View Filing Data

$ 520,242

$ 384,784

$ 409,077

$ 393,719

$ 412,660

$ 386,163

$ 348,096

$ 336,571

$ 1,707,822

$ 1,483,490

$ 1,420,960

395,446

287,150

297,698

266,018

292,212

259,201

243,571

235,708

1,246,312

1,030,692

1,006,297

Other operating income, net (Note 16)

64,843

66,957

65,251

(9,487)

(14,169)

(3,794)

1,301,668

1,083,480

1,067,754

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

562

550

4,088

406,716

400,560

357,294

16,000

422,814

400,560

357,294

Interest and miscellaneous income, net

(43,760)

(44,981)

(50,775)

2,372

606

843

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

381,426

356,185

307,362

Income tax expense

(49,661)

(84,743)

(30,688)

Income (loss) from discontinued operations, net of income tax (expense) benefit of ($21,050), ($3,648) and $331

82,249

58,367

87,891

^[1]

103,258

73,474

79,278

66,091

52,599

331,765

^[1]

271,442

276,674

(2,444)

44,477

2,135

1,282

2,988

838

42,033

7,243

(669)

Less: Net income attributable to noncontrolling interest

79,805

58,367

87,891

147,735

^[2]

75,609

80,560

69,079

53,437

373,798

^[2]

278,685

276,005

1,902

$ 79,652

$ 57,345

$ 87,164

^[1]

$ 147,735

^[2]

$ 75,609

$ 80,560

$ 69,079

$ 53,437

371,896

^[1],[2]

278,685

276,005

OTHER COMPREHENSIVE INCOME (LOSS)

New Zealand joint venture cash flow hedges, net of income tax (expense) benefit of ($248), $0 and $0

(5,710)

4,352

3,546

3,629

213

(2,373)

Net gain (loss) from pension and postretirement plans, net of income tax (expense) benefit of ($27,786), ($339) and $20,665

61,869

(496)

(46,263)

59,788

4,069

(45,090)

Less: Comprehensive loss attributable to noncontrolling interest

433,586

282,754

230,915

(1,550)

BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

$ 435,136

$ 282,754

$ 230,915

$ 2.63

$ 2.21

$ 2.28

Net Income (in dollars per share)

0.33

0.06

(0.01)

$ 0.63

$ 0.45

$ 0.69

$ 1.19

$ 0.61

$ 0.66

$ 0.56

$ 0.44

2.96

2.27

DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

2.54

2.11

2.21

Net income (in dollars per share)

0.32

0.06

(0.01)

$ 0.62

$ 0.44

$ 0.67

$ 1.13

$ 0.59

$ 0.62

$ 0.54

$ 0.42

$ 2.86

$ 2.17

$ 2.20

[1]	Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.
[2]	Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013.

Consolidated Statements of Income and Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement of Comprehensive Income [Abstract]
Discontinued operation tax effect of discontinued operation	$ (21,050)	$ (3,648)	$ 331
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	(248)	0	0
Amortization of losses and gains from pension and postretirement benefit plans, income tax (expense) benefit	$ (27,786)	$ (339)	$ 20,665

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
CURRENT ASSETS
Cash and cash equivalents	$ 199,644	$ 280,596
Accounts receivable, less allowance for doubtful accounts of $673 and $417	94,956	100,359
Inventory (Note 12)	138,818	127,966
Current deferred tax assets	39,100	15,845
Prepaid and other current assets	46,576	41,508
Total current assets	519,094	566,274
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,049,378	1,573,309
PROPERTY, PLANT AND EQUIPMENT
Land	20,138	27,383
Buildings	180,573	147,445
Machinery and equipment	1,760,641	1,444,012
Construction in progress	19,795	268,459
Total property, plant and equipment, gross	1,981,147	1,887,299
Less—accumulated depreciation	(1,120,326)	(1,180,261)
Total property, plant and equipment, net	860,821	707,038
INVESTMENT IN JOINT VENTURE (Note 4)	0	72,419
OTHER ASSETS	256,208	203,911
TOTAL ASSETS	3,685,501	3,122,951
CURRENT LIABILITIES
Accounts payable	69,293	70,381
Current maturities of long-term debt (Note 13)	112,500	150,000
Accrued taxes	8,551	13,824
Uncertain tax positions	10,547	800
Accrued payroll and benefits	24,948	28,068
Accrued interest	9,531	7,956
Accrued customer incentives	9,580	10,849
Other current liabilities	24,327	17,840
Current liabilities for dispositions and discontinued operations (Note 17)	6,835	8,105
Total current liabilities	276,112	307,823
LONG-TERM DEBT (Note 13)	1,461,724	1,120,052
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)	69,543	73,590
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 22)	95,654	159,582
OTHER NON-CURRENT LIABILITIES	27,225	23,900
COMMITMENTS AND CONTINGENCIES (Notes 18, 19 and 20)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 126,257,870 and 123,332,444 shares issued and outstanding	692,100	670,749
Retained earnings	1,015,209	876,634
Accumulated other comprehensive loss	(46,139)	(109,379)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,661,170	1,438,004
Noncontrolling interest	94,073	0
TOTAL SHAREHOLDERS’ EQUITY	1,755,243	1,438,004
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,685,501	$ 3,122,951

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 673	$ 417
Shareholders' Equity:
Common stock, shares authorized	480,000,000	480,000,000
Common stock, shares, issued	126,257,870	123,332,444
Common stock, shares outstanding	126,257,870	123,332,444

Consolidated Statements of Cash Flows
$ in Thousands

12 Months Ended

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

OPERATING ACTIVITIES

Adjustments to reconcile net income to cash provided by operating activities:

$ 373,798

^[1]

$ 278,685

$ 276,005

Non-cash cost of real estate sold

191,274

145,540

132,548

10,178

4,746

4,329

Non-cash cost of New York timberland sale

53,990

Stock-based incentive compensation expense

11,683

15,116

16,181

Amortization of debt discount/premium

1,215

6,323

8,654

Deferred income taxes

5,857

3,505

2,498

Tax benefit of AFMC for CBPC exchange

(18,761)

(12,196)

Non-cash adjustments to unrecognized tax benefit liability

3,967

(16,000)

Amortization of losses from pension and postretirement plans

22,029

19,493

12,369

Gain on sale of discontinued operations, net

(42,121)

(16,098)

Loss on early redemption of exchangeable notes

3,974

Other

(5,528)

298

8,378

Changes in operating assets and liabilities:

Receivables

11,100

(4,248)

(12,011)

Inventories

(19,986)

(10,649)

(3,868)

Accounts payable

(1,655)

(7,967)

6,347

Income tax receivable/payable

47,232

65,212

19,788

All other operating activities

(8,094)

2,750

(13,739)

Payment to exchange AFMC for CBPC

(70,311)

(50,768)

Expenditures for dispositions and discontinued operations

(8,570)

(9,926)

(9,209)

CASH PROVIDED BY OPERATING ACTIVITIES

545,173

445,914

432,270

INVESTING ACTIVITIES

Capital expenditures

(158,898)

(157,562)

(144,522)

Purchase of additional interest in New Zealand joint venture

(139,879)

Purchase of timberlands

(20,401)

(106,536)

(320,899)

Jesup mill cellulose specialties expansion

(141,143)

(201,359)

(42,894)

Proceeds from disposition of Wood Products business

62,720

Change in restricted cash

(58,385)

(10,559)

8,323

Other

(12,934)

3,115

11,378

CASH USED FOR INVESTING ACTIVITIES

(468,920)

(472,901)

(488,614)

FINANCING ACTIVITIES

Issuance of debt (Note 13)

622,885

1,230,000

460,000

Repayment of debt

(549,485)

(813,610)

(499,057)

Dividends paid

(237,016)

(206,583)

(185,272)

Proceeds from the issuance of common shares

10,101

25,495

13,451

Excess tax benefits on stock-based compensation

8,413

7,635

5,681

Debt issuance costs

(6,135)

(2,027)

Repurchase of common shares

(11,326)

(7,783)

(7,909)

Other

(713)

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES

(157,141)

229,019

(215,133)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(64)

(39)

617

CASH AND CASH EQUIVALENTS

Change in cash and cash equivalents

(80,952)

201,993

(270,860)

Balance, beginning of year

280,596

78,603

349,463

Balance, end of year

199,644

280,596

78,603

Cash paid during the year:

Interest

44,156

34,956

38,223

Income taxes

99,120

74,745

17,509

Non-cash investing and financing activity:

Acquisition of timberlands (Note 8)

105,000

Assumption of loan (Note 13)

105,000

Capital assets purchased on account

15,522

25,926

20,866

Shareholder debt assumed in acquisition of New Zealand joint venture

125,532

Conversion of shareholder debt to equity noncontrolling interest

(95,961)

Partial conversion of Senior Exchangeable Notes to equity

$ 2,453

$ 0

[1]	Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013.

Nature of Business Operations	12 Months Ended
Nature of Business Operations	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business Operations	NATURE OF BUSINESS OPERATIONS Rayonier Inc., including its consolidated subsidiaries, (“Rayonier” or “the Company”) is a leading international forest products company primarily engaged in timberland management, the sale of real estate, and the production and sale of high value specialty cellulose fibers. The Company owns or leases approximately 2.6 million acres of timberland and real estate located in the United States and New Zealand. Included in this property is over 0.2 million acres of high value real estate located primarily along the coastal region from Savannah, Georgia to Daytona Beach, Florida, which is referred to as the “coastal corridor.” The Company owns and operates two specialty cellulose fibers mills in the United States. The Company also engages in the trading of logs. Rayonier operates in three reportable business segments: Forest Resources, Real Estate and Performance Fibers. Prior to the first quarter of 2013, the Company operated in four reportable business segments, which included Wood Products. See Note 5 — Segment and Geographical Information for further discussion of our reportable business segments and Note 3 — Sale of Wood Products Business for additional information on the sale of Wood Products. The Company is a real estate investment trust (“REIT”). The Company 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 our wholly-owned taxable subsidiary, Rayonier TRS Holdings Inc. (“TRS”). These operations include the Performance Fibers and trading businesses, as well as the Real Estate segment’s entitlement and sale of higher and better use (“HBU”) properties. The Company’s majority owned joint venture, Matariki Forestry Group (“New Zealand JV”), is subject to entity-level tax in New Zealand. Forest Resources The Company’s Forest Resources segment owns or leases approximately 2.5 million acres of timberlands located in the U.S. and New Zealand. The Forest Resources segment conducts activities that relate to the harvesting of timber in addition to managing timberlands and selling timber and logs to third parties. On April 4, 2013, the Company acquired an additional 39 percent interest in the New Zealand JV, which owns or leases approximately 0.3 million acres of New Zealand timberlands. The acquisition of additional interest brought the Company’s ownership to 65 percent. As a result, 100 percent of the New Zealand JV’s results of operations have been consolidated and included with the Forest Resources segment since the date Rayonier acquired control. Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) continues to serve as the manager of the New Zealand JV forests. See Note 4 — Joint Venture Investment. Also during 2013, the Company sold its 128,000 acres of New York timberlands, completed a non-strategic timberland sale of 21,000 acres in the Southeast and acquired approximately 17,000 acres of U.S. timberlands. In 2012, Forest Resources acquired approximately 88,000 acres of U.S. timberlands. See Note 8 — Timberland Acquisitions for additional information on the timberland acquisitions. Real Estate Rayonier invests in timberlands seeking to maximize its total return from a full cycle of ownership, including selling portions of its asset base to capture the appreciated value. An increasing portion of Rayonier’s acreage has become more valuable for development, residential, recreational or conservation purposes than for growing timber. The Company’s real estate subsidiary, TerraPointe LLC, owns approximately 0.1 million acres. Performance Fibers Rayonier is a manufacturer of high-value cellulose fibers with two production facilities in Jesup, Georgia and Fernandina Beach, Florida, which have a combined annual capacity of approximately 675,000 metric tons. These fiber products are sold throughout the world to companies that produce a wide variety of products, including cigarette filters, foods, pharmaceuticals, textiles, electronics and various industrial applications. Approximately 58 percent of Performance Fibers sales are to export customers, primarily in Asia and Europe. In 2011, Rayonier began a capital project, the Cellulose Specialties Expansion (“CSE”), to convert a fiber line at the Jesup, Georgia mill from absorbent materials to cellulose specialties. The CSE was completed in 2013 at a total cost of $385 million and added approximately 190,000 metric tons of cellulose specialties capacity, bringing total cellulose specialties capacity to about 675,000 metric tons. In July 2013, the Company restarted the converted production line and began the qualification process for the line’s production with its customers. Production of cellulose specialties is expected to gradually increase to capacity by 2017/2018. The Performance Fibers segment primary products consist of the following: Cellulose specialties—Rayonier is a producer of cellulose specialties, most of which are used in dissolving chemical applications that require a highly purified form of cellulose fiber. The Company concentrates on producing the most high-value, technologically-demanding forms of cellulose specialty products, such as cellulose acetate and high purity cellulose ethers, and is a leading supplier of these products. Commodity viscose—As a result of the start-up of the CSE project, Rayonier began producing commodity viscose at the Jesup mill. Commodity viscose is primarily sold to producers of viscose staple fibers, which are used in the manufacture of textiles for clothing and other fabrics, and in non-woven applications such as baby wipes, cosmetic and personal wipes, industrial wipes and mattress ticking. Absorbent materials—Rayonier has historically been a producer of fibers for absorbent hygiene products. These fibers are typically referred to as fluff fibers and are used as an absorbent medium in products such as disposable baby diapers, feminine hygiene products, incontinence pads, convalescent bed pads, industrial towels and wipes and non-woven fabrics. Other Rayonier operates log trading businesses in the northwest U.S. and New Zealand. Subsequent Event In January 2014, the Company announced its intention to separate the Performance Fibers business from the Forest Resources and Real Estate businesses. The separation will result in two independent, publicly-traded companies by means of a tax-free spin-off of the Performance Fibers business to Rayonier shareholders. The separation, which is subject to a number of conditions including final Board approval, receipt of a favorable private letter ruling from the Internal Revenue Service (“IRS”) and effectiveness of a registration statement on Form 10, is expected to be completed in mid-2014.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company’s consolidated financial statements include the accounts of Rayonier and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65 percent) of its New Zealand JV, and, as such, consolidates 100 percent of its results of operations and balance sheet. The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (35 percent) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. At December 31, 2013 the consolidated cash balance included a one-month time deposit of $45 million which bore interest at 24 basis points. At December 31, 2012 the consolidated cash balance included time deposits totaling $45 million at an average interest of 31 basis points. Inventory Inventories are valued at the lower of cost or market. The costs of manufactured performance fibers are determined on the first-in, first-out basis. Other products are valued on an average cost basis. Inventory costs include material, labor and manufacturing overhead. Physical counts of inventories are taken at least annually. The need for a provision for estimated losses from obsolete, excess or slow-moving inventories is reviewed periodically. HBU real estate properties that are expected to be sold within one year are included in inventory, while properties that are expected to be sold after one year are included in “Other assets.” Timber Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, lease rental payments, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Payroll costs are capitalized only for time spent on these activities, while interest or any other soft costs aside from those mentioned above are not capitalized. Such accumulated costs attributed to merchantable timber are charged to cost of goods sold (depletion) at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. 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, concurrent with the harvesting of the acquired timber. Property, Plant, Equipment and Depreciation Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. Performance Fibers mill assets are depreciated using the units-of-production method. The Company depreciates its non-production Performance Fibers assets, including office, lab 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 measured by the amount by which 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. Capitalized Interest In accordance with Accounting Standards Codification (“ASC”) 835-20, Capitalization of Interest, interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. The interest costs are added to the cost of the underlying basis of the property, plant and equipment and amortized over the useful life of the assets. At December 31, 2013 and 2012, the property, plant and equipment balances include capitalized interest of $13.8 million and $8.8 million, respectively. 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. Foreign Currency Translation The functional currency of the Company’s New Zealand-based operations and its JV investment 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 gain and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“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, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. Revenue from the sale of timber is recorded when title passes to the buyer. Timber sales are either sales of delivered logs or stumpage sales. Stumpage sales in the Atlantic, Gulf States and Northern regions and New Zealand are primarily made on a pay-as-cut basis. Title and risk of loss are transferred when the timber is cut. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The Company also sells the rights to cut standing timber on specified parcels of land through lump sum timber sale agreements. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Title and risk of loss to the timber pass to the purchaser upon contract execution. Any uncut timber remaining at the end of the contract period reverts to the Company. Real estate sales are recorded when title passes, full payment or a minimum down payment of 25 percent is received and full collectibility is assured. If a down payment of less than 25 percent is received at closing or if full collectibility is not reasonably assured, the Company typically records revenue based on the installment method or cost recovery method. Revenue from domestic sales of Performance Fibers products is recorded when title passes which, depending on the contract, is either at time of shipment or when the customer receives goods. Foreign sales of Performance Fibers products are recorded when the customer or agent receives the goods and title passes. The Company’s Other segment includes log trading sales. Revenue is recorded when the goods are received by the customer and title passes. Environmental Costs Rayonier expenses environmental costs related to ongoing businesses resulting from current operations. Expenditures that meaningfully extend the life or increase the efficiency of operating assets are capitalized. The Company has established liabilities to assess, remediate and monitor sites related to dispositions or discontinued operations from which no current or future benefit is discernible. These obligations are established based on payments over the next 20 years and require significant estimates to determine the proper amount at any point in time. Generally, monitoring expense obligations are fixed once remediation projects are at or near completion. The projected period, from 2014 through 2033, reflects the time in which potential future costs are both estimable and probable. As new information becomes available, these cost estimates are updated and the recorded liabilities are adjusted appropriately. Environmental liabilities are accounted for on an undiscounted basis and are reflected in current and non-current “Liabilities for dispositions and discontinued operations” in the Consolidated Balance Sheets. Employee Benefit Plans The determination of expense and funding requirements for Rayonier’s four defined benefit pension plans, its unfunded excess pension plan and its postretirement health care and life insurance plans are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, health care cost trends, mortality rates, longevity and service lives of employees. See Note 22 — Employee Benefit Plans for assumptions used to determine benefit obligations, the net periodic benefit cost and health care cost trend rates for the year ended December 31, 2013. 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, 2013 and 2012, the Company’s pension plans were in a net liability position (underfunded) of $71.7 million and $133.8 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 comprehensive income (loss) in the year in which the changes occur. See Note 22 — 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 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 unrecognized 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 “Uncertain tax positions” and “Other non-current liabilities” in the Company’s Consolidated Balance Sheets. See Note 10 — Income Taxes for additional information. Reclassifications Certain 2012 and 2011 amounts have been reclassified to conform with the current year presentation. See Note 3 — Sale of Wood Products Business for information regarding reclassifications for discontinued operations. New or Recently Adopted Accounting Pronouncements In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The standard requires enhanced disclosures about assets and liabilities that are subject to a master netting agreement or when the right of offset exists. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This pronouncement limits the scope of ASU No. 2011-1. The standards’ disclosure requirements are retrospective and were effective beginning in first quarter 2013. See Note 6 — Derivative Financial Instruments and Hedging Activities for the disclosures required under this guidance. In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard requires reporting, in one place, information about reclassifications out of AOCI by component. An entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount is reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified to net income in their entirety, an entity is required to cross-reference to other currently required disclosures that provide additional detail about those amounts. The information required by this standard must be presented in one place, either parenthetically on the face of the financial statements by income statement line item or in a note. See Note 15 — Accumulated Other Comprehensive Income/(Loss) for the disclosures required under this guidance. In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This standard requires a parent entity to release a related foreign entity’s cumulative translation adjustment into net income only if its sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The cumulative translation adjustment should be released into net income if the transaction results in the loss of a controlling financial interest in a foreign entity or results in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. ASU No. 2013-05 will be effective for first quarter 2014. The Company does not expect the adoption of this standard to have any impact on its consolidated financial statements.

Sale of Wood Products Business

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Sale of Wood Products Business

SALE OF WOOD PRODUCTS BUSINESS

On March 1, 2013, Rayonier completed the sale of its Wood Products business (consisting of three lumber mills in Baxley, Swainsboro and Eatonton, Georgia) to International Forest Products Limited (“Interfor”) for $80 million plus a working capital adjustment. The sale is consistent with the Company’s strategic plan to fully position its manufacturing operations in the specialty chemicals sector. Rayonier will not have significant continuing involvement in the operations of the Wood Products business. Accordingly, the operating results of the Wood Products business, formerly reported as a separate operating segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the Wood Products segment, which will remain with the Company after the sale, are reported in continuing operations.

Rayonier recognized an after-tax gain of $42.1 million on the sale, which includes a fourth quarter adjustment for the acceleration of pension settlement costs of $0.5 million resulting from a lump sum distribution to Wood Products participants. The gain is included in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 2013.

The operating results and gain on the sale of the Wood Products business are included in “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31, 2013. Additionally, environmental remediation activities related to Southern Wood Piedmont Company are currently classified as discontinued operations in the Consolidated Statements of Income and Comprehensive Income.

Operating results of the discontinued operations are summarized below:



	2013			2012			2011
Sales	$	16,968		$	87,510		$	67,682
Cost of sales and other	(17,102		)	(76,619		)	(68,682		)
Gain on sale of discontinued operations	63,217			—			—
Income (loss) from discontinued operations before income taxes	63,083			10,891			(1,000		)
Income tax (expense) benefit	(21,050		)	(3,648		)	331
Income (loss) from discontinued operations, net	$	42,033		$	7,243		$	(669	)

The sale did not meet the “held for sale” criteria prior to the period it was completed. The major classes of Wood Products assets and liabilities included in the sale were as follows:



	March 1, 2013
Accounts receivable, net	$	4,127
Inventory	4,270
Prepaid and other current assets	2,053
Property, plant and equipment, net	9,990
Total assets	$	20,440

Total liabilities	$	596

Cash flows from discontinued operations are immaterial both individually and in the aggregate. As such, they are included with cash flows from continuing operations in the Consolidated Statements of Cash Flows.

Pursuant to the purchase and sale agreement, Rayonier provided Interfor with saw timber procurement services for the three lumber mills through December 31, 2013. Rayonier also contracted with Interfor to purchase wood chips produced at the lumber mills for use at Rayonier’s Jesup mill and market other wood chips produced by the mills to third parties on Interfor’s behalf. The Company will purchase 100 percent of the Baxley mill chips for five years and purchased a minimum of 25 percent of the Swainsboro mill chips in 2013. The purchase price of these chips will be based on the average price paid by the Company to unrelated third parties.

Prior to the Wood Products sale, saw timber procurement services for and wood chip purchases from the lumber mills were intercompany transactions eliminated in consolidation as follows:



	2013		2012		2011
Wood chip purchases	$	1,650	$	12,526	$	12,600
Saw timber procurement services	231		1,125		1,023
Total intercompany	$	1,881	$	13,651	$	13,623

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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Segment and Geographical Information

Joint Venture Investment

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Joint Venture Investment

JOINT VENTURE INVESTMENT

On April 4, 2013 (the “acquisition date”), the Company acquired an additional 39 percent ownership interest in Matariki Forestry Group , a New Zealand JV that owns or leases approximately 0.3 million acres of New Zealand timberlands. As a result of the acquisition, Rayonier is a 65 percent owner of the New Zealand JV and 100 percent of the results of its operations subsequent to April 4, 2013 have been included in the Company’s consolidated financial statements, along with 100 percent of the JV’s assets and liabilities at December 31, 2013. The portions of the consolidated financial position and results of operations attributable to the New Zealand JV’s 35 percent noncontrolling interest are also shown separately. Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) continues to serve as the manager of the New Zealand JV forests.

The purchase price of the additional interest in the New Zealand JV was $139.9 million, which included $3.3 million of contingent consideration and was financed through our term credit agreement. As the purchase price was in New Zealand dollars, the Company purchased foreign currency forward contracts to mitigate foreign currency risk on the purchase price. As a result, the Company recorded a benefit of $1.7 million and received that amount upon maturity of the contracts on April 2, 2013.

The contingent consideration arrangement required the Company to pay additional consideration to the New Zealand JV’s selling (former) shareholders equal to a multiple of the increase in log prices for a six month period beginning in November 2012. We estimated the fair value of the contingent consideration arrangement at the acquisition date to be $3.3 million. Fair value was determined using an average of the cost and freight (CFR) selling price of China A-grade 3.8 meter logs. In the second quarter of 2013, the contingent consideration was determined and paid in the amount of $3.3 million.

Prior to the acquisition date, the Company accounted for its 26 percent interest in the New Zealand JV as an equity method investment. The additional 39 percent interest acquired resulted in the Company obtaining a controlling financial interest in the New Zealand JV and accordingly, the purchase was accounted for as a step-acquisition. Upon consolidation, the Company recognized a $10.1 million deferred gain, which resulted from the original sale of its New Zealand operations to the joint venture in 2005 and a $6 million benefit due to the required fair market value remeasurement of the Company’s equity interest in the New Zealand JV held before the purchase of the additional interest. Both gains are included in the line item “Gain related to consolidation of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. The acquisition-date fair value of the previous equity interest was $93.3 million.

We have applied estimates and judgments in order to determine the fair value of assets acquired and liabilities assumed at the acquisition date. In determining fair value we utilized valuation methodologies including discounted cash flow analysis. The assumptions made in performing these valuations include assumptions as to discount rates, foreign exchange rates, and commodity prices. In the fourth quarter of 2013, the Company completed its valuation of the assets acquired and liabilities assumed in the business combination resulting in the following measurement period adjustments to the provisional amounts since the acquisition date. The effect of these measurement period adjustments has been reflected in the consolidated financial statements for the period ended December 31, 2013.



Provisional amount of adjustments	Increase/(Decrease)
Timber and timberlands, net	$	10,348
Goodwill	10,496
Deferred tax liabilities	$	20,844

The fair value of the identifiable net assets acquired was $129.4 million, which was $10.5 million below the purchase price of $139.9 million. Accordingly, the excess of the purchase price over the fair value of the identifiable net assets (including deferred taxes) was recorded as goodwill within “Other Assets”on the Consolidated Balance Sheets. In a business combination, deferred tax liabilities are not recognized at fair value. As the deferred tax liabilities were not discounted to present value, the book value exceeded the market value resulting in non-core goodwill. The goodwill was assigned to the Forest Resources segment and is not deductible for tax purposes. Based on significant positive cash flow, forecasted financial results and a third party timber valuation, there is no indication of potential impairment of goodwill as of December 31, 2013.

The following table summarizes the final fair values of the assets acquired and liabilities assumed at the acquisition date, including the measurement period adjustments discussed above:



	April 4, 2013
Accounts receivable, net	$	9,777
Inventory	2,465
Other current assets	6,767
Timber and timberlands, net	555,635
Other assets	11,415
Total identifiable assets acquired	586,059
Accounts payable	11,679
Current maturities of long-term debt	3,843
Accrued interest	2,038
Other current liabilities	3,624
Long-term debt (third party)	196,319
Long-term debt (shareholders) (a)	125,532
Other non-current liabilities	20,388
Total liabilities assumed	363,423
Net identifiable assets	222,636
Plus: Goodwill	10,496
Less: Fair value of equity method investment	(93,253		)
Purchase price	$	139,879


(a)	Long-term debt included $125.5 million of shareholder loans payable to the noncontrolling interest by the New Zealand JV. Subsequent to the acquisition date, $96.0 million of the noncontrolling interest’s shareholder loans were converted to preferred equity.

The Company’s operating results for the year ended December 31, 2013 reflect 26 percent of the New Zealand JV’s income prior to the acquisition date, as reported in “Equity in income of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. The amounts of revenue and earnings of the New Zealand JV included in the Company’s Consolidated Statements of Income and Comprehensive Income from the acquisition date through December 31, 2013 are as follows:



	Revenue and earnings from April 4, 2013 to December 31, 2013
Sales	$	145,719
Net Income	5,435

The following represents the pro forma consolidated sales and net income for the two years ended December 31, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2012.



	2013		2012
Sales	$	1,742,348	$	1,683,776
Net Income	372,039		271,589

Segment and Geographical Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates in three reportable business segments: Forest Resources, Real Estate and Performance Fibers. Prior to the first quarter of 2013, the Company operated in four reportable business segments, which included Wood Products. In March 2013, the Company sold its Wood Products business and its operations are shown as discontinued operations for all periods presented. See Note 3 — Sale of Wood Products Business for additional information.

Forest Resources sales include all activities that relate to the harvesting of timber. Real Estate sales include all property sales, including those designated as 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 included two major product lines, cellulose specialties and absorbent materials. Beginning in the third quarter of 2013 and in conjunction with the completion of the CSE project, the Company’s Jesup mill began producing commodity grade products (primarily viscose) during the multi-year transition to higher cellulose specialties volume. Commodity viscose is a dissolving wood pulp used primarily in the manufacture of textiles. Commodity Viscose/Other includes commodity viscose and off-grade.

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 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 gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations.

Two customers in the Performance Fibers segment represented approximately 13 percent and 11 percent of the Company’s consolidated sales in 2013, respectively. Four customers in the Performance Fibers segment represented 15 percent, 12 percent, 10 percent, and 10 percent of the Company’s consolidated sales in 2012, respectively. Three customers in the Performance Fibers segment represented 15 percent, 11 percent and 11 percent of the Company’s consolidated sales in 2011, respectively.

Segment information for each of the three years ended December 31, 2013 follows (in millions of dollars):



	Sales
	2013			2012			2011
Forest Resources (a)	$	382		$	230		$	215
Real Estate (b)	149			57			71
Performance Fibers	1,042			1,093			1,020
Other Operations	138			105			122
Intersegment Eliminations	(3		)	(2		)	(7		)
Total	$	1,708		$	1,483		$	1,421


(a)	2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.


(b)	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million.



	Operating Income/(Loss)
	2013			2012			2011
Forest Resources	$	81		$	46		$	47
Real Estate	56			32			47
Performance Fibers	311			359			298
Other Operations	2			—			1
Corporate and other (a)	(27		)	(36		)	(36		)
Total	$	423		$	401		$	357


(a)	2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. 2011 included a $7 million increase in a disposition reserve.



	Gross Capital Expenditures
	2013		2012		2011
Forest Resources (a)	$	83	$	156	$	468
Performance Fibers (b)	242		309		140
Wood Products (c)	—		2		3
Corporate and other	—		1		2
Total assets acquired	$	325	$	468	$	613
Less: Assumption of loan for timberlands acquisition	—		—		(105		)
Total capital expenditures	$	325	$	468	$	508


(a)	Includes strategic timberland acquisitions of $107 million and $426 million (including assumption of a $105 million loan) in 2012 and 2011, respectively.


(b)	Includes $141 million, $201 million, and $43 million of strategic capital expenditures related to the Jesup mill CSE in 2013, 2012 and 2011, respectively.


(c)	The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information.



	Depreciation, Depletion and Amortization
	2013		2012		2011
Forest Resources (a)	$	99	$	75	$	63
Real Estate	17		8		12
Performance Fibers	75		61		56
Corporate and other	—		2		2
Total	$	191	$	146	$	133


(a)	2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.



	Total Assets
	2013		2012
Forest Resources (a)	$	2,163	$	1,690
Real Estate	149		113
Performance Fibers	1,079		902
Wood Products (b)	—		18
Other Operations	37		23
Corporate and other	258		377
Total	$	3,686	$	3,123


(a)	2013 included an increase in total assets of approximately $577 million related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.


(b)	The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information.



	Sales by Product Line
	2013		2012		2011
Forest Resources (a)	$	382	$	230	$	215
Real Estate
Development	4		2		4
Rural	37		39		33
Non-Strategic Timberlands (b)	108		16		34
Total Real Estate	149		57		71
Performance Fibers
Cellulose specialties	930		935		824
Viscose/other (c)	39		—		—
Absorbent materials	73		158		196
Total Performance Fibers	1,042		1,093		1,020
Other	135		103		115
Total Sales	$	1,708	$	1,483	$	1,421


(a)	2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.


(b)	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million.


(c)	Beginning in the third quarter of 2013, viscose and commodity grades are being produced as the Company begins its multi-year transition to producing only cellulose specialties.



	Geographical Operating Information
	Sales						Operating Income						Identifiable Assets
	2013		2012		2011		2013		2012		2011		2013		2012
United States	$	1,428	$	1,379	$	1,310	$	394	$	399	$	351	$	3,077	$	3,022
New Zealand	280		104		111		29		2		6		609		101
Total	$	1,708	$	1,483	$	1,421	$	423	$	401	$	357	$	3,686	$	3,123



	Sales by Destination
	2013		%	2012		%	2011		%
United States	$	818	48	$	690	47	$	669	47
China	351		20	281		19	277		19
Japan	150		9	170		11	159		11
New Zealand	157		9	18		1	22		2
Europe	79		5	182		12	173		12
Other Asia	82		5	68		5	55		4
Latin America	60		3	53		4	36		3
Canada	1		—	4		—	9		1
All other	10		1	17		1	21		1
Total Sales	$	1,708	100	$	1,483	100	$	1,421	100

The majority of sales to foreign countries are denominated in U.S. dollars.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2013

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, interest rates and fuel prices. The Company’s New Zealand JV uses derivative financial instruments to mitigate the financial impact of exposure to these risks.

Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of AOCI and reclassified into earnings when the hedged transaction materializes. The ineffective portion of any hedge as well as 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.

Foreign Currency Exchange and Option Contracts

The functional currency of the Company’s New Zealand-based operations and New Zealand JV is the New Zealand dollar. These operations are exposed to foreign currency risk on export sales and ocean freight payments which are predominately denominated in US dollars. The Company typically hedges at least 70 percent of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases and 50 percent of the forward twelve months.

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.

Interest Rate Swaps

The Company uses interest rate swaps to manage the New Zealand JV’s exposure to interest rate movements on its variable rate debt attributable to changes in the New Zealand Bank bill rate. By converting a portion of these borrowings from floating rates to fixed rates, the Company has reduced the impact of interest rate changes on its expected future cash outflows. As of December 31, 2013, the Company’s interest rate contracts hedged 95 percent of the New Zealand JV’s variable rate debt and had maturity dates through January 2020.

Fuel Hedge Contracts

The Company uses fuel hedge contracts to manage its New Zealand JV’s exposure to changes in New Zealand’s domestic diesel prices. The fuel swaps are quoted by domestic banks in New Zealand dollar price terms. As of December 31, 2013 all of the contracts had maturities of less than one year. The fair value of the fuel swap 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.

The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the year ended December 31, 2013:



	Income Statement Location	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	950
	Other operating (income) expense	652
Foreign currency option contracts	Other comprehensive income (loss)	460

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	(1,607		)
Foreign currency option contracts	Other operating (income) expense	1,147
Interest rate swaps	Interest and miscellaneous income (expense)	6,085
Fuel hedge contracts	Cost of sales (benefit)	(255		)

During the next 12 months, the amount of the December 31, 2013 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 $1.0 million.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2013:



	2013
	Notional Amount (a)
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$	32,300
Foreign currency option contracts	38,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	1,950
Foreign currency option contracts	4,000
Interest rate swaps	183,851
Fuel hedge contracts	38


(a)	All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels.

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2013:



	2013
	Location on Balance Sheet	Fair Value Assets (Liabilities) (a)
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	915
Foreign currency option contracts	Other current liabilities	(214		)
	Prepaid and other current assets	673

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Prepaid and other current assets	25
Foreign currency option contracts	Prepaid and other current assets	8
Interest rate swaps	Other non-current liabilities	(4,659		)
Fuel hedge contracts	Prepaid and other current assets	160

Total derivative contracts:
Prepaid and other current assets		$	1,781

Other current liabilities		(214		)
Other non-current liabilities		(4,659		)
Total derivative liabilities		$	(4,873	)


(a)	See Note 7 — 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.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2013

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, 2013 and 2012, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:



	2013								2012
Asset (liability)	Carrying Amount			Fair Value					Carrying Amount			Fair Value
				Level 1		Level 2						Level 1		Level 2
Cash and cash equivalents	$	199,644		$	199,644	$	—		$	280,596		$	280,596	$	—
Restricted cash (a)	68,944			68,944		—			10,559			10,559		—
Current maturities of long-term debt	(112,500		)	—		(119,614		)	(150,000		)	—		(150,000		)
Long-term debt	(1,461,724		)	—		(1,489,810		)	(1,120,052		)	—		(1,250,341		)
Interest rate swaps (b)	(4,659		)	—		(4,659		)	—			—		—
Foreign currency exchange contracts (b)	940			—		940			—			—		—
Foreign currency option contracts (b)	467			—		467			—			—		—
Fuel hedge contracts (b)	160			—		160			—			—		—


(a)	Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary.


(b)	See Note 6 — 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.

Earnings Per Common Share

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

Timberland Acquisitions	12 Months Ended
Timberland Acquisitions	Dec. 31, 2013
Property, Plant and Equipment [Abstract]
Timberland Acquisitions	TIMBERLAND ACQUISITIONS In four separate transactions throughout 2013, Rayonier purchased 17,000 acres located in Florida, Georgia and Louisiana for $20 million. These acquisitions were funded with cash on hand or through the revolving credit facility and were accounted for as asset purchases. In December 2012, the Company acquired approximately 63,000 acres of timberland in Texas for $88 million. The acquisition was funded with $30 million in borrowings on the Company’s existing revolving credit facility and cash on hand. The acquisition was accounted for as an asset purchase. In three separate transactions throughout 2012, Rayonier purchased 25,000 acres of timberland located in Alabama, Florida and Texas for $19 million. These acquisitions were funded with cash on hand and were accounted for as asset purchases.

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2013
Other Assets [Abstract]
Other Assets	OTHER ASSETS Included in Other Assets are non-current prepaid and deferred income taxes, restricted cash, HBU real estate not expected to be sold within the next 12 months, manufacturing and maintenance supplies not expected to be utilized within the next 12 months, and other deferred expenses including debt issuance and capitalized software costs. In order to qualify for 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, 2013 and 2012, the Company had $68.9 million and $10.6 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary. Debt issuance costs are capitalized and amortized to interest expense over the term of the debt to which they relate using a method that approximates the interest method. At December 31, 2013 and 2012, capitalized debt issuance costs were $7.0 million and $9.3 million, respectively. Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. At December 31, 2013 and 2012, capitalized software costs were $8.0 million and $8.2 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

In general, only the taxable REIT subsidiaries, whose businesses include the Company’s non-REIT qualified activities and foreign activities, are subject to corporate income taxes. However, the Company was 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 2010. In 2011, the law provided a built-in gains tax holiday. In 2013, the law provided a built-in gains tax holiday for 2012 (retroactive) and 2013 which impacted the Company’s 2013 tax provision. Accordingly, the provision for corporate income taxes relates principally to current and deferred taxes on TRS income and foreign operations.

Like-Kind Exchanges

Under current tax law, the built-in gain tax from the sale of REIT property can be deferred and eliminated if sale proceeds from “relinquished” properties are reinvested in similar property consistent with the LKE requirements of the U.S. Internal Revenue Code, as long as the “replacement” property is owned through the end of the built-in gain period (10-year period which began on January 1, 2004). The LKE requirements do not restrict the Company’s ability to harvest timber on a pay-as-cut basis from such replacement property during the built-in gain period.

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 produces and uses an alternative fuel (“black liquor”) at its Jesup, Georgia and Fernandina Beach, Florida Performance Fibers mills, which qualified for both credits. Rayonier claimed the AFMC on its original 2009 income tax return. In 2013, 2012 and 2011, management approved exchanges of black liquor gallons previously claimed under the AFMC for the CBPC. The net tax benefit from these exchanges was $18.8 million, $12.2 million and $5.8 million, respectively.

Provision for Income Taxes from Continuing Operations

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



	2013				2012			2011
Current
U.S. federal	$	(83,119	)		$	(76,381	)	$	(27,224	)
State	(4,315		)		(4,569		)	(624		)
Foreign	(400		)		(288		)	(342		)
	(87,834		)		(81,238		)	(28,190		)
Deferred
U.S. federal	39,567				(2,598		)	(2,079		)
State	18,320				(595		)	(1,066		)
Foreign	(5,119		)		(55		)	(32		)
	52,768				(3,248		)	(3,177		)
Changes in valuation allowance	(14,595		)	(a)	(257		)	679
Total	$	(49,661	)		$	(84,743	)	$	(30,688	)


(a)	The increase in the valuation allowance during 2013 was primarily related to Georgia investment tax credits earned on the CSE project, the majority of which are fully reserved.

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



	2013		2012		2011
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
REIT income not subject to federal tax	(11.0	)	(7.3	)	(10.6	)
Manufacturing deduction	(2.5	)	(2.4	)	—
Other	2.0		1.0		(1.0	)
Effective tax rate before non-routine items	23.5	%	26.3	%	23.4	%
Installment note prepayment	(2.4	)	—		(3.6	)
Built-in gains tax holiday	—		—		(1.9	)
AFMC for CBPC exchange	(4.9	)	(3.3	)	(1.9	)
Taxing authority settlements and unrecognized tax benefit adjustments	—		—		(5.3	)
Gain related to consolidation of New Zealand joint venture	(1.5	)	—		—
Other	(1.7	)	0.8		(0.7	)
Income tax rate as reported	13.0	%	23.8	%	10.0	%

The effective tax rate decreased in 2013 from 2012 due to proportionately higher earnings from REIT operations and a benefit associated with the internal transfer of timberland properties. The effective tax rate increased in 2012 from 2011 due to proportionally higher TRS income. 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 and the AFMC for CBPC exchange.

Provision for Income Taxes from Discontinued Operations

During 2013, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. Income tax expense related to the Wood Products business that was classified in discontinued operations was $22.0 million ($21.1 million from the gain on sale) and $3.6 million for the years ended December 31, 2013 and 2012, respectively. For the year ended December 31, 2011, the income tax benefit related to Wood Products discontinued operations was $0.3 million. See Note 3 — Sale of Wood Products Business for additional information. Additionally, a tax benefit of $0.9 million related to environmental remediation activities of Southern Wood Piedmont Company was classified as discontinued operations for the year ended December 31, 2013.

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 for the two years ended December 31, were as follows:



	2013			2012
Gross deferred tax assets:
Liabilities for dispositions and discontinued operations	$	28,050		$	29,944
Pension, postretirement and other employee benefits	43,058			66,354
Foreign and state NOL carryforwards	85,801			18,023
Tax credit carryforwards	52,682			4,429
Other	29,871			8,736
Total gross deferred tax assets	239,462			127,486
Less: Valuation allowance	(33,889		)	(19,294		)
Total deferred tax assets after valuation allowance	205,573			108,192
Gross deferred tax liabilities:
Accelerated depreciation	(57,695		)	(61,414		)
Repatriation of foreign earnings	(9,065		)	(5,428		)
New Zealand forests, roads and carbon credits	(85,681		)	—
Other	(12,607		)	(4,461		)
Total gross deferred tax liabilities	(165,048		)	(71,303		)
Net deferred tax asset	$	40,525		$	36,889
Current portion of deferred tax asset	$	39,100		$	15,845
Noncurrent portion of deferred tax asset	10,720			26,792
Noncurrent portion of deferred tax liability	(9,295		)	(5,748		)
Net deferred tax asset	$	40,525		$	36,889

Included above are the following foreign and state net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2013:



Item	Gross Amount		Valuation Allowance			Expiration
RNZ NOL Carryforwards (a)	$	6,342	$	(1,776	)	None
State NOL Carryforwards (a)	243,087		(7,525		)	2014 - 2019
New Zealand JV NOL Carryforwards	273,212		—			None
State Tax Credits	26,000		(24,588		)	2014 - 2023
Cellulosic Biofuel Producer Credit	26,682		—			2016
Total Valuation Allowance			$	(33,889	)


(a)	Fully reserved at December 31, 2013.

In 2013 and 2012, the Company recorded excess tax benefits of $8.4 million and $7.6 million, respectively, related to stock-based compensation. These amounts were credited directly to shareholders’ equity and were not included in the consolidated tax provision.

Unrecognized Tax Benefits

In accordance with generally accepted accounting principles, we recognize 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:



	2013			2012		2011
Balance at January 1,	$	6,580		$	6,580	$	22,580
Decreases related to prior year tax positions	(800		)	—		(16,000		)	(a)
Increases related to prior year tax positions	4,767			—		—
Balance at December 31,	$	10,547		$	6,580	$	6,580


(a)	During 2011, the Company received a final examination report from the IRS regarding its TRS 2009 tax return. As a result, Rayonier reversed the uncertain tax liability recorded in 2009 relating to the taxability of the AFMC and recognized a $16 million tax benefit in the third quarter of 2011.

The unrecognized tax benefits as of December 31, 2013 included $4.8 million related to an increased domestic production deduction on the Company’s amended 2009 tax return due to the inclusion of the CBPC income. The IRS is currently examining the position and a resolution is expected in 2014. The remaining $5.8 million of unrecognized tax benefits is related to positions on the Company’s 2010 tax return, which is expected to be settled in 2014. As such, it is expected that $10.5 million of unrecognized tax benefits will be reversed in the next 12 months.

The total amount of unrecognized tax benefits that, if recognized, would have affected the effective tax rate at December 31, 2013, 2012 and 2011 is $6.6 million, $2.6 million and $2.6 million, respectively. At December 31, 2013, the amount of unrecognized tax benefits that, if recognized, would decrease prepaid tax assets are $4.0 million. Prepaid tax assets are reported in “Other assets” on the Company’s Consolidated Balance Sheets.

The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expenses. For the years ended December 31, 2013 and 2012, the Company recorded interest expense of $0.1 million and $0.2 million, respectively. For the year ended December 31, 2011, the Company recorded an interest benefit of $0.3 million. The Company has liabilities of approximately $0.5 million and $0.4 million for the payment of interest at December 31, 2013 and 2012, respectively.

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	2008 – 2013
State of Alabama	2009 – 2013
State of Florida	2005 – 2006, 2008 – 2013
State of Georgia	2009 – 2013
New Zealand Inland Revenue	2009 – 2013

Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

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:



	2013		2012		2011
Income from continuing operations	$	331,765	$	271,442	$	276,674
Less: Income from continuing operations attributable to noncontrolling interest	1,902		—		—
Income from continuing operations attributable to Rayonier Inc.	$	329,863	$	271,442	$	276,674

Income from discontinued operations attributable to Rayonier Inc.	$	42,033	$	7,243	$	(669	)

Net income attributable to Rayonier Inc.	$	371,896	$	278,685	$	276,005

Shares used for determining basic earnings per common share	125,717,311		122,711,802		121,662,985
Dilutive effect of:
Stock options	463,949		634,218		702,693
Performance and restricted shares	158,319		757,308		982,951
Assumed conversion of Senior Exchangeable Notes (a)	1,965,177		2,888,650		1,895,762
Assumed conversion of warrants (a)	1,800,345		1,710,445		149,900
Shares used for determining diluted earnings per common share	130,105,101		128,702,423		125,394,291
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	2.63	$	2.21	$	2.28
Discontinued operations	0.33		0.06		(0.01		)
Net income	$	2.96	$	2.27	$	2.27
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	2.54	$	2.11	$	2.21
Discontinued operations	0.32		0.06		(0.01		)
Net income	$	2.86	$	2.17	$	2.20



	2013	2012	2011
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	337,145	224,918	161,786
Assumed conversion of exchangeable note hedges (a)	1,965,177	2,888,650	1,895,762
Total	2,302,322	3,113,568	2,057,548

(a) The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013.

The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $39.10 per share. For further information, see Note 13 — Debt.

Inventory

12 Months Ended

Dec. 31, 2013

Inventory Disclosure [Abstract]

Inventory

INVENTORY

As of December 31, 2013 and 2012, Rayonier’s inventory included the following:



	2013		2012
Finished goods (a)	$	115,270	$	103,568
Work in progress	3,555		4,446
Raw materials	17,661		17,602
Manufacturing and maintenance supplies	2,332		2,350
Total inventory	$	138,818	$	127,966


(a)	Includes $6.3 million and $4.9 million of HBU real estate held for sale at December 31, 2013 and 2012, respectively.

Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Debt

DEBT

Rayonier’s debt consisted of the following at December 31, 2013 and 2012:



	2013			2012
Senior Notes due 2022 at a fixed interest rate of 3.75%	$	325,000		$	325,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a)	127,749			165,821
Installment note due 2014 at a fixed interest rate of 8.64%	112,500			112,500
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	65,165			76,731
Solid waste bond due 2020 at a variable interest rate of 1.5% at December 31, 2013	15,000			15,000
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.14% at December 31, 2013	205,000			275,000
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.67% at December 31, 2013	500,000			300,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.39% at December 31, 2013	193,311			—
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate	30,499			—
Total debt	1,574,224			1,270,052
Less: Current maturities of long-term debt	(112,500		)	(150,000		)
Long-term debt	$	1,461,724		$	1,120,052

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



2014	$	112,500
2015 (a)	130,973
2016	398,311
2017 (b)	63,000
2018	—
Thereafter	870,499
Total Debt	$	1,575,283


(a)	Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million.


(b)	The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million.

Term Credit Agreement

In December 2012, the Company entered into a $640 million senior unsecured term credit agreement with banks in the farm credit system, which is a network of cooperatives. The agreement matures in December 2019 and has a delayed draw feature that allows borrowings up to $640 million through December 2017 using a maximum of five advances. The periodic interest rate on the term credit agreement is LIBOR plus 150 basis points, with an unused commitment fee of 15 basis points. The Company receives annual patronage refunds, 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 expects the effective interest rate to approximate LIBOR plus 95 basis points after consideration of the patronage refunds. At December 31, 2013, the Company had $140 million of available borrowings under this facility.

Revolving Credit Facility

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 facility had a borrowing rate of LIBOR plus 105 basis points plus a facility fee of 20 basis points. In August 2011, the Company increased the revolving credit facility to $450 million from $300 million. In October 2012, the Company negotiated amendments to the facility providing for improved pricing with a borrowing rate of LIBOR plus 97.5 basis points and a facility fee of 15 basis points. The amended and restated credit agreement also eliminated all requirements for subsidiary guarantors, other than cross-guarantees of the borrowers. The covenants related to the facility were also amended to provide additional borrowing capacity and other changes. The April 2016 expiration date remained unchanged. At December 31, 2013, the Company had $243 million of available borrowings under this facility, net of $2 million to secure its outstanding letters of credit.

Joint Venture Debt

On April 4, 2013, Rayonier acquired an additional 39 percent interest in its New Zealand JV, bringing its total ownership to 65 percent and as a result, the New Zealand JV’s debt was consolidated effective on that date. See Note 4 — Joint Venture Investment for further information.

Senior Secured Facilities Agreement

The New Zealand JV is party to a $212 million variable rate Senior Secured Facilities Agreement comprised of two tranches. Tranche A, a $193 million revolving cash advance facility expires September 2016 and Tranche B, a $19 million working capital facility expires September 2014. Although the maximum amounts available under the agreement are denominated in New Zealand dollars, advances on Tranche A are also available in U.S. dollars. This agreement is secured by a Security Trust Deed that provides recourse only to the New Zealand JV’s assets; there is no recourse to Rayonier Inc. or any of its subsidiaries.

Revolving Credit Facility

As of December 31, 2013 the Senior Secured Facilities Agreement had $193 million outstanding on Tranche A at 4.39 percent due September 2016. The interest rate is indexed to the 90 day New Zealand Bank bill rate and is generally repriced quarterly. The margin on the index rate fluctuates based on the interest coverage ratio. The New Zealand JV manages these rates through interest rate swaps, as discussed at Note 6 — Derivative Financial Instruments and Hedging Activities. The notional amounts of the outstanding interest rate swap contracts at December 31, 2013 were $184 million, or 95 percent of the variable rate debt. The weighted average fixed interest rate resulting from the swaps was 4.9 percent. The interest rate swap contracts have maturities between one and seven years.

Working Capital Facility

The $19 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 Official Cash Rate set by the Reserve Bank of New Zealand. The margin ranges from 1.17 percent to 1.44 percent based on the interest coverage ratio and the length of time each borrowing is outstanding. At December 31, 2013, there was no outstanding balance on the Working Capital Facility.

Shareholder Loan

The shareholder loan is an interest-free loan from the noncontrolling New Zealand JV partner in the amount of $30 million. This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is secured by timberlands owned by the New Zealand JV and is subordinated to the Senior Secured Facilities Agreement. 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 remained classified as long-term debt at December 31, 2013 due to the ability and intent of the Company to refinance it on a long-term basis.

$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 bear fixed interest rates of 4.35 percent 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 both 2013 and 2012, the maximum amounts allowed without penalty at the respective dates. The notes were recorded at fair value on the date of acquisition. At December 31, 2013, the carrying value of the debt outstanding was $65.2 million; however, the liability will be $63.0 million at maturity.

4.50% Senior Exchangeable Notes issued August 2009

In August 2009, TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes are guaranteed by Rayonier and are non-callable. The principal will be settled in cash and any excess exchange value will be settled at the option of the Company in either cash or stock of Rayonier. Note holders may convert their notes to common stock of Rayonier, subject to certain provisions including the market price of the stock and the trading price of the convertible notes. The current exchange rate is 30.55 shares per $1,000 principal based on an exchange price of $32.74.

In separate transactions, TRS and Rayonier purchased exchangeable note hedges and sold warrants, respectively, based on 5,169,653 underlying shares of Rayonier. These transactions had the effect of increasing the conversion premium from 22.5 percent to 46 percent or to $39.10 per share. The exchangeable note hedge and warrant transactions are intended to limit exposure of potential dilution to Rayonier shareholders from note holders who could exchange the notes for Rayonier common shares. On exercise of the hedges, TRS will receive shares of Rayonier common stock equal to the difference between the then market price and the strike price of $32.74. The holders of the warrants will receive net shares from Rayonier if the share price is above $39.10 at maturity of the warrants.

The purchased hedges and sold warrants are not part of the terms of the notes and will not affect the note holders’ rights. Likewise, the note holders will not have any rights with respect to the hedge or the warrants. The purchased hedges and the sold warrants do not meet the definition of a derivative instrument because they are indexed to the Company’s own stock. They were recorded in shareholders’ equity in the Consolidated Balance Sheet and are not subject to mark-to-market adjustments.

The $172.5 million 4.50% Senior Exchangeable Notes due 2015 were exchangeable at the option of the holders for all four calendar quarters ending in 2013. Per the indenture, in order for the notes to become exchangeable, the Company’s stock price must exceed 130 percent of the exchange price for 20 trading days in a period of 30 consecutive trading days as of the last day of the quarter.

During the third quarter of 2013, three groups of note holders elected to exercise their right to redeem $41.5 million of the notes. As of December 31, 2013, all three redemptions have settled. In accordance with ASC 470-50, Modifications and Extinguishments [Debt], the fair value of the debt prior to redemption was compared to its carrying amount and the difference expensed, along with unamortized discount and issuance costs. As a result, Rayonier recorded a loss on the early redemption of $4 million.

Based upon the average stock price for the 30 trading days ended December 31, 2013, these notes again became exchangeable at the option of the holder for the calendar quarter ending March 31, 2014. The remaining balance of the notes is classified as long-term debt at December 31, 2013 due to the ability and intent of the Company to refinance them on a long-term basis.

3.75% Senior Exchangeable Notes issued October 2007

In October 2007, TRS issued $300.0 million of 3.75% Senior Exchangeable Notes due 2012. In separate transactions, TRS and Rayonier, purchased an exchangeable note hedge and sold warrants, respectively, based on 8,239,920 underlying shares of Rayonier. The notes matured in October 2012 and the outstanding principal balance of $300.0 million was paid in cash. The exchangeable note hedges also matured and the associated shares were used to pay the excess exchange value of 2,221,056 shares of Rayonier stock. As a result, there was no impact on the number of shares outstanding. The warrants sold in conjunction with the issuance of the 3.75% Senior Exchangeable Notes due 2012 began maturing on January 15, 2013 and continued to mature through March 27, 2013. In first and second quarter 2013, 8,313,511 of warrants were settled, resulting in the issuance of 2,135,221 Rayonier common shares. For information regarding the dilutive effect of the assumed conversion of the warrants, refer to Note 11 — Earnings per Common Share.

The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2013 and 2012 are as follows:



	2013			2012
Liabilities:
Principal amount of debt
4.50% Senior Exchangeable Notes	$	130,973		$	172,500
Unamortized discount
4.50% Senior Exchangeable Notes	(3,224		)	(6,679		)
Net carrying amount of debt	$	127,749		$	165,821
Equity:
Common stock	$	8,850		$	8,850

The discount for the 4.50% notes will be amortized through August 2015.

The amount of interest related to the convertible debt recognized in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31 is as follows:



	2013		2012		2011
Contractual interest coupon
4.50% Senior Exchangeable Notes	$	7,271	$	7,763	$	7,763
3.75% Senior Exchangeable Notes	—		8,682		11,250
Amortization of debt discount
4.50% Senior Exchangeable Notes	2,281		2,296		2,167
3.75% Senior Exchangeable Notes	—		5,378		6,487
Total interest expense recognized	$	9,552	$	24,119	$	27,667

The effective interest rate on the liability component of both issues for the years ended December 31, 2013, 2012 and 2011 was 6.21%.

Debt Covenants

In connection with the Company’s $450 million revolving credit facility, covenants must be met, including an interest coverage ratio based on the facility’s definition of EBITDA (“Covenant EBITDA”). Covenant EBITDA consists of earnings from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense, depreciation, depletion, amortization and the non-cash cost basis of real estate sold. Additionally, debt at subsidiaries (excluding Rayonier Operating Company LLC and TRS, which are borrowers under the agreement) is limited to 15 percent of Consolidated Net Tangible Assets. Consolidated Net Tangible Assets is defined as total assets less the sum of total current liabilities and intangible assets.

The term credit agreement, executed in December 2012, contains various covenants customary to credit agreements with borrowers having investment-grade debt ratings. These covenants are substantially identical to those of the credit facility discussed above.

The Company’s $112 million installment note includes covenants related to Rayonier Forest Resources (“RFR”). RFR may not incur additional debt unless, at the time of incurrence, and after giving pro forma effect to the receipt and application of the proceeds of such debt, RFR meets or exceeds a minimum ratio of cash flow to fixed charges. RFR’s ability to make certain quarterly distributions to Rayonier Inc. is limited to an amount equal to RFR’s “available cash,” which consists of its opening cash balance plus proceeds from permitted borrowings.

In connection with the New Zealand JV’s Senior Secured Facilities Agreement, covenants must be met, including generation of sufficient cash flows to meet a minimum interest coverage ratio of 1.25 to 1 on a quarterly basis and maintenance of a leverage ratio of bank debt versus the forest and land valuation below the covenant’s maximum ratio of 40 percent.

At December 31, 2013, the Company was in compliance with all covenants. The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2013, are calculated on a trailing 12-month basis:



	Covenant Requirement	Actual ratio	Favorable
Covenant EBITDA to consolidated interest expense should not be less than	2.50 to 1	13.31 to 1	10.81
Consolidated funded debt should not exceed 65 percent of consolidated net worth plus the amount of consolidated funded debt	65%	47.5%	17.5%
Subsidiary debt should not exceed 15 percent of Consolidated Net Tangible Assets	15%	6%	9%
RFR cash flow available for fixed charges to RFR fixed charges should not be less than	2.50 to 1	27.44 to 1	24.94
New Zealand JV's minimum interest coverage ratio should not be less than	1.25 to 1	2.08 to 1	0.83
New Zealand JV's leverage ratio of bank debt versus the forest and land valuation should not exceed	40%	31.7%	8.3%

In addition to the financial covenants listed above, the installment note, mortgage notes, senior notes, term credit agreement and revolving credit facility include customary covenants that limit the incurrence of debt, the disposition of assets, and the making of certain payments between RFR and Rayonier, among others. An asset sales covenant in the RFR installment note related agreements requires the Company, subject to certain exceptions, to either reinvest cumulative timberland sale proceeds for individual sales greater than $10 million (the “excess proceeds”) in timberland-related investments or, once the amount of excess proceeds not reinvested exceeds $50 million, to offer the note holders prepayment of the notes ratably in the amount of the excess proceeds. During April 2012, the excess proceeds exceeded the $50 million limit and as a result, repayment of $59.9 million was offered to the note holders. The note holders declined the offer and the excess proceeds were reset to zero. The amount of excess proceeds was $0 million at December 31, 2013 and 2012, respectively.

Shareholders' Equity

12 Months Ended

Dec. 31, 2013

Shareholders' Equity

SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for each of the three years ended December 31, 2013 is shown below.



	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Shareholders’ Equity
	Shares		Amount			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Shareholders’ Equity
Balance, December 31, 2010	121,023,140		$	602,882		$	717,058		$	(68,358	)	$	—		$	1,251,582
Net income	—		—			276,005			—			—			276,005
Dividends ($1.52 per share)	—		—			(186,828		)	—			—			(186,828		)
Issuance of shares under incentive stock plans	1,220,731		13,451			—			—			—			13,451
Stock-based compensation	—		16,181			—			—			—			16,181
Excess tax benefit on stock-based compensation	—		5,681			—			—			—			5,681
Repurchase of common shares	(208,694	)	(7,909		)	—			—			—			(7,909		)
Net loss from pension and postretirement plans	—		—			—			(46,263		)	—			(46,263		)
Foreign currency translation adjustment	—		—			—			3,546			—			3,546
Joint venture cash flow hedges	—		—			—			(2,373		)	—			(2,373		)
Balance, December 31, 2011	122,035,177		$	630,286		$	806,235		$	(113,448	)	$	—		$	1,323,073
Net income	—		—			278,685			—			—			278,685
Dividends ($1.68 per share)	—		—			(208,286		)	—			—			(208,286		)
Issuance of shares under incentive stock plans	1,467,024		25,495			—			—			—			25,495
Stock-based compensation	—		15,116			—			—			—			15,116
Excess tax benefit on stock-based compensation	—		7,635			—			—			—			7,635
Repurchase of common shares	(169,757	)	(7,783		)	—			—			—			(7,783		)
Net loss from pension and postretirement plans	—		—			—			(496		)	—			(496		)
Foreign currency translation adjustment	—		—			—			4,352			—			4,352
Joint venture cash flow hedges	—		—			—			213			—			213
Balance, December 31, 2012	123,332,444		$	670,749		$	876,634		$	(109,379	)	$	—		$	1,438,004
Net income	—		—			371,896			—			1,902			373,798
Dividends ($1.86 per share)	—		—			(233,321		)	—			—			(233,321		)
Issuance of shares under incentive stock plans	1,001,426		10,101			—			—			—			10,101
Stock-based compensation	—		11,710			—			—			—			11,710
Excess tax benefit on stock-based compensation	—		8,413			—			—			—			8,413
Repurchase of common shares	(211,221	)	(11,326		)	—			—			—			(11,326		)
Equity portion of convertible debt (Note 13)	—		2,453			—			—			—			2,453
Settlement of warrants (Note 13)	2,135,221		—			—			—			—			—
Net loss from pension and postretirement plans	—		—			—			61,869			—			61,869
Acquisition of noncontrolling interest	—		—			—			—			96,336			96,336
Noncontrolling interest redemption of shares	—		—			—			—			(713		)	(713		)
Foreign currency translation adjustment	—		—			—			(1,915		)	(3,795		)	(5,710		)
Joint venture cash flow hedges	—		—			—			3,286			343			3,629
Balance, December 31, 2013	126,257,870		$	692,100		$	1,015,209		$	(46,139	)	$	94,073		$	1,755,243

The table below summarizes the tax characteristics of the cash dividend paid to shareholders for the three years ended December 31, 2013:



	2013		2012		2011
Capital gain	$	0.72	$	1.68	$	1.52
Qualified	1.14		—		—
Non-taxable return of capital	—		—		—
Total cash dividend per common share	$	1.86	$	1.68	$	1.52

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Accumulated Other Comprehensive Income/(Loss)

12 Months Ended

Dec. 31, 2013

Accumulated Other Comprehensive Income/(Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The following table summarizes the changes in AOCI by component for the year ended December 31, 2013. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.



	Foreign currency translation gains (a)			New Zealand joint venture cash flow hedges (b)			Unrecognized components of employee benefit plans				Total
Balance as of December 31, 2012	$	38,829		$	(3,628	)	$	(144,580	)		$	(109,379	)
Other comprehensive income/(loss) before reclassifications	(1,915		)	798			45,931			(c)	44,814
Amounts reclassified from accumulated other comprehensive loss	—			2,488			15,938			(d)	18,426
Net other comprehensive income/(loss)	(1,915		)	3,286			61,869				63,240
Balance as of December 31, 2013	$	36,914		$	(342	)	$	(82,711	)		$	(46,139	)


(a)	During the year ended December 31, 2013 the decrease in net foreign currency translation gains was due to the strengthening of the U.S. dollar against the New Zealand dollar.

(b)

Prior to the acquisition of a majority interest in the New Zealand JV, Rayonier recorded its proportionate share of its cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition, as discussed in Note 6 — Derivative Financial Instruments and Hedging Activities.


(c)	The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013.


(d)	This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI for the year ended December 31, 2013:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income			Affected line item in the income statement
Loss from New Zealand joint venture cash flow hedges	$	2,159		Gain related to consolidation of New Zealand joint venture
Realized loss on foreign exchange contracts	843			Other operating (income) expense, net
Noncontrolling interest benefit	(295		)	Comprehensive (loss) attributable to noncontrolling interest
Income tax benefit	(219		)	Income tax expense
Net loss reclassified from accumulated other comprehensive income	$	2,488

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Other Income and Expenses [Abstract]

Other Operating Income, Net

12 Months Ended

Dec. 31, 2013

Other Operating Income, Net

OTHER OPERATING INCOME, NET

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



	2013			2012			2011
Lease income, primarily for hunting	$	19,479		$	15,937		$	13,071
Other non-timber income	2,714			3,346			2,145
Foreign currency gains	901			—			—
Insurance recoveries	—			2,298			1,890
Loss on sale or disposal of property plant & equipment (a)	(2,103		)	(2,342		)	(7,415		)
Loss on foreign currency contracts, net	(192		)	—			—
Environmental and disposition reserve adjustments (b)	—			(797		)	(5,989		)
Legal and corporate development costs (c)	(8,275		)	(1,073		)	—
Miscellaneous (expense) income, net	(3,037		)	(3,200		)	92
Total	$	9,487		$	14,169		$	3,794


(a)	2011 included a $5.5 million write-off related to process equipment changes needed for the CSE project.


(b)	2011 included a $6.5 million increase in a disposition reserve for a closed mill site. For additional information, see Note 17 — Liabilities for Dispositions and Discontinued Operations.


(c)	2013 included additional expenses primarily related to planning the separation of our Performance Fibers business from our Forest Resources and Real Estate businesses.

Liabilities for Dispositions and Discontinued Operations

12 Months Ended

Dec. 31, 2013

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

Liabilities for Dispositions and Discontinued Operations

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

The Company’s dispositions and discontinued operations include its Port Angeles, Washington former dissolving pulp mill site, which was closed in 1997; Southern Wood Piedmont Company (“SWP”), which ceased operations in 1989 except for investigation and remediation activities; and other miscellaneous assets held for disposition. SWP owns or has liability for nine inactive former wood treating sites that are subject to the Resource Conservation and Recovery Act (“RCRA”), the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and/or other similar federal or state statutes relating to the investigation and remediation of environmentally-impacted sites.

An analysis of activity in the liabilities for dispositions and discontinued operations for the three years ended December 31, 2013 follows:



	2013			2012			2011
Balance, January 1	$	81,695		$	90,824		$	93,160
Expenditures charged to liabilities	(8,570		)	(9,926		)	(9,209		)
Increase to liabilities	3,253			797			6,873
Balance, December 31	76,378			81,695			90,824
Less: Current portion	(6,835		)	(8,105		)	(9,931		)
Non-current portion	$	69,543		$	73,590		$	80,893

Below are disclosures for specific site liabilities where current estimates exceed 10 percent of the total liabilities for dispositions and discontinued operations at December 31, 2013. An analysis of the activity for the two years ended December 31, 2013 is as follows:



	Activity (in millions) as of December 31,
	2011					(Reduction) Increase to Liabilities			2012					Increase (Reduction) to Liabilities			2013
Sites	Liability		Expenditures			(Reduction) Increase to Liabilities			Liability		Expenditures			Increase (Reduction) to Liabilities			Liability
Augusta, Georgia	$	13.9	$	(0.8	)	$	(1.0	)	$	12.1	$	(1.0	)	$	0.8		$	11.9
Spartanburg, South Carolina	14.7		(0.9		)	0.2			14.0		(1.4		)	(0.8		)	11.8
East Point, Georgia	11.0		(1.0		)	0.9			10.9		(0.8		)	(0.2		)	9.9
Baldwin, Florida	9.7		(0.9		)	0.3			9.1		(1.1		)	2.7			10.7
Other SWP sites	26.3		(3.6		)	(1.8		)	20.9		(2.1		)	(0.2		)	18.6
Total SWP	75.6		(7.2		)	(1.4		)	67.0		(6.4		)	2.3			62.9
Port Angeles, Washington	9.3		(1.7		)	1.9			9.5		(1.5		)	1.4			9.4
All other sites	5.9		(1.0		)	0.3			5.2		(0.7		)	(0.4		)	4.1
TOTAL	$	90.8	$	(9.9	)	$	0.8		$	81.7	$	(8.6	)	$	3.3		$	76.4

A brief description of each of these sites is as follows:

Augusta, Georgia — SWP operated a wood treatment plant at this site from 1928 to 1988. The majority of visually contaminated surface soils have been removed, and remediation activities currently consist primarily of a groundwater treatment and recovery system. The site operates under a 10 year hazardous waste permit issued pursuant to RCRA, which expires in 2014. Current cost estimates could change if recovery or discharge volumes increase or decrease significantly, or if changes to current remediation activities are required in the future. Total spending as of December 31, 2013 was $68.3 million. Liabilities are recorded to cover obligations for the estimated remaining assessment, remedial and monitoring activities through 2033.

Spartanburg, South Carolina — SWP operated a wood treatment plant at this site from 1925 to 1989. Remediation activities include: (1) a recovery system and biological wastewater treatment plant, (2) an ozone-sparging system treating soil and groundwater and (3) an ion-exchange resin system treating groundwater. In 2012, SWP entered into a consent decree with the South Carolina Department of Health and Environmental Control which governs future investigatory and assessment activities at the site. Depending on the results of this investigation and assessment, additional remedial actions may be required in the future. Therefore, current cost estimates could change. Total spending as of December 31, 2013 was $40.2 million. Liabilities are recorded to cover obligations for the estimated remaining assessment, remedial and monitoring activities through 2033.

East Point, Georgia — SWP operated a wood treatment plant at this site from 1908 to 1984. This site operates under a 10 year RCRA hazardous waste permit, which is currently in the renewal process. In 2009, SWP entered into a consent order with the Environmental Protection Division of the Georgia Department of Natural Resources which requires that SWP perform certain additional investigatory, analytical and potentially, remedial activity. Therefore, while active remedial measures are currently ongoing, additional remedial measures may be necessary in the future. Total spending as of December 31, 2013 was $21.8 million. Liabilities are recorded to cover obligations for the estimated remaining assessment, remedial and monitoring activities through 2033.

Baldwin, Florida — SWP operated a wood treatment plant at this site from 1954 to 1987. This site operates under a 10 year hazardous waste permit issued pursuant to RCRA, which expires in 2016. Visually contaminated surface soils have been removed, and current remediation activities primarily consist of a groundwater recovery and treatment system. Investigation and assessment of other potential areas of concern are ongoing in accordance with the facility’s RCRA permit and additional remedial activities may be necessary in the future. Therefore, current cost estimates could change. Total spending as of December 31, 2013 was $21.7 million. Liabilities are recorded to cover obligations for the estimated remaining assessment, remedial and monitoring activities through 2033.

Port Angeles, Washington — Rayonier operated a dissolving pulp mill at this site from 1930 until 1997. The site and the adjacent marine areas (a portion of Port Angeles harbor) have been in various stages of the assessment process under the Washington Model Toxics Control Act (“MTCA”) since about 2000, and several voluntary interim soil clean-up actions have also been performed during this time. In 2010, Rayonier entered into an agreed order with the Washington Department of Ecology (“Ecology”), under which the MTCA investigatory, assessment and feasibility and alternatives study process will be completed on a set timetable, subject to approval of all reports and studies by Ecology. Upon completion of all work required under the agreed order and negotiation of an approved remedy, additional remedial measures for the site and adjacent marine areas may be necessary in the future. In 2011, an increase in the reserve of $7.1 million was recorded, with $6.5 million of the increase recorded as an expense in “other operating income, net” in the Consolidated Statements of Income and Comprehensive Income. Total spending as of December 31, 2013 was $42.7 million. Liabilities are recorded to cover obligations for the estimated assessment, remediation and monitoring obligations that are deemed probable and estimable at this time.

The estimated expenditures for environmental investigation, remediation, monitoring and other costs for all of the Company’s dispositions and discontinued operations will be approximately $8 million in 2014 and $7 million in 2015. Such costs will be charged against the established liabilities for dispositions and discontinued operations, which include environmental assessment, remediation and monitoring costs. Management 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.

In addition, these prior dispositions and discontinued operations are exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of December 31, 2013, this amount could range up to $30 million, allocable over several of the applicable sites, and arises from uncertainty over the availability, feasibility 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.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2013
Loss Contingency [Abstract]
Contingencies	CONTINGENCIES Rayonier is engaged in various legal actions, including certain environmental matters that are discussed more fully in Note 17 — Liabilities for Dispositions and Discontinued Operations. 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 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, 2013

Guarantees [Abstract]

Guarantees

GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2013, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of Liability
Standby letters of credit (a)	$	17,355	$	15,000
Guarantees (b)	2,254		43
Surety bonds (c)	5,498		1,143
Total financial commitments	$	25,107	$	16,186


(a)	Approximately $15 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 2014 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 $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2013, 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 between 2014 and 2015 and are expected to be renewed as required.

Commitments

12 Months Ended

Dec. 31, 2013

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 amounted to $4.0 million, $3.9 million and $3.3 million in 2013, 2012 and 2011, respectively. 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 amounted to $10.4 million, $8.0 million and $7.3 million in 2013, 2012 and 2011, respectively.

At December 31, 2013, the future minimum payments under non-cancellable operating and timberland leases were as follows:



	Operating Leases (a)		Timberland Leases (b)		Purchase Obligations (c)		Total
2014	$	3,288	$	10,164	$	16,034	$	29,486
2015	2,347		9,819		12,349		24,515
2016	3,002		9,598		12,716		25,316
2017	3,121		9,180		12,183		24,484
2018	2,776		7,798		4,219		14,793
Thereafter	16,525		142,264		5,047		163,836
	$	31,059	$	188,823	$	62,548	$	282,430


(a)	Includes leases on buildings, machinery and equipment under various operating leases and a Jesup mill natural gas transportation lease.


(b)	The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.

(c)

Pursuant to the Wood Products purchase and sale agreement, Rayonier contracted with Interfor to purchase wood chips produced at the lumber mills for use at Rayonier’s Jesup mill through 2018. Purchase obligations include obligations under this agreement as well as payments expected to be made on derivative financial instruments held in New Zealand and various environmental monitoring and maintenance service agreements.

The New Zealand JV has a number of Crown Forest Licenses (“CFL”) with the New Zealand government, which are excluded from the table above. 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, 2013, the New Zealand JV has two CFL’s under termination notice, terminating in 2034 and 2046 respectively and two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market value, with three yearly rent reviews. The total annual license fee on the CFL’s is $2.7 million per year.

Incentive Stock Plans

12 Months Ended

Dec. 31, 2013

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

Incentive Stock Plans

INCENTIVE STOCK PLANS

The Rayonier Incentive Stock Plan (“the Stock Plan”) provides for 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, 2013, a total of 6.4 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.

Total stock-based compensation cost recorded in “Selling and general expenses” was $10.8 million, $14.3 million and $16.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. For the years ended December 31, 2013, 2012 and 2011, stock-based compensation expense of $0.9 million, $0.8 million and $0, respectively, was recorded in “Cost of sales.”

Tax benefits recognized related to stock-based compensation expense for the three years ended December 31, 2013 were $3.1 million, $4.0 million and $4.3 million, respectively.

Fair Value Calculations by Award

Restricted Stock

Restricted stock granted under the Stock Plan generally vests upon completion of a one to three year period. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. As of December 31, 2013, there was $1.1 million of unrecognized compensation cost related to the Company’s outstanding restricted stock. This cost is expected to be recognized over a weighted average period of 1.5 years.

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



	2013		2012		2011
Restricted shares granted	33,607		18,742		20,535
Weighted average price of restricted shares granted	$	57.54	$	42.40	$	43.55
(Amounts in millions)
Intrinsic value of restricted stock outstanding (a)	$	1.7	$	2.1	$	3.4
Fair value of restricted stock vested	$	1.3	$	1.8	$	2.6
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares	$	0.3	$	0.6	$	0.8


(a)	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2013.



	2013
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	40,572		$	37.36
Granted	33,607		$	57.54
Vested	(34,947	)	$	36.23
Cancelled	—		—
Non-vested Restricted Shares at December 31,	39,232		$	55.66

Performance Share 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 amortized 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, 2013, there was $8.2 million of unrecognized compensation cost related to the Company’s performance share unit awards. This cost is expected to be recognized over a weighted average period of 1.7 years.

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



	2013		2012		2011
Common shares of Company stock reserved for performance shares	276,240		337,360		470,820
Weighted average fair value of performance share units granted	$	59.16	$	56.36	$	51.57
(Amounts in millions)
Intrinsic value of outstanding performance share units (a)	$	22.1	$	36.3	$	46.0
Fair value of performance shares vested	$	7.0	$	22.2	$	9.9
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares	$	11.0	$	7.2	$	7.1


(a)	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2013.



	2013
	Number of Units		Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	700,825		$	47.23
Granted	138,120		59.16
Units Distributed	(294,515	)	39.25
Cancelled/Adjustments	(19,684	)	54.83
Outstanding Performance Share units at December 31,	524,746		$	54.57

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 all awards granted after January 1, 2010 receive dividend equivalents. The following chart provides a tabular overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2013:



	2013		2012		2011
Expected volatility	23.2	%	36.9	%	51.3	%
Risk-free rate	0.4	%	0.4	%	1.0	%

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. Awards vest ratably over three years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility for each grant and is calculated using the historical change in the daily market price of the Company’s common stock over the expected life of the award. The expected life is based on prior exercise behavior. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years.

The following chart provides a tabular overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2013:



	2013			2012			2011
Expected volatility	39.0		%	39.3		%	38.2		%
Dividend yield	3.4		%	3.6		%	3.9		%
Risk-free rate	1.0		%	1.3		%	2.6		%
Expected life (in years)	6.3			6.4			6.5
Fair value per share of options granted	$14.01			$11.85			$9.99
Fair value of options granted (in millions)	$	2.7		$	2.8		$	3.0

A summary of the status of the Company’s stock options as of and for the year ended December 31, 2013 is presented below:



	2013
	Number of Shares		Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Options outstanding at January 1,	1,609,129		$	29.56
Granted	190,360		52.65
Exercised	(400,856	)	26.14
Cancelled	(5,411	)	46.30
Options outstanding at December 31,	1,393,222		$	33.79	5.9	$	14.1
Options vested and expected to vest	1,391,464		$	33.79	5.9	$	14.1
Options exercisable at December 31,	1,061,807		$	29.46	5.2	$	13.8

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



	2013		2012		2011
(Amounts in millions)
Intrinsic value of options exercised (a)	$	12.3	$	20.5	$	10.4
Fair value of options vested	$	2.6	$	3.3	$	2.5


(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, 2013, there was $2.0 million of unrecognized compensation cost related to the Company’s stock options. This cost is expected to be recognized over a weighted average period of 1.0 year.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

The Company has four qualified non-contributory defined benefit pension plans covering a significant majority 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, to Fernandina hourly employees hired after April 30, 2006, to Jesup hourly employees hired after March 4, 2009 and to Wood Products hourly employees hired after February 28, 2011. Currently, all 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 Company sold its Wood Products business in March 2013. As a result of the sale, all employees covered by the Wood Products defined benefit pension plan are considered terminated employees. Amendments to the plan in June 2013 resulted in all such employees automatically vesting in the plan. Additionally, a one-time lump sum distribution was offered to terminated Wood Products plan participants or their beneficiaries. Based upon acceptance of that offer by certain participants, $3.0 million was paid from the plan assets during 2013 with a corresponding decrease of $2.8 million in the benefit obligation. As a result of the lump sum distribution, a settlement loss of $0.5 million, net of tax, was recorded in “Income from Discontinued Operations, net” in the Consolidated Statements of Income and Comprehensive Income as it was directly related to the sale of the Wood Products business. For additional information on the sale of the Wood Products business, see Note 3 — Sale of Wood Products Business.

During 2013, the Company amended its postretirement medical plan for active and retired hourly employees at the Jesup mill by placing a limit on Rayonier’s contributions toward retiree medical coverage. The change was accounted for as a negative plan amendment, which resulted in a reduction to the retiree medical liability. The net impact of the reduction was an unrecognized gain in other comprehensive income of $3.4 million ($2.2 million, net of tax) which will be amortized over 13.9 years, the average remaining service period of participants. As a result of the plan change, a gain of $0.1 million was included in the Company’s net periodic benefit cost in 2013.

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
	2013			2012			2013			2012
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	$	454,470		$	413,147		$	27,582		$	24,833
Service cost	8,452			8,407			1,056			918
Interest cost	16,682			17,284			937			956
Settlement loss	137			—			—			—
Actuarial (gain) loss	(44,786		)	32,666			(3,206		)	2,021
Plan amendments	—			—			(3,372		)	—
Employee contributions	—			—			980			1,136
Benefits paid	(21,317		)	(17,034		)	(1,978		)	(2,282		)
Projected benefit obligation at end of year	$	413,638		$	454,470		$	21,999		$	27,582



Change in Plan Assets
Fair value of plan assets at beginning of year	$	320,699		$	295,655		$	—		$	—
Actual return on plan assets	42,285			41,729			—			—
Employer contributions	1,699			1,565			998			1,146
Employee contributions	—			—			980			1,136
Benefits paid	(21,317		)	(17,034		)	(1,978		)	(2,282		)
Other expense	(1,461		)	(1,216		)	—			—
Fair value of plan assets at end of year	$	341,905		$	320,699		$	—		$	—



Funded Status at End of Year:
Net accrued benefit cost	$	(71,733	)	$	(133,771	)	$	(21,999	)	$	(27,582	)



Amounts Recognized in the Consolidated
Balance Sheets Consist of:
Noncurrent assets	$	3,583		$	—		$	—		$	—
Current liabilities	(1,776		)	(1,702		)	(1,071		)	(1,256		)
Noncurrent liabilities	(73,540		)	(132,069		)	(20,928		)	(26,326		)
Net amount recognized	$	(71,733	)	$	(133,771	)	$	(21,999	)	$	(27,582	)

Net gains or losses, prior service costs or credits and plan amendment gains recognized in other comprehensive income for the three years ended December 31 are as follows:



	Pension								Postretirement
	2013		2012			2011			2013		2012			2011
Net gains (losses)	$	60,171	$	(17,630	)	$	(75,995	)	$	3,206	$	(2,021	)	$	(3,934	)
Prior service cost	—		—			—			—		—			631
Negative plan amendment	—		—			—			3,372		—			—

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
	2013		2012		2011		2013			2012			2011
Amortization of losses	$	20,914	$	17,578	$	10,372	$	675		$	582		$	570
Amortization of prior service cost	1,356		1,308		1,359		66			80			69
Amortization of negative plan amendment	—		—		—		(105		)	(55		)	—

Net losses and prior service costs or credits 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
	2013			2012			2013			2012
Prior service cost	$	(5,707	)	$	(7,062	)	$	(49	)	$	(328	)
Net losses	(110,728		)	(191,813		)	(8,057		)	(11,939		)
Negative plan amendment	—			—			3,574			521
Deferred income tax benefit	36,685			61,968			1,571			4,073
AOCI	$	(79,750	)	$	(136,907	)	$	(2,961	)	$	(7,673	)

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:



	2013		2012
Projected benefit obligation	$	388,163	$	482,052
Accumulated benefit obligation	350,605		434,810
Fair value of plan assets	290,848		320,699

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



	Pension									Postretirement
	2013			2012			2011			2013			2012			2011
Components of Net Periodic Benefit Cost
Service cost	$	8,452		$	8,407		$	6,782		$	1,056		$	918		$	673
Interest cost	16,682			17,284			18,087			937			956			972
Expected return on plan assets	(25,302		)	(25,477		)	(25,819		)	—			—			—
Amortization of prior service cost	1,296			1,308			1,359			66			80			69
Amortization of losses	20,097			17,578			10,372			675			582			570
Amortization of negative plan amendment	—			—			—			(105		)	(55		)	—
Curtailment expense	60			—			—			—			—			—
Settlement expense	817			—			—			—			—			—
Net periodic benefit cost	$	22,102		$	19,100		$	10,781		$	2,629		$	2,481		$	2,284

The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2014 are as follows:



	Pension		Postretirement
Amortization of loss	$	10,448	$	640
Amortization of prior service cost	1,167		17
Amortization of negative plan amendment	—		(282		)
Total amortization of AOCI loss	$	11,615	$	375

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
	2013		2012		2011		2013		2012		2011
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.60	%	3.70	%	4.20	%	4.60	%	3.60	%	4.10	%
Rate of compensation increase	4.60	%	4.60	%	4.50	%	4.50	%	4.50	%	4.50	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	3.70	%	4.20	%	5.25	%	3.60	%	4.10	%	5.10	%
Expected long-term return on plan assets	8.50	%	8.50	%	8.50	%	—		—		—
Rate of compensation increase	4.60	%	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%

At December 31, 2013, the pension plans’ discount rate was 4.60 percent, which closely approximates interest rates on high quality, long-term obligations. Effective December 31, 2013, the expected return on plan assets remained at 8.5 percent, which is 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, with the assistance of external consultants, 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.

The following table sets forth the assumed health care cost trend rates at December 31:



	Postretirement
	2013		2012
Health care cost trend rate assumed for next year	7.00	%	7.50	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2017		2017

Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement benefit plans. The following table shows the effect of a one percentage point change in assumed health care cost trends:



	1 Percent
Effect on:	Increase		Decrease
Total of service and interest cost components	$	253	$	(208	)
Accumulated postretirement benefit obligation	1,389		(1,183		)

Investment of Plan Assets

The Company’s pension plans’ asset allocation at December 31, 2013 and 2012, and target allocation ranges by asset category are as follows:



	Percentage of Plan Assets				Target Allocation Range
Asset Category	2013		2012		Target Allocation Range
Domestic equity securities	42	%	41	%	40-45%
International equity securities	26	%	25	%	20-30%
Domestic fixed income securities	25	%	26	%	25-30%
International fixed income securities	4	%	5	%	4-6%
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, 2013 or 2012.

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, 2013 and 2012.



	Fair Value at December 31, 2013						Fair Value at December 31, 2012
Asset Category	Level 1		Level 2		Total		Level 1		Level 2		Total
Domestic equity securities	$	29,293	$	110,401	$	139,694	$	50,653	$	76,251	$	126,904
International equity securities	55,692		31,347		87,039		51,758		27,173		78,931
Domestic fixed income securities	—		85,222		85,222		—		81,045		81,045
International fixed income securities	15,134		—		15,134		15,745		—		15,745
Real estate fund	9,678		—		9,678		10,208		—		10,208
Short-term investments	879		4,259		5,138		29		7,837		7,866
Total	$	110,676	$	231,229	$	341,905	$	128,393	$	192,306	$	320,699

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

Level 1 — Net asset value in an observable market.

Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing 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.

There have been no changes in the methodology used during the years ended December 31, 2013 and 2012.

Cash Flows

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



	Pension Benefits		Postretirement Benefits
2014	$	19,987	$	1,071
2015	21,070		1,170
2016	22,118		1,259
2017	23,149		1,271
2018	24,191		1,394
2019 - 2023	133,459		6,328

The Company has no mandatory pension contribution requirements in 2014, but may make discretionary contributions.

Defined Contribution Plans

The Company provides defined contribution plans to all of its hourly and salaried employees. Company contributions charged to expense for these plans were $4.4 million, $2.7 million and $2.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Rayonier Hourly and Salaried Defined Contribution Plans include Rayonier common stock with a fair market value of $73.2 million and $89.4 million at December 31, 2013 and 2012, respectively.

As discussed above, all pension plans are currently closed to new employees. Employees not eligible for the pension plans are immediately eligible to participate in the Company’s 401(k) plan and receive an enhanced contribution. Company contributions related to this plan enhancement for the years ended December 31, 2013, 2012 and 2011 were $1.1 million, $1.0 million and $0.9 million, respectively.

Quarterly Results for 2013 and 2012 (UNAUDITED)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results for 2013 and 2012 (UNAUDITED)

QUARTERLY RESULTS FOR 2013 and 2012 (UNAUDITED)

(Thousands of dollars, except per share amounts)



	Quarter Ended											Total Year
	March 31			June 30			Sept. 30		Dec. 31			Total Year
2013
Sales	$	393,719		$	409,077		$	384,784	$	520,242		$	1,707,822
Cost of sales	266,018			297,698			287,150		395,446			1,246,312
Income from continuing operations	103,258			87,891		(b)	58,367		82,249			331,765		(b)
Income from discontinued operations	44,477			—			—		(2,444		)	42,033
Net income	147,735		(a)	87,891			58,367		79,805			373,798		(a)
Net income attributable to Rayonier Inc.	147,735		(a)	87,164		(b)	57,345		79,652			371,896		(a) (b)
Basic EPS attributable to Rayonier Inc.	1.19			0.69			0.45		0.63			2.96
Diluted EPS attributable to Rayonier Inc.	1.13			0.67			0.44		0.62			2.86
2012
Sales	336,571			348,096			386,163		412,660			1,483,490
Cost of sales	235,708			243,571			259,201		292,212			1,030,692
Income from continuing operations	52,599			66,091			79,278		73,474			271,442
Income from discontinued operations	838			2,988			1,282		2,135			7,243
Net income	53,437			69,079			80,560		75,609			278,685
Net income attributable to Rayonier Inc.	53,437			69,079			80,560		75,609			278,685
Basic EPS attributable to Rayonier Inc.	0.44			0.56			0.66		0.61			2.27
Diluted EPS attributable to Rayonier Inc.	0.42			0.54			0.62		0.59			2.17


(a)	Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013.


(b)	Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.

Consolidating Financial Statements

12 Months Ended

Dec. 31, 2013

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 August 2009 TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due August 2015. The notes are guaranteed by Rayonier Inc. as the Parent Guarantor and Rayonier Operating Company LLC (“ROC”) as the Subsidiary Guarantor. 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.

The subsidiary issuer and subsidiary guarantor 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 subsidiary and Rayonier Inc.



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	1,707,822		$	—		$	1,707,822
Costs and Expenses
Cost of sales	—			—			—			1,246,312			—			1,246,312
Selling and general expenses	—			9,821			—			55,022			—			64,843
Other operating (income) expense, net	(1,701		)	4,730			—			(12,516		)	—			(9,487		)
	(1,701		)	14,551			—			1,288,818			—			1,301,668
Equity in income of New Zealand joint venture	—			—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE	1,701			(14,551		)	—			419,566			—			406,716
Gain related to the consolidation of the New Zealand joint venture	—			—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(14,551		)	—			435,664			—			422,814
Interest expense	(13,088		)	(914		)	(27,516		)	(2,242		)	—			(43,760		)
Interest and miscellaneous income (expense), net	9,828			3,237			(7,534		)	(3,159		)	—			2,372
Equity in income from subsidiaries	373,455			384,567			245,126			—			(1,003,148		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	371,896			372,339			210,076			430,263			(1,003,148		)	381,426
Income tax benefit (expense)	—			1,116			11,895			(62,672		)	—			(49,661		)
INCOME FROM CONTINUING OPERATIONS	371,896			373,455			221,971			367,591			(1,003,148		)	331,765
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			—			42,033						42,033
NET INCOME	371,896			373,455			221,971			409,624			(1,003,148		)	373,798
Less: Net income attributable to noncontrolling interest	—			—			—			1,902			—			1,902
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	371,896			373,455			221,971			407,722			(1,003,148		)	371,896
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(1,915		)	(1,915		)	(72		)	(5,710		)	3,902			(5,710		)
New Zealand joint venture cash flows	3,286			3,286			637			3,629			(7,209		)	3,629
Amortization of pension and postretirement plans	61,869			61,869			20,589			20,589			(103,047		)	61,869
Total other comprehensive income	63,240			63,240			21,154			18,508			(106,354		)	59,788
COMPREHENSIVE INCOME	435,136			436,695			243,125			428,132			(1,109,502		)	433,586
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			(1,550		)	—			(1,550		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	435,136		$	436,695		$	243,125		$	429,682		$	(1,109,502	)	$	435,136



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	1,483,490		$	—		$	1,483,490
Costs and Expenses
Cost of sales	—			—			—			1,030,692			—			1,030,692
Selling and general expenses	—			10,575			—			56,382			—			66,957
Other operating expense (income), net	110			962			—			(15,241		)	—			(14,169		)
	110			11,537			—			1,071,833			—			1,083,480
Equity in income of New Zealand joint venture	—			—			—			550			—			550
OPERATING (LOSS) INCOME	(110		)	(11,537		)	—			412,207			—			400,560
Interest expense	(10,717		)	(941		)	(37,971		)	4,648			—			(44,981		)
Interest and miscellaneous income (expense), net	6,638			5,519			(3,334		)	(8,217		)	—			606
Equity in income from subsidiaries	282,874			289,486			232,871			—			(805,231		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	278,685			282,527			191,566			408,638			(805,231		)	356,185
Income tax benefit (expense)	—			347			15,076			(100,166		)	—			(84,743		)
INCOME FROM CONTINUING OPERATIONS	278,685			282,874			206,642			308,472			(805,231		)	271,442
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			—			7,243			—			7,243
NET INCOME	278,685			282,874			206,642			315,715			(805,231		)	278,685
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	4,352			4,352			(3		)	4,353			(8,702		)	4,352
New Zealand joint venture cash flows	213			213			—			213			(426		)	213
Amortization of pension and postretirement plans	(496		)	(496		)	(450		)	(450		)	1,396			(496		)
Total other comprehensive income (loss)	4,069			4,069			(453		)	4,116			(7,732		)	4,069
COMPREHENSIVE INCOME	$	282,754		$	286,943		$	206,189		$	319,831		$	(812,963	)	$	282,754



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2011
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	1,420,960		$	—		$	1,420,960
Costs and Expenses
Cost of sales	—			—			—			1,006,297			—			1,006,297
Selling and general expenses	—			10,710			—			54,541			—			65,251
Other operating expense (income), net	—			117			—			(3,911		)	—			(3,794		)
	—			10,827			—			1,056,927			—			1,067,754
Equity in income of New Zealand joint venture	—			—			—			4,088			—			4,088
OPERATING (LOSS) INCOME	—			(10,827		)	—			368,121			—			357,294
Interest expense	621			(1,133		)	(49,555		)	(708		)	—			(50,775		)
Interest and miscellaneous income (expense), net	—			5,280			(4,508		)	71			—			843
Equity in income from subsidiaries	275,384			281,892			170,048			—			(727,324		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	276,005			275,212			115,985			367,484			(727,324		)	307,362
Income tax benefit (expense)	—			172			19,733			(50,593		)	—			(30,688		)
INCOME FROM CONTINUING OPERATIONS	276,005			275,384			135,718			316,891			(727,324		)	276,674
DISCONTINUED OPERATIONS, NET
Loss from discontinued operations, net of income tax	—			—			—			(669		)	—			(669		)
NET INCOME	276,005			275,384			135,718			316,222			(727,324		)	276,005
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	3,546			3,546			(137		)	3,545			(6,954		)	3,546
New Zealand joint venture cash flows	(2,373		)	(2,373		)	—			(2,373		)	4,746			(2,373		)
Amortization of pension and postretirement plans	(46,263		)	(46,263		)	(35,575		)	(35,575		)	117,413			(46,263		)
Total other comprehensive loss	(45,090		)	(45,090		)	(35,712		)	(34,403		)	115,205			(45,090		)
COMPREHENSIVE INCOME	$	230,915		$	230,294		$	100,006		$	281,819		$	(612,119	)	$	230,915



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	130,181	$	304	$	10,719	$	58,440	$	—		$	199,644
Accounts receivable, less allowance for doubtful accounts	—		10		2,300		92,646		—			94,956
Inventory	—		—		—		138,818		—			138,818
Current deferred tax assets	—		—		681		38,419		—			39,100
Prepaid and other current assets	—		2,363		6		44,207		—			46,576
Total current assets	130,181		2,677		13,706		372,530		—			519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		2,049,378		—			2,049,378
NET PROPERTY, PLANT AND EQUIPMENT	—		2,612		—		858,209		—			860,821
INVESTMENT IN JOINT VENTURE	—		—		—		—		—			—
INVESTMENT IN SUBSIDIARIES	1,627,315		1,837,760		1,148,221		—		(4,613,296		)	—
INTERCOMPANY NOTES RECEIVABLE	228,032		—		20,659		—		(248,691		)	—
OTHER ASSETS	3,689		32,519		3,739		216,261		—			256,208
TOTAL ASSETS	$	1,989,217	$	1,875,568	$	1,186,325	$	3,496,378	$	(4,861,987	)	$	3,685,501
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,522	$	1,564	$	66,207	$	—		$	69,293
Current maturities of long-term debt	—		—		112,500		—		—			112,500
Accrued taxes	—		4,855		—		3,696		—			8,551
Uncertain tax positions	—		5,780		—		4,767		—			10,547
Accrued payroll and benefits	—		11,382		—		13,566		—			24,948
Accrued interest	3,047		538		2,742		22,816		(19,612		)	9,531
Accrued customer incentives	—		—		—		9,580		—			9,580
Other current liabilities	—		2,985		—		21,342		—			24,327
Current liabilities for dispositions and discontinued operations	—		—		—		6,835		—			6,835
Total current liabilities	3,047		27,062		116,806		148,809		(19,612		)	276,112
LONG-TERM DEBT	325,000		—		847,749		288,975		—			1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		69,543		—			69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		91,471		—		4,183		—			95,654
OTHER NON-CURRENT LIABILITIES	—		11,493		—		15,732		—			27,225
INTERCOMPANY PAYABLE	—		118,227		—		125,921		(244,148		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		221,770		2,749,142		(4,598,227		)	1,661,170
Noncontrolling interest	—		—		—		94,073		—			94,073
TOTAL SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		221,770		2,843,215		(4,598,227		)	1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,989,217	$	1,875,568	$	1,186,325	$	3,496,378	$	(4,861,987	)	$	3,685,501



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2012
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	252,888	$	3,966	$	19,358	$	4,384	$	—		$	280,596
Accounts receivable, less allowance for doubtful accounts	—		386		—		99,973		—			100,359
Inventory	—		—		—		127,966		—			127,966
Deferred tax assets	—		—		—		15,845		—			15,845
Prepaid and other current assets	—		1,566		691		39,251		—			41,508
Total current assets	252,888		5,918		20,049		287,419		—			566,274
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		1,573,309		—			1,573,309
NET PROPERTY, PLANT AND EQUIPMENT	—		2,321		—		704,717		—			707,038
INVESTMENT IN JOINT VENTURE	—		—		—		72,419		—			72,419
INVESTMENT IN SUBSIDIARIES	1,445,205		1,677,782		1,452,027		—		(4,575,014		)	—
INTERCOMPANY NOTES RECEIVABLE	213,863		14,000		19,831		—		(247,694		)	—
OTHER ASSETS	4,148		27,779		5,182		166,802		—			203,911
TOTAL ASSETS	$	1,916,104	$	1,727,800	$	1,497,089	$	2,804,666	$	(4,822,708	)	$	3,122,951
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	2,099	$	33	$	68,249	$	—		$	70,381
Current maturities of long-term debt	150,000		—		—		—		—			150,000
Accrued taxes	—		485		—		13,339		—			13,824
Uncertain tax positions	—		—		—		800		—			800
Accrued payroll and benefits	—		15,044		—		13,024		—			28,068
Accrued interest	3,100		379		3,197		1,280		—			7,956
Accrued customer incentives	—		—		—		10,849		—			10,849
Other current liabilities	—		2,925		—		14,915		—			17,840
Current liabilities for dispositions and discontinued operations	—		—		—		8,105		—			8,105
Total current liabilities	153,100		20,932		3,230		130,561		—			307,823
LONG-TERM DEBT	325,000		—		718,321		76,731		—			1,120,052
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		73,590		—			73,590
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		129,156		—		30,426		—			159,582
OTHER NON-CURRENT LIABILITIES	—		16,432		—		7,468		—			23,900
INTERCOMPANY PAYABLE	—		116,075		—		137,797		(253,872		)	—
TOTAL SHAREHOLDERS’ EQUITY	1,438,004		1,445,205		775,538		2,348,093		(4,568,836		)	1,438,004
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,916,104	$	1,727,800	$	1,497,089	$	2,804,666	$	(4,822,708	)	$	3,122,951



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	407,712		$	417,074		$	84,000		$	491,762		$	(855,375	)	$	545,173
INVESTING ACTIVITIES
Capital expenditures	—			(663		)	—			(158,235		)	—			(158,898		)
Purchase of additional interest in New Zealand joint venture	—			—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			—			(20,401		)	—			(20,401		)
Jesup mill cellulose specialties expansion	—			—			—			(141,143		)	—			(141,143		)
Proceeds from disposition of Wood Products business	—			—			—			62,720			—			62,720
Change in restricted cash	—			—			—			(58,385		)	—			(58,385		)
Investment in Subsidiaries	(138,178		)	(138,178		)	(247,114		)	—			523,470			—
Other	—			1,701			—			(14,635		)	—			(12,934		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(137,140		)	(247,114		)	(469,958		)	523,470			(468,920		)
FINANCING ACTIVITIES
Issuance of debt	175,000			—			390,000			57,885			—			622,885
Repayment of debt	(325,000		)	—			(151,525		)	(72,960		)	—			(549,485		)
Dividends paid	(237,016		)	—			—			—			—			(237,016		)
Proceeds from the issuance of common shares	10,101			—			—			—			—			10,101
Excess tax benefits on stock-based compensation	—			—			—			8,413			—			8,413
Repurchase of common shares	(11,326		)	—			—			—			—			(11,326		)
Issuance of intercompany notes	(4,000		)	—			—			4,000			—			—
Intercompany distributions	—			(283,596		)	(84,000		)	35,691			331,905			—
Other	—			—			—			(713		)	—			(713		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241		)	(283,596		)	154,475			32,316			331,905			(157,141		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(64		)	—			(64		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707		)	(3,662		)	(8,639		)	54,056			—			(80,952		)
Balance, beginning of year	252,888			3,966			19,358			4,384			—			280,596
Balance, end of year	$	130,181		$	304		$	10,719		$	58,440		$	—		$	199,644



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	90,456		$	138,149		$	41,000		$	423,784		$	(247,475	)	$	445,914
INVESTING ACTIVITIES
Capital expenditures	—			(285		)	—			(157,277		)	—			(157,562		)
Purchase of timberlands	—			—			—			(106,536		)	—			(106,536		)
Jesup mill cellulose specialties expansion	—			—			—			(201,359		)	—			(201,359		)
Change in restricted cash	—			—			—			(10,559		)	—			(10,559		)
Investment in Subsidiaries	—			—			(142,508		)	—			142,508			—
Other	—			(69		)	—			3,184			—			3,115
CASH USED FOR INVESTING ACTIVITIES	—			(354		)	(142,508		)	(472,547		)	142,508			(472,901		)
FINANCING ACTIVITIES
Issuance of debt	475,000			—			740,000			15,000			—			1,230,000
Repayment of debt	(120,000		)	(30,000		)	(638,110		)	(25,500		)	—			(813,610		)
Dividends paid	(206,583		)	—			—			—			—			(206,583		)
Proceeds from the issuance of common shares	25,495			—			—			—			—			25,495
Excess tax benefits on stock-based compensation	—			—			—			7,635			—			7,635
Debt issuance costs	(3,697		)	(1,219		)	—			(1,219		)	—			(6,135		)
Repurchase of common shares	(7,783		)	—			—			—			—			(7,783		)
Issuance of intercompany notes	—			(14,000		)	—			14,000			—			—
Distributions to / from Parent	—			(97,587		)	(41,000		)	33,620			104,967			—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	162,432			(142,806		)	60,890			43,536			104,967			229,019
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(39		)	—			(39		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	252,888			(5,011		)	(40,618		)	(5,266		)	—			201,993
Balance, beginning of year	—			8,977			59,976			9,650			—			78,603
Balance, end of year	$	252,888		$	3,966		$	19,358		$	4,384		$	—		$	280,596



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2011
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	283,409		$	332,577		$	15,000		$	402,994		$	(601,710	)	$	432,270
INVESTING ACTIVITIES
Capital expenditures	—			(270		)	—			(144,252		)	—			(144,522		)
Purchase of timberlands	—			—			—			(320,899		)	—			(320,899		)
Jesup mill cellulose specialties expansion	—			—			—			(42,894		)	—			(42,894		)
Change in restricted cash	—			—			—			8,323			—			8,323
Investment in Subsidiaries	(19,259		)	(99,988		)	(35,828		)	—			155,075			—
Other	—			69			—			11,309			—			11,378
CASH USED FOR INVESTING ACTIVITIES	(19,259		)	(100,189		)	(35,828		)	(488,413		)	155,075			(488,614		)
FINANCING ACTIVITIES
Issuance of debt	120,000			105,000			—			235,000			—			460,000
Repayment of debt	—			(75,000		)	(168,057		)	(256,000		)	—			(499,057		)
Dividends paid	(185,272		)	—			—			—			—			(185,272		)
Proceeds from the issuance of common shares	13,451			—			—			—			—			13,451
Excess tax benefits on stock-based compensation	—			—			—			5,681			—			5,681
Debt issuance costs	—			(675		)	(676		)	(676		)	—			(2,027		)
Repurchase of common shares	(7,909		)	—			—			—			—			(7,909		)
Intercompany distributions	(204,420		)	—			(18,961		)	223,381			—			—
Distributions to / from Parent	—			(282,495		)	(14,760		)	(149,380		)	446,635			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(264,150		)	(253,170		)	(202,454		)	58,006			446,635			(215,133		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			617			—			617
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			(20,782		)	(223,282		)	(26,796		)	—			(270,860		)
Balance, beginning of year	—			29,759			283,258			36,446			—			349,463
Balance, end of year	$	—		$	8,977		$	59,976		$	9,650		$	—		$	78,603

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. At issuance, the notes were fully and unconditionally guaranteed by the following subsidiaries of Rayonier Inc.: ROC, Rayonier Louisiana Timberlands LLC, Rayonier TRS Holdings Inc. and substantially all domestic subsidiaries of TRS Holdings Inc. In October 2012, the guarantee on the notes was amended whereby all guarantors were released except ROC and Rayonier TRS Holdings Inc. As such, for comparability purposes, all prior year information has been updated to reflect ROC and Rayonier TRS Holdings Inc. as the note guarantors. 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, 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, 2013
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	1,707,822		$	—		$	1,707,822
Costs and Expenses
Cost of sales	—			—			1,246,312			—			1,246,312
Selling and general expenses	—			9,821			55,022			—			64,843
Other operating (income) expense, net	(1,701		)	4,730			(12,516		)	—			(9,487		)
	(1,701		)	14,551			1,288,818			—			1,301,668
Equity in income of New Zealand joint venture	—			—			562			—			562
OPERATING (LOSS) INCOME BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE	1,701			(14,551		)	419,566			—			406,716
Gain related to the consolidation of the New Zealand joint venture	—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(14,551		)	435,664			—			422,814
Interest expense	(13,088		)	(28,430		)	(2,242		)	—			(43,760		)
Interest and miscellaneous income (expense), net	9,828			(4,297		)	(3,159		)	—			2,372
Equity in income from subsidiaries	373,455			407,722			—			(781,177		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	371,896			360,444			430,263			(781,177		)	381,426
Income tax benefit (expense)	—			13,011			(62,672		)	—			(49,661		)
INCOME FROM CONTINUING OPERATIONS	371,896			373,455			367,591			(781,177		)	331,765
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			42,033			—			42,033
NET INCOME	371,896			373,455			409,624			(781,177		)	373,798
Less: Net income attributable to noncontrolling interest	—			—			1,902			—			1,902
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	371,896			373,455			407,722			(781,177		)	371,896
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(1,915		)	(1,915		)	(5,710		)	3,830			(5,710		)
New Zealand joint venture cash flows	3,286			3,286			3,629			(6,572		)	3,629
Amortization of pension and postretirement plans	61,869			61,869			20,589			(82,458		)	61,869
Total other comprehensive income	63,240			63,240			18,508			(85,200		)	59,788
COMPREHENSIVE INCOME	435,136			436,695			428,132			(866,377		)	433,586
Less: Comprehensive income attributable to noncontrolling interest	—			—			(1,550		)	—			(1,550		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	435,136		$	436,695		$	429,682		$	(866,377	)	$	435,136



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	1,483,490		$	—		$	1,483,490
Costs and Expenses
Cost of sales	—			—			1,030,692			—			1,030,692
Selling and general expenses	—			10,575			56,382			—			66,957
Other operating expense (income), net	110			962			(15,241		)	—			(14,169		)
	110			11,537			1,071,833			—			1,083,480
Equity in income of New Zealand joint venture	—			—			550			—			550
OPERATING (LOSS) INCOME	(110		)	(11,537		)	412,207			—			400,560
Interest expense	(10,717		)	(38,912		)	4,648			—			(44,981		)
Interest and miscellaneous income (expense), net	6,638			2,185			(8,217		)	—			606
Equity in income from subsidiaries	282,874			315,715			—			(598,589		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	278,685			267,451			408,638			(598,589		)	356,185
Income tax benefit (expense)	—			15,423			(100,166		)	—			(84,743		)
INCOME FROM CONTINUING OPERATIONS	278,685			282,874			308,472			(598,589		)	271,442
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			7,243			—			7,243
NET INCOME	278,685			282,874			315,715			(598,589		)	278,685
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	4,352			4,352			4,353			(8,705		)	4,352
New Zealand joint venture cash flows	213			213			213			(426		)	213
Amortization of pension and postretirement plans	(496		)	(496		)	(450		)	946			(496		)
Total other comprehensive income	4,069			4,069			4,116			(8,185		)	4,069
COMPREHENSIVE INCOME	$	282,754		$	286,943		$	319,831		$	(606,774	)	$	282,754



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2011
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	1,420,960		$	—		$	1,420,960
Costs and Expenses
Cost of sales	—			—			1,006,297			—			1,006,297
Selling and general expenses	—			10,710			54,541			—			65,251
Other operating expense (income), net	—			117			(3,911		)	—			(3,794		)
	—			10,827			1,056,927			—			1,067,754
Equity in income of New Zealand joint venture	—			—			4,088			—			4,088
OPERATING (LOSS) INCOME	—			(10,827		)	368,121			—			357,294
Interest expense	621			(50,688		)	(708		)	—			(50,775		)
Interest and miscellaneous income, net	—			772			71			—			843
Equity in income from subsidiaries	275,384			316,222			—			(591,606		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	276,005			255,479			367,484			(591,606		)	307,362
Income tax benefit (expense)	—			19,905			(50,593		)	—			(30,688		)
INCOME FROM CONTINUING OPERATIONS	276,005			275,384			316,891			(591,606		)	276,674
DISCONTINUED OPERATIONS, NET
Loss from discontinued operations, net of income tax	—			—			(669		)	—			(669		)
NET INCOME	276,005			275,384			316,222			(591,606		)	276,005
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	3,546			3,546			3,545			(7,091		)	3,546
New Zealand joint venture cash flows	(2,373		)	(2,373		)	(2,373		)	4,746			(2,373		)
Amortization of pension and postretirement plans	(46,263		)	(46,263		)	(35,575		)	81,838			(46,263		)
Total other comprehensive loss	(45,090		)	(45,090		)	(34,403		)	79,493			(45,090		)
COMPREHENSIVE INCOME	$	230,915		$	230,294		$	281,819		$	(512,113	)	$	230,915



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc.(Parent Issuer)		Subsidiary Guarantors		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	130,181	$	11,023	$	58,440	$	—		$	199,644
Accounts receivable, less allowance for doubtful accounts	—		2,310		92,646		—			94,956
Inventory	—		—		138,818		—			138,818
Current deferred tax asset	—		681		38,419		—			39,100
Prepaid and other current assets	—		2,369		44,207		—			46,576
Total current assets	130,181		16,383		372,530		—			519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,049,378		—			2,049,378
NET PROPERTY, PLANT AND EQUIPMENT	—		2,612		858,209		—			860,821
INVESTMENT IN SUBSIDIARIES	1,627,315		2,764,211		—		(4,391,526		)	—
INTERCOMPANY NOTES RECEIVABLE	228,032		20,659		—		(248,691		)	—
OTHER ASSETS	3,689		36,258		216,261		—			256,208
TOTAL ASSETS	$	1,989,217	$	2,840,123	$	3,496,378	$	(4,640,217	)	$	3,685,501
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	3,086	$	66,207	$	—		$	69,293
Current maturities of long-term debt	—		112,500		—		—			112,500
Accrued taxes	—		4,855		3,696		—			8,551
Uncertain tax positions	—		5,780		4,767		—			10,547
Accrued payroll and benefits	—		11,382		13,566		—			24,948
Accrued interest	3,047		3,280		22,816		(19,612		)	9,531
Accrued customer incentives	—		—		9,580		—			9,580
Other current liabilities	—		2,985		21,342		—			24,327
Current liabilities for dispositions and discontinued operations	—		—		6,835		—			6,835
Total current liabilities	3,047		143,868		148,809		(19,612		)	276,112
LONG-TERM DEBT	325,000		847,749		288,975		—			1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		69,543		—			69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		91,471		4,183		—			95,654
OTHER NON-CURRENT LIABILITIES	—		11,493		15,732		—			27,225
INTERCOMPANY PAYABLE	—		118,227		125,921		(244,148		)	—
TOTAL RAYONIER SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		2,749,142		(4,376,457		)	1,661,170
Noncontrolling interest	—		—		94,073		—			94,073
TOTAL SHAREHOLDER'S EQUITY	1,661,170		1,627,315		2,843,215		(4,376,457		)	1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,989,217	$	2,840,123	$	3,496,378	$	(4,640,217	)	$	3,685,501



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2012
	Rayonier Inc.(Parent Issuer)		Subsidiary Guarantors		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	252,888	$	23,324	$	4,384	$	—		$	280,596
Accounts receivable, less allowance for doubtful accounts	—		386		99,973		—			100,359
Inventory	—		—		127,966		—			127,966
Current deferred tax asset	—		—		15,845		—			15,845
Prepaid and other current assets	—		2,257		39,251		—			41,508
Total current assets	252,888		25,967		287,419		—			566,274
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		1,573,309		—			1,573,309
NET PROPERTY, PLANT AND EQUIPMENT	—		2,321		704,717		—			707,038
INVESTMENT IN JOINT VENTURE	—		—		72,419		—			72,419
INVESTMENT IN SUBSIDIARIES	1,445,205		2,354,270		—		(3,799,475		)	—
INTERCOMPANY NOTES RECEIVABLE	213,863		33,831		—		(247,694		)	—
OTHER ASSETS	4,148		32,961		166,802		—			203,911
TOTAL ASSETS	$	1,916,104	$	2,449,350	$	2,804,666	$	(4,047,169	)	$	3,122,951
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	2,132	$	68,249	$	—		$	70,381
Current maturities of long-term debt	150,000		—		—		—			150,000
Accrued taxes	—		485		13,339		—			13,824
Uncertain tax positions	—		—		800		—			800
Accrued payroll and benefits	—		15,044		13,024		—			28,068
Accrued interest	3,100		3,576		1,280		—			7,956
Accrued customer incentives	—		—		10,849		—			10,849
Other current liabilities	—		2,925		14,915		—			17,840
Current liabilities for dispositions and discontinued operations	—		—		8,105		—			8,105
Total current liabilities	153,100		24,162		130,561		—			307,823
LONG-TERM DEBT	325,000		718,321		76,731		—			1,120,052
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		73,590		—			73,590
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		129,156		30,426		—			159,582
OTHER NON-CURRENT LIABILITIES	—		16,432		7,468		—			23,900
INTERCOMPANY PAYABLE	—		116,074		137,797		(253,871		)	—
TOTAL SHAREHOLDERS’ EQUITY	1,438,004		1,445,205		2,348,093		(3,793,298		)	1,438,004
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,916,104	$	2,449,350	$	2,804,666	$	(4,047,169	)	$	3,122,951



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	407,712		$	417,074		$	491,762		$	(771,375	)	$	545,173
INVESTING ACTIVITIES
Capital expenditures	—			(663		)	(158,235		)	—			(158,898		)
Purchase of additional interest in New Zealand joint venture	—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			(20,401		)	—			(20,401		)
Jesup mill cellulose specialties expansion	—			—			(141,143		)	—			(141,143		)
Proceeds from disposition of Wood Products business	—			—			62,720			—			62,720
Change in restricted cash	—			—			(58,385		)	—			(58,385		)
Investment in Subsidiaries	(138,178		)	(385,292		)	—			523,470			—
Other	—			1,701			(14,635		)	—			(12,934		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(384,254		)	(469,958		)	523,470			(468,920		)
FINANCING ACTIVITIES
Issuance of debt	175,000			390,000			57,885			—			622,885
Repayment of debt	(325,000		)	(151,525		)	(72,960		)	—			(549,485		)
Dividends paid	(237,016		)	—			—			—			(237,016		)
Proceeds from the issuance of common shares	10,101			—			—			—			10,101
Excess tax benefits on stock-based compensation	—			—			8,413			—			8,413
Repurchase of common shares	(11,326		)	—			—			—			(11,326		)
Issuance of intercompany notes	(4,000		)	—			4,000			—			—
Distributions to / from Parent	—			(283,596		)	35,691			247,905			—
Other	—			—			(713		)	—			(713		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241		)	(45,121		)	32,316			247,905			(157,141		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(64		)	—			(64		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707		)	(12,301		)	54,056			—			(80,952		)
Balance, beginning of year	252,888			23,324			4,384			—			280,596
Balance, end of year	$	130,181		$	11,023		$	58,440		$	—		$	199,644



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	90,456		$	138,149		$	423,784		$	(206,475	)	$	445,914
INVESTING ACTIVITIES
Capital expenditures	—			(285		)	(157,277		)	—			(157,562		)
Purchase of timberlands	—			—			(106,536		)	—			(106,536		)
Jesup mill cellulose specialties expansion	—			—			(201,359		)	—			(201,359		)
Change in restricted cash	—			—			(10,559		)	—			(10,559		)
Investment in Subsidiaries	—			(142,508		)	—			142,508			—
Other	—			(69		)	3,184			—			3,115
CASH USED FOR INVESTING ACTIVITIES	—			(142,862		)	(472,547		)	142,508			(472,901		)
FINANCING ACTIVITIES
Issuance of debt	475,000			740,000			15,000			—			1,230,000
Repayment of debt	(120,000		)	(668,110		)	(25,500		)	—			(813,610		)
Dividends paid	(206,583		)	—			—			—			(206,583		)
Proceeds from the issuance of common shares	25,495			—			—			—			25,495
Excess tax benefits on stock-based compensation	—			—			7,635			—			7,635
Debt issuance costs	(3,697		)	(1,219		)	(1,219		)	—			(6,135		)
Repurchase of common shares	(7,783		)	—			—			—			(7,783		)
Issuance of intercompany notes	—			(14,000		)	14,000			—			—
Intercompany distributions	—			(97,587		)	33,620			63,967			—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	162,432			(40,916		)	43,536			63,967			229,019
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(39		)	—			(39		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	252,888			(45,629		)	(5,266		)	—			201,993
Balance, beginning of year	—			68,953			9,650			—			78,603
Balance, end of year	$	252,888		$	23,324		$	4,384		$	—		$	280,596



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2011
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	283,409		$	332,817		$	402,994		$	(586,950	)	$	432,270
INVESTING ACTIVITIES
Capital expenditures	—			(270		)	(144,252		)	—			(144,522		)
Purchase of timberlands	—			—			(320,899		)	—			(320,899		)
Jesup mill cellulose specialties expansion	—			—			(42,894		)	—			(42,894		)
Change in restricted cash	—			—			8,323			—			8,323
Investment in Subsidiaries	(19,259		)	(135,816		)	—			155,075			—
Other	—			69			11,309			—			11,378
CASH USED FOR INVESTING ACTIVITIES	(19,259		)	(136,017		)	(488,413		)	155,075			(488,614		)
FINANCING ACTIVITIES
Issuance of debt	120,000			105,000			235,000			—			460,000
Repayment of debt	—			(243,057		)	(256,000		)	—			(499,057		)
Dividends paid	(185,272		)	—			—			—			(185,272		)
Proceeds from the issuance of common shares	13,451			—			—			—			13,451
Excess tax benefits on stock-based compensation	—			—			5,681			—			5,681
Debt issuance costs	—			(1,351		)	(676		)	—			(2,027		)
Repurchase of common shares	(7,909		)	—			—			—			(7,909		)
Issuance of intercompany notes	(204,420		)	(18,961		)	223,381			—			—
Intercompany distributions	—			(282,495		)	(149,380		)	431,875			—
CASH USED FOR FINANCING ACTIVITIES	(264,150		)	(440,864		)	58,006			431,875			(215,133		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			617			—			617
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			(244,064		)	(26,796		)	—			(270,860		)
Balance, beginning of year	—			313,017			36,446			—			349,463
Balance, end of year	$	—		$	68,953		$	9,650		$	—		$	78,603

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2013

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

RAYONIER INC. AND SUBSIDIARIES

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2013, 2012, and 2011

(In Thousands)



Description	Balance at Beginning of Year		Charged to Cost and Expenses			Deductions (1)			Balance at End of Year
Allowance for doubtful accounts:
Year ended December 31, 2013	$	417	$	855	(2)	$	(599	)	$	673
Year ended December 31, 2012	$	399	$	67		$	(49	)	$	417
Year ended December 31, 2011	$	387	$	12		$	—		$	399


(1)	Primarily payments and adjustments to required reserves.


(2)	The 2013 increase is primarily related to the consolidation of the New Zealand JV.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2013
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include the accounts of Rayonier and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65 percent) of its New Zealand JV, and, as such, consolidates 100 percent of its results of operations and balance sheet. The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (35 percent) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated. On April 4, 2013 (the “acquisition date”), the Company acquired an additional 39 percent ownership interest in Matariki Forestry Group , a New Zealand JV that owns or leases approximately 0.3 million acres of New Zealand timberlands. As a result of the acquisition, Rayonier is a 65 percent owner of the New Zealand JV and 100 percent of the results of its operations subsequent to April 4, 2013 have been included in the Company’s consolidated financial statements, along with 100 percent of the JV’s assets and liabilities at December 31, 2013. The portions of the consolidated financial position and results of operations attributable to the New Zealand JV’s 35 percent noncontrolling interest are also shown separately.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. At December 31, 2013 the consolidated cash balance included a one-month time deposit of $45 million which bore interest at 24 basis points.
Inventory	Inventory Inventories are valued at the lower of cost or market. The costs of manufactured performance fibers are determined on the first-in, first-out basis. Other products are valued on an average cost basis. Inventory costs include material, labor and manufacturing overhead. Physical counts of inventories are taken at least annually. The need for a provision for estimated losses from obsolete, excess or slow-moving inventories is reviewed periodically. HBU real estate properties that are expected to be sold within one year are included in inventory, while properties that are expected to be sold after one year are included in “Other assets.”
Timber	Timber Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, lease rental payments, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Payroll costs are capitalized only for time spent on these activities, while interest or any other soft costs aside from those mentioned above are not capitalized. Such accumulated costs attributed to merchantable timber are charged to cost of goods sold (depletion) at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. 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, concurrent with the harvesting of the acquired timber.
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. Performance Fibers mill assets are depreciated using the units-of-production method. The Company depreciates its non-production Performance Fibers assets, including office, lab 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 measured by the amount by which 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.
Capitalized Interest	Capitalized Interest In accordance with Accounting Standards Codification (“ASC”) 835-20, Capitalization of Interest, interest from external borrowings is capitalized on major projects with an expected construction period of one year or longer. The interest costs are added to the cost of the underlying basis of the property, plant and equipment and amortized over the useful life of the assets.
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 the fuel swap 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. 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: Level 1 — Net asset value in an observable market. Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing 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.
Foreign Currency Translation	Foreign Currency Translation The functional currency of the Company’s New Zealand-based operations and its JV investment 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 gain and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“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, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. Revenue from the sale of timber is recorded when title passes to the buyer. Timber sales are either sales of delivered logs or stumpage sales. Stumpage sales in the Atlantic, Gulf States and Northern regions and New Zealand are primarily made on a pay-as-cut basis. Title and risk of loss are transferred when the timber is cut. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The Company also sells the rights to cut standing timber on specified parcels of land through lump sum timber sale agreements. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Title and risk of loss to the timber pass to the purchaser upon contract execution. Any uncut timber remaining at the end of the contract period reverts to the Company. Real estate sales are recorded when title passes, full payment or a minimum down payment of 25 percent is received and full collectibility is assured. If a down payment of less than 25 percent is received at closing or if full collectibility is not reasonably assured, the Company typically records revenue based on the installment method or cost recovery method. Revenue from domestic sales of Performance Fibers products is recorded when title passes which, depending on the contract, is either at time of shipment or when the customer receives goods. Foreign sales of Performance Fibers products are recorded when the customer or agent receives the goods and title passes. The Company’s Other segment includes log trading sales. Revenue is recorded when the goods are received by the customer and title passes.
Environmental Costs	Environmental Costs Rayonier expenses environmental costs related to ongoing businesses resulting from current operations. Expenditures that meaningfully extend the life or increase the efficiency of operating assets are capitalized. The Company has established liabilities to assess, remediate and monitor sites related to dispositions or discontinued operations from which no current or future benefit is discernible. These obligations are established based on payments over the next 20 years and require significant estimates to determine the proper amount at any point in time. Generally, monitoring expense obligations are fixed once remediation projects are at or near completion. The projected period, from 2014 through 2033, reflects the time in which potential future costs are both estimable and probable. As new information becomes available, these cost estimates are updated and the recorded liabilities are adjusted appropriately. Environmental liabilities are accounted for on an undiscounted basis and are reflected in current and non-current “Liabilities for dispositions and discontinued operations” in the Consolidated Balance Sheets.
Employee Benefit Plans	Employee Benefit Plans The determination of expense and funding requirements for Rayonier’s four defined benefit pension plans, its unfunded excess pension plan and its postretirement health care and life insurance plans are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, health care cost trends, mortality rates, longevity and service lives of employees. See Note 22 — Employee Benefit Plans for assumptions used to determine benefit obligations, the net periodic benefit cost and health care cost trend rates for the year ended December 31, 2013. 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, 2013 and 2012, the Company’s pension plans were in a net liability position (underfunded) of $71.7 million and $133.8 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 comprehensive income (loss) in the year in which the changes occur. See Note 22 — Employee Benefit Plans for additional information. 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. At December 31, 2013, the pension plans’ discount rate was 4.60 percent, which closely approximates interest rates on high quality, long-term obligations. Effective December 31, 2013, the expected return on plan assets remained at 8.5 percent, which is 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, with the assistance of external consultants, 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.
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 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 unrecognized 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 “Uncertain tax positions” and “Other non-current liabilities” in the Company’s Consolidated Balance Sheets. See Note 10 — Income Taxes for additional information.
Reclassifications	Reclassifications Certain 2012 and 2011 amounts have been reclassified to conform with the current year presentation. See Note 3 — Sale of Wood Products Business for information regarding reclassifications for discontinued operations.
New or Recently Adopted Accounting Pronouncements	New or Recently Adopted Accounting Pronouncements In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The standard requires enhanced disclosures about assets and liabilities that are subject to a master netting agreement or when the right of offset exists. In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This pronouncement limits the scope of ASU No. 2011-1. The standards’ disclosure requirements are retrospective and were effective beginning in first quarter 2013. See Note 6 — Derivative Financial Instruments and Hedging Activities for the disclosures required under this guidance. In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This standard requires reporting, in one place, information about reclassifications out of AOCI by component. An entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount is reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified to net income in their entirety, an entity is required to cross-reference to other currently required disclosures that provide additional detail about those amounts. The information required by this standard must be presented in one place, either parenthetically on the face of the financial statements by income statement line item or in a note. See Note 15 — Accumulated Other Comprehensive Income/(Loss) for the disclosures required under this guidance. In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. This standard requires a parent entity to release a related foreign entity’s cumulative translation adjustment into net income only if its sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The cumulative translation adjustment should be released into net income if the transaction results in the loss of a controlling financial interest in a foreign entity or results in an acquirer obtaining control of an acquiree in which it held an equity interest immediately before the acquisition date. ASU No. 2013-05 will be effective for first quarter 2014. The Company does not expect the adoption of this standard to have any impact on its consolidated financial statements.
Discontinued Operations	Accordingly, the operating results of the Wood Products business, formerly reported as a separate operating segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the Wood Products segment, which will remain with the Company after the sale, are reported in continuing operations.
Equity Method Investments	The Company’s operating results for the year ended December 31, 2013 reflect 26 percent of the New Zealand JV’s income prior to the acquisition date, as reported in “Equity in income of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. Prior to the acquisition of a majority interest in the New Zealand JV, Rayonier recorded its proportionate share of its cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets.
Segment Reporting	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 gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations.
Derivatives	Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of AOCI and reclassified into earnings when the hedged transaction materializes. The ineffective portion of any hedge as well as changes in the fair value of derivatives not designated as hedging instruments and those which are no longer effective as hedging instruments, are recognized immediately in earnings.
Offsetting Derivatives	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.
Debt Issuance Costs	Debt issuance costs are capitalized and amortized to interest expense over the term of the debt to which they relate using a method that approximates the interest method.
Software Costs	Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method.
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.
Incentive Stock Plans	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. Awards vest ratably over three years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility for each grant and is calculated using the historical change in the daily market price of the Company’s common stock over the expected life of the award. The expected life is based on prior exercise behavior. The Company has elected to value each grant in total and recognize the expense for stock options on a straight-line basis over three years. Performance Share 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 amortized 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, 2013, there was $8.2 million of unrecognized compensation cost related to the Company’s performance share unit awards. This cost is expected to be recognized over a weighted average period of 1.7 years. Restricted Stock Restricted stock granted under the Stock Plan generally vests upon completion of a one to three year period. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. As of December 31, 2013, there was $1.1 million of unrecognized compensation cost related to the Company’s outstanding restricted stock. This cost is expected to be recognized over a weighted average period of 1.5 years. 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 all awards granted after January 1, 2010 receive dividend equivalents.
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.

Sale of Wood Products Business (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The major classes of Wood Products assets and liabilities included in the sale were as follows:



	March 1, 2013
Accounts receivable, net	$	4,127
Inventory	4,270
Prepaid and other current assets	2,053
Property, plant and equipment, net	9,990
Total assets	$	20,440

Total liabilities	$	596

Operating results of the discontinued operations are summarized below:



	2013			2012			2011
Sales	$	16,968		$	87,510		$	67,682
Cost of sales and other	(17,102		)	(76,619		)	(68,682		)
Gain on sale of discontinued operations	63,217			—			—
Income (loss) from discontinued operations before income taxes	63,083			10,891			(1,000		)
Income tax (expense) benefit	(21,050		)	(3,648		)	331
Income (loss) from discontinued operations, net	$	42,033		$	7,243		$	(669	)

Prior to the Wood Products sale, saw timber procurement services for and wood chip purchases from the lumber mills were intercompany transactions eliminated in consolidation as follows:



	2013		2012		2011
Wood chip purchases	$	1,650	$	12,526	$	12,600
Saw timber procurement services	231		1,125		1,023
Total intercompany	$	1,881	$	13,651	$	13,623

Schedule of measurement period adjustments

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Joint Venture Investment (Tables)

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

The effect of these measurement period adjustments has been reflected in the consolidated financial statements for the period ended December 31, 2013.



Provisional amount of adjustments	Increase/(Decrease)
Timber and timberlands, net	$	10,348
Goodwill	10,496
Deferred tax liabilities	$	20,844

Summary of purchase price allocation

The following table summarizes the final fair values of the assets acquired and liabilities assumed at the acquisition date, including the measurement period adjustments discussed above:



	April 4, 2013
Accounts receivable, net	$	9,777
Inventory	2,465
Other current assets	6,767
Timber and timberlands, net	555,635
Other assets	11,415
Total identifiable assets acquired	586,059
Accounts payable	11,679
Current maturities of long-term debt	3,843
Accrued interest	2,038
Other current liabilities	3,624
Long-term debt (third party)	196,319
Long-term debt (shareholders) (a)	125,532
Other non-current liabilities	20,388
Total liabilities assumed	363,423
Net identifiable assets	222,636
Plus: Goodwill	10,496
Less: Fair value of equity method investment	(93,253		)
Purchase price	$	139,879


(a)	Long-term debt included $125.5 million of shareholder loans payable to the noncontrolling interest by the New Zealand JV. Subsequent to the acquisition date, $96.0 million of the noncontrolling interest’s shareholder loans were converted to preferred equity.

Summary of Pro Forma information

The amounts of revenue and earnings of the New Zealand JV included in the Company’s Consolidated Statements of Income and Comprehensive Income from the acquisition date through December 31, 2013 are as follows:



	Revenue and earnings from April 4, 2013 to December 31, 2013
Sales	$	145,719
Net Income	5,435



	2013		2012
Sales	$	1,742,348	$	1,683,776
Net Income	372,039		271,589

Segment and Geographical Information Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment information for each of the three years ended December 31, 2013 follows (in millions of dollars):



	Sales
	2013			2012			2011
Forest Resources (a)	$	382		$	230		$	215
Real Estate (b)	149			57			71
Performance Fibers	1,042			1,093			1,020
Other Operations	138			105			122
Intersegment Eliminations	(3		)	(2		)	(7		)
Total	$	1,708		$	1,483		$	1,421


(a)	2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.


(b)	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million.



	Operating Income/(Loss)
	2013			2012			2011
Forest Resources	$	81		$	46		$	47
Real Estate	56			32			47
Performance Fibers	311			359			298
Other Operations	2			—			1
Corporate and other (a)	(27		)	(36		)	(36		)
Total	$	423		$	401		$	357


(a)	2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. 2011 included a $7 million increase in a disposition reserve.



	Gross Capital Expenditures
	2013		2012		2011
Forest Resources (a)	$	83	$	156	$	468
Performance Fibers (b)	242		309		140
Wood Products (c)	—		2		3
Corporate and other	—		1		2
Total assets acquired	$	325	$	468	$	613
Less: Assumption of loan for timberlands acquisition	—		—		(105		)
Total capital expenditures	$	325	$	468	$	508


(a)	Includes strategic timberland acquisitions of $107 million and $426 million (including assumption of a $105 million loan) in 2012 and 2011, respectively.


(b)	Includes $141 million, $201 million, and $43 million of strategic capital expenditures related to the Jesup mill CSE in 2013, 2012 and 2011, respectively.


(c)	The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information.



	Depreciation, Depletion and Amortization
	2013		2012		2011
Forest Resources (a)	$	99	$	75	$	63
Real Estate	17		8		12
Performance Fibers	75		61		56
Corporate and other	—		2		2
Total	$	191	$	146	$	133


(a)	2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.



	Total Assets
	2013		2012
Forest Resources (a)	$	2,163	$	1,690
Real Estate	149		113
Performance Fibers	1,079		902
Wood Products (b)	—		18
Other Operations	37		23
Corporate and other	258		377
Total	$	3,686	$	3,123


(a)	2013 included an increase in total assets of approximately $577 million related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.


(b)	The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information.



	Sales by Product Line
	2013		2012		2011
Forest Resources (a)	$	382	$	230	$	215
Real Estate
Development	4		2		4
Rural	37		39		33
Non-Strategic Timberlands (b)	108		16		34
Total Real Estate	149		57		71
Performance Fibers
Cellulose specialties	930		935		824
Viscose/other (c)	39		—		—
Absorbent materials	73		158		196
Total Performance Fibers	1,042		1,093		1,020
Other	135		103		115
Total Sales	$	1,708	$	1,483	$	1,421


(a)	2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.


(b)	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million.


(c)	Beginning in the third quarter of 2013, viscose and commodity grades are being produced as the Company begins its multi-year transition to producing only cellulose specialties.



	Geographical Operating Information
	Sales						Operating Income						Identifiable Assets
	2013		2012		2011		2013		2012		2011		2013		2012
United States	$	1,428	$	1,379	$	1,310	$	394	$	399	$	351	$	3,077	$	3,022
New Zealand	280		104		111		29		2		6		609		101
Total	$	1,708	$	1,483	$	1,421	$	423	$	401	$	357	$	3,686	$	3,123

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country



	Geographical Operating Information
	Sales						Operating Income						Identifiable Assets
	2013		2012		2011		2013		2012		2011		2013		2012
United States	$	1,428	$	1,379	$	1,310	$	394	$	399	$	351	$	3,077	$	3,022
New Zealand	280		104		111		29		2		6		609		101
Total	$	1,708	$	1,483	$	1,421	$	423	$	401	$	357	$	3,686	$	3,123



	Sales by Destination
	2013		%	2012		%	2011		%
United States	$	818	48	$	690	47	$	669	47
China	351		20	281		19	277		19
Japan	150		9	170		11	159		11
New Zealand	157		9	18		1	22		2
Europe	79		5	182		12	173		12
Other Asia	82		5	68		5	55		4
Latin America	60		3	53		4	36		3
Canada	1		—	4		—	9		1
All other	10		1	17		1	21		1
Total Sales	$	1,708	100	$	1,483	100	$	1,421	100

Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 year ended December 31, 2013:



	Income Statement Location	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	950
	Other operating (income) expense	652
Foreign currency option contracts	Other comprehensive income (loss)	460

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	(1,607		)
Foreign currency option contracts	Other operating (income) expense	1,147
Interest rate swaps	Interest and miscellaneous income (expense)	6,085
Fuel hedge contracts	Cost of sales (benefit)	(255		)

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, 2013:



	2013
	Notional Amount (a)
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$	32,300
Foreign currency option contracts	38,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	1,950
Foreign currency option contracts	4,000
Interest rate swaps	183,851
Fuel hedge contracts	38


(a)	All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels.

Schedule of Derivative Instruments in Statement of Financial Position

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2013:



	2013
	Location on Balance Sheet	Fair Value Assets (Liabilities) (a)
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	915
Foreign currency option contracts	Other current liabilities	(214		)
	Prepaid and other current assets	673

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Prepaid and other current assets	25
Foreign currency option contracts	Prepaid and other current assets	8
Interest rate swaps	Other non-current liabilities	(4,659		)
Fuel hedge contracts	Prepaid and other current assets	160

Total derivative contracts:
Prepaid and other current assets		$	1,781

Other current liabilities		(214		)
Other non-current liabilities		(4,659		)
Total derivative liabilities		$	(4,873	)


(a)	See Note 7 — 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, 2013

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping



	2013								2012
Asset (liability)	Carrying Amount			Fair Value					Carrying Amount			Fair Value
				Level 1		Level 2						Level 1		Level 2
Cash and cash equivalents	$	199,644		$	199,644	$	—		$	280,596		$	280,596	$	—
Restricted cash (a)	68,944			68,944		—			10,559			10,559		—
Current maturities of long-term debt	(112,500		)	—		(119,614		)	(150,000		)	—		(150,000		)
Long-term debt	(1,461,724		)	—		(1,489,810		)	(1,120,052		)	—		(1,250,341		)
Interest rate swaps (b)	(4,659		)	—		(4,659		)	—			—		—
Foreign currency exchange contracts (b)	940			—		940			—			—		—
Foreign currency option contracts (b)	467			—		467			—			—		—
Fuel hedge contracts (b)	160			—		160			—			—		—


(a)	Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary.


(b)	See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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



	2013				2012			2011
Current
U.S. federal	$	(83,119	)		$	(76,381	)	$	(27,224	)
State	(4,315		)		(4,569		)	(624		)
Foreign	(400		)		(288		)	(342		)
	(87,834		)		(81,238		)	(28,190		)
Deferred
U.S. federal	39,567				(2,598		)	(2,079		)
State	18,320				(595		)	(1,066		)
Foreign	(5,119		)		(55		)	(32		)
	52,768				(3,248		)	(3,177		)
Changes in valuation allowance	(14,595		)	(a)	(257		)	679
Total	$	(49,661	)		$	(84,743	)	$	(30,688	)


(a)	The increase in the valuation allowance during 2013 was primarily related to Georgia investment tax credits earned on the CSE project, the majority of which are fully reserved.

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:



	2013		2012		2011
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
REIT income not subject to federal tax	(11.0	)	(7.3	)	(10.6	)
Manufacturing deduction	(2.5	)	(2.4	)	—
Other	2.0		1.0		(1.0	)
Effective tax rate before non-routine items	23.5	%	26.3	%	23.4	%
Installment note prepayment	(2.4	)	—		(3.6	)
Built-in gains tax holiday	—		—		(1.9	)
AFMC for CBPC exchange	(4.9	)	(3.3	)	(1.9	)
Taxing authority settlements and unrecognized tax benefit adjustments	—		—		(5.3	)
Gain related to consolidation of New Zealand joint venture	(1.5	)	—		—
Other	(1.7	)	0.8		(0.7	)
Income tax rate as reported	13.0	%	23.8	%	10.0	%

Schedule of Deferred Tax Assets and Liabilities

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



	2013			2012
Gross deferred tax assets:
Liabilities for dispositions and discontinued operations	$	28,050		$	29,944
Pension, postretirement and other employee benefits	43,058			66,354
Foreign and state NOL carryforwards	85,801			18,023
Tax credit carryforwards	52,682			4,429
Other	29,871			8,736
Total gross deferred tax assets	239,462			127,486
Less: Valuation allowance	(33,889		)	(19,294		)
Total deferred tax assets after valuation allowance	205,573			108,192
Gross deferred tax liabilities:
Accelerated depreciation	(57,695		)	(61,414		)
Repatriation of foreign earnings	(9,065		)	(5,428		)
New Zealand forests, roads and carbon credits	(85,681		)	—
Other	(12,607		)	(4,461		)
Total gross deferred tax liabilities	(165,048		)	(71,303		)
Net deferred tax asset	$	40,525		$	36,889
Current portion of deferred tax asset	$	39,100		$	15,845
Noncurrent portion of deferred tax asset	10,720			26,792
Noncurrent portion of deferred tax liability	(9,295		)	(5,748		)
Net deferred tax asset	$	40,525		$	36,889

Summary of Operating Loss and Tax Credit Carryforwards

Included above are the following foreign and state net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2013:



Item	Gross Amount		Valuation Allowance			Expiration
RNZ NOL Carryforwards (a)	$	6,342	$	(1,776	)	None
State NOL Carryforwards (a)	243,087		(7,525		)	2014 - 2019
New Zealand JV NOL Carryforwards	273,212		—			None
State Tax Credits	26,000		(24,588		)	2014 - 2023
Cellulosic Biofuel Producer Credit	26,682		—			2016
Total Valuation Allowance			$	(33,889	)


(a)	Fully reserved at December 31, 2013.

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:



	2013			2012		2011
Balance at January 1,	$	6,580		$	6,580	$	22,580
Decreases related to prior year tax positions	(800		)	—		(16,000		)	(a)
Increases related to prior year tax positions	4,767			—		—
Balance at December 31,	$	10,547		$	6,580	$	6,580


(a)	During 2011, the Company received a final examination report from the IRS regarding its TRS 2009 tax return. As a result, Rayonier reversed the uncertain tax liability recorded in 2009 relating to the taxability of the AFMC and recognized a $16 million tax benefit in the third quarter of 2011.

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	2008 – 2013
State of Alabama	2009 – 2013
State of Florida	2005 – 2006, 2008 – 2013
State of Georgia	2009 – 2013
New Zealand Inland Revenue	2009 – 2013

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2013

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:



	2013		2012		2011
Income from continuing operations	$	331,765	$	271,442	$	276,674
Less: Income from continuing operations attributable to noncontrolling interest	1,902		—		—
Income from continuing operations attributable to Rayonier Inc.	$	329,863	$	271,442	$	276,674

Income from discontinued operations attributable to Rayonier Inc.	$	42,033	$	7,243	$	(669	)

Net income attributable to Rayonier Inc.	$	371,896	$	278,685	$	276,005

Shares used for determining basic earnings per common share	125,717,311		122,711,802		121,662,985
Dilutive effect of:
Stock options	463,949		634,218		702,693
Performance and restricted shares	158,319		757,308		982,951
Assumed conversion of Senior Exchangeable Notes (a)	1,965,177		2,888,650		1,895,762
Assumed conversion of warrants (a)	1,800,345		1,710,445		149,900
Shares used for determining diluted earnings per common share	130,105,101		128,702,423		125,394,291
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	2.63	$	2.21	$	2.28
Discontinued operations	0.33		0.06		(0.01		)
Net income	$	2.96	$	2.27	$	2.27
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	2.54	$	2.11	$	2.21
Discontinued operations	0.32		0.06		(0.01		)
Net income	$	2.86	$	2.17	$	2.20

The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	2013	2012	2011
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	337,145	224,918	161,786
Assumed conversion of exchangeable note hedges (a)	1,965,177	2,888,650	1,895,762
Total	2,302,322	3,113,568	2,057,548

Inventory (Tables)

12 Months Ended

Dec. 31, 2013

Inventory Disclosure [Abstract]

Schedule of Inventory

As of December 31, 2013 and 2012, Rayonier’s inventory included the following:



	2013		2012
Finished goods (a)	$	115,270	$	103,568
Work in progress	3,555		4,446
Raw materials	17,661		17,602
Manufacturing and maintenance supplies	2,332		2,350
Total inventory	$	138,818	$	127,966


(a)	Includes $6.3 million and $4.9 million of HBU real estate held for sale at December 31, 2013 and 2012, respectively.

Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Rayonier’s debt consisted of the following at December 31, 2013 and 2012:



	2013			2012
Senior Notes due 2022 at a fixed interest rate of 3.75%	$	325,000		$	325,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a)	127,749			165,821
Installment note due 2014 at a fixed interest rate of 8.64%	112,500			112,500
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	65,165			76,731
Solid waste bond due 2020 at a variable interest rate of 1.5% at December 31, 2013	15,000			15,000
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.14% at December 31, 2013	205,000			275,000
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.67% at December 31, 2013	500,000			300,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.39% at December 31, 2013	193,311			—
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate	30,499			—
Total debt	1,574,224			1,270,052
Less: Current maturities of long-term debt	(112,500		)	(150,000		)
Long-term debt	$	1,461,724		$	1,120,052

Schedule of Maturities of Long-term Debt

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



2014	$	112,500
2015 (a)	130,973
2016	398,311
2017 (b)	63,000
2018	—
Thereafter	870,499
Total Debt	$	1,575,283


(a)	Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million.


(b)	The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million.

Schedule of Convertible Debt

The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2013 and 2012 are as follows:



	2013			2012
Liabilities:
Principal amount of debt
4.50% Senior Exchangeable Notes	$	130,973		$	172,500
Unamortized discount
4.50% Senior Exchangeable Notes	(3,224		)	(6,679		)
Net carrying amount of debt	$	127,749		$	165,821
Equity:
Common stock	$	8,850		$	8,850

Schedule of Interest Related to Convertible Debt

The amount of interest related to the convertible debt recognized in the Consolidated Statements of Income and Comprehensive Income for the three years ended December 31 is as follows:



	2013		2012		2011
Contractual interest coupon
4.50% Senior Exchangeable Notes	$	7,271	$	7,763	$	7,763
3.75% Senior Exchangeable Notes	—		8,682		11,250
Amortization of debt discount
4.50% Senior Exchangeable Notes	2,281		2,296		2,167
3.75% Senior Exchangeable Notes	—		5,378		6,487
Total interest expense recognized	$	9,552	$	24,119	$	27,667

Schedule of Debt Covenants

The covenants listed below, which are the most significant financial covenants in effect as of December 31, 2013, are calculated on a trailing 12-month basis:



	Covenant Requirement	Actual ratio	Favorable
Covenant EBITDA to consolidated interest expense should not be less than	2.50 to 1	13.31 to 1	10.81
Consolidated funded debt should not exceed 65 percent of consolidated net worth plus the amount of consolidated funded debt	65%	47.5%	17.5%
Subsidiary debt should not exceed 15 percent of Consolidated Net Tangible Assets	15%	6%	9%
RFR cash flow available for fixed charges to RFR fixed charges should not be less than	2.50 to 1	27.44 to 1	24.94
New Zealand JV's minimum interest coverage ratio should not be less than	1.25 to 1	2.08 to 1	0.83
New Zealand JV's leverage ratio of bank debt versus the forest and land valuation should not exceed	40%	31.7%	8.3%

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.

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=6928386&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=6479336&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=6584090&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=6928386&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=6928386&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=6451184&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=6451184&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=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Stockholders Equity

An analysis of shareholders’ equity for each of the three years ended December 31, 2013 is shown below.



	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Shareholders’ Equity
	Shares		Amount			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Shareholders’ Equity
Balance, December 31, 2010	121,023,140		$	602,882		$	717,058		$	(68,358	)	$	—		$	1,251,582
Net income	—		—			276,005			—			—			276,005
Dividends ($1.52 per share)	—		—			(186,828		)	—			—			(186,828		)
Issuance of shares under incentive stock plans	1,220,731		13,451			—			—			—			13,451
Stock-based compensation	—		16,181			—			—			—			16,181
Excess tax benefit on stock-based compensation	—		5,681			—			—			—			5,681
Repurchase of common shares	(208,694	)	(7,909		)	—			—			—			(7,909		)
Net loss from pension and postretirement plans	—		—			—			(46,263		)	—			(46,263		)
Foreign currency translation adjustment	—		—			—			3,546			—			3,546
Joint venture cash flow hedges	—		—			—			(2,373		)	—			(2,373		)
Balance, December 31, 2011	122,035,177		$	630,286		$	806,235		$	(113,448	)	$	—		$	1,323,073
Net income	—		—			278,685			—			—			278,685
Dividends ($1.68 per share)	—		—			(208,286		)	—			—			(208,286		)
Issuance of shares under incentive stock plans	1,467,024		25,495			—			—			—			25,495
Stock-based compensation	—		15,116			—			—			—			15,116
Excess tax benefit on stock-based compensation	—		7,635			—			—			—			7,635
Repurchase of common shares	(169,757	)	(7,783		)	—			—			—			(7,783		)
Net loss from pension and postretirement plans	—		—			—			(496		)	—			(496		)
Foreign currency translation adjustment	—		—			—			4,352			—			4,352
Joint venture cash flow hedges	—		—			—			213			—			213
Balance, December 31, 2012	123,332,444		$	670,749		$	876,634		$	(109,379	)	$	—		$	1,438,004
Net income	—		—			371,896			—			1,902			373,798
Dividends ($1.86 per share)	—		—			(233,321		)	—			—			(233,321		)
Issuance of shares under incentive stock plans	1,001,426		10,101			—			—			—			10,101
Stock-based compensation	—		11,710			—			—			—			11,710
Excess tax benefit on stock-based compensation	—		8,413			—			—			—			8,413
Repurchase of common shares	(211,221	)	(11,326		)	—			—			—			(11,326		)
Equity portion of convertible debt (Note 13)	—		2,453			—			—			—			2,453
Settlement of warrants (Note 13)	2,135,221		—			—			—			—			—
Net loss from pension and postretirement plans	—		—			—			61,869			—			61,869
Acquisition of noncontrolling interest	—		—			—			—			96,336			96,336
Noncontrolling interest redemption of shares	—		—			—			—			(713		)	(713		)
Foreign currency translation adjustment	—		—			—			(1,915		)	(3,795		)	(5,710		)
Joint venture cash flow hedges	—		—			—			3,286			343			3,629
Balance, December 31, 2013	126,257,870		$	692,100		$	1,015,209		$	(46,139	)	$	94,073		$	1,755,243

Tax Characteristics of Cash Dividend

The table below summarizes the tax characteristics of the cash dividend paid to shareholders for the three years ended December 31, 2013:



	2013		2012		2011
Capital gain	$	0.72	$	1.68	$	1.52
Qualified	1.14		—		—
Non-taxable return of capital	—		—		—
Total cash dividend per common share	$	1.86	$	1.68	$	1.52

Accumulated Other Comprehensive Income/(Loss) (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Accumulated Other Comprehensive Income (Loss)



	Foreign currency translation gains (a)			New Zealand joint venture cash flow hedges (b)			Unrecognized components of employee benefit plans				Total
Balance as of December 31, 2012	$	38,829		$	(3,628	)	$	(144,580	)		$	(109,379	)
Other comprehensive income/(loss) before reclassifications	(1,915		)	798			45,931			(c)	44,814
Amounts reclassified from accumulated other comprehensive loss	—			2,488			15,938			(d)	18,426
Net other comprehensive income/(loss)	(1,915		)	3,286			61,869				63,240
Balance as of December 31, 2013	$	36,914		$	(342	)	$	(82,711	)		$	(46,139	)


(a)	During the year ended December 31, 2013 the decrease in net foreign currency translation gains was due to the strengthening of the U.S. dollar against the New Zealand dollar.

(b)


(c)	The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013.


(d)	This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — 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 year ended December 31, 2013:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income			Affected line item in the income statement
Loss from New Zealand joint venture cash flow hedges	$	2,159		Gain related to consolidation of New Zealand joint venture
Realized loss on foreign exchange contracts	843			Other operating (income) expense, net
Noncontrolling interest benefit	(295		)	Comprehensive (loss) attributable to noncontrolling interest
Income tax benefit	(219		)	Income tax expense
Net loss reclassified from accumulated other comprehensive income	$	2,488

Other Operating Income, Net (Tables)

12 Months Ended

Dec. 31, 2013

Other Income and Expenses [Abstract]

Interest and Other Income

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



	2013			2012			2011
Lease income, primarily for hunting	$	19,479		$	15,937		$	13,071
Other non-timber income	2,714			3,346			2,145
Foreign currency gains	901			—			—
Insurance recoveries	—			2,298			1,890
Loss on sale or disposal of property plant & equipment (a)	(2,103		)	(2,342		)	(7,415		)
Loss on foreign currency contracts, net	(192		)	—			—
Environmental and disposition reserve adjustments (b)	—			(797		)	(5,989		)
Legal and corporate development costs (c)	(8,275		)	(1,073		)	—
Miscellaneous (expense) income, net	(3,037		)	(3,200		)	92
Total	$	9,487		$	14,169		$	3,794


(a)	2011 included a $5.5 million write-off related to process equipment changes needed for the CSE project.


(b)	2011 included a $6.5 million increase in a disposition reserve for a closed mill site. For additional information, see Note 17 — Liabilities for Dispositions and Discontinued Operations.


(c)	2013 included additional expenses primarily related to planning the separation of our Performance Fibers business from our Forest Resources and Real Estate businesses.

Liabilities for Dispositions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

Schedule of Change in Environmental Loss Contingencies

An analysis of activity in the liabilities for dispositions and discontinued operations for the three years ended December 31, 2013 follows:



	2013			2012			2011
Balance, January 1	$	81,695		$	90,824		$	93,160
Expenditures charged to liabilities	(8,570		)	(9,926		)	(9,209		)
Increase to liabilities	3,253			797			6,873
Balance, December 31	76,378			81,695			90,824
Less: Current portion	(6,835		)	(8,105		)	(9,931		)
Non-current portion	$	69,543		$	73,590		$	80,893

Schedule of Environmental Loss Contingencies by Site



	Activity (in millions) as of December 31,
	2011					(Reduction) Increase to Liabilities			2012					Increase (Reduction) to Liabilities			2013
Sites	Liability		Expenditures			(Reduction) Increase to Liabilities			Liability		Expenditures			Increase (Reduction) to Liabilities			Liability
Augusta, Georgia	$	13.9	$	(0.8	)	$	(1.0	)	$	12.1	$	(1.0	)	$	0.8		$	11.9
Spartanburg, South Carolina	14.7		(0.9		)	0.2			14.0		(1.4		)	(0.8		)	11.8
East Point, Georgia	11.0		(1.0		)	0.9			10.9		(0.8		)	(0.2		)	9.9
Baldwin, Florida	9.7		(0.9		)	0.3			9.1		(1.1		)	2.7			10.7
Other SWP sites	26.3		(3.6		)	(1.8		)	20.9		(2.1		)	(0.2		)	18.6
Total SWP	75.6		(7.2		)	(1.4		)	67.0		(6.4		)	2.3			62.9
Port Angeles, Washington	9.3		(1.7		)	1.9			9.5		(1.5		)	1.4			9.4
All other sites	5.9		(1.0		)	0.3			5.2		(0.7		)	(0.4		)	4.1
TOTAL	$	90.8	$	(9.9	)	$	0.8		$	81.7	$	(8.6	)	$	3.3		$	76.4

Guarantees (Tables)

12 Months Ended

Dec. 31, 2013

Guarantees [Abstract]

Schedule of Guarantor Obligations



Financial Commitments	Maximum Potential Payment		Carrying Amount of Liability
Standby letters of credit (a)	$	17,355	$	15,000
Guarantees (b)	2,254		43
Surety bonds (c)	5,498		1,143
Total financial commitments	$	25,107	$	16,186


(a)	Approximately $15 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 2014 and will be renewed as required.

(b)


(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 between 2014 and 2015 and are expected to be renewed as required.

Commitments (Tables)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

At December 31, 2013, the future minimum payments under non-cancellable operating and timberland leases were as follows:



	Operating Leases (a)		Timberland Leases (b)		Purchase Obligations (c)		Total
2014	$	3,288	$	10,164	$	16,034	$	29,486
2015	2,347		9,819		12,349		24,515
2016	3,002		9,598		12,716		25,316
2017	3,121		9,180		12,183		24,484
2018	2,776		7,798		4,219		14,793
Thereafter	16,525		142,264		5,047		163,836
	$	31,059	$	188,823	$	62,548	$	282,430


(a)	Includes leases on buildings, machinery and equipment under various operating leases and a Jesup mill natural gas transportation lease.


(b)	The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.

(c)

Incentive Stock Plans (Tables)

12 Months Ended

Dec. 31, 2013

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

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

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



	2013		2012		2011
Restricted shares granted	33,607		18,742		20,535
Weighted average price of restricted shares granted	$	57.54	$	42.40	$	43.55
(Amounts in millions)
Intrinsic value of restricted stock outstanding (a)	$	1.7	$	2.1	$	3.4
Fair value of restricted stock vested	$	1.3	$	1.8	$	2.6
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares	$	0.3	$	0.6	$	0.8


(a)	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2013.



	2013
	Number of Shares		Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	40,572		$	37.36
Granted	33,607		$	57.54
Vested	(34,947	)	$	36.23
Cancelled	—		—
Non-vested Restricted Shares at December 31,	39,232		$	55.66

Schedule of Nonvested Performance-based Units Activity

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



	2013		2012		2011
Common shares of Company stock reserved for performance shares	276,240		337,360		470,820
Weighted average fair value of performance share units granted	$	59.16	$	56.36	$	51.57
(Amounts in millions)
Intrinsic value of outstanding performance share units (a)	$	22.1	$	36.3	$	46.0
Fair value of performance shares vested	$	7.0	$	22.2	$	9.9
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares	$	11.0	$	7.2	$	7.1


(a)	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2013.



	2013
	Number of Units		Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	700,825		$	47.23
Granted	138,120		59.16
Units Distributed	(294,515	)	39.25
Cancelled/Adjustments	(19,684	)	54.83
Outstanding Performance Share units at December 31,	524,746		$	54.57



	2013		2012		2011
Expected volatility	23.2	%	36.9	%	51.3	%
Risk-free rate	0.4	%	0.4	%	1.0	%

Schedule of Share-based Compensation, Stock Options, Activity

The following chart provides a tabular overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2013:



	2013			2012			2011
Expected volatility	39.0		%	39.3		%	38.2		%
Dividend yield	3.4		%	3.6		%	3.9		%
Risk-free rate	1.0		%	1.3		%	2.6		%
Expected life (in years)	6.3			6.4			6.5
Fair value per share of options granted	$14.01			$11.85			$9.99
Fair value of options granted (in millions)	$	2.7		$	2.8		$	3.0

A summary of the status of the Company’s stock options as of and for the year ended December 31, 2013 is presented below:



	2013
	Number of Shares		Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Options outstanding at January 1,	1,609,129		$	29.56
Granted	190,360		52.65
Exercised	(400,856	)	26.14
Cancelled	(5,411	)	46.30
Options outstanding at December 31,	1,393,222		$	33.79	5.9	$	14.1
Options vested and expected to vest	1,391,464		$	33.79	5.9	$	14.1
Options exercisable at December 31,	1,061,807		$	29.46	5.2	$	13.8

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



	2013		2012		2011
(Amounts in millions)
Intrinsic value of options exercised (a)	$	12.3	$	20.5	$	10.4
Fair value of options vested	$	2.6	$	3.3	$	2.5


(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.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Schedule of Changes in Projected Benefit Obligations



	Pension						Postretirement
	2013			2012			2013			2012
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	$	454,470		$	413,147		$	27,582		$	24,833
Service cost	8,452			8,407			1,056			918
Interest cost	16,682			17,284			937			956
Settlement loss	137			—			—			—
Actuarial (gain) loss	(44,786		)	32,666			(3,206		)	2,021
Plan amendments	—			—			(3,372		)	—
Employee contributions	—			—			980			1,136
Benefits paid	(21,317		)	(17,034		)	(1,978		)	(2,282		)
Projected benefit obligation at end of year	$	413,638		$	454,470		$	21,999		$	27,582

Schedule of Changes in Fair Value of Plan Assets



Change in Plan Assets
Fair value of plan assets at beginning of year	$	320,699		$	295,655		$	—		$	—
Actual return on plan assets	42,285			41,729			—			—
Employer contributions	1,699			1,565			998			1,146
Employee contributions	—			—			980			1,136
Benefits paid	(21,317		)	(17,034		)	(1,978		)	(2,282		)
Other expense	(1,461		)	(1,216		)	—			—
Fair value of plan assets at end of year	$	341,905		$	320,699		$	—		$	—



Funded Status at End of Year:
Net accrued benefit cost	$	(71,733	)	$	(133,771	)	$	(21,999	)	$	(27,582	)

Schedule of Net Funded Status



Funded Status at End of Year:
Net accrued benefit cost	$	(71,733	)	$	(133,771	)	$	(21,999	)	$	(27,582	)

Schedule of Amounts Recognized in Balance Sheet



Amounts Recognized in the Consolidated
Balance Sheets Consist of:
Noncurrent assets	$	3,583		$	—		$	—		$	—
Current liabilities	(1,776		)	(1,702		)	(1,071		)	(1,256		)
Noncurrent liabilities	(73,540		)	(132,069		)	(20,928		)	(26,326		)
Net amount recognized	$	(71,733	)	$	(133,771	)	$	(21,999	)	$	(27,582	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)



	Pension						Postretirement
	2013		2012		2011		2013			2012			2011
Amortization of losses	$	20,914	$	17,578	$	10,372	$	675		$	582		$	570
Amortization of prior service cost	1,356		1,308		1,359		66			80			69
Amortization of negative plan amendment	—		—		—		(105		)	(55		)	—

Net gains or losses, prior service costs or credits and plan amendment gains recognized in other comprehensive income for the three years ended December 31 are as follows:



	Pension								Postretirement
	2013		2012			2011			2013		2012			2011
Net gains (losses)	$	60,171	$	(17,630	)	$	(75,995	)	$	3,206	$	(2,021	)	$	(3,934	)
Prior service cost	—		—			—			—		—			631
Negative plan amendment	—		—			—			3,372		—			—

Schedule of Net Periodic Benefit Cost Not yet Recognized



	Pension						Postretirement
	2013			2012			2013			2012
Prior service cost	$	(5,707	)	$	(7,062	)	$	(49	)	$	(328	)
Net losses	(110,728		)	(191,813		)	(8,057		)	(11,939		)
Negative plan amendment	—			—			3,574			521
Deferred income tax benefit	36,685			61,968			1,571			4,073
AOCI	$	(79,750	)	$	(136,907	)	$	(2,961	)	$	(7,673	)

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



	2013		2012
Projected benefit obligation	$	388,163	$	482,052
Accumulated benefit obligation	350,605		434,810
Fair value of plan assets	290,848		320,699

Schedule of Net Benefit Costs

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



	Pension									Postretirement
	2013			2012			2011			2013			2012			2011
Components of Net Periodic Benefit Cost
Service cost	$	8,452		$	8,407		$	6,782		$	1,056		$	918		$	673
Interest cost	16,682			17,284			18,087			937			956			972
Expected return on plan assets	(25,302		)	(25,477		)	(25,819		)	—			—			—
Amortization of prior service cost	1,296			1,308			1,359			66			80			69
Amortization of losses	20,097			17,578			10,372			675			582			570
Amortization of negative plan amendment	—			—			—			(105		)	(55		)	—
Curtailment expense	60			—			—			—			—			—
Settlement expense	817			—			—			—			—			—
Net periodic benefit cost	$	22,102		$	19,100		$	10,781		$	2,629		$	2,481		$	2,284

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 2014 are as follows:



	Pension		Postretirement
Amortization of loss	$	10,448	$	640
Amortization of prior service cost	1,167		17
Amortization of negative plan amendment	—		(282		)
Total amortization of AOCI loss	$	11,615	$	375

Schedule of Assumptions Used



	Pension						Postretirement
	2013		2012		2011		2013		2012		2011
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.60	%	3.70	%	4.20	%	4.60	%	3.60	%	4.10	%
Rate of compensation increase	4.60	%	4.60	%	4.50	%	4.50	%	4.50	%	4.50	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	3.70	%	4.20	%	5.25	%	3.60	%	4.10	%	5.10	%
Expected long-term return on plan assets	8.50	%	8.50	%	8.50	%	—		—		—
Rate of compensation increase	4.60	%	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%

Schedule of Health Care Cost Trend Rates

The following table sets forth the assumed health care cost trend rates at December 31:



	Postretirement
	2013		2012
Health care cost trend rate assumed for next year	7.00	%	7.50	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2017		2017

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

The following table shows the effect of a one percentage point change in assumed health care cost trends:



	1 Percent
Effect on:	Increase		Decrease
Total of service and interest cost components	$	253	$	(208	)
Accumulated postretirement benefit obligation	1,389		(1,183		)

Schedule of Allocation of Plan Assets



	Fair Value at December 31, 2013						Fair Value at December 31, 2012
Asset Category	Level 1		Level 2		Total		Level 1		Level 2		Total
Domestic equity securities	$	29,293	$	110,401	$	139,694	$	50,653	$	76,251	$	126,904
International equity securities	55,692		31,347		87,039		51,758		27,173		78,931
Domestic fixed income securities	—		85,222		85,222		—		81,045		81,045
International fixed income securities	15,134		—		15,134		15,745		—		15,745
Real estate fund	9,678		—		9,678		10,208		—		10,208
Short-term investments	879		4,259		5,138		29		7,837		7,866
Total	$	110,676	$	231,229	$	341,905	$	128,393	$	192,306	$	320,699

The Company’s pension plans’ asset allocation at December 31, 2013 and 2012, and target allocation ranges by asset category are as follows:



	Percentage of Plan Assets				Target Allocation Range
Asset Category	2013		2012		Target Allocation Range
Domestic equity securities	42	%	41	%	40-45%
International equity securities	26	%	25	%	20-30%
Domestic fixed income securities	25	%	26	%	25-30%
International fixed income securities	4	%	5	%	4-6%
Real estate fund	3	%	3	%	2-4%
Total	100	%	100	%

Schedule of Expected Benefit Payments

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



	Pension Benefits		Postretirement Benefits
2014	$	19,987	$	1,071
2015	21,070		1,170
2016	22,118		1,259
2017	23,149		1,271
2018	24,191		1,394
2019 - 2023	133,459		6,328

Quarterly Results for 2013 and 2012 (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	Quarter Ended											Total Year
	March 31			June 30			Sept. 30		Dec. 31			Total Year
2013
Sales	$	393,719		$	409,077		$	384,784	$	520,242		$	1,707,822
Cost of sales	266,018			297,698			287,150		395,446			1,246,312
Income from continuing operations	103,258			87,891		(b)	58,367		82,249			331,765		(b)
Income from discontinued operations	44,477			—			—		(2,444		)	42,033
Net income	147,735		(a)	87,891			58,367		79,805			373,798		(a)
Net income attributable to Rayonier Inc.	147,735		(a)	87,164		(b)	57,345		79,652			371,896		(a) (b)
Basic EPS attributable to Rayonier Inc.	1.19			0.69			0.45		0.63			2.96
Diluted EPS attributable to Rayonier Inc.	1.13			0.67			0.44		0.62			2.86
2012
Sales	336,571			348,096			386,163		412,660			1,483,490
Cost of sales	235,708			243,571			259,201		292,212			1,030,692
Income from continuing operations	52,599			66,091			79,278		73,474			271,442
Income from discontinued operations	838			2,988			1,282		2,135			7,243
Net income	53,437			69,079			80,560		75,609			278,685
Net income attributable to Rayonier Inc.	53,437			69,079			80,560		75,609			278,685
Basic EPS attributable to Rayonier Inc.	0.44			0.56			0.66		0.61			2.27
Diluted EPS attributable to Rayonier Inc.	0.42			0.54			0.62		0.59			2.17


(a)	Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013.


(b)	Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.

Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

Senior Exchangeable Notes due 2015 [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Income Statement



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	1,707,822		$	—		$	1,707,822
Costs and Expenses
Cost of sales	—			—			—			1,246,312			—			1,246,312
Selling and general expenses	—			9,821			—			55,022			—			64,843
Other operating (income) expense, net	(1,701		)	4,730			—			(12,516		)	—			(9,487		)
	(1,701		)	14,551			—			1,288,818			—			1,301,668
Equity in income of New Zealand joint venture	—			—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE	1,701			(14,551		)	—			419,566			—			406,716
Gain related to the consolidation of the New Zealand joint venture	—			—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(14,551		)	—			435,664			—			422,814
Interest expense	(13,088		)	(914		)	(27,516		)	(2,242		)	—			(43,760		)
Interest and miscellaneous income (expense), net	9,828			3,237			(7,534		)	(3,159		)	—			2,372
Equity in income from subsidiaries	373,455			384,567			245,126			—			(1,003,148		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	371,896			372,339			210,076			430,263			(1,003,148		)	381,426
Income tax benefit (expense)	—			1,116			11,895			(62,672		)	—			(49,661		)
INCOME FROM CONTINUING OPERATIONS	371,896			373,455			221,971			367,591			(1,003,148		)	331,765
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			—			42,033						42,033
NET INCOME	371,896			373,455			221,971			409,624			(1,003,148		)	373,798
Less: Net income attributable to noncontrolling interest	—			—			—			1,902			—			1,902
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	371,896			373,455			221,971			407,722			(1,003,148		)	371,896
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(1,915		)	(1,915		)	(72		)	(5,710		)	3,902			(5,710		)
New Zealand joint venture cash flows	3,286			3,286			637			3,629			(7,209		)	3,629
Amortization of pension and postretirement plans	61,869			61,869			20,589			20,589			(103,047		)	61,869
Total other comprehensive income	63,240			63,240			21,154			18,508			(106,354		)	59,788
COMPREHENSIVE INCOME	435,136			436,695			243,125			428,132			(1,109,502		)	433,586
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			(1,550		)	—			(1,550		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	435,136		$	436,695		$	243,125		$	429,682		$	(1,109,502	)	$	435,136



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	1,483,490		$	—		$	1,483,490
Costs and Expenses
Cost of sales	—			—			—			1,030,692			—			1,030,692
Selling and general expenses	—			10,575			—			56,382			—			66,957
Other operating expense (income), net	110			962			—			(15,241		)	—			(14,169		)
	110			11,537			—			1,071,833			—			1,083,480
Equity in income of New Zealand joint venture	—			—			—			550			—			550
OPERATING (LOSS) INCOME	(110		)	(11,537		)	—			412,207			—			400,560
Interest expense	(10,717		)	(941		)	(37,971		)	4,648			—			(44,981		)
Interest and miscellaneous income (expense), net	6,638			5,519			(3,334		)	(8,217		)	—			606
Equity in income from subsidiaries	282,874			289,486			232,871			—			(805,231		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	278,685			282,527			191,566			408,638			(805,231		)	356,185
Income tax benefit (expense)	—			347			15,076			(100,166		)	—			(84,743		)
INCOME FROM CONTINUING OPERATIONS	278,685			282,874			206,642			308,472			(805,231		)	271,442
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			—			7,243			—			7,243
NET INCOME	278,685			282,874			206,642			315,715			(805,231		)	278,685
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	4,352			4,352			(3		)	4,353			(8,702		)	4,352
New Zealand joint venture cash flows	213			213			—			213			(426		)	213
Amortization of pension and postretirement plans	(496		)	(496		)	(450		)	(450		)	1,396			(496		)
Total other comprehensive income (loss)	4,069			4,069			(453		)	4,116			(7,732		)	4,069
COMPREHENSIVE INCOME	$	282,754		$	286,943		$	206,189		$	319,831		$	(812,963	)	$	282,754



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2011
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	1,420,960		$	—		$	1,420,960
Costs and Expenses
Cost of sales	—			—			—			1,006,297			—			1,006,297
Selling and general expenses	—			10,710			—			54,541			—			65,251
Other operating expense (income), net	—			117			—			(3,911		)	—			(3,794		)
	—			10,827			—			1,056,927			—			1,067,754
Equity in income of New Zealand joint venture	—			—			—			4,088			—			4,088
OPERATING (LOSS) INCOME	—			(10,827		)	—			368,121			—			357,294
Interest expense	621			(1,133		)	(49,555		)	(708		)	—			(50,775		)
Interest and miscellaneous income (expense), net	—			5,280			(4,508		)	71			—			843
Equity in income from subsidiaries	275,384			281,892			170,048			—			(727,324		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	276,005			275,212			115,985			367,484			(727,324		)	307,362
Income tax benefit (expense)	—			172			19,733			(50,593		)	—			(30,688		)
INCOME FROM CONTINUING OPERATIONS	276,005			275,384			135,718			316,891			(727,324		)	276,674
DISCONTINUED OPERATIONS, NET
Loss from discontinued operations, net of income tax	—			—			—			(669		)	—			(669		)
NET INCOME	276,005			275,384			135,718			316,222			(727,324		)	276,005
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	3,546			3,546			(137		)	3,545			(6,954		)	3,546
New Zealand joint venture cash flows	(2,373		)	(2,373		)	—			(2,373		)	4,746			(2,373		)
Amortization of pension and postretirement plans	(46,263		)	(46,263		)	(35,575		)	(35,575		)	117,413			(46,263		)
Total other comprehensive loss	(45,090		)	(45,090		)	(35,712		)	(34,403		)	115,205			(45,090		)
COMPREHENSIVE INCOME	$	230,915		$	230,294		$	100,006		$	281,819		$	(612,119	)	$	230,915

Schedule of Condensed Consolidating Balance Sheet



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	130,181	$	304	$	10,719	$	58,440	$	—		$	199,644
Accounts receivable, less allowance for doubtful accounts	—		10		2,300		92,646		—			94,956
Inventory	—		—		—		138,818		—			138,818
Current deferred tax assets	—		—		681		38,419		—			39,100
Prepaid and other current assets	—		2,363		6		44,207		—			46,576
Total current assets	130,181		2,677		13,706		372,530		—			519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		2,049,378		—			2,049,378
NET PROPERTY, PLANT AND EQUIPMENT	—		2,612		—		858,209		—			860,821
INVESTMENT IN JOINT VENTURE	—		—		—		—		—			—
INVESTMENT IN SUBSIDIARIES	1,627,315		1,837,760		1,148,221		—		(4,613,296		)	—
INTERCOMPANY NOTES RECEIVABLE	228,032		—		20,659		—		(248,691		)	—
OTHER ASSETS	3,689		32,519		3,739		216,261		—			256,208
TOTAL ASSETS	$	1,989,217	$	1,875,568	$	1,186,325	$	3,496,378	$	(4,861,987	)	$	3,685,501
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,522	$	1,564	$	66,207	$	—		$	69,293
Current maturities of long-term debt	—		—		112,500		—		—			112,500
Accrued taxes	—		4,855		—		3,696		—			8,551
Uncertain tax positions	—		5,780		—		4,767		—			10,547
Accrued payroll and benefits	—		11,382		—		13,566		—			24,948
Accrued interest	3,047		538		2,742		22,816		(19,612		)	9,531
Accrued customer incentives	—		—		—		9,580		—			9,580
Other current liabilities	—		2,985		—		21,342		—			24,327
Current liabilities for dispositions and discontinued operations	—		—		—		6,835		—			6,835
Total current liabilities	3,047		27,062		116,806		148,809		(19,612		)	276,112
LONG-TERM DEBT	325,000		—		847,749		288,975		—			1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		69,543		—			69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		91,471		—		4,183		—			95,654
OTHER NON-CURRENT LIABILITIES	—		11,493		—		15,732		—			27,225
INTERCOMPANY PAYABLE	—		118,227		—		125,921		(244,148		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		221,770		2,749,142		(4,598,227		)	1,661,170
Noncontrolling interest	—		—		—		94,073		—			94,073
TOTAL SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		221,770		2,843,215		(4,598,227		)	1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,989,217	$	1,875,568	$	1,186,325	$	3,496,378	$	(4,861,987	)	$	3,685,501



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2012
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	252,888	$	3,966	$	19,358	$	4,384	$	—		$	280,596
Accounts receivable, less allowance for doubtful accounts	—		386		—		99,973		—			100,359
Inventory	—		—		—		127,966		—			127,966
Deferred tax assets	—		—		—		15,845		—			15,845
Prepaid and other current assets	—		1,566		691		39,251		—			41,508
Total current assets	252,888		5,918		20,049		287,419		—			566,274
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		1,573,309		—			1,573,309
NET PROPERTY, PLANT AND EQUIPMENT	—		2,321		—		704,717		—			707,038
INVESTMENT IN JOINT VENTURE	—		—		—		72,419		—			72,419
INVESTMENT IN SUBSIDIARIES	1,445,205		1,677,782		1,452,027		—		(4,575,014		)	—
INTERCOMPANY NOTES RECEIVABLE	213,863		14,000		19,831		—		(247,694		)	—
OTHER ASSETS	4,148		27,779		5,182		166,802		—			203,911
TOTAL ASSETS	$	1,916,104	$	1,727,800	$	1,497,089	$	2,804,666	$	(4,822,708	)	$	3,122,951
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	2,099	$	33	$	68,249	$	—		$	70,381
Current maturities of long-term debt	150,000		—		—		—		—			150,000
Accrued taxes	—		485		—		13,339		—			13,824
Uncertain tax positions	—		—		—		800		—			800
Accrued payroll and benefits	—		15,044		—		13,024		—			28,068
Accrued interest	3,100		379		3,197		1,280		—			7,956
Accrued customer incentives	—		—		—		10,849		—			10,849
Other current liabilities	—		2,925		—		14,915		—			17,840
Current liabilities for dispositions and discontinued operations	—		—		—		8,105		—			8,105
Total current liabilities	153,100		20,932		3,230		130,561		—			307,823
LONG-TERM DEBT	325,000		—		718,321		76,731		—			1,120,052
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		73,590		—			73,590
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		129,156		—		30,426		—			159,582
OTHER NON-CURRENT LIABILITIES	—		16,432		—		7,468		—			23,900
INTERCOMPANY PAYABLE	—		116,075		—		137,797		(253,872		)	—
TOTAL SHAREHOLDERS’ EQUITY	1,438,004		1,445,205		775,538		2,348,093		(4,568,836		)	1,438,004
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,916,104	$	1,727,800	$	1,497,089	$	2,804,666	$	(4,822,708	)	$	3,122,951

Schedule of Condensed Consolidating Cash Flows Statement



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	407,712		$	417,074		$	84,000		$	491,762		$	(855,375	)	$	545,173
INVESTING ACTIVITIES
Capital expenditures	—			(663		)	—			(158,235		)	—			(158,898		)
Purchase of additional interest in New Zealand joint venture	—			—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			—			(20,401		)	—			(20,401		)
Jesup mill cellulose specialties expansion	—			—			—			(141,143		)	—			(141,143		)
Proceeds from disposition of Wood Products business	—			—			—			62,720			—			62,720
Change in restricted cash	—			—			—			(58,385		)	—			(58,385		)
Investment in Subsidiaries	(138,178		)	(138,178		)	(247,114		)	—			523,470			—
Other	—			1,701			—			(14,635		)	—			(12,934		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(137,140		)	(247,114		)	(469,958		)	523,470			(468,920		)
FINANCING ACTIVITIES
Issuance of debt	175,000			—			390,000			57,885			—			622,885
Repayment of debt	(325,000		)	—			(151,525		)	(72,960		)	—			(549,485		)
Dividends paid	(237,016		)	—			—			—			—			(237,016		)
Proceeds from the issuance of common shares	10,101			—			—			—			—			10,101
Excess tax benefits on stock-based compensation	—			—			—			8,413			—			8,413
Repurchase of common shares	(11,326		)	—			—			—			—			(11,326		)
Issuance of intercompany notes	(4,000		)	—			—			4,000			—			—
Intercompany distributions	—			(283,596		)	(84,000		)	35,691			331,905			—
Other	—			—			—			(713		)	—			(713		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241		)	(283,596		)	154,475			32,316			331,905			(157,141		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(64		)	—			(64		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707		)	(3,662		)	(8,639		)	54,056			—			(80,952		)
Balance, beginning of year	252,888			3,966			19,358			4,384			—			280,596
Balance, end of year	$	130,181		$	304		$	10,719		$	58,440		$	—		$	199,644



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	90,456		$	138,149		$	41,000		$	423,784		$	(247,475	)	$	445,914
INVESTING ACTIVITIES
Capital expenditures	—			(285		)	—			(157,277		)	—			(157,562		)
Purchase of timberlands	—			—			—			(106,536		)	—			(106,536		)
Jesup mill cellulose specialties expansion	—			—			—			(201,359		)	—			(201,359		)
Change in restricted cash	—			—			—			(10,559		)	—			(10,559		)
Investment in Subsidiaries	—			—			(142,508		)	—			142,508			—
Other	—			(69		)	—			3,184			—			3,115
CASH USED FOR INVESTING ACTIVITIES	—			(354		)	(142,508		)	(472,547		)	142,508			(472,901		)
FINANCING ACTIVITIES
Issuance of debt	475,000			—			740,000			15,000			—			1,230,000
Repayment of debt	(120,000		)	(30,000		)	(638,110		)	(25,500		)	—			(813,610		)
Dividends paid	(206,583		)	—			—			—			—			(206,583		)
Proceeds from the issuance of common shares	25,495			—			—			—			—			25,495
Excess tax benefits on stock-based compensation	—			—			—			7,635			—			7,635
Debt issuance costs	(3,697		)	(1,219		)	—			(1,219		)	—			(6,135		)
Repurchase of common shares	(7,783		)	—			—			—			—			(7,783		)
Issuance of intercompany notes	—			(14,000		)	—			14,000			—			—
Distributions to / from Parent	—			(97,587		)	(41,000		)	33,620			104,967			—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	162,432			(142,806		)	60,890			43,536			104,967			229,019
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(39		)	—			(39		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	252,888			(5,011		)	(40,618		)	(5,266		)	—			201,993
Balance, beginning of year	—			8,977			59,976			9,650			—			78,603
Balance, end of year	$	252,888		$	3,966		$	19,358		$	4,384		$	—		$	280,596



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2011
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	283,409		$	332,577		$	15,000		$	402,994		$	(601,710	)	$	432,270
INVESTING ACTIVITIES
Capital expenditures	—			(270		)	—			(144,252		)	—			(144,522		)
Purchase of timberlands	—			—			—			(320,899		)	—			(320,899		)
Jesup mill cellulose specialties expansion	—			—			—			(42,894		)	—			(42,894		)
Change in restricted cash	—			—			—			8,323			—			8,323
Investment in Subsidiaries	(19,259		)	(99,988		)	(35,828		)	—			155,075			—
Other	—			69			—			11,309			—			11,378
CASH USED FOR INVESTING ACTIVITIES	(19,259		)	(100,189		)	(35,828		)	(488,413		)	155,075			(488,614		)
FINANCING ACTIVITIES
Issuance of debt	120,000			105,000			—			235,000			—			460,000
Repayment of debt	—			(75,000		)	(168,057		)	(256,000		)	—			(499,057		)
Dividends paid	(185,272		)	—			—			—			—			(185,272		)
Proceeds from the issuance of common shares	13,451			—			—			—			—			13,451
Excess tax benefits on stock-based compensation	—			—			—			5,681			—			5,681
Debt issuance costs	—			(675		)	(676		)	(676		)	—			(2,027		)
Repurchase of common shares	(7,909		)	—			—			—			—			(7,909		)
Intercompany distributions	(204,420		)	—			(18,961		)	223,381			—			—
Distributions to / from Parent	—			(282,495		)	(14,760		)	(149,380		)	446,635			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(264,150		)	(253,170		)	(202,454		)	58,006			446,635			(215,133		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			617			—			617
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			(20,782		)	(223,282		)	(26,796		)	—			(270,860		)
Balance, beginning of year	—			29,759			283,258			36,446			—			349,463
Balance, end of year	$	—		$	8,977		$	59,976		$	9,650		$	—		$	78,603

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Income Statement



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	1,707,822		$	—		$	1,707,822
Costs and Expenses
Cost of sales	—			—			1,246,312			—			1,246,312
Selling and general expenses	—			9,821			55,022			—			64,843
Other operating (income) expense, net	(1,701		)	4,730			(12,516		)	—			(9,487		)
	(1,701		)	14,551			1,288,818			—			1,301,668
Equity in income of New Zealand joint venture	—			—			562			—			562
OPERATING (LOSS) INCOME BEFORE GAIN RELATED TO THE CONSOLIDATION OF THE NEW ZEALAND JOINT VENTURE	1,701			(14,551		)	419,566			—			406,716
Gain related to the consolidation of the New Zealand joint venture	—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(14,551		)	435,664			—			422,814
Interest expense	(13,088		)	(28,430		)	(2,242		)	—			(43,760		)
Interest and miscellaneous income (expense), net	9,828			(4,297		)	(3,159		)	—			2,372
Equity in income from subsidiaries	373,455			407,722			—			(781,177		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	371,896			360,444			430,263			(781,177		)	381,426
Income tax benefit (expense)	—			13,011			(62,672		)	—			(49,661		)
INCOME FROM CONTINUING OPERATIONS	371,896			373,455			367,591			(781,177		)	331,765
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			42,033			—			42,033
NET INCOME	371,896			373,455			409,624			(781,177		)	373,798
Less: Net income attributable to noncontrolling interest	—			—			1,902			—			1,902
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	371,896			373,455			407,722			(781,177		)	371,896
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(1,915		)	(1,915		)	(5,710		)	3,830			(5,710		)
New Zealand joint venture cash flows	3,286			3,286			3,629			(6,572		)	3,629
Amortization of pension and postretirement plans	61,869			61,869			20,589			(82,458		)	61,869
Total other comprehensive income	63,240			63,240			18,508			(85,200		)	59,788
COMPREHENSIVE INCOME	435,136			436,695			428,132			(866,377		)	433,586
Less: Comprehensive income attributable to noncontrolling interest	—			—			(1,550		)	—			(1,550		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	435,136		$	436,695		$	429,682		$	(866,377	)	$	435,136



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	1,483,490		$	—		$	1,483,490
Costs and Expenses
Cost of sales	—			—			1,030,692			—			1,030,692
Selling and general expenses	—			10,575			56,382			—			66,957
Other operating expense (income), net	110			962			(15,241		)	—			(14,169		)
	110			11,537			1,071,833			—			1,083,480
Equity in income of New Zealand joint venture	—			—			550			—			550
OPERATING (LOSS) INCOME	(110		)	(11,537		)	412,207			—			400,560
Interest expense	(10,717		)	(38,912		)	4,648			—			(44,981		)
Interest and miscellaneous income (expense), net	6,638			2,185			(8,217		)	—			606
Equity in income from subsidiaries	282,874			315,715			—			(598,589		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	278,685			267,451			408,638			(598,589		)	356,185
Income tax benefit (expense)	—			15,423			(100,166		)	—			(84,743		)
INCOME FROM CONTINUING OPERATIONS	278,685			282,874			308,472			(598,589		)	271,442
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			7,243			—			7,243
NET INCOME	278,685			282,874			315,715			(598,589		)	278,685
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	4,352			4,352			4,353			(8,705		)	4,352
New Zealand joint venture cash flows	213			213			213			(426		)	213
Amortization of pension and postretirement plans	(496		)	(496		)	(450		)	946			(496		)
Total other comprehensive income	4,069			4,069			4,116			(8,185		)	4,069
COMPREHENSIVE INCOME	$	282,754		$	286,943		$	319,831		$	(606,774	)	$	282,754



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2011
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	1,420,960		$	—		$	1,420,960
Costs and Expenses
Cost of sales	—			—			1,006,297			—			1,006,297
Selling and general expenses	—			10,710			54,541			—			65,251
Other operating expense (income), net	—			117			(3,911		)	—			(3,794		)
	—			10,827			1,056,927			—			1,067,754
Equity in income of New Zealand joint venture	—			—			4,088			—			4,088
OPERATING (LOSS) INCOME	—			(10,827		)	368,121			—			357,294
Interest expense	621			(50,688		)	(708		)	—			(50,775		)
Interest and miscellaneous income, net	—			772			71			—			843
Equity in income from subsidiaries	275,384			316,222			—			(591,606		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	276,005			255,479			367,484			(591,606		)	307,362
Income tax benefit (expense)	—			19,905			(50,593		)	—			(30,688		)
INCOME FROM CONTINUING OPERATIONS	276,005			275,384			316,891			(591,606		)	276,674
DISCONTINUED OPERATIONS, NET
Loss from discontinued operations, net of income tax	—			—			(669		)	—			(669		)
NET INCOME	276,005			275,384			316,222			(591,606		)	276,005
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	3,546			3,546			3,545			(7,091		)	3,546
New Zealand joint venture cash flows	(2,373		)	(2,373		)	(2,373		)	4,746			(2,373		)
Amortization of pension and postretirement plans	(46,263		)	(46,263		)	(35,575		)	81,838			(46,263		)
Total other comprehensive loss	(45,090		)	(45,090		)	(34,403		)	79,493			(45,090		)
COMPREHENSIVE INCOME	$	230,915		$	230,294		$	281,819		$	(512,113	)	$	230,915



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc.(Parent Issuer)		Subsidiary Guarantors		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	130,181	$	11,023	$	58,440	$	—		$	199,644
Accounts receivable, less allowance for doubtful accounts	—		2,310		92,646		—			94,956
Inventory	—		—		138,818		—			138,818
Current deferred tax asset	—		681		38,419		—			39,100
Prepaid and other current assets	—		2,369		44,207		—			46,576
Total current assets	130,181		16,383		372,530		—			519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,049,378		—			2,049,378
NET PROPERTY, PLANT AND EQUIPMENT	—		2,612		858,209		—			860,821
INVESTMENT IN SUBSIDIARIES	1,627,315		2,764,211		—		(4,391,526		)	—
INTERCOMPANY NOTES RECEIVABLE	228,032		20,659		—		(248,691		)	—
OTHER ASSETS	3,689		36,258		216,261		—			256,208
TOTAL ASSETS	$	1,989,217	$	2,840,123	$	3,496,378	$	(4,640,217	)	$	3,685,501
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	3,086	$	66,207	$	—		$	69,293
Current maturities of long-term debt	—		112,500		—		—			112,500
Accrued taxes	—		4,855		3,696		—			8,551
Uncertain tax positions	—		5,780		4,767		—			10,547
Accrued payroll and benefits	—		11,382		13,566		—			24,948
Accrued interest	3,047		3,280		22,816		(19,612		)	9,531
Accrued customer incentives	—		—		9,580		—			9,580
Other current liabilities	—		2,985		21,342		—			24,327
Current liabilities for dispositions and discontinued operations	—		—		6,835		—			6,835
Total current liabilities	3,047		143,868		148,809		(19,612		)	276,112
LONG-TERM DEBT	325,000		847,749		288,975		—			1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		69,543		—			69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		91,471		4,183		—			95,654
OTHER NON-CURRENT LIABILITIES	—		11,493		15,732		—			27,225
INTERCOMPANY PAYABLE	—		118,227		125,921		(244,148		)	—
TOTAL RAYONIER SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		2,749,142		(4,376,457		)	1,661,170
Noncontrolling interest	—		—		94,073		—			94,073
TOTAL SHAREHOLDER'S EQUITY	1,661,170		1,627,315		2,843,215		(4,376,457		)	1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,989,217	$	2,840,123	$	3,496,378	$	(4,640,217	)	$	3,685,501

Schedule of Condensed Consolidating Balance Sheet



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc.(Parent Issuer)		Subsidiary Guarantors		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	130,181	$	11,023	$	58,440	$	—		$	199,644
Accounts receivable, less allowance for doubtful accounts	—		2,310		92,646		—			94,956
Inventory	—		—		138,818		—			138,818
Current deferred tax asset	—		681		38,419		—			39,100
Prepaid and other current assets	—		2,369		44,207		—			46,576
Total current assets	130,181		16,383		372,530		—			519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,049,378		—			2,049,378
NET PROPERTY, PLANT AND EQUIPMENT	—		2,612		858,209		—			860,821
INVESTMENT IN SUBSIDIARIES	1,627,315		2,764,211		—		(4,391,526		)	—
INTERCOMPANY NOTES RECEIVABLE	228,032		20,659		—		(248,691		)	—
OTHER ASSETS	3,689		36,258		216,261		—			256,208
TOTAL ASSETS	$	1,989,217	$	2,840,123	$	3,496,378	$	(4,640,217	)	$	3,685,501
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	3,086	$	66,207	$	—		$	69,293
Current maturities of long-term debt	—		112,500		—		—			112,500
Accrued taxes	—		4,855		3,696		—			8,551
Uncertain tax positions	—		5,780		4,767		—			10,547
Accrued payroll and benefits	—		11,382		13,566		—			24,948
Accrued interest	3,047		3,280		22,816		(19,612		)	9,531
Accrued customer incentives	—		—		9,580		—			9,580
Other current liabilities	—		2,985		21,342		—			24,327
Current liabilities for dispositions and discontinued operations	—		—		6,835		—			6,835
Total current liabilities	3,047		143,868		148,809		(19,612		)	276,112
LONG-TERM DEBT	325,000		847,749		288,975		—			1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		69,543		—			69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		91,471		4,183		—			95,654
OTHER NON-CURRENT LIABILITIES	—		11,493		15,732		—			27,225
INTERCOMPANY PAYABLE	—		118,227		125,921		(244,148		)	—
TOTAL RAYONIER SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		2,749,142		(4,376,457		)	1,661,170
Noncontrolling interest	—		—		94,073		—			94,073
TOTAL SHAREHOLDER'S EQUITY	1,661,170		1,627,315		2,843,215		(4,376,457		)	1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,989,217	$	2,840,123	$	3,496,378	$	(4,640,217	)	$	3,685,501



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2012
	Rayonier Inc.(Parent Issuer)		Subsidiary Guarantors		Non- guarantors		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	252,888	$	23,324	$	4,384	$	—		$	280,596
Accounts receivable, less allowance for doubtful accounts	—		386		99,973		—			100,359
Inventory	—		—		127,966		—			127,966
Current deferred tax asset	—		—		15,845		—			15,845
Prepaid and other current assets	—		2,257		39,251		—			41,508
Total current assets	252,888		25,967		287,419		—			566,274
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		1,573,309		—			1,573,309
NET PROPERTY, PLANT AND EQUIPMENT	—		2,321		704,717		—			707,038
INVESTMENT IN JOINT VENTURE	—		—		72,419		—			72,419
INVESTMENT IN SUBSIDIARIES	1,445,205		2,354,270		—		(3,799,475		)	—
INTERCOMPANY NOTES RECEIVABLE	213,863		33,831		—		(247,694		)	—
OTHER ASSETS	4,148		32,961		166,802		—			203,911
TOTAL ASSETS	$	1,916,104	$	2,449,350	$	2,804,666	$	(4,047,169	)	$	3,122,951
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	2,132	$	68,249	$	—		$	70,381
Current maturities of long-term debt	150,000		—		—		—			150,000
Accrued taxes	—		485		13,339		—			13,824
Uncertain tax positions	—		—		800		—			800
Accrued payroll and benefits	—		15,044		13,024		—			28,068
Accrued interest	3,100		3,576		1,280		—			7,956
Accrued customer incentives	—		—		10,849		—			10,849
Other current liabilities	—		2,925		14,915		—			17,840
Current liabilities for dispositions and discontinued operations	—		—		8,105		—			8,105
Total current liabilities	153,100		24,162		130,561		—			307,823
LONG-TERM DEBT	325,000		718,321		76,731		—			1,120,052
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		73,590		—			73,590
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		129,156		30,426		—			159,582
OTHER NON-CURRENT LIABILITIES	—		16,432		7,468		—			23,900
INTERCOMPANY PAYABLE	—		116,074		137,797		(253,871		)	—
TOTAL SHAREHOLDERS’ EQUITY	1,438,004		1,445,205		2,348,093		(3,793,298		)	1,438,004
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,916,104	$	2,449,350	$	2,804,666	$	(4,047,169	)	$	3,122,951



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	407,712		$	417,074		$	491,762		$	(771,375	)	$	545,173
INVESTING ACTIVITIES
Capital expenditures	—			(663		)	(158,235		)	—			(158,898		)
Purchase of additional interest in New Zealand joint venture	—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			(20,401		)	—			(20,401		)
Jesup mill cellulose specialties expansion	—			—			(141,143		)	—			(141,143		)
Proceeds from disposition of Wood Products business	—			—			62,720			—			62,720
Change in restricted cash	—			—			(58,385		)	—			(58,385		)
Investment in Subsidiaries	(138,178		)	(385,292		)	—			523,470			—
Other	—			1,701			(14,635		)	—			(12,934		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(384,254		)	(469,958		)	523,470			(468,920		)
FINANCING ACTIVITIES
Issuance of debt	175,000			390,000			57,885			—			622,885
Repayment of debt	(325,000		)	(151,525		)	(72,960		)	—			(549,485		)
Dividends paid	(237,016		)	—			—			—			(237,016		)
Proceeds from the issuance of common shares	10,101			—			—			—			10,101
Excess tax benefits on stock-based compensation	—			—			8,413			—			8,413
Repurchase of common shares	(11,326		)	—			—			—			(11,326		)
Issuance of intercompany notes	(4,000		)	—			4,000			—			—
Distributions to / from Parent	—			(283,596		)	35,691			247,905			—
Other	—			—			(713		)	—			(713		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241		)	(45,121		)	32,316			247,905			(157,141		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(64		)	—			(64		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707		)	(12,301		)	54,056			—			(80,952		)
Balance, beginning of year	252,888			23,324			4,384			—			280,596
Balance, end of year	$	130,181		$	11,023		$	58,440		$	—		$	199,644

Schedule of Condensed Consolidating Cash Flows Statement



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	407,712		$	417,074		$	491,762		$	(771,375	)	$	545,173
INVESTING ACTIVITIES
Capital expenditures	—			(663		)	(158,235		)	—			(158,898		)
Purchase of additional interest in New Zealand joint venture	—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			(20,401		)	—			(20,401		)
Jesup mill cellulose specialties expansion	—			—			(141,143		)	—			(141,143		)
Proceeds from disposition of Wood Products business	—			—			62,720			—			62,720
Change in restricted cash	—			—			(58,385		)	—			(58,385		)
Investment in Subsidiaries	(138,178		)	(385,292		)	—			523,470			—
Other	—			1,701			(14,635		)	—			(12,934		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(384,254		)	(469,958		)	523,470			(468,920		)
FINANCING ACTIVITIES
Issuance of debt	175,000			390,000			57,885			—			622,885
Repayment of debt	(325,000		)	(151,525		)	(72,960		)	—			(549,485		)
Dividends paid	(237,016		)	—			—			—			(237,016		)
Proceeds from the issuance of common shares	10,101			—			—			—			10,101
Excess tax benefits on stock-based compensation	—			—			8,413			—			8,413
Repurchase of common shares	(11,326		)	—			—			—			(11,326		)
Issuance of intercompany notes	(4,000		)	—			4,000			—			—
Distributions to / from Parent	—			(283,596		)	35,691			247,905			—
Other	—			—			(713		)	—			(713		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241		)	(45,121		)	32,316			247,905			(157,141		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(64		)	—			(64		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707		)	(12,301		)	54,056			—			(80,952		)
Balance, beginning of year	252,888			23,324			4,384			—			280,596
Balance, end of year	$	130,181		$	11,023		$	58,440		$	—		$	199,644



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	90,456		$	138,149		$	423,784		$	(206,475	)	$	445,914
INVESTING ACTIVITIES
Capital expenditures	—			(285		)	(157,277		)	—			(157,562		)
Purchase of timberlands	—			—			(106,536		)	—			(106,536		)
Jesup mill cellulose specialties expansion	—			—			(201,359		)	—			(201,359		)
Change in restricted cash	—			—			(10,559		)	—			(10,559		)
Investment in Subsidiaries	—			(142,508		)	—			142,508			—
Other	—			(69		)	3,184			—			3,115
CASH USED FOR INVESTING ACTIVITIES	—			(142,862		)	(472,547		)	142,508			(472,901		)
FINANCING ACTIVITIES
Issuance of debt	475,000			740,000			15,000			—			1,230,000
Repayment of debt	(120,000		)	(668,110		)	(25,500		)	—			(813,610		)
Dividends paid	(206,583		)	—			—			—			(206,583		)
Proceeds from the issuance of common shares	25,495			—			—			—			25,495
Excess tax benefits on stock-based compensation	—			—			7,635			—			7,635
Debt issuance costs	(3,697		)	(1,219		)	(1,219		)	—			(6,135		)
Repurchase of common shares	(7,783		)	—			—			—			(7,783		)
Issuance of intercompany notes	—			(14,000		)	14,000			—			—
Intercompany distributions	—			(97,587		)	33,620			63,967			—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	162,432			(40,916		)	43,536			63,967			229,019
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(39		)	—			(39		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	252,888			(45,629		)	(5,266		)	—			201,993
Balance, beginning of year	—			68,953			9,650			—			78,603
Balance, end of year	$	252,888		$	23,324		$	4,384		$	—		$	280,596



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2011
	Rayonier Inc.(Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	283,409		$	332,817		$	402,994		$	(586,950	)	$	432,270
INVESTING ACTIVITIES
Capital expenditures	—			(270		)	(144,252		)	—			(144,522		)
Purchase of timberlands	—			—			(320,899		)	—			(320,899		)
Jesup mill cellulose specialties expansion	—			—			(42,894		)	—			(42,894		)
Change in restricted cash	—			—			8,323			—			8,323
Investment in Subsidiaries	(19,259		)	(135,816		)	—			155,075			—
Other	—			69			11,309			—			11,378
CASH USED FOR INVESTING ACTIVITIES	(19,259		)	(136,017		)	(488,413		)	155,075			(488,614		)
FINANCING ACTIVITIES
Issuance of debt	120,000			105,000			235,000			—			460,000
Repayment of debt	—			(243,057		)	(256,000		)	—			(499,057		)
Dividends paid	(185,272		)	—			—			—			(185,272		)
Proceeds from the issuance of common shares	13,451			—			—			—			13,451
Excess tax benefits on stock-based compensation	—			—			5,681			—			5,681
Debt issuance costs	—			(1,351		)	(676		)	—			(2,027		)
Repurchase of common shares	(7,909		)	—			—			—			(7,909		)
Issuance of intercompany notes	(204,420		)	(18,961		)	223,381			—			—
Intercompany distributions	—			(282,495		)	(149,380		)	431,875			—
CASH USED FOR FINANCING ACTIVITIES	(264,150		)	(440,864		)	58,006			431,875			(215,133		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			617			—			617
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			(244,064		)	(26,796		)	—			(270,860		)
Balance, beginning of year	—			313,017			36,446			—			349,463
Balance, end of year	$	—		$	68,953		$	9,650		$	—		$	78,603

Nature of Business Operations (Details) a in Millions	12 Months Ended
Nature of Business Operations (Details) a in Millions	Dec. 31, 2013 a segment	Dec. 31, 2012 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Acres Of Timberland and Real Estate Owned Leased	2.6
Acres of High Value Real Estate Owned	0.2
Number of reportable segments \| segment	3	4

Nature of Business Operations Forest Resources (Details) a in Thousands, Acres in Thousands		12 Months Ended
	Apr. 04, 2013 Acres a	Dec. 31, 2013 a	Dec. 31, 2012 Acres	Apr. 30, 2013
Segment Reporting Information [Line Items]
Acres of timberland owned or leased		2,500
Effective date of acquisition	Apr. 04, 2013
Percentage of voting interests acquired	39.00%
Noncontrolling interest ownership percentage by parent	65.00%			65.00%
Matariki Forestry Group [Member]
Segment Reporting Information [Line Items]
Acres of timberland owned or leased \| Acres	300
Forest Resources [Member]
Segment Reporting Information [Line Items]
Effective date of acquisition	Apr. 04, 2013
Percentage of voting interests acquired	39.00%
Noncontrolling interest ownership percentage by parent	65.00%
Acres of timberland divested		128
Acres of Non-strategic Timberlands Sold		21
Acres of timberlands acquired		17	88
Forest Resources [Member] \| Matariki Forestry Group [Member]
Segment Reporting Information [Line Items]
Acres of timberland owned or leased	300

Nature of Business Operations Real Estate (Details) a in Millions	Dec. 31, 2013 a
Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Area of Real Estate Property	0.1

Nature of Business Operations Performance Fibers (Details) - Performance Fibers Segment [Member] t in Thousands, $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2013 USD ($) facilities t	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2013 USD ($) facilities
Segment Reporting Information [Line Items]
Number of Production Facilities \| facilities	2			2
Production Capacity in Metric Tons	675
Percentage of Sales to Export Customers	58.00%
Cellulose Specialties Expansion (CSE) [Member]
Segment Reporting Information [Line Items]
Strategic Capital \| $	$ 141	$ 201	$ 43	$ 385
Increase in Cellulose Specialties Production Capacity	190
Cellulose Specialties Expansion (CSE) [Member] \| Cellulose Specialties [Member]
Segment Reporting Information [Line Items]
Production Capacity in Metric Tons	675
Cellulose Specialties Expansion (CSE) [Member] \| Cellulose Specialties [Member] \| Minimum [Member]
Segment Reporting Information [Line Items]
Year Expected to Reach Capacity	2017
Cellulose Specialties Expansion (CSE) [Member] \| Cellulose Specialties [Member] \| Maximum [Member]
Segment Reporting Information [Line Items]
Year Expected to Reach Capacity	2018

Nature of Business Operations Subsequent Event (Details) - companies	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Subsequent Event, Description	In January 2014, the Company announced its intention to separate the Performance Fibers business from the Forest Resources and Real Estate businesses. The separation will result in two independent, publicly-traded companies by means of a tax-free spin-off of the Performance Fibers business to Rayonier shareholders. The separation, which is subject to a number of conditions including final Board approval, receipt of a favorable private letter ruling from the Internal Revenue Service (“IRS”) and effectiveness of a registration statement on Form 10, is expected to be completed in mid-2014.
Number of companies after spin-off		2

Summary of Significant Accounting Policies Principles of Consolidation (Details)	Apr. 30, 2013	Apr. 04, 2013
Accounting Policies [Abstract]
Noncontrolling interest ownership percentage by parent	65.00%	65.00%
Noncontrolling interest ownership percentage by noncontrolling owners	35.00%	35.00%

Summary of Significant Accounting Policies Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Time Deposits, $100,000 or More	$ 45	$ 45
Weighted Average Rate Domestic Deposit, Other Time Deposit	0.24%	0.31%

Summary of Significant Accounting Policies Property, Plant, Equipment and Depreciation (Details)	12 Months Ended
	Dec. 31, 2013
Non-production Performance Fiber assets [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Non-production Performance Fiber assets [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	25 years
Building [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	15 years
Building [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	35 years
Land Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
Land Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	30 years

Summary of Significant Accounting Policies Capitalized Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Interest Costs Capitalized	$ 13.8	$ 8.8

Summary of Significant Accounting Policies Employee Benefit Plans (Details) $ in Thousands	Dec. 31, 2013 USD ($) pension_plans	Dec. 31, 2012 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of Qualified Defined Benefit Plans \| pension_plans	4
Pension Plan, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amounts recognized in balance sheet \| $	$ 71,733	$ 133,771

Summary of Significant Accounting Policies Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]
Minimum down payment required	25.00%

Sale of Wood Products Business Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) lumber_mill	Mar. 01, 2013 USD ($) lumber_mill
Wood Products business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Description and timing of disposal	On March 1, 2013, Rayonier completed the sale of its Wood Products business (consisting of three lumber mills in Baxley, Swainsboro and Eatonton, Georgia) to International Forest Products Limited (“Interfor”)
Base consideration received		$ 80.0
Description of proceeds from divestiture of business	$80 million plus a working capital adjustment
Segment that includes disposal group	Wood Products business, formerly reported as a separate operating segment
Gain on disposal of discontinued operation, net of tax	$ 42.1
Cash flows of disposal group	Cash flows from discontinued operations are immaterial both individually and in the aggregate. As such, they are included with cash flows from continuing operations in the Consolidated Statements of Cash Flows.
Number of lumber mills sold \| lumber_mill	3	3
Wood Products business [Member] \| Pension Plan, Defined Benefit [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Recognized net loss due to settlements	$ 0.5
Baxley Mill [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent of mill chips required to purchase	100.00%
Period to purchase required mill chips	5 years
Swainsboro Mill [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent of mill chips required to purchase	25.00%

Sale of Wood Products Business Schedule of operating results from discontinued operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Discontinued Operations and Disposal Groups [Abstract]
Sales									$ 16,968	$ 87,510	$ 67,682
Cost of sales and other									(17,102)	(76,619)	(68,682)
Gain on sale of discontinued operations									63,217	0	0
Income (loss) from discontinued operations before income taxes									63,083	10,891	(1,000)
Income tax (expense) benefit									(21,050)	(3,648)	331
Income (loss) from discontinued operations, net	$ (2,444)	$ 0	$ 0	$ 44,477	$ 2,135	$ 1,282	$ 2,988	$ 838	$ 42,033	$ 7,243	$ (669)

Sale of Wood Products Business Schedule of the major classes of wood product assets and liabilities sold (Details) - Wood Products business [Member] $ in Thousands	Mar. 01, 2013 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 4,127
Inventory	4,270
Prepaid and other current assets	2,053
Property, plant and equipment, net	9,990
Total assets	20,440
Total liabilities	$ 596

Sale of Wood Products Business Schedule of intercompany transactions eliminated (Details) - Wood Products business [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Wood chip purchases	$ 1,650	$ 12,526	$ 12,600
Saw timber procurement services	231	1,125	1,023
Total intercompany	$ 1,881	$ 13,651	$ 13,623

Joint Venture Investment Narrative (Details) $ in Thousands, a in Millions, Acres in Millions	Apr. 04, 2013 USD ($) Acres a	Nov. 30, 2012 mo	Dec. 31, 2013 a	Jun. 30, 2013 USD ($)	Apr. 30, 2013
Business Acquisition [Line Items]
Effective date of acquisition	Apr. 04, 2013
Percentage of voting interests acquired	39.00%
Name of acquired entity	Matariki Forestry Group
Acres of timberland owned \| a			2.5
Description of acquired entity	a New Zealand JV that owns or leases approximately 0.3 million acres of New Zealand timberlands
Noncontrolling interest ownership percentage by parent	65.00%				65.00%
Noncontrolling interest ownership percentage by noncontrolling owners	35.00%				35.00%
Purchase price	$ 139,879
Contingent consideration liability	3,300
Gain on business combination purchase price forward currency contract, net	$ 1,700
Contingent consideration description	The contingent consideration arrangement required the Company to pay additional consideration to the New Zealand JV’s selling (former) shareholders equal to a multiple of the increase in log prices for a six month period beginning in November 2012.
Contingent consideration, period reviewed \| mo		6
Contingent consideration arrangements basis for amount	Fair value was determined using an average of the cost and freight (CFR) selling price of China A-grade 3.8 meter logs.
Contingent consideration amount of settlement				$ 3,300
Step acquisition percentage equity interest in acquiree	26.00%		26.00%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Description	The additional 39 percent interest acquired resulted in the Company obtaining a controlling financial interest in the New Zealand JV and accordingly, the purchase was accounted for as a step-acquisition. Upon consolidation, the Company recognized a $10.1 million deferred gain, which resulted from the original sale of its New Zealand operations to the joint venture in 2005 and a $6 million benefit due to the required fair market value remeasurement of the Company’s equity interest in the New Zealand JV held before the purchase of the additional interest.
Step acquisition equity interest in acquiree remeasurement Gain financial statement caption	“Gain related to consolidation of New Zealand joint venture”
Step acquisition equity interest in acquiree, fair value	$ 93,253
Forest Resources [Member]
Business Acquisition [Line Items]
Effective date of acquisition	Apr. 04, 2013
Percentage of voting interests acquired	39.00%
Noncontrolling interest ownership percentage by parent	65.00%
Recognition of deferred gain on original sale of operations [Member]
Business Acquisition [Line Items]
Step Acquisition equity interest in acquiree remeasurement gain, net	$ 10,100
Gain on fair market value revaluation of equity interest [Member]
Business Acquisition [Line Items]
Step Acquisition equity interest in acquiree remeasurement gain, net	$ 6,000
Matariki Forestry Group [Member]
Business Acquisition [Line Items]
Acres of timberland owned \| Acres	0.3
Matariki Forestry Group [Member] \| Forest Resources [Member]
Business Acquisition [Line Items]
Acres of timberland owned \| a	0.3

Joint Venture Investment Provisional Information (Details) - USD ($)		9 Months Ended	12 Months Ended
	Apr. 04, 2013	Dec. 31, 2013	Dec. 31, 2013
Business Combination, Provisional Information [Abstract]
Timber and timberlands, net		$ 10,348,000
Goodwill		10,496,000
Deferred tax liabilities		20,844,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount		$ 0	$ 0
Segment Reporting Information [Line Items]
Fair value of identifiable net assets acquired	$ 129,400,000
Goodwill	10,496,000
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination	139,879,000
Initial accounting incomplete nature of adjustments			Accordingly, the excess of the purchase price over the fair value of the identifiable net assets (including deferred taxes) was recorded as goodwill within “Other Assets”on the Consolidated Balance Sheets. In a business combination, deferred tax liabilities are not recognized at fair value. As the deferred tax liabilities were not discounted to present value, the book value exceeded the market value resulting in non-core goodwill.
Forest Resources [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 10,496,000

Joint Venture Investment Schedule of Purchase Allocation (Details) - USD ($)
$ in Thousands

Apr. 04, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Business Combinations [Abstract]

Accounts receivable, net

$ 9,777

Inventory

2,465

Other current assets

6,767

Timber and timberlands, net

555,635

Other assets

11,415

Total identifiable assets acquired

586,059

Accounts payable

11,679

Other current liabilities

3,843

Accrued interest

2,038

3,624

Long-term debt (third party)

196,319

Long-term debt (shareholders)

125,532

^[1]

$ 125,532

$ 0

Other non-current liabilities

20,388

Total liabilities assumed

363,423

Net identifiable assets

222,636

Plus: Goodwill

10,496

Less: Fair value of equity method investment

(93,253)

Purchase price

$ 139,879

[1]	Long-term debt included $125.5 million of shareholder loans payable to the noncontrolling interest by the New Zealand JV. Subsequent to the acquisition date, $96.0 million of the noncontrolling interest’s shareholder loans were converted to preferred equity.

Joint Venture Investment Schedule of purchase price allocation parenthetical (Details) - Conversion of Matariki shareholder debt to preferred equity [Member] $ in Millions	Apr. 04, 2013 USD ($)
Debt Conversion [Line Items]
Original debt amount	$ 125.5
Type of debt	shareholder loans payable to the noncontrolling interest by the New Zealand JV
Converted instrument amount	$ 96.0
Converted instrument type	preferred equity

Joint Venture Investment Summary of Pro Forma information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Business Combinations [Abstract]
Sales from April 4, 2013 to December 31, 2013	$ 145,719	$ 146,000
Net Income from April 4, 2013 to December 31, 2013	$ 5,435
Pro forma consolidated sales		1,742,348	$ 1,683,776
Pro forma consolidated net income		$ 372,039	$ 271,589

Segment and Geographical Information Narrative (Details)	12 Months Ended
	Dec. 31, 2013 NmbrCustsomers product_line segment	Dec. 31, 2012 NmbrCustsomers segment	Dec. 31, 2011 NmbrCustsomers
Segment Reporting Information [Line Items]
Segment Reporting - Number of Major Customers \| NmbrCustsomers	2	4	3
Number of reportable segments \| segment	3	4
Number of product lines \| product_line	2
Customer 1 [Member] \| Performance Fibers Segment [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	13.00%	15.00%	15.00%
Customer 2 [Member] \| Performance Fibers Segment [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	11.00%	12.00%	11.00%
Customer 3 [Member] \| Performance Fibers Segment [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage		10.00%	11.00%
Customer 4 [Member] \| Performance Fibers Segment [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage		10.00%

Segment and Geographical Information Schedule of Segment Information (Details)
a in Thousands, $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

36 Months Ended

Nov. 30, 2011

USD ($)

Dec. 31, 2013

USD ($)

Sep. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Mar. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Sep. 30, 2012

USD ($)

Jun. 30, 2012

USD ($)

Mar. 31, 2012

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

Dec. 31, 2013

USD ($)

$ 520,242

$ 384,784

$ 409,077

$ 393,719

$ 412,660

$ 386,163

$ 348,096

$ 336,571

$ 1,707,822

$ 1,483,490

$ 1,420,960

$ 145,719

146,000

Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates

422,814

400,560

357,294

3,253

797

6,873

Less: Assumption of loan for timberlands acquisition

325,000

468,000

613,000

(105,000)

191,274

145,540

132,548

Segment Reporting- Expenditures for Additions to Long-Lived Assets

3,685,501

3,122,951

3,685,501

3,122,951

$ 3,685,501

325,000

468,000

508,000

Secured Mortgage Notes Assumed with Timberland Acquisition [Member]

Less: Assumption of loan for timberlands acquisition

$ (105,000)

(105,000)

Port Angeles Increase in Disposition Reserve [Member]

Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates

6,500

New Zealand Joint Venture [Member]

Step Acquisition equity interest in acquiree remeasurement gain (loss), net

16,000

Forest Resources [Member]

Acres of timberland divested | a

^[1]

$ 382,000

230,000

215,000

128

Land sales

$ 57,000

81,000

46,000

47,000

^[2]

83,000

156,000

468,000

99,000

75,000

^[3]

63,000

^[3]

Forest Resources [Member] | Timber Properties [Member]

^[4]

2,163,000

1,690,000

2,163,000

1,690,000

2,163,000

Real Estate Segment [Member]

Strategic Capital

107,000

426,000

^[5]

149,000

57,000

71,000

56,000

32,000

47,000

17,000

8,000

12,000

149,000

113,000

149,000

113,000

149,000

Other Operations

138,000

105,000

122,000

2,000

1,000

37,000

23,000

37,000

23,000

37,000

Intersegment Elimination

(3,000)

(2,000)

(7,000)

Corporate and other

^[6]

(27,000)

(36,000)

1,000

2,000

2,000

Corporate and other | Port Angeles Increase in Disposition Reserve [Member]

258,000

377,000

258,000

377,000

258,000

Accrual for Environmental Loss Contingencies, Increase (Decrease) for Revision in Estimates

7,000

Wood Products Segment [Member]

27,000

Performance Fibers Segment [Member]

577,000

1,042,000

1,093,000

1,020,000

311,000

359,000

298,000

^[7]

242,000

309,000

140,000

75,000

61,000

56,000

Performance Fibers Segment [Member] | Cellulose Specialties Expansion (CSE) [Member]

1,079,000

902,000

1,079,000

902,000

1,079,000

Wood Products Segment [Member]

Strategic Capital

141,000

201,000

43,000

385,000

^[8]

2,000

$ 3,000

^[9]

$ 0

$ 18,000

$ 0

$ 18,000

$ 0

[1]	2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.
[2]	Includes strategic timberland acquisitions of $107 million and $426 million (including assumption of a $105 million loan) in 2012 and 2011, respectively.
[3]	2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. Total Assets 2013 2012Forest Resources (a)$2,163 $1,690Real Estate149 113Performance Fibers1,079 902Wood Products (b)— 18Other Operations37 23Corporate and other258 377Total$3,686 $3,123
[4]	2013 included an increase in total assets of approximately $577 million related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.
[5]	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million.
[6]	2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment. 2011 included a $7 million increase in a disposition reserve.
[7]	Includes $141 million, $201 million, and $43 million of strategic capital expenditures related to the Jesup mill CSE in 2013, 2012 and 2011, respectively.
[8]	The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information.
[9]	The Company sold its Wood Products segment during the first quarter of 2013. See Note 3— Sale of Wood Products Business for additional information.

Sales by Product Line (Details)
a in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2013

USD ($)

Sep. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Mar. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Sep. 30, 2012

USD ($)

Jun. 30, 2012

USD ($)

Mar. 31, 2012

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

$ 520,242

$ 384,784

$ 409,077

$ 393,719

$ 412,660

$ 386,163

$ 348,096

$ 336,571

$ 1,707,822

$ 1,483,490

$ 1,420,960

Forest Resources [Member]

$ 145,719

146,000

Acres of timberland divested | a

^[1]

$ 382,000

230,000

215,000

128

Land sales

$ 57,000

Real Estate Segment [Member]

Real Estate Segment [Member] | Development [Member]

^[2]

149,000

57,000

71,000

Real Estate Segment [Member] | Rural [Member]

4,000

2,000

4,000

Real Estate Segment [Member] | Non-Strategic Timberlands [Member]

37,000

39,000

33,000

Performance Fibers Segment [Member]

^[3]

108,000

16,000

34,000

Performance Fibers Segment [Member] | Cellulose Specialties [Member]

1,042,000

1,093,000

1,020,000

Performance Fibers Segment [Member] | Viscose/Other [Member]

930,000

935,000

824,000

Performance Fibers Segment [Member] | Absorbent Materials [Member]

^[4]

39,000

73,000

158,000

196,000

Other [Member]

Percentage of JV variable debt hedged by interest rate derivatives

$ 135,000

$ 103,000

$ 115,000

[1]	2013 included $146 million in sales from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.
[2]	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million.
[3]	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberland holdings for $57 million.
[4]	Beginning in the third quarter of 2013, viscose and commodity grades are being produced as the Company begins its multi-year transition to producing only cellulose specialties. Geographical Operating Information Sales Operating Income Identifiable Assets 2013 2012 2011 2013 2012 2011 2013 2012United States$1,428 $1,379 $1,310 $394 $399 $351 $3,077 $3,022New Zealand280 104 111 29 2 6 609 101Total$1,708 $1,483 $1,421 $423 $401 $357 $3,686 $3,123

Geographical Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Geographic Concentration Risk [Member] \| United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 1,428,000	$ 1,379,000	$ 1,310,000
Operating Income									394,000	399,000	351,000
Identifiable Assets	$ 3,077,000				$ 3,022,000				3,077,000	3,022,000
Geographic Concentration Risk [Member] \| New Zealand [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									280,000	104,000	111,000
Operating Income									29,000	2,000	6,000
Identifiable Assets	609,000				101,000				609,000	101,000
Total Sales	520,242	$ 384,784	$ 409,077	$ 393,719	412,660	$ 386,163	$ 348,096	$ 336,571	1,707,822	1,483,490	1,420,960
Operating Income									422,814	400,560	$ 357,294
Identifiable Assets	$ 3,685,501				$ 3,122,951				$ 3,685,501	$ 3,122,951

Sales by Destination (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Sales by Destination (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales	$ 520,242	$ 384,784	$ 409,077	$ 393,719	$ 412,660	$ 386,163	$ 348,096	$ 336,571	$ 1,707,822	$ 1,483,490	$ 1,420,960
Revenue, net, percentage									100.00%	100.00%	100.00%
Customer Concentration Risk [Member] \| United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 818,000	$ 690,000	$ 669,000
Revenue, net, percentage									48.00%	47.00%	47.00%
Customer Concentration Risk [Member] \| China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 351,000	$ 281,000	$ 277,000
Revenue, net, percentage									20.00%	19.00%	19.00%
Customer Concentration Risk [Member] \| Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 150,000	$ 170,000	$ 159,000
Revenue, net, percentage									9.00%	11.00%	11.00%
Customer Concentration Risk [Member] \| New Zealand [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 157,000	$ 18,000	$ 22,000
Revenue, net, percentage									9.00%	1.00%	2.00%
Customer Concentration Risk [Member] \| Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 79,000	$ 182,000	$ 173,000
Revenue, net, percentage									5.00%	12.00%	12.00%
Customer Concentration Risk [Member] \| Other Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 82,000	$ 68,000	$ 55,000
Revenue, net, percentage									5.00%	5.00%	4.00%
Customer Concentration Risk [Member] \| Latin America [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 60,000	$ 53,000	$ 36,000
Revenue, net, percentage									3.00%	4.00%	3.00%
Customer Concentration Risk [Member] \| Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 1,000	$ 4,000	$ 9,000
Revenue, net, percentage									0.00%	0.00%	1.00%
Customer Concentration Risk [Member] \| All other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Sales									$ 10,000	$ 17,000	$ 21,000
Revenue, net, percentage									1.00%	1.00%	1.00%

Derivative Financial Instruments and Hedging Activities Foreign Currency Exchange and Option Contracts Narrative (Details)	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign currency exposure hedged for forecasted sales in next three months	70.00%
Foreign currency exposure hedged for forecasted sales in next twelve months	50.00%

Derivative Financial Instruments and Hedging Activities Interest Rate Swaps and Fuel Hedge Contracts Narrative (Details) - Interest rate swaps [Member] - Not Designated as Hedging Instrument [Member]

Dec. 31, 2013

Derivative [Line Items]

95.00%

^[1]

Senior Secured Facilities Agreement, Revolving Cash Advance Facility [Member]

Derivative [Line Items]

Percentage of JV variable debt hedged by interest rate derivatives

95.00%

[1]	All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels.

Derivative Financial Instruments and Hedging Activities Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
AOCI balance expected to be reclassified in next twelve months	$ 1,000
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency exchange contracts [Member] \| Other operating (income) expense
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in income	652
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency exchange contracts [Member] \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	950
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency option contracts [Member] \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	460
Not Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member] \| Other operating (income) expense
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	1,607
Not Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member] \| Other operating (income) expense
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	(1,147)
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member] \| Interest and miscellaneous income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	6,085
Not Designated as Hedging Instrument [Member] \| Fuel hedge contracts [Member] \| Cost of sales (benefit)
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 255

Derivative Financial Instruments and Hedging Activities Schedule of Notional Amounts of Outstanding Derivative Positions (Details)

Dec. 31, 2013

USD ($)

bbl

^[1]

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member]

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member]

$ 32,300,000

Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member]

38,000,000

Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member]

1,950,000

Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member]

4,000,000

Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member]

$ 183,851,000

Nonmonetary Notional Amount | bbl

38,000

[1]	All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels.

Derivative Financial Instruments and Hedging Activities Schedule of Derivative Instruments in Statement of Financial Position (Details)
$ in Thousands

Dec. 31, 2013

USD ($)

^[1]

Prepaid and other current assets

$ (4,873)

Other current liabilities

1,781

Other non-current liabilities

(214)

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets

(4,659)

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Prepaid and other current assets

915

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency option contracts [Member] | Other current liabilities

673

Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Prepaid and other current assets

(214)

Not Designated as Hedging Instrument [Member] | Foreign currency option contracts [Member] | Prepaid and other current assets

Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other non-current liabilities

Not Designated as Hedging Instrument [Member] | Fuel hedge contracts [Member] | Prepaid and other current assets

(4,659)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

$ 160

[1]	See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

Fair Value Measurements Carrying Amounts and Fair Values (Details) - USD ($)
$ in Thousands

Dec. 31, 2013

Dec. 31, 2012

$ 68,900

$ 10,600

(112,500)

(150,000)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

(1,461,724)

(1,120,052)

Carrying Amount [Member]

Cash and cash equivalents

199,644

280,596

^[1]

68,944

10,559

(112,500)

(150,000)

Fair Value, Level 1 [Member] | Fair Value [Member]

(1,461,724)

(1,120,052)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents

199,644

280,596

^[1]

68,944

10,559

Fair Value, Level 2 [Member] | Fair Value [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Cash and cash equivalents

^[1]

(119,614)

(150,000)

Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member]

(1,489,810)

(1,250,341)

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swaps

^[2]

(4,659)

Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Foreign currency exchange contracts [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Foreign currency option contracts [Member]

^[2]

940

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Fuel contracts [Member]

^[2]

467

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fuel hedge contracts

^[2]

160

Fair Value, Measurements, Recurring [Member] | Fair Value, Level 1 [Member] | Fair Value [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swaps

^[2]

Fair Value, Measurements, Recurring [Member] | Fair Value, Level 1 [Member] | Fair Value [Member] | Foreign currency exchange contracts [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Measurements, Recurring [Member] | Fair Value, Level 1 [Member] | Fair Value [Member] | Foreign currency option contracts [Member]

^[2]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Measurements, Recurring [Member] | Fair Value, Level 1 [Member] | Fair Value [Member] | Fuel contracts [Member]

^[2]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fuel hedge contracts

^[2]

Fair Value, Measurements, Recurring [Member] | Fair Value, Level 2 [Member] | Fair Value [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Interest rate swaps

^[2]

(4,659)

Fair Value, Measurements, Recurring [Member] | Fair Value, Level 2 [Member] | Fair Value [Member] | Foreign currency exchange contracts [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Measurements, Recurring [Member] | Fair Value, Level 2 [Member] | Fair Value [Member] | Foreign currency option contracts [Member]

^[2]

940

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value, Measurements, Recurring [Member] | Fair Value, Level 2 [Member] | Fair Value [Member] | Fuel contracts [Member]

^[2]

467

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fuel hedge contracts

^[2]

$ 160

$ 0

[1]	Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary.
[2]	See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

Timberland Acquisitions (Details) a in Thousands, Acres in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2012 USD ($) a	Dec. 31, 2013 USD ($) a acquisition	Dec. 31, 2012 USD ($) Acres a acquisition
Significant Acquisitions and Disposals [Line Items]
Number of acquisitions \| acquisition		4	3
Other timberland acquisitions [Member]
Significant Acquisitions and Disposals [Line Items]
Acquisition date		throughout 2013	throughout 2012
Acres of timberlands acquired \| a			25
Description		located in Florida, Georgia and Louisiana	located in Alabama, Florida and Texas
Acquisition purchase price	$ 19	$ 20	$ 19
Terms		funded with cash on hand or through the revolving credit facility	funded with cash on hand
Significant acquisitions and disposals type		asset purchases	asset purchases
Acquired timberlands in Texas [Member]
Significant Acquisitions and Disposals [Line Items]
Acquisition date	December 2012
Acres of timberlands acquired \| a	63
Description	Texas
Acquisition purchase price	$ 88		$ 88
Terms	cash on hand
Significant acquisitions and disposals type	asset purchase
Funding from existing revolving credit facility	$ 30
Forest Resources [Member]
Significant Acquisitions and Disposals [Line Items]
Acres of timberlands acquired		17	88

Other Assets (Details) - USD ($) $ in Millions	12 Months Ended
Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2013	Dec. 31, 2012
Other Assets [Abstract]
Time Period Proceeds From LKE Sale Maintained with Third Party Intermediary	180 days
Restricted cash	$ 68.9	$ 10.6
Capitalized debt issuance costs	7.0	9.3
Capitalized computer software costs	$ 8.0	$ 8.2

Income Taxes AFMC and CBPC Narrative (Details)	12 Months Ended
Income Taxes AFMC and CBPC Narrative (Details)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2009 USD ($) tax_credit
AFMC for CBPC Exchange [Line Items]
Number of tax credits \| tax_credit				2
Alternative Fuel Mixture Credit [Member]
AFMC for CBPC Exchange [Line Items]
Tax credit amount per gallon				$ 0.50
Cellulosic Biofuel Producer Credit [Member]
AFMC for CBPC Exchange [Line Items]
Tax credit amount per gallon				$ 1.01
Exchange of Alternative Fuel Tax Benefit [Member]
AFMC for CBPC Exchange [Line Items]
Income tax credits and adjustments	$ 18,800,000	$ 12,200,000	$ 5,800,000

Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Current

U.S. federal

$ (83,119)

$ (76,381)

$ (27,224)

State

(4,315)

(4,569)

(624)

Foreign

(400)

(288)

(342)

Total Current

(87,834)

(81,238)

(28,190)

Deferred

U.S. federal

39,567

(2,598)

(2,079)

State

18,320

(595)

(1,066)

Foreign

(5,119)

(55)

(32)

Total Deferred

52,768

(3,248)

(3,177)

Changes in valuation allowance

(14,595)

^[1]

(257)

679

$ (49,661)

$ (84,743)

$ (30,688)

[1]	The increase in the valuation allowance during 2013 was primarily related to Georgia investment tax credits earned on the CSE project, the majority of which are fully reserved.

Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
REIT income not subject to federal tax	(11.00%)	(7.30%)	(10.60%)
Manufacturing deduction	(2.50%)	(2.40%)	(0.00%)
Other	2.00%	1.00%	(1.00%)
Effective tax rate before non-routine items	23.50%	26.30%	23.40%
Installment note prepayment	(2.40%)	0.00%	(3.60%)
Built-in gains tax holiday	(0.00%)	(0.00%)	(1.90%)
AFMC for CBPC exchange	(4.90%)	(3.30%)	(1.90%)
Taxing authority settlements and unrecognized tax benefit adjustments	0.00%	0.00%	(5.30%)
Gain related to consolidation of New Zealand joint venture	(1.50%)	0.00%	0.00%
Other	(1.70%)	0.80%	(0.70%)
Income tax rate as reported	13.00%	23.80%	10.00%

Income Taxes Provision for Income Taxes from Discontinued Operations Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Mar. 01, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, tax effect of discontinued operation	$ 21,050	$ 3,648	$ (331)
Wood Products business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Description of proceeds from divestiture of business	$80 million plus a working capital adjustment
Base consideration received				$ 80,000
Discontinued operation, tax effect of discontinued operation	$ 22,000	$ 3,600	$ (300)
Tax effect of gain on sale of discontinued operations	21,100
Southern Wood Piedmont Company [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, tax effect of discontinued operation	$ (900)

Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Gross deferred tax assets:
Liabilities for dispositions and discontinued operations	$ 28,050	$ 29,944
Pension, postretirement and other employee benefits	43,058	66,354
Foreign and state NOL carryforwards	85,801	18,023
Tax credit carryforwards	52,682	4,429
Other	29,871	8,736
Total gross deferred tax assets	239,462	127,486
Less: Valuation allowance	(33,889)	(19,294)
Total deferred tax assets after valuation allowance	205,573	108,192
Gross deferred tax liabilities:
Accelerated depreciation	(57,695)	(61,414)
Repatriation of foreign earnings	(9,065)	(5,428)
New Zealand forests, roads and carbon credits	(85,681)	0
Other	(12,607)	(4,461)
Total gross deferred tax liabilities	(165,048)	(71,303)
Net deferred tax asset	40,525	36,889
Net deferred tax asset:
Current portion of deferred tax asset	39,100	15,845
Noncurrent portion of deferred tax asset	10,720	26,792
Noncurrent portion of deferred tax liability	(9,295)	(5,748)
Net deferred tax asset	$ 40,525	$ 36,889

Income Taxes Summary of Operating Loss and Tax Credit Carryforwards (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Total Valuation Allowance

$ (33,889)

$ (19,294)

State Tax Credits [Member]

Gross Amount, Tax Credits

26,000

Valuation Allowance, Tax Credits

$ (24,588)

State Tax Credits [Member] | Minimum [Member]

State Tax Credits [Member] | Maximum [Member]

Expiration, Tax Credits

Dec. 31, 2014

Cellulosic Biofuel Producer Credit [Member]

Expiration, Tax Credits

Dec. 31, 2023

Gross Amount, Tax Credits

$ 26,682

Valuation Allowance, Tax Credits

$ 0

Expiration, Tax Credits

Dec. 31, 2016

State [Member]

Gross Amount, NOL Carryforwards

^[1]

$ 243,087

Valuation Allowance, NOL Carryforwards

^[1]

$ (7,525)

State [Member] | Minimum [Member]

Expiration, NOL Carryforwards

Dec. 31, 2014

State [Member] | Maximum [Member]

Expiration, NOL Carryforwards

Dec. 31, 2019

Rayonier New Zealand Limited [Member] | New Zealand [Member]

Gross Amount, NOL Carryforwards

^[1]

$ 6,342

Valuation Allowance, NOL Carryforwards

^[1]

(1,776)

Matariki Forestry Group [Member] | New Zealand [Member]

Gross Amount, NOL Carryforwards

273,212

Valuation Allowance, NOL Carryforwards

$ 0

[1]	Fully reserved at December 31, 2013.

Income Taxes Excess Tax Benefits Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Excess tax benefits	$ 8.4	$ 7.6

Income Taxes Summary of Income Tax Contingencies (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Sep. 30, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]

$ 6,580

$ 22,580

(800)

(16,000)

^[1]

4,767

Significant Change in Unrecognized Tax Benefits Expected

10,547

6,580

Unrecognized Tax Benefits Narrative

10,500

Unrecognized tax benefits that, if recognized, would affect the effective tax rate

6,600

2,600

Unrecognized tax benefits that, if recognized, would decrease prepaid tax assets

4,000

Interest expense (benefit) on unrecognized income tax benefits

100

200

$ (300)

Unrecognized Tax Benefits, Interest on Income Taxes Accrued

500

$ 400

Increased Domestic Production Deduction due to Inclusion of CBPC Income [Member]

Unrecognized Tax Benefits Narrative

Significant Change in Unrecognized Tax Benefits Expected

$ 4,800

Significant Change in Unrecognized Tax Benefits, Nature of Event

The IRS is currently examining the position and a resolution is expected in 2014

Settlement with Taxing Authority [Member]

Unrecognized Tax Benefits Narrative

Significant Change in Unrecognized Tax Benefits Expected

$ 5,800

Significant Change in Unrecognized Tax Benefits, Nature of Event

positions on the Company’s 2010 tax return, which is expected to be settled in 2014.

Taxability of the alternative fuel mixture credit

Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]

Tax benefit recognized for final examination of uncertain tax position

$ 16,000

[1]	During 2011, the Company received a final examination report from the IRS regarding its TRS 2009 tax return. As a result, Rayonier reversed the uncertain tax liability recorded in 2009 relating to the taxability of the AFMC and recognized a $16 million tax benefit in the third quarter of 2011.

Income Taxes Summary of Income Tax Examinations (Details)	12 Months Ended
	Dec. 31, 2013
State of Florida [Member]
Income Tax Examination
Open Tax Years	2005 – 2006, 2008 – 2013
Minimum [Member] \| U.S. Internal Revenue Service [Member]
Income Tax Examination
Open Tax Year	2008
Minimum [Member] \| State of Alabama [Member]
Income Tax Examination
Open Tax Year	2009
Minimum [Member] \| State of Georgia [Member]
Income Tax Examination
Open Tax Year	2009
Minimum [Member] \| New Zealand Inland Revenue [Member]
Income Tax Examination
Open Tax Year	2009
Maximum [Member] \| U.S. Internal Revenue Service [Member]
Income Tax Examination
Open Tax Year	2013
Maximum [Member] \| State of Alabama [Member]
Income Tax Examination
Open Tax Year	2013
Maximum [Member] \| State of Georgia [Member]
Income Tax Examination
Open Tax Year	2013
Maximum [Member] \| New Zealand Inland Revenue [Member]
Income Tax Examination
Open Tax Year	2013

Earnings Per Common Share Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Earnings Per Share [Abstract]

Income from continuing operations

$ 82,249

$ 58,367

$ 87,891

^[1]

$ 103,258

$ 73,474

$ 79,278

$ 66,091

$ 52,599

$ 331,765

^[1]

$ 271,442

$ 276,674

Less: Income from continuing operations attributable to noncontrolling interest

1,902

Income from continuing operations attributable to Rayonier Inc.

329,863

271,442

276,674

Income from discontinued operations attributable to Rayonier Inc.

(2,444)

44,477

2,135

1,282

2,988

838

42,033

7,243

(669)

Shares used for determining basic earnings per common share

$ 79,652

$ 57,345

$ 87,164

^[1]

$ 147,735

^[2]

$ 75,609

$ 80,560

$ 69,079

$ 53,437

$ 371,896

^[1],[2]

$ 278,685

$ 276,005

125,717,311

122,711,802

121,662,985

Dilutive effect of:

Stock options

463,949

634,218

702,693

Performance and restricted shares

158,319

757,308

982,951

Assumed conversion of Senior Exchangeable Notes

^[3]

1,965,177

2,888,650

1,895,762

Assumed conversion of warrants

1,800,345

^[3]

1,710,445

^[3]

149,900

Shares used for determining diluted earnings per common share

130,105,101

128,702,423

125,394,291

Basic earnings per common share attributable to Rayonier Inc.:

$ 2.63

$ 2.21

$ 2.28

Net Income (in dollars per share)

0.33

0.06

(0.01)

$ 0.63

$ 0.45

$ 0.69

$ 1.19

$ 0.61

$ 0.66

$ 0.56

$ 0.44

2.96

2.27

Diluted earnings per common share attributable to Rayonier Inc.:

2.54

2.11

2.21

Net income (in dollars per share)

0.32

0.06

(0.01)

$ 0.62

$ 0.44

$ 0.67

$ 1.13

$ 0.59

$ 0.62

$ 0.54

$ 0.42

$ 2.86

$ 2.17

$ 2.20

[1]	Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.
[2]	Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013.
[3]	The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount based on the length of time the $41.5 million balance was outstanding before the exchange was included for the year ended December 31, 2013.

Earnings Per Common Share Schedule of Antidilutive Shares Excluded from the Computation of Diluted Earnings Per Share (Details) - shares

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Stock options, performance and restricted shares [Member]

2,302,322

3,113,568

2,057,548

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Assumed conversion of exchangeable note hedges [Member]

337,145

224,918

161,786

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Manufacturing and maintenance supplies

^[1]

1,965,177

2,888,650

1,895,762

[1]

Earnings Per Common Share Earnings Per Share Parenthetical (Details) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Oct. 31, 2007	Jun. 30, 2013 shares	Dec. 31, 2013 USD ($) $ / unit shares
Warrants on Senior Exchangeable Notes due 2012 [Member]
Class of Warrant or Right [Line Items]
Beginning date for maturity of warrants	Jan. 15, 2013		Jan. 15, 2013
Ending date for maturity of warrants	Mar. 27, 2013		Mar. 27, 2013
Shares issued on conversion of warrants \| shares		2,135,221	2,135,221
Warrants on Senior Exchangeable Notes due 2015 [Member]
Class of Warrant or Right [Line Items]
Strike price of warrants \| $ / unit			39.10
Senior Exchangeable Notes due 2015 - Settlements 1, 2 and 3 [Member]
Class of Warrant or Right [Line Items]
Redemption amount settled \| $			$ 41.5

Inventory (Details) - USD ($)
$ in Thousands

Dec. 31, 2013

Dec. 31, 2012

Inventory, Net [Abstract]

Finished goods

^[1]

$ 115,270

$ 103,568

Work in progress

3,555

4,446

Raw materials

17,661

17,602

2,332

2,350

Total inventory

138,818

127,966

HBU Real Estate Held for Sale

HBU Real Estate Held for Sale

$ 6,300

$ 4,900

[1]	Includes $6.3 million and $4.9 million of HBU real estate held for sale at December 31, 2013 and 2012, respectively.

Debt Schedule of Long-Term Debt Instruments (Details) - USD ($)
$ in Thousands

Dec. 31, 2013

Dec. 31, 2012

Nov. 30, 2011

Aug. 31, 2009

Less: Current maturities of long-term debt

$ 1,574,224

$ 1,270,052

(112,500)

(150,000)

Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Matariki Forestry Group [Member]

1,461,724

1,120,052

$ 193,311

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]

4.39%

$ 325,000

325,000

Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]

3.75%

^[1]

$ 127,749

165,821

Installment note due 2014 at a fixed interest rate of 8.64% [Member]

4.50%

^[1]

4.50%

$ 112,500

112,500

Mortgage notes due 2017 at fixed interest rates of 4.35% [Member]

8.64%

^[2]

$ 65,165

76,731

Pollution control bond (retired in May 2012) and solid waste bond due 2020 at a variable interest rate of 1.57% at December 31, 2012 [Member]

4.35%

^[2]

4.35%

$ 15,000

15,000

April 2011 Line of Credit as Amended October 2012 [Member]

1.50%

$ 205,000

275,000

Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.71% at December 31, 2012 [Member]

1.14%

$ 500,000

300,000

Noncontrolling interest shareholder loan at 0% interest rate [Member] | Matariki Forestry Group [Member]

1.67%

$ 30,499

$ 0

Maturities of Long-term Debt [Abstract]

0.00%

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million.
[2]	The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million.

Debt Schedule of Maturities of Long-term Debt (Details)
$ in Thousands

Dec. 31, 2013

USD ($)

$ 112,500

130,973

^[1]

398,311

63,000

^[2]

Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member]

870,499

Total Debt

$ 1,575,283

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million.
[2]	The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million.

Debt Schedule of Maturities of Long-term Debt Parenthetical (Details) - USD ($)	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2009
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
Debt Instrument [Line Items]
Unamortized discount	$ 3,224,000	$ 6,679,000
Amount due upon maturity	130,973,000	172,500,000	$ 172,500,000.0
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50%, post 2013 paydowns [Member]
Debt Instrument [Line Items]
Amount due upon maturity	131,000,000
Mortgage notes due 2017 at fixed interest rates of 4.35% [Member]
Debt Instrument [Line Items]
Amount due upon maturity	63,000,000
Unamortized premium	$ 2,200,000	$ 3,200,000

Debt Term Credit Agreement Narrative (Details) - Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.71% at December 31, 2012 [Member]	1 Months Ended	12 Months Ended
	Dec. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) advance
Debt Instrument [Line Items]
Issuance date of debt instrument	December 2012
Maximum borrowing capacity	$ 640,000,000
Maturity date description	December 2019
Date through which borrowings can be made description	December 2017
Maximum number of advances \| advance		5
Basis spread on variable rate		1.50%
Commitment fee percentage		0.15%
Effective basis spread on variable rate		0.95%
Unused borrowing capacity		$ 140,000,000

Debt Revolving Credit Facility Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 31, 2012	Apr. 30, 2011	Dec. 31, 2013	Aug. 31, 2011
April 2011 Line of Credit [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.05%
Line of Credit Facility, Commitment Fee Percentage		0.20%
Issuance date of debt instrument		April 2011
Line of credit facility term		5 years
Line of Credit Facility, Maximum Borrowing Capacity Before Increase		$ 300,000,000
Maximum borrowing capacity				$ 450,000,000
August 2006 Line of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 250,000,000
Maturity date description		August 2011
April 2011 Line of Credit as Amended October 2012 [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.975%
Line of Credit Facility, Commitment Fee Percentage			0.15%
Issuance date of debt instrument	October 2012
Maturity date description		April 2016
Remaining borrowing capacity			$ 243,000,000
Amount to secure standby letters of credit			$ 2,000,000

Debt Joint Venture Debt Narrative (Details)	Apr. 30, 2013	Apr. 04, 2013
Debt Disclosure [Abstract]
Percentage of voting interests acquired		39.00%
Noncontrolling interest ownership percentage by parent	65.00%	65.00%

Debt Senior Secured Facilities Agreement Narrative (Details) - Matariki Forestry Group [Member]	12 Months Ended
	Dec. 31, 2013 USD ($) tranche
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 193,000,000
Senior Secured Facilities Agreement as Amended July 2013 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 212,000,000
Number of tranches \| tranche	2
Line of credit facility description	comprised of two tranches. Tranche A, a $193 million revolving cash advance facility expires September 2016 and Tranche B, a $19 million working capital facility expires September 2014
Line of credit facility currency	New Zealand dollars
Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 19,000,000

Debt Senior Secured Facilities Agreement - Revolving Credit Facility Narrative (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2013

USD ($)

Percentage of JV variable debt hedged by interest rate derivatives

$ 183,851

^[1]

95.00%

^[1]

Weighted average interest rate

4.90%

^[1]

Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Minimum [Member]

Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Maximum [Member]

Remaining maturity

1 year

Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member]

Remaining maturity

7 years

Percentage of JV variable debt hedged by interest rate derivatives

95.00%

Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] | Matariki Forestry Group [Member]

Interest rate during period

Amount outstanding

$ 193,000

4.39%

Interest rate description

September 2016

The interest rate is indexed to the 90 day New Zealand Bank bill rate and is generally repriced quarterly. The margin on the index rate fluctuates based on the interest coverage ratio

[1]	All notional amounts are stated in thousands of dollars except fuel hedge contracts which are denominated in thousands of barrels.

Debt Senior Secured Facilities Agreement - Working Capital Facility Narrative (Details) - Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member] - Matariki Forestry Group [Member]	12 Months Ended
	Dec. 31, 2013 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 19,000,000
Description of variable rate basis	Official Cash Rate set by the Reserve Bank of New Zealand
Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.17%
Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.44%

Debt Shareholder Loan Narrative (Details) - Noncontrolling interest shareholder loan at 0% interest rate [Member] - Matariki Forestry Group [Member]	12 Months Ended
	Dec. 31, 2013 USD ($)
Debt Instrument [Line Items]
Face amount	$ 30,000,000
Description	This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is secured by timberlands owned by the New Zealand JV and is subordinated to the Senior Secured Facilities Agreement. 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

Debt $105 Million Secured Mortgage Notes Assumed Narrative (Details)
Acres in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Nov. 30, 2011

USD ($)

Acres

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

Noncash or Part Noncash Acquisition, Debt Assumed

$ 0

$ 105,000

Carrying value of debt

1,574,224

1,270,052

Mortgage notes due 2017 at fixed interest rates of 4.35% [Member]

Noncash or Part Noncash Acquisition, Debt Assumed, Date

November 2011

Debt Instrument, Collateral

approximately 250,000 acres of timberlands

Acres of timberlands acquired | Acres

250

Noncash or Part Noncash Acquisition, Debt Assumed

$ 105,000

$ 0

$ 105,000

4.35%

^[1]

Debt instrument term

7 years

Repayments of Secured Debt

August 2017

$ 21,000

10,500

Carrying value of debt

^[1]

65,165

$ 76,731

Debt Instrument, Outstanding Principal

$ 63,000

[1]	The mortgage notes due in 2017 were recorded at a premium of $2.2 million and $3.2 million as of December 31, 2013 and 2012, respectively. Upon maturity the liability will be $63 million.

Debt 4.50% Senior Exchangeable Notes issued August 2009 Narrative (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Aug. 31, 2009

USD ($)

$ / shares

$ / unit

Sep. 30, 2013

USD ($)

note_holder

Dec. 31, 2013

USD ($)

redemption

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

Loss on extinguishment of debt

$ 3,974,000

$ 0

Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]

Debt Instrument, Trading Day Threshold

20 days

Issuance date of debt instrument

August 2009

Face amount

$ 172,500,000.0

$ 130,973,000

$ 172,500,000

Debt Instrument, Exchange Price the Stock Price Must Exceed, Percent

4.50%

^[1]

130.00%

Terms of conversion feature

The principal will be settled in cash and any excess exchange value will be settled at the option of the Company in either cash or stock of Rayonier. Note holders may convert their notes to common stock of Rayonier, subject to certain provisions including the market price of the stock and the trading price of the convertible notes. The current exchange rate is 30.55 shares per $1,000 principal based on an exchange price of $32.74.

Conversion ratio (per $1,000 principal)

30.55

Option indexed to issuer's equity, indexed shares | shares

5,169,653

Conversion premium

22.50%

Effective conversion premium

46.00%

Effective conversion price | $ / shares

$ 39.10

Option indexed to issuer's equity, strike price | $ / unit

32.74

Exercise price of warrants or rights | $ / unit

39.10

Number of note holder groups | note_holder

Principal amount redeemed

$ 41,500,000

Number of redemptions settled | redemption

Number of consecutive trading days for stock price

30 days

Senior Exchangeable Notes due 2015 - Settlements 1 and 2 [Member]

Loss on extinguishment of debt

$ 4,000,000

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million.

Debt 3.75% Senior Exchangeable Notes issued October 2007 (Details)	1 Months Ended		6 Months Ended	12 Months Ended
	Oct. 31, 2012 USD ($)	Oct. 31, 2007 USD ($) shares	Jun. 30, 2013 unit shares	Dec. 31, 2013 shares
Warrants on Senior Exchangeable Notes due 2012 [Member]
Debt Instrument [Line Items]
Beginning date for maturity of warrants		Jan. 15, 2013		Jan. 15, 2013
Ending date for maturity of warrants		Mar. 27, 2013		Mar. 27, 2013
Total number of warrants \| unit			8,313,511
Settlement of warrants (in shares)			2,135,221	2,135,221
Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member]
Debt Instrument [Line Items]
Issuance date of debt instrument		October 2007
Face amount \| $		$ 300,000,000
Fixed interest rate		3.75%		3.75%
Option indexed to issuer's equity, indexed shares		8,239,920
Maturity date description		October 2012
Redemption amount settled \| $	$ 300,000,000
Option indexed to issuer's equity, shares paid		2,221,056
Senior Exchangeable Notes Due 2012 at a fixed interest rate of 3.75% [Member]
Debt Instrument [Line Items]
Fixed interest rate		3.75%

Debt Schedule of Convertible Debt (Details) - USD ($)

1 Months Ended

12 Months Ended

Aug. 31, 2009

Oct. 31, 2007

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Schedule of Convertible Debt [Line Items]

Net carrying amount of debt

$ 127,749,000

$ 165,821,000

Common stock

8,850,000

Amortization of debt discount

1,215,000

6,323,000

$ 8,654,000

Total interest expense recognized

$ 9,552,000

$ 24,119,000

$ 27,667,000

Effective rate

6.21%

Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]

Schedule of Convertible Debt [Line Items]

Principal amount of debt

$ 172,500,000.0

$ 130,973,000

$ 172,500,000

Unamortized discount

$ (3,224,000)

(6,679,000)

4.50%

^[1]

Contractual interest coupon

August 2015

$ 7,271,000

7,763,000

$ 7,763,000

Amortization of debt discount

$ 2,281,000

2,296,000

2,167,000

Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member]

Schedule of Convertible Debt [Line Items]

Principal amount of debt

$ 300,000,000

3.75%

Contractual interest coupon

October 2012

$ 0

8,682,000

11,250,000

Amortization of debt discount

$ 0

$ 5,378,000

$ 6,487,000

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million.

Debt Covenants (Details) - USD ($)	1 Months Ended	12 Months Ended
Debt Covenants (Details) - USD ($)	Apr. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	Aug. 31, 2011
Debt Instrument [Line Items]
Covenant compliance		the Company was in compliance with all covenants
Covenant EBITDA to Consolidated Interest Expense [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Ratio		250.00%
Subsidiary Debt as a Percentage of Consolidated Net Tangible Assets [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Percentage		15.00%
RFR Cash Flow Available for Fixed Charges to RFR Fixed Charges Ratio [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Ratio		250.00%
Matariki Forestry Group [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Percentage		40.00%
Covenant description		In connection with the New Zealand JV’s Senior Secured Facilities Agreement, covenants must be met, including generation of sufficient cash flows to meet a minimum interest coverage ratio of 1.25 to 1 on a quarterly basis and maintenance of a leverage ratio of bank debt versus the forest and land valuation below the covenant’s maximum ratio of 40 percent
Debt Covenant Requirement, Ratio		125.00%
April 2011 Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 450,000,000
April 2011 Line of Credit as Amended October 2012 [Member] \| Covenant EBITDA to Consolidated Interest Expense [Member]
Debt Instrument [Line Items]
Covenant description		interest coverage ratio based on the facility’s definition of EBITDA (“Covenant EBITDA”). Covenant EBITDA consists of earnings from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense, depreciation, depletion, amortization and the non-cash cost basis of real estate sold.
April 2011 Line of Credit as Amended October 2012 [Member] \| Subsidiary Debt as a Percentage of Consolidated Net Tangible Assets [Member]
Debt Instrument [Line Items]
Covenant description		debt at subsidiaries (excluding Rayonier Operating Company LLC and TRS, which are borrowers under the agreement) is limited to 15 percent of Consolidated Net Tangible Assets. Consolidated Net Tangible Assets is defined as total assets less the sum of total current liabilities and intangible assets.
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.71% at December 31, 2012 [Member]
Debt Instrument [Line Items]
Covenant description		contains various covenants customary to credit agreements with borrowers having investment-grade debt ratings. These covenants are substantially identical to those of the credit facility
Installment note due 2014 at a fixed interest rate of 8.64% [Member]
Debt Instrument [Line Items]
Face amount		$ 112,000,000
Limit of non-reinvestment of excess timberland sales proceeds		$ 10,000,000
Installment note due 2014 at a fixed interest rate of 8.64% [Member] \| RFR Cash Flow Available for Fixed Charges to RFR Fixed Charges Ratio [Member]
Debt Instrument [Line Items]
Covenant description		RFR may not incur additional debt unless, at the time of incurrence, and after giving pro forma effect to the receipt and application of the proceeds of such debt, RFR meets or exceeds a minimum ratio of cash flow to fixed charges. RFR’s ability to make certain quarterly distributions to Rayonier Inc. is limited to an amount equal to RFR’s “available cash,” which consists of its opening cash balance plus proceeds from permitted borrowings.
Installment note due 2014 at a fixed interest rate of 8.64% [Member] \| Reinvestment of Excess Timberland Sales Proceeds [Member]
Debt Instrument [Line Items]
Covenant description		An asset sales covenant in the RFR installment note related agreements requires the Company, subject to certain exceptions, to either reinvest cumulative timberland sale proceeds for individual sales greater than $10 million (the “excess proceeds”) in timberland-related investments or, once the amount of excess proceeds not reinvested exceeds $50 million, to offer the note holders prepayment of the notes ratably in the amount of the excess proceeds.
Date of repayment offer	April 2012
Debt Covenant Requirement, Limit of Non-reinvestment of Excess Timberland Sales Proceeds	$ 50,000,000
Amount of repayment offer	59,900,000
Excess timberland sales proceeds after repayment offer	$ 0
Excess timberland sales proceeds		$ 0	$ 0
Senior Secured Facilities Agreement as Amended July 2013 [Member] \| Matariki Forestry Group [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Percentage		40.00%
Maximum borrowing capacity		$ 212,000,000
Debt Covenant Requirement, Ratio		125.00%

Debt Schedule of Debt Covenants (Details)	12 Months Ended
Debt Schedule of Debt Covenants (Details)	Dec. 31, 2013
Covenant EBITDA to Consolidated Interest Expense [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Ratio	250.00%
Actual ratio	1331.00%
Favorable ratio	1081.00%
Leverage Ratio [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Percentage	65.00%
Actual percentage	47.50%
Favorable percentage	17.50%
Subsidiary Debt as a Percentage of Consolidated Net Tangible Assets [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Percentage	15.00%
Actual percentage	6.00%
Favorable percentage	9.00%
RFR Cash Flow Available for Fixed Charges to RFR Fixed Charges Ratio [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Ratio	250.00%
Actual ratio	2744.00%
Favorable ratio	2494.00%
Matariki Forestry Group [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Ratio	125.00%
Debt Covenant Requirement, Percentage	40.00%
Actual ratio	208.00%
Actual percentage	31.70%
Favorable ratio	83.00%
Favorable percentage	8.30%

Shareholders' Equity Schedule of Stockholders Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Acquisition of noncontrolling interest

$ 1,438,004

$ 1,323,073

$ 1,438,004

$ 1,323,073

$ 1,251,582

96,336

Noncontrolling interest redemption of shares

(713)

Dividends ($1.52, $1.68 and $1.86 per share in 2011, 2012 and 2013, respectively)

$ 79,805

$ 58,367

$ 87,891

$ 147,735

^[1]

$ 75,609

$ 80,560

$ 69,079

$ 53,437

373,798

^[1]

278,685

276,005

(233,321)

(208,286)

(186,828)

Issuance of shares under incentive stock plans

10,101

25,495

13,451

Stock-based compensation

11,710

15,116

16,181

Excess tax benefit on stock-based compensation

8,413

7,635

5,681

Repurchase of common shares

(11,326)

(7,783)

(7,909)

Equity portion of convertible debt (Note 13)

2,453

Net loss from pension and postretirement plans, total

61,869

(496)

(46,263)

Foreign currency translation adjustment, total

(5,710)

4,352

3,546

Joint venture cash flow hedges, total

3,629

213

(2,373)

Shareholders' equity attributable to parent, ending balance

1,661,170

1,438,004

1,661,170

1,438,004

Warrants on Senior Exchangeable Notes due 2012 [Member]

$ 1,755,243

$ 1,438,004

$ 1,755,243

$ 1,438,004

$ 1,323,073

Dividends [Abstract]

Dividends per share

$ 1.86

$ 1.68

$ 1.52

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Settlement of warrants (Note 13) (in shares)

2,135,221

Common Shares [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Stockholders' equity, beginning balance (in shares)

123,332,444

122,035,177

123,332,444

122,035,177

121,023,140

Issuance of shares under incentive stock plans, (in shares)

$ 670,749

$ 630,286

$ 670,749

$ 630,286

$ 602,882

1,001,426

1,467,024

1,220,731

Issuance of shares under incentive stock plans

$ 10,101

$ 25,495

$ 13,451

Stock-based compensation

11,710

15,116

16,181

Excess tax benefit on stock-based compensation

$ 8,413

$ 7,635

$ 5,681

Repurchase of common shares, (in shares)

(211,221)

(169,757)

(208,694)

Repurchase of common shares

$ (11,326)

$ (7,783)

$ (7,909)

Equity portion of convertible debt (Note 13)

$ 2,453

Stockholders' equity, ending balance (in shares)

126,257,870

123,332,444

126,257,870

123,332,444

122,035,177

Common Shares [Member] | Warrants on Senior Exchangeable Notes due 2012 [Member]

$ 692,100

$ 670,749

$ 692,100

$ 670,749

$ 630,286

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Settlement of warrants (Note 13) (in shares)

2,135,221

Retained Earnings [Member]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

876,634

806,235

876,634

$ 876,634

806,235

717,058

Dividends ($1.52, $1.68 and $1.86 per share in 2011, 2012 and 2013, respectively)

371,896

278,685

276,005

(233,321)

(208,286)

(186,828)

Accumulated Other Comprehensive Income/(Loss) [Member]

1,015,209

876,634

1,015,209

876,634

806,235

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss from pension and postretirement plans, total

(109,379)

(113,448)

(109,379)

(113,448)

(68,358)

61,869

(496)

(46,263)

Foreign currency translation adjustment, total

(1,915)

4,352

3,546

Joint venture cash flow hedges, total

3,286

213

(2,373)

Non-controlling Interest [Member]

(46,139)

(109,379)

(46,139)

(109,379)

(113,448)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Acquisition of noncontrolling interest

$ 0

96,336

Noncontrolling interest redemption of shares

(713)

Foreign currency translation adjustment, total

(1,902)

3,795

Joint venture cash flow hedges, total

343

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

$ 94,073

$ 0

$ 94,073

$ 0

[1]	Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013.

Shareholders' Equity Tax Characteristics of Cash Dividend (Details) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Equity [Abstract]
Capital gain	$ 0.72	$ 1.68	$ 1.52
Qualified	1.14	0	0
Non-taxable return of capital	0	0	0
Total cash dividend per common share	$ 1.86	$ 1.68	$ 1.52

Accumulated Other Comprehensive Income/(Loss) Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Other comprehensive income/(loss) before reclassifications

$ (109,379)

44,814

Amounts reclassified from accumulated other comprehensive loss

18,426

63,240

Pension Plan, Defined Benefit [Member]

$ (46,139)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Discount rate

4.60%

3.70%

4.20%

Foreign currency translation losses [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income/(loss) before reclassifications

^[1]

$ 38,829

^[1]

(1,915)

Amounts reclassified from accumulated other comprehensive loss

^[1]

^[1]

(1,915)

New Zealand joint venture cash flow hedges [Member]

^[1]

36,914

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income/(loss) before reclassifications

^[2]

(3,628)

^[2]

798

Amounts reclassified from accumulated other comprehensive loss

^[2]

2,488

^[2]

3,286

Unrecognized components of employee benefit plans [Member]

^[2]

(342)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income/(loss) before reclassifications

(144,580)

^[3]

45,931

Amounts reclassified from accumulated other comprehensive loss

^[4]

15,938

61,869

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

$ (82,711)

[1]	During the year ended December 31, 2013 the decrease in net foreign currency translation gains was due to the strengthening of the U.S. dollar against the New Zealand dollar.
[2]	Prior to the acquisition of a majority interest in the New Zealand JV, Rayonier recorded its proportionate share of its cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition, as discussed in Note 6 — Derivative Financial Instruments and Hedging Activities.
[3]	The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013.
[4]	This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information.

Accumulated Other Comprehensive Income/(Loss) Reclassifications (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 16,000

$ 0

Comprehensive (loss) attributable to noncontrolling interest

$ 9,487

14,169

3,794

1,550

Income tax expense

(49,661)

$ (84,743)

$ (30,688)

Net loss reclassified from accumulated other comprehensive income

18,426

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

Net loss reclassified from accumulated other comprehensive income

^[1]

2,488

Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]

2,159

Comprehensive (loss) attributable to noncontrolling interest

843

(295)

Income tax expense

(219)

Net loss reclassified from accumulated other comprehensive income

$ 2,488

[1]

Other Operating Income, Net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Other Income and Expenses [Line Items]

Lease income, primarily for hunting

$ 19,479

$ 15,937

$ 13,071

Other non-timber income

2,714

3,346

2,145

Foreign currency gains

901

Insurance recoveries

2,298

1,890

Loss on sale or disposal of property plant & equipment

(2,103)

(2,342)

(7,415)

^[1]

Loss on foreign currency contracts, net

(192)

Environmental and disposition reserve adjustments

(797)

(5,989)

^[2]

Legal and corporate development costs

(8,275)

^[3]

(1,073)

Miscellaneous (expense) income, net

(3,037)

(3,200)

Description of PP&E write-off

9,487

14,169

3,794

Amount of PP&E write-off

$ 5,500

write-off related to process equipment changes needed for the CSE project

Increase to liabilities

$ 3,253

$ 797

$ 6,873

Port Angeles Increase in Disposition Reserve [Member]

Other Income and Expenses [Line Items]

Increase to liabilities

$ 6,500

[1]	2011 included a $5.5 million write-off related to process equipment changes needed for the CSE project.
[2]	2011 included a $6.5 million increase in a disposition reserve for a closed mill site. For additional information, see Note 17 — Liabilities for Dispositions and Discontinued Operations.
[3]	2013 included additional expenses primarily related to planning the separation of our Performance Fibers business from our Forest Resources and Real Estate businesses.

Liabilities for Dispositions and Discontinued Operations Schedule of Change in Environmental Loss Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	$ 81,695	$ 90,824	$ 93,160
Expenditures charged to liabilities	(8,570)	(9,926)	(9,209)
Increase to liabilities	3,253	797	6,873
Ending balance	76,378	81,695	90,824
Less: Current portion	(6,835)	(8,105)	(9,931)
Non-current portion	$ 69,543	$ 73,590	$ 80,893

Liabilities for Dispositions and Discontinued Operations Site Liabilities Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	$ 81,695	$ 90,824	$ 93,160
Expenditures	(8,570)	(9,926)	(9,209)
Increase (Reduction) to Liabilities	3,253	797	6,873
Ending balance	76,378	81,695	90,824
Total SWP sites [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	67,000	75,600
Expenditures	(6,400)	(7,200)
Increase (Reduction) to Liabilities	2,300	(1,400)
Ending balance	62,900	67,000	75,600
Augusta, Georgia [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	12,100	13,900
Expenditures	(1,000)	(800)
Increase (Reduction) to Liabilities	800	(1,000)
Ending balance	11,900	12,100	13,900
Spartanburg, South Carolina [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	14,000	14,700
Expenditures	(1,400)	(900)
Increase (Reduction) to Liabilities	(800)	200
Ending balance	11,800	14,000	14,700
East Point, Georgia [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	10,900	11,000
Expenditures	(800)	(1,000)
Increase (Reduction) to Liabilities	(200)	900
Ending balance	9,900	10,900	11,000
Baldwin, Florida [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	9,100	9,700
Expenditures	(1,100)	(900)
Increase (Reduction) to Liabilities	2,700	300
Ending balance	10,700	9,100	9,700
Other SWP sites [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	20,900	26,300
Expenditures	(2,100)	(3,600)
Increase (Reduction) to Liabilities	(200)	(1,800)
Ending balance	18,600	20,900	26,300
Port Angeles, Washington [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	9,500	9,300
Expenditures	(1,500)	(1,700)
Increase (Reduction) to Liabilities	1,400	1,900	7,100
Ending balance	9,400	9,500	9,300
All other sites [Member]
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	5,200	5,900
Expenditures	(700)	(1,000)
Increase (Reduction) to Liabilities	(400)	300
Ending balance	$ 4,100	$ 5,200	$ 5,900

Liabilities for Dispositions and Discontinued Operations Site Liabilities Narrative (Details) - USD ($) $ in Thousands	12 Months Ended			408 Months Ended	732 Months Ended	780 Months Ended	816 Months Ended	924 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 1987	Dec. 31, 1988	Dec. 31, 1989	Dec. 31, 1997	Dec. 31, 1984
Site Contingency [Line Items]
Increase to liabilities	$ 3,253	$ 797	$ 6,873
Augusta, Georgia [Member]
Site Contingency [Line Items]
Type of operation					wood treatment plant
Years in operation					1928 to 1988
Environmental Permit Term					10 years
Environmental remediation costs recognized					The majority of visually contaminated surface soils have been removed, and remediation activities currently consist primarily of a groundwater treatment and recovery system.
Permit expiration date					2014
Factors changing estimate					Current cost estimates could change if recovery or discharge volumes increase or decrease significantly, or if changes to current remediation activities are required in the future.
Total spending-to-date	68,300
Increase to liabilities	$ 800	(1,000)
Date through which recorded liabilities cover estimated obligations	through 2033
Spartanburg, South Carolina [Member]
Site Contingency [Line Items]
Type of operation						wood treatment plant
Years in operation						1925 to 1989
Environmental remediation costs recognized						Remediation activities include: (1) a recovery system and biological wastewater treatment plant, (2) an ozone-sparging system treating soil and groundwater and (3) an ion-exchange resin system treating groundwater.
Indication accrual may change						In 2012, SWP entered into a consent decree with the South Carolina Department of Health and Environmental Control which governs future investigatory and assessment activities at the site. Depending on the results of this investigation and assessment, additional remedial actions may be required in the future. Therefore, current cost estimates could change.
Total spending-to-date	$ 40,200
Increase to liabilities	$ (800)	200
Date through which recorded liabilities cover estimated obligations	through 2033
East Point, Georgia [Member]
Site Contingency [Line Items]
Type of operation								wood treatment plant
Years in operation								1908 to 1984
Environmental Permit Term								10 years
Environmental remediation costs recognized								In 2009, SWP entered into a consent order with the Environmental Protection Division of the Georgia Department of Natural Resources which requires that SWP perform certain additional investigatory, analytical and potentially, remedial activity.
Factors changing estimate								Therefore, while active remedial measures are currently ongoing, additional remedial measures may be necessary in the future.
Total spending-to-date	$ 21,800
Increase to liabilities	$ (200)	900
Date through which recorded liabilities cover estimated obligations	through 2033
Baldwin, Florida [Member]
Site Contingency [Line Items]
Type of operation				wood treatment plant
Years in operation				1954 to 1987
Environmental Permit Term				10 years
Environmental remediation costs recognized				Visually contaminated surface soils have been removed, and current remediation activities primarily consist of a groundwater recovery and treatment system. Investigation and assessment of other potential areas of concern are ongoing in accordance with the facility’s RCRA permit
Permit expiration date				2016
Factors changing estimate				additional remedial activities may be necessary in the future. Therefore, current cost estimates could change.
Total spending-to-date	$ 21,700
Increase to liabilities	$ 2,700	300
Date through which recorded liabilities cover estimated obligations	through 2033
Port Angeles, Washington [Member]
Site Contingency [Line Items]
Type of operation							dissolving pulp mill
Years in operation							1930 until 1997
Environmental remediation costs recognized							The site and the adjacent marine areas (a portion of Port Angeles harbor) have been in various stages of the assessment process under the Washington Model Toxics Control Act (“MTCA”) since about 2000, and several voluntary interim soil clean-up actions have also been performed during this time. In 2010, Rayonier entered into an agreed order with the Washington Department of Ecology (“Ecology”), under which the MTCA investigatory, assessment and feasibility and alternatives study process will be completed on a set timetable, subject to approval of all reports and studies by Ecology.
Factors changing estimate							Upon completion of all work required under the agreed order and negotiation of an approved remedy, additional remedial measures for the site and adjacent marine areas may be necessary in the future.
Total spending-to-date	$ 42,700
Increase to liabilities	$ 1,400	$ 1,900	7,100
Date through which recorded liabilities cover estimated obligations	Liabilities are recorded to cover obligations for the estimated assessment, remediation and monitoring obligations that are deemed probable and estimable at this time
Port Angeles Increase in Disposition Reserve [Member]
Site Contingency [Line Items]
Increase to liabilities			$ 6,500
Environmental cost recognized, caption			“other operating income, net”

Liabilities for Dispositions and Discontinued Operations General Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated 2014 Environmental Expenditures	$ 8
Estimated 2015 Environmental Expenditures	$ 7
Environmental Expenditures, Balance Sheet Caption	liabilities for dispositions and discontinued operations
Environmental Loss Contingencies Term	20 years
Description of Remedial Actions	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.
Environmental Contingency, Loss Exposure in Excess of Accrual, High Estimate	$ 30
Environmental Applicability, Impact and Conclusion Disclosures	In addition, these prior dispositions and discontinued operations are exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of December 31, 2013, this amount could range up to $30 million, allocable over several of the applicable sites, and arises from uncertainty over the availability, feasibility 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.
Port Angeles, Washington [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Status of Dispositions and Discontinued Operations	closed in 1997
Total SWP sites [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Status of Dispositions and Discontinued Operations	ceased operations in 1989 except for investigation and remediation activities
Total SWP sites [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Applicability and Impact of Environmental Laws	SWP owns or has liability for nine inactive former wood treating sites that are subject to the Resource Conservation and Recovery Act (“RCRA”), the Comprehensive Environmental Response, Compensation and Liability Act of 1980 and/or other similar federal or state statutes relating to the investigation and remediation of environmentally-impacted sites.

Guarantees (Details)

12 Months Ended

Dec. 31, 2013

USD ($)

$ 25,107,000

Standy letters of credit [Member]

16,186,000

17,354,517

^[1]

Guarantor obligations collateral for industrial revenue bonds

15,000,000

^[1]

$ 15,000,000

Guarantor obligations term

various dates during 2014

Guarantees [Member]

$ 2,254,000

^[2]

Recorded liability for performance obligation

$ 43,000

^[2]

de minimus liability

Surety bonds [Member]

$ 5,497,630

^[3]

Guarantor obligations term

$ 1,143,000

^[3]

various dates between 2014 and 2015

[1]	Approximately $15 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 2014 and will be renewed as required.
[2]	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 $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2013, the Company has recorded a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement.
[3]	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 between 2014 and 2015 and are expected to be renewed as required.

Commitments (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2013

USD ($)

lease

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

Recorded Unconditional Purchase Obligation, Fiscal Year Maturity Schedule [Abstract]

^[1]

$ 16,034

^[1]

12,349

^[1]

12,716

^[1]

12,183

^[1]

4,219

^[1]

5,047

Purchase Obligation, Fiscal Year Maturity [Abstract]

^[1]

62,548

29,486

24,515

25,316

24,484

14,793

163,836

282,430

Operating Leases [Member]

Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]

Rent expense

4,000

$ 3,900

$ 3,300

^[2]

3,288

^[2]

2,347

^[2]

3,002

^[2]

3,121

^[2]

2,776

^[2]

16,525

Timber Properties [Member]

^[2]

31,059

Expenditures for long-term leases and deeds on timberlands

10,400

$ 8,000

$ 7,300

Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]

^[3]

10,164

^[3]

9,819

^[3]

9,598

^[3]

9,180

^[3]

7,798

^[3]

142,264

Matariki Crown Forest Licenses [Member]

^[3]

$ 188,823

Operating Leased Assets [Line Items]

Lessee Leasing Arrangements, Operating Leases, Termination Notice

35 years

Number of Fixed Term Forest Leases Expiring | lease

Rent Review Term

3 years

Purchase Obligation, Fiscal Year Maturity [Abstract]

Rent expense

$ 2,700

Lessee Leasing Arrangements, Operating Leases, Renewal Term

1 year

Number of Leases Under Termination Notice | lease

Minimum [Member] | Timber Properties [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

30 years

Minimum [Member] | Matariki Crown Forest Licenses [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

30 years

Maximum [Member] | Timber Properties [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

65 years

Maximum [Member] | Matariki Crown Forest Licenses [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

99 years

[1]	Pursuant to the Wood Products purchase and sale agreement, Rayonier contracted with Interfor to purchase wood chips produced at the lumber mills for use at Rayonier’s Jesup mill through 2018. Purchase obligations include obligations under this agreement as well as payments expected to be made on derivative financial instruments held in New Zealand and various environmental monitoring and maintenance service agreements.
[2]	Includes leases on buildings, machinery and equipment under various operating leases and a Jesup mill natural gas transportation lease.
[3]	The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.

Incentive Stock Plans Incentive Stock Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recognized related to stock-based compensation expense	$ 3.1	$ 4.0	$ 4.3
Selling and general expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	10.8	14.3	16.2
Cost of sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 0.9	$ 0.8	$ 0.0
Rayonier Incentive Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	15,800,000
Plan description	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.
Shares available for future grant (millions)	6,400,000
Incremental reduction of shares available for grant	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
Policy for issuing shares	The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares.
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in number of shares available for grants	1
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in number of shares available for grants	2.27
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in number of shares available for grants	2.27

Incentive Stock Plans Restricted Stock Narrative (Details) - Restricted Stock [Member] $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1.1
Weighted average period for recognition (years)	1 year 6 months
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Incentive Stock Plans Summary of Restricted Shares (Details) - Restricted Stock [Member] - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted

33,607

18,742

20,535

Weighted average price of restricted shares granted

$ 57.54

$ 42.40

$ 43.55

Intrinsic value of restricted stock outstanding

^[1]

$ 1.7

$ 2.1

$ 3.4

Fair value of restricted stock vested

1.3

1.8

2.6

Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares

$ 0.3

$ 0.6

$ 0.8

[1]	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2013.

Incentive Stock Plans Schedule of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	40,572
Granted	33,607	18,742	20,535
Vested	(34,947)
Cancelled	0
Number of Shares, Ending Balance	39,232	40,572
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance	$ 37.36
Granted	57.54	$ 42.40	$ 43.55
Vested	36.23
Cancelled	0.00
Weighted Average Grant Date Fair Value, Ending Balance	$ 55.66	$ 37.36

Incentive Stock Plans Performance Share Units Narrative (Details) - Performance Shares [Member] $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Valuation method	Monte Carlo simulation model
Unrecognized compensation cost	$ 8.2
Weighted average period for recognition (years)	1 year 8 months 12 days
Risk-free rate, description	The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award.
Dividend yield, description	The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents.

Incentive Stock Plans Summary of Performance Shares (Details) - Performance Shares [Member] - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common shares of Company stock reserved for performance shares

276,240

337,360

470,820

Weighted average fair value of performance share units granted

$ 59.16

$ 56.36

$ 51.57

Intrinsic value of outstanding performance share units

^[1]

$ 22.1

$ 36.3

$ 46.0

Fair value of restricted stock vested

7.0

22.2

9.9

Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares

$ 11.0

$ 7.2

$ 7.1

[1]	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2013.

Incentive Stock Plans Schedule of Performance Share Activity (Details) - Performance Shares [Member] - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Beginning Balance	700,825
Granted	138,120
Units Distributed	(294,515)
Cancelled/Adjustments	(19,684)
Number of Shares, Ending Balance	524,746	700,825
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning Balance	$ 47.23
Weighted average price of restricted shares granted	59.16	$ 56.36	$ 51.57
Units Distributed	39.25
Cancelled/Adjustments	54.83
Weighted Average Grant Date Fair Value, Ending Balance	$ 54.57	$ 47.23

Incentive Stock Plans Schedule of Assumptions used for Performance Shares (Details) - Performance Shares [Member]	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	23.20%	36.90%	51.30%
Risk-free rate	0.40%	0.40%	1.00%

Incentive Stock Plans Non-Qualified Employee Stock Options Narrative (Details) - Stock Options [Member] $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term	10 years
Award vesting period	3 years
Valuation method	Black-Scholes option-pricing model
Expense recognition method	3 years
Unrecognized compensation cost	$ 2.0
Weighted average period for recognition (years)	1 year

Incentive Stock Plans Schedule of Assumptions Used to Determine Fair Value, Options (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	39.00%	39.30%	38.20%
Dividend yield	3.40%	3.60%	3.90%
Risk-free rate	1.00%	1.30%	2.60%
Expected life (in years)	6 years 3 months 18 days	6 years 4 months 24 days	6 years 6 months
Fair value per share of options granted	$ 14.01	$ 11.85	$ 9.99
Fair value of options granted (in millions)	$ 2.7	$ 2.8	$ 3.0

Incentive Stock Plans Schedule of Stock Option Activity (Details) - Stock Options [Member] $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares, Beginning Balance \| shares	1,609,129
Granted \| shares	190,360
Exercised \| shares	(400,856)
Cancelled \| shares	(5,411)
Number of Shares, Ending Balance \| shares	1,393,222
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise Price (per common share), Beginning Balance \| $ / shares	$ 29.56
Granted \| $ / shares	52.65
Exercised \| $ / shares	26.14
Cancelled \| $ / shares	46.30
Weighted Average Exercise Price (per common share), Ending Balance \| $ / shares	$ 33.79
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual term (in years), Options outstanding	5 years 10 months 24 days
Aggregate Intrinsic Value, Options outstanding \| $	$ 14.1
Number of Shares, Options vested and expected to vest \| shares	1,391,464
Weighted Average Exercise Price (per common share), Options vested and expected to vest \| $ / shares	$ 33.79
Weighted Average Remaining Contractual term (in years), Options vested and expected to vest	5 years 10 months 24 days
Aggregate Intrinsic Value, Options vested and expected to vest \| $	$ 14.1
Number of Shares, Options exercisable \| shares	1,061,807
Weighted Average Exercise Price (per common share), Options exercisable \| $ / shares	$ 29.46
Weighted Average Remaining Contractual term (in years), Options exercisable	5 years 2 months 12 days
Aggregate Intrinsic Value, Options exercisable \| $	$ 13.8

Incentive Stock Plans Summary of Additional Information for Stock Options (Details) - Stock Options [Member] - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Intrinsic value of options exercised

^[1]

$ 12.3

$ 20.5

$ 10.4

Fair value of options vested

$ 2.6

$ 3.3

$ 2.5

[1]	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.

Employee Benefit Plans Defined Benefit Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) pension_plans	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plans, General Information	The Company has four qualified non-contributory defined benefit pension plans covering a significant majority of its employees
Number of Qualified Defined Benefit Plans \| pension_plans	4
Defined Benefit Plan, Unfunded Plan	an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans
Defined Benefit Plan, Other Information	The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005, to Fernandina hourly employees hired after April 30, 2006, to Jesup hourly employees hired after March 4, 2009 and to Wood Products hourly employees hired after February 28, 2011. Currently, all plans are closed to new participants.
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Description of Settlements and Curtailments	The Company sold its Wood Products business in March 2013. As a result of the sale, all employees covered by the Wood Products defined benefit pension plan are considered terminated employees. Amendments to the plan in June 2013 resulted in all such employees automatically vesting in the plan. Additionally, a one-time lump sum distribution was offered to terminated Wood Products plan participants or their beneficiaries.
Settlement Payment Amount	$ 3,000
Effect of Plan Amendment on Benefit Obligation	2,800
Unrecognized gain in other comprehensive income, before tax	0	$ 0	$ 0
Amortization of Plan Amendment Gain	0	0	0
Pension Plan, Defined Benefit [Member] \| Income from Discontinued Operations, net [Member]
Defined Benefit Plan Disclosure [Line Items]
Recognized Loss Due to Settlements, Net of Tax	$ 500
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Description of Plan Amendment	the Company amended its postretirement medical plan for active and retired hourly employees at the Jesup mill by placing a limit on Rayonier’s contributions toward retiree medical coverage. The change was accounted for as a negative plan amendment, which resulted in a reduction to the retiree medical liability.
Unrecognized gain in other comprehensive income, before tax	$ (3,372)	0	0
Unrecognized gain in other comprehensive income, net of tax	$ (2,200)
Amortization Period for Plan Amendment	13 years 10 months 24 days
Amortization of Plan Amendment Gain	$ 105	$ 55	$ 0

Employee Benefit Plans Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
Noncurrent liabilities	$ (95,654)	$ (159,582)
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan, Change in Benefit Obligation [Rollforward]
Projected benefit obligation at beginning of year	454,470	413,147
Service cost	8,452	8,407	$ 6,782
Interest cost	16,682	17,284	18,087
Settlement loss	137	0
Actuarial (gain) loss	(44,786)	32,666
Plan amendments	0	0
Employee contributions	0	0
Benefits paid	(21,317)	(17,034)
Projected benefit obligation at end of year	413,638	454,470	413,147
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	320,699	295,655
Actual return on plan assets	42,285	41,729
Employer contributions	1,699	1,565
Employee contributions	0	0
Benefits paid	(21,317)	(17,034)
Other expense	(1,461)	(1,216)
Fair value of plan assets at end of year	341,905	320,699	295,655
Defined Benefit Plan, Funded Status of Plan [Abstract]
Net accrued benefit cost	(71,733)	(133,771)
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
Noncurrent assets	3,583	0
Current liabilities	(1,776)	(1,702)
Noncurrent liabilities	(73,540)	(132,069)
Net amount recognized	(71,733)	(133,771)
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan, Change in Benefit Obligation [Rollforward]
Projected benefit obligation at beginning of year	27,582	24,833
Service cost	1,056	918	673
Interest cost	937	956	972
Settlement loss	0	0
Actuarial (gain) loss	(3,206)	2,021
Plan amendments	(3,372)	0
Employee contributions	980	1,136
Benefits paid	(1,978)	(2,282)
Projected benefit obligation at end of year	21,999	27,582	24,833
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	998	1,146
Employee contributions	980	1,136
Benefits paid	(1,978)	(2,282)
Other expense	0	0
Fair value of plan assets at end of year	0	0	$ 0
Defined Benefit Plan, Funded Status of Plan [Abstract]
Net accrued benefit cost	(21,999)	(27,582)
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
Noncurrent assets	0	0
Current liabilities	(1,071)	(1,256)
Noncurrent liabilities	(20,928)	(26,326)
Net amount recognized	$ (21,999)	$ (27,582)

Employee Benefit Plans Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Net gains (losses)	$ 60,171	$ (17,630)	$ (75,995)
Prior service cost	0	0	0
Negative plan amendment	0	0	0
Amortization of losses	20,914	17,578	10,372
Amortization of prior service cost	1,356	1,308	1,359
Amortization of negative plan amendment	0	0	0
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Net gains (losses)	3,206	(2,021)	(3,934)
Prior service cost	0	0	631
Negative plan amendment	3,372	0	0
Amortization of losses	675	582	570
Amortization of prior service cost	66	80	69
Amortization of negative plan amendment	$ (105)	$ (55)	$ 0

Employee Benefit Plans Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Deferred income tax benefit	$ (40,525)	$ (36,889)
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	(5,707)	(7,062)
Net losses	(110,728)	(191,813)
Negative plan amendment	0	0
Deferred income tax benefit	36,685	61,968
AOCI	(79,750)	(136,907)
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	(49)	(328)
Net losses	(8,057)	(11,939)
Negative plan amendment	3,574	521
Deferred income tax benefit	1,571	4,073
AOCI	$ (2,961)	$ (7,673)

Employee Benefit Plans Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]
Projected benefit obligation	$ 388,163	$ 482,052
Accumulated benefit obligation	350,605	434,810
Fair value of plan assets	$ 290,848	$ 320,699

Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 8,452	$ 8,407	$ 6,782
Interest cost	16,682	17,284	18,087
Expected return on plan assets	(25,302)	(25,477)	(25,819)
Amortization of prior service cost	1,296	1,308	1,359
Amortization of losses	20,097	17,578	10,372
Amortization of negative plan amendment	0	0	0
Curtailment expense	60	0	0
Settlement expense	817	0	0
Net periodic benefit cost	22,102	19,100	10,781
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,056	918	673
Interest cost	937	956	972
Expected return on plan assets	0	0	0
Amortization of prior service cost	66	80	69
Amortization of losses	675	582	570
Amortization of negative plan amendment	(105)	(55)	0
Curtailment expense	0	0	0
Settlement expense	0	0	0
Net periodic benefit cost	$ 2,629	$ 2,481	$ 2,284

Employee Benefit Plans AOCI Amortization in Next Fiscal Year (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Amortization of loss	$ 10,448
Amortization of prior service cost	1,167
Amortization of negative plan amendment	0
Total amortization of AOCI loss	11,615
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Amortization of loss	640
Amortization of prior service cost	17
Amortization of negative plan amendment	(282)
Total amortization of AOCI loss	$ 375

Employee Benefit Plans Assumptions Used in Calculations (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Plan, Defined Benefit [Member]
Assumptions Used to Determine Benefit Obligations
Discount rate	4.60%	3.70%	4.20%
Rate of compensation increase	4.60%	4.60%	4.50%
Discount rate methodology	closely approximates interest rates on high quality, long-term obligations
Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	3.70%	4.20%	5.25%
Expected long-term return on plan assets	8.50%	8.50%	8.50%
Rate of compensation increase	4.60%	4.50%	4.50%
Return on plan assets methodology	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
Other Postretirement Benefit Plan, Defined Benefit [Member]
Assumptions Used to Determine Benefit Obligations
Discount rate	4.60%	3.60%	4.10%
Rate of compensation increase	4.50%	4.50%	4.50%
Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	3.60%	4.10%	5.10%
Expected long-term return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	4.50%	4.50%	4.50%

Employee Benefit Plans Expected Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plan, Defined Benefit [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]
Health care cost trend rate assumed for next year	7.00%	7.50%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2017	2017
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
Effect of one percentage point increase on total of service and interest cost components	$ 253
Effect of one percentage point decrease on total of service and interest cost components	(208)
Effect of one percentage point increase on accumulated postretirement benefit obligation	1,389
Effect of one percentage point decrease on accumulated postretirement benefit obligation	$ (1,183)

Employee Benefit Plans Investment of Plan Assets (Details) - Pension Plan, Defined Benefit [Member] - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	100.00%	100.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Defined Benefit Plan, Investment Goals	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.
Defined Benefit Plan, Type of Employer and Related Party Securities Included in Plan Assets	direct investment in Rayonier common stock
Defined Benefit Plan, Amount of Employer and Related Party Securities Included in Plan Assets	$ 0	$ 0
Domestic equity securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	42.00%	41.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	40.00%
Target allocation range maximum	45.00%
International equity securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	26.00%	25.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	20.00%
Target allocation range maximum	30.00%
Domestic fixed income securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	25.00%	26.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	25.00%
Target allocation range maximum	30.00%
International fixed income securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	4.00%	5.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	4.00%
Target allocation range maximum	6.00%
Real estate funds [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	3.00%	3.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	2.00%
Target allocation range maximum	4.00%

Employee Benefit Plans Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Changes in Valuation Methodology	no changes in the methodology	no changes in the methodology
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 341,905	$ 320,699	$ 295,655
Pension Plan, Defined Benefit [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 110,676	128,393
Valuation Methodology	Level 1 — Net asset value in an observable market.
Pension Plan, Defined Benefit [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 231,229	192,306
Valuation Methodology	Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing 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.
Pension Plan, Defined Benefit [Member] \| Equity Securities, Domestic [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 139,694	126,904
Pension Plan, Defined Benefit [Member] \| Equity Securities, Domestic [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	29,293	50,653
Pension Plan, Defined Benefit [Member] \| Equity Securities, Domestic [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	110,401	76,251
Pension Plan, Defined Benefit [Member] \| Equity Securities, International [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	87,039	78,931
Pension Plan, Defined Benefit [Member] \| Equity Securities, International [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	55,692	51,758
Pension Plan, Defined Benefit [Member] \| Equity Securities, International [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	31,347	27,173
Pension Plan, Defined Benefit [Member] \| Domestic Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	85,222	81,045
Pension Plan, Defined Benefit [Member] \| Domestic Debt Securities [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	0	0
Pension Plan, Defined Benefit [Member] \| Domestic Debt Securities [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	85,222	81,045
Pension Plan, Defined Benefit [Member] \| Foreign Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	15,134	15,745
Pension Plan, Defined Benefit [Member] \| Foreign Debt Securities [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	15,134	15,745
Pension Plan, Defined Benefit [Member] \| Foreign Debt Securities [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	0	0
Pension Plan, Defined Benefit [Member] \| Real Estate Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	9,678	10,208
Pension Plan, Defined Benefit [Member] \| Real Estate Funds [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	9,678	10,208
Pension Plan, Defined Benefit [Member] \| Real Estate Funds [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	0	0
Pension Plan, Defined Benefit [Member] \| Short-term Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	5,138	7,866
Pension Plan, Defined Benefit [Member] \| Short-term Investments [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	879	29
Pension Plan, Defined Benefit [Member] \| Short-term Investments [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 4,259	$ 7,837

Employee Benefit Plans Expected Benefit Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year, Description	The Company has no mandatory pension contribution requirements in 2014, but may make discretionary contributions.
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2014	$ 19,987
2015	21,070
2016	22,118
2017	23,149
2018	24,191
2019 - 2023	133,459
Other Postretirement Benefit Plan, Defined Benefit [Member]
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2014	1,071
2015	1,170
2016	1,259
2017	1,271
2018	1,394
2019 - 2023	$ 6,328

Employee Benefit Plans Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Compensation and Retirement Disclosure [Abstract]
Description of Defined Contribution Pension and Other Postretirement Plans	The Company provides defined contribution plans to all of its hourly and salaried employees.
Defined Contribution Plan, Cost Recognized	$ 4.4	$ 2.7	$ 2.6
Type of Employer and Related Party Securities Included in Plan Assets	Rayonier common stock
Amount of Employer and Related Party Securities Included in Plan Assets	$ 73.2	89.4
Defined Contribution Plan, Contributions for 401(k) Plan Enhancement	$ 1.1	$ 1.0	$ 0.9

Quarterly Results for 2013 and 2012 (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Quarterly Financial Information Disclosure [Abstract]

$ 520,242

$ 384,784

$ 409,077

$ 393,719

$ 412,660

$ 386,163

$ 348,096

$ 336,571

$ 1,707,822

$ 1,483,490

$ 1,420,960

Income from continuing operations

395,446

287,150

297,698

266,018

292,212

259,201

243,571

235,708

1,246,312

1,030,692

1,006,297

82,249

58,367

87,891

^[1]

103,258

73,474

79,278

66,091

52,599

331,765

^[1]

271,442

276,674

Income from discontinued operations

(2,444)

44,477

2,135

1,282

2,988

838

42,033

7,243

(669)

Net income attributable to Rayonier Inc.

79,805

58,367

87,891

147,735

^[2]

75,609

80,560

69,079

53,437

373,798

^[2]

278,685

276,005

$ 79,652

$ 57,345

$ 87,164

^[1]

$ 147,735

^[2]

$ 75,609

$ 80,560

$ 69,079

$ 53,437

$ 371,896

^[1],[2]

$ 278,685

$ 276,005

Basic EPS attributable to Rayonier Inc. (in dollars per share)

$ 0.63

$ 0.45

$ 0.69

$ 1.19

$ 0.61

$ 0.66

$ 0.56

$ 0.44

$ 2.96

$ 2.27

Diluted EPS attributable to Rayonier Inc. (in dollars per share)

$ 0.62

$ 0.44

$ 0.67

$ 1.13

$ 0.59

$ 0.62

$ 0.54

$ 0.42

$ 2.86

$ 2.17

$ 2.20

Gain on disposition of business

$ 43,000

$ 42,121

$ 0

$ 16,000

$ 0

[1]	Operating income and net income attributable to Rayonier Inc., for the quarter ended June 30, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.
[2]	Net income and net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013.

Consolidating Financial Statements Narrative (Details) - USD ($)

1 Months Ended

12 Months Ended

Aug. 31, 2009

Dec. 31, 2013

Dec. 31, 2012

Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]

Issuance date of debt instrument

August 2009

Face amount

$ 172,500,000.0

$ 130,973,000

$ 172,500,000

4.50%

^[1]

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]

August 2015

Issuance date of debt instrument

March 2012

Face amount

$ 325,000,000

3.75%

2022

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $3.2 million and $6.7 million as of December 31, 2013 and 2012, respectively, but upon maturity the liability will be $131 million.

Consolidating Financial Statements Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

$ 520,242

$ 384,784

$ 409,077

$ 393,719

$ 412,660

$ 386,163

$ 348,096

$ 336,571

$ 1,707,822

$ 1,483,490

$ 1,420,960

395,446

287,150

297,698

266,018

292,212

259,201

243,571

235,708

1,246,312

1,030,692

1,006,297

64,843

66,957

65,251

(9,487)

(14,169)

(3,794)

1,301,668

1,083,480

1,067,754

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

562

550

4,088

406,716

400,560

357,294

16,000

422,814

400,560

357,294

(43,760)

(44,981)

(50,775)

2,372

606

843

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

381,426

356,185

307,362

(49,661)

(84,743)

(30,688)

Income from discontinued operations attributable to Rayonier Inc.

82,249

58,367

87,891

^[1]

103,258

73,474

79,278

66,091

52,599

331,765

^[1]

271,442

276,674

(2,444)

44,477

2,135

1,282

2,988

838

42,033

7,243

(669)

Less: Net income attributable to noncontrolling interest

79,805

58,367

87,891

147,735

^[2]

75,609

80,560

69,079

53,437

373,798

^[2]

278,685

276,005

1,902

$ 79,652

$ 57,345

$ 87,164

^[1]

$ 147,735

^[2]

$ 75,609

$ 80,560

$ 69,079

$ 53,437

371,896

^[1],[2]

278,685

276,005

(5,710)

4,352

3,546

3,629

213

(2,373)

61,869

(496)

(46,263)

59,788

4,069

(45,090)

Less: Comprehensive loss attributable to noncontrolling interest

433,586

282,754

230,915

(1,550)

Rayonier Inc. (Parent Guarantor) [Member]

435,136

282,754

230,915

(1,701)

110

(1,701)

110

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

1,701

1,701

(110)

(13,088)

(10,717)

621

9,828

6,638

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

373,455

282,874

275,384

371,896

278,685

276,005

Income from discontinued operations attributable to Rayonier Inc.

371,896

278,685

276,005

Less: Net income attributable to noncontrolling interest

371,896

278,685

276,005

371,896

(1,915)

4,352

3,546

3,286

213

(2,373)

61,869

(496)

(46,263)

63,240

4,069

(45,090)

Less: Comprehensive loss attributable to noncontrolling interest

435,136

282,754

230,915

Senior Exchangeable Notes due 2015 [Member] | ROC (Subsidiary Guarantor) [Member]

435,136

9,821

10,575

10,710

4,730

962

117

14,551

11,537

10,827

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(14,551)

(14,551)

(11,537)

(10,827)

(914)

(941)

(1,133)

3,237

5,519

5,280

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

384,567

289,486

281,892

372,339

282,527

275,212

1,116

347

172

Income from discontinued operations attributable to Rayonier Inc.

373,455

282,874

275,384

Less: Net income attributable to noncontrolling interest

373,455

282,874

275,384

373,455

(1,915)

4,352

3,546

3,286

213

(2,373)

61,869

(496)

(46,263)

63,240

4,069

(45,090)

Less: Comprehensive loss attributable to noncontrolling interest

436,695

286,943

230,294

Senior Exchangeable Notes due 2015 [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member]

436,695

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(27,516)

(37,971)

(49,555)

(7,534)

(3,334)

(4,508)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

245,126

232,871

170,048

210,076

191,566

115,985

11,895

15,076

19,733

Income from discontinued operations attributable to Rayonier Inc.

221,971

206,642

135,718

Less: Net income attributable to noncontrolling interest

221,971

206,642

135,718

221,971

(72)

(3)

(137)

637

20,589

(450)

(35,575)

21,154

(453)

(35,712)

Less: Comprehensive loss attributable to noncontrolling interest

243,125

206,189

100,006

Senior Exchangeable Notes due 2015 [Member] | Non-guarantor [Member]

243,125

1,707,822

1,483,490

1,420,960

1,246,312

1,030,692

1,006,297

55,022

56,382

54,541

(12,516)

(15,241)

(3,911)

1,288,818

1,071,833

1,056,927

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

562

550

4,088

419,566

16,098

435,664

412,207

368,121

(2,242)

4,648

(708)

(3,159)

(8,217)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

430,263

408,638

367,484

(62,672)

(100,166)

(50,593)

Income from discontinued operations attributable to Rayonier Inc.

367,591

308,472

316,891

42,033

7,243

(669)

Less: Net income attributable to noncontrolling interest

409,624

315,715

316,222

1,902

407,722

(5,710)

4,353

3,545

3,629

213

(2,373)

20,589

(450)

(35,575)

18,508

4,116

(34,403)

Less: Comprehensive loss attributable to noncontrolling interest

428,132

319,831

281,819

(1,550)

Senior Exchangeable Notes due 2015 [Member] | Consolidating Adjustments [Member]

429,682

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(1,003,148)

(805,231)

(727,324)

(1,003,148)

(805,231)

(727,324)

Income from discontinued operations attributable to Rayonier Inc.

(1,003,148)

(805,231)

(727,324)

Less: Net income attributable to noncontrolling interest

(1,003,148)

(805,231)

(727,324)

(1,003,148)

3,902

(8,702)

(6,954)

(7,209)

(426)

4,746

(103,047)

1,396

117,413

(106,354)

(7,732)

115,205

Less: Comprehensive loss attributable to noncontrolling interest

(1,109,502)

(812,963)

(612,119)

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | ROC (Subsidiary Guarantor) [Member]

(1,109,502)

9,821

10,575

10,710

4,730

962

117

14,551

11,537

10,827

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(14,551)

(14,551)

(11,537)

(10,827)

(28,430)

(38,912)

(50,688)

(4,297)

2,185

772

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

407,722

315,715

316,222

360,444

267,451

255,479

13,011

15,423

19,905

Income from discontinued operations attributable to Rayonier Inc.

373,455

282,874

275,384

Less: Net income attributable to noncontrolling interest

373,455

282,874

275,384

373,455

(1,915)

4,352

3,546

3,286

213

(2,373)

61,869

(496)

(46,263)

63,240

4,069

(45,090)

Less: Comprehensive loss attributable to noncontrolling interest

436,695

286,943

230,294

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-guarantor [Member]

436,695

1,707,822

1,483,490

1,420,960

1,246,312

1,030,692

1,006,297

55,022

56,382

54,541

(12,516)

(15,241)

(3,911)

1,288,818

1,071,833

1,056,927

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

562

550

4,088

419,566

16,098

435,664

412,207

368,121

(2,242)

4,648

(708)

(3,159)

(8,217)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

430,263

408,638

367,484

(62,672)

(100,166)

(50,593)

Income from discontinued operations attributable to Rayonier Inc.

367,591

308,472

316,891

42,033

7,243

(669)

Less: Net income attributable to noncontrolling interest

409,624

315,715

316,222

1,902

407,722

(5,710)

4,353

3,545

3,629

213

(2,373)

20,589

(450)

(35,575)

18,508

4,116

(34,403)

Less: Comprehensive loss attributable to noncontrolling interest

428,132

319,831

281,819

(1,550)

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidating Adjustments [Member]

429,682

OPERATING INCOME BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(781,177)

(598,589)

(591,606)

(781,177)

(598,589)

(591,606)

Income from discontinued operations attributable to Rayonier Inc.

(781,177)

(598,589)

(591,606)

Less: Net income attributable to noncontrolling interest

(781,177)

(598,589)

(591,606)

(781,177)

3,830

(8,705)

(7,091)

(6,572)

(426)

4,746

(82,458)

946

81,838

(85,200)

(8,185)

79,493

Less: Comprehensive loss attributable to noncontrolling interest

(866,377)

$ (606,774)

$ (512,113)