Rayonier (RYN) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 27, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	RAYONIER INC.
Trading Symbol	RYN
Entity Central Index Key	52,827
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		129,459,659

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
SALES	$ 245,906	$ 200,964	$ 449,101	$ 395,455
Costs and Expenses
Cost of sales	184,418	144,610	322,906	281,438
Selling and general expenses	11,502	10,246	20,504	19,836
Other operating income, net (Note 15)	(1,659)	(785)	(3,029)	(1,973)
Costs and Expenses, Total	194,261	154,071	340,381	299,301
OPERATING INCOME	51,645	46,893	108,720	96,154
Interest expense	(8,102)	(8,631)	(16,155)	(17,046)
Interest and other miscellaneous income, net	2,905	4	3,525	522
INCOME BEFORE INCOME TAXES	46,448	38,266	96,090	79,630
Income tax expense (Note 8)	(7,110)	(7,493)	(14,047)	(13,774)
NET INCOME	39,338	30,773	82,043	65,856	$ 161,579
Less: Net income attributable to noncontrolling interest	3,080	4,612	5,246	5,853
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	36,258	26,161	76,797	60,003
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax expense of $0, $0, $0 and $0	(29,760)	21,484	(20,072)	23,916	9,114
Cash flow hedges, net of income tax benefit (expense) of $2,008, $1,180, $1,640 and $1,148	529	(1,988)	17,143	565	5,693
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	178	116	338	233	$ (208)
Total other comprehensive (loss) income	(29,053)	19,612	(2,591)	24,714
COMPREHENSIVE INCOME	10,285	50,385	79,452	90,570
Less: Comprehensive (loss) income attributable to noncontrolling interest	(5,011)	9,595	(528)	11,247
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 15,296	$ 40,790	$ 79,980	$ 79,323
EARNINGS PER COMMON SHARE (Note 11)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.28	$ 0.20	$ 0.60	$ 0.48
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	0.28	0.20	0.59	0.47
Dividends declared per share (in dollars per share)	$ 0.27	$ 0.25	$ 0.52	$ 0.5	$ 1

CONSOLIDATED STATEMENTS OF INC3

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, income tax (expense) benefit	(2,008)	1,180	(1,640)	1,148
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 106,611	$ 112,653
Accounts receivable, less allowance for doubtful accounts of $23 and $23	54,340	27,693
Inventory (Note 16)	19,125	24,141
Prepaid expenses	15,774	15,993
Other current assets	2,840	3,047
Total current assets	198,690	183,527
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,406,425	2,462,066
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	86,955	80,797
PROPERTY, PLANT AND EQUIPMENT
Land	3,962	3,962
Buildings	23,142	23,618
Machinery and equipment	4,432	4,440
Construction in progress	545	627
Total property, plant and equipment, gross	32,081	32,647
Less — accumulated depreciation	(9,149)	(9,269)
Total property, plant and equipment, net	22,932	23,378
RESTRICTED CASH (NOTE 17)	69,638	59,703
OTHER ASSETS	66,422	49,010
TOTAL ASSETS	2,851,062	2,858,481
CURRENT LIABILITIES
Accounts payable	27,692	25,148
Current maturities of long-term debt (Note 5)	0	3,375
Accrued taxes	5,299	3,781
Accrued payroll and benefits	6,690	9,662
Accrued interest	4,995	5,054
Deferred revenue	17,674	9,721
Other current liabilities	21,538	11,807
Total current liabilities	83,888	68,548
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS (NOTE 5)	972,285	1,022,004
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 14)	30,230	31,905
OTHER NON-CURRENT LIABILITIES	51,782	43,084
COMMITMENTS AND CONTINGENCIES (NOTES 7 and 9)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 129,451,268 and 128,970,776 shares issued and outstanding	880,560	872,228
Retained earnings	716,328	707,378
Accumulated other comprehensive income (Note 18)	16,601	13,417
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,613,489	1,593,023
Noncontrolling interest	99,388	99,917
TOTAL SHAREHOLDERS’ EQUITY	1,712,877	1,692,940
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,851,062	$ 2,858,481

CONSOLIDATED BALANCE SHEETS (U5

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Allowance for doubtful accounts	$ 23	$ 23
Shareholders’ Equity:
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	129,451,268	128,970,776
Common shares, shares outstanding (in shares)	129,451,268	128,970,776

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive Income	Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment due to adoption of ASU No. 2016-16 | Accounting Standards Update 2016-16	$ (14,365)		$ (14,365)
Beginning balance (in shares) at Dec. 31, 2016		122,904,368
Beginning balance at Dec. 31, 2016	1,496,752	$ 709,867	700,887	$ 856	$ 85,142
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	161,579		148,842		12,737
Dividends ($1.00 and $0.52 per share, respectively)	(127,986)		(127,986)
Issuance of shares under incentive stock plans (in shares)		322,314
Issuance of shares under incentive stock plans	4,751	$ 4,751
Stock-based compensation	5,396	$ 5,396
Repurchase of common shares (in shares)		(5,906)
Repurchase of common shares	(176)	$ (176)
Actuarial change and amortization of pension and postretirement plan liabilities	(208)			(208)
Foreign currency translation adjustment	9,114			7,416	1,698
Cash flow hedges	5,693			5,353	340
Issuance of shares under equity offering, net of costs (in shares)		5,750,000
Issuance of shares under equity offering, net of costs	152,390	$ 152,390
Ending balance (in shares) at Dec. 31, 2017		128,970,776
Ending balance at Dec. 31, 2017	1,692,940	$ 872,228	707,378	13,417	99,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	82,043		76,797		5,246
Dividends ($1.00 and $0.52 per share, respectively)	(67,847)		(67,847)
Issuance of shares under incentive stock plans (in shares)		561,475
Issuance of shares under incentive stock plans	7,824	$ 7,824
Stock-based compensation	3,474	$ 3,474
Repurchase of common shares (in shares)		(80,983)
Repurchase of common shares	(2,966)	$ (2,966)
Actuarial change and amortization of pension and postretirement plan liabilities	338			338
Foreign currency translation adjustment	(20,072)			(15,251)	(4,821)
Cash flow hedges	17,143			18,097	(954)
Ending balance (in shares) at Jun. 30, 2018		129,451,268
Ending balance at Jun. 30, 2018	$ 1,712,877	$ 880,560	$ 716,328	$ 16,601	$ 99,388

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.27	$ 0.25	$ 0.52	$ 0.5	$ 1

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net income		$ 82,043	$ 65,856
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		80,920	67,895
Non-cash cost of land and improved development		14,936	7,359
Stock-based incentive compensation expense		3,474	2,892
Deferred income taxes		13,653	15,214
Amortization of losses from pension and postretirement plans		338	233
Gain on sale of large disposition of timberlands		0	(28,183)
Other		(5,466)	1,719
Changes in operating assets and liabilities:
Receivables		(26,203)	(10,421)
Inventories		1,014	(1,772)
Accounts payable		4,448	5,141
Income tax receivable/payable		(84)	(126)
All other operating activities		12,510	2,508
CASH PROVIDED BY OPERATING ACTIVITIES		181,583	128,315
INVESTING ACTIVITIES
Capital expenditures		(25,920)	(29,840)
Real estate development investments		(4,501)	(5,599)
Purchase of timberlands		(31,234)	(237,235)
Net proceeds from large disposition of timberlands		0	42,029
Rayonier office building under construction		0	(5,573)
Other		113	1,033
CASH (USED FOR) INVESTING ACTIVITIES		(61,542)	(235,185)
FINANCING ACTIVITIES
Issuance of debt		1,014	63,389
Repayment of debt		(54,389)	(60,422)
Dividends paid		(67,053)	(62,825)
Proceeds from the issuance of common shares under incentive stock plan		7,824	3,206
Proceeds from the issuance of common shares from equity offering, net of costs		0	152,390
Repurchase of common shares		(2,966)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(115,570)	95,738
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(578)	1,855
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	[1]	3,893	(9,277)
Balance, beginning of year	[1]	172,356	157,617
Balance, end of period	[1]	176,249	148,340
Cash paid during the period:
Interest	[2]	14,858	16,546
Income taxes		302	376
Non-cash investing activity:
Capital assets purchased on account		$ 6,646	$ 5,284
[1]	Due to the adoption of ASU No. 2016-18, restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown and therefore changes in restricted cash are no longer reported as investing activities. Prior period amounts have been restated to conform to current period presentation. For additional information and a reconciliation of cash, see Note 17 — Restricted Cash.
[2]	Interest paid is presented net of patronage payments received of $3.8 million and $3.0 million for the six months ended June 30, 2018 and June 30, 2017, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2017 Form 10-K.

CONSOLIDATED STATEMENTS OF CAS9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Cash Flows [Abstract]
Patronage refunds received, netted with interest paid	$ 3.8	$ 3

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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”). The year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any 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, 2017 , as filed with the SEC (the “2017 Form 10-K”). SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES REVENUE See Note 2 — Revenue for significant accounting policies related to revenue that were revised upon adoption of Accounting Standards Codification (“ASC”) 606. COST OF SALES Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by the Company. As allowed under GAAP, the Company expenses closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year. When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale. For a full description of our significant accounting policies, see Note 2 — Summary of Significant Accounting Policies in the 2017 Form 10-K. RECENTLY ADOPTED STANDARDS The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers ( Topic 606 ), on January 1, 2018. The Company elected to use the modified retrospective method to contracts that were not completed at the date of adoption. The Company also elected not to retrospectively restate contracts modified prior to January 1, 2018. A cumulative effect of adoption adjustment to the opening balance of retained earnings was not recorded as there was no accounting impact to any contracts with customers not completed at the date of adoption. See Note 2 — Revenue for additional information. In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires that an employer report the service cost component of net periodic benefit cost in the Consolidated Statements of Income in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU No. 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, and is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier adopted ASU No. 2017-07 during the first quarter ended March 31, 2018 and applied the update retrospectively to all periods presented. See Note 14 — Employee Benefit Plans for the components of net periodic benefit cost and the location of these items in the Consolidated Statements of Income and Comprehensive Income. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-18 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier adopted ASU No. 2016-18 in the first quarter ended March 31, 2018 and applied the update retrospectively to all periods presented. Restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown on the Consolidated Statements of Cash Flows and therefore changes in restricted cash are no longer reported as cash flow activities. See Note 17 — Restricted Cash for additional information, including the nature of restrictions on the Company’s cash, cash equivalents, and restricted cash. Rayonier adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments in the first quarter ended March 31, 2018 with no material impact on the consolidated financial statements. NEW ACCOUNTING STANDARDS In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which currently 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. In January 2018, the FASB issued ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. This update provides an optional transition practical expedient not to evaluate under ASU No. 2016-02 existing or expired land easements that were not previously accounted for as leases under the current leases guidance. An entity that elects this practical expedient should evaluate new or modified land easements under ASU No. 2016-02, once adopted. An entity that does not elect this practical expedient should evaluate all existing or expired land easements in connection with the adoption of ASU No. 2016-02 to assess whether they meet the definition of a lease. This standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and is required to be applied on a modified retrospective basis beginning at the earliest period presented. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which will make more financial and non-financial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU No. 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted and the amended presentation and disclosure guidance is required to be applied on a prospective basis. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02 , Income Statement—Reporting Compr ehensive Income ( Topic 220 ) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this update also require certain disclosures about stranded tax effects. ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. ASU No. 2018-02 is required to be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. Early adoption is permitted in any interim period for which financial statements have not yet been issued. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-03 , Technical Corrections and Improvements to Financial Instruments —Overall (Subtopic 825-10), to clarify certain provisions of ASU No. 2016-01 and amend other provisions. ASU No. 2018-03 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Early adoption is permitted for entities that have adopted ASU 2016-01. The Company anticipates the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements. SUBSEQUENT EVENTS The Company has evaluated events occurring from June 30, 2018 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE ADOPTION OF ASC 606 For information on the adoption of ASC 606, including changes to significant accounting policies and required transition disclosures, see Note 1 — Basis of Presentation . REVENUE RECOGNITION The Company recognizes revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected to be entitled to in exchange for those goods or services (“transaction price”). The Company generally satisfies performance obligations within a year of entering into a contract and therefore has applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of June 30, 2018 are primarily due to advances on stumpage contracts and unearned license revenue. These performance obligations are expected to be satisfied within the next twelve months. The Company generally collects payment within a year of satisfying performance obligations and therefore has elected not to adjust revenues for a financing component. The following table presents our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2018 and 2017 : Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2018 Pulpwood $20,300 $4,625 $7,788 — $3,804 — $36,517 Sawtimber 15,776 26,654 61,219 — 42,162 — 145,811 Hardwood 1,214 — — — — — 1,214 Total Timber Sales 37,290 31,279 69,007 — 45,966 — 183,542 License Revenue, Primarily From Hunting 3,936 103 142 — — — 4,181 Other Non-Timber/Carbon Revenue 6,589 749 504 — — — 7,842 Agency Fee Income — — — — 167 — 167 Total Non-Timber Sales 10,525 852 646 — 167 — 12,190 Improved Development — — — 1,345 — — 1,345 Unimproved Development — — — — — — — Rural — — — 4,827 — — 4,827 Non-strategic / Timberlands — — — 43,688 — — 43,688 Large Dispositions — — — — — — — Total Real Estate Sales — — — 49,860 — — 49,860 Revenue from Contracts with Customers 47,815 32,131 69,653 49,860 46,133 — 245,592 Other Non-Timber Sales, Primarily Lease 232 82 — — — — 314 Intersegment — — — — 29 (29 ) — Total Revenue $48,047 $32,213 $69,653 $49,860 $46,162 ($29 ) $245,906 June 30, 2017 Pulpwood $15,170 $2,803 $6,450 — $3,711 — $28,134 Sawtimber 14,580 16,648 46,403 — 37,996 — 115,627 Hardwood 1,027 — — — — — 1,027 Total Timber Sales 30,777 19,451 52,853 — 41,707 — 144,788 License Revenue, Primarily from Hunting 3,808 93 72 — — — 3,973 Other Non-Timber Revenue 753 858 86 — — — 1,697 Agency Fee Income — — — — 330 — 330 Total Non-Timber Sales 4,561 951 158 — 330 — 6,000 Improved Development — — — 143 — — 143 Unimproved Development — — — 2,500 — — 2,500 Rural — — — 5,493 — — 5,493 Non-strategic / Timberlands — — 24,311 17,484 — — 41,795 Large Dispositions — — — — — — — Total Real Estate Sales — — 24,311 25,620 — — 49,931 Revenue from Contracts with Customers 35,338 20,402 77,322 25,620 42,037 — 200,719 Other Non-Timber Sales, Primarily Lease 190 55 — — — — 245 Total Revenue $35,528 $20,457 $77,322 $25,620 $42,037 — $200,964 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2018 Pulpwood $41,904 $8,044 $13,632 — $8,062 — $71,642 Sawtimber 31,713 53,721 105,964 — 76,987 — 268,385 Hardwood 1,811 — — — — — 1,811 Total Timber Sales 75,428 61,765 119,596 — 85,049 — 341,838 License Revenue, Primarily From Hunting 8,024 128 194 — — — 8,346 Other Non-Timber/Carbon Revenue 7,781 1,554 2,827 — — — 12,162 Agency Fee Income — — — — 289 — 289 Total Non-Timber Sales 15,805 1,682 3,021 — 289 — 20,797 Improved Development — — — 2,465 — — 2,465 Unimproved Development — — — 7,446 — — 7,446 Rural — — — 6,480 — — 6,480 Non-strategic / Timberlands — — — 69,533 — — 69,533 Large Dispositions — — — — — — — Total Real Estate Sales — — — 85,924 — — 85,924 Revenue from Contracts with Customers 91,233 63,447 122,617 85,924 85,338 — 448,559 Other Non-Timber Sales, Primarily Lease 402 140 — — — — 542 Intersegment — — — — 35 (35 ) — Total Revenue $91,635 $63,587 $122,617 $85,924 $85,373 ($35 ) $449,101 June 30, 2017 Pulpwood $34,146 $6,162 $11,611 — $6,547 — $58,466 Sawtimber 27,603 38,081 81,982 — 69,137 — 216,803 Hardwood 1,743 — — — — — 1,743 Total Timber Sales 63,492 44,243 93,593 — 75,684 — 277,012 License Revenue, Primarily from Hunting 7,638 190 119 — — — 7,947 Other Non-Timber Revenue 3,142 1,804 173 — — — 5,119 Agency Fee Income — — — — 618 — 618 Total Non-Timber Sales 10,780 1,994 292 — 618 — 13,684 Improved Development — — — 143 — — 143 Unimproved Development — — — 2,500 — — 2,500 Rural — — — 12,232 — — 12,232 Non-strategic / Timberlands — — 24,311 23,083 — — 47,394 Large Dispositions — — — 41,951 — — 41,951 Total Real Estate Sales — — 24,311 79,909 — — 104,220 Revenue from Contracts with Customers 74,272 46,237 118,196 79,909 76,302 — 394,916 Other Non-Timber Sales, Primarily Lease 394 145 — — — — 539 Total Revenue $74,666 $46,382 $118,196 $79,909 $76,302 — $395,455 REVENUE RECOGNITION FOR TIMBER SALES AND NON-TIMBER INCOME Revenue from the sale of timber is recognized when control passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and a delivered log model. The sales method the Company employs depends upon local market conditions and which method management believes will provide the best overall margins. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and control passes to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale, whereby revenue is recognized using the output method, as periodic physical observations are made of the percentage of acreage harvested. Under the delivered log model, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales (primarily in New Zealand), control is considered passed to the buyer upon delivery onto the export vessel. Non-timber income is primarily comprised of hunting and recreational licenses. Such income and any related cost are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales”, respectively. Payment is generally due upon contract execution. The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Obligation Timing of Revenue Recognition General Payment Terms Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed (point-in-time) Initial payment between Stumpage Lump Sum Right to harvest an agreed upon volume of standing timber Contract execution (point-in-time) Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon acreage of standing timber As timber is severed (over-time) Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility (point-in-time) No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel (point-in-time) Letter of credit from an approved bank; collection generally within 30 days of delivery The following table presents our timber sales disaggregated by contract type for the three and six months ended June 30, 2018 and 2017 : Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total June 30, 2018 Stumpage Pay-as-Cut $19,855 — — — $19,855 Stumpage Lump Sum 256 4,605 — — 4,861 Stumpage Agreed Volume — — — — — Total Stumpage 20,111 4,605 — — 24,716 Delivered Wood (Domestic) 15,166 26,674 25,647 1,567 69,054 Delivered Wood (Export) 2,013 — 43,360 44,399 89,772 Total Delivered 17,179 26,674 69,007 45,966 158,826 Total Timber Sales $37,290 $31,279 $69,007 $45,966 $183,542 June 30, 2017 Stumpage Pay-as-Cut $18,249 — — — $18,249 Stumpage Lump Sum 2,247 — — — 2,247 Stumpage Agreed Volume — 54 — — 54 Total Stumpage 20,496 54 — — 20,550 Delivered Wood (Domestic) 10,281 19,397 20,598 1,317 51,593 Delivered Wood (Export) — — 32,255 40,390 72,645 Total Delivered 10,281 19,397 52,853 41,707 124,238 Total Timber Sales $30,777 $19,451 $52,853 $41,707 $144,788 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total June 30, 2018 Stumpage Pay-as-Cut $42,364 — — — $42,364 Stumpage Lump Sum 2,074 9,711 — — 11,785 Stumpage Agreed Volume — — — — — Total Stumpage 44,438 9,711 — — 54,149 Delivered Wood (Domestic) 28,543 52,054 45,750 2,504 128,851 Delivered Wood (Export) 2,447 — 73,846 82,545 158,838 Total Delivered 30,990 52,054 119,596 85,049 287,689 Total Timber Sales $75,428 $61,765 $119,596 $85,049 $341,838 June 30, 2017 Stumpage Pay-as-Cut $38,352 — — — $38,352 Stumpage Lump Sum 5,043 2,580 — — 7,623 Stumpage Agreed Volume — 1,234 — — 1,234 Total Stumpage 43,395 3,814 — — 47,209 Delivered Wood (Domestic) 20,097 40,429 39,443 2,324 102,293 Delivered Wood (Export) — — 54,150 73,360 127,510 Total Delivered 20,097 40,429 93,593 75,684 229,803 Total Timber Sales $63,492 $44,243 $93,593 $75,684 $277,012 REVENUE RECOGNITION FOR REAL ESTATE SALES The Company recognizes revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed, and control has passed to the buyer. A deposit of 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of real estate containing future performance obligations, revenue is recognized using the input method based on costs incurred to date relative to the total costs expected to fulfill the performance obligations in the contract with the customer. REVENUE RECOGNITION FOR LOG TRADING Log trading revenue is generally recognized when procured logs are delivered to the buyer and control has passed. For domestic log trading, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log trading, control is considered passed to the buyer upon delivery onto the export vessel. The Trading segment also includes sales from log agency contracts, whereby the Company acts as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs. Contract Balances The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when the Company has an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. The following tables summarizes revenue recognized during the three and six months ended June 30, 2018 and 2017 that was included in the contract liability balance at the beginning of each year: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue recognized from contract liability balance at the beginning of the year (a) $5,429 $3,809 $11,800 $8,592 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.

JOINT VENTURE INVESTMENT

JOINT VENTURE INVESTMENT	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
JOINT VENTURE INVESTMENT	JOINT VENTURE INVESTMENT MATARIKI FORESTRY GROUP The Company maintains a controlling financial interest in Matariki Forestry Group (the “New Zealand JV”), a joint venture that owns or leases approximately 411,000 legal acres of New Zealand timberland. Accordingly, the Company 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 Changes in Shareholders’ Equity. Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the New Zealand JV.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	6 Months Ended
	Jun. 30, 2018
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 is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest expense, interest and other miscellaneous income and income tax expense, 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 six months ended June 30, 2018 and 2017 : Three Months Ended June 30, Six Months Ended June 30, SALES 2018 2017 2018 2017 Southern Timber $48,047 $35,528 $91,635 $74,666 Pacific Northwest Timber 32,213 20,457 63,587 46,382 New Zealand Timber 69,653 77,322 122,617 118,196 Real Estate (a) 49,860 25,620 85,924 79,909 Trading 46,162 42,037 85,373 76,302 Intersegment Eliminations (29 ) — (35 ) — Total $245,906 $200,964 $449,101 $395,455 (a) The six months ended June 30, 2017 includes $42.0 million of Large Dispositions. Three Months Ended June 30, Six Months Ended June 30, OPERATING INCOME (LOSS) 2018 2017 2018 2017 Southern Timber $15,651 $9,655 $27,878 $23,594 Pacific Northwest Timber 5,625 (1,535 ) 10,299 (2,413 ) New Zealand Timber 17,768 26,804 33,725 37,046 Real Estate (a) 18,864 16,133 46,918 45,798 Trading 227 1,141 376 2,239 Corporate and other (6,490 ) (5,305 ) (10,476 ) (10,110 ) Total Operating Income 51,645 46,893 108,720 96,154 Unallocated interest expense and other (5,197 ) (8,627 ) (12,630 ) (16,524 ) Total Income before Income Taxes $46,448 $38,266 $96,090 $79,630 (a) The six months ended June 30, 2017 includes $28.2 million of Large Dispositions. Three Months Ended June 30, Six Months Ended June 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2018 2017 2018 2017 Southern Timber $14,940 $11,904 $30,919 $24,356 Pacific Northwest Timber 9,381 7,075 18,885 17,285 New Zealand Timber (a) 8,026 15,456 13,743 20,863 Real Estate (b) 13,739 2,596 16,805 13,303 Trading — — — — Corporate and other 297 92 568 192 Total $46,383 $37,123 $80,920 $75,999 (a) The three and six months ended June 30, 2017 includes $8.9 million of timber cost basis expensed in conjunction with a timberland sale. (b) The six months ended June 30, 2017 includes $8.1 million from Large Dispositions. NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Southern Timber — — — — Pacific Northwest Timber — — — — New Zealand Timber — 128 — 128 Real Estate (a) 13,312 2,752 14,936 12,974 Trading — — — — Total $13,312 $2,880 $14,936 $13,102 (a) The six months ended June 30, 2017 includes $5.7 million from Large Dispositions.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
DEBT	DEBT Rayonier’s debt consisted of the following at June 30, 2018 : June 30, 2018 Term Credit Agreement borrowings due 2024 at a variable interest rate of 3.6% at June 30, 2018 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 3.9% at June 30, 2018 (b) 300,000 Total debt 975,000 Less: Deferred financing costs (2,715 ) Long-term debt, net of deferred financing costs $972,285 (a) As of June 30, 2018, the periodic interest rate on the term loan facility was LIBOR plus 1.625% . The Company estimates the effective fixed interest rate on the term loan facility to be approximately 3.3% after consideration of interest rate swaps and estimated patronage refunds. (b) As of June 30, 2018, the periodic interest rate on the incremental term loan was LIBOR plus 1.900% . The Company estimates the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds. Principal payments due during the next five years and thereafter are as follows: 2018 — 2019 — 2020 — 2021 — 2022 325,000 Thereafter 650,000 Total Debt $975,000 2018 DEBT ACTIVITY During the six months ended June 30, 2018, the Company made a repayment of $50.0 million on the Revolving Credit Facility. As of June 30, 2018 , the Company had available borrowings of $189.6 million under the Revolving Credit Facility, net of $10.4 million to secure its outstanding letters of credit. In addition, the New Zealand JV made borrowings and repayments of $1.0 million on its working capital facility. As of June 30, 2018 , draws totaling NZ $40.0 million remain available on the working capital facility. The New Zealand JV also fully repaid its shareholder loan held by the noncontrolling interest party during the six months ended June 30, 2018 . DEBT COVENANTS In connection with the Company’s $350 million term credit agreement (the “Term Credit Agreement”), $300 million incremental term loan agreement (the “Incremental Term Loan Agreement”) and $200 million revolving credit facility (the “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 listed above, the Senior Notes, Term Credit Agreement, Incremental Term Loan Agreement and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At June 30, 2018 , the Company was in compliance with all applicable covenants.

HIGHER AND BETTER USE TIMBERLAN

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	6 Months Ended
	Jun. 30, 2018
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 investments from December 31, 2017 to June 30, 2018 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, 2017 $59,653 $21,144 $80,797 Plus: Current portion (a) 6,702 11,648 18,350 Total Balance at December 31, 2017 66,355 32,792 99,147 Non-cash cost of land and improved development (1,034 ) (1,853 ) (2,887 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (929 ) — (929 ) Capitalized real estate development investments (b) — 4,500 4,500 Capital expenditures (silviculture) 47 — 47 Intersegment transfers 1,325 — 1,325 Total Balance at June 30, 2018 65,764 35,439 101,203 Less: Current portion (a) (4,241 ) (10,007 ) (14,248 ) Non-current portion at June 30, 2018 $61,523 $25,432 $86,955 (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 include $0.3 million of capitalized interest.

COMMITMENTS

COMMITMENTS	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS The Company leases certain buildings, machinery, and equipment under various operating leases. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. At June 30, 2018 , the future minimum payments under non-cancellable operating leases, timberland leases and other commitments were as follows: Operating Leases Timberland Leases (a) Commitments (b) Total Remaining 2018 $590 $5,689 $7,641 $13,920 2019 1,032 8,873 5,121 15,026 2020 850 8,495 3,403 12,748 2021 736 8,497 1,573 10,806 2022 705 8,260 956 9,921 Thereafter (c) 708 147,321 1,510 149,539 $4,621 $187,135 $20,204 $211,960 (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 $ 1.7 million of pension contribution requirements remaining in 2018 based on actuarially determined estimates and IRS minimum funding requirements, payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), construction of the Company’s Wildlight development project and other purchase obligations. For additional information on the pension contribution see Note 15 — Employee Benefit Plans in the 2017 Form 10-K. (c) Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35 -year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one -year term. As of June 30, 2018 , the New Zealand JV has three CFL’s under termination notice that are currently being relinquished as harvest activities are concluding, as well as two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
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, entitlement and development of HBU properties. For the three and six months ended June 30, 2018 , the Company recorded income tax expense of $7.1 million and $14.0 million , respectively. For the three and six months ended June 30, 2017 , the Company recorded income tax expense of $7.5 million and $13.8 million , respectively. PROVISION FOR INCOME TAXES The Company’s effective tax rate is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The Company’s annualized effective tax rate (“AETR”) as of June 30, 2018 and June 30, 2017 was 14.5% and 17.3% , respectively. The increase in income tax expense and the decrease in AETR for the three and six months ended June 30, 2018 is principally related to the New Zealand JV. In accordance with GAAP, the Company recognizes the impact of a tax position if a position is “more-likely-than-not” to prevail. For the six months ended June 30, 2018 , there were no material changes in uncertain tax positions. U.S. TAX REFORM The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017 making significant changes to the Internal Revenue Code. Changes include a permanent reduction in the U.S. statutory corporate income tax rate from 35% to 21% beginning January 1, 2018 and a one-time transition tax on the deemed repatriation of deferred foreign earnings in 2017. The SEC issued Staff Accounting Bulletin 118 (“SAB 118”), which provides additional clarification regarding the application of ASC Topic 740 when registrants do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Act for the reporting period in which the Act was enacted. SAB 118 provides a measurement period beginning in the reporting period that includes the Act’s enactment date and ending when the registrant has obtained, prepared, and analyzed the information needed in order to complete the accounting requirements, but in no circumstances should the measurement period extend beyond one year from the enactment date. The Company has not completed its assessment of the accounting implications of the Act. However, the Company reasonably calculated an estimate of the impact of the Act in the 2017 year end income tax provision and recorded $0.1 million of additional income tax expense as of December 31, 2017. This amount was offset by the Alternative Minimum Tax credit benefit, resulting in a zero net effect to income tax expense. This provisional amount is related to the one-time transition tax on the deemed repatriation of deferred foreign earnings as of December 31, 2017. The remeasurement of certain deferred tax assets and liabilities resulting from the permanent reduction in the U.S. statutory corporate tax rate resulted in a provisional amount of zero as the change in rate was offset by a change in the valuation allowance. As the Company completes its analysis of the Act, it may make adjustments to the provisional amounts. No adjustments have been made to the provisional amounts as of the six months ended June 30, 2018. However, any subsequent adjustments to these amounts will be recorded to current tax expense in the quarter the analysis is complete. The Act subjects a U.S. shareholder to current tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries effective January 1, 2018. For the current year, the Company’s REIT entity has a GILTI income inclusion of $1.7 million . The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Due to the Company’s REIT status and the corresponding distribution requirement, the Company has neither a deferred tax related to GILTI nor any current tax expense.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2018
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 and June 30, 2014, (the “November 2014 Announcement”), 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 (the “Derivative Claims”). 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. Following the Company’s receipt of the Derivative Claims, it entered into a series of tolling agreements with the shareholders from whom it received demands (the “Demand Shareholders”). The last of these tolling agreements ended in March of 2017. On October 13, 2017, one of the Demand Shareholders filed an action in the United States District Court for the Middle District of Florida, currently styled Molloy v. Boynton, et al., Civil Action No. 3:17-cv-01157-TJC-MCR (the “Derivative Lawsuit”). The complaint alleges breaches of fiduciary duties and unjust enrichment and names as defendants former officers, Paul G. Boynton, Hans E. Vanden Noort and N. Lynn Wilson, and former directors, C. David Brown, II, Mark E. Gaumond, James H. Miller, Thomas I. Morgan and Ronald Townsend (the former officers and directors named as defendants are collectively the “Individual Defendants”). In November 2017, the parties reached an agreement to resolve all claims brought in the Derivative Lawsuit and agreed to negotiate in good faith regarding the amount of attorneys’ fees and expenses to be paid to the Demand Shareholders’ counsel, subject to court approval. The parties executed a term sheet on November 27, 2017, and agreed to schedule a mediation regarding the amount of attorneys’ fees and expenses. On November 30, 2017, Rayonier and certain of the Individual Defendants who had been served with the complaint filed an unopposed Motion to Stay or, in the Alternative, to Extend Time to Respond to the Complaint in order to allow the parties time to attempt to resolve the Derivative Lawsuit without further litigation. On December 6, 2017, the Court entered an order staying the case, directing that the case be administratively closed, and ordering the parties to file a joint status report with the Court not later than March 15, 2018. At December 31, 2017, the case was stayed, some of the Individual Defendants had not yet been served, none of the defendants had filed any responsive pleading or dispositive motion, and the Company could not determine whether there was a likelihood a material loss had been incurred nor could the range of any such loss be estimated. On March 13, 2018, the Demand Shareholders, Rayonier, certain of Rayonier’s directors’ and officers’ insurance carriers, and certain of the Individual Defendants participated in a mediation, at the conclusion of which the parties reached an agreement in principle to settle the case and amended the term sheet to memorialize such agreement. On April 17, 2018, Plaintiff filed with the Court Plaintiff’s Unopposed Motion for Preliminary Approval of Derivative Settlement and Memorandum of Legal Authority in Support (“Motion for Preliminary Approval”). The terms of the proposed settlement (the “Settlement”) are contained in the Stipulation and Agreement of Settlement (the “Stipulation”), which was attached to the Motion for Preliminary Approval and filed with the Court. The Stipulation, executed by all parties, included the material terms of the term sheet. Pursuant to the terms of the Settlement, which is subject to Court approval and objections by shareholders, the Company agreed to certain governance reforms and to cause certain of its directors’ and officers’ liability insurance carriers to fund a settlement payment for the Demand Shareholders’ attorneys’ fees and expenses as well as incentive awards to the Demand Shareholders in the aggregate amount of $1.995 million . The payments agreed to on March 13, 2018, including the realized amount to be funded by the insurance carriers, were reflected in the Company’s Consolidated Financial Statements as of June 30, 2018. 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 large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow.

GUARANTEES

GUARANTEES	6 Months Ended
	Jun. 30, 2018
Guarantees [Abstract]
GUARANTEES	GUARANTEES The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2018 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Carrying Amount of Associated Liability Standby letters of credit (a) $10,353 — Guarantees (b) 2,254 43 Surety bonds (c) 1,284 — Total financial commitments $13,891 $43 (a) Approximately $9.2 million of the irrevocable 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 2018 and 2019 and will be renewed as required. (b) In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2018 , 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 outstanding claims under the Company’s previous workers’ compensation self-insurance programs in Washington and Florida. 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 2018 and 2019 and are expected to be renewed as required.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2018
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net Income $39,338 $30,773 $82,043 $65,856 Less: Net income attributable to noncontrolling interest 3,080 4,612 5,246 5,853 Net income attributable to Rayonier Inc. $36,258 $26,161 $76,797 $60,003 Shares used for determining basic earnings per common share 129,067,325 128,548,218 128,935,003 126,081,762 Dilutive effect of: Stock options 103,154 92,513 90,815 99,602 Performance and restricted shares 540,808 447,448 606,760 337,862 Shares used for determining diluted earnings per common share 129,711,287 129,088,179 129,632,578 126,519,226 Basic earnings per common share attributable to Rayonier Inc.: $0.28 $0.20 $0.60 $0.48 Diluted earnings per common share attributable to Rayonier Inc.: $0.28 $0.20 $0.59 $0.47 Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Anti-dilutive shares excluded from the computations of diluted earnings per share: Stock options 254,663 586,017 213,241 589,335

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 , foreign currency exchange contracts and foreign currency option contracts had maturity dates through December 2019 and March 2019, respectively. 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. Through our ownership in the New Zealand JV, the Company is exposed to foreign currency risk on shareholder distribution payments which are denominated in N.Z. dollars. On behalf of the Company, the New Zealand JV typically hedges 60% to 100% of its estimated foreign currency exposure with respect to the following three months anticipated distributions, up to 75% of anticipated distributions for the forward three to six months and up to 50% of the forward six to 12 months. For the three and six months ended June 30, 2018 , the change in fair value of the foreign exchange forward contracts of $2.5 million and $ 2.6 million , respectively, was recorded in “ Interest and other miscellaneous income, net ” as the contracts did not qualify for hedge accounting treatment. As of June 30, 2018 , foreign exchange forward contracts had maturity dates through December 2018. In March 2018, the Company entered into a foreign currency exchange contract (notional amount of NZ $37 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. This contract hedged the cash portion of the Company’s net investment in New Zealand and qualified as a net investment hedge. The fair value of this contract 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. This hedge 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 hedge 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 hedge. In April 2018, the foreign currency exchange contract matured and the Company repatriated the cash. INTEREST RATE SWAPS 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. The following table contains information on the outstanding interest rate swaps as of June 30, 2018 : Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.63 % 3.83 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.63 % 3.98 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments. The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2018 and 2017 . Three Months Ended June 30, Income Statement Location 2018 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($6,630 ) $3,261 Foreign currency option contracts Other comprehensive (loss) income (539 ) 976 Interest rate swaps Other comprehensive (loss) income 5,690 (5,022 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive (loss) income (454 ) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Interest and other miscellaneous income, net 2,479 (462 ) Six Months Ended June 30, Income Statement Location 2018 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($5,398 ) $3,189 Foreign currency option contracts Other comprehensive (loss) income (359 ) 935 Interest rate swaps Other comprehensive (loss) income 21,287 (2,388 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive (loss) income (344 ) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Interest and other miscellaneous income, net 2,608 (327 ) During the next 12 months, the amount of the June 30, 2018 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a loss of approximately $1.4 million . The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount June 30, 2018 December 31, 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $134,250 $107,400 Foreign currency option contracts 24,000 48,000 Interest rate swaps 650,000 650,000 Derivative not designated as a hedging instrument: Foreign currency exchange contracts 33,870 18,439 The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) June 30, 2018 December 31, 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $5 $2,286 Other assets — 538 Other current liabilities (1,951 ) (37 ) Other non-current liabilities (664 ) — Foreign currency option contracts Other current assets 81 389 Other assets — 137 Other current liabilities (116 ) (119 ) Other non-current liabilities — (55 ) Interest rate swaps Other assets 36,727 17,473 Other non-current liabilities — (2,033 ) Derivative not designated as a hedging instrument: Foreign currency exchange contracts Other current assets 2,492 209 Other current liabilities — (189 ) Total derivative contracts: Other current assets $2,578 $2,884 Other assets 36,727 18,148 Total derivative assets $39,305 $21,032 Other current liabilities (2,067 ) (345 ) Other non-current liabilities (664 ) (2,088 ) Total derivative liabilities ($2,731 ) ($2,433 ) (a) See Note 13 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy. OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 , using market information and what the Company believes to be appropriate valuation methodologies under GAAP: June 30, 2018 December 31, 2017 Asset (Liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $106,611 $106,611 — $112,653 $112,653 — Restricted cash (b) 69,638 69,638 — 59,703 59,703 — Current maturities of long-term debt — — — (3,375 ) — (3,375 ) Long-term debt (c) (972,285 ) — (973,505 ) (1,022,004 ) — (1,030,135 ) Interest rate swaps (d) 36,727 — 36,727 15,440 — 15,440 Foreign currency exchange contracts (d) (118 ) — (118 ) 2,807 — 2,807 Foreign currency option contracts (d) (35 ) — (35 ) 352 — 352 (a) The Company did not have Level 3 assets or liabilities at June 30, 2018 and December 31, 2017 . (b) Restricted cash 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 Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. (d) See Note 12 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of the Company’s derivative financial instruments. Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2018
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. Both plans are closed to new participants. Effective December 31, 2016, the Company froze benefits for all employees participating in the pension plan. In lieu of the pension plan, the Company provides those employees with an enhanced 401(k) plan match. 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. As of June 30, 2018, the Company has paid $1.2 million of the approximately $2.9 million in current year mandatory pension contribution requirements (based on actuarially determined estimates and IRS minimum funding requirements). The net pension and postretirement benefit (credit) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location (a) Pension Postretirement Three Months Ended June 30, Three Months Ended June 30, 2018 2017 2018 2017 Components of Net Periodic Benefit (Credit) Cost Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous income, net 759 815 13 13 Expected return on plan assets (b) Interest and other miscellaneous income, net (984 ) (945 ) — — Amortization of losses Interest and other miscellaneous income, net 178 116 — — Net periodic benefit (credit) cost ($47 ) ($14 ) $15 $15 Components of Net Periodic Benefit (Credit) Cost Income Statement Location (a) Pension Postretirement Six Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Components of Net Periodic Benefit (Credit) Cost Service cost Selling and general expenses — — $3 $3 Interest cost Interest and other miscellaneous income, net 1,510 1,630 25 26 Expected return on plan assets (b) Interest and other miscellaneous income, net (1,968 ) (1,891 ) — — Amortization of losses Interest and other miscellaneous income, net 338 233 1 — Net periodic benefit (credit) cost ($120 ) ($28 ) $29 $29 (a) Due to the adoption of ASU No. 2017-07, the service cost component of net periodic benefit (credit) cost is now recorded to “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income with other compensation costs arising from services rendered by employees during the period. The other components of net periodic benefit (credit) cost (interest cost, expected return on plan assets and amortization of losses) are now recorded to “ Interest and other miscellaneous income, net ” in the Consolidated Statements of Income. Prior period amounts have been reclassified to conform to current period presentation. See Note 1 — Basis of Presentation for additional information. (b) The weighted-average expected long-term rate of return on plan assets used in computing 2018 net periodic benefit cost for pension benefits is 7.2% .

OTHER OPERATING INCOME, NET

OTHER OPERATING INCOME, NET	6 Months Ended
	Jun. 30, 2018
Other Income and Expenses [Abstract]
OTHER OPERATING INCOME, NET	OTHER OPERATING INCOME, NET Other operating income, net comprised the following: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Foreign currency income (expense) $1,267 ($1,470 ) $514 ($1,233 ) Gain (loss) on sale or disposal of property and equipment 12 (7 ) 27 (6 ) Gain on foreign currency exchange and option contracts 386 1,536 1,819 2,264 Log trading marketing fees 62 329 131 508 Income from the sale of unused Internet Protocol addresses — — 646 — Income from New Zealand Timber settlement — — — 420 Miscellaneous (expense) income, net (68 ) 397 (108 ) 20 Total $1,659 $785 $3,029 $1,973

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of June 30, 2018 and December 31, 2017 , Rayonier’s inventory was solely comprised of finished goods, as follows: June 30, 2018 December 31, 2017 Finished goods inventory Real estate inventory (a) $14,248 $18,350 Log inventory 4,877 5,791 Total inventory $19,125 $24,141 (a) Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months. See Note 6 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Jun. 30, 2018
Restricted Cash and Investments [Abstract]
RESTRICTED CASH	RESTRICTED CASH In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of June 30, 2018 and December 31, 2017 , the Company had $69.6 million and $59.7 million , respectively, of proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary as well as cash held in escrow for a real estate sale. The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2018 : June 30, 2018 Restricted cash deposited with LKE intermediary $69,088 Restricted cash held in escrow 550 Total restricted cash shown in the Consolidated Balance Sheets 69,638 Cash and cash equivalents 106,611 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $176,249

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in AOCI by component for the six months ended June 30, 2018 and the year ended December 31, 2017 . All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. Foreign currency translation gains Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2016 $8,559 $1,665 $10,831 ($20,199 ) $856 Other comprehensive income before reclassifications 7,416 — 7,321 (673 ) 14,064 Amounts reclassified from accumulated other comprehensive income — — (1,968 ) 465 (b) (1,503 ) Net other comprehensive income/(loss) 7,416 — 5,353 (208 ) 12,561 Balance as of December 31, 2017 $15,975 $1,665 $16,184 ($20,407 ) $13,417 Other comprehensive (loss)/income before reclassifications (14,907 ) (344 ) 19,106 (a) — 3,855 Amounts reclassified from accumulated other comprehensive income — — (1,009 ) 338 (b) (671 ) Net other comprehensive (loss)/income (14,907 ) (344 ) 18,097 338 3,184 Balance as of June 30, 2018 $1,068 $1,321 $34,281 ($20,069 ) $16,601 (a) Includes $21.3 million of other comprehensive income related to interest rate swaps. 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. The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2018 and June 30, 2017 : Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement June 30, 2018 June 30, 2017 Realized gain on foreign currency exchange contracts ($1,654 ) ($1,730 ) Other operating income, net Realized gain on foreign currency option contracts (165 ) (534 ) Other operating income, net Noncontrolling interest 419 521 Comprehensive (loss) income attributable to noncontrolling interest Income tax expense from gain on foreign currency contracts 391 488 Income tax expense Net gain from accumulated other comprehensive income ($1,009 ) ($1,255 )

CONSOLIDATING FINANCIAL STATEME

CONSOLIDATING FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information 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 INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2018 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $245,906 — $245,906 Costs and Expenses Cost of sales — — 184,418 — 184,418 Selling and general expenses — 5,471 6,031 — 11,502 Other operating expense (income), net — 40 (1,699 ) — (1,659 ) — 5,511 188,750 — 194,261 OPERATING (LOSS) INCOME — (5,511 ) 57,156 — 51,645 Interest expense (3,139 ) (4,900 ) (63 ) — (8,102 ) Interest and miscellaneous income (expense), net 2,734 746 (575 ) — 2,905 Equity in income from subsidiaries 36,663 46,419 — (83,082 ) — INCOME BEFORE INCOME TAXES 36,258 36,754 56,518 (83,082 ) 46,448 Income tax expense — (91 ) (7,019 ) — (7,110 ) NET INCOME 36,258 36,663 49,499 (83,082 ) 39,338 Less: Net income attributable to noncontrolling interest — — 3,080 — 3,080 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 36,258 36,663 46,419 (83,082 ) 36,258 OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax (22,856 ) 341 (30,101 ) 22,856 (29,760 ) Cash flow hedges, net of income tax 1,716 5,690 (5,161 ) (1,716 ) 529 Amortization of pension and postretirement plans, net of income tax 178 178 — (178 ) 178 Total other comprehensive (loss) income (20,962 ) 6,209 (35,262 ) 20,962 (29,053 ) COMPREHENSIVE INCOME 15,296 42,872 14,237 (62,120 ) 10,285 Less: Comprehensive loss attributable to noncontrolling interest — — (5,011 ) — (5,011 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $15,296 $42,872 $19,248 ($62,120 ) $15,296 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2017 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $200,964 — $200,964 Costs and Expenses Cost of sales — — 144,610 — 144,610 Selling and general expenses — 4,248 5,998 — 10,246 Other operating expense (income), net — 20 (805 ) — (785 ) — 4,268 149,803 — 154,071 OPERATING (LOSS) INCOME — (4,268 ) 51,161 — 46,893 Interest expense (3,139 ) (4,883 ) (609 ) — (8,631 ) Interest and miscellaneous income (expense), net 2,345 695 (3,036 ) — 4 Equity in income from subsidiaries 26,955 35,580 — (62,535 ) — INCOME BEFORE INCOME TAXES 26,161 27,124 47,516 (62,535 ) 38,266 Income tax expense — (169 ) (7,324 ) — (7,493 ) NET INCOME 26,161 26,955 40,192 (62,535 ) 30,773 Less: Net income attributable to noncontrolling interest — — 4,612 — 4,612 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 26,161 26,955 35,580 (62,535 ) 26,161 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax 17,199 — 21,484 (17,199 ) 21,484 Cash flow hedges, net of income tax (2,686 ) (5,021 ) 3,033 2,686 (1,988 ) Amortization of pension and postretirement plans, net of income tax 116 116 — (116 ) 116 Total other comprehensive income (loss) 14,629 (4,905 ) 24,517 (14,629 ) 19,612 COMPREHENSIVE INCOME 40,790 22,050 64,709 (77,164 ) 50,385 Less: Comprehensive income attributable to noncontrolling interest — — 9,595 — 9,595 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $40,790 $22,050 $55,114 ($77,164 ) $40,790 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2018 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $449,101 — $449,101 Costs and Expenses Cost of sales — — 322,906 — 322,906 Selling and general expenses — 9,859 10,645 — 20,504 Other operating expense (income), net 12 (595 ) (2,446 ) — (3,029 ) 12 9,264 331,105 — 340,381 OPERATING (LOSS) INCOME (12 ) (9,264 ) 117,996 — 108,720 Interest expense (6,278 ) (9,555 ) (322 ) — (16,155 ) Interest and miscellaneous income (expense), net 5,362 1,511 (3,348 ) — 3,525 Equity in income from subsidiaries 77,725 95,246 — (172,971 ) — INCOME BEFORE INCOME TAXES 76,797 77,938 114,326 (172,971 ) 96,090 Income tax expense — (213 ) (13,834 ) — (14,047 ) NET INCOME 76,797 77,725 100,492 (172,971 ) 82,043 Less: Net income attributable to noncontrolling interest — — 5,246 — 5,246 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 76,797 77,725 95,246 (172,971 ) 76,797 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax (15,252 ) 452 (20,524 ) 15,252 (20,072 ) Cash flow hedges, net of income tax 18,097 21,287 (4,144 ) (18,097 ) 17,143 Amortization of pension and postretirement plans, net of income tax 338 338 — (338 ) 338 Total other comprehensive income (loss) 3,183 22,077 (24,668 ) (3,183 ) (2,591 ) COMPREHENSIVE INCOME 79,980 99,802 75,824 (176,154 ) 79,452 Less: Comprehensive loss attributable to noncontrolling interest — — (528 ) — (528 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $79,980 $99,802 $76,352 ($176,154 ) $79,980 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2017 Rayonier Inc. Subsidiary Guarantors Non- Consolidating Total Consolidated SALES — — $395,455 — $395,455 Costs and Expenses Cost of sales — — 281,438 — 281,438 Selling and general expenses — 7,784 12,052 — 19,836 Other operating expense (income), net — 131 (2,104 ) — (1,973 ) — 7,915 291,386 — 299,301 OPERATING (LOSS) INCOME — (7,915 ) 104,069 — 96,154 Interest expense (6,278 ) (9,741 ) (1,027 ) — (17,046 ) Interest and miscellaneous income (expense), net 4,547 1,383 (5,408 ) — 522 Equity in income from subsidiaries 61,734 78,323 — (140,057 ) — INCOME BEFORE INCOME TAXES 60,003 62,050 97,634 (140,057 ) 79,630 Income tax expense — (316 ) (13,458 ) — (13,774 ) NET INCOME 60,003 61,734 84,176 (140,057 ) 65,856 Less: Net income attributable to noncontrolling interest — — 5,853 — 5,853 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 60,003 61,734 78,323 (140,057 ) 60,003 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax 19,202 — 23,916 (19,202 ) 23,916 Cash flow hedges, net of income tax (115 ) (2,389 ) 2,954 115 565 Amortization of pension and postretirement plans, net of income tax 233 233 — (233 ) 233 Total other comprehensive income (loss) 19,320 (2,156 ) 26,870 (19,320 ) 24,714 COMPREHENSIVE INCOME 79,323 59,578 111,046 (159,377 ) 90,570 Less: Comprehensive income attributable to noncontrolling interest — — 11,247 — 11,247 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $79,323 $59,578 $99,799 ($159,377 ) $79,323 CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2018 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $76,980 $11,964 $17,667 — $106,611 Accounts receivable, less allowance for doubtful accounts 1,995 1,814 50,531 — 54,340 Inventory — — 19,125 — 19,125 Prepaid expenses — 1,924 13,850 — 15,774 Other current assets — 106 2,734 — 2,840 Total current assets 78,975 15,808 103,907 — 198,690 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,406,425 — 2,406,425 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 86,955 — 86,955 NET PROPERTY, PLANT AND EQUIPMENT — 17,459 5,473 — 22,932 RESTRICTED CASH — — 69,638 — 69,638 INVESTMENT IN SUBSIDIARIES 1,516,631 2,757,876 — (4,274,507 ) — INTERCOMPANY RECEIVABLE 37,826 (628,749 ) 590,923 — — OTHER ASSETS 3 32,274 34,145 — 66,422 TOTAL ASSETS $1,633,435 $2,194,668 $3,297,466 ($4,274,507 ) $2,851,062 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $3,980 $23,712 — $27,692 Accrued taxes — 8 5,291 — 5,299 Accrued payroll and benefits — 3,864 2,826 — 6,690 Accrued interest 3,047 1,948 — — 4,995 Deferred revenue — — 17,674 — 17,674 Other current liabilities 1,995 593 18,950 — 21,538 Total current liabilities 5,042 10,393 68,453 — 83,888 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 323,618 648,667 — — 972,285 PENSION AND OTHER POSTRETIREMENT BENEFITS — 30,914 (684 ) — 30,230 OTHER NON-CURRENT LIABILITIES — 7,025 44,757 — 51,782 INTERCOMPANY PAYABLE (308,714 ) (18,962 ) 327,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,613,489 1,516,631 2,757,876 (4,274,507 ) 1,613,489 Noncontrolling interest — — 99,388 — 99,388 TOTAL SHAREHOLDERS’ EQUITY 1,613,489 1,516,631 2,857,264 (4,274,507 ) 1,712,877 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,633,435 $2,194,668 $3,297,466 ($4,274,507 ) $2,851,062 CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2017 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $48,564 $25,042 $39,047 — $112,653 Accounts receivable, less allowance for doubtful accounts — 3,726 23,967 — 27,693 Inventory — — 24,141 — 24,141 Prepaid expenses — 759 15,234 — 15,993 Other current assets — 14 3,033 — 3,047 Total current assets 48,564 29,541 105,422 — 183,527 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,462,066 — 2,462,066 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 80,797 — 80,797 NET PROPERTY, PLANT AND EQUIPMENT — 21 23,357 — 23,378 RESTRICTED CASH — — 59,703 — 59,703 INVESTMENT IN SUBSIDIARIES 1,531,156 2,814,408 — (4,345,564 ) — INTERCOMPANY RECEIVABLE 40,067 (628,167 ) 588,100 — — OTHER ASSETS 2 12,680 36,328 — 49,010 TOTAL ASSETS $1,619,789 $2,228,483 $3,355,773 ($4,345,564 ) $2,858,481 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,838 $22,310 — $25,148 Current maturities of long-term debt — — 3,375 — 3,375 Accrued taxes — 48 3,733 — 3,781 Accrued payroll and benefits — 5,298 4,364 — 9,662 Accrued interest 3,047 1,995 12 — 5,054 Deferred revenue — — 9,721 — 9,721 Other current liabilities — 564 11,243 — 11,807 Total current liabilities 3,047 10,743 54,758 — 68,548 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 323,434 663,570 35,000 — 1,022,004 PENSION AND OTHER POSTRETIREMENT BENEFITS — 32,589 (684 ) — 31,905 OTHER NON-CURRENT LIABILITIES — 9,386 33,698 — 43,084 INTERCOMPANY PAYABLE (299,715 ) (18,961 ) 318,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,593,023 1,531,156 2,814,408 (4,345,564 ) 1,593,023 Noncontrolling interest — — 99,917 — 99,917 TOTAL SHAREHOLDERS’ EQUITY 1,593,023 1,531,156 2,914,325 (4,345,564 ) 1,692,940 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,619,789 $2,228,483 $3,355,773 ($4,345,564 ) $2,858,481 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2018 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($7,491 ) $57,280 $131,794 — $181,583 INVESTING ACTIVITIES Capital expenditures — (58 ) (25,862 ) — (25,920 ) Real estate development investments — — (4,501 ) — (4,501 ) Purchase of timberlands — — (31,234 ) — (31,234 ) Investment in subsidiaries — 40,441 — (40,441 ) — Other — — 113 — 113 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 40,383 (61,484 ) (40,441 ) (61,542 ) FINANCING ACTIVITIES Issuance of debt — — 1,014 — 1,014 Repayment of debt — (50,000 ) (4,389 ) — (54,389 ) Dividends paid (67,053 ) — — — (67,053 ) Proceeds from the issuance of common shares under incentive stock plan 7,824 — — — 7,824 Repurchase of common shares (2,966 ) — — — (2,966 ) Issuance of intercompany notes (9,000 ) — 9,000 — — Intercompany distributions 107,102 (60,741 ) (86,802 ) 40,441 — CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 35,907 (110,741 ) (81,177 ) 40,441 (115,570 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (578 ) — (578 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash 28,416 (13,078 ) (11,445 ) — 3,893 Balance, beginning of year 48,564 25,042 98,750 — 172,356 Balance, end of period $76,980 $11,964 $87,305 — $176,249 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2017 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($7,648 ) $59,557 $76,406 — $128,315 INVESTING ACTIVITIES Capital expenditures — — (29,840 ) — (29,840 ) Real estate development investments — — (5,599 ) — (5,599 ) Purchase of timberlands — — (237,235 ) — (237,235 ) Net proceeds from large disposition — — 42,029 — 42,029 Rayonier office building under construction — — (5,573 ) — (5,573 ) Investment in subsidiaries — 6,932 — (6,932 ) — Other — — 1,033 — 1,033 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 6,932 (235,185 ) (6,932 ) (235,185 ) FINANCING ACTIVITIES Issuance of debt — 25,000 38,389 — 63,389 Repayment of debt — (15,000 ) (45,422 ) — (60,422 ) Dividends paid (62,825 ) — — — (62,825 ) Proceeds from the issuance of common shares under incentive stock plan 3,206 — — — 3,206 Proceeds from the issuance of common shares from equity offering, net of costs 152,390 — — — 152,390 Issuance of intercompany notes — — — — — Intercompany distributions (25,419 ) (73,365 ) 91,852 6,932 — CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 67,352 (63,365 ) 84,819 6,932 95,738 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 1,855 — 1,855 CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash 59,704 3,124 (72,105 ) — (9,277 ) Balance, beginning of year 21,453 9,461 126,703 — 157,617 Balance, end of period $81,157 $12,585 $54,598 — $148,340

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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”). The year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any 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, 2017 , as filed with the SEC (the “2017 Form 10-K”).
Recently Adopted Standards	RECENTLY ADOPTED STANDARDS The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers ( Topic 606 ), on January 1, 2018. The Company elected to use the modified retrospective method to contracts that were not completed at the date of adoption. The Company also elected not to retrospectively restate contracts modified prior to January 1, 2018. A cumulative effect of adoption adjustment to the opening balance of retained earnings was not recorded as there was no accounting impact to any contracts with customers not completed at the date of adoption. See Note 2 — Revenue for additional information. In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires that an employer report the service cost component of net periodic benefit cost in the Consolidated Statements of Income in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU No. 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, and is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier adopted ASU No. 2017-07 during the first quarter ended March 31, 2018 and applied the update retrospectively to all periods presented. See Note 14 — Employee Benefit Plans for the components of net periodic benefit cost and the location of these items in the Consolidated Statements of Income and Comprehensive Income. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-18 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier adopted ASU No. 2016-18 in the first quarter ended March 31, 2018 and applied the update retrospectively to all periods presented. Restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown on the Consolidated Statements of Cash Flows and therefore changes in restricted cash are no longer reported as cash flow activities. See Note 17 — Restricted Cash for additional information, including the nature of restrictions on the Company’s cash, cash equivalents, and restricted cash. Rayonier adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments in the first quarter ended March 31, 2018 with no material impact on the consolidated financial statements.
New Accounting Standards	NEW ACCOUNTING STANDARDS In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which currently 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. In January 2018, the FASB issued ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. This update provides an optional transition practical expedient not to evaluate under ASU No. 2016-02 existing or expired land easements that were not previously accounted for as leases under the current leases guidance. An entity that elects this practical expedient should evaluate new or modified land easements under ASU No. 2016-02, once adopted. An entity that does not elect this practical expedient should evaluate all existing or expired land easements in connection with the adoption of ASU No. 2016-02 to assess whether they meet the definition of a lease. This standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and is required to be applied on a modified retrospective basis beginning at the earliest period presented. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , which will make more financial and non-financial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU No. 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted and the amended presentation and disclosure guidance is required to be applied on a prospective basis. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02 , Income Statement—Reporting Compr ehensive Income ( Topic 220 ) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this update also require certain disclosures about stranded tax effects. ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. ASU No. 2018-02 is required to be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. Early adoption is permitted in any interim period for which financial statements have not yet been issued. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-03 , Technical Corrections and Improvements to Financial Instruments —Overall (Subtopic 825-10), to clarify certain provisions of ASU No. 2016-01 and amend other provisions. ASU No. 2018-03 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Early adoption is permitted for entities that have adopted ASU 2016-01. The Company anticipates the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements.
Subsequent Events	SUBSEQUENT EVENTS The Company has evaluated events occurring from June 30, 2018 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
Revenue Recognition	REVENUE RECOGNITION The Company recognizes revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected to be entitled to in exchange for those goods or services (“transaction price”). The Company generally satisfies performance obligations within a year of entering into a contract and therefore has applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of June 30, 2018 are primarily due to advances on stumpage contracts and unearned license revenue. These performance obligations are expected to be satisfied within the next twelve months. The Company generally collects payment within a year of satisfying performance obligations and therefore has elected not to adjust revenues for a financing component.
Revenue Recognition for Timber Sales and Non-Timber Income	REVENUE RECOGNITION FOR TIMBER SALES AND NON-TIMBER INCOME Revenue from the sale of timber is recognized when control passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and a delivered log model. The sales method the Company employs depends upon local market conditions and which method management believes will provide the best overall margins. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and control passes to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and control passes to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale, whereby revenue is recognized using the output method, as periodic physical observations are made of the percentage of acreage harvested. Under the delivered log model, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales (primarily in New Zealand), control is considered passed to the buyer upon delivery onto the export vessel. Non-timber income is primarily comprised of hunting and recreational licenses. Such income and any related cost are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales”, respectively. Payment is generally due upon contract execution. The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Obligation Timing of Revenue Recognition General Payment Terms Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed (point-in-time) Initial payment between Stumpage Lump Sum Right to harvest an agreed upon volume of standing timber Contract execution (point-in-time) Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon acreage of standing timber As timber is severed (over-time) Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility (point-in-time) No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel (point-in-time) Letter of credit from an approved bank; collection generally within 30 days of delivery
Revenue Recognition for Real Estate Sales	COST OF SALES Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by the Company. As allowed under GAAP, the Company expenses closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year. When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale. REVENUE RECOGNITION FOR REAL ESTATE SALES The Company recognizes revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed, and control has passed to the buyer. A deposit of 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of real estate containing future performance obligations, revenue is recognized using the input method based on costs incurred to date relative to the total costs expected to fulfill the performance obligations in the contract with the customer.
Revenue Recognition for Log Trading	REVENUE RECOGNITION FOR LOG TRADING Log trading revenue is generally recognized when procured logs are delivered to the buyer and control has passed. For domestic log trading, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log trading, control is considered passed to the buyer upon delivery onto the export vessel. The Trading segment also includes sales from log agency contracts, whereby the Company acts as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs.
Segment Reporting	Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the Company does not produce asset information by segment internally. Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest expense, interest and other miscellaneous income and income tax expense, 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.
Offsetting Derivatives	OFFSETTING DERIVATIVES Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.
Fair Value of Financial Instruments	The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. 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, Subsidiaries or Other Investments, Consolidated Entities	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.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue by Product	The following table presents our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2018 and 2017 : Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2018 Pulpwood $20,300 $4,625 $7,788 — $3,804 — $36,517 Sawtimber 15,776 26,654 61,219 — 42,162 — 145,811 Hardwood 1,214 — — — — — 1,214 Total Timber Sales 37,290 31,279 69,007 — 45,966 — 183,542 License Revenue, Primarily From Hunting 3,936 103 142 — — — 4,181 Other Non-Timber/Carbon Revenue 6,589 749 504 — — — 7,842 Agency Fee Income — — — — 167 — 167 Total Non-Timber Sales 10,525 852 646 — 167 — 12,190 Improved Development — — — 1,345 — — 1,345 Unimproved Development — — — — — — — Rural — — — 4,827 — — 4,827 Non-strategic / Timberlands — — — 43,688 — — 43,688 Large Dispositions — — — — — — — Total Real Estate Sales — — — 49,860 — — 49,860 Revenue from Contracts with Customers 47,815 32,131 69,653 49,860 46,133 — 245,592 Other Non-Timber Sales, Primarily Lease 232 82 — — — — 314 Intersegment — — — — 29 (29 ) — Total Revenue $48,047 $32,213 $69,653 $49,860 $46,162 ($29 ) $245,906 June 30, 2017 Pulpwood $15,170 $2,803 $6,450 — $3,711 — $28,134 Sawtimber 14,580 16,648 46,403 — 37,996 — 115,627 Hardwood 1,027 — — — — — 1,027 Total Timber Sales 30,777 19,451 52,853 — 41,707 — 144,788 License Revenue, Primarily from Hunting 3,808 93 72 — — — 3,973 Other Non-Timber Revenue 753 858 86 — — — 1,697 Agency Fee Income — — — — 330 — 330 Total Non-Timber Sales 4,561 951 158 — 330 — 6,000 Improved Development — — — 143 — — 143 Unimproved Development — — — 2,500 — — 2,500 Rural — — — 5,493 — — 5,493 Non-strategic / Timberlands — — 24,311 17,484 — — 41,795 Large Dispositions — — — — — — — Total Real Estate Sales — — 24,311 25,620 — — 49,931 Revenue from Contracts with Customers 35,338 20,402 77,322 25,620 42,037 — 200,719 Other Non-Timber Sales, Primarily Lease 190 55 — — — — 245 Total Revenue $35,528 $20,457 $77,322 $25,620 $42,037 — $200,964 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Real Estate Trading Elim. Total June 30, 2018 Pulpwood $41,904 $8,044 $13,632 — $8,062 — $71,642 Sawtimber 31,713 53,721 105,964 — 76,987 — 268,385 Hardwood 1,811 — — — — — 1,811 Total Timber Sales 75,428 61,765 119,596 — 85,049 — 341,838 License Revenue, Primarily From Hunting 8,024 128 194 — — — 8,346 Other Non-Timber/Carbon Revenue 7,781 1,554 2,827 — — — 12,162 Agency Fee Income — — — — 289 — 289 Total Non-Timber Sales 15,805 1,682 3,021 — 289 — 20,797 Improved Development — — — 2,465 — — 2,465 Unimproved Development — — — 7,446 — — 7,446 Rural — — — 6,480 — — 6,480 Non-strategic / Timberlands — — — 69,533 — — 69,533 Large Dispositions — — — — — — — Total Real Estate Sales — — — 85,924 — — 85,924 Revenue from Contracts with Customers 91,233 63,447 122,617 85,924 85,338 — 448,559 Other Non-Timber Sales, Primarily Lease 402 140 — — — — 542 Intersegment — — — — 35 (35 ) — Total Revenue $91,635 $63,587 $122,617 $85,924 $85,373 ($35 ) $449,101 June 30, 2017 Pulpwood $34,146 $6,162 $11,611 — $6,547 — $58,466 Sawtimber 27,603 38,081 81,982 — 69,137 — 216,803 Hardwood 1,743 — — — — — 1,743 Total Timber Sales 63,492 44,243 93,593 — 75,684 — 277,012 License Revenue, Primarily from Hunting 7,638 190 119 — — — 7,947 Other Non-Timber Revenue 3,142 1,804 173 — — — 5,119 Agency Fee Income — — — — 618 — 618 Total Non-Timber Sales 10,780 1,994 292 — 618 — 13,684 Improved Development — — — 143 — — 143 Unimproved Development — — — 2,500 — — 2,500 Rural — — — 12,232 — — 12,232 Non-strategic / Timberlands — — 24,311 23,083 — — 47,394 Large Dispositions — — — 41,951 — — 41,951 Total Real Estate Sales — — 24,311 79,909 — — 104,220 Revenue from Contracts with Customers 74,272 46,237 118,196 79,909 76,302 — 394,916 Other Non-Timber Sales, Primarily Lease 394 145 — — — — 539 Total Revenue $74,666 $46,382 $118,196 $79,909 $76,302 — $395,455 The following table presents our timber sales disaggregated by contract type for the three and six months ended June 30, 2018 and 2017 : Three Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total June 30, 2018 Stumpage Pay-as-Cut $19,855 — — — $19,855 Stumpage Lump Sum 256 4,605 — — 4,861 Stumpage Agreed Volume — — — — — Total Stumpage 20,111 4,605 — — 24,716 Delivered Wood (Domestic) 15,166 26,674 25,647 1,567 69,054 Delivered Wood (Export) 2,013 — 43,360 44,399 89,772 Total Delivered 17,179 26,674 69,007 45,966 158,826 Total Timber Sales $37,290 $31,279 $69,007 $45,966 $183,542 June 30, 2017 Stumpage Pay-as-Cut $18,249 — — — $18,249 Stumpage Lump Sum 2,247 — — — 2,247 Stumpage Agreed Volume — 54 — — 54 Total Stumpage 20,496 54 — — 20,550 Delivered Wood (Domestic) 10,281 19,397 20,598 1,317 51,593 Delivered Wood (Export) — — 32,255 40,390 72,645 Total Delivered 10,281 19,397 52,853 41,707 124,238 Total Timber Sales $30,777 $19,451 $52,853 $41,707 $144,788 Six Months Ended Southern Timber Pacific Northwest Timber New Zealand Timber Trading Total June 30, 2018 Stumpage Pay-as-Cut $42,364 — — — $42,364 Stumpage Lump Sum 2,074 9,711 — — 11,785 Stumpage Agreed Volume — — — — — Total Stumpage 44,438 9,711 — — 54,149 Delivered Wood (Domestic) 28,543 52,054 45,750 2,504 128,851 Delivered Wood (Export) 2,447 — 73,846 82,545 158,838 Total Delivered 30,990 52,054 119,596 85,049 287,689 Total Timber Sales $75,428 $61,765 $119,596 $85,049 $341,838 June 30, 2017 Stumpage Pay-as-Cut $38,352 — — — $38,352 Stumpage Lump Sum 5,043 2,580 — — 7,623 Stumpage Agreed Volume — 1,234 — — 1,234 Total Stumpage 43,395 3,814 — — 47,209 Delivered Wood (Domestic) 20,097 40,429 39,443 2,324 102,293 Delivered Wood (Export) — — 54,150 73,360 127,510 Total Delivered 20,097 40,429 93,593 75,684 229,803 Total Timber Sales $63,492 $44,243 $93,593 $75,684 $277,012
Revenue Performance Obligation, Expected Timing of Satisfaction	The following table summarizes revenue recognition and general payment terms for timber sales: Contract Type Performance Obligation Timing of Revenue Recognition General Payment Terms Stumpage Pay-as-Cut Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber As timber is severed (point-in-time) Initial payment between Stumpage Lump Sum Right to harvest an agreed upon volume of standing timber Contract execution (point-in-time) Full payment due upon contract execution Stumpage Agreed Volume Right to harvest an agreed upon acreage of standing timber As timber is severed (over-time) Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed Delivered Wood (Domestic) Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility Upon delivery to customer’s facility (point-in-time) No initial payment and on open credit terms; collection generally within 30 days of invoice Delivered Wood (Export) Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel Upon delivery onto export vessel (point-in-time) Letter of credit from an approved bank; collection generally within 30 days of delivery
Contract with Customer, Liabilities	The following tables summarizes revenue recognized during the three and six months ended June 30, 2018 and 2017 that was included in the contract liability balance at the beginning of each year: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenue recognized from contract liability balance at the beginning of the year (a) $5,429 $3,809 $11,800 $8,592 (a) Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.

SEGMENT AND GEOGRAPHICAL INFO31

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables summarize the segment information for the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, Six Months Ended June 30, SALES 2018 2017 2018 2017 Southern Timber $48,047 $35,528 $91,635 $74,666 Pacific Northwest Timber 32,213 20,457 63,587 46,382 New Zealand Timber 69,653 77,322 122,617 118,196 Real Estate (a) 49,860 25,620 85,924 79,909 Trading 46,162 42,037 85,373 76,302 Intersegment Eliminations (29 ) — (35 ) — Total $245,906 $200,964 $449,101 $395,455 (a) The six months ended June 30, 2017 includes $42.0 million of Large Dispositions. Three Months Ended June 30, Six Months Ended June 30, OPERATING INCOME (LOSS) 2018 2017 2018 2017 Southern Timber $15,651 $9,655 $27,878 $23,594 Pacific Northwest Timber 5,625 (1,535 ) 10,299 (2,413 ) New Zealand Timber 17,768 26,804 33,725 37,046 Real Estate (a) 18,864 16,133 46,918 45,798 Trading 227 1,141 376 2,239 Corporate and other (6,490 ) (5,305 ) (10,476 ) (10,110 ) Total Operating Income 51,645 46,893 108,720 96,154 Unallocated interest expense and other (5,197 ) (8,627 ) (12,630 ) (16,524 ) Total Income before Income Taxes $46,448 $38,266 $96,090 $79,630 (a) The six months ended June 30, 2017 includes $28.2 million of Large Dispositions. Three Months Ended June 30, Six Months Ended June 30, DEPRECIATION, DEPLETION AND AMORTIZATION 2018 2017 2018 2017 Southern Timber $14,940 $11,904 $30,919 $24,356 Pacific Northwest Timber 9,381 7,075 18,885 17,285 New Zealand Timber (a) 8,026 15,456 13,743 20,863 Real Estate (b) 13,739 2,596 16,805 13,303 Trading — — — — Corporate and other 297 92 568 192 Total $46,383 $37,123 $80,920 $75,999 (a) The three and six months ended June 30, 2017 includes $8.9 million of timber cost basis expensed in conjunction with a timberland sale. (b) The six months ended June 30, 2017 includes $8.1 million from Large Dispositions. NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Southern Timber — — — — Pacific Northwest Timber — — — — New Zealand Timber — 128 — 128 Real Estate (a) 13,312 2,752 14,936 12,974 Trading — — — — Total $13,312 $2,880 $14,936 $13,102 (a) The six months ended June 30, 2017 includes $5.7 million from Large Dispositions.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Rayonier’s debt consisted of the following at June 30, 2018 : June 30, 2018 Term Credit Agreement borrowings due 2024 at a variable interest rate of 3.6% at June 30, 2018 (a) $350,000 Senior Notes due 2022 at a fixed interest rate of 3.75% 325,000 Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 3.9% at June 30, 2018 (b) 300,000 Total debt 975,000 Less: Deferred financing costs (2,715 ) Long-term debt, net of deferred financing costs $972,285 (a) As of June 30, 2018, the periodic interest rate on the term loan facility was LIBOR plus 1.625% . The Company estimates the effective fixed interest rate on the term loan facility to be approximately 3.3% after consideration of interest rate swaps and estimated patronage refunds. (b) As of June 30, 2018, the periodic interest rate on the incremental term loan was LIBOR plus 1.900% . The Company estimates the effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and estimated patronage refunds.
Schedule of Maturities of Long-Term Debt	Principal payments due during the next five years and thereafter are as follows: 2018 — 2019 — 2020 — 2021 — 2022 325,000 Thereafter 650,000 Total Debt $975,000

HIGHER AND BETTER USE TIMBERL33

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
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 investments from December 31, 2017 to June 30, 2018 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, 2017 $59,653 $21,144 $80,797 Plus: Current portion (a) 6,702 11,648 18,350 Total Balance at December 31, 2017 66,355 32,792 99,147 Non-cash cost of land and improved development (1,034 ) (1,853 ) (2,887 ) Timber depletion from harvesting activities and basis of timber sold in real estate sales (929 ) — (929 ) Capitalized real estate development investments (b) — 4,500 4,500 Capital expenditures (silviculture) 47 — 47 Intersegment transfers 1,325 — 1,325 Total Balance at June 30, 2018 65,764 35,439 101,203 Less: Current portion (a) (4,241 ) (10,007 ) (14,248 ) Non-current portion at June 30, 2018 $61,523 $25,432 $86,955 (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 include $0.3 million of capitalized interest.

COMMITMENTS (Tables)

COMMITMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Payments	At June 30, 2018 , the future minimum payments under non-cancellable operating leases, timberland leases and other commitments were as follows: Operating Leases Timberland Leases (a) Commitments (b) Total Remaining 2018 $590 $5,689 $7,641 $13,920 2019 1,032 8,873 5,121 15,026 2020 850 8,495 3,403 12,748 2021 736 8,497 1,573 10,806 2022 705 8,260 956 9,921 Thereafter (c) 708 147,321 1,510 149,539 $4,621 $187,135 $20,204 $211,960 (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 $ 1.7 million of pension contribution requirements remaining in 2018 based on actuarially determined estimates and IRS minimum funding requirements, payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), construction of the Company’s Wildlight development project and other purchase obligations. For additional information on the pension contribution see Note 15 — Employee Benefit Plans in the 2017 Form 10-K. (c) Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35 -year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one -year term. As of June 30, 2018 , the New Zealand JV has three CFL’s under termination notice that are currently being relinquished as harvest activities are concluding, 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.

GUARANTEES (Tables)

GUARANTEES (Tables)	6 Months Ended
	Jun. 30, 2018
Guarantees [Abstract]
Schedule of Guarantor Obligations	As of June 30, 2018 , the following financial guarantees were outstanding: Financial Commitments Maximum Potential Payment Carrying Amount of Associated Liability Standby letters of credit (a) $10,353 — Guarantees (b) 2,254 43 Surety bonds (c) 1,284 — Total financial commitments $13,891 $43 (a) Approximately $9.2 million of the irrevocable 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 2018 and 2019 and will be renewed as required. (b) In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2018 , 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 outstanding claims under the Company’s previous workers’ compensation self-insurance programs in Washington and Florida. 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 2018 and 2019 and are expected to be renewed as required.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net Income $39,338 $30,773 $82,043 $65,856 Less: Net income attributable to noncontrolling interest 3,080 4,612 5,246 5,853 Net income attributable to Rayonier Inc. $36,258 $26,161 $76,797 $60,003 Shares used for determining basic earnings per common share 129,067,325 128,548,218 128,935,003 126,081,762 Dilutive effect of: Stock options 103,154 92,513 90,815 99,602 Performance and restricted shares 540,808 447,448 606,760 337,862 Shares used for determining diluted earnings per common share 129,711,287 129,088,179 129,632,578 126,519,226 Basic earnings per common share attributable to Rayonier Inc.: $0.28 $0.20 $0.60 $0.48 Diluted earnings per common share attributable to Rayonier Inc.: $0.28 $0.20 $0.59 $0.47
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Anti-dilutive shares excluded from the computations of diluted earnings per share: Stock options 254,663 586,017 213,241 589,335

DERIVATIVE FINANCIAL INSTRUME37

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The following table contains information on the outstanding interest rate swaps as of June 30, 2018 : Outstanding Interest Rate Swaps (a) Date Entered Into Term Notional Amount Related Debt Facility Fixed Rate of Swap Bank Margin on Debt Total Effective Interest Rate (b) August 2015 9 years $170,000 Term Credit Agreement 2.20 % 1.63 % 3.83 % August 2015 9 years 180,000 Term Credit Agreement 2.35 % 1.63 % 3.98 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % April 2016 10 years 100,000 Incremental Term Loan 1.60 % 1.90 % 3.50 % July 2016 10 years 100,000 Incremental Term Loan 1.26 % 1.90 % 3.16 % (a) All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting. (b) Rate is before estimated patronage payments.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2018 and 2017 . Three Months Ended June 30, Income Statement Location 2018 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($6,630 ) $3,261 Foreign currency option contracts Other comprehensive (loss) income (539 ) 976 Interest rate swaps Other comprehensive (loss) income 5,690 (5,022 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive (loss) income (454 ) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Interest and other miscellaneous income, net 2,479 (462 ) Six Months Ended June 30, Income Statement Location 2018 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other comprehensive (loss) income ($5,398 ) $3,189 Foreign currency option contracts Other comprehensive (loss) income (359 ) 935 Interest rate swaps Other comprehensive (loss) income 21,287 (2,388 ) Derivatives designated as a net investment hedge: Foreign currency exchange contract Other comprehensive (loss) income (344 ) — Derivatives not designated as hedging instruments: Foreign currency exchange contracts Interest and other miscellaneous income, net 2,608 (327 )
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets: Notional Amount June 30, 2018 December 31, 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts $134,250 $107,400 Foreign currency option contracts 24,000 48,000 Interest rate swaps 650,000 650,000 Derivative not designated as a hedging instrument: Foreign currency exchange contracts 33,870 18,439
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets: Location on Balance Sheet Fair Value Assets / (Liabilities) (a) June 30, 2018 December 31, 2017 Derivatives designated as cash flow hedges: Foreign currency exchange contracts Other current assets $5 $2,286 Other assets — 538 Other current liabilities (1,951 ) (37 ) Other non-current liabilities (664 ) — Foreign currency option contracts Other current assets 81 389 Other assets — 137 Other current liabilities (116 ) (119 ) Other non-current liabilities — (55 ) Interest rate swaps Other assets 36,727 17,473 Other non-current liabilities — (2,033 ) Derivative not designated as a hedging instrument: Foreign currency exchange contracts Other current assets 2,492 209 Other current liabilities — (189 ) Total derivative contracts: Other current assets $2,578 $2,884 Other assets 36,727 18,148 Total derivative assets $39,305 $21,032 Other current liabilities (2,067 ) (345 ) Other non-current liabilities (664 ) (2,088 ) Total derivative liabilities ($2,731 ) ($2,433 ) (a) See Note 13 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at June 30, 2018 and December 31, 2017 , using market information and what the Company believes to be appropriate valuation methodologies under GAAP: June 30, 2018 December 31, 2017 Asset (Liability) (a) Carrying Amount Fair Value Carrying Amount Fair Value Level 1 Level 2 Level 1 Level 2 Cash and cash equivalents $106,611 $106,611 — $112,653 $112,653 — Restricted cash (b) 69,638 69,638 — 59,703 59,703 — Current maturities of long-term debt — — — (3,375 ) — (3,375 ) Long-term debt (c) (972,285 ) — (973,505 ) (1,022,004 ) — (1,030,135 ) Interest rate swaps (d) 36,727 — 36,727 15,440 — 15,440 Foreign currency exchange contracts (d) (118 ) — (118 ) 2,807 — 2,807 Foreign currency option contracts (d) (35 ) — (35 ) 352 — 352 (a) The Company did not have Level 3 assets or liabilities at June 30, 2018 and December 31, 2017 . (b) Restricted cash 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 Cash for additional information. (c) The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. (d) See Note 12 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of the Company’s derivative financial instruments.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The net pension and postretirement benefit (credit) costs that have been recorded are shown in the following table: Components of Net Periodic Benefit (Credit) Cost Income Statement Location (a) Pension Postretirement Three Months Ended June 30, Three Months Ended June 30, 2018 2017 2018 2017 Components of Net Periodic Benefit (Credit) Cost Service cost Selling and general expenses — — $2 $2 Interest cost Interest and other miscellaneous income, net 759 815 13 13 Expected return on plan assets (b) Interest and other miscellaneous income, net (984 ) (945 ) — — Amortization of losses Interest and other miscellaneous income, net 178 116 — — Net periodic benefit (credit) cost ($47 ) ($14 ) $15 $15 Components of Net Periodic Benefit (Credit) Cost Income Statement Location (a) Pension Postretirement Six Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Components of Net Periodic Benefit (Credit) Cost Service cost Selling and general expenses — — $3 $3 Interest cost Interest and other miscellaneous income, net 1,510 1,630 25 26 Expected return on plan assets (b) Interest and other miscellaneous income, net (1,968 ) (1,891 ) — — Amortization of losses Interest and other miscellaneous income, net 338 233 1 — Net periodic benefit (credit) cost ($120 ) ($28 ) $29 $29 (a) Due to the adoption of ASU No. 2017-07, the service cost component of net periodic benefit (credit) cost is now recorded to “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income with other compensation costs arising from services rendered by employees during the period. The other components of net periodic benefit (credit) cost (interest cost, expected return on plan assets and amortization of losses) are now recorded to “ Interest and other miscellaneous income, net ” in the Consolidated Statements of Income. Prior period amounts have been reclassified to conform to current period presentation. See Note 1 — Basis of Presentation for additional information. (b) The weighted-average expected long-term rate of return on plan assets used in computing 2018 net periodic benefit cost for pension benefits is 7.2% .

OTHER OPERATING INCOME, NET (Ta

OTHER OPERATING INCOME, NET (Tables)	6 Months Ended
	Jun. 30, 2018
Other Income and Expenses [Abstract]
Interest and Other Income	Other operating income, net comprised the following: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Foreign currency income (expense) $1,267 ($1,470 ) $514 ($1,233 ) Gain (loss) on sale or disposal of property and equipment 12 (7 ) 27 (6 ) Gain on foreign currency exchange and option contracts 386 1,536 1,819 2,264 Log trading marketing fees 62 329 131 508 Income from the sale of unused Internet Protocol addresses — — 646 — Income from New Zealand Timber settlement — — — 420 Miscellaneous (expense) income, net (68 ) 397 (108 ) 20 Total $1,659 $785 $3,029 $1,973

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Inventory	As of June 30, 2018 and December 31, 2017 , Rayonier’s inventory was solely comprised of finished goods, as follows: June 30, 2018 December 31, 2017 Finished goods inventory Real estate inventory (a) $14,248 $18,350 Log inventory 4,877 5,791 Total inventory $19,125 $24,141 (a) Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months. See Note 6 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	6 Months Ended
	Jun. 30, 2018
Restricted Cash and Investments [Abstract]
Schedule of Restricted Cash	The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2018 : June 30, 2018 Restricted cash deposited with LKE intermediary $69,088 Restricted cash held in escrow 550 Total restricted cash shown in the Consolidated Balance Sheets 69,638 Cash and cash equivalents 106,611 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $176,249
Schedule of Cash and Cash Equivalents	The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the six months ended June 30, 2018 : June 30, 2018 Restricted cash deposited with LKE intermediary $69,088 Restricted cash held in escrow 550 Total restricted cash shown in the Consolidated Balance Sheets 69,638 Cash and cash equivalents 106,611 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $176,249

ACCUMULATED OTHER COMPREHENSI43

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in AOCI by component for the six months ended June 30, 2018 and the year ended December 31, 2017 . All amounts are presented net of tax and exclude portions attributable to noncontrolling interest. Foreign currency translation gains Net investment hedges of New Zealand JV Cash flow hedges Employee benefit plans Total Balance as of December 31, 2016 $8,559 $1,665 $10,831 ($20,199 ) $856 Other comprehensive income before reclassifications 7,416 — 7,321 (673 ) 14,064 Amounts reclassified from accumulated other comprehensive income — — (1,968 ) 465 (b) (1,503 ) Net other comprehensive income/(loss) 7,416 — 5,353 (208 ) 12,561 Balance as of December 31, 2017 $15,975 $1,665 $16,184 ($20,407 ) $13,417 Other comprehensive (loss)/income before reclassifications (14,907 ) (344 ) 19,106 (a) — 3,855 Amounts reclassified from accumulated other comprehensive income — — (1,009 ) 338 (b) (671 ) Net other comprehensive (loss)/income (14,907 ) (344 ) 18,097 338 3,184 Balance as of June 30, 2018 $1,068 $1,321 $34,281 ($20,069 ) $16,601 (a) Includes $21.3 million of other comprehensive income related to interest rate swaps. 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.
Reclassification out of Accumulated Other Comprehensive Income	The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2018 and June 30, 2017 : Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the income statement June 30, 2018 June 30, 2017 Realized gain on foreign currency exchange contracts ($1,654 ) ($1,730 ) Other operating income, net Realized gain on foreign currency option contracts (165 ) (534 ) Other operating income, net Noncontrolling interest 419 521 Comprehensive (loss) income attributable to noncontrolling interest Income tax expense from gain on foreign currency contracts 391 488 Income tax expense Net gain from accumulated other comprehensive income ($1,009 ) ($1,255 )

CONSOLIDATING FINANCIAL STATE44

CONSOLIDATING FINANCIAL STATEMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Schedule of Consolidating Statements of Income and Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2018 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $245,906 — $245,906 Costs and Expenses Cost of sales — — 184,418 — 184,418 Selling and general expenses — 5,471 6,031 — 11,502 Other operating expense (income), net — 40 (1,699 ) — (1,659 ) — 5,511 188,750 — 194,261 OPERATING (LOSS) INCOME — (5,511 ) 57,156 — 51,645 Interest expense (3,139 ) (4,900 ) (63 ) — (8,102 ) Interest and miscellaneous income (expense), net 2,734 746 (575 ) — 2,905 Equity in income from subsidiaries 36,663 46,419 — (83,082 ) — INCOME BEFORE INCOME TAXES 36,258 36,754 56,518 (83,082 ) 46,448 Income tax expense — (91 ) (7,019 ) — (7,110 ) NET INCOME 36,258 36,663 49,499 (83,082 ) 39,338 Less: Net income attributable to noncontrolling interest — — 3,080 — 3,080 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 36,258 36,663 46,419 (83,082 ) 36,258 OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustment, net of income tax (22,856 ) 341 (30,101 ) 22,856 (29,760 ) Cash flow hedges, net of income tax 1,716 5,690 (5,161 ) (1,716 ) 529 Amortization of pension and postretirement plans, net of income tax 178 178 — (178 ) 178 Total other comprehensive (loss) income (20,962 ) 6,209 (35,262 ) 20,962 (29,053 ) COMPREHENSIVE INCOME 15,296 42,872 14,237 (62,120 ) 10,285 Less: Comprehensive loss attributable to noncontrolling interest — — (5,011 ) — (5,011 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $15,296 $42,872 $19,248 ($62,120 ) $15,296 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2017 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $200,964 — $200,964 Costs and Expenses Cost of sales — — 144,610 — 144,610 Selling and general expenses — 4,248 5,998 — 10,246 Other operating expense (income), net — 20 (805 ) — (785 ) — 4,268 149,803 — 154,071 OPERATING (LOSS) INCOME — (4,268 ) 51,161 — 46,893 Interest expense (3,139 ) (4,883 ) (609 ) — (8,631 ) Interest and miscellaneous income (expense), net 2,345 695 (3,036 ) — 4 Equity in income from subsidiaries 26,955 35,580 — (62,535 ) — INCOME BEFORE INCOME TAXES 26,161 27,124 47,516 (62,535 ) 38,266 Income tax expense — (169 ) (7,324 ) — (7,493 ) NET INCOME 26,161 26,955 40,192 (62,535 ) 30,773 Less: Net income attributable to noncontrolling interest — — 4,612 — 4,612 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 26,161 26,955 35,580 (62,535 ) 26,161 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax 17,199 — 21,484 (17,199 ) 21,484 Cash flow hedges, net of income tax (2,686 ) (5,021 ) 3,033 2,686 (1,988 ) Amortization of pension and postretirement plans, net of income tax 116 116 — (116 ) 116 Total other comprehensive income (loss) 14,629 (4,905 ) 24,517 (14,629 ) 19,612 COMPREHENSIVE INCOME 40,790 22,050 64,709 (77,164 ) 50,385 Less: Comprehensive income attributable to noncontrolling interest — — 9,595 — 9,595 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $40,790 $22,050 $55,114 ($77,164 ) $40,790 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2018 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated SALES — — $449,101 — $449,101 Costs and Expenses Cost of sales — — 322,906 — 322,906 Selling and general expenses — 9,859 10,645 — 20,504 Other operating expense (income), net 12 (595 ) (2,446 ) — (3,029 ) 12 9,264 331,105 — 340,381 OPERATING (LOSS) INCOME (12 ) (9,264 ) 117,996 — 108,720 Interest expense (6,278 ) (9,555 ) (322 ) — (16,155 ) Interest and miscellaneous income (expense), net 5,362 1,511 (3,348 ) — 3,525 Equity in income from subsidiaries 77,725 95,246 — (172,971 ) — INCOME BEFORE INCOME TAXES 76,797 77,938 114,326 (172,971 ) 96,090 Income tax expense — (213 ) (13,834 ) — (14,047 ) NET INCOME 76,797 77,725 100,492 (172,971 ) 82,043 Less: Net income attributable to noncontrolling interest — — 5,246 — 5,246 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 76,797 77,725 95,246 (172,971 ) 76,797 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax (15,252 ) 452 (20,524 ) 15,252 (20,072 ) Cash flow hedges, net of income tax 18,097 21,287 (4,144 ) (18,097 ) 17,143 Amortization of pension and postretirement plans, net of income tax 338 338 — (338 ) 338 Total other comprehensive income (loss) 3,183 22,077 (24,668 ) (3,183 ) (2,591 ) COMPREHENSIVE INCOME 79,980 99,802 75,824 (176,154 ) 79,452 Less: Comprehensive loss attributable to noncontrolling interest — — (528 ) — (528 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $79,980 $99,802 $76,352 ($176,154 ) $79,980 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2017 Rayonier Inc. Subsidiary Guarantors Non- Consolidating Total Consolidated SALES — — $395,455 — $395,455 Costs and Expenses Cost of sales — — 281,438 — 281,438 Selling and general expenses — 7,784 12,052 — 19,836 Other operating expense (income), net — 131 (2,104 ) — (1,973 ) — 7,915 291,386 — 299,301 OPERATING (LOSS) INCOME — (7,915 ) 104,069 — 96,154 Interest expense (6,278 ) (9,741 ) (1,027 ) — (17,046 ) Interest and miscellaneous income (expense), net 4,547 1,383 (5,408 ) — 522 Equity in income from subsidiaries 61,734 78,323 — (140,057 ) — INCOME BEFORE INCOME TAXES 60,003 62,050 97,634 (140,057 ) 79,630 Income tax expense — (316 ) (13,458 ) — (13,774 ) NET INCOME 60,003 61,734 84,176 (140,057 ) 65,856 Less: Net income attributable to noncontrolling interest — — 5,853 — 5,853 NET INCOME ATTRIBUTABLE TO RAYONIER INC. 60,003 61,734 78,323 (140,057 ) 60,003 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment, net of income tax 19,202 — 23,916 (19,202 ) 23,916 Cash flow hedges, net of income tax (115 ) (2,389 ) 2,954 115 565 Amortization of pension and postretirement plans, net of income tax 233 233 — (233 ) 233 Total other comprehensive income (loss) 19,320 (2,156 ) 26,870 (19,320 ) 24,714 COMPREHENSIVE INCOME 79,323 59,578 111,046 (159,377 ) 90,570 Less: Comprehensive income attributable to noncontrolling interest — — 11,247 — 11,247 COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC. $79,323 $59,578 $99,799 ($159,377 ) $79,323
Schedule of Condensed Consolidating Balance Sheets	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2018 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $76,980 $11,964 $17,667 — $106,611 Accounts receivable, less allowance for doubtful accounts 1,995 1,814 50,531 — 54,340 Inventory — — 19,125 — 19,125 Prepaid expenses — 1,924 13,850 — 15,774 Other current assets — 106 2,734 — 2,840 Total current assets 78,975 15,808 103,907 — 198,690 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,406,425 — 2,406,425 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 86,955 — 86,955 NET PROPERTY, PLANT AND EQUIPMENT — 17,459 5,473 — 22,932 RESTRICTED CASH — — 69,638 — 69,638 INVESTMENT IN SUBSIDIARIES 1,516,631 2,757,876 — (4,274,507 ) — INTERCOMPANY RECEIVABLE 37,826 (628,749 ) 590,923 — — OTHER ASSETS 3 32,274 34,145 — 66,422 TOTAL ASSETS $1,633,435 $2,194,668 $3,297,466 ($4,274,507 ) $2,851,062 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $3,980 $23,712 — $27,692 Accrued taxes — 8 5,291 — 5,299 Accrued payroll and benefits — 3,864 2,826 — 6,690 Accrued interest 3,047 1,948 — — 4,995 Deferred revenue — — 17,674 — 17,674 Other current liabilities 1,995 593 18,950 — 21,538 Total current liabilities 5,042 10,393 68,453 — 83,888 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 323,618 648,667 — — 972,285 PENSION AND OTHER POSTRETIREMENT BENEFITS — 30,914 (684 ) — 30,230 OTHER NON-CURRENT LIABILITIES — 7,025 44,757 — 51,782 INTERCOMPANY PAYABLE (308,714 ) (18,962 ) 327,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,613,489 1,516,631 2,757,876 (4,274,507 ) 1,613,489 Noncontrolling interest — — 99,388 — 99,388 TOTAL SHAREHOLDERS’ EQUITY 1,613,489 1,516,631 2,857,264 (4,274,507 ) 1,712,877 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,633,435 $2,194,668 $3,297,466 ($4,274,507 ) $2,851,062 CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2017 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $48,564 $25,042 $39,047 — $112,653 Accounts receivable, less allowance for doubtful accounts — 3,726 23,967 — 27,693 Inventory — — 24,141 — 24,141 Prepaid expenses — 759 15,234 — 15,993 Other current assets — 14 3,033 — 3,047 Total current assets 48,564 29,541 105,422 — 183,527 TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION — — 2,462,066 — 2,462,066 HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS — — 80,797 — 80,797 NET PROPERTY, PLANT AND EQUIPMENT — 21 23,357 — 23,378 RESTRICTED CASH — — 59,703 — 59,703 INVESTMENT IN SUBSIDIARIES 1,531,156 2,814,408 — (4,345,564 ) — INTERCOMPANY RECEIVABLE 40,067 (628,167 ) 588,100 — — OTHER ASSETS 2 12,680 36,328 — 49,010 TOTAL ASSETS $1,619,789 $2,228,483 $3,355,773 ($4,345,564 ) $2,858,481 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable — $2,838 $22,310 — $25,148 Current maturities of long-term debt — — 3,375 — 3,375 Accrued taxes — 48 3,733 — 3,781 Accrued payroll and benefits — 5,298 4,364 — 9,662 Accrued interest 3,047 1,995 12 — 5,054 Deferred revenue — — 9,721 — 9,721 Other current liabilities — 564 11,243 — 11,807 Total current liabilities 3,047 10,743 54,758 — 68,548 LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS 323,434 663,570 35,000 — 1,022,004 PENSION AND OTHER POSTRETIREMENT BENEFITS — 32,589 (684 ) — 31,905 OTHER NON-CURRENT LIABILITIES — 9,386 33,698 — 43,084 INTERCOMPANY PAYABLE (299,715 ) (18,961 ) 318,676 — — TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY 1,593,023 1,531,156 2,814,408 (4,345,564 ) 1,593,023 Noncontrolling interest — — 99,917 — 99,917 TOTAL SHAREHOLDERS’ EQUITY 1,593,023 1,531,156 2,914,325 (4,345,564 ) 1,692,940 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,619,789 $2,228,483 $3,355,773 ($4,345,564 ) $2,858,481
Schedule of Condensed Consolidating Statements of Cash Flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2018 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($7,491 ) $57,280 $131,794 — $181,583 INVESTING ACTIVITIES Capital expenditures — (58 ) (25,862 ) — (25,920 ) Real estate development investments — — (4,501 ) — (4,501 ) Purchase of timberlands — — (31,234 ) — (31,234 ) Investment in subsidiaries — 40,441 — (40,441 ) — Other — — 113 — 113 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 40,383 (61,484 ) (40,441 ) (61,542 ) FINANCING ACTIVITIES Issuance of debt — — 1,014 — 1,014 Repayment of debt — (50,000 ) (4,389 ) — (54,389 ) Dividends paid (67,053 ) — — — (67,053 ) Proceeds from the issuance of common shares under incentive stock plan 7,824 — — — 7,824 Repurchase of common shares (2,966 ) — — — (2,966 ) Issuance of intercompany notes (9,000 ) — 9,000 — — Intercompany distributions 107,102 (60,741 ) (86,802 ) 40,441 — CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 35,907 (110,741 ) (81,177 ) 40,441 (115,570 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (578 ) — (578 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash 28,416 (13,078 ) (11,445 ) — 3,893 Balance, beginning of year 48,564 25,042 98,750 — 172,356 Balance, end of period $76,980 $11,964 $87,305 — $176,249 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2017 Rayonier Inc. (Parent Issuer) Subsidiary Guarantors Non- guarantors Consolidating Adjustments Total Consolidated CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES ($7,648 ) $59,557 $76,406 — $128,315 INVESTING ACTIVITIES Capital expenditures — — (29,840 ) — (29,840 ) Real estate development investments — — (5,599 ) — (5,599 ) Purchase of timberlands — — (237,235 ) — (237,235 ) Net proceeds from large disposition — — 42,029 — 42,029 Rayonier office building under construction — — (5,573 ) — (5,573 ) Investment in subsidiaries — 6,932 — (6,932 ) — Other — — 1,033 — 1,033 CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES — 6,932 (235,185 ) (6,932 ) (235,185 ) FINANCING ACTIVITIES Issuance of debt — 25,000 38,389 — 63,389 Repayment of debt — (15,000 ) (45,422 ) — (60,422 ) Dividends paid (62,825 ) — — — (62,825 ) Proceeds from the issuance of common shares under incentive stock plan 3,206 — — — 3,206 Proceeds from the issuance of common shares from equity offering, net of costs 152,390 — — — 152,390 Issuance of intercompany notes — — — — — Intercompany distributions (25,419 ) (73,365 ) 91,852 6,932 — CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES 67,352 (63,365 ) 84,819 6,932 95,738 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 1,855 — 1,855 CASH, CASH EQUIVALENTS AND RESTRICTED CASH Change in cash, cash equivalents and restricted cash 59,704 3,124 (72,105 ) — (9,277 ) Balance, beginning of year 21,453 9,461 126,703 — 157,617 Balance, end of period $81,157 $12,585 $54,598 — $148,340

REVENUE (Narrative) (Details)

REVENUE (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)method	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)method	Jun. 30, 2017USD ($)
Revenue from Contract with Customer [Abstract]
Number of sales categories | method	2		2
Contract duration			1 year
Retail estate sales, deposit required	5.00%		5.00%
Contract balances, recognized during period | $	$ 5,429	$ 3,809	$ 11,800	$ 8,592

REVENUE (Disaggregation of Reve

REVENUE (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 245,592	$ 200,719	$ 448,559	$ 394,916
Other Non-Timber Sales, Primarily Lease	314	245	542	539
Total Revenue	245,906	200,964	449,101	395,455
Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0		41,951
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,517	28,134	71,642	58,466
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	145,811	115,627	268,385	216,803
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,214	1,027	1,811	1,743
Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	183,542	144,788	341,838	277,012
License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,181	3,973	8,346	7,947
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,842	1,697	12,162	5,119
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	167	330	289	618
Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	12,190	6,000	20,797	13,684
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,345	143	2,465	143
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	2,500	7,446	2,500
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,827	5,493	6,480	12,232
Non-strategic / Timberlands
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,688	41,795	69,533	47,394
Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,860	49,931	85,924	104,220
Total Revenue	49,860		85,924
Real Estate | Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			0
Operating Segments | Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	47,815	35,338	91,233	74,272
Other Non-Timber Sales, Primarily Lease	232	190	402	394
Total Revenue	48,047	35,528	91,635	74,666
Operating Segments | Southern Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	20,300	15,170	41,904	34,146
Operating Segments | Southern Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,776	14,580	31,713	27,603
Operating Segments | Southern Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,214	1,027	1,811	1,743
Operating Segments | Southern Timber | Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	37,290	30,777	75,428	63,492
Operating Segments | Southern Timber | License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,936	3,808	8,024	7,638
Operating Segments | Southern Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,589	753	7,781	3,142
Operating Segments | Southern Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Southern Timber | Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	10,525	4,561	15,805	10,780
Operating Segments | Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	32,131	20,402	63,447	46,237
Other Non-Timber Sales, Primarily Lease	82	55	140	145
Total Revenue	32,213	20,457	63,587	46,382
Operating Segments | Pacific Northwest Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,625	2,803	8,044	6,162
Operating Segments | Pacific Northwest Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	26,654	16,648	53,721	38,081
Operating Segments | Pacific Northwest Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Pacific Northwest Timber | Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,279	19,451	61,765	44,243
Operating Segments | Pacific Northwest Timber | License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	103	93	128	190
Operating Segments | Pacific Northwest Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	749	858	1,554	1,804
Operating Segments | Pacific Northwest Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Pacific Northwest Timber | Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	852	951	1,682	1,994
Operating Segments | New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	69,653	77,322	122,617	118,196
Other Non-Timber Sales, Primarily Lease	0	0	0	0
Total Revenue	69,653	77,322	122,617	118,196
Operating Segments | New Zealand Timber | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,788	6,450	13,632	11,611
Operating Segments | New Zealand Timber | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	61,219	46,403	105,964	81,982
Operating Segments | New Zealand Timber | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | New Zealand Timber | Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	69,007	52,853	119,596	93,593
Operating Segments | New Zealand Timber | License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	142	72	194	119
Operating Segments | New Zealand Timber | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	504	86	2,827	173
Operating Segments | New Zealand Timber | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | New Zealand Timber | Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	646	158	3,021	292
Operating Segments | New Zealand Timber | Non-strategic / Timberlands
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		24,311		24,311
Operating Segments | Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	49,860	25,620	85,924	79,909
Other Non-Timber Sales, Primarily Lease	0	0	0	0
Total Revenue	49,860	25,620	85,924	79,909
Operating Segments | Real Estate | Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	41,951
Operating Segments | Real Estate | Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,345	143	2,465	143
Operating Segments | Real Estate | Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	2,500	7,446	2,500
Operating Segments | Real Estate | Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,827	5,493	6,480	12,232
Operating Segments | Real Estate | Non-strategic / Timberlands
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	43,688	17,484	69,533	23,083
Operating Segments | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	46,133	42,037	85,338	76,302
Other Non-Timber Sales, Primarily Lease	0	0	0	0
Total Revenue	46,162	42,037	85,373	76,302
Operating Segments | Trading | Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,804	3,711	8,062	6,547
Operating Segments | Trading | Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	42,162	37,996	76,987	69,137
Operating Segments | Trading | Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Trading | Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	45,966	41,707	85,049	75,684
Operating Segments | Trading | License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Trading | Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments | Trading | Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	167	330	289	618
Operating Segments | Trading | Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	167	330	289	618
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(29)		(35)
Total Revenue	(29)	$ 0	(35)	$ 0
Intersegment Eliminations | Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 29		$ 35

REVENUE (Revenue Recognition fo

REVENUE (Revenue Recognition for Timber Sales) (Details)	6 Months Ended
	Jun. 30, 2018
Stumpage Pay-as-Cut
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation	10 days
Total Delivered | Domestic
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation	30 days
Payment period after satisfaction of obligation, letter of credit	30 days
Minimum | Stumpage Pay-as-Cut
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial payment, percentage of estimated contract value	5.00%
Maximum | Stumpage Pay-as-Cut
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial payment, percentage of estimated contract value	20.00%

REVENUE (Disaggregation of Re48

REVENUE (Disaggregation of Revenue by Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total Timber Sales	$ 245,592	$ 200,719	$ 448,559	$ 394,916
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	19,855	18,249	42,364	38,352
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	4,861	2,247	11,785	7,623
Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	54	0	1,234
Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	24,716	20,550	54,149	47,209
Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	158,826	124,238	287,689	229,803
Total Delivered | Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	69,054	51,593	128,851	102,293
Total Delivered | Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	89,772	72,645	158,838	127,510
Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	183,542	144,788	341,838	277,012
Southern Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	19,855	18,249	42,364	38,352
Southern Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	256	2,247	2,074	5,043
Southern Timber | Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Southern Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	20,111	20,496	44,438	43,395
Southern Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	17,179	10,281	30,990	20,097
Southern Timber | Total Delivered | Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	15,166	10,281	28,543	20,097
Southern Timber | Total Delivered | Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	2,013	0	2,447	0
Pacific Northwest Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Pacific Northwest Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	4,605	0	9,711	2,580
Pacific Northwest Timber | Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	54	0	1,234
Pacific Northwest Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	4,605	54	9,711	3,814
Pacific Northwest Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	26,674	19,397	52,054	40,429
Pacific Northwest Timber | Total Delivered | Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	26,674	19,397	52,054	40,429
Pacific Northwest Timber | Total Delivered | Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber | Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber | Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber | Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	69,007	52,853	119,596	93,593
New Zealand Timber | Total Delivered | Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	25,647	20,598	45,750	39,443
New Zealand Timber | Total Delivered | Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	43,360	32,255	73,846	54,150
Trading | Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Trading | Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Trading | Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Trading | Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Trading | Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	45,966	41,707	85,049	75,684
Trading | Total Delivered | Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	1,567	1,317	2,504	2,324
Trading | Total Delivered | Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	$ 44,399	$ 40,390	$ 82,545	$ 73,360

JOINT VENTURE INVESTMENT (Detai

JOINT VENTURE INVESTMENT (Details) - Matariki Forestry Group	Jun. 30, 2018a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned (acres)	411,000
Step acquisition percentage equity interest in acquiree	23.00%

SEGMENT AND GEOGRAPHICAL INFO50

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Segment Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
SALES	$ 245,906	$ 200,964	$ 449,101	$ 395,455
Real Estate
Segment Reporting Information [Line Items]
SALES	49,860		85,924
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
SALES	48,047	35,528	91,635	74,666
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	32,213	20,457	63,587	46,382
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
SALES	69,653	77,322	122,617	118,196
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
SALES	49,860	25,620	85,924	79,909
Operating Segments | Trading
Segment Reporting Information [Line Items]
SALES	46,162	42,037	85,373	76,302
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (29)	$ 0	$ (35)	$ 0

SEGMENT AND GEOGRAPHICAL INFO51

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Operating Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Total Operating Income	$ 51,645	$ 46,893	$ 108,720	$ 96,154
Unallocated interest expense and other	(5,197)	(8,627)	(12,630)	(16,524)
INCOME BEFORE INCOME TAXES	46,448	38,266	96,090	79,630
Real Estate | Large Dispositions | Timberland
Segment Reporting Information [Line Items]
Total Operating Income				(28,200)
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	15,651	9,655	27,878	23,594
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	5,625	(1,535)	10,299	(2,413)
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	17,768	26,804	33,725	37,046
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	18,864	16,133	46,918	45,798
Operating Segments | Trading
Segment Reporting Information [Line Items]
Total Operating Income	227	1,141	376	2,239
Corporate and other
Segment Reporting Information [Line Items]
Total Operating Income	$ (6,490)	$ (5,305)	$ (10,476)	$ (10,110)

SEGMENT AND GEOGRAPHICAL INFO52

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Depreciation, Depletion and Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 46,383	$ 37,123	$ 80,920	$ 75,999
New Zealand Timber | Timberland
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION		8,900		8,900
Real Estate | Large Dispositions | Timberland
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION				8,100
Operating Segments | Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	14,940	11,904	30,919	24,356
Operating Segments | Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	9,381	7,075	18,885	17,285
Operating Segments | New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	8,026	15,456	13,743	20,863
Operating Segments | Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	13,739	2,596	16,805	13,303
Operating Segments | Trading
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	0	0	0	0
Corporate and other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 297	$ 92	$ 568	$ 192

SEGMENT AND GEOGRAPHICAL INFO53

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Non-Cash Cost of Land and Improved Development) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 13,312	$ 2,880	$ 14,936	$ 13,102
Southern Timber
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	0	0	0	0
Pacific Northwest Timber
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	0	0	0	0
New Zealand Timber
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	0	128	0	128
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	13,312	2,752	14,936	12,974
Real Estate | Timberland | Large Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT				5,700
Trading
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 0	$ 0	$ 0	$ 0

DEBT (Schedule of Long Term Deb

DEBT (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 975,000
Less: Deferred financing costs	(2,715)
Long-term debt, net of deferred financing costs	972,285	$ 1,022,004
Term Credit Agreement borrowings due 2024 at a variable interest rate of 3.6% at September 30, 2017
Debt Instrument [Line Items]
Total debt	$ 350,000
Effective interest rate	3.60%
Debt instrument, interest rate during period	3.30%
Term Credit Agreement borrowings due 2024 at a variable interest rate of 3.6% at September 30, 2017 | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.625%
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Total debt	$ 325,000
Fixed interest rate	3.75%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 3.9% at September 30, 2017
Debt Instrument [Line Items]
Total debt	$ 300,000
Effective interest rate	3.90%
Debt instrument, interest rate during period	2.80%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 3.9% at September 30, 2017 | LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.90%

DEBT (Schedule of Long Term Mat

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Jun. 30, 2018USD ($)
Debt Disclosure [Abstract]
2,018	$ 0
2,019	0
2,020	0
2,021	0
2,022	325,000
Thereafter	650,000
Total Debt	$ 975,000

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018NZD ($)	Apr. 28, 2016USD ($)	Aug. 31, 2015USD ($)	Aug. 05, 2015USD ($)
Debt Instrument [Line Items]
Total debt	$ 975,000,000
Term Credit Agreement
Debt Instrument [Line Items]
Total debt	350,000,000
Term Credit Agreement | Term Loan Facility
Debt Instrument [Line Items]
Total debt					$ 350,000,000
Term Credit Agreement | Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 200,000,000
Revolving Credit Facility borrowings due 2020 at an average variable interest rate of 3.1% at March 31, 2018
Debt Instrument [Line Items]
Repayments of line of credit	50,000,000
Remaining borrowing capacity	189,600,000
Working Capital Facility
Debt Instrument [Line Items]
Repayments of line of credit	1,000,000
Remaining borrowing capacity		$ 40
Incremental Term Loan Agreement
Debt Instrument [Line Items]
Total debt			$ 300,000,000
Standby Letters of Credit | Revolving Credit Facility borrowings due 2020 at an average variable interest rate of 3.1% at March 31, 2018
Debt Instrument [Line Items]
Amount to secure outstanding letters of credit	$ 10,400,000

HIGHER AND BETTER USE TIMBERL57

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	$ 80,797
Plus: Current portion, Beginning Balance	18,350
Total Balance, Beginning Balance	99,147
Non-cash cost of land and improved development	(2,887)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(929)
Capitalized real estate development investments	4,500
Capital expenditures (silviculture)	47
Intersegment transfers	1,325
Total Balance, Ending Balance	101,203
Less: Current portion, Ending Balance	(14,248)
Non-current portion, Ending Balance	86,955
Capitalized interest	300
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	59,653
Plus: Current portion, Beginning Balance	6,702
Total Balance, Beginning Balance	66,355
Non-cash cost of land and improved development	(1,034)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(929)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	47
Intersegment transfers	1,325
Total Balance, Ending Balance	65,764
Less: Current portion, Ending Balance	(4,241)
Non-current portion, Ending Balance	61,523
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	21,144
Plus: Current portion, Beginning Balance	11,648
Total Balance, Beginning Balance	32,792
Non-cash cost of land and improved development	(1,853)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	4,500
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, Ending Balance	35,439
Less: Current portion, Ending Balance	(10,007)
Non-current portion, Ending Balance	$ 25,432

COMMITMENTS (Narrative) (Detail

COMMITMENTS (Narrative) (Details) - Timberland Leases	Jun. 30, 2018
United States | Minimum
Loss Contingencies [Line Items]
Contract terms, in years	30 years
United States | Maximum
Loss Contingencies [Line Items]
Contract terms, in years	65 years
New Zealand | Minimum
Loss Contingencies [Line Items]
Contract terms, in years	30 years
New Zealand | Maximum
Loss Contingencies [Line Items]
Contract terms, in years	99 years

COMMITMENTS (Future Minimum Pay

COMMITMENTS (Future Minimum Payments) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)lease
Commitments
Remaining 2,018	$ 7,641
2,019	5,121
2,020	3,403
2,021	1,573
2,022	956
Thereafter	1,510
Commitments, total	20,204
Total
Remaining 2,018	13,920
2,019	15,026
2,020	12,748
2,021	10,806
2,022	9,921
Thereafter	149,539
Total	211,960
Pension contribution requirements remaining in fiscal year	$ 1,700
Matariki Crown Forest Licenses
Total
Future minimum payments	20 years
Number of leases under termination notice | lease	3
Number of leases expiring in 2062 | lease	2
Operating Leases
Leases
Remaining 2,018	$ 590
2,019	1,032
2,020	850
2,021	736
2,022	705
Thereafter	708
Operating leases, total	4,621
Timberland Leases
Leases
Remaining 2,018	5,689
2,019	8,873
2,020	8,495
2,021	8,497
2,022	8,260
Thereafter	147,321
Operating leases, total	$ 187,135
Timberland Leases | Matariki Crown Forest Licenses
Total
Operating lease, termination notice	35 years
Operating lease, renewal term	1 year

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ (7,110)	$ (7,493)	$ (14,047)	$ (13,774)
Effective income tax rate			14.50%	17.30%
Income tax provision related to Tax Cuts and Jobs Act					$ 100
Global intangible low-taxed income	$ 1,700		$ 1,700

CONTINGENCIES (Details)

CONTINGENCIES (Details) $ in Thousands	Oct. 13, 2017claim	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of claims filed | claim	1
Insurance settlement payable | $		$ 1,995

GUARANTEES (Details)

GUARANTEES (Details) $ in Thousands	Jun. 30, 2018USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 13,891
Carrying Amount of Associated Liability	43
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	10,353
Carrying Amount of Associated Liability	0
Letter of credit for development project	9,200
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	1,284
Carrying Amount of Associated Liability	$ 0

EARNINGS PER COMMON SHARE (Sche

EARNINGS PER COMMON SHARE (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 39,338	$ 30,773	$ 82,043	$ 65,856	$ 161,579
Less: Net income attributable to noncontrolling interest	3,080	4,612	5,246	5,853
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 36,258	$ 26,161	$ 76,797	$ 60,003
Shares used for determining basic earnings per common share (in shares)	129,067,325	128,548,218	128,935,003	126,081,762
Dilutive effect of:
Stock options (in shares)	103,154	92,513	90,815	99,602
Performance and restricted shares (in shares)	540,808	447,448	606,760	337,862
Shares used for determining diluted earnings per common share (in shares)	129,711,287	129,088,179	129,632,578	126,519,226
Basic earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.28	$ 0.20	$ 0.60	$ 0.48
Diluted earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.28	$ 0.20	$ 0.59	$ 0.47

EARNINGS PER COMMON SHARE (Anti

EARNINGS PER COMMON SHARE (Antidilutive Securities) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share	254,663	586,017	213,241	589,335

DERIVATIVE FINANCIAL INSTRUME65

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018NZD ($)	Dec. 31, 2017USD ($)
Foreign currency exchange contracts
Derivative [Line Items]
Notional Amount					$ 37
Not Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Notional Amount	$ 34		$ 34			$ 18,439
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
AOCI gain (loss) balance expected to be reclassified in next twelve months, net of tax			1,400
Cash Flow Hedging | Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Notional Amount	$ 134,250		$ 134,250			$ 107,400
New Zealand JV | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			3 months
New Zealand JV | Minimum
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 3 months	35.00%		35.00%		35.00%
Percent of forecast sales and purchases hedged for three to 12 months	25.00%		25.00%		25.00%
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			3 months
New Zealand JV | Minimum | Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			12 months
New Zealand JV | Minimum | Foreign currency exchange contracts
Derivative [Line Items]
Percent of forecast distributions hedged for the next 3 months	60.00%		60.00%		60.00%
New Zealand JV | Minimum | Forecasted Distributions, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			3 months
New Zealand JV | Minimum | Forecasted Distributions, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			6 months
New Zealand JV | Maximum
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 3 months	90.00%		90.00%		90.00%
Percent of forecast sales and purchases hedged for three to 12 months	75.00%		75.00%		75.00%
Percent of forecast sales and purchases hedged for 12 to 18 months	50.00%		50.00%		50.00%
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			12 months
New Zealand JV | Maximum | Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			18 months
New Zealand JV | Maximum | Foreign currency exchange contracts
Derivative [Line Items]
Percent of forecast distributions hedged for the next 3 months	100.00%		100.00%		100.00%
Percent of forecast distributions hedged for 6 months	75.00%		75.00%		75.00%
Percent of forecast distributions hedged for 6 to 12 months	50.00%		50.00%		50.00%
New Zealand JV | Maximum | Forecasted Distributions, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			6 months
New Zealand JV | Maximum | Forecasted Distributions, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			12 months
Interest and other miscellaneous income, net | Not Designated as Hedging Instrument | Foreign currency exchange contracts
Derivative [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 2,479	$ (462)	$ 2,608	$ (327)

DERIVATIVE FINANCIAL INSTRUME66

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Interest Rate Swaps) (Details) - Cash Flow Hedging - Designated as Hedging Instrument	6 Months Ended
	Jun. 30, 2018USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170,000
Fixed Rate of Swap	2.20%
Bank Margin on Debt	1.63%
Total Effective Interest Rate	3.83%
Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180,000
Fixed Rate of Swap	2.35%
Bank Margin on Debt	1.63%
Total Effective Interest Rate	3.98%
Interest Rate Swap 3
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.50%
Interest Rate Swap 4
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.50%
Interest Rate Swap 5
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.26%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.16%

DERIVATIVE FINANCIAL INSTRUME67

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Income Statement Location) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Designated as Hedging Instrument | Foreign currency exchange contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	$ (6,630)	$ 3,261	$ (5,398)	$ 3,189
Designated as Hedging Instrument | Foreign currency exchange contracts | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(454)	0	(344)	0
Designated as Hedging Instrument | Foreign currency option contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(539)	976	(359)	935
Designated as Hedging Instrument | Interest rate swaps | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	5,690	(5,022)	21,287	(2,388)
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Interest and other miscellaneous income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 2,479	$ (462)	$ 2,608	$ (327)

DERIVATIVE FINANCIAL INSTRUME68

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Notional Amounts) (Details) $ in Thousands, $ in Millions	Jun. 30, 2018USD ($)	Jun. 30, 2018NZD ($)	Dec. 31, 2017USD ($)
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount		$ 37
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 134,250		$ 107,400
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	24,000		48,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	650,000		650,000
Not Designated as Hedging Instrument | Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 34		$ 18,439

DERIVATIVE FINANCIAL INSTRUME69

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Balance Sheet Location) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 39,305	$ 21,032
Fair value, derivative liability	(2,731)	(2,433)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	2,578	2,884
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	36,727	18,148
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(2,067)	(345)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(664)	(2,088)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	5	2,286
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0	538
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,951)	(37)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(664)	0
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	81	389
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0	137
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(116)	(119)
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency option contracts | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(55)
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	36,727	17,473
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(2,033)
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	2,492	209
Not Designated as Hedging Instrument | Foreign currency exchange contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ 0	$ (189)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 106,611	$ 112,653
Restricted cash	69,638	59,703
Current maturities of long-term debt	0	(3,375)
Long-term debt	(972,285)	(1,022,004)
Carrying Amount | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	36,727	15,440
Carrying Amount | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(118)
Foreign currency contracts, assets		2,807
Carrying Amount | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(35)
Foreign currency contracts, assets		352
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	106,611	112,653
Restricted cash	69,638	59,703
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, liabilities	0
Foreign currency contracts, assets		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, liabilities	0
Foreign currency contracts, assets		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	0	(3,375)
Long-term debt	(973,505)	(1,030,135)
Fair Value | Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	36,727	15,440
Fair Value | Level 2 | Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(118)
Foreign currency contracts, assets		2,807
Fair Value | Level 2 | Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	$ (35)
Foreign currency contracts, assets		$ 352

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)pension_plan	Jun. 30, 2017USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Number of qualified defined benefit plans | pension_plan			1
Weighted-average expected long-term rate of return on plan assets			7.20%
Pension
Defined Benefit Plan Disclosure [Line Items]
Pension contributions paid			$ 1,200
Minimum annual pension contribution	$ 2,900		2,900
Service cost	0	$ 0	0	$ 0
Interest cost	759	815	1,510	1,630
Expected return on plan assets	(984)	(945)	(1,968)	(1,891)
Amortization of losses	178	116	338	233
Net periodic benefit (credit) cost	(47)	(14)	(120)	(28)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2	3	3
Interest cost	13	13	25	26
Expected return on plan assets	0	0	0	0
Amortization of losses	0	0	1	0
Net periodic benefit (credit) cost	$ 15	$ 15	$ 29	$ 29

OTHER OPERATING INCOME, NET (De

OTHER OPERATING INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Income and Expenses [Abstract]
Foreign currency income (expense)	$ 1,267	$ (1,470)	$ 514	$ (1,233)
Gain (loss) on sale or disposal of property and equipment	12	(7)	27	(6)
Gain on foreign currency exchange and option contracts	386	1,536	1,819	2,264
Log trading marketing fees	62	329	131	508
Income from the sale of unused Internet Protocol addresses	0	0	646	0
Income from New Zealand Timber settlement	0	0	0	420
Miscellaneous (expense) income, net	(68)	397	(108)	20
Total	$ 1,659	$ 785	$ 3,029	$ 1,973

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventory [Line Items]
Inventory	$ 19,125	$ 24,141
Real Estate Inventory
Inventory [Line Items]
Inventory	14,248	18,350
Log inventory
Inventory [Line Items]
Inventory	$ 4,877	$ 5,791

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary, days	180 days
Restricted deposits	$ 69.6	$ 59.7

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets		$ 69,638	$ 59,703
Cash and cash equivalents		106,611	112,653
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	[1]	176,249	$ 172,356	$ 148,340	$ 157,617
Deposited with intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets		69,088
Held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets		$ 550
[1]	Due to the adoption of ASU No. 2016-18, restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown and therefore changes in restricted cash are no longer reported as investing activities. Prior period amounts have been restated to conform to current period presentation. For additional information and a reconciliation of cash, see Note 17 — Restricted Cash.

ACCUMULATED OTHER COMPREHENSI76

ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of Components) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,593,023
Other comprehensive (loss)/income before reclassifications	3,855	$ 14,064
Amounts reclassified from accumulated other comprehensive income	(671)	(1,503)
Net other comprehensive (loss)/income	3,184	12,561
Ending balance	1,613,489	1,593,023
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	13,417	856
Ending balance	16,601	13,417
Foreign currency translation gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	15,975	8,559
Other comprehensive (loss)/income before reclassifications	(14,907)	7,416
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss)/income	(14,907)	7,416
Ending balance	1,068	15,975
Net investment hedges of New Zealand JV
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,665	1,665
Other comprehensive (loss)/income before reclassifications	(344)	0
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss)/income	(344)	0
Ending balance	1,321	1,665
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	16,184	10,831
Other comprehensive (loss)/income before reclassifications	19,106	7,321
Amounts reclassified from accumulated other comprehensive income	(1,009)	(1,968)
Net other comprehensive (loss)/income	18,097	5,353
Ending balance	34,281	16,184
Cash flow hedges | Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive (loss)/income before reclassifications	21,300
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(20,407)	(20,199)
Other comprehensive (loss)/income before reclassifications	0	(673)
Amounts reclassified from accumulated other comprehensive income	338	465
Net other comprehensive (loss)/income	338	(208)
Ending balance	$ (20,069)	$ (20,407)

ACCUMULATED OTHER COMPREHENSI77

ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net	$ 1,659	$ 785	$ 3,029	$ 1,973
Comprehensive (loss) income attributable to noncontrolling interest	5,011	(9,595)	528	(11,247)
Income tax benefit (expense)	$ (7,110)	$ (7,493)	(14,047)	(13,774)
Net gain from accumulated other comprehensive income			(671)		$ (1,503)
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net gain from accumulated other comprehensive income			(1,009)	(1,255)
Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interest			419	521
Income tax benefit (expense)			391	488
Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net			(1,654)	(1,730)
Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net			$ (165)	$ (534)

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 (Income and Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Condensed Statement of Income Captions [Line Items]
SALES	$ 245,906	$ 200,964	$ 449,101	$ 395,455
Costs and Expenses
Cost of sales	184,418	144,610	322,906	281,438
Selling and general expenses	11,502	10,246	20,504	19,836
Other operating expense (income), net	(1,659)	(785)	(3,029)	(1,973)
Costs and Expenses, Total	194,261	154,071	340,381	299,301
OPERATING INCOME	51,645	46,893	108,720	96,154
Interest expense	(8,102)	(8,631)	(16,155)	(17,046)
Interest and miscellaneous income (expense), net	2,905	4	3,525	522
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	46,448	38,266	96,090	79,630
Income tax benefit (expense)	(7,110)	(7,493)	(14,047)	(13,774)
NET INCOME	39,338	30,773	82,043	65,856	$ 161,579
Less: Net income attributable to noncontrolling interest	3,080	4,612	5,246	5,853
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	36,258	26,161	76,797	60,003
Foreign currency translation adjustment, net of income tax	(29,760)	21,484	(20,072)	23,916	9,114
Cash flow hedges, net of income tax	529	(1,988)	17,143	565	5,693
Amortization of pension and postretirement plans, net of income tax	178	116	338	233	$ (208)
Total other comprehensive (loss) income	(29,053)	19,612	(2,591)	24,714
COMPREHENSIVE INCOME	10,285	50,385	79,452	90,570
Less: Comprehensive (loss) income attributable to noncontrolling interest	(5,011)	9,595	(528)	11,247
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	15,296	40,790	79,980	79,323
Consolidating Adjustments
Condensed Statement of Income Captions [Line Items]
SALES	0	0	0	0
Costs and Expenses
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	(83,082)	(62,535)	(172,971)	(140,057)
INCOME BEFORE INCOME TAXES	(83,082)	(62,535)	(172,971)	(140,057)
Income tax benefit (expense)	0	0	0	0
NET INCOME	(83,082)	(62,535)	(172,971)	(140,057)
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	(83,082)	(62,535)	(172,971)	(140,057)
Foreign currency translation adjustment, net of income tax	22,856	(17,199)	15,252	(19,202)
Cash flow hedges, net of income tax	(1,716)	2,686	(18,097)	115
Amortization of pension and postretirement plans, net of income tax	(178)	(116)	(338)	(233)
Total other comprehensive (loss) income	20,962	(14,629)	(3,183)	(19,320)
COMPREHENSIVE INCOME	(62,120)	(77,164)	(176,154)	(159,377)
Less: Comprehensive (loss) income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	(62,120)	(77,164)	(176,154)	(159,377)
Rayonier Inc. (Parent Issuer) | Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
SALES	0	0	0	0
Costs and Expenses
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	12	0
Costs and Expenses, Total	0	0	12	0
OPERATING INCOME	0	0	(12)	0
Interest expense	(3,139)	(3,139)	(6,278)	(6,278)
Interest and miscellaneous income (expense), net	2,734	2,345	5,362	4,547
Equity in income from subsidiaries	36,663	26,955	77,725	61,734
INCOME BEFORE INCOME TAXES	36,258	26,161	76,797	60,003
Income tax benefit (expense)	0	0	0	0
NET INCOME	36,258	26,161	76,797	60,003
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	36,258	26,161	76,797	60,003
Foreign currency translation adjustment, net of income tax	(22,856)	17,199	(15,252)	19,202
Cash flow hedges, net of income tax	1,716	(2,686)	18,097	(115)
Amortization of pension and postretirement plans, net of income tax	178	116	338	233
Total other comprehensive (loss) income	(20,962)	14,629	3,183	19,320
COMPREHENSIVE INCOME	15,296	40,790	79,980	79,323
Less: Comprehensive (loss) income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	15,296	40,790	79,980	79,323
Subsidiary Guarantors | Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
SALES	0	0	0	0
Costs and Expenses
Cost of sales	0	0	0	0
Selling and general expenses	5,471	4,248	9,859	7,784
Other operating expense (income), net	40	20	(595)	131
Costs and Expenses, Total	5,511	4,268	9,264	7,915
OPERATING INCOME	(5,511)	(4,268)	(9,264)	(7,915)
Interest expense	(4,900)	(4,883)	(9,555)	(9,741)
Interest and miscellaneous income (expense), net	746	695	1,511	1,383
Equity in income from subsidiaries	46,419	35,580	95,246	78,323
INCOME BEFORE INCOME TAXES	36,754	27,124	77,938	62,050
Income tax benefit (expense)	(91)	(169)	(213)	(316)
NET INCOME	36,663	26,955	77,725	61,734
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	36,663	26,955	77,725	61,734
Foreign currency translation adjustment, net of income tax	341	0	452	0
Cash flow hedges, net of income tax	5,690	(5,021)	21,287	(2,389)
Amortization of pension and postretirement plans, net of income tax	178	116	338	233
Total other comprehensive (loss) income	6,209	(4,905)	22,077	(2,156)
COMPREHENSIVE INCOME	42,872	22,050	99,802	59,578
Less: Comprehensive (loss) income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	42,872	22,050	99,802	59,578
Non- guarantors | Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
SALES	245,906	200,964	449,101	395,455
Costs and Expenses
Cost of sales	184,418	144,610	322,906	281,438
Selling and general expenses	6,031	5,998	10,645	12,052
Other operating expense (income), net	(1,699)	(805)	(2,446)	(2,104)
Costs and Expenses, Total	188,750	149,803	331,105	291,386
OPERATING INCOME	57,156	51,161	117,996	104,069
Interest expense	(63)	(609)	(322)	(1,027)
Interest and miscellaneous income (expense), net	(575)	(3,036)	(3,348)	(5,408)
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	56,518	47,516	114,326	97,634
Income tax benefit (expense)	(7,019)	(7,324)	(13,834)	(13,458)
NET INCOME	49,499	40,192	100,492	84,176
Less: Net income attributable to noncontrolling interest	3,080	4,612	5,246	5,853
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	46,419	35,580	95,246	78,323
Foreign currency translation adjustment, net of income tax	(30,101)	21,484	(20,524)	23,916
Cash flow hedges, net of income tax	(5,161)	3,033	(4,144)	2,954
Amortization of pension and postretirement plans, net of income tax	0	0	0	0
Total other comprehensive (loss) income	(35,262)	24,517	(24,668)	26,870
COMPREHENSIVE INCOME	14,237	64,709	75,824	111,046
Less: Comprehensive (loss) income attributable to noncontrolling interest	(5,011)	9,595	(528)	11,247
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 19,248	$ 55,114	$ 76,352	$ 99,799

CONSOLIDATING FINANCIAL STATE80

CONSOLIDATING FINANCIAL STATEMENTS (Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 106,611	$ 112,653
Accounts receivable, less allowance for doubtful accounts	54,340	27,693
Inventory	19,125	24,141
Prepaid expenses	15,774	15,993
Other current assets	2,840	3,047
Total current assets	198,690	183,527
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,406,425	2,462,066
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	86,955	80,797
NET PROPERTY, PLANT AND EQUIPMENT	22,932	23,378
RESTRICTED CASH	69,638	59,703
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY RECEIVABLE	0	0
OTHER ASSETS	66,422	49,010
TOTAL ASSETS	2,851,062	2,858,481
CURRENT LIABILITIES
Accounts payable	27,692	25,148
Current maturities of long-term debt	0	3,375
Accrued taxes	5,299	3,781
Accrued payroll and benefits	6,690	9,662
Accrued interest	4,995	5,054
Deferred revenue	17,674	9,721
Other current liabilities	21,538	11,807
Total current liabilities	83,888	68,548
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	972,285	1,022,004
PENSION AND OTHER POSTRETIREMENT BENEFITS	30,230	31,905
OTHER NON-CURRENT LIABILITIES	51,782	43,084
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,613,489	1,593,023
Noncontrolling interest	99,388	99,917
TOTAL SHAREHOLDERS’ EQUITY	1,712,877	1,692,940	$ 1,496,752
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,851,062	2,858,481
Consolidating Adjustments
CURRENT ASSETS
Cash and cash equivalents	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid expenses	0	0
Other current assets	0	0
Total current assets	0	0
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
RESTRICTED CASH	0	0
INVESTMENT IN SUBSIDIARIES	(4,274,507)	(4,345,564)
INTERCOMPANY RECEIVABLE	0	0
OTHER ASSETS	0	0
TOTAL ASSETS	(4,274,507)	(4,345,564)
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
Deferred revenue	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	(4,274,507)	(4,345,564)
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	(4,274,507)	(4,345,564)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	(4,274,507)	(4,345,564)
Rayonier Inc. (Parent Issuer) | Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	76,980	48,564
Accounts receivable, less allowance for doubtful accounts	1,995	0
Inventory	0	0
Prepaid expenses	0	0
Other current assets	0	0
Total current assets	78,975	48,564
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
RESTRICTED CASH	0	0
INVESTMENT IN SUBSIDIARIES	1,516,631	1,531,156
INTERCOMPANY RECEIVABLE	37,826	40,067
OTHER ASSETS	3	2
TOTAL ASSETS	1,633,435	1,619,789
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	3,047	3,047
Deferred revenue	0	0
Other current liabilities	1,995	0
Total current liabilities	5,042	3,047
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,618	323,434
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(308,714)	(299,715)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,613,489	1,593,023
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,613,489	1,593,023
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,633,435	1,619,789
Subsidiary Guarantors | Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	11,964	25,042
Accounts receivable, less allowance for doubtful accounts	1,814	3,726
Inventory	0	0
Prepaid expenses	1,924	759
Other current assets	106	14
Total current assets	15,808	29,541
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	17,459	21
RESTRICTED CASH	0	0
INVESTMENT IN SUBSIDIARIES	2,757,876	2,814,408
INTERCOMPANY RECEIVABLE	(628,749)	(628,167)
OTHER ASSETS	32,274	12,680
TOTAL ASSETS	2,194,668	2,228,483
CURRENT LIABILITIES
Accounts payable	3,980	2,838
Current maturities of long-term debt		0
Accrued taxes	8	48
Accrued payroll and benefits	3,864	5,298
Accrued interest	1,948	1,995
Deferred revenue	0	0
Other current liabilities	593	564
Total current liabilities	10,393	10,743
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	648,667	663,570
PENSION AND OTHER POSTRETIREMENT BENEFITS	30,914	32,589
OTHER NON-CURRENT LIABILITIES	7,025	9,386
INTERCOMPANY PAYABLE	(18,962)	(18,961)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,516,631	1,531,156
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,516,631	1,531,156
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,194,668	2,228,483
Non- guarantors | Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	17,667	39,047
Accounts receivable, less allowance for doubtful accounts	50,531	23,967
Inventory	19,125	24,141
Prepaid expenses	13,850	15,234
Other current assets	2,734	3,033
Total current assets	103,907	105,422
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,406,425	2,462,066
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	86,955	80,797
NET PROPERTY, PLANT AND EQUIPMENT	5,473	23,357
RESTRICTED CASH	69,638	59,703
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY RECEIVABLE	590,923	588,100
OTHER ASSETS	34,145	36,328
TOTAL ASSETS	3,297,466	3,355,773
CURRENT LIABILITIES
Accounts payable	23,712	22,310
Current maturities of long-term debt		3,375
Accrued taxes	5,291	3,733
Accrued payroll and benefits	2,826	4,364
Accrued interest	0	12
Deferred revenue	17,674	9,721
Other current liabilities	18,950	11,243
Total current liabilities	68,453	54,758
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	0	35,000
PENSION AND OTHER POSTRETIREMENT BENEFITS	(684)	(684)
OTHER NON-CURRENT LIABILITIES	44,757	33,698
INTERCOMPANY PAYABLE	327,676	318,676
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	2,757,876	2,814,408
Noncontrolling interest	99,388	99,917
TOTAL SHAREHOLDERS’ EQUITY	2,857,264	2,914,325
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,297,466	$ 3,355,773

CONSOLIDATING FINANCIAL STATE81

CONSOLIDATING FINANCIAL STATEMENTS (Cash Flows) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		$ 181,583	$ 128,315
INVESTING ACTIVITIES
Capital expenditures		(25,920)	(29,840)
Real estate development costs		(4,501)	(5,599)
Purchase of timberlands		(31,234)	(237,235)
Net proceeds from large disposition		0	42,029
Rayonier office building under construction		0	(5,573)
Investment in Subsidiaries		0	0
Other		113	1,033
CASH (USED FOR) INVESTING ACTIVITIES		(61,542)	(235,185)
FINANCING ACTIVITIES
Issuance of debt		1,014	63,389
Repayment of debt		(54,389)	(60,422)
Dividends paid		(67,053)	(62,825)
Proceeds from the issuance of common shares under incentive stock plan		7,824	3,206
Proceeds from the issuance of common shares under equity offering		0	152,390
Repurchase of common shares		(2,966)	0
Issuance of intercompany notes		0	0
Intercompany distributions		0	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(115,570)	95,738
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(578)	1,855
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	[1]	3,893	(9,277)
Balance, beginning of year	[1]	172,356	157,617
Balance, end of period	[1]	176,249	148,340
Consolidating Adjustments
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		0	0
INVESTING ACTIVITIES
Capital expenditures		0	0
Real estate development costs		0	0
Purchase of timberlands		0	0
Net proceeds from large disposition			0
Rayonier office building under construction			0
Investment in Subsidiaries		(40,441)	(6,932)
Other		0	0
CASH (USED FOR) INVESTING ACTIVITIES		(40,441)	(6,932)
FINANCING ACTIVITIES
Issuance of debt		0	0
Repayment of debt		0	0
Dividends paid		0	0
Proceeds from the issuance of common shares under incentive stock plan		0	0
Proceeds from the issuance of common shares under equity offering			0
Repurchase of common shares		0
Issuance of intercompany notes		0	0
Intercompany distributions		40,441	6,932
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		40,441	6,932
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		0	0
Balance, beginning of year		0	0
Balance, end of period		0	0
Rayonier Inc. (Parent Issuer) | Reportable Legal Entities
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		(7,491)	(7,648)
INVESTING ACTIVITIES
Capital expenditures		0	0
Real estate development costs		0	0
Purchase of timberlands		0	0
Net proceeds from large disposition			0
Rayonier office building under construction			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		(67,053)	(62,825)
Proceeds from the issuance of common shares under incentive stock plan		7,824	3,206
Proceeds from the issuance of common shares under equity offering			152,390
Repurchase of common shares		(2,966)
Issuance of intercompany notes		(9,000)	0
Intercompany distributions		107,102	(25,419)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		35,907	67,352
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		28,416	59,704
Balance, beginning of year		48,564	21,453
Balance, end of period		76,980	81,157
Subsidiary Guarantors | Reportable Legal Entities
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		57,280	59,557
INVESTING ACTIVITIES
Capital expenditures		(58)	0
Real estate development costs		0	0
Purchase of timberlands		0	0
Net proceeds from large disposition			0
Rayonier office building under construction			0
Investment in Subsidiaries		40,441	6,932
Other		0	0
CASH (USED FOR) INVESTING ACTIVITIES		40,383	6,932
FINANCING ACTIVITIES
Issuance of debt		0	25,000
Repayment of debt		(50,000)	(15,000)
Dividends paid		0	0
Proceeds from the issuance of common shares under incentive stock plan		0	0
Proceeds from the issuance of common shares under equity offering			0
Repurchase of common shares		0
Issuance of intercompany notes		0	0
Intercompany distributions		(60,741)	(73,365)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(110,741)	(63,365)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(13,078)	3,124
Balance, beginning of year		25,042	9,461
Balance, end of period		11,964	12,585
Non- guarantors | Reportable Legal Entities
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		131,794	76,406
INVESTING ACTIVITIES
Capital expenditures		(25,862)	(29,840)
Real estate development costs		(4,501)	(5,599)
Purchase of timberlands		(31,234)	(237,235)
Net proceeds from large disposition			42,029
Rayonier office building under construction			(5,573)
Investment in Subsidiaries		0	0
Other		113	1,033
CASH (USED FOR) INVESTING ACTIVITIES		(61,484)	(235,185)
FINANCING ACTIVITIES
Issuance of debt		1,014	38,389
Repayment of debt		(4,389)	(45,422)
Dividends paid		0	0
Proceeds from the issuance of common shares under incentive stock plan		0	0
Proceeds from the issuance of common shares under equity offering			0
Repurchase of common shares		0
Issuance of intercompany notes		9,000	0
Intercompany distributions		(86,802)	91,852
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES		(81,177)	84,819
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(578)	1,855
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		(11,445)	(72,105)
Balance, beginning of year		98,750	126,703
Balance, end of period		$ 87,305	$ 54,598
[1]	Due to the adoption of ASU No. 2016-18, restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown and therefore changes in restricted cash are no longer reported as investing activities. Prior period amounts have been restated to conform to current period presentation. For additional information and a reconciliation of cash, see Note 17 — Restricted Cash.