View Filing Data

$ 163,145

$ 154,889

$ 306,332

$ 261,942

Costs and Expenses

123,096

127,861

238,995

204,520

Other operating income, net (Note 20)

13,861

14,703

27,098

28,100

(11,389)

(3,624)

(11,764)

(7,772)

125,568

138,940

254,329

224,848

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

304

562

37,577

16,253

52,003

37,656

16,098

37,577

$ 63,039

32,351

52,003

53,754

Interest and miscellaneous (expense) income, net

(15,612)

(11,351)

(26,286)

(19,803)

(4,385)

2,684

(5,397)

2,766

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

17,580

23,684

20,320

36,717

Income tax (expense) benefit

(13,556)

(7,712)

15,947

(5,961)

21,942

INCOME FROM CONTINUING OPERATIONS

4,024

41,343

39,631

14,359

58,659

DISCONTINUED OPERATIONS, NET (Note 2)

Income from discontinued operations, net of income tax expense of $5,966, $31,177, $21,231 and $63,868

12,084

48,260

43,092

176,967

Less: Net (loss) income attributable to noncontrolling interest

16,108

41,343

87,891

57,451

235,626

$ 373,798

(245)

727

(328)

727

16,353

$ 41,426

87,164

57,779

234,899

OTHER COMPREHENSIVE INCOME

New Zealand joint venture cash flow hedges, net of income tax (benefit) expense of ($401), $0, $100 and $0

3,517

(28,201)

21,320

(27,226)

(5,710)

(920)

222

791

775

$ 3,629

Net gain from pension and postretirement plans, net of income tax expense of $35,944, $1,620, $36,875 and $3,824

58,873

3,717

60,970

8,687

61,470

(24,262)

83,081

(17,764)

Less: Comprehensive income (loss) attributable to noncontrolling interest

77,578

63,629

140,532

217,862

297

(9,505)

5,722

(9,505)

BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

$ 77,281

$ 73,134

$ 134,810

$ 227,367

Continuing Operations, Basic (in dollars per share)

$ 0.03

$ 0.33

$ 0.31

$ 0.12

$ 0.46

Discontinued Operations, Basic (in dollars per share)

0.10

0.00

0.38

0.34

1.42

DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

0.13

0.33

0.69

0.46

1.88

Continuing Operations, Diluted (in dollars per share)

0.03

0.32

0.30

0.11

0.44

Discontinued Operations, Diluted (in dollars per share)

0.09

0.00

0.37

0.33

1.36

Discontinued Operations and Disposal Groups [Abstract]

$ 0.12

$ 0.32

$ 0.67

$ 0.44

$ 1.80

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]
Income from discontinued operations, income tax expense	$ 5,966	$ 31,117	$ 21,231	$ 63,868
Other Comprehensive Income, Derivatives Qualifying as Hedges, Tax	(401)	0	100	0
Net gain from pension and postretirement plans, income tax expense	$ 35,944	$ 1,620	$ 36,875	$ 3,824

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 222,061	$ 199,644
Restricted cash	75,000	0
Accounts receivable, less allowance for doubtful accounts of $622 and $673	19,765	94,956
Inventory
Finished goods	17,622	115,270
Work in progress	0	3,555
Raw materials	862	17,661
Manufacturing and maintenance supplies	0	2,332
Total inventory	18,484	138,818
Deferred tax assets	3,221	39,100
Prepaid and other current assets	21,543	46,576
Total current assets	360,074	519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,117,655	2,049,378
PROPERTY, PLANT AND EQUIPMENT
Land	1,833	20,138
Buildings	8,468	180,573
Machinery and equipment	3,333	1,760,641
Construction in progress	274	19,795
Total property, plant and equipment, gross	13,908	1,981,147
Less — accumulated depreciation	(7,765)	(1,120,326)
Total property, plant and equipment, net	6,143	860,821
OTHER ASSETS	148,104	256,208
TOTAL ASSETS	2,631,976	3,685,501
CURRENT LIABILITIES
Accounts payable	27,871	69,293
Current maturities of long-term debt	0	112,500
Accrued taxes	13,834	8,551
Uncertain tax positions	5,780	10,547
Accrued payroll and benefits	5,316	24,948
Accrued interest	9,743	9,531
Accrued customer incentives	0	9,580
Other current liabilities	28,865	24,327
Current liabilities for dispositions and discontinued operations (Note 14)	0	6,835
Total current liabilities	91,409	276,112
LONG-TERM DEBT	770,086	1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	0	69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 17)	24,014	95,654
OTHER NON-CURRENT LIABILITIES	30,600	27,225
COMMITMENTS AND CONTINGENCIES (Notes 13 and 15)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 126,529,693 and 126,257,870 shares issued and outstanding	698,462	692,100
Retained earnings	887,648	1,015,209
Accumulated other comprehensive income (loss)	30,891	(46,139)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,617,001	1,661,170
Noncontrolling interest	98,866	94,073
TOTAL SHAREHOLDERS’ EQUITY	1,715,867	1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,631,976	$ 3,685,501

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 622	$ 673
Shareholders’ Equity:
Common shares, shares authorized	480,000,000	480,000,000
Common shares, shares issued	126,529,693	126,257,870
Common shares, shares outstanding	126,529,693	126,257,870

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
OPERATING ACTIVITIES
Net income	$ 57,451	$ 235,626
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	58,411	50,857
Non-cash cost of real estate sold	3,302	2,593
Stock-based incentive compensation expense	5,980	6,226
Deferred income taxes	10,103	38,107
Tax benefit of AFMC for CBPC exchange	0	(18,761)
Depreciation and amortization from discontinued operations	37,985	29,356
Amortization of losses from pension and postretirement plans	5,896	11,617
Gain on sale of discontinued operations, net	0	(42,670)
Gain related to consolidation of New Zealand joint venture	0	(16,098)
Other	(43)	(8,653)
Changes in operating assets and liabilities:
Receivables	9,988	(11,782)
Inventories	4,765	27,325
Accounts payable	27,307	19,535
Income tax receivable/payable	5,217	(5,626)
All other operating activities	5,130	(7,654)
Payment to exchange AFMC for CBPC	0	(70,311)
Expenditures for dispositions and discontinued operations	(5,096)	(4,015)
CASH PROVIDED BY OPERATING ACTIVITIES	226,396	235,672
INVESTING ACTIVITIES
Capital expenditures	(80,494)	(74,587)
Purchase of additional interest in New Zealand joint venture	0	(139,879)
Purchase of timberlands	(74,817)	(10,447)
Jesup mill cellulose specialties expansion (gross purchases of $0 and $114,449, net of purchases on account of $0 and $14,264)	0	(100,185)
Proceeds from disposition of Wood Products business	0	72,953
Change in restricted cash	63,128	7,603
Other	(478)	537
CASH USED FOR INVESTING ACTIVITIES	(92,661)	(244,005)
FINANCING ACTIVITIES
Issuance of debt	1,238,389	455,000
Repayment of debt	(1,107,062)	(273,087)
Dividends paid	(124,628)	(113,222)
Proceeds from the issuance of common shares	3,347	6,643
Excess tax benefits on stock-based compensation	0	7,399
Repurchase of common shares	(1,834)	(11,241)
Debt issuance costs	12,380	0
Purchase of timberland deeds for Rayonier Advanced Materials	(12,677)	0
Debt issuance funds distributed to Rayonier Advanced Materials	(924,943)	0
Proceeds from spin-off of Rayonier Advanced Materials	906,200	0
Change in restricted cash reserved for dividends	(75,000)	0
Other	(680)	0
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(111,268)	71,492
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(50)	(174)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	22,417	62,985
Balance, beginning of year	199,644	280,596
Balance, end of period	222,061	343,581
Cash paid during the period:
Interest	26,980	16,754
Income taxes	10,417	84,508
Non-cash investing activity:
Capital assets purchased on account	11,547	59,729
Non-cash financing activity:
Shareholder debt assumed in acquisition of New Zealand joint venture	0	125,532
Conversion of shareholder debt to equity noncontrolling interest	$ 0	$ (95,961)

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Statement of Cash Flows [Abstract]
Jesup mill cellulose specialties expansion, gross purchases	$ 0	$ 114,449
Jesup mill cellulose specialties expansion, purchases on account	$ 0	$ (14,264)

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Basis of Presentation The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries (“Rayonier” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as amended by Amendment No. 1 to the Form 10-K on Form 10-K/A (the “Amended Form 10-K”), as filed with the SEC. Reclassifications Certain 2013 amounts and amounts previously reported in 2014 have been reclassified to agree with the current presentation, including reclassifications for discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014 and completed the sale of its Wood Products business on March 1, 2013. Accordingly, the operating results of these businesses are reported 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 segments, which remained with Rayonier, are reported in continuing operations. The December 31, 2013 Consolidated Balance Sheet reports historical information and includes balances for all businesses as reported in the prior year. The June 30, 2014 Consolidated Balance Sheet reports continuing operations only and reflects the contribution of $1.2 billion of assets, net, and corresponding liabilities and equity to Rayonier Advanced Materials in connection with the spin-off of the Performance Fibers business. The Consolidated Statements of Cash Flows for both 2014 and 2013 have not been restated to exclude Performance Fibers or Wood Products cash flows. Cash flows for the six months ended June 30, 2014 also reflect transactions related to the Performance Fibers spin-off, including borrowings to arrange the capital structure prior to the separation, proceeds received upon the spin-off and the use of proceeds to pay down debt and reserve cash for a special dividend payment during the third quarter of 2014. See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business and sale of the Wood Products business. New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard which will supersede current revenue recognition guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This standard will be effective for Rayonier beginning January 1, 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The standard requires a disposal of a component of an entity to be reported in discontinued operations if it represents a strategic shift with a major effect on an entity’s operations and financial results. It also removes requirements related to the evaluation of the component’s effect on ongoing operations and the entity’s continuing involvement with the component. Additional disclosures about discontinued operations are also required under this standard. ASU No. 2014-08 is required to be applied prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning December 15, 2014. As the Company has not elected early adoption, this standard will be effective for Rayonier’s first quarter 2015 Form 10-Q filing. It is not expected that the standard will have any impact on the Company’s consolidated financial statements. Subsequent Events The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and three subsequent events were identified that warranted disclosure. On July 21, 2014, the Board of Directors approved a third quarter cash dividend of 30 cents per common share. The dividend is payable on September 30, 2014 to shareholders of record on September 16, 2014. In addition to the regular third quarter cash dividend, the Board of Directors approved a special cash dividend of 50 cents per common share payable on August 15, 2014 to shareholders of record on July 31, 2014. Additionally, amendments to the Company’s revolving credit facility and term credit agreement became effective in July 2014, as discussed in Note 18 — Debt.

DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2014

Disposal Groups, Including Discontinued Operations, Disclosure

DISCONTINUED OPERATIONS

Spin-Off of the Performance Fibers Business

On June 27, 2014, Rayonier completed its previously announced tax-free spin-off of its Performance Fibers business from its Forest Resources and Real Estate segments. The spin-off resulted in two independent, publicly-traded companies, with the Performance Fibers business being spun-off to Rayonier shareholders as a newly formed public company named Rayonier Advanced Materials. On June 27, 2014, the shareholders of record received one share of Rayonier Advanced Materials common stock for every three common shares of Rayonier held as of the close of business on the record date of June 18, 2014.

In connection with the spin-off, Rayonier Advanced Materials distributed $906.2 million in cash to Rayonier from $550 million in Senior Notes issued by Rayonier A.M. Products (a wholly-owned subsidiary of Rayonier Advanced Materials), $325 million in term loans, and $75 million from a revolving credit facility Rayonier Advanced Materials entered into prior to the spin-off. Under the terms of the Internal Revenue Service spin-off ruling, $75 million of these funds is restricted to pay dividends or repurchase common stock within eighteen months following the distribution of the shares of Rayonier Advanced Materials common stock to Rayonier shareholders. At June 30, 2014, $75 million was included in the “Restricted cash” line in the Consolidated Balance Sheets.

In order to effect the spin-off and govern our relationship with Rayonier Advanced Materials after the spin-off, Rayonier entered into a Separation and Distribution Agreement, an Intellectual Property Agreement, a Tax Sharing Agreement, an Employee Matters Agreement and a Transition Services Agreement.

The Separation and Distribution Agreement governs the spin-off of the Performance Fibers business and the transfer of assets and other matters related to our relationship with Rayonier Advanced Materials. The Separation and Distribution Agreement provides for cross-indemnities between Rayonier and Rayonier Advanced Materials and established procedures for handling claims subject to indemnification and related matters.

The Intellectual Property Agreement governs the allocation of intellectual property rights and assets between Rayonier and Rayonier Advanced Materials.

The Tax Sharing Agreement governs the respective rights, responsibilities and obligations of Rayonier and Rayonier Advanced Materials with respect to taxes, tax attributes, tax returns, tax proceedings and certain other tax matters including assistance and cooperation on tax matters.

The Employee Matters Agreement governs the compensation and employee benefit obligations with respect to the current and former employees and non-employee directors of Rayonier and Rayonier Advanced Materials, and generally allocates liabilities and responsibilities relating to employee compensation, benefit plans and programs. The Employee Matters Agreement provides that employees of Rayonier Advanced Materials will no longer participate in benefit plans sponsored or maintained by Rayonier. In addition, the Employee Matters Agreement provides that each of the parties will be responsible for their respective current employees and compensation plans for such current employees. The Employee Matters Agreement further provides that Rayonier Advanced Materials will be responsible for liabilities associated with former employees whose last employment was with the businesses that are to be operated by Rayonier Advanced Materials after the spin-off, including the Performance Fibers business, as well as certain specified former corporate employees, and Rayonier will remain responsible for former employees whose last employment was with the businesses retained by Rayonier following the spin-off and certain specified corporate employees.

The Transition Services Agreement sets forth the terms on which Rayonier will provide to Rayonier Advanced Materials, and Rayonier Advanced Materials will provide to Rayonier, certain services or functions that were shared prior to the spin-off. Transition services include administrative, payroll, human resources, data processing, environmental health and safety, financial audit support, financial transaction support, and other support services, information technology systems and various other corporate services. The agreement provides for the provision of specified transition services, generally for a period of up to 18 months, on a cost basis.

Rayonier will not have significant continuing involvement in the operations of the Performance Fibers business going forward. Accordingly, the operating results of the Performance Fibers 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 Performance Fibers segment, which will remain with the Company after the sale, are reported in continuing operations.

The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the three and six months ended June 30, 2014 and 2013, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income:



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Sales	$	212,680		$	254,189		$	456,180		$	540,855
Cost of sales and other	(174,961		)	(174,650		)	(368,868		)	(366,584		)
Transaction expenses	(19,669		)	(102		)	(22,989		)	(186		)
Income from discontinued operations before income taxes	18,050			79,437			64,323			174,085
Income tax expense	(5,966		)	(31,177		)	(21,231		)	(41,595		)
Income from discontinued operations, net	$	12,084		$	48,260		$	43,092		$	132,490

In accordance with ASC 205-20-S99-3, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business. Interest expense has been allocated based on a ratio of net assets to be discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Forest Resources and Real Estate operations). The following table summarizes the interest expense allocated to discontinued operations for the three and six months ended June 30, 2014 and 2013:



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Interest allocated to the Performance Fibers business	$	(1,910	)	$	(1,851	)	$	(4,205	)	$	(3,797	)

The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business:



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Depreciation and amortization	$	17,336	$	13,649	$	37,985	$	28,802
Capital expenditures	24,621		48,817		46,336		70,182
Jesup mill cellulose specialties expansion	—		63,451		—		100,185

The major classes of Performance Fibers assets and liabilities included in the spin-off are as follows:



	June 27, 2014
Accounts receivable, net	$	66,050
Inventory	121,705
Prepaid and other current assets	70,092
Property, plant and equipment, net	862,487
Other assets	103,400
Total assets	$	1,223,734

Accounts payable	65,522
Other current liabilities	51,006
Long-Term debt	950,000
Non-current environmental liabilities	66,434
Pension and other postretirement benefits	102,633
Other non-current liabilities	7,269
Deficit	(19,130		)
Total liabilities and equity	$	1,223,734

Pursuant to a Memorandum of Understanding agreement, Rayonier may provide Rayonier Advanced Materials with up to 120,000 tons of hardwood annually through July 30, 2017. Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Hardwood purchases	$	1,190	$	350	$	3,935	$	259

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. 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 the six months ended June 30, 2013.

Rayonier recognized an after-tax gain of $42.7 million on the sale. The gain is included in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income for the six months ended June 30, 2013.

The following table summarizes the operating results of the Company’s Wood Products discontinued operations and the related gain for the six months ended June 30, 2013, as presented in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income:



	Six Months Ended
	June 30, 2013
Sales	$	16,968
Cost of sales and other	(14,258		)
Gain on sale of discontinued operations	64,040
Income from discontinued operations before income taxes	$	66,750
Income tax expense	(22,273		)
Income from discontinued operations, net	$	44,477

Cash flows from the Wood Products business are immaterial in the aggregate. As such, they are included with cash flows from continuing operations in the Consolidated Statements of Cash Flows.

The following table reconciles the operating results of both the Performance Fibers and Wood Products discontinued operations, as presented in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income:



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Performance Fibers income from discontinued operations, net	$	12,084	$	48,260	$	43,092	$	132,490
Wood Products income from discontinued operations, net	—		—		—		44,477
Income from discontinued operations, net	$	12,084	$	48,260	$	43,092	$	176,967

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).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 20
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Accounting Changes and Error Corrections [Abstract]

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Notes)

6 Months Ended

Jun. 30, 2014

Restatement of Previously Issued Consolidated Financial Statements

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

Subsequent to the issuance of the Original Filing, the Company identified issues related to its historical timber harvest levels, its estimate of merchantable timber inventory and the effect of such estimate on its calculation of depletion expense in the quarterly periods ended March 31, 2014 and June 30, 2014. The Company determined that it had understated its depletion expense in cost of goods sold (referred to as “Cost of sales” in the Company’s consolidated statements of income and comprehensive income) by approximately $2 million for each period. As a result, the financial amounts noted below have been restated from amounts previously reported.

The following tables summarize the effect of these restatements for the periods:



	Consolidated Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2014
	As Previously Reported			Restatement			As Restated
Operating Income	$	39,568		$	(1,991	)	$	37,577
Income Tax Expense	(13,515		)	(41		)	(13,556		)
Income from Continuing Operations	6,056			(2,032		)	4,024
Income from Discontinued Operations, net	12,084			—			12,084
Net Income	18,140			(2,032		)	16,108
Net Income Attributable to Rayonier Inc.	18,385			(2,032		)	16,353
Basic Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.05		$	(0.02	)	$	0.03
Discontinued Operations	0.10			—			0.10
Net Income	$	0.15		$	(0.02	)	$	0.13
Diluted Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.05		$	(0.02	)	$	0.03
Discontinued Operations	0.09			—			0.09
Net Income	$	0.14		$	(0.02	)	$	0.12



	Consolidated Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2014
	As Previously Reported			Restatement			As Restated
Operating Income	$	55,962		$	(3,959	)	$	52,003
Income Tax Expense	(5,939		)	(22		)	(5,961		)
Income from Continuing Operations	18,340			(3,981		)	14,359
Income from Discontinued Operations, net	43,092			—			43,092
Net Income	61,432			(3,981		)	57,451
Net Income Attributable to Rayonier Inc.	61,760			(3,981		)	57,779
Basic Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.15		$	(0.03	)	$	0.12
Discontinued Operations	0.34			—			0.34
Net Income	$	0.49		$	(0.03	)	$	0.46
Diluted Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.14		$	(0.03	)	$	0.11
Discontinued Operations	0.33			—			0.33
Net Income	$	0.47		$	(0.03	)	$	0.44



	Consolidated Balance Sheet as of June 30, 2014
	As Previously Reported		Restatement			As Restated
Prepaid and Other Current Assets	$	21,565	$	(22	)	$	21,543
Timber and Timberlands, Net of Depletion and Amortization	2,121,614		(3,959		)	2,117,655
Retained earnings	891,629		(3,981		)	887,648



	Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2014
	As Previously Reported (a)			Restatement			As Restated (a)
Operating Income	$	65,008		$	(1,969	)	$	63,039
Income Tax Expense	(7,732		)	20			(7,712		)
Income from Continuing Operations	43,292			(1,949		)	41,343
Net Income	43,292			(1,949		)	41,343
Net Income Attributable to Rayonier Inc.	43,375			(1,949		)	41,426
Basic Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.34		$	(0.01	)	$	0.33
Discontinued Operations	—			—			—
Net Income	$	0.34		$	(0.01	)	$	0.33
Diluted Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.34		$	(0.02	)	$	0.32
Discontinued Operations	—			—			—
Net Income	$	0.34		$	(0.02	)	$	0.32

(a)Includes the Performance Fibers business that was spun-off on June 27, 2014.



	Consolidated Balance Sheet as of March 31, 2014
	As Previously Reported		Restatement			As Restated
Prepaid and Other Current Assets	$	54,557	$	20		$	54,577
Timber and Timberlands, Net of Depletion and Amortization	2,069,518		(1,969		)	2,067,549
Retained earnings	996,573		(1,949		)	994,624

EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
	(Restated)					(Restated)
Income from continuing operations	$	4,024		$	39,631	$	14,359		$	58,659
Less: Net (loss) income from continuing operations attributable to noncontrolling interest	(245		)	727		(328		)	727
Income from continuing operations attributable to Rayonier Inc.	$	4,269		$	38,904	$	14,687		$	57,932

Income from discontinued operations, net, attributable to Rayonier Inc.	$	12,084		$	48,260	$	43,092		$	176,967

Net income attributable to Rayonier Inc.	$	16,353		$	87,164	$	57,779		$	234,899

Shares used for determining basic earnings per common share	126,434,376			126,027,297		126,390,891			125,257,876
Dilutive effect of:
Stock options	293,213			504,321		296,768			519,014
Performance and restricted shares	201,956			386,228		194,995			384,910
Assumed conversion of Senior Exchangeable Notes (a)	2,631,514			2,217,058		2,579,402			2,173,658
Assumed conversion of warrants (a) (b)	2,738,606			1,632,345		2,656,633			2,250,361
Shares used for determining diluted earnings per common share	132,299,665			130,767,249		132,118,689			130,585,819
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	0.03		$	0.31	$	0.12		$	0.46
Discontinued operations	0.10			0.38		0.34			1.42
Net income	$	0.13		$	0.69	$	0.46		$	1.88
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	0.03		$	0.30	$	0.11		$	0.44
Discontinued operations	0.09			0.37		0.33			1.36
Net income	$	0.12		$	0.67	$	0.44		$	1.80



	Three Months Ended June 30,		Six Months Ended June 30,
	2014	2013	2014	2013
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	507,044	199,245	499,193	207,097
Assumed conversion of exchangeable note hedges (a)	2,631,514	2,217,058	2,579,402	2,173,658
Total	3,138,558	2,416,303	3,078,595	2,380,755

(a) Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the full dilutive effect of the 2015 Notes was included for all periods presented.

The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013 and 97,918 shares were issued in the first week of April 2013. 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 $28.58 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 18 — Debt of this Form 10-Q/A.

(b) The shares used for the assumed conversion of the warrants increased for the current quarter and year-to-date periods due to a lower adjusted exchange price as a result of the spin-off.

INCOME TAXES

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

INCOME TAXES

Rayonier is a real estate investment trust (“REIT”). In general, only its taxable REIT subsidiaries, whose businesses include the Company’s non-REIT qualifying activities, and foreign operations, are subject to corporate income taxes. Accordingly, the provision for corporate income taxes relates principally to current and deferred taxes on taxable REIT subsidiaries’ income and foreign operations.

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 through December 31, 2009. The AFMC is a $.50 per gallon refundable 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. Prior to the spin-off (See Note 2 — Discontinued Operations for additional information), Rayonier produced and used an alternative fuel (“black liquor”) at its Performance Fibers mills, which qualified for both credits. The Company claimed the AFMC on its original 2009 tax return. In the first quarter of 2013, management approved a $70 million tax payment to exchange approximately 120 million gallons of black liquor previously claimed for the AFMC for the CBPC, resulting in an expected net $19 million tax benefit, which was recorded in discontinued operations. As a result of the spin-off of the Performance Fibers business in second quarter 2014, the Company recorded a $16 million valuation allowance related to its limited potential use of the CBPC prior to its expiration on December 31, 2016.

Provision for Income Taxes from Continuing Operations

The Company’s effective tax rate before discrete items is below the 35 percent U.S. statutory rate due to tax benefits associated with being a REIT and tax benefits from losses at Rayonier's taxable operations from interest and general administrative expenses not allowed to be allocated to the discontinued operations of the Performance Fibers business. Despite the tax benefits associated with being a REIT and losses at Rayonier’s taxable operations, the increase in the effective tax rates as reported for the quarter and year-to-date periods is primarily attributable to the CBPC valuation allowance recorded in second quarter 2014.

The tables below reconcile the U.S. statutory rate to the Company’s effective tax rate for each period presented:



	Three Months Ended June 30,
	2014					2013
	(Restated)			(Restated)
Income tax expense at federal statutory rate	$	6,153		35.0	%	$	8,289		35.0	%
REIT income and taxable losses	(5,625		)	(32.0	)	(20,001		)	(84.4	)
Reverse loss on FMV of exchangeable notes	—			—		828			3.5
Foreign operations	(728		)	(4.1	)	458			1.9
Non-deductible real estate losses	590			3.4		—			—
Other	119			0.6		115			0.5
Income tax expense (benefit) before discrete items	509			2.9	%	(10,311		)	(43.5	)%
CBPC valuation allowance	15,574			88.7		—			—
Spin-off related costs	797			4.5		—			—
Deferred tax inventory valuations	(3,293		)	(18.7	)	—			—
Gain related to consolidation of New Zealand joint venture	—			—		(5,636		)	(23.8	)
Other	(31		)	(0.3	)	—			—
Income tax expense (benefit) as reported for continuing operations	$	13,556		77.1	%	$	(15,947	)	(67.3	)%



	Six Months Ended June 30,
	2014					2013
	(Restated)			(Restated)
Income tax expense at federal statutory rate	$	7,112		35.0	%	$	12,851		35.0	%
REIT income and taxable losses	(13,823		)	(69.3	)	(31,324		)	(85.3	)
Foreign operations	(841		)	(0.3	)	1,517			4.1
Non-deductible real estate losses	681			1.2		—			—
Reverse loss on FMV of exchangeable notes	—			—		1,284			3.5
Other	138			0.3		(151		)	(0.4	)
Income tax benefit before discrete items	(6,733		)	(33.1	)%	(15,823		)	(43.1	)%
CBPC valuation allowance	15,574			76.6		—			—
Spin-off related costs	797			3.9		—			—
Deferred tax inventory valuations	(3,293		)	(16.2	)	—			—
Gain related to consolidation of New Zealand joint venture	—			—		(5,636		)	(15.3	)
Other	(384		)	(1.9	)	(483		)	(1.4	)
Income tax expense (benefit) as reported for continuing operations	$	5,961		29.3	%	$	(21,942	)	(59.8	)%

Provision for Income Taxes from Discontinued Operations

In second quarter 2014, Rayonier completed the spin-off of its Performance Fibers business. For the three and six months ended June 30, 2014, income tax expense related to Performance Fibers discontinued operations was $6.0 million and $21.2 million, respectively. For the three and six months ended June 30, 2013, income tax expense related to Performance Fibers discontinued operations was $31.2 million and $41.6 million, respectively.

In first quarter 2013, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. For the six months ended June 30, 2013, income tax expense related to Wood Products discontinued operations was $22.3 million ($21.4 million from the gain on sale).

See Note 2 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business and sale of the Wood Products business.

Unrecognized Tax Benefits

During second quarter 2014, the Company received a refund from the IRS related to its amended 2009 TRS tax return. As a result, Rayonier reversed the $4.8 million reserve related to the increased domestic production deduction due to the inclusion of CBPC income. The reserve was comprised of a $3.9 million reduction of current deferred tax assets and a $0.9 million unrecognized tax benefit, which was recorded in discontinued operations.

During the first quarter of 2013, the Company implemented ASU 2013-11, which requires, in certain instances, an unrecognized tax benefit (or portion of an unrecognized tax benefit) to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. As a result, the Company reclassified $3.9 million from an unrecognized tax benefit liability to a reduction to current deferred tax assets at March 31, 2014.

Deferred Taxes

The spin-off of the Performance Fibers business resulted in the contribution of deferred tax assets and deferred tax liabilities to Rayonier Advanced Materials and impacted the Company’s expected future use of remaining deferred tax assets. The Company’s current portion of deferred tax assets decreased from $39.1 million at December 31, 2013 to $3.2 million as of June 30, 2014. The remaining balance reflects the $15.6 million valuation allowance related to Rayonier’s limited potential use of the CBPC credit. In addition, the Company’s non-current deferred tax asset decreased $3.0 million from year-end while the non-current deferred tax liability increased $8.7 million.

RESTRICTED CASH AND DEPOSITS	6 Months Ended
RESTRICTED CASH AND DEPOSITS	Jun. 30, 2014
Restricted Cash and Investments [Abstract]
RESTRICTED CASH AND DEPOSITS	RESTRICTED CASH AND DEPOSITS Pursuant to the Internal Revenue Service spin-off ruling, $75 million of the proceeds received from Rayonier Advanced Materials are restricted to pay dividends or repurchase common stock within eighteen months following the spin-off. These funds are included within the “Restricted cash” line of the Consolidated Balance Sheet and will be used to pay a special dividend of $0.50 per share in third quarter 2014. In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of June 30, 2014 and December 31, 2013, the Company had $5.8 million and $68.9 million, respectively, of proceeds from real estate sales classified as restricted cash within Other Assets, which were deposited with an LKE intermediary.

JOINT VENTURE INVESTMENT

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

JOINT VENTURE INVESTMENT

On April 4, 2013 (the “acquisition date”), the Company acquired an additional 39 percent ownership interest in Matariki Forestry Group, a joint venture (“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 June 30, 2014 and 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 New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., continues to serve as the manager of the New Zealand JV forests.

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 was acquired for $139.9 million and 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. The acquisition-date fair value of the previous equity interest was $93.3 million.

The Company’s operating results for the three and six months ended June 30, 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 following represents the pro forma Rayonier consolidated sales and net income for the three and six months ended June 30, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013.



	Three Months Ended June 30, 2013		Six Months Ended June 30, 2013
Sales	$	409,077	$	837,322
Net Income	$	87,891	$	233,867

SHAREHOLDERS'S EQUITY

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

SHAREHOLDERS'S EQUITY

SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for the six months ended June 30, 2014 and the year ended December 31, 2013 is shown below (share amounts not in thousands):



	Rayonier Inc. Shareholders Equity
	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
	Shares		Amount			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
						(Restated)									(Restated)
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 upon redemption	—		2,453			—			—			—			2,453
Settlement of warrants	2,135,221		—			—			—			—			—
Net gain 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
Net income (loss)	—		—			57,779			—			(328		)	57,451
Dividends ($0.98 per share)	—		—			(123,947		)	—			—			(123,947		)
Contribution to Rayonier Advanced Materials	—		(301		)	(61,393		)	80,749			—			19,055
Issuance of shares under incentive stock plans	315,739		3,347			—			—			—			3,347
Stock-based compensation	—		5,980			—			—			—			5,980
Excess tax deficiency on stock-based compensation	—		(830		)	—			—			—			(830		)
Repurchase of common shares	(43,916	)	(1,834		)	—			—			—			(1,834		)
Net losses from pension and postretirement plans	—		—			—			(19,779		)	—			(19,779		)
Noncontrolling interest redemption of shares	—		—			—			—			(930		)	(930		)
Foreign currency translation adjustment	—		—			—			15,546			5,774			21,320
Joint venture cash flow hedges	—		—			—			514			277			791
Balance, June 30, 2014	126,529,693		$	698,462		$	887,648		$	30,891		$	98,866		$	1,715,867

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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-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2014

SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates in two reportable business segments: Forest Resources and Real Estate. Prior to the second quarter of 2014, the Company operated in three reportable business segments, which included Performance Fibers. On June 27, 2014, the Company spun-off its Performance Fibers business and its operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information.

Forest Resources sales include all activities related to the harvesting of timber. Real Estate sales include all property sales, including those designated for higher and better use (“HBU”). The assets of the Real Estate segment include HBU property held by the Company’s real estate subsidiary, TerraPointe LLC. The 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 estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on the operating income of the segments.

Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). 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.

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



	June 30,		December 31,
	2014		2013
ASSETS	(Restated)
Forest Resources	$	2,284,198	$	2,162,913
Real Estate	96,277		149,001
Other Operations	24,860		37,334
Corporate and other	226,641		257,608
Performance Fibers	—		1,078,645
Total	$	2,631,976	$	3,685,501



	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2014			2013			2014			2013
Forest Resources	$	101,120		$	109,060		$	205,799		$	166,162
Real Estate	34,017			13,376			39,547			37,673
Other Operations	29,224			32,709			64,910			58,458
Intersegment Eliminations	(1,216		)	(256		)	(3,924		)	(351		)
Total	$	163,145		$	154,889		$	306,332		$	261,942



	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
OPERATING INCOME	(Restated)					(Restated)
Forest Resources	$	19,919		$	20,890	$	45,466		$	34,145
Real Estate	27,764			6,105		28,490			22,947
Other Operations	(132		)	1,621		(544		)	1,719
Corporate and other (a)	(9,974		)	3,735		(21,409		)	(5,057		)
Total	$	37,577		$	32,351	$	52,003		$	53,754


(a)	The three and six months ended June 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV.



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
DEPRECIATION, DEPLETION AND AMORTIZATION	(Restated)				(Restated)
Forest Resources	23,570		$	27,291	$	50,455	$	43,735
Real Estate	6,422		2,469		7,333		6,646
Corporate	341		293		623		476
Total	$	30,333	$	30,053	$	58,411	$	50,857

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2014

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 Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. 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. The Company’s hedge ineffectiveness was immaterial for all periods presented.

Foreign Currency Exchange and Option Contracts

The functional currency of the 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 New Zealand JV 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 12 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 June 30, 2014, the Company’s interest rate contracts hedged 88 percent of the New Zealand JV’s variable rate debt and had maturity dates through January 2020.

Fuel Hedge Contracts

The Company uses fuel swap 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 June 30, 2014 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. Effective November 2013, the New Zealand JV has not entered into any new fuel swaps.

The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2014 and 2013.



		Three Months Ended June 30,
	Income Statement Location	2014			2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	(818	)	$	(1,509	)
Foreign currency option contracts	Other comprehensive income (loss)	(504		)	(363		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating expense (income)	$	—		$	456
Foreign currency option contracts	Other operating expense (income)	—			1,491
Interest rate swaps	Interest and miscellaneous (expense) income, net	(729		)	2,650
Fuel hedge contracts	Cost of sales (benefit)	(92		)	(148		)



		Six Months Ended June 30,
	Income Statement Location	2014			2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	669		$	(1,509	)
Foreign currency option contracts	Other comprehensive income (loss)	221			(363		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating expense (income)	$	25		$	(1,426	)
Foreign currency option contracts	Other operating expense (income)	7			1,491
Interest rate swaps	Interest and miscellaneous (expense) income, net	(1,862		)	2,650
Fuel hedge contracts	Cost of sales (benefit)	225			(148		)

During the next 12 months, the amount of the June 30, 2014 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a gain of approximately $1.8 million.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:



	Notional Amount (a)
	June 30, 2014		December 31, 2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$	19,625	$	32,300
Foreign currency option contracts	46,000		38,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	—	$	1,950
Foreign currency option contracts	—		4,000
Interest rate swaps	180,658		183,851
Fuel hedge contracts	13		38


(a)	All notional amounts are stated in thousands of dollars except fuel 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:



	Location on Balance Sheet	Fair Value Assets (Liabilities) (a)
		June 30, 2014			December 31, 2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	1,726		$	915
Foreign currency option contracts	Prepaid and other current assets	846			673
	Other current liabilities	(100		)	(214		)

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	(5,051		)	(4,659		)
Fuel hedge contracts	Prepaid and other current assets	—			160
	Other current liabilities	(67		)	—

Total derivative contracts:
Prepaid and other current assets		$	2,572		$	1,781

Other current liabilities		(167		)	(214		)
Other non-current liabilities		(5,051		)	(4,659		)
Total derivative liabilities		$	(5,218	)	$	(4,873	)


(a)	See Note 11 — 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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments

The Accounting Standards Codification established a three-level hierarchy that prioritizes the inputs used to measure fair value 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, estimated fair values and categorization under the fair value hierarchy of financial instruments held by the Company at June 30, 2014 and December 31, 2013, using market information and what management believes to be appropriate valuation methodologies under generally accepted accounting principles:



	June 30, 2014								December 31, 2013
Asset (liability)	Carrying Amount			Fair Value					Carrying Amount			Fair Value
				Level 1		Level 2						Level 1		Level 2
Cash and cash equivalents	$	222,061		$	222,061	$	—		$	199,644		$	199,644	$	—
Restricted cash (a)	80,817			80,817		—			68,944			68,944		—
Current maturities of long-term debt	—			—		—			(112,500		)	—		(119,614		)
Long-term debt	(770,086		)	—		(840,129		)	(1,461,724		)	—		(1,489,810		)
Interest rate swaps (b)	(5,051		)	—		(5,051		)	(4,659		)	—		(4,659		)
Foreign currency exchange contracts (b)	1,726			—		1,726			940			—		940
Foreign currency option contracts (b)	746			—		746			467			—		467
Fuel contracts (b)	(67		)	—		(67		)	160			—		160

(a)

Restricted cash of $6 million and $69 million, as of June 30, 2014 and December 31, 2013, respectively, is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary. Restricted cash of $75 million as of June 30, 2014 is recorded in “Restricted cash” and represents the funds restricted to pay dividends or repurchase common stock within eighteen months following the spin-off.


(b)	See Note 10 — 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.

Commitments and Contingencies Disclosure [Abstract]

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

GUARANTEES

6 Months Ended

Jun. 30, 2014

Guarantees [Abstract]

GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2014, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)	$	17,355	$	15,000
Guarantees (b)	2,254		43
Surety bonds (c)	1,877		—
Total financial commitments	$	21,486	$	15,043


(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, auto liability, and general liability policy requirements. These letters of credit will expire at various dates during 2014 and 2015 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 June 30, 2014, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.


(c)	Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington. These surety bonds expire at various dates during 2014 and 2015 and are expected to be renewed as required.

COMMITMENTS

6 Months Ended

Jun. 30, 2014

COMMITMENTS

The Company leases certain buildings, machinery, and equipment under various operating leases. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments.

At June 30, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows:



	Operating Leases		Timberland Leases (a)		Purchase Obligations (b)		Total
2014	$	1,118	$	4,361	$	189	$	5,668
2015	1,763		10,064		188		12,015
2016	1,285		9,709		638		11,632
2017	646		9,520		188		10,354
2018	400		7,910		2,005		10,315
Thereafter	1,684		142,424		3,110		147,218
	$	6,896	$	183,988	$	6,318	$	197,202


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


(b)	Purchase obligations include payments expected to be made on derivative financial instruments held in New Zealand.

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 June 30, 2014, the New Zealand JV has two CFL’s under termination notice, terminating in 2034 and 2046, and two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market value, with triennial rent reviews. The total annual license fee on the CFL’s is $2.7 million per year with CFL’s terminating or expiring of $0.2 million.

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2014

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

An analysis of the liabilities for dispositions and discontinued operations follows:



	June 30,			December 31,
	2014			2013
Balance, beginning of period	$	76,378		$	81,695
Expenditures charged to liabilities	(5,096		)	(8,570		)
Increase to liabilities	2,558			3,253
Contribution to Rayonier Advanced Materials	(73,840		)	—
Balance, end of period	—			76,378
Less: Current portion	—			(6,835		)
Non-current portion	$	—		$	69,543

In connection with the spin-off of the Performance Fibers business, all prior dispositions and discontinued operations were contributed to Rayonier Advanced Materials. As part of the separation agreement, Rayonier has been indemnified, released and discharged from any liability related to these sites. For additional information on the Performance Fibers spin-off, see Note 2 — Discontinued Operations.

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2014
Loss Contingency [Abstract]
CONTINGENCIES	CONTINGENCIES Rayonier is engaged in various legal actions and has been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These other lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow.

INCENTIVE STOCK PLANS

6 Months Ended

Jun. 30, 2014

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

INCENTIVE STOCK PLANS

As a result of the spin-off and pursuant to the Employee Matters Agreement, the Company made certain adjustments to the exercise price and number of Rayonier stock-based compensation awards. The adjusted awards are generally subject to the same vesting conditions and other terms that applied to the original Rayonier award immediately before the spin-off, except as otherwise described below.

Stock Option Awards

Each Rayonier stock option was converted into an adjusted Rayonier stock option and a Rayonier Advanced Material stock option. The exercise price and number of shares subject to each stock option were adjusted in order to preserve the aggregate value of the original Rayonier stock option as measured immediately before and immediately after the spin-off, subject to rounding.

Restricted Stock Awards

Holders of Rayonier restricted stock, including Rayonier non-employee directors, retained those awards and also received restricted stock of Rayonier Advanced Materials, in an amount that reflects the distribution to Rayonier stockholders, by applying the distribution ratio (one share of Rayonier Advanced Materials for every three shares of Rayonier stock held) to Rayonier restricted stock awards as though they were unrestricted Rayonier common shares.

Performance Share Awards

Performance share awards outstanding as of the spin-off were treated as follows:

•

Performance share awards granted in 2012 (with a 2012-2014 performance period) continue to be subject to the same performance criteria as applied immediately prior to the spin-off, except that total shareholder return at the end of the performance period will be based on the combined stock prices of Rayonier and Rayonier Advanced Materials and any payment earned will be made in shares of Rayonier common stock and shares of Rayonier Advanced Materials common stock.

•

Performance share awards granted in 2013 (with a 2013-2015 performance period) were cancelled as of the distribution date and will be replaced with time-vested restricted stock of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be) that will vest 24 months after the distribution date, generally subject to the holder’s continued employment. The number of shares of time-vested restricted stock granted will be determined in a manner intended to preserve the original value of the performance share award, subject to rounding.

•

Performance share awards granted in 2014 (with a 2014-2016 performance period) were cancelled and will be replaced with performance share awards of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be), and will be subject to the achievement of performance criteria that relate to the post-separation business of the applicable employer during a performance period ending December 31, 2016. The number of shares underlying each such performance share award will be determined in a manner intended to preserve the original value of the award, subject to rounding.

Adjustments to Rayonier’s stock-based compensation awards did not have a material impact on compensation expense for the three and six months ended June 30, 2014.

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2014

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

EMPLOYEE BENEFIT PLANS

In connection with the spin-off of the Performance Fibers business, Rayonier entered into an Employee Matters Agreement with Rayonier Advanced Materials, see Note 2 — Discontinued Operations, which provides that employees of Rayonier Advanced Materials will no longer participate in benefit plans sponsored or maintained by Rayonier. Upon separation, the Rayonier Pension Plans transferred assets and obligations to the Rayonier Advanced Materials Pension Plans resulting in a net decrease in sponsored pension plan obligations of $103 million after a revaluation of plan obligations using a 4.0 percent discount rate versus 4.6 percent at December 31, 2013. In addition, $81 million of other comprehensive losses were transferred to Rayonier Advanced Materials Pension Plans after revaluation, net of taxes of $46 million. Additional spin-off related adjustments to shareholders’ equity could be recognized in the future as the split of the pension and postretirement plans is finalized.

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

The net pension and postretirement benefit costs that have been recorded are shown in the following tables:



	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2014			2013			2014			2013
Components of Net Periodic Benefit Cost
Service cost	$	1,544		$	2,011		$	147		$	249
Interest cost	4,452			3,953			199			240
Expected return on plan assets	(6,330		)	(5,966		)	—			—
Amortization of prior service cost	277			322			4			6
Amortization of losses	2,603			4,791			116			218
Amortization of negative plan amendment	—			—			(133		)	—
Net periodic benefit cost	$	2,546		$	5,111		$	333		$	713



	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Components of Net Periodic Benefit Cost
Service cost	$	3,168		$	4,430		$	326		$	498
Interest cost	9,135			8,787			405			480
Expected return on plan assets	(12,988		)	(13,390		)	—			—
Amortization of prior service cost	569			710			8			13
Amortization of losses	5,340			10,516			245			436
Amortization of negative plan amendment	—			—			(267		)	—
Net periodic benefit cost	$	5,224		$	11,053		$	717		$	1,427

In 2014, the Company has no mandatory pension contribution requirement.

DEBT

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

DEBT

As of March 31, 2014, the 2015 Notes were exchangeable at the option of the holders for the calendar quarter ended June 30, 2014. According to 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 during a period of 30 consecutive trading days as of the last day of the quarter. During the six months ended June 30, 2014, the note holders did not elect to exercise the exchange option. Based upon the average stock price for the 30 trading days ended June 30, 2014, these notes again became exchangeable at the option of the holder for the calendar quarter ending September 30, 2014. The entire balance of the notes is classified as long-term debt at June 30, 2014 due to the ability and intent of the Company to refinance them on a long-term basis.

As part of the spin-off of the Performance Fibers business, Rayonier Advanced Materials, while a subsidiary of Rayonier, issued $950 million of new debt. Rayonier Advanced Materials distributed $906 million from the proceeds of this new debt to the Company prior to the spin-off, including $75 million restricted to shareholder dividend payments. Rayonier used the remainder of the distribution, as well as available cash, to make repayments of $280 million on its unsecured revolving credit facility, $500 million on its term credit agreement and $112.5 million on its installment note due 2014.

Net repayments of $80 million were made in the first quarter on the revolving facility. At June 30, 2014, the Company had available borrowings of $448 million under the credit facility and additional draws available of $640 million under the term credit agreement. The Company’s borrowing capacity on these instruments was reduced in July 2014, as discussed below.

In addition, the New Zealand JV paid $1.2 million during the second quarter on its shareholder loan held with the non-controlling interest party, partially offset by a $0.2 million unfavorable change in exchange rates. There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the Company’s Amended Form 10-K.

Rayonier’s debt consisted of the following at June 30, 2014:



	June 30, 2014
Senior Notes due 2022 at a fixed interest rate of 3.75%	$	325,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a)	128,706
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	64,863
Solid waste bond due 2020 at a variable interest rate of 1.5% at June 30, 2014	15,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 3.61% at June 30, 2014	205,343
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	31,174
Total Long-term debt	$	770,086


(a)	The Senior Exchangeable Notes maturing in 2015 were discounted by $2.3 million as of June 30, 2014. Upon maturity the liability will be $131 million.


(b)	The mortgage notes due in 2017 were recorded at a premium of $1.9 million as of June 30, 2014. Upon maturity, the liability will be $63 million.

Subsequent Event

In connection with the spin-off of the Performance Fibers business, the revolving credit facility and term credit agreement were amended to reduce the Company’s borrowing capacity and related commitment fees. The revolving credit facility was reduced from $450 million to $200 million and the term credit agreement was reduced from $640 million of available capacity to $100 million. The amendments became effective July 7, 2014.

ACCUMULATED OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table summarizes the changes in AOCI by component for the six months ended June 30, 2014. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.



	Foreign currency translation gains		New Zealand joint venture cash flow hedges			Unrecognized components of employee benefit plans				Total
Balance as of December 31, 2013	$	36,914	$	(342	)	$	(82,711	)		$	(46,139	)
Other comprehensive income before reclassifications	15,546		2,521			56,044			(a)	74,111
Amounts reclassified from accumulated other comprehensive income	—		(2,007		)	4,926			(b)	2,919
Net other comprehensive income	15,546		514			60,970				77,030
Balance as of June 30, 2014	$	52,460	$	172		$	(21,741	)		$	30,891


(a)	Reflects $81 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $25 million, net of taxes, of additional losses as a result of the revaluation required due to the spin-off. See Note 17 — Employee Benefit Plans for additional information.


(b)	This accumulated other comprehensive income component is comprised of $4 million in the computation of net periodic pension cost and $1 million of recognized deferred tax asset in connection with revaluation and transfer of liabilities as a result of the spin-off.

The following table presents details of the amounts reclassified in their entirety from AOCI for the six months ended June 30, 2014:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income			Affected line item in the income statement
Realized gain on foreign currency exchange contracts	$	(2,542	)	Other operating income, net
Realized gain on foreign currency option contracts	(937		)	Other operating income, net
Noncontrolling interest	1,218			Comprehensive (income) loss attributable to noncontrolling interest
Income tax expense on gain from foreign currency contracts	254			Income tax expense
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	(2,007		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	843			Income tax expense
Net gain reclassified from accumulated other comprehensive income	$	(1,164	)

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.

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Other Operating Income, Net [Abstract]

OTHER OPERATING INCOME, NET

6 Months Ended

Jun. 30, 2014

OTHER OPERATING INCOME, NET

Other operating income, net was comprised of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Lease income, primarily from hunting leases	$	3,966		$	2,313		$	7,003		$	4,774
Other non-timber income	133			604			686			1,078
Foreign currency income (loss)	1,232			979			(255		)	795
(Loss) gain on sale or disposal of property, plant & equipment	(20		)	283			(20		)	284
Loss on foreign currency exchange contracts	—			(1,947		)	(32		)	(65		)
Bankruptcy claim settlement	5,779			—			5,779			—
Miscellaneous income (expense), net	299			1,392			(1,397		)	906
Total	$	11,389		$	3,624		$	11,764		$	7,772

CONSOLIDATING FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2014

CONSOLIDATING FINANCIAL STATEMENTS [Abstract]

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 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.



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
SALES	$	—		$	—		$	—		$	163,145		$	—		$	163,145
Costs and Expenses
Cost of sales	—			—			—			123,096			—			123,096
Selling and general expenses	—			2,394			—			11,467			—			13,861
Other operating expense (income), net	—			1,573			—			(12,962		)	—			(11,389		)
	—			3,967			—			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	—			41,544			—			37,577
Interest expense	(3,196		)	(225		)	(10,982		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(3,003		)	(1,098		)	(3,017		)	—			(4,385		)
Equity in income from subsidiaries	16,814			23,549			(54,081		)	—			13,718			—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			16,354			(66,161		)	37,318			13,718			17,580
Income tax benefit (expense)	—			460			4,409			(18,425		)	—			(13,556		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	16,351			16,814			(61,752		)	18,893			13,718			4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			12,084			—			12,084
NET INCOME (LOSS)	16,351			16,814			(61,752		)	30,977			13,718			16,108
Less: Net loss attributable to noncontrolling interest	—			—			—			(245		)	—			(245		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			(61,752		)	31,222			13,718			16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,653			513			3,517			(5,819		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(598		)	(920		)	1,794			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			92,714			(244,301		)	58,873
Total other comprehensive income	60,928			60,928			92,629			95,311			(248,326		)	61,470
COMPREHENSIVE INCOME	77,279			77,742			30,877			126,288			(234,608		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	77,279		$	77,742		$	30,877		$	125,991		$	(234,608	)	$	77,281



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	154,889		$	—		$	154,889
Costs and Expenses
Cost of sales	—			—			—			127,861			—			127,861
Selling and general expenses	—			2,680			—			12,023			—			14,703
Other operating expense (income), net	180			(74		)	—			(3,069		)	(661		)	(3,624		)
	180			2,606			—			136,815			(661		)	138,940
Equity in income of New Zealand joint venture	—			—			—			304			—			304
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	(180		)	(2,606		)	—			18,378			661			16,253
Gain related to consolidation of New Zealand joint venture	—			—			—			16,098			—			16,098
OPERATING (LOSS) INCOME	(180		)	(2,606		)	—			34,476			661			32,351
Interest expense	(3,414		)	(266		)	(6,997		)	(674		)	—			(11,351		)
Interest and miscellaneous income (expense), net	1,759			1,104			(797		)	618			—			2,684
Equity in income from subsidiaries	89,064			91,235			35,968			—			(216,267		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	87,229			89,467			28,174			34,420			(215,606		)	23,684
Income tax (expense) benefit	(65		)	(403		)	2,847			13,505			63			15,947
INCOME FROM CONTINUING OPERATIONS	87,164			89,064			31,021			47,925			(215,543		)	39,631
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			48,260			—			48,260
NET INCOME	87,164			89,064			31,021			96,185			(215,543		)	87,891
Less: Net income attributable to noncontrolling interest	—			—			—			727			—			727
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	87,164			89,064			31,021			95,458			(215,543		)	87,164
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(18,625		)	(28,201		)	(1,725		)	(18,625		)	38,975			(28,201		)
New Zealand joint venture cash flow hedges	878			222			(1,873		)	877			118			222
Amortization of pension and postretirement plans, net of income tax	3,717			3,717			2,819			6,831			(13,367		)	3,717
Total other comprehensive loss	(14,030		)	(24,262		)	(779		)	(10,917		)	25,726			(24,262		)
COMPREHENSIVE INCOME	73,134			64,802			30,242			85,268			(189,817		)	63,629
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(9,505		)	—			(9,505		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	73,134		$	64,802		$	30,242		$	94,773		$	(189,817	)	$	73,134



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
SALES	$	—		$	—		$	—		$	306,332		$	—		$	306,332
Costs and Expenses
Cost of sales	—			—			—			238,995			—			238,995
Selling and general expenses	—			4,544			—			22,554			—			27,098
Other operating expense (income), net	—			3,948			—			(15,712		)	—			(11,764		)
	—			8,492			—			245,837			—			254,329
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	—			(8,492		)	—			60,495			—			52,003
OPERATING INCOME (LOSS)	—			(8,492		)	—			60,495			—			52,003
Interest expense	(6,389		)	(468		)	(17,672		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(2,189		)	(2,145		)	(6,494		)	—			(5,397		)
Equity in income from subsidiaries	58,737			70,049			(22,951		)	—			(105,835		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			58,900			(42,768		)	52,244			(105,835		)	20,320
Income tax benefit (expense)	—			(163		)	7,233			(13,031		)	—			(5,961		)
INCOME FROM CONTINUING OPERATIONS	57,779			58,737			(35,535		)	39,213			(105,835		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			—			43,092			—			43,092
NET INCOME	57,779			58,737			(35,535		)	82,305			(105,835		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			—			(328		)	—			(328		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			(35,535		)	82,633			(105,835		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			1,279			21,312			(32,365		)	21,320
New Zealand joint venture cash flow hedges	514			514			514			791			(1,542		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			94,334			(249,638		)	60,970
Total other comprehensive income	77,031			77,031			96,127			116,437			(283,545		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			60,592			198,742			(389,380		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	134,810		$	135,768		$	60,592		$	193,020		$	(389,380	)	$	134,810



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non-guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	261,942		$	—		$	261,942
Costs and Expenses
Cost of sales	—			—			—			204,520			—			204,520
Selling and general expenses	—			5,081			—			23,019			—			28,100
Other operating (income) expense, net	(1,701		)	449			—			(5,859		)	(661		)	(7,772		)
	(1,701		)	5,530			—			221,680			(661		)	224,848
Equity in income of New Zealand joint venture	—			—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701			(5,530		)	—			40,824			661			37,656
Gain related to consolidation of New Zealand joint venture	—			—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(5,530		)	—			56,922			661			53,754
Interest (expense) income	(6,689		)	(518		)	(13,615		)	1,019			—			(19,803		)
Interest and miscellaneous income (expense), net	4,178			1,633			(1,548		)	(1,497		)	—			2,766
Equity in income from subsidiaries	235,774			240,000			159,437			—			(635,211		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	234,964			235,585			144,274			56,444			(634,550		)	36,717
Income tax (expense) benefit	(65		)	189			5,537			16,219			62			21,942
INCOME FROM CONTINUING OPERATIONS	234,899			235,774			149,811			72,663			(634,488		)	58,659
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			176,967			—			176,967
NET INCOME	234,899			235,774			149,811			249,630			(634,488		)	235,626
Less: Net income attributable to noncontrolling interest	—			—			—			727			—			727
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	234,899			235,774			149,811			248,903			(634,488		)	234,899
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(17,650		)	(27,226		)	(1,485		)	(17,650		)	36,785			(27,226		)
New Zealand joint venture cash flow hedges	1,431			775			(1,873		)	1,431			(989		)	775
Amortization of pension and postretirement plans, net of income tax	8,687			8,687			6,831			6,831			(22,349		)	8,687
Total other comprehensive (loss) income	(7,532		)	(17,764		)	3,473			(9,388		)	13,447			(17,764		)
COMPREHENSIVE INCOME	227,367			218,010			153,284			240,242			(621,041		)	217,862
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(9,505		)	—			(9,505		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	227,367		$	218,010		$	153,284		$	249,747		$	(621,041	)	$	227,367



	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2014
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)		(Restated)		(Restated)		(Restated)			(Restated)			(Restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	39,181	$	1,096	$	66,866	$	114,918		$	—		$	222,061
Restricted cash	75,000		—		—		—			—			75,000
Accounts receivable, less allowance for doubtful accounts	—		—		1,366		18,399			—			19,765
Inventory	—		—		—		18,484			—			18,484
Deferred tax assets	—		—		—		3,221			—			3,221
Prepaid and other current assets	—		3,294		—		18,249			—			21,543
Total current assets	114,181		4,390		68,232		173,271			—			360,074
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		2,117,655			—			2,117,655
NET PROPERTY, PLANT AND EQUIPMENT	—		332		—		5,811			—			6,143
INVESTMENT IN SUBSIDIARIES	1,608,083		1,864,809		377,891		—			(3,850,783		)	—
INTERCOMPANY NOTES RECEIVABLE	218,854		—		21,075		—			(239,929		)	—
OTHER ASSETS	3,473		21,698		3,012		119,921			—			148,104
TOTAL ASSETS	$	1,944,591	$	1,891,229	$	470,210	$	2,416,658		$	(4,090,712	)	$	2,631,976
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	3,144	$	5,882	$	18,845		$	—		$	27,871
Accrued taxes	—		—		—		13,834			—			13,834
Uncertain tax positions	—		5,780		—		—			—			5,780
Accrued payroll and benefits	—		3,229		—		2,087			—			5,316
Accrued interest	2,590		672		2,636		27,279			(23,434		)	9,743
Other current liabilities	—		1,322		—		27,543			—			28,865
Total current liabilities	2,590		14,147		8,518		89,588			(23,434		)	91,409
LONG-TERM DEBT	325,000		—		143,706		301,380			—			770,086
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		24,699		—		(685		)	—			24,014
OTHER NON-CURRENT LIABILITIES	—		6,804		—		23,796			—			30,600
INTERCOMPANY PAYABLE	—		237,496		—		790			(238,286		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,617,001		1,608,083		317,986		1,902,923			(3,828,992		)	1,617,001
Noncontrolling interest	—		—		—		98,866			—			98,866
TOTAL SHAREHOLDERS’ EQUITY	1,617,001		1,608,083		317,986		2,001,789			(3,828,992		)	1,715,867
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,944,591	$	1,891,229	$	470,210	$	2,416,658		$	(4,090,712	)	$	2,631,976



	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
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 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 STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	138,535		$	150,518		$	—		$	84,350		$	(147,007	)	$	226,396
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	—			(80,293		)	—			(80,494		)
Purchase of timberlands	—			—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			—			63,128			—			63,128
Investment in Subsidiaries	—			—			(62,800		)	—			62,800			—
Other	—			—			—			(478		)	—			(478		)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(201		)	(62,800		)	(92,460		)	62,800			(92,661		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,238,389			—			—			1,238,389
Repayment of debt	—			—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			—			3,347
Debt issuance costs	—			—			(12,380		)	—			—			(12,380		)
Repurchase of common shares	(1,834		)	—			—			—			—			(1,834		)
Purchase of timberland deeds for Rayonier Advanced Materials	(12,677		)	—			—			—			—			(12,677		)
Debt issuance funds distributed to Rayonier Advanced Materials	(924,943		)	—			—			—			—			(924,943		)
Proceeds from spin-off of Rayonier Advanced Materials	906,200			—			—			—			—			906,200
Change in restricted cash reserved for dividends	(75,000		)	—			—			—			—			(75,000		)
Intercompany distributions	—			(149,525		)	—			65,318			84,207			—
Other	—			—			—			(680		)	—			(680		)
CASH USED FOR FINANCING ACTIVITIES	(229,535		)	(149,525		)	118,947			64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	792			56,147			56,478			—			22,417
Balance, beginning of year	130,181			304			10,719			58,440			—			199,644
Balance, end of period	$	39,181		$	1,096		$	66,866		$	114,918		$	—		$	222,061



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	248,552		$	247,599		$	64,000		$	212,977		$	(537,456	)	$	235,672
INVESTING ACTIVITIES
Capital expenditures	—			(89		)	—			(74,498		)	—			(74,587		)
Purchase of additional interest in New Zealand joint venture	—			—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			—			(10,447		)	—			(10,447		)
Intercompany purchase of real estate	—			—			—			984			(984		)	—
Jesup mill cellulose specialties expansion	—			—			—			(100,185		)	—			(100,185		)
Proceeds from disposition of Wood Products business	—			—			—			72,953			—			72,953
Change in restricted cash	—			—			—			7,603			—			7,603
Investment in Subsidiaries	(138,178		)	(138,178		)	(249,481		)	—			525,837			—
Other	—			1,700			—			(1,163		)	—			537
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(136,567		)	(249,481		)	(244,632		)	524,853			(244,005		)
FINANCING ACTIVITIES
Issuance of debt	175,000			—			280,000			—			—			455,000
Repayment of debt	(250,000		)	—			(23,087		)	—			—			(273,087		)
Dividends paid	(113,222		)	—			—			—			—			(113,222		)
Proceeds from the issuance of common shares	6,643			—			—			—			—			6,643
Excess tax benefits on stock-based compensation	—			—			—			7,399			—			7,399
Repurchase of common shares	(11,241		)	—			—			—			—			(11,241		)
Intercompany distributions	—			(108,549		)	(64,000		)	159,946			12,603			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(192,820		)	(108,549		)	192,913			167,345			12,603			71,492
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(174		)	—			(174		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(82,446		)	2,483			7,432			135,516			—			62,985
Balance, beginning of year	252,888			3,966			19,358			4,384			—			280,596
Balance, end of period	$	170,442		$	6,449		$	26,790		$	139,900		$	—		$	343,581

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. The notes are fully and unconditionally guaranteed by ROC and Rayonier TRS Holdings Inc. In connection with these notes, the Company provides the following 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.



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
SALES	$	—		$	—		$	163,145		$	—		$	163,145
Costs and Expenses
Cost of sales	—			—			123,096			—			123,096
Selling and general expenses	—			2,394			11,467			—			13,861
Other operating expense, net	—			1,573			(12,962		)	—			(11,389		)
	—			3,967			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	41,544			—			37,577
Interest expense	(3,196		)	(11,207		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(4,101		)	(3,017		)	—			(4,385		)
Equity in income from subsidiaries	16,814			31,220			—			(48,034		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			11,945			37,318			(48,034		)	17,580
Income tax benefit (expense)	—			4,869			(18,425		)	—			(13,556		)
INCOME FROM CONTINUING OPERATIONS	16,351			16,814			18,893			(48,034		)	4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			12,084			—			12,084
NET INCOME	16,351			16,814			30,977			(48,034		)	16,108
Less: Net loss attributable to noncontrolling interest	—			—			(245		)	—			(245		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			31,222			(48,034		)	16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,655			3,517			(5,308		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(920		)	1,196			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			(151,587		)	58,873
Total other comprehensive income	60,928			60,930			95,311			(155,699		)	61,470
COMPREHENSIVE INCOME	77,279			77,744			126,288			(203,733		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	77,279		$	77,744		$	125,991		$	(203,733	)	$	77,281



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	154,889		$	—		$	154,889
Costs and Expenses
Cost of sales	—			—			127,861			—			127,861
Selling and general expenses	—			2,680			12,023			—			14,703
Other operating expense (income), net	180			(74		)	(3,069		)	(661		)	(3,624		)
	180			2,606			136,815			(661		)	138,940
Equity in income of New Zealand joint venture	—			—			304			—			304
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	(180		)	(2,606		)	18,378			661			16,253
Gain related to consolidation of New Zealand joint venture	—			—			16,098			—			16,098
OPERATING (LOSS) INCOME	(180		)	(2,606		)	34,476			661			32,351
Interest expense	(3,414		)	(7,263		)	(674		)	—			(11,351		)
Interest and miscellaneous income, net	1,759			307			618			—			2,684
Equity in income from subsidiaries	89,064			96,185			—			(185,249		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	87,229			86,623			34,420			(184,588		)	23,684
Income tax (expense) benefit	(65		)	2,441			13,505			66			15,947
INCOME FROM CONTINUING OPERATIONS	87,164			89,064			47,925			(184,522		)	39,631
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			48,260			—			48,260
NET INCOME	87,164			89,064			96,185			(184,522		)	87,891
Less: Net income attributable to noncontrolling interest	—			—			727			—			727
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	87,164			89,064			95,458			(184,522		)	87,164
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(18,625		)	(28,201		)	(18,625		)	37,250			(28,201		)
New Zealand joint venture cash flow hedges	878			221			877			(1,754		)	222
Amortization of pension and postretirement plans, net of income tax	3,717			3,718			6,831			(10,549		)	3,717
Total other comprehensive loss	(14,030		)	(24,262		)	(10,917		)	24,947			(24,262		)
COMPREHENSIVE INCOME	$	73,134		$	64,802		$	85,268		$	(159,575	)	$	63,629
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(9,505	)	$	—		$	(9,505	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	73,134		$	64,802		$	94,773		$	(159,575	)	$	73,134



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
SALES	$	—		$	—		$	306,332		$	—		$	306,332
Costs and Expenses
Cost of sales	—			—			238,995			—			238,995
Selling and general expenses	—			4,544			22,554			—			27,098
Other operating expense (income), net	—			3,948			(15,712		)	—			(11,764		)
	—			8,492			245,837			—			254,329
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	—			(8,492		)	60,495			—			52,003
OPERATING INCOME (LOSS)	—			(8,492		)	60,495			—			52,003
Interest expense	(6,389		)	(18,140		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(4,334		)	(6,494		)	—			(5,397		)
Equity in income from subsidiaries	58,737			82,633			—			(141,370		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			51,667			52,244			(141,370		)	20,320
Income tax benefit (expense)	—			7,070			(13,031		)	—			(5,961		)
INCOME FROM CONTINUING OPERATIONS	57,779			58,737			39,213			(141,370		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			43,092			—			43,092
NET INCOME	57,779			58,737			82,305			(141,370		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			(328		)	—			(328		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			82,633			(141,370		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			21,312			(31,086		)	21,320
New Zealand joint venture cash flow hedges	514			514			791			(1,028		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			(155,304		)	60,970
Total other comprehensive income	77,031			77,031			116,437			(187,418		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			198,742			(328,788		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	134,810		$	135,768		$	193,020		$	(328,788	)	$	134,810



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	261,942		$	—		$	261,942
Costs and Expenses
Cost of sales	—			—			204,520			—			204,520
Selling and general expenses	—			5,081			23,019			—			28,100
Other operating (income) expense, net	(1,701		)	449			(5,859		)	(661		)	(7,772		)
	(1,701		)	5,530			221,680			(661		)	224,848
Equity in income of New Zealand joint venture	—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701			(5,530		)	40,824			661			37,656
Gain related to consolidation of New Zealand joint venture	—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(5,530		)	56,922			661			53,754
Interest (expense) income	(6,689		)	(14,133		)	1,019			—			(19,803		)
Interest and miscellaneous income (expense), net	4,178			85			(1,497		)	—			2,766
Equity in income from subsidiaries	235,774			249,630			—			(485,404		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	234,964			230,052			56,444			(484,743		)	36,717
Income tax (expense) benefit	(65		)	5,722			16,219			66			21,942
INCOME FROM CONTINUING OPERATIONS	234,899			235,774			72,663			(484,677		)	58,659
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			176,967			—			176,967
NET INCOME	234,899			235,774			249,630			(484,677		)	235,626
Less: Net income attributable to noncontrolling interest	—			—			727			—			727
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	234,899			235,774			248,903			(484,677		)	234,899
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(17,650		)	(27,226		)	(17,650		)	35,300			(27,226		)
New Zealand joint venture cash flow hedges	1,431			775			1,431			(2,862		)	775
Amortization of pension and postretirement plans, net of income tax	8,687			8,687			6,831			(15,518		)	8,687
Total other comprehensive loss	(7,532		)	(17,764		)	(9,388		)	16,920			(17,764		)
COMPREHENSIVE INCOME	227,367			218,010			240,242			(467,757		)	217,862
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(9,505		)	—			(9,505		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	227,367		$	218,010		$	249,747		$	(467,757	)	$	227,367



	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2014
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)		(Restated)		(Restated)			(Restated)			(Restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	39,181	$	67,962	$	114,918		$	—		$	222,061
Restricted cash	75,000		—		—			—			75,000
Accounts receivable, less allowance for doubtful accounts	—		1,366		18,399			—			19,765
Inventory	—		—		18,484			—			18,484
Deferred tax asset	—		—		3,221			—			3,221
Prepaid and other current assets	—		3,294		18,249			—			21,543
Total current assets	114,181		72,622		173,271			—			360,074
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,117,655			—			2,117,655
NET PROPERTY, PLANT AND EQUIPMENT	—		332		5,811			—			6,143
INVESTMENT IN SUBSIDIARIES	1,608,083		1,924,714		—			(3,532,797		)	—
INTERCOMPANY NOTES RECEIVABLE	218,854		21,075		—			(239,929		)	—
OTHER ASSETS	3,473		24,710		119,921			—			148,104
TOTAL ASSETS	$	1,944,591	$	2,043,453	$	2,416,658		$	(3,772,726	)	$	2,631,976
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	9,026	$	18,845		$	—		$	27,871
Accrued taxes	—		—		13,834			—			13,834
Uncertain tax positions	—		5,780		—			—			5,780
Accrued payroll and benefits	—		3,229		2,087			—			5,316
Accrued interest	2,590		3,308		27,279			(23,434		)	9,743
Other current liabilities	—		1,322		27,543			—			28,865
Total current liabilities	2,590		22,665		89,588			(23,434		)	91,409
LONG-TERM DEBT	325,000		143,706		301,380			—			770,086
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		24,699		(685		)	—			24,014
OTHER NON-CURRENT LIABILITIES	—		6,804		23,796			—			30,600
INTERCOMPANY PAYABLE	—		237,496		790			(238,286		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,617,001		1,608,083		1,902,923			(3,511,006		)	1,617,001
Noncontrolling interest	—		—		98,866			—			98,866
TOTAL SHAREHOLDERS’ EQUITY	1,617,001		1,608,083		2,001,789			(3,511,006		)	1,715,867
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,944,591	$	2,043,453	$	2,416,658		$	(3,772,726	)	$	2,631,976



	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
Deferred tax assets	—		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 INC. SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		2,749,142		(4,376,457		)	1,661,170
Noncontrolling interest	—		—		94,073		—			94,073
TOTAL SHAREHOLDERS’ 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 STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	138,535		$	150,518		$	84,350		$	(147,007	)	$	226,396
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	(80,293		)	—			(80,494		)
Purchase of timberlands	—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			63,128			—			63,128
Investment in Subsidiaries	—			(62,800		)	—			62,800			—
Other	—			—			(478		)	—			(478		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			(63,001		)	(92,460		)	62,800			(92,661		)
FINANCING ACTIVITIES
Issuance of debt	—			1,238,389			—			—			1,238,389
Repayment of debt	—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			3,347
Debt issuance costs	—			(12,380		)	—			—			(12,380		)
Repurchase of common shares	(1,834		)	—			—			—			(1,834		)
Purchase of timberland deeds for Rayonier Advanced Materials	(12,677		)	—			—			—			(12,677		)
Debt issuance funds distributed to Rayonier Advanced Materials	(924,943		)	—			—			—			(924,943		)
Proceeds from spin-off of Rayonier Advanced Materials	906,200			—			—			—			906,200
Change in restricted cash reserved for dividends	(75,000		)	—			—			—			(75,000		)
Intercompany distributions	—			(149,525		)	65,318			84,207			—
Other	—			—			(680		)	—			(680		)
CASH USED FOR FINANCING ACTIVITIES	(229,535		)	(30,578		)	64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	56,939			56,478			—			22,417
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period	$	39,181		$	67,962		$	114,918		$	—		$	222,061



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	248,552		$	247,599		$	212,977		$	(473,456	)	$	235,672
INVESTING ACTIVITIES
Capital expenditures	—			(89		)	(74,498		)	—			(74,587		)
Purchase of additional interest in New Zealand joint venture	—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			(10,447		)	—			(10,447		)
Intercompany purchase of real estate	—			—			984			(984		)	—
Jesup mill cellulose specialties expansion	—			—			(100,185		)	—			(100,185		)
Proceeds from disposition of Wood Products business	—			—			72,953			—			72,953
Change in restricted cash	—			—			7,603			—			7,603
Investment in Subsidiaries	(138,178		)	(387,659		)	—			525,837			—
Other	—			1,700			(1,163		)	—			537
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(386,048		)	(244,632		)	524,853			(244,005		)
FINANCING ACTIVITIES
Issuance of debt	175,000			280,000			—			—			455,000
Repayment of debt	(250,000		)	(23,087		)	—			—			(273,087		)
Dividends paid	(113,222		)	—			—			—			(113,222		)
Proceeds from the issuance of common shares	6,643			—			—			—			6,643
Excess tax benefits on stock-based compensation	—			—			7,399			—			7,399
Repurchase of common shares	(11,241		)	—			—			—			(11,241		)
Intercompany distributions	—			(108,549		)	159,946			(51,397		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(192,820		)	148,364			167,345			(51,397		)	71,492
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(174		)	—			(174		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(82,446		)	9,915			135,516			—			62,985
Balance, beginning of year	252,888			23,324			4,384			—			280,596
Balance, end of period	$	170,442		$	33,239		$	139,900		$	—		$	343,581

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain 2013 amounts and amounts previously reported in 2014 have been reclassified to agree with the current presentation, including reclassifications for discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014 and completed the sale of its Wood Products business on March 1, 2013. Accordingly, the operating results of these businesses are reported 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 segments, which remained with Rayonier, are reported in continuing operations. The December 31, 2013 Consolidated Balance Sheet reports historical information and includes balances for all businesses as reported in the prior year. The June 30, 2014 Consolidated Balance Sheet reports continuing operations only and reflects the contribution of $1.2 billion of assets, net, and corresponding liabilities and equity to Rayonier Advanced Materials in connection with the spin-off of the Performance Fibers business. The Consolidated Statements of Cash Flows for both 2014 and 2013 have not been restated to exclude Performance Fibers or Wood Products cash flows. Cash flows for the six months ended June 30, 2014 also reflect transactions related to the Performance Fibers spin-off, including borrowings to arrange the capital structure prior to the separation, proceeds received upon the spin-off and the use of proceeds to pay down debt and reserve cash for a special dividend payment during the third quarter of 2014. See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business and sale of the Wood Products business.
New Accounting Standards	New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard which will supersede current revenue recognition guidance. The core principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance provides a unified model to determine when and how revenue is recognized and will require enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This standard will be effective for Rayonier beginning January 1, 2017 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The standard requires a disposal of a component of an entity to be reported in discontinued operations if it represents a strategic shift with a major effect on an entity’s operations and financial results. It also removes requirements related to the evaluation of the component’s effect on ongoing operations and the entity’s continuing involvement with the component. Additional disclosures about discontinued operations are also required under this standard. ASU No. 2014-08 is required to be applied prospectively for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning December 15, 2014. As the Company has not elected early adoption, this standard will be effective for Rayonier’s first quarter 2015 Form 10-Q filing. It is not expected that the standard will have any impact on the Company’s consolidated financial statements.
Subsequent Events	Subsequent Events The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and three subsequent events were identified that warranted disclosure. On July 21, 2014, the Board of Directors approved a third quarter cash dividend of 30 cents per common share. The dividend is payable on September 30, 2014 to shareholders of record on September 16, 2014. In addition to the regular third quarter cash dividend, the Board of Directors approved a special cash dividend of 50 cents per common share payable on August 15, 2014 to shareholders of record on July 31, 2014. Additionally, amendments to the Company’s revolving credit facility and term credit agreement became effective in July 2014, as discussed in Note 18 — Debt.
Interest Expense Allocated to Discontinued Operations	In accordance with ASC 205-20-S99-3, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations where the debt is not directly attributed to the Performance Fibers business. Interest expense has been allocated based on a ratio of net assets to be discontinued to the sum of consolidated net assets plus consolidated debt (other than debt directly attributable to the Forest Resources and Real Estate operations).
Equity Method Investments	The Company’s operating results for the three and six months ended June 30, 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.
Segment Reporting	Operating income (loss) as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). 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 Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. 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.
Fair Value of Financial Instruments	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. Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.
Consolidation	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.

DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

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



	Six Months Ended
	June 30, 2013
Sales	$	16,968
Cost of sales and other	(14,258		)
Gain on sale of discontinued operations	64,040
Income from discontinued operations before income taxes	$	66,750
Income tax expense	(22,273		)
Income from discontinued operations, net	$	44,477



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Sales	$	212,680		$	254,189		$	456,180		$	540,855
Cost of sales and other	(174,961		)	(174,650		)	(368,868		)	(366,584		)
Transaction expenses	(19,669		)	(102		)	(22,989		)	(186		)
Income from discontinued operations before income taxes	18,050			79,437			64,323			174,085
Income tax expense	(5,966		)	(31,177		)	(21,231		)	(41,595		)
Income from discontinued operations, net	$	12,084		$	48,260		$	43,092		$	132,490



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Performance Fibers income from discontinued operations, net	$	12,084	$	48,260	$	43,092	$	132,490
Wood Products income from discontinued operations, net	—		—		—		44,477
Income from discontinued operations, net	$	12,084	$	48,260	$	43,092	$	176,967

Schedule of Interest Expense Allocated to Discontinued Operations

The following table summarizes the interest expense allocated to discontinued operations for the three and six months ended June 30, 2014 and 2013:



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Interest allocated to the Performance Fibers business	$	(1,910	)	$	(1,851	)	$	(4,205	)	$	(3,797	)

Schedule of Disposal Groups, Depreciation, Amortization, and Capital Expenditures

The following table summarizes the depreciation, amortization and capital expenditures of the Company's discontinued operations related to the Performance Fibers business:



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Depreciation and amortization	$	17,336	$	13,649	$	37,985	$	28,802
Capital expenditures	24,621		48,817		46,336		70,182
Jesup mill cellulose specialties expansion	—		63,451		—		100,185

Schedule of Major Classes of Performance Fibers Assets and Liabilities

The major classes of Performance Fibers assets and liabilities included in the spin-off are as follows:



	June 27, 2014
Accounts receivable, net	$	66,050
Inventory	121,705
Prepaid and other current assets	70,092
Property, plant and equipment, net	862,487
Other assets	103,400
Total assets	$	1,223,734

Accounts payable	65,522
Other current liabilities	51,006
Long-Term debt	950,000
Non-current environmental liabilities	66,434
Pension and other postretirement benefits	102,633
Other non-current liabilities	7,269
Deficit	(19,130		)
Total liabilities and equity	$	1,223,734

Schedule of Elimination of Intercompany Hardwood Purchases

Prior to the spin-off, hardwood purchases were intercompany transactions eliminated in consolidation as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Hardwood purchases	$	1,190	$	350	$	3,935	$	259

Accounting Changes and Error Corrections [Abstract]

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

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Error Corrections and Prior Period Adjustments

The following tables summarize the effect of these restatements for the periods:



	Consolidated Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2014
	As Previously Reported			Restatement			As Restated
Operating Income	$	39,568		$	(1,991	)	$	37,577
Income Tax Expense	(13,515		)	(41		)	(13,556		)
Income from Continuing Operations	6,056			(2,032		)	4,024
Income from Discontinued Operations, net	12,084			—			12,084
Net Income	18,140			(2,032		)	16,108
Net Income Attributable to Rayonier Inc.	18,385			(2,032		)	16,353
Basic Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.05		$	(0.02	)	$	0.03
Discontinued Operations	0.10			—			0.10
Net Income	$	0.15		$	(0.02	)	$	0.13
Diluted Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.05		$	(0.02	)	$	0.03
Discontinued Operations	0.09			—			0.09
Net Income	$	0.14		$	(0.02	)	$	0.12



	Consolidated Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2014
	As Previously Reported			Restatement			As Restated
Operating Income	$	55,962		$	(3,959	)	$	52,003
Income Tax Expense	(5,939		)	(22		)	(5,961		)
Income from Continuing Operations	18,340			(3,981		)	14,359
Income from Discontinued Operations, net	43,092			—			43,092
Net Income	61,432			(3,981		)	57,451
Net Income Attributable to Rayonier Inc.	61,760			(3,981		)	57,779
Basic Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.15		$	(0.03	)	$	0.12
Discontinued Operations	0.34			—			0.34
Net Income	$	0.49		$	(0.03	)	$	0.46
Diluted Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.14		$	(0.03	)	$	0.11
Discontinued Operations	0.33			—			0.33
Net Income	$	0.47		$	(0.03	)	$	0.44



	Consolidated Balance Sheet as of June 30, 2014
	As Previously Reported		Restatement			As Restated
Prepaid and Other Current Assets	$	21,565	$	(22	)	$	21,543
Timber and Timberlands, Net of Depletion and Amortization	2,121,614		(3,959		)	2,117,655
Retained earnings	891,629		(3,981		)	887,648



	Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2014
	As Previously Reported (a)			Restatement			As Restated (a)
Operating Income	$	65,008		$	(1,969	)	$	63,039
Income Tax Expense	(7,732		)	20			(7,712		)
Income from Continuing Operations	43,292			(1,949		)	41,343
Net Income	43,292			(1,949		)	41,343
Net Income Attributable to Rayonier Inc.	43,375			(1,949		)	41,426
Basic Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.34		$	(0.01	)	$	0.33
Discontinued Operations	—			—			—
Net Income	$	0.34		$	(0.01	)	$	0.33
Diluted Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$	0.34		$	(0.02	)	$	0.32
Discontinued Operations	—			—			—
Net Income	$	0.34		$	(0.02	)	$	0.32

(a)Includes the Performance Fibers business that was spun-off on June 27, 2014.



	Consolidated Balance Sheet as of March 31, 2014
	As Previously Reported		Restatement			As Restated
Prepaid and Other Current Assets	$	54,557	$	20		$	54,577
Timber and Timberlands, Net of Depletion and Amortization	2,069,518		(1,969		)	2,067,549
Retained earnings	996,573		(1,949		)	994,624

EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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



	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
	(Restated)					(Restated)
Income from continuing operations	$	4,024		$	39,631	$	14,359		$	58,659
Less: Net (loss) income from continuing operations attributable to noncontrolling interest	(245		)	727		(328		)	727
Income from continuing operations attributable to Rayonier Inc.	$	4,269		$	38,904	$	14,687		$	57,932

Income from discontinued operations, net, attributable to Rayonier Inc.	$	12,084		$	48,260	$	43,092		$	176,967

Net income attributable to Rayonier Inc.	$	16,353		$	87,164	$	57,779		$	234,899

Shares used for determining basic earnings per common share	126,434,376			126,027,297		126,390,891			125,257,876
Dilutive effect of:
Stock options	293,213			504,321		296,768			519,014
Performance and restricted shares	201,956			386,228		194,995			384,910
Assumed conversion of Senior Exchangeable Notes (a)	2,631,514			2,217,058		2,579,402			2,173,658
Assumed conversion of warrants (a) (b)	2,738,606			1,632,345		2,656,633			2,250,361
Shares used for determining diluted earnings per common share	132,299,665			130,767,249		132,118,689			130,585,819
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	0.03		$	0.31	$	0.12		$	0.46
Discontinued operations	0.10			0.38		0.34			1.42
Net income	$	0.13		$	0.69	$	0.46		$	1.88
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	0.03		$	0.30	$	0.11		$	0.44
Discontinued operations	0.09			0.37		0.33			1.36
Net income	$	0.12		$	0.67	$	0.44		$	1.80

(b) The shares used for the assumed conversion of the warrants increased for the current quarter and year-to-date periods due to a lower adjusted exchange price as a result of the spin-off.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended June 30,		Six Months Ended June 30,
	2014	2013	2014	2013
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	507,044	199,245	499,193	207,097
Assumed conversion of exchangeable note hedges (a)	2,631,514	2,217,058	2,579,402	2,173,658
Total	3,138,558	2,416,303	3,078,595	2,380,755

(b) The shares used for the assumed conversion of the warrants increased for the current quarter and year-to-date periods due to a lower adjusted exchange price as a result of the spin-off.

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The tables below reconcile the U.S. statutory rate to the Company’s effective tax rate for each period presented:



	Three Months Ended June 30,
	2014					2013
	(Restated)			(Restated)
Income tax expense at federal statutory rate	$	6,153		35.0	%	$	8,289		35.0	%
REIT income and taxable losses	(5,625		)	(32.0	)	(20,001		)	(84.4	)
Reverse loss on FMV of exchangeable notes	—			—		828			3.5
Foreign operations	(728		)	(4.1	)	458			1.9
Non-deductible real estate losses	590			3.4		—			—
Other	119			0.6		115			0.5
Income tax expense (benefit) before discrete items	509			2.9	%	(10,311		)	(43.5	)%
CBPC valuation allowance	15,574			88.7		—			—
Spin-off related costs	797			4.5		—			—
Deferred tax inventory valuations	(3,293		)	(18.7	)	—			—
Gain related to consolidation of New Zealand joint venture	—			—		(5,636		)	(23.8	)
Other	(31		)	(0.3	)	—			—
Income tax expense (benefit) as reported for continuing operations	$	13,556		77.1	%	$	(15,947	)	(67.3	)%



	Six Months Ended June 30,
	2014					2013
	(Restated)			(Restated)
Income tax expense at federal statutory rate	$	7,112		35.0	%	$	12,851		35.0	%
REIT income and taxable losses	(13,823		)	(69.3	)	(31,324		)	(85.3	)
Foreign operations	(841		)	(0.3	)	1,517			4.1
Non-deductible real estate losses	681			1.2		—			—
Reverse loss on FMV of exchangeable notes	—			—		1,284			3.5
Other	138			0.3		(151		)	(0.4	)
Income tax benefit before discrete items	(6,733		)	(33.1	)%	(15,823		)	(43.1	)%
CBPC valuation allowance	15,574			76.6		—			—
Spin-off related costs	797			3.9		—			—
Deferred tax inventory valuations	(3,293		)	(16.2	)	—			—
Gain related to consolidation of New Zealand joint venture	—			—		(5,636		)	(15.3	)
Other	(384		)	(1.9	)	(483		)	(1.4	)
Income tax expense (benefit) as reported for continuing operations	$	5,961		29.3	%	$	(21,942	)	(59.8	)%

JOINT VENTURE INVESTMENT (Tables)

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

Business Acquisition, Pro Forma Information

The following represents the pro forma Rayonier consolidated sales and net income for the three and six months ended June 30, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013.



	Three Months Ended June 30, 2013		Six Months Ended June 30, 2013
Sales	$	409,077	$	837,322
Net Income	$	87,891	$	233,867

SHAREHOLDERS'S EQUITY (Tables)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

An analysis of shareholders’ equity for the six months ended June 30, 2014 and the year ended December 31, 2013 is shown below (share amounts not in thousands):



	Rayonier Inc. Shareholders Equity
	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
	Shares		Amount			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
						(Restated)									(Restated)
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 upon redemption	—		2,453			—			—			—			2,453
Settlement of warrants	2,135,221		—			—			—			—			—
Net gain 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
Net income (loss)	—		—			57,779			—			(328		)	57,451
Dividends ($0.98 per share)	—		—			(123,947		)	—			—			(123,947		)
Contribution to Rayonier Advanced Materials	—		(301		)	(61,393		)	80,749			—			19,055
Issuance of shares under incentive stock plans	315,739		3,347			—			—			—			3,347
Stock-based compensation	—		5,980			—			—			—			5,980
Excess tax deficiency on stock-based compensation	—		(830		)	—			—			—			(830		)
Repurchase of common shares	(43,916	)	(1,834		)	—			—			—			(1,834		)
Net losses from pension and postretirement plans	—		—			—			(19,779		)	—			(19,779		)
Noncontrolling interest redemption of shares	—		—			—			—			(930		)	(930		)
Foreign currency translation adjustment	—		—			—			15,546			5,774			21,320
Joint venture cash flow hedges	—		—			—			514			277			791
Balance, June 30, 2014	126,529,693		$	698,462		$	887,648		$	30,891		$	98,866		$	1,715,867

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Schedule of Segment Reporting Information, by Segment

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



	June 30,		December 31,
	2014		2013
ASSETS	(Restated)
Forest Resources	$	2,284,198	$	2,162,913
Real Estate	96,277		149,001
Other Operations	24,860		37,334
Corporate and other	226,641		257,608
Performance Fibers	—		1,078,645
Total	$	2,631,976	$	3,685,501



	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2014			2013			2014			2013
Forest Resources	$	101,120		$	109,060		$	205,799		$	166,162
Real Estate	34,017			13,376			39,547			37,673
Other Operations	29,224			32,709			64,910			58,458
Intersegment Eliminations	(1,216		)	(256		)	(3,924		)	(351		)
Total	$	163,145		$	154,889		$	306,332		$	261,942



	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
OPERATING INCOME	(Restated)					(Restated)
Forest Resources	$	19,919		$	20,890	$	45,466		$	34,145
Real Estate	27,764			6,105		28,490			22,947
Other Operations	(132		)	1,621		(544		)	1,719
Corporate and other (a)	(9,974		)	3,735		(21,409		)	(5,057		)
Total	$	37,577		$	32,351	$	52,003		$	53,754


(a)	The three and six months ended June 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV.



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
DEPRECIATION, DEPLETION AND AMORTIZATION	(Restated)				(Restated)
Forest Resources	23,570		$	27,291	$	50,455	$	43,735
Real Estate	6,422		2,469		7,333		6,646
Corporate	341		293		623		476
Total	$	30,333	$	30,053	$	58,411	$	50,857

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2014 and 2013.



		Three Months Ended June 30,
	Income Statement Location	2014			2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	(818	)	$	(1,509	)
Foreign currency option contracts	Other comprehensive income (loss)	(504		)	(363		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating expense (income)	$	—		$	456
Foreign currency option contracts	Other operating expense (income)	—			1,491
Interest rate swaps	Interest and miscellaneous (expense) income, net	(729		)	2,650
Fuel hedge contracts	Cost of sales (benefit)	(92		)	(148		)



		Six Months Ended June 30,
	Income Statement Location	2014			2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	669		$	(1,509	)
Foreign currency option contracts	Other comprehensive income (loss)	221			(363		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating expense (income)	$	25		$	(1,426	)
Foreign currency option contracts	Other operating expense (income)	7			1,491
Interest rate swaps	Interest and miscellaneous (expense) income, net	(1,862		)	2,650
Fuel hedge contracts	Cost of sales (benefit)	225			(148		)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets:



	Notional Amount (a)
	June 30, 2014		December 31, 2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$	19,625	$	32,300
Foreign currency option contracts	46,000		38,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	—	$	1,950
Foreign currency option contracts	—		4,000
Interest rate swaps	180,658		183,851
Fuel hedge contracts	13		38


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

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets:



	Location on Balance Sheet	Fair Value Assets (Liabilities) (a)
		June 30, 2014			December 31, 2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	1,726		$	915
Foreign currency option contracts	Prepaid and other current assets	846			673
	Other current liabilities	(100		)	(214		)

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	(5,051		)	(4,659		)
Fuel hedge contracts	Prepaid and other current assets	—			160
	Other current liabilities	(67		)	—

Total derivative contracts:
Prepaid and other current assets		$	2,572		$	1,781

Other current liabilities		(167		)	(214		)
Other non-current liabilities		(5,051		)	(4,659		)
Total derivative liabilities		$	(5,218	)	$	(4,873	)


(a)	See Note 11 — 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)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis



	June 30, 2014								December 31, 2013
Asset (liability)	Carrying Amount			Fair Value					Carrying Amount			Fair Value
				Level 1		Level 2						Level 1		Level 2
Cash and cash equivalents	$	222,061		$	222,061	$	—		$	199,644		$	199,644	$	—
Restricted cash (a)	80,817			80,817		—			68,944			68,944		—
Current maturities of long-term debt	—			—		—			(112,500		)	—		(119,614		)
Long-term debt	(770,086		)	—		(840,129		)	(1,461,724		)	—		(1,489,810		)
Interest rate swaps (b)	(5,051		)	—		(5,051		)	(4,659		)	—		(4,659		)
Foreign currency exchange contracts (b)	1,726			—		1,726			940			—		940
Foreign currency option contracts (b)	746			—		746			467			—		467
Fuel contracts (b)	(67		)	—		(67		)	160			—		160

(a)


(b)	See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

GUARANTEES (Tables)

6 Months Ended

Jun. 30, 2014

Guarantees [Abstract]

Schedule of Guarantor Obligations

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of June 30, 2014, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)	$	17,355	$	15,000
Guarantees (b)	2,254		43
Surety bonds (c)	1,877		—
Total financial commitments	$	21,486	$	15,043


(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, auto liability, and general liability policy requirements. These letters of credit will expire at various dates during 2014 and 2015 and will be renewed as required.

(b)


(c)	Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington. These surety bonds expire at various dates during 2014 and 2015 and are expected to be renewed as required.

COMMITMENTS (Tables)

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

At June 30, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows:



	Operating Leases		Timberland Leases (a)		Purchase Obligations (b)		Total
2014	$	1,118	$	4,361	$	189	$	5,668
2015	1,763		10,064		188		12,015
2016	1,285		9,709		638		11,632
2017	646		9,520		188		10,354
2018	400		7,910		2,005		10,315
Thereafter	1,684		142,424		3,110		147,218
	$	6,896	$	183,988	$	6,318	$	197,202


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


(b)	Purchase obligations include payments expected to be made on derivative financial instruments held in New Zealand.

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2014

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

Schedule of Change in Environmental Loss Contingencies

An analysis of the liabilities for dispositions and discontinued operations follows:



	June 30,			December 31,
	2014			2013
Balance, beginning of period	$	76,378		$	81,695
Expenditures charged to liabilities	(5,096		)	(8,570		)
Increase to liabilities	2,558			3,253
Contribution to Rayonier Advanced Materials	(73,840		)	—
Balance, end of period	—			76,378
Less: Current portion	—			(6,835		)
Non-current portion	$	—		$	69,543

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2014

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Benefit Costs

The net pension and postretirement benefit costs that have been recorded are shown in the following tables:



	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2014			2013			2014			2013
Components of Net Periodic Benefit Cost
Service cost	$	1,544		$	2,011		$	147		$	249
Interest cost	4,452			3,953			199			240
Expected return on plan assets	(6,330		)	(5,966		)	—			—
Amortization of prior service cost	277			322			4			6
Amortization of losses	2,603			4,791			116			218
Amortization of negative plan amendment	—			—			(133		)	—
Net periodic benefit cost	$	2,546		$	5,111		$	333		$	713



	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Components of Net Periodic Benefit Cost
Service cost	$	3,168		$	4,430		$	326		$	498
Interest cost	9,135			8,787			405			480
Expected return on plan assets	(12,988		)	(13,390		)	—			—
Amortization of prior service cost	569			710			8			13
Amortization of losses	5,340			10,516			245			436
Amortization of negative plan amendment	—			—			(267		)	—
Net periodic benefit cost	$	5,224		$	11,053		$	717		$	1,427

DEBT (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Rayonier’s debt consisted of the following at June 30, 2014:



	June 30, 2014
Senior Notes due 2022 at a fixed interest rate of 3.75%	$	325,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a)	128,706
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	64,863
Solid waste bond due 2020 at a variable interest rate of 1.5% at June 30, 2014	15,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 3.61% at June 30, 2014	205,343
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	31,174
Total Long-term debt	$	770,086


(a)	The Senior Exchangeable Notes maturing in 2015 were discounted by $2.3 million as of June 30, 2014. Upon maturity the liability will be $131 million.


(b)	The mortgage notes due in 2017 were recorded at a premium of $1.9 million as of June 30, 2014. Upon maturity, the liability will be $63 million.

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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Accumulated Other Comprehensive Income (Loss)



	Foreign currency translation gains		New Zealand joint venture cash flow hedges			Unrecognized components of employee benefit plans				Total
Balance as of December 31, 2013	$	36,914	$	(342	)	$	(82,711	)		$	(46,139	)
Other comprehensive income before reclassifications	15,546		2,521			56,044			(a)	74,111
Amounts reclassified from accumulated other comprehensive income	—		(2,007		)	4,926			(b)	2,919
Net other comprehensive income	15,546		514			60,970				77,030
Balance as of June 30, 2014	$	52,460	$	172		$	(21,741	)		$	30,891


(a)	Reflects $81 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $25 million, net of taxes, of additional losses as a result of the revaluation required due to the spin-off. See Note 17 — Employee Benefit Plans for additional information.


(b)	This accumulated other comprehensive income component is comprised of $4 million in the computation of net periodic pension cost and $1 million of recognized deferred tax asset in connection with revaluation and transfer of liabilities as a result of the spin-off.

Reclassification out of Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified in their entirety from AOCI for the six months ended June 30, 2014:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income			Affected line item in the income statement
Realized gain on foreign currency exchange contracts	$	(2,542	)	Other operating income, net
Realized gain on foreign currency option contracts	(937		)	Other operating income, net
Noncontrolling interest	1,218			Comprehensive (income) loss attributable to noncontrolling interest
Income tax expense on gain from foreign currency contracts	254			Income tax expense
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	(2,007		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	843			Income tax expense
Net gain reclassified from accumulated other comprehensive income	$	(1,164	)

OTHER OPERATING INCOME, NET (Tables)

6 Months Ended

Jun. 30, 2014

Other Operating Income, Net [Abstract]

Interest and Other Income

Other operating income, net was comprised of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Lease income, primarily from hunting leases	$	3,966		$	2,313		$	7,003		$	4,774
Other non-timber income	133			604			686			1,078
Foreign currency income (loss)	1,232			979			(255		)	795
(Loss) gain on sale or disposal of property, plant & equipment	(20		)	283			(20		)	284
Loss on foreign currency exchange contracts	—			(1,947		)	(32		)	(65		)
Bankruptcy claim settlement	5,779			—			5,779			—
Miscellaneous income (expense), net	299			1,392			(1,397		)	906
Total	$	11,389		$	3,624		$	11,764		$	7,772

CONSOLIDATING FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2014

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

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Statement of Income and Comprehensive Income



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
SALES	$	—		$	—		$	—		$	163,145		$	—		$	163,145
Costs and Expenses
Cost of sales	—			—			—			123,096			—			123,096
Selling and general expenses	—			2,394			—			11,467			—			13,861
Other operating expense (income), net	—			1,573			—			(12,962		)	—			(11,389		)
	—			3,967			—			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	—			41,544			—			37,577
Interest expense	(3,196		)	(225		)	(10,982		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(3,003		)	(1,098		)	(3,017		)	—			(4,385		)
Equity in income from subsidiaries	16,814			23,549			(54,081		)	—			13,718			—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			16,354			(66,161		)	37,318			13,718			17,580
Income tax benefit (expense)	—			460			4,409			(18,425		)	—			(13,556		)
INCOME (LOSS) FROM CONTINUING OPERATIONS	16,351			16,814			(61,752		)	18,893			13,718			4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			12,084			—			12,084
NET INCOME (LOSS)	16,351			16,814			(61,752		)	30,977			13,718			16,108
Less: Net loss attributable to noncontrolling interest	—			—			—			(245		)	—			(245		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			(61,752		)	31,222			13,718			16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,653			513			3,517			(5,819		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(598		)	(920		)	1,794			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			92,714			(244,301		)	58,873
Total other comprehensive income	60,928			60,928			92,629			95,311			(248,326		)	61,470
COMPREHENSIVE INCOME	77,279			77,742			30,877			126,288			(234,608		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	77,279		$	77,742		$	30,877		$	125,991		$	(234,608	)	$	77,281



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	154,889		$	—		$	154,889
Costs and Expenses
Cost of sales	—			—			—			127,861			—			127,861
Selling and general expenses	—			2,680			—			12,023			—			14,703
Other operating expense (income), net	180			(74		)	—			(3,069		)	(661		)	(3,624		)
	180			2,606			—			136,815			(661		)	138,940
Equity in income of New Zealand joint venture	—			—			—			304			—			304
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	(180		)	(2,606		)	—			18,378			661			16,253
Gain related to consolidation of New Zealand joint venture	—			—			—			16,098			—			16,098
OPERATING (LOSS) INCOME	(180		)	(2,606		)	—			34,476			661			32,351
Interest expense	(3,414		)	(266		)	(6,997		)	(674		)	—			(11,351		)
Interest and miscellaneous income (expense), net	1,759			1,104			(797		)	618			—			2,684
Equity in income from subsidiaries	89,064			91,235			35,968			—			(216,267		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	87,229			89,467			28,174			34,420			(215,606		)	23,684
Income tax (expense) benefit	(65		)	(403		)	2,847			13,505			63			15,947
INCOME FROM CONTINUING OPERATIONS	87,164			89,064			31,021			47,925			(215,543		)	39,631
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			48,260			—			48,260
NET INCOME	87,164			89,064			31,021			96,185			(215,543		)	87,891
Less: Net income attributable to noncontrolling interest	—			—			—			727			—			727
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	87,164			89,064			31,021			95,458			(215,543		)	87,164
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(18,625		)	(28,201		)	(1,725		)	(18,625		)	38,975			(28,201		)
New Zealand joint venture cash flow hedges	878			222			(1,873		)	877			118			222
Amortization of pension and postretirement plans, net of income tax	3,717			3,717			2,819			6,831			(13,367		)	3,717
Total other comprehensive loss	(14,030		)	(24,262		)	(779		)	(10,917		)	25,726			(24,262		)
COMPREHENSIVE INCOME	73,134			64,802			30,242			85,268			(189,817		)	63,629
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(9,505		)	—			(9,505		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	73,134		$	64,802		$	30,242		$	94,773		$	(189,817	)	$	73,134



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
SALES	$	—		$	—		$	—		$	306,332		$	—		$	306,332
Costs and Expenses
Cost of sales	—			—			—			238,995			—			238,995
Selling and general expenses	—			4,544			—			22,554			—			27,098
Other operating expense (income), net	—			3,948			—			(15,712		)	—			(11,764		)
	—			8,492			—			245,837			—			254,329
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	—			(8,492		)	—			60,495			—			52,003
OPERATING INCOME (LOSS)	—			(8,492		)	—			60,495			—			52,003
Interest expense	(6,389		)	(468		)	(17,672		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(2,189		)	(2,145		)	(6,494		)	—			(5,397		)
Equity in income from subsidiaries	58,737			70,049			(22,951		)	—			(105,835		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			58,900			(42,768		)	52,244			(105,835		)	20,320
Income tax benefit (expense)	—			(163		)	7,233			(13,031		)	—			(5,961		)
INCOME FROM CONTINUING OPERATIONS	57,779			58,737			(35,535		)	39,213			(105,835		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			—			43,092			—			43,092
NET INCOME	57,779			58,737			(35,535		)	82,305			(105,835		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			—			(328		)	—			(328		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			(35,535		)	82,633			(105,835		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			1,279			21,312			(32,365		)	21,320
New Zealand joint venture cash flow hedges	514			514			514			791			(1,542		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			94,334			(249,638		)	60,970
Total other comprehensive income	77,031			77,031			96,127			116,437			(283,545		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			60,592			198,742			(389,380		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	134,810		$	135,768		$	60,592		$	193,020		$	(389,380	)	$	134,810



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non-guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	261,942		$	—		$	261,942
Costs and Expenses
Cost of sales	—			—			—			204,520			—			204,520
Selling and general expenses	—			5,081			—			23,019			—			28,100
Other operating (income) expense, net	(1,701		)	449			—			(5,859		)	(661		)	(7,772		)
	(1,701		)	5,530			—			221,680			(661		)	224,848
Equity in income of New Zealand joint venture	—			—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701			(5,530		)	—			40,824			661			37,656
Gain related to consolidation of New Zealand joint venture	—			—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(5,530		)	—			56,922			661			53,754
Interest (expense) income	(6,689		)	(518		)	(13,615		)	1,019			—			(19,803		)
Interest and miscellaneous income (expense), net	4,178			1,633			(1,548		)	(1,497		)	—			2,766
Equity in income from subsidiaries	235,774			240,000			159,437			—			(635,211		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	234,964			235,585			144,274			56,444			(634,550		)	36,717
Income tax (expense) benefit	(65		)	189			5,537			16,219			62			21,942
INCOME FROM CONTINUING OPERATIONS	234,899			235,774			149,811			72,663			(634,488		)	58,659
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			176,967			—			176,967
NET INCOME	234,899			235,774			149,811			249,630			(634,488		)	235,626
Less: Net income attributable to noncontrolling interest	—			—			—			727			—			727
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	234,899			235,774			149,811			248,903			(634,488		)	234,899
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(17,650		)	(27,226		)	(1,485		)	(17,650		)	36,785			(27,226		)
New Zealand joint venture cash flow hedges	1,431			775			(1,873		)	1,431			(989		)	775
Amortization of pension and postretirement plans, net of income tax	8,687			8,687			6,831			6,831			(22,349		)	8,687
Total other comprehensive (loss) income	(7,532		)	(17,764		)	3,473			(9,388		)	13,447			(17,764		)
COMPREHENSIVE INCOME	227,367			218,010			153,284			240,242			(621,041		)	217,862
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(9,505		)	—			(9,505		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	227,367		$	218,010		$	153,284		$	249,747		$	(621,041	)	$	227,367

Schedule of Condensed Consolidating Balance Sheets



	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2014
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)		(Restated)		(Restated)		(Restated)			(Restated)			(Restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	39,181	$	1,096	$	66,866	$	114,918		$	—		$	222,061
Restricted cash	75,000		—		—		—			—			75,000
Accounts receivable, less allowance for doubtful accounts	—		—		1,366		18,399			—			19,765
Inventory	—		—		—		18,484			—			18,484
Deferred tax assets	—		—		—		3,221			—			3,221
Prepaid and other current assets	—		3,294		—		18,249			—			21,543
Total current assets	114,181		4,390		68,232		173,271			—			360,074
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		2,117,655			—			2,117,655
NET PROPERTY, PLANT AND EQUIPMENT	—		332		—		5,811			—			6,143
INVESTMENT IN SUBSIDIARIES	1,608,083		1,864,809		377,891		—			(3,850,783		)	—
INTERCOMPANY NOTES RECEIVABLE	218,854		—		21,075		—			(239,929		)	—
OTHER ASSETS	3,473		21,698		3,012		119,921			—			148,104
TOTAL ASSETS	$	1,944,591	$	1,891,229	$	470,210	$	2,416,658		$	(4,090,712	)	$	2,631,976
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	3,144	$	5,882	$	18,845		$	—		$	27,871
Accrued taxes	—		—		—		13,834			—			13,834
Uncertain tax positions	—		5,780		—		—			—			5,780
Accrued payroll and benefits	—		3,229		—		2,087			—			5,316
Accrued interest	2,590		672		2,636		27,279			(23,434		)	9,743
Other current liabilities	—		1,322		—		27,543			—			28,865
Total current liabilities	2,590		14,147		8,518		89,588			(23,434		)	91,409
LONG-TERM DEBT	325,000		—		143,706		301,380			—			770,086
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		24,699		—		(685		)	—			24,014
OTHER NON-CURRENT LIABILITIES	—		6,804		—		23,796			—			30,600
INTERCOMPANY PAYABLE	—		237,496		—		790			(238,286		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,617,001		1,608,083		317,986		1,902,923			(3,828,992		)	1,617,001
Noncontrolling interest	—		—		—		98,866			—			98,866
TOTAL SHAREHOLDERS’ EQUITY	1,617,001		1,608,083		317,986		2,001,789			(3,828,992		)	1,715,867
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,944,591	$	1,891,229	$	470,210	$	2,416,658		$	(4,090,712	)	$	2,631,976



	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
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 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

Schedule of Condensed Consolidating Statements of Cash Flows



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	138,535		$	150,518		$	—		$	84,350		$	(147,007	)	$	226,396
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	—			(80,293		)	—			(80,494		)
Purchase of timberlands	—			—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			—			63,128			—			63,128
Investment in Subsidiaries	—			—			(62,800		)	—			62,800			—
Other	—			—			—			(478		)	—			(478		)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(201		)	(62,800		)	(92,460		)	62,800			(92,661		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,238,389			—			—			1,238,389
Repayment of debt	—			—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			—			3,347
Debt issuance costs	—			—			(12,380		)	—			—			(12,380		)
Repurchase of common shares	(1,834		)	—			—			—			—			(1,834		)
Purchase of timberland deeds for Rayonier Advanced Materials	(12,677		)	—			—			—			—			(12,677		)
Debt issuance funds distributed to Rayonier Advanced Materials	(924,943		)	—			—			—			—			(924,943		)
Proceeds from spin-off of Rayonier Advanced Materials	906,200			—			—			—			—			906,200
Change in restricted cash reserved for dividends	(75,000		)	—			—			—			—			(75,000		)
Intercompany distributions	—			(149,525		)	—			65,318			84,207			—
Other	—			—			—			(680		)	—			(680		)
CASH USED FOR FINANCING ACTIVITIES	(229,535		)	(149,525		)	118,947			64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	792			56,147			56,478			—			22,417
Balance, beginning of year	130,181			304			10,719			58,440			—			199,644
Balance, end of period	$	39,181		$	1,096		$	66,866		$	114,918		$	—		$	222,061



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	248,552		$	247,599		$	64,000		$	212,977		$	(537,456	)	$	235,672
INVESTING ACTIVITIES
Capital expenditures	—			(89		)	—			(74,498		)	—			(74,587		)
Purchase of additional interest in New Zealand joint venture	—			—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			—			(10,447		)	—			(10,447		)
Intercompany purchase of real estate	—			—			—			984			(984		)	—
Jesup mill cellulose specialties expansion	—			—			—			(100,185		)	—			(100,185		)
Proceeds from disposition of Wood Products business	—			—			—			72,953			—			72,953
Change in restricted cash	—			—			—			7,603			—			7,603
Investment in Subsidiaries	(138,178		)	(138,178		)	(249,481		)	—			525,837			—
Other	—			1,700			—			(1,163		)	—			537
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(136,567		)	(249,481		)	(244,632		)	524,853			(244,005		)
FINANCING ACTIVITIES
Issuance of debt	175,000			—			280,000			—			—			455,000
Repayment of debt	(250,000		)	—			(23,087		)	—			—			(273,087		)
Dividends paid	(113,222		)	—			—			—			—			(113,222		)
Proceeds from the issuance of common shares	6,643			—			—			—			—			6,643
Excess tax benefits on stock-based compensation	—			—			—			7,399			—			7,399
Repurchase of common shares	(11,241		)	—			—			—			—			(11,241		)
Intercompany distributions	—			(108,549		)	(64,000		)	159,946			12,603			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(192,820		)	(108,549		)	192,913			167,345			12,603			71,492
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(174		)	—			(174		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(82,446		)	2,483			7,432			135,516			—			62,985
Balance, beginning of year	252,888			3,966			19,358			4,384			—			280,596
Balance, end of period	$	170,442		$	6,449		$	26,790		$	139,900		$	—		$	343,581

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

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Statement of Income and Comprehensive Income



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
SALES	$	—		$	—		$	163,145		$	—		$	163,145
Costs and Expenses
Cost of sales	—			—			123,096			—			123,096
Selling and general expenses	—			2,394			11,467			—			13,861
Other operating expense, net	—			1,573			(12,962		)	—			(11,389		)
	—			3,967			121,601			—			125,568
OPERATING (LOSS) INCOME	—			(3,967		)	41,544			—			37,577
Interest expense	(3,196		)	(11,207		)	(1,209		)	—			(15,612		)
Interest and miscellaneous income (expense), net	2,733			(4,101		)	(3,017		)	—			(4,385		)
Equity in income from subsidiaries	16,814			31,220			—			(48,034		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	16,351			11,945			37,318			(48,034		)	17,580
Income tax benefit (expense)	—			4,869			(18,425		)	—			(13,556		)
INCOME FROM CONTINUING OPERATIONS	16,351			16,814			18,893			(48,034		)	4,024
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			12,084			—			12,084
NET INCOME	16,351			16,814			30,977			(48,034		)	16,108
Less: Net loss attributable to noncontrolling interest	—			—			(245		)	—			(245		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	16,351			16,814			31,222			(48,034		)	16,353
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	2,653			2,655			3,517			(5,308		)	3,517
New Zealand joint venture cash flow hedges	(598		)	(598		)	(920		)	1,196			(920		)
Amortization of pension and postretirement plans, net of income tax	58,873			58,873			92,714			(151,587		)	58,873
Total other comprehensive income	60,928			60,930			95,311			(155,699		)	61,470
COMPREHENSIVE INCOME	77,279			77,744			126,288			(203,733		)	77,578
Less: Comprehensive income attributable to noncontrolling interest	—			—			297			—			297
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	77,279		$	77,744		$	125,991		$	(203,733	)	$	77,281



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	154,889		$	—		$	154,889
Costs and Expenses
Cost of sales	—			—			127,861			—			127,861
Selling and general expenses	—			2,680			12,023			—			14,703
Other operating expense (income), net	180			(74		)	(3,069		)	(661		)	(3,624		)
	180			2,606			136,815			(661		)	138,940
Equity in income of New Zealand joint venture	—			—			304			—			304
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	(180		)	(2,606		)	18,378			661			16,253
Gain related to consolidation of New Zealand joint venture	—			—			16,098			—			16,098
OPERATING (LOSS) INCOME	(180		)	(2,606		)	34,476			661			32,351
Interest expense	(3,414		)	(7,263		)	(674		)	—			(11,351		)
Interest and miscellaneous income, net	1,759			307			618			—			2,684
Equity in income from subsidiaries	89,064			96,185			—			(185,249		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	87,229			86,623			34,420			(184,588		)	23,684
Income tax (expense) benefit	(65		)	2,441			13,505			66			15,947
INCOME FROM CONTINUING OPERATIONS	87,164			89,064			47,925			(184,522		)	39,631
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			48,260			—			48,260
NET INCOME	87,164			89,064			96,185			(184,522		)	87,891
Less: Net income attributable to noncontrolling interest	—			—			727			—			727
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	87,164			89,064			95,458			(184,522		)	87,164
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(18,625		)	(28,201		)	(18,625		)	37,250			(28,201		)
New Zealand joint venture cash flow hedges	878			221			877			(1,754		)	222
Amortization of pension and postretirement plans, net of income tax	3,717			3,718			6,831			(10,549		)	3,717
Total other comprehensive loss	(14,030		)	(24,262		)	(10,917		)	24,947			(24,262		)
COMPREHENSIVE INCOME	$	73,134		$	64,802		$	85,268		$	(159,575	)	$	63,629
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(9,505	)	$	—		$	(9,505	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	73,134		$	64,802		$	94,773		$	(159,575	)	$	73,134



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
SALES	$	—		$	—		$	306,332		$	—		$	306,332
Costs and Expenses
Cost of sales	—			—			238,995			—			238,995
Selling and general expenses	—			4,544			22,554			—			27,098
Other operating expense (income), net	—			3,948			(15,712		)	—			(11,764		)
	—			8,492			245,837			—			254,329
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	—			(8,492		)	60,495			—			52,003
OPERATING INCOME (LOSS)	—			(8,492		)	60,495			—			52,003
Interest expense	(6,389		)	(18,140		)	(1,757		)	—			(26,286		)
Interest and miscellaneous income (expense), net	5,431			(4,334		)	(6,494		)	—			(5,397		)
Equity in income from subsidiaries	58,737			82,633			—			(141,370		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,779			51,667			52,244			(141,370		)	20,320
Income tax benefit (expense)	—			7,070			(13,031		)	—			(5,961		)
INCOME FROM CONTINUING OPERATIONS	57,779			58,737			39,213			(141,370		)	14,359
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			43,092			—			43,092
NET INCOME	57,779			58,737			82,305			(141,370		)	57,451
Less: Net loss attributable to noncontrolling interest	—			—			(328		)	—			(328		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,779			58,737			82,633			(141,370		)	57,779
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	15,547			15,547			21,312			(31,086		)	21,320
New Zealand joint venture cash flow hedges	514			514			791			(1,028		)	791
Amortization of pension and postretirement plans, net of income tax	60,970			60,970			94,334			(155,304		)	60,970
Total other comprehensive income	77,031			77,031			116,437			(187,418		)	83,081
COMPREHENSIVE INCOME	134,810			135,768			198,742			(328,788		)	140,532
Less: Comprehensive income attributable to noncontrolling interest	—			—			5,722			—			5,722
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	134,810		$	135,768		$	193,020		$	(328,788	)	$	134,810



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	261,942		$	—		$	261,942
Costs and Expenses
Cost of sales	—			—			204,520			—			204,520
Selling and general expenses	—			5,081			23,019			—			28,100
Other operating (income) expense, net	(1,701		)	449			(5,859		)	(661		)	(7,772		)
	(1,701		)	5,530			221,680			(661		)	224,848
Equity in income of New Zealand joint venture	—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701			(5,530		)	40,824			661			37,656
Gain related to consolidation of New Zealand joint venture	—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(5,530		)	56,922			661			53,754
Interest (expense) income	(6,689		)	(14,133		)	1,019			—			(19,803		)
Interest and miscellaneous income (expense), net	4,178			85			(1,497		)	—			2,766
Equity in income from subsidiaries	235,774			249,630			—			(485,404		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	234,964			230,052			56,444			(484,743		)	36,717
Income tax (expense) benefit	(65		)	5,722			16,219			66			21,942
INCOME FROM CONTINUING OPERATIONS	234,899			235,774			72,663			(484,677		)	58,659
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			176,967			—			176,967
NET INCOME	234,899			235,774			249,630			(484,677		)	235,626
Less: Net income attributable to noncontrolling interest	—			—			727			—			727
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	234,899			235,774			248,903			(484,677		)	234,899
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(17,650		)	(27,226		)	(17,650		)	35,300			(27,226		)
New Zealand joint venture cash flow hedges	1,431			775			1,431			(2,862		)	775
Amortization of pension and postretirement plans, net of income tax	8,687			8,687			6,831			(15,518		)	8,687
Total other comprehensive loss	(7,532		)	(17,764		)	(9,388		)	16,920			(17,764		)
COMPREHENSIVE INCOME	227,367			218,010			240,242			(467,757		)	217,862
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(9,505		)	—			(9,505		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	227,367		$	218,010		$	249,747		$	(467,757	)	$	227,367

Schedule of Condensed Consolidating Balance Sheets



	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2014
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
	(Restated)		(Restated)		(Restated)			(Restated)			(Restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	39,181	$	67,962	$	114,918		$	—		$	222,061
Restricted cash	75,000		—		—			—			75,000
Accounts receivable, less allowance for doubtful accounts	—		1,366		18,399			—			19,765
Inventory	—		—		18,484			—			18,484
Deferred tax asset	—		—		3,221			—			3,221
Prepaid and other current assets	—		3,294		18,249			—			21,543
Total current assets	114,181		72,622		173,271			—			360,074
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,117,655			—			2,117,655
NET PROPERTY, PLANT AND EQUIPMENT	—		332		5,811			—			6,143
INVESTMENT IN SUBSIDIARIES	1,608,083		1,924,714		—			(3,532,797		)	—
INTERCOMPANY NOTES RECEIVABLE	218,854		21,075		—			(239,929		)	—
OTHER ASSETS	3,473		24,710		119,921			—			148,104
TOTAL ASSETS	$	1,944,591	$	2,043,453	$	2,416,658		$	(3,772,726	)	$	2,631,976
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	9,026	$	18,845		$	—		$	27,871
Accrued taxes	—		—		13,834			—			13,834
Uncertain tax positions	—		5,780		—			—			5,780
Accrued payroll and benefits	—		3,229		2,087			—			5,316
Accrued interest	2,590		3,308		27,279			(23,434		)	9,743
Other current liabilities	—		1,322		27,543			—			28,865
Total current liabilities	2,590		22,665		89,588			(23,434		)	91,409
LONG-TERM DEBT	325,000		143,706		301,380			—			770,086
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		24,699		(685		)	—			24,014
OTHER NON-CURRENT LIABILITIES	—		6,804		23,796			—			30,600
INTERCOMPANY PAYABLE	—		237,496		790			(238,286		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,617,001		1,608,083		1,902,923			(3,511,006		)	1,617,001
Noncontrolling interest	—		—		98,866			—			98,866
TOTAL SHAREHOLDERS’ EQUITY	1,617,001		1,608,083		2,001,789			(3,511,006		)	1,715,867
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,944,591	$	2,043,453	$	2,416,658		$	(3,772,726	)	$	2,631,976



	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
Deferred tax assets	—		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 INC. SHAREHOLDERS’ EQUITY	1,661,170		1,627,315		2,749,142		(4,376,457		)	1,661,170
Noncontrolling interest	—		—		94,073		—			94,073
TOTAL SHAREHOLDERS’ 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 Statements of Cash Flows



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	138,535		$	150,518		$	84,350		$	(147,007	)	$	226,396
INVESTING ACTIVITIES
Capital expenditures	—			(201		)	(80,293		)	—			(80,494		)
Purchase of timberlands	—			—			(74,817		)	—			(74,817		)
Change in restricted cash	—			—			63,128			—			63,128
Investment in Subsidiaries	—			(62,800		)	—			62,800			—
Other	—			—			(478		)	—			(478		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			(63,001		)	(92,460		)	62,800			(92,661		)
FINANCING ACTIVITIES
Issuance of debt	—			1,238,389			—			—			1,238,389
Repayment of debt	—			(1,107,062		)	—			—			(1,107,062		)
Dividends paid	(124,628		)	—			—			—			(124,628		)
Proceeds from the issuance of common shares	3,347			—			—			—			3,347
Debt issuance costs	—			(12,380		)	—			—			(12,380		)
Repurchase of common shares	(1,834		)	—			—			—			(1,834		)
Purchase of timberland deeds for Rayonier Advanced Materials	(12,677		)	—			—			—			(12,677		)
Debt issuance funds distributed to Rayonier Advanced Materials	(924,943		)	—			—			—			(924,943		)
Proceeds from spin-off of Rayonier Advanced Materials	906,200			—			—			—			906,200
Change in restricted cash reserved for dividends	(75,000		)	—			—			—			(75,000		)
Intercompany distributions	—			(149,525		)	65,318			84,207			—
Other	—			—			(680		)	—			(680		)
CASH USED FOR FINANCING ACTIVITIES	(229,535		)	(30,578		)	64,638			84,207			(111,268		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(50		)	—			(50		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(91,000		)	56,939			56,478			—			22,417
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period	$	39,181		$	67,962		$	114,918		$	—		$	222,061



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	248,552		$	247,599		$	212,977		$	(473,456	)	$	235,672
INVESTING ACTIVITIES
Capital expenditures	—			(89		)	(74,498		)	—			(74,587		)
Purchase of additional interest in New Zealand joint venture	—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			(10,447		)	—			(10,447		)
Intercompany purchase of real estate	—			—			984			(984		)	—
Jesup mill cellulose specialties expansion	—			—			(100,185		)	—			(100,185		)
Proceeds from disposition of Wood Products business	—			—			72,953			—			72,953
Change in restricted cash	—			—			7,603			—			7,603
Investment in Subsidiaries	(138,178		)	(387,659		)	—			525,837			—
Other	—			1,700			(1,163		)	—			537
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(386,048		)	(244,632		)	524,853			(244,005		)
FINANCING ACTIVITIES
Issuance of debt	175,000			280,000			—			—			455,000
Repayment of debt	(250,000		)	(23,087		)	—			—			(273,087		)
Dividends paid	(113,222		)	—			—			—			(113,222		)
Proceeds from the issuance of common shares	6,643			—			—			—			6,643
Excess tax benefits on stock-based compensation	—			—			7,399			—			7,399
Repurchase of common shares	(11,241		)	—			—			—			(11,241		)
Intercompany distributions	—			(108,549		)	159,946			(51,397		)	—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(192,820		)	148,364			167,345			(51,397		)	71,492
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(174		)	—			(174		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(82,446		)	9,915			135,516			—			62,985
Balance, beginning of year	252,888			23,324			4,384			—			280,596
Balance, end of period	$	170,442		$	33,239		$	139,900		$	—		$	343,581

BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Billions	Jul. 21, 2014 subsequent_event $ / shares	Jun. 30, 2014 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contributions of Assets, Net, Liabilities, and Equity to Spin-off \| $		$ 1.2
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Subsequent Events \| subsequent_event	3
Dividends Payable, Amount Per Share	$ 0.30
Special Cash Dividend, Amount Per Share	$ 0.50

DISCONTINUED OPERATIONS Narrative (Details) $ in Thousands			6 Months Ended
DISCONTINUED OPERATIONS Narrative (Details) $ in Thousands	Jun. 27, 2014 USD ($) company shares	Mar. 01, 2013 USD ($) lumber_mill	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Dec. 31, 2013 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials Debt			$ 770,086
Restricted cash received			$ (63,128)	$ (7,603)
Term to Pay Dividends or Repurchase Common Stock			18 months
Restricted cash			$ 75,000		$ 0
Specified Transition Services, Period			18 months
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Post-Spin Companies \| company	2
Cash Distribution from Former Subsidiary	$ 906,200
Rayonier Advanced Materials Debt	950,000
Restricted cash received	75,000
Wood Products business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
After tax gain on disposal		$ 42,700
Number of lumber mills sold \| lumber_mill		3
Base consideration received		$ 80,000		$ 80,000
Senior Notes [Member] \| Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials Debt	550,000
Term Loans [Member] \| Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials Debt	325,000
Revolving Credit Facility [Member] \| Revolving Credit Facility [Member] \| Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials Debt	$ 75,000
Common Stock [Member] \| Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Rayonier Advanced Materials shares for every three Rayonier shares \| shares	1
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share \| shares	3

DISCONTINUED OPERATIONS Interest Expense Allocated to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest allocated to the Performance Fibers business	$ (1,910)	$ (1,851)	$ (4,205)	$ (3,797)

DISCONTINUED OPERATIONS Depreciation, Amortization, and Capital Expenditures (Details) - Performance Fibers business [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 17,336	$ 13,649	$ 37,985	$ 28,802
Capital expenditures	24,621	48,817	46,336	70,182
Jesup mill cellulose specialties expansion	$ 0	$ 63,451	$ 0	$ 100,185

DISCONTINUED OPERATIONS Major Classes of Performance Fibers Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 27, 2014	Mar. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory	$ 18,484			$ 138,818
Property, plant and equipment, net	6,143			860,821
TOTAL ASSETS	2,631,976			3,685,501
Other current liabilities	28,865			24,327
Long-Term debt	770,086
Non-current environmental liabilities	0			69,543
Pension and other postretirement benefits	24,014			95,654
Other non-current liabilities	30,600			27,225
Deficit	887,648		$ 994,624	1,015,209
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,631,976			$ 3,685,501
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net		$ 66,050
Inventory		121,705
Prepaid and other current assets		70,092
Property, plant and equipment, net		862,487
Other assets		103,400
TOTAL ASSETS		1,223,734
Accounts payable		65,522
Other current liabilities		51,006
Long-Term debt		950,000
Non-current environmental liabilities		66,434
Pension and other postretirement benefits		102,633
Other non-current liabilities		7,269
Deficit		(19,130)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$ 1,223,734

DISCONTINUED OPERATIONS Elimination of Intercompany Hardwood Purchases (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2014 USD ($) T	Jun. 30, 2013 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Hardwood Provided to Former Subsidiary, Tons \| T			120,000
Hardwood purchases \| $	$ 1,190	$ 350	$ 3,935	$ 259

DISCONTINUED OPERATIONS Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense	$ (5,966)	$ (31,117)	$ (21,231)	$ (63,868)
Income from discontinued operations, net	12,084	48,260	43,092	176,967
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales	212,680	254,189	456,180	540,855
Cost of sales and other	(174,961)	(174,650)	(368,868)	(366,584)
Transaction expenses	(19,669)	(102)	(22,989)	(186)
Income from discontinued operations before income taxes	18,050	79,437	64,323	174,085
Income tax expense	(5,966)	(31,177)	(21,231)	(41,595)
Income from discontinued operations, net	12,084	48,260	43,092	132,490
Wood Products business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales				16,968
Cost of sales and other				(14,258)
Gain on sale of discontinued operations				64,040
Income from discontinued operations before income taxes				66,750
Income tax expense				(22,273)
Income from discontinued operations, net	$ 0	$ 0	$ 0	$ 44,477

DISCONTINUED OPERATIONS Reconciliation of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net	$ 12,084	$ 48,260	$ 43,092	$ 176,967
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net	12,084	48,260	43,092	132,490
Wood Products business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net	$ 0	$ 0	$ 0	$ 44,477

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ 123,096		$ 127,861	$ 238,995	$ 204,520
Understatement of Depletion Expense [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ 2,000	$ 2,000

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS Restatement of Consolidated Statements of Income and Comprehensive Income (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Operating Income

$ 37,577

$ 63,039

^[1]

$ 32,351

$ 52,003

$ 53,754

Income from Continuing Operations

(13,556)

(7,712)

^[1]

15,947

(5,961)

21,942

4,024

41,343

^[1]

39,631

14,359

58,659

12,084

48,260

43,092

176,967

Net Income Attributable to Rayonier Inc.

16,108

41,343

^[1]

87,891

57,451

235,626

$ 373,798

$ 16,353

$ 41,426

^[1]

$ 87,164

$ 57,779

$ 234,899

Basic Earnings Per Share Attributable to Rayonier Inc.

Continuing Operations, Basic (in dollars per share)

$ 0.03

$ 0.33

^[1]

$ 0.31

$ 0.12

$ 0.46

Discontinued Operations, Basic (in dollars per share)

0.10

0.00

^[1]

0.38

0.34

1.42

Diluted Earnings Per Share Attributable to Rayonier Inc.

0.13

0.33

^[1]

0.69

0.46

1.88

Continuing Operations, Diluted (in dollars per share)

0.03

0.32

^[1]

0.30

0.11

0.44

Discontinued Operations, Diluted (in dollars per share)

0.09

0.00

^[1]

0.37

0.33

1.36

As Previously Preported [Member]

$ 0.12

$ 0.32

^[1]

$ 0.67

$ 0.44

$ 1.80

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Operating Income

$ 39,568

$ 65,008

$ 55,962

Income from Continuing Operations

(13,515)

(7,732)

(5,939)

6,056

43,292

18,340

12,084

43,092

Net Income Attributable to Rayonier Inc.

18,140

43,292

61,432

$ 18,385

$ 43,375

$ 61,760

Basic Earnings Per Share Attributable to Rayonier Inc.

Continuing Operations, Basic (in dollars per share)

$ 0.05

$ 0.34

$ 0.15

Discontinued Operations, Basic (in dollars per share)

0.10

0.00

0.34

Diluted Earnings Per Share Attributable to Rayonier Inc.

0.15

0.34

0.49

Continuing Operations, Diluted (in dollars per share)

0.05

0.34

0.14

Discontinued Operations, Diluted (in dollars per share)

0.09

0.00

0.33

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ 0.14

$ 0.34

$ 0.47

Restatement [Member]

Operating Income

$ (1,991)

$ (1,969)

$ (3,959)

Income from Continuing Operations

(41)

(22)

(2,032)

(1,949)

(3,981)

Net Income Attributable to Rayonier Inc.

(2,032)

(1,949)

(3,981)

$ (2,032)

$ (1,949)

$ (3,981)

Basic Earnings Per Share Attributable to Rayonier Inc.

Continuing Operations, Basic (in dollars per share)

$ (0.02)

$ (0.01)

$ (0.03)

Discontinued Operations, Basic (in dollars per share)

0.00

Diluted Earnings Per Share Attributable to Rayonier Inc.

(0.02)

(0.01)

(0.03)

Continuing Operations, Diluted (in dollars per share)

(0.02)

(0.03)

Discontinued Operations, Diluted (in dollars per share)

0.00

Income amounts attributable to Rayonier Inc.

$ (0.02)

$ (0.03)

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS Restatement of Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid and Other Current Assets	$ 21,543	$ 54,577	$ 46,576
Timber and Timberlands, Net of Depletion and Amortization	2,117,655	2,067,549	2,049,378
Retained earnings	887,648	994,624	$ 1,015,209
As Previously Preported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid and Other Current Assets	21,565	54,557
Timber and Timberlands, Net of Depletion and Amortization	2,121,614	2,069,518
Retained earnings	891,629	996,573
Restatement [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid and Other Current Assets	(22)	20
Timber and Timberlands, Net of Depletion and Amortization	(3,959)	(1,969)
Retained earnings	$ (3,981)	$ (1,949)

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

3 Months Ended

6 Months Ended

Jun. 30, 2014

Mar. 31, 2014

^[1]

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Income from continuing operations

$ 4,024

$ 41,343

$ 39,631

$ 14,359

$ 58,659

Less: Net (loss) income from continuing operations attributable to noncontrolling interest

(245)

727

(328)

727

Income from continuing operations attributable to Rayonier Inc.

4,269

38,904

14,687

57,932

Income from discontinued operations, net, attributable to Rayonier Inc.

12,084

48,260

43,092

176,967

Shares used for determining basic earnings per common share

$ 16,353

$ 41,426

$ 87,164

$ 57,779

$ 234,899

126,434,376

126,027,297

126,390,891

125,257,876

Dilutive effect of:

Stock options

293,213

504,321

296,768

519,014

Performance and restricted shares

201,956

386,228

194,995

384,910

Assumed conversion of Senior Exchangeable Notes

^[2]

2,631,514

2,217,058

2,579,402

2,173,658

Assumed conversion of warrants

^[2],[3]

2,738,606

1,632,345

2,656,633

2,250,361

Shares used for determining diluted earnings per common share

132,299,665

130,767,249

132,118,689

130,585,819

Basic earnings per common share attributable to Rayonier Inc.:

Continuing operations, Basic (in dollars per share)

$ 0.03

$ 0.33

$ 0.31

$ 0.12

$ 0.46

Discontinued operations, Basic (in dollars per share)

0.10

0.00

0.38

0.34

1.42

Diluted earnings per common share attributable to Rayonier Inc.:

0.13

0.33

0.69

0.46

1.88

Continuing operations, Diluted (in dollars per share)

0.03

0.32

0.30

0.11

0.44

Discontinued operations, Diluted (in dollars per share)

0.09

0.00

0.37

0.33

1.36

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

$ 0.12

$ 0.32

$ 0.67

$ 0.44

$ 1.80

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.
[2]	Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the full dilutive effect of the 2015 Notes was included for all periods presented.The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013 and 97,918 shares were issued in the first week of April 2013. 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 $28.58 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 18 — Debt of this Form 10-Q/A.
[3]	The shares used for the assumed conversion of the warrants increased for the current quarter and year-to-date periods due to a lower adjusted exchange price as a result of the spin-off.

EARNINGS PER COMMON SHARE Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Anti-dilutive shares excluded from the computations of diluted earnings per share

3,138,558

2,416,303

3,078,595

2,380,755

Stock options, performance and restricted shares [Member]

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

Anti-dilutive shares excluded from the computations of diluted earnings per share

507,044

199,245

499,193

207,097

Assumed conversion of exchangable note hedges [Member]

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

Anti-dilutive shares excluded from the computations of diluted earnings per share

^[1]

2,631,514

2,217,058

2,579,402

2,173,658

[1]

Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the full dilutive effect of the 2015 Notes was included for all periods presented.The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012; however, no additional shares were issued due to offsetting exchangeable note hedges. The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013. As a result, 2,037,303 shares were issued through the end of the first quarter of 2013 and 97,918 shares were issued in the first week of April 2013. 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 $28.58 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt in the Amended Form 10-K and Note 18 — Debt of this Form 10-Q/A.

EARNINGS PER COMMON SHARE Parenthetical (Details)		3 Months Ended	6 Months Ended
EARNINGS PER COMMON SHARE Parenthetical (Details)	Apr. 07, 2013 shares	Mar. 31, 2013 shares	Jun. 30, 2013	Jun. 30, 2014 $ / unit
Warrants on Senior Exchangeable Notes due 2012 [Member]
Class of Warrant or Right [Line Items]
Beginning Date for Maturity of Warrants			Jan. 15, 2013
Ending Date for Maturity of Warrants			Mar. 27, 2013
Shares issued on conversion of warrants \| shares	97,918	2,037,303
Warrants on Senior Exchangeable Notes due 2015 [Member]
Class of Warrant or Right [Line Items]
Strike price of warrants \| $ / unit				28.58

INCOME TAXES AFMC for CBPC exchange - Narrative (Details) $ in Thousands, gal in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($) gal	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Dec. 31, 2009 tax_credit $ / gal
AFMC for CBPC Exchange [Line Items]
Number of tax credits \| tax_credit						2
Valuation Allowance	$ 15,574	$ 0		$ 15,574	$ 0
Alternative Fuel Mixture Credit [Member]
AFMC for CBPC Exchange [Line Items]
Tax Credit Amount per Gallon \| $ / gal						0.50
Cellulosic Biofuel Producer Credit [Member]
AFMC for CBPC Exchange [Line Items]
Tax Credit Amount per Gallon \| $ / gal						1.01
Valuation Allowance	$ 16,000
Exchange of Alternative Fuel Tax Benefit [Member]
AFMC for CBPC Exchange [Line Items]
Tax payment			$ 70,000
Gallons Exchanged \| gal			120
Expected Income Tax Benefit			$ 19,000

INCOME TAXES Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2014

Mar. 31, 2014

^[1]

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income tax expense at federal statutory rate (percent)

35.00%

Income tax expense at federal statutory rate

$ 6,153

$ 8,289

$ 7,112

$ 12,851

REIT income and taxable losses

$ (5,625)

$ (20,001)

$ (13,823)

$ (31,324)

REIT income and taxable losses (percent)

(32.00%)

(84.40%)

(69.30%)

(85.30%)

Reverse loss on FMV of exchangeable notes

$ 0

$ 828

$ 0

$ 1,284

Reverse loss on FMV of exchangeable notes (percent)

0.00%

3.50%

0.00%

3.50%

Foreign operations

$ (728)

$ 458

$ (841)

$ 1,517

Foreign operations (percent)

(4.10%)

1.90%

(0.30%)

4.10%

Non-deductible real estate losses

$ 590

$ 0

$ 681

$ 0

Non-deductible real estate losses (percent)

3.40%

0.00%

1.20%

0.00%

Other

$ 119

$ 115

$ 138

$ (151)

Other (percent)

0.60%

0.50%

0.30%

(0.40%)

Income tax expense (benefit) before discrete items

$ 509

$ (10,311)

$ (6,733)

$ (15,823)

Income tax expense (benefit) before discrete items (percent)

2.90%

(43.50%)

(33.10%)

(43.10%)

CBPC valuation allowance

$ 15,574

$ 0

$ 15,574

$ 0

CBPC valuation allowance (percent)

88.70%

0.00%

76.60%

0.00%

Spin-off related costs

$ 797

$ 0

$ 797

$ 0

Spin-off related costs (percent)

4.50%

0.00%

3.90%

0.00%

Deferred tax inventory valuations

$ (3,293)

$ 0

$ (3,293)

$ 0

Deferred tax inventory valuations (percent)

(18.70%)

0.00%

(16.20%)

0.00%

$ 0

$ (5,636)

$ 0

$ (5,636)

0.00%

(23.80%)

0.00%

(15.30%)

Other

$ (31)

$ 0

$ (384)

$ (483)

Other (percent)

(0.30%)

0.00%

(1.90%)

(1.40%)

Income tax expense (benefit) as reported for continuing operations

$ 13,556

$ 7,712

$ (15,947)

$ 5,961

$ (21,942)

Income tax expense as reported (percent)

77.10%

(67.30%)

29.30%

(59.80%)

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.

INCOME TAXES Provision for Income Taxes from Discontinued Operations Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Mar. 01, 2013
Operating Loss Carryforwards [Line Items]
Discontinued Operation, Tax Effect of Discontinued Operation	$ 5,966	$ 31,117		$ 21,231	$ 63,868
Performance Fibers business [Member]
Operating Loss Carryforwards [Line Items]
Discontinued Operation, Tax Effect of Discontinued Operation	$ 5,966	31,177		$ 21,231	41,595
Wood Products business [Member]
Operating Loss Carryforwards [Line Items]
Discontinued Operation, Tax Effect of Discontinued Operation					22,273
Base consideration received		$ 80,000			80,000	$ 80,000
Description of Proceeds from Divestiture of Business			$80 million plus a working capital adjustment
Tax effect of gain on disposal					$ 21,400

INCOME TAXES Unrecognized Tax Benefits Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Reversed Reserve		$ 4.8
Unrecognized Tax Benefits	$ 0.9
Unrecognized tax benefit reclassified to current deferred tax assets	$ 3.9

INCOME TAXES Deferred Taxes Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 3,221		$ 39,100
Increase in Deferred Tax Liability, Noncurrent		$ 8,700
Deferred Tax Assets, Valuation Allowance	15,600
Decrease in Deferred tax Asset, Noncurrent	$ 3,000

RESTRICTED CASH AND DEPOSITS (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted Cash and Cash Equivalents, Current	$ 75,000		$ 0
Term to Pay Dividends or Repurchase Common Stock	18 months
Maximum Time Period Proceeds From LKE Sale Maintained with Third Party Intermediary	180 days
Restricted Deposits	$ 5,800		$ 68,900
Scenario, Forecast [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Special third quarter dividend		$ 0.50

JOINT VENTURE INVESTMENT Narrative (Details) Acres in Millions, $ in Millions	Apr. 04, 2013 USD ($) Acres	Apr. 04, 2013 Acres	Jun. 30, 2013
Business Acquisition [Line Items]
Effective Date of Acquisition		Apr. 04, 2013
Additional ownership interest acquired	39.00%	39.00%
Name of Acquired Entity	Matariki Forestry Group
Description of Acquired Entity	a joint venture (“New Zealand JV”) that owns or leases approximately 0.3 million acres of New Zealand timberlands.
Post-acquisition ownership percentage	65.00%	65.00%
Ownership Percentage by Noncontrolling Owners	35.00%	35.00%
Pre-acquisition ownership percentage	26.00%	26.00%	26.00%
Purchase price	$ 139.9
Step Acquisition Description	The additional 39 percent interest was acquired for $139.9 million and 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.
Acquisition date fair value	$ 93.3
Matariki Forestry Group [Member]
Business Acquisition [Line Items]
Acres Of Timberland Owned Managed \| Acres	0.3	0.3
Recognition of deferred gain on original sale of operations [Member]
Business Acquisition [Line Items]
Step Acquisition, Remeasurement Gain, Amount	$ 10.1
Gain on fair market value revaluation of equity interest [Member]
Business Acquisition [Line Items]
Step Acquisition, Remeasurement Gain, Amount	$ 6.0

JOINT VENTURE INVESTMENT Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Business Combinations [Abstract]
Sales	$ 409,077	$ 837,322
Net Income	$ 87,891	$ 233,867

SHAREHOLDERS'S EQUITY (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Apr. 07, 2013

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Mar. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

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

Dividends ($1.86 per share for 2013 and $0.98 per share for 6 months ended 6/30/14)

$ 1,755,243

$ 1,438,004

$ 1,755,243

$ 1,438,004

Net income (loss)

$ 16,108

41,343

^[1]

$ 87,891

57,451

235,626

373,798

(123,947)

(233,321)

Issuance of shares under incentive stock plans

19,055

3,347

10,101

Stock-based compensation

5,980

11,710

Excess tax benefit (deficiency) on stock-based compensation

(830)

8,413

Repurchase of common shares

(1,834)

(11,326)

Equity portion of convertible debt upon redemption

2,453

Retained earnings

887,648

$ 994,624

887,648

1,015,209

Net gain (loss) from pension and postretirement plans

(19,779)

61,869

Acquisition of noncontrolling interest

96,336

Noncontrolling interest redemption of shares

(930)

(713)

Joint venture cash flow hedges

3,517

(28,201)

21,320

(27,226)

(5,710)

(920)

$ 222

791

$ 775

3,629

Common Stock, Dividends, Per Share, Declared

$ 1,715,867

$ 1,755,243

Dividends [Abstract]

$ 0.98

$ 1.86

Warrants on Senior Exchangeable Notes due 2012 [Member]

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

Settlement of warrants

97,918

2,037,303

Common Shares [Member]

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

Beginning balance (in shares)

126,257,870

123,332,444

126,257,870

123,332,444

$ 692,100

$ 670,749

$ 692,100

$ 670,749

Issuance of shares under incentive stock plan (in shares)

$ (301)

315,739

1,001,426

Issuance of shares under incentive stock plans

$ 3,347

$ 10,101

Stock-based compensation

5,980

11,710

Excess tax benefit (deficiency) on stock-based compensation

$ (830)

$ 8,413

Repurchase of common shares (in shares)

(43,916)

(211,221)

Repurchase of common shares

$ (1,834)

$ (11,326)

Equity portion of convertible debt upon redemption

$ 2,453

Ending balance (in shares)

126,529,693

126,257,870

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

$ 698,462

$ 692,100

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

Settlement of warrants

2,135,221

Retained Earnings [Member]

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

Dividends ($1.86 per share for 2013 and $0.98 per share for 6 months ended 6/30/14)

1,015,209

876,634

1,015,209

876,634

$ 876,634

Net income (loss)

57,779

371,896

(123,947)

(233,321)

(61,393)

Accumulated Other Comprehensive Income (Loss) [Member]

887,648

1,015,209

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

(46,139)

(109,379)

(46,139)

(109,379)

Net gain (loss) from pension and postretirement plans

80,749

(19,779)

61,869

Joint venture cash flow hedges

15,546

(1,915)

514

3,286

Noncontrolling Interest [Member]

30,891

(46,139)

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

Acquisition of noncontrolling interest

$ 94,073

$ 0

94,073

$ 0

Net income (loss)

(328)

1,902

96,336

Noncontrolling interest redemption of shares

(930)

(713)

Joint venture cash flow hedges

5,774

(3,795)

277

343

$ 98,866

$ 94,073

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.

SEGMENT AND GEOGRAPHICAL INFORMATION Narrative (Details) - segment	3 Months Ended	6 Months Ended
	Mar. 31, 2014	Jun. 30, 2014
Segment Reporting [Abstract]
Number of reportable segments	3	2

SEGMENT AND GEOGRAPHICAL INFORMATION Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2014

Mar. 31, 2014

^[1]

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

$ 2,631,976

$ 3,685,501

163,145

$ 154,889

306,332

$ 261,942

37,577

$ 63,039

32,351

52,003

53,754

Gain on consolidation

16,098

New Zealand Joint Venture [Member]

30,333

30,053

58,411

50,857

Corporate and Other [Member]

Gain on consolidation

16,100

226,641

257,608

^[2]

(9,974)

3,735

(21,409)

(5,057)

Forest Resources [Member]

341

293

623

476

2,284,198

2,162,913

101,120

109,060

205,799

166,162

19,919

20,890

45,466

34,145

23,570

27,291

50,455

43,735

Real Estate [Member]

96,277

149,001

34,017

13,376

39,547

37,673

27,764

6,105

28,490

22,947

Other Operations [Member]

6,422

2,469

7,333

6,646

24,860

37,334

29,224

32,709

64,910

58,458

Performance Fibers business [Member]

(132)

1,621

(544)

1,719

Intersegment Eliminations [Member]

$ 1,078,645

Foreign currency exchange contracts [Member]

$ (1,216)

$ (256)

$ (3,924)

$ (351)

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.
[2]	The three and six months ended June 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Narrative (Details)	Jun. 30, 2014
Derivative [Line Items]
Foreign currency exposure hedged for forecasted sales in next three months (in percent, least amount)	70.00%
Foreign currency exposure hedged for forecasted sales in next twelve months (in percent, least amount)	50.00%
Not Designated as Hedging Instrument [Member] \| Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Percent of New Zealand JV variable rate debt hedged	88.00%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
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, net of tax			$ 1,800
Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member] \| Other comprehensive income (loss) [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	$ (818)	$ (1,509)	669	$ (1,509)
Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member] \| Other comprehensive income (loss) [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(504)	(363)	221	(363)
Not Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member] \| Other operating expense (income) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (Ioss) recognized in income	0	456	25	(1,426)
Not Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member] \| Other operating expense (income) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (Ioss) recognized in income	0	1,491	7	1,491
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member] \| Interest and other miscellaneous (expense) income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (Ioss) recognized in income	729	(2,650)	1,862	(2,650)
Not Designated as Hedging Instrument [Member] \| Fuel hedge contracts [Member] \| Cost of sales (benefit) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (Ioss) recognized in income	$ (92)	$ (148)	$ 225	$ (148)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Notional Amounts (Details) - Not Designated as Hedging Instrument [Member]
bbl in Thousands, $ in Thousands

Jun. 30, 2014

USD ($)

bbl

Dec. 31, 2013

USD ($)

bbl

Foreign currency option contracts [Member]

Notional Amount

^[1]

$ 0

$ 1,950

Interest rate swaps [Member]

Notional Amount

^[1]

4,000

Fuel hedge contracts [Member]

Notional Amount

^[1]

$ 180,658

$ 183,851

Notional Amount (in barrels) | bbl

^[1]

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

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Balance Sheet Location (Details) - USD ($)
$ in Thousands

Jun. 30, 2014

Dec. 31, 2013

Other current liabilities [Member]

^[1]

$ (5,218)

$ (4,873)

Other non-current liabilities [Member]

^[1]

(167)

(214)

Prepaid and other current assets [Member]

^[1]

(5,051)

(4,659)

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

^[1]

2,572

1,781

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

^[2]

19,625

32,300

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

1,726

^[3]

915

^[1]

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

^[2]

46,000

38,000

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

^[1]

(100)

(214)

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

^[1]

846

673

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

^[2]

1,950

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

^[1]

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

^[2]

4,000

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

^[1]

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

^[2]

180,658

183,851

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

(5,051)

^[3]

(4,659)

^[1]

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

(67)

^[3]

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

$ 0

$ 160

[1]	See Note 11 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.
[2]	All notional amounts are stated in thousands of dollars except fuel contracts which are denominated in thousands of barrels.
[3]	See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

FAIR VALUE MEASUREMENTS Fair Values Measured on Recurring Basis (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Restricted deposits from LKE sales

$ 5,800

$ 68,900

Restricted cash, current

$ 75,000

Term to Pay Dividends or Repurchase Common Stock

18 months

Carrying Value [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and cash equivalents

$ 222,061

199,644

Restricted cash

^[1]

80,817

68,944

Current maturities of long-term debt

(112,500)

Long-term debt

(770,086)

(1,461,724)

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

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest rate swaps

^[2]

(5,051)

(4,659)

Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fuel contracts

^[2]

(67)

160

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

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

^[2]

1,726

940

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member]

^[2]

746

467

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and cash equivalents

222,061

199,644

Restricted cash

^[1]

80,817

68,944

Current maturities of long-term debt

Long-term debt

Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest rate swaps

^[2]

Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fuel contracts

^[2]

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

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

^[2]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member]

^[2]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Cash and cash equivalents

Restricted cash

^[1]

Current maturities of long-term debt

(119,614)

Long-term debt

(840,129)

(1,489,810)

Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interest rate swaps

^[2]

(5,051)

(4,659)

Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fuel contracts

^[2]

(67)

160

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

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

^[2]

1,726

940

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[2]

746

467

Other Assets [Member]

Restricted deposits from LKE sales

$ 6,000

$ 69,000

[1]

[2]

See Note 10 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

FAIR VALUE MEASUREMENTS Fair Value Measurements Methods and Assumptions (Details)	6 Months Ended
	Jun. 30, 2014
Foreign currency exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	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 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.
Borrowings [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	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 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.
Cash, Cash Equivalents and Restricted Cash [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements, Valuation Techniques	The carrying amount is equal to fair market value

GUARANTEES (Details)
$ in Thousands

6 Months Ended

Jun. 30, 2014

USD ($)

$ 21,486

Standby letters of credit [Member]

15,043

17,355

^[1]

Guarantor Obligations Collateral for Industrial Revenue Bonds

15,000

^[1]

$ 15,000

Guarantor Obligations, Term

various dates during 2014 and 2015

Guarantees [Member]

$ 2,254

^[2]

Variable Interest Entity Recorded Liability For Performance Obligation

$ 43

^[2]

de minimis liability

Surety bonds [Member]

$ 1,877

^[3]

$ 0

^[3]

Surety Bond [Member]

Guarantor Obligations, Term

various dates during 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, auto liability, and general liability policy requirements. These letters of credit will expire at various dates during 2014 and 2015 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 June 30, 2014, the Company has a de minimis 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. These surety bonds expire at various dates during 2014 and 2015 and are expected to be renewed as required.

COMMITMENTS (Details)
$ in Thousands

6 Months Ended

Jun. 30, 2014

USD ($)

lease

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

2014

$ 189

^[1]

2015

188

^[1]

2016

638

^[1]

2017

188

^[1]

2018

2,005

^[1]

Thereafter

3,110

^[1]

Total

6,318

^[1]

Purchase Obligation, Fiscal Year Maturity [Abstract]

5,668

12,015

11,632

10,354

10,315

147,218

197,202

Operating Leases [Member]

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

1,118

1,763

1,285

646

400

1,684

6,896

Timber Properties [Member]

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

2014

4,361

^[2]

2015

10,064

^[2]

2016

9,709

^[2]

2017

9,520

^[2]

2018

7,910

^[2]

Thereafter

142,424

^[2]

Total

$ 183,988

^[2]

Matariki Crown Forest Licenses [Member]

Lessee Leasing Arrangements, Operating Leases, Termination Notice

35 years

Lessee Leasing Arrangements, Operating Leases, Renewal Term

1 year

Number of Fixed Term Forest Leases Expiring | lease

Number of Leases Under Termination Notice | lease

Total annual license fee on CFLs

$ 2,700

Annual license fee on CFLs terminating or expiring

$ 200

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]	Purchase obligations include payments expected to be made on derivative financial instruments held in New Zealand.
[2]	The majority of timberland leases are subject to increases or decreases based on either the Consumer Price Index, Producer Price Index or market rates.

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS Analysis of Activity (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance, beginning of period	$ 76,378	$ 81,695
Expenditures charged to liabilities	(5,096)	(8,570)
Increase to liabilities	2,558	3,253
Contribution to Rayonier Advanced Materials	(73,840)	0
Balance, end of period	0	76,378
Less: Current portion	0	(6,835)
Non-current portion	$ 0	$ 69,543

INCENTIVE STOCK PLANS (Details)	6 Months Ended
INCENTIVE STOCK PLANS (Details)	Jun. 30, 2014 shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Rayonier Advanced Materials shares for every three Rayonier shares	1
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share	3
Reissued 2013 Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award Vesting Period	24 months

EMPLOYEE BENEFIT PLANS Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Net decrease in pension obligations	$ 103
Discount rate	4.00%	4.60%
Other comprehensive loss transferred	$ 81
Other comprehensive loss, tax	$ 46
Defined Benefit Plans, General Information	The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees
Defined Benefit Plan, Unfunded Plan	an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan
Defined Benefit Plan, Other Information	Currently, the qualified plan is closed to new participants.

EMPLOYEE BENEFIT PLANS Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,544	$ 2,011	$ 3,168	$ 4,430
Interest cost	4,452	3,953	9,135	8,787
Expected return on plan assets	(6,330)	(5,966)	(12,988)	(13,390)
Amortization of prior service cost	277	322	569	710
Amortization of losses	2,603	4,791	5,340	10,516
Amortization of negative plan amendment	0	0	0	0
Net periodic benefit cost	2,546	5,111	5,224	11,053
Postretirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	147	249	326	498
Interest cost	199	240	405	480
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	4	6	8	13
Amortization of losses	116	218	245	436
Amortization of negative plan amendment	(133)	0	(267)	0
Net periodic benefit cost	$ 333	$ 713	$ 717	$ 1,427

DEBT Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
DEBT Narrative (Details) - USD ($)	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2013
Debt Instrument [Line Items]
Proceeds From Spinoff			$ 906,200,000	$ 0
Receipt of restricted cash reserved for dividends			$ 75,000,000	$ 0
Installment note due 2014 [Member]
Debt Instrument [Line Items]
Repayments of Debt	$ 112,500,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
Debt Instrument [Line Items]
Maturity date			2015
Exchange period beginning date			Jun. 30, 2014
Exchange feature description			According to 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 during a period of 30 consecutive trading days as of the last day of the quarter.
Percent of the exchange price the stock price must exceed			130.00%
Trading day threshold			20 days
Number of trading days for stock price			30 days
Face amount	172,500,000		$ 172,500,000
Rayonier Advanced Materials Debt [Member]
Debt Instrument [Line Items]
Face amount	950,000,000		950,000,000
Proceeds From Spinoff			906,000,000
Receipt of restricted cash reserved for dividends			75,000,000
Revolving Credit Facility [Member] \| April 2011 Line of Credit as Amended October 2012 [Member]
Debt Instrument [Line Items]
Repayments of Debt	280,000,000	$ 80,000,000
Remaining borrowing capacity	448,000,000		448,000,000
Term Credit Agreement due 2019 [Member]
Debt Instrument [Line Items]
Repayments of Debt	500,000,000
Remaining borrowing capacity	$ 640,000,000		640,000,000
Noncontrolling interest shareholder loan at 0% interest rate [Member]
Debt Instrument [Line Items]
Repayments of Debt			1,200,000
Effect of Exchange Rate on New Zealand JV Debt			$ 200,000

DEBT (Details) - USD ($)

Jun. 30, 2014

Jun. 30, 2013

Senior Notes [Member] | Senior Notes due 2022 [Member]

$ 770,086,000

325,000,000

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

3.75%

^[1]

128,706,000

Mortgage Notes due 2017 [Member]

4.50%

Unamortized discount

^[1]

2,300,000

Face amount

^[1]

131,000,000

^[2]

64,863,000

Solid Waste Bond [Member]

4.35%

Unamortized discount

^[2]

1,900,000

Face amount

^[2]

63,000,000

15,000,000

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

1.50%

31,174,000

Matariki Forestry Group [Member] | Revolving Credit Facility [Member]

0.00%

$ 205,343,000

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

3.61%

[1]	The Senior Exchangeable Notes maturing in 2015 were discounted by $2.3 million as of June 30, 2014. Upon maturity the liability will be $131 million.
[2]	The mortgage notes due in 2017 were recorded at a premium of $1.9 million as of June 30, 2014. Upon maturity, the liability will be $63 million.

DEBT Subsequent Events - Narrative (Details) - USD ($)	Jul. 07, 2014	Jun. 30, 2014
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 450,000,000
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 200,000,000
Term Credit Agreement due 2019 [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 640,000,000
Term Credit Agreement due 2019 [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 100,000,000

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Other comprehensive income before reclassifications

$ (46,139)

74,111

Amounts reclassified from accumulated other comprehensive income

2,919

77,030

Net losses transferred to Rayonier Advanced Materials Pension Plans

$ 30,891

30,891

81,000

Additional Losses from Revaluation Related to Spinoff

25,000

Net periodic pension cost

4,000

Other operating income, net

(11,389)

$ (3,624)

(11,764)

$ (7,772)

Comprehensive (income) loss attributable to noncontrolling interest

297

(9,505)

5,722

(9,505)

Income tax expense

13,556

7,712

^[1]

$ (15,947)

5,961

$ (21,942)

Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Amounts reclassified from accumulated other comprehensive income

(1,164)

Foreign currency translation gains [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income before reclassifications

36,914

15,546

Amounts reclassified from accumulated other comprehensive income

15,546

New Zealand joint venture cash flow hedges [Member]

52,460

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income before reclassifications

(342)

2,521

Amounts reclassified from accumulated other comprehensive income

(2,007)

514

New Zealand joint venture cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

172

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Amounts reclassified from accumulated other comprehensive income

(2,007)

Comprehensive (income) loss attributable to noncontrolling interest

1,218

Income tax expense

254

Recognized deferred tax asset related to spin-off revaluation

843

New Zealand joint venture cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Exchange Contract [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other operating income, net

(2,542)

New Zealand joint venture cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Option [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other operating income, net

(937)

Unrecognized components of employee benefit plans [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income before reclassifications

$ (82,711)

(82,711)

^[2]

56,044

Amounts reclassified from accumulated other comprehensive income

^[3]

4,926

60,970

$ (21,741)

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.
[2]	Reflects $81 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $25 million, net of taxes, of additional losses as a result of the revaluation required due to the spin-off. See Note 17 — Employee Benefit Plans for additional information.
[3]	This accumulated other comprehensive income component is comprised of $4 million in the computation of net periodic pension cost and $1 million of recognized deferred tax asset in connection with revaluation and transfer of liabilities as a result of the spin-off.

OTHER OPERATING INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Other Operating Income, Net [Abstract]
Lease income, primarily from hunting leases	$ 3,966	$ 2,313	$ 7,003	$ 4,774
Other non-timber income	133	604	686	1,078
Foreign currency income (loss)	1,232	979	(255)	795
(Loss) gain on sale or disposal of property, plant & equipment	(20)	283	(20)	284
Loss on foreign currency exchange contracts	0	(1,947)	(32)	(65)
Bankruptcy claim settlement	5,779	0	5,779	0
Miscellaneous income (expense), net	299	1,392	(1,397)	906
Total	$ 11,389	$ 3,624	$ 11,764	$ 7,772

CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details)	6 Months Ended
CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details)	Jun. 30, 2014 USD ($)
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
Debt Instrument [Line Items]
Issuance Date	August 2009
Face amount	$ 172,500,000
Stated interest rate	4.50%
Maturity date	2015
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]
Debt Instrument [Line Items]
Issuance Date	March 2012
Face amount	$ 325,000,000
Stated interest rate	3.75%
Maturity date	2022

CONSOLIDATING FINANCIAL STATEMENTS Condensed Consolidating Statements of Income and Comprehensive Income (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

Mar. 31, 2014

^[1]

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

$ 163,145

$ 154,889

$ 306,332

$ 261,942

123,096

127,861

238,995

204,520

13,861

14,703

27,098

28,100

(11,389)

(3,624)

(11,764)

(7,772)

125,568

138,940

254,329

224,848

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

304

562

37,577

16,253

52,003

37,656

16,098

37,577

$ 63,039

32,351

52,003

53,754

(15,612)

(11,351)

(26,286)

(19,803)

(4,385)

2,684

(5,397)

2,766

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

17,580

23,684

20,320

36,717

(13,556)

(7,712)

15,947

(5,961)

21,942

4,024

41,343

39,631

14,359

58,659

12,084

48,260

43,092

176,967

Less: Net loss attributable to noncontrolling interest

16,108

41,343

87,891

57,451

235,626

$ 373,798

(245)

727

(328)

727

16,353

$ 41,426

87,164

57,779

234,899

3,517

(28,201)

21,320

(27,226)

(5,710)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(920)

222

791

775

$ 3,629

(58,873)

(3,717)

(60,970)

(8,687)

61,470

(24,262)

83,081

(17,764)

Less: Comprehensive income (loss) attributable to noncontrolling interest

77,578

63,629

140,532

217,862

297

(9,505)

5,722

(9,505)

Rayonier Inc. (Parent Guarantor) [Member]

77,281

73,134

134,810

227,367

180

(1,701)

180

(1,701)

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(180)

1,701

(180)

1,701

(3,196)

(3,414)

(6,389)

(6,689)

2,733

1,759

5,431

4,178

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

16,814

89,064

58,737

235,774

16,351

87,229

57,779

234,964

(65)

16,351

87,164

57,779

234,899

Less: Net loss attributable to noncontrolling interest

16,351

87,164

57,779

234,899

16,351

87,164

57,779

234,899

2,653

(18,625)

15,547

(17,650)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(598)

878

514

1,431

(58,873)

(3,717)

(60,970)

(8,687)

60,928

(14,030)

77,031

(7,532)

Less: Comprehensive income (loss) attributable to noncontrolling interest

77,279

73,134

134,810

227,367

Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | ROC (Subsidiary Guarantor) [Member]

77,279

73,134

134,810

227,367

2,394

2,680

4,544

5,081

1,573

(74)

3,948

449

3,967

2,606

8,492

5,530

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(2,606)

(8,492)

(5,530)

(3,967)

(2,606)

(8,492)

(5,530)

(225)

(266)

(468)

(518)

(3,003)

1,104

(2,189)

1,633

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

23,549

91,235

70,049

240,000

16,354

89,467

58,900

235,585

460

(403)

(163)

189

16,814

89,064

58,737

235,774

Less: Net loss attributable to noncontrolling interest

16,814

89,064

58,737

235,774

16,814

89,064

58,737

235,774

2,653

(28,201)

15,547

(27,226)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(598)

222

514

775

(58,873)

(3,717)

(60,970)

(8,687)

60,928

(24,262)

77,031

(17,764)

Less: Comprehensive income (loss) attributable to noncontrolling interest

77,742

64,802

135,768

218,010

Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member] | Rayonier TRS Holdings Inc. (Issuer) [Member]

77,742

64,802

135,768

218,010

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(10,982)

(6,997)

(17,672)

(13,615)

(1,098)

(797)

(2,145)

(1,548)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(54,081)

35,968

(22,951)

159,437

(66,161)

28,174

(42,768)

144,274

4,409

2,847

7,233

5,537

(61,752)

31,021

(35,535)

149,811

Less: Net loss attributable to noncontrolling interest

(61,752)

31,021

(35,535)

149,811

(61,752)

31,021

(35,535)

149,811

513

(1,725)

1,279

(1,485)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(598)

(1,873)

514

(1,873)

(92,714)

(2,819)

(94,334)

(6,831)

92,629

(779)

96,127

3,473

Less: Comprehensive income (loss) attributable to noncontrolling interest

30,877

30,242

60,592

153,284

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

30,877

30,242

60,592

153,284

163,145

154,889

306,332

261,942

123,096

127,861

238,995

204,520

11,467

12,023

22,554

23,019

(12,962)

(3,069)

(15,712)

(5,859)

121,601

136,815

245,837

221,680

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

304

562

18,378

60,495

40,824

16,098

41,544

34,476

60,495

56,922

(1,209)

(674)

(1,757)

1,019

(3,017)

618

(6,494)

(1,497)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

37,318

34,420

52,244

56,444

(18,425)

13,505

(13,031)

16,219

18,893

47,925

39,213

72,663

12,084

48,260

43,092

176,967

Less: Net loss attributable to noncontrolling interest

30,977

96,185

82,305

249,630

(245)

727

(328)

727

31,222

95,458

82,633

248,903

3,517

(18,625)

21,312

(17,650)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(920)

877

791

1,431

(92,714)

(6,831)

(94,334)

(6,831)

95,311

(10,917)

116,437

(9,388)

Less: Comprehensive income (loss) attributable to noncontrolling interest

126,288

85,268

198,742

240,242

297

(9,505)

5,722

(9,505)

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

125,991

94,773

193,020

249,747

(661)

(661)

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

661

661

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

13,718

(216,267)

(105,835)

(635,211)

13,718

(215,606)

(105,835)

(634,550)

13,718

(215,543)

(105,835)

(634,488)

Less: Net loss attributable to noncontrolling interest

13,718

(215,543)

(105,835)

(634,488)

13,718

(215,543)

(105,835)

(634,488)

(5,819)

38,975

(32,365)

36,785

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

1,794

118

(1,542)

(989)

244,301

13,367

249,638

22,349

(248,326)

25,726

(283,545)

13,447

Less: Comprehensive income (loss) attributable to noncontrolling interest

(234,608)

(189,817)

(389,380)

(621,041)

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

(234,608)

(189,817)

(389,380)

(621,041)

2,394

2,680

4,544

5,081

1,573

(74)

3,948

449

3,967

2,606

8,492

5,530

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(2,606)

(8,492)

(5,530)

(3,967)

(2,606)

(8,492)

(5,530)

(11,207)

(7,263)

(18,140)

(14,133)

(4,101)

307

(4,334)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

31,220

96,185

82,633

249,630

11,945

86,623

51,667

230,052

4,869

2,441

7,070

5,722

16,814

89,064

58,737

235,774

Less: Net loss attributable to noncontrolling interest

16,814

89,064

58,737

235,774

16,814

89,064

58,737

235,774

2,655

(28,201)

15,547

(27,226)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(598)

221

514

775

(58,873)

(3,718)

(60,970)

(8,687)

60,930

(24,262)

77,031

(17,764)

Less: Comprehensive income (loss) attributable to noncontrolling interest

77,744

64,802

135,768

218,010

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

77,744

64,802

135,768

218,010

163,145

154,889

306,332

261,942

123,096

127,861

238,995

204,520

11,467

12,023

22,554

23,019

(12,962)

(3,069)

(15,712)

(5,859)

121,601

136,815

245,837

221,680

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

304

562

18,378

60,495

40,824

16,098

41,544

34,476

60,495

56,922

(1,209)

(674)

(1,757)

1,019

(3,017)

618

(6,494)

(1,497)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

37,318

34,420

52,244

56,444

(18,425)

13,505

(13,031)

16,219

18,893

47,925

39,213

72,663

12,084

48,260

43,092

176,967

Less: Net loss attributable to noncontrolling interest

30,977

96,185

82,305

249,630

(245)

727

(328)

727

31,222

95,458

82,633

248,903

3,517

(18,625)

21,312

(17,650)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(920)

877

791

1,431

(92,714)

(6,831)

(94,334)

(6,831)

95,311

(10,917)

116,437

(9,388)

Less: Comprehensive income (loss) attributable to noncontrolling interest

126,288

85,268

198,742

240,242

297

(9,505)

5,722

(9,505)

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

125,991

94,773

193,020

249,747

(661)

(661)

OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

661

661

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(48,034)

(185,249)

(141,370)

(485,404)

(48,034)

(184,588)

(141,370)

(484,743)

(48,034)

(184,522)

(141,370)

(484,677)

Less: Net loss attributable to noncontrolling interest

(48,034)

(184,522)

(141,370)

(484,677)

(48,034)

(184,522)

(141,370)

(484,677)

(5,308)

37,250

(31,086)

35,300

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

1,196

(1,754)

(1,028)

(2,862)

151,587

10,549

155,304

15,518

(155,699)

24,947

(187,418)

16,920

Less: Comprehensive income (loss) attributable to noncontrolling interest

(203,733)

(159,575)

(328,788)

(467,757)