to noncontrolling interest — — (488 ) — (488 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 19,669 20,916 26,647 (47,563 ) 19,669 OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax (8,662 ) (8,662 ) (13,370 ) 17,324 (13,370 ) Cash flow hedges, net of income tax (13,954 ) (13,954 ) (14,120 ) 27,908 (14,120 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 890 890 117 (1,007 ) 890 Total other comprehensive loss (21,726 ) (21,726 ) (27,373 ) 44,225 (26,600 ) COMPREHENSIVE LOSS (2,057 ) (810 ) (1,214 ) (3,338 ) (7,419 ) Less: Comprehensive loss attributable to noncontrolling interest — — (5,363 ) — (5,363 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. ($2,057 ) ($810 ) $4,149 ($3,338 ) ($2,056 ) CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Nine Months Ended September 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $567,814 — $567,814 Costs and Expenses Cost of sales — — 362,790 — 362,790 Selling and general expenses — 11,485 20,153 — 31,638 Other operating expense (income), net — 378 (21,245 ) — (20,867 ) — 11,863 361,698 — 373,561 OPERATING (LOSS) INCOME — (11,863 ) 206,116 — 194,253 Interest expense (9,417 ) (11,678 ) (2,508 ) — (23,603 ) Interest and miscellaneous income (expense), net 6,346 2,059 (9,520 ) — (1,115 ) Equity in income from subsidiaries 166,719 188,588 — (355,307 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 163,648 167,106 194,088 (355,307 ) 169,535 Income tax expense — (387 ) (1,887 ) — (2,274 ) NET INCOME 163,648 166,719 192,201 (355,307 ) 167,261 Less: Net income attributable to noncontrolling interest — — 3,613 — 3,613 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 163,648 166,719 188,588 (355,307 ) 163,648 OTHER COMPREHENSIVE INCOME (LOSS) — Foreign currency translation adjustment, net of income tax 20,529 (4,607 ) 32,653 (20,529 ) 28,046 Cash flow hedges, net of income tax (22,733 ) (25,458 ) 3,403 22,733 (22,055 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 1,881 1,881 — (1,881 ) 1,881 Total other comprehensive (loss) income (323 ) (28,184 ) 36,056 323 7,872 COMPREHENSIVE INCOME 163,325 138,535 228,257 (354,984 ) 175,133 Less: Comprehensive income attributable to noncontrolling interest — — 11,808 — 11,808 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $163,325 $138,535 $216,449 ($354,984 ) $163,325 CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME For the Nine Months Ended September 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $407,764 — $407,764 Costs and Expenses Cost of sales — — 326,966 — 326,966 Selling and general expenses — 15,691 18,624 — 34,315 Other operating (income) expense, net — (445 ) (15,122 ) — (15,567 ) — 15,246 330,468 — 345,714 OPERATING (LOSS) INCOME — (15,246 ) 77,296 — 62,050 Interest expense (9,564 ) (7,304 ) (7,740 ) — (24,608 ) Interest and miscellaneous income (expense), net 5,787 1,956 (11,993 ) — (4,250 ) Equity in income from subsidiaries 39,657 58,010 — (97,667 ) — INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 35,880 37,416 57,563 (97,667 ) 33,192 Income tax benefit (expense) — 2,241 (932 ) — 1,309 NET INCOME 35,880 39,657 56,631 (97,667 ) 34,501 Less: Net loss attributable to noncontrolling interest — — (1,379 ) — (1,379 ) NET INCOME ATTRIBUTABLE TO RAYONIER INC. 35,880 39,657 58,010 (97,667 ) 35,880 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax (37,100 ) (37,100 ) (53,088 ) 74,201 (53,087 ) Cash flow hedges, net of income tax (16,465 ) (16,465 ) (17,983 ) 32,930 (17,983 ) Actuarial change and amortization of pension and postretirement plans, net of income tax 2,414 2,414 132 (2,546 ) 2,414 Total other comprehensive (loss) income (51,151 ) (51,151 ) (70,939 ) 104,585 (68,656 ) COMPREHENSIVE (LOSS) INCOME (15,271 ) (11,494 ) (14,308 ) 6,918 (34,155 ) Less: Comprehensive loss attributable to noncontrolling interest — — (18,884 ) — (18,884 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. ($15,271 ) ($11,494 ) $4,576 $6,918 ($15,271 )
Schedule of Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS As of September 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $59,966 $5,320 $44,753 — $110,039 Accounts receivable, less allowance for doubtful accounts — 2,050 22,681 — 24,731 Inventory — — 16,064 — 16,064 Prepaid expenses — 985 11,579 — 12,564 Assets held for sale — — 47,361 — 47,361 Other current assets — 242 3,127 — 3,369 Total current assets 59,966 8,597 145,565 — 214,128 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,325,489 — 2,325,489 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 70,324 — 70,324 NET PROPERTY, PLANT AND EQUIPMENT — 213 10,863 — 11,076 INVESTMENT IN SUBSIDIARIES 1,339,173 2,644,299 — (3,983,472 ) — INTERCOMPANY RECEIVABLE 23,396 (606,285 ) 582,889 — — OTHER ASSETS 3 21,937 28,441 — 50,381 TOTAL ASSETS $1,422,538 $2,068,761 $3,163,571 ($3,983,472 ) $2,671,398 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,106 $21,629 — $23,735 Current maturities of long-term debt 31,752 — — — 31,752 Accrued taxes — (149 ) 7,041 — 6,892 Accrued payroll and benefits — 3,115 3,109 — 6,224 Accrued interest 6,094 1,960 259 — 8,313 Other current liabilities — 372 22,855 — 23,227 Total current liabilities 37,846 7,404 54,893 — 100,143 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 291,222 663,292 78,774 — 1,033,288 PENSION AND OTHER POSTRETIREMENT BENEFITS — 35,386 (684 ) — 34,702 OTHER NON-CURRENT LIABILITIES — 42,466 12,218 — 54,684 INTERCOMPANY PAYABLE (267,715 ) (18,960 ) 286,675 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,361,185 1,339,173 2,644,299 (3,983,472 ) 1,361,185 Noncontrolling interest — — 87,396 — 87,396 TOTAL SHAREHOLDERS’ EQUITY 1,361,185 1,339,173 2,731,695 (3,983,472 ) 1,448,581 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,422,538 $2,068,761 $3,163,571 ($3,983,472 ) $2,671,398 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 Nine Months Ended September 30, 2016 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($578 ) $26,589 $137,897 — $163,908 INVESTING ACTIVITIES Capital expenditures — — (40,246 ) — (40,246 ) Real estate development investments — — (4,815 ) — (4,815 ) Purchase of timberlands — — (353,828 ) — (353,828 ) Assets purchased in business acquisition — — (1,113 ) — (1,113 ) Net proceeds from large disposition — — 126,965 — 126,965 Rayonier office building under construction — — (3,933 ) — (3,933 ) Change in restricted cash — — 22,430 — 22,430 Investment in subsidiaries — (285,937 ) — 285,937 — Other — — 444 — 444 CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES — (285,937 ) (254,096 ) 285,937 (254,096 ) FINANCING ACTIVITIES Issuance of debt — 548,000 146,096 — 694,096 Repayment of debt — (140,000 ) (314,419 ) — (454,419 ) Dividends paid (92,095 ) — — — (92,095 ) Proceeds from the issuance of common shares 889 — — — 889 Repurchase of common shares (690 ) — — — (690 ) Debt issuance costs — (818 ) — — (818 ) Issuance of intercompany notes (12,000 ) — 12,000 — — Intercompany distributions 162,107 (155,731 ) 279,561 (285,937 ) — Other (139 ) — — — (139 ) CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 58,072 251,451 123,238 (285,937 ) 146,824 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 1,626 — 1,626 CASH AND CASH EQUIVALENTS Change in cash and cash equivalents 57,494 (7,897 ) 8,665 — 58,262 Balance, beginning of year 2,472 13,217 36,088 — 51,777 Balance, end of period $59,966 $5,320 $44,753 — $110,039 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2015 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES $77,316 $92,414 $64,901 ($91,228 ) $143,403 INVESTING ACTIVITIES Capital expenditures — (78 ) (37,133 ) — (37,211 ) Real estate development investments — — (2,029 ) — (2,029 ) Purchase of timberlands — — (88,466 ) — (88,466 ) Rayonier office building under construction — — (369 ) — (369 ) Change in restricted cash — — (17,835 ) — (17,835 ) Investment in subsidiaries — (75,946 ) — 75,946 — Other — — 3,039 — 3,039 CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES — (76,024 ) (142,793 ) 75,946 (142,871 ) FINANCING ACTIVITIES Issuance of debt — 374,000 5,027 — 379,027 Repayment of debt — (294,472 ) (6,399 ) — (300,871 ) Dividends paid (94,280 ) — — — (94,280 ) Proceeds from the issuance of common shares 1,322 — — — 1,322 Repurchase of common shares (73,621 ) — — — (73,621 ) Debt issuance costs — (1,678 ) — — (1,678 ) Intercompany distributions — (91,585 ) 76,303 15,282 — CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES (166,579 ) (13,735 ) 74,931 15,282 (90,101 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (6,234 ) — (6,234 ) CASH AND CASH EQUIVALENTS Change in cash and cash equivalents (89,263 ) 2,655 (9,195 ) — (95,803 ) Balance, beginning of year 102,218 8,105 51,235 — 161,558 Balance, end of period $12,955 $10,760 $42,040 — $65,755

BASIS OF PRESENTATION (Narrativ

BASIS OF PRESENTATION (Narrative) (Details) - Subsequent Event a in Thousands, $ in Millions	Oct. 21, 2016USD ($)asale_transaction
Subsequent Event [Line Items]
Number of sales transactions | sale_transaction	2
Acres of timberland divested | a	37
Proceeds from sale of property | $	$ 77.8

TIMBERLAND ACQUISITION (Narrati

TIMBERLAND ACQUISITION (Narrative) (Details) a in Thousands	May 10, 2016USD ($)a	Apr. 28, 2016USD ($)	May 31, 2016USD ($)a	Sep. 30, 2016USD ($)a	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)a	Sep. 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				$ 91,000	$ 0	$ 1,306,000	$ 0
Debt carrying amount				$ 1,068,522,000		1,068,522,000
Incremental Term Loan Agreement
Business Acquisition [Line Items]
Debt instrument, term		10 years	10 years
Debt carrying amount		$ 300,000,000	$ 300,000,000
Disposal Group, Not Discontinued Operations
Business Acquisition [Line Items]
Acres of timberland divested | a			55
Consideration received from sale			$ 130,000,000
Rayonier Inc.
Business Acquisition [Line Items]
Acquisition related costs						$ 1,300,000
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 $ in Thousands	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	$ 800

JOINT VENTURE INVESTMENT (Detai

JOINT VENTURE INVESTMENT (Details) a in Millions, NZD in Millions	Mar. 03, 2016NZD	Sep. 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 INFO49

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Segment Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
SALES	$ 171,421	$ 151,657	$ 567,814	$ 407,764
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
SALES	27,826	34,797	102,205	103,009
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	16,139	21,549	52,316	57,805
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
SALES	42,179	41,065	125,951	121,482
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
SALES	60,626	35,232	211,296	65,968
Operating Segments | Trading
Segment Reporting Information [Line Items]
SALES	$ 24,651	$ 19,014	76,046	$ 59,500
Disposal Group, Not Discontinued Operations | Timberland | Real Estate
Segment Reporting Information [Line Items]
SALES			$ 129,500

SEGMENT AND GEOGRAPHICAL INFO50

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Operating Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Total Operating Income	$ 49,689	$ 27,779	$ 194,253	$ 62,050
Unallocated interest expense and other	(8,286)	(9,139)	(24,718)	(28,858)
INCOME BEFORE INCOME TAXES	41,403	18,640	169,535	33,192
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	8,183	10,504	34,976	34,694
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(3,293)	3,081	(874)	7,356
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	6,613	(915)	21,385	3,834
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	43,078	20,001	152,997	34,004
Operating Segments | Trading
Segment Reporting Information [Line Items]
Total Operating Income	481	428	1,456	614
Corporate and other
Segment Reporting Information [Line Items]
Total Operating Income	$ (5,373)	$ (5,320)	(15,687)	$ (18,452)
Disposal Group, Not Discontinued Operations | Timberland | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income			$ (101,300)

SEGMENT AND GEOGRAPHICAL INFO51

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Depreciation, Depletion and Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Depreciation	$ 31,978	$ 31,958	$ 105,618	$ 85,784
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Depreciation	9,988	14,404	37,102	41,356
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Depreciation	6,668	4,189	14,978	10,920
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Depreciation	5,956	7,021	17,252	22,207
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Depreciation	9,260	6,269	35,988	11,087
Operating Segments | Trading
Segment Reporting Information [Line Items]
Depreciation	0	0	0	0
Corporate and other
Segment Reporting Information [Line Items]
Depreciation	$ 106	$ 75	298	$ 214
Disposal Group, Not Discontinued Operations | Timberland | Real Estate
Segment Reporting Information [Line Items]
Depreciation			$ 21,900

SEGMENT AND GEOGRAPHICAL INFO52

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Non-Cash Cost of Land and Improved Development) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Non-cash cost of Improved Development	$ 4,336	$ 4,594	$ 11,916	$ 9,532
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Non-cash cost of Improved Development	0	0	0	0
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Non-cash cost of Improved Development	0	0	0	0
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Non-cash cost of Improved Development	0	0	1,824	0
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Non-cash cost of Improved Development	4,336	4,594	10,092	9,532
Operating Segments | Trading
Segment Reporting Information [Line Items]
Non-cash cost of Improved Development	0	0	0	0
Corporate and other
Segment Reporting Information [Line Items]
Non-cash cost of Improved Development	$ 0	$ 0	0	$ 0
Timberland | Disposal Group, Not Discontinued Operations | Real Estate
Segment Reporting Information [Line Items]
Non-cash cost of Improved Development			$ 1,800

DEBT (Schedule of Long Term Deb

DEBT (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,068,774
Less: Current maturities of long-term debt	(31,752)	$ 0
Less: Deferred financing costs	(3,734)
Long-term debt, net of deferred financing costs	1,033,288	$ 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%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 2.4% at September 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	$ 31,752
Fixed interest rate	4.35%
Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.8% at September 30, 2016
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 25,000
Variable interest rate	1.80%
Solid waste bond due 2020 at a variable interest rate of 2.1% at September 30, 2016
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 15,000
Variable interest rate	2.10%
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 22,022
Fixed interest rate	0.00%
Term Loan Facility | Term Credit Agreement borrowings due 2024 at a variable interest rate of 2.1% at September 30, 2016
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 350,000
Variable interest rate	2.10%

DEBT (Schedule of Long Term Mat

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Debt Disclosure [Abstract]
2,016	$ 0
2,017	31,500
2,018	0
2,019	0
2,020	40,000
Thereafter	997,022
Total Debt	1,068,522
Debt instrument, unamortized premium	$ 300

DEBT (Narrative) (Details)

DEBT (Narrative) (Details)	Apr. 28, 2016USD ($)	Mar. 03, 2016USD ($)	Aug. 05, 2015USD ($)	Jun. 30, 2016NZD	May 31, 2016USD ($)	Aug. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Debt Instrument [Line Items]
Debt carrying amount								$ 1,068,522,000	$ 1,068,522,000
Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of debt							$ 105,000,000
Proceeds from line of credit								25,000,000
Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Debt instrument, term						5 years
Basis points on periodic interest rate						1.25%
Maximum borrowing capacity			$ 200,000,000			$ 200,000,000
Basis point credit line fee						0.175%
Remaining borrowing capacity								$ 169,500,000	$ 169,500,000
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
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 550,000,000
Incremental Term Loan Agreement
Debt Instrument [Line Items]
Debt instrument, term	10 years				10 years
Debt carrying amount	$ 300,000,000				$ 300,000,000
Basis points on periodic interest rate	1.90%
Periodic effective interest rate								2.80%	2.80%
Term Credit Agreement | Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, term			9 years
Debt carrying amount			$ 350,000,000
Basis points on periodic interest rate			1.625%
Periodic effective interest rate								2.10%	2.10%
Maximum borrowing capacity			$ 350,000,000
Derivative variable interest rate								3.30%	3.30%
Term Credit Agreement | Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Debt instrument, term			5 years
Maximum borrowing capacity						$ 200,000,000
Tranche A
Debt Instrument [Line Items]
Repayments of lines of credit		$ 155,000,000
New Zealand JV Noncontrolling Interest | Long-term Debt
Debt Instrument [Line Items]
Increase in debt due to favorable changes in exchange rates									$ 1,400,000
New Zealand JV | Working Capital Facility | Line of Credit
Debt Instrument [Line Items]
Remaining borrowing capacity								$ 29,200,000	29,200,000
Repayments of lines of credit									146,100,000
New Zealand JV | Working Capital Facility, 12 month | Working Capital Facility
Debt Instrument [Line Items]
Debt instrument, term				12 months
Maximum borrowing capacity | NZD				NZD 20,000,000
New Zealand JV | Working Capital Facility, 18 month | Working Capital Facility
Debt Instrument [Line Items]
Debt instrument, term				18 months
Maximum borrowing capacity | NZD				NZD 20,000,000
New Zealand JV | Working Capital Facility, Expired in June 2016 | Working Capital Facility
Debt Instrument [Line Items]
Maximum borrowing capacity | NZD				NZD 40,000,000
New Zealand JV | New Zealand JV Noncontrolling Interest
Debt Instrument [Line Items]
Repayments of debt									2,600,000
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

HIGHER AND BETTER USE TIMBERL56

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	9 Months Ended
	Sep. 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	(1,763)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,123)
Capitalized real estate development investments	4,815
Capital expenditures (silviculture)	153
Intersegment transfers	4
Total Balance, Ending Balance	79,788
Less: Current portion, Ending Balance	(9,464)
Non-current portion, Ending Balance	70,324
Capitalized interest	100
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	(1,612)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,123)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	153
Intersegment transfers	4
Total Balance, Ending Balance	61,338
Less: Current portion, Ending Balance	(3,930)
Non-current portion, Ending Balance	57,408
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	(151)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	4,815
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, Ending Balance	18,450
Less: Current portion, Ending Balance	(5,534)
Non-current portion, Ending Balance	$ 12,916

COMMITMENTS (Narrative) (Detail

COMMITMENTS (Narrative) (Details) - Timberland Leases	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2016USD ($)lease
Commitments [Abstract]
Remaining 2,016	$ 5,120
2,017	13,786
2,018	9,193
2,019	9,193
2,020	9,193
Thereafter	37,393
Commitments, total	83,878
Purchase Obligation, Fiscal Year Maturity [Abstract]
Remaining 2,016	9,476
2,017	26,037
2,018	19,538
2,019	18,884
2,020	18,351
Thereafter	202,166
Total	294,452
Operating Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remaining 2,016	518
2,017	1,657
2,018	902
2,019	725
2,020	605
Thereafter	1,770
Operating leases, total	6,177
Timberland Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Remaining 2,016	3,838
2,017	10,594
2,018	9,443
2,019	8,966
2,020	8,553
Thereafter	163,003
Operating leases, total	$ 204,397
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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense at federal statutory rate	$ 14,491	$ 6,524	$ 59,337	$ 11,617
U.S. and foreign REIT income & U.S. TRS taxable losses	(11,487)	(9,259)	(55,801)	(16,260)
Foreign TRS operations	(312)	(1,466)	(626)	(3,029)
U.S. net deferred tax asset valuation allowance	(1,741)	2,742	2,654	5,360
Other	(70)	90	137	175
Income tax expense (benefit) before discrete items	881	(1,369)	5,701	(2,137)
CBPC(a) valuation allowance	0	997	0	997
Return-to-accrual adjustments	(171)	(169)	(171)	(169)
Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory			(1,833)	0
Purchase accounting deferred tax benefit			(1,423)	0
Other	69	0
Income tax expense (benefit) as reported	$ 779	$ (541)	$ 2,274	$ (1,309)
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	(27.70%)	(49.60%)	(32.90%)	(48.90%)
Foreign TRS operations	(0.80%)	(7.90%)	(0.40%)	(9.10%)
U.S. net deferred tax asset valuation allowance	(4.20%)	14.70%	1.60%	16.10%
Other	(0.20%)	0.50%	0.10%	0.50%
Income tax expense (benefit) before discrete items	2.10%	(7.30%)	3.40%	(6.40%)
CBPC(a) valuation allowance	0.00%	5.30%	0.00%	3.00%
Return-to-accrual adjustments	(0.40%)	(0.90%)	(0.10%)	(0.50%)
Tax benefit recognized related to changes in the New Zealand JV deferred tax inventory			(1.10%)	0.00%
Purchase accounting deferred tax benefit			(0.90%)	0.00%
Other	0.20%	0.00%
Income tax expense (benefit) as reported	1.90%	(2.90%)	1.30%	(3.90%)

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	Sep. 30, 2016USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 23,667
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	771
Carrying Amount of Associated Liability	0
Bonds | Standby letters of credit
Guarantor Obligations [Line Items]
Letter of credit for development project	$ 3,800

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		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income (loss)	$ 40,624	$ 19,181	$ 167,261	$ 34,501	$ 43,941
Less: Net income (loss) attributable to noncontrolling interest	1,269	(488)	3,613	(1,379)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 39,355	$ 19,669	$ 163,648	$ 35,880
Shares used for determining basic earnings per common share (in shares)	122,597,927	125,143,706	122,574,094	126,125,802
Dilutive effect of:
Stock options (in shares)	113,849	91,495	88,594	129,906
Performance and restricted shares (in shares)	170,857	31,051	120,212	37,064
Assumed conversion of senior exchangeable notes (in shares)	0	39,720	0	477,931
Shares used for determining diluted earnings per common share (in shares)	122,882,633	125,305,972	122,782,900	126,770,703
Basic earnings (loss) per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.32	$ 0.16	$ 1.34	$ 0.28
Diluted earnings (loss) per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.32	$ 0.16	$ 1.33	$ 0.28

EARNINGS PER COMMON SHARE (Sc64

EARNINGS PER COMMON SHARE (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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)	745,878	1,034,269	863,244	1,384,513
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)	745,878	994,549	863,244	906,582
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	39,720	0	477,931
Warrants on Senior Exchangeable Notes due 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (USD per share)	$ 28.11		$ 28.11

DERIVATIVE FINANCIAL INSTRUME65

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands	Mar. 03, 2016USD ($)	Feb. 29, 2016USD ($)	Apr. 30, 2016USD ($)derivative_agreement	Aug. 31, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jul. 07, 2016USD ($)	Feb. 01, 2016USD ($)	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			10 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					35.00%		35.00%
Percent of forecast sales and purchases hedged for three to 12 months					25.00%		25.00%
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	$ 847	$ 258	$ 1,394
Other operating income, net | Not Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Gain on derivative	$ 900						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							1,800
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency option contracts
Derivative [Line Items]
Notional amount					70,500		70,500				107,200
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Notional amount					25,390		25,390				21,250
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Notional amount					$ 650,000		$ 650,000				$ 350,000
Derivative, average variable interest rate									3.16%
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Contract
Derivative [Line Items]
Notional amount									$ 100,000
Derivative, average rate									1.26%
Derivative, basis spread on variable rate									1.90%

DERIVATIVE FINANCIAL INSTRUME66

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Income Statement Location) (Details) - USD ($) $ in Thousands	Mar. 03, 2016	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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			$ 259	$ (289)	$ 2,075	$ (2,597)
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	1,151	(4,606)	4,258
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			635	(788)	2,564	(4,127)
Designated as Hedging Instrument | Foreign currency option 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	2,084	0	2,084
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			3,529	(13,644)	(25,459)	(13,644)
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				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	847	258	1,394
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	$ (1,650)	$ (1,219)	$ 4,923

DERIVATIVE FINANCIAL INSTRUME67

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Notional Amounts) (Details) - USD ($) $ in Thousands	Sep. 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	$ 25,390			$ 21,250
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	70,500			107,200
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	650,000			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 INSTRUME68

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Balance Sheet Location) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 3,467	$ 5,641
Fair value, derivative liability	(36,229)	(21,546)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	3,082	5,233
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	385	408
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(515)	(2,866)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(35,714)	(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	1,173	43
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	142	0
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(342)	(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	1,909	560
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	243	408
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(173)	(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	(59)	(217)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(35,655)	(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	Sep. 30, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 110,039	$ 51,777
Restricted cash	1,095	23,525
Current maturities of long-term debt	31,752	0
Long-term debt	(1,033,288)	(830,554)
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	(35,655)	(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	973
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	1,920	3,964
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	110,039	51,777
Restricted cash	1,095	23,525
Current maturities of long-term debt	0	0
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
Current maturities of long-term debt	32,403	0
Long-term debt	(1,049,210)	(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	(35,655)	(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	973
Fair Value | Level 2 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts	$ 1,920	$ 3,964

EMPLOYEE BENEFIT PLANS (Narrati

EMPLOYEE BENEFIT PLANS (Narrative) (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 327	$ 371	$ 980	$ 1,113
Interest cost	869	830	2,606	2,489
Expected return on plan assets	(1,008)	(1,007)	(3,023)	(3,020)
Amortization of prior service cost	0	3	0	10
Amortization of losses (gains)	632	950	1,893	2,799
Net periodic benefit cost	820	1,147	2,456	3,391
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	3	5	8
Interest cost	12	13	36	39
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)	9
Net periodic benefit cost	$ 14	$ 19	$ 29	$ 56

OTHER OPERATING INCOME, NET (De

OTHER OPERATING INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other Income and Expenses [Abstract]
Lease income, primarily from hunting leases	$ 3,769	$ 4,349	$ 13,991	$ 14,348
Other non-timber income	666	581	1,721	2,634
Foreign currency income (loss)	533	(149)	34	67
Gain on sale or disposal of property and equipment	58	4	81	6
Loss on foreign currency exchange and option contracts	(333)	(2,297)	(1,406)	(3,290)
Deferred payment related to a prior land sale	0	0	4,000	0
Costs related to acquisition	(91)	0	(1,306)	0
Gain on foreign currency derivatives	0	0	1,153	0
Gain on sale of carbon credits	359	0	1,113	352
Miscellaneous income, net	538	367	1,486	1,450
Total	$ 5,499	$ 2,855	$ 20,867	$ 15,567

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory [Line Items]
Inventory	$ 16,064	$ 15,351
Real Estate Inventory
Inventory [Line Items]
Inventory	9,464	12,252
Log inventory
Inventory [Line Items]
Inventory	$ 6,600	$ 3,099

RESTRICTED DEPOSITS (Details)

RESTRICTED DEPOSITS (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 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	$ 1.1	$ 23.5

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Millions	Oct. 21, 2016USD ($)asale_transaction	Sep. 30, 2016USD ($)acontract
Alabama and Mississippi Timberland
Property, Plant and Equipment [Line Items]
Number of separate contracts related to sale | contract		3
Acres of timberland divested | a		62,100
Future Proceeds Expected from Sale of Property Held-for-sale		$ 119.7
Assets held for sale		$ 47.4
Period expected for sales to finalize		12 months
Subsequent Event
Property, Plant and Equipment [Line Items]
Acres of timberland divested | a	37,000
Proceeds from sale of property	$ 77.8
Number of sales transactions | sale_transaction	2

ACCUMULATED OTHER COMPREHENSI76

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		$ (33,503)	$ (4,825)
Other comprehensive income/(loss) before reclassifications		2,179	(36,365)
Amounts reclassified from accumulated other comprehensive loss		(2,502)	7,687
Net other comprehensive income/(loss)		(323)	(28,678)
Recapitalization of New Zealand JV		3,438
Ending balance		(30,388)	(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		25,133	(27,983)
Amounts reclassified from accumulated other comprehensive loss		0	0
Net other comprehensive income/(loss)		25,133	(27,983)
Recapitalization of New Zealand JV		3,622
Ending balance		26,305	(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		(22,954)	(14,444)
Amounts reclassified from accumulated other comprehensive loss		223	4,400
Net other comprehensive income/(loss)		(22,731)	(10,044)
Recapitalization of New Zealand JV		(184)
Ending balance		(34,507)	(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		1,881	3,287
Net other comprehensive income/(loss)		1,881	2,933
Recapitalization of New Zealand JV		0
Ending balance		(23,851)	$ (25,732)
Interest rate swaps | Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income/(loss) before reclassifications	$ (10,200)	$ (25,500)

ACCUMULATED OTHER COMPREHENSI77

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net	$ 5,499	$ 2,855	$ 20,867	$ 15,567
Comprehensive income (loss) attributable to noncontrolling interest	(3,649)	5,363	(11,808)	18,884
Income tax (expense) benefit	$ 779	$ (541)	2,274	(1,309)
Net loss from accumulated other comprehensive income			(2,502)		$ 7,687
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss from accumulated other comprehensive income			223	3,312
Amount reclassified from accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net loss from accumulated other comprehensive income			223		$ 4,400
Amount reclassified from accumulated other comprehensive income | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive income (loss) attributable to noncontrolling interest			(235)	(2,477)
Income tax (expense) benefit			(87)	(1,288)
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			43	3,928
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			$ 502	$ 3,149

CONSOLIDATING FINANCIAL STATE78

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 STATE79

CONSOLIDATING FINANCIAL STATEMENTS (Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Income Statement [Abstract]
SALES	$ 171,421	$ 151,657	$ 567,814	$ 407,764
Cost of sales	116,624	116,044	362,790	326,966
Selling and general expenses	10,607	10,689	31,638	34,315
Other operating expense (income), net	(5,499)	(2,855)	(20,867)	(15,567)
Costs and Expenses, Total	121,732	123,878	373,561	345,714
OPERATING INCOME	49,689	27,779	194,253	62,050
Interest expense	(8,544)	(7,581)	(23,603)	(24,608)
Interest and miscellaneous income (expense), net	258	(1,558)	(1,115)	(4,250)
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	41,403	18,640	169,535	33,192
Income tax (expense) benefit	(779)	541	(2,274)	1,309
NET INCOME	40,624	19,181	167,261	34,501	$ 43,941
Less: Net income attributable to noncontrolling interest	1,269	(488)	3,613	(1,379)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	39,355	19,669	163,648	35,880
Foreign currency translation adjustment	12,022	(13,370)	28,046	(53,087)	(32,451)
New Zealand joint venture cash flow hedges	4,195	(14,120)	(22,055)	(17,983)	(9,961)
Actuarial change and amortization of pension and postretirement plans, net of income tax	632	890	1,881	2,414	$ 2,933
Total other comprehensive income (loss)	16,849	(26,600)	7,872	(68,656)
COMPREHENSIVE INCOME (LOSS)	57,473	(7,419)	175,133	(34,155)
Less: Comprehensive income (loss) attributable to noncontrolling interest	3,649	(5,363)	11,808	(18,884)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	53,824	(2,056)	163,325	(15,271)
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	(90,610)	(47,563)	(355,307)	(97,667)
INCOME BEFORE INCOME TAXES	(90,610)	(47,563)	(355,307)	(97,667)
Income tax (expense) benefit	0	0	0	0
NET INCOME	(90,610)	(47,563)	(355,307)	(97,667)
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	(90,610)	(47,563)	(355,307)	(97,667)
Foreign currency translation adjustment	(9,791)	17,324	(20,529)	74,201
New Zealand joint venture cash flow hedges	(4,044)	27,908	22,733	32,930
Actuarial change and amortization of pension and postretirement plans, net of income tax	(632)	(1,007)	(1,881)	(2,546)
Total other comprehensive income (loss)	(14,467)	44,225	323	104,585
COMPREHENSIVE INCOME (LOSS)	(105,077)	(3,338)	(354,984)	6,918
Less: Comprehensive income (loss) attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	(105,077)	(3,338)	(354,984)	6,918
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)	(3,227)	(9,417)	(9,564)
Interest and miscellaneous income (expense), net	2,199	1,980	6,346	5,787
Equity in income from subsidiaries	40,295	20,916	166,719	39,657
INCOME BEFORE INCOME TAXES	39,355	19,669	163,648	35,880
Income tax (expense) benefit	0	0	0	0
NET INCOME	39,355	19,669	163,648	35,880
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	39,355	19,669	163,648	35,880
Foreign currency translation adjustment	9,793	(8,662)	20,529	(37,100)
New Zealand joint venture cash flow hedges	4,044	(13,954)	(22,733)	(16,465)
Actuarial change and amortization of pension and postretirement plans, net of income tax	632	890	1,881	2,414
Total other comprehensive income (loss)	14,469	(21,726)	(323)	(51,151)
COMPREHENSIVE INCOME (LOSS)	53,824	(2,057)	163,325	(15,271)
Less: Comprehensive income (loss) attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	53,824	(2,057)	163,325	(15,271)
Subsidiary Guarantors
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	5,904	4,412	11,485	15,691
Other operating expense (income), net	190	16	378	(445)
Costs and Expenses, Total	6,094	4,428	11,863	15,246
OPERATING INCOME	(6,094)	(4,428)	(11,863)	(15,246)
Interest expense	(5,150)	(2,240)	(11,678)	(7,304)
Interest and miscellaneous income (expense), net	694	583	2,059	1,956
Equity in income from subsidiaries	50,315	26,647	188,588	58,010
INCOME BEFORE INCOME TAXES	39,765	20,562	167,106	37,416
Income tax (expense) benefit	530	354	(387)	2,241
NET INCOME	40,295	20,916	166,719	39,657
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	40,295	20,916	166,719	39,657
Foreign currency translation adjustment	0	(8,662)	(4,607)	(37,100)
New Zealand joint venture cash flow hedges	3,530	(13,954)	(25,458)	(16,465)
Actuarial change and amortization of pension and postretirement plans, net of income tax	632	890	1,881	2,414
Total other comprehensive income (loss)	4,162	(21,726)	(28,184)	(51,151)
COMPREHENSIVE INCOME (LOSS)	44,457	(810)	138,535	(11,494)
Less: Comprehensive income (loss) attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	44,457	(810)	138,535	(11,494)
Non- guarantors
Income Statement [Abstract]
SALES	171,421	151,657	567,814	407,764
Cost of sales	116,624	116,044	362,790	326,966
Selling and general expenses	4,703	6,277	20,153	18,624
Other operating expense (income), net	(5,689)	(2,871)	(21,245)	(15,122)
Costs and Expenses, Total	115,638	119,450	361,698	330,468
OPERATING INCOME	55,783	32,207	206,116	77,296
Interest expense	(255)	(2,114)	(2,508)	(7,740)
Interest and miscellaneous income (expense), net	(2,635)	(4,121)	(9,520)	(11,993)
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	52,893	25,972	194,088	57,563
Income tax (expense) benefit	(1,309)	187	(1,887)	(932)
NET INCOME	51,584	26,159	192,201	56,631
Less: Net income attributable to noncontrolling interest	1,269	(488)	3,613	(1,379)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	50,315	26,647	188,588	58,010
Foreign currency translation adjustment	12,020	(13,370)	32,653	(53,088)
New Zealand joint venture cash flow hedges	665	(14,120)	3,403	(17,983)
Actuarial change and amortization of pension and postretirement plans, net of income tax	0	117	0	132
Total other comprehensive income (loss)	12,685	(27,373)	36,056	(70,939)
COMPREHENSIVE INCOME (LOSS)	64,269	(1,214)	228,257	(14,308)
Less: Comprehensive income (loss) attributable to noncontrolling interest	3,649	(5,363)	11,808	(18,884)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$ 60,620	$ 4,149	$ 216,449	$ 4,576

CONSOLIDATING FINANCIAL STATE80

CONSOLIDATING FINANCIAL STATEMENTS (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 110,039	$ 51,777	$ 65,755	$ 161,558
Accounts receivable, less allowance for doubtful accounts	24,731	20,222
Inventory	16,064	15,351
Prepaid expenses	12,564	12,654
Assets held for sale (Note 18)	47,361	0
Other current assets	3,369	5,681
Total current assets	214,128	105,685
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,325,489	2,066,780
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	70,324	65,450
NET PROPERTY, PLANT AND EQUIPMENT	11,076	6,742
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	50,381	71,281
TOTAL ASSETS	2,671,398	2,315,938
CURRENT LIABILITIES
Accounts payable	23,735	21,479
Current maturities of long-term debt	31,752	0
Accrued taxes	6,892	3,685
Accrued payroll and benefits	6,224	7,037
Accrued interest	8,313	6,153
Other current liabilities	23,227	21,103
Total current liabilities	100,143	59,457
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	1,033,288	830,554
PENSION AND OTHER POSTRETIREMENT BENEFITS	34,702	34,137
OTHER NON-CURRENT LIABILITIES	54,684	30,050
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,361,185	1,288,084
Noncontrolling interest	87,396	73,656
TOTAL SHAREHOLDERS’ EQUITY	1,448,581	1,361,740		1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,671,398	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
Assets held for sale (Note 18)	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	(3,983,472)	(3,534,086)
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	0	0
TOTAL ASSETS	(3,983,472)	(3,534,086)
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt	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	(3,983,472)	(3,534,086)
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	(3,983,472)	(3,534,086)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	(3,983,472)	(3,534,086)
Rayonier Inc. (Parent Issuer)
CURRENT ASSETS
Cash and cash equivalents	59,966	2,472	12,955	102,218
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid expenses	0	0
Assets held for sale (Note 18)	0
Other current assets	0	0
Total current assets	59,966	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	1,339,173	1,321,681
INTERCOMPANY NOTES RECEIVABLE	23,396	34,567
OTHER ASSETS	3	3
TOTAL ASSETS	1,422,538	1,358,723
CURRENT LIABILITIES
Accounts payable	0	609
Current maturities of long-term debt	31,752
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	6,094	3,047
Other current liabilities	0	0
Total current liabilities	37,846	3,656
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	291,222	322,697
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(267,715)	(255,714)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,361,185	1,288,084
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,361,185	1,288,084
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,422,538	1,358,723
Subsidiary Guarantors
CURRENT ASSETS
Cash and cash equivalents	5,320	13,217	10,760	8,105
Accounts receivable, less allowance for doubtful accounts	2,050	1,870
Inventory	0	0
Prepaid expenses	985	443
Assets held for sale (Note 18)	0
Other current assets	242	4,876
Total current assets	8,597	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	213	330
INVESTMENT IN SUBSIDIARIES	2,644,299	2,212,405
INTERCOMPANY NOTES RECEIVABLE	(606,285)	(610,450)
OTHER ASSETS	21,937	18,718
TOTAL ASSETS	2,068,761	1,641,409
CURRENT LIABILITIES
Accounts payable	2,106	1,463
Current maturities of long-term debt	0
Accrued taxes	(149)	(10)
Accrued payroll and benefits	3,115	3,594
Accrued interest	1,960	666
Other current liabilities	372	262
Total current liabilities	7,404	5,975
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	663,292	280,978
PENSION AND OTHER POSTRETIREMENT BENEFITS	35,386	34,822
OTHER NON-CURRENT LIABILITIES	42,466	16,914
INTERCOMPANY PAYABLE	(18,960)	(18,961)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,339,173	1,321,681
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,339,173	1,321,681
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,068,761	1,641,409
Non- guarantors
CURRENT ASSETS
Cash and cash equivalents	44,753	36,088	$ 42,040	$ 51,235
Accounts receivable, less allowance for doubtful accounts	22,681	18,352
Inventory	16,064	15,351
Prepaid expenses	11,579	12,211
Assets held for sale (Note 18)	47,361
Other current assets	3,127	805
Total current assets	145,565	82,807
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,325,489	2,066,780
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	70,324	65,450
NET PROPERTY, PLANT AND EQUIPMENT	10,863	6,412
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	582,889	575,883
OTHER ASSETS	28,441	52,560
TOTAL ASSETS	3,163,571	2,849,892
CURRENT LIABILITIES
Accounts payable	21,629	19,407
Current maturities of long-term debt	0
Accrued taxes	7,041	3,695
Accrued payroll and benefits	3,109	3,443
Accrued interest	259	2,440
Other current liabilities	22,855	20,841
Total current liabilities	54,893	49,826
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	78,774	226,879
PENSION AND OTHER POSTRETIREMENT BENEFITS	(684)	(685)
OTHER NON-CURRENT LIABILITIES	12,218	13,136
INTERCOMPANY PAYABLE	286,675	274,675
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	2,644,299	2,212,405
Noncontrolling interest	87,396	73,656
TOTAL SHAREHOLDERS’ EQUITY	2,731,695	2,286,061
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,163,571	$ 2,849,892

CONSOLIDATING FINANCIAL STATE81

CONSOLIDATING FINANCIAL STATEMENTS (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	$ 163,908	$ 143,403
INVESTING ACTIVITIES
Capital expenditures	(40,246)	(37,211)
Real estate development costs	(4,815)	(2,029)
Purchase of timberlands	(353,828)	(88,466)
Assets purchased in business acquisition	1,113	0
Net proceeds from large disposition	126,965	0
Rayonier office building under construction	(3,933)	(369)
Change in restricted cash	22,430	(17,835)
Investment in Subsidiaries	0	0
Other	444	3,039
CASH USED FOR INVESTING ACTIVITIES	(254,096)	(142,871)
FINANCING ACTIVITIES
Issuance of debt	694,096	379,027
Repayment of debt	(454,419)	(300,871)
Dividends paid	(92,095)	(94,280)
Proceeds from the issuance of common shares	889	1,322
Repurchase of common shares	(690)	(73,621)
Debt issuance costs	(818)	(1,678)
Issuance of intercompany notes	0
Intercompany distributions	0	0
Other	(139)	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	146,824	(90,101)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	1,626	(6,234)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	58,262	(95,803)
Balance, beginning of year	51,777	161,558
Balance, end of period	110,039	65,755
Consolidating Adjustments
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	0	(91,228)
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
Rayonier office building under construction	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	285,937	75,946
Other	0	0
CASH USED FOR INVESTING ACTIVITIES	285,937	75,946
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	0
Issuance of intercompany notes	0
Intercompany distributions	(285,937)	15,282
Other	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(285,937)	15,282
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	(578)	77,316
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
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	(92,095)	(94,280)
Proceeds from the issuance of common shares	889	1,322
Repurchase of common shares	(690)	(73,621)
Debt issuance costs	0	0
Issuance of intercompany notes	(12,000)
Intercompany distributions	162,107	0
Other	(139)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	58,072	(166,579)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	57,494	(89,263)
Balance, beginning of year	2,472	102,218
Balance, end of period	59,966	12,955
Subsidiary Guarantors
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	26,589	92,414
INVESTING ACTIVITIES
Capital expenditures	0	(78)
Real estate development costs	0	0
Purchase of timberlands	0	0
Assets purchased in business acquisition	0
Net proceeds from large disposition	0
Rayonier office building under construction	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	(285,937)	(75,946)
Other	0	0
CASH USED FOR INVESTING ACTIVITIES	(285,937)	(76,024)
FINANCING ACTIVITIES
Issuance of debt	548,000	374,000
Repayment of debt	(140,000)	(294,472)
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Repurchase of common shares	0	0
Debt issuance costs	(818)	(1,678)
Issuance of intercompany notes	0
Intercompany distributions	(155,731)	(91,585)
Other	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	251,451	(13,735)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(7,897)	2,655
Balance, beginning of year	13,217	8,105
Balance, end of period	5,320	10,760
Non- guarantors
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	137,897	64,901
INVESTING ACTIVITIES
Capital expenditures	(40,246)	(37,133)
Real estate development costs	(4,815)	(2,029)
Purchase of timberlands	(353,828)	(88,466)
Assets purchased in business acquisition	1,113
Net proceeds from large disposition	126,965
Rayonier office building under construction	(3,933)	(369)
Change in restricted cash	22,430	(17,835)
Investment in Subsidiaries	0	0
Other	444	3,039
CASH USED FOR INVESTING ACTIVITIES	(254,096)	(142,793)
FINANCING ACTIVITIES
Issuance of debt	146,096	5,027
Repayment of debt	(314,419)	(6,399)
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Repurchase of common shares	0	0
Debt issuance costs	0	0
Issuance of intercompany notes	12,000
Intercompany distributions	279,561	76,303
Other	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	123,238	74,931
EFFECT OF EXCHANGE RATE CHANGES ON CASH	1,626	(6,234)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	8,665	(9,195)
Balance, beginning of year	36,088	51,235
Balance, end of period	$ 44,753	$ 42,040