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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2011	Apr. 20, 2011
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q1
Trading Symbol	RYN
Entity Registrant Name	RAYONIER INC.
Entity Central Index key	0000052827
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		81,134,463

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Statement [Line Items]
SALES	$ 357,731	$ 310,200
Costs and Expenses
Cost of sales	257,511	232,853
Selling and general expenses	16,433	16,967
Other operating income, net	2,118	4,568
Costs and Expenses, Total	271,826	245,252
Equity in income (loss) of New Zealand joint venture	1,673	(455)
OPERATING INCOME BEFORE GAIN ON SALE OF A PORTION OF THE INTEREST IN THE NEW ZEALAND JOINT VENTURE	87,578	64,493
Gain on sale of a portion of the interest in the New Zealand joint venture (Note 5)	0	12,367
OPERATING INCOME	87,578	76,860
Interest expense	(13,317)	(12,486)
Interest and miscellaneous income, net	293	188
INCOME BEFORE INCOME TAXES	74,554	64,562
Income tax expense	(16,142)	(7,609)
NET INCOME	58,412	56,953
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	288	(1,215)
Joint venture cash flow hedges	(567)	209
Amortization of pension and postretirement benefit costs, net of income tax expense of $928 and benefit of $2,587	2,093	4,104
COMPREHENSIVE INCOME	$ 60,226	$ 60,051
EARNINGS PER COMMON SHARE
Basic earnings per share	$ 0.72	$ 0.71
Diluted earnings per share	$ 0.70	$ 0.71

Condensed Consolidated Statements of Income and Comprehensive Income Parenthetical - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
Statement [Line Items]
Amortization of pension and postretirement benefit costs, income tax expense (benefit)	$ 928	$ (2,587)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 317,112	$ 349,463
Accounts receivable, less allowance for doubtful accounts of $388 and $387	97,284	82,640
Inventory
Finished goods	77,556	84,013
Work in progress	7,704	6,041
Raw materials	13,809	17,517
Manufacturing and maintenance supplies	2,424	2,464
Total Inventory	101,493	110,035
Income tax receivable	11,378	21,734
Prepaid and other current assets	50,202	45,314
Total current assets	577,469	609,186
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	1,133,746	1,137,931
PROPERTY, PLANT AND EQUIPMENT
Land	24,932	24,752
Buildings	132,216	131,100
Machinery and equipment	1,361,258	1,350,812
Total property, plant and equipment	1,518,406	1,506,664
Less—accumulated depreciation	(1,123,894)	(1,121,360)
Property, Plant and Equipment, Net	394,512	385,304
INVESTMENT IN JOINT VENTURE (NOTE 5)	70,161	68,483
OTHER ASSETS	149,011	162,749
Total Assets	2,324,899	2,363,653
CURRENT LIABILITIES
Accounts payable	76,587	57,985
Current maturities of long-term debt	93,057	93,057
Accrued interest	11,592	6,206
Accrued customer incentives	7,417	9,759
Other current liabilities	60,510	66,441
Current liabilities for dispositions and discontinued operations (Note 10)	11,148	11,500
Total current liabilities	260,311	244,948
LONG-TERM DEBT	602,255	675,103
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 10)	79,596	81,660
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 12)	65,649	66,335
OTHER NON-CURRENT LIABILITIES	$ 43,540	$ 44,025
COMMITMENTS AND CONTINGENCIES (Note 11)
SHAREHOLDERS’ EQUITY
Common Shares, 240,000,000 shares authorized, 81,125,758 and 80,682,093 shares issued and outstanding	$ 608,700	$ 602,882
Retained earnings	731,392	717,058
Accumulated other comprehensive loss	(66,544)	(68,358)
Total Shareholders' Equity	1,273,548	1,251,582
Total Liabilities and Shareholders' Equity	$ 2,324,899	$ 2,363,653

Condensed Consoldiated Balance Sheets Parenthetical - USD ($) $ in Thousands	Mar. 31, 2011	Dec. 31, 2010
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 388	$ 387
Shareholders' Equity:
Common shares, shares authorized	240,000,000	240,000,000
Common shares, shares issued	81,125,758	80,682,093
Common shares, shares outstanding	81,125,758	80,682,093

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2010
OPERATING ACTIVITIES
Net Income	$ 58,412	$ 56,953
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	31,870	43,329
Non-cash cost of real estate sold	296	2,194
Stock-based incentive compensation expense	4,275	4,344
Gain on sale of a portion of interest in the New Zealand joint venture	0	(11,545)
Amortization of convertible debt discount	2,152	2,029
Deferred income taxes	7,345	45
Excess tax benefits on stock-based compensation	(3,970)	(3,153)
Other	1,776	2,253
Changes in operating assets and liabilities:
Receivables	(14,766)	11,202
Inventories	9,161	(446)
Accounts payable	14,644	3,017
Income tax receivable	10,356	1,050
Other current assets	(3,210)	(1,504)
Accrued liabilities	1,101	(15,712)
Other assets	185	(103)
Other non-current liabilities	(1,475)	(513)
Expenditures for dispositions and discontinued operations	(2,447)	(2,029)
CASH PROVIDED BY OPERATING ACTIVITIES	115,705	91,411
INVESTING ACTIVITIES
Capital expenditures	(34,761)	(36,165)
Purchase of timberlands	(2,942)	0
Change in restricted cash	0	(9,809)
Other	6,882	8,359
CASH USED FOR INVESTING ACTIVITIES	(30,821)	(37,615)
FINANCING ACTIVITIES
Issuance of debt	0	127,000
Repayment of debt	(75,000)	(66,650)
Dividends paid	(43,894)	(39,910)
Proceeds from the issuance of common shares	5,399	7,211
Excess tax benefits on stock-based compensation	3,970	3,153
Debt issuance costs	0	(397)
Repurchase of common shares	(7,826)	(5,997)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(117,351)	24,410
EFFECT OF EXCHANGE RATE CHANGES ON CASH	116	(200)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(32,351)	78,006
Balance, beginning of year	349,463	74,964
Balance, end of period	317,112	152,970
Cash paid (received) during the period:
Interest	4,671	4,441
Income taxes	(5,892)	2,699
Non-cash investing activity:
Capital assets purchased on account	$ 16,425	$ 17,082

BASIS OF PRESENTATION AND NEW ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2011

BASIS OF PRESENTATION AND NEW ACCOUNTING PRONOUNCEMENTS [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.	BASIS OF PRESENTATION AND NEW ACCOUNTING PRONOUNCEMENTS

Basis of Presentation

The unaudited condensed consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries ("Rayonier" or "the Company") have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain information in the financial statements of the Company's Annual Report on Form 10-K has been condensed. In the opinion of management, these financial statements and notes reflect all adjustments necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, as filed with the SEC.

Subsequent Events

The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and one subsequent event warranted disclosure. See Note 13 - Debt for additional information.

New or Recently Adopted Accounting Pronouncements

There have been no new developments to recently issued accounting standards from those disclosed in the Company’s 2010 Annual Report on Form 10-K.

EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

2. EARNINGS PER COMMON SHARE

The following table provides details of the calculations of basic and diluted earnings per share:



	Three Months Ended March 31,
	2011		2010
Net income	$	58,412	$	56,953

Shares used for determining basic earnings per common share	80,946,697		79,741,538
Dilutive effect of:
Stock options	476,695		390,915
Performance and restricted shares	465,127		576,944
Assumed conversion of Senior Exchangeable Notes	975,119		—
Shares used for determining diluted earnings per common share	82,863,638		80,709,397

Basic earnings per common share	$	0.72	$	0.71

Diluted earnings per common share	$	0.70	$	0.71

INCOME TAXES

3 Months Ended

Mar. 31, 2011

Income Tax Expense (Benefit) [Abstract]

Income Tax Disclosure [Text Block]

3.	INCOME TAXES

Rayonier is a real estate investment trust ("REIT"). In general, only the taxable REIT subsidiaries, whose businesses include the Company's non-REIT qualified activities, are subject to corporate income taxes. However, the Company is subject to U.S. federal corporate income tax on built-in gains (the excess of fair market value over tax basis for property held upon REIT election at January 1, 2004) on taxable sales of such property during calendar years 2004 through 2013 (for 2011 the tax rate is zero). Accordingly, the provision for corporate income taxes relates principally to current and deferred taxes on taxable REIT subsidiaries' income and certain property sales.

The Company's effective tax rate is below the 35 percent U.S. statutory tax rate primarily due to tax benefits associated with being a REIT. Effective tax rates before discrete items were 21.7 percent and 16.3 percent for the three months ended March 31, 2011 and 2010, respectively. The higher rate in 2011 was due to proportionately higher earnings from the taxable REIT subsidiaries, in particular Performance Fibers. Including discrete items, the effective tax rate for the quarter was 21.7 percent compared to 11.8 percent in 2010.

RESTRICTED DEPOSITS

3 Months Ended

Mar. 31, 2011

Restricted Cash and Investments [Abstract]

Schedule of Restricted Cash and Cash Equivalents [Text Block]

4.	RESTRICTED DEPOSITS

In order to qualify for like-kind exchange ("LKE") treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of March 31, 2011 and December 31, 2010, the Company had $8.3 million of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary.

JOINT VENTURE INVESTMENT

3 Months Ended

Mar. 31, 2011

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

5.	JOINT VENTURE INVESTMENT

The Company holds a 26 percent interest in Matariki Forestry Group ("Matariki"), a joint venture ("JV") that owns or leases approximately 0.3 million acres of New Zealand timberlands. In addition to the investment, Rayonier New Zealand Limited, a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the JV forests and operates a log trading business.

In February 2010, the JV sold a 35 percent interest to a new investor for NZ$167 million. Matariki issued new shares to the investor and used all the proceeds to pay down a portion of its outstanding NZ$367 million debt. Upon closing, Rayonier's ownership interest in Matariki declined from 40 percent to 26 percent. As a result of this transaction, results for 2010 include a gain of $11.5 million, net of $0.9 million in tax, or $0.15 per diluted share.

SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2011

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]


6.	SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for the three months ended March 31, 2011 and the year ended December 31, 2010 is shown below (share amounts not in thousands):



	Common Shares					Retained Earnings			Accumulated Other Comprehensive Loss			Shareholders’ Equity
	Shares		Amount			Retained Earnings			Accumulated Other Comprehensive Loss			Shareholders’ Equity
Balance, December 31, 2009	79,541,974		$	561,962		$	663,986		$	(79,742	)	$	1,146,206
Net income	—		—			217,586			—			217,586
Dividends ($2.04 per share)	—		—			(164,514		)	—			(164,514		)
Issuance of shares under incentive stock plans	1,276,227		26,314			—			—			26,314
Stock-based compensation	—		15,223			—			—			15,223
Excess tax benefit on stock-based compensation	—		5,411			—			—			5,411
Repurchase of common shares	(136,108	)	(6,028		)	—			—			(6,028		)
Net gain from pension and postretirement plans	—		—			—			6,385			6,385
Foreign currency translation adjustment	—		—			—			4,162			4,162
Joint venture cash flow hedges	—		—			—			837			837
Balance, December 31, 2010	80,682,093		$	602,882		$	717,058		$	(68,358	)	$	1,251,582
Net income	—		—			58,412			—			58,412
Dividends ($0.54 per share)	—		—			(44,078		)	—			(44,078		)
Issuance of shares under incentive stock plans	582,794		5,399			—			—			5,399
Stock-based compensation	—		4,275			—			—			4,275
Excess tax benefit on stock-based compensation	—		3,970			—			—			3,970
Repurchase of common shares	(139,129	)	(7,826		)	—			—			(7,826		)
Amortization of pension and postretirement plans	—		—			—			2,093			2,093
Foreign currency translation adjustment	—		—			—			288			288
Joint venture cash flow hedges	—		—			—			(567		)	(567		)
Balance, March 31, 2011	81,125,758		$	608,700		$	731,392		$	(66,544	)	$	1,273,548

SEGMENT AND GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2011

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]

Segment Reporting Disclosure [Text Block]

7.	SEGMENT AND GEOGRAPHICAL INFORMATION

Effective first quarter 2011, the Company renamed its Timber segment, Forest Resources. All prior period amounts previously reported under the Timber segment are now reported under the Forest Resources segment.

Rayonier operates in four reportable business segments: Forest Resources, Real Estate, Performance Fibers, and Wood Products. Forest Resources sales include all activities that relate to the harvesting of timber. Real Estate sales include all property sales, including those designated for higher and better use ("HBU"). The assets of the Real Estate segment include HBU property held by the Company’s real estate subsidiary, TerraPointe LLC. The Performance Fibers segment includes two major product lines, cellulose specialties and absorbent materials. The Wood Products segment is comprised of lumber operations. The Company’s remaining operations include harvesting and selling timber acquired from third parties (log trading). These operations are reported in "Other Operations." Sales between operating segments are made based on fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on the operating income of the segments.

Operating income (loss) as presented in the Condensed Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). Certain income (loss) items in the Condensed Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by Company management to be part of segment operations.

Total assets, sales, operating income (loss) and depreciation, depletion and amortization by segment including Corporate were as follows:



	March 31,		December 31,
ASSETS	2011		2010
Forest Resources	$	1,288,682	$	1,259,925
Real Estate	85,426		85,525
Performance Fibers	569,591		550,875
Wood Products	22,808		19,544
Other Operations	25,648		25,583
Corporate and other	332,744		422,201
Total	$	2,324,899	$	2,363,653



	Three Months Ended March 31,
SALES	2011			2010
Forest Resources	$	48,180		$	47,108
Real Estate	13,462			33,018
Performance Fibers	251,163			199,772
Wood Products	15,790			15,932
Other Operations	30,412			17,108
Intersegment Eliminations (a)	(1,276		)	(2,738		)
Total	$	357,731		$	310,200


(a)	Intersegment eliminations reflect sales from our Forest Resources segment to our Performance Fibers segment.



	Three Months Ended March 31,
OPERATING INCOME	2011			2010
Forest Resources	$	11,050		$	8,209
Real Estate	7,372			17,355
Performance Fibers	75,710			44,857
Wood Products	453			41
Other Operations	799			610
Corporate and other (b)	(7,806		)	5,788
Total	$	87,578		$	76,860


(b)	2010 includes a $12 million gain from the sale of a portion of the Company's interest in its New Zealand JV. See Note 5 — Joint Venture Investment for additional information.



	Three Months Ended March 31,
DEPRECIATION, DEPLETION AND AMORTIZATION	2011		2010
Forest Resources	$	15,404	$	16,751
Real Estate	2,691		8,516
Performance Fibers	12,715		15,805
Wood Products	821		1,065
Corporate and other	239		1,192
Total	$	31,870	$	43,329

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2011

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Disclosures [Text Block]

8.	FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at March 31, 2011 and December 31, 2010, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:



	March 31, 2011						December 31, 2010
Asset (liability)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Cash and cash equivalents	$	317,112		$	317,112		$	349,463		$	349,463
Short-term debt	(93,057		)	(96,930		)	(93,057		)	(98,042		)
Long-term debt	(602,255		)	(762,419		)	(675,103		)	(783,080		)

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

Cash and cash equivalents — 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.

Variable Interest Entity

Rayonier holds a variable interest in a bankruptcy-remote, limited liability subsidiary ("special-purpose entity") which was created in 2004 when Rayonier monetized a $25.0 million installment note and letter of credit received in connection with a timberland sale. The Company contributed the note and a letter of credit to the special-purpose entity and using the installment note and letter of credit as collateral, the special-purpose entity issued $22.6 million of 15-year Senior Secured Notes and remitted cash of $22.6 million to the Company. There are no restrictions that relate to the transferred financial assets. Rayonier maintains a $2.6 million interest in the entity and receives immaterial cash payments equal to the excess of interest received on the installment note over the interest paid on the Senior Secured Notes. The Company's interest is recorded at fair value and is included in "Other Assets" in the Condensed Consolidated Balance Sheets. In addition, the Company calculated and recorded a de minimus guarantee liability to reflect its obligation of up to $2.6 million under a make-whole agreement pursuant to which it guaranteed certain obligations of the entity. This guarantee obligation is also collateralized by the letter of credit. The Company's interest in the entity, together with the make-whole agreement, represents the maximum exposure to loss as a result of the Company's involvement with the special-purpose entity. Upon maturity of the Senior Secured Notes in 2019 and termination of the special-purpose entity, Rayonier will receive the remaining $2.6 million of cash. The Company determined, based upon an analysis under the variable interest entity guidance, that it does not have the power to direct activities that most significantly impact the entity's economic success. Therefore, Rayonier is not the primary beneficiary and is not required to consolidate the entity.

Assets measured at fair value on a recurring basis are summarized below:



Asset	Carrying Value at March 31, 2011		Level 2		Carrying Value at December 31, 2010		Level 2
Investment in special-purpose entity	$	2,879	$	2,879	$	2,879	$	2,879

The fair value of the investment in the special-purpose entity is determined by summing the discounted value of future principal and interest payments that Rayonier will receive from the special-purpose entity. The interest rate of a similar instrument is used to determine the discounted value of the payments.

GUARANTEES

3 Months Ended

Mar. 31, 2011

GUARANTEES [Abstract]

Schedule of Guarantor Obligations [Text Block]

9.	GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and state and foreign governmental agencies. As of March 31, 2011, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of Liability
Standby letters of credit (a)	$	43,807	$	38,110
Guarantees (b)	2,555		43
Surety bonds (c)	11,863		1,793
Total financial commitments	$	58,225	$	39,946


(a)	Approximately $39 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2011 and will be renewed as required.

(b)

In conjunction with a timberland sale and note monetization in the first quarter of 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.6 million of obligations of a special-purpose entity that was established to complete the monetization. At March 31, 2011, the Company has recorded a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement.


(c)	Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates during 2011, 2012 and 2014 and are expected to be renewed as required.

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2011

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

Environmental Loss Contingency Disclosure [Text Block]

10.	LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

An analysis of the liabilities for dispositions and discontinued operations for the year to date periods follows:



	March 31,			December 31,
	2011			2010
Balance, beginning of period	$	93,160		$	98,591
Expenditures charged to liabilities	(2,447		)	(8,632		)
Increase to liabilities	31			3,201
Balance, end of period	90,744			93,160
Less: Current portion	(11,148		)	(11,500		)
Non-current portion	$	79,596		$	81,660

The Company is exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of March 31, 2011, this amount could range up to $40 million, allocable over several of the applicable sites, and arises from uncertainty over the availability or effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies.

Subject to the factors described in Note 14 - Liabilities for Dispositions and Discontinued Operations in the 2010 Annual Report on Form 10-K, the Company believes established liabilities are sufficient for costs expected to be incurred over the next 20 years with respect to its dispositions and discontinued operations. Remedial actions for these sites vary, but include on-site (and in certain cases off-site) removal or treatment of contaminated soils and sediments, recovery and treatment/remediation of groundwater, and source remediation and/or control.

CONTINGENCIES

3 Months Ended

Mar. 31, 2011

Loss Contingency [Abstract]

Commitments and Contingencies Disclosure [Text Block]

11.	CONTINGENCIES

Rayonier is engaged in various legal actions, including certain environmental proceedings. The Company has been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These other 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.

For additional information, see Note 14 — Liabilities for Dispositions and Discontinued Operations in the 2010 Annual Report on Form 10-K.

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2011

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

12.	EMPLOYEE BENEFIT PLANS

The Company has four qualified non-contributory defined benefit pension plans covering a majority of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. As of March 2011, all of these plans are closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.

The net pension and postretirement benefit costs that have been recognized during the stated periods are shown in the following table:



	Pension						Postretirement
	Three Months Ended March 31,						Three Months Ended March 31,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost
Service cost	$	1,695		$	1,646		$	182	$	146
Interest cost	4,522			4,579			236		257
Expected return on plan assets	(6,455		)	(5,410		)	—		—
Amortization of prior service cost	340			311			22		22
Amortization of plan amendment	—			—			—		(2,392		)
Amortization of losses	2,593			2,098			66		1,478
Net periodic benefit cost	$	2,695		$	3,224		$	506	$	(489	)

The Company made no discretionary contributions to the pension plans during the three months ended March 31, 2011. The Company has no mandatory pension contributions for 2011 and does not expect to make any discretionary contributions.

DEBT

3 Months Ended

Mar. 31, 2011

DEBT [Abstract]

Debt Disclosure [Text Block]

13.

DEBT

In March 2011, Rayonier TRS Holdings Inc. ("TRS"), a wholly-owned subsidiary of Rayonier, repaid a $75 million term note due in 2015. There were no other significant changes to the Company's outstanding debt as reported in Note 11 - Debt of the Company's 2010 Annual Report on 10-K.

Subsequent Event

In April 2011, the Company entered into a five year $300 million unsecured revolving credit facility, replacing the previous $250 million facility which was scheduled to expire in August 2011. The new facility has a borrowing rate of LIBOR plus 105 basis points plus a facility fee of 20 basis points and expires in April 2016.

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2011

Comprehensive Income Note [Abstract]

Comprehensive Income Note [Text Block]

14.	ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated Other Comprehensive Loss was comprised of the following:



	March 31, 2011			December 31, 2010
Foreign currency translation adjustments	$	31,219		$	30,931
Joint venture cash flow hedges	(2,035		)	(1,468		)
Unrecognized components of employee benefit plans, net of tax	(95,728		)	(97,821		)
Total	$	(66,544	)	$	(68,358	)

CONSOLIDATING FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2011

CONSOLIDATING FINANCIAL STATEMENTS [Abstract]

Schedule of Condensed Financial Statements [Text Block]

15.	CONSOLIDATING FINANCIAL STATEMENTS

In October 2007, TRS issued $300 million of 3.75% Senior Exchangeable Notes due 2012, and in August 2009 TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes for both transactions are non-callable and are guaranteed by Rayonier Inc. In connection with these exchangeable notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. Each entity in the consolidating financial information 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.

Reclassifications

On July 29, 2010, Rayonier Inc. reorganized its operating structure by creating a new wholly-owned operating entity Rayonier Operating Company LLC ("ROC"), and entering into a contribution agreement under which Rayonier Inc. contributed all assets and liabilities to ROC. As part of this agreement, ROC guarantees the TRS notes mentioned above. Rayonier Inc.'s guarantee of the TRS notes was unchanged by the transaction. Accordingly, the Company has revised its presentation of previously reported consolidating financial statements to reflect ROC as a subsidiary guarantor.

Also in 2010, the Company determined that certain amounts had been incorrectly allocated between the entities presented. See Note 21 - Consolidating Financial Statements in the Company's 2010 Annual Report on Form 10-K for additional information. This resulted in (1) an understatement of interest expense of $5 million for the quarter ended March 31, 2010 for TRS (Issuer) and an overstatement for the same amount for TRS non-guarantor subsidiaries, and (2) the overstatement of income related to the New Zealand joint venture totaling $4 million at Rayonier Inc. (Parent Guarantor) and an understatement for the same amount for Other non-guarantor subsidiaries. Consequently, Parent Guarantor and Issuer equity in income from subsidiaries and Issuer and Non-guarantor subsidiaries income tax expense, as previously reported, were also impacted by these misallocations in lesser amounts. The information below gives effect to the correction of these matters. The aforementioned items do not impact the Company’s Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Income and Comprehensive Income or Condensed Consolidated Statement of Cash Flows for the quarter ended March 31, 2010. Management believes the effects of these corrections are not material to the Company’s previously issued condensed consolidating financial statements.



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Three Months Ended March 31, 2011
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	—		$	—		$	328,265		$	42,833		$	(13,367	)	$	357,731
Costs and Expenses
Cost of sales	—		—			—			244,297			27,997			(14,783		)	257,511
Selling and general expenses	—		2,716			—			13,070			647			—			16,433
Other operating expense (income), net	—		49			—			298			(2,464		)	(1		)	(2,118		)
	—		2,765			—			257,665			26,180			(14,784		)	271,826
Equity in income of New Zealand joint venture	—		—			—			194			1,479			—			1,673
OPERATING (LOSS) INCOME	—		(2,765		)	—			70,794			18,132			1,417			87,578
Interest expense	—		(130		)	(13,050		)	(112		)	(25		)	—			(13,317		)
Interest and miscellaneous income (expense), net	—		1,337			(1,073		)	(5,024		)	5,053			—			293
Equity in income from subsidiaries	58,412		60,044			44,435			—			—			(162,891		)	—
INCOME BEFORE INCOME TAXES	58,412		58,486			30,312			65,658			23,160			(161,474		)	74,554
Income tax (expense) benefit	—		(74		)	5,155			(21,223		)	—			—			(16,142		)
NET INCOME	$	58,412	$	58,412		$	35,467		$	44,435		$	23,160		$	(161,474	)	$	58,412



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Three Months Ended March 31, 2010
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	—		$	—		$	284,568		$	101,458		$	(75,826	)	$	310,200
Costs and Expenses
Cost of sales	—		—			—			233,842			42,169			(43,158		)	232,853
Selling and general expenses	—		2,000			—			14,190			777			—			16,967
Other operating income, net	—		(4		)	—			(2,059		)	(2,505		)	—			(4,568		)
	—		1,996			—			245,973			40,441			(43,158		)	245,252
Equity in income (loss) of New Zealand joint venture	—		—			—			355			(810		)	—			(455		)
OPERATING (LOSS) INCOME BEFORE GAIN ON SALE OF A PORTION OF THE INTEREST IN THE NEW ZEALAND JOINT VENTURE	—		(1,996		)	—			38,950			60,207			(32,668		)	64,493
Gain on sale of a portion of the interest in the New Zealand joint venture	—		—			—			7,697			4,670			—			12,367
OPERATING (LOSS) INCOME	—		(1,996		)	—			46,647			64,877			(32,668		)	76,860
Interest expense	—		(111		)	(12,304		)	(22		)	(49		)	—			(12,486		)
Interest and miscellaneous income (expense), net	—		8,928			(1,250		)	(11,659		)	4,169			—			188
Equity in income from subsidiaries	56,953		51,334			23,612			—			—			(131,899		)	—
INCOME BEFORE INCOME TAXES	56,953		58,155			10,058			34,966			68,997			(164,567		)	64,562
Income tax (expense) benefit	—		(1,202		)	4,947			(11,354		)	—			—			(7,609		)
NET INCOME	$	56,953	$	56,953		$	15,005		$	23,612		$	68,997		$	(164,567	)	$	56,953



	CONDENSED CONSOLIDATING BALANCE SHEETS As of March 31, 2011
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)		Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—	$	9,522		$	234,269	$	14,028		$	59,293		$	—		$	317,112
Accounts receivable, less allowance for doubtful accounts	—		170			—		92,455			4,659			—			97,284
Inventory	—		—			—		116,529			—			(15,036		)	101,493
Intercompany interest receivable	—		—			—		—			4,186			(4,186		)	—
Income tax receivable	—		1,765			—		9,613			—			—			11,378
Prepaid and other current assets	—		713			827		45,325			3,337			—			50,202
Total current assets	—		12,170			235,096		277,950			71,475			(19,222		)	577,469
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		(280		)	—		37,903			1,094,263			1,860			1,133,746
NET PROPERTY, PLANT AND EQUIPMENT	—		2,664			—		390,187			1,661			—			394,512
INVESTMENT IN JOINT VENTURE	—		—			—		(11,752		)	81,913			—			70,161
INVESTMENT IN SUBSIDIARIES	1,273,548		1,437,178			990,056		—			—			(3,700,782		)	—
OTHER ASSETS	—		26,687			8,162		648,506			13,665			(548,009		)	149,011
TOTAL ASSETS	$	1,273,548	$	1,478,419		$	1,233,314	$	1,342,794		$	1,262,977		$	(4,266,153	)	$	2,324,899
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	823		$	35	$	72,930		$	2,799		$	—		$	76,587
Current maturities of long-term debt	—		—			93,057		—			—			—			93,057
Accrued interest	—		78			10,733		781			—			—			11,592
Accrued customer incentives	—		—			—		7,417			—			—			7,417
Other current liabilities	—		10,744			—		37,295			12,471			—			60,510
Current liabilities for dispositions and discontinued operations	—		—			—		11,148			—			—			11,148
Total current liabilities	—		11,645			103,825		129,571			15,270			—			260,311
LONG-TERM DEBT	—		—			602,255		—			—			—			602,255
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—			—		79,596			—			—			79,596
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		63,838			—		1,811			—			—			65,649
OTHER NON-CURRENT LIABILITIES	—		19,333			—		23,576			631			—			43,540
INTERCOMPANY PAYABLE	—		110,055			—		118,184			(7,895		)	(220,344		)	—
TOTAL LIABILITIES	—		204,871			706,080		352,738			8,006			(220,344		)	1,051,351
TOTAL SHAREHOLDERS’ EQUITY	1,273,548		1,273,548			527,234		990,056			1,254,971			(4,045,809		)	1,273,548
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,273,548	$	1,478,419		$	1,233,314	$	1,342,794		$	1,262,977		$	(4,266,153	)	$	2,324,899



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2010
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—	$	29,759	$	283,258	$	1,280		$	35,166		$	—		$	349,463
Accounts receivable, less allowance for doubtful accounts	—		1		—		81,288			1,351			—			82,640
Inventory	—		—		—		123,432			—			(13,397		)	110,035
Intercompany interest receivable	—		—		—		—			4,320			(4,320		)	—
Income tax receivable	—		1,750		—		19,984			—			—			21,734
Prepaid and other current assets	—		1,273		842		38,697			4,502			—			45,314
Total current assets	—		32,783		284,100		264,681			45,339			(17,717		)	609,186
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		37,398			1,098,870			1,663			1,137,931
NET PROPERTY, PLANT AND EQUIPMENT	—		2,819		—		380,577			1,711			197			385,304
INVESTMENT IN JOINT VENTURE	—		—		—		(12,282		)	80,765			—			68,483
INVESTMENT IN SUBSIDIARIES	1,251,582		1,392,465		987,381		—			—			(3,631,428		)	—
OTHER ASSETS	—		26,642		9,351		664,664			13,153			(551,061		)	162,749
TOTAL ASSETS	$	1,251,582	$	1,454,709	$	1,280,832	$	1,335,038		$	1,239,838		$	(4,198,346	)	$	2,363,653
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	823	$	20	$	55,052		$	2,090		$	—		$	57,985
Current maturities of long-term debt	—		—		93,057		—			—			—			93,057
Accrued interest	—		12		5,591		603			—			—			6,206
Accrued customer incentives	—		—		—		9,759			—			—			9,759
Other current liabilities	—		16,115		—		37,944			12,382			—			66,441
Current liabilities for dispositions and discontinued operations	—		—		—		11,500			—			—			11,500
Total current liabilities	—		16,950		98,668		114,858			14,472			—			244,948
LONG-TERM DEBT	—		—		675,103		—			—			—			675,103
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		81,660			—			—			81,660
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		63,759		—		2,576			—			—			66,335
OTHER NON-CURRENT LIABILITIES	—		19,811		—		23,552			662			—			44,025
INTERCOMPANY PAYABLE	—		102,607		—		125,011			(3,751		)	(223,867		)	—
TOTAL LIABILITIES	—		203,127		773,771		347,657			11,383			(223,867		)	1,112,071
TOTAL SHAREHOLDERS’ EQUITY	1,251,582		1,251,582		507,061		987,381			1,228,455			(3,974,479		)	1,251,582
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,251,582	$	1,454,709	$	1,280,832	$	1,335,038		$	1,239,838		$	(4,198,346	)	$	2,363,653



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2011
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	46,321		$	26,146		$	15,000		$	69,566		$	36,292		$	(77,620	)	$	115,705
INVESTING ACTIVITIES
Capital expenditures	—			(62		)	—			(24,701		)	(9,998		)	—			(34,761		)
Purchase of timberlands	—			—			—			—			(2,942		)	—			(2,942		)
Investment In Subsidiaries	—			—			26,011			—			—			(26,011		)	—
Other	—			—			—			6,107			775			—			6,882
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(62		)	26,011			(18,594		)	(12,165		)	(26,011		)	(30,821		)
FINANCING ACTIVITIES
Repayment of debt	—			—			(75,000		)	—			—			—			(75,000		)
Dividends paid	(43,894		)	—			—			—			—			—			(43,894		)
Proceeds from the issuance of common shares	5,399			—			—			—			—			—			5,399
Excess tax benefits on stock-based compensation	—			—			—			3,970			—			—			3,970
Repurchase of common shares	(7,826		)	—			—			—			—			—			(7,826		)
Distributions to / from Parent	—			(46,321		)	(15,000		)	(42,310		)	—			103,631			—
CASH USED FOR FINANCING ACTIVITIES	(46,321		)	(46,321		)	(90,000		)	(38,340		)	—			103,631			(117,351		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			116			—			—			116
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			(20,237		)	(48,989		)	12,748			24,127			—			(32,351		)
Balance, beginning of year	—			29,759			283,258			1,280			35,166			—			349,463
Balance, end of period	$	—		$	9,522		$	234,269		$	14,028		$	59,293		$	—		$	317,112



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2010
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	38,696		$	96,233		$	15,000		$	18,884		$	74,820		$	(152,222	)	$	91,411
INVESTING ACTIVITIES
Capital expenditures	—			(66		)	—			(28,563		)	(7,535		)	(1		)	(36,165		)
Intercompany purchase of timberlands and real estate	—			—			—			(39,694		)	(22,931		)	62,625			—
Change in restricted cash	—			—			—			—			(9,809		)	—			(9,809		)
Investment in Subsidiaries	—			—			(55,504		)	—			—			55,504			—
Other	—			—			—			10,346			(1,987		)	—			8,359
CASH USED FOR INVESTING ACTIVITIES	—			(66		)	(55,504		)	(57,911		)	(42,262		)	118,128			(37,615		)
FINANCING ACTIVITIES
Issuance of debt	—			—			75,000			—			52,000			—			127,000
Repayment of debt	—			(5,000		)	(4,650		)	—			(57,000		)	—			(66,650		)
Dividends paid	(39,910		)	—			—			—			—			—			(39,910		)
Proceeds from the issuance of common shares	7,211			—			—			—			—			—			7,211
Excess tax benefits on stock-based compensation	—			—			—			3,153			—			—			3,153
Debt issuance costs	—			—			(397		)	—			—			—			(397		)
Repurchase of common shares	(5,997		)	—			—			—			—			—			(5,997		)
Distributions to / from Parent	—			(38,696		)	(15,000		)	39,602			(20,000		)	34,094			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(38,696		)	(43,696		)	54,953			42,755			(25,000		)	34,094			24,410
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(200		)	—			—			(200		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			52,471			14,449			3,528			7,558			—			78,006
Balance, beginning of year	—			2,895			67,494			2,228			2,347			—			74,964
Balance, end of period	$	—		$	55,366		$	81,943		$	5,756		$	9,905		$	—		$	152,970