View Filing Data

$ 149,829

$ 159,261

$ 456,161

$ 421,203

Costs and Expenses

118,088

129,002

357,083

333,523

Other operating income, net (Note 20)

8,806

13,104

35,904

41,204

(9,144)

(2,814)

(20,908)

(10,587)

117,750

139,292

372,079

364,140

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

562

32,079

19,969

84,082

57,625

16,098

32,079

$ 37,577

$ 63,039

19,969

$ 52,003

84,082

73,723

Interest and miscellaneous (expense) income, net

(9,566)

(10,823)

(35,852)

(30,626)

(1,734)

(914)

(7,131)

1,852

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

20,779

8,232

41,099

44,949

11,280

(13,557)

(7,712)

6,808

(5,961)

5,319

28,750

DISCONTINUED OPERATIONS, NET (Note 2)

32,059

4,024

41,343

15,040

14,359

46,418

73,699

Income from discontinued operations, net of income tax expense of $0, $18,313, $21,231 and $82,223

12,084

43,327

43,092

220,294

Less: Net (loss) income attributable to noncontrolling interest

32,059

16,108

41,343

58,367

57,451

89,510

293,993

$ 373,798

(642)

1,022

(970)

1,749

32,701

$ 16,353

$ 41,426

57,345

$ 57,779

90,480

292,244

OTHER COMPREHENSIVE INCOME

New Zealand joint venture cash flow hedges, net of income tax benefit of $1,170, $0, $1,270 and $0

(37,877)

24,259

(16,426)

(2,967)

(5,710)

(3,494)

3,433

(2,703)

4,209

$ 3,629

Net gain from pension and postretirement plans, net of income tax expense of $150, $1,579, $37,025 and $5,403

2,265

3,639

63,235

12,326

(39,106)

31,331

44,106

13,568

Less: Comprehensive (loss) income attributable to noncontrolling interest

(7,047)

89,698

133,616

307,561

(12,426)

8,594

(6,573)

(909)

BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

$ 5,379

$ 81,104

$ 140,189

$ 308,470

Continuing operations, Basic (in dollars per share)

$ 0.26

$ 0.03

$ 0.33

$ 0.11

$ 0.12

$ 0.38

$ 0.57

Discontinued operations, Basic (in dollars per share)

0.00

0.10

0.00

0.34

1.76

DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

0.26

0.13

0.33

0.45

0.46

0.72

2.33

Continuing operations, Diluted (in dollars per share)

0.25

0.03

0.32

0.11

0.36

0.55

Discontinued operations, Diluted (in dollars per share)

0.00

0.09

0.00

0.33

1.68

Discontinued Operations and Disposal Groups [Abstract]

0.25

$ 0.12

$ 0.32

0.44

$ 0.44

0.69

2.23

Dividends per share

$ 0.8

$ 0.49

$ 1.78

$ 1.37

$ 1.86

[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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Income from discontinued operations, income tax expense	$ 0	$ 18,313	$ 21,231	$ 82,223
New Zealand joint venture cash flow hedges, income tax benefit	1,170	0	1,270	0
Net gain from pension and postretirement plans, income tax expense	$ 150	$ 1,579	$ 37,025	$ 5,403

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 182,831	$ 199,644
Accounts receivable, less allowance for doubtful accounts of $217 and $673	28,237	94,956
Inventory
Finished goods	11,132	115,270
Work in progress	0	3,555
Raw materials	1,307	17,661
Manufacturing and maintenance supplies	0	2,332
Total inventory	12,439	138,818
Deferred tax assets	4,211	39,100
Prepaid and other current assets	23,821	46,576
Total current assets	251,539	519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,058,381	2,049,378
PROPERTY, PLANT AND EQUIPMENT
Land	1,833	20,138
Buildings	8,885	180,573
Machinery and equipment	3,326	1,760,641
Construction in progress	393	19,795
Total property, plant and equipment, gross	14,437	1,981,147
Less — accumulated depreciation	(7,906)	(1,120,326)
Total property, plant and equipment, net	6,531	860,821
OTHER ASSETS	161,108	256,208
TOTAL ASSETS	2,477,559	3,685,501
CURRENT LIABILITIES
Accounts payable	23,126	69,293
Current maturities of long-term debt	130,486	112,500
Accrued taxes	14,954	8,551
Uncertain tax positions	0	10,547
Accrued payroll and benefits	6,338	24,948
Accrued interest	10,136	9,531
Accrued customer incentives	0	9,580
Other current liabilities	26,596	24,327
Current liabilities for dispositions and discontinued operations (Note 14)	0	6,835
Total current liabilities	211,636	276,112
LONG-TERM DEBT	605,162	1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 14)	0	69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 17)	22,393	95,654
OTHER NON-CURRENT LIABILITIES	27,466	27,225
COMMITMENTS AND CONTINGENCIES (Notes 13 and 15)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 126,724,444 and 126,257,870 shares issued and outstanding	700,581	692,100
Retained earnings	820,181	1,015,209
Accumulated other comprehensive income (loss)	3,569	(46,139)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,524,331	1,661,170
Noncontrolling interest	86,571	94,073
TOTAL SHAREHOLDERS’ EQUITY	1,610,902	1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,477,559	$ 3,685,501

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 217	$ 673
Shareholders’ Equity:
Common shares, shares authorized	480,000,000	480,000,000
Common shares, shares issued	126,724,444	126,257,870
Common shares, shares outstanding	126,724,444	126,257,870

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES
Net income	$ 89,510	$ 293,993
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	92,454	81,668
Non-cash cost of real estate sold	6,507	4,349
Stock-based incentive compensation expense	6,780	8,993
Deferred income taxes	4,435	42,832
Tax benefit of AFMC for CBPC exchange	0	(18,761)
Non-cash adjustments to unrecognized tax benefit liability	(10,547)	3,966
Depreciation and amortization from discontinued operations	37,985	51,696
Amortization of losses from pension and postretirement plans	6,503	16,835
Gain on sale of discontinued operations, net	0	(42,670)
Gain related to consolidation of New Zealand joint venture	0	(16,098)
Loss on early redemption of exchangeable notes	0	3,017
Other	2,946	(8,205)
Changes in operating assets and liabilities:
Receivables	263	(18,710)
Inventories	2,607	(9,040)
Accounts payable	33,305	13,712
Income tax receivable/payable	756	(2,482)
All other operating activities	12,321	5,863
Payment to exchange AFMC for CBPC	0	(70,311)
Expenditures for dispositions and discontinued operations	(5,096)	(6,411)
CASH PROVIDED BY OPERATING ACTIVITIES	280,729	334,236
INVESTING ACTIVITIES
Capital expenditures	(105,658)	(122,099)
Purchase of additional interest in New Zealand joint venture	0	(139,879)
Purchase of timberlands	(93,189)	(11,650)
Jesup mill cellulose specialties expansion (gross purchases of $0 and $140,820, net of purchases on account of $0 and $3,428)	0	(137,392)
Proceeds from disposition of Wood Products business	0	68,063
Change in restricted cash	47,318	3,989
Other	(478)	(224)
CASH USED FOR INVESTING ACTIVITIES	(152,007)	(339,192)
FINANCING ACTIVITIES
Issuance of debt	1,295,163	607,885
Repayment of debt	(1,173,049)	(453,463)
Dividends paid	(225,877)	(175,079)
Proceeds from the issuance of common shares	4,645	9,205
Excess tax benefits on stock-based compensation	0	8,189
Repurchase of common shares	(1,834)	(11,303)
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
Other	(680)	0
CASH USED FOR FINANCING ACTIVITIES	(145,432)	(14,566)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(103)	(336)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(16,813)	(19,858)
Balance, beginning of year	199,644	280,596
Balance, end of period	182,831	260,738
Cash paid during the period:
Interest	38,248	26,930
Income taxes	10,453	88,024
Non-cash investing activity:
Capital assets purchased on account	2,310	29,738
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)
Partial conversion of Senior Exchangeable Notes to equity	$ 0	$ 1,497

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Statement of Cash Flows [Abstract]
Jesup mill cellulose specialties expansion, gross purchases	$ 0	$ 140,820
Jesup mill cellulose specialties expansion, purchases on account	$ 0	$ (3,428)

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 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, except for a cumulative out-of-period adjustment for depletion expense - See Note 3 — Restatement of Previously Issued Consolidated Financial Statements) 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 business segments 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 businesses that 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 September 30, 2014 Consolidated Balance Sheet reports only continuing operations and reflects the contribution of approximately $1.2 billion of assets, net, and corresponding liabilities and equity to Rayonier Advanced Materials Inc. (“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 nine months ended September 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 pay a special dividend. 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 August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to provide guidance on management’s responsibility in evaluating whether there is a substantial doubt about a company’s ability to continue as a going concern. If conditions or events raise substantial doubts about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, related footnote disclosures are required. This standard will be effective for Rayonier’s 2016 Form 10-K filing. It is not expected that the standard will have any impact on the Company’s consolidated financial statements. In May 2014, the FASB and International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers, 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 one subsequent event was identified that warranted disclosure. On November 7, 2014, the Board of Directors approved a fourth quarter cash dividend of 25 cents per common share. The dividend is payable on December 31, 2014 to shareholders of record on December 17, 2014.

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2014

Discontinued Operations

DISCONTINUED OPERATIONS

Spin-Off of the Performance Fibers Business

On June 27, 2014, Rayonier completed the 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. Pursuant to the terms of the Internal Revenue Service spin-off ruling, $75 million of this cash was paid to Rayonier’s shareholders as dividends in the third quarter. Of this $75 million, $63.2 million was paid to shareholders as a special dividend.

In order to effect the spin-off and govern our relationship with Rayonier Advanced Materials after the spin-off, Rayonier and Rayonier Advanced Materials 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 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 nine months ended September 30, 2014 and 2013, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
Sales	$	—	$	225,523		$	456,180		$	766,377
Cost of sales and other	—		(162,515		)	(368,868		)	(529,098		)
Transaction expenses	—		(1,368		)	(22,989		)	(1,512		)
Income from discontinued operations before income taxes	—		61,640			64,323			235,767
Income tax expense	—		(18,313		)	(21,231		)	(59,950		)
Income from discontinued operations, net	$	—	$	43,327		$	43,092		$	175,817

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 nine months ended September 30, 2014 and 2013:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
Interest expense allocated to the Performance Fibers business	$	—	$	(2,489	)	$	(4,205	)	$	(6,286	)

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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Depreciation and amortization	$	—	$	22,340	$	37,985	$	51,142
Capital expenditures	—		11,357		46,336		81,540
Jesup mill cellulose specialties expansion	—		37,207		—		137,392

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

In the third quarter of 2014, the Company made immaterial adjustments to the valuation of certain classes of Performance Fibers assets and liabilities included in the spin-off as the pension and postretirement plans segregation was finalized and tax obligations were updated based upon filing of the 2013 tax returns and allocated based on the Terms of the Tax Sharing Agreement. The effect of these adjustments has been reflected in equity for the period ended September 30, 2014.

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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Hardwood purchases	$	—	$	108	$	3,935	$	458

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 nine months ended September 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 nine months ended September 30, 2013.

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



	Nine Months Ended
	September 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Performance Fibers income from discontinued operations, net	$	—	$	43,327	$	43,092	$	175,817
Wood Products income from discontinued operations, net	—		—		—		44,477
Income from discontinued operations, net	$	—	$	43,327	$	43,092	$	220,294

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
-Publisher FASB
-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
-SubTopic 20
-Section 50
-Paragraph 1
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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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-Name Accounting Standards Codification
-Topic 205
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 20
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Notes)

9 Months Ended

Sep. 30, 2014

Restatement of Previously Issued Consolidated Financial Statements

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

Subsequent to the filing of its second quarter 2014 Form 10-Q, 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 each of the quarterly periods ended March 31, 2014 and June 30, 2014. The Company concluded 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 $2.0 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 ended June 30, 2014 and March 31, 2014:



	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		)	(42		)	(13,557		)
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

In addition, in reviewing its depletion expense calculations, the Company determined that prior years included immaterial understatements of depletion expense as a result of including, in merchantable timber inventory, certain volumes that should have been excluded. The estimated cumulative effect of these prior year immaterial errors totaled $2.6 million and was recorded as additional depletion expense in the third quarter of 2014.

EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Income from continuing operations	$	32,059		$	15,040	$	46,418		$	73,699
Less: Net (loss) income from continuing operations attributable to noncontrolling interest	(642		)	1,022		(970		)	1,749
Income from continuing operations attributable to Rayonier Inc.	$	32,701		$	14,018	$	47,388		$	71,950

Income from discontinued operations, net, attributable to Rayonier Inc.	$	—		$	43,327	$	43,092		$	220,294

Net income attributable to Rayonier Inc.	$	32,701		$	57,345	$	90,480		$	292,244

Shares used for determining basic earnings per common share	126,501,837			126,122,151		126,428,279			125,549,133
Dilutive effect of:
Stock options	320,839			468,286		347,721			501,324
Performance and restricted shares	37,682			546,247		165,627			518,138
Assumed conversion of Senior Exchangeable Notes (a)	1,692,343			2,168,254		2,395,698			2,176,414
Assumed conversion of warrants (a)	1,237,812			1,608,466		2,344,335			2,043,965
Shares used for determining diluted earnings per common share	129,790,513			130,913,404		131,681,660			130,788,974
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	0.26		$	0.11	$	0.38		$	0.57
Discontinued operations	—			0.34		0.34			1.76
Net income	$	0.26		$	0.45	$	0.72		$	2.33
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	0.25		$	0.11	$	0.36		$	0.55
Discontinued operations	—			0.33		0.33			1.68
Net income	$	0.25		$	0.44	$	0.69		$	2.23



	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	374,562	101,884	485,850	167,487
Assumed conversion of exchangeable note hedges (a)	1,692,343	2,168,254	2,395,698	2,176,414
Total	2,066,905	2,270,138	2,881,548	2,343,901

(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 $28.13 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 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.

INCOME TAXES

9 Months Ended

Sep. 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 in continuing operations as the credits remain with Rayonier after the spin-off, related to its limited potential use of the CBPC prior to its expiration on December 31, 2016. During the third quarter of 2014, the Company reversed $1 million of the valuation allowance due to an estimated increase in its ability to use the CBPC.

Provision for Income Taxes from Continuing Operations

The Company’s effective tax rate 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.

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



	Three Months Ended September 30,
	2014					2013
Income tax expense at federal statutory rate	$	7,273		35.0	%	$	2,881		35.0	%
REIT income, taxable losses and other	(16,673		)	(80.2	)	(10,094		)	(122.6	)
Foreign operations	(44		)	(0.2	)	1,295			15.8
Loss on early redemption of Senior Exchangeable Notes	—			—		288			3.5
Other	99			0.4		(33		)	(0.5	)
Income tax benefit before discrete items	(9,345		)	(45.0	)%	(5,663		)	(68.8	)%
Uncertain tax positions	(1,830		)	(8.8	)	(800		)	(9.7	)
CBPC valuation allowance	(990		)	(4.8	)	—			—
Return to accrual adjustments	885			4.3		—			—
Other	—			—		(345		)	(4.2	)
Income tax benefit as reported for continuing operations	$	(11,280	)	(54.3	)%	$	(6,808	)	(82.7	)%



	Nine Months Ended September 30,
	2014					2013
Income tax expense at federal statutory rate	$	14,385		35.0	%	$	15,732		35.0	%
REIT income and taxable losses	(30,572		)	(74.4	)	(41,417		)	(92.1	)
Foreign operations	(88		)	(0.2	)	2,812			6.3
Loss on early redemption of Senior Exchangeable Notes	—			—		1,572			3.5
Other	196			0.5		(185		)	(0.4	)
Income tax benefit before discrete items	(16,079		)	(39.1	)%	(21,486		)	(47.7	)%
CBPC valuation allowance	14,584			35.5		—			—
Deferred tax inventory valuations	(3,293		)	(8.0	)	—			—
Uncertain tax positions	(1,830		)	(4.5	)	—			—
Spin-off related costs	797			1.9		—			—
Return to accrual adjustments	885			2.2		—			—
Gain related to consolidation of New Zealand joint venture	—			—		(5,634		)	(12.5	)
Reversal of REIT BIG tax payable	—			—		(485		)	(1.1	)
Other	(383		)	(0.9	)	(1,145		)	(2.6	)
Income tax benefit as reported for continuing operations	$	(5,319	)	(12.9	)%	$	(28,750	)	(63.9	)%

Provision for Income Taxes from Discontinued Operations

On June 27, 2014, Rayonier completed the spin-off of its Performance Fibers business. For the three and nine months ended September 30, 2014, income tax expense related to Performance Fibers discontinued operations was $0 and $21.2 million, respectively. For the three and nine months ended September 30, 2013, income tax expense related to Performance Fibers discontinued operations was $18.3 million and $59.9 million, respectively.

On March 1, 2013, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. For the nine months ended September 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 the third quarter of 2014, the Company removed a $5.8 million unrecognized tax benefit liability due to the expiration of the statute of limitations on examination of its 2010 tax return. This resulted in a $1.8 million income tax benefit and a $4.0 million reduction of a non-current tax asset. There are no unrecognized tax benefit liabilities remaining as of September 30, 2014.

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 included a $0.9 million unrecognized tax benefit, which was recorded in discontinued operations.

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 $4.2 million as of September 30, 2014. The remaining balance reflects the $14.6 million valuation allowance related to Rayonier’s limited potential use of the CBPC credit.

RESTRICTED DEPOSITS	9 Months Ended
RESTRICTED DEPOSITS	Sep. 30, 2014
Restricted Cash and Investments [Abstract]
RESTRICTED DEPOSITS	RESTRICTED DEPOSITS In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of September 30, 2014 and December 31, 2013, the Company had $21.6 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

9 Months Ended

Sep. 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 September 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 nine months ended September 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 nine months ended September 30, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013.



	Three Months Ended September 30, 2013		Nine Months Ended September 30, 2013
Sales (a)	$	159,261	$	455,729
Net Income	$	58,367	$	292,234


(a)	Excludes results from discontinued operations. For additional information, see Note 2 — Discontinued Operations.

SHAREHOLDERS'S EQUITY

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

SHAREHOLDERS'S EQUITY

SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for the nine months ended September 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
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)	—		—			90,480			—			(970		)	89,510
Dividends ($1.78 per share)	—		—			(225,175		)	—			—			(225,175		)
Contribution to Rayonier Advanced Materials	—		(301		)	(61,318		)	80,749			—			19,130
Adjustments to Rayonier Advanced Materials	—		—			985			(2,556		)	—			(1,571		)
Issuance of shares under incentive stock plans	512,364		4,645			—			—			—			4,645
Stock-based compensation	—		6,780			—			—			—			6,780
Tax deficiency on stock-based compensation	—		(809		)	—			—			—			(809		)
Repurchase of common shares	(45,790	)	(1,834		)	—			—			—			(1,834		)
Net losses from pension and postretirement plans	—		—			—			(14,958		)	—			(14,958		)
Noncontrolling interest redemption of shares	—		—			—			—			(930		)	(930		)
Foreign currency translation adjustment	—		—			—			(11,770		)	(4,656		)	(16,426		)
Joint venture cash flow hedges	—		—			—			(1,757		)	(946		)	(2,703		)
Balance, September 30, 2014	126,724,444		$	700,581		$	820,181		$	3,569		$	86,571		$	1,610,902

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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-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-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

9 Months Ended

Sep. 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 and other value-added activities such as the leasing of properties for hunting, mineral extraction and cell towers. Real Estate sales include all property sales, including those designated as higher and better use (“HBU”) and those designated as the sale of non-strategic timberlands. 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, reported as “Other Operations,” include harvesting and selling timber acquired from third parties (log trading). 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:



	September 30,		December 31,
ASSETS	2014		2013
Forest Resources	$	2,160,615	$	2,162,913
Real Estate	110,825		149,001
Other Operations	24,107		37,334
Corporate and other	182,012		257,608
Performance Fibers	—		1,078,645
Total	$	2,477,559	$	3,685,501



	Three Months Ended September 30,					Nine Months Ended September 30,
SALES	2014		2013			2014			2013
Forest Resources	$	108,024	$	111,260		$	313,822		$	277,422
Real Estate	26,689		14,088			66,236			51,761
Other Operations	15,116		34,015			80,027			92,472
Intersegment Eliminations	—		(102		)	(3,924		)	(452		)
Total	$	149,829	$	159,261		$	456,161		$	421,203



	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING INCOME	2014			2013			2014			2013
Forest Resources	$	19,191		$	23,172		$	64,657		$	57,317
Real Estate	16,399			7,521			44,888			30,468
Other Operations	2,499			(363		)	1,955			1,356
Corporate and other (a)	(6,010		)	(10,361		)	(27,418		)	(15,418		)
Total	$	32,079		$	19,969		$	84,082		$	73,723


(a)	The nine months ended September 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV.



	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2014		2013		2014		2013
Forest Resources	$	30,112	$	28,475	$	80,567	$	72,210
Real Estate	3,807		2,074		11,140		8,720
Corporate	123		262		747		738
Total	$	34,042	$	30,811	$	92,454	$	81,668

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
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 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 U.S. dollars. The New Zealand JV typically hedges 50 percent to 90 percent of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases, 50 percent to 75 percent of forecasted sales and purchases for the forward three to 12 months and up to 50 percent of the forward 12 to 18 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 September 30, 2014, the Company’s long-term interest rate contracts hedged 81 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 September 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. Due to the low volume of diesel fuel purchases made by the New Zealand JV, the Company decided to no longer hedge its diesel fuel purchases effective November 2013.

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



		Three Months Ended September 30,
	Income Statement Location	2014			2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	(2,537	)	$	2,602
	Other operating (income) expense	—			619
Foreign currency option contracts	Other comprehensive income (loss)	(2,227		)	832

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	$	—		$	(360	)
Foreign currency option contracts	Other operating (income) expense	—			(480		)
Interest rate swaps	Interest and miscellaneous (expense) income, net	(1,765		)	2,079
Fuel hedge contracts	Cost of sales (benefit)	(62		)	162



		Nine Months Ended September 30,
	Income Statement Location	2014			2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	(1,868	)	$	1,093
	Other operating (income) expense	—			619
Foreign currency option contracts	Other comprehensive income (loss)	(2,006		)	468

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	$	25		$	(1,786	)
Foreign currency option contracts	Other operating (income) expense	7			1,011
Interest rate swaps	Interest and miscellaneous (expense) income, net	(3,628		)	4,729
Fuel hedge contracts	Cost of sales (benefit)	163			14

During the next 12 months, the amount of the September 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 loss of approximately $1.5 million.

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



	Notional Amount
	September 30, 2014		December 31, 2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$	24,810	$	32,300
Foreign currency option contracts	70,500		38,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	—	$	1,950
Foreign currency option contracts	—		4,000
Interest rate swaps	180,858		183,851
Fuel hedge contracts (in thousands of barrels)	1		38

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)
		September 30, 2014			December 31, 2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	—		$	915
	Other current liabilities	(696		)	—
	Other non-current liabilities	(181		)	—
Foreign currency option contracts	Prepaid and other current assets	134			673
	Other assets	89			—
	Other current liabilities	(1,555		)	(214		)
	Other non-current liabilities	(164		)	—

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	(5,519		)	(4,659		)
Fuel hedge contracts	Prepaid and other current assets	—			160
	Other current liabilities	(3		)	—

Total derivative contracts:
Prepaid and other current assets		$	134		$	1,781
Other assets		89			—
Total derivative assets		223			1,781

Other current liabilities		(2,254		)	(214		)
Other non-current liabilities		(5,864		)	(4,659		)
Total derivative liabilities		$	(8,118	)	$	(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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-Name Accounting Standards Codification
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-Section 45
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FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013, using market information and what management believes to be appropriate valuation methodologies under generally accepted accounting principles:



	September 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	$	182,831		$	182,831	$	—		$	199,644		$	199,644	$	—
Restricted cash (a)	21,626			21,626		—			68,944			68,944		—
Current maturities of long-term debt	(130,486		)	—		(173,531		)	(112,500		)	—		(119,614		)
Long-term debt	(605,162		)	—		(607,139		)	(1,461,724		)	—		(1,489,810		)
Interest rate swaps (b)	(5,519		)	—		(5,519		)	(4,659		)	—		(4,659		)
Foreign currency exchange contracts (b)	(877		)	—		(877		)	940			—		940
Foreign currency option contracts (b)	(1,496		)	—		(1,496		)	467			—		467
Fuel contracts (b)	(3		)	—		(3		)	160			—		160


(a)	Restricted cash of $22 million and $69 million, as of September 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.


(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

9 Months Ended

Sep. 30, 2014

Guarantees [Abstract]

GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of September 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)	782		—
Total financial commitments	$	20,391	$	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 September 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 2015 and are expected to be renewed as required.

COMMITMENTS

9 Months Ended

Sep. 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 September 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
Remaining 2014	$	620	$	3,003	$	489	$	4,112
2015	1,941		9,798		592		12,331
2016	1,464		9,443		204		11,111
2017	884		9,255		170		10,309
2018	575		7,644		1,950		10,169
Thereafter	1,689		133,626		4,063		139,378
	$	7,173	$	172,769	$	7,468	$	187,410


(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 September 30, 2014, the New Zealand JV has three CFL’s under termination notice, terminating in 2034, 2046 and 2049 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 $1.9 million per year with CFL’s terminating or expiring of $0.2 million.

The following table details the Company’s acres under lease as of September 30, 2014 by type of lease and lease expiration:



(acres in 000s)
Location	Type of Lease	Total	2014 - 2024	2025 - 2034	2035 - 2044	Thereafter
Southern U.S.	Fixed Term	260	176	44	40	—
	Fixed Term with Renewal Option	18	18	—	—	—
New Zealand (a)	CFL - Perpetual	60	37	—	—	23
	CFL - Fixed Term	2	—	—	—	2
	CFL - Terminating	21	—	3	—	18
	Forestry Right	60	17	4	24	15
	Lease	32	23	—	—	9
Total Acres under Long-term Leases		453	271	51	64	67


(a)	Represents acres leased by the New Zealand JV, in which Rayonier has a 65 percent interest.

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

9 Months Ended

Sep. 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:



	September 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	9 Months Ended
CONTINGENCIES	Sep. 30, 2014
Commitments and Contingencies Disclosure [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

9 Months Ended

Sep. 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 were 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 were 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 replaced with performance share awards of the post-separation employer of each holder (Rayonier or Rayonier Advanced Materials, as the case may be), and are 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 were determined in a manner intended to preserve the original value of the award, subject to rounding.

The replacement of the 2013 performance share awards with time-vested restricted stock resulted in a $0.7 million increase in intrinsic value to Rayonier holders. This amount will be expensed over the 2-year vesting period ending in the second quarter of 2016. Overall, the spin-off resulted in lower stock-based compensation expense, which was $0.8 million for the third quarter of 2014 compared to $2.9 million in the second quarter of 2014.

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 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 $99 million after a revaluation of plan obligations using a 4.0 percent discount rate versus 4.6 percent at December 31, 2013. In addition, $78 million of other comprehensive losses were transferred to Rayonier Advanced Materials Pension Plans after revaluation, net of taxes of $45 million. In the third quarter of 2014, the Company made adjustments to the assets and obligations transferred to the Rayonier Advanced Materials Pension Plans as the pension and postretirement plans segregation was finalized. The effect of these period adjustments has been reflected in equity for the period ended September 30, 2014.

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 September 30,						Three Months Ended September 30,
	2014			2013			2014		2013
Components of Net Periodic Benefit Cost
Service cost	$	378		$	2,011		$	3	$	330
Interest cost	786			3,953			18		231
Expected return on plan assets	(1,135		)	(5,966		)	—		—
Amortization of prior service cost	3			322			—		6
Amortization of losses	601			4,792			3		98
Net periodic benefit cost (a)	$	633		$	5,112		$	24	$	665



	Pension						Postretirement
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Components of Net Periodic Benefit Cost
Service cost	$	3,545		$	6,441		$	328		$	828
Interest cost	9,921			12,740			423			711
Expected return on plan assets	(14,123		)	(19,356		)	—			—
Amortization of prior service cost	572			1,032			8			19
Amortization of losses	5,942			15,308			248			533
Amortization of negative plan amendment	—			—			(267		)	—
Net periodic benefit cost (b)	$	5,857		$	16,165		$	740		$	2,091


(a)	Net periodic benefit cost for the three months ended September 30, 2013 includes $3.7 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.


(b)	Net periodic benefit cost for the nine months ended September 30, 2014 and September 30, 2013 includes $4.0 million and $11.2 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.

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

DEBT

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

DEBT

As of June 30, 2014, the 2015 Notes were exchangeable at the option of the holders for the calendar quarter ended September 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 nine months ended September 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 September 30, 2014, these notes again became exchangeable at the option of the holder for the calendar quarter ending December 31, 2014. The notes mature in September of 2015 and are classified as current maturities of long-term debt as of September 30, 2014.

As part of the spin-off of the Performance Fibers business, Rayonier Advanced Materials, while a subsidiary of Rayonier, incurred $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 which were made during third quarter 2014. 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. Additionally, during the third quarter of 2014 the Company prepaid $10.5 million of principal on the mortgage notes due 2017, the maximum amount allowable without penalty.

Net repayments of $80 million were made in the first quarter of 2014 on the revolving credit facility. In connection with the spin-off, the revolving credit facility and term credit agreement were amended to reduce the Company’s borrowing capacity and related commitment fees effective July 7, 2014. The revolving credit facility capacity 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 capacity reductions also resulted in the write-off of $1.7 million of capitalized debt costs. At September 30, 2014, the Company had available borrowings of $198 million under the revolving credit facility and additional draws available of $100 million under the term credit agreement.

Through the nine months ended September 30, 2014, the New Zealand JV paid $1.2 million on its shareholder loan held with the non-controlling interest party and made net draws on its working capital facility of $1.3 million. Favorable exchange rates resulted in a $11.4 million decrease to the New Zealand JV’s debt on a U.S. dollar basis. 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 September 30, 2014:



	September 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)	129,199
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	53,926
Solid waste bond due 2020 at a variable interest rate of 1.3% at September 30, 2014	15,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.53% at September 30, 2014	183,394
New Zealand JV Working Capital Facility due 2014 at a variable interest rate of 4.69% at September 30, 2014	1,287
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	27,842
Total debt	735,648
Less: Current maturities of long-term debt	(130,486		)
Long-term debt	$	605,162


(a)	The Senior Exchangeable Notes maturing in 2015 were discounted by $1.8 million as of September 30, 2014. Upon maturity the liability will be $131 million.


(b)	The mortgage notes due in 2017 were recorded at a premium of $1.4 million as of September 30, 2014. Upon maturity, the liability will be $52.5 million.

ACCUMULATED OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 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 nine months ended September 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	(11,770		)	172			57,770			(a)	46,172
Amounts reclassified from accumulated other comprehensive income	—			(1,929		)	5,465			(b)	3,536
Net other comprehensive income	(11,770		)	(1,757		)	63,235				49,708
Balance as of September 30, 2014	$	25,144		$	(2,099	)	$	(19,476	)		$	3,569


(a)	Reflects $78 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $20 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 deferred tax asset related to the 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 nine months ended September 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	$	(3,194	)	Other operating income, net
Realized gain on foreign currency option contracts	(1,058		)	Other operating income, net
Noncontrolling interest	1,488			Comprehensive loss (income) attributable to noncontrolling interest
Income tax expense on gain from foreign currency contracts	835			Income tax benefit
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	(1,929		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	843			Income tax benefit
Net gain reclassified from accumulated other comprehensive income	$	(1,086	)

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Operating Income, Net [Abstract]

OTHER OPERATING INCOME, NET

9 Months Ended

Sep. 30, 2014

OTHER OPERATING INCOME, NET

Other operating income, net was comprised of the following:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Lease income, primarily from hunting leases	$	5,013		$	4,367		$	12,015		$	9,141
Other non-timber income	817			573			1,503			1,651
Foreign currency income (loss)	4,304			(2,050		)	4,292			511
Gain on sale or disposal of property, plant & equipment	66			2			46			287
Gain (loss) on foreign currency exchange contracts	—			221			(32		)	156
Bankruptcy claim settlement	—			—			5,779			—
Miscellaneous expense, net	(1,056		)	(299		)	(2,695		)	(1,159		)
Total	$	9,144		$	2,814		$	20,908		$	10,587

CONSOLIDATING FINANCIAL STATEMENTS

9 Months Ended

Sep. 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, Rayonier TRS Holdings Inc. 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 September 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	149,829		$	—		$	149,829
Costs and Expenses
Cost of sales	—			—			—			118,088			—			118,088
Selling and general expenses	—			3,488			—			5,318			—			8,806
Other operating expense (income), net	—			(854		)	—			(8,290		)	—			(9,144		)
	—			2,634			—			115,116			—			117,750
OPERATING (LOSS) INCOME	—			(2,634		)	—			34,713			—			32,079
Interest expense	(3,685		)	141			(3,122		)	(2,900		)	—			(9,566		)
Interest and miscellaneous income (expense), net	1,799			814			(260		)	(4,087		)	—			(1,734		)
Equity in income from subsidiaries	34,587			36,266			6,259			—			(77,112		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	32,701			34,587			2,877			27,726			(77,112		)	20,779
Income tax benefit	—			—			1,234			10,046			—			11,280
INCOME (LOSS) FROM CONTINUING OPERATIONS	32,701			34,587			4,111			37,772			(77,112		)	32,059
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			—			—			—
NET INCOME (LOSS)	32,701			34,587			4,111			37,772			(77,112		)	32,059
Less: Net loss attributable to noncontrolling interest	—			—			—			(642		)	—			(642		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	32,701			34,587			4,111			38,414			(77,112		)	32,701
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(27,317		)	(27,318		)	(1,441		)	(37,738		)	55,937			(37,877		)
New Zealand joint venture cash flow hedges	(2,270		)	(2,271		)	(2,272		)	(3,494		)	6,813			(3,494		)
Amortization of pension and postretirement plans, net of income tax	2,265			2,265			(4,120		)	(4,120		)	5,975			2,265
Total other comprehensive loss	(27,322		)	(27,324		)	(7,833		)	(45,352		)	68,725			(39,106		)
COMPREHENSIVE INCOME (LOSS)	5,379			7,263			(3,722		)	(7,580		)	(8,387		)	(7,047		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(12,295		)	(131		)	(12,426		)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$	5,379		$	7,263		$	(3,722	)	$	4,715		$	(8,256	)	$	5,379



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended September 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	159,261		$	—		$	159,261
Costs and Expenses
Cost of sales	—			—			—			129,002			—			129,002
Selling and general expenses	—			2,276			—			10,828			—			13,104
Other operating expense (income), net	—			738			—			(4,213		)	661			(2,814		)
	—			3,014			—			135,617			661			139,292
Equity in income of New Zealand joint venture	—			—			—			—			—			—
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	—			(3,014		)	—			23,644			(661		)	19,969
Gain related to consolidation of New Zealand joint venture	—			—			—			—			—			—
OPERATING (LOSS) INCOME	—			(3,014		)	—			23,644			(661		)	19,969
Interest expense	(3,190		)	(162		)	(7,115		)	(356		)	—			(10,823		)
Interest and miscellaneous income (expense), net	2,538			770			(4,325		)	103			—			(914		)
Equity in income from subsidiaries	57,932			58,802			39,544			—			(156,278		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,280			56,396			28,104			23,391			(156,939		)	8,232
Income tax benefit	65			1,536			3,627			1,642			(62		)	6,808
INCOME FROM CONTINUING OPERATIONS	57,345			57,932			31,731			25,033			(157,001		)	15,040
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			43,327			—			43,327
NET INCOME	57,345			57,932			31,731			68,360			(157,001		)	58,367
Less: Net income attributable to noncontrolling interest	—			—			—			1,022			—			1,022
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,345			57,932			31,731			67,338			(157,001		)	57,345
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	17,887			17,887			2,084			24,259			(37,858		)	24,259
New Zealand joint venture cash flow hedges	2,233			2,231			2,231			3,434			(6,696		)	3,433
Amortization of pension and postretirement plans, net of income tax	3,639			3,639			2,747			2,747			(9,133		)	3,639
Total other comprehensive income	23,759			23,757			7,062			30,440			(53,687		)	31,331
COMPREHENSIVE INCOME	81,104			81,689			38,793			98,800			(210,688		)	89,698
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			8,594			—			8,594
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	81,104		$	81,689		$	38,793		$	90,206		$	(210,688	)	$	81,104



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	456,161		$	—		$	456,161
Costs and Expenses
Cost of sales	—			—			—			357,083			—			357,083
Selling and general expenses	—			8,032			—			27,872			—			35,904
Other operating expense (income), net	—			3,094			—			(24,002		)	—			(20,908		)
	—			11,126			—			360,953			—			372,079
OPERATING INCOME (LOSS)	—			(11,126		)	—			95,208			—			84,082
Interest expense	(10,074		)	(327		)	(20,794		)	(4,657		)	—			(35,852		)
Interest and miscellaneous income (expense), net	7,230			(1,375		)	(2,405		)	(10,581		)	—			(7,131		)
Equity in income (loss) from subsidiaries	93,324			106,315			(16,692		)	—			(182,947		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	90,480			93,487			(39,891		)	79,970			(182,947		)	41,099
Income tax benefit (expense)	—			(163		)	8,467			(2,985		)	—			5,319
INCOME (LOSS) FROM CONTINUING OPERATIONS	90,480			93,324			(31,424		)	76,985			(182,947		)	46,418
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			—			43,092			—			43,092
NET INCOME (LOSS)	90,480			93,324			(31,424		)	120,077			(182,947		)	89,510
Less: Net loss attributable to noncontrolling interest	—			—			—			(970		)	—			(970		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	90,480			93,324			(31,424		)	121,047			(182,947		)	90,480
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(11,770		)	(11,770		)	(162		)	(16,426		)	23,702			(16,426		)
New Zealand joint venture cash flow hedges	(1,756		)	(1,757		)	(1,758		)	(2,703		)	5,271			(2,703		)
Amortization of pension and postretirement plans, net of income tax	63,235			63,235			90,214			90,214			(243,663		)	63,235
Total other comprehensive income	49,709			49,708			88,294			71,085			(214,690		)	44,106
COMPREHENSIVE INCOME	140,189			143,032			56,870			191,163			(397,638		)	133,616
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(6,573		)	—			(6,573		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	140,189		$	143,032		$	56,870		$	197,736		$	(397,638	)	$	140,189



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non-guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	421,203		$	—		$	421,203
Costs and Expenses
Cost of sales	—			—			—			333,523			—			333,523
Selling and general expenses	—			7,357			—			33,847			—			41,204
Other operating (income) expense, net	(1,701		)	1,187			—			(10,073		)	—			(10,587		)
	(1,701		)	8,544			—			357,297			—			364,140
Equity in income of New Zealand joint venture	—			—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701			(8,544		)	—			64,468			—			57,625
Gain related to consolidation of New Zealand joint venture	—			—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(8,544		)	—			80,566			—			73,723
Interest (expense) income	(9,879		)	(680		)	(20,730		)	663			—			(30,626		)
Interest and miscellaneous income (expense), net	6,716			2,403			(5,873		)	(1,394		)	—			1,852
Equity in income from subsidiaries	293,706			298,802			198,981			—			(791,489		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	292,244			291,981			172,378			79,835			(791,489		)	44,949
Income tax benefit	—			1,725			9,164			17,861			—			28,750
INCOME FROM CONTINUING OPERATIONS	292,244			293,706			181,542			97,696			(791,489		)	73,699
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			220,294			—			220,294
NET INCOME	292,244			293,706			181,542			317,990			(791,489		)	293,993
Less: Net income attributable to noncontrolling interest	—			—			—			1,749			—			1,749
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	292,244			293,706			181,542			316,241			(791,489		)	292,244
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	237			237			629			(2,967		)	(1,103		)	(2,967		)
New Zealand joint venture cash flow hedges	3,663			3,663			1,014			4,209			(8,340		)	4,209
Amortization of pension and postretirement plans, net of income tax	12,326			12,326			9,578			9,578			(31,482		)	12,326
Total other comprehensive income	16,226			16,226			11,221			10,820			(40,925		)	13,568
COMPREHENSIVE INCOME	308,470			309,932			192,763			328,810			(832,414		)	307,561
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(909		)	—			(909		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	308,470		$	309,932		$	192,763		$	329,719		$	(832,414	)	$	308,470



	CONDENSED CONSOLIDATING BALANCE SHEETS As of September 30, 2014
	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	$	84,283	$	3,255		$	48,233	$	47,060		$	—		$	182,831
Restricted cash	—		—			—		—			—			—
Accounts receivable, less allowance for doubtful accounts	—		—			1,359		26,878			—			28,237
Inventory	—		—			—		12,439			—			12,439
Deferred tax assets	—		—			—		4,211			—			4,211
Prepaid and other current assets	—		1,511			14		22,296			—			23,821
Total current assets	84,283		4,766			49,606		112,884			—			251,539
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,058,381			—			2,058,381
NET PROPERTY, PLANT AND EQUIPMENT	—		483			—		6,048			—			6,531
INVESTMENT IN SUBSIDIARIES	1,522,406		1,907,075			499,062		—			(3,928,543		)	—
INTERCOMPANY NOTES RECEIVABLE	245,898		—			21,279		—			(267,177		)	—
OTHER ASSETS	2,860		17,315			1,962		138,971			—			161,108
TOTAL ASSETS	$	1,855,447	$	1,929,639		$	571,909	$	2,316,284		$	(4,195,720	)	$	2,477,559
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,595		$	2,052	$	19,479		$	—		$	23,126
Current maturities of long-term debt	—		—			129,199		1,287			—			130,486
Accrued taxes	—		41			—		14,913			—			14,954
Uncertain tax positions	—		—			—		—			—			—
Accrued payroll and benefits	—		3,892			—		2,446			—			6,338
Accrued interest	6,116		(3		)	1,004		29,098			(26,079		)	10,136
Other current liabilities	—		1,113			—		25,483			—			26,596
Total current liabilities	6,116		6,638			132,255		92,706			(26,079		)	211,636
LONG-TERM DEBT	325,000		—			14,999		265,163			—			605,162
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		23,078			—		(685		)	—			22,393
OTHER NON-CURRENT LIABILITIES	—		6,876			—		20,590			—			27,466
INTERCOMPANY PAYABLE	—		370,641			—		(100,759		)	(269,882		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,524,331		1,522,406			424,655		1,952,698			(3,899,759		)	1,524,331
Noncontrolling interest	—		—			—		86,571			—			86,571
TOTAL SHAREHOLDERS’ EQUITY	1,524,331		1,522,406			424,655		2,039,269			(3,899,759		)	1,610,902
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,855,447	$	1,929,639		$	571,909	$	2,316,284		$	(4,195,720	)	$	2,477,559



	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 Nine Months Ended September 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	$	219,988		$	238,010		$	—		$	54,461		$	(231,730	)	$	280,729
INVESTING ACTIVITIES
Capital expenditures	—			(400		)	—			(105,258		)	—			(105,658		)
Purchase of timberlands	—			—			—			(93,189		)	—			(93,189		)
Change in restricted cash	—			—			—			47,318			—			47,318
Investment in Subsidiaries	—			—			855,014			—			(855,014		)	—
Other	—			—			—			(478		)	—			(478		)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(400		)	855,014			(151,607		)	(855,014		)	(152,007		)
FINANCING ACTIVITIES
Issuance of debt	—			—			185,000			1,110,163			—			1,295,163
Repayment of debt	—			—			(1,002,500		)	(170,549		)	—			(1,173,049		)
Dividends paid	(225,877		)	—			—			—			—			(225,877		)
Proceeds from the issuance of common shares	4,645			—			—			—			—			4,645
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	—			—			—			—			—			—
Issuance of intercompany notes	(11,400		)	—			—			11,400			—			—
Intercompany distributions	—			(234,659		)	—			(852,085		)	1,086,744			—
Other	—			—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(265,886		)	(234,659		)	(817,500		)	85,869			1,086,744			(145,432		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(103		)	—			(103		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(45,898		)	2,951			37,514			(11,380		)	—			(16,813		)
Balance, beginning of year	130,181			304			10,719			58,440			—			199,644
Balance, end of period	$	84,283		$	3,255		$	48,233		$	47,060		$	—		$	182,831



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 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	$	389,405		$	394,700		$	84,000		$	291,478		$	(825,347	)	$	334,236
INVESTING ACTIVITIES
Capital expenditures	—			(335		)	—			(121,764		)	—			(122,099		)
Purchase of additional interest in New Zealand joint venture	—			—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			—			(11,650		)	—			(11,650		)
Intercompany purchase of real estate	—			—			—			—			—			—
Jesup mill cellulose specialties expansion	—			—			—			(137,392		)	—			(137,392		)
Proceeds from disposition of Wood Products business	—			—			—			68,063			—			68,063
Change in restricted cash	—			—			—			3,989			—			3,989
Investment in Subsidiaries	(138,178		)	(138,178		)	(316,836		)	—			593,192			—
Other	—			1,701			—			(1,925		)	—			(224		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(136,812		)	(316,836		)	(340,558		)	593,192			(339,192		)
FINANCING ACTIVITIES
Issuance of debt	175,000			—			375,000			57,885			—			607,885
Repayment of debt	(325,000		)	—			(56,527		)	(71,936		)	—			(453,463		)
Dividends paid	(175,079		)	—			—			—			—			(175,079		)
Proceeds from the issuance of common shares	9,205			—			—			—			—			9,205
Excess tax benefits on stock-based compensation	—			—			—			8,189			—			8,189
Repurchase of common shares	(11,303		)	—			—			—			—			(11,303		)
Issuance of intercompany notes	(4,000		)				—			4,000			—			—
Intercompany distributions	—			(256,921		)	(84,000		)	108,766			232,155			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(331,177		)	(256,921		)	234,473			106,904			232,155			(14,566		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(336		)	—			(336		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(79,950		)	967			1,637			57,488			—			(19,858		)
Balance, beginning of year	252,888			3,966			19,358			4,384			—			280,596
Balance, end of period	$	172,938		$	4,933		$	20,995		$	61,872		$	—		$	260,738

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 September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	149,829		$	—		$	149,829
Costs and Expenses
Cost of sales	—			—			118,088			—			118,088
Selling and general expenses	—			3,488			5,318			—			8,806
Other operating income, net	—			(854		)	(8,290		)	—			(9,144		)
	—			2,634			115,116			—			117,750
OPERATING (LOSS) INCOME	—			(2,634		)	34,713			—			32,079
Interest expense	(3,685		)	(2,981		)	(2,900		)	—			(9,566		)
Interest and miscellaneous income (expense), net	1,799			554			(4,087		)	—			(1,734		)
Equity in income from subsidiaries	34,587			38,414			—			(73,001		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	32,701			33,353			27,726			(73,001		)	20,779
Income tax benefit	—			1,234			10,046			—			11,280
INCOME FROM CONTINUING OPERATIONS	32,701			34,587			37,772			(73,001		)	32,059
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			—			—
NET INCOME	32,701			34,587			37,772			(73,001		)	32,059
Less: Net loss attributable to noncontrolling interest	—			—			(642		)	—			(642		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	32,701			34,587			38,414			(73,001		)	32,701
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(27,317		)	(27,317		)	(37,738		)	54,495			(37,877		)
New Zealand joint venture cash flow hedges	(2,270		)	(2,272		)	(3,494		)	4,542			(3,494		)
Amortization of pension and postretirement plans, net of income tax	2,265			2,265			(4,120		)	1,855			2,265
Total other comprehensive loss	(27,322		)	(27,324		)	(45,352		)	60,892			(39,106		)
COMPREHENSIVE INCOME (LOSS)	5,379			7,263			(7,580		)	(12,109		)	(7,047		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(12,295		)	(131		)	(12,426		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	5,379		$	7,263		$	4,715		$	(11,978	)	$	5,379



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended September 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	159,261		$	—		$	159,261
Costs and Expenses
Cost of sales	—			—			129,002			—			129,002
Selling and general expenses	—			2,276			10,828			—			13,104
Other operating expense (income), net	—			738			(4,213		)	661			(2,814		)
	—			3,014			135,617			661			139,292
OPERATING (LOSS) INCOME	—			(3,014		)	23,644			(661		)	19,969
Interest expense	(3,190		)	(7,277		)	(356		)	—			(10,823		)
Interest and miscellaneous income (expense), net	2,538			(3,555		)	103			—			(914		)
Equity in income from subsidiaries	57,932			66,610			—			(124,542		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,280			52,764			23,391			(125,203		)	8,232
Income tax benefit	65			5,168			1,642			(67		)	6,808
INCOME FROM CONTINUING OPERATIONS	57,345			57,932			25,033			(125,270		)	15,040
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			43,327			—			43,327
NET INCOME	57,345			57,932			68,360			(125,270		)	58,367
Less: Net income attributable to noncontrolling interest	—			—			1,022			—			1,022
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,345			57,932			67,338			(125,270		)	57,345
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	17,887			17,887			24,259			(35,774		)	24,259
New Zealand joint venture cash flow hedges	2,233			2,231			3,434			(4,465		)	3,433
Amortization of pension and postretirement plans, net of income tax	3,639			3,639			2,747			(6,386		)	3,639
Total other comprehensive income	23,759			23,757			30,440			(46,625		)	31,331
COMPREHENSIVE INCOME	$	81,104		$	81,689		$	98,800		$	(171,895	)	$	89,698
Less: Comprehensive income attributable to noncontrolling interest	$	—		$	—		$	8,594		$	—		$	8,594
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	81,104		$	81,689		$	90,206		$	(171,895	)	$	81,104



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	456,161		$	—		$	456,161
Costs and Expenses
Cost of sales	—			—			357,083			—			357,083
Selling and general expenses	—			8,032			27,872			—			35,904
Other operating expense (income), net	—			3,094			(24,002		)	—			(20,908		)
	—			11,126			360,953			—			372,079
OPERATING (LOSS) INCOME	—			(11,126		)	95,208			—			84,082
Interest expense	(10,074		)	(21,121		)	(4,657		)	—			(35,852		)
Interest and miscellaneous income (expense), net	7,230			(3,780		)	(10,581		)	—			(7,131		)
Equity in income from subsidiaries	93,324			121,047			—			(214,371		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	90,480			85,020			79,970			(214,371		)	41,099
Income tax benefit (expense)	—			8,304			(2,985		)	—			5,319
INCOME FROM CONTINUING OPERATIONS	90,480			93,324			76,985			(214,371		)	46,418
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			43,092			—			43,092
NET INCOME	90,480			93,324			120,077			(214,371		)	89,510
Less: Net loss attributable to noncontrolling interest	—			—			(970		)	—			(970		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	90,480			93,324			121,047			(214,371		)	90,480
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(11,770		)	(11,770		)	(16,426		)	23,540			(16,426		)
New Zealand joint venture cash flow hedges	(1,756		)	(1,758		)	(2,703		)	3,514			(2,703		)
Amortization of pension and postretirement plans, net of income tax	63,235			63,235			90,214			(153,449		)	63,235
Total other comprehensive income	49,709			49,707			71,085			(126,395		)	44,106
COMPREHENSIVE INCOME	140,189			143,031			191,163			(340,767		)	133,616
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(6,573		)	—			(6,573		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	140,189		$	143,031		$	197,736		$	(340,767	)	$	140,189



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	421,203		$	—		$	421,203
Costs and Expenses
Cost of sales	—			—			333,523			—			333,523
Selling and general expenses	—			7,357			33,847			—			41,204
Other operating (income) expense, net	(1,701		)	1,187			(10,073		)	—			(10,587		)
	(1,701		)	8,544			357,297			—			364,140
Equity in income of New Zealand joint venture	—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701			(8,544		)	64,468			—			57,625
Gain related to consolidation of New Zealand joint venture	—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(8,544		)	80,566			—			73,723
Interest (expense) income	(9,879		)	(21,410		)	663			—			(30,626		)
Interest and miscellaneous income (expense), net	6,716			(3,470		)	(1,394		)	—			1,852
Equity in income from subsidiaries	293,706			316,241			—			(609,947		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	292,244			282,817			79,835			(609,947		)	44,949
Income tax benefit	—			10,889			17,861			—			28,750
INCOME FROM CONTINUING OPERATIONS	292,244			293,706			97,696			(609,947		)	73,699
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			220,294			—			220,294
NET INCOME	292,244			293,706			317,990			(609,947		)	293,993
Less: Net income attributable to noncontrolling interest	—			—			1,749			—			1,749
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	292,244			293,706			316,241			(609,947		)	292,244
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	237			237			(2,967		)	(474		)	(2,967		)
New Zealand joint venture cash flow hedges	3,663			3,663			4,209			(7,326		)	4,209
Amortization of pension and postretirement plans, net of income tax	12,326			12,326			9,578			(21,904		)	12,326
Total other comprehensive income	16,226			16,226			10,820			(29,704		)	13,568
COMPREHENSIVE INCOME	308,470			309,932			328,810			(639,651		)	307,561
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(909		)	—			(909		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	308,470		$	309,932		$	329,719		$	(639,651	)	$	308,470



	CONDENSED CONSOLIDATING BALANCE SHEETS As of September 30, 2014
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	84,283	$	51,488	$	47,060		$	—		$	182,831
Restricted cash	—		—		—			—			—
Accounts receivable, less allowance for doubtful accounts	—		1,359		26,878			—			28,237
Inventory	—		—		12,439			—			12,439
Deferred tax asset	—		—		4,211			—			4,211
Prepaid and other current assets	—		1,525		22,296			—			23,821
Total current assets	84,283		54,372		112,884			—			251,539
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,058,381			—			2,058,381
NET PROPERTY, PLANT AND EQUIPMENT	—		483		6,048			—			6,531
INVESTMENT IN SUBSIDIARIES	1,522,406		1,981,482		—			(3,503,888		)	—
INTERCOMPANY NOTES RECEIVABLE	245,898		21,279		—			(267,177		)	—
OTHER ASSETS	2,860		19,277		138,971			—			161,108
TOTAL ASSETS	$	1,855,447	$	2,076,893	$	2,316,284		$	(3,771,065	)	$	2,477,559
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	3,647	$	19,479		$	—		$	23,126
Current maturities of long-term debt	—		129,199		1,287			—			130,486
Accrued taxes	—		41		14,913			—			14,954
Uncertain tax positions	—		—		—			—			—
Accrued payroll and benefits	—		3,892		2,446			—			6,338
Accrued interest	6,116		1,001		29,098			(26,079		)	10,136
Other current liabilities	—		1,113		25,483			—			26,596
Total current liabilities	6,116		138,893		92,706			(26,079		)	211,636
LONG-TERM DEBT	325,000		14,999		265,163			—			605,162
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		23,078		(685		)	—			22,393
OTHER NON-CURRENT LIABILITIES	—		6,876		20,590			—			27,466
INTERCOMPANY PAYABLE	—		370,641		(100,759		)	(269,882		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,524,331		1,522,406		1,952,698			(3,475,104		)	1,524,331
Noncontrolling interest	—		—		86,571			—			86,571
TOTAL SHAREHOLDERS’ EQUITY	1,524,331		1,522,406		2,039,269			(3,475,104		)	1,610,902
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,855,447	$	2,076,893	$	2,316,284		$	(3,771,065	)	$	2,477,559



	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 Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	219,988		$	238,010		$	54,461		$	(231,730	)	$	280,729
INVESTING ACTIVITIES
Capital expenditures	—			(400		)	(105,258		)	—			(105,658		)
Purchase of timberlands	—			—			(93,189		)	—			(93,189		)
Change in restricted cash	—			—			47,318			—			47,318
Investment in Subsidiaries	—			855,014			—			(855,014		)	—
Other	—			—			(478		)	—			(478		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			854,614			(151,607		)	(855,014		)	(152,007		)
FINANCING ACTIVITIES
Issuance of debt	—			185,000			1,110,163			—			1,295,163
Repayment of debt	—			(1,002,500		)	(170,549		)	—			(1,173,049		)
Dividends paid	(225,877		)	—			—			—			(225,877		)
Proceeds from the issuance of common shares	4,645			—			—			—			4,645
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	—			—			—			—			—
Issuance of intercompany notes	(11,400		)	—			11,400			—			—
Intercompany distributions	—			(234,659		)	(852,085		)	1,086,744			—
Other	—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(265,886		)	(1,052,159		)	85,869			1,086,744			(145,432		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(103		)	—			(103		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(45,898		)	40,465			(11,380		)	—			(16,813		)
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period	$	84,283		$	51,488		$	47,060		$	—		$	182,831



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	389,405		$	394,700		$	291,478		$	(741,347	)	$	334,236
INVESTING ACTIVITIES
Capital expenditures	—			(335		)	(121,764		)	—			(122,099		)
Purchase of additional interest in New Zealand joint venture	—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			(11,650		)	—			(11,650		)
Intercompany purchase of real estate	—			—			—			—			—
Jesup mill cellulose specialties expansion	—			—			(137,392		)	—			(137,392		)
Proceeds from disposition of Wood Products business	—			—			68,063			—			68,063
Change in restricted cash	—			—			3,989			—			3,989
Investment in Subsidiaries	(138,178		)	(455,014		)	—			593,192			—
Other	—			1,701			(1,925		)	—			(224		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(453,648		)	(340,558		)	593,192			(339,192		)
FINANCING ACTIVITIES
Issuance of debt	175,000			375,000			57,885			—			607,885
Repayment of debt	(325,000		)	(56,527		)	(71,936		)	—			(453,463		)
Dividends paid	(175,079		)	—			—			—			(175,079		)
Proceeds from the issuance of common shares	9,205			—			—			—			9,205
Excess tax benefits on stock-based compensation	—			—			8,189			—			8,189
Repurchase of common shares	(11,303		)	—			—			—			(11,303		)
Issuance of intercompany notes	(4,000		)	—			4,000			—			—
Intercompany distributions	—			(256,921		)	108,766			148,155			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(331,177		)	61,552			106,904			148,155			(14,566		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(336		)	—			(336		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(79,950		)	2,604			57,488			—			(19,858		)
Balance, beginning of year	252,888			23,324			4,384			—			280,596
Balance, end of period	$	172,938		$	25,928		$	61,872		$	—		$	260,738

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 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 business segments 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 businesses that 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 September 30, 2014 Consolidated Balance Sheet reports only continuing operations and reflects the contribution of approximately $1.2 billion of assets, net, and corresponding liabilities and equity to Rayonier Advanced Materials Inc. (“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 nine months ended September 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 pay a special dividend. 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 August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to provide guidance on management’s responsibility in evaluating whether there is a substantial doubt about a company’s ability to continue as a going concern. If conditions or events raise substantial doubts about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued, related footnote disclosures are required. This standard will be effective for Rayonier’s 2016 Form 10-K filing. It is not expected that the standard will have any impact on the Company’s consolidated financial statements. In May 2014, the FASB and International Accounting Standards Board (“IASB”) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers, 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 one subsequent event was identified that warranted disclosure.
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 nine months ended September 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 foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black Scholes option pricing model. The 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. 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)

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
Sales	$	—	$	225,523		$	456,180		$	766,377
Cost of sales and other	—		(162,515		)	(368,868		)	(529,098		)
Transaction expenses	—		(1,368		)	(22,989		)	(1,512		)
Income from discontinued operations before income taxes	—		61,640			64,323			235,767
Income tax expense	—		(18,313		)	(21,231		)	(59,950		)
Income from discontinued operations, net	$	—	$	43,327		$	43,092		$	175,817



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Performance Fibers income from discontinued operations, net	$	—	$	43,327	$	43,092	$	175,817
Wood Products income from discontinued operations, net	—		—		—		44,477
Income from discontinued operations, net	$	—	$	43,327	$	43,092	$	220,294



	Nine Months Ended
	September 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

Schedule of Interest Expense Allocated to Discontinued Operations

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
Interest expense allocated to the Performance Fibers business	$	—	$	(2,489	)	$	(4,205	)	$	(6,286	)

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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Depreciation and amortization	$	—	$	22,340	$	37,985	$	51,142
Capital expenditures	—		11,357		46,336		81,540
Jesup mill cellulose specialties expansion	—		37,207		—		137,392

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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Hardwood purchases	$	—	$	108	$	3,935	$	458

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)

9 Months Ended

Sep. 30, 2014

Schedule of Error Corrections and Prior Period Adjustments



	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

The following tables summarize the effect of these restatements for the periods ended June 30, 2014 and March 31, 2014:



	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		)	(42		)	(13,557		)
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 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 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

EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Income from continuing operations	$	32,059		$	15,040	$	46,418		$	73,699
Less: Net (loss) income from continuing operations attributable to noncontrolling interest	(642		)	1,022		(970		)	1,749
Income from continuing operations attributable to Rayonier Inc.	$	32,701		$	14,018	$	47,388		$	71,950

Income from discontinued operations, net, attributable to Rayonier Inc.	$	—		$	43,327	$	43,092		$	220,294

Net income attributable to Rayonier Inc.	$	32,701		$	57,345	$	90,480		$	292,244

Shares used for determining basic earnings per common share	126,501,837			126,122,151		126,428,279			125,549,133
Dilutive effect of:
Stock options	320,839			468,286		347,721			501,324
Performance and restricted shares	37,682			546,247		165,627			518,138
Assumed conversion of Senior Exchangeable Notes (a)	1,692,343			2,168,254		2,395,698			2,176,414
Assumed conversion of warrants (a)	1,237,812			1,608,466		2,344,335			2,043,965
Shares used for determining diluted earnings per common share	129,790,513			130,913,404		131,681,660			130,788,974
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	0.26		$	0.11	$	0.38		$	0.57
Discontinued operations	—			0.34		0.34			1.76
Net income	$	0.26		$	0.45	$	0.72		$	2.33
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations	$	0.25		$	0.11	$	0.36		$	0.55
Discontinued operations	—			0.33		0.33			1.68
Net income	$	0.25		$	0.44	$	0.69		$	2.23

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	374,562	101,884	485,850	167,487
Assumed conversion of exchangeable note hedges (a)	1,692,343	2,168,254	2,395,698	2,176,414
Total	2,066,905	2,270,138	2,881,548	2,343,901

INCOME TAXES (Tables)

9 Months Ended

Sep. 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 September 30,
	2014					2013
Income tax expense at federal statutory rate	$	7,273		35.0	%	$	2,881		35.0	%
REIT income, taxable losses and other	(16,673		)	(80.2	)	(10,094		)	(122.6	)
Foreign operations	(44		)	(0.2	)	1,295			15.8
Loss on early redemption of Senior Exchangeable Notes	—			—		288			3.5
Other	99			0.4		(33		)	(0.5	)
Income tax benefit before discrete items	(9,345		)	(45.0	)%	(5,663		)	(68.8	)%
Uncertain tax positions	(1,830		)	(8.8	)	(800		)	(9.7	)
CBPC valuation allowance	(990		)	(4.8	)	—			—
Return to accrual adjustments	885			4.3		—			—
Other	—			—		(345		)	(4.2	)
Income tax benefit as reported for continuing operations	$	(11,280	)	(54.3	)%	$	(6,808	)	(82.7	)%



	Nine Months Ended September 30,
	2014					2013
Income tax expense at federal statutory rate	$	14,385		35.0	%	$	15,732		35.0	%
REIT income and taxable losses	(30,572		)	(74.4	)	(41,417		)	(92.1	)
Foreign operations	(88		)	(0.2	)	2,812			6.3
Loss on early redemption of Senior Exchangeable Notes	—			—		1,572			3.5
Other	196			0.5		(185		)	(0.4	)
Income tax benefit before discrete items	(16,079		)	(39.1	)%	(21,486		)	(47.7	)%
CBPC valuation allowance	14,584			35.5		—			—
Deferred tax inventory valuations	(3,293		)	(8.0	)	—			—
Uncertain tax positions	(1,830		)	(4.5	)	—			—
Spin-off related costs	797			1.9		—			—
Return to accrual adjustments	885			2.2		—			—
Gain related to consolidation of New Zealand joint venture	—			—		(5,634		)	(12.5	)
Reversal of REIT BIG tax payable	—			—		(485		)	(1.1	)
Other	(383		)	(0.9	)	(1,145		)	(2.6	)
Income tax benefit as reported for continuing operations	$	(5,319	)	(12.9	)%	$	(28,750	)	(63.9	)%

JOINT VENTURE INVESTMENT (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2013 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013.



	Three Months Ended September 30, 2013		Nine Months Ended September 30, 2013
Sales (a)	$	159,261	$	455,729
Net Income	$	58,367	$	292,234


(a)	Excludes results from discontinued operations. For additional information, see Note 2 — Discontinued Operations.

SHAREHOLDERS'S EQUITY (Tables)

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

An analysis of shareholders’ equity for the nine months ended September 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
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)	—		—			90,480			—			(970		)	89,510
Dividends ($1.78 per share)	—		—			(225,175		)	—			—			(225,175		)
Contribution to Rayonier Advanced Materials	—		(301		)	(61,318		)	80,749			—			19,130
Adjustments to Rayonier Advanced Materials	—		—			985			(2,556		)	—			(1,571		)
Issuance of shares under incentive stock plans	512,364		4,645			—			—			—			4,645
Stock-based compensation	—		6,780			—			—			—			6,780
Tax deficiency on stock-based compensation	—		(809		)	—			—			—			(809		)
Repurchase of common shares	(45,790	)	(1,834		)	—			—			—			(1,834		)
Net losses from pension and postretirement plans	—		—			—			(14,958		)	—			(14,958		)
Noncontrolling interest redemption of shares	—		—			—			—			(930		)	(930		)
Foreign currency translation adjustment	—		—			—			(11,770		)	(4,656		)	(16,426		)
Joint venture cash flow hedges	—		—			—			(1,757		)	(946		)	(2,703		)
Balance, September 30, 2014	126,724,444		$	700,581		$	820,181		$	3,569		$	86,571		$	1,610,902

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

9 Months Ended

Sep. 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:



	September 30,		December 31,
ASSETS	2014		2013
Forest Resources	$	2,160,615	$	2,162,913
Real Estate	110,825		149,001
Other Operations	24,107		37,334
Corporate and other	182,012		257,608
Performance Fibers	—		1,078,645
Total	$	2,477,559	$	3,685,501



	Three Months Ended September 30,					Nine Months Ended September 30,
SALES	2014		2013			2014			2013
Forest Resources	$	108,024	$	111,260		$	313,822		$	277,422
Real Estate	26,689		14,088			66,236			51,761
Other Operations	15,116		34,015			80,027			92,472
Intersegment Eliminations	—		(102		)	(3,924		)	(452		)
Total	$	149,829	$	159,261		$	456,161		$	421,203



	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING INCOME	2014			2013			2014			2013
Forest Resources	$	19,191		$	23,172		$	64,657		$	57,317
Real Estate	16,399			7,521			44,888			30,468
Other Operations	2,499			(363		)	1,955			1,356
Corporate and other (a)	(6,010		)	(10,361		)	(27,418		)	(15,418		)
Total	$	32,079		$	19,969		$	84,082		$	73,723


(a)	The nine months ended September 30, 2013 included a $16.1 million gain related to the consolidation of the New Zealand JV.



	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2014		2013		2014		2013
Forest Resources	$	30,112	$	28,475	$	80,567	$	72,210
Real Estate	3,807		2,074		11,140		8,720
Corporate	123		262		747		738
Total	$	34,042	$	30,811	$	92,454	$	81,668

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



		Three Months Ended September 30,
	Income Statement Location	2014			2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	(2,537	)	$	2,602
	Other operating (income) expense	—			619
Foreign currency option contracts	Other comprehensive income (loss)	(2,227		)	832

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	$	—		$	(360	)
Foreign currency option contracts	Other operating (income) expense	—			(480		)
Interest rate swaps	Interest and miscellaneous (expense) income, net	(1,765		)	2,079
Fuel hedge contracts	Cost of sales (benefit)	(62		)	162



		Nine Months Ended September 30,
	Income Statement Location	2014			2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$	(1,868	)	$	1,093
	Other operating (income) expense	—			619
Foreign currency option contracts	Other comprehensive income (loss)	(2,006		)	468

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	$	25		$	(1,786	)
Foreign currency option contracts	Other operating (income) expense	7			1,011
Interest rate swaps	Interest and miscellaneous (expense) income, net	(3,628		)	4,729
Fuel hedge contracts	Cost of sales (benefit)	163			14

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
	September 30, 2014		December 31, 2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$	24,810	$	32,300
Foreign currency option contracts	70,500		38,000

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	$	—	$	1,950
Foreign currency option contracts	—		4,000
Interest rate swaps	180,858		183,851
Fuel hedge contracts (in thousands of barrels)	1		38

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)
		September 30, 2014			December 31, 2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$	—		$	915
	Other current liabilities	(696		)	—
	Other non-current liabilities	(181		)	—
Foreign currency option contracts	Prepaid and other current assets	134			673
	Other assets	89			—
	Other current liabilities	(1,555		)	(214		)
	Other non-current liabilities	(164		)	—

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	(5,519		)	(4,659		)
Fuel hedge contracts	Prepaid and other current assets	—			160
	Other current liabilities	(3		)	—

Total derivative contracts:
Prepaid and other current assets		$	134		$	1,781
Other assets		89			—
Total derivative assets		223			1,781

Other current liabilities		(2,254		)	(214		)
Other non-current liabilities		(5,864		)	(4,659		)
Total derivative liabilities		$	(8,118	)	$	(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)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis



	September 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	$	182,831		$	182,831	$	—		$	199,644		$	199,644	$	—
Restricted cash (a)	21,626			21,626		—			68,944			68,944		—
Current maturities of long-term debt	(130,486		)	—		(173,531		)	(112,500		)	—		(119,614		)
Long-term debt	(605,162		)	—		(607,139		)	(1,461,724		)	—		(1,489,810		)
Interest rate swaps (b)	(5,519		)	—		(5,519		)	(4,659		)	—		(4,659		)
Foreign currency exchange contracts (b)	(877		)	—		(877		)	940			—		940
Foreign currency option contracts (b)	(1,496		)	—		(1,496		)	467			—		467
Fuel contracts (b)	(3		)	—		(3		)	160			—		160


(a)	Restricted cash of $22 million and $69 million, as of September 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.


(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)

9 Months Ended

Sep. 30, 2014

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of September 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)	782		—
Total financial commitments	$	20,391	$	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 2015 and are expected to be renewed as required.

COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

At September 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
Remaining 2014	$	620	$	3,003	$	489	$	4,112
2015	1,941		9,798		592		12,331
2016	1,464		9,443		204		11,111
2017	884		9,255		170		10,309
2018	575		7,644		1,950		10,169
Thereafter	1,689		133,626		4,063		139,378
	$	7,173	$	172,769	$	7,468	$	187,410


(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.

Summary of Leased Acres of Land

The following table details the Company’s acres under lease as of September 30, 2014 by type of lease and lease expiration:



(acres in 000s)
Location	Type of Lease	Total	2014 - 2024	2025 - 2034	2035 - 2044	Thereafter
Southern U.S.	Fixed Term	260	176	44	40	—
	Fixed Term with Renewal Option	18	18	—	—	—
New Zealand (a)	CFL - Perpetual	60	37	—	—	23
	CFL - Fixed Term	2	—	—	—	2
	CFL - Terminating	21	—	3	—	18
	Forestry Right	60	17	4	24	15
	Lease	32	23	—	—	9
Total Acres under Long-term Leases		453	271	51	64	67


(a)	Represents acres leased by the New Zealand JV, in which Rayonier has a 65 percent interest.

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 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:



	September 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)

9 Months Ended

Sep. 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 September 30,						Three Months Ended September 30,
	2014			2013			2014		2013
Components of Net Periodic Benefit Cost
Service cost	$	378		$	2,011		$	3	$	330
Interest cost	786			3,953			18		231
Expected return on plan assets	(1,135		)	(5,966		)	—		—
Amortization of prior service cost	3			322			—		6
Amortization of losses	601			4,792			3		98
Net periodic benefit cost (a)	$	633		$	5,112		$	24	$	665



	Pension						Postretirement
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Components of Net Periodic Benefit Cost
Service cost	$	3,545		$	6,441		$	328		$	828
Interest cost	9,921			12,740			423			711
Expected return on plan assets	(14,123		)	(19,356		)	—			—
Amortization of prior service cost	572			1,032			8			19
Amortization of losses	5,942			15,308			248			533
Amortization of negative plan amendment	—			—			(267		)	—
Net periodic benefit cost (b)	$	5,857		$	16,165		$	740		$	2,091


(a)	Net periodic benefit cost for the three months ended September 30, 2013 includes $3.7 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.


(b)	Net periodic benefit cost for the nine months ended September 30, 2014 and September 30, 2013 includes $4.0 million and $11.2 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.

DEBT (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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



	September 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)	129,199
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	53,926
Solid waste bond due 2020 at a variable interest rate of 1.3% at September 30, 2014	15,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.53% at September 30, 2014	183,394
New Zealand JV Working Capital Facility due 2014 at a variable interest rate of 4.69% at September 30, 2014	1,287
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	27,842
Total debt	735,648
Less: Current maturities of long-term debt	(130,486		)
Long-term debt	$	605,162


(a)	The Senior Exchangeable Notes maturing in 2015 were discounted by $1.8 million as of September 30, 2014. Upon maturity the liability will be $131 million.


(b)	The mortgage notes due in 2017 were recorded at a premium of $1.4 million as of September 30, 2014. Upon maturity, the liability will be $52.5 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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-Name Accounting Standards Codification
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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 5: 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)

9 Months Ended

Sep. 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	(11,770		)	172			57,770			(a)	46,172
Amounts reclassified from accumulated other comprehensive income	—			(1,929		)	5,465			(b)	3,536
Net other comprehensive income	(11,770		)	(1,757		)	63,235				49,708
Balance as of September 30, 2014	$	25,144		$	(2,099	)	$	(19,476	)		$	3,569


(a)	Reflects $78 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $20 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 deferred tax asset related to the 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 nine months ended September 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	$	(3,194	)	Other operating income, net
Realized gain on foreign currency option contracts	(1,058		)	Other operating income, net
Noncontrolling interest	1,488			Comprehensive loss (income) attributable to noncontrolling interest
Income tax expense on gain from foreign currency contracts	835			Income tax benefit
Net gain on cash flow hedges reclassified from accumulated other comprehensive income	(1,929		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	843			Income tax benefit
Net gain reclassified from accumulated other comprehensive income	$	(1,086	)

OTHER OPERATING INCOME, NET (Tables)

9 Months Ended

Sep. 30, 2014

Other Operating Income, Net [Abstract]

Interest and Other Income

Other operating income, net was comprised of the following:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Lease income, primarily from hunting leases	$	5,013		$	4,367		$	12,015		$	9,141
Other non-timber income	817			573			1,503			1,651
Foreign currency income (loss)	4,304			(2,050		)	4,292			511
Gain on sale or disposal of property, plant & equipment	66			2			46			287
Gain (loss) on foreign currency exchange contracts	—			221			(32		)	156
Bankruptcy claim settlement	—			—			5,779			—
Miscellaneous expense, net	(1,056		)	(299		)	(2,695		)	(1,159		)
Total	$	9,144		$	2,814		$	20,908		$	10,587

CONSOLIDATING FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	149,829		$	—		$	149,829
Costs and Expenses
Cost of sales	—			—			—			118,088			—			118,088
Selling and general expenses	—			3,488			—			5,318			—			8,806
Other operating expense (income), net	—			(854		)	—			(8,290		)	—			(9,144		)
	—			2,634			—			115,116			—			117,750
OPERATING (LOSS) INCOME	—			(2,634		)	—			34,713			—			32,079
Interest expense	(3,685		)	141			(3,122		)	(2,900		)	—			(9,566		)
Interest and miscellaneous income (expense), net	1,799			814			(260		)	(4,087		)	—			(1,734		)
Equity in income from subsidiaries	34,587			36,266			6,259			—			(77,112		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	32,701			34,587			2,877			27,726			(77,112		)	20,779
Income tax benefit	—			—			1,234			10,046			—			11,280
INCOME (LOSS) FROM CONTINUING OPERATIONS	32,701			34,587			4,111			37,772			(77,112		)	32,059
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			—			—			—
NET INCOME (LOSS)	32,701			34,587			4,111			37,772			(77,112		)	32,059
Less: Net loss attributable to noncontrolling interest	—			—			—			(642		)	—			(642		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	32,701			34,587			4,111			38,414			(77,112		)	32,701
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(27,317		)	(27,318		)	(1,441		)	(37,738		)	55,937			(37,877		)
New Zealand joint venture cash flow hedges	(2,270		)	(2,271		)	(2,272		)	(3,494		)	6,813			(3,494		)
Amortization of pension and postretirement plans, net of income tax	2,265			2,265			(4,120		)	(4,120		)	5,975			2,265
Total other comprehensive loss	(27,322		)	(27,324		)	(7,833		)	(45,352		)	68,725			(39,106		)
COMPREHENSIVE INCOME (LOSS)	5,379			7,263			(3,722		)	(7,580		)	(8,387		)	(7,047		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(12,295		)	(131		)	(12,426		)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	$	5,379		$	7,263		$	(3,722	)	$	4,715		$	(8,256	)	$	5,379



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended September 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	159,261		$	—		$	159,261
Costs and Expenses
Cost of sales	—			—			—			129,002			—			129,002
Selling and general expenses	—			2,276			—			10,828			—			13,104
Other operating expense (income), net	—			738			—			(4,213		)	661			(2,814		)
	—			3,014			—			135,617			661			139,292
Equity in income of New Zealand joint venture	—			—			—			—			—			—
OPERATING (LOSS) INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	—			(3,014		)	—			23,644			(661		)	19,969
Gain related to consolidation of New Zealand joint venture	—			—			—			—			—			—
OPERATING (LOSS) INCOME	—			(3,014		)	—			23,644			(661		)	19,969
Interest expense	(3,190		)	(162		)	(7,115		)	(356		)	—			(10,823		)
Interest and miscellaneous income (expense), net	2,538			770			(4,325		)	103			—			(914		)
Equity in income from subsidiaries	57,932			58,802			39,544			—			(156,278		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,280			56,396			28,104			23,391			(156,939		)	8,232
Income tax benefit	65			1,536			3,627			1,642			(62		)	6,808
INCOME FROM CONTINUING OPERATIONS	57,345			57,932			31,731			25,033			(157,001		)	15,040
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			43,327			—			43,327
NET INCOME	57,345			57,932			31,731			68,360			(157,001		)	58,367
Less: Net income attributable to noncontrolling interest	—			—			—			1,022			—			1,022
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,345			57,932			31,731			67,338			(157,001		)	57,345
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	17,887			17,887			2,084			24,259			(37,858		)	24,259
New Zealand joint venture cash flow hedges	2,233			2,231			2,231			3,434			(6,696		)	3,433
Amortization of pension and postretirement plans, net of income tax	3,639			3,639			2,747			2,747			(9,133		)	3,639
Total other comprehensive income	23,759			23,757			7,062			30,440			(53,687		)	31,331
COMPREHENSIVE INCOME	81,104			81,689			38,793			98,800			(210,688		)	89,698
Less: Comprehensive income attributable to noncontrolling interest	—			—			—			8,594			—			8,594
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	81,104		$	81,689		$	38,793		$	90,206		$	(210,688	)	$	81,104



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	456,161		$	—		$	456,161
Costs and Expenses
Cost of sales	—			—			—			357,083			—			357,083
Selling and general expenses	—			8,032			—			27,872			—			35,904
Other operating expense (income), net	—			3,094			—			(24,002		)	—			(20,908		)
	—			11,126			—			360,953			—			372,079
OPERATING INCOME (LOSS)	—			(11,126		)	—			95,208			—			84,082
Interest expense	(10,074		)	(327		)	(20,794		)	(4,657		)	—			(35,852		)
Interest and miscellaneous income (expense), net	7,230			(1,375		)	(2,405		)	(10,581		)	—			(7,131		)
Equity in income (loss) from subsidiaries	93,324			106,315			(16,692		)	—			(182,947		)	—
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	90,480			93,487			(39,891		)	79,970			(182,947		)	41,099
Income tax benefit (expense)	—			(163		)	8,467			(2,985		)	—			5,319
INCOME (LOSS) FROM CONTINUING OPERATIONS	90,480			93,324			(31,424		)	76,985			(182,947		)	46,418
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			—			43,092			—			43,092
NET INCOME (LOSS)	90,480			93,324			(31,424		)	120,077			(182,947		)	89,510
Less: Net loss attributable to noncontrolling interest	—			—			—			(970		)	—			(970		)
NET INCOME (LOSS) ATTRIBUTABLE TO RAYONIER INC.	90,480			93,324			(31,424		)	121,047			(182,947		)	90,480
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(11,770		)	(11,770		)	(162		)	(16,426		)	23,702			(16,426		)
New Zealand joint venture cash flow hedges	(1,756		)	(1,757		)	(1,758		)	(2,703		)	5,271			(2,703		)
Amortization of pension and postretirement plans, net of income tax	63,235			63,235			90,214			90,214			(243,663		)	63,235
Total other comprehensive income	49,709			49,708			88,294			71,085			(214,690		)	44,106
COMPREHENSIVE INCOME	140,189			143,032			56,870			191,163			(397,638		)	133,616
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(6,573		)	—			(6,573		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	140,189		$	143,032		$	56,870		$	197,736		$	(397,638	)	$	140,189



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2013
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Non-guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	—		$	421,203		$	—		$	421,203
Costs and Expenses
Cost of sales	—			—			—			333,523			—			333,523
Selling and general expenses	—			7,357			—			33,847			—			41,204
Other operating (income) expense, net	(1,701		)	1,187			—			(10,073		)	—			(10,587		)
	(1,701		)	8,544			—			357,297			—			364,140
Equity in income of New Zealand joint venture	—			—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701			(8,544		)	—			64,468			—			57,625
Gain related to consolidation of New Zealand joint venture	—			—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(8,544		)	—			80,566			—			73,723
Interest (expense) income	(9,879		)	(680		)	(20,730		)	663			—			(30,626		)
Interest and miscellaneous income (expense), net	6,716			2,403			(5,873		)	(1,394		)	—			1,852
Equity in income from subsidiaries	293,706			298,802			198,981			—			(791,489		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	292,244			291,981			172,378			79,835			(791,489		)	44,949
Income tax benefit	—			1,725			9,164			17,861			—			28,750
INCOME FROM CONTINUING OPERATIONS	292,244			293,706			181,542			97,696			(791,489		)	73,699
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			220,294			—			220,294
NET INCOME	292,244			293,706			181,542			317,990			(791,489		)	293,993
Less: Net income attributable to noncontrolling interest	—			—			—			1,749			—			1,749
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	292,244			293,706			181,542			316,241			(791,489		)	292,244
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	237			237			629			(2,967		)	(1,103		)	(2,967		)
New Zealand joint venture cash flow hedges	3,663			3,663			1,014			4,209			(8,340		)	4,209
Amortization of pension and postretirement plans, net of income tax	12,326			12,326			9,578			9,578			(31,482		)	12,326
Total other comprehensive income	16,226			16,226			11,221			10,820			(40,925		)	13,568
COMPREHENSIVE INCOME	308,470			309,932			192,763			328,810			(832,414		)	307,561
Less: Comprehensive loss attributable to noncontrolling interest	—			—			—			(909		)	—			(909		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	308,470		$	309,932		$	192,763		$	329,719		$	(832,414	)	$	308,470

Schedule of Condensed Consolidating Balance Sheets



	CONDENSED CONSOLIDATING BALANCE SHEETS As of September 30, 2014
	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	$	84,283	$	3,255		$	48,233	$	47,060		$	—		$	182,831
Restricted cash	—		—			—		—			—			—
Accounts receivable, less allowance for doubtful accounts	—		—			1,359		26,878			—			28,237
Inventory	—		—			—		12,439			—			12,439
Deferred tax assets	—		—			—		4,211			—			4,211
Prepaid and other current assets	—		1,511			14		22,296			—			23,821
Total current assets	84,283		4,766			49,606		112,884			—			251,539
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		2,058,381			—			2,058,381
NET PROPERTY, PLANT AND EQUIPMENT	—		483			—		6,048			—			6,531
INVESTMENT IN SUBSIDIARIES	1,522,406		1,907,075			499,062		—			(3,928,543		)	—
INTERCOMPANY NOTES RECEIVABLE	245,898		—			21,279		—			(267,177		)	—
OTHER ASSETS	2,860		17,315			1,962		138,971			—			161,108
TOTAL ASSETS	$	1,855,447	$	1,929,639		$	571,909	$	2,316,284		$	(4,195,720	)	$	2,477,559
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,595		$	2,052	$	19,479		$	—		$	23,126
Current maturities of long-term debt	—		—			129,199		1,287			—			130,486
Accrued taxes	—		41			—		14,913			—			14,954
Uncertain tax positions	—		—			—		—			—			—
Accrued payroll and benefits	—		3,892			—		2,446			—			6,338
Accrued interest	6,116		(3		)	1,004		29,098			(26,079		)	10,136
Other current liabilities	—		1,113			—		25,483			—			26,596
Total current liabilities	6,116		6,638			132,255		92,706			(26,079		)	211,636
LONG-TERM DEBT	325,000		—			14,999		265,163			—			605,162
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		23,078			—		(685		)	—			22,393
OTHER NON-CURRENT LIABILITIES	—		6,876			—		20,590			—			27,466
INTERCOMPANY PAYABLE	—		370,641			—		(100,759		)	(269,882		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,524,331		1,522,406			424,655		1,952,698			(3,899,759		)	1,524,331
Noncontrolling interest	—		—			—		86,571			—			86,571
TOTAL SHAREHOLDERS’ EQUITY	1,524,331		1,522,406			424,655		2,039,269			(3,899,759		)	1,610,902
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,855,447	$	1,929,639		$	571,909	$	2,316,284		$	(4,195,720	)	$	2,477,559



	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 Nine Months Ended September 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	$	219,988		$	238,010		$	—		$	54,461		$	(231,730	)	$	280,729
INVESTING ACTIVITIES
Capital expenditures	—			(400		)	—			(105,258		)	—			(105,658		)
Purchase of timberlands	—			—			—			(93,189		)	—			(93,189		)
Change in restricted cash	—			—			—			47,318			—			47,318
Investment in Subsidiaries	—			—			855,014			—			(855,014		)	—
Other	—			—			—			(478		)	—			(478		)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(400		)	855,014			(151,607		)	(855,014		)	(152,007		)
FINANCING ACTIVITIES
Issuance of debt	—			—			185,000			1,110,163			—			1,295,163
Repayment of debt	—			—			(1,002,500		)	(170,549		)	—			(1,173,049		)
Dividends paid	(225,877		)	—			—			—			—			(225,877		)
Proceeds from the issuance of common shares	4,645			—			—			—			—			4,645
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	—			—			—			—			—			—
Issuance of intercompany notes	(11,400		)	—			—			11,400			—			—
Intercompany distributions	—			(234,659		)	—			(852,085		)	1,086,744			—
Other	—			—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(265,886		)	(234,659		)	(817,500		)	85,869			1,086,744			(145,432		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(103		)	—			(103		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(45,898		)	2,951			37,514			(11,380		)	—			(16,813		)
Balance, beginning of year	130,181			304			10,719			58,440			—			199,644
Balance, end of period	$	84,283		$	3,255		$	48,233		$	47,060		$	—		$	182,831



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 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	$	389,405		$	394,700		$	84,000		$	291,478		$	(825,347	)	$	334,236
INVESTING ACTIVITIES
Capital expenditures	—			(335		)	—			(121,764		)	—			(122,099		)
Purchase of additional interest in New Zealand joint venture	—			—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			—			(11,650		)	—			(11,650		)
Intercompany purchase of real estate	—			—			—			—			—			—
Jesup mill cellulose specialties expansion	—			—			—			(137,392		)	—			(137,392		)
Proceeds from disposition of Wood Products business	—			—			—			68,063			—			68,063
Change in restricted cash	—			—			—			3,989			—			3,989
Investment in Subsidiaries	(138,178		)	(138,178		)	(316,836		)	—			593,192			—
Other	—			1,701			—			(1,925		)	—			(224		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(136,812		)	(316,836		)	(340,558		)	593,192			(339,192		)
FINANCING ACTIVITIES
Issuance of debt	175,000			—			375,000			57,885			—			607,885
Repayment of debt	(325,000		)	—			(56,527		)	(71,936		)	—			(453,463		)
Dividends paid	(175,079		)	—			—			—			—			(175,079		)
Proceeds from the issuance of common shares	9,205			—			—			—			—			9,205
Excess tax benefits on stock-based compensation	—			—			—			8,189			—			8,189
Repurchase of common shares	(11,303		)	—			—			—			—			(11,303		)
Issuance of intercompany notes	(4,000		)				—			4,000			—			—
Intercompany distributions	—			(256,921		)	(84,000		)	108,766			232,155			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(331,177		)	(256,921		)	234,473			106,904			232,155			(14,566		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(336		)	—			(336		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(79,950		)	967			1,637			57,488			—			(19,858		)
Balance, beginning of year	252,888			3,966			19,358			4,384			—			280,596
Balance, end of period	$	172,938		$	4,933		$	20,995		$	61,872		$	—		$	260,738

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 September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	149,829		$	—		$	149,829
Costs and Expenses
Cost of sales	—			—			118,088			—			118,088
Selling and general expenses	—			3,488			5,318			—			8,806
Other operating income, net	—			(854		)	(8,290		)	—			(9,144		)
	—			2,634			115,116			—			117,750
OPERATING (LOSS) INCOME	—			(2,634		)	34,713			—			32,079
Interest expense	(3,685		)	(2,981		)	(2,900		)	—			(9,566		)
Interest and miscellaneous income (expense), net	1,799			554			(4,087		)	—			(1,734		)
Equity in income from subsidiaries	34,587			38,414			—			(73,001		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	32,701			33,353			27,726			(73,001		)	20,779
Income tax benefit	—			1,234			10,046			—			11,280
INCOME FROM CONTINUING OPERATIONS	32,701			34,587			37,772			(73,001		)	32,059
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			—			—			—
NET INCOME	32,701			34,587			37,772			(73,001		)	32,059
Less: Net loss attributable to noncontrolling interest	—			—			(642		)	—			(642		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	32,701			34,587			38,414			(73,001		)	32,701
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(27,317		)	(27,317		)	(37,738		)	54,495			(37,877		)
New Zealand joint venture cash flow hedges	(2,270		)	(2,272		)	(3,494		)	4,542			(3,494		)
Amortization of pension and postretirement plans, net of income tax	2,265			2,265			(4,120		)	1,855			2,265
Total other comprehensive loss	(27,322		)	(27,324		)	(45,352		)	60,892			(39,106		)
COMPREHENSIVE INCOME (LOSS)	5,379			7,263			(7,580		)	(12,109		)	(7,047		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(12,295		)	(131		)	(12,426		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	5,379		$	7,263		$	4,715		$	(11,978	)	$	5,379



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended September 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	159,261		$	—		$	159,261
Costs and Expenses
Cost of sales	—			—			129,002			—			129,002
Selling and general expenses	—			2,276			10,828			—			13,104
Other operating expense (income), net	—			738			(4,213		)	661			(2,814		)
	—			3,014			135,617			661			139,292
OPERATING (LOSS) INCOME	—			(3,014		)	23,644			(661		)	19,969
Interest expense	(3,190		)	(7,277		)	(356		)	—			(10,823		)
Interest and miscellaneous income (expense), net	2,538			(3,555		)	103			—			(914		)
Equity in income from subsidiaries	57,932			66,610			—			(124,542		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	57,280			52,764			23,391			(125,203		)	8,232
Income tax benefit	65			5,168			1,642			(67		)	6,808
INCOME FROM CONTINUING OPERATIONS	57,345			57,932			25,033			(125,270		)	15,040
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			43,327			—			43,327
NET INCOME	57,345			57,932			68,360			(125,270		)	58,367
Less: Net income attributable to noncontrolling interest	—			—			1,022			—			1,022
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	57,345			57,932			67,338			(125,270		)	57,345
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	17,887			17,887			24,259			(35,774		)	24,259
New Zealand joint venture cash flow hedges	2,233			2,231			3,434			(4,465		)	3,433
Amortization of pension and postretirement plans, net of income tax	3,639			3,639			2,747			(6,386		)	3,639
Total other comprehensive income	23,759			23,757			30,440			(46,625		)	31,331
COMPREHENSIVE INCOME	$	81,104		$	81,689		$	98,800		$	(171,895	)	$	89,698
Less: Comprehensive income attributable to noncontrolling interest	$	—		$	—		$	8,594		$	—		$	8,594
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	81,104		$	81,689		$	90,206		$	(171,895	)	$	81,104



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	456,161		$	—		$	456,161
Costs and Expenses
Cost of sales	—			—			357,083			—			357,083
Selling and general expenses	—			8,032			27,872			—			35,904
Other operating expense (income), net	—			3,094			(24,002		)	—			(20,908		)
	—			11,126			360,953			—			372,079
OPERATING (LOSS) INCOME	—			(11,126		)	95,208			—			84,082
Interest expense	(10,074		)	(21,121		)	(4,657		)	—			(35,852		)
Interest and miscellaneous income (expense), net	7,230			(3,780		)	(10,581		)	—			(7,131		)
Equity in income from subsidiaries	93,324			121,047			—			(214,371		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	90,480			85,020			79,970			(214,371		)	41,099
Income tax benefit (expense)	—			8,304			(2,985		)	—			5,319
INCOME FROM CONTINUING OPERATIONS	90,480			93,324			76,985			(214,371		)	46,418
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income taxes	—			—			43,092			—			43,092
NET INCOME	90,480			93,324			120,077			(214,371		)	89,510
Less: Net loss attributable to noncontrolling interest	—			—			(970		)	—			(970		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	90,480			93,324			121,047			(214,371		)	90,480
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	(11,770		)	(11,770		)	(16,426		)	23,540			(16,426		)
New Zealand joint venture cash flow hedges	(1,756		)	(1,758		)	(2,703		)	3,514			(2,703		)
Amortization of pension and postretirement plans, net of income tax	63,235			63,235			90,214			(153,449		)	63,235
Total other comprehensive income	49,709			49,707			71,085			(126,395		)	44,106
COMPREHENSIVE INCOME	140,189			143,031			191,163			(340,767		)	133,616
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(6,573		)	—			(6,573		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	140,189		$	143,031		$	197,736		$	(340,767	)	$	140,189



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	—		$	421,203		$	—		$	421,203
Costs and Expenses
Cost of sales	—			—			333,523			—			333,523
Selling and general expenses	—			7,357			33,847			—			41,204
Other operating (income) expense, net	(1,701		)	1,187			(10,073		)	—			(10,587		)
	(1,701		)	8,544			357,297			—			364,140
Equity in income of New Zealand joint venture	—			—			562			—			562
OPERATING INCOME (LOSS) BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701			(8,544		)	64,468			—			57,625
Gain related to consolidation of New Zealand joint venture	—			—			16,098			—			16,098
OPERATING INCOME (LOSS)	1,701			(8,544		)	80,566			—			73,723
Interest (expense) income	(9,879		)	(21,410		)	663			—			(30,626		)
Interest and miscellaneous income (expense), net	6,716			(3,470		)	(1,394		)	—			1,852
Equity in income from subsidiaries	293,706			316,241			—			(609,947		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	292,244			282,817			79,835			(609,947		)	44,949
Income tax benefit	—			10,889			17,861			—			28,750
INCOME FROM CONTINUING OPERATIONS	292,244			293,706			97,696			(609,947		)	73,699
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			220,294			—			220,294
NET INCOME	292,244			293,706			317,990			(609,947		)	293,993
Less: Net income attributable to noncontrolling interest	—			—			1,749			—			1,749
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	292,244			293,706			316,241			(609,947		)	292,244
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	237			237			(2,967		)	(474		)	(2,967		)
New Zealand joint venture cash flow hedges	3,663			3,663			4,209			(7,326		)	4,209
Amortization of pension and postretirement plans, net of income tax	12,326			12,326			9,578			(21,904		)	12,326
Total other comprehensive income	16,226			16,226			10,820			(29,704		)	13,568
COMPREHENSIVE INCOME	308,470			309,932			328,810			(639,651		)	307,561
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(909		)	—			(909		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$	308,470		$	309,932		$	329,719		$	(639,651	)	$	308,470

Schedule of Condensed Consolidating Balance Sheets



	CONDENSED CONSOLIDATING BALANCE SHEETS As of September 30, 2014
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	84,283	$	51,488	$	47,060		$	—		$	182,831
Restricted cash	—		—		—			—			—
Accounts receivable, less allowance for doubtful accounts	—		1,359		26,878			—			28,237
Inventory	—		—		12,439			—			12,439
Deferred tax asset	—		—		4,211			—			4,211
Prepaid and other current assets	—		1,525		22,296			—			23,821
Total current assets	84,283		54,372		112,884			—			251,539
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,058,381			—			2,058,381
NET PROPERTY, PLANT AND EQUIPMENT	—		483		6,048			—			6,531
INVESTMENT IN SUBSIDIARIES	1,522,406		1,981,482		—			(3,503,888		)	—
INTERCOMPANY NOTES RECEIVABLE	245,898		21,279		—			(267,177		)	—
OTHER ASSETS	2,860		19,277		138,971			—			161,108
TOTAL ASSETS	$	1,855,447	$	2,076,893	$	2,316,284		$	(3,771,065	)	$	2,477,559
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	3,647	$	19,479		$	—		$	23,126
Current maturities of long-term debt	—		129,199		1,287			—			130,486
Accrued taxes	—		41		14,913			—			14,954
Uncertain tax positions	—		—		—			—			—
Accrued payroll and benefits	—		3,892		2,446			—			6,338
Accrued interest	6,116		1,001		29,098			(26,079		)	10,136
Other current liabilities	—		1,113		25,483			—			26,596
Total current liabilities	6,116		138,893		92,706			(26,079		)	211,636
LONG-TERM DEBT	325,000		14,999		265,163			—			605,162
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		23,078		(685		)	—			22,393
OTHER NON-CURRENT LIABILITIES	—		6,876		20,590			—			27,466
INTERCOMPANY PAYABLE	—		370,641		(100,759		)	(269,882		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,524,331		1,522,406		1,952,698			(3,475,104		)	1,524,331
Noncontrolling interest	—		—		86,571			—			86,571
TOTAL SHAREHOLDERS’ EQUITY	1,524,331		1,522,406		2,039,269			(3,475,104		)	1,610,902
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,855,447	$	2,076,893	$	2,316,284		$	(3,771,065	)	$	2,477,559



	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 Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	219,988		$	238,010		$	54,461		$	(231,730	)	$	280,729
INVESTING ACTIVITIES
Capital expenditures	—			(400		)	(105,258		)	—			(105,658		)
Purchase of timberlands	—			—			(93,189		)	—			(93,189		)
Change in restricted cash	—			—			47,318			—			47,318
Investment in Subsidiaries	—			855,014			—			(855,014		)	—
Other	—			—			(478		)	—			(478		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			854,614			(151,607		)	(855,014		)	(152,007		)
FINANCING ACTIVITIES
Issuance of debt	—			185,000			1,110,163			—			1,295,163
Repayment of debt	—			(1,002,500		)	(170,549		)	—			(1,173,049		)
Dividends paid	(225,877		)	—			—			—			(225,877		)
Proceeds from the issuance of common shares	4,645			—			—			—			4,645
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	—			—			—			—			—
Issuance of intercompany notes	(11,400		)	—			11,400			—			—
Intercompany distributions	—			(234,659		)	(852,085		)	1,086,744			—
Other	—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(265,886		)	(1,052,159		)	85,869			1,086,744			(145,432		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(103		)	—			(103		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(45,898		)	40,465			(11,380		)	—			(16,813		)
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period	$	84,283		$	51,488		$	47,060		$	—		$	182,831



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2013
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	389,405		$	394,700		$	291,478		$	(741,347	)	$	334,236
INVESTING ACTIVITIES
Capital expenditures	—			(335		)	(121,764		)	—			(122,099		)
Purchase of additional interest in New Zealand joint venture	—			—			(139,879		)	—			(139,879		)
Purchase of timberlands	—			—			(11,650		)	—			(11,650		)
Intercompany purchase of real estate	—			—			—			—			—
Jesup mill cellulose specialties expansion	—			—			(137,392		)	—			(137,392		)
Proceeds from disposition of Wood Products business	—			—			68,063			—			68,063
Change in restricted cash	—			—			3,989			—			3,989
Investment in Subsidiaries	(138,178		)	(455,014		)	—			593,192			—
Other	—			1,701			(1,925		)	—			(224		)
CASH USED FOR INVESTING ACTIVITIES	(138,178		)	(453,648		)	(340,558		)	593,192			(339,192		)
FINANCING ACTIVITIES
Issuance of debt	175,000			375,000			57,885			—			607,885
Repayment of debt	(325,000		)	(56,527		)	(71,936		)	—			(453,463		)
Dividends paid	(175,079		)	—			—			—			(175,079		)
Proceeds from the issuance of common shares	9,205			—			—			—			9,205
Excess tax benefits on stock-based compensation	—			—			8,189			—			8,189
Repurchase of common shares	(11,303		)	—			—			—			(11,303		)
Issuance of intercompany notes	(4,000		)	—			4,000			—			—
Intercompany distributions	—			(256,921		)	108,766			148,155			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(331,177		)	61,552			106,904			148,155			(14,566		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(336		)	—			(336		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(79,950		)	2,604			57,488			—			(19,858		)
Balance, beginning of year	252,888			23,324			4,384			—			280,596
Balance, end of period	$	172,938		$	25,928		$	61,872		$	—		$	260,738

BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Billions	Nov. 07, 2014 subsequent_event $ / shares	Sep. 30, 2014 USD ($)
Subsequent Event [Line Items]
Contributions of Assets, Net, Liabilities, and Equity to Spinoff \| $		$ 1.2
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Subsequent Events \| subsequent_event	1
Dividends Payable, Amount Per Share \| $ / shares	$ 0.25

DISCONTINUED OPERATIONS Narrative (Details) $ in Thousands			9 Months Ended
DISCONTINUED OPERATIONS Narrative (Details) $ in Thousands	Jun. 27, 2014 USD ($) company shares	Mar. 01, 2013 USD ($) lumber_mill	Sep. 30, 2014 USD ($) T	Sep. 30, 2013 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials Debt			$ 735,648
Change in restricted cash			47,318	$ 3,989
Payments of Dividends	$ 63,200		$ 225,877	175,079
Specified Transition Services, Period			18 months
Hardwood Provided to Former Subsidiary, Tons \| T			120,000
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
Change in restricted cash	75,000
Performance Fibers business [Member] \| Senior Notes [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials Debt	550,000
Performance Fibers business [Member] \| Term Loans [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials Debt	325,000
Performance Fibers business [Member] \| Revolving Credit Facility [Member] \| Revolving Credit Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials Debt	$ 75,000
Performance Fibers business [Member] \| Common Stock [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
Wood Products business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of lumber mills sold \| lumber_mill		3
Base consideration received		$ 80,000		$ 80,000
After tax gain on disposal		$ 42,700

DISCONTINUED OPERATIONS Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense	$ 0		$ (18,313)		$ (21,231)	$ (82,223)
Income from discontinued operations, net	0	$ 12,084	43,327	$ 43,092	43,092	220,294
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales	0		225,523		456,180	766,377
Cost of sales and other	0		(162,515)		(368,868)	(529,098)
Transaction expenses	0		(1,368)		(22,989)	(1,512)
Income from discontinued operations before income taxes	0		61,640		64,323	235,767
Income tax expense	0		(18,313)		(21,231)	(59,950)
Income from discontinued operations, net	0		43,327		43,092	175,817
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 Interest Expense Allocated to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense allocated to the Performance Fibers business	$ 0	$ (2,489)	$ (4,205)	$ (6,286)

DISCONTINUED OPERATIONS Depreciation, Amortization, and Capital Expenditures (Details) - Performance Fibers business [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 0	$ 22,340	$ 37,985	$ 51,142
Capital expenditures	0	11,357	46,336	81,540
Jesup mill cellulose specialties expansion	$ 0	$ 37,207	$ 0	$ 137,392

DISCONTINUED OPERATIONS Major Classes of Performance Fibers Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2014	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	$ 12,439				$ 138,818
Property, plant and equipment, net	6,531				860,821
TOTAL ASSETS	2,477,559				3,685,501
Other current liabilities	26,596				24,327
Long-Term debt	735,648
Non-current environmental liabilities	0				69,543
Pension and other postretirement benefits	22,393				95,654
Other non-current liabilities	27,466				27,225
Deficit	820,181	$ 887,648		$ 994,624	1,015,209
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,477,559				$ 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) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]
Hardwood purchases	$ 0	$ 108	$ 3,935	$ 458

DISCONTINUED OPERATIONS Reconciliation of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net	$ 0	$ 12,084	$ 43,327	$ 43,092	$ 43,092	$ 220,294
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net	0		43,327		43,092	175,817
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				9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ 118,088			$ 129,002	$ 357,083	$ 333,523
Understatement of Depletion Expense [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales		$ 2,000	$ 2,000
Additional Depletion Expense [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ 2,600

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

9 Months Ended

12 Months Ended

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Operating Income

$ 32,079

$ 37,577

$ 63,039

^[1]

$ 19,969

$ 52,003

$ 84,082

$ 73,723

Income from Continuing Operations

11,280

(13,557)

(7,712)

^[1]

6,808

(5,961)

5,319

28,750

32,059

4,024

41,343

^[1]

15,040

14,359

46,418

73,699

12,084

43,327

43,092

220,294

Net Income Attributable to Rayonier Inc.

32,059

16,108

41,343

^[1]

58,367

57,451

89,510

293,993

$ 373,798

$ 32,701

$ 16,353

$ 41,426

^[1]

$ 57,345

$ 57,779

$ 90,480

$ 292,244

Basic Earnings Per Share Attributable to Rayonier Inc.

Continuing operations, Basic (in dollars per share)

$ 0.26

$ 0.03

$ 0.33

^[1]

$ 0.11

$ 0.12

$ 0.38

$ 0.57

Discontinued operations, Basic (in dollars per share)

0.00

0.10

0.00

^[1]

0.34

1.76

Diluted Earnings Per Share Attributable to Rayonier Inc.

0.26

0.13

0.33

^[1]

0.45

0.46

0.72

2.33

Continuing operations, Diluted (in dollars per share)

0.25

0.03

0.32

^[1]

0.11

0.36

0.55

Discontinued operations, Diluted (in dollars per share)

0.00

0.09

0.00

^[1]

0.33

1.68

As Previously Preported [Member]

$ 0.25

$ 0.12

$ 0.32

^[1]

$ 0.44

$ 0.69

$ 2.23

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Operating Income

$ 39,568

$ 65,008

^[1]

$ 55,962

Income from Continuing Operations

(13,515)

(7,732)

^[1]

(5,939)

6,056

43,292

^[1]

18,340

12,084

43,092

Net Income Attributable to Rayonier Inc.

18,140

43,292

^[1]

61,432

$ 18,385

$ 43,375

^[1]

$ 61,760

Basic Earnings Per Share Attributable to Rayonier Inc.

Continuing operations, Basic (in dollars per share)

$ 0.05

$ 0.34

^[1]

$ 0.15

Discontinued operations, Basic (in dollars per share)

0.10

0.00

^[1]

0.34

Diluted Earnings Per Share Attributable to Rayonier Inc.

0.15

0.34

^[1]

0.49

Continuing operations, Diluted (in dollars per share)

0.05

0.34

^[1]

0.14

Discontinued operations, Diluted (in dollars per share)

0.09

0.00

^[1]

0.33

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ 0.14

$ 0.34

^[1]

$ 0.47

Restatement [Member]

Operating Income

$ (1,991)

$ (1,969)

$ (3,959)

Income from Continuing Operations

(42)

(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	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Prepaid and Other Current Assets	$ 23,821	$ 21,543	$ 54,577	$ 46,576
Timber and Timberlands, Net of Depletion and Amortization	2,058,381	2,117,655	2,067,549	2,049,378
Retained earnings	$ 820,181	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

9 Months Ended

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

^[1]

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Income from continuing operations

$ 32,059

$ 4,024

$ 41,343

$ 15,040

$ 14,359

$ 46,418

$ 73,699

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

(642)

1,022

(970)

1,749

Income from continuing operations attributable to Rayonier Inc.

32,701

14,018

47,388

71,950

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

43,327

43,092

220,294

Shares used for determining basic earnings per common share

$ 32,701

$ 16,353

$ 41,426

$ 57,345

$ 57,779

$ 90,480

$ 292,244

126,501,837

126,122,151

126,428,279

125,549,133

Dilutive effect of:

Stock options

320,839

468,286

347,721

501,324

Performance and restricted shares

37,682

546,247

165,627

518,138

Assumed conversion of Senior Exchangeable Notes

^[2]

1,692,343

2,168,254

2,395,698

2,176,414

Assumed conversion of warrants

^[2]

1,237,812

1,608,466

2,344,335

2,043,965

Shares used for determining diluted earnings per common share

129,790,513

130,913,404

131,681,660

130,788,974

Basic earnings per common share attributable to Rayonier Inc.:

Continuing operations, Basic (in dollars per share)

$ 0.26

$ 0.03

$ 0.33

$ 0.11

$ 0.12

$ 0.38

$ 0.57

Discontinued operations, Basic (in dollars per share)

0.00

0.10

0.00

0.34

1.76

Diluted earnings per common share attributable to Rayonier Inc.:

0.26

0.13

0.33

0.45

0.46

0.72

2.33

Continuing operations, Diluted (in dollars per share)

0.25

0.03

0.32

0.11

0.36

0.55

Discontinued operations, Diluted (in dollars per share)

0.00

0.09

0.00

0.33

1.68

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

$ 0.25

$ 0.12

$ 0.32

$ 0.44

$ 0.69

$ 2.23

[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 $28.13 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 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.

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

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

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

2,066,905

2,270,138

2,881,548

2,343,901

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

374,562

101,884

485,850

167,487

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]

1,692,343

2,168,254

2,395,698

2,176,414

[1]

EARNINGS PER COMMON SHARE Parenthetical (Details)		3 Months Ended	9 Months Ended
EARNINGS PER COMMON SHARE Parenthetical (Details)	Apr. 07, 2013 shares	Mar. 31, 2013 shares	Sep. 30, 2013	Sep. 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				28.13

INCOME TAXES AFMC for CBPC exchange - Narrative (Details) $ in Thousands, gal in Millions	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Mar. 31, 2013 USD ($) gal	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Dec. 31, 2009 tax_credit $ / gal
AFMC for CBPC Exchange [Line Items]
Number of tax credits \| tax_credit							2
Valuation allowance	$ (990)		$ 0		$ 14,584	$ 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
Valuation allowance, amount reversed	$ 1,000
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

9 Months Ended

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

^[1]

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Income tax expense at federal statutory rate

$ 7,273

$ 2,881

$ 14,385

$ 15,732

Income tax expense at federal statutory rate (percent)

35.00%

REIT income, taxable losses and other

$ (16,673)

$ (10,094)

$ (30,572)

$ (41,417)

REIT income, taxable losses and other (percent)

(80.20%)

(122.60%)

(74.40%)

(92.10%)

Foreign operations

$ (44)

$ 1,295

$ (88)

$ 2,812

Foreign operations (percent)

(0.20%)

15.80%

(0.20%)

6.30%

Loss on early redemption of Senior Exchangeable Notes

$ 0

$ 288

$ 0

$ 1,572

Loss on early redemption of Senior Exchangeable Notes (percent)

0.00%

3.50%

0.00%

3.50%

Other

$ 99

$ (33)

$ 196

$ (185)

Other (percent)

0.40%

(0.50%)

0.50%

(0.40%)

Income tax benefit before discrete items

$ (9,345)

$ (5,663)

$ (16,079)

$ (21,486)

Income tax expense before discrete items (percent)

(45.00%)

(68.80%)

(39.10%)

(47.70%)

CBPC valuation allowance

$ (990)

$ 0

$ 14,584

$ 0

CBPC valuation allowance

(4.80%)

0.00%

35.50%

0.00%

Deferred tax inventory valuations

$ (3,293)

$ 0

Deferred tax inventory valuations (percent)

(8.00%)

0.00%

Uncertain tax positions

$ (1,830)

$ (800)

$ (1,830)

$ 0

Uncertain tax positions (percent)

(8.80%)

(9.70%)

(4.50%)

0.00%

Spin-off related costs

$ 797

$ 0

Spin-off related costs (percent)

1.90%

0.00%

Return to accrual adjustments

$ 885

$ 0

$ 885

$ 0

Return to accrual adjustments (percent)

4.30%

0.00%

2.20%

0.00%

$ 0

$ (5,634)

0.00%

(12.50%)

Reversal of REIT BIG tax payable

$ 0

$ (485)

Reversal of REIT BIG tax payable (percent)

0.00%

(1.10%)

Other

$ 0

$ (345)

$ (383)

$ (1,145)

Other (percent)

0.00%

(4.20%)

(0.90%)

(2.60%)

Income tax benefit as reported for continuing operations

$ (11,280)

$ 13,557

$ 7,712

$ (6,808)

$ 5,961

$ (5,319)

$ (28,750)

Income tax expense as reported (percent)

(54.30%)

(82.70%)

(12.90%)

(63.90%)

[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		9 Months Ended
	Mar. 01, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating Loss Carryforwards [Line Items]
Discontinued Operation, Tax Effect of Discontinued Operation		$ 0	$ 18,313	$ 21,231	$ 82,223
Performance Fibers business [Member]
Operating Loss Carryforwards [Line Items]
Discontinued Operation, Tax Effect of Discontinued Operation		$ 0	18,313	$ 21,231	59,950
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
	Sep. 30, 2014	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Expired unrecognized tax benefits	$ 5.8
Income tax benefit due to expired unrecognized tax benefit liability	1.8
Decrease in deferred tax asset, noncurrent	$ 4.0
Unrecognized tax benefits, reversed reserve		$ 4.8
Amount of unrecognized tax benefits recorded in discontinued operations		$ 0.9

INCOME TAXES Deferred Taxes Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 4,211	$ 39,100
Deferred Tax Assets, Valuation Allowance	$ 14,600

RESTRICTED DEPOSITS (Details) - USD ($) $ in Millions	9 Months Ended
RESTRICTED DEPOSITS (Details) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
Restricted Cash and Investments [Abstract]
Maximum Time Period Proceeds From LKE Sale Maintained with Third Party Intermediary	180 days
Restricted Deposits	$ 21.6	$ 68.9

JOINT VENTURE INVESTMENT Narrative (Details) Acres in Millions, $ in Millions	Apr. 04, 2013 USD ($) Acres	Sep. 30, 2013
Business Acquisition [Line Items]
Effective Date of Acquisition	Apr. 04, 2013
Additional ownership interest acquired	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%
Ownership Percentage by Noncontrolling Owners	35.00%
Pre-acquisition ownership percentage	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
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
Matariki Forestry Group [Member]
Business Acquisition [Line Items]
Acres Of Timberland Owned Managed \| Acres	0.3

JOINT VENTURE INVESTMENT Business Acquisition, Pro Forma Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2013

Business Combinations [Abstract]

Sales

^[1]

$ 159,261

$ 455,729

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

$ 58,367

$ 292,234

[1]	Excludes results from discontinued operations. For additional information, see Note 2 — Discontinued Operations.

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

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Apr. 07, 2013

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Mar. 31, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dividends ($1.86 per share for 2013 and $1.78 per share for 9 months ended 9/30/14)

$ 1,755,243

$ 1,438,004

$ 1,755,243

$ 1,438,004

Net income (loss)

$ 32,059

$ 16,108

$ 41,343

^[1]

$ 58,367

$ 57,451

89,510

293,993

373,798

(225,175)

(233,321)

Adjustments to Rayonier Advanced Materials

19,130

(1,571)

Issuance of shares under incentive stock plans

4,645

10,101

Stock-based compensation

6,780

11,710

Excess tax benefit (deficiency) on stock-based compensation

(809)

8,413

Repurchase of common shares

(1,834)

(11,326)

Equity portion of convertible debt upon redemption

2,453

Net gain (loss) from pension and postretirement plans

(14,958)

61,869

Acquisition of noncontrolling interest

96,336

Noncontrolling interest redemption of shares

(930)

(713)

Joint venture cash flow hedges

(37,877)

24,259

(16,426)

(2,967)

(5,710)

(3,494)

$ 3,433

(2,703)

$ 4,209

3,629

Warrants on Senior Exchangeable Notes due 2012 [Member]

$ 1,610,902

$ 1,755,243

Dividends [Abstract]

Dividends per share

$ 0.8

$ 0.49

$ 1.78

$ 1.37

$ 1.86

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)

512,364

1,001,426

Issuance of shares under incentive stock plans

$ 4,645

$ 10,101

Stock-based compensation

6,780

11,710

Excess tax benefit (deficiency) on stock-based compensation

$ (809)

$ 8,413

Repurchase of common shares (in shares)

(45,790)

(211,221)

Repurchase of common shares

$ (1,834)

$ (11,326)

Equity portion of convertible debt upon redemption

$ 2,453

Ending balance (in shares)

126,724,444

126,257,870

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

$ 700,581

$ 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 $1.78 per share for 9 months ended 9/30/14)

1,015,209

876,634

1,015,209

876,634

$ 876,634

Net income (loss)

90,480

371,896

(225,175)

(233,321)

Adjustments to Rayonier Advanced Materials

(61,318)

985

Accumulated Other Comprehensive Income (Loss) [Member]

820,181

1,015,209

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

(46,139)

(109,379)

(46,139)

(109,379)

Adjustments to Rayonier Advanced Materials

80,749

(2,556)

Net gain (loss) from pension and postretirement plans

(14,958)

61,869

Joint venture cash flow hedges

(11,770)

(1,915)

(1,757)

3,286

Noncontrolling Interest [Member]

3,569

(46,139)

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

Acquisition of noncontrolling interest

$ 94,073

$ 0

$ 94,073

94,073

$ 0

Net income (loss)

(970)

1,902

96,336

Noncontrolling interest redemption of shares

(930)

(713)

Joint venture cash flow hedges

(4,656)

(3,795)

(946)

343

$ 86,571

$ 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	9 Months Ended
	Mar. 31, 2014	Sep. 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

9 Months Ended

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

^[1]

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

$ 2,477,559

$ 3,685,501

149,829

$ 159,261

456,161

$ 421,203

32,079

$ 37,577

$ 63,039

19,969

$ 52,003

84,082

73,723

Gain on consolidation

16,098

New Zealand Joint Venture [Member]

34,042

30,811

92,454

81,668

Corporate and Other [Member]

Gain on consolidation

16,100

182,012

257,608

^[2]

(6,010)

(10,361)

(27,418)

(15,418)

Forest Resources [Member]

123

262

747

738

2,160,615

2,162,913

108,024

111,260

313,822

277,422

19,191

23,172

64,657

57,317

30,112

28,475

80,567

72,210

Real Estate [Member]

110,825

149,001

26,689

14,088

66,236

51,761

16,399

7,521

44,888

30,468

Other Operations [Member]

3,807

2,074

11,140

8,720

24,107

37,334

15,116

34,015

80,027

92,472

Performance Fibers business [Member]

2,499

(363)

1,955

1,356

Intersegment Eliminations [Member]

$ 1,078,645

$ 0

$ (102)

$ (3,924)

$ (452)

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.
[2]	The nine months ended September 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)	Sep. 30, 2014
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	81.00%
Minimum [Member]
Derivative [Line Items]
Percent of New Zealand JV variable rate debt hedged for three months	50.00%
Percent of New Zealand JV variable rate debt hedged for three to 12 months	50.00%
Maximum [Member]
Derivative [Line Items]
Percent of New Zealand JV variable rate debt hedged for three months	90.00%
Percent of New Zealand JV variable rate debt hedged for three to 12 months	75.00%
Percent of New Zealand JV variable rate debt hedged for 12 to 18 months	50.00%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ (221)	$ 32	$ (156)
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			(1,500)
Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member] \| Other operating expense (income) [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	619	0	619
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	(2,537)	2,602	(1,868)	1,093
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	(2,227)	832	(2,006)	468
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	360	(25)	1,786
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	480	(7)	(1,011)
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	(1,765)	2,079	(3,628)	4,729
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	$ 62	$ (162)	$ (163)	$ (14)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Notional Amounts (Details) bbl in Thousands, $ in Thousands	Sep. 30, 2014 USD ($) bbl	Dec. 31, 2013 USD ($) bbl
Foreign currency exchange contracts [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 0	$ 1,950
Foreign currency option contracts [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	0	4,000
Interest rate swaps [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 180,858	$ 183,851
Fuel hedge contracts [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount (in barrels) \| bbl	1	38
Cash Flow Hedging [Member] \| Foreign currency exchange contracts [Member] \| Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 24,810	$ 32,300
Cash Flow Hedging [Member] \| Foreign currency option contracts [Member] \| Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 70,500	$ 38,000

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

Sep. 30, 2014

Dec. 31, 2013

^[1]

$ 223

$ 1,781

Other current liabilities [Member]

^[1]

(8,118)

(4,873)

Other non-current liabilities [Member]

^[1]

(2,254)

(214)

Prepaid and other current assets [Member]

^[1]

(5,864)

(4,659)

^[1]

134

1,781

Other assets [Member]

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

^[1]

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

^[1]

(696)

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

^[1]

(181)

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

^[1]

915

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

^[1]

(1,555)

(214)

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

^[1]

(164)

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

^[1]

134

673

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

^[1]

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

^[1]

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

^[1]

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

^[1]

(5,519)

(4,659)

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

^[1]

(3)

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.

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

Sep. 30, 2014

Dec. 31, 2013

Restricted deposits from LKE sales

$ 21,600

$ 68,900

Other assets [Member]

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

Restricted deposits from LKE sales

22,000

69,000

Carrying Value [Member]

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

Cash and cash equivalents

182,831

199,644

Restricted cash

^[1]

21,626

68,944

Current maturities of long-term debt

(130,486)

(112,500)

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

(605,162)

(1,461,724)

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

Interest rate swaps

^[2]

(5,519)

(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]

(3)

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]

(877)

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]

(1,496)

467

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

Cash and cash equivalents

182,831

199,644

Restricted cash

^[1]

21,626

68,944

Current maturities of 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

(173,531)

(119,614)

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

(607,139)

(1,489,810)

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

Interest rate swaps

^[2]

(5,519)

(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]

(3)

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]

(877)

940

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

^[2]

$ (1,496)

$ 467

[1]	Restricted cash of $22 million and $69 million, as of September 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.
[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)	9 Months Ended
	Sep. 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

9 Months Ended

Sep. 30, 2014

USD ($)

$ 20,391

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]

$ 782

^[3]

$ 0

^[3]

Surety Bond [Member]

Guarantor Obligations, Term

various dates during 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 September 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 2015 and are expected to be renewed as required.

COMMITMENTS (Details)
$ in Thousands

9 Months Ended

Sep. 30, 2014

USD ($)

lease

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

2014

$ 489

^[1]

2015

592

^[1]

2016

204

^[1]

2017

170

^[1]

2018

1,950

^[1]

Thereafter

4,063

^[1]

Total

7,468

^[1]

Purchase Obligation, Fiscal Year Maturity [Abstract]

4,112

12,331

11,111

10,309

10,169

139,378

187,410

Operating Leases [Member]

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

620

1,941

1,464

884

575

1,689

7,173

Timber Properties [Member]

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

2014

3,003

^[2]

2015

9,798

^[2]

2016

9,443

^[2]

2017

9,255

^[2]

2018

7,644

^[2]

Thereafter

133,626

^[2]

Total

$ 172,769

^[2]

Matariki Crown Forest Licenses [Member]

Purchase Obligation, Fiscal Year Maturity [Abstract]

Lessee Leasing Arrangements, Operating Leases, Termination Notice

35 years

Lessee Leasing Arrangements, Operating Leases, Renewal Term

1 year

Number of Leases Under Termination Notice | lease

Number of Fixed Term Forest Leases Expiring | lease

Total annual license fee on CFLs

$ 1,900

Annual license fee on CFLs terminating or expiring

$ 200

Southern U.S. [Member] | Minimum [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

30 years

Southern U.S. [Member] | Maximum [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

65 years

New Zealand JV [Member] | Minimum [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

30 years

New Zealand JV [Member] | Maximum [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.

COMMITMENTS Acres Under Lease by Type of Lease and Lease Expiration (Details)
Acres in Thousands

9 Months Ended

Sep. 30, 2014

Acres

453

271

Southern U.S. [Member] | Fixed Term [Member]

Ownership Percentage

65.00%

260

176

Southern U.S. [Member] | Fixed Term with Renewal Option [Member]

New Zealand [Member] | Crown Forest License Perpetual [Member]

^[1]

^[1]

^[1]

^[1]

New Zealand [Member] | Crown Forest License Fixed Term [Member]

^[1]

^[1]

^[1]

^[1]

^[1]

New Zealand [Member] | Crown Forest License Terminating [Member]

^[1]

^[1]

^[1]

^[1]

^[1]

New Zealand [Member] | Forestry Right [Member]

^[1]

^[1]

^[1]

^[1]

^[1]

New Zealand [Member] | Lease [Member]

^[1]

^[1]

^[1]

^[1]

^[1]

Defined Benefit Plan Disclosure [Line Items]

^[1]

[1]	Represents acres leased by the New Zealand JV, in which Rayonier has a 65 percent interest.

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS Analysis of Activity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCENTIVE STOCK PLANS (Details) - USD ($) $ in Millions	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0.8	$ 2.9
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
Award vesting period			2 years
Increase in intrinsic value			$ 0.7
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	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Net decrease in pension obligations	$ 99
Discount rate	4.00%	4.60%
Other comprehensive loss transferred	$ 78
Other comprehensive loss, tax	$ 45
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

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Pension [Member]

Service cost

$ 378

$ 2,011

$ 3,545

$ 6,441

Interest cost

786

3,953

9,921

12,740

Expected return on plan assets

(1,135)

(5,966)

(14,123)

(19,356)

Amortization of prior service cost

322

572

1,032

Amortization of losses

601

4,792

5,942

15,308

Amortization of negative plan amendment

Net periodic benefit cost

633

^[1]

5,112

^[1]

5,857

^[2]

16,165

^[2]

Postretirement [Member]

Defined Benefit Plan Disclosure [Line Items]

Service cost

330

328

828

Interest cost

231

423

711

Expected return on plan assets

Amortization of prior service cost

Amortization of losses

248

533

Amortization of negative plan amendment

(267)

Net periodic benefit cost

^[1]

$ 665

^[1]

740

^[2]

2,091

^[2]

Income from Discontinued Operations [Member]

Defined Benefit Plan Disclosure [Line Items]

Net periodic benefit cost

$ 3,700

$ 4,000

$ 11,200

[1]	Net periodic benefit cost for the three months ended September 30, 2013 includes $3.7 million recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.
[2]	Net periodic benefit cost for the nine months ended September 30, 2014 and September 30, 2013 includes $4.0 million and $11.2 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.

DEBT Narrative (Details) - USD ($)

3 Months Ended

9 Months Ended

Jul. 07, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Jul. 06, 2014

Receipt of restricted cash reserved for dividends

Proceeds from spinoff

$ 906,200,000

$ 0

Write off of Capitalized Debt Cost

$ 1,700,000

Effect of exchange rate on New Zealand JV debt

11,400,000

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

Line of Credit Facility, Maximum Borrowing Capacity

200,000,000

$ 450,000,000

Term Credit Agreement due 2019 [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 100,000,000

$ 640,000,000

Net draws on working capital facility

1,300,000

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

Remaining borrowing capacity

$ 80,000,000

280,000,000

$ 198,000,000

198,000,000

Term Credit Agreement due 2019 [Member]

Remaining borrowing capacity

500,000,000

100,000,000

Secured Mortgage Notes, Timberland Acquisition [Member]

^[1]

52,500,000.0

Noncontrolling interest shareholder loan at 0% interest rate [Member]

10,500,000

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

$ 1,200,000

Exchange period beginning date

Maturity date

2015

Sep. 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

Rayonier Advanced Materials Debt [Member]

172,500,000

$ 172,500,000

Receipt of restricted cash reserved for dividends

$ 950,000,000

950,000,000

Proceeds from spinoff

906,000,000

75,000,000

Installment note due 2014 [Member]

$ 112,500,000

[1]	The mortgage notes due in 2017 were recorded at a premium of $1.4 million as of September 30, 2014. Upon maturity, the liability will be $52.5 million.

DEBT (Details) - USD ($)

Sep. 30, 2014

Dec. 31, 2013

Less: Current maturities of long-term debt

$ 735,648,000

(130,486,000)

$ (112,500,000)

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

605,162,000

$ 1,461,724,000

$ 183,394,000

Matariki Forestry Group [Member] | Working Capital Facility [Member]

4.53%

$ 1,287,000

Mortgage Notes due 2017 [Member]

4.69%

^[1]

$ 53,926,000

Debt Instrument, Unamortized Premium

^[1]

52,500,000.0

^[1]

$ 1,400,000

Solid Waste Bond [Member]

4.35%

$ 15,000,000

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

1.30%

$ 27,842,000

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

0.00%

$ 325,000,000

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

3.75%

^[2]

$ 129,199,000

Unamortized discount

^[2]

1,800,000

^[2]

$ 131,000,000

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

4.50%

[1]	The mortgage notes due in 2017 were recorded at a premium of $1.4 million as of September 30, 2014. Upon maturity, the liability will be $52.5 million.
[2]	The Senior Exchangeable Notes maturing in 2015 were discounted by $1.8 million as of September 30, 2014. Upon maturity the liability will be $131 million.

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

3 Months Ended

6 Months Ended

9 Months Ended

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Other comprehensive income before reclassifications

$ (46,139)

46,172

Amounts reclassified from accumulated other comprehensive income

3,536

49,708

Net losses transferred to Rayonier Advanced Materials Pension Plans

$ 3,569

3,569

78,000

Additional Losses from Revaluation Related to Spinoff

20,000

Net periodic pension cost

4,000

Other operating income, net

(9,144)

$ (2,814)

(20,908)

$ (10,587)

Comprehensive loss (income) attributable to noncontrolling interest

(12,426)

8,594

(6,573)

(909)

Reclassification out of Accumulated Other Comprehensive Income [Member]

11,280

$ (13,557)

(7,712)

^[1]

$ 6,808

(5,961)

5,319

$ 28,750

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Amounts reclassified from accumulated other comprehensive income

(1,086)

Foreign currency translation gains [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income before reclassifications

36,914

(11,770)

Amounts reclassified from accumulated other comprehensive income

(11,770)

New Zealand joint venture cash flow hedges [Member]

25,144

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income before reclassifications

(342)

172

Amounts reclassified from accumulated other comprehensive income

(1,929)

(1,757)

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

(2,099)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Amounts reclassified from accumulated other comprehensive income

(1,929)

Recognized deferred tax asset related to spin-off revaluation

843

Comprehensive loss (income) attributable to noncontrolling interest

1,488

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

835

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other operating income, net

(3,194)

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

(1,058)

Unrecognized components of employee benefit plans [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income before reclassifications

$ (82,711)

(82,711)

^[2]

57,770

Amounts reclassified from accumulated other comprehensive income

^[3]

5,465

63,235

$ (19,476)

[1]	Includes the Performance Fibers business that was spun-off on June 27, 2014.
[2]	Reflects $78 million, net of taxes, of additional losses transferred to Rayonier Advanced Materials Pension Plans offset by $20 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 deferred tax asset related to the revaluation and transfer of liabilities as a result of the spin-off.

OTHER OPERATING INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Other Operating Income, Net [Abstract]
Lease income, primarily from hunting leases	$ 5,013	$ 4,367	$ 12,015	$ 9,141
Other non-timber income	817	573	1,503	1,651
Foreign currency income (loss)	4,304	(2,050)	4,292	511
Gain on sale or disposal of property, plant & equipment	66	2	46	287
Gain (loss) on foreign currency exchange contracts	0	221	(32)	156
Bankruptcy claim settlement	0	0	5,779	0
Miscellaneous expense, net	(1,056)	(299)	(2,695)	(1,159)
Total	$ 9,144	$ 2,814	$ 20,908	$ 10,587

CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details)	9 Months Ended
CONSOLIDATING FINANCIAL STATEMENTS Narrative (Details)	Sep. 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

9 Months Ended

12 Months Ended

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

^[1]

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

$ 149,829

$ 159,261

$ 456,161

$ 421,203

118,088

129,002

357,083

333,523

8,806

13,104

35,904

41,204

(9,144)

(2,814)

(20,908)

(10,587)

117,750

139,292

372,079

364,140

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

562

32,079

19,969

84,082

57,625

16,098

32,079

$ 37,577

$ 63,039

19,969

$ 52,003

84,082

73,723

(9,566)

(10,823)

(35,852)

(30,626)

(1,734)

(914)

(7,131)

1,852

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

20,779

8,232

41,099

44,949

11,280

(13,557)

(7,712)

6,808

(5,961)

5,319

28,750

32,059

4,024

41,343

15,040

14,359

46,418

73,699

12,084

43,327

43,092

220,294

Less: Net loss attributable to noncontrolling interest

32,059

16,108

41,343

58,367

57,451

89,510

293,993

$ 373,798

(642)

1,022

(970)

1,749

32,701

$ 16,353

$ 41,426

57,345

$ 57,779

90,480

292,244

(37,877)

24,259

(16,426)

(2,967)

(5,710)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(3,494)

3,433

(2,703)

4,209

$ 3,629

(2,265)

(3,639)

(63,235)

(12,326)

(39,106)

31,331

44,106

13,568

Less: Comprehensive (loss) income attributable to noncontrolling interest

(7,047)

89,698

133,616

307,561

(12,426)

8,594

(6,573)

(909)

Rayonier Inc. (Parent Guarantor) [Member]

5,379

81,104

140,189

308,470

(1,701)

(1,701)

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

1,701

1,701

(3,685)

(3,190)

(10,074)

(9,879)

1,799

2,538

7,230

6,716

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

34,587

57,932

93,324

293,706

32,701

57,280

90,480

292,244

32,701

57,345

90,480

292,244

Less: Net loss attributable to noncontrolling interest

32,701

57,345

90,480

292,244

32,701

57,345

90,480

292,244

(27,317)

17,887

(11,770)

237

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(2,270)

2,233

(1,756)

3,663

(2,265)

(3,639)

(63,235)

(12,326)

(27,322)

23,759

49,709

16,226

Less: Comprehensive (loss) income attributable to noncontrolling interest

5,379

81,104

140,189

308,470

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

5,379

81,104

140,189

308,470

3,488

2,276

8,032

7,357

(854)

738

3,094

1,187

2,634

3,014

11,126

8,544

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(3,014)

(8,544)

(2,634)

(3,014)

(11,126)

(8,544)

141

(162)

(327)

(680)

814

770

(1,375)

2,403

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

36,266

58,802

106,315

298,802

34,587

56,396

93,487

291,981

1,536

(163)

1,725

34,587

57,932

93,324

293,706

Less: Net loss attributable to noncontrolling interest

34,587

57,932

93,324

293,706

34,587

57,932

93,324

293,706

(27,318)

17,887

(11,770)

237

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(2,271)

2,231

(1,757)

3,663

(2,265)

(3,639)

(63,235)

(12,326)

(27,324)

23,757

49,708

16,226

Less: Comprehensive (loss) income attributable to noncontrolling interest

7,263

81,689

143,032

309,932

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

7,263

81,689

143,032

309,932

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(3,122)

(7,115)

(20,794)

(20,730)

(260)

(4,325)

(2,405)

(5,873)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

6,259

39,544

(16,692)

198,981

2,877

28,104

(39,891)

172,378

1,234

3,627

8,467

9,164

4,111

31,731

(31,424)

181,542

Less: Net loss attributable to noncontrolling interest

4,111

31,731

(31,424)

181,542

4,111

31,731

(31,424)

181,542

(1,441)

2,084

(162)

629

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(2,272)

2,231

(1,758)

1,014

4,120

(2,747)

(90,214)

(9,578)

(7,833)

7,062

88,294

11,221

Less: Comprehensive (loss) income attributable to noncontrolling interest

(3,722)

38,793

56,870

192,763

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

(3,722)

38,793

56,870

192,763

149,829

159,261

456,161

421,203

118,088

129,002

357,083

333,523

5,318

10,828

27,872

33,847

(8,290)

(4,213)

(24,002)

(10,073)

115,116

135,617

360,953

357,297

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

562

23,644

64,468

16,098

34,713

23,644

95,208

80,566

(2,900)

(356)

(4,657)

663

(4,087)

103

(10,581)

(1,394)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

27,726

23,391

79,970

79,835

10,046

1,642

(2,985)

17,861

37,772

25,033

76,985

97,696

43,327

43,092

220,294

Less: Net loss attributable to noncontrolling interest

37,772

68,360

120,077

317,990

(642)

1,022

(970)

1,749

38,414

67,338

121,047

316,241

(37,738)

24,259

(16,426)

(2,967)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(3,494)

3,434

(2,703)

4,209

4,120

(2,747)

(90,214)

(9,578)

(45,352)

30,440

71,085

10,820

Less: Comprehensive (loss) income attributable to noncontrolling interest

(7,580)

98,800

191,163

328,810

(12,295)

8,594

(6,573)

(909)

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

4,715

90,206

197,736

329,719

661

661

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(661)

(661)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(77,112)

(156,278)

(182,947)

(791,489)

(77,112)

(156,939)

(182,947)

(791,489)

(62)

(77,112)

(157,001)

(182,947)

(791,489)

Less: Net loss attributable to noncontrolling interest

(77,112)

(157,001)

(182,947)

(791,489)

(77,112)

(157,001)

(182,947)

(791,489)

55,937

(37,858)

23,702

(1,103)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

6,813

(6,696)

5,271

(8,340)

(5,975)

9,133

243,663

31,482

68,725

(53,687)

(214,690)

(40,925)

Less: Comprehensive (loss) income attributable to noncontrolling interest

(8,387)

(210,688)

(397,638)

(832,414)

(131)

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

(8,256)

(210,688)

(397,638)

(832,414)

3,488

2,276

8,032

7,357

(854)

738

3,094

1,187

2,634

3,014

11,126

8,544

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(8,544)

(2,634)

(3,014)

(11,126)

(8,544)

(2,981)

(7,277)

(21,121)

(21,410)

554

(3,555)

(3,780)

(3,470)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

38,414

66,610

121,047

316,241

33,353

52,764

85,020

282,817

1,234

5,168

8,304

10,889

34,587

57,932

93,324

293,706

Less: Net loss attributable to noncontrolling interest

34,587

57,932

93,324

293,706

34,587

57,932

93,324

293,706

(27,317)

17,887

(11,770)

237

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(2,272)

2,231

(1,758)

3,663

(2,265)

(3,639)

(63,235)

(12,326)

(27,324)

23,757

49,707

16,226

Less: Comprehensive (loss) income attributable to noncontrolling interest

7,263

81,689

143,031

309,932

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

7,263

81,689

143,031

309,932

149,829

159,261

456,161

421,203

118,088

129,002

357,083

333,523

5,318

10,828

27,872

33,847

(8,290)

(4,213)

(24,002)

(10,073)

115,116

135,617

360,953

357,297

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

562

64,468

16,098

34,713

23,644

95,208

80,566

(2,900)

(356)

(4,657)

663

(4,087)

103

(10,581)

(1,394)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

27,726

23,391

79,970

79,835

10,046

1,642

(2,985)

17,861

37,772

25,033

76,985

97,696

43,327

43,092

220,294

Less: Net loss attributable to noncontrolling interest

37,772

68,360

120,077

317,990

(642)

1,022

(970)

1,749

38,414

67,338

121,047

316,241

(37,738)

24,259

(16,426)

(2,967)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

(3,494)

3,434

(2,703)

4,209

4,120

(2,747)

(90,214)

(9,578)

(45,352)

30,440

71,085

10,820

Less: Comprehensive (loss) income attributable to noncontrolling interest

(7,580)

98,800

191,163

328,810

(12,295)

8,594

(6,573)

(909)

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

4,715

90,206

197,736

329,719

661

661

OPERATING INCOME BEFORE GAIN ON CONSOLIDATION OF NEW ZEALAND JOINT VENTURE

(661)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(73,001)

(124,542)

(214,371)

(609,947)

(73,001)

(125,203)

(214,371)

(609,947)

(67)

(73,001)

(125,270)

(214,371)

(609,947)

Less: Net loss attributable to noncontrolling interest

(73,001)

(125,270)

(214,371)

(609,947)

(73,001)

(125,270)

(214,371)

(609,947)

54,495

(35,774)

23,540

(474)

OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax

4,542

(4,465)

3,514

(7,326)

(1,855)

6,386

153,449

21,904

60,892

(46,625)

(126,395)

(29,704)

Less: Comprehensive (loss) income attributable to noncontrolling interest

(12,109)

(171,895)

(340,767)

(639,651)

(131)