View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Feb. 16, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	RAYONIER INC.
Trading Symbol	RYN
Entity Central Index Key	0000052827
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		129,084,186
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 3,694,658,677

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
SALES	$ 239,722	$ 184,419	$ 200,964	$ 194,491	$ 229,302	$ 176,867	$ 269,171	$ 140,575	$ 819,596	$ 815,915	$ 568,800
Costs and Expenses
Cost of sales	149,832	136,983	144,610	136,828	162,590	116,922	138,480	108,447	568,253	526,439	441,718
Selling and general expenses									40,245	42,785	45,750
Other operating (income) expense, net (Note 17)									(4,393)	(9,086)	3,548
Costs and Expenses, Total									604,105	560,138	491,016
OPERATING INCOME									215,491	255,777	77,784
Interest expense									(34,071)	(32,245)	(31,699)
Interest income and miscellaneous income (expense), net									1,840	(698)	(3,003)
INCOME BEFORE INCOME TAXES									183,260	222,834	43,082
Income tax (expense) benefit (Note 9)									(21,681)	(5,064)	859
NET INCOME	66,920	28,803	30,773	35,083	50,509	40,624	111,579	15,058	161,579	217,770	43,941
Less: Net income (loss) attributable to noncontrolling interest									12,737	5,798	(2,224)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 64,150	$ 24,688	$ 26,161	$ 33,843	$ 48,324	$ 39,355	$ 109,821	$ 14,472	148,842	211,972	46,165
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066									9,114	6,322	(32,451)
Cash flow hedges, net of income tax effect of $594, $545 and $91									5,693	22,822	(9,961)
Actuarial change and amortization of pension and postretirement plan liabilities, net of income tax effect of $0, $0 and $470									(208)	5,533	2,933
Total other comprehensive income									14,599	34,677	(39,479)
COMPREHENSIVE INCOME									176,178	252,447	4,462
Less: Comprehensive income (loss) attributable to noncontrolling interest									14,775	9,555	(13,027)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.									$ 161,403	$ 242,892	$ 17,489
Basic earnings per share attributable to Rayonier Inc.
Net Income, Basic (in dollars per share)	$ 0.50	$ 0.19	$ 0.20	$ 0.27	$ 0.39	$ 0.32	$ 0.90	$ 0.12	$ 1.17	$ 1.73	$ 0.37
Diluted earnings per share attributable to Rayonier Inc.
Net income, Diluted (in dollars per share)	$ 0.50	$ 0.19	$ 0.20	$ 0.27	$ 0.39	$ 0.32	$ 0.89	$ 0.12	$ 1.16	$ 1.73	$ 0.37

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, income tax (expense) benefit	$ 0	$ 0	$ 1,066
Cash flow hedges, income tax expense	594	545	(91)
Amortization of pension and postretirement plan liabilities, income tax (expense) benefit	$ 0	$ 0	$ 470

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 112,653	$ 85,909
Accounts receivable, less allowance for doubtful accounts of $23 and $33	27,693	20,664
Inventory (Note 18)	24,141	21,379
Prepaid logging roads	11,207	10,228
Prepaid expenses	4,786	1,579
Assets held for sale (Note 21)	0	23,171
Other current assets	3,047	1,874
Total current assets	183,527	164,804
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,462,066	2,291,015
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	80,797	70,374
PROPERTY, PLANT AND EQUIPMENT
Land	3,962	2,279
Buildings	23,618	7,990
Machinery and equipment	4,440	4,658
Construction in progress	627	8,170
Total property, plant and equipment, gross	32,647	23,097
Less—accumulated depreciation	(9,269)	(9,063)
Total property, plant and equipment, net	23,378	14,034
RESTRICTED CASH (NOTE 19)	59,703	71,708
OTHER ASSETS (NOTE 20)	49,010	73,825
TOTAL ASSETS	2,858,481	2,685,760
CURRENT LIABILITIES
Accounts payable	25,148	22,337
Current maturities of long-term debt (Note 5)	3,375	31,676
Accrued taxes	3,781	2,657
Accrued payroll and benefits	9,662	9,277
Accrued interest	5,054	5,340
Deferred revenue	9,721	9,099
Other current liabilities	11,807	11,580
Total current liabilities	68,548	91,966
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS (NOTE 5)	1,022,004	1,030,205
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)	31,905	31,856
OTHER NON-CURRENT LIABILITIES	43,084	34,981
COMMITMENTS AND CONTINGENCIES (NOTES 8 and 10)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 128,970,776 and 122,904,368 shares issued and outstanding	872,228	709,867
Retained earnings	707,378	700,887
Accumulated other comprehensive income (Note 22)	13,417	856
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,593,023	1,411,610
Noncontrolling interest	99,917	85,142
TOTAL SHAREHOLDERS’ EQUITY	1,692,940	1,496,752
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,858,481	$ 2,685,760

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 23	$ 33
Shareholders' Equity:
Common stock, shares authorized (in shares)	480,000,000	480,000,000
Common stock, shares, issued (in shares)	128,970,776	122,904,368
Common stock, shares outstanding (in shares)	128,970,776	122,904,368

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2014		126,773,097
Beginning balance at Dec. 31, 2014	$ 1,575,151	$ 702,598	$ 790,697	$ (4,825)	$ 86,681
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43,941		46,165		(2,224)
Dividends ($1.00 per share)	(124,943)		(124,943)
Issuance of shares under incentive stock plans, (in shares)		205,219
Issuance of shares under incentive stock plans	2,117	$ 2,117
Stock-based compensation	4,484	4,484
Tax deficiency on stock-based compensation	(250)	$ (250)
Repurchase of common shares, (in shares)		(4,208,099)
Repurchase of common shares	(100,122)	$ (122)	(100,000)
Actuarial change and amortization of pension and postretirement plan liabilities	2,933			2,933
Adjustments to Rayonier Advanced Materials	841		841
Foreign currency translation adjustment	(32,451)			(21,567)	(10,884)
Cash flow hedges	(9,961)			(10,044)	83
Ending balance (in shares) at Dec. 31, 2015		122,770,217
Ending balance at Dec. 31, 2015	1,361,740	$ 708,827	612,760	(33,503)	73,656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	217,770		211,972		5,798
Dividends ($1.00 per share)	(123,155)		(123,155)
Issuance of shares under incentive stock plans, (in shares)		179,743
Issuance of shares under incentive stock plans	1,576	$ 1,576
Stock-based compensation	5,136	$ 5,136
Repurchase of common shares, (in shares)		(45,592)
Repurchase of common shares	(868)	$ (178)	(690)
Actuarial change and amortization of pension and postretirement plan liabilities	5,533			5,533
Foreign currency translation adjustment	6,322			2,780	3,542
Cash flow hedges	22,822			22,608	214
Recapitalization of New Zealand Joint Venture	0	(5,398)		3,438	1,960
Recapitalization costs	(124)	$ (96)			(28)
Ending balance (in shares) at Dec. 31, 2016		122,904,368
Ending balance at Dec. 31, 2016	1,496,752	$ 709,867	700,887	856	85,142
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)
Net income	35,083
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 per share)	(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)	0
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]
Cumulative-effect adjustment due to adoption of ASU No. 2016-16 \| Accounting Standards Update 2016-16			$ (14,365)

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends (dollars per share)	$ 1.00	$ 1.00	$ 1.00

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net income	$ 161,579	$ 217,770	$ 43,941
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	127,566	115,142	113,708
Non-cash cost of land and real estate sold	13,684	11,690	12,509
Stock-based incentive compensation expense	5,396	5,136	4,484
Amortization of debt discount/premium	0	(462)	604
Deferred income taxes	21,980	5,170	(1,475)
Non-cash adjustments to unrecognized tax benefit liability	0	0	135
Amortization of losses from pension and postretirement plans	465	2,513	3,403
Gain on sale of Large Dispositions	(66,994)	(143,933)	0
Other	(716)	336	350
Changes in operating assets and liabilities:
Receivables	(6,362)	2,517	2,034
Inventories	(1,384)	(1,175)	(9,749)
Accounts payable	3,435	(559)	1,863
Income tax receivable/payable	(434)	(206)	(894)
All other operating activities	(1,931)	(10,138)	6,251
CASH PROVIDED BY OPERATING ACTIVITIES	256,284	203,801	177,164
INVESTING ACTIVITIES
Capital expenditures	(65,345)	(58,723)	(57,293)
Real estate development investments	(15,784)	(8,746)	(2,676)
Purchase of timberlands	(242,910)	(366,481)	(98,409)
Assets purchased in business acquisition	0	(887)	0
Net proceeds from Large Dispositions	95,243	203,862	0
Proceeds from settlement of foreign currency hedge	0	0	2,804
Rayonier office building under construction	(6,084)	(6,307)	(908)
Change in restricted cash	12,005	(48,184)	(16,836)
Other	(373)	2,311	7,009
CASH USED FOR INVESTING ACTIVITIES	(223,248)	(283,155)	(166,309)
FINANCING ACTIVITIES
Issuance of debt	63,389	695,916	472,558
Repayment of debt	(100,157)	(458,415)	(364,402)
Dividends paid	(127,069)	(122,845)	(124,936)
Proceeds from the issuance of common shares	4,751	1,576	2,117
Proceeds from the issuance of common shares from equity offering, net of costs	152,390	0	0
Repurchase of common shares	(176)	(690)	(100,000)
Debt issuance costs	0	(818)	(1,678)
Other	0	(301)	(122)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(6,872)	114,423	(116,463)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	580	(937)	(4,173)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	26,744	34,132	(109,781)
Balance, beginning of year	85,909	51,777	161,558
Balance, end of year	112,653	85,909	51,777
Cash paid during the year:
Interest	36,041	36,289	33,011
Income taxes	514	501	277
Non-cash investing activity:
Capital assets purchased on account	3,809	4,683	3,429
Purchase of timberlands	$ 0	$ 0	$ 700

Nature of Business Operations	12 Months Ended
Nature of Business Operations	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business Operations	NATURE OF BUSINESS OPERATIONS Rayonier Inc., a North Carolina corporation, including its consolidated subsidiaries (“Rayonier” or “the Company”), is a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive softwood timber growing regions in the U.S. and New Zealand. Shares of the Company have a $0.00 par value. Rayonier owns or leases approximately 2.6 million acres of timberland, located in the United States and New Zealand. Included in this property is approximately 0.2 million acres of timberlands located primarily along the coastal region from Savannah, Georgia to Daytona Beach, Florida, some of which has long-term potential for real estate development. The Company also engages in the trading of logs, primarily to support the Company’s New Zealand export operations. Rayonier operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. See Note 4 — Segment and Geographical Information for further discussion of reportable business segments. The Company is a REIT and is generally not required to pay federal income taxes on its U.S. timber harvest earnings and other U.S. REIT operations contingent upon meeting applicable distribution, income, asset, shareholder and other tests. The U.S. timber operations are primarily conducted by the Company’s wholly-owned REIT subsidiaries. Non-REIT qualifying and certain foreign operations, which are subject to corporate-level tax on earnings, are operated by taxable subsidiaries. These operations include the Real Estate segment’s entitlement activities, limited development activities and sale of higher and better use (“HBU”) properties. The Company’s consolidated joint venture, Matariki Forestry Group (“New Zealand JV”), is subject to entity-level tax in New Zealand. SOUTHERN, PACIFIC NORTHWEST AND NEW ZEALAND TIMBER The Company’s Timber segments own or lease approximately 2.6 million acres of timberlands located in the U.S. and New Zealand. The Timber segments conduct timber harvesting activities, manage timberlands and sell timber and logs to third parties. On March 3, 2016, the Company acquired an additional 12% interest in the New Zealand JV, which currently owns or leases approximately 410,000 gross acres (293,000 net plantable acres) of New Zealand timberlands. The acquisition of additional interest brought the Company’s ownership to 77%. The Company maintains a controlling financial interest in the New Zealand JV and, accordingly, consolidates the New Zealand JV’s balance sheet and results of operations. Rayonier’s wholly-owned subsidiary, Rayonier New Zealand Limited (“RNZ”) serves as the manager of the New Zealand JV forests. See Note 7 — Joint Venture Investment. During 2017, the Company acquired approximately 109,000 acres of timberlands in Florida, Georgia, South Carolina, Washington and New Zealand for $242.9 million. During 2016, the Company acquired approximately 111,000 acres of timberlands in the U.S. for $366.5 million. See Note 3 — Timberland Acquisitions for additional information. REAL ESTATE The vast majority of the Company’s HBU properties are managed as timberland and generate cash flow from timber operations prior to their sale or, in the case of Improved Development properties, prior to improvement. All of the Company’s U.S. land sales, including HBU and non-HBU, are reported in the Real Estate segment. Rayonier employs a detailed land classification process for all of its timberland and HBU acres. TRADING The Company’s trading business is comprised of log trading conducted by the New Zealand JV in two core areas of business: managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. The Trading segment primarily complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65%) in the New Zealand JV, and, as such, consolidates its results of operations and Balance Sheet. In March 2016, the Company made a capital contribution into the New Zealand JV, and as a result, the Company’s ownership interest increased to 77%. The Company records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (23%) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated.

RECLASSIFICATION OF OTHER OPERATING INCOME, NET

In an effort to report certain revenue and expenses in a manner more representative of activities that constitute ongoing central operations, the Company has changed its classification of primarily lease and license income, other non-timber income, carbon credit sales and log agency fees, net of costs from “Other Operating Income (Expense), Net” to “Sales” and “Cost of Sales.” This reclassification was applied retrospectively to all periods presented and had no effect on the presentation of operating income, net income, consolidated balance sheets, or consolidated statements of cash flows.

The impact of the reclassification for the three years ended December 31, 2017 are as follows:



	Year Ended December 31, 2017
	Prior to Reclassification			Change in Accounting Classification		As Adjusted
Sales		$792,659			$26,937		$819,596
Cost of sales	565,889			2,364		568,253
Other operating (income) expense, net	(28,966		)	24,573		(4,393		)



	Year Ended December 31, 2016
	As Previously Classified			Change in Accounting Classification		As Adjusted
Sales		$788,278			$27,637		$815,915
Cost of sales	524,707			1,732		526,439
Other operating (income) expense, net	(34,991		)	25,905		(9,086		)



	Year Ended December 31, 2015
	As Previously Classified			Change in Accounting Classification		As Adjusted
Sales		$544,874			$23,926		$568,800
Cost of sales	441,099			619		441,718
Other operating (income) expense, net	(19,759		)	23,307		3,548

USE OF ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include time deposits with original maturities of three months or less. The consolidated cash balance includes time deposits of $26.7 million and $25.6 million at December 31, 2017 and December 31, 2016, respectively.

ACCOUNTS RECEIVABLE

Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts.

INVENTORY

HBU real estate properties that are expected to be sold within one year are included in inventory at lower of cost or net realizable value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line, entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information.

Inventory also includes logs available to be sold by the Trading segment. Log inventory is recorded at the lower of cost or net realizable value and expensed to cost of sales when sold to third-party buyers. See Note 18 — Inventory for additional information.

PREPAID LOGGING ROADS

Costs for roads built in the Pacific Northwest and New Zealand to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. The Company charges such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule. See Note 20 — Other Assets for additional information.

ASSETS HELD FOR SALE

Assets that meet the held-for-sale criteria in ASC 360-10-45-9 are recorded in a separate balance sheet line, entitled “Assets Held for Sale,” and measured at the lower of the carrying amount or fair value less cost to sell. See Note 21 — Assets Held for Sale for additional information.

TIMBER AND TIMBERLANDS

Timber is stated at the lower of cost or net realizable value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Annual lease payments are capitalized or expensed based on the proportion of acres that the Company will be able to harvest prior to lease expiration. Lease payments made within one year of expiration are expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest or any other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense (cost of sales), at the time the timber is harvested or when the underlying timberland is sold.

Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

HBU timberland is recorded at the lower of cost or net realizable value. These properties are managed as timberlands until sold or developed with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of sales, within the Real Estate segment.

Real estate development investments include capitalized costs for targeted infrastructure improvements, such as roadways and utilities. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory. See Note 6 — Higher and Better Use Timberlands and Real Estate Development Investments for additional information.

PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION

Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company depreciates its assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively.

Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.

FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

GOODWILL

Goodwill represents the excess of the acquisition cost of the New Zealand Timber segment over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. The Company compares the fair value of the New Zealand Timber segment, using an independent valuation for the New Zealand forest assets, to its carrying value including goodwill. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2017; the estimated fair value of the New Zealand Timber segment exceeded its carrying value and no impairment was recorded.

FOREIGN CURRENCY TRANSLATION

The functional currency of the Company’s New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income (“AOCI”), within Shareholders’ Equity.

U.S. denominated transactions of the New Zealand JV are translated into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand JV are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity.

REVENUE RECOGNITION

The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred or services rendered, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured.

TIMBER SALES

Revenue from the sale of timber is recognized when title passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and 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 title and risk of loss pass to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and title and risk of loss pass to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale, whereby revenue is recognized as periodic physical observations are made of the percentage of acreage harvested.

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 title and risk of loss transfer to the buyer. For domestic log sales, title and risk are considered passed to the buyer as the logs are delivered to the customer. For export log sales (primarily in New Zealand), title and risk are considered passed to the buyer at the time the ship leaves the port.

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.

LOG TRADING

Domestic log trading revenue for sales within New Zealand is recorded when the goods are received by the customer and title passes. Export log trading revenue is recorded when the ship leaves the port, at which time title passes to the customer.

REAL ESTATE

The Company generally recognizes revenue on sales of real estate using the full accrual method at closing when cash has been received, title and risk of loss have passed to the buyer and there is no continuing involvement with the property. Revenue is recognized using the percentage-of-completion method on sales of real estate containing future performance obligations. 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. Costs incurred to obtain land use entitlements or for infrastructure such as utilities, roads or other improvements are charged to cost of sales for a project as a percentage of revenue earned to total anticipated revenue and costs for each project.

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.

EMPLOYEE BENEFIT PLANS

The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates and longevity of employees. See Note 15 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2017.

Periodic pension and other postretirement expense is included in “Cost of sales” and “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2017 and 2016, the Company’s pension plans were in a net liability position (underfunded) of $30.6 million and $30.6 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through other comprehensive income (loss) in the year in which the changes occur. The Company measures plan assets and benefit obligations as of the fiscal year-end. See Note 15 — Employee Benefit Plans for additional information.

INCOME TAXES

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized.

In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur.

The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Other Non-Current Liabilities” in the Company’s Consolidated Balance Sheets. See Note 9 — Income Taxes for additional information.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, stating entities should recognize income tax consequences of intra-entity transfers of assets other than inventory in the period in which they occur. As such, the Company is required to apply the changes on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU No. 2016-16 is effective for annual periods beginning after December 15, 2017 with early adoption permitted at the beginning of an annual period for which financial statements have not been issued. Rayonier early adopted ASU No. 2016-16 during the first quarter ended March 31, 2017. See Note 9 — Income Taxes for additional information.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Rayonier adopted ASU No. 2016-09 during the first quarter ended March 31, 2017. Upon adoption, additional excess tax benefits and tax deficiencies are recorded to “Income tax expense” in the Consolidated Statements of Income and Comprehensive Income, forfeitures are accounted for when they occur and cash paid by Rayonier when directly withholding shares for tax withholding purposes are classified as a financing activity within the Consolidated Statements of Cash Flows. The adoption of this standard did not have a material impact on the consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which revised the definition of a business. This update will likely result in more of Rayonier’s future timberland acquisitions being accounted for as asset acquisitions as opposed to acquisitions of a businesses. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2017 with early adoption permitted, including adoption in an interim period. Rayonier early adopted ASU No. 2017-01 during the fourth quarter ended December 31, 2017 and will apply the standard prospectively, as required.

Rayonier adopted ASU Nos. 2015-11, 2016-01 (early adopted), 2016-05, 2017-04 (early adopted) and 2017-09 (early adopted) in the fourth quarter ended December 31, 2017 with no material impact on the consolidated financial statements.

NEW ACCOUNTING PRONOUNCEMENTS

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 nonfinancial 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 March 2017, the 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. If a separate line item is used to present the other components of net benefit cost, that line item must be appropriately described. If a separate line item is not used, the line item used in the income statement to present the other components of net benefit cost must be disclosed. ASU No. 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. ASU No. 2017-07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier intends to adopt ASU No. 2017-07 in the Company’s first quarter 2018 Form 10-Q. Interest cost, expected return on plan assets and amortization of losses or gains are currently recorded in “Selling and general expenses” and “Cost of sales” in the Consolidated Statements of Income and “Timber and timberlands, net of depletion and amortization” in the Consolidated Balance Sheets. Upon adoption, these components of net period benefit cost will be recorded in “Interest income and miscellaneous income (expense), net.” As the Company froze benefits for all employees participating in the pension plan effective December 31, 2016, the service cost component of net period benefit is no longer recognized by Rayonier. Based on current actuarial estimates and management assumptions, Rayonier anticipates that the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements. See Note 15 — Employee Benefit Plans for the components of net periodic benefit cost.

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 intends to adopt ASU No. 2016-18 in the Company’s first quarter 2018 Form 10-Q. The Company currently records changes in restricted cash within the investing section of the Consolidated Statements of Cash Flows. Upon adoption, restricted cash will 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 and therefore changes in restricted cash will not be reported as cash flow activities. Rayonier will continue to disclose the nature of restrictions on the Company’s cash, cash equivalents, and restricted cash. See Note 19 — Restricted Cash for additional information.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Consolidated Statements of Cash Flows under Topic 230, Statement of Cash Flows, and other Topics. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-15 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. The Company anticipates the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements.

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. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. ASU No. 2016-02 is required to be applied 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 May 2014, the FASB and International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date. ASU No. 2015-14 provides a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The update clarifies the guidance for identifying performance obligations. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The update clarifies the guidance for assessing collectibility, presenting sales taxes and other similar taxes collected from customers, non-cash consideration, contract modifications at transition, completed contracts at transition and disclosing the accounting change in the period of adoption. In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The update clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. This standard will be effective for Rayonier beginning January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company expects to adopt using the cumulative-effect method.

As of December 31, 2017, and subject to the Company’s ongoing evaluation of new transactions and contracts, Rayonier has substantially completed its evaluation of the expected impact of adopting Topic 606 and anticipates that the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements aside from adding expanded disclosures. Rayonier is also currently identifying and implementing appropriate changes to its business processes, systems and controls to support revenue recognition and disclosures under Topic 606. A material change in controls over financial reporting is not anticipated.

SUBSEQUENT EVENTS

The Company has evaluated events occurring from December 31, 2017 to the date of issuance for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.

Timberland Acquisitions

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Timberland Acquisitions

TIMBERLAND ACQUISITIONS

In 2017, the Company acquired approximately 95,100 acres of timberlands (including approximately 11,000 acres of leased lands) in Florida, Georgia and South Carolina for $214.3 million using proceeds from the offering and sale of 5.75 million shares under the universal shelf registration along with like-kind exchange proceeds. In five additional transactions throughout 2017, Rayonier purchased approximately 7,000 acres of timberland located in Georgia and Washington for approximately $7.2 million, which were funded with like-kind exchange proceeds. All acquisitions were accounted for as asset purchases.

Additionally, in two transactions during 2017, the Company acquired forestry rights covering approximately 8,000 acres of timberland with mature timber in New Zealand for approximately $21.4 million. These acquisitions were funded through the short-term working capital facility, which was fully repaid during the year.

In 2016, the Company completed a business combination that resulted in the acquisition of 61,000 acres of timberland in Oregon and Washington for a final purchase price of approximately $263 million. The acquisition was funded with proceeds received from a Large Disposition completed in May 2016 and by entering into a $300 million incremental term loan. In five additional transactions throughout 2016, Rayonier purchased approximately 50,000 acres of timberland located in Florida, Georgia and Texas for approximately $103.9 million. These acquisitions were funded with cash on hand, like-kind exchange proceeds, and borrowings under the revolving credit facility, and were accounted for as asset purchases.

The following table summarizes the timberland acquisitions at December 31, 2017 and 2016:



	2017			2016
	Cost		Acres	Cost		Acres
Florida		$32,334	15,382		$14,323	6,937
Georgia	147,833		68,473	12,485		5,427
Oregon	—		—	239,896		55,603
South Carolina	39,884		17,651	—		—
Texas	—		—	77,139		37,513
Washington	1,483		481	22,638		5,247
New Zealand	21,376		7,546	—		—
Total Acquisitions		$242,910	109,533		$366,481	110,727

Segment and Geographical Information

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment and Geographical Information

SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading.

The Company’s timber businesses are disaggregated into Southern Timber, Pacific Northwest Timber and New Zealand Timber segments. Sales in the Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales.

Real Estate sales include all U.S. property sales, including those lands designated as higher and better use (HBU). The Company’s Real Estate sales categories include Improved Development, Unimproved Development, Rural, Non-Strategic / Timberlands and Large Dispositions. Large Dispositions include sales of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Improved development includes sales of development property for which Rayonier, through one of its taxable REIT subsidiaries, has invested in infrastructure to enhance the value and marketability of the property. The unimproved development sales category comprises properties sold for commercial, industrial or residential development purposes and for which Rayonier has not invested in site improvements such as infrastructure.

The Trading segment comprises log trading in New Zealand, conducted by the Company’s New Zealand JV in two core areas of business, managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. Sales in the Trading segment also include log agency fees. The Trading segment primarily complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment.

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 income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other.”

Segment information for each of the three years ended December 31, 2017 follows:



	Sales
	2017		2016		2015
Southern Timber		$144,510		$151,192		$157,845
Pacific Northwest Timber	91,877		77,802		80,214
New Zealand Timber	247,609		177,889		162,803
Real Estate (a)	183,016		299,350		86,493
Trading	152,584		109,682		81,445
Total		$819,596		$815,915		$568,800

(a) The years 2017 and 2016 include Large Dispositions of $95.4 million and $207.3 million, respectively.



	Operating Income/(Loss)
	2017			2016			2015
Southern Timber		$42,254			$43,098			$46,669
Pacific Northwest Timber	1,127			(3,992		)	6,917
New Zealand Timber	72,385			33,072			2,775
Real Estate (a)	116,038			202,379			44,263
Trading	4,578			2,002			1,247
Corporate and other	(20,891		)	(20,782		)	(24,087		)
Total Operating Income	215,491			255,777			77,784
Unallocated interest expense and other	(32,231		)	(32,943		)	(34,702		)
Total Income before Income Taxes		$183,260			$222,834			$43,082

(a) The years 2017 and 2016 include Large Dispositions of $67.0 million and $143.9 million, respectively.



	Gross Capital Expenditures
	2017		2016		2015
Capital Expenditures (a)
Southern Timber		$34,476		$33,487		$33,245
Pacific Northwest Timber	10,254		8,036		8,515
New Zealand Timber	17,046		16,095		15,143
Real Estate	1,348		315		313
Trading	—		—		—
Corporate and other	2,221		790		77
Total capital expenditures		$65,345		$58,723		$57,293

Timberland Acquisitions
Southern Timber		$220,051		$103,947		$54,408
Pacific Northwest Timber	1,483		262,534		34,052
New Zealand Timber	21,376		—		9,949
Real Estate	—		—		—
Trading	—		—		—
Corporate and other	—		—		—
Total timberland acquisitions		$242,910		$366,481		$98,409

Total Gross Capital Expenditures		$308,255		$425,204		$155,702


(a)	Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million, $6.3 million and $0.9 million and real estate development investments of $15.8 million, $8.7 million and $2.7 million in the years 2017, 2016 and 2015, respectively.



	Depreciation, Depletion and Amortization
	2017		2016		2015
Southern Timber		$49,357		$49,747		$54,299
Pacific Northwest Timber	32,008		25,246		14,842
New Zealand Timber	36,363		23,447		29,741
Real Estate (a)	27,479		52,304		14,533
Trading	—		—		—
Corporate and other	794		402		293
Total		$146,001		$151,146		$113,708


(a)	The years 2017 and 2016 include Large Dispositions of $18.4 million and $36.1 million, respectively.



	Non-Cash Cost of Land and Improved Development
	2017		2016		2015
Southern Timber	—		—		—
Pacific Northwest Timber	—		—		—
New Zealand Timber	128		1,824		467
Real Estate (a)	23,370		32,038		12,042
Trading	—		—		—
Corporate and other	—		—		—
Total		$23,498		$33,862		$12,509

(a) The years 2017 and 2016 include Large Dispositions of $9.8 million and $22.2 million, respectively.



	Sales by Product Line
	2017		2016		2015
Southern Timber		$144,510		$151,192		$157,845
Pacific Northwest Timber	91,877		77,802		80,214
New Zealand Timber	247,609		177,889		162,803
Real Estate
Improved Development	6,348		1,740		2,610
Unimproved Development	16,405		5,540		6,399
Rural	18,632		18,672		22,653
Non-Strategic / Timberlands	46,280		66,133		54,831
Large Dispositions	95,351		207,265		—
Total Real Estate	183,016		299,350		86,493
Trading	152,584		109,682		81,445
Total Sales		$819,596		$815,915		$568,800



	Geographical Operating Information
	Sales						Operating Income						Identifiable Assets
	2017		2016		2015		2017		2016		2015		2017		2016
United States		$419,403		$528,344		$324,552		$138,528		$220,703		$73,749		$2,331,230		$2,181,658
New Zealand	400,193		287,571		244,248		76,963		35,074		4,035		527,251		504,102
Total		$819,596		$815,915		$568,800		$215,491		$255,777		$77,784		$2,858,481		$2,685,760

Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

DEBT

Rayonier’s debt consisted of the following at December 31, 2017 and 2016:



	2017			2016
Term Credit Agreement due 2024 at a variable interest rate of 3.0% at December 31, 2017		$350,000			$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000			325,000
Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.3% at December 31, 2017	300,000			300,000
Mortgage notes repaid in 2017 at fixed interest rates of 4.35% (a)	—			31,676
Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017	50,000			25,000
Solid waste bonds repaid in 2017 at a variable interest rate of 2.0% at December 31, 2016	—			15,000
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	3,375			18,796
Total debt	1,028,375			1,065,472
Less: Current maturities of long-term debt	(3,375		)	(31,676		)
Less: Deferred financing costs	(2,996		)	(3,591		)
Long-term debt, net of deferred financing costs		$1,022,004			$1,030,205

Principal payments due during the next five years and thereafter are as follows:



2018		$3,375
2019	—
2020	50,000
2021	—
2022	325,000
Thereafter	650,000
Total debt		$1,028,375


(a)	The mortgage notes, repaid in August 2017, were recorded at a premium of $0.2 million as of December 31, 2016.

TERM CREDIT AGREEMENT

In August 2015, the Company entered into a credit agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions and other commercial banks to provide $550 million of new credit facilities, including a nine-year $350 million term loan facility. The periodic interest rate on the term loan facility is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2017, the periodic interest rate on the term loan facility was LIBOR plus 1.625%. Monthly payments of interest only are due on this loan through maturity. Following the closing of the term loan, the Company entered into several interest rate swap transactions to fix the cost of the term loan facility over its nine-year term. The term credit agreement allows the Company to receive annual patronage payments, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user. The Company estimates the effective interest rate on the term loan facility to be approximately 3.3% after consideration of the interest rate swaps and estimated patronage refunds. For additional information on the Company’s interest rate swaps see Note 13 — Derivative Financial Instruments and Hedging Activities.

3.75% SENIOR NOTES ISSUED MARCH 2012

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022, guaranteed by certain subsidiaries. Semi-annual payments of interest only are due on these notes through maturity. The guarantors were revised in October 2012, leaving TRS and Rayonier Operating Company LLC as the remaining guarantors. See Note 24 - Consolidating Financial Statements for further information regarding the subsidiary guarantors.

INCREMENTAL TERM LOAN AGREEMENT

In April 2016, the Company entered into an incremental term loan agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions to provide a 10-year, $300 million incremental term loan. Proceeds from the new term loan were used to fund Rayonier’s portion of the Menasha acquisition net of the proceeds received from the Washington disposition, to repay approximately $105 million outstanding on the Company’s revolving credit facility and for general corporate purposes. The periodic interest rate on the incremental term loan agreement is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2017, the periodic interest rate on the incremental term loan was LIBOR plus 1.900%. Monthly payments of interest only are due on this loan through maturity. Following the closing of the incremental term loan, the Company entered into several interest rate swap transactions to fix the cost of the facility over its 10-year term. The Company estimates the effective interest rate on the incremental term loan facility to be approximately 2.8% after consideration of the interest rate swaps and estimated patronage payments. For additional information on the Company’s interest rate swaps see Note 13 — Derivative Financial Instruments and Hedging Activities.

$105 MILLION SECURED MORTGAGE NOTES ASSUMED

In November 2011, in connection with the acquisition of approximately 250,000 acres of timberlands, the Company assumed notes totaling $105 million, secured by mortgages on certain parcels of the timberlands acquired. The notes had fixed interest rates of 4.35% with original terms of seven years maturing in August 2017. The Company prepaid $21.0 million of principal on the mortgage notes concurrent with the acquisition and an additional $10.5 million during each of the years 2012 through 2016, the maximum amounts allowed without penalty at the respective dates. The remaining principal on the notes of $31.5 million was repaid in August 2017.

REVOLVING CREDIT FACILITY

In August 2015, the Company entered into a five-year $200 million unsecured revolving credit facility, replacing the previous $200 million revolving credit facility and $100 million farm credit facility which were scheduled to expire in April 2016 and December 2019, respectively. The periodic interest rate on the revolving credit facility is subject to a pricing grid based on the Company’s leverage ratio, as defined in the credit agreement. As of December 31, 2017, the periodic interest rate on the revolving credit facility was LIBOR plus 1.250%, with an unused commitment fee of 0.175%. Monthly payments of interest only are due on this loan through maturity. At December 31, 2017, the Company had $139.6 million of available borrowings under this facility, net of $10.4 million to secure its outstanding letters of credit.

JOINT VENTURE DEBT

In April 2013, Rayonier acquired an additional 39% interest in its New Zealand JV, bringing its total ownership to 65%, and as a result, the New Zealand JV’s debt was consolidated effective on that date. On March 3, 2016, as a result of a capital contribution, the Company’s ownership interest in the New Zealand JV increased to 77%. See Note 7 — Joint Venture Investment for further information.

SHAREHOLDER LOAN

The shareholder loan is an interest-free loan from the noncontrolling New Zealand JV partner with a remaining principal outstanding of $3 million. This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is unsecured and subordinated to the Working Capital Facilities of the New Zealand JV. Although Rayonier Inc. is not liable for this loan, the shareholder loan instrument contains features with characteristics of both debt and equity and is therefore required to be classified as debt and consolidated. As the loan is effectively at par, the carrying amount is deemed to be the fair value. The entire balance of the shareholder loan was classified as short-term debt at December 31, 2017 since the Company’s intent is to fully repay the loan in 2018.

WORKING CAPITAL FACILITIES

In June 2016, the New Zealand JV entered into a 12-month NZ$20 million working capital facility and an 18-month NZ$20 million working capital facility, replacing the previous NZ$40 million facility that expired in June 2016. Both working capital facilities were renewed in 2017 for an additional 12-month term, with new expiration dates of June 30, 2018 and December 31, 2018. The NZ$40 million Working Capital Facility is available for short-term operating cash flow needs of the New Zealand JV. This facility holds a variable interest rate indexed to the 90-day New Zealand Bank Bill rate (“BKBM”). The margins are set for the term of the facility. During the year ended December 31, 2017, the New Zealand JV made borrowings and repayments of $38.4 million on its working capital facility. At December 31, 2017, there was no outstanding balance on the Working Capital Facility.

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 December 31, 2017, the Company was in compliance with all covenants.

Higher and Better Use Timberlands and Real Estate Development Investments

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [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 REIT to TRS, HBU timberlands to enable land-use entitlement, development or marketing activities. The Company also acquires HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, the Company also selectively pursues various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, Rayonier also invests in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.

An analysis of higher and better use timberlands and real estate development costs from December 31, 2016 to December 31, 2017 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, 2016		$59,956			$10,418			$70,374
Plus: Current portion (a)	5,096			11,963			17,059
Total Balance at December 31, 2016	65,052			22,381			87,433
Non-cash cost of land and improved development	(2,165		)	(4,554		)	(6,719		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(2,768		)	—			(2,768		)
Capitalized real estate development investments (b)	—			15,784			15,784
Capital expenditures (silviculture)	428			—			428
Intersegment transfers	5,808			(819		)	4,989
Total Balance at December 31, 2017	66,355			32,792			99,147
Less: Current portion (a)	(6,702		)	(11,648		)	(18,350		)
Non-current portion at December 31, 2017		$59,653			$21,144			$80,797


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 18 — Inventory for additional information.


(b)	Capitalized real estate development investments includes $0.4 million of capitalized interest.

Joint Venture Investment	12 Months Ended
Joint Venture Investment	Dec. 31, 2017
Business Combinations [Abstract]
Joint Venture Investment	JOINT VENTURE INVESTMENT The Company maintains a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand JV”), a joint venture that owns or leases approximately 0.4 million 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 Shareholders’ Equity. Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the New Zealand JV.

Commitments

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments

COMMITMENTS

The Company leases certain buildings, machinery and equipment under various operating leases. Total rental expense for operating leases for the three years ended December 31:



	2017		2016		2015
Operating Leases		$1,992		$2,049		$2,349

The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. Total expenditures for long-term leases and deeds on timberlands (including Crown Forest Licenses) for the three years ended December 31:



	2017		2016		2015
Long-Term Leases and Deeds on Timberlands		$10,731		$10,710		$11,342

At December 31, 2017, 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
2018		$1,135		$9,698		$11,792		$22,625
2019	914		9,303		6,522		16,739
2020	733		9,040		6,277		16,050
2021	639		8,866		4,017		13,522
2022	608		8,817		3,562		12,987
Thereafter (c)	635		155,232		6,245		162,112
		$4,664		$200,956		$38,415		$244,035


(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 $2.9 million of pension contribution requirements 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 Wildlight development project and other purchase obligations. For additional information on the pension contribution see Note 15 — Employee Benefit Plans.

(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 December 31, 2017, 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

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The operations conducted by the Company’s REIT entities are generally not subject to U.S. federal and state income taxation. The New Zealand JV is subject to corporate level tax in New Zealand. Non-REIT qualifying operations are conducted by the Company’s taxable REIT subsidiaries (“TRS”). During 2017, 2016 and 2015, the primary businesses performed in the TRS included log trading and certain real estate activities, such as the sale and entitlement of development HBU properties.

ALTERNATIVE FUEL MIXTURE CREDIT (“AFMC”) AND CELLULOSIC BIOFUEL PRODUCER CREDIT (“CBPC”)

The U.S. Internal Revenue Code allowed two credits for taxpayers that produced and used an alternative fuel in the operation of their business during calendar year 2009. The AFMC is a $0.50 per gallon refundable excise tax credit (which is not taxable), while the CBPC is a $1.01 per gallon credit that is nonrefundable, taxable and has limitations based on an entity’s tax liability. Rayonier produced and used an alternative fuel (“black liquor”) in its Performance Fibers business, which qualified for both credits. The Company claimed the AFMC on its original 2009 income tax return. In 2013, management approved an exchange of black liquor gallons previously claimed under the AFMC for the CBPC. The net tax benefit from this exchange of $18.8 million was recorded in discontinued operations. As a result of the spin-off of the Performance Fibers business in 2014, the Company recorded a $13.6 million valuation allowance in continuing operations related to CPBC remaining with the Company’s taxable REIT subsidiary and the limited potential use of the CBPC prior to its expiration on December 31, 2019. In 2015, a $1.0 million return-to-accrual adjustment was recorded related to the CBPC which resulted in a corresponding increase in the CBPC valuation allowance to $14.6 million.

PROVISION FOR INCOME TAXES FROM CONTINUING OPERATIONS

The (provision for)/benefit from income taxes consisted of the following:



	2017			2016			2015
Current
U.S. federal		$261		—				($624	)
State	(38		)	(254		)	226
Foreign	(245		)	(241		)	(308		)
	(22		)	(495		)	(706		)
Deferred
U.S. federal	13,028			5,403			3,702
State	—			(280		)	107
Foreign	(21,659		)	(6,079		)	2,360
	(8,631		)	(956		)	6,169
Changes in valuation allowance	(13,028		)	(3,613		)	(4,604		)
Total		($21,681	)		($5,064	)		$859

A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows:



	2017					2016					2015
U.S. federal statutory income tax rate		($64,141	)	(35.0	)%		($77,992	)	(35.0	)%		($15,079	)	(35.0	)%
U.S. and foreign REIT income	63,813			34.8		82,037			36.8		17,191			39.9
Matariki Group and Rayonier New Zealand Ltd	(19,182		)	(10.5	)	(4,799		)	(2.2	)	3,457			8.0
Transition tax	(3,506		)	(1.9	)	—			—		—			—
Change in valuation allowance	(13,028		)	(7.1	)	(3,613		)	(1.6	)	(3,607		)	(8.4	)
ASU No. 2016-16 adoption impact	16,631			9.1		—			—		—			—
Deemed repatriation of unremitted foreign earnings	7,368			4.0		—			—		—			—
Reduction of deferred tax asset for statutory rate change	(10,499		)	(5.7	)	—			—		—			—
CBPC valuation allowance	—			—		—			—		(997		)	(2.3	)
Other	863			0.5		(697		)	(0.3	)	(106		)	(0.2	)
Income tax (expense) benefit as reported for net income		($21,681	)	(11.8	)%		($5,064	)	(2.3	)%		$859		2.0	%

The Company’s effective tax rate is below the 35 percent U.S. statutory rate primarily due to tax benefits associated with being a REIT.

DEFERRED TAXES

Deferred income taxes result from recording revenues and expenses in different periods for financial reporting versus tax reporting. The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31, were as follows:



	2017			2016
Gross deferred tax assets:
Pension, postretirement and other employee benefits		$1,017			$1,648
New Zealand JV	40,224			60,452
CBPC Tax Credit Carry Forwards	14,641			14,641
Capitalized real estate costs	7,058			11,489
U.S. TRS Net Operating Loss	1,872			4,730
Land basis difference	11,090			—
Other	5,079			9,165
Total gross deferred tax assets	80,981			102,125
Less: Valuation allowance	(34,889		)	(21,861		)
Total deferred tax assets after valuation allowance		$46,092			$80,264
Gross deferred tax liabilities:
Accelerated depreciation	(35		)	(1,322		)
Repatriation of foreign earnings	—			(7,368		)
New Zealand JV	(72,527		)	(70,315		)
Timber installment sale	(4,706		)	(7,601		)
Other	(1,270		)	(3,833		)
Total gross deferred tax liabilities	(78,538		)	(90,439		)
Net deferred tax liability reported as noncurrent		($32,446	)		($10,175	)

Included below are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2017:



	Gross Amount		Valuation Allowance			Expiration
2017
New Zealand JV NOL Carryforwards		$137,949	—			None
U.S. Net Deferred Tax Asset	20,248		(20,248		)	None
Cellulosic Biofuel Producer Credit	14,641		(14,641		)	2019
Total Valuation Allowance				($34,889	)
2016
New Zealand JV NOL Carryforwards		$215,898	—			None
U.S. Net Deferred Tax Asset	7,220		(7,220		)	None
Cellulosic Biofuel Producer Credit	14,641		(14,641		)	2019
Total Valuation Allowance				($21,861	)

PREPAID TAXES

In the first quarter of 2017, the Company early adopted ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. ASU No. 2016-16 requires income tax consequences of intra-entity transfers of assets other than inventory be recognized in the period in which they occur. See Note 2 - Summary of Significant Accounting Policies. As a result, a cumulative-effect adjustment to retained earnings was recorded for the long-term prepaid federal income tax of $14.4 million related to recognized built-in gains on 2006, 2008 and 2010 intercompany sales of timberlands between the REIT and TRS. Taxes for the transaction were paid at the time of sale, but the gain and income tax expense were deferred. See the Consolidated Statement of Shareholders’ Equity for the cumulative-effect adjustment to retained earnings due to the adoption of this standard.

UNRECOGNIZED TAX BENEFITS

The Company recognizes the impact of a tax position if a position is “more-likely-than-not” to prevail. A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows:



	2017			2016		2015
Balance at January 1,		$135			$135	—
Decreases related to prior year tax positions	(135		)	—		—
Increases related to prior year tax positions	—			—		135
Balance at December 31,	—				$135		$135

The unrecognized tax benefit of $135 thousand as of December 31, 2016 and December 31, 2015 related to a prior year deduction, in conjunction with the spin-off of the Performance Fibers business. The unrecognized tax benefit was reduced to zero in 2017 due to the lapse of the applicable statute of limitations.

There is no amount of unrecognized tax benefits that, if recognized, would have affected the effective tax rate at December 31, 2017, 2016 and 2015.

The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expenses. The Company recorded no benefit to interest expense in 2017, 2016 and 2015, respectively. The Company had no recorded liabilities for the payment of interest at December 31, 2017 and 2016.

TAX STATUTES

The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions:



Taxing Jurisdiction	Open Tax Years
U.S. Internal Revenue Service	2014 - 2016
New Zealand Inland Revenue	2012 - 2016

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 in 2018 and a one-time transition tax on the deemed repatriation of deferred foreign earnings as of December 31, 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 has reasonably calculated an estimate of the impact of the Act in the 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 the change in the valuation allowance.

As the Company completes its analysis of the Act, it may make adjustments to the provisional amounts. Any subsequent adjustments to these amounts will be recorded to current tax expense in 2018 when the analysis is complete.

Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Contingencies

CONTINGENCIES

In re Rayonier Inc. Securities Litigation

Following the Company’s November 10, 2014 earnings release and filing of the restated interim financial statements for the quarterly periods ended March 31, 2014 and June 30, 2014 (the “November 2014 Announcement”), shareholders of the Company filed five putative class actions against the Company and Paul G. Boynton, Hans E. Vanden Noort, David L. Nunes, and H. Edwin Kiker arising from circumstances described in the November 2014 Announcement, entitled respectively:


•	Sating v. Rayonier Inc. et al., Civil Action No. 3:14-cv-01395; filed November 12, 2014 in the United States District Court for the Middle District of Florida;


•	Keasler v. Rayonier Inc. et al., Civil Action No. 3:14-cv-01398, filed November 13, 2014 in the United States District Court for the Middle District of Florida;


•	Lake Worth Firefighters’ Pension Trust Fund v. Rayonier Inc. et al., Civil Action No. 3:14-cv-01403, filed November 13, 2014 in the United States District Court for the Middle District of Florida;


•	Christie v. Rayonier Inc. et al., Civil Action No. 3:14-cv-01429, filed November 21, 2014 in the United States District Court for the Middle District of Florida; and


•	Brown v. Rayonier Inc. et al., Civil Action No. 1:14-cv-08986, initially filed in the United States District Court for the Southern District of New York and later transferred to the United States District Court for the Middle District of Florida and assigned as Civil Action No. 3:14-cv-01474.

On January 9, 2015, the five securities actions were consolidated into one putative class action entitled In re Rayonier Inc. Securities Litigation, Case No. 3:14-cv-01395-TJC-JBT, in the United States District Court for the Middle District of Florida. The plaintiffs alleged that the defendants made false and/or misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The plaintiffs sought unspecified monetary damages and attorneys’ fees and costs. Two shareholders, the Pension Trust Fund for Operating Engineers and the Lake Worth Firefighters’ Pension Trust Fund, moved for appointment as lead plaintiff on January 12, 2015, which was granted on February 25, 2015. On April 7, 2015, the plaintiffs filed a Consolidated Class Action Complaint (the “Consolidated Complaint”). In the Consolidated Complaint, plaintiffs added allegations as to and added as a defendant N. Lynn Wilson, a former officer of Rayonier. With the filing of the Consolidated Complaint, David L. Nunes and H. Edwin Kiker were dropped from the case as defendants. Defendants timely filed Motions to Dismiss the Consolidated Complaint on May 15, 2015. After oral argument on Defendants' motions on August 25, 2015, the Court dismissed the Consolidated Complaint without prejudice, allowing plaintiffs leave to refile. Plaintiffs filed the Amended Consolidated Class Action Complaint (the “Amended Complaint”) on September 25, 2015, which continued to assert claims against the Company, as well as Ms. Wilson and Messrs. Boynton and Vanden Noort. Defendants timely filed Motions to Dismiss the Amended Complaint on October 26, 2015. The court denied those motions on May 20, 2016. On December 31, 2016, the case continued to be in the discovery phase and the Company could not determine whether there was a reasonable likelihood a material loss had been incurred nor could the range of any such loss be estimated. On March 13, 2017, the Company reached an agreement in principle to settle the case and all parties executed a term sheet memorializing such agreement. The parties executed and filed with the Court the Stipulation and Agreement of Settlement on April 12, 2017 (the “Settlement Agreement”), which Settlement Agreement included the material terms contained in the term sheet executed on March 13. Pursuant to the terms of the Settlement Agreement, which was subject to Court approval and requests for exclusion by members of the settlement class, the Company agreed to cause certain of its directors’ and officers’ liability insurance carriers to fund a settlement payment to the class of $73 million (the “Settlement Fund”). The insurance carriers fully funded the Settlement Fund by deposits in an escrow account as required by the Settlement Agreement. On September 19, 2017, the court held the final fairness hearing as to the settlement. The amounts agreed to on March 13, 2017, including the realized amount funded by the insurance carriers, were reflected in the Company’s Consolidated Financial Statements as of September 30, 2017. On October 5, 2017, the court entered orders approving the settlement and plan of distribution, dismissing the case against all defendants with prejudice and awarding Plaintiffs’ counsel certain fees and cost reimbursements to be paid from the Settlement Fund.

Derivative Claims

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 (“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. At this preliminary stage, the ultimate outcome of these matters cannot be predicted, nor can the range of potential expenses the Company may incur as a result of the obligations identified above be estimated. On October 13, 2017, counsel for all five shareholders involved in the Derivative Claims filed a complaint in the name of one of the shareholders from whom the Company received a request to investigate. That case is pending in the United States District Court for the Middle District of Florida and is styled Molloy v. Boynton, et al., Civil Action No. 3:17-cv-01157-TJC-MCR. 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 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

12 Months Ended

Dec. 31, 2017

Guarantees [Abstract]

Guarantees

GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2017, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of 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 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 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 December 31, 2017, the Company has recorded a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

(c)

Rayonier issues surety bonds primarily to secure performance obligations related to various operational activities 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 are expected to be renewed as required.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt.

The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31:



	2017		2016		2015
Net Income		$161,579		$217,770		$43,941
Less: Net income (loss) attributable to noncontrolling interest	12,737		5,798		(2,224		)
Net income attributable to Rayonier Inc.		$148,842		$211,972		$46,165

Shares used for determining basic earnings per common share	127,367,608		122,585,200		125,385,085
Dilutive effect of:
Stock options	91,956		92,473		116,792
Performance and restricted shares	350,385		134,650		39,863
Assumed conversion of Senior Exchangeable Notes (a)	—		—		358,449
Assumed conversion of warrants (a)	—		—		—
Shares used for determining diluted earnings per common share	127,809,949		122,812,323		125,900,189

Basic earnings per common share attributable to Rayonier Inc.:		$1.17		$1.73		$0.37
Diluted earnings per common share attributable to Rayonier Inc.:		$1.16		$1.73		$0.37



	2017	2016	2015
Anti-dilutive shares excluded from computations of diluted earnings per share:
Stock options, performance and restricted shares	596,061	829,469	897,800
Assumed conversion of exchangeable note hedges (a)	—	—	358,449
Total	596,061	829,469	1,256,249

(a)

Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share required the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the conversion of the hedges was excluded since they were anti-dilutive. The full dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the notes were outstanding.

Rayonier did not distribute additional shares upon the February 2016 maturity of the warrants sold in conjunction with the 2015 Notes as the stock price did not exceed $28.11 per share. The warrants were not dilutive for the year ended 2016 as the average stock price for the period the warrants were outstanding did not exceed the strike price.

Derivative Financial Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2017

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. The Company also uses derivative financial instruments to mitigate exposure to foreign currency risk due to the translation of the investment in Rayonier’s New Zealand-based operations from New Zealand dollars to U.S. dollars.

Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in 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 its 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 December 31, 2017, foreign currency exchange contracts and foreign currency option contracts had maturity dates through May 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 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 AOCI for de-designated hedges remains in AOCI until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. De-designated cash flow hedges are included in “Derivatives not designated as hedging instruments” in the table below.

Through our ownership in the New Zealand JV, the Company is exposed to foreign currency risk on shareholder loan 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 forecasted distributions, up to 75% of forecasted distributions for the forward three to six months and up to 50% of the forward six to 12 months. For the year ended December 31, 2017, the change in fair value of the foreign exchange forward contracts of $0.1 million was recorded in “Interest income and miscellaneous income (expense), net” as the contracts did not qualify for hedge accounting treatment. As of December 31, 2017, foreign exchange forward contracts had maturity dates through June 2018.

INTEREST RATE SWAPS

The Company is exposed to cash flow interest rate risk on its variable-rate Term Credit Agreement and Incremental Term Loan (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. For additional information on the Company’s interest rate swaps see Note 5 — Debt.

The following table contains information on the outstanding interest rate swaps as of December 31, 2017:



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 table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2017, 2016 and 2015.



	Location on Statement of Income and Comprehensive Income	2017			2016			2015
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)		$2,100			$867			($205	)
Foreign currency option contracts	Other comprehensive income (loss)	(52		)	1,035			370
Interest rate swaps	Other comprehensive income (loss)	4,214			21,422			(10,197		)

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income (loss)	—			—			2,875
Foreign currency option contracts	Other comprehensive income (loss)	—			(4,606		)	4,606

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense, net	—			895			—
	Interest income and miscellaneous income (expense), net	47			—			—
Foreign currency option contracts	Other operating (income) expense, net	—			258			1,394
Interest rate swaps	Interest income and miscellaneous income (expense), net	—			(1,219		)	(4,391		)

During the next 12 months, the amount of the December 31, 2017 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a gain of approximately $1.8 million.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2017 and 2016:



	Notional Amount
	2017		2016
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$107,400		$44,800
Foreign currency option contracts	48,000		91,000
Interest rate swaps	650,000		650,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	18,439		—

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2017 and 2016. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows.



		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2017			2016
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$2,286			$692
	Other assets	538			33
	Other current liabilities	(37		)	(261		)
Foreign currency option contracts	Other current assets	389			1,064
	Other assets	137			327
	Other current liabilities	(119		)	(574		)
	Other non-current liabilities	(55		)	(426		)
Interest rate swaps	Other assets	17,473			17,204
	Other non-current liabilities	(2,033		)	(5,979		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other current assets	209			—
	Other current liabilities	(189		)	—

Total derivative contracts:
Other current assets			$2,884			$1,756
Other assets		18,148			17,564
Total derivative assets			$21,032			$19,320

Other current liabilities		(345		)	(835		)
Other non-current liabilities		(2,088		)	(6,405		)
Total derivative liabilities			($2,433	)		($7,240	)


(a)	See Note 14 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

OFFSETTING DERIVATIVES

Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements which would allow the right of offset.

Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

A three-level hierarchy that prioritizes the inputs used to measure fair value was established in the Accounting Standards Codification as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2017 and 2016, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:



	December 31, 2017							December 31, 2016
Asset (liability) (a)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$112,653			$112,653	—			$85,909			$85,909	—
Restricted cash (b)	59,703			59,703		—		71,708			71,708		—
Current maturities of long-term debt	(3,375		)	—		(3,375	)	(31,676		)	—		(31,984	)
Long-term debt (c)	(1,022,004		)	—		(1,030,135	)	(1,030,205		)	—		(1,030,708	)
Interest rate swaps (d)	15,440			—		15,440		11,225			—		11,225
Foreign currency exchange contracts (d)	2,807			—		2,807		464			—		464
Foreign currency option contracts (d)	352			—		352		391			—		391


(a)	The Company did not have Level 3 assets or liabilities at December 31, 2017 and 2016.


(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 19 - Restricted Cash for additional information.


(c)	The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 5 — Debt for additional information.


(d)	See Note 13 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments:

Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value.

Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.

Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.

Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.

Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Retirement Benefits [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 plans. The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005. 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 similar to what is currently provided to employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.

The following tables set forth the change in the projected benefit obligation and plan assets and reconcile the funded status and the amounts recognized in the Consolidated Balance Sheets for the pension and postretirement benefit plans for the two years ended December 31:



	Pension						Postretirement
	2017			2016			2017			2016
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year		$81,752			$84,005			$1,285			$1,159
Service cost	—			1,307			6			4
Interest cost	3,259			3,474			53			42
Curtailment gain	—			(5,447		)	—			—
Actuarial loss	6,123			1,296			89			99
Benefits paid	(3,148		)	(2,883		)	(13		)	(19		)
Projected benefit obligation at end of year		$87,986			$81,752			$1,420			$1,285



Change in Plan Assets
Fair value of plan assets at beginning of year		$51,114			$50,970		—		—
Actual return on plan assets	9,909			3,557			—		—
Employer contributions	90			29			13		19
Benefits paid	(3,148		)	(2,883		)	(13	)	(19	)
Other expense	(588		)	(559		)	—		—
Fair value of plan assets at end of year		$57,377			$51,114		—		—



Funded Status at End of Year:
Net accrued benefit cost	($30,609	)	($30,638	)	($1,420	)	($1,285	)



Amounts Recognized in the Consolidated
Balance Sheets Consist of:
Current liabilities		($92	)		($36	)		($32	)		($30	)
Noncurrent liabilities	(30,517		)	(30,602		)	(1,388		)	(1,255		)
Net amount recognized		($30,609	)		($30,638	)		($1,420	)		($1,285	)

Net gains or losses recognized in other comprehensive income for the three years ended December 31 are as follows:



	Pension								Postretirement
	2017			2016		2015			2017			2016			2015
Net (losses) gains		($583	)		$3,119		($477	)		($89	)		($99	)		$123

Net gains or losses and prior service costs or credits reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 are as follows:



	Pension						Postretirement
	2017		2016		2015		2017			2016			2015
Amortization of losses (gains)		$466		$2,526		$3,733		($1	)		($13	)		$12
Amortization of prior service cost	—		—		13		—			—			—

Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCI are as follows:



	Pension						Postretirement
	2017			2016			2017			2016
Net (losses) gains		($22,183	)		($22,065	)		($157	)		($67	)
Deferred income tax benefit	1,927			1,927			6			6
AOCI		($20,256	)		($20,138	)		($151	)		($61	)

For pension and postretirement plans with accumulated benefit obligations in excess of plan assets, the following table sets forth the projected and accumulated benefit obligations and the fair value of plan assets for the two years ended December 31:



	2017		2016
Projected benefit obligation		$87,986		$81,752
Accumulated benefit obligation	87,986		81,752
Fair value of plan assets	57,377		51,114

The following tables set forth the components of net pension and postretirement benefit (credit) cost that have been recognized during the three years ended December 31:



	Pension									Postretirement
	2017			2016			2015			2017			2016			2015
Components of Net Periodic Benefit (Credit) Cost
Service cost	—				$1,307			$1,484			$6			$4			$11
Interest cost	3,259			3,474			3,319			53			42			52
Expected return on plan assets	(3,781		)	(4,030		)	(4,027		)	—			—			—
Amortization of prior service cost	—			—			13			—			—			—
Amortization of losses (gains)	466			2,526			3,733			(1		)	(13		)	12
Net periodic benefit (credit) cost (a)		($56	)		$3,277			$4,522			$58			$33			$75

The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows:



	Pension		Postretirement
Amortization of loss		$635		$2

The following table sets forth the principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement benefit plans as of December 31:



	Pension						Postretirement
	2017		2016		2015		2017		2016		2015
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.48	%	4.01	%	4.20	%	3.56	%	4.12	%	4.34	%
Rate of compensation increase	—		4.16	%	4.50	%	4.50	%	4.50	%	4.50	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	4.01	%	4.20	%	3.80	%	4.12	%	4.34	%	3.96	%
Expected long-term return on plan assets	7.17	%	7.70	%	7.70	%	—		—		—
Rate of compensation increase	—		4.16	%	4.50	%	4.50	%	4.50	%	4.50	%

At December 31, 2017, the pension plan’s discount rate was 3.5%, which closely approximates interest rates on high quality, long-term obligations. In 2017, the expected return on plan assets was reduced to 7.2% based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company utilizes this information in developing assumptions for returns, and risks and correlation of asset classes, which are then used to establish the asset allocation ranges.

INVESTMENT OF PLAN ASSETS

The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2017 and 2016, and target allocation ranges by asset category are as follows:



	Percentage of Plan Assets				Target Allocation Range
Asset Category	2017		2016		Target Allocation Range
Domestic equity securities	41	%	41	%	35-45%
International equity securities	26	%	25	%	20-30%
Domestic fixed income securities	26	%	26	%	25-29%
International fixed income securities	4	%	5	%	3-7%
Real estate fund	3	%	3	%	2-4%
Total	100	%	100	%

The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in Rayonier common stock at December 31, 2017 or 2016.

FAIR VALUE MEASUREMENTS

The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies for definition), the assets of the plans as of December 31, 2017 and 2016.



	Fair Value at December 31, 2017						Fair Value at December 31, 2016
Asset Category	Level 1		Level 2	Level 3	Total		Level 1		Level 2	Level 3	Total
Investments at Fair Value:
Mutual Funds		$8,986	—	—		$8,986		$13,962	—	—		$13,962
Investments at Net Asset Value:
Common Collective Trusts					48,391						37,152
Total Investments at Fair Value						$57,377						$51,114

The valuation methodology used for measuring the fair value of these asset categories was as follows:

Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the plan are deemed to be actively traded and to be Level 1 investments.

Collective trust funds are measured using the unit value calculated based on the Net Asset Value (“NAV”) of the underlying assets. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets.

The Company did not have Level 2 or Level 3 assets at December 31, 2017 and 2016.

CASH FLOWS

Expected benefit payments for the next 10 years are as follows:



	Pension Benefits		Postretirement Benefits
2018		$3,315		$32
2019	3,478		35
2020	3,670		37
2021	3,770		40
2022	4,028		43
2023 - 2027	21,803		260

The Company has approximately $2.9 million of pension contribution requirements in 2018.

DEFINED CONTRIBUTION PLANS

The Company provides defined contribution plans to all of its hourly and salaried employees. Company match contributions charged to expense for these plans were $0.8 million, $0.7 million and $0.7 million for the years ended December 31, 2017, 2016 and 2015, respectively. Rayonier Hourly and Salaried Defined Contribution Plans include Rayonier common stock with a fair market value of $12.3 million and $12.8 million at December 31, 2017 and 2016, respectively. As of June 1, 2016, the Rayonier Inc. Common Stock Fund was closed to new contributions. Transfers out of the fund will continue to be permitted, but no new investments or transfers into the fund are allowed.

As discussed above, the defined benefit pension plan is currently frozen. In lieu of the pension plan, employees are eligible to receive an enhanced match contribution. Company enhanced match contributions charged to expense for the years ended December 31, 2017, 2016 and 2015 were $0.8 million, $0.5 million and $0.4 million, respectively.

Incentive Stock Plans

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Incentive Stock Plans

INCENTIVE STOCK PLANS

The Rayonier Incentive Stock Plan (“the Stock Plan”) provides up to 15.8 million shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. At December 31, 2017, a total of 5.1 million shares were available for future grants under the Stock Plan. Under the Stock Plan, shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted. The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares.

A summary of the Company’s stock-based compensation cost is presented below:



	2017		2016		2015
Selling and general expenses		$4,784		$4,607		$3,752
Cost of sales	556		487		635
Timber and Timberlands, net (a)	56		42		97
Total stock-based compensation		$5,396		$5,136		$4,484

Tax benefit recognized related to stock-based compensation expense (b)		$249		$483		$302


(a)	Represents amounts capitalized as part of the overhead allocation of timber-related costs.


(b)	A valuation allowance is recorded against the tax benefit recognized as the Company does not expect to be able to realize the benefit in the future.

FAIR VALUE CALCULATIONS BY AWARD

RESTRICTED STOCK

Restricted stock granted to employees under the Stock Plan generally vests in fourths on the first, second, third and fourth anniversary of the grant date. Restricted stock granted to senior management generally vests in thirds on the third, fourth, and fifth anniversary of the grant date. Periodically, other one-time restricted stock grants are issued to employees for special purposes, such as new hire, promotion or retention, and can vest ratably over, or upon completion of, a defined period of time. Generally, holders of restricted stock receive dividend equivalent payments on outstanding restricted shares. Restricted stock granted to members of the board of directors generally vests immediately upon issuance and is subject to certain holding requirements. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. Rayonier has elected to value each grant in total and recognize the expense on a straight-line basis from the grant date of the award to the latest vesting date.

As of December 31, 2017, there was $4.3 million of unrecognized compensation cost solely attributable to Rayonier restricted stock held by Rayonier employees. The Company expects to recognize this cost over a weighted average period of 3.0 years.

A summary of the Company’s restricted shares is presented below:



	2017		2016		2015
Restricted shares granted	97,643		106,326		96,088
Weighted average price of restricted shares granted		$28.18		$25.08		$26.28
Intrinsic value of restricted stock outstanding (a)	8,906		6,177		4,434
Grant date fair value of restricted stock vested	1,198		2,248		2,632
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested		$176		$178		$122


(a)	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2017.



	2017
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	232,231			$29.47
Granted	97,643		28.18
Vested	(42,808	)	27.98
Cancelled	(5,497	)	26.22
Non-vested Restricted Shares at December 31,	281,569			$29.32

PERFORMANCE SHARES UNITS

The Company’s performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense on a straight-line basis over the vesting period.

The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2017, there was $4.3 million of unrecognized compensation cost related to the Company’s performance share unit awards, which is solely attributable to awards granted in 2015, 2016 and 2017 to Rayonier employees. This cost is expected to be recognized over a weighted average period of 1.8 years.

A summary of the Company’s performance share units is presented below:



	2017		2016		2015
Common shares of Company stock reserved for performance shares granted during year	226,448		250,584		219,844
Weighted average fair value of performance share units granted		$32.17		$28.79		$29.62
Intrinsic value of outstanding performance share units (a)	10,414		7,482		3,822
Fair value of performance shares vested	—		—		—
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested	—		—		—


(a)	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2017.



	2017
	Number of Units		Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	281,288			$31.35
Granted	113,224		32.17
Other Cancellations/Adjustments	(65,273	)	38.56
Outstanding Performance Share units at December 31,	329,239			$30.21

Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2017:



	2017		2016		2015
Expected volatility	23.3	%	25.4	%	21.9	%
Risk-free rate	1.5	%	0.9	%	0.9	%

NON-QUALIFIED EMPLOYEE STOCK OPTIONS

The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is ten years from the grant date. At the time of the spin-off, each Rayonier stock option was converted into an adjusted Rayonier stock option and a Rayonier Advanced Materials stock option. The exercise price and number of shares subject to each stock option were adjusted in order to preserve the aggregate value of the original Rayonier stock option as measured immediately before and immediately after the spin-off.

A summary of the status of the Company’s stock options as of and for the year ended December 31, 2017 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees.



	2017
	Number of Shares		Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Options outstanding at January 1,	1,079,800			$28.16
Granted	—		—
Exercised	(229,006	)	20.75
Cancelled or expired	(9,728	)	33.00
Options outstanding at December 31,	841,066		30.13		4.2		$2,589
Options exercisable at December 31,	841,066			$30.13	4.2		$2,589

A summary of additional information pertaining to the Company’s stock options is presented below:



	2017		2016		2015
Intrinsic value of options exercised (a)		$1,993		$539		$773
Fair value of options vested	6,138		1,317		1,938
Cash received from exercise of options	4,751		1,576		2,117


(a)	Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

As of December 31, 2017, compensation cost related to Rayonier and Rayonier Advanced Materials stock options held by the Company’s employees was fully recognized.

Other Operating Income (Expense), Net

12 Months Ended

Dec. 31, 2017

Other Income and Expenses [Abstract]

Other Operating Income (Expense), Net

OTHER OPERATING INCOME (EXPENSE), NET

The following table provides the composition of Other operating income (expense), net for the three years ended December 31:



	2017			2016			2015
Foreign currency (loss) income		($394	)		$283			($89	)
(Loss) gain on sale or disposal of property plant & equipment	(68		)	85			7
Gain (loss) on foreign currency exchange and option contracts	3,438			(645		)	(5,338		)
Deferred payments related to prior land sales	—			8,658			—
Costs related to business combination	—			(1,316		)	—
Gain on foreign currency derivatives (a)	—			1,153			—
New Zealand JV log trading marketing fees	1,222			951			976
Miscellaneous income (expense), net	195			(83		)	896
Total		$4,393			$9,086			($3,548	)


(a)	The Company used foreign exchange derivatives to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand JV.

Inventory

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Inventory

INVENTORY

As of December 31, 2017 and 2016, Rayonier’s inventory was solely comprised of finished goods, as follows:



	2017		2016
Finished goods inventory
Real estate inventory (a)		$18,350		$17,059
Log inventory	5,791		4,320
Total inventory		$24,141		$21,379


(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	12 Months Ended
Restricted Cash	Dec. 31, 2017
Restricted Cash and Investments [Abstract]
Restricted Cash	RESTRICTED CASH In order to qualify for like-kind (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of December 31, 2017 and 2016, the Company had $59.7 million and $71.7 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.

Other Assets

12 Months Ended

Dec. 31, 2017

Other Assets [Abstract]

Other Assets

OTHER ASSETS

Included in Other Assets are non-current prepaid and deferred income taxes, derivatives, goodwill in the New Zealand JV, long-term prepaid roads, and other deferred expenses including debt issuance costs related to revolving debt and capitalized software costs.

See Note 9 — Income Taxes for further information on the non-current prepaid and deferred income taxes.

See Note 13 — Derivative Financial Instruments and Hedging Activities for further information on derivatives including their classification on the Consolidated Balance Sheets.

As of December 31, 2017, New Zealand JV goodwill was $8.8 million and was included in the assets of the New Zealand Timber segment. Based on a Step 1 impairment analysis performed as of October 1, 2017, there is no indication of impairment of goodwill as of December 31, 2017. Except for changes in the New Zealand foreign exchange rate, there have been no adjustments to the carrying value of goodwill since the initial recognition. See Note 2 — Summary of Significant Accounting Policies for additional information on goodwill.

Changes in goodwill for the years ended December 31, 2017 and 2016 were:



	2017		2016
Balance, January 1 (net of $0 of accumulated impairment)		$8,679		$8,478
Changes to carrying amount
Acquisitions	—		—
Impairment	—		—
Foreign currency adjustment	97		201
Balance, December 31 (net of $0 of accumulated impairment)		$8,776		$8,679

Costs for roads in the Pacific Northwest and New Zealand built to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging and secondary roads. At December 31, 2017 and 2016, long-term prepaid roads in the Pacific Northwest were $3.7 million and $3.2 million, respectively. At December 31, 2017 and 2016, long-term secondary roads in New Zealand were $2.7 million and $2.2 million, respectively.

Debt issuance costs related to revolving debt are capitalized and amortized to interest expense over the term of the revolving debt using a method that approximates the effective interest method. At December 31, 2017 and 2016, capitalized debt issuance costs on revolving debt were $0.3 million and $0.5 million, respectively.

Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. At December 31, 2017 and 2016, capitalized software costs were $4.1 million and $4.1 million, respectively.

Assets Held For Sale	12 Months Ended
Assets Held For Sale	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Assets Held For Sale	ASSETS HELD FOR SALE Assets held for sale is composed of properties expected to be sold within the next 12 months that also meet the other relevant held-for-sale criteria in accordance with ASC 360-10-45-9. As of December 31, 2017, there were no properties identified that met this classification. As of December 31, 2016, the basis in properties meeting this classification was $23.2 million. Since the basis in these properties was less than the fair value, including costs to sell, no impairment was recognized.

Accumulated Other Comprehensive Income/(Loss)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Accumulated Other Comprehensive Income/(Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The following table summarizes the changes in AOCI by component for the years ended December 31, 2017 and 2016. All amounts are presented net of tax effect and exclude portions attributable to noncontrolling interest.



	Foreign currency translation gains/(losses)			Net investment hedges of New Zealand JV			Cash flow hedges				Employee benefit plans				Total
Balance as of December 31, 2015		($2,450	)		$6,271			($11,592	)			($25,732	)			($33,503	)
Other comprehensive income before reclassifications	7,387			—			22,024				3,020			(b)	32,431
Amounts reclassified from accumulated other comprehensive income	—			(4,606		)	583				2,513			(c)	(1,510		)
Net other comprehensive income/(loss)	7,387			(4,606		)	22,607				5,533				30,921
Recapitalization of New Zealand JV	3,622			—			(184		)		—				3,438
Balance as of December 31, 2016		$8,559			$1,665			$10,831				($20,199	)			$856
Other comprehensive income/(loss) before reclassifications	7,416			—			7,321			(a)	(673		)		14,064
Amounts reclassified from accumulated other comprehensive income	—			—			(1,968		)		465			(c)	(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


(a)	Includes $4.2 million of other comprehensive gain related to interest rate swaps. See Note 13 — Derivative Financial Instruments and Hedging Activities for additional information.


(b)	This accumulated other comprehensive income component is comprised of $2.4 million from the annual computation of pension liabilities and a $5.4 million curtailment gain. See Note 15 — Employee Benefit Plans for additional information.


(c)	This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 15 — Employee Benefit Plans for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI for the years ended December 31, 2017 and 2016:



Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)						Affected line item in the income statement
	2017			2016			Affected line item in the income statement
Realized (gain) loss on foreign currency exchange contracts		($2,631	)		$759		Other operating (income) expense, net
Realized (gain) loss on foreign currency option contracts	(919		)	436			Other operating (income) expense, net
Noncontrolling interest	817			(385		)	Comprehensive income (loss) attributable to noncontrolling interest
Income tax expense (benefit) from foreign currency contracts	765			(227		)	Income tax (expense) benefit (Note 9)
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income		($1,968	)		$583

Quarterly Results for 2017 and 2016 (UNAUDITED)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results for 2017 and 2016 (UNAUDITED)

QUARTERLY RESULTS FOR 2017 and 2016 (UNAUDITED)

(thousands of dollars, except per share amounts)



	Quarter Ended								Total Year
	Mar. 31		June 30		Sept. 30		Dec. 31		Total Year
2017
Sales		$194,491		$200,964		$184,419		$239,722		$819,596
Cost of sales	136,828		144,610		136,983		149,832		568,253
Net Income	35,083		30,773		28,803		66,920		161,579
Net Income attributable to Rayonier Inc.	33,843		26,161		24,688		64,150		148,842
Basic EPS attributable to Rayonier Inc.		$0.27		$0.20		$0.19		$0.50		$1.17
Diluted EPS attributable to Rayonier Inc.		$0.27		$0.20		$0.19		$0.50		$1.16

2016
Sales		$140,575		$269,171		$176,867		$229,302		$815,915
Cost of sales	108,447		138,480		116,922		162,590		526,439
Net Income	15,058		111,579		40,624		50,509		217,770
Net Income attributable to Rayonier Inc.	14,472		109,821		39,355		48,324		211,972
Basic EPS attributable to Rayonier Inc.		$0.12		$0.90		$0.32		$0.39		$1.73
Diluted EPS attributable to Rayonier Inc.		$0.12		$0.89		$0.32		$0.39		$1.73

In an effort to report certain revenue and expenses in a manner more representative of activities that constitute ongoing central operations, the Company has changed its classification of non-timber income, including lease and license income, carbon credit sales, log agency fees and other non-timber income, net of costs, from “Other Operating Income, Net” to “Sales” and “Cost of Sales.” This reclassification was applied retrospectively to all periods presented. For additional information on this classification change see Note 2 — Summary of Significant Accounting Policies. See table below for 2017 amounts prior to reclassification and 2016 amounts historically presented:



	Quarter Ended								Total Year
	Mar. 31		June 30		Sept. 30		Dec. 31		Total Year
2017
Sales		$186,512		$194,719		$177,946		$233,482		$792,659
Cost of sales	136,413		143,687		136,583		149,206		565,889

2016
Sales		$134,843		$261,550		$171,421		$220,464		$788,278
Cost of sales	107,971		138,194		116,624		161,918		524,707

Consolidating Financial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Financial Statements

CONSOLIDATING FINANCIAL STATEMENTS

The condensed consolidating financial information below follows the same accounting policies as described in the consolidated financial statements, except for the use of the equity method of accounting to reflect ownership interests in wholly-owned subsidiaries, which are eliminated upon consolidation, and the allocation of certain expenses of Rayonier Inc. incurred for the benefit of its subsidiaries.

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. In connection with these notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.

The subsidiary guarantors, Rayonier Operating Company LLC (“ROC”) and Rayonier TRS Holdings Inc., are wholly-owned by the parent company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries.



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$819,596		—				$819,596
Costs and Expenses
Cost of sales	—			—			568,253			—			568,253
Selling and general expenses	—			16,797			23,448			—			40,245
Other operating expense (income), net	—			479			(4,872		)	—			(4,393		)
	—			17,276			586,829			—			604,105
OPERATING (LOSS) INCOME	—			(17,276		)	232,767			—			215,491
Interest expense	(12,556		)	(19,699		)	(1,816		)	—			(34,071		)
Interest and miscellaneous income (expense), net	9,679			2,878			(10,717		)	—			1,840
Equity in income from subsidiaries	151,719			186,388			—			(338,107		)	—
INCOME BEFORE INCOME TAXES	148,842			152,291			220,234			(338,107		)	183,260
Income tax expense	—			(572		)	(21,109		)	—			(21,681		)
NET INCOME	148,842			151,719			199,125			(338,107		)	161,579
Less: Net income attributable to noncontrolling interest	—			—			12,737			—			12,737
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	148,842			151,719			186,388			(338,107		)	148,842
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	7,416			—			9,114			(7,416		)	9,114
New Zealand joint venture cash flow hedges	5,353			4,214			1,479			(5,353		)	5,693
Actuarial change and amortization of pension and postretirement plan liabilities	(208		)	(208		)	—			208			(208		)
Total other comprehensive income	12,561			4,006			10,593			(12,561		)	14,599
COMPREHENSIVE INCOME	161,403			155,725			209,718			(350,668		)	176,178
Less: Comprehensive income attributable to noncontrolling interest	—			—			14,775			—			14,775
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$161,403			$155,725			$194,943			($350,668	)		$161,403



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$815,915		—				$815,915
Costs and Expenses
Cost of sales	—			—			526,439			—			526,439
Selling and general expenses	—			15,253			27,532			—			42,785
Other operating expense (income), net	—			448			(9,534		)	—			(9,086		)
	—			15,701			544,437			—			560,138
OPERATING (LOSS) INCOME	—			(15,701		)	271,478			—			255,777
Interest expense	(12,555		)	(16,775		)	(2,915		)	—			(32,245		)
Interest and miscellaneous income (expense), net	8,613			2,750			(12,061		)	—			(698		)
Equity in income from subsidiaries	215,914			246,193			—			(462,107		)	—
INCOME BEFORE INCOME TAXES	211,972			216,467			256,502			(462,107		)	222,834
Income tax expense	—			(553		)	(4,511		)	—			(5,064		)
NET INCOME	211,972			215,914			251,991			(462,107		)	217,770
Less: Net income attributable to noncontrolling interest	—			—			5,798			—			5,798
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	211,972			215,914			246,193			(462,107		)	211,972
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,780			(4,606		)	10,930			(2,782		)	6,322
New Zealand joint venture cash flow hedges	22,607			21,422			1,401			(22,608		)	22,822
Actuarial change and amortization of pension and postretirement plan liabilities	5,533			5,533			—			(5,533		)	5,533
Total other comprehensive income	30,920			22,349			12,331			(30,923		)	34,677
COMPREHENSIVE INCOME	242,892			238,263			264,322			(493,030		)	252,447
Less: Comprehensive income attributable to noncontrolling interest	—			—			9,555			—			9,555
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$242,892			$238,263			$254,767			($493,030	)		$242,892



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$568,800		—				$568,800
Costs and Expenses
Cost of sales	—			—			441,718			—			441,718
Selling and general expenses	—			20,468			25,282			—			45,750
Other operating (income) expense, net	—			(404		)	3,952			—			3,548
	—			20,064			470,952			—			491,016
OPERATING (LOSS) INCOME	—			(20,064		)	97,848			—			77,784
Interest expense	(12,703		)	(9,135		)	(9,861		)	—			(31,699		)
Interest and miscellaneous income (expense), net	7,789			2,612			(13,404		)	—			(3,003		)
Equity in income from subsidiaries	51,079			75,532			—			(126,611		)	—
INCOME BEFORE INCOME TAXES	46,165			48,945			74,583			(126,611		)	43,082
Income tax benefit (expense)	—			2,134			(1,275		)	—			859
NET INCOME	46,165			51,079			73,308			(126,611		)	43,941
Less: Net loss attributable to noncontrolling interest	—			—			(2,224		)	—			(2,224		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	46,165			51,079			75,532			(126,611		)	46,165
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment	(21,567		)	7,922			(40,373		)	21,567			(32,451		)
New Zealand joint venture cash flow hedges	(10,042		)	(10,195		)	234			10,042			(9,961		)
Actuarial change and amortization of pension and postretirement plan liabilities	2,933			2,933			—			(2,933		)	2,933
Total other comprehensive (loss) income	(28,676		)	660			(40,139		)	28,676			(39,479		)
COMPREHENSIVE INCOME	17,489			51,739			33,169			(97,935		)	4,462
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(13,027		)	—			(13,027		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$17,489			$51,739			$46,196			($97,935	)		$17,489



	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 logging roads	—			—			11,207			—			11,207
Prepaid expenses	—			759			4,027			—			4,786
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	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 BALANCE SHEETS As of December 31, 2016
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$21,453			$9,461			$54,995		—				$85,909
Accounts receivable, less allowance for doubtful accounts	—			2,991			17,673			—			20,664
Inventory	—			—			21,379			—			21,379
Prepaid logging roads	—			—			10,228			—			10,228
Prepaid expenses	—			427			1,152			—			1,579
Assets held for sale	—			—			23,171			—			23,171
Other current assets	—			236			1,638			—			1,874
Total current assets	21,453			13,115			130,236			—			164,804
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—			—			2,291,015			—			2,291,015
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—			—			70,374			—			70,374
NET PROPERTY, PLANT AND EQUIPMENT	—			177			13,857			—			14,034
RESTRICTED CASH	—			—			71,708			—			71,708
INVESTMENT IN SUBSIDIARIES	1,422,081			2,671,428			—			(4,093,509		)	—
INTERCOMPANY RECEIVABLES	26,472			(611,571		)	585,099			—			—
OTHER ASSETS	2			46,846			26,977			—			73,825
TOTAL ASSETS		$1,470,008			$2,119,995			$3,189,266			($4,093,509	)		$2,685,760
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—				$1,194			$21,143		—				$22,337
Current maturities of long-term debt	31,676			—			—			—			31,676
Accrued taxes	—			(111		)	2,768			—			2,657
Accrued payroll and benefits	—			5,013			4,264			—			9,277
Accrued interest	3,047			2,040			253			—			5,340
Deferred revenue	—			—			9,099			—			9,099
Other current liabilities	—			165			11,415			—			11,580
Total current liabilities	34,723			8,301			48,942			—			91,966
LONG-TERM DEBT	291,390			663,343			75,472			—			1,030,205
PENSION AND OTHER POSTRETIREMENT BENEFITS	—			32,541			(685		)	—			31,856
OTHER NON-CURRENT LIABILITIES	—			12,690			22,291			—			34,981
INTERCOMPANY PAYABLE	(267,715		)	(18,961		)	286,676			—			—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,411,610			1,422,081			2,671,428			(4,093,509		)	1,411,610
Noncontrolling interest	—			—			85,142			—			85,142
TOTAL SHAREHOLDERS’ EQUITY	1,411,610			1,422,081			2,756,570			(4,093,509		)	1,496,752
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,470,008			$2,119,995			$3,189,266			($4,093,509	)		$2,685,760



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($48,104	)		$111,431			$192,957		—			$256,284
INVESTING ACTIVITIES
Capital expenditures	—			—			(65,345		)	—		(65,345		)
Real estate development investments	—			—			(15,784		)	—		(15,784		)
Purchase of timberlands	—			—			(242,910		)	—		(242,910		)
Net proceeds from Large Dispositions	—			—			95,243			—		95,243
Rayonier office building under construction	—			—			(6,084		)	—		(6,084		)
Change in restricted cash	—			—			12,005			—		12,005
Investment in subsidiaries	—			38,546			—			(38,546	)	—
Other	—			—			(373		)	—		(373		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			38,546			(223,248		)	(38,546	)	(223,248		)
FINANCING ACTIVITIES
Issuance of debt	—			25,000			38,389			—		63,389
Repayment of debt	—			(15,000		)	(85,157		)	—		(100,157		)
Dividends paid	(127,069		)	—			—			—		(127,069		)
Proceeds from the issuance of common shares	4,751			—			—			—		4,751
Proceeds from the issuance of common shares from equity offering, net of costs	152,390			—			—			—		152,390
Repurchase of common shares	(176		)	—			—			—		(176		)
Issuance of intercompany notes	(32,000		)	—			32,000			—		—
Intercompany distributions	77,319			(144,396		)	28,531			38,546		—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	75,215			(134,396		)	13,763			38,546		(6,872		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			580			—		580
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	27,111			15,581			(15,948		)	—		26,744
Balance, beginning of year	21,453			9,461			54,995			—		85,909
Balance, end of year		$48,564			$25,042			$39,047		—			$112,653



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2016
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($7,480	)		$113,775			$97,506		—			$203,801
INVESTING ACTIVITIES
Capital expenditures	—			—			(58,723		)	—		(58,723		)
Real estate development investments	—			—			(8,746		)	—		(8,746		)
Purchase of timberlands	—			—			(366,481		)	—		(366,481		)
Assets purchased in business acquisition	—			—			(887		)	—		(887		)
Net proceeds from Large Disposition	—			—			203,862			—		203,862
Rayonier office building under construction	—			—			(6,307		)	—		(6,307		)
Change in restricted cash	—			—			(48,184		)	—		(48,184		)
Investment in subsidiaries	—			(293,820		)	—			293,820		—
Other	—			—			2,311			—		2,311
CASH USED FOR INVESTING ACTIVITIES	—			(293,820		)	(283,155		)	293,820		(283,155		)
FINANCING ACTIVITIES
Issuance of debt	—			548,000			147,916			—		695,916
Repayment of debt	—			(140,000		)	(318,415		)	—		(458,415		)
Dividends paid	(122,845		)	—			—			—		(122,845		)
Proceeds from the issuance of common shares	1,576			—			—			—		1,576
Repurchase of common shares	(690		)	—			—			—		(690		)
Debt issuance costs	—			(818		)	—			—		(818		)
Issuance of intercompany notes	(12,000		)	—			12,000			—		—
Intercompany distributions	160,597			(230,893		)	364,116			(293,820	)	—
Other	(177		)	—			(124		)	—		(301		)
CASH PROVIDED BY FINANCING ACTIVITIES	26,461			176,289			205,493			(293,820	)	114,423
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(937		)	—		(937		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	18,981			(3,756		)	18,907			—		34,132
Balance, beginning of year	2,472			13,217			36,088			—		51,777
Balance, end of year		$21,453			$9,461			$54,995		—			$85,909



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($4,890	)		($21,421	)		$203,475		—			$177,164
INVESTING ACTIVITIES
Capital expenditures	—			(78		)	(57,215		)	—		(57,293		)
Real estate development investments	—			—			(2,676		)	—		(2,676		)
Purchase of timberlands	—			—			(98,409		)	—		(98,409		)
Proceeds from settlement of foreign currency derivative	—			—			2,804			—		2,804
Rayonier office building under construction	—			—			(908		)	—		(908		)
Change in restricted cash	—			—			(16,836		)	—		(16,836		)
Investment in subsidiaries	—			126,242			—			(126,242	)	—
Other	—			—			7,009			—		7,009
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			126,164			(166,231		)	(126,242	)	(166,309		)
FINANCING ACTIVITIES
Issuance of debt	61,000			353,000			58,558			—		472,558
Repayment of debt	(61,000		)	(232,973		)	(70,429		)	—		(364,402		)
Dividends paid	(124,936		)	—			—			—		(124,936		)
Proceeds from the issuance of common shares	2,117			—			—			—		2,117
Repurchase of common shares	(100,000		)	—			—			—		(100,000		)
Debt issuance costs	—			(1,678		)	—			—		(1,678		)
Issuance of intercompany notes	(35,500		)	—			35,500			—		—
Intercompany distributions	163,585			(217,980		)	(71,847		)	126,242		—
Other	(122		)	—			—			—		(122		)
CASH USED FOR FINANCING ACTIVITIES	(94,856		)	(99,631		)	(48,218		)	126,242		(116,463		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(4,173		)	—		(4,173		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(99,746		)	5,112			(15,147		)	—		(109,781		)
Balance, beginning of year	102,218			8,105			51,235			—		161,558
Balance, end of year		$2,472			$13,217			$36,088		—			$51,777

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2017, 2016, and 2015

(In Thousands)



Description	Balance at Beginning of Year		Additions Charged to Cost and Expenses			Deductions		Balance at End of Year
Allowance for doubtful accounts:
Year ended December 31, 2017		$33	—			(10	)		$23
Year ended December 31, 2016	42		—			(9	)	33
Year ended December 31, 2015	42		—			—		42

Deferred tax asset valuation allowance:
Year ended December 31, 2017		$21,861		$13,028	(a)	—			$34,889
Year ended December 31, 2016	18,248		3,613		(a)	—		21,861
Year ended December 31, 2015	13,644		4,604		(b)	—		18,248


(a)	The 2017 and 2016 increase is comprised of valuation allowance against the TRS deferred tax assets.


(b)	The 2015 increase is comprised of valuation allowance against the TRS deferred tax assets and the CBPC provision to return adjustment.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65%) in the New Zealand JV, and, as such, consolidates its results of operations and Balance Sheet. In March 2016, the Company made a capital contribution into the New Zealand JV, and as a result, the Company’s ownership interest increased to 77%. The Company records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (23%) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated.
Reclassification of Other Operating Income, Net	RECLASSIFICATION OF OTHER OPERATING INCOME, NET In an effort to report certain revenue and expenses in a manner more representative of activities that constitute ongoing central operations, the Company has changed its classification of primarily lease and license income, other non-timber income, carbon credit sales and log agency fees, net of costs from “Other Operating Income (Expense), Net” to “Sales” and “Cost of Sales.” This reclassification was applied retrospectively to all periods presented and had no effect on the presentation of operating income, net income, consolidated balance sheets, or consolidated statements of cash flows.
Use of Estimates	USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates.
Cash and Cash Equivalents	CASH AND CASH EQUIVALENTS Cash and cash equivalents include time deposits with original maturities of three months or less.
Accounts Receivable	ACCOUNTS RECEIVABLE Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts.
Inventory	INVENTORY HBU real estate properties that are expected to be sold within one year are included in inventory at lower of cost or net realizable value. HBU properties that are expected to be sold after one year are included in a separate balance sheet line, entitled “Higher and Better Use Timberlands and Real Estate Development Investments.” See below for additional information. Inventory also includes logs available to be sold by the Trading segment. Log inventory is recorded at the lower of cost or net realizable value and expensed to cost of sales when sold to third-party buyers.
Prepaid Logging Roads	PREPAID LOGGING ROADS Costs for roads built in the Pacific Northwest and New Zealand to access particular tracts to be harvested in the upcoming 24 months to 60 months are recorded as prepaid logging roads. The Company charges such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule.
Assets Held for Sale	ASSETS HELD FOR SALE Assets that meet the held-for-sale criteria in ASC 360-10-45-9 are recorded in a separate balance sheet line, entitled “Assets Held for Sale,” and measured at the lower of the carrying amount or fair value less cost to sell.
Timber and Timberlands	TIMBER AND TIMBERLANDS Timber is stated at the lower of cost or net realizable value. Costs relating to acquiring, planting and growing timber including real estate taxes, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Annual lease payments are capitalized or expensed based on the proportion of acres that the Company will be able to harvest prior to lease expiration. Lease payments made within one year of expiration are expensed as incurred. Payroll costs are capitalized for time spent on timber growing activities, while interest or any other intangible costs are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense (cost of sales), at the time the timber is harvested or when the underlying timberland is sold. Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition.
Higher and Better Use Timberlands and Real Estate Development Investments	HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS HBU timberland is recorded at the lower of cost or net realizable value. These properties are managed as timberlands until sold or developed with sales and depletion expense related to the harvesting of timber accounted for within the respective timber segment. At the time of sale, the cost basis of any unharvested timber is recorded as depletion expense, a component of cost of sales, within the Real Estate segment. Real estate development investments include capitalized costs for targeted infrastructure improvements, such as roadways and utilities. HBU timberland and real estate development investments expected to be sold within twelve months are recorded as inventory.
Property, Plant, Equipment and Depreciation	PROPERTY, PLANT, EQUIPMENT AND DEPRECIATION Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company depreciates its assets, including office and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the amount the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell.
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. 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. 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. The valuation methodology used for measuring the fair value of these asset categories was as follows: Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the plan are deemed to be actively traded and to be Level 1 investments. Collective trust funds are measured using the unit value calculated based on the Net Asset Value (“NAV”) of the underlying assets. The NAV is based on the fair value of the underlying investments held by each fund less liabilities divided by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets.
Goodwill	GOODWILL Goodwill represents the excess of the acquisition cost of the New Zealand Timber segment over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. The Company compares the fair value of the New Zealand Timber segment, using an independent valuation for the New Zealand forest assets, to its carrying value including goodwill. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2017; the estimated fair value of the New Zealand Timber segment exceeded its carrying value and no impairment was recorded.
Foreign Currency Translation	FOREIGN CURRENCY TRANSLATION The functional currency of the Company’s New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income (“AOCI”), within Shareholders’ Equity. U.S. denominated transactions of the New Zealand JV are translated into New Zealand dollars at the exchange rate in effect on the date of the transaction and recognized in earnings, net of related cash flow hedges. All income statement items of the New Zealand JV are translated into U.S. dollars for reporting purposes using monthly average exchange rates with translation gains and losses being recorded as a separate component of AOCI, within Shareholders’ Equity.
Revenue Recognition	REVENUE RECOGNITION The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred or services rendered, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. TIMBER SALES Revenue from the sale of timber is recognized when title passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and 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 title and risk of loss pass to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and title and risk of loss pass to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale, whereby revenue is recognized as periodic physical observations are made of the percentage of acreage harvested. 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 title and risk of loss transfer to the buyer. For domestic log sales, title and risk are considered passed to the buyer as the logs are delivered to the customer. For export log sales (primarily in New Zealand), title and risk are considered passed to the buyer at the time the ship leaves the port. 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. LOG TRADING Domestic log trading revenue for sales within New Zealand is recorded when the goods are received by the customer and title passes. Export log trading revenue is recorded when the ship leaves the port, at which time title passes to the customer. REAL ESTATE The Company generally recognizes revenue on sales of real estate using the full accrual method at closing when cash has been received, title and risk of loss have passed to the buyer and there is no continuing involvement with the property. Revenue is recognized using the percentage-of-completion method on sales of real estate containing future performance obligations. 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. Costs incurred to obtain land use entitlements or for infrastructure such as utilities, roads or other improvements are charged to cost of sales for a project as a percentage of revenue earned to total anticipated revenue and costs for each project. 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.
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates and longevity of employees. See Note 15 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2017. Periodic pension and other postretirement expense is included in “Cost of sales” and “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2017 and 2016, the Company’s pension plans were in a net liability position (underfunded) of $30.6 million and $30.6 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through other comprehensive income (loss) in the year in which the changes occur. The Company measures plan assets and benefit obligations as of the fiscal year-end.
Income Taxes	INCOME TAXES The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Other Non-Current Liabilities” in the Company’s Consolidated Balance Sheets.
New or Recently Adopted Accounting Pronouncements	RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory, stating entities should recognize income tax consequences of intra-entity transfers of assets other than inventory in the period in which they occur. As such, the Company is required to apply the changes on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU No. 2016-16 is effective for annual periods beginning after December 15, 2017 with early adoption permitted at the beginning of an annual period for which financial statements have not been issued. Rayonier early adopted ASU No. 2016-16 during the first quarter ended March 31, 2017. See Note 9 — Income Taxes for additional information. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This update simplifies the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU No. 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Rayonier adopted ASU No. 2016-09 during the first quarter ended March 31, 2017. Upon adoption, additional excess tax benefits and tax deficiencies are recorded to “Income tax expense” in the Consolidated Statements of Income and Comprehensive Income, forfeitures are accounted for when they occur and cash paid by Rayonier when directly withholding shares for tax withholding purposes are classified as a financing activity within the Consolidated Statements of Cash Flows. The adoption of this standard did not have a material impact on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which revised the definition of a business. This update will likely result in more of Rayonier’s future timberland acquisitions being accounted for as asset acquisitions as opposed to acquisitions of a businesses. ASU No. 2017-01 is effective for annual periods beginning after December 15, 2017 with early adoption permitted, including adoption in an interim period. Rayonier early adopted ASU No. 2017-01 during the fourth quarter ended December 31, 2017 and will apply the standard prospectively, as required. Rayonier adopted ASU Nos. 2015-11, 2016-01 (early adopted), 2016-05, 2017-04 (early adopted) and 2017-09 (early adopted) in the fourth quarter ended December 31, 2017 with no material impact on the consolidated financial statements. NEW ACCOUNTING PRONOUNCEMENTS 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 nonfinancial 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 March 2017, the 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. If a separate line item is used to present the other components of net benefit cost, that line item must be appropriately described. If a separate line item is not used, the line item used in the income statement to present the other components of net benefit cost must be disclosed. ASU No. 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. ASU No. 2017-07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier intends to adopt ASU No. 2017-07 in the Company’s first quarter 2018 Form 10-Q. Interest cost, expected return on plan assets and amortization of losses or gains are currently recorded in “Selling and general expenses” and “Cost of sales” in the Consolidated Statements of Income and “Timber and timberlands, net of depletion and amortization” in the Consolidated Balance Sheets. Upon adoption, these components of net period benefit cost will be recorded in “Interest income and miscellaneous income (expense), net.” As the Company froze benefits for all employees participating in the pension plan effective December 31, 2016, the service cost component of net period benefit is no longer recognized by Rayonier. Based on current actuarial estimates and management assumptions, Rayonier anticipates that the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements. See Note 15 — Employee Benefit Plans for the components of net periodic benefit cost. 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 intends to adopt ASU No. 2016-18 in the Company’s first quarter 2018 Form 10-Q. The Company currently records changes in restricted cash within the investing section of the Consolidated Statements of Cash Flows. Upon adoption, restricted cash will 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 and therefore changes in restricted cash will not be reported as cash flow activities. Rayonier will continue to disclose the nature of restrictions on the Company’s cash, cash equivalents, and restricted cash. See Note 19 — Restricted Cash for additional information. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Consolidated Statements of Cash Flows under Topic 230, Statement of Cash Flows, and other Topics. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. ASU No. 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-15 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. The Company anticipates the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements. 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. ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. ASU No. 2016-02 is required to be applied 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 May 2014, the FASB and International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), a comprehensive new revenue recognition standard that will supersede current revenue recognition guidance. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date. ASU No. 2015-14 provides a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The update clarifies the guidance for identifying performance obligations. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The update clarifies the guidance for assessing collectibility, presenting sales taxes and other similar taxes collected from customers, non-cash consideration, contract modifications at transition, completed contracts at transition and disclosing the accounting change in the period of adoption. In February 2017, the FASB issued ASU No. 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The update clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. This standard will be effective for Rayonier beginning January 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company expects to adopt using the cumulative-effect method. As of December 31, 2017, and subject to the Company’s ongoing evaluation of new transactions and contracts, Rayonier has substantially completed its evaluation of the expected impact of adopting Topic 606 and anticipates that the adoption of this standard will not have a significant impact on the Company’s consolidated financial statements aside from adding expanded disclosures. Rayonier is also currently identifying and implementing appropriate changes to its business processes, systems and controls to support revenue recognition and disclosures under Topic 606. A material change in controls over financial reporting is not anticipated.
Subsequent Events	SUBSEQUENT EVENTS The Company has evaluated events occurring from December 31, 2017 to the date of issuance for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition or disclosure.
Segment and Geographical Information	Rayonier operates in five reportable segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Company’s timber businesses are disaggregated into Southern Timber, Pacific Northwest Timber and New Zealand Timber segments. Sales in the Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. Real Estate sales include all U.S. property sales, including those lands designated as higher and better use (HBU). The Company’s Real Estate sales categories include Improved Development, Unimproved Development, Rural, Non-Strategic / Timberlands and Large Dispositions. Large Dispositions include sales of timberland that exceed $20 million in size and do not have a demonstrable premium relative to timberland value. Improved development includes sales of development property for which Rayonier, through one of its taxable REIT subsidiaries, has invested in infrastructure to enhance the value and marketability of the property. The unimproved development sales category comprises properties sold for commercial, industrial or residential development purposes and for which Rayonier has not invested in site improvements such as infrastructure. The Trading segment comprises log trading in New Zealand, conducted by the Company’s New Zealand JV in two core areas of business, managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. Sales in the Trading segment also include log agency fees. The Trading segment primarily complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment. 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 income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations and are included under “Corporate and other.”
Earnings Per Common Share	Basic earnings per share (“EPS”) is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding during the year. Diluted EPS is calculated by dividing net income attributable to Rayonier by the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of outstanding stock options, performance shares, restricted shares and convertible debt.
Derivative Financial Instruments and Hedging Activities	Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in 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.
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.
Share-based Compensation	Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. RESTRICTED STOCK Restricted stock granted to employees under the Stock Plan generally vests in fourths on the first, second, third and fourth anniversary of the grant date. Restricted stock granted to senior management generally vests in thirds on the third, fourth, and fifth anniversary of the grant date. Periodically, other one-time restricted stock grants are issued to employees for special purposes, such as new hire, promotion or retention, and can vest ratably over, or upon completion of, a defined period of time. Generally, holders of restricted stock receive dividend equivalent payments on outstanding restricted shares. Restricted stock granted to members of the board of directors generally vests immediately upon issuance and is subject to certain holding requirements. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. Rayonier has elected to value each grant in total and recognize the expense on a straight-line basis from the grant date of the award to the latest vesting date. PERFORMANCE SHARES UNITS The Company’s performance share units generally vest upon completion of a three-year period. The number of shares, if any, that are ultimately awarded is contingent upon Rayonier’s total shareholder return versus selected peer group companies. The performance share payout is based on a market condition and as such, the awards are valued using a Monte Carlo simulation model. The model generates the fair value of the award at the grant date, which is then recognized as expense on a straight-line basis over the vesting period. NON-QUALIFIED EMPLOYEE STOCK OPTIONS The exercise price of each non-qualified stock option granted under the Stock Plan is equal to the closing market price of the Company’s stock on the grant date. Under the Stock Plan, the maximum term is ten years from the grant date.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule of the Effects of the Accounting Classification Change

The impact of the reclassification for the three years ended December 31, 2017 are as follows:



	Year Ended December 31, 2017
	Prior to Reclassification			Change in Accounting Classification		As Adjusted
Sales		$792,659			$26,937		$819,596
Cost of sales	565,889			2,364		568,253
Other operating (income) expense, net	(28,966		)	24,573		(4,393		)



	Year Ended December 31, 2016
	As Previously Classified			Change in Accounting Classification		As Adjusted
Sales		$788,278			$27,637		$815,915
Cost of sales	524,707			1,732		526,439
Other operating (income) expense, net	(34,991		)	25,905		(9,086		)



	Year Ended December 31, 2015
	As Previously Classified			Change in Accounting Classification		As Adjusted
Sales		$544,874			$23,926		$568,800
Cost of sales	441,099			619		441,718
Other operating (income) expense, net	(19,759		)	23,307		3,548

Timberland Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Summary of Timberland Acquisitions

The following table summarizes the timberland acquisitions at December 31, 2017 and 2016:



	2017			2016
	Cost		Acres	Cost		Acres
Florida		$32,334	15,382		$14,323	6,937
Georgia	147,833		68,473	12,485		5,427
Oregon	—		—	239,896		55,603
South Carolina	39,884		17,651	—		—
Texas	—		—	77,139		37,513
Washington	1,483		481	22,638		5,247
New Zealand	21,376		7,546	—		—
Total Acquisitions		$242,910	109,533		$366,481	110,727

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment information for each of the three years ended December 31, 2017 follows:



	Sales
	2017		2016		2015
Southern Timber		$144,510		$151,192		$157,845
Pacific Northwest Timber	91,877		77,802		80,214
New Zealand Timber	247,609		177,889		162,803
Real Estate (a)	183,016		299,350		86,493
Trading	152,584		109,682		81,445
Total		$819,596		$815,915		$568,800

(a) The years 2017 and 2016 include Large Dispositions of $95.4 million and $207.3 million, respectively.



	Operating Income/(Loss)
	2017			2016			2015
Southern Timber		$42,254			$43,098			$46,669
Pacific Northwest Timber	1,127			(3,992		)	6,917
New Zealand Timber	72,385			33,072			2,775
Real Estate (a)	116,038			202,379			44,263
Trading	4,578			2,002			1,247
Corporate and other	(20,891		)	(20,782		)	(24,087		)
Total Operating Income	215,491			255,777			77,784
Unallocated interest expense and other	(32,231		)	(32,943		)	(34,702		)
Total Income before Income Taxes		$183,260			$222,834			$43,082

(a) The years 2017 and 2016 include Large Dispositions of $67.0 million and $143.9 million, respectively.



	Gross Capital Expenditures
	2017		2016		2015
Capital Expenditures (a)
Southern Timber		$34,476		$33,487		$33,245
Pacific Northwest Timber	10,254		8,036		8,515
New Zealand Timber	17,046		16,095		15,143
Real Estate	1,348		315		313
Trading	—		—		—
Corporate and other	2,221		790		77
Total capital expenditures		$65,345		$58,723		$57,293

Timberland Acquisitions
Southern Timber		$220,051		$103,947		$54,408
Pacific Northwest Timber	1,483		262,534		34,052
New Zealand Timber	21,376		—		9,949
Real Estate	—		—		—
Trading	—		—		—
Corporate and other	—		—		—
Total timberland acquisitions		$242,910		$366,481		$98,409

Total Gross Capital Expenditures		$308,255		$425,204		$155,702


(a)	Excludes timberland acquisitions presented separately in addition to spending on the Rayonier office building of $6.1 million, $6.3 million and $0.9 million and real estate development investments of $15.8 million, $8.7 million and $2.7 million in the years 2017, 2016 and 2015, respectively.



	Depreciation, Depletion and Amortization
	2017		2016		2015
Southern Timber		$49,357		$49,747		$54,299
Pacific Northwest Timber	32,008		25,246		14,842
New Zealand Timber	36,363		23,447		29,741
Real Estate (a)	27,479		52,304		14,533
Trading	—		—		—
Corporate and other	794		402		293
Total		$146,001		$151,146		$113,708


(a)	The years 2017 and 2016 include Large Dispositions of $18.4 million and $36.1 million, respectively.



	Non-Cash Cost of Land and Improved Development
	2017		2016		2015
Southern Timber	—		—		—
Pacific Northwest Timber	—		—		—
New Zealand Timber	128		1,824		467
Real Estate (a)	23,370		32,038		12,042
Trading	—		—		—
Corporate and other	—		—		—
Total		$23,498		$33,862		$12,509

(a) The years 2017 and 2016 include Large Dispositions of $9.8 million and $22.2 million, respectively.



	Sales by Product Line
	2017		2016		2015
Southern Timber		$144,510		$151,192		$157,845
Pacific Northwest Timber	91,877		77,802		80,214
New Zealand Timber	247,609		177,889		162,803
Real Estate
Improved Development	6,348		1,740		2,610
Unimproved Development	16,405		5,540		6,399
Rural	18,632		18,672		22,653
Non-Strategic / Timberlands	46,280		66,133		54,831
Large Dispositions	95,351		207,265		—
Total Real Estate	183,016		299,350		86,493
Trading	152,584		109,682		81,445
Total Sales		$819,596		$815,915		$568,800

Schedule of Geographical Operating Information



	Geographical Operating Information
	Sales						Operating Income						Identifiable Assets
	2017		2016		2015		2017		2016		2015		2017		2016
United States		$419,403		$528,344		$324,552		$138,528		$220,703		$73,749		$2,331,230		$2,181,658
New Zealand	400,193		287,571		244,248		76,963		35,074		4,035		527,251		504,102
Total		$819,596		$815,915		$568,800		$215,491		$255,777		$77,784		$2,858,481		$2,685,760

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Rayonier’s debt consisted of the following at December 31, 2017 and 2016:



	2017			2016
Term Credit Agreement due 2024 at a variable interest rate of 3.0% at December 31, 2017		$350,000			$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000			325,000
Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.3% at December 31, 2017	300,000			300,000
Mortgage notes repaid in 2017 at fixed interest rates of 4.35% (a)	—			31,676
Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017	50,000			25,000
Solid waste bonds repaid in 2017 at a variable interest rate of 2.0% at December 31, 2016	—			15,000
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	3,375			18,796
Total debt	1,028,375			1,065,472
Less: Current maturities of long-term debt	(3,375		)	(31,676		)
Less: Deferred financing costs	(2,996		)	(3,591		)
Long-term debt, net of deferred financing costs		$1,022,004			$1,030,205

Total expenditures for long-term leases and deeds on timberlands (including Crown Forest Licenses) for the three years ended December 31:



	2017		2016		2015
Long-Term Leases and Deeds on Timberlands		$10,731		$10,710		$11,342

Schedule of Maturities of Long-term Debt

Principal payments due during the next five years and thereafter are as follows:



2018		$3,375
2019	—
2020	50,000
2021	—
2022	325,000
Thereafter	650,000
Total debt		$1,028,375


(a)	The mortgage notes, repaid in August 2017, were recorded at a premium of $0.2 million as of December 31, 2016.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Higher and Better Use Timberlands and Real Estate Development Investments (Tables)

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Schedule of Higher and Better Use Timberlands and Real Estate Development Investments

An analysis of higher and better use timberlands and real estate development costs from December 31, 2016 to December 31, 2017 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, 2016		$59,956			$10,418			$70,374
Plus: Current portion (a)	5,096			11,963			17,059
Total Balance at December 31, 2016	65,052			22,381			87,433
Non-cash cost of land and improved development	(2,165		)	(4,554		)	(6,719		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(2,768		)	—			(2,768		)
Capitalized real estate development investments (b)	—			15,784			15,784
Capital expenditures (silviculture)	428			—			428
Intersegment transfers	5,808			(819		)	4,989
Total Balance at December 31, 2017	66,355			32,792			99,147
Less: Current portion (a)	(6,702		)	(11,648		)	(18,350		)
Non-current portion at December 31, 2017		$59,653			$21,144			$80,797


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 18 — Inventory for additional information.


(b)	Capitalized real estate development investments includes $0.4 million of capitalized interest.

Commitments (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Leases

Total rental expense for operating leases for the three years ended December 31:



	2017		2016		2015
Operating Leases		$1,992		$2,049		$2,349

Schedule of Long-term Leases and Deeds on Timberlands

Rayonier’s debt consisted of the following at December 31, 2017 and 2016:



	2017			2016
Term Credit Agreement due 2024 at a variable interest rate of 3.0% at December 31, 2017		$350,000			$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000			325,000
Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.3% at December 31, 2017	300,000			300,000
Mortgage notes repaid in 2017 at fixed interest rates of 4.35% (a)	—			31,676
Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017	50,000			25,000
Solid waste bonds repaid in 2017 at a variable interest rate of 2.0% at December 31, 2016	—			15,000
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	3,375			18,796
Total debt	1,028,375			1,065,472
Less: Current maturities of long-term debt	(3,375		)	(31,676		)
Less: Deferred financing costs	(2,996		)	(3,591		)
Long-term debt, net of deferred financing costs		$1,022,004			$1,030,205

Total expenditures for long-term leases and deeds on timberlands (including Crown Forest Licenses) for the three years ended December 31:



	2017		2016		2015
Long-Term Leases and Deeds on Timberlands		$10,731		$10,710		$11,342

Schedule of Future Minimum Rental Payments for Operating Leases

At December 31, 2017, 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
2018		$1,135		$9,698		$11,792		$22,625
2019	914		9,303		6,522		16,739
2020	733		9,040		6,277		16,050
2021	639		8,866		4,017		13,522
2022	608		8,817		3,562		12,987
Thereafter (c)	635		155,232		6,245		162,112
		$4,664		$200,956		$38,415		$244,035


(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)

(c)

- Definition

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The (provision for)/benefit from income taxes consisted of the following:



	2017			2016			2015
Current
U.S. federal		$261		—				($624	)
State	(38		)	(254		)	226
Foreign	(245		)	(241		)	(308		)
	(22		)	(495		)	(706		)
Deferred
U.S. federal	13,028			5,403			3,702
State	—			(280		)	107
Foreign	(21,659		)	(6,079		)	2,360
	(8,631		)	(956		)	6,169
Changes in valuation allowance	(13,028		)	(3,613		)	(4,604		)
Total		($21,681	)		($5,064	)		$859

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the actual income tax rate was as follows:



	2017					2016					2015
U.S. federal statutory income tax rate		($64,141	)	(35.0	)%		($77,992	)	(35.0	)%		($15,079	)	(35.0	)%
U.S. and foreign REIT income	63,813			34.8		82,037			36.8		17,191			39.9
Matariki Group and Rayonier New Zealand Ltd	(19,182		)	(10.5	)	(4,799		)	(2.2	)	3,457			8.0
Transition tax	(3,506		)	(1.9	)	—			—		—			—
Change in valuation allowance	(13,028		)	(7.1	)	(3,613		)	(1.6	)	(3,607		)	(8.4	)
ASU No. 2016-16 adoption impact	16,631			9.1		—			—		—			—
Deemed repatriation of unremitted foreign earnings	7,368			4.0		—			—		—			—
Reduction of deferred tax asset for statutory rate change	(10,499		)	(5.7	)	—			—		—			—
CBPC valuation allowance	—			—		—			—		(997		)	(2.3	)
Other	863			0.5		(697		)	(0.3	)	(106		)	(0.2	)
Income tax (expense) benefit as reported for net income		($21,681	)	(11.8	)%		($5,064	)	(2.3	)%		$859		2.0	%

Schedule of Deferred Tax Assets and Liabilities

The nature of the temporary differences and the resulting net deferred tax asset/liability for the two years ended December 31, were as follows:



	2017			2016
Gross deferred tax assets:
Pension, postretirement and other employee benefits		$1,017			$1,648
New Zealand JV	40,224			60,452
CBPC Tax Credit Carry Forwards	14,641			14,641
Capitalized real estate costs	7,058			11,489
U.S. TRS Net Operating Loss	1,872			4,730
Land basis difference	11,090			—
Other	5,079			9,165
Total gross deferred tax assets	80,981			102,125
Less: Valuation allowance	(34,889		)	(21,861		)
Total deferred tax assets after valuation allowance		$46,092			$80,264
Gross deferred tax liabilities:
Accelerated depreciation	(35		)	(1,322		)
Repatriation of foreign earnings	—			(7,368		)
New Zealand JV	(72,527		)	(70,315		)
Timber installment sale	(4,706		)	(7,601		)
Other	(1,270		)	(3,833		)
Total gross deferred tax liabilities	(78,538		)	(90,439		)
Net deferred tax liability reported as noncurrent		($32,446	)		($10,175	)

Summary of Operating Loss and Tax Credit Carryforwards

Included below are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2017:



	Gross Amount		Valuation Allowance			Expiration
2017
New Zealand JV NOL Carryforwards		$137,949	—			None
U.S. Net Deferred Tax Asset	20,248		(20,248		)	None
Cellulosic Biofuel Producer Credit	14,641		(14,641		)	2019
Total Valuation Allowance				($34,889	)
2016
New Zealand JV NOL Carryforwards		$215,898	—			None
U.S. Net Deferred Tax Asset	7,220		(7,220		)	None
Cellulosic Biofuel Producer Credit	14,641		(14,641		)	2019
Total Valuation Allowance				($21,861	)

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending unrecognized tax benefits for the three years ended December 31 is as follows:



	2017			2016		2015
Balance at January 1,		$135			$135	—
Decreases related to prior year tax positions	(135		)	—		—
Increases related to prior year tax positions	—			—		135
Balance at December 31,	—				$135		$135

Summary of Income Tax Examinations

The following table provides detail of the tax years that remain open to examination by the IRS and other significant taxing jurisdictions:



Taxing Jurisdiction	Open Tax Years
U.S. Internal Revenue Service	2014 - 2016
New Zealand Inland Revenue	2012 - 2016

Guarantees (Tables)

12 Months Ended

Dec. 31, 2017

Guarantees [Abstract]

Schedule of Guarantor Obligations



Financial Commitments	Maximum Potential Payment		Carrying Amount of 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 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 will be renewed as required.

(b)

(c)

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table provides details of the calculation of basic and diluted EPS for the three years ended December 31:



	2017		2016		2015
Net Income		$161,579		$217,770		$43,941
Less: Net income (loss) attributable to noncontrolling interest	12,737		5,798		(2,224		)
Net income attributable to Rayonier Inc.		$148,842		$211,972		$46,165

Shares used for determining basic earnings per common share	127,367,608		122,585,200		125,385,085
Dilutive effect of:
Stock options	91,956		92,473		116,792
Performance and restricted shares	350,385		134,650		39,863
Assumed conversion of Senior Exchangeable Notes (a)	—		—		358,449
Assumed conversion of warrants (a)	—		—		—
Shares used for determining diluted earnings per common share	127,809,949		122,812,323		125,900,189

Basic earnings per common share attributable to Rayonier Inc.:		$1.17		$1.73		$0.37
Diluted earnings per common share attributable to Rayonier Inc.:		$1.16		$1.73		$0.37

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	2017	2016	2015
Anti-dilutive shares excluded from computations of diluted earnings per share:
Stock options, performance and restricted shares	596,061	829,469	897,800
Assumed conversion of exchangeable note hedges (a)	—	—	358,449
Total	596,061	829,469	1,256,249

(a)

Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Interest Rate Swaps

The following table contains information on the outstanding interest rate swaps as of December 31, 2017:



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 derivatives on the Consolidated Statements of Income and Comprehensive Income

The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2017, 2016 and 2015.



	Location on Statement of Income and Comprehensive Income	2017			2016			2015
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)		$2,100			$867			($205	)
Foreign currency option contracts	Other comprehensive income (loss)	(52		)	1,035			370
Interest rate swaps	Other comprehensive income (loss)	4,214			21,422			(10,197		)

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income (loss)	—			—			2,875
Foreign currency option contracts	Other comprehensive income (loss)	—			(4,606		)	4,606

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense, net	—			895			—
	Interest income and miscellaneous income (expense), net	47			—			—
Foreign currency option contracts	Other operating (income) expense, net	—			258			1,394
Interest rate swaps	Interest income and miscellaneous income (expense), net	—			(1,219		)	(4,391		)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2017 and 2016:



	Notional Amount
	2017		2016
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$107,400		$44,800
Foreign currency option contracts	48,000		91,000
Interest rate swaps	650,000		650,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	18,439		—

Schedule of Derivative Instruments in Statement of Financial Position



		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2017			2016
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$2,286			$692
	Other assets	538			33
	Other current liabilities	(37		)	(261		)
Foreign currency option contracts	Other current assets	389			1,064
	Other assets	137			327
	Other current liabilities	(119		)	(574		)
	Other non-current liabilities	(55		)	(426		)
Interest rate swaps	Other assets	17,473			17,204
	Other non-current liabilities	(2,033		)	(5,979		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other current assets	209			—
	Other current liabilities	(189		)	—

Total derivative contracts:
Other current assets			$2,884			$1,756
Other assets		18,148			17,564
Total derivative assets			$21,032			$19,320

Other current liabilities		(345		)	(835		)
Other non-current liabilities		(2,088		)	(6,405		)
Total derivative liabilities			($2,433	)		($7,240	)


(a)	See Note 14 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping



	December 31, 2017							December 31, 2016
Asset (liability) (a)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$112,653			$112,653	—			$85,909			$85,909	—
Restricted cash (b)	59,703			59,703		—		71,708			71,708		—
Current maturities of long-term debt	(3,375		)	—		(3,375	)	(31,676		)	—		(31,984	)
Long-term debt (c)	(1,022,004		)	—		(1,030,135	)	(1,030,205		)	—		(1,030,708	)
Interest rate swaps (d)	15,440			—		15,440		11,225			—		11,225
Foreign currency exchange contracts (d)	2,807			—		2,807		464			—		464
Foreign currency option contracts (d)	352			—		352		391			—		391


(a)	The Company did not have Level 3 assets or liabilities at December 31, 2017 and 2016.


(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 19 - Restricted Cash for additional information.


(c)	The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 5 — Debt for additional information.


(d)	See Note 13 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations



Funded Status at End of Year:
Net accrued benefit cost	($30,609	)	($30,638	)	($1,420	)	($1,285	)



	Pension						Postretirement
	2017			2016			2017			2016
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year		$81,752			$84,005			$1,285			$1,159
Service cost	—			1,307			6			4
Interest cost	3,259			3,474			53			42
Curtailment gain	—			(5,447		)	—			—
Actuarial loss	6,123			1,296			89			99
Benefits paid	(3,148		)	(2,883		)	(13		)	(19		)
Projected benefit obligation at end of year		$87,986			$81,752			$1,420			$1,285

Schedule of Changes in Fair Value of Plan Assets



Change in Plan Assets
Fair value of plan assets at beginning of year		$51,114			$50,970		—		—
Actual return on plan assets	9,909			3,557			—		—
Employer contributions	90			29			13		19
Benefits paid	(3,148		)	(2,883		)	(13	)	(19	)
Other expense	(588		)	(559		)	—		—
Fair value of plan assets at end of year		$57,377			$51,114		—		—

Schedule of Amounts Recognized in Balance Sheet



Amounts Recognized in the Consolidated
Balance Sheets Consist of:
Current liabilities		($92	)		($36	)		($32	)		($30	)
Noncurrent liabilities	(30,517		)	(30,602		)	(1,388		)	(1,255		)
Net amount recognized		($30,609	)		($30,638	)		($1,420	)		($1,285	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Net gains or losses recognized in other comprehensive income for the three years ended December 31 are as follows:



	Pension								Postretirement
	2017			2016		2015			2017			2016			2015
Net (losses) gains		($583	)		$3,119		($477	)		($89	)		($99	)		$123



	Pension						Postretirement
	2017		2016		2015		2017			2016			2015
Amortization of losses (gains)		$466		$2,526		$3,733		($1	)		($13	)		$12
Amortization of prior service cost	—		—		13		—			—			—

Schedule of Net Periodic Benefit Cost Not yet Recognized

Net losses that have not yet been included in pension and postretirement expense for the two years ended December 31, which have been recognized as a component of AOCI are as follows:



	Pension						Postretirement
	2017			2016			2017			2016
Net (losses) gains		($22,183	)		($22,065	)		($157	)		($67	)
Deferred income tax benefit	1,927			1,927			6			6
AOCI		($20,256	)		($20,138	)		($151	)		($61	)

Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Fair Value



	2017		2016
Projected benefit obligation		$87,986		$81,752
Accumulated benefit obligation	87,986		81,752
Fair value of plan assets	57,377		51,114

Schedule of Net Benefit Costs

The following tables set forth the components of net pension and postretirement benefit (credit) cost that have been recognized during the three years ended December 31:



	Pension									Postretirement
	2017			2016			2015			2017			2016			2015
Components of Net Periodic Benefit (Credit) Cost
Service cost	—				$1,307			$1,484			$6			$4			$11
Interest cost	3,259			3,474			3,319			53			42			52
Expected return on plan assets	(3,781		)	(4,030		)	(4,027		)	—			—			—
Amortization of prior service cost	—			—			13			—			—			—
Amortization of losses (gains)	466			2,526			3,733			(1		)	(13		)	12
Net periodic benefit (credit) cost (a)		($56	)		$3,277			$4,522			$58			$33			$75

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2018 are as follows:



	Pension		Postretirement
Amortization of loss		$635		$2

Schedule of Assumptions Used



	Pension						Postretirement
	2017		2016		2015		2017		2016		2015
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.48	%	4.01	%	4.20	%	3.56	%	4.12	%	4.34	%
Rate of compensation increase	—		4.16	%	4.50	%	4.50	%	4.50	%	4.50	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	4.01	%	4.20	%	3.80	%	4.12	%	4.34	%	3.96	%
Expected long-term return on plan assets	7.17	%	7.70	%	7.70	%	—		—		—
Rate of compensation increase	—		4.16	%	4.50	%	4.50	%	4.50	%	4.50	%

Schedule of Allocation of Plan Assets

The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2017 and 2016, and target allocation ranges by asset category are as follows:



	Percentage of Plan Assets				Target Allocation Range
Asset Category	2017		2016		Target Allocation Range
Domestic equity securities	41	%	41	%	35-45%
International equity securities	26	%	25	%	20-30%
Domestic fixed income securities	26	%	26	%	25-29%
International fixed income securities	4	%	5	%	3-7%
Real estate fund	3	%	3	%	2-4%
Total	100	%	100	%



	Fair Value at December 31, 2017						Fair Value at December 31, 2016
Asset Category	Level 1		Level 2	Level 3	Total		Level 1		Level 2	Level 3	Total
Investments at Fair Value:
Mutual Funds		$8,986	—	—		$8,986		$13,962	—	—		$13,962
Investments at Net Asset Value:
Common Collective Trusts					48,391						37,152
Total Investments at Fair Value						$57,377						$51,114

Schedule of Expected Benefit Payments

Expected benefit payments for the next 10 years are as follows:



	Pension Benefits		Postretirement Benefits
2018		$3,315		$32
2019	3,478		35
2020	3,670		37
2021	3,770		40
2022	4,028		43
2023 - 2027	21,803		260

Incentive Stock Plans (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs

A summary of the Company’s stock-based compensation cost is presented below:



	2017		2016		2015
Selling and general expenses		$4,784		$4,607		$3,752
Cost of sales	556		487		635
Timber and Timberlands, net (a)	56		42		97
Total stock-based compensation		$5,396		$5,136		$4,484

Tax benefit recognized related to stock-based compensation expense (b)		$249		$483		$302


(a)	Represents amounts capitalized as part of the overhead allocation of timber-related costs.


(b)	A valuation allowance is recorded against the tax benefit recognized as the Company does not expect to be able to realize the benefit in the future.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the Company’s restricted shares is presented below:



	2017		2016		2015
Restricted shares granted	97,643		106,326		96,088
Weighted average price of restricted shares granted		$28.18		$25.08		$26.28
Intrinsic value of restricted stock outstanding (a)	8,906		6,177		4,434
Grant date fair value of restricted stock vested	1,198		2,248		2,632
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested		$176		$178		$122


(a)	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2017.



	2017
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	232,231			$29.47
Granted	97,643		28.18
Vested	(42,808	)	27.98
Cancelled	(5,497	)	26.22
Non-vested Restricted Shares at December 31,	281,569			$29.32

Schedule of Nonvested Performance-based Units Activity

A summary of the Company’s performance share units is presented below:



	2017		2016		2015
Common shares of Company stock reserved for performance shares granted during year	226,448		250,584		219,844
Weighted average fair value of performance share units granted		$32.17		$28.79		$29.62
Intrinsic value of outstanding performance share units (a)	10,414		7,482		3,822
Fair value of performance shares vested	—		—		—
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on performance shares vested	—		—		—


(a)	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2017.



	2017
	Number of Units		Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	281,288			$31.35
Granted	113,224		32.17
Other Cancellations/Adjustments	(65,273	)	38.56
Outstanding Performance Share units at December 31,	329,239			$30.21



	2017		2016		2015
Expected volatility	23.3	%	25.4	%	21.9	%
Risk-free rate	1.5	%	0.9	%	0.9	%

Schedule of Share-based Compensation, Stock Options, Activity



	2017
	Number of Shares		Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Options outstanding at January 1,	1,079,800			$28.16
Granted	—		—
Exercised	(229,006	)	20.75
Cancelled or expired	(9,728	)	33.00
Options outstanding at December 31,	841,066		30.13		4.2		$2,589
Options exercisable at December 31,	841,066			$30.13	4.2		$2,589

A summary of additional information pertaining to the Company’s stock options is presented below:



	2017		2016		2015
Intrinsic value of options exercised (a)		$1,993		$539		$773
Fair value of options vested	6,138		1,317		1,938
Cash received from exercise of options	4,751		1,576		2,117


(a)	Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

Other Operating Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2017

Other Income and Expenses [Abstract]

Interest and Other Income

The following table provides the composition of Other operating income (expense), net for the three years ended December 31:



	2017			2016			2015
Foreign currency (loss) income		($394	)		$283			($89	)
(Loss) gain on sale or disposal of property plant & equipment	(68		)	85			7
Gain (loss) on foreign currency exchange and option contracts	3,438			(645		)	(5,338		)
Deferred payments related to prior land sales	—			8,658			—
Costs related to business combination	—			(1,316		)	—
Gain on foreign currency derivatives (a)	—			1,153			—
New Zealand JV log trading marketing fees	1,222			951			976
Miscellaneous income (expense), net	195			(83		)	896
Total		$4,393			$9,086			($3,548	)


(a)	The Company used foreign exchange derivatives to mitigate the risk of fluctuations in foreign exchange rates while awaiting the capital contribution to the New Zealand JV.

Inventory (Tables)

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Schedule of Inventory

As of December 31, 2017 and 2016, Rayonier’s inventory was solely comprised of finished goods, as follows:



	2017		2016
Finished goods inventory
Real estate inventory (a)		$18,350		$17,059
Log inventory	5,791		4,320
Total inventory		$24,141		$21,379


(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.

Other Assets (Tables)

12 Months Ended

Dec. 31, 2017

Other Assets [Abstract]

Schedule of Changes in Goodwill

Changes in goodwill for the years ended December 31, 2017 and 2016 were:



	2017		2016
Balance, January 1 (net of $0 of accumulated impairment)		$8,679		$8,478
Changes to carrying amount
Acquisitions	—		—
Impairment	—		—
Foreign currency adjustment	97		201
Balance, December 31 (net of $0 of accumulated impairment)		$8,776		$8,679

Accumulated Other Comprehensive Income/(Loss) (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)



	Foreign currency translation gains/(losses)			Net investment hedges of New Zealand JV			Cash flow hedges				Employee benefit plans				Total
Balance as of December 31, 2015		($2,450	)		$6,271			($11,592	)			($25,732	)			($33,503	)
Other comprehensive income before reclassifications	7,387			—			22,024				3,020			(b)	32,431
Amounts reclassified from accumulated other comprehensive income	—			(4,606		)	583				2,513			(c)	(1,510		)
Net other comprehensive income/(loss)	7,387			(4,606		)	22,607				5,533				30,921
Recapitalization of New Zealand JV	3,622			—			(184		)		—				3,438
Balance as of December 31, 2016		$8,559			$1,665			$10,831				($20,199	)			$856
Other comprehensive income/(loss) before reclassifications	7,416			—			7,321			(a)	(673		)		14,064
Amounts reclassified from accumulated other comprehensive income	—			—			(1,968		)		465			(c)	(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


(a)	Includes $4.2 million of other comprehensive gain related to interest rate swaps. See Note 13 — Derivative Financial Instruments and Hedging Activities for additional information.


(b)	This accumulated other comprehensive income component is comprised of $2.4 million from the annual computation of pension liabilities and a $5.4 million curtailment gain. See Note 15 — Employee Benefit Plans for additional information.


(c)	This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 15 — 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 for the years ended December 31, 2017 and 2016:



Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)						Affected line item in the income statement
	2017			2016			Affected line item in the income statement
Realized (gain) loss on foreign currency exchange contracts		($2,631	)		$759		Other operating (income) expense, net
Realized (gain) loss on foreign currency option contracts	(919		)	436			Other operating (income) expense, net
Noncontrolling interest	817			(385		)	Comprehensive income (loss) attributable to noncontrolling interest
Income tax expense (benefit) from foreign currency contracts	765			(227		)	Income tax (expense) benefit (Note 9)
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income		($1,968	)		$583

Quarterly Results for 2017 and 2016 (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

See table below for 2017 amounts prior to reclassification and 2016 amounts historically presented:



	Quarter Ended								Total Year
	Mar. 31		June 30		Sept. 30		Dec. 31		Total Year
2017
Sales		$186,512		$194,719		$177,946		$233,482		$792,659
Cost of sales	136,413		143,687		136,583		149,206		565,889

2016
Sales		$134,843		$261,550		$171,421		$220,464		$788,278
Cost of sales	107,971		138,194		116,624		161,918		524,707



	Quarter Ended								Total Year
	Mar. 31		June 30		Sept. 30		Dec. 31		Total Year
2017
Sales		$194,491		$200,964		$184,419		$239,722		$819,596
Cost of sales	136,828		144,610		136,983		149,832		568,253
Net Income	35,083		30,773		28,803		66,920		161,579
Net Income attributable to Rayonier Inc.	33,843		26,161		24,688		64,150		148,842
Basic EPS attributable to Rayonier Inc.		$0.27		$0.20		$0.19		$0.50		$1.17
Diluted EPS attributable to Rayonier Inc.		$0.27		$0.20		$0.19		$0.50		$1.16

2016
Sales		$140,575		$269,171		$176,867		$229,302		$815,915
Cost of sales	108,447		138,480		116,922		162,590		526,439
Net Income	15,058		111,579		40,624		50,509		217,770
Net Income attributable to Rayonier Inc.	14,472		109,821		39,355		48,324		211,972
Basic EPS attributable to Rayonier Inc.		$0.12		$0.90		$0.32		$0.39		$1.73
Diluted EPS attributable to Rayonier Inc.		$0.12		$0.89		$0.32		$0.39		$1.73

Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Consolidating of Income Statement



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$819,596		—				$819,596
Costs and Expenses
Cost of sales	—			—			568,253			—			568,253
Selling and general expenses	—			16,797			23,448			—			40,245
Other operating expense (income), net	—			479			(4,872		)	—			(4,393		)
	—			17,276			586,829			—			604,105
OPERATING (LOSS) INCOME	—			(17,276		)	232,767			—			215,491
Interest expense	(12,556		)	(19,699		)	(1,816		)	—			(34,071		)
Interest and miscellaneous income (expense), net	9,679			2,878			(10,717		)	—			1,840
Equity in income from subsidiaries	151,719			186,388			—			(338,107		)	—
INCOME BEFORE INCOME TAXES	148,842			152,291			220,234			(338,107		)	183,260
Income tax expense	—			(572		)	(21,109		)	—			(21,681		)
NET INCOME	148,842			151,719			199,125			(338,107		)	161,579
Less: Net income attributable to noncontrolling interest	—			—			12,737			—			12,737
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	148,842			151,719			186,388			(338,107		)	148,842
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	7,416			—			9,114			(7,416		)	9,114
New Zealand joint venture cash flow hedges	5,353			4,214			1,479			(5,353		)	5,693
Actuarial change and amortization of pension and postretirement plan liabilities	(208		)	(208		)	—			208			(208		)
Total other comprehensive income	12,561			4,006			10,593			(12,561		)	14,599
COMPREHENSIVE INCOME	161,403			155,725			209,718			(350,668		)	176,178
Less: Comprehensive income attributable to noncontrolling interest	—			—			14,775			—			14,775
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$161,403			$155,725			$194,943			($350,668	)		$161,403



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$815,915		—				$815,915
Costs and Expenses
Cost of sales	—			—			526,439			—			526,439
Selling and general expenses	—			15,253			27,532			—			42,785
Other operating expense (income), net	—			448			(9,534		)	—			(9,086		)
	—			15,701			544,437			—			560,138
OPERATING (LOSS) INCOME	—			(15,701		)	271,478			—			255,777
Interest expense	(12,555		)	(16,775		)	(2,915		)	—			(32,245		)
Interest and miscellaneous income (expense), net	8,613			2,750			(12,061		)	—			(698		)
Equity in income from subsidiaries	215,914			246,193			—			(462,107		)	—
INCOME BEFORE INCOME TAXES	211,972			216,467			256,502			(462,107		)	222,834
Income tax expense	—			(553		)	(4,511		)	—			(5,064		)
NET INCOME	211,972			215,914			251,991			(462,107		)	217,770
Less: Net income attributable to noncontrolling interest	—			—			5,798			—			5,798
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	211,972			215,914			246,193			(462,107		)	211,972
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,780			(4,606		)	10,930			(2,782		)	6,322
New Zealand joint venture cash flow hedges	22,607			21,422			1,401			(22,608		)	22,822
Actuarial change and amortization of pension and postretirement plan liabilities	5,533			5,533			—			(5,533		)	5,533
Total other comprehensive income	30,920			22,349			12,331			(30,923		)	34,677
COMPREHENSIVE INCOME	242,892			238,263			264,322			(493,030		)	252,447
Less: Comprehensive income attributable to noncontrolling interest	—			—			9,555			—			9,555
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$242,892			$238,263			$254,767			($493,030	)		$242,892



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$568,800		—				$568,800
Costs and Expenses
Cost of sales	—			—			441,718			—			441,718
Selling and general expenses	—			20,468			25,282			—			45,750
Other operating (income) expense, net	—			(404		)	3,952			—			3,548
	—			20,064			470,952			—			491,016
OPERATING (LOSS) INCOME	—			(20,064		)	97,848			—			77,784
Interest expense	(12,703		)	(9,135		)	(9,861		)	—			(31,699		)
Interest and miscellaneous income (expense), net	7,789			2,612			(13,404		)	—			(3,003		)
Equity in income from subsidiaries	51,079			75,532			—			(126,611		)	—
INCOME BEFORE INCOME TAXES	46,165			48,945			74,583			(126,611		)	43,082
Income tax benefit (expense)	—			2,134			(1,275		)	—			859
NET INCOME	46,165			51,079			73,308			(126,611		)	43,941
Less: Net loss attributable to noncontrolling interest	—			—			(2,224		)	—			(2,224		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	46,165			51,079			75,532			(126,611		)	46,165
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment	(21,567		)	7,922			(40,373		)	21,567			(32,451		)
New Zealand joint venture cash flow hedges	(10,042		)	(10,195		)	234			10,042			(9,961		)
Actuarial change and amortization of pension and postretirement plan liabilities	2,933			2,933			—			(2,933		)	2,933
Total other comprehensive (loss) income	(28,676		)	660			(40,139		)	28,676			(39,479		)
COMPREHENSIVE INCOME	17,489			51,739			33,169			(97,935		)	4,462
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(13,027		)	—			(13,027		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$17,489			$51,739			$46,196			($97,935	)		$17,489

Schedule of Condensed Consolidating Balance Sheet



	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 logging roads	—			—			11,207			—			11,207
Prepaid expenses	—			759			4,027			—			4,786
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	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 BALANCE SHEETS As of December 31, 2016
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$21,453			$9,461			$54,995		—				$85,909
Accounts receivable, less allowance for doubtful accounts	—			2,991			17,673			—			20,664
Inventory	—			—			21,379			—			21,379
Prepaid logging roads	—			—			10,228			—			10,228
Prepaid expenses	—			427			1,152			—			1,579
Assets held for sale	—			—			23,171			—			23,171
Other current assets	—			236			1,638			—			1,874
Total current assets	21,453			13,115			130,236			—			164,804
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—			—			2,291,015			—			2,291,015
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—			—			70,374			—			70,374
NET PROPERTY, PLANT AND EQUIPMENT	—			177			13,857			—			14,034
RESTRICTED CASH	—			—			71,708			—			71,708
INVESTMENT IN SUBSIDIARIES	1,422,081			2,671,428			—			(4,093,509		)	—
INTERCOMPANY RECEIVABLES	26,472			(611,571		)	585,099			—			—
OTHER ASSETS	2			46,846			26,977			—			73,825
TOTAL ASSETS		$1,470,008			$2,119,995			$3,189,266			($4,093,509	)		$2,685,760
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—				$1,194			$21,143		—				$22,337
Current maturities of long-term debt	31,676			—			—			—			31,676
Accrued taxes	—			(111		)	2,768			—			2,657
Accrued payroll and benefits	—			5,013			4,264			—			9,277
Accrued interest	3,047			2,040			253			—			5,340
Deferred revenue	—			—			9,099			—			9,099
Other current liabilities	—			165			11,415			—			11,580
Total current liabilities	34,723			8,301			48,942			—			91,966
LONG-TERM DEBT	291,390			663,343			75,472			—			1,030,205
PENSION AND OTHER POSTRETIREMENT BENEFITS	—			32,541			(685		)	—			31,856
OTHER NON-CURRENT LIABILITIES	—			12,690			22,291			—			34,981
INTERCOMPANY PAYABLE	(267,715		)	(18,961		)	286,676			—			—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,411,610			1,422,081			2,671,428			(4,093,509		)	1,411,610
Noncontrolling interest	—			—			85,142			—			85,142
TOTAL SHAREHOLDERS’ EQUITY	1,411,610			1,422,081			2,756,570			(4,093,509		)	1,496,752
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,470,008			$2,119,995			$3,189,266			($4,093,509	)		$2,685,760

Schedule of Condensed Consolidating Cash Flows Statement



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($48,104	)		$111,431			$192,957		—			$256,284
INVESTING ACTIVITIES
Capital expenditures	—			—			(65,345		)	—		(65,345		)
Real estate development investments	—			—			(15,784		)	—		(15,784		)
Purchase of timberlands	—			—			(242,910		)	—		(242,910		)
Net proceeds from Large Dispositions	—			—			95,243			—		95,243
Rayonier office building under construction	—			—			(6,084		)	—		(6,084		)
Change in restricted cash	—			—			12,005			—		12,005
Investment in subsidiaries	—			38,546			—			(38,546	)	—
Other	—			—			(373		)	—		(373		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			38,546			(223,248		)	(38,546	)	(223,248		)
FINANCING ACTIVITIES
Issuance of debt	—			25,000			38,389			—		63,389
Repayment of debt	—			(15,000		)	(85,157		)	—		(100,157		)
Dividends paid	(127,069		)	—			—			—		(127,069		)
Proceeds from the issuance of common shares	4,751			—			—			—		4,751
Proceeds from the issuance of common shares from equity offering, net of costs	152,390			—			—			—		152,390
Repurchase of common shares	(176		)	—			—			—		(176		)
Issuance of intercompany notes	(32,000		)	—			32,000			—		—
Intercompany distributions	77,319			(144,396		)	28,531			38,546		—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	75,215			(134,396		)	13,763			38,546		(6,872		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			580			—		580
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	27,111			15,581			(15,948		)	—		26,744
Balance, beginning of year	21,453			9,461			54,995			—		85,909
Balance, end of year		$48,564			$25,042			$39,047		—			$112,653



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2016
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($7,480	)		$113,775			$97,506		—			$203,801
INVESTING ACTIVITIES
Capital expenditures	—			—			(58,723		)	—		(58,723		)
Real estate development investments	—			—			(8,746		)	—		(8,746		)
Purchase of timberlands	—			—			(366,481		)	—		(366,481		)
Assets purchased in business acquisition	—			—			(887		)	—		(887		)
Net proceeds from Large Disposition	—			—			203,862			—		203,862
Rayonier office building under construction	—			—			(6,307		)	—		(6,307		)
Change in restricted cash	—			—			(48,184		)	—		(48,184		)
Investment in subsidiaries	—			(293,820		)	—			293,820		—
Other	—			—			2,311			—		2,311
CASH USED FOR INVESTING ACTIVITIES	—			(293,820		)	(283,155		)	293,820		(283,155		)
FINANCING ACTIVITIES
Issuance of debt	—			548,000			147,916			—		695,916
Repayment of debt	—			(140,000		)	(318,415		)	—		(458,415		)
Dividends paid	(122,845		)	—			—			—		(122,845		)
Proceeds from the issuance of common shares	1,576			—			—			—		1,576
Repurchase of common shares	(690		)	—			—			—		(690		)
Debt issuance costs	—			(818		)	—			—		(818		)
Issuance of intercompany notes	(12,000		)	—			12,000			—		—
Intercompany distributions	160,597			(230,893		)	364,116			(293,820	)	—
Other	(177		)	—			(124		)	—		(301		)
CASH PROVIDED BY FINANCING ACTIVITIES	26,461			176,289			205,493			(293,820	)	114,423
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(937		)	—		(937		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	18,981			(3,756		)	18,907			—		34,132
Balance, beginning of year	2,472			13,217			36,088			—		51,777
Balance, end of year		$21,453			$9,461			$54,995		—			$85,909



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($4,890	)		($21,421	)		$203,475		—			$177,164
INVESTING ACTIVITIES
Capital expenditures	—			(78		)	(57,215		)	—		(57,293		)
Real estate development investments	—			—			(2,676		)	—		(2,676		)
Purchase of timberlands	—			—			(98,409		)	—		(98,409		)
Proceeds from settlement of foreign currency derivative	—			—			2,804			—		2,804
Rayonier office building under construction	—			—			(908		)	—		(908		)
Change in restricted cash	—			—			(16,836		)	—		(16,836		)
Investment in subsidiaries	—			126,242			—			(126,242	)	—
Other	—			—			7,009			—		7,009
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			126,164			(166,231		)	(126,242	)	(166,309		)
FINANCING ACTIVITIES
Issuance of debt	61,000			353,000			58,558			—		472,558
Repayment of debt	(61,000		)	(232,973		)	(70,429		)	—		(364,402		)
Dividends paid	(124,936		)	—			—			—		(124,936		)
Proceeds from the issuance of common shares	2,117			—			—			—		2,117
Repurchase of common shares	(100,000		)	—			—			—		(100,000		)
Debt issuance costs	—			(1,678		)	—			—		(1,678		)
Issuance of intercompany notes	(35,500		)	—			35,500			—		—
Intercompany distributions	163,585			(217,980		)	(71,847		)	126,242		—
Other	(122		)	—			—			—		(122		)
CASH USED FOR FINANCING ACTIVITIES	(94,856		)	(99,631		)	(48,218		)	126,242		(116,463		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(4,173		)	—		(4,173		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(99,746		)	5,112			(15,147		)	—		(109,781		)
Balance, beginning of year	102,218			8,105			51,235			—		161,558
Balance, end of year		$2,472			$13,217			$36,088		—			$51,777

Nature of Business Operations (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2011 a	Dec. 31, 2017 USD ($) a segment core_business_area $ / shares	Dec. 31, 2016 USD ($) a	Dec. 31, 2015 USD ($)	Mar. 31, 2016	Mar. 03, 2016	Apr. 30, 2013	Apr. 04, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Par value (dollars per share) \| $ / shares		$ 0
Timberland owned or leased (acres)		2,600,000
Number of reportable business segments \| segment		5
Additional interest acquired (as a percent)								39.00%
Ownership interest (as a percent)					77.00%	77.00%	65.00%	65.00%
Timberlands acquired (acres)	250,000	109,533	110,727
Payments to acquire timberlands \| $		$ 242,910	$ 366,481	$ 98,409
Savannah, Georgia to Daytona Beach, Florida
Revenues from External Customers and Long-Lived Assets [Line Items]
Timberland owned or leased (acres)		200,000
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Timberlands acquired (acres)		7,546	0
Payments to acquire timberlands \| $		$ 21,376	$ 0
Florida, Georgia, South Carolina, Washington and New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Timberlands acquired (acres)		109,000
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Timberlands acquired (acres)			111,000
Payments to acquire timberlands \| $			$ 366,500
New Zealand JV
Revenues from External Customers and Long-Lived Assets [Line Items]
Additional interest acquired (as a percent)						12.00%
New Zealand JV \| New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Timberland owned or leased (acres)		410,000
Net plantable acres (acres)		293,000
Trading business
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of core areas of business \| core_business_area		2

Summary of Significant Accounting Policies - Basis of Presentation and Principles of Consolidation (Details)	Mar. 31, 2016	Mar. 03, 2016	Apr. 30, 2013	Apr. 04, 2013
Accounting Policies [Abstract]
Ownership percentage by parent	77.00%	77.00%	65.00%	65.00%
Noncontrolling interest ownership percentage by noncontrolling owners			23.00%

Summary of Significant Accounting Policies - Schedule of the Effects of the Accounting Classification Change (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales	$ 239,722	$ 184,419	$ 200,964	$ 194,491	$ 229,302	$ 176,867	$ 269,171	$ 140,575	$ 819,596	$ 815,915	$ 568,800
Cost of sales	149,832	136,983	144,610	136,828	162,590	116,922	138,480	108,447	568,253	526,439	441,718
Other operating (income) expense, net									(4,393)	(9,086)	3,548
Prior to Reclassification
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales	233,482	177,946	194,719	186,512	220,464	171,421	261,550	134,843	792,659	788,278	544,874
Cost of sales	$ 149,206	$ 136,583	$ 143,687	$ 136,413	$ 161,918	$ 116,624	$ 138,194	$ 107,971	565,889	524,707	441,099
Other operating (income) expense, net									(28,966)	(34,991)	(19,759)
Change in Accounting Classification
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sales									26,937	27,637	23,926
Cost of sales									2,364	1,732	619
Other operating (income) expense, net									$ 24,573	$ 25,905	$ 23,307

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Time deposits	$ 26.7	$ 25.6

Summary of Significant Accounting Policies - Property, Plant, Equipment and Depreciation (Details)	12 Months Ended
	Dec. 31, 2017
Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life	25 years
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	15 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	35 years
Land Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Land Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	30 years

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Impairment	$ 0	$ 0
New Zealand Timber
Segment Reporting Information [Line Items]
Impairment	$ 0

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2017 method
Accounting Policies [Abstract]
Number of primary methods or sales channels	2
Contract duration (or less)	1 year

Summary of Significant Accounting Policies - Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net liability position	$ 30,609	$ 30,638

Timberland Acquisitions - Narrative (Details) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2011 a	Dec. 31, 2017 USD ($) a acquisition shares	Dec. 31, 2016 USD ($) a acquisition	Dec. 31, 2015 USD ($)	May 31, 2016 USD ($)
Business Acquisition [Line Items]
Timberlands acquired (acres) \| a	250,000	109,533	110,727
Payments to acquire timberlands \| $		$ 242,910	$ 366,481	$ 98,409
Georgia and Washington
Business Acquisition [Line Items]
Number of acquisitions \| acquisition		5
Timberlands acquired (acres) \| a		7,000
Payments to acquire timberlands \| $		$ 7,200
Florida, Georgia, and South Carolina
Business Acquisition [Line Items]
Timberlands acquired (acres) \| a		95,000
Timberlands acquired, leased lands (acres) \| a		11,000
Shares sold (shares) \| shares		5,750
Payments to acquire timberlands \| $		$ 214,300
New Zealand
Business Acquisition [Line Items]
Number of acquisitions \| acquisition		2
Timberlands acquired (acres) \| a		7,546	0
Payments to acquire timberlands \| $		$ 21,376	$ 0
Oregon and Washington
Business Acquisition [Line Items]
Timberlands acquired (acres) \| a			61,000
Consideration for timberlands \| $			$ 263,000
Florida, Georgia, and Texas
Business Acquisition [Line Items]
Number of acquisitions \| acquisition			5
Timberlands acquired (acres) \| a			50,000
Payments to acquire timberlands \| $			$ 103,900
Incremental Term Loan \| Oregon and Washington
Business Acquisition [Line Items]
Incremental term loan \| $					$ 300,000

Timberland Acquisitions - Summary of Timberland Acquisitions (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2011 a	Dec. 31, 2017 USD ($) a	Dec. 31, 2016 USD ($) a	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Cost \| $		$ 242,910	$ 366,481	$ 98,409
Acres \| a	250,000	109,533	110,727
Florida
Business Acquisition [Line Items]
Cost \| $		$ 32,334	$ 14,323
Acres \| a		15,382	6,937
Georgia
Business Acquisition [Line Items]
Cost \| $		$ 147,833	$ 12,485
Acres \| a		68,473	5,427
Oregon
Business Acquisition [Line Items]
Cost \| $		$ 0	$ 239,896
Acres \| a		0	55,603
South Carolina
Business Acquisition [Line Items]
Cost \| $		$ 39,884	$ 0
Acres \| a		17,651	0
Texas
Business Acquisition [Line Items]
Cost \| $		$ 0	$ 77,139
Acres \| a		0	37,513
Washington
Business Acquisition [Line Items]
Cost \| $		$ 1,483	$ 22,638
Acres \| a		481	5,247
New Zealand
Business Acquisition [Line Items]
Cost \| $		$ 21,376	$ 0
Acres \| a		7,546	0

Segment and Geographical Information - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) segment core_business_area
Segment Reporting [Abstract]
Number of reportable segments \| segment	5
Sales of timberland (exceed) \| $	$ 20
Trading
Segment Reporting Information [Line Items]
Number of core business areas \| core_business_area	2

Segment and Geographical Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Sales	$ 239,722	$ 184,419	$ 200,964	$ 194,491	$ 229,302	$ 176,867	$ 269,171	$ 140,575	$ 819,596	$ 815,915	$ 568,800
Operating Income/(Loss)									215,491	255,777	77,784
Unallocated interest expense and other									(32,231)	(32,943)	(34,702)
INCOME BEFORE INCOME TAXES									183,260	222,834	43,082
Total capital expenditures									65,345	58,723	57,293
Payments to acquire timberlands									242,910	366,481	98,409
Total Gross Capital Expenditures									308,255	425,204	155,702
Depreciation, Depletion and Amortization									146,001	151,146	113,708
Non-Cash Cost of Land and Improved Development									23,498	33,862	12,509
Spending on office building									6,084	6,307	908
Real estate development investments									15,784	8,746	2,676
Southern Timber
Segment Reporting Information [Line Items]
Sales									144,510	151,192	157,845
Pacific Northwest Timber
Segment Reporting Information [Line Items]
Sales									91,877	77,802	80,214
New Zealand Timber
Segment Reporting Information [Line Items]
Sales									247,609	177,889	162,803
Real Estate
Segment Reporting Information [Line Items]
Sales									183,016	299,350	86,493
Real Estate \| Improved Development
Segment Reporting Information [Line Items]
Sales									6,348	1,740	2,610
Real Estate \| Unimproved Development
Segment Reporting Information [Line Items]
Sales									16,405	5,540	6,399
Real Estate \| Rural
Segment Reporting Information [Line Items]
Sales									18,632	18,672	22,653
Real Estate \| Non-Strategic / Timberlands
Segment Reporting Information [Line Items]
Sales									46,280	66,133	54,831
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Sales									95,351	207,265	0
Real Estate \| Large Dispositions
Segment Reporting Information [Line Items]
Sales									95,400	207,300
Operating Income/(Loss)									67,000	143,900
Depreciation, Depletion and Amortization									18,400	36,100
Non-Cash Cost of Land and Improved Development									9,800	22,200
Trading
Segment Reporting Information [Line Items]
Sales									152,584	109,682	81,445
Operating segments \| Southern Timber
Segment Reporting Information [Line Items]
Operating Income/(Loss)									42,254	43,098	46,669
Total capital expenditures									34,476	33,487	33,245
Payments to acquire timberlands									220,051	103,947	54,408
Depreciation, Depletion and Amortization									49,357	49,747	54,299
Non-Cash Cost of Land and Improved Development									0	0	0
Operating segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Operating Income/(Loss)									1,127	(3,992)	6,917
Total capital expenditures									10,254	8,036	8,515
Payments to acquire timberlands									1,483	262,534	34,052
Depreciation, Depletion and Amortization									32,008	25,246	14,842
Non-Cash Cost of Land and Improved Development									0	0	0
Operating segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Operating Income/(Loss)									72,385	33,072	2,775
Total capital expenditures									17,046	16,095	15,143
Payments to acquire timberlands									21,376	0	9,949
Depreciation, Depletion and Amortization									36,363	23,447	29,741
Non-Cash Cost of Land and Improved Development									128	1,824	467
Operating segments \| Real Estate
Segment Reporting Information [Line Items]
Operating Income/(Loss)									116,038	202,379	44,263
Total capital expenditures									1,348	315	313
Payments to acquire timberlands									0	0	0
Depreciation, Depletion and Amortization									27,479	52,304	14,533
Non-Cash Cost of Land and Improved Development									23,370	32,038	12,042
Operating segments \| Trading
Segment Reporting Information [Line Items]
Operating Income/(Loss)									4,578	2,002	1,247
Total capital expenditures									0	0	0
Payments to acquire timberlands									0	0	0
Depreciation, Depletion and Amortization									0	0	0
Non-Cash Cost of Land and Improved Development									0	0	0
Corporate and other
Segment Reporting Information [Line Items]
Operating Income/(Loss)									(20,891)	(20,782)	(24,087)
Total capital expenditures									2,221	790	77
Payments to acquire timberlands									0	0	0
Depreciation, Depletion and Amortization									794	402	293
Non-Cash Cost of Land and Improved Development									$ 0	$ 0	$ 0

Segment and Geographical Information - Schedule of Geographical Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales	$ 239,722	$ 184,419	$ 200,964	$ 194,491	$ 229,302	$ 176,867	$ 269,171	$ 140,575	$ 819,596	$ 815,915	$ 568,800
Operating Income									215,491	255,777	77,784
Identifiable Assets	2,858,481				2,685,760				2,858,481	2,685,760
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales									419,403	528,344	324,552
Operating Income									138,528	220,703	73,749
Identifiable Assets	2,331,230				2,181,658				2,331,230	2,181,658
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales									400,193	287,571	244,248
Operating Income									76,963	35,074	$ 4,035
Identifiable Assets	$ 527,251				$ 504,102				$ 527,251	$ 504,102

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Apr. 28, 2016	Mar. 31, 2012	Nov. 30, 2011
Debt Instrument [Line Items]
Debt, carrying amount	$ 1,028,375	$ 1,065,472
Less: Current maturities of long-term debt	(3,375)	(31,676)
Less: Deferred financing costs	(2,996)	(3,591)
Long-term debt, net of deferred financing costs	1,022,004	1,030,205
Term Credit Agreement due 2024 at a variable interest rate of 3.0% at December 31, 2017
Debt Instrument [Line Items]
Debt, carrying amount	$ 350,000	350,000
Variable interest rate	3.00%
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Debt, carrying amount	$ 325,000	325,000
Fixed interest rate	3.75%			3.75%
Incremental Term Loan Agreement due 2026 at a variable interest rate of 3.3% at December 31, 2017
Debt Instrument [Line Items]
Debt, carrying amount	$ 300,000	300,000	$ 300,000
Variable interest rate	3.30%
Mortgage notes due 2017 at fixed interest rates of 4.35%
Debt Instrument [Line Items]
Debt, carrying amount	$ 0	31,676
Fixed interest rate	4.35%				4.35%
Revolving Credit Facility due 2020 at a variable interest rate of 2.8% at December 31, 2017
Debt Instrument [Line Items]
Debt, carrying amount	$ 50,000	25,000
Variable interest rate	2.80%
Solid waste bonds repaid in 2017 at a variable interest rate of 2.0% at December 31, 2016
Debt Instrument [Line Items]
Debt, carrying amount	$ 0	$ 15,000
Variable interest rate		2.00%
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate
Debt Instrument [Line Items]
Debt, carrying amount	$ 3,375	$ 18,796
Fixed interest rate	0.00%

Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2018	$ 3,375
2019	0
2020	50,000
2021	0
2022	325,000
Thereafter	650,000
Total debt	1,028,375	$ 1,065,472
Mortgage notes due 2017 at fixed interest rates of 4.35%
Debt Disclosure [Abstract]
Total debt	$ 0	31,676
Debt Instrument [Line Items]
Premium		$ 200

Debt - Term Credit Agreement (Narrative) (Details) - USD ($)	Aug. 05, 2015	Dec. 31, 2017
New credit facilities
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 550,000,000
Term Credit Agreement
Debt Instrument [Line Items]
Effective interest rate		3.00%
Term Credit Agreement \| Term loan facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Debt instrument, term	9 years
Basis spread on variable rate	1.625%
Effective interest rate		3.30%

Debt - 3.75% Senior Notes Issued March 2012 (Narrative) (Details) - 3.75% Senior Notes issued March 2012 - USD ($)	Dec. 31, 2017	Mar. 31, 2012
Debt Instrument [Line Items]
Face amount		$ 325,000,000
Fixed interest rate	3.75%	3.75%
Senior Notes
Debt Instrument [Line Items]
Face amount		$ 325,000,000
Fixed interest rate		3.75%

Debt - Incremental Term Loan Agreement (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 28, 2016	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Incremental term loan		$ 1,028,375	$ 1,065,472
Revolving credit facility
Debt Instrument [Line Items]
Repayments of debt	$ 105,000
Incremental term loan agreement
Debt Instrument [Line Items]
Debt instrument, term	10 years
Incremental term loan	$ 300,000	$ 300,000	$ 300,000
Basis spread on variable rate		1.90%
Effective interest rate		2.80%

Debt - $105 Million Secured Mortgage Notes Assumed (Narrative) (Details) $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2017 USD ($)	Nov. 30, 2011 USD ($) a	Dec. 31, 2017 a	Dec. 31, 2016 USD ($) a
Debt Instrument [Line Items]
Timberlands acquired (acres) \| a		250,000	109,533	110,727
Mortgage notes due 2017 at fixed interest rates of 4.35%
Debt Instrument [Line Items]
Notes assumed		$ 105.0
Fixed interest rate		4.35%	4.35%
Debt instrument, term		7 years
Repayments		$ 21.0		$ 10.5
Mortgage notes due 2017 at fixed interest rates of 4.35%
Debt Instrument [Line Items]
Remaining principal repaid	$ 31.5

Debt - Revolving Credit Facility (Narrative) (Details) - USD ($)	1 Months Ended
	Aug. 31, 2015	Dec. 31, 2017
Unsecured revolving credit facility
Line of Credit Facility [Line Items]
Line of credit facility, term	5 years
Maximum borrowing capacity	$ 200,000,000
Basis spread on variable rate	1.25%
Commitment fee (as a percent)	0.175%
Available borrowings		$ 139,600,000
Unsecured revolving credit facility \| Letters of credit
Line of Credit Facility [Line Items]
Letters of credit		$ 10,400,000
Previous revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 200,000,000
Farm credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000

Debt - Joint Venture Debt (Narrative) (Details)	Mar. 31, 2016	Mar. 03, 2016	Apr. 30, 2013	Apr. 04, 2013
Debt Disclosure [Abstract]
Additional interest acquired (as a percent)				39.00%
Ownership interest (as a percent)	77.00%	77.00%	65.00%	65.00%

Debt - Shareholder Loan (Narrative) (Details) $ in Millions	Dec. 31, 2017 USD ($)
Interest-free loan from the noncontrolling New Zealand JV partner \| New Zealand JV
Debt Instrument [Line Items]
Face amount	$ 3

Debt - Working Capital Facilities (Narrative) (Details) - New Zealand JV	1 Months Ended	12 Months Ended
	Jun. 30, 2016 NZD ($)	Dec. 31, 2017 USD ($)
Tranche A, Working Capital Facility
Debt Instrument [Line Items]
Debt instrument, term	12 months
Maximum borrowing capacity	$ 20,000,000
Tranche B, Working Capital Facility
Debt Instrument [Line Items]
Debt instrument, term	18 months
Maximum borrowing capacity	$ 20,000,000
Previous Working Capital Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	40,000,000
Working Capital Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000
Borrowings		$ 38,400,000
Repayments		38,400,000
Outstanding balance		$ 0

Debt - Senior Secured Facilities Agreement (Narrative) (Details)	Jun. 30, 2016 NZD ($)
New Zealand JV \| Previous Working Capital Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000

Debt - Debt Covenants (Narrative) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Apr. 28, 2016	Aug. 31, 2015	Aug. 05, 2015
Debt Instrument [Line Items]
Debt, carrying amount	$ 1,028,375,000	$ 1,065,472,000
Term Credit Agreement
Debt Instrument [Line Items]
Debt, carrying amount	350,000,000	350,000,000
Incremental Term Loan Agreement
Debt Instrument [Line Items]
Debt, carrying amount	$ 300,000,000	$ 300,000,000	$ 300,000,000
Term Loan Facility \| Term Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 350,000,000
Debt, carrying amount					$ 350,000,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 200,000,000

Higher and Better Use Timberlands and Real Estate Development Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	$ 70,374
Plus: Current portion, beginning balance	17,059
Total Balance, beginning	87,433
Non-cash cost of land and improved development	(6,719)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(2,768)
Capitalized real estate development investments	15,784
Capital expenditures (silviculture)	428
Intersegment transfers	4,989
Total Balance, ending	99,147
Less: Current portion, ending balance	(18,350)
Non-current portion, ending balance	80,797
Capitalized interest	400
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	59,956
Plus: Current portion, beginning balance	5,096
Total Balance, beginning	65,052
Non-cash cost of land and improved development	(2,165)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(2,768)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	428
Intersegment transfers	5,808
Total Balance, ending	66,355
Less: Current portion, ending balance	(6,702)
Non-current portion, ending balance	59,653
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, beginning balance	10,418
Plus: Current portion, beginning balance	11,963
Total Balance, beginning	22,381
Non-cash cost of land and improved development	(4,554)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	15,784
Capital expenditures (silviculture)	0
Intersegment transfers	(819)
Total Balance, ending	32,792
Less: Current portion, ending balance	(11,648)
Non-current portion, ending balance	$ 21,144

Joint Venture Investment (Details) - a a in Millions	Dec. 31, 2017	Mar. 31, 2016	Mar. 03, 2016	Apr. 30, 2013	Apr. 04, 2013
Noncontrolling Interest [Line Items]
Ownership percentage by parent		77.00%	77.00%	65.00%	65.00%
Acres of timberland owned	2.6
Noncontrolling interest ownership percentage by noncontrolling owners				23.00%
Matariki Forestry Group
Noncontrolling Interest [Line Items]
Ownership percentage by parent	77.00%
Acres of timberland owned	0.4
Noncontrolling interest ownership percentage by noncontrolling owners	23.00%

Commitments (Details) $ in Thousands	12 Months Ended
Commitments (Details) $ in Thousands	Dec. 31, 2017 USD ($) lease	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Commitments
2018	$ 11,792
2019	6,522
2020	6,277
2021	4,017
2022	3,562
Thereafter	6,245
Total	38,415
Commitments:
2018	22,625
2019	16,739
2020	16,050
2021	13,522
2022	12,987
Thereafter	162,112
Total	244,035
Pension contribution requirements in next fiscal year	$ 2,900
Matariki Crown Forest Licenses
Commitments:
Future minimum payments included, years	20 years
Termination notice	35 years
Renewal term	1 year
Number of leases under termination notice \| lease	3
Number of fixed term forest leases expiring \| lease	2
Operating Leases
Operating Leased Assets [Line Items]
Lease expenses	$ 1,992	$ 2,049	$ 2,349
Leases:
2018	1,135
2019	914
2020	733
2021	639
2022	608
Thereafter	635
Total	4,664
Timber Leases
Operating Leased Assets [Line Items]
Lease expenses	10,731	$ 10,710	$ 11,342
Leases:
2018	9,698
2019	9,303
2020	9,040
2021	8,866
2022	8,817
Thereafter	155,232
Total	$ 200,956
Timber Leases \| United States \| Minimum
Operating Leased Assets [Line Items]
Lessee leasing arrangements, operating leases, term of contract (in years)	30 years
Timber Leases \| United States \| Maximum
Operating Leased Assets [Line Items]
Lessee leasing arrangements, operating leases, term of contract (in years)	65 years
Timber Leases \| New Zealand \| Minimum
Operating Leased Assets [Line Items]
Lessee leasing arrangements, operating leases, term of contract (in years)	30 years
Timber Leases \| New Zealand \| Maximum
Operating Leased Assets [Line Items]
Lessee leasing arrangements, operating leases, term of contract (in years)	99 years

Income Taxes - AFMC and CBPC - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2009 tax_credit $ / gal	Dec. 31, 2014 USD ($)
AFMC for CBPC Exchange [Line Items]
Number of tax credits \| tax_credit					2
Valuation allowance	$ 34,889	$ 21,861
Valuation allowance adjustment	$ 13,028	$ 3,613	$ 3,607
Alternative Fuel Mixture Credit
AFMC for CBPC Exchange [Line Items]
Tax credit amount per gallon (USD per gallon) \| $ / gal					0.50
Cellulosic Biofuel Producer Credit
AFMC for CBPC Exchange [Line Items]
Tax credit amount per gallon (USD per gallon) \| $ / gal					1.01
Valuation allowance			14,600			$ 13,600
Valuation allowance adjustment			$ 1,000
Exchange of Alternative Fuel Tax Benefit
AFMC for CBPC Exchange [Line Items]
Net tax benefit from AFMC for CBPC exchange				$ 18,800

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current
U.S. federal	$ 261	$ 0	$ (624)
State	(38)	(254)	226
Foreign	(245)	(241)	(308)
Total Current	(22)	(495)	(706)
Deferred
U.S. federal	13,028	5,403	3,702
State	0	(280)	107
Foreign	(21,659)	(6,079)	2,360
Total Deferred	(8,631)	(956)	6,169
Changes in valuation allowance	(13,028)	(3,613)	(4,604)
Income tax (expense) benefit	$ (21,681)	$ (5,064)	$ 859

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax rate	$ (64,141)	$ (77,992)	$ (15,079)
U.S. and foreign REIT income	63,813	82,037	17,191
Matariki Group and Rayonier New Zealand Ltd	(19,182)	(4,799)	3,457
Transition tax	(3,506)	0	0
Change in valuation allowance	(13,028)	(3,613)	(3,607)
ASU No. 2016-16 adoption impact	16,631	0	0
Deemed repatriation of unremitted foreign earnings	7,368	0	0
Reduction of deferred tax asset for statutory rate change	(10,499)	0	0
CBPC valuation allowance	0	0	997
Other	863	(697)	(106)
Income tax (expense) benefit as reported for net income	$ (21,681)	$ (5,064)	$ 859
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	(35.00%)	(35.00%)	(35.00%)
U.S. and foreign REIT income	34.80%	36.80%	39.90%
Matariki Group and Rayonier New Zealand Ltd	(10.50%)	(2.20%)	8.00%
Transition tax	(0.019)	(0.000)	(0.000)
Change in valuation allowance	(7.10%)	(1.60%)	(8.40%)
ASU No. 2016-16 adoption impact	9.10%	0.00%	0.00%
Deemed repatriation of unremitted foreign earnings	4.00%	0.00%	0.00%
Reduction of deferred tax asset for statutory rate change	(5.70%)	(0.00%)	(0.00%)
CBPC valuation allowance	(0.00%)	(0.00%)	2.30%
Other	0.50%	(0.30%)	(0.20%)
Income tax (expense) benefit as reported for net income	(11.80%)	(2.30%)	2.00%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Gross deferred tax assets:
Pension, postretirement and other employee benefits	$ 1,017	$ 1,648
New Zealand JV	40,224	60,452
CBPC Tax Credit Carry Forwards	14,641	14,641
Capitalized real estate costs	7,058	11,489
U.S. TRS Net Operating Loss	1,872	4,730
Land basis difference	11,090	0
Other	5,079	9,165
Total gross deferred tax assets	80,981	102,125
Less: Valuation allowance	(34,889)	(21,861)
Total deferred tax assets after valuation allowance	46,092	80,264
Gross deferred tax liabilities:
Accelerated depreciation	(35)	(1,322)
Repatriation of foreign earnings	0	(7,368)
New Zealand JV	(72,527)	(70,315)
Timber installment sale	(4,706)	(7,601)
Other	(1,270)	(3,833)
Total gross deferred tax liabilities	(78,538)	(90,439)
Net deferred tax liability reported as noncurrent	$ (32,446)	$ (10,175)

Income Taxes - Summary of Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
NOL Carryforwards
Deferred Tax Asset, Nontaxable Entities, Gross Amount	$ 20,248	$ 7,220
Valuation Allowance, Nontaxable Entities	(20,248)	(7,220)
Total Valuation Allowance	(34,889)	(21,861)
Cellulosic Biofuel Producer Credit
NOL Carryforwards
Gross Amount, Tax Credits	14,641	14,641
Valuation Allowance, Tax Credits	(14,641)	(14,641)
New Zealand JV \| New Zealand JV NOL Carryforwards
NOL Carryforwards
Gross Amount, NOL Carryforwards	137,949	215,898
Valuation Allowance, NOL Carryforwards	$ 0	$ 0

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax Cuts And Jobs Act Of 2017, provisional income tax expense (benefit)	$ 100
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment due to adoption of ASU No. 2016-16			$ (14,365)
Accounting Standards Update 2016-16 \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment due to adoption of ASU No. 2016-16		$ (14,365)

Income Taxes - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 135	$ 135	$ 0
Decreases related to prior year tax positions	(135)	0	0
Increases related to prior year tax positions	0	0	135
Ending balance	$ 0	$ 135	$ 135

Income Taxes - Unrecognized Tax Benefits - Narrative (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 135,000	$ 135,000	$ 0
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	0	0	$ 0
Interest on income taxes accrued	$ 0	$ 0

Contingencies - Narrative (Details) $ in Millions	Jan. 09, 2015 claim plaintiff	Nov. 10, 2014 claim	Apr. 12, 2017 USD ($)
Loss Contingencies [Line Items]
Number of new claims filed	5
Number of plaintiffs \| plaintiff	2
Pending Litigation
Loss Contingencies [Line Items]
Number of new claims filed		5
Number of consolidated claims filed	1
Directors and Officers Liability Insurance \| Rayonier Inc. Securities Litigation
Loss Contingencies [Line Items]
Insurance settlements payable \| $			$ 73

Guarantees (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 13,891
Carrying Amount of Liability	43
Standy letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	10,353
Carrying Amount of Liability	0
Standy letters of credit \| Bonds
Guarantor Obligations [Line Items]
Letter of credit for development project	9,200
Guarantees
Guarantor Obligations [Line Items]
Maximum Potential Payment	2,254
Carrying Amount of Liability	43
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	1,284
Carrying Amount of Liability	$ 0

Earnings Per Common Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Income	$ 66,920	$ 28,803	$ 30,773	$ 35,083	$ 50,509	$ 40,624	$ 111,579	$ 15,058	$ 161,579	$ 217,770	$ 43,941
Less: Net income (loss) attributable to noncontrolling interest									12,737	5,798	(2,224)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 64,150	$ 24,688	$ 26,161	$ 33,843	$ 48,324	$ 39,355	$ 109,821	$ 14,472	$ 148,842	$ 211,972	$ 46,165
Shares used for determining basic earnings per common share (in shares)									127,367,608	122,585,200	125,385,085
Dilutive effect of:
Stock options (in shares)									91,956	92,473	116,792
Performance and restricted shares (in shares)									350,385	134,650	39,863
Assumed conversion of Senior Exchangeable Notes (in shares)									0	0	358,449
Assumed conversion of warrants (in shares)									0	0	0
Shares used for determining diluted earnings per common share (in shares)									127,809,949	122,812,323	125,900,189
Basic earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.50	$ 0.19	$ 0.20	$ 0.27	$ 0.39	$ 0.32	$ 0.90	$ 0.12	$ 1.17	$ 1.73	$ 0.37
Diluted earnings per common share attributable to Rayonier Inc (in dollars per share)	$ 0.50	$ 0.19	$ 0.20	$ 0.27	$ 0.39	$ 0.32	$ 0.89	$ 0.12	$ 1.16	$ 1.73	$ 0.37

Earnings Per Common Share - Antidilutive Shares Excluded from the Computation (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares)	596,061	829,469	1,256,249
Stock options, performance and restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares)	596,061	829,469	897,800
Assumed conversion of exchangeable note hedges
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from computations of diluted earnings per share (in shares)	0	0	358,449

Earnings Per Common Share - Narrative (Details)	Dec. 31, 2016 $ / shares
Warrants on Senior Exchangeable Notes due 2015
Class of Warrant or Right [Line Items]
Strike price of warrants (dollars per share)	$ 28.11

Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Minimum
Derivative [Line Items]
Foreign currency exposure hedged for forecasted sales in next three months, percent	35.00%
Foreign currency exposure hedged for forecasted sales In next three to twelve months, percent	25.00%
Foreign currency exposure hedged for forecasted sales in next 12 to 18 months, percent	50.00%
Maximum
Derivative [Line Items]
Foreign currency exposure hedged for forecasted sales in next three months, percent	90.00%
Foreign currency exposure hedged for forecasted sales In next three to twelve months, percent	75.00%
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
AOCI gain (loss) balance expected to be reclassified in next twelve months	$ 1,800
Foreign Currency Exchange and Option Contracts, Scale 1
Derivative [Line Items]
Maximum foreign currency cash flow hedge, period (in months)	3 months
Foreign Currency Exchange and Option Contracts, Scale 2 \| Minimum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	3 months
Foreign Currency Exchange and Option Contracts, Scale 2 \| Maximum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	12 months
Foreign Currency Exchange and Option Contracts, Scale 3 \| Minimum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	12 months
Foreign Currency Exchange and Option Contracts, Scale 3 \| Maximum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	18 months
Foreign currency exchange contracts \| Not Designated as Hedging Instrument \| Interest income and miscellaneous income (expense), net
Derivative [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 47	$ 0	$ 0
Foreign currency exchange contracts \| Not Designated as Hedging Instrument \| Other operating income, net
Derivative [Line Items]
Non-designated hedged item, gain (loss) recognized in income	0	895	0
Interest rate swaps \| Not Designated as Hedging Instrument \| Interest income and miscellaneous income (expense), net
Derivative [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 0	$ (1,219)	$ (4,391)
New Zealand JV \| Foreign currency exchange contracts \| Minimum
Derivative [Line Items]
Percentage of foreign currency exposure, next three months	60.00%
New Zealand JV \| Foreign currency exchange contracts \| Maximum
Derivative [Line Items]
Percentage of foreign currency exposure, next three months	100.00%
Percentage of foreign currency exposure, next three to six months	75.00%
Percentage of foreign currency exposure, next six to twelve months	50.00%
New Zealand JV \| Foreign Currency Exchange And Option Contracts, Scale 4 \| Minimum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	3 months
New Zealand JV \| Foreign Currency Exchange And Option Contracts, Scale 5 \| Minimum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	3 months
New Zealand JV \| Foreign Currency Exchange And Option Contracts, Scale 5 \| Maximum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	6 months
New Zealand JV \| Foreign Currency Exchange And Option Contracts, Scale 6 \| Minimum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	6 months
New Zealand JV \| Foreign Currency Exchange And Option Contracts, Scale 6 \| Maximum
Derivative [Line Items]
Foreign currency cash flow hedge, period (in months)	12 months

Derivative Financial Instruments and Hedging Activities - Outstanding Interest Rate Swaps (Details) - Cash Flow Hedging - Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2017 USD ($)
August 2015
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170,000
Fixed Rate of Swap	2.20%
Bank Margin on Debt	1.63%
Total Rate	3.83%
August 2015
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180,000
Fixed Rate of Swap	2.35%
Bank Margin on Debt	1.63%
Total Rate	3.98%
April 2016
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.90%
Total Rate	3.50%
April 2016
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.90%
Total Rate	3.50%
July 2016
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.26%
Bank Margin on Debt	1.90%
Total Rate	3.16%

Derivative Financial Instruments and Hedging Activities - Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	$ 2,100	$ 867	$ (205)
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(52)	1,035	370
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	4,214	21,422	(10,197)
Designated as Hedging Instrument \| Net Investment Hedging \| Foreign currency exchange contracts \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	0	0	2,875
Designated as Hedging Instrument \| Net Investment Hedging \| Foreign currency option contracts \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	0	(4,606)	4,606
Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Other operating (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	0	895	0
Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Interest income and miscellaneous income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	47	0	0
Not Designated as Hedging Instrument \| Foreign currency option contracts \| Other operating (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	0	258	1,394
Not Designated as Hedging Instrument \| Interest rate swaps \| Interest income and miscellaneous income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 0	$ (1,219)	$ (4,391)

Derivative Financial Instruments and Hedging Activities - Notional Amounts of Outstanding Positions (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 107,400	$ 44,800
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	48,000	91,000
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	$ 18,439	$ 0

Derivative Financial Instruments and Hedging Activities - Statement of Financial Position (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 21,032	$ 19,320
Derivative Liability	(2,433)	(7,240)
Other current assets
Derivatives, Fair Value [Line Items]
Derivative Asset	2,884	1,756
Other assets
Derivatives, Fair Value [Line Items]
Derivative Asset	18,148	17,564
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	(345)	(835)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	(2,088)	(6,405)
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative Asset	2,286	692
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Asset	538	33
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	(37)	(261)
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative Asset	389	1,064
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Asset	137	327
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	(119)	(574)
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	(55)	(426)
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Derivative Asset	17,473	17,204
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	(2,033)	(5,979)
Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative Asset	209	0
Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability	$ (189)	$ 0

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, at carrying value	$ 112,653	$ 85,909	$ 51,777	$ 161,558
Restricted cash	59,703	71,708
Current maturities of long-term debt	(3,375)	(31,676)
Long-term debt	(1,022,004)	(1,030,205)
Carrying Amount \| Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, at carrying value	112,653	85,909
Restricted cash	59,703	71,708
Current maturities of long-term debt	(3,375)	(31,676)
Long-term debt	(1,022,004)	(1,030,205)
Carrying Amount \| Fair Value, Measurements, Recurring \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps, assets	15,440
Interest rate swaps, liabilities		11,225
Carrying Amount \| Fair Value, Measurements, Recurring \| Foreign currency exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency option contracts	2,807	464
Carrying Amount \| Fair Value, Measurements, Recurring \| Foreign currency option contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency option contracts	352	391
Fair Value \| Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	112,653	85,909
Restricted cash	59,703	71,708
Current maturities of long-term debt	0	0
Long-term debt	0	0
Fair Value \| Level 1 \| Fair Value, Measurements, Recurring \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps, assets	0
Interest rate swaps, liabilities		0
Fair Value \| Level 1 \| Fair Value, Measurements, Recurring \| Foreign currency exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency option contracts	0	0
Fair Value \| Level 1 \| Fair Value, Measurements, Recurring \| Foreign currency option contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency option contracts	0	0
Fair Value \| Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current maturities of long-term debt	(3,375)	(31,984)
Long-term debt	(1,030,135)	(1,030,708)
Fair Value \| Level 2 \| Fair Value, Measurements, Recurring \| Interest rate swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps, assets	15,440
Interest rate swaps, liabilities		11,225
Fair Value \| Level 2 \| Fair Value, Measurements, Recurring \| Foreign currency exchange contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency option contracts	2,807	464
Fair Value \| Level 2 \| Fair Value, Measurements, Recurring \| Foreign currency option contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency option contracts	$ 352	$ 391

Employee Benefit Plans - Narrative (Details) $ in Millions	12 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Millions	Dec. 31, 2017 USD ($) pension_plan	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans \| pension_plan	1
Pension contribution requirements in next fiscal year \| $	$ 2.9
Pension
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.48%	4.01%	4.20%
Expected long-term return on plan assets, percent	7.17%	7.70%	7.70%

Employee Benefit Plans - Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Noncurrent liabilities	$ (31,905)	$ (31,856)
Pension
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	81,752	84,005
Service cost	0	1,307	$ 1,484
Interest cost	3,259	3,474	3,319
Curtailment gain	0	(5,447)
Actuarial loss	6,123	1,296
Benefits paid	(3,148)	(2,883)
Projected benefit obligation at end of year	87,986	81,752	84,005
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	51,114	50,970
Actual return on plan assets	9,909	3,557
Employer contributions	90	29
Benefits paid	(3,148)	(2,883)
Other expense	(588)	(559)
Fair value of plan assets at end of year	57,377	51,114	50,970
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Net accrued benefit cost	(30,609)	(30,638)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Current liabilities	(92)	(36)
Noncurrent liabilities	(30,517)	(30,602)
Net amount recognized	(30,609)	(30,638)
Postretirement
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	1,285	1,159
Service cost	6	4	11
Interest cost	53	42	52
Curtailment gain	0	0
Actuarial loss	89	99
Benefits paid	(13)	(19)
Projected benefit obligation at end of year	1,420	1,285	1,159
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	13	19
Benefits paid	(13)	(19)
Other expense	0	0
Fair value of plan assets at end of year	0	0	$ 0
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Net accrued benefit cost	(1,420)	(1,285)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Current liabilities	(32)	(30)
Noncurrent liabilities	(1,388)	(1,255)
Net amount recognized	$ (1,420)	$ (1,285)

Employee Benefit Plans - Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension
Defined Benefit Plan Disclosure [Line Items]
Net (losses) gains	$ (583)	$ 3,119	$ (477)
Amortization of losses (gains)	466	2,526	3,733
Amortization of prior service cost	0	0	13
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Net (losses) gains	(89)	(99)	123
Amortization of losses (gains)	(1)	(13)	12
Amortization of prior service cost	$ 0	$ 0	$ 0

Employee Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Pension
Defined Benefit Plan Disclosure [Line Items]
Net (losses) gains	$ (22,183)	$ (22,065)
Deferred income tax benefit	1,927	1,927
AOCI	(20,256)	(20,138)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Net (losses) gains	(157)	(67)
Deferred income tax benefit	6	6
AOCI	$ (151)	$ (61)

Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Projected benefit obligation	$ 87,986	$ 81,752
Accumulated benefit obligation	87,986	81,752
Fair value of plan assets	$ 57,377	$ 51,114

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 1,307	$ 1,484
Interest cost	3,259	3,474	3,319
Expected return on plan assets	(3,781)	(4,030)	(4,027)
Amortization of prior service cost	0	0	13
Amortization of losses (gains)	466	2,526	3,733
Net periodic benefit (credit) cost	(56)	3,277	4,522
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	6	4	11
Interest cost	53	42	52
Expected return on plan assets	0	0	0
Amortization of prior service cost	0	0	0
Amortization of losses (gains)	(1)	(13)	12
Net periodic benefit (credit) cost	$ 58	$ 33	$ 75

Employee Benefit Plans - AOCI Amortization in Next Fiscal Year (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Pension
Defined Benefit Plan Disclosure [Line Items]
Amortization of loss	$ 635
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Amortization of loss	$ 2

Employee Benefit Plans - Assumptions Used in Calculations (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate, percent	3.48%	4.01%	4.20%
Rate of compensation, percent	0.00%	4.16%	4.50%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate (post-spin off), percent	4.01%	4.20%	3.80%
Expected long-term return on plan assets, percent	7.17%	7.70%	7.70%
Rate of compensation increase, percent	0.00%	4.16%	4.50%
Postretirement
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate, percent	3.56%	4.12%	4.34%
Rate of compensation, percent	4.50%	4.50%	4.50%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate (post-spin off), percent	4.12%	4.34%	3.96%
Expected long-term return on plan assets, percent	0.00%	0.00%	0.00%
Rate of compensation increase, percent	4.50%	4.50%	4.50%

Employee Benefit Plans - Investment of Plan Assets (Details) - Pension	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	100.00%	100.00%
Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	41.00%	41.00%
International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	26.00%	25.00%
Domestic fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	26.00%	26.00%
International fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	4.00%	5.00%
Real estate fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percentage of Plan Assets	3.00%	3.00%
Minimum \| Domestic equity securities
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	35.00%
Minimum \| International equity securities
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	20.00%
Minimum \| Domestic fixed income securities
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	25.00%
Minimum \| International fixed income securities
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	3.00%
Minimum \| Real estate fund
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	2.00%
Maximum \| Domestic equity securities
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	45.00%
Maximum \| International equity securities
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	30.00%
Maximum \| Domestic fixed income securities
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	29.00%
Maximum \| International fixed income securities
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	7.00%
Maximum \| Real estate fund
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum, percent	4.00%

Employee Benefit Plans - Fair Value Measurements (Details) - Pension - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Investments at Fair Value:	$ 57,377	$ 51,114	$ 50,970
Mutual Funds
Defined Benefit Plan Disclosure [Line Items]
Investments at Fair Value:	8,986	13,962
Mutual Funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Investments at Fair Value:	8,986	13,962
Mutual Funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Investments at Fair Value:	0	0
Mutual Funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Investments at Fair Value:	0	0
Common Collective Trusts
Defined Benefit Plan Disclosure [Line Items]
Investments at Net Asset Value:	$ 48,391	$ 37,152

Employee Benefit Plans - Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Pension Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2018	$ 3,315
2019	3,478
2020	3,670
2021	3,770
2022	4,028
2023 - 2027	21,803
Postretirement Benefits
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2018	32
2019	35
2020	37
2021	40
2022	43
2023 - 2027	$ 260

Employee Benefit Plans - Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Cost recognized	$ 0.8	$ 0.7	$ 0.7
Amount of employer and related party securities included in plan assets	12.3	12.8
Contributions for 401k plan enhancement	$ 0.8	$ 0.5	$ 0.4

Incentive Stock Plans - Narrative (Details)	Dec. 31, 2017 shares
Rayonier Incentive Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	15,800,000.0
Number of shares available for future grant	5,100,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares available for issuance	1
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares available for issuance	2.27
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction of shares available for issuance	2.27

Incentive Stock Plans - Schedule of Stock Based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 5,396	$ 5,136	$ 4,484
Tax benefit recognized related to stock-based compensation expense	249	483	302
Timber and Timberlands, Net
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation cost, capitalized amount	56	42	97
Selling and general expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation cost	4,784	4,607	3,752
Cost of sales
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation cost	$ 556	$ 487	$ 635

Incentive Stock Plans - Restricted Stock - Narrative (Details) - Restricted Stock $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 4.3
Weighted average period for recognition, years	3 years
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate of restricted stock	25.00%
Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate of restricted stock	33.00%

Incentive Stock Plans - Summary of Restricted Shares (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	97,643	106,326	96,088
Weighted average price of restricted shares granted (in dollars per share)	$ 28.18	$ 25.08	$ 26.28
Intrinsic value of restricted stock outstanding	$ 8,906	$ 6,177	$ 4,434
Grant date fair value of restricted stock vested	1,198	2,248	2,632
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested	$ 176	$ 178	$ 122

Incentive Stock Plans - Schedule of Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Beginning Balance (in shares)	232,231
Granted (in shares)	97,643	106,326	96,088
Vested (in shares)	(42,808)
Cancelled (in shares)	(5,497)
Ending Balance (in shares)	281,569	232,231
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 29.47
Granted (in dollars per share)	28.18	$ 25.08	$ 26.28
Vested (in dollars per share)	27.98
Cancelled (in dollars per share)	26.22
Ending Balance (in dollars per share)	$ 29.32	$ 29.47

Incentive Stock Plans - Performance Share Units - Narrative (Details) - Performance Shares $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Unrecognized compensation cost	$ 4.3
Weighted average period for recognition, years	1 year 10 months

Incentive Stock Plans - Summary of Performance Shares (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares of Company stock reserved for performance shares granted during year	226,448	250,584	219,844
Weighted average fair value of performance share units granted (in dollars per share)	$ 32.17	$ 28.79	$ 29.62
Intrinsic value of outstanding performance share units	$ 10,414	$ 7,482	$ 3,822
Fair value of performance shares vested	0	0	0
Cash used to purchase common shares from current and former employees to pay minimum withholding tax requirements on restricted shares vested	$ 0	$ 0	$ 0

Incentive Stock Plans - Schedule of Performance Share Activity (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Units
Beginning Balance (in shares)	281,288
Granted (in shares)	113,224
Other Cancellations/Adjustments (in shares)	(65,273)
Ending Balance (in shares)	329,239	281,288
Weighted Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 31.35
Weighted average price of restricted shares granted (in dollars per share)	32.17	$ 28.79	$ 29.62
Other Cancellations/Adjustments (in dollars per share)	38.56
Ending Balance (in dollars per share)	$ 30.21	$ 31.35

Incentive Stock Plans - Schedule of Assumptions used for Performance Shares (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	23.30%	25.40%	21.90%
Risk-free rate	1.50%	0.90%	0.90%

Incentive Stock Plans - Non-Qualified Employee Stock Options - Narrative (Details)	12 Months Ended
	Dec. 31, 2017
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term (in years)	10 years

Incentive Stock Plans - Schedule of Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares
Number of Shares
Number of Shares, Beginning Balance \| shares	1,079,800
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(229,006)
Cancelled or expired (in shares) \| shares	(9,728)
Number of Shares, Ending Balance \| shares	841,066
Number of Shares, Options exercisable \| shares	841,066
Weighted Average Exercise Price (per common share)
Weighted Average Exercise Price (in dollars per common share), Beginning Balance \| $ / shares	$ 28.16
Granted (in dollars per share) \| $ / shares	0.00
Exercised (in dollars per share) \| $ / shares	20.75
Cancelled or expired (in dollars per share) \| $ / shares	33.00
Weighted Average Exercise Price (in dollars per common share), Ending Balance \| $ / shares	30.13
Weighted Average Exercise Price (in dollars per common share), Options exercisable \| $ / shares	$ 30.13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual term (in years), Options outstanding	4 years 2 months 12 days
Weighted Average Remaining Contractual term (in years), Options exercisable	4 years 2 months 12 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 2,589
Aggregate Intrinsic Value, Options exercisable \| $	$ 2,589

Incentive Stock Plans - Summary of Additional Information for Stock Options (Details) - Stock Options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 1,993	$ 539	$ 773
Fair value of options vested	6,138	1,317	1,938
Cash received from exercise of options	$ 4,751	$ 1,576	$ 2,117

Other Operating Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Income and Expenses [Abstract]
Foreign currency (loss) income	$ (394)	$ 283	$ (89)
(Loss) gain on sale or disposal of property plant & equipment	(68)	85	7
Gain (loss) on foreign currency exchange and option contracts	3,438	(645)	(5,338)
Deferred payments related to prior land sales	0	8,658	0
Costs related to business combination	0	(1,316)	0
Gain on foreign currency derivatives	0	1,153	0
New Zealand JV log trading marketing fees	1,222	951	976
Miscellaneous income (expense), net	195	(83)	896
Total	$ 4,393	$ 9,086	$ (3,548)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Inventory [Line Items]
Inventory	$ 24,141	$ 21,379
Real Estate Inventory
Inventory [Line Items]
Inventory	18,350	17,059
Log inventory
Inventory [Line Items]
Inventory	$ 5,791	$ 4,320

Restricted Cash (Details) - USD ($) $ in Thousands	12 Months Ended
Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary, days	180 days
Restricted deposits	$ 59,703	$ 71,708

Other Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 8,776	$ 8,679	$ 8,478
Capitalized debt issuance costs	300	500
Capitalized Software	4,100	4,100
Pacific Northwest
Finite-Lived Intangible Assets [Line Items]
Prepaid roads	3,700	3,200
New Zealand
Finite-Lived Intangible Assets [Line Items]
Prepaid roads	$ 2,700	$ 2,200
Software Costs
Finite-Lived Intangible Assets [Line Items]
Amortization period, in years	5 years
New Zealand JV \| New Zealand Timber
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 8,800

Other Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Goodwill Beginning Balance (net of $0 of accumulated impairment)	$ 8,679	$ 8,478
Changes to carrying amount
Acquisitions	0	0
Impairment	0	0
Foreign currency adjustment	97	201
Goodwill Ending Balance (net of $0 accumulated impairment)	$ 8,776	$ 8,679

Assets Held For Sale (Details) - USD ($) $ in Thousands	12 Months Ended
Assets Held For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Period expected for sales to finalize	12 months
Assets held for sale	$ 0	$ 23,171

Accumulated Other Comprehensive Income/(Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 856
Recapitalization of New Zealand JV		$ 0
Ending balance	13,417	856
Net periodic pension cost		2,400
Curtailment gain		5,400
Accumulated Other Comprehensive Income/(Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	856	(33,503)
Other comprehensive income/(loss) before reclassifications	14,064	32,431
Amounts reclassified from accumulated other comprehensive income	(1,503)	(1,510)
Net other comprehensive income/(loss)	12,561	30,921
Recapitalization of New Zealand JV		3,438
Ending balance	13,417	856
Foreign currency translation gains/(losses)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	8,559	(2,450)
Other comprehensive income/(loss) before reclassifications	7,416	7,387
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive income/(loss)	7,416	7,387
Recapitalization of New Zealand JV		3,622
Ending balance	15,975	8,559
Net investment hedges of New Zealand JV
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,665	6,271
Other comprehensive income/(loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	0	(4,606)
Net other comprehensive income/(loss)	0	(4,606)
Recapitalization of New Zealand JV		0
Ending balance	1,665	1,665
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	10,831	(11,592)
Other comprehensive income/(loss) before reclassifications	7,321	22,024
Amounts reclassified from accumulated other comprehensive income	(1,968)	583
Net other comprehensive income/(loss)	5,353	22,607
Recapitalization of New Zealand JV		(184)
Ending balance	16,184	10,831
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income/(loss) before reclassifications	4,200
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(20,199)	(25,732)
Other comprehensive income/(loss) before reclassifications	(673)	3,020
Amounts reclassified from accumulated other comprehensive income	465	2,513
Net other comprehensive income/(loss)	(208)	5,533
Recapitalization of New Zealand JV		0
Ending balance	$ (20,407)	$ (20,199)

Accumulated Other Comprehensive Income/(Loss) - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other operating (income) expense, net	$ 4,393	$ 9,086	$ (3,548)
Comprehensive income (loss) attributable to noncontrolling interest	(14,775)	(9,555)	13,027
Income tax (expense) benefit (Note 9)	(21,681)	(5,064)	$ 859
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	(1,968)	583
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Comprehensive income (loss) attributable to noncontrolling interest	817	(385)
Income tax (expense) benefit (Note 9)	765	(227)
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges \| Realized (gain) loss on foreign currency exchange contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other operating (income) expense, net	(2,631)	759
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges \| Realized (gain) loss on foreign currency option contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other operating (income) expense, net	$ (919)	$ 436

Quarterly Results for 2017 and 2016 (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Sales	$ 239,722	$ 184,419	$ 200,964	$ 194,491	$ 229,302	$ 176,867	$ 269,171	$ 140,575	$ 819,596	$ 815,915	$ 568,800
Cost of sales	149,832	136,983	144,610	136,828	162,590	116,922	138,480	108,447	568,253	526,439	441,718
Net Income	66,920	28,803	30,773	35,083	50,509	40,624	111,579	15,058	161,579	217,770	43,941
Net Income attributable to Rayonier Inc.	$ 64,150	$ 24,688	$ 26,161	$ 33,843	$ 48,324	$ 39,355	$ 109,821	$ 14,472	$ 148,842	$ 211,972	$ 46,165
Net Income, Basic (in dollars per share)	$ 0.50	$ 0.19	$ 0.20	$ 0.27	$ 0.39	$ 0.32	$ 0.90	$ 0.12	$ 1.17	$ 1.73	$ 0.37
Net income, Diluted (in dollars per share)	$ 0.50	$ 0.19	$ 0.20	$ 0.27	$ 0.39	$ 0.32	$ 0.89	$ 0.12	$ 1.16	$ 1.73	$ 0.37
Prior to Reclassification
Sales	$ 233,482	$ 177,946	$ 194,719	$ 186,512	$ 220,464	$ 171,421	$ 261,550	$ 134,843	$ 792,659	$ 788,278	$ 544,874
Cost of sales	$ 149,206	$ 136,583	$ 143,687	$ 136,413	$ 161,918	$ 116,624	$ 138,194	$ 107,971	$ 565,889	$ 524,707	$ 441,099

Consolidating Financial Statements - Narrative (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75% - USD ($)	Dec. 31, 2017	Mar. 31, 2012
Debt Instrument [Line Items]
Face amount		$ 325,000,000
Fixed interest rate	3.75%	3.75%

Consolidating Financial Statements - Income and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
SALES	$ 239,722	$ 184,419	$ 200,964	$ 194,491	$ 229,302	$ 176,867	$ 269,171	$ 140,575	$ 819,596	$ 815,915	$ 568,800
Costs and Expenses
Cost of sales	149,832	136,983	144,610	136,828	162,590	116,922	138,480	108,447	568,253	526,439	441,718
Selling and general expenses									40,245	42,785	45,750
Other operating (income) expense, net									(4,393)	(9,086)	3,548
Costs and Expenses, Total									604,105	560,138	491,016
OPERATING INCOME									215,491	255,777	77,784
Interest expense									(34,071)	(32,245)	(31,699)
Interest and miscellaneous income (expense), net									1,840	(698)	(3,003)
Equity in income from subsidiaries									0	0	0
INCOME BEFORE INCOME TAXES									183,260	222,834	43,082
Income tax (expense) benefit									(21,681)	(5,064)	859
NET INCOME	66,920	28,803	30,773	35,083	50,509	40,624	111,579	15,058	161,579	217,770	43,941
Less: Net income (loss) attributable to noncontrolling interest									12,737	5,798	(2,224)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 64,150	$ 24,688	$ 26,161	$ 33,843	$ 48,324	$ 39,355	$ 109,821	$ 14,472	148,842	211,972	46,165
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066									9,114	6,322	(32,451)
New Zealand joint venture cash flow hedges									5,693	22,822	(9,961)
Actuarial change and amortization of pension and postretirement plan liabilities									(208)	5,533	2,933
Total other comprehensive income									14,599	34,677	(39,479)
COMPREHENSIVE INCOME									176,178	252,447	4,462
Less: Comprehensive income (loss) attributable to noncontrolling interest									14,775	9,555	(13,027)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.									161,403	242,892	17,489
Consolidating Adjustments
Income Statement [Abstract]
SALES									0	0	0
Costs and Expenses
Cost of sales									0	0	0
Selling and general expenses									0	0	0
Other operating (income) expense, net									0	0	0
Costs and Expenses, Total									0	0	0
OPERATING INCOME									0	0	0
Interest expense									0	0	0
Interest and miscellaneous income (expense), net									0	0	0
Equity in income from subsidiaries									(338,107)	(462,107)	(126,611)
INCOME BEFORE INCOME TAXES									(338,107)	(462,107)	(126,611)
Income tax (expense) benefit									0	0	0
NET INCOME									(338,107)	(462,107)	(126,611)
Less: Net income (loss) attributable to noncontrolling interest									0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.									(338,107)	(462,107)	(126,611)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066									(7,416)	(2,782)	21,567
New Zealand joint venture cash flow hedges									(5,353)	(22,608)	10,042
Actuarial change and amortization of pension and postretirement plan liabilities									208	(5,533)	(2,933)
Total other comprehensive income									(12,561)	(30,923)	28,676
COMPREHENSIVE INCOME									(350,668)	(493,030)	(97,935)
Less: Comprehensive income (loss) attributable to noncontrolling interest									0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.									(350,668)	(493,030)	(97,935)
Rayonier Inc.(Parent Issuer) \| Reportable Legal Entities
Income Statement [Abstract]
SALES									0	0	0
Costs and Expenses
Cost of sales									0	0	0
Selling and general expenses									0	0	0
Other operating (income) expense, net									0	0	0
Costs and Expenses, Total									0	0	0
OPERATING INCOME									0	0	0
Interest expense									(12,556)	(12,555)	(12,703)
Interest and miscellaneous income (expense), net									9,679	8,613	7,789
Equity in income from subsidiaries									151,719	215,914	51,079
INCOME BEFORE INCOME TAXES									148,842	211,972	46,165
Income tax (expense) benefit									0	0	0
NET INCOME									148,842	211,972	46,165
Less: Net income (loss) attributable to noncontrolling interest									0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.									148,842	211,972	46,165
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066									7,416	2,780	(21,567)
New Zealand joint venture cash flow hedges									5,353	22,607	(10,042)
Actuarial change and amortization of pension and postretirement plan liabilities									(208)	5,533	2,933
Total other comprehensive income									12,561	30,920	(28,676)
COMPREHENSIVE INCOME									161,403	242,892	17,489
Less: Comprehensive income (loss) attributable to noncontrolling interest									0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.									161,403	242,892	17,489
Subsidiary Guarantors \| Reportable Legal Entities
Income Statement [Abstract]
SALES									0	0	0
Costs and Expenses
Cost of sales									0	0	0
Selling and general expenses									16,797	15,253	20,468
Other operating (income) expense, net									479	448	(404)
Costs and Expenses, Total									17,276	15,701	20,064
OPERATING INCOME									(17,276)	(15,701)	(20,064)
Interest expense									(19,699)	(16,775)	(9,135)
Interest and miscellaneous income (expense), net									2,878	2,750	2,612
Equity in income from subsidiaries									186,388	246,193	75,532
INCOME BEFORE INCOME TAXES									152,291	216,467	48,945
Income tax (expense) benefit									(572)	(553)	2,134
NET INCOME									151,719	215,914	51,079
Less: Net income (loss) attributable to noncontrolling interest									0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.									151,719	215,914	51,079
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066									0	(4,606)	7,922
New Zealand joint venture cash flow hedges									4,214	21,422	(10,195)
Actuarial change and amortization of pension and postretirement plan liabilities									(208)	5,533	2,933
Total other comprehensive income									4,006	22,349	660
COMPREHENSIVE INCOME									155,725	238,263	51,739
Less: Comprehensive income (loss) attributable to noncontrolling interest									0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.									155,725	238,263	51,739
Non- guarantors \| Reportable Legal Entities
Income Statement [Abstract]
SALES									819,596	815,915	568,800
Costs and Expenses
Cost of sales									568,253	526,439	441,718
Selling and general expenses									23,448	27,532	25,282
Other operating (income) expense, net									(4,872)	(9,534)	3,952
Costs and Expenses, Total									586,829	544,437	470,952
OPERATING INCOME									232,767	271,478	97,848
Interest expense									(1,816)	(2,915)	(9,861)
Interest and miscellaneous income (expense), net									(10,717)	(12,061)	(13,404)
Equity in income from subsidiaries									0	0	0
INCOME BEFORE INCOME TAXES									220,234	256,502	74,583
Income tax (expense) benefit									(21,109)	(4,511)	(1,275)
NET INCOME									199,125	251,991	73,308
Less: Net income (loss) attributable to noncontrolling interest									12,737	5,798	(2,224)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.									186,388	246,193	75,532
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax effect of $0, $0 and $1,066									9,114	10,930	(40,373)
New Zealand joint venture cash flow hedges									1,479	1,401	234
Actuarial change and amortization of pension and postretirement plan liabilities									0	0	0
Total other comprehensive income									10,593	12,331	(40,139)
COMPREHENSIVE INCOME									209,718	264,322	33,169
Less: Comprehensive income (loss) attributable to noncontrolling interest									14,775	9,555	(13,027)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.									$ 194,943	$ 254,767	$ 46,196

Consolidating Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 112,653	$ 85,909	$ 51,777	$ 161,558
Accounts receivable, less allowance for doubtful accounts	27,693	20,664
Inventory	24,141	21,379
Prepaid logging roads	11,207	10,228
Prepaid expenses	4,786	1,579
Assets held for sale (Note 21)	0	23,171
Other current assets	3,047	1,874
Total current assets	183,527	164,804
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,462,066	2,291,015
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	80,797	70,374
NET PROPERTY, PLANT AND EQUIPMENT	23,378	14,034
RESTRICTED CASH (NOTE 19)	59,703	71,708
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS (NOTE 20)	49,010	73,825
TOTAL ASSETS	2,858,481	2,685,760
CURRENT LIABILITIES
Accounts payable	25,148	22,337
Current maturities of long-term debt	3,375	31,676
Accrued taxes	3,781	2,657
Accrued payroll and benefits	9,662	9,277
Accrued interest	5,054	5,340
Deferred revenue	9,721	9,099
Other current liabilities	11,807	11,580
Total current liabilities	68,548	91,966
LONG-TERM DEBT	1,022,004	1,030,205
PENSION AND OTHER POSTRETIREMENT BENEFITS	31,905	31,856
OTHER NON-CURRENT LIABILITIES	43,084	34,981
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,593,023	1,411,610
Noncontrolling interest	99,917	85,142
TOTAL SHAREHOLDERS’ EQUITY	1,692,940	1,496,752	1,361,740	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,858,481	2,685,760
Consolidating Adjustments
CURRENT ASSETS
Cash and cash equivalents	0	0	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid logging roads	0	0
Prepaid expenses	0	0
Assets held for sale (Note 21)		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 INVESTMENTS (NOTE 6)	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
RESTRICTED CASH (NOTE 19)	0	0
INVESTMENT IN SUBSIDIARIES	(4,345,564)	(4,093,509)
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS (NOTE 20)	0	0
TOTAL ASSETS	(4,345,564)	(4,093,509)
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt	0	0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	0	0
Deferred revenue	0	0
Other current liabilities	0	0
Total current liabilities	0	0
LONG-TERM DEBT	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	(4,345,564)	(4,093,509)
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	(4,345,564)	(4,093,509)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	(4,345,564)	(4,093,509)
Rayonier Inc.(Parent Issuer) \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	48,564	21,453	2,472	102,218
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid logging roads	0	0
Prepaid expenses	0	0
Assets held for sale (Note 21)		0
Other current assets	0	0
Total current assets	48,564	21,453
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
RESTRICTED CASH (NOTE 19)	0	0
INVESTMENT IN SUBSIDIARIES	1,531,156	1,422,081
INTERCOMPANY NOTES RECEIVABLE	40,067	26,472
OTHER ASSETS (NOTE 20)	2	2
TOTAL ASSETS	1,619,789	1,470,008
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt	0	31,676
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	3,047	3,047
Deferred revenue	0	0
Other current liabilities	0	0
Total current liabilities	3,047	34,723
LONG-TERM DEBT	323,434	291,390
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(299,715)	(267,715)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,593,023	1,411,610
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,593,023	1,411,610
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,619,789	1,470,008
Subsidiary Guarantors \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	25,042	9,461	13,217	8,105
Accounts receivable, less allowance for doubtful accounts	3,726	2,991
Inventory	0	0
Prepaid logging roads	0	0
Prepaid expenses	759	427
Assets held for sale (Note 21)		0
Other current assets	14	236
Total current assets	29,541	13,115
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	0	0
NET PROPERTY, PLANT AND EQUIPMENT	21	177
RESTRICTED CASH (NOTE 19)	0	0
INVESTMENT IN SUBSIDIARIES	2,814,408	2,671,428
INTERCOMPANY NOTES RECEIVABLE	(628,167)	(611,571)
OTHER ASSETS (NOTE 20)	12,680	46,846
TOTAL ASSETS	2,228,483	2,119,995
CURRENT LIABILITIES
Accounts payable	2,838	1,194
Current maturities of long-term debt	0	0
Accrued taxes	48	(111)
Accrued payroll and benefits	5,298	5,013
Accrued interest	1,995	2,040
Deferred revenue	0	0
Other current liabilities	564	165
Total current liabilities	10,743	8,301
LONG-TERM DEBT	663,570	663,343
PENSION AND OTHER POSTRETIREMENT BENEFITS	32,589	32,541
OTHER NON-CURRENT LIABILITIES	9,386	12,690
INTERCOMPANY PAYABLE	(18,961)	(18,961)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,531,156	1,422,081
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,531,156	1,422,081
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,228,483	2,119,995
Non- guarantors \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	39,047	54,995	$ 36,088	$ 51,235
Accounts receivable, less allowance for doubtful accounts	23,967	17,673
Inventory	24,141	21,379
Prepaid logging roads	11,207	10,228
Prepaid expenses	4,027	1,152
Assets held for sale (Note 21)		23,171
Other current assets	3,033	1,638
Total current assets	105,422	130,236
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,462,066	2,291,015
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	80,797	70,374
NET PROPERTY, PLANT AND EQUIPMENT	23,357	13,857
RESTRICTED CASH (NOTE 19)	59,703	71,708
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	588,100	585,099
OTHER ASSETS (NOTE 20)	36,328	26,977
TOTAL ASSETS	3,355,773	3,189,266
CURRENT LIABILITIES
Accounts payable	22,310	21,143
Current maturities of long-term debt	3,375	0
Accrued taxes	3,733	2,768
Accrued payroll and benefits	4,364	4,264
Accrued interest	12	253
Deferred revenue	9,721	9,099
Other current liabilities	11,243	11,415
Total current liabilities	54,758	48,942
LONG-TERM DEBT	35,000	75,472
PENSION AND OTHER POSTRETIREMENT BENEFITS	(684)	(685)
OTHER NON-CURRENT LIABILITIES	33,698	22,291
INTERCOMPANY PAYABLE	318,676	286,676
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	2,814,408	2,671,428
Noncontrolling interest	99,917	85,142
TOTAL SHAREHOLDERS’ EQUITY	2,914,325	2,756,570
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,355,773	$ 3,189,266

Consolidating Financial Statements - Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Cash Flows [Abstract]
CASH PROVIDED BY OPERATING ACTIVITIES	$ 256,284	$ 203,801	$ 177,164
INVESTING ACTIVITIES
Capital expenditures	(65,345)	(58,723)	(57,293)
Real estate development investments	(15,784)	(8,746)	(2,676)
Purchase of timberlands	(242,910)	(366,481)	(98,409)
Proceeds from settlement of foreign currency derivative	0	0	2,804
Assets purchased in business acquisition	0	(887)	0
Net proceeds from Large Dispositions	95,243	203,862	0
Rayonier office building under construction	(6,084)	(6,307)	(908)
Change in restricted cash	12,005	(48,184)	(16,836)
Investment in Subsidiaries	0	0	0
Other	(373)	2,311	7,009
CASH USED FOR INVESTING ACTIVITIES	(223,248)	(283,155)	(166,309)
FINANCING ACTIVITIES
Issuance of debt	63,389	695,916	472,558
Repayment of debt	(100,157)	(458,415)	(364,402)
Dividends paid	(127,069)	(122,845)	(124,936)
Proceeds from the issuance of common shares	4,751	1,576	2,117
Proceeds from the issuance of common shares from equity offering, net of costs	152,390	0	0
Repurchase of common shares	(176)	(690)	(100,000)
Debt issuance costs	0	(818)	(1,678)
Issuance of intercompany notes	0	0	0
Intercompany distributions	0	0	0
Other	0	(301)	(122)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(6,872)	114,423	(116,463)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	580	(937)	(4,173)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	26,744	34,132	(109,781)
Balance, beginning of year	85,909	51,777	161,558
Balance, end of year	112,653	85,909	51,777
Consolidating Adjustments
Consolidated Statements of Cash Flows [Abstract]
CASH PROVIDED BY OPERATING ACTIVITIES	0	0	0
INVESTING ACTIVITIES
Capital expenditures	0	0	0
Real estate development investments	0	0	0
Purchase of timberlands	0	0	0
Proceeds from settlement of foreign currency derivative			0
Assets purchased in business acquisition		0
Net proceeds from Large Dispositions	0	0
Rayonier office building under construction	0	0	0
Change in restricted cash	0	0	0
Investment in Subsidiaries	(38,546)	293,820	(126,242)
Other	0	0	0
CASH USED FOR INVESTING ACTIVITIES	(38,546)	293,820	(126,242)
FINANCING ACTIVITIES
Issuance of debt	0	0	0
Repayment of debt	0	0	0
Dividends paid	0	0	0
Proceeds from the issuance of common shares	0	0	0
Proceeds from the issuance of common shares from equity offering, net of costs	0
Repurchase of common shares	0	0	0
Debt issuance costs		0	0
Issuance of intercompany notes	0	0	0
Intercompany distributions	38,546	(293,820)	126,242
Other		0	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	38,546	(293,820)	126,242
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	0	0	0
Balance, beginning of year	0	0	0
Balance, end of year	0	0	0
Rayonier Inc.(Parent Issuer) \| Reportable Legal Entities
Consolidated Statements of Cash Flows [Abstract]
CASH PROVIDED BY OPERATING ACTIVITIES	(48,104)	(7,480)	(4,890)
INVESTING ACTIVITIES
Capital expenditures	0	0	0
Real estate development investments	0	0	0
Purchase of timberlands	0	0	0
Proceeds from settlement of foreign currency derivative			0
Assets purchased in business acquisition		0
Net proceeds from Large Dispositions	0	0
Rayonier office building under construction	0	0	0
Change in restricted cash	0	0	0
Investment in Subsidiaries	0	0	0
Other	0	0	0
CASH USED FOR INVESTING ACTIVITIES	0	0	0
FINANCING ACTIVITIES
Issuance of debt	0	0	61,000
Repayment of debt	0	0	(61,000)
Dividends paid	(127,069)	(122,845)	(124,936)
Proceeds from the issuance of common shares	4,751	1,576	2,117
Proceeds from the issuance of common shares from equity offering, net of costs	152,390
Repurchase of common shares	(176)	(690)	(100,000)
Debt issuance costs		0	0
Issuance of intercompany notes	(32,000)	(12,000)	(35,500)
Intercompany distributions	77,319	160,597	163,585
Other		(177)	(122)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	75,215	26,461	(94,856)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	27,111	18,981	(99,746)
Balance, beginning of year	21,453	2,472	102,218
Balance, end of year	48,564	21,453	2,472
Subsidiary Guarantors \| Reportable Legal Entities
Consolidated Statements of Cash Flows [Abstract]
CASH PROVIDED BY OPERATING ACTIVITIES	111,431	113,775	(21,421)
INVESTING ACTIVITIES
Capital expenditures	0	0	(78)
Real estate development investments	0	0	0
Purchase of timberlands	0	0	0
Proceeds from settlement of foreign currency derivative			0
Assets purchased in business acquisition		0
Net proceeds from Large Dispositions	0	0
Rayonier office building under construction	0	0	0
Change in restricted cash	0	0	0
Investment in Subsidiaries	38,546	(293,820)	126,242
Other	0	0	0
CASH USED FOR INVESTING ACTIVITIES	38,546	(293,820)	126,164
FINANCING ACTIVITIES
Issuance of debt	25,000	548,000	353,000
Repayment of debt	(15,000)	(140,000)	(232,973)
Dividends paid	0	0	0
Proceeds from the issuance of common shares	0	0	0
Proceeds from the issuance of common shares from equity offering, net of costs	0
Repurchase of common shares	0	0	0
Debt issuance costs		(818)	(1,678)
Issuance of intercompany notes	0	0	0
Intercompany distributions	(144,396)	(230,893)	(217,980)
Other		0	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(134,396)	176,289	(99,631)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	15,581	(3,756)	5,112
Balance, beginning of year	9,461	13,217	8,105
Balance, end of year	25,042	9,461	13,217
Non- guarantors \| Reportable Legal Entities
Consolidated Statements of Cash Flows [Abstract]
CASH PROVIDED BY OPERATING ACTIVITIES	192,957	97,506	203,475
INVESTING ACTIVITIES
Capital expenditures	(65,345)	(58,723)	(57,215)
Real estate development investments	(15,784)	(8,746)	(2,676)
Purchase of timberlands	(242,910)	(366,481)	(98,409)
Proceeds from settlement of foreign currency derivative			2,804
Assets purchased in business acquisition		(887)
Net proceeds from Large Dispositions	95,243	203,862
Rayonier office building under construction	(6,084)	(6,307)	(908)
Change in restricted cash	12,005	(48,184)	(16,836)
Investment in Subsidiaries	0	0	0
Other	(373)	2,311	7,009
CASH USED FOR INVESTING ACTIVITIES	(223,248)	(283,155)	(166,231)
FINANCING ACTIVITIES
Issuance of debt	38,389	147,916	58,558
Repayment of debt	(85,157)	(318,415)	(70,429)
Dividends paid	0	0	0
Proceeds from the issuance of common shares	0	0	0
Proceeds from the issuance of common shares from equity offering, net of costs	0
Repurchase of common shares	0	0	0
Debt issuance costs		0	0
Issuance of intercompany notes	32,000	12,000	35,500
Intercompany distributions	28,531	364,116	(71,847)
Other		(124)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	13,763	205,493	(48,218)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	580	(937)	(4,173)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(15,948)	18,907	(15,147)
Balance, beginning of year	54,995	36,088	51,235
Balance, end of year	$ 39,047	$ 54,995	$ 36,088

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Valuation Allowances and Reserves [Roll Forward]
Additions Charged to Cost and Expenses	$ (13,028)	$ (3,613)	$ (4,604)
Income tax provision	21,681	5,064	(859)
Allowance for doubtful accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	33	42	42
Additions Charged to Cost and Expenses	0	0	0
Deductions	(10)	(9)	0
Balance at End of Year	23	33	42
Deferred tax asset valuation allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	21,861	18,248	13,644
Additions Charged to Cost and Expenses	13,028	3,613	4,604
Deductions	0	0	0
Balance at End of Year	$ 34,889	$ 21,861	$ 18,248