View Filing Data

$ 603,521

$ 659,718

$ 378,608

483,860

530,772

305,479

Other operating income, net (Note 16)

47,883

55,433

58,632

(26,511)

(18,487)

(17,011)

505,232

567,718

347,100

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

562

550

98,289

92,562

32,058

16,098

98,289

108,660

32,058

Interest and miscellaneous (expense) income, net

(44,248)

(40,941)

(42,826)

(9,199)

2,439

482

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

44,842

70,158

(10,286)

9,601

35,685

27,060

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

54,443

105,843

^[1]

16,774

43,403

267,955

^[2]

261,911

Less: Net (loss) income attributable to noncontrolling interest

97,846

373,798

^[1],[2]

278,685

(1,491)

1,902

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

99,337

371,896

^[1],[2]

278,685

OTHER COMPREHENSIVE INCOME

(15,847)

(5,710)

4,352

New Zealand joint venture cash flow hedges, net of income tax benefit (expense) of $861, ($248) and $0

(1,855)

3,629

213

Net gain (loss) from pension and postretirement plans, net of income tax (expense) benefit of ($35,852), ($27,786) and ($339)

54,046

61,869

(496)

36,344

59,788

4,069

Less: Comprehensive loss attributable to noncontrolling interest

134,190

433,586

282,754

(6,462)

(1,550)

BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

$ 140,652

$ 435,136

$ 282,754

Continuing Operations (in dollars per share)

$ 0.44

$ 0.83

$ 0.14

Net Income (in dollars per share)

0.34

2.13

0.78

2.96

2.27

DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

0.43

0.80

0.13

Net income (in dollars per share)

0.33

2.06

2.04

$ 0.76

$ 2.86

$ 2.17

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

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Discontinued operation tax effect of discontinued operation	$ 20,578	$ 106,397	$ 115,451
Foreign currency translation adjustment, income tax benefit	78	0	0
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	861	(248)	0
Amortization of losses and gains from pension and postretirement benefit plans, income tax (expense) benefit	$ (35,852)	$ (27,786)	$ (339)

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2014

Dec. 31, 2013

Accounts receivable, less allowance for doubtful accounts of $42 and $673

$ 161,558

$ 199,644

24,018

94,956

Inventory (Note 12)

^[1]

9,042

138,818

39,100

12,665

12,992

7,080

33,584

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

214,363

519,094

2,083,743

2,049,378

PROPERTY, PLANT AND EQUIPMENT

Land

1,833

20,138

Buildings

8,961

180,573

Machinery and equipment

3,503

1,760,641

Construction in progress

579

19,795

Total property, plant and equipment, gross

14,876

1,981,147

Less—accumulated depreciation

(8,170)

(1,120,326)

Total property, plant and equipment, net

6,706

860,821

148,303

256,208

2,453,115

3,685,501

Current maturities of long-term debt (Note 13)

20,211

69,293

129,706

112,500

11,405

8,551

10,547

6,390

24,948

8,433

9,531

9,580

Current liabilities for dispositions and discontinued operations (Note 17)

25,857

24,327

6,835

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

202,002

276,112

LONG-TERM DEBT (Note 13)

621,849

1,461,724

69,543

PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 22)

33,477

95,654

COMMITMENTS AND CONTINGENCIES (Notes 18, 19 and 20)

20,636

27,225

SHAREHOLDERS’ EQUITY

Common Shares, 480,000,000 shares authorized, 126,773,097 and 126,257,870 shares issued and outstanding

702,598

692,100

Retained earnings

790,697

1,015,209

Accumulated other comprehensive loss

(4,825)

(46,139)

1,488,470

1,661,170

86,681

94,073

1,575,151

1,755,243

$ 2,453,115

$ 3,685,501

[1]	2013 includes $128.2 million of inventory related to the Performance Fibers business.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 42	$ 673
Shareholders' Equity:
Common stock, shares authorized	480,000,000	480,000,000
Common stock, shares, issued	126,773,097	126,257,870
Common stock, shares outstanding	126,773,097	126,257,870

Consolidated Statements of Cash Flows
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

OPERATING ACTIVITIES

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

$ 97,846

$ 373,798

^[1],[2]

$ 278,685

Non-cash cost of land sold

119,980

116,854

84,631

13,264

10,212

4,746

Non-cash cost of New York timberland sale

53,990

Stock-based incentive compensation expense

7,869

11,683

15,116

Amortization of debt discount/premium

1,092

1,215

6,323

Deferred income taxes

1,828

5,857

3,505

Tax benefit of AFMC for CBPC exchange

(18,761)

(12,196)

Non-cash adjustments to unrecognized tax benefit liability

(6,597)

3,967

Depreciation and amortization from discontinued operations

37,985

74,940

64,087

Amortization of losses from pension and postretirement plans

7,276

22,029

19,493

Gain on sale of discontinued operations, net

(42,121)

(16,098)

Loss on early redemption of exchangeable notes

3,974

Changes in operating assets and liabilities:

3,307

(6,082)

(2,880)

Receivables

4,300

11,100

(4,248)

Inventories

3,926

(19,986)

(10,649)

Income tax receivable/payable

29,929

(1,655)

(7,967)

838

47,232

65,212

All other operating activities

(1,200)

(8,094)

2,750

Payment to exchange AFMC for CBPC

(70,311)

(50,768)

Expenditures for dispositions and discontinued operations

(5,096)

(8,570)

(9,926)

CASH PROVIDED BY OPERATING ACTIVITIES

316,547

545,173

445,914

INVESTING ACTIVITIES

Purchase of additional interest in New Zealand joint venture

(123,689)

(162,183)

(155,520)

(139,879)

Purchase of timberlands

(130,896)

(20,401)

(106,536)

Jesup mill cellulose specialties expansion

(148,262)

(198,341)

Proceeds from disposition of Wood Products business

62,720

Change in restricted cash

62,256

(58,385)

(10,559)

CASH USED FOR INVESTING ACTIVITIES

(478)

(2,530)

(1,945)

(192,807)

(468,920)

(472,901)

FINANCING ACTIVITIES

Issuance of debt (Note 13)

1,426,464

622,885

1,230,000

Repayment of debt

(1,289,637)

(549,485)

(813,610)

Dividends paid

(257,517)

(237,016)

(206,583)

Proceeds from the issuance of common shares

5,579

10,101

25,495

Excess tax benefits on stock-based compensation

8,413

7,635

Repurchase of common shares

(1,858)

(11,326)

(7,783)

Debt issuance costs

(12,380)

(6,135)

Purchase of timberland deeds for Rayonier Advanced Materials

(12,677)

Debt issuance funds distributed to Rayonier Advanced Materials

(924,943)

Proceeds from spin-off of Rayonier Advanced Materials

906,200

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES

(680)

(713)

(161,449)

(157,141)

229,019

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(377)

(64)

(39)

CASH AND CASH EQUIVALENTS

Change in cash and cash equivalents

(38,086)

(80,952)

201,993

Balance, beginning of year

199,644

280,596

78,603

Balance, end of year

161,558

199,644

280,596

Cash paid during the year:

Interest

47,640

44,156

34,956

Income taxes

8,789

99,120

74,745

Non-cash investing and financing activities:

Capital assets purchased on account

2,599

15,522

25,926

Shareholder debt assumed in acquisition of New Zealand joint venture

125,532

Conversion of shareholder debt to equity noncontrolling interest

(95,961)

Partial conversion of Senior Exchangeable Notes to equity

$ 0

$ 2,453

$ 0

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

Nature of Business Operations	12 Months Ended
Nature of Business Operations	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business Operations	NATURE OF BUSINESS OPERATIONS Rayonier Inc., including its consolidated subsidiaries (“Rayonier” or “the Company”), is a leading timberland real estate investment trust (“REIT”) with assets located in some of the most productive timber growing regions in the U.S. and New Zealand. The Company owns or leases approximately 2.7 million acres of timberland, located in the United States and New Zealand. Included in this property is approximately 0.2 million acres of timberlands located primarily along the coastal region from Savannah, Georgia to Daytona Beach, Florida, with long-term potential for real estate development. The Company also engages in the trading of logs, primarily to support the Company’s New Zealand export operations. Rayonier operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. See Note 5 — Segment and Geographical Information for further discussion of its reportable business segments and Note 3 — Discontinued Operations for additional information on the sale of the Wood Products business and the spin-off of the Performance Fibers business. The Company is a REIT and is generally not required to pay federal income taxes on its U.S. timber harvest earnings and other U.S. REIT operations contingent upon meeting applicable distribution, income, asset, shareholder and other tests. The U.S. timber operations are primarily conducted by the Company’s wholly-owned REIT subsidiaries. Non-REIT qualifying and certain foreign operations, which are subject to corporate-level tax on earnings, are operated by taxable subsidiaries. These operations include the Real Estate segment’s entitlement and sale of higher and better use (“HBU”) properties as well as the log trading business. The Company’s consolidated joint venture, Matariki Forestry Group (“New Zealand JV”), is subject to entity-level tax in New Zealand. Southern, Pacific Northwest and New Zealand Timber The Company’s Timber segments own or lease approximately 2.7 million acres of timberlands located in the U.S. and New Zealand. The Timber segments conduct timber harvesting activities, manage timberlands and sell timber and logs to third parties. On April 4, 2013, the Company acquired an additional 39 percent interest in the New Zealand JV, which currently owns or leases approximately 451,000 gross acres (309,000 net plantable acres) of New Zealand timberlands. The acquisition of additional interest brought the Company’s ownership to 65 percent. As a result, the New Zealand JV’s results of operations have been consolidated and included within the New Zealand Timber segment (formerly within the Forest Resources segment) since the date Rayonier acquired control. Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited (“RNZ”) serves as the manager of the New Zealand JV forests. See Note 4 — Joint Venture Investment. During 2014, the Company acquired approximately 62 thousand acres of timberlands. See Note 8 — Timberland Acquisitions for additional information. Real Estate The vast majority of the Company’s HBU properties are managed as timberland and generate cash flow from timber operations prior to their sale or, in the case of Development Improved properties, prior to improvement. As a portion of the Company’s acreage has become more valuable for development, residential, recreational or conservation purposes than for growing timber, Rayonier employs a detailed land classification process for all of its timberland and HBU acres. Trading The Company’s trading business comprises log trading in New Zealand conducted by the New Zealand JV in two core areas of business: managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. The Trading segment complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65 percent) in its New Zealand JV, and, as such, consolidates its results of operations and Balance Sheet. The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (35 percent) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and to disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. There are risks inherent in estimating and therefore actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include time deposits with original maturities of three months or less. The consolidated cash balance includes time deposits of $0 and $45 million at December 31, 2014 and December 31, 2013, respectively. The time deposit outstanding at December 31, 2013 was a one-month instrument which bore interest at 24 basis points. Accounts Receivable Accounts receivable are primarily amounts due to the Company for the sale of timber and are presented net of an allowance for doubtful accounts. Prepaid Logging Roads Costs for roads in the Pacific Northwest built to access particular tracts to be harvested in the upcoming 24 months are recorded as prepaid logging roads. The Company charges such costs to expense as timber is harvested using an amortization rate determined annually as the total cost of prepaid roads divided by the estimated tons of timber to be accessed by those roads. The prepaid balance is classified as short-term or long-term based on the upcoming harvest schedule. Inventory HBU real estate properties that are expected to be sold within one year are included in inventory, while properties that are expected to be sold after one year are included in “Other assets.” Inventory also includes seedlings as well as logs available to be sold by the log trading segment. Timber and Timberlands Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, lease rental payments, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Payroll costs are capitalized only for time spent on these activities, while interest or any other intangible costs aside from those mentioned above are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense, included in cost of sales, at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber. Upon the acquisition of timberland, the Company makes a determination on whether to combine the newly acquired merchantable timber with an existing depletion pool or to create a new, separate pool. This determination is based on the geographic location of the new timber, the customers/markets that will be served and the species mix. If the acquisition is similar, the cost of the acquired timber is combined into an existing depletion pool and a new depletion rate is calculated for the pool. This determination and depletion rate adjustment normally occurs in the quarter following the acquisition. Property, Plant, Equipment and Depreciation Property, plant and equipment additions are recorded at cost, including applicable freight, interest, construction and installation costs. The Company depreciates its assets, including office, and transportation equipment, using the straight-line depreciation method over 3 to 25 years. Buildings and land improvements are depreciated using the straight-line method over 15 to 35 years and 5 to 30 years, respectively. Gains and losses on the retirement of assets are included in operating income. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets that are held and used is measured by net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying value exceeds the fair value of the assets, which is based on a discounted cash flow model. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy that prioritizes the inputs used to measure fair value was established as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Goodwill Goodwill represents the excess of the acquisition cost of the New Zealand JV over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. In performing Step 1 (recoverability test) of the impairment test as outlined in Accounting Standards Codification (“ASC”) 360-10-35, Impairment or Disposal of Long-Lived Assets, the Company compares the fair value of the New Zealand JV to its carrying value including goodwill. If the carrying value including goodwill were to exceed the fair value of the New Zealand JV, Step 2 of the test would be performed. Step 2 of the impairment test requires the carrying value of goodwill to be reduced to its fair value, if lower, as of the test date. For Step 1 of the test, the Company estimates the reporting unit's fair value which utilizes an independent valuation for the New Zealand forest assets. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2014 and determined that the estimated fair value of the New Zealand JV exceeded its carrying value, and no impairment was recorded. Foreign Currency Translation The functional currency of the Company’s New Zealand-based operations is the New Zealand dollar. All assets and liabilities are translated into U.S. dollars at the exchange rate in effect at the respective balance sheet dates. Translation gains and losses are recorded as a separate component of Accumulated Other Comprehensive Income/(Loss), (“AOCI”), within Shareholders’ Equity. Revenue Recognition The Company generally recognizes revenues when the following criteria are met: (i) persuasive evidence of an agreement exists, (ii) delivery has occurred, (iii) the Company’s price to the buyer is fixed and determinable, and (iv) collectibility is reasonably assured. Timber Sales Revenue from the sale of timber is recognized when title passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and delivered logs. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and title and risk of loss pass to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and title and risk of loss pass to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale whereby revenue is recognized as periodic physical observations are made of the percentage of acreage harvested. In delivered log sales, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Revenue is recognized when the logs are delivered and title and risk of loss transfer to the buyer. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The sales method the Company employs for a given tract of timber depends upon local market conditions and which method is expected to provide the best overall margins. Non-timber income included in “Other Operating Income, Net” is primarily comprised of hunting and recreational leases. Lease income is recognized ratably over the period of the lease. Log Trading Domestic log trading revenue for sales within New Zealand is recorded when the goods are received by the customer and title passes. Export log trading revenue is recorded when the ship leaves the port, at which time title passes to the customer. Real Estate The Company recognizes revenue on sales of real estate when the sale is consummated, generally when payment is received and title and risk of loss have passed to the buyer. Cost of sales associated with real estate sold comprises the cost of the land, the cost of any timber on the property that was conveyed to the buyer, and any closing costs including sales commissions that may be borne by the Company. Costs incurred to obtain land use entitlements or for infrastructure such as utilities, roads or other improvements are allocated ratably to the acres benefiting from such expenditures and charged to cost of sales as the acres are sold. Employee Benefit Plans The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates, longevity and service lives of employees. See Note 22 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2014. Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2014 and 2013, the Company’s pension plans were in a net liability position (underfunded) of $31.8 million and $71.7 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through comprehensive income (loss) in the year in which the changes occur. See Note 22 — Employee Benefit Plans for additional information. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce the carrying amounts of deferred tax assets if it is more-likely-than-not that such deferred tax assets will not be realized. In determining the provision for income taxes, the Company computes an annual effective income tax rate based on annual income by legal entity, permanent differences between book and tax, and statutory income tax rates by jurisdiction. Inherent in the effective tax rate is an assessment of the ultimate outcome of current period uncertain tax positions. The Company adjusts its annual effective tax rate as additional information on outcomes or events becomes available. Discrete items such as taxing authority examination findings or legislative changes are recognized in the period in which they occur. The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Uncertain tax positions” and “Other Non-Current Liabilities” in the Company’s Consolidated Balance Sheets. See Note 10 — Income Taxes for additional information. Reclassifications Certain 2013 and 2012 amounts have been reclassified to conform with the current year 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, as discussed at Note 3 — Discontinued Operations. Accordingly, the operating results of these businesses are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the businesses that remained with Rayonier are reported in continuing operations. The December 31, 2014 Consolidated Balance Sheet reports only continuing operations and reflects the contribution of approximately $1.2 billion of assets, and corresponding liabilities and equity to Rayonier Advanced Materials in connection with the spin-off of the Performance Fibers business. The December 31, 2013 Consolidated Balance Sheet includes the Performance Fibers business. The Consolidated Statements of Cash Flows for 2014, 2013 and 2012 have not been restated to exclude Performance Fibers or Wood Products cash flows. Cash flows for the year ended December 31, 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. New or Recently Adopted Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard that 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 on or after 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 and is not expected to have any impact on the Company’s consolidated financial statements. Subsequent Events The Company has evaluated events occurring from December 31, 2014 to the date of issuance for potential recognition or disclosure in the consolidated financial statements. Quarterly Dividend On March 2, 2015, the Company announced a first quarter dividend of 25 cents per share payable March 31, 2015, to shareholders of record on March 17, 2015. Legal Proceedings See Note 18 — Contingencies.

Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

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 and retained its timber, real estate and trading businesses. 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. Of this $75 million, $63.2 million was paid to shareholders as a special dividend in the third quarter.

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. In addition, 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, information technology systems and various other corporate support 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 disclosed as a separate reportable 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, as required.

The following table summarizes the operating results of the Company's discontinued operations related to the Performance Fibers spin-off for the three years ended December 31, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income:



	2014	2013	2012
Sales	$456,180	$1,048,104	$1,104,882
Cost of sales and other	(369,210)	(736,471)	(738,412)
Transaction expenses	(22,989)	(3,208)	—
Income from discontinued operations before income taxes	63,981	308,425	366,470
Income tax expense	(20,578)	(84,398)	(111,802)
Income from discontinued operations, net	$43,403	$224,027	$254,668

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 Timber and Real Estate operations). The following table summarizes the interest expense allocated to discontinued operations for the three years ended December 31, 2014:



	2014	2013	2012
Interest expense allocated to the Performance Fibers business	$(4,205)	$(8,964)	$(9,333)

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



	2014	2013	2012
Depreciation and amortization	$37,985	$74,386	$60,909
Capital expenditures	60,443	97,874	104,908
Jesup mill cellulose specialties expansion	—	148,262	198,341

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 and fourth quarters 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 segregation of the pension and postretirement plans were 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 have been reflected in discontinued operations and equity for the year ended December 31, 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 intercompany purchases were transactions eliminated in consolidation as follows:



	2014	2013	2012
Hardwood purchases	$3,935	$3,051	$2,144

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 disclosed as a separate reportable segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2013 and 2012.

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

The following table summarizes the operating results of the Company’s Wood Products discontinued operations as presented in “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2013 and 2012:



	2013	2012
Sales	$16,968	$87,510
Cost of sales and other	(14,258)	(76,619)
Gain on sale of discontinued operations	63,217	—
Income from discontinued operations before income taxes	65,927	10,891
Income tax expense	(21,999)	(3,648)
Income from discontinued operations, net	$43,928	$7,243

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



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

Total liabilities	$596

Cash flows from the Wood Products business were de minimis both individually and in the aggregate. As such, they were included with cash flows from continuing operations in the Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012.

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" in the Consolidated Statements of Income and Comprehensive Income:



	2014	2013	2012
Performance Fibers income from discontinued operations, net	$43,403	$224,027	$254,668
Wood Products income from discontinued operations, net	—	43,928	7,243
Income from discontinued operations, net	$43,403	$267,955	$261,911

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

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Segment and Geographical Information

Joint Venture Investment

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

Joint Venture Investment

JOINT VENTURE INVESTMENT

On April 4, 2013 (the “acquisition date”), the Company acquired an additional 39 percent ownership interest in Matariki Forestry Group, a joint venture ("New Zealand JV") that owns or leases approximately 0.4 million legal acres of New Zealand timberlands. As a result of the acquisition, Rayonier is a 65 percent owner of the New Zealand JV and subsequent to April 4, 2013 consolidated the balance sheet and results of operations. 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 year ended December 31, 2013 reflect 26 percent of the New Zealand JV’s income prior to the acquisition date, as reported in “Equity in income of New Zealand joint venture” in the Consolidated Statements of Income and Comprehensive Income. The following represents the pro forma (unaudited) consolidated sales and net income for the two years ended December 31, 2014 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013.



	2014		2013
Sales		$603,521		$1,742,348
Net Income	97,846		372,039

Segment and Geographical Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

Prior to the first quarter of 2013, the Company operated in four reportable business segments, Forest Resources, Real Estate, Performance Fibers and Wood Products. In March 2013, the Company sold its Wood Products business and its operations are shown as discontinued operations for the years ended December 31, 2013 and 2012. 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 3 — Discontinued Operations for additional information. Effective with the fourth quarter of 2014, the Company realigned its segments considering the economic characteristics of each business unit and the way management now internally evaluates business performance and makes capital allocation decisions.

As part of the realignment, the previously reported Forest Resources segment has been disaggregated into Southern Timber, Pacific Northwest Timber and New Zealand Timber segments. All prior period amounts have been reclassified to reflect the newly realigned segment structure. Sales in the Timber segments include all activities related to the harvesting of timber and other non-timber income activities such as the leasing of properties for hunting, mineral extraction and cell towers.

In the Real Estate segment, the Company changed the composition of its sales categories to include Unimproved Development, Improved Development, Rural, and Non-Strategic / Timberlands. The unimproved development sales category comprises properties sold for commercial, industrial or residential development purposes and for which Rayonier has not invested in improvements such as utilities or roads. Improved development includes sales of development property for which Rayonier, through one of its taxable REIT subsidiaries, has invested in infrastructure to enhance the value and marketability of the property. Conservation sales previously reported within Rural are now reported as Non-Strategic / Timberlands. All prior period amounts have been reclassified to reflect the newly realigned sales categories. Real Estate sales include all U.S. property sales, including those lands designated as HBU and those designated as the sale of non-strategic timberlands.

The Trading segment (formerly reported within “Other Operations”) comprises log trading in New Zealand, conducted by the Company’s New Zealand JV in two core areas of business, managed export services on behalf of third parties and procured logs for export sale by the New Zealand JV. The Trading segment complements the New Zealand Timber segment by adding scale and achieving cost savings that directly benefit the New Zealand Timber segment, and by contributing to income with minimal investment.

Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits (losses) are eliminated in consolidation. The Company evaluates financial performance based on segment operating income and Adjusted EBITDA. Asset information is not reported by segment, as the company does not produce asset information by segment internally.

Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include 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 and are included under “Corporate and other.”

Segment information for each of the three years ended December 31, 2014 follows (in millions of dollars):



	Sales
	2014	2013	2012
Southern Timber	$142	$124	$109
Pacific Northwest Timber	102	110	110
New Zealand Timber	182	148	11
Real Estate (A)	77	149	57
Trading	104	132	94
Intersegment Eliminations	(3)	(3)	(2)
Total	$604	$660	$379


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



	Operating Income/(Loss)
	2014	2013	2012
Southern Timber	$46	$38	$23
Pacific Northwest Timber	30	33	21
New Zealand Timber	9	10	2
Real Estate	48	56	32
Trading	2	2	—
Corporate and other (a)	(37)	(30)	(46)
Total Operating Income	$98	$109	$32
Unallocated interest expense and other	(53)	(39)	(42)
Total income from continuing operations before income taxes	$45	$70	$(10)


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



	Gross Capital Expenditures
	2014	2013	2012
Capital Expenditures (a)
Southern Timber	$35	$39	$39
Pacific Northwest Timber	10	8	8
New Zealand Timber	18	16	—
Real Estate	—	—	2
Trading	—	—	—
Corporate and other	—	1	1
Total capital expenditures	$63	$64	$50

Strategic Capital Expenditures (timberland acquisitions)
Southern Timber	$126	$20	$101
Pacific Northwest Timber	2	—	—
New Zealand Timber (b)	—	140	—
Real Estate	2	—	5
Trading	—	—	—
Corporate and other	—	—	—
Total strategic capital expenditures	$130	$160	$106
Total Gross Capital Expenditures	$193	$224	$156


(a)	Excludes strategic capital expenditures presented separately.


(b)	Includes $139.9 million related to the purchase price of the additional 39 percent interest acquired in 2013. See Note 4 — Joint Venture Investment for additional information.



	Depreciation, Depletion and Amortization
	2014	2013	2012
Southern Timber	$52	$49	$53
Pacific Northwest Timber	21	21	22
New Zealand Timber (a)	32	28	—
Real Estate	13	18	8
Trading	—	—	—
Corporate and other	2	1	2
Total	$120	$117	$85


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



	Non-Cash Cost of Land Sold
	2014	2013	2012
Southern Timber	—	—	—
Pacific Northwest Timber	—	—	—
New Zealand Timber (a)	4	—	—
Real Estate	9	10	5
Trading	—	—	—
Corporate and other	—	—	—
Total	$13	$10	$5



	Sales by Product Line
	2014	2013	2012
Southern Timber	$142	$124	$109
Pacific Northwest Timber	102	110	110
New Zealand Timber	182	148	11
Real Estate
Unimproved Development	5	3	2
Improved Development	—	2	—
Rural	41	27	32
Non-Strategic / Timberlands (a)	31	117	23
Total Real Estate	77	149	57
Trading	104	132	94
Intersegment eliminations	(3)	(3)	(2)
Total Sales	$604	$660	$379


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



	Geographical Operating Information
	Sales			Operating Income			Identifiable Assets
	2014	2013	2012	2014	2013	2012	2014		2013
United States	$318	$380	$274	$87	$81	$30	$	1,884	$	3,077
New Zealand (a)	286	280	105	11	28	2	569		609
Total	$604	$660	$379	$98	$109	$32	$	2,453	$	3,686


(a)	2013 included a $16 million operating income gain from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.

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

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments and Hedging Activities

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

The Company is exposed to market risk related to potential fluctuations in foreign currency exchange rates and interest rates. The Company’s New Zealand JV uses derivative financial instruments to mitigate the financial impact of exposure to these risks. The Company also uses derivative financial instruments to mitigate exposure to foreign currency risk due to the translation of the investment in Rayonier’s New Zealand-based operations from New Zealand dollars to U.S. dollars.

Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of AOCI and reclassified into earnings when the hedged transaction materializes. Gains and losses on derivatives that are designated and qualify for net investment hedge accounting are recorded as a component of AOCI and will not be reclassified into earnings until the Company’s investment in New Zealand is partially or completely liquidated. The ineffective portion of any hedge as well as changes in the fair value of derivatives not designated as hedging instruments (primarily New Zealand interest rate swaps) and those which are no longer effective as hedging instruments, are recognized immediately in earnings. The Company's hedge ineffectiveness was de minimis for all periods presented.

Foreign Currency Exchange and Option Contracts

The functional currency of RNZ and 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 mainly denominated in US 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. As of December 31, 2014, foreign currency exchange contracts and foreign currency option contracts had maturity dates through April 2016.

Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments that were entered into subsequent to the Company’s acquisition of a majority interest in the New Zealand JV qualify for cash flow hedge accounting. The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

In December 2014, the Company entered into a foreign currency exchange contract to mitigate the risk of fluctuations in foreign currency exchange rates when translating RNZ’s balance sheet to U.S. dollars. This contract hedges a portion of the Company’s net investment in New Zealand and qualifies as a net investment hedge. The fair value of the foreign currency exchange contract 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 ineffectiveness of the foreign currency exchange contract is measured using the spot rate method, whereby the change in the fair value of the contract, other than the change attributable to movements in the spot rate, is excluded from the measure of hedge ineffectiveness and is reported directly in earnings. The Company does not expect any ineffectiveness or changes other than those attributable to movements in the spot rate as the critical risks of the forward contract and the net investment in RNZ coincide.

Interest Rate Swaps

The Company uses interest rate swaps to manage the New Zealand JV’s exposure to interest rate movements on its variable rate debt attributable to changes in the New Zealand Bank bill rate. By converting a portion of these borrowings from floating rates to fixed rates, the Company has reduced the impact of interest rate changes on its expected future cash outflows. As of December 31, 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 historically used fuel hedge contracts to manage its New Zealand JV’s exposure to changes in New Zealand’s domestic diesel prices. Due to the low volume of diesel fuel purchases made by the New Zealand JV in 2013, the Company decided to no longer hedge its diesel fuel purchases effective November 2013. There were no contracts remaining as of December 31, 2014.

The following table demonstrates the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2014 and 2013. Information is not presented for 2012 as derivative balances and activity were not consolidated prior to Rayonier’s acquisition of a controlling interest in the New Zealand JV during 2013.



	Location on Statement of Income and Comprehensive Income	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$(1,069)	$950
	Other operating (income) expense	—	652
Foreign currency option contracts	Other comprehensive income (loss)	(1,647)	460

Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income (loss)	(145)	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	25	(1,607)
Foreign currency option contracts	Other operating (income) expense	7	1,147
Interest rate swaps	Interest and miscellaneous (expense) income	(5,882)	6,085
Fuel hedge contracts	Cost of sales (benefit)	160	(255)

During the next 12 months, the amount of the December 31, 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 $0.9 million.

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013:



	Notional Amount
	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$28,540	$32,300
Foreign currency option contracts	79,400	38,000

Derivative designated as a net investment hedge:
Foreign currency exchange contract	$27,419	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	—	$1,950
Foreign currency option contracts	—	4,000
Interest rate swaps	161,968	183,851
Fuel hedge contracts (in thousands of barrels)	—	38

The following table contains the fair values of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013. Changes in balances of derivative financial instruments are recorded as operating activities in the Consolidated Statements of Cash Flows.



		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$132	$915
	Other assets	59	—
	Other current liabilities	(272)	—
Foreign currency option contracts	Prepaid and other current assets	299	673
	Other assets	198	—
	Other current liabilities	(1,439)	(214)
	Other non-current liabilities	(196)	—

Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other current liabilities	(223)	—

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	(7,247)	(4,659)
Fuel hedge contracts	Prepaid and other current assets	—	160

Total derivative contracts:
Prepaid and other current assets		$431	$1,781
Other assets		257	—
Total derivative assets		$688	$1,781

Other current liabilities		$(1,934)	$(214)
Other non-current liabilities		(7,443)	(4,659)
Total derivative liabilities		$(9,377)	$(4,873)


(a)	See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

Offsetting Derivatives

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

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

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Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments

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

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

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

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

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at December 31, 2014 and 2013, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:



	2014			2013
Asset (liability)	Carrying Amount	Fair Value		Carrying Amount	Fair Value
		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$161,558	$161,558	—	$199,644	$199,644	—
Restricted cash (a)	6,688	6,688	—	68,944	68,944	—
Current maturities of long-term debt	(129,706)	—	(156,762)	(112,500)	—	(119,614)
Long-term debt	(621,849)	—	(628,476)	(1,461,724)	—	(1,489,810)
Interest rate swaps (b)	(7,247)	—	(7,247)	(4,659)	—	(4,659)
Foreign currency exchange contracts (b)	(304)	—	(304)	940	—	940
Foreign currency option contracts (b)	(1,138)	—	(1,138)	467	—	467
Fuel hedge contracts (b)	—	—	—	160	—	160


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


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

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

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

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

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

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

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

Property, Plant and Equipment [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

Timberland Acquisitions

12 Months Ended

Dec. 31, 2014

Timberland Acquisitions

TIMBERLAND ACQUISITIONS

In 12 separate transactions throughout 2014, Rayonier purchased 61,798 acres of timberland located in Alabama, Florida, Georgia, Texas and Washington, for approximately $130.0 million. These acquisitions were funded with cash on hand, like-kind exchange proceeds from real estate and timberland sales, or through the revolving credit facility and were accounted for as asset purchases. Additionally, in one transaction during 2014, 546 acres were purchased in New Zealand for approximately $0.9 million. This acquisition was funded with cash on hand.

In four separate transactions throughout 2013, Rayonier purchased 17,094 acres located in Florida, Georgia and Louisiana for $20.4 million. These acquisitions were funded with cash on hand or through the revolving credit facility and were accounted for as asset purchases.

The following table summarizes the timberland acquisitions at December 31, 2014 and 2013:



	2014		2013
	Cost	Acres	Cost		Acres
Alabama	$41,453	18,113	—		—
Florida	22,157	15,774	1,198		640
Georgia	46,525	16,573	10,215		9,036
Louisiana	—	—	8,894		7,418
Texas	17,960	10,900	94	(a)	—
Washington	1,878	438	—		—
New Zealand	923	546	—		—
Total Acquisitions	$130,896	62,344	$20,401		17,094


(a)	Represents funds expended in early 2013 for an acquisition in late 2012.

Other Assets

12 Months Ended

Dec. 31, 2014

Other Assets [Abstract]

Other Assets

OTHER ASSETS

Included in Other Assets are non-current prepaid and deferred income taxes, restricted cash, HBU real estate not expected to be sold within the next 12 months, goodwill in the New Zealand JV, and other deferred expenses including debt issuance and capitalized software costs.

As of December 31, 2014 and 2013, the cost of Rayonier’s HBU real estate not expected to be sold within the next 12 months was $77.4 million and $68.2 million, respectively.

As of December 31, 2014, New Zealand JV goodwill was $9.7 million and was included in the assets of the New Zealand Timber segment (formerly within the Forest Resources segment). Based on a Step 1 impairment analysis performed as of October 1, 2014, there is no indication of impairment of goodwill as of December 31, 2014. No adjustments have resulted from the subsequent recognition of deferred tax assets during the period as goodwill is not deductible for tax purposes. See Note 2 — Summary of Significant Accounting Policies for additional information on goodwill.

Changes in goodwill for the years ended December 31, 2014 and 2013 were:



	2014	2013
Balance, January 1 (net of $0 of accumulated impairment)	$10,179	—
Changes to carrying amount
Acquisitions	—	10,496
Impairment	—	—
Foreign currency adjustment	(485)	(317	)
Balance, December 31 (net of $0 of accumulated impairment)	$9,694	$10,179

In order to qualify for like-kind (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of December 31, 2014 and 2013, the Company had $6.7 million and $68.9 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary.

Debt issuance costs are capitalized and amortized to interest expense over the term of the debt to which they relate using a method that approximates the interest method. At December 31, 2014 and 2013, capitalized debt issuance costs were $3.7 million and $7.0 million, respectively. Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method. At December 31, 2014 and 2013, capitalized software costs were $4.2 million and $8.0 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The operations conducted by the Company’s REIT entities are generally not subject to U.S. federal and state income taxation. Non-REIT qualifying operations are conducted by the Company’s taxable REIT subsidiaries. Prior to the June 27, 2014 spin-off of Rayonier Advanced Materials, the Company’s taxable REIT subsidiaries (“TRS”) operations included the Performance Fibers manufacturing business. As such, during 2014 and prior periods, the income tax benefit from continuing operations was significantly impacted by the TRS businesses. As of December 31, 2014, the primary businesses performed in Rayonier’s taxable REIT subsidiaries included log trading and certain real estate activities, such as the sale and entitlement of development HBU properties.

The Company was subject to U.S. federal corporate income tax on built-in gains (the excess of fair market value over tax basis for property held upon REIT election at January 1, 2004) on taxable sales of such property during calendar years 2004 through 2010. In 2011, the law provided a built-in gains tax holiday. In 2013, the law provided a built-in gains tax holiday for 2012 (retroactive) and 2013, which impacted the Company’s 2013 tax provision. The Company’s 2014 tax provision was not impacted by built-in-gains taxes.

Like-Kind Exchanges

Under current tax law, taxable income from the sale of REIT property and the required distribution of such gains to shareholders can be deferred and eliminated if sale proceeds from “relinquished” properties are reinvested in similar property consistent with the LKE requirements of the U.S. Internal Revenue Code.

Alternative Fuel Mixture Credit (“AFMC”) and Cellulosic Biofuel Producer Credit (“CBPC”)

The U.S. Internal Revenue Code allowed two credits for taxpayers that produced and used an alternative fuel in the operation of their business during calendar year 2009. The AFMC is a $0.50 per gallon refundable excise tax credit (which is not taxable), while the CBPC is a $1.01 per gallon credit that is nonrefundable, taxable and has limitations based on an entity’s tax liability. Rayonier produced and used an alternative fuel (“black liquor”) in its Performance Fibers business, which qualified for both credits. The Company claimed the AFMC on its original 2009 income tax return. In 2013, 2012 and 2011, management approved exchanges of black liquor gallons previously claimed under the AFMC for the CBPC. The net tax benefit from these exchanges of $18.8 million, $12.2 million and $5.8 million were recorded in discontinued operations in the respective periods. As a result of the spin-off of the Performance Fibers business in 2014, the Company recorded a $13.6 million valuation allowance in continuing operations related to CPBC remaining with the Company’s taxable REIT subsidiary and the limited potential use of the CBPC prior to its expiration on December 31, 2017.

Provision for Income Taxes from Continuing Operations

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



	2014	2013	2012
Current
U.S. federal	$27,521	$27,338	$26,539
State	1,353	1,462	1,241
Foreign	—	(261)	—
	28,874	28,539	27,780
Deferred
U.S. federal	(7,260)	22,649	110
State	(357)	1,211	5
Foreign	1,633	(2,119)	(263)
	(5,984)	21,741	(148)
Changes in valuation allowance	(13,289)	(14,595)	(572)
Total	$9,601	$35,685	$27,060

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



	2014				2013				2012
U.S. federal statutory income tax rate	$(15,695)		35.0	%	$(24,555)		35.0	%	$3,600	(35.0	)%
REIT income and taxable losses	32,058		(71.5	)	52,812		(75.3	)	27,724	(269.5	)
Foreign operations	(159	)	0.4		(95)		0.1		—	—
Loss on early redemption of Senior Exchangeable Notes	—		—		(859	)	1.2		—	—
Other	112		(0.3	)	101		(0.1	)	251	(2.5	)
Income tax benefit before discrete items	16,316		(36.4	)	27,404		(39.1	)	31,575	(307.0	)
CBPC valuation allowance	(13,644	)	30.4		—		—		—	—
Deferred tax inventory valuations	5,151		(11.5	)	983		(1.4	)	(4,920)	47.8
Uncertain tax positions	1,830		(4.1	)	800		(1.1	)	—	—
Return to accrual adjustments	—		—		—		—		(12)	0.1
Gain related to consolidation of New Zealand joint venture	—		—		5,634		(8.0	)	—	—
Reversal of REIT BIG tax payable	—		—		485		(0.7	)	—	—
Other	(52	)	0.2		379		(0.6	)	417	(4.0	)
Income tax benefit as reported for continuing operations	$9,601		(21.4	)%	35,685		(50.9	)%	$27,060	(263.1	)%

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

Provision for Income Taxes from Discontinued Operations

On June 27, 2014 Rayonier completed the spin-off of its Performance Fibers business. Income tax expense related to Performance Fibers discontinued operations was $20.6 million, $84.4 million and $111.8 million for the years ended December 31, 2014, 2013 and 2012, respectively.

During 2013, Rayonier completed the sale of its Wood Products business for $80 million plus a working capital adjustment. Income tax expense related to the Wood Products business (recorded in discontinued operations) was $22.0 million ($21.1 million from the gain on sale) and $3.6 million for the years ended December 31, 2013 and 2012, respectively.

See Note 3 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business and the sale of the Wood Products business.

Deferred Taxes

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



	2014	2013 (a)
Gross deferred tax assets:
Liabilities for dispositions and discontinued operations	—	$28,050
Pension, postretirement and other employee benefits	1,994	43,058
Foreign and state NOL carryforwards	71,482	85,801
Tax credit carryforwards	13,644	52,682
Capitalized real estate costs	9,554	8,901
Other	8,067	20,970
Total gross deferred tax assets	104,741	239,462
Less: Valuation allowance	(13,644)	(33,889)
Total deferred tax assets after valuation allowance	$91,097	$205,573
Gross deferred tax liabilities:
Accelerated depreciation	(1,796)	(57,695)
Repatriation of foreign earnings	(8,817)	(9,065)
New Zealand forests, roads and carbon credits	(78,008)	(85,681)
Timber installment sale	(7,511)	(7,360)
Other	(1,304)	(5,247)
Total gross deferred tax liabilities	(97,436)	(165,048)
Net deferred tax (liability)/asset	$(6,339)	$40,525
Current portion of deferred tax asset	—	39,100
Noncurrent portion of deferred tax asset	8,057	10,720
Current portion of defered tax liability	(7,893)	—
Noncurrent portion of deferred tax liability	(6,503)	(9,295)
Net deferred tax (liability)/asset	$(6,339)	$40,525


(a)	Includes balances related to discontinued operations.

Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2014:



Item	Gross Amount	Valuation Allowance	Expiration
New Zealand JV NOL Carryforwards	$330,589	—	None
Cellulosic Biofuel Producer Credit	13,644	(13,644)	2017
Total Valuation Allowance		$(13,644)

In 2014, the Company recorded a tax deficiency on stock-based compensation of $0.8 million. In 2013 and 2012, the Company recorded excess tax benefits of $8.4 million and $7.6 million, respectively, related to stock-based compensation. These amounts were recorded directly to shareholders’ equity and were not included in the consolidated tax provision.

Unrecognized Tax Benefits

In accordance with generally accepted accounting principles, the Company recognizes the impact of a tax position if a position is “more-likely-than-not” to prevail.

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



	2014	2013	2012
Balance at January 1,	$10,547	$6,580	$6,580
Decreases related to prior year tax positions	(10,547)	(800)	—
Increases related to prior year tax positions	—	4,767	—
Balance at December 31,	—	$10,547	$6,580

The unrecognized tax benefits as of December 31, 2013 included $4.8 million related to an increased domestic production deduction on the Company’s amended 2009 tax return due to the inclusion of the CBPC income. Rayonier reversed this reserve during 2014 upon receipt of a refund from the IRS after its examination of the amended 2009 TRS tax return. The reserve included a $0.9 million unrecognized tax benefit, which was recorded in discontinued operations. The remaining $5.8 million of unrecognized tax benefits as of December 31, 2013 was related to positions on the Company’s 2010 tax return, on which the statute of limitations on examination expired during 2014. As such, the Company removed the $5.8 million unrecognized tax benefit liability during 2014, resulting 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 December 31, 2014.

The total amount of unrecognized tax benefits that, if recognized, would have affected the effective tax rate at December 31, 2014, 2013 and 2012 is $0, $6.6 million and $2.6 million, respectively.

The Company records interest (and penalties, if applicable) related to unrecognized tax benefits in non-operating expenses. The Company recorded a $0.5 million benefit to interest expense in 2014. For the years ended December 31, 2013 and 2012, the Company recorded interest expense of $0.1 million and $0.2 million, respectively. The Company had liabilities of $0 and $0.5 million for the payment of interest at December 31, 2014 and 2013, respectively.

Tax Statutes

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



Taxing Jurisdiction	Open Tax Years
U.S. Internal Revenue Service	2011 – 2014
State of Alabama	2009 – 2013
State of Florida	2010 – 2014
State of Georgia	2010 – 2014
New Zealand Inland Revenue	2010 – 2014

Earnings Per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

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

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



	2014	2013	2012
Income from continuing operations	$54,443	$105,843	$16,774
Less: Net (loss) income from continuing operations attributable to noncontrolling interest	(1,491)	1,902	—
Income from continuing operations attributable to Rayonier Inc.	$55,934	$103,941	$16,774

Income from discontinued operations attributable to Rayonier Inc.	$43,403	$267,955	$261,911

Net income attributable to Rayonier Inc.	$99,337	$371,896	$278,685

Shares used for determining basic earnings per common share	126,458,710	125,717,311	122,711,802
Dilutive effect of:
Stock options	323,125	463,949	634,218
Performance and restricted shares	149,292	158,319	757,308
Assumed conversion of Senior Exchangeable Notes (a)	2,149,982	1,965,177	2,888,650
Assumed conversion of warrants (a)	1,957,154	1,800,345	1,710,445
Shares used for determining diluted earnings per common share	131,038,263	130,105,101	128,702,423
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations	$0.44	$0.83	$0.14
Discontinued operations	0.34	2.13	2.13
Net income	$0.78	$2.96	$2.27
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations	$0.43	$0.80	$0.13
Discontinued operations	0.33	2.06	2.04
Net income	$0.76	$2.86	$2.17



	2014	2013	2012
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	461,663	337,145	224,918
Assumed conversion of exchangeable note hedges (a)	2,149,982	1,965,177	2,888,650
Total	2,611,645	2,302,322	3,113,568

(a)

The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt.

Inventory

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

INVENTORY

As of December 31, 2014 and 2013, Rayonier’s inventory included the following:



	2014	2013
Finished goods (a) (b)	$8,383	$115,270
Work in progress	—	3,555
Raw materials (c)	659	17,661
Manufacturing and maintenance supplies	—	2,332
Total inventory (d)	$9,042	$138,818


(a)	Includes $4.9 million and $6.3 million of HBU real estate held for sale at December 31, 2014 and 2013, respectively.


(b)	Includes $3.4 million and $4.1 million of New Zealand log inventory at December 31, 2014 and 2013, respectively.


(c)	Includes $0.7 million and $0.2 million of seedling inventory at December 31, 2014 and 2013, respectively.


(d)	2013 includes $128.2 million of inventory related to the Performance Fibers business.

Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

DEBT

Rayonier’s debt consisted of the following at December 31, 2014 and 2013:



	2014			2013
Senior Notes due 2022 at a fixed interest rate of 3.75%		$325,000			$325,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a)	129,706			127,749
Installment note due 2014 at a fixed interest rate of 8.64%	—			112,500
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	53,801			65,165
Solid waste bond due 2020 at a variable interest rate of 1.3% at December 31, 2014	15,000			15,000
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.34% at December 31, 2014	16,000			205,000
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.63% at December 31, 2014	—			500,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.47% at December 31, 2014	184,099			193,311
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate	27,949			30,499
Total debt	751,555			1,574,224
Less: Current maturities of long-term debt	(129,706		)	(112,500		)
Long-term debt		$621,849			$1,461,724

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



2015 (a)		$130,973
2016	200,099
2017 (b)	52,500
2018	—
2019	—
Thereafter	367,949
Total Debt		$751,521


(a)	Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million.


(b)	The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million.

Term Credit Agreement

In December 2012, the Company entered into a $640 million senior unsecured term credit agreement with banks in the farm credit system, which is a network of cooperatives. As part of the spin-off of Performance Fibers, the facility was fully repaid and, in second quarter 2014, amended to reduce the Company’s borrowing capacity to $100 million after the spin-off was completed. The agreement matures in December 2019 and has a delayed draw feature that allows borrowings up to $100 million through December 2017 using a maximum of three remaining advances. The periodic interest rate on the term credit agreement is LIBOR plus 163 basis points, with an unused commitment fee of 20 basis points. The Company receives annual patronage refunds, which are profit distributions made by a cooperative to its member-users based on the quantity or value of business done with the member-user. The Company expects the effective interest rate to approximate LIBOR plus 107 basis points after consideration of the patronage refunds. At December 31, 2014, the Company had $100 million of available borrowings under this facility.

Revolving Credit Facility

In April 2011, the Company entered into a five year $300 million unsecured revolving credit facility, replacing the previous $250 million facility which was scheduled to expire in August 2011. In August 2011, the Company increased the revolving credit facility to $450 million. As part of the spin-off of Performance Fibers, the revolving credit facility was fully repaid and, in second quarter 2014, amended to reduce the Company’s borrowing capacity to $200 million after the spin-off was completed. The April 2016 expiration date remained unchanged. The periodic interest rate on the revolving credit facility is LIBOR plus 118 basis points, with an unused commitment fee of 20 basis points. At December 31, 2014, the Company had $182 million of available borrowings under this facility, net of $2 million to secure its outstanding letters of credit.

Joint Venture Debt

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

Senior Secured Facilities Agreement

The New Zealand JV is party to a $202 million variable rate Senior Secured Facilities Agreement comprised of two tranches. Tranche A, a $184 million revolving cash advance facility expires September 2016 and Tranche B, an $18 million working capital facility expires June 2015. Although the maximum amounts available under the agreement are denominated in New Zealand dollars, advances on Tranche A are also available in U.S. dollars. This agreement is secured by a Security Trust Deed that provides recourse only to the New Zealand JV’s assets; there is no recourse to Rayonier Inc. or any of its subsidiaries.

Revolving Credit Facility

As of December 31, 2014 the Senior Secured Facilities Agreement had $184 million outstanding on Tranche A at 4.47 percent due September 2016, with a commitment fee of 80 basis points. The interest rate is indexed to the 90 day New Zealand Bank bill rate and is generally repriced quarterly. The margin on the index rate fluctuates based on the interest coverage ratio. The New Zealand JV manages these rates through interest rate swaps, as discussed at Note 6 — Derivative Financial Instruments and Hedging Activities. The notional amounts of the outstanding interest rate swap contracts at December 31, 2014 were $149 million, net of notional amounts of $13 million set to expire January 2015 for which replacement swaps have been entered into before year end. These interest rate swap contracts cover 81 percent of the variable rate debt. The weighted average fixed interest rate resulting from the swaps was 5.0 percent. The interest rate swap contracts have maturities between one and five years.

Working Capital Facility

The $18 million Working Capital Facility is available for short-term operating cash flow needs of the New Zealand JV. This facility holds a variable interest rate indexed to the Official Cash Rate set by the Reserve Bank of New Zealand. The margin ranges from 1.20 percent to 1.45 percent based on the interest coverage ratio and the length of time each borrowing is outstanding. At December 31, 2014, there was no outstanding balance on the Working Capital Facility.

Shareholder Loan

The shareholder loan is an interest-free loan from the noncontrolling New Zealand JV partner in the amount of $28 million. This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is secured by timberlands owned by the New Zealand JV and is subordinated to the Senior Secured Facilities Agreement. Although Rayonier Inc. is not liable for this loan, the shareholder loan instrument contains features with characteristics of both debt and equity and is therefore required to be classified as debt and consolidated. As the loan is effectively at par, the carrying amount is deemed to be the fair value. The entire balance of the shareholder loan remained classified as long-term debt at December 31, 2014 due to the ability and intent of the Company to refinance it on a long-term basis.

3.75% Senior Notes issued March 2012

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022, guaranteed by certain subsidiaries. The guarantors were revised in October 2012, leaving TRS and Rayonier Operating Company LLC as the remaining guarantors.

$105 Million Secured Mortgage Notes Assumed

In November 2011, in connection with the acquisition of approximately 250,000 acres of timberlands, the Company assumed notes totaling $105 million, secured by mortgages on certain parcels of the timberlands acquired. The notes bear fixed interest rates of 4.35 percent with original terms of seven years maturing in August 2017. The Company prepaid $21.0 million of principal on the mortgage notes concurrent with the acquisition and an additional $10.5 million during both 2014 and 2013, the maximum amounts allowed without penalty at the respective dates. The notes were recorded at fair value on the date of acquisition. At December 31, 2014, the carrying value of the debt outstanding was $53.8 million; however, the liability will be $52.5 million at maturity.

4.50% Senior Exchangeable Notes issued August 2009

In August 2009, TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes are guaranteed by Rayonier and are non-callable. The principal will be settled in cash and any excess exchange value will be settled at the option of the Company in either cash or stock of Rayonier. Note holders may convert their notes to common stock of Rayonier, subject to certain provisions including the market price of the stock and the trading price of the convertible notes. The current exchange rate is 42.47 shares per $1,000 principal based on an exchange price of $23.54.

In separate transactions, TRS and Rayonier purchased exchangeable note hedges and sold warrants, respectively, based on 5,169,653 underlying shares of Rayonier. These transactions had the effect of increasing the conversion premium from 22.5 percent to 46 percent or to $28.12 per share. The exchangeable note hedge and warrant transactions are intended to limit exposure of potential dilution to Rayonier shareholders from note holders who could exchange the notes for Rayonier common shares. Upon exercise of the hedges, TRS will receive shares of Rayonier common stock equal to the difference between the then market price and the strike price of $23.54. The holders of the warrants will receive net shares from Rayonier if the share price is above $28.12 at maturity of the warrants.

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

The $172.5 million 4.50% Senior Exchangeable Notes due 2015 were exchangeable at the option of the holders for all four calendar quarters ending in 2014. Per the indenture, in order for the notes to become exchangeable, the Company’s stock price must exceed 130 percent of the exchange price for 20 trading days in a period of 30 consecutive trading days as of the last day of the quarter. During the twelve months ended December 31, 2014, the note holders did not elect to exercise the exchange option.

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

Based upon the average stock price for the 30 trading days ended December 31, 2014, these notes are not exchangeable for the calendar quarter ending March 31, 2015. The remaining balance of the notes is classified as current maturities of long-term debt at December 31, 2014 as the notes mature in September of 2015.

The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2014 and 2013 are as follows:



	2014			2013
Liabilities:
Principal amount of debt
4.50% Senior Exchangeable Notes		$130,973			$130,973
Unamortized discount (a)
4.50% Senior Exchangeable Notes	(1,267		)	(3,224		)
Net carrying amount of debt		$129,706			$127,749
Equity:
Common stock		$8,850			$8,850

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

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



	2014		2013		2012
Contractual interest coupon
4.50% Senior Exchangeable Notes		$5,930		$7,271		$7,763
Amortization of debt discount
4.50% Senior Exchangeable Notes	1,957		2,281		2,296
Total interest expense recognized		$7,887		$9,552		$10,059

The effective interest rate on the liability component for the years ended December 31, 2014, 2013 and 2012 was 6.21%.

Debt Covenants

In connection with the Company’s $200 million revolving credit facility, covenants must be met, including an interest coverage ratio based on the facility’s definition of EBITDA (“Covenant EBITDA”). Covenant EBITDA consists of earnings from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense, depreciation, depletion, amortization and the non-cash cost basis of real estate sold. Additionally, debt at subsidiaries (excluding Rayonier Operating Company LLC and TRS, which are borrowers under the agreement) is limited to 15 percent of Consolidated Net Tangible Assets. Consolidated Net Tangible Assets is defined as total assets less the sum of total current liabilities and intangible assets.

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

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

In addition to the financial covenants listed above, the installment note, mortgage notes, senior notes, term credit agreement and revolving credit facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At December 31, 2014, the Company was in compliance with all covenants.

Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Shareholders' Equity

SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for each of the three years ended December 31, 2014 is shown below (share amounts not in thousands):



	Common Shares		Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest	Shareholders’ Equity
	Shares (a)	Amount	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest	Shareholders’ Equity
Balance, December 31, 2011	122,035,177	$630,286	$806,235	$(113,448)	—	$1,323,073
Net income	—	—	278,685	—	—	278,685
Dividends ($1.68 per share)	—	—	(208,286)	—	—	(208,286)
Issuance of shares under incentive stock plans	1,467,024	25,495	—	—	—	25,495
Stock-based compensation	—	15,116	—	—	—	15,116
Excess tax benefit on stock-based compensation	—	7,635	—	—	—	7,635
Repurchase of common shares	(169,757)	(7,783)	—	—	—	(7,783)
Net loss from pension and postretirement plans	—	—	—	(496)	—	(496)
Foreign currency translation adjustment	—	—	—	4,352	—	4,352
Joint venture cash flow hedges	—	—	—	213	—	213
Balance, December 31, 2012	123,332,444	$670,749	$876,634	$(109,379)	—	$1,438,004
Net income	—	—	371,896	—	1,902	373,798
Dividends ($1.86 per share)	—	—	(233,321)	—	—	(233,321)
Issuance of shares under incentive stock plans	1,001,426	10,101	—	—	—	10,101
Stock-based compensation	—	11,710	—	—	—	11,710
Excess tax benefit on stock-based compensation	—	8,413	—	—	—	8,413
Repurchase of common shares	(211,221)	(11,326)	—	—	—	(11,326)
Equity portion of convertible debt (Note 13)	—	2,453	—	—	—	2,453
Settlement of warrants (Note 13)	2,135,221	—	—	—	—	—
Net loss from pension and postretirement plans	—	—	—	61,869	—	61,869
Acquisition of noncontrolling interest	—	—	—	—	96,336	96,336
Noncontrolling interest redemption of shares	—	—	—	—	(713)	(713)
Foreign currency translation adjustment	—	—	—	(1,915)	(3,795)	(5,710)
Joint venture cash flow hedges	—	—	—	3,286	343	3,629
Balance, December 31, 2013	126,257,870	$692,100	$1,015,209	$(46,139)	$94,073	$1,755,243
Net income	—	—	99,337	—	(1,491)	97,846
Dividends ($2.03 per share)	—	—	(256,861)	—	—	(256,861)
Contribution to Rayonier Advanced Materials	—	(301)	(61,318)	80,749	—	19,130
Adjustments to Rayonier Advanced Materials (b)	—	—	(5,670)	(2,556)	—	(8,226)
Issuance of shares under incentive stock plans	561,701	5,579	—	—	—	5,579
Stock-based compensation	—	7,869	—	—	—	7,869
Tax deficiency on stock-based compensation	—	(791)	—	—	—	(791)
Repurchase of common shares	(46,474)	(1,858)	—	—	—	(1,858)
Net loss from pension and postretirement plans	—	—	—	(24,147)	—	(24,147)
Noncontrolling interest redemption of shares	—	—	—	—	(931)	(931)
Foreign currency translation adjustment	—	—	—	(11,526)	(4,321)	(15,847)
Joint venture cash flow hedges	—	—	—	(1,206)	(649)	(1,855)
Balance, December 31, 2014	126,773,097	$702,598	$790,697	$(4,825)	$86,681	$1,575,151


(a)	The Company’s common shares are registered in North Carolina and have a $0.00 par value.


(b)	Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized.

The table below summarizes the tax characteristics of the cash dividend paid to shareholders for the three years ended December 31, 2014:



	2014	2013	2012
Capital gain	$1.61	$0.72	$1.68
Qualified	—	1.14	—
Return of capital	0.42	—	—
Total cash dividend per common share	$2.03	$1.86	$1.68

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

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Accumulated Other Comprehensive Income/(Loss)

12 Months Ended

Dec. 31, 2014

Accumulated Other Comprehensive Income/(Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The following table summarizes the changes in AOCI by component for the years ended December 31, 2014 and 2013. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.



	Foreign currency translation gains/(losses)		Net investment hedge of New Zealand JV		New Zealand JV cash flow hedges (a)		Unrecognized components of employee benefit plans		Total
Balance as of December 31, 2012	$38,829		—		$(3,628)		$(144,580)		$(109,379)
Other comprehensive income/(loss) before reclassifications	(1,915	)	—		798		45,931	(b)	44,814
Amounts reclassified from accumulated other comprehensive loss	—		—		2,488		15,938	(c)	18,426
Net other comprehensive income/(loss)	(1,915	)	—		3,286		61,869		63,240
Balance as of December 31, 2013	$36,914		—		$(342)		$(82,711)		$(46,139)
Other comprehensive income/(loss) before reclassifications	(11,381)		(145)		510		47,938	(d)	36,922
Amounts reclassified from accumulated other comprehensive loss	—		—		(1,716)		6,108	(e)	4,392
Net other comprehensive income/(loss)	(11,381	)	(145	)	(1,206	)	54,046		41,314
Balance as of December 31, 2014	$25,533		$(145)		$(1,548)		$(28,665)		$(4,825)

(a)

Prior to the acquisition of a majority interest in the New Zealand JV in 2013, Rayonier recorded its proportionate share of the New Zealand JV’s cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition.


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


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

(d)

Reflects $78 million, net of taxes, of comprehensive income due to the transfer of losses to Rayonier Advanced Materials Pension Plans. This comprehensive income was offset by $30 million, net of taxes, of losses as a result of revaluations required due to the spin-off and at year-end. The actuarial losses were primarily caused by a decrease in the discount rate from 4.6 percent as of December 31, 2013 to 3.8 percent as of December 31, 2014. See Note 22 — Employee Benefit Plans for additional information.


(e)	This accumulated other comprehensive income component is comprised of $5 million from the computation of net periodic pension cost and the $1 million write-off of a 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 years ended December 31, 2014 and 2013:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income		Affected line item in the income statement
	2014	2013
Loss from New Zealand joint venture cash flow hedges	—	$2,159	Gain related to consolidated of New Zealand joint venture
Realized (gain) loss on foreign currency exchange contracts	(2,858)	843	Other operating income, net
Realized gain on foreign currency option contracts	(1,007)	—	Other operating income, net
Noncontrolling interest	1,352	(295)	Comprehensive loss attributable to noncontrolling interest
Income tax expense (benefit) from foreign currency contracts	797	(219)	Income tax benefit
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	(1,716)	2,488
Income tax expense on pension plan contributed to Rayonier Advanced Materials	843	—	Income tax benefit
Net (gain) loss reclassified from accumulated other comprehensive income	$(873)	$2,488

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

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

Other Operating Income, Net

12 Months Ended

Dec. 31, 2014

Other Operating Income, Net

OTHER OPERATING INCOME, NET

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



	2014		2013		2012
Lease income, primarily for hunting	$17,569		$19,479		$15,937
Other non-timber income	2,314		2,714		3,346
Foreign exchange gains	3,498		901		—
Insurance recoveries	—		—		2,298
Gain (loss) on sale or disposal of property plant & equipment	48		287		(23	)
Gain (loss) on foreign currency contracts, net	32		(192	)	—
Legal and corporate development costs	(222	)	(2,242	)	(1,073	)
Bankruptcy claim settlement	5,779		—		—
Miscellaneous (expense), net	(2,507	)	(2,460	)	(3,474	)
Total	$26,511		$18,487		$17,011

Liabilities for Dispositions and Discontinued Operations

12 Months Ended

Dec. 31, 2014

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

Liabilities for Dispositions and Discontinued Operations

LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

An analysis of activity in the liabilities for dispositions and discontinued operations for the three years ended December 31, 2014 follows:



	2014	2013	2012
Balance, January 1	$76,378	$81,695	$90,824
Expenditures charged to liabilities	(5,096)	(8,570)	(9,926)
Increase to liabilities	2,558	3,253	797
Contribution to Rayonier Advanced Materials	(73,840)	—	—
Balance, December 31	—	76,378	81,695
Less: Current portion	—	(6,835)	(8,105)
Non-current portion	—	$69,543	$73,590

In connection with the spin-off of the Performance Fibers business, all liabilities associated with prior dispositions and discontinued operations were assumed by 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 3 — Discontinued Operations.

Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Contingencies

CONTINGENCIES

Following our November 10, 2014 announcement that we intended to file restated interim financial statements for the quarterly periods ended March 31, 2014 and June 30, 2014 (the “November 2014 Announcement”), shareholders of the Company filed five putative class actions against the Company and four of its current and former officers and directors (together, the “Defendants”) arising from circumstances described in the November 2014 Announcement, entitled respectively:


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


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


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


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


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

On January 9, 2015, the five Securities Actions were consolidated into one putative class action entitled In re Rayonier Inc. Securities Litigation, Case No. 3:14-cv-1395-TJC-JBT in the United States District Court for the Middle District of Florida. The plaintiffs allege that the Defendants made false and/or misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The plaintiffs seek unspecified monetary damages and attorneys’ fees and costs. Two shareholders, the Pension Trust Fund for Operating Engineers and the Lake Worth Firefighters’ Pension Trust Fund moved for appointment as lead plaintiff on January 12, 2015. In that motion, the lead plaintiff movants asserted that the class period should be July 22, 2013 to November 7, 2014. At this preliminary stage, the Company cannot determine whether there is a reasonable possibility that a loss has been incurred nor can we estimate the range of any potential loss. On February 25, 2015, the court appointed the Pension Trust Fund for Operating Engineers and the Lake Worth Firefighters’ Pension Trust Fund as lead plaintiffs in the case.

On November 26, 2014, December 29, 2014, January 26, 2015, and February 13, 2015, the Company received separate letters from shareholders requesting that the Company investigate or pursue derivative claims against certain officers and directors related to the November 2014 announcement. Although these demands do not identify any claims against the Company, the Company could potentially incur certain obligations to advance expenses and provide indemnification to certain current and former officers and directors of the Company. The Company may also incur expenses as a result of any costs arising from the investigation of the claims alleged in the various demands. At this preliminary stage, we cannot predict the ultimate outcome of these matters, nor can we estimate the range of potential expenses the Company may incur as a result of the obligations identified above.

In November 2014, the Company received a subpoena from the United States Securities and Exchange Commission (the “SEC”) seeking documents related to the Company’s amended reports filed with the SEC on November 10, 2014. The Company is cooperating with the SEC and complying with the subpoena. The Company does not currently believe that the investigation will have a material impact on the Company’s results of operations, cash flows or financial condition, but cannot predict the timing or outcome of the SEC investigation.

The Company has also been named as a defendant in various other lawsuits and claims arising in the normal course of business. While the Company has procured reasonable and customary insurance covering risks normally occurring in connection with its businesses, it has in certain cases retained some risk through the operation of self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow.

Guarantees

12 Months Ended

Dec. 31, 2014

Guarantees [Abstract]

Guarantees

GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of December 31, 2014, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment	Carrying Amount of Liability
Standby letters of credit (a)	$17,355	$15,000
Guarantees (b)	2,254	43
Surety bonds (c)	682	—
Total financial commitments	$20,291	$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. These letters of credit will expire at various dates during 2015 and will be renewed as required.

(b)

In conjunction with a timberland sale and note monetization in the 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2014, the Company has recorded a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.


(c)	Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates in 2015 and 2016 and are expected to be renewed as required.

Commitments

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments

COMMITMENTS

The Company leases certain buildings, machinery and equipment under various operating leases. Total rental expense for operating leases amounted to $1 million, $2 million and $2 million in 2014, 2013 and 2012, respectively. The Company also has long-term lease agreements on certain timberlands in the Southern U.S. and New Zealand. U.S. leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms range between 30 and 99 years. Such leases are generally non-cancellable and require minimum annual rental payments. Total expenditures for long-term leases and deeds on timberlands amounted to $10.4 million, $10.4 million and $8.0 million in 2014, 2013 and 2012, respectively.

At December 31, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows:



	Operating Leases		Timberland Leases (a)		Purchase Obligations (b)		Total
2015		$1,288		$10,162		$472		$11,922
2016	941		9,727		262		10,930
2017	492		9,389		191		10,072
2018	277		8,080		1,419		9,776
2019	191		7,137		4,525		11,853
Thereafter	42		130,884		1,673		132,599
		$3,231		$175,379		$8,542		$187,152


(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 (foreign exchange contracts and options) 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 December 31, 2014, the New Zealand JV has four CFL’s under either a complete or partial termination notice, terminating in 2034, 2046 and two in 2049 as well as two fixed term CFL’s set to expire in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews. The total annual license fee on the CFL’s is $2.2 million per year including CFL's terminating or expiring of $0.2 million.

Incentive Stock Plans

12 Months Ended

Dec. 31, 2014

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

Incentive Stock Plans

INCENTIVE STOCK PLANS

The Rayonier Incentive Stock Plan (“the Stock Plan”) provides up to 15.8 million shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations. At December 31, 2014, a total of 6.2 million shares were available for future grants under the Stock Plan. Under the Stock Plan, shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted. The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares.

Total stock-based compensation cost recorded in “Selling and general expenses” was $7.1 million, $10.7 million and $14.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. For the years ended December 31, 2014, 2013 and 2012, stock-based compensation expense of $0.7 million, $0.9 million and $0.8 million, respectively, was recorded in “Cost of sales.” Stock-based compensation expense of $0.1 million was capitalized to “Timber and Timberlands, net” in each of the years ended December 31, 2014, 2013 and 2012 as part of the allocation of timber-related costs.

Tax benefits recognized related to stock-based compensation expense for the three years ended December 31, 2014 were $1.7 million, $3.1 million and $4.0 million, respectively.

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, which are described below. For additional information on the spin-off of the Performance Fibers business, see Note 3 — Discontinued Operations.

Fair Value Calculations by Award

Restricted Stock

Restricted stock granted under the Stock Plan generally vests upon completion of a one to five year period. The fair value of each share granted is equal to the share price of the Company’s stock on the date of grant. Restricted stock was impacted by the spin-off as follows:

•

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 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). The restricted shares will vest 24 months after the distribution date, generally subject to the holder’s continued employment. The number of shares of restricted stock granted was determined in a manner intended to preserve the original value of the performance share award.

The Company compared the fair value of the reissued restricted stock held by Rayonier employees with the fair value of the restricted stock and 2013 performance share awards immediately before the modification. The replacement of the 2013 performance share awards with restricted stock resulted in $0.7 million of incremental value. After adjusting the incremental value for cancellations prior to December 31, 2014, the additional expense to be recognized over the two-year vesting period ending in the second quarter of 2016 totaled $0.4 million.

As of December 31, 2014, there was $4.2 million of unrecognized compensation cost related to Rayonier and Rayonier Advanced Materials restricted stock held by Rayonier employees. The Company expects to recognize this cost over a weighted average period of 3.5 years.

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



	2014	2013	2012
Restricted shares granted	186,783	33,607	18,742
Weighted average price of restricted shares granted	$36.42	$57.54	$42.40
(Amounts in millions)
Intrinsic value of restricted stock outstanding (a)	$5.1	$1.7	$2.1
Fair value of restricted stock vested	$1.3	$1.3	$1.8
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares	—	$0.3	$0.6


(a)	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2014.



	2014
	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	39,232			$55.66
Granted	186,783		(a)	36.42
Vested	(23,599	)		55.86
Cancelled	(18,393	)		39.90
Non-vested Restricted Shares at December 31,	184,023		(b)	$37.53


(a)	Includes restricted shares granted to Rayonier employees in replacement of the 2013 performance share awards.


(b)	Represents all Rayonier restricted shares outstanding as of December 31, 2014, including 2012 restricted share awards held by Rayonier Advanced Materials employees.

Performance Share Units

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

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) remained 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 was based on the combined stock prices of Rayonier and Rayonier Advanced Materials and any payment earned was to be 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, as discussed in the Restricted Stock section above.

•

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.

A comparison of the fair value of modified performance share awards held by Rayonier employees with the fair value of the awards immediately before the modification did not yield any incremental value. As such, the Company did not record any incremental compensation expense related to performance shares. The replacement of the 2013 performance share awards with time-vested restricted stock did result in incremental compensation expense, as discussed above.

The Stock Plan allows for the cash settlement of the minimum required withholding tax on performance share unit awards. As of December 31, 2014, there was $1.6 million of unrecognized compensation cost related to the Company’s performance share unit awards, which is solely attributable to awards granted in 2014 to Rayonier employees. This cost is expected to be recognized over a weighted average period of 2.0 years.

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



	2014	2013	2012
Common shares of Company stock reserved for performance shares	130,164	276,240	337,360
Weighted average fair value of performance share units granted	$40.33	$59.16	$56.36
(Amounts in millions)
Intrinsic value of outstanding performance share units (a)	$5.8	$22.1	$36.3
Fair value of performance shares vested	—	$7.0	$22.2
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares	$1.8	$11.0	$7.2


(a)	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2014.



	2014
	Number of Units			Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	524,746			$54.57
Granted	286,340		(a)	40.33
Units Distributed	(231,717	)		50.63
Cancelled at Spin-off	(315,297	)		48.28
Other Cancellations/Adjustments	(55,048	)		46.59
Outstanding Performance Share units at December 31,	209,024			$51.01


(a)	Includes performance shares reissued to Rayonier employees subsequent to the cancellation of the 2014 performance shares at spin-off.

Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. The following chart provides a tabular overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2014:



	2014 (a)		2013		2012
Expected volatility	19.7	%	23.2	%	36.9	%
Risk-free rate	0.7	%	0.4	%	0.4	%


(a)	Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8%.

Non-Qualified Employee Stock Options

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

At the time of the spin-off, each Rayonier stock option was converted into an adjusted Rayonier stock option and a Rayonier Advanced Materials stock option. The exercise price and number of shares subject to each stock option were adjusted in order to preserve the aggregate value of the original Rayonier stock option as measured immediately before and immediately after the spin-off. A comparison of the fair value of modified awards held by Rayonier employees, including options in both Rayonier and Rayonier Advanced Materials shares, with the fair value of the awards immediately before the modification did not yield any incremental value. As such, the Company did not record any incremental compensation expense related to stock options.

The following table provides an overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2014:



	2014 (a)		2013		2012
Expected volatility	39.3	%	39.0	%	39.3	%
Dividend yield	4.6	%	3.4	%	3.6	%
Risk-free rate	2.2	%	1.0	%	1.3	%
Expected life (in years)	6.3		6.3		6.4
Fair value per share of options granted (b)	$10.58		$14.01		$11.85
Fair value of options granted (in millions)	$3.2		$2.7		$2.8


(a)	The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees.


(b)	The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants, $10.70 for 2013 grants and $9.04 for 2012 grants.

A summary of the status of the Company’s stock options as of and for the year ended December 31, 2014 is presented below. The information reflects options in Rayonier common shares, including those awards held by Rayonier Advanced Materials employees.



	2014
	Number of Shares	Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Options outstanding at January 1,	1,393,222	$33.79	(a)
Granted	305,305	42.47	(b)
Exercised	(251,547)	22.54	(c)
Cancelled	(44,585)	31.48	(c)
Modified in connection with spin-off	(32,495)	36.28	(a)
Options outstanding at December 31,	1,369,900	$27.21	(d)	6.1	$4.9
Options vested and expected to vest	1,367,044	$27.19	(d)	6.1	$4.9
Options exercisable at December 31,	923,570	$24.17	(d)	4.9	$4.9


(a)	Reflects exercise prices prior to the spin-off.


(b)	Represents the weighted-average exercise price at time of grant. Exercise prices were modified at the time of the spin-off. The adjusted weighted-average exercise price of 2014 grants was $31.52.


(c)	Represents the weighted-average of exercise prices in place at the time of exercise or cancellation. Pre-spin activity was not adjusted to reflect the subsequent modification of exercise prices.


(d)	Reflects exercise prices as of December 31, 2014.

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



	2014	2013	2012
(Amounts in millions)
Intrinsic value of options exercised (a)	$4.0	$12.3	$20.5
Fair value of options vested	$3.1	$2.6	$3.3


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

As of December 31, 2014, there was $0.6 million of unrecognized compensation cost related to Rayonier and Rayonier Advanced Materials stock options held by the Company’s employees. This cost is expected to be recognized over a weighted average period of 1.4 years.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

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 3— 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 and Postretirement Plans transferred assets and obligations to the Rayonier Advanced Materials Pension and Postretirement Plans resulting in a net decrease in sponsored pension and postretirement plan obligations of $100 million. This was based on 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, net of taxes of $45 million.

The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.

The Company sold its Wood Products business in March 2013. As a result of the sale, all employees covered by the Wood Products defined benefit pension plan are considered terminated employees. Amendments to the plan in June 2013 resulted in all such employees automatically vesting in the plan. Additionally, a one-time lump sum distribution was offered to terminated Wood Products plan participants or their beneficiaries. Based upon acceptance of that offer by certain participants, $3.0 million was paid from the plan assets during 2013, with a corresponding decrease of $2.8 million in the benefit obligation. As a result of the lump sum distribution, a settlement loss of $0.5 million, net of tax, was recorded in “Income from Discontinued Operations, net” in the Consolidated Statements of Income and Comprehensive Income as it was directly related to the sale of the Wood Products business. For additional information on the sale of the Wood Products business, see Note 3 — Discontinued Operations.

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



	Pension		Postretirement
	2014	2013	2014	2013
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	$413,638	$454,470	$21,999	$27,582
Service cost	3,923	8,452	402	1,056
Interest cost	10,707	16,682	537	937
Settlement loss	—	137	—	—
Actuarial loss (gain)	43,093	(44,786)	2,250	(3,206)
Plan amendments	—	—	—	(3,372)
Employee contributions	—	—	484	980
Benefits paid	(11,288)	(21,317)	(888)	(1,978)
Transferred to Rayonier Advanced Materials	(372,718)	—	(23,558)	—
Projected benefit obligation at end of year	$87,355	$413,638	$1,226	$21,999



Change in Plan Assets
Fair value of plan assets at beginning of year	$341,905	$320,699	—	—
Actual return on plan assets	21,399	42,285	—	—
Employer contributions	1,103	1,699	404	998
Employee contributions	—	—	484	980
Benefits paid	(11,288)	(21,317)	(888)	(1,978)
Other expense	(607)	(1,461)	—	—
Transferred to Rayonier Advanced Materials	(296,966)	—	—	—
Fair value of plan assets at end of year	$55,546	$341,905	—	—



Funded Status at End of Year:
Net accrued benefit cost	$(31,809)	$(71,733)	$(1,226)	$(21,999)



Amounts Recognized in the Consolidated
Balance Sheets Consist of:
Noncurrent assets	—	$3,583	—	—
Current liabilities	(15)	(1,776)	(25)	(1,071)
Noncurrent liabilities	(31,794)	(73,540)	(1,201)	(20,928)
Net amount recognized	$(31,809)	$(71,733)	$(1,226)	$(21,999)

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



	Pension			Postretirement
	2014	2013	2012	2014	2013	2012
Net gains (losses)	$37,559	$60,171	$(17,630)	$(2,250)	$3,206	$(2,021)
Prior service cost	—	—	—	—	—	—
Negative plan amendment	—	—	—	—	3,372	—

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



	Pension			Postretirement
	2014	2013	2012	2014	2013	2012
Amortization of losses	$6,542	$20,914	$17,578	$288	$675	$582
Amortization of prior service cost	576	1,356	1,308	8	66	80
Amortization of negative plan amendment	—	—	—	(137)	(105)	(55)

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



	Pension		Postretirement
	2014	2013	2014	2013
Prior service cost	$(13)	$(5,707)	—	$(49)
Net losses	(30,965)	(110,728)	(90)	(8,057)
Negative plan amendment	—	—	—	3,574
Deferred income tax benefit	2,425	36,685	(22)	1,571
AOCI	$(28,553)	$(79,750)	$(112)	$(2,961)

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



	2014	2013
Projected benefit obligation	$87,355	$388,163
Accumulated benefit obligation	81,141	350,605
Fair value of plan assets	55,546	290,848

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



	Pension			Postretirement
	2014	2013	2012	2014	2013	2012
Components of Net Periodic Benefit Cost
Service cost	$3,923	$8,452	$8,407	$402	$1,056	$918
Interest cost	10,707	16,682	17,284	537	937	956
Expected return on plan assets	(15,258)	(25,302)	(25,477)	—	—	—
Amortization of prior service cost	576	1,296	1,308	8	66	80
Amortization of losses	6,542	20,097	17,578	288	675	582
Amortization of negative plan amendment	—	—	—	(137)	(105)	(55)
Curtailment expense	—	60	—	—	—	—
Settlement expense	—	817	—	—	—	—
Net periodic benefit cost (a)	$6,490	$22,102	$19,100	$1,098	$2,629	$2,481


(a)	Net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 included $4.0 million, $14.9 million, and $12.8 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.

The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2015 are as follows:



	Pension	Postretirement
Amortization of loss	$3,420	—
Amortization of prior service cost	13	—
Total amortization of AOCI loss	$3,433	—

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



	Pension						Postretirement
	2014		2013		2012		2014		2013		2012
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.80	%	4.60	%	3.70	%	3.96	%	4.60	%	3.60	%
Rate of compensation increase	4.50	%	4.60	%	4.60	%	4.50	%	4.50	%	4.50	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate (pre-spin off)	4.60	%	3.70	%	4.20	%	4.60	%	3.60	%	4.10	%
Discount rate (post-spin off)	4.04	%	—		—		4.00	%	—		—
Expected long-term return on plan assets	8.50	%	8.50	%	8.50	%	—		—		—
Rate of compensation increase	4.50	%	4.60	%	4.50	%	4.50	%	4.50	%	4.50	%

The sensitivity of pension expense and projected benefit obligation to changes in economic assumptions is highlighted below:



	(unaudited)
	Impact on:
Change in Assumption	Pension Expense	Projected Benefit Obligation
0.5% decrease in discount rate	+ 0.4 million	+ 7.5 million
0.5% increase in discount rate	- 0.4 million	- 6.6 million
0.5% decrease in long-term return on assets	+ 0.1 million
0.5% increase in long-term return on assets	- 0.1 million

At December 31, 2014, the pension plan’s discount rate was 3.80 percent, which closely approximates interest rates on high quality, long-term obligations. Effective December 31, 2014, the expected return on plan assets remained at 8.5 percent, which is based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return. The Company, with the assistance of external consultants, utilizes this information in developing assumptions for returns, and risks and correlation of asset classes, which are then used to establish the asset allocation ranges.

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



	Postretirement
	2014	2013
Health care cost trend rate assumed for next year (a)	N/A	7.00	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (a)	N/A	5.00	%
Year that the rate reaches the ultimate trend rate (a)	N/A	2017


(a)	The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business.

Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement benefit plans. The following table shows the effect of a one percentage point change in assumed health care cost trends as of December 31, 2013:



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


(a)	The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business.

Investment of Plan Assets

The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2014 and 2013, and target allocation ranges by asset category are as follows:



	Percentage of Plan Assets				Target Allocation Range
Asset Category	2014		2013		Target Allocation Range
Domestic equity securities	42	%	42	%	35-45%
International equity securities	23	%	26	%	20-30%
Domestic fixed income securities	27	%	25	%	25-29%
International fixed income securities	4	%	4	%	3-7%
Real estate fund	4	%	3	%	2-4%
Total	100	%	100	%

The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt. Pension assets did not include a direct investment in Rayonier common stock at December 31, 2014 or 2013.

Fair Value Measurements

The following table sets forth by level, within the fair value hierarchy (see Note 2 — Summary of Significant Accounting Policies for definition), the assets of the plans as of December 31, 2014 and 2013.



	Fair Value at December 31, 2014			Fair Value at December 31, 2013
Asset Category	Level 1	Level 2	Total	Level 1	Level 2	Total
Domestic equity securities	$4,557	$18,326	$22,883	$29,293	$110,401	$139,694
International equity securities	6,277	6,488	12,765	55,692	31,347	87,039
Domestic fixed income securities	—	14,643	14,643	—	85,222	85,222
International fixed income securities	2,428	—	2,428	15,134	—	15,134
Real estate fund	1,887	—	1,887	9,678	—	9,678
Short-term investments	—	940	940	879	4,259	5,138
Total	$15,149	$40,397	$55,546	$110,676	$231,229	$341,905

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

Level 1 — Net asset value in an observable market.

Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets.

There have been no changes in the methodology used during the years ended December 31, 2014 and 2013.

Cash Flows

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



	Pension Benefits	Postretirement Benefits
2015	$2,729	$25
2016	2,866	27
2017	3,041	28
2018	3,231	30
2019	3,450	33
2020 - 2024	20,807	201

The Company has no mandatory pension contribution requirements in 2015, but may make discretionary contributions.

Defined Contribution Plans

The Company provides defined contribution plans to all of its hourly and salaried employees. Company contributions charged to expense for these plans were $1.6 million, $4.4 million and $2.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. Rayonier Hourly and Salaried Defined Contribution Plans include Rayonier common stock with a fair market value of $16.3 million and $73.2 million at December 31, 2014 and 2013, respectively.

As discussed above, all defined benefit pension plans are currently closed to new employees. Employees not eligible for the pension plans are immediately eligible to participate in the Company’s 401(k) plan and receive an enhanced contribution. Company contributions related to this plan enhancement for the years ended December 31, 2014, 2013 and 2012 were $0.5 million, $1.1 million and $1.0 million, respectively.

Quarterly Results for 2014 and 2013 (UNAUDITED)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results for 2014 and 2013 (UNAUDITED)

QUARTERLY RESULTS FOR 2014 and 2013 (UNAUDITED)

(thousands of dollars, except per share amounts)



	Quarter Ended						Total Year
	March 31		June 30		Sept. 30	Dec. 31
2014
Sales	$143,187		$163,145		$149,829	$147,360	$603,521
Cost of sales	115,900		123,096		118,088	126,776	483,860
Income from continuing operations	10,335		4,024		32,059	8,025	54,443
Income from discontinued operations	31,008		12,084		—	311	43,403
Net income	41,343		16,108		32,059	8,336	97,846
Net income attributable to Rayonier Inc.	41,426		16,353		32,701	8,857	99,337
Basic EPS attributable to Rayonier Inc.
Continuing Operations	$0.08		$0.03		$0.26	$0.07	$0.44
Discontinued Operations	0.25		0.10		—	—	0.34
Net Income	$0.33		$0.13		$0.26	$0.07	$0.78
Diluted EPS attributable to Rayonier Inc.
Continuing Operations	$0.08		$0.03		$0.25	$0.07	$0.43
Discontinued Operations	0.24		0.09		—	—	0.33
Net Income	$0.32		$0.12		$0.25	$0.07	$0.76

2013
Sales	107,053		154,889		159,261	238,515	659,718
Cost of sales	76,660		127,861		129,002	197,249	530,772
Income from continuing operations	19,028		39,631	(b)	15,040	32,144	105,843	(b)
Income from discontinued operations	128,707	(a)	48,260		43,327	47,661	267,955	(a)
Net income	147,735	(a)	87,891	(b)	58,367	79,805	373,798	(a) (b)
Net income attributable to Rayonier Inc.	147,735	(a)	87,164	(b)	57,345	79,652	371,896	(a) (b)
Basic EPS attributable to Rayonier Inc.
Continuing Operations	$0.15		$0.31		$0.11	$0.25	$0.83
Discontinued Operations	1.04		0.38		0.34	0.38	2.13
Net Income	$1.19		$0.69		$0.45	$0.63	$2.96
Diluted EPS attributable to Rayonier Inc.
Continuing Operations	$0.15		$0.30		$0.11	$0.25	$0.80
Discontinued Operations	0.98		0.37		0.33	0.37	2.06
Net Income	$1.13		$0.67		$0.44	$0.62	$2.86


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


(b)	Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.

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, as discussed at Note 3 — Discontinued Operations. Accordingly, the operating results of these businesses are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented, including the quarterly periods shown above.

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. As a result, the Company concluded that it had understated its depletion expense “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 amounts in the previous table have been restated from amounts previously reported. See Item 2 — Management Discussion and Analysis — Overview — Background in Form 10-Q for the quarter ended September 30, 2014, as filed with the SEC on November 14, 2014 for further discussion.

The following tables summarize the effect of the discontinued operations reclassification and the restatement for the period ended March 31, 2014 and the effect of the restatement for the period ended June 30, 2014. 2013 is excluded from the reconciliations below as all changes from amounts originally reported in 2013 are solely attributable to discontinued operations reclassifications.



	Quarter Ended March 31, 2014
	As Previously Reported	Discontinued Operations Reclassification	Restatement	As Restated
Sales	$386,686	$(243,499)	—	$143,187
Cost of sales	302,650	(184,801)	(1,949)	115,900
Income from Continuing Operations	43,292	(31,008)	(1,949)	10,335
Income from Discontinued Operations	—	31,008	—	31,008
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	$(0.25)	$(0.01)	$0.08
Discontinued Operations	—	0.25	—	0.25
Net Income	$0.34	—	$(0.01)	$0.33
Diluted Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$0.34	$(0.24)	$(0.02)	$0.08
Discontinued Operations	—	0.24	—	0.24
Net Income	$0.34	—	$(0.02)	$0.32



	Quarter Ended June 30, 2014
	As Previously Reported	Restatement	As Restated
Sales	$163,145	—	$163,145
Cost of sales	121,105	1,991	123,096
Income from Continuing Operations	6,056	(2,032)	4,024
Income from Discontinued Operations	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

Consolidating Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Financial Statements

CONSOLIDATING FINANCIAL STATEMENTS

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

In August 2009, Rayonier TRS Holdings Inc. issued $172.5 million of 4.50% Senior Exchangeable Notes due August 2015. The notes are guaranteed by Rayonier Inc. as the Parent Guarantor and Rayonier Operating Company LLC (“ROC”) as the Subsidiary Guarantor. In connection with these exchangeable notes, the Company provides the following condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.

The subsidiary issuer and subsidiary guarantor are wholly-owned by the Parent Company, Rayonier Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiary and Rayonier Inc.



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	—	$603,521	—	$603,521
Costs and Expenses
Cost of sales	—	—	—	483,860	—	483,860
Selling and general expenses	—	14,578	—	33,305	—	47,883
Other operating expense (income), net	—	3,275	—	(29,786)	—	(26,511)
	—	17,853	—	487,379	—	505,232
OPERATING (LOSS) INCOME	—	(17,853)	—	116,142	—	98,289
Interest expense	(13,247)	(445)	(23,126)	(7,430)	—	(44,248)
Interest and miscellaneous income (expense), net	9,186	(566)	(2,534)	(15,285)	—	(9,199)
Equity in income from subsidiaries	103,398	122,425	(15,697)	—	(210,126)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	99,337	103,561	(41,357)	93,427	(210,126)	44,842
Income tax (expense) benefit	—	(163)	9,366	398	—	9,601
INCOME FROM CONTINUING OPERATIONS	99,337	103,398	(31,991)	93,825	(210,126)	54,443
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	—	43,403	—	43,403
NET INCOME	99,337	103,398	(31,991)	137,228	(210,126)	97,846
Less: Net loss attributable to noncontrolling interest	—	—	—	(1,491)	—	(1,491)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	99,337	103,398	(31,991)	138,719	(210,126)	99,337
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(11,525)	(11,526)	(894)	(15,847)	23,945	(15,847)
New Zealand joint venture cash flow hedges	(1,206)	(1,206)	(1,206)	(1,855)	3,618	(1,855)
Net gain from pension and postretirement plans	54,046	54,046	88,174	88,174	(230,394)	54,046
Total other comprehensive income	41,315	41,314	86,074	70,472	(202,831)	36,344
COMPREHENSIVE INCOME	140,652	144,712	54,083	207,700	(412,957)	134,190
Less: Comprehensive loss attributable to noncontrolling interest	—	—	—	(6,462)	—	(6,462)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$140,652	$144,712	$54,083	$214,162	$(412,957)	$140,652



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	—	$659,718	—	$659,718
Costs and Expenses
Cost of sales	—	—	—	530,772	—	530,772
Selling and general expenses	—	9,821	—	45,612	—	55,433
Other operating (income) expense, net	(1,701)	4,730	—	(21,516)	—	(18,487)
	(1,701)	14,551	—	554,868	—	567,718
Equity in income of New Zealand joint venture	—	—	—	562	—	562
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701	(14,551)	—	105,412	—	92,562
Gain related to consolidation of New Zealand joint venture	—	—	—	16,098	—	16,098
OPERATING INCOME (LOSS)	1,701	(14,551)	—	121,510	—	108,660
Interest expense	(13,088)	(914)	(27,516)	577	—	(40,941)
Interest and miscellaneous income (expense), net	9,828	3,237	(7,534)	(3,092)	—	2,439
Equity in income from subsidiaries	373,455	384,567	245,126	—	(1,003,148)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	371,896	372,339	210,076	118,995	(1,003,148)	70,158
Income tax benefit	—	1,116	11,895	22,674	—	35,685
INCOME FROM CONTINUING OPERATIONS	371,896	373,455	221,971	141,669	(1,003,148)	105,843
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	—	267,955	—	267,955
NET INCOME	371,896	373,455	221,971	409,624	(1,003,148)	373,798
Less: Net income attributable to noncontrolling interest	—	—	—	1,902	—	1,902
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	371,896	373,455	221,971	407,722	(1,003,148)	371,896
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(1,915)	(1,915)	(72)	(5,710)	3,902	(5,710)
New Zealand joint venture cash flow hedges	3,286	3,286	637	3,629	(7,209)	3,629
Net gain from pension and postretirement plans	61,869	61,869	20,589	20,589	(103,047)	61,869
Total other comprehensive income	63,240	63,240	21,154	18,508	(106,354)	59,788
COMPREHENSIVE INCOME	435,136	436,695	243,125	428,132	(1,109,502)	433,586
Less: Comprehensive loss attributable to noncontrolling interest	—	—	—	(1,550)	—	(1,550)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$435,136	$436,695	$243,125	$429,682	$(1,109,502)	$435,136



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	—	$378,608	—	$378,608
Costs and Expenses
Cost of sales	—	—	—	305,479	—	305,479
Selling and general expenses	—	10,575	—	48,057	—	58,632
Other operating expense (income), net	110	962	—	(18,083)	—	(17,011)
	110	11,537	—	335,453	—	347,100
Equity in income of New Zealand joint venture	—	—	—	550	—	550
OPERATING (LOSS) INCOME	(110)	(11,537)	—	43,705	—	32,058
Interest expense	(10,717)	(941)	(37,971)	6,803	—	(42,826)
Interest and miscellaneous income (expense), net	6,638	5,519	(3,334)	(8,341)	—	482
Equity in income from subsidiaries	282,874	289,486	232,871	—	(805,231)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	278,685	282,527	191,566	42,167	(805,231)	(10,286)
Income tax benefit	—	347	15,076	11,637	—	27,060
INCOME FROM CONTINUING OPERATIONS	278,685	282,874	206,642	53,804	(805,231)	16,774
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	—	261,911	—	261,911
NET INCOME	278,685	282,874	206,642	315,715	(805,231)	278,685
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	4,352	4,352	(3)	4,353	(8,702)	4,352
New Zealand joint venture cash flow hedges	213	213	—	213	(426)	213
Net loss from pension and postretirement plans	(496)	(496)	(450)	(450)	1,396	(496)
Total other comprehensive income (loss)	4,069	4,069	(453)	4,116	(7,732)	4,069
COMPREHENSIVE INCOME	$282,754	$286,943	$206,189	$319,831	$(812,963)	$282,754



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 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	$102,218	$11	$8,094	$51,235	—	$161,558
Accounts receivable, less allowance for doubtful accounts	—	—	1,409	22,609	—	24,018
Inventory	—	—	—	9,042	—	9,042
Prepaid logging roads	—	—	—	12,665	—	12,665
Prepaid and other current assets	—	2,003	6	5,071	—	7,080
Total current assets	102,218	2,014	9,509	100,622	—	214,363
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—	—	—	2,083,743	—	2,083,743
NET PROPERTY, PLANT AND EQUIPMENT	—	433	—	6,273	—	6,706
INVESTMENT IN SUBSIDIARIES	1,463,303	1,923,185	640,678	—	(4,027,166)	—
INTERCOMPANY NOTES RECEIVABLE	248,233	—	21,500	—	(269,733)	—
OTHER ASSETS	2,763	16,610	1,759	127,171	—	148,303
TOTAL ASSETS	$1,816,517	$1,942,242	$673,446	$2,317,809	$(4,296,899)	$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—	$2,687	$123	$17,401	—	$20,211
Current maturities of long-term debt	—	—	129,706	—	—	129,706
Accrued taxes	—	11	—	11,394	—	11,405
Accrued payroll and benefits	—	3,253	—	3,137	—	6,390
Accrued interest	3,047	(3)	2,520	31,281	(28,412)	8,433
Other current liabilities	—	928	145	24,784	—	25,857
Total current liabilities	3,047	6,876	132,494	87,997	(28,412)	202,002
LONG-TERM DEBT	325,000	—	31,000	265,849	—	621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—	34,161	—	(684)	—	33,477
OTHER NON-CURRENT LIABILITIES	—	6,436	—	14,200	—	20,636
INTERCOMPANY PAYABLE	—	431,466	—	(153,754)	(277,712)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470	1,463,303	509,952	2,017,520	(3,990,775)	1,488,470
Noncontrolling interest	—	—	—	86,681	—	86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470	1,463,303	509,952	2,104,201	(3,990,775)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$1,816,517	$1,942,242	$673,446	$2,317,809	$(4,296,899)	$2,453,115



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$130,181	$304	$10,719	$58,440	—	$199,644
Accounts receivable, less allowance for doubtful accounts	—	10	2,300	92,646	—	94,956
Inventory	—	—	—	138,818	—	138,818
Current deferred tax assets	—	—	681	38,419	—	39,100
Prepaid logging roads	—	—	—	12,992	—	12,992
Prepaid and other current assets	—	2,363	6	31,215	—	33,584
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 Year Ended December 31, 2014
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors		Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$269,653	$293,193	—	$43,858		$(290,157)	$316,547
INVESTING ACTIVITIES
Capital expenditures	—	(400)	—	(123,289)		—	(123,689)
Purchase of timberlands	—	—	—	(130,896)		—	(130,896)
Change in restricted cash	—	—	—	62,256		—	62,256
Investment in Subsidiaries	—	—	798,875	—		(798,875)	—
Other	—	—	—	(478)		—	(478)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—	(400)	798,875	(192,407)		(798,875)	(192,807)
FINANCING ACTIVITIES
Issuance of debt	—	—	201,000	1,225,464		—	1,426,464
Repayment of debt	—	—	(1,002,500)	(287,137)		—	(1,289,637)
Dividends paid	(257,517)	—	—	—		—	(257,517)
Proceeds from the issuance of common shares	5,579	—	—	—		—	5,579
Repurchase of common shares	(1,858)	—	—	—		—	(1,858)
Debt issuance costs	—	—	—	(12,380	)	—	(12,380)
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
Issuance of intercompany notes	(12,400)	—	—	12,400		—	—
Intercompany distributions	—	(293,086)	—	(795,946)		1,089,032	—
Other	—	—	—	(680)		—	(680)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(297,616)	(293,086)	(801,500)	141,721		1,089,032	(161,449)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	—	(377)		—	(377)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(27,963)	(293)	(2,625)	(7,205)		—	(38,086)
Balance, beginning of year	130,181	304	10,719	58,440		—	199,644
Balance, end of year	$102,218	$11	$8,094	$51,235		—	$161,558



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$407,712	$417,074	$84,000	$491,762	$(855,375)	$545,173
INVESTING ACTIVITIES
Capital expenditures	—	(663)	—	(161,520)	—	(162,183)
Purchase of additional interest in New Zealand joint venture	—	—	—	(139,879)	—	(139,879)
Purchase of timberlands	—	—	—	(20,401)	—	(20,401)
Jesup mill cellulose specialties expansion	—	—	—	(148,262)	—	(148,262)
Proceeds from disposition of Wood Products business	—	—	—	62,720	—	62,720
Change in restricted cash	—	—	—	(58,385)	—	(58,385)
Investment in Subsidiaries	(138,178)	(138,178)	(247,114)	—	523,470	—
Other	—	1,701	—	(4,231)	—	(2,530)
CASH USED FOR INVESTING ACTIVITIES	(138,178)	(137,140)	(247,114)	(469,958)	523,470	(468,920)
FINANCING ACTIVITIES
Issuance of debt	175,000	—	390,000	57,885	—	622,885
Repayment of debt	(325,000)	—	(151,525)	(72,960)	—	(549,485)
Dividends paid	(237,016)	—	—	—	—	(237,016)
Proceeds from the issuance of common shares	10,101	—	—	—	—	10,101
Excess tax benefits on stock-based compensation	—	—	—	8,413	—	8,413
Repurchase of common shares	(11,326)	—	—	—	—	(11,326)
Issuance of intercompany notes	(4,000)	—	—	4,000	—	—
Intercompany distributions	—	(283,596)	(84,000)	35,691	331,905	—
Other	—	—	—	(713)	—	(713)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241)	(283,596)	154,475	32,316	331,905	(157,141)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	—	(64)	—	(64)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707)	(3,662)	(8,639)	54,056	—	(80,952)
Balance, beginning of year	252,888	3,966	19,358	4,384	—	280,596
Balance, end of year	$130,181	$304	$10,719	$58,440	—	$199,644



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$90,456	$138,149	$41,000	$423,784	$(247,475)	$445,914
INVESTING ACTIVITIES
Capital expenditures	—	(354)	—	(155,166)	—	(155,520)
Purchase of timberlands	—	—	—	(106,536)	—	(106,536)
Jesup mill cellulose specialties expansion	—	—	—	(198,341)	—	(198,341)
Change in restricted cash	—	—	—	(10,559)	—	(10,559)
Investment in Subsidiaries	—	—	(142,508)	—	142,508	—
Other	—	—	—	(1,945)	—	(1,945)
CASH USED FOR INVESTING ACTIVITIES	—	(354)	(142,508)	(472,547)	142,508	(472,901)
FINANCING ACTIVITIES
Issuance of debt	475,000	—	740,000	15,000	—	1,230,000
Repayment of debt	(120,000)	(30,000)	(638,110)	(25,500)	—	(813,610)
Dividends paid	(206,583)	—	—	—	—	(206,583)
Proceeds from the issuance of common shares	25,495	—	—	—	—	25,495
Excess tax benefits on stock-based compensation	—	—	—	7,635	—	7,635
Debt issuance costs	(3,697)	(1,219)	—	(1,219)	—	(6,135)
Repurchase of common shares	(7,783)	—	—	—	—	(7,783)
Issuance of intercompany notes	—	(14,000)	—	14,000	—	—
Intercompany distributions	—	(97,587)	(41,000)	33,620	104,967	—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	162,432	(142,806)	60,890	43,536	104,967	229,019
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	—	(39)	—	(39)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	252,888	(5,011)	(40,618)	(5,266)	—	201,993
Balance, beginning of year	—	8,977	59,976	9,650	—	78,603
Balance, end of year	$252,888	$3,966	$19,358	$4,384	—	$280,596

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

The subsidiary guarantors, ROC and Rayonier TRS Holdings, Inc., are wholly-owned by the Parent Company, Rayonier, Inc. The notes are fully and unconditionally guaranteed on a joint and several basis by the guarantor subsidiaries.



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	$603,521	—	$603,521
Costs and Expenses
Cost of sales	—	—	483,860	—	483,860
Selling and general expenses	—	14,578	33,305	—	47,883
Other operating expense (income), net	—	3,275	(29,786)	—	(26,511)
	—	17,853	487,379	—	505,232
OPERATING (LOSS) INCOME	—	(17,853)	116,142	—	98,289
Interest expense	(13,247)	(23,571)	(7,430)	—	(44,248)
Interest and miscellaneous income (expense), net	9,186	(3,100)	(15,285)	—	(9,199)
Equity in income from subsidiaries	103,398	138,719	—	(242,117)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	99,337	94,195	93,427	(242,117)	44,842
Income tax benefit	—	9,203	398	—	9,601
INCOME FROM CONTINUING OPERATIONS	99,337	103,398	93,825	(242,117)	54,443
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	43,403	—	43,403
NET INCOME	99,337	103,398	137,228	(242,117)	97,846
Less: Net loss attributable to noncontrolling interest	—	—	(1,491)	—	(1,491)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	99,337	103,398	138,719	(242,117)	99,337
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(11,525)	(11,527)	(15,847)	23,052	(15,847)
New Zealand joint venture cash flow hedges	(1,206)	(1,206)	(1,855)	2,412	(1,855)
Net gain from pension and postretirement plans	54,046	54,046	88,174	(142,220)	54,046
Total other comprehensive income	41,315	41,313	70,472	(116,756)	36,344
COMPREHENSIVE INCOME	140,652	144,711	207,700	(358,873)	134,190
Less: Comprehensive loss attributable to noncontrolling interest	—	—	(6,462)	—	(6,462)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$140,652	$144,711	$214,162	$(358,873)	$140,652



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	$659,718	—	$659,718
Costs and Expenses
Cost of sales	—	—	530,772	—	530,772
Selling and general expenses	—	9,821	45,612	—	55,433
Other operating (income) expense, net	(1,701)	4,730	(21,516)	—	(18,487)
	(1,701)	14,551	554,868	—	567,718
Equity in income of New Zealand joint venture	—	—	562	—	562
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701	(14,551)	105,412	—	92,562
Gain related to consolidation of New Zealand joint venture	—	—	16,098	—	16,098
OPERATING INCOME (LOSS)	1,701	(14,551)	121,510	—	108,660
Interest expense	(13,088)	(28,430)	577	—	(40,941)
Interest and miscellaneous income (expense), net	9,828	(4,297)	(3,092)	—	2,439
Equity in income from subsidiaries	373,455	407,722	—	(781,177)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	371,896	360,444	118,995	(781,177)	70,158
Income tax benefit	—	13,011	22,674	—	35,685
INCOME FROM CONTINUING OPERATIONS	371,896	373,455	141,669	(781,177)	105,843
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	267,955	—	267,955
NET INCOME	371,896	373,455	409,624	(781,177)	373,798
Less: Net income attributable to noncontrolling interest	—	—	1,902	—	1,902
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	371,896	373,455	407,722	(781,177)	371,896
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(1,915)	(1,915)	(5,710)	3,830	(5,710)
New Zealand joint venture cash flow hedges	3,286	3,286	3,629	(6,572)	3,629
Net gain from pension and postretirement plans	61,869	61,869	20,589	(82,458)	61,869
Total other comprehensive income	63,240	63,240	18,508	(85,200)	59,788
COMPREHENSIVE INCOME	435,136	436,695	428,132	(866,377)	433,586
Less: Comprehensive loss attributable to noncontrolling interest	—	—	(1,550)	—	(1,550)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$435,136	$436,695	$429,682	$(866,377)	$435,136



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	$378,608	—	$378,608
Costs and Expenses
Cost of sales	—	—	305,479	—	305,479
Selling and general expenses	—	10,575	48,057	—	58,632
Other operating expense (income), net	110	962	(18,083)	—	(17,011)
	110	11,537	335,453	—	347,100
Equity in income of New Zealand joint venture	—	—	550	—	550
OPERATING (LOSS) INCOME	(110)	(11,537)	43,705	—	32,058
Interest expense	(10,717)	(38,912)	6,803	—	(42,826)
Interest and miscellaneous income (expense), net	6,638	2,185	(8,341)	—	482
Equity in income from subsidiaries	282,874	315,715	—	(598,589)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	278,685	267,451	42,167	(598,589)	(10,286)
Income tax benefit	—	15,423	11,637	—	27,060
INCOME FROM CONTINUING OPERATIONS	278,685	282,874	53,804	(598,589)	16,774
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	261,911	—	261,911
NET INCOME	278,685	282,874	315,715	(598,589)	278,685
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	4,352	4,352	4,353	(8,705)	4,352
New Zealand joint venture cash flow hedges	213	213	213	(426)	213
Net loss from pension and postretirement plans	(496)	(496)	(450)	946	(496)
Total other comprehensive income	4,069	4,069	4,116	(8,185)	4,069
COMPREHENSIVE INCOME	$282,754	$286,943	$319,831	$(606,774)	$282,754



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2014
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$102,218	$8,105	$51,235	—	$161,558
Accounts receivable, less allowance for doubtful accounts	—	1,409	22,609	—	24,018
Inventory	—	—	9,042	—	9,042
Prepaid logging roads	—	—	12,665	—	12,665
Prepaid and other current assets	—	2,009	5,071	—	7,080
Total current assets	102,218	11,523	100,622	—	214,363
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—	—	2,083,743	—	2,083,743
NET PROPERTY, PLANT AND EQUIPMENT	—	433	6,273	—	6,706
INVESTMENT IN SUBSIDIARIES	1,463,303	2,053,911	—	(3,517,214)	—
INTERCOMPANY NOTES RECEIVABLE	248,233	21,500	—	(269,733)	—
OTHER ASSETS	2,763	18,369	127,171	—	148,303
TOTAL ASSETS	$1,816,517	$2,105,736	$2,317,809	$(3,786,947)	$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—	$2,810	$17,401	—	$20,211
Current maturities of long-term debt	—	129,706	—	—	129,706
Accrued taxes	—	11	11,394	—	11,405
Accrued payroll and benefits	—	3,253	3,137	—	6,390
Accrued interest	3,047	2,517	31,281	(28,412)	8,433
Other current liabilities	—	1,073	24,784	—	25,857
Total current liabilities	3,047	139,370	87,997	(28,412)	202,002
LONG-TERM DEBT	325,000	31,000	265,849	—	621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—	34,161	(684)	—	33,477
OTHER NON-CURRENT LIABILITIES	—	6,436	14,200	—	20,636
INTERCOMPANY PAYABLE	—	431,466	(153,754)	(277,712)	—
TOTAL RAYONIER SHAREHOLDERS’ EQUITY	1,488,470	1,463,303	2,017,520	(3,480,823)	1,488,470
Noncontrolling interest	—	—	86,681	—	86,681
TOTAL SHAREHOLDER'S EQUITY	1,488,470	1,463,303	2,104,201	(3,480,823)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$1,816,517	$2,105,736	$2,317,809	$(3,786,947)	$2,453,115



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$130,181	$11,023	$58,440	—	$199,644
Accounts receivable, less allowance for doubtful accounts	—	2,310	92,646	—	94,956
Inventory	—	—	138,818	—	138,818
Current deferred tax asset	—	681	38,419	—	39,100
Prepaid logging roads	—	—	12,992	—	12,992
Prepaid and other current assets	—	2,369	31,215	—	33,584
Total current assets	130,181	16,383	372,530	—	519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—	—	2,049,378	—	2,049,378
NET PROPERTY, PLANT AND EQUIPMENT	—	2,612	858,209	—	860,821
INVESTMENT IN SUBSIDIARIES	1,627,315	2,764,211	—	(4,391,526)	—
INTERCOMPANY NOTES RECEIVABLE	228,032	20,659	—	(248,691)	—
OTHER ASSETS	3,689	36,258	216,261	—	256,208
TOTAL ASSETS	$1,989,217	$2,840,123	$3,496,378	$(4,640,217)	$3,685,501
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—	$3,086	$66,207	—	$69,293
Current maturities of long-term debt	—	112,500	—	—	112,500
Accrued taxes	—	4,855	3,696	—	8,551
Uncertain tax positions	—	5,780	4,767	—	10,547
Accrued payroll and benefits	—	11,382	13,566	—	24,948
Accrued interest	3,047	3,280	22,816	(19,612)	9,531
Accrued customer incentives	—	—	9,580	—	9,580
Other current liabilities	—	2,985	21,342	—	24,327
Current liabilities for dispositions and discontinued operations	—	—	6,835	—	6,835
Total current liabilities	3,047	143,868	148,809	(19,612)	276,112
LONG-TERM DEBT	325,000	847,749	288,975	—	1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—	—	69,543	—	69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS	—	91,471	4,183	—	95,654
OTHER NON-CURRENT LIABILITIES	—	11,493	15,732	—	27,225
INTERCOMPANY PAYABLE	—	118,227	125,921	(244,148)	—
TOTAL RAYONIER SHAREHOLDERS’ EQUITY	1,661,170	1,627,315	2,749,142	(4,376,457)	1,661,170
Noncontrolling interest	—	—	94,073	—	94,073
TOTAL 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 Year Ended December 31, 2014
	Rayonier Inc.(Parent Issuer)		Subsidiary Guarantors	Non- guarantors		Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$269,653		$293,193	$43,858		$(290,157)	$316,547
INVESTING ACTIVITIES
Capital expenditures	—		(400)	(123,289)		—	(123,689)
Purchase of timberlands	—		—	(130,896)		—	(130,896)
Change in restricted cash	—		—	62,256		—	62,256
Investment in Subsidiaries	—		798,875	—		(798,875)	—
Other	—		—	(478)		—	(478)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—		798,475	(192,407)		(798,875)	(192,807)
FINANCING ACTIVITIES
Issuance of debt	—		201,000	1,225,464		—	1,426,464
Repayment of debt	—		(1,002,500)	(287,137)		—	(1,289,637)
Dividends paid	(257,517)		—	—		—	(257,517)
Proceeds from the issuance of common shares	5,579		—	—		—	5,579
Repurchase of common shares	(1,858)		—	—		—	(1,858)
Debt issuance costs	—		—	(12,380	)	—	(12,380)
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
Issuance of intercompany notes	(12,400)		—	12,400		—	—
Intercompany distributions	—		(293,086)	(795,946)		1,089,032	—
Other	—		—	(680)		—	(680)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(297,616)		(1,094,586)	141,721		1,089,032	(161,449)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—		—	(377)		—	(377)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(27,963)		(2,918)	(7,205)		—	(38,086)
Balance, beginning of year	130,181		11,023	58,440		—	199,644
Balance, end of year	$102,218		$8,105	$51,235		—	$161,558



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$407,712	$417,074	$491,762	$(771,375)	$545,173
INVESTING ACTIVITIES
Capital expenditures	—	(663)	(161,520)	—	(162,183)
Purchase of additional interest in New Zealand joint venture	—	—	(139,879)	—	(139,879)
Purchase of timberlands	—	—	(20,401)	—	(20,401)
Jesup mill cellulose specialties expansion	—	—	(148,262)	—	(148,262)
Proceeds from disposition of Wood Products business	—	—	62,720	—	62,720
Change in restricted cash	—	—	(58,385)	—	(58,385)
Investment in Subsidiaries	(138,178)	(385,292)	—	523,470	—
Other	—	1,701	(4,231)	—	(2,530)
CASH USED FOR INVESTING ACTIVITIES	(138,178)	(384,254)	(469,958)	523,470	(468,920)
FINANCING ACTIVITIES
Issuance of debt	175,000	390,000	57,885	—	622,885
Repayment of debt	(325,000)	(151,525)	(72,960)	—	(549,485)
Dividends paid	(237,016)	—	—	—	(237,016)
Proceeds from the issuance of common shares	10,101	—	—	—	10,101
Excess tax benefits on stock-based compensation	—	—	8,413	—	8,413
Repurchase of common shares	(11,326)	—	—	—	(11,326)
Issuance of intercompany notes	(4,000)	—	4,000	—	—
Intercompany distributions	—	(283,596)	35,691	247,905	—
Other	—	—	(713)	—	(713)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241)	(45,121)	32,316	247,905	(157,141)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	(64)	—	(64)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707)	(12,301)	54,056	—	(80,952)
Balance, beginning of year	252,888	23,324	4,384	—	280,596
Balance, end of year	$130,181	$11,023	$58,440	—	$199,644



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$90,456	$138,149	$423,784	$(206,475)	$445,914
INVESTING ACTIVITIES
Capital expenditures	—	(354)	(155,166)	—	(155,520)
Purchase of timberlands	—	—	(106,536)	—	(106,536)
Jesup mill cellulose specialties expansion	—	—	(198,341)	—	(198,341)
Change in restricted cash	—	—	(10,559)	—	(10,559)
Investment in Subsidiaries	—	(142,508)	—	142,508	—
Other	—	—	(1,945)	—	(1,945)
CASH USED FOR INVESTING ACTIVITIES	—	(142,862)	(472,547)	142,508	(472,901)
FINANCING ACTIVITIES
Issuance of debt	475,000	740,000	15,000	—	1,230,000
Repayment of debt	(120,000)	(668,110)	(25,500)	—	(813,610)
Dividends paid	(206,583)	—	—	—	(206,583)
Proceeds from the issuance of common shares	25,495	—	—	—	25,495
Excess tax benefits on stock-based compensation	—	—	7,635	—	7,635
Debt issuance costs	(3,697)	(1,219)	(1,219)	—	(6,135)
Repurchase of common shares	(7,783)	—	—	—	(7,783)
Issuance of intercompany notes	—	(14,000)	14,000	—	—
Intercompany distributions	—	(97,587)	33,620	63,967	—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	162,432	(40,916)	43,536	63,967	229,019
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	(39)	—	(39)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	252,888	(45,629)	(5,266)	—	201,993
Balance, beginning of year	—	68,953	9,650	—	78,603
Balance, end of year	$252,888	$23,324	$4,384	—	$280,596

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

RAYONIER INC. AND SUBSIDIARIES

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2014, 2013, and 2012

(In Thousands)



Description	Balance at Beginning of Year	Additions Charged to Cost and Expenses		Deductions		Balance at End of Year
Allowance for doubtful accounts:
Year ended December 31, 2014	$673	$134		$(765)	(a)	$42
Year ended December 31, 2013	417	855	(b)	(599)	(c)	673
Year ended December 31, 2012	399	67		(49)	(c)	417

Deferred tax asset valuation allowance:
Year ended December 31, 2014	$33,889	$13,289	(d)	$(33,534)	(e)	$13,644
Year ended December 31, 2013	19,294	14,595	(f)	—		33,889
Year ended December 31, 2012	18,811	572	(g)	(89)	(h)	19,294


(a)	The 2014 decrease is largely related to the spin-off of the Performance Fibers business.


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


(c)	The deductions are primarily payments and adjustments to required reserves.


(d)	The 2014 increase is primarily related to the Company’s limited potential use of the CBPC prior to its expiration in 2017.


(e)	The decrease is primarily related to deferred tax assets contributed to Rayonier Advanced Materials in the spin-off. The decrease also reflects the utilization and expiration of RNZ NOL carryforwards, of which $355 thousand was recorded as income tax expense.


(f)	The 2013 increase is primarily Georgia investment tax credits earned on the CSE project.


(g)	The 2012 increase is primarily attributable to state NOLs and Georgia investment tax credits and training credits.


(h)	The 2012 decrease relates to RNZ NOL carryforwards.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These statements include the accounts of Rayonier Inc. and its subsidiaries, in which it has a majority ownership or controlling interest. As of April 2013, the Company held a controlling interest (65 percent) in its New Zealand JV, and, as such, consolidates its results of operations and Balance Sheet. The Company also records a noncontrolling interest in its consolidated financial statements representing the minority ownership interest (35 percent) of the New Zealand JV’s results of operations and equity. All intercompany balances and transactions are eliminated.

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents include time deposits with original maturities of three months or less. The consolidated cash balance includes time deposits of $0 and $45 million at December 31, 2014 and December 31, 2013, respectively. The time deposit outstanding at December 31, 2013 was a one-month instrument which bore interest at 24 basis points.

Accounts Receivable

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

Prepaid Logging Roads

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

Property, Plant, Equipment and Depreciation

HBU real estate properties that are expected to be sold within one year are included in inventory, while properties that are expected to be sold after one year are included in “Other assets.” Inventory also includes seedlings as well as logs available to be sold by the log trading segment.

Timber and Timberlands

Timber is stated at the lower of cost or market value. Costs relating to acquiring, planting and growing timber including real estate taxes, lease rental payments, site preparation and direct support costs relating to facilities, vehicles and supplies are capitalized. Payroll costs are capitalized only for time spent on these activities, while interest or any other intangible costs aside from those mentioned above are not capitalized. An annual depletion rate is established for each particular region by dividing merchantable inventory cost by standing merchantable inventory volume, which is estimated annually. The Company charges accumulated costs attributed to merchantable timber to depletion expense, included in cost of sales, at the time the timber is harvested or when the underlying timberland is sold based on the relationship of timber sold to the estimated volume of currently merchantable timber.

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

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

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

Fair Value Measurements

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

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

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

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

The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.

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.

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 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.

Fair Value of Financial Instruments

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

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

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

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

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

Level 1 — Net asset value in an observable market.

Goodwill

Goodwill represents the excess of the acquisition cost of the New Zealand JV over the fair value of the net assets acquired. Goodwill is not amortized, but is periodically reviewed for impairment. An impairment test for this reporting unit’s goodwill is performed annually and whenever events or circumstances indicate that the value of goodwill may be impaired. In performing Step 1 (recoverability test) of the impairment test as outlined in Accounting Standards Codification (“ASC”) 360-10-35, Impairment or Disposal of Long-Lived Assets, the Company compares the fair value of the New Zealand JV to its carrying value including goodwill. If the carrying value including goodwill were to exceed the fair value of the New Zealand JV, Step 2 of the test would be performed. Step 2 of the impairment test requires the carrying value of goodwill to be reduced to its fair value, if lower, as of the test date.

For Step 1 of the test, the Company estimates the reporting unit's fair value which utilizes an independent valuation for the New Zealand forest assets. The independent valuation of the New Zealand forest assets is based on discounted cash flow models where the fair value is calculated using cash flows from sustainable forest management plans. The fair value of the forest assets is measured as the present value of cash flows from one growth cycle based on the productive forest land, taking into consideration environmental, operational, and market restrictions. These cash flow valuations involve a number of estimates that require broad assumptions and significant judgment regarding future performance. The annual impairment test was performed as of October 1, 2014 and determined that the estimated fair value of the New Zealand JV exceeded its carrying value, and no impairment was recorded.

Foreign Currency Translation

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

Revenue Recognition

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

Timber Sales

Revenue from the sale of timber is recognized when title passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber, a stumpage or standing timber model and delivered logs. Under the stumpage model, standing timber is sold primarily under pay-as-cut contracts, with specified duration (typically one year or less) and fixed prices, whereby revenue is recognized as timber is severed and the sales volume is determined. The Company also sells stumpage under lump-sum contracts for specified parcels where the Company receives cash for the full agreed value of the timber prior to harvest and title and risk of loss pass to the buyer upon signing the contract. The Company retains interest in the land, slash products, and the use of the land for recreational and other purposes. Any uncut timber remaining at the end of the contract period reverts to the Company. Revenue is recognized for lump-sum timber sales when payment is received, the contract is signed and title and risk of loss pass to the buyer. A third type of stumpage sale the Company utilizes is an agreed-volume sale whereby revenue is recognized as periodic physical observations are made of the percentage of acreage harvested.

In delivered log sales, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Revenue is recognized when the logs are delivered and title and risk of loss transfer to the buyer. Sales of delivered logs generally do not require an initial payment and are made to third-party customers on open credit terms. The sales method the Company employs for a given tract of timber depends upon local market conditions and which method is expected to provide the best overall margins.

Non-timber income included in “Other Operating Income, Net” is primarily comprised of hunting and recreational leases. Lease income is recognized ratably over the period of the lease.

Log Trading

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

Real Estate

The Company recognizes revenue on sales of real estate when the sale is consummated, generally when payment is received and title and risk of loss have passed to the buyer. Cost of sales associated with real estate sold comprises the cost of the land, the cost of any timber on the property that was conveyed to the buyer, and any closing costs including sales commissions that may be borne by the Company. Costs incurred to obtain land use entitlements or for infrastructure such as utilities, roads or other improvements are allocated ratably to the acres benefiting from such expenditures and charged to cost of sales as the acres are sold.

Employee Benefit Plans

The determination of expense and funding requirements for Rayonier’s defined benefit pension plan, its unfunded excess pension plan and its postretirement life insurance plan are largely based on a number of actuarial assumptions. The key assumptions include discount rate, return on assets, salary increases, mortality rates, longevity and service lives of employees. See Note 22 — Employee Benefit Plans for assumptions used to determine benefit obligations, and the net periodic benefit cost for the year ended December 31, 2014.

Periodic pension and other postretirement expense is included in “Cost of sales,” “Selling and general expenses” and “Income from discontinued operations, net” in the Consolidated Statements of Income and Comprehensive Income. At December 31, 2014 and 2013, the Company’s pension plans were in a net liability position (underfunded) of $31.8 million and $71.7 million, respectively. The estimated amount to be paid in the next 12 months is recorded in “Accrued payroll and benefits” on the Consolidated Balance Sheets, with the remainder recorded as a long-term liability in “Pension and Other Postretirement Benefits.” Changes in the funded status of the Company’s plans are recorded through comprehensive income (loss) in the year in which the changes occur. See Note 22 — Employee Benefit Plans for additional information.

Income Taxes

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

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

The Company’s income tax returns are subject to audit by U.S. federal, state and foreign taxing authorities. In evaluating the tax benefits associated with various tax filing positions, the Company records a tax benefit for an uncertain tax position if it is more-likely-than-not to be realized upon ultimate settlement of the issue. The Company records a liability for an uncertain tax position that does not meet this criterion. The Company adjusts its liabilities for uncertain tax benefits in the period in which it is determined the issue is settled with the taxing authorities, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new facts or information becomes available. Liabilities for unrecognized tax benefits are included in “Uncertain tax positions” and “Other Non-Current Liabilities” in the Company’s Consolidated Balance Sheets. See Note 10 — Income Taxes for additional information.

Reclassifications

Certain 2013 and 2012 amounts have been reclassified to conform with the current year 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, as discussed at Note 3 — Discontinued Operations. Accordingly, the operating results of these businesses are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for all periods presented. Certain administrative and general costs historically allocated to the businesses that remained with Rayonier are reported in continuing operations.

The December 31, 2014 Consolidated Balance Sheet reports only continuing operations and reflects the contribution of approximately $1.2 billion of assets, and corresponding liabilities and equity to Rayonier Advanced Materials in connection with the spin-off of the Performance Fibers business. The December 31, 2013 Consolidated Balance Sheet includes the Performance Fibers business.

The Consolidated Statements of Cash Flows for 2014, 2013 and 2012 have not been restated to exclude Performance Fibers or Wood Products cash flows. Cash flows for the year ended December 31, 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.

New or Recently Adopted Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard that 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 on or after 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 and is not expected to have any impact on the Company’s consolidated financial statements.

Equity Method Investments

Accordingly, the operating results of the Wood Products business, formerly disclosed as a separate reportable segment, are classified as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2013 and 2012.

Segment Reporting

Derivatives

Offsetting Derivatives

Debt Issuance Costs

Debt issuance costs are capitalized and amortized to interest expense over the term of the debt to which they relate using a method that approximates the interest method.

Software Costs

Software costs are capitalized and amortized over a period not exceeding five years using the straight-line method.

Earnings Per Common Share

Incentive Stock Plans

Non-Qualified Employee Stock Options

Performance Share Units

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

•


•	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, as discussed in the Restricted Stock section above.

•

Restricted Stock

•

Consolidating Financial Statements

Interest Expense Allocated to Discontinued Operations, Policy

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

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



	2014	2013	2012
Sales	$456,180	$1,048,104	$1,104,882
Cost of sales and other	(369,210)	(736,471)	(738,412)
Transaction expenses	(22,989)	(3,208)	—
Income from discontinued operations before income taxes	63,981	308,425	366,470
Income tax expense	(20,578)	(84,398)	(111,802)
Income from discontinued operations, net	$43,403	$224,027	$254,668



	2013	2012
Sales	$16,968	$87,510
Cost of sales and other	(14,258)	(76,619)
Gain on sale of discontinued operations	63,217	—
Income from discontinued operations before income taxes	65,927	10,891
Income tax expense	(21,999)	(3,648)
Income from discontinued operations, net	$43,928	$7,243



	2014	2013	2012
Performance Fibers income from discontinued operations, net	$43,403	$224,027	$254,668
Wood Products income from discontinued operations, net	—	43,928	7,243
Income from discontinued operations, net	$43,403	$267,955	$261,911

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



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

Total liabilities	$596

Schedule of Interest Expense Allocated to Discontinued Operations

The following table summarizes the interest expense allocated to discontinued operations for the three years ended December 31, 2014:



	2014	2013	2012
Interest expense allocated to the Performance Fibers business	$(4,205)	$(8,964)	$(9,333)

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:



	2014	2013	2012
Depreciation and amortization	$37,985	$74,386	$60,909
Capital expenditures	60,443	97,874	104,908
Jesup mill cellulose specialties expansion	—	148,262	198,341

Schedule of Adjustments to 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 intercompany purchases were transactions eliminated in consolidation as follows:



	2014	2013	2012
Hardwood purchases	$3,935	$3,051	$2,144

Summary of Pro Forma information

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

+ References + Details

Joint Venture Investment (Tables)

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

The following represents the pro forma (unaudited) consolidated sales and net income for the two years ended December 31, 2014 as if the additional interest in the New Zealand JV had been acquired on January 1, 2013.



	2014		2013
Sales		$603,521		$1,742,348
Net Income	97,846		372,039

Segment and Geographical Information Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment information for each of the three years ended December 31, 2014 follows (in millions of dollars):



	Sales
	2014	2013	2012
Southern Timber	$142	$124	$109
Pacific Northwest Timber	102	110	110
New Zealand Timber	182	148	11
Real Estate (A)	77	149	57
Trading	104	132	94
Intersegment Eliminations	(3)	(3)	(2)
Total	$604	$660	$379


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



	Operating Income/(Loss)
	2014	2013	2012
Southern Timber	$46	$38	$23
Pacific Northwest Timber	30	33	21
New Zealand Timber	9	10	2
Real Estate	48	56	32
Trading	2	2	—
Corporate and other (a)	(37)	(30)	(46)
Total Operating Income	$98	$109	$32
Unallocated interest expense and other	(53)	(39)	(42)
Total income from continuing operations before income taxes	$45	$70	$(10)


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



	Gross Capital Expenditures
	2014	2013	2012
Capital Expenditures (a)
Southern Timber	$35	$39	$39
Pacific Northwest Timber	10	8	8
New Zealand Timber	18	16	—
Real Estate	—	—	2
Trading	—	—	—
Corporate and other	—	1	1
Total capital expenditures	$63	$64	$50

Strategic Capital Expenditures (timberland acquisitions)
Southern Timber	$126	$20	$101
Pacific Northwest Timber	2	—	—
New Zealand Timber (b)	—	140	—
Real Estate	2	—	5
Trading	—	—	—
Corporate and other	—	—	—
Total strategic capital expenditures	$130	$160	$106
Total Gross Capital Expenditures	$193	$224	$156


(a)	Excludes strategic capital expenditures presented separately.


(b)	Includes $139.9 million related to the purchase price of the additional 39 percent interest acquired in 2013. See Note 4 — Joint Venture Investment for additional information.



	Depreciation, Depletion and Amortization
	2014	2013	2012
Southern Timber	$52	$49	$53
Pacific Northwest Timber	21	21	22
New Zealand Timber (a)	32	28	—
Real Estate	13	18	8
Trading	—	—	—
Corporate and other	2	1	2
Total	$120	$117	$85


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



	Non-Cash Cost of Land Sold
	2014	2013	2012
Southern Timber	—	—	—
Pacific Northwest Timber	—	—	—
New Zealand Timber (a)	4	—	—
Real Estate	9	10	5
Trading	—	—	—
Corporate and other	—	—	—
Total	$13	$10	$5



	Sales by Product Line
	2014	2013	2012
Southern Timber	$142	$124	$109
Pacific Northwest Timber	102	110	110
New Zealand Timber	182	148	11
Real Estate
Unimproved Development	5	3	2
Improved Development	—	2	—
Rural	41	27	32
Non-Strategic / Timberlands (a)	31	117	23
Total Real Estate	77	149	57
Trading	104	132	94
Intersegment eliminations	(3)	(3)	(2)
Total Sales	$604	$660	$379


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



	Geographical Operating Information
	Sales			Operating Income			Identifiable Assets
	2014	2013	2012	2014	2013	2012	2014		2013
United States	$318	$380	$274	$87	$81	$30	$	1,884	$	3,077
New Zealand (a)	286	280	105	11	28	2	569		609
Total	$604	$660	$379	$98	$109	$32	$	2,453	$	3,686

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



	Geographical Operating Information
	Sales			Operating Income			Identifiable Assets
	2014	2013	2012	2014	2013	2012	2014		2013
United States	$318	$380	$274	$87	$81	$30	$	1,884	$	3,077
New Zealand (a)	286	280	105	11	28	2	569		609
Total	$604	$660	$379	$98	$109	$32	$	2,453	$	3,686


(a)	2013 included a $16 million operating income gain from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.

Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income



	Location on Statement of Income and Comprehensive Income	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive income (loss)	$(1,069)	$950
	Other operating (income) expense	—	652
Foreign currency option contracts	Other comprehensive income (loss)	(1,647)	460

Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive income (loss)	(145)	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	25	(1,607)
Foreign currency option contracts	Other operating (income) expense	7	1,147
Interest rate swaps	Interest and miscellaneous (expense) income	(5,882)	6,085
Fuel hedge contracts	Cost of sales (benefit)	160	(255)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table contains the notional amounts of the derivative financial instruments recorded in the Consolidated Balance Sheets at December 31, 2014 and 2013:



	Notional Amount
	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	$28,540	$32,300
Foreign currency option contracts	79,400	38,000

Derivative designated as a net investment hedge:
Foreign currency exchange contract	$27,419	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	—	$1,950
Foreign currency option contracts	—	4,000
Interest rate swaps	161,968	183,851
Fuel hedge contracts (in thousands of barrels)	—	38

Schedule of Derivative Instruments in Statement of Financial Position



		Fair Value Assets (Liabilities) (a)
	Location on Balance Sheet	2014	2013
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets	$132	$915
	Other assets	59	—
	Other current liabilities	(272)	—
Foreign currency option contracts	Prepaid and other current assets	299	673
	Other assets	198	—
	Other current liabilities	(1,439)	(214)
	Other non-current liabilities	(196)	—

Derivative designated as a net investment hedge:
Foreign currency exchange contract	Other current liabilities	(223)	—

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	(7,247)	(4,659)
Fuel hedge contracts	Prepaid and other current assets	—	160

Total derivative contracts:
Prepaid and other current assets		$431	$1,781
Other assets		257	—
Total derivative assets		$688	$1,781

Other current liabilities		$(1,934)	$(214)
Other non-current liabilities		(7,443)	(4,659)
Total derivative liabilities		$(9,377)	$(4,873)


(a)	See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping



	2014			2013
Asset (liability)	Carrying Amount	Fair Value		Carrying Amount	Fair Value
		Level 1	Level 2		Level 1	Level 2
Cash and cash equivalents	$161,558	$161,558	—	$199,644	$199,644	—
Restricted cash (a)	6,688	6,688	—	68,944	68,944	—
Current maturities of long-term debt	(129,706)	—	(156,762)	(112,500)	—	(119,614)
Long-term debt	(621,849)	—	(628,476)	(1,461,724)	—	(1,489,810)
Interest rate swaps (b)	(7,247)	—	(7,247)	(4,659)	—	(4,659)
Foreign currency exchange contracts (b)	(304)	—	(304)	940	—	940
Foreign currency option contracts (b)	(1,138)	—	(1,138)	467	—	467
Fuel hedge contracts (b)	—	—	—	160	—	160


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


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

Timberland Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Summary of Timberland Acquisitions

The following table summarizes the timberland acquisitions at December 31, 2014 and 2013:



	2014		2013
	Cost	Acres	Cost		Acres
Alabama	$41,453	18,113	—		—
Florida	22,157	15,774	1,198		640
Georgia	46,525	16,573	10,215		9,036
Louisiana	—	—	8,894		7,418
Texas	17,960	10,900	94	(a)	—
Washington	1,878	438	—		—
New Zealand	923	546	—		—
Total Acquisitions	$130,896	62,344	$20,401		17,094


(a)	Represents funds expended in early 2013 for an acquisition in late 2012.

Other Assets (Tables)

12 Months Ended

Dec. 31, 2014

Other Assets [Abstract]

Schedule of Changes in Goodwill

Changes in goodwill for the years ended December 31, 2014 and 2013 were:



	2014	2013
Balance, January 1 (net of $0 of accumulated impairment)	$10,179	—
Changes to carrying amount
Acquisitions	—	10,496
Impairment	—	—
Foreign currency adjustment	(485)	(317	)
Balance, December 31 (net of $0 of accumulated impairment)	$9,694	$10,179

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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



	2014	2013	2012
Current
U.S. federal	$27,521	$27,338	$26,539
State	1,353	1,462	1,241
Foreign	—	(261)	—
	28,874	28,539	27,780
Deferred
U.S. federal	(7,260)	22,649	110
State	(357)	1,211	5
Foreign	1,633	(2,119)	(263)
	(5,984)	21,741	(148)
Changes in valuation allowance	(13,289)	(14,595)	(572)
Total	$9,601	$35,685	$27,060

Schedule of Effective Income Tax Rate Reconciliation

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



	2014				2013				2012
U.S. federal statutory income tax rate	$(15,695)		35.0	%	$(24,555)		35.0	%	$3,600	(35.0	)%
REIT income and taxable losses	32,058		(71.5	)	52,812		(75.3	)	27,724	(269.5	)
Foreign operations	(159	)	0.4		(95)		0.1		—	—
Loss on early redemption of Senior Exchangeable Notes	—		—		(859	)	1.2		—	—
Other	112		(0.3	)	101		(0.1	)	251	(2.5	)
Income tax benefit before discrete items	16,316		(36.4	)	27,404		(39.1	)	31,575	(307.0	)
CBPC valuation allowance	(13,644	)	30.4		—		—		—	—
Deferred tax inventory valuations	5,151		(11.5	)	983		(1.4	)	(4,920)	47.8
Uncertain tax positions	1,830		(4.1	)	800		(1.1	)	—	—
Return to accrual adjustments	—		—		—		—		(12)	0.1
Gain related to consolidation of New Zealand joint venture	—		—		5,634		(8.0	)	—	—
Reversal of REIT BIG tax payable	—		—		485		(0.7	)	—	—
Other	(52	)	0.2		379		(0.6	)	417	(4.0	)
Income tax benefit as reported for continuing operations	$9,601		(21.4	)%	35,685		(50.9	)%	$27,060	(263.1	)%

Schedule of Deferred Tax Assets and Liabilities

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



	2014	2013 (a)
Gross deferred tax assets:
Liabilities for dispositions and discontinued operations	—	$28,050
Pension, postretirement and other employee benefits	1,994	43,058
Foreign and state NOL carryforwards	71,482	85,801
Tax credit carryforwards	13,644	52,682
Capitalized real estate costs	9,554	8,901
Other	8,067	20,970
Total gross deferred tax assets	104,741	239,462
Less: Valuation allowance	(13,644)	(33,889)
Total deferred tax assets after valuation allowance	$91,097	$205,573
Gross deferred tax liabilities:
Accelerated depreciation	(1,796)	(57,695)
Repatriation of foreign earnings	(8,817)	(9,065)
New Zealand forests, roads and carbon credits	(78,008)	(85,681)
Timber installment sale	(7,511)	(7,360)
Other	(1,304)	(5,247)
Total gross deferred tax liabilities	(97,436)	(165,048)
Net deferred tax (liability)/asset	$(6,339)	$40,525
Current portion of deferred tax asset	—	39,100
Noncurrent portion of deferred tax asset	8,057	10,720
Current portion of defered tax liability	(7,893)	—
Noncurrent portion of deferred tax liability	(6,503)	(9,295)
Net deferred tax (liability)/asset	$(6,339)	$40,525


(a)	Includes balances related to discontinued operations.

Summary of Operating Loss and Tax Credit Carryforwards

Included above are the following foreign net operating loss (“NOL”) and tax credit carryforwards as of December 31, 2014:



Item	Gross Amount	Valuation Allowance	Expiration
New Zealand JV NOL Carryforwards	$330,589	—	None
Cellulosic Biofuel Producer Credit	13,644	(13,644)	2017
Total Valuation Allowance		$(13,644)

Summary of Income Tax Contingencies

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



	2014	2013	2012
Balance at January 1,	$10,547	$6,580	$6,580
Decreases related to prior year tax positions	(10,547)	(800)	—
Increases related to prior year tax positions	—	4,767	—
Balance at December 31,	—	$10,547	$6,580

Summary of Income Tax Examinations

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



Taxing Jurisdiction	Open Tax Years
U.S. Internal Revenue Service	2011 – 2014
State of Alabama	2009 – 2013
State of Florida	2010 – 2014
State of Georgia	2010 – 2014
New Zealand Inland Revenue	2010 – 2014

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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



	2014	2013	2012
Income from continuing operations	$54,443	$105,843	$16,774
Less: Net (loss) income from continuing operations attributable to noncontrolling interest	(1,491)	1,902	—
Income from continuing operations attributable to Rayonier Inc.	$55,934	$103,941	$16,774

Income from discontinued operations attributable to Rayonier Inc.	$43,403	$267,955	$261,911

Net income attributable to Rayonier Inc.	$99,337	$371,896	$278,685

Shares used for determining basic earnings per common share	126,458,710	125,717,311	122,711,802
Dilutive effect of:
Stock options	323,125	463,949	634,218
Performance and restricted shares	149,292	158,319	757,308
Assumed conversion of Senior Exchangeable Notes (a)	2,149,982	1,965,177	2,888,650
Assumed conversion of warrants (a)	1,957,154	1,800,345	1,710,445
Shares used for determining diluted earnings per common share	131,038,263	130,105,101	128,702,423
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations	$0.44	$0.83	$0.14
Discontinued operations	0.34	2.13	2.13
Net income	$0.78	$2.96	$2.27
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations	$0.43	$0.80	$0.13
Discontinued operations	0.33	2.06	2.04
Net income	$0.76	$2.86	$2.17

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	2014	2013	2012
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	461,663	337,145	224,918
Assumed conversion of exchangeable note hedges (a)	2,149,982	1,965,177	2,888,650
Total	2,611,645	2,302,322	3,113,568

(a)

Inventory (Tables)

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

Schedule of Inventory

As of December 31, 2014 and 2013, Rayonier’s inventory included the following:



	2014	2013
Finished goods (a) (b)	$8,383	$115,270
Work in progress	—	3,555
Raw materials (c)	659	17,661
Manufacturing and maintenance supplies	—	2,332
Total inventory (d)	$9,042	$138,818


(a)	Includes $4.9 million and $6.3 million of HBU real estate held for sale at December 31, 2014 and 2013, respectively.


(b)	Includes $3.4 million and $4.1 million of New Zealand log inventory at December 31, 2014 and 2013, respectively.


(c)	Includes $0.7 million and $0.2 million of seedling inventory at December 31, 2014 and 2013, respectively.


(d)	2013 includes $128.2 million of inventory related to the Performance Fibers business.

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Rayonier’s debt consisted of the following at December 31, 2014 and 2013:



	2014			2013
Senior Notes due 2022 at a fixed interest rate of 3.75%		$325,000			$325,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% (a)	129,706			127,749
Installment note due 2014 at a fixed interest rate of 8.64%	—			112,500
Mortgage notes due 2017 at fixed interest rates of 4.35% (b)	53,801			65,165
Solid waste bond due 2020 at a variable interest rate of 1.3% at December 31, 2014	15,000			15,000
Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.34% at December 31, 2014	16,000			205,000
Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.63% at December 31, 2014	—			500,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.47% at December 31, 2014	184,099			193,311
New Zealand JV Noncontrolling interest shareholder loan at 0% interest rate	27,949			30,499
Total debt	751,555			1,574,224
Less: Current maturities of long-term debt	(129,706		)	(112,500		)
Long-term debt		$621,849			$1,461,724

Schedule of Maturities of Long-term Debt

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



2015 (a)		$130,973
2016	200,099
2017 (b)	52,500
2018	—
2019	—
Thereafter	367,949
Total Debt		$751,521


(a)	Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million.


(b)	The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million.

Schedule of Convertible Debt

The amounts related to convertible debt in the Consolidated Balance Sheets as of December 31, 2014 and 2013 are as follows:



	2014			2013
Liabilities:
Principal amount of debt
4.50% Senior Exchangeable Notes		$130,973			$130,973
Unamortized discount (a)
4.50% Senior Exchangeable Notes	(1,267		)	(3,224		)
Net carrying amount of debt		$129,706			$127,749
Equity:
Common stock		$8,850			$8,850

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

Schedule of Interest Related to Convertible Debt

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



	2014		2013		2012
Contractual interest coupon
4.50% Senior Exchangeable Notes		$5,930		$7,271		$7,763
Amortization of debt discount
4.50% Senior Exchangeable Notes	1,957		2,281		2,296
Total interest expense recognized		$7,887		$9,552		$10,059

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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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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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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-Name Accounting Standards Codification
-Topic 942
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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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

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Stockholders Equity

An analysis of shareholders’ equity for each of the three years ended December 31, 2014 is shown below (share amounts not in thousands):



	Common Shares		Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest	Shareholders’ Equity
	Shares (a)	Amount	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Non-controlling Interest	Shareholders’ Equity
Balance, December 31, 2011	122,035,177	$630,286	$806,235	$(113,448)	—	$1,323,073
Net income	—	—	278,685	—	—	278,685
Dividends ($1.68 per share)	—	—	(208,286)	—	—	(208,286)
Issuance of shares under incentive stock plans	1,467,024	25,495	—	—	—	25,495
Stock-based compensation	—	15,116	—	—	—	15,116
Excess tax benefit on stock-based compensation	—	7,635	—	—	—	7,635
Repurchase of common shares	(169,757)	(7,783)	—	—	—	(7,783)
Net loss from pension and postretirement plans	—	—	—	(496)	—	(496)
Foreign currency translation adjustment	—	—	—	4,352	—	4,352
Joint venture cash flow hedges	—	—	—	213	—	213
Balance, December 31, 2012	123,332,444	$670,749	$876,634	$(109,379)	—	$1,438,004
Net income	—	—	371,896	—	1,902	373,798
Dividends ($1.86 per share)	—	—	(233,321)	—	—	(233,321)
Issuance of shares under incentive stock plans	1,001,426	10,101	—	—	—	10,101
Stock-based compensation	—	11,710	—	—	—	11,710
Excess tax benefit on stock-based compensation	—	8,413	—	—	—	8,413
Repurchase of common shares	(211,221)	(11,326)	—	—	—	(11,326)
Equity portion of convertible debt (Note 13)	—	2,453	—	—	—	2,453
Settlement of warrants (Note 13)	2,135,221	—	—	—	—	—
Net loss from pension and postretirement plans	—	—	—	61,869	—	61,869
Acquisition of noncontrolling interest	—	—	—	—	96,336	96,336
Noncontrolling interest redemption of shares	—	—	—	—	(713)	(713)
Foreign currency translation adjustment	—	—	—	(1,915)	(3,795)	(5,710)
Joint venture cash flow hedges	—	—	—	3,286	343	3,629
Balance, December 31, 2013	126,257,870	$692,100	$1,015,209	$(46,139)	$94,073	$1,755,243
Net income	—	—	99,337	—	(1,491)	97,846
Dividends ($2.03 per share)	—	—	(256,861)	—	—	(256,861)
Contribution to Rayonier Advanced Materials	—	(301)	(61,318)	80,749	—	19,130
Adjustments to Rayonier Advanced Materials (b)	—	—	(5,670)	(2,556)	—	(8,226)
Issuance of shares under incentive stock plans	561,701	5,579	—	—	—	5,579
Stock-based compensation	—	7,869	—	—	—	7,869
Tax deficiency on stock-based compensation	—	(791)	—	—	—	(791)
Repurchase of common shares	(46,474)	(1,858)	—	—	—	(1,858)
Net loss from pension and postretirement plans	—	—	—	(24,147)	—	(24,147)
Noncontrolling interest redemption of shares	—	—	—	—	(931)	(931)
Foreign currency translation adjustment	—	—	—	(11,526)	(4,321)	(15,847)
Joint venture cash flow hedges	—	—	—	(1,206)	(649)	(1,855)
Balance, December 31, 2014	126,773,097	$702,598	$790,697	$(4,825)	$86,681	$1,575,151


(a)	The Company’s common shares are registered in North Carolina and have a $0.00 par value.


(b)	Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized.

Tax Characteristics of Cash Dividend

The table below summarizes the tax characteristics of the cash dividend paid to shareholders for the three years ended December 31, 2014:



	2014	2013	2012
Capital gain	$1.61	$0.72	$1.68
Qualified	—	1.14	—
Return of capital	0.42	—	—
Total cash dividend per common share	$2.03	$1.86	$1.68

Accumulated Other Comprehensive Income/(Loss) (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Accumulated Other Comprehensive Income (Loss)



	Foreign currency translation gains/(losses)		Net investment hedge of New Zealand JV		New Zealand JV cash flow hedges (a)		Unrecognized components of employee benefit plans		Total
Balance as of December 31, 2012	$38,829		—		$(3,628)		$(144,580)		$(109,379)
Other comprehensive income/(loss) before reclassifications	(1,915	)	—		798		45,931	(b)	44,814
Amounts reclassified from accumulated other comprehensive loss	—		—		2,488		15,938	(c)	18,426
Net other comprehensive income/(loss)	(1,915	)	—		3,286		61,869		63,240
Balance as of December 31, 2013	$36,914		—		$(342)		$(82,711)		$(46,139)
Other comprehensive income/(loss) before reclassifications	(11,381)		(145)		510		47,938	(d)	36,922
Amounts reclassified from accumulated other comprehensive loss	—		—		(1,716)		6,108	(e)	4,392
Net other comprehensive income/(loss)	(11,381	)	(145	)	(1,206	)	54,046		41,314
Balance as of December 31, 2014	$25,533		$(145)		$(1,548)		$(28,665)		$(4,825)

(a)


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


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

(d)


(e)	This accumulated other comprehensive income component is comprised of $5 million from the computation of net periodic pension cost and the $1 million write-off of a 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 years ended December 31, 2014 and 2013:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income		Affected line item in the income statement
	2014	2013
Loss from New Zealand joint venture cash flow hedges	—	$2,159	Gain related to consolidated of New Zealand joint venture
Realized (gain) loss on foreign currency exchange contracts	(2,858)	843	Other operating income, net
Realized gain on foreign currency option contracts	(1,007)	—	Other operating income, net
Noncontrolling interest	1,352	(295)	Comprehensive loss attributable to noncontrolling interest
Income tax expense (benefit) from foreign currency contracts	797	(219)	Income tax benefit
Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income	(1,716)	2,488
Income tax expense on pension plan contributed to Rayonier Advanced Materials	843	—	Income tax benefit
Net (gain) loss reclassified from accumulated other comprehensive income	$(873)	$2,488

Other Operating Income, Net (Tables)

12 Months Ended

Dec. 31, 2014

Other Income and Expenses [Abstract]

Interest and Other Income

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



	2014		2013		2012
Lease income, primarily for hunting	$17,569		$19,479		$15,937
Other non-timber income	2,314		2,714		3,346
Foreign exchange gains	3,498		901		—
Insurance recoveries	—		—		2,298
Gain (loss) on sale or disposal of property plant & equipment	48		287		(23	)
Gain (loss) on foreign currency contracts, net	32		(192	)	—
Legal and corporate development costs	(222	)	(2,242	)	(1,073	)
Bankruptcy claim settlement	5,779		—		—
Miscellaneous (expense), net	(2,507	)	(2,460	)	(3,474	)
Total	$26,511		$18,487		$17,011

Liabilities for Dispositions and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

Schedule of Change in Environmental Loss Contingencies

An analysis of activity in the liabilities for dispositions and discontinued operations for the three years ended December 31, 2014 follows:



	2014	2013	2012
Balance, January 1	$76,378	$81,695	$90,824
Expenditures charged to liabilities	(5,096)	(8,570)	(9,926)
Increase to liabilities	2,558	3,253	797
Contribution to Rayonier Advanced Materials	(73,840)	—	—
Balance, December 31	—	76,378	81,695
Less: Current portion	—	(6,835)	(8,105)
Non-current portion	—	$69,543	$73,590

Guarantees (Tables)

12 Months Ended

Dec. 31, 2014

Guarantees [Abstract]

Schedule of Guarantor Obligations



Financial Commitments	Maximum Potential Payment	Carrying Amount of Liability
Standby letters of credit (a)	$17,355	$15,000
Guarantees (b)	2,254	43
Surety bonds (c)	682	—
Total financial commitments	$20,291	$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. These letters of credit will expire at various dates during 2015 and will be renewed as required.

(b)


(c)	Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates in 2015 and 2016 and are expected to be renewed as required.

Commitments (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

At December 31, 2014, the future minimum payments under non-cancellable operating and timberland leases were as follows:



	Operating Leases		Timberland Leases (a)		Purchase Obligations (b)		Total
2015		$1,288		$10,162		$472		$11,922
2016	941		9,727		262		10,930
2017	492		9,389		191		10,072
2018	277		8,080		1,419		9,776
2019	191		7,137		4,525		11,853
Thereafter	42		130,884		1,673		132,599
		$3,231		$175,379		$8,542		$187,152


(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 (foreign exchange contracts and options) held in New Zealand.

Incentive Stock Plans (Tables)

12 Months Ended

Dec. 31, 2014

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

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

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



	2014	2013	2012
Restricted shares granted	186,783	33,607	18,742
Weighted average price of restricted shares granted	$36.42	$57.54	$42.40
(Amounts in millions)
Intrinsic value of restricted stock outstanding (a)	$5.1	$1.7	$2.1
Fair value of restricted stock vested	$1.3	$1.3	$1.8
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares	—	$0.3	$0.6


(a)	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2014.



	2014
	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	39,232			$55.66
Granted	186,783		(a)	36.42
Vested	(23,599	)		55.86
Cancelled	(18,393	)		39.90
Non-vested Restricted Shares at December 31,	184,023		(b)	$37.53


(a)	Includes restricted shares granted to Rayonier employees in replacement of the 2013 performance share awards.


(b)	Represents all Rayonier restricted shares outstanding as of December 31, 2014, including 2012 restricted share awards held by Rayonier Advanced Materials employees.

Schedule of Nonvested Performance-based Units Activity

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



	2014	2013	2012
Common shares of Company stock reserved for performance shares	130,164	276,240	337,360
Weighted average fair value of performance share units granted	$40.33	$59.16	$56.36
(Amounts in millions)
Intrinsic value of outstanding performance share units (a)	$5.8	$22.1	$36.3
Fair value of performance shares vested	—	$7.0	$22.2
Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares	$1.8	$11.0	$7.2


(a)	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2014.



	2014
	Number of Units			Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	524,746			$54.57
Granted	286,340		(a)	40.33
Units Distributed	(231,717	)		50.63
Cancelled at Spin-off	(315,297	)		48.28
Other Cancellations/Adjustments	(55,048	)		46.59
Outstanding Performance Share units at December 31,	209,024			$51.01


(a)	Includes performance shares reissued to Rayonier employees subsequent to the cancellation of the 2014 performance shares at spin-off.



	2014 (a)		2013		2012
Expected volatility	19.7	%	23.2	%	36.9	%
Risk-free rate	0.7	%	0.4	%	0.4	%


(a)	Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8%.

Schedule of Share-based Compensation, Stock Options, Activity

The following table provides an overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2014:



	2014 (a)		2013		2012
Expected volatility	39.3	%	39.0	%	39.3	%
Dividend yield	4.6	%	3.4	%	3.6	%
Risk-free rate	2.2	%	1.0	%	1.3	%
Expected life (in years)	6.3		6.3		6.4
Fair value per share of options granted (b)	$10.58		$14.01		$11.85
Fair value of options granted (in millions)	$3.2		$2.7		$2.8


(a)	The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees.


(b)	The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants, $10.70 for 2013 grants and $9.04 for 2012 grants.



	2014
	Number of Shares	Weighted Average Exercise Price (per common share)		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Options outstanding at January 1,	1,393,222	$33.79	(a)
Granted	305,305	42.47	(b)
Exercised	(251,547)	22.54	(c)
Cancelled	(44,585)	31.48	(c)
Modified in connection with spin-off	(32,495)	36.28	(a)
Options outstanding at December 31,	1,369,900	$27.21	(d)	6.1	$4.9
Options vested and expected to vest	1,367,044	$27.19	(d)	6.1	$4.9
Options exercisable at December 31,	923,570	$24.17	(d)	4.9	$4.9


(a)	Reflects exercise prices prior to the spin-off.


(b)	Represents the weighted-average exercise price at time of grant. Exercise prices were modified at the time of the spin-off. The adjusted weighted-average exercise price of 2014 grants was $31.52.


(c)	Represents the weighted-average of exercise prices in place at the time of exercise or cancellation. Pre-spin activity was not adjusted to reflect the subsequent modification of exercise prices.


(d)	Reflects exercise prices as of December 31, 2014.

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



	2014	2013	2012
(Amounts in millions)
Intrinsic value of options exercised (a)	$4.0	$12.3	$20.5
Fair value of options vested	$3.1	$2.6	$3.3


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

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of Changes in Projected Benefit Obligations



Funded Status at End of Year:
Net accrued benefit cost	$(31,809)	$(71,733)	$(1,226)	$(21,999)



	Pension		Postretirement
	2014	2013	2014	2013
Change in Projected Benefit Obligation
Projected benefit obligation at beginning of year	$413,638	$454,470	$21,999	$27,582
Service cost	3,923	8,452	402	1,056
Interest cost	10,707	16,682	537	937
Settlement loss	—	137	—	—
Actuarial loss (gain)	43,093	(44,786)	2,250	(3,206)
Plan amendments	—	—	—	(3,372)
Employee contributions	—	—	484	980
Benefits paid	(11,288)	(21,317)	(888)	(1,978)
Transferred to Rayonier Advanced Materials	(372,718)	—	(23,558)	—
Projected benefit obligation at end of year	$87,355	$413,638	$1,226	$21,999

Schedule of Changes in Fair Value of Plan Assets



Change in Plan Assets
Fair value of plan assets at beginning of year	$341,905	$320,699	—	—
Actual return on plan assets	21,399	42,285	—	—
Employer contributions	1,103	1,699	404	998
Employee contributions	—	—	484	980
Benefits paid	(11,288)	(21,317)	(888)	(1,978)
Other expense	(607)	(1,461)	—	—
Transferred to Rayonier Advanced Materials	(296,966)	—	—	—
Fair value of plan assets at end of year	$55,546	$341,905	—	—

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]



Amounts Recognized in the Consolidated
Balance Sheets Consist of:
Noncurrent assets	—	$3,583	—	—
Current liabilities	(15)	(1,776)	(25)	(1,071)
Noncurrent liabilities	(31,794)	(73,540)	(1,201)	(20,928)
Net amount recognized	$(31,809)	$(71,733)	$(1,226)	$(21,999)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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



	Pension			Postretirement
	2014	2013	2012	2014	2013	2012
Net gains (losses)	$37,559	$60,171	$(17,630)	$(2,250)	$3,206	$(2,021)
Prior service cost	—	—	—	—	—	—
Negative plan amendment	—	—	—	—	3,372	—



	Pension			Postretirement
	2014	2013	2012	2014	2013	2012
Amortization of losses	$6,542	$20,914	$17,578	$288	$675	$582
Amortization of prior service cost	576	1,356	1,308	8	66	80
Amortization of negative plan amendment	—	—	—	(137)	(105)	(55)

Schedule of Net Periodic Benefit Cost Not yet Recognized



	Pension		Postretirement
	2014	2013	2014	2013
Prior service cost	$(13)	$(5,707)	—	$(49)
Net losses	(30,965)	(110,728)	(90)	(8,057)
Negative plan amendment	—	—	—	3,574
Deferred income tax benefit	2,425	36,685	(22)	1,571
AOCI	$(28,553)	$(79,750)	$(112)	$(2,961)

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



	2014	2013
Projected benefit obligation	$87,355	$388,163
Accumulated benefit obligation	81,141	350,605
Fair value of plan assets	55,546	290,848

Schedule of Net Benefit Costs

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



	Pension			Postretirement
	2014	2013	2012	2014	2013	2012
Components of Net Periodic Benefit Cost
Service cost	$3,923	$8,452	$8,407	$402	$1,056	$918
Interest cost	10,707	16,682	17,284	537	937	956
Expected return on plan assets	(15,258)	(25,302)	(25,477)	—	—	—
Amortization of prior service cost	576	1,296	1,308	8	66	80
Amortization of losses	6,542	20,097	17,578	288	675	582
Amortization of negative plan amendment	—	—	—	(137)	(105)	(55)
Curtailment expense	—	60	—	—	—	—
Settlement expense	—	817	—	—	—	—
Net periodic benefit cost (a)	$6,490	$22,102	$19,100	$1,098	$2,629	$2,481


(a)	Net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 included $4.0 million, $14.9 million, and $12.8 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.

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

The estimated pre-tax amounts that will be amortized from AOCI into net periodic benefit cost in 2015 are as follows:



	Pension	Postretirement
Amortization of loss	$3,420	—
Amortization of prior service cost	13	—
Total amortization of AOCI loss	$3,433	—

Schedule of Assumptions Used



	Pension						Postretirement
	2014		2013		2012		2014		2013		2012
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.80	%	4.60	%	3.70	%	3.96	%	4.60	%	3.60	%
Rate of compensation increase	4.50	%	4.60	%	4.60	%	4.50	%	4.50	%	4.50	%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate (pre-spin off)	4.60	%	3.70	%	4.20	%	4.60	%	3.60	%	4.10	%
Discount rate (post-spin off)	4.04	%	—		—		4.00	%	—		—
Expected long-term return on plan assets	8.50	%	8.50	%	8.50	%	—		—		—
Rate of compensation increase	4.50	%	4.60	%	4.50	%	4.50	%	4.50	%	4.50	%

Schedule of Effect of 0.5% Change in Discount Rate and Long-term Return on Assets

The sensitivity of pension expense and projected benefit obligation to changes in economic assumptions is highlighted below:



	(unaudited)
	Impact on:
Change in Assumption	Pension Expense	Projected Benefit Obligation
0.5% decrease in discount rate	+ 0.4 million	+ 7.5 million
0.5% increase in discount rate	- 0.4 million	- 6.6 million
0.5% decrease in long-term return on assets	+ 0.1 million
0.5% increase in long-term return on assets	- 0.1 million

Schedule of Health Care Cost Trend Rates

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



	Postretirement
	2014	2013
Health care cost trend rate assumed for next year (a)	N/A	7.00	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (a)	N/A	5.00	%
Year that the rate reaches the ultimate trend rate (a)	N/A	2017


(a)	The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business.

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

The following table shows the effect of a one percentage point change in assumed health care cost trends as of December 31, 2013:



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


(a)	The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business.

Schedule of Allocation of Plan Assets



	Fair Value at December 31, 2014			Fair Value at December 31, 2013
Asset Category	Level 1	Level 2	Total	Level 1	Level 2	Total
Domestic equity securities	$4,557	$18,326	$22,883	$29,293	$110,401	$139,694
International equity securities	6,277	6,488	12,765	55,692	31,347	87,039
Domestic fixed income securities	—	14,643	14,643	—	85,222	85,222
International fixed income securities	2,428	—	2,428	15,134	—	15,134
Real estate fund	1,887	—	1,887	9,678	—	9,678
Short-term investments	—	940	940	879	4,259	5,138
Total	$15,149	$40,397	$55,546	$110,676	$231,229	$341,905

The Company’s pension plans’ asset allocation (excluding short-term investments) at December 31, 2014 and 2013, and target allocation ranges by asset category are as follows:



	Percentage of Plan Assets				Target Allocation Range
Asset Category	2014		2013		Target Allocation Range
Domestic equity securities	42	%	42	%	35-45%
International equity securities	23	%	26	%	20-30%
Domestic fixed income securities	27	%	25	%	25-29%
International fixed income securities	4	%	4	%	3-7%
Real estate fund	4	%	3	%	2-4%
Total	100	%	100	%

Schedule of Expected Benefit Payments

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



	Pension Benefits	Postretirement Benefits
2015	$2,729	$25
2016	2,866	27
2017	3,041	28
2018	3,231	30
2019	3,450	33
2020 - 2024	20,807	201

Quarterly Results for 2014 and 2013 (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	Quarter Ended						Total Year
	March 31		June 30		Sept. 30	Dec. 31
2014
Sales	$143,187		$163,145		$149,829	$147,360	$603,521
Cost of sales	115,900		123,096		118,088	126,776	483,860
Income from continuing operations	10,335		4,024		32,059	8,025	54,443
Income from discontinued operations	31,008		12,084		—	311	43,403
Net income	41,343		16,108		32,059	8,336	97,846
Net income attributable to Rayonier Inc.	41,426		16,353		32,701	8,857	99,337
Basic EPS attributable to Rayonier Inc.
Continuing Operations	$0.08		$0.03		$0.26	$0.07	$0.44
Discontinued Operations	0.25		0.10		—	—	0.34
Net Income	$0.33		$0.13		$0.26	$0.07	$0.78
Diluted EPS attributable to Rayonier Inc.
Continuing Operations	$0.08		$0.03		$0.25	$0.07	$0.43
Discontinued Operations	0.24		0.09		—	—	0.33
Net Income	$0.32		$0.12		$0.25	$0.07	$0.76

2013
Sales	107,053		154,889		159,261	238,515	659,718
Cost of sales	76,660		127,861		129,002	197,249	530,772
Income from continuing operations	19,028		39,631	(b)	15,040	32,144	105,843	(b)
Income from discontinued operations	128,707	(a)	48,260		43,327	47,661	267,955	(a)
Net income	147,735	(a)	87,891	(b)	58,367	79,805	373,798	(a) (b)
Net income attributable to Rayonier Inc.	147,735	(a)	87,164	(b)	57,345	79,652	371,896	(a) (b)
Basic EPS attributable to Rayonier Inc.
Continuing Operations	$0.15		$0.31		$0.11	$0.25	$0.83
Discontinued Operations	1.04		0.38		0.34	0.38	2.13
Net Income	$1.19		$0.69		$0.45	$0.63	$2.96
Diluted EPS attributable to Rayonier Inc.
Continuing Operations	$0.15		$0.30		$0.11	$0.25	$0.80
Discontinued Operations	0.98		0.37		0.33	0.37	2.06
Net Income	$1.13		$0.67		$0.44	$0.62	$2.86


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


(b)	Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.

Schedule of Error Corrections and Prior Period Adjustments



	Quarter Ended March 31, 2014
	As Previously Reported	Discontinued Operations Reclassification	Restatement	As Restated
Sales	$386,686	$(243,499)	—	$143,187
Cost of sales	302,650	(184,801)	(1,949)	115,900
Income from Continuing Operations	43,292	(31,008)	(1,949)	10,335
Income from Discontinued Operations	—	31,008	—	31,008
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	$(0.25)	$(0.01)	$0.08
Discontinued Operations	—	0.25	—	0.25
Net Income	$0.34	—	$(0.01)	$0.33
Diluted Earnings Per Share Attributable to Rayonier Inc.
Continuing Operations	$0.34	$(0.24)	$(0.02)	$0.08
Discontinued Operations	—	0.24	—	0.24
Net Income	$0.34	—	$(0.02)	$0.32



	Quarter Ended June 30, 2014
	As Previously Reported	Restatement	As Restated
Sales	$163,145	—	$163,145
Cost of sales	121,105	1,991	123,096
Income from Continuing Operations	6,056	(2,032)	4,024
Income from Discontinued Operations	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

Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Senior Exchangeable Notes due 2015 [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Income Statement



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	—	$603,521	—	$603,521
Costs and Expenses
Cost of sales	—	—	—	483,860	—	483,860
Selling and general expenses	—	14,578	—	33,305	—	47,883
Other operating expense (income), net	—	3,275	—	(29,786)	—	(26,511)
	—	17,853	—	487,379	—	505,232
OPERATING (LOSS) INCOME	—	(17,853)	—	116,142	—	98,289
Interest expense	(13,247)	(445)	(23,126)	(7,430)	—	(44,248)
Interest and miscellaneous income (expense), net	9,186	(566)	(2,534)	(15,285)	—	(9,199)
Equity in income from subsidiaries	103,398	122,425	(15,697)	—	(210,126)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	99,337	103,561	(41,357)	93,427	(210,126)	44,842
Income tax (expense) benefit	—	(163)	9,366	398	—	9,601
INCOME FROM CONTINUING OPERATIONS	99,337	103,398	(31,991)	93,825	(210,126)	54,443
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	—	43,403	—	43,403
NET INCOME	99,337	103,398	(31,991)	137,228	(210,126)	97,846
Less: Net loss attributable to noncontrolling interest	—	—	—	(1,491)	—	(1,491)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	99,337	103,398	(31,991)	138,719	(210,126)	99,337
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(11,525)	(11,526)	(894)	(15,847)	23,945	(15,847)
New Zealand joint venture cash flow hedges	(1,206)	(1,206)	(1,206)	(1,855)	3,618	(1,855)
Net gain from pension and postretirement plans	54,046	54,046	88,174	88,174	(230,394)	54,046
Total other comprehensive income	41,315	41,314	86,074	70,472	(202,831)	36,344
COMPREHENSIVE INCOME	140,652	144,712	54,083	207,700	(412,957)	134,190
Less: Comprehensive loss attributable to noncontrolling interest	—	—	—	(6,462)	—	(6,462)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$140,652	$144,712	$54,083	$214,162	$(412,957)	$140,652



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	—	$659,718	—	$659,718
Costs and Expenses
Cost of sales	—	—	—	530,772	—	530,772
Selling and general expenses	—	9,821	—	45,612	—	55,433
Other operating (income) expense, net	(1,701)	4,730	—	(21,516)	—	(18,487)
	(1,701)	14,551	—	554,868	—	567,718
Equity in income of New Zealand joint venture	—	—	—	562	—	562
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701	(14,551)	—	105,412	—	92,562
Gain related to consolidation of New Zealand joint venture	—	—	—	16,098	—	16,098
OPERATING INCOME (LOSS)	1,701	(14,551)	—	121,510	—	108,660
Interest expense	(13,088)	(914)	(27,516)	577	—	(40,941)
Interest and miscellaneous income (expense), net	9,828	3,237	(7,534)	(3,092)	—	2,439
Equity in income from subsidiaries	373,455	384,567	245,126	—	(1,003,148)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	371,896	372,339	210,076	118,995	(1,003,148)	70,158
Income tax benefit	—	1,116	11,895	22,674	—	35,685
INCOME FROM CONTINUING OPERATIONS	371,896	373,455	221,971	141,669	(1,003,148)	105,843
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	—	267,955	—	267,955
NET INCOME	371,896	373,455	221,971	409,624	(1,003,148)	373,798
Less: Net income attributable to noncontrolling interest	—	—	—	1,902	—	1,902
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	371,896	373,455	221,971	407,722	(1,003,148)	371,896
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(1,915)	(1,915)	(72)	(5,710)	3,902	(5,710)
New Zealand joint venture cash flow hedges	3,286	3,286	637	3,629	(7,209)	3,629
Net gain from pension and postretirement plans	61,869	61,869	20,589	20,589	(103,047)	61,869
Total other comprehensive income	63,240	63,240	21,154	18,508	(106,354)	59,788
COMPREHENSIVE INCOME	435,136	436,695	243,125	428,132	(1,109,502)	433,586
Less: Comprehensive loss attributable to noncontrolling interest	—	—	—	(1,550)	—	(1,550)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$435,136	$436,695	$243,125	$429,682	$(1,109,502)	$435,136



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	—	$378,608	—	$378,608
Costs and Expenses
Cost of sales	—	—	—	305,479	—	305,479
Selling and general expenses	—	10,575	—	48,057	—	58,632
Other operating expense (income), net	110	962	—	(18,083)	—	(17,011)
	110	11,537	—	335,453	—	347,100
Equity in income of New Zealand joint venture	—	—	—	550	—	550
OPERATING (LOSS) INCOME	(110)	(11,537)	—	43,705	—	32,058
Interest expense	(10,717)	(941)	(37,971)	6,803	—	(42,826)
Interest and miscellaneous income (expense), net	6,638	5,519	(3,334)	(8,341)	—	482
Equity in income from subsidiaries	282,874	289,486	232,871	—	(805,231)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	278,685	282,527	191,566	42,167	(805,231)	(10,286)
Income tax benefit	—	347	15,076	11,637	—	27,060
INCOME FROM CONTINUING OPERATIONS	278,685	282,874	206,642	53,804	(805,231)	16,774
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	—	261,911	—	261,911
NET INCOME	278,685	282,874	206,642	315,715	(805,231)	278,685
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment	4,352	4,352	(3)	4,353	(8,702)	4,352
New Zealand joint venture cash flow hedges	213	213	—	213	(426)	213
Net loss from pension and postretirement plans	(496)	(496)	(450)	(450)	1,396	(496)
Total other comprehensive income (loss)	4,069	4,069	(453)	4,116	(7,732)	4,069
COMPREHENSIVE INCOME	$282,754	$286,943	$206,189	$319,831	$(812,963)	$282,754

Schedule of Condensed Consolidating Balance Sheet



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 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	$102,218	$11	$8,094	$51,235	—	$161,558
Accounts receivable, less allowance for doubtful accounts	—	—	1,409	22,609	—	24,018
Inventory	—	—	—	9,042	—	9,042
Prepaid logging roads	—	—	—	12,665	—	12,665
Prepaid and other current assets	—	2,003	6	5,071	—	7,080
Total current assets	102,218	2,014	9,509	100,622	—	214,363
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—	—	—	2,083,743	—	2,083,743
NET PROPERTY, PLANT AND EQUIPMENT	—	433	—	6,273	—	6,706
INVESTMENT IN SUBSIDIARIES	1,463,303	1,923,185	640,678	—	(4,027,166)	—
INTERCOMPANY NOTES RECEIVABLE	248,233	—	21,500	—	(269,733)	—
OTHER ASSETS	2,763	16,610	1,759	127,171	—	148,303
TOTAL ASSETS	$1,816,517	$1,942,242	$673,446	$2,317,809	$(4,296,899)	$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—	$2,687	$123	$17,401	—	$20,211
Current maturities of long-term debt	—	—	129,706	—	—	129,706
Accrued taxes	—	11	—	11,394	—	11,405
Accrued payroll and benefits	—	3,253	—	3,137	—	6,390
Accrued interest	3,047	(3)	2,520	31,281	(28,412)	8,433
Other current liabilities	—	928	145	24,784	—	25,857
Total current liabilities	3,047	6,876	132,494	87,997	(28,412)	202,002
LONG-TERM DEBT	325,000	—	31,000	265,849	—	621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—	34,161	—	(684)	—	33,477
OTHER NON-CURRENT LIABILITIES	—	6,436	—	14,200	—	20,636
INTERCOMPANY PAYABLE	—	431,466	—	(153,754)	(277,712)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,488,470	1,463,303	509,952	2,017,520	(3,990,775)	1,488,470
Noncontrolling interest	—	—	—	86,681	—	86,681
TOTAL SHAREHOLDERS’ EQUITY	1,488,470	1,463,303	509,952	2,104,201	(3,990,775)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$1,816,517	$1,942,242	$673,446	$2,317,809	$(4,296,899)	$2,453,115



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$130,181	$304	$10,719	$58,440	—	$199,644
Accounts receivable, less allowance for doubtful accounts	—	10	2,300	92,646	—	94,956
Inventory	—	—	—	138,818	—	138,818
Current deferred tax assets	—	—	681	38,419	—	39,100
Prepaid logging roads	—	—	—	12,992	—	12,992
Prepaid and other current assets	—	2,363	6	31,215	—	33,584
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 Cash Flows Statement



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2014
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors		Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$269,653	$293,193	—	$43,858		$(290,157)	$316,547
INVESTING ACTIVITIES
Capital expenditures	—	(400)	—	(123,289)		—	(123,689)
Purchase of timberlands	—	—	—	(130,896)		—	(130,896)
Change in restricted cash	—	—	—	62,256		—	62,256
Investment in Subsidiaries	—	—	798,875	—		(798,875)	—
Other	—	—	—	(478)		—	(478)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—	(400)	798,875	(192,407)		(798,875)	(192,807)
FINANCING ACTIVITIES
Issuance of debt	—	—	201,000	1,225,464		—	1,426,464
Repayment of debt	—	—	(1,002,500)	(287,137)		—	(1,289,637)
Dividends paid	(257,517)	—	—	—		—	(257,517)
Proceeds from the issuance of common shares	5,579	—	—	—		—	5,579
Repurchase of common shares	(1,858)	—	—	—		—	(1,858)
Debt issuance costs	—	—	—	(12,380	)	—	(12,380)
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
Issuance of intercompany notes	(12,400)	—	—	12,400		—	—
Intercompany distributions	—	(293,086)	—	(795,946)		1,089,032	—
Other	—	—	—	(680)		—	(680)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(297,616)	(293,086)	(801,500)	141,721		1,089,032	(161,449)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	—	(377)		—	(377)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(27,963)	(293)	(2,625)	(7,205)		—	(38,086)
Balance, beginning of year	130,181	304	10,719	58,440		—	199,644
Balance, end of year	$102,218	$11	$8,094	$51,235		—	$161,558



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$407,712	$417,074	$84,000	$491,762	$(855,375)	$545,173
INVESTING ACTIVITIES
Capital expenditures	—	(663)	—	(161,520)	—	(162,183)
Purchase of additional interest in New Zealand joint venture	—	—	—	(139,879)	—	(139,879)
Purchase of timberlands	—	—	—	(20,401)	—	(20,401)
Jesup mill cellulose specialties expansion	—	—	—	(148,262)	—	(148,262)
Proceeds from disposition of Wood Products business	—	—	—	62,720	—	62,720
Change in restricted cash	—	—	—	(58,385)	—	(58,385)
Investment in Subsidiaries	(138,178)	(138,178)	(247,114)	—	523,470	—
Other	—	1,701	—	(4,231)	—	(2,530)
CASH USED FOR INVESTING ACTIVITIES	(138,178)	(137,140)	(247,114)	(469,958)	523,470	(468,920)
FINANCING ACTIVITIES
Issuance of debt	175,000	—	390,000	57,885	—	622,885
Repayment of debt	(325,000)	—	(151,525)	(72,960)	—	(549,485)
Dividends paid	(237,016)	—	—	—	—	(237,016)
Proceeds from the issuance of common shares	10,101	—	—	—	—	10,101
Excess tax benefits on stock-based compensation	—	—	—	8,413	—	8,413
Repurchase of common shares	(11,326)	—	—	—	—	(11,326)
Issuance of intercompany notes	(4,000)	—	—	4,000	—	—
Intercompany distributions	—	(283,596)	(84,000)	35,691	331,905	—
Other	—	—	—	(713)	—	(713)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241)	(283,596)	154,475	32,316	331,905	(157,141)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	—	(64)	—	(64)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707)	(3,662)	(8,639)	54,056	—	(80,952)
Balance, beginning of year	252,888	3,966	19,358	4,384	—	280,596
Balance, end of year	$130,181	$304	$10,719	$58,440	—	$199,644



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
	Rayonier Inc. (Parent Guarantor)	ROC (Subsidiary Guarantor)	Rayonier TRS Holdings Inc. (Issuer)	Non- guarantors	Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$90,456	$138,149	$41,000	$423,784	$(247,475)	$445,914
INVESTING ACTIVITIES
Capital expenditures	—	(354)	—	(155,166)	—	(155,520)
Purchase of timberlands	—	—	—	(106,536)	—	(106,536)
Jesup mill cellulose specialties expansion	—	—	—	(198,341)	—	(198,341)
Change in restricted cash	—	—	—	(10,559)	—	(10,559)
Investment in Subsidiaries	—	—	(142,508)	—	142,508	—
Other	—	—	—	(1,945)	—	(1,945)
CASH USED FOR INVESTING ACTIVITIES	—	(354)	(142,508)	(472,547)	142,508	(472,901)
FINANCING ACTIVITIES
Issuance of debt	475,000	—	740,000	15,000	—	1,230,000
Repayment of debt	(120,000)	(30,000)	(638,110)	(25,500)	—	(813,610)
Dividends paid	(206,583)	—	—	—	—	(206,583)
Proceeds from the issuance of common shares	25,495	—	—	—	—	25,495
Excess tax benefits on stock-based compensation	—	—	—	7,635	—	7,635
Debt issuance costs	(3,697)	(1,219)	—	(1,219)	—	(6,135)
Repurchase of common shares	(7,783)	—	—	—	—	(7,783)
Issuance of intercompany notes	—	(14,000)	—	14,000	—	—
Intercompany distributions	—	(97,587)	(41,000)	33,620	104,967	—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	162,432	(142,806)	60,890	43,536	104,967	229,019
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	—	(39)	—	(39)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	252,888	(5,011)	(40,618)	(5,266)	—	201,993
Balance, beginning of year	—	8,977	59,976	9,650	—	78,603
Balance, end of year	$252,888	$3,966	$19,358	$4,384	—	$280,596

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

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Income Statement



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	$603,521	—	$603,521
Costs and Expenses
Cost of sales	—	—	483,860	—	483,860
Selling and general expenses	—	14,578	33,305	—	47,883
Other operating expense (income), net	—	3,275	(29,786)	—	(26,511)
	—	17,853	487,379	—	505,232
OPERATING (LOSS) INCOME	—	(17,853)	116,142	—	98,289
Interest expense	(13,247)	(23,571)	(7,430)	—	(44,248)
Interest and miscellaneous income (expense), net	9,186	(3,100)	(15,285)	—	(9,199)
Equity in income from subsidiaries	103,398	138,719	—	(242,117)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	99,337	94,195	93,427	(242,117)	44,842
Income tax benefit	—	9,203	398	—	9,601
INCOME FROM CONTINUING OPERATIONS	99,337	103,398	93,825	(242,117)	54,443
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	43,403	—	43,403
NET INCOME	99,337	103,398	137,228	(242,117)	97,846
Less: Net loss attributable to noncontrolling interest	—	—	(1,491)	—	(1,491)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	99,337	103,398	138,719	(242,117)	99,337
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(11,525)	(11,527)	(15,847)	23,052	(15,847)
New Zealand joint venture cash flow hedges	(1,206)	(1,206)	(1,855)	2,412	(1,855)
Net gain from pension and postretirement plans	54,046	54,046	88,174	(142,220)	54,046
Total other comprehensive income	41,315	41,313	70,472	(116,756)	36,344
COMPREHENSIVE INCOME	140,652	144,711	207,700	(358,873)	134,190
Less: Comprehensive loss attributable to noncontrolling interest	—	—	(6,462)	—	(6,462)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$140,652	$144,711	$214,162	$(358,873)	$140,652



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	$659,718	—	$659,718
Costs and Expenses
Cost of sales	—	—	530,772	—	530,772
Selling and general expenses	—	9,821	45,612	—	55,433
Other operating (income) expense, net	(1,701)	4,730	(21,516)	—	(18,487)
	(1,701)	14,551	554,868	—	567,718
Equity in income of New Zealand joint venture	—	—	562	—	562
OPERATING INCOME (LOSS) BEFORE GAIN RELATED TO CONSOLIDATION OF NEW ZEALAND JOINT VENTURE	1,701	(14,551)	105,412	—	92,562
Gain related to consolidation of New Zealand joint venture	—	—	16,098	—	16,098
OPERATING INCOME (LOSS)	1,701	(14,551)	121,510	—	108,660
Interest expense	(13,088)	(28,430)	577	—	(40,941)
Interest and miscellaneous income (expense), net	9,828	(4,297)	(3,092)	—	2,439
Equity in income from subsidiaries	373,455	407,722	—	(781,177)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	371,896	360,444	118,995	(781,177)	70,158
Income tax benefit	—	13,011	22,674	—	35,685
INCOME FROM CONTINUING OPERATIONS	371,896	373,455	141,669	(781,177)	105,843
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	267,955	—	267,955
NET INCOME	371,896	373,455	409,624	(781,177)	373,798
Less: Net income attributable to noncontrolling interest	—	—	1,902	—	1,902
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	371,896	373,455	407,722	(781,177)	371,896
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(1,915)	(1,915)	(5,710)	3,830	(5,710)
New Zealand joint venture cash flow hedges	3,286	3,286	3,629	(6,572)	3,629
Net gain from pension and postretirement plans	61,869	61,869	20,589	(82,458)	61,869
Total other comprehensive income	63,240	63,240	18,508	(85,200)	59,788
COMPREHENSIVE INCOME	435,136	436,695	428,132	(866,377)	433,586
Less: Comprehensive loss attributable to noncontrolling interest	—	—	(1,550)	—	(1,550)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$435,136	$436,695	$429,682	$(866,377)	$435,136



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Year Ended December 31, 2012
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
SALES	—	—	$378,608	—	$378,608
Costs and Expenses
Cost of sales	—	—	305,479	—	305,479
Selling and general expenses	—	10,575	48,057	—	58,632
Other operating expense (income), net	110	962	(18,083)	—	(17,011)
	110	11,537	335,453	—	347,100
Equity in income of New Zealand joint venture	—	—	550	—	550
OPERATING (LOSS) INCOME	(110)	(11,537)	43,705	—	32,058
Interest expense	(10,717)	(38,912)	6,803	—	(42,826)
Interest and miscellaneous income (expense), net	6,638	2,185	(8,341)	—	482
Equity in income from subsidiaries	282,874	315,715	—	(598,589)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	278,685	267,451	42,167	(598,589)	(10,286)
Income tax benefit	—	15,423	11,637	—	27,060
INCOME FROM CONTINUING OPERATIONS	278,685	282,874	53,804	(598,589)	16,774
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—	—	261,911	—	261,911
NET INCOME	278,685	282,874	315,715	(598,589)	278,685
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	4,352	4,352	4,353	(8,705)	4,352
New Zealand joint venture cash flow hedges	213	213	213	(426)	213
Net loss from pension and postretirement plans	(496)	(496)	(450)	946	(496)
Total other comprehensive income	4,069	4,069	4,116	(8,185)	4,069
COMPREHENSIVE INCOME	$282,754	$286,943	$319,831	$(606,774)	$282,754

Schedule of Condensed Consolidating Balance Sheet



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2014
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$102,218	$8,105	$51,235	—	$161,558
Accounts receivable, less allowance for doubtful accounts	—	1,409	22,609	—	24,018
Inventory	—	—	9,042	—	9,042
Prepaid logging roads	—	—	12,665	—	12,665
Prepaid and other current assets	—	2,009	5,071	—	7,080
Total current assets	102,218	11,523	100,622	—	214,363
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—	—	2,083,743	—	2,083,743
NET PROPERTY, PLANT AND EQUIPMENT	—	433	6,273	—	6,706
INVESTMENT IN SUBSIDIARIES	1,463,303	2,053,911	—	(3,517,214)	—
INTERCOMPANY NOTES RECEIVABLE	248,233	21,500	—	(269,733)	—
OTHER ASSETS	2,763	18,369	127,171	—	148,303
TOTAL ASSETS	$1,816,517	$2,105,736	$2,317,809	$(3,786,947)	$2,453,115
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—	$2,810	$17,401	—	$20,211
Current maturities of long-term debt	—	129,706	—	—	129,706
Accrued taxes	—	11	11,394	—	11,405
Accrued payroll and benefits	—	3,253	3,137	—	6,390
Accrued interest	3,047	2,517	31,281	(28,412)	8,433
Other current liabilities	—	1,073	24,784	—	25,857
Total current liabilities	3,047	139,370	87,997	(28,412)	202,002
LONG-TERM DEBT	325,000	31,000	265,849	—	621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	—	34,161	(684)	—	33,477
OTHER NON-CURRENT LIABILITIES	—	6,436	14,200	—	20,636
INTERCOMPANY PAYABLE	—	431,466	(153,754)	(277,712)	—
TOTAL RAYONIER SHAREHOLDERS’ EQUITY	1,488,470	1,463,303	2,017,520	(3,480,823)	1,488,470
Noncontrolling interest	—	—	86,681	—	86,681
TOTAL SHAREHOLDER'S EQUITY	1,488,470	1,463,303	2,104,201	(3,480,823)	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$1,816,517	$2,105,736	$2,317,809	$(3,786,947)	$2,453,115



	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2013
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$130,181	$11,023	$58,440	—	$199,644
Accounts receivable, less allowance for doubtful accounts	—	2,310	92,646	—	94,956
Inventory	—	—	138,818	—	138,818
Current deferred tax asset	—	681	38,419	—	39,100
Prepaid logging roads	—	—	12,992	—	12,992
Prepaid and other current assets	—	2,369	31,215	—	33,584
Total current assets	130,181	16,383	372,530	—	519,094
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—	—	2,049,378	—	2,049,378
NET PROPERTY, PLANT AND EQUIPMENT	—	2,612	858,209	—	860,821
INVESTMENT IN SUBSIDIARIES	1,627,315	2,764,211	—	(4,391,526)	—
INTERCOMPANY NOTES RECEIVABLE	228,032	20,659	—	(248,691)	—
OTHER ASSETS	3,689	36,258	216,261	—	256,208
TOTAL ASSETS	$1,989,217	$2,840,123	$3,496,378	$(4,640,217)	$3,685,501
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—	$3,086	$66,207	—	$69,293
Current maturities of long-term debt	—	112,500	—	—	112,500
Accrued taxes	—	4,855	3,696	—	8,551
Uncertain tax positions	—	5,780	4,767	—	10,547
Accrued payroll and benefits	—	11,382	13,566	—	24,948
Accrued interest	3,047	3,280	22,816	(19,612)	9,531
Accrued customer incentives	—	—	9,580	—	9,580
Other current liabilities	—	2,985	21,342	—	24,327
Current liabilities for dispositions and discontinued operations	—	—	6,835	—	6,835
Total current liabilities	3,047	143,868	148,809	(19,612)	276,112
LONG-TERM DEBT	325,000	847,749	288,975	—	1,461,724
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—	—	69,543	—	69,543
PENSION AND OTHER POSTRETIREMENT BENEFITS	—	91,471	4,183	—	95,654
OTHER NON-CURRENT LIABILITIES	—	11,493	15,732	—	27,225
INTERCOMPANY PAYABLE	—	118,227	125,921	(244,148)	—
TOTAL RAYONIER SHAREHOLDERS’ EQUITY	1,661,170	1,627,315	2,749,142	(4,376,457)	1,661,170
Noncontrolling interest	—	—	94,073	—	94,073
TOTAL 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 Cash Flows Statement



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2014
	Rayonier Inc.(Parent Issuer)		Subsidiary Guarantors	Non- guarantors		Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$269,653		$293,193	$43,858		$(290,157)	$316,547
INVESTING ACTIVITIES
Capital expenditures	—		(400)	(123,289)		—	(123,689)
Purchase of timberlands	—		—	(130,896)		—	(130,896)
Change in restricted cash	—		—	62,256		—	62,256
Investment in Subsidiaries	—		798,875	—		(798,875)	—
Other	—		—	(478)		—	(478)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—		798,475	(192,407)		(798,875)	(192,807)
FINANCING ACTIVITIES
Issuance of debt	—		201,000	1,225,464		—	1,426,464
Repayment of debt	—		(1,002,500)	(287,137)		—	(1,289,637)
Dividends paid	(257,517)		—	—		—	(257,517)
Proceeds from the issuance of common shares	5,579		—	—		—	5,579
Repurchase of common shares	(1,858)		—	—		—	(1,858)
Debt issuance costs	—		—	(12,380	)	—	(12,380)
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
Issuance of intercompany notes	(12,400)		—	12,400		—	—
Intercompany distributions	—		(293,086)	(795,946)		1,089,032	—
Other	—		—	(680)		—	(680)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(297,616)		(1,094,586)	141,721		1,089,032	(161,449)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—		—	(377)		—	(377)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(27,963)		(2,918)	(7,205)		—	(38,086)
Balance, beginning of year	130,181		11,023	58,440		—	199,644
Balance, end of year	$102,218		$8,105	$51,235		—	$161,558



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2013
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$407,712	$417,074	$491,762	$(771,375)	$545,173
INVESTING ACTIVITIES
Capital expenditures	—	(663)	(161,520)	—	(162,183)
Purchase of additional interest in New Zealand joint venture	—	—	(139,879)	—	(139,879)
Purchase of timberlands	—	—	(20,401)	—	(20,401)
Jesup mill cellulose specialties expansion	—	—	(148,262)	—	(148,262)
Proceeds from disposition of Wood Products business	—	—	62,720	—	62,720
Change in restricted cash	—	—	(58,385)	—	(58,385)
Investment in Subsidiaries	(138,178)	(385,292)	—	523,470	—
Other	—	1,701	(4,231)	—	(2,530)
CASH USED FOR INVESTING ACTIVITIES	(138,178)	(384,254)	(469,958)	523,470	(468,920)
FINANCING ACTIVITIES
Issuance of debt	175,000	390,000	57,885	—	622,885
Repayment of debt	(325,000)	(151,525)	(72,960)	—	(549,485)
Dividends paid	(237,016)	—	—	—	(237,016)
Proceeds from the issuance of common shares	10,101	—	—	—	10,101
Excess tax benefits on stock-based compensation	—	—	8,413	—	8,413
Repurchase of common shares	(11,326)	—	—	—	(11,326)
Issuance of intercompany notes	(4,000)	—	4,000	—	—
Intercompany distributions	—	(283,596)	35,691	247,905	—
Other	—	—	(713)	—	(713)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(392,241)	(45,121)	32,316	247,905	(157,141)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	(64)	—	(64)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(122,707)	(12,301)	54,056	—	(80,952)
Balance, beginning of year	252,888	23,324	4,384	—	280,596
Balance, end of year	$130,181	$11,023	$58,440	—	$199,644



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012
	Rayonier Inc.(Parent Issuer)	Subsidiary Guarantors	Non- guarantors	Consolidating Adjustments	Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$90,456	$138,149	$423,784	$(206,475)	$445,914
INVESTING ACTIVITIES
Capital expenditures	—	(354)	(155,166)	—	(155,520)
Purchase of timberlands	—	—	(106,536)	—	(106,536)
Jesup mill cellulose specialties expansion	—	—	(198,341)	—	(198,341)
Change in restricted cash	—	—	(10,559)	—	(10,559)
Investment in Subsidiaries	—	(142,508)	—	142,508	—
Other	—	—	(1,945)	—	(1,945)
CASH USED FOR INVESTING ACTIVITIES	—	(142,862)	(472,547)	142,508	(472,901)
FINANCING ACTIVITIES
Issuance of debt	475,000	740,000	15,000	—	1,230,000
Repayment of debt	(120,000)	(668,110)	(25,500)	—	(813,610)
Dividends paid	(206,583)	—	—	—	(206,583)
Proceeds from the issuance of common shares	25,495	—	—	—	25,495
Excess tax benefits on stock-based compensation	—	—	7,635	—	7,635
Debt issuance costs	(3,697)	(1,219)	(1,219)	—	(6,135)
Repurchase of common shares	(7,783)	—	—	—	(7,783)
Issuance of intercompany notes	—	(14,000)	14,000	—	—
Intercompany distributions	—	(97,587)	33,620	63,967	—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	162,432	(40,916)	43,536	63,967	229,019
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—	—	(39)	—	(39)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	252,888	(45,629)	(5,266)	—	201,993
Balance, beginning of year	—	68,953	9,650	—	78,603
Balance, end of year	$252,888	$23,324	$4,384	—	$280,596

Nature of Business Operations (Narrative) (Details) a in Millions		12 Months Ended
	Dec. 31, 2012 segment	Dec. 31, 2014 a segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Acres of timberland owned leased		2.7
Acres of high value real estate owned		0.2
Number of reportable segments \| segment	4	5

Nature of Business Operations - Southern, Pacific Northwest and New Zealand Timber (Narrative) (Details) - a		12 Months Ended
	Apr. 04, 2013	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2013
Segment Reporting Information [Line Items]
Effective date of acquisition	Apr. 04, 2013
Percentage of voting interests acquired	39.00%
Ownership percentage by parent	65.00%			65.00%
Acres		62,344	17,094,000
Timber Segments [Member]
Segment Reporting Information [Line Items]
Acres of timberland owned or leased		2,700,000
New Zealand Timber [Member]
Segment Reporting Information [Line Items]
Acres of timberland owned or leased	451,000
Productive Acres of Timberland	309,000

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

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Time Deposits	$ 0	$ 45,000,000
Average interest basis points		0.24%

Summary of Significant Accounting Policies - Prepaid Logging Roads (Details)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Period for recording prepaid logging roads	24 months

Summary of Significant Accounting Policies - Property, Plant, Equipment and Depreciation (Details)	12 Months Ended
	Dec. 31, 2014
Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	25 years
Building [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	15 years
Building [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	35 years
Land Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
Land Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	30 years

Summary of Significant Accounting Policies - Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Pension Benefits [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Underfunded amount recognized in balance sheet	$ 31,809	$ 71,733

Summary of Significant Accounting Policies - Reclassifications (Details) $ in Billions	Dec. 31, 2014 USD ($)
Accounting Policies [Abstract]
Contributions of Assets, Net, Liabilities, and Equity to Spinoff	$ 1.2

Summary of Significant Accounting Policies - Subsequent Events (Details)	Mar. 02, 2015 $ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend declared	$ 0.25

Discontinued Operations - Narrative (Details) $ in Thousands			9 Months Ended	12 Months Ended
	Jun. 27, 2014 USD ($) company shares	Mar. 01, 2013 USD ($) lumber_mill	Sep. 30, 2014 T	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share \| shares				3
Rayonier Advanced Materials debt				$ 751,555	$ 1,574,224
Restricted cash received				(62,256)	58,385	$ 10,559
Payments of dividends	$ 63,200			$ 257,517	$ 237,016	$ 206,583
Term for specified transition services				18 months
Annual number of tons of hardwood that can be provided to former subsidiary \| 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
Restricted cash received	(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] \| Medium-term Notes [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] \| Line of Credit [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 Adcanced 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]
Description and timing of disposal		On March 1, 2013, Rayonier completed the sale of its Wood Products business (consisting of three lumber mills in Baxley, Swainsboro and Eatonton, Georgia) to International Forest Products Limited (“Interfor”)
Number of lumber mills sold \| lumber_mill		3
Description of proceeds from divestiture of business		$80 million plus a working capital adjustment			$80 million plus a working capital adjustment
Base consideration received		$ 80,000			$ 80,000
Segment that includes disposal group		Wood Products business, formerly disclosed as a separate reportable segment
Gain on disposal of discontinued operation, net of tax					42,100
Cash flows of disposal group		Cash flows from the Wood Products business were de minimis both individually and in the aggregate. As such, they were included with cash flows from continuing operations in the Consolidated Statements of Cash Flows for the years ended December 31, 2013 and 2012.
Wood Products business [Member] \| Pension Benefits [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Recognized net loss due to settlements					$ 500

Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

^[1]

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Income tax expense

$ (20,578)

$ (106,397)

$ (115,451)

$ 311

$ 0

$ 12,084

$ 31,008

$ 47,661

$ 43,327

$ 48,260

$ 128,707

43,403

267,955

^[1]

261,911

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Sales

456,180

1,048,104

1,104,882

Cost of sales and other

(369,210)

(736,471)

(738,412)

Transaction expenses

(22,989)

(3,208)

Income from discontinued operations before income taxes

63,981

308,425

366,470

Income tax expense

(20,578)

(84,398)

(111,802)

Wood Products business [Member]

43,403

224,027

254,668

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Sales

16,968

87,510

Cost of sales and other

(14,258)

(76,619)

Gain on sale of discontinued operations

63,217

Income from discontinued operations before income taxes

65,927

10,891

Income tax expense

(21,999)

(3,648)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 0

$ 43,928

$ 7,243

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

Discontinued Operations - Interest Expense Allocated to Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
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	$ (4,205)	$ (8,964)	$ (9,333)

Discontinued Operations - Depreciation, Amortization, and Capital Expenditures (Details) - Performance Fibers business [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 37,985	$ 74,386	$ 60,909
Capital expenditures	60,443	97,874	104,908
Jesup mill cellulose specialties expansion	$ 0	$ 148,262	$ 198,341

Discontinued Operations - Major Classes of Performance Fibers Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2014

Jun. 27, 2014

Dec. 31, 2013

Dec. 31, 2012

Property, plant and equipment, net

^[1]

$ 9,042

$ 138,818

6,706

860,821

2,453,115

3,685,501

25,857

24,327

Non-current environmental liabilities

751,555

1,574,224

69,543

$ 73,590

Other non-current liabilities

33,477

95,654

20,636

27,225

Deficit

790,697

1,015,209

$ 2,453,115

3,685,501

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Accounts receivable, net

$ 66,050

121,705

$ 128,200

Property, plant and equipment, net

70,092

862,487

Other assets

103,400

1,223,734

65,522

51,006

Non-current environmental liabilities

950,000

66,434

Other non-current liabilities

102,633

7,269

Deficit

(19,130)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 1,223,734

[1]	2013 includes $128.2 million of inventory related to the Performance Fibers business.

Discontinued Operations - Elimination of Intercompany Hardwood Purchases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Wood Products business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Hardwood purchases	$ 3,935	$ 3,051	$ 2,144

Discontinued Operations - Major Classes of Wood Product Assets and Liabilities Sold (Details) - Wood Products business [Member] $ in Thousands	Mar. 01, 2013 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 4,127
Inventory	4,270
Prepaid and other current assets	2,053
Property, plant and equipment, net	9,990
Total assets	20,440
Total liabilities	$ 596

Discontinued Operations - Reconciliation of Discontinued Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

^[1]

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

$ 311

$ 0

$ 12,084

$ 31,008

$ 47,661

$ 43,327

$ 48,260

$ 128,707

$ 43,403

$ 267,955

^[1]

$ 261,911

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Wood Products business [Member]

43,403

224,027

254,668

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 0

$ 43,928

$ 7,243

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

Joint Venture Investment - Narrative (Details) a in Millions, $ in Millions		12 Months Ended
	Apr. 04, 2013 USD ($) a	Dec. 31, 2013 USD ($)	Dec. 31, 2014	Apr. 30, 2013
Business Acquisition [Line Items]
Effective date of acquisition	Apr. 04, 2013
Percentage of voting interests acquired	39.00%
Name of acquired entity	Matariki Forestry Group
Description of acquired entity	a joint venture ("New Zealand JV") that owns or leases approximately 0.4 million legal acres of New Zealand timberlands
Ownership percentage by parent	65.00%			65.00%
Noncontrolling interest ownership percentage by noncontrolling owners	35.00%			35.00%
Step acquisition percentage equity interest in acquiree	26.00%		26.00%
Business combination, step acquisition, equity interest in acquiree, description	The additional 39 percent interest 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.
Purchase price	$ 139.9
Step acquisition equity interest in acquiree, fair value	93.3
Recognition of deferred gain on original sale of operations [Member]
Business Acquisition [Line Items]
Step acquisition equity interest in acquiree remeasurement gain, net	10.1
Gain on fair market value revaluation of equity interest [Member]
Business Acquisition [Line Items]
Step acquisition equity interest in acquiree remeasurement gain, net	$ 6.0
Matariki Forestry Group [Member]
Business Acquisition [Line Items]
Effective date of acquisition	Apr. 04, 2013
Percentage of voting interests acquired	39.00%
Acres of timberland owned \| a	0.4
Ownership percentage by parent	65.00%
Step acquisition equity interest in acquiree remeasurement gain, net		$ 16.0

Joint Venture Investment - Pro Forma Sales and Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Business Combinations [Abstract]
Sales	$ 603,521	$ 1,742,348
Net Income	$ 97,846	$ 372,039

Segment and Geographical Information - Narrative (Details) - segment		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014
Segment Reporting [Abstract]
Number of reportable segments prior to first quarter 2013	4	5

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

3 Months Ended

12 Months Ended

Dec. 31, 2014

USD ($)

Sep. 30, 2014

USD ($)

Jun. 30, 2014

USD ($)

Mar. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Sep. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Mar. 31, 2013

USD ($)

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Apr. 30, 2013

Apr. 04, 2013

$ 147,360

$ 149,829

$ 163,145

$ 143,187

$ 238,515

$ 159,261

$ 154,889

$ 107,053

$ 603,521

$ 659,718

$ 378,608

Minority interest

35.00%

142,000

124,000

109,000

102,000

110,000

^[1]

182,000

148,000

11,000

Acres of timberland divested | a

^[2]

77,000

149,000

57,000

128

Sale of New York timberlands

$ 57,000

Intersegment Eliminations [Member]

104,000

132,000

94,000

$ (3,000)

$ (2,000)

[1]	{F\|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFhYzhhMzYwY2FiMTQyMWZhZjFjNzkwN2Y0MTBiMTc0fFRleHRTZWxlY3Rpb246MDBFNkY3Q0QzN0EwQTA4QTIwNDUyRkUwRkI4NDNCNzgM}
[2]	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million.

Segment and Geographical Information - Schedule of Segment Operating Income (Loss) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Unallocated interest expense and other

$ 98,289

$ 108,660

$ 32,058

(53,000)

(39,000)

(42,000)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

44,842

70,158

(10,286)

Matariki Forestry Group [Member]

16,000

46,000

38,000

23,000

30,000

33,000

21,000

9,000

10,000

2,000

48,000

56,000

32,000

Corporate and Other [Member]

2,000

^[1]

$ (37,000)

$ (30,000)

$ (46,000)

[1]	2013 included a $16 million gain related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.

Segment and Geographical Information - Schedule of Gross Capital Expenditures (Details) - USD ($)
$ in Thousands

12 Months Ended

Apr. 04, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

^[1]

$ 63,000

$ 64,000

$ 50,000

Total Gross Capital Expenditures

130,128

160,000

106,000

193,000

224,000

156,000

Purchase price

$ 139,900

Percentage of voting interests acquired

39.00%

^[1]

35,000

39,000

126,000

20,000

101,000

^[1]

10,000

8,000

2,000

^[1]

18,000

16,000

^[2]

140,000

^[1]

2,000

2,000

5,000

^[1]

Corporate and Other [Member]

^[1]

1,000

$ 0

[1]	Excludes strategic capital expenditures presented separately.
[2]	Includes $139.9 million related to the purchase price of the additional 39 percent interest acquired in 2013. See Note 4 — Joint Venture Investment for additional information.

Segment and Geographical Information - Schedule Depreciation, Depletion and Amortization (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Matariki Forestry Group [Member]

$ 119,980

$ 116,854

$ 84,631

27,000

52,000

49,000

53,000

21,000

22,000

^[1]

32,000

28,000

13,000

18,000

8,000

Corporate and Other [Member]

$ 2,000

$ 1,000

$ 2,000

[1]	2013 included an increase of approximately $27 million in depletion expense related to the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.

- Schedule of the Non-cash Cost of Land Sold (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Non-Cash Cost of Land Sold	$ 13,264	$ 10,212	$ 4,746
Southern Timber [Member]
Segment Reporting Information [Line Items]
Non-Cash Cost of Land Sold	0	0	0
Pacific Northwest Timber [Member]
Segment Reporting Information [Line Items]
Non-Cash Cost of Land Sold	0	0	0
New Zealand Timber [Member]
Segment Reporting Information [Line Items]
Non-Cash Cost of Land Sold	4,000	0	0
Real Estate [Member]
Segment Reporting Information [Line Items]
Non-Cash Cost of Land Sold	9,000	10,000	5,000
Trading [Member]
Segment Reporting Information [Line Items]
Non-Cash Cost of Land Sold	0	0	0
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Non-Cash Cost of Land Sold	$ 0	$ 0	$ 0

Segment and Geographical Information - Schedule of Sales by Product Line (Details)
a in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

USD ($)

Sep. 30, 2014

USD ($)

Jun. 30, 2014

USD ($)

Mar. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Sep. 30, 2013

USD ($)

Jun. 30, 2013

USD ($)

Mar. 31, 2013

USD ($)

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

$ 147,360

$ 149,829

$ 163,145

$ 143,187

$ 238,515

$ 159,261

$ 154,889

$ 107,053

$ 603,521

$ 659,718

$ 378,608

142,000

124,000

109,000

102,000

110,000

^[1]

182,000

148,000

11,000

Acres of timberland divested | a

^[2]

77,000

149,000

57,000

128

Sale of New York timberlands

$ 57,000

Real Estate [Member] | Unimproved Development [Member]

Real Estate [Member] | Improved Development [Member]

5,000

3,000

2,000

Real Estate [Member] | Rural [Member]

2,000

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

41,000

27,000

32,000

^[3]

31,000

117,000

23,000

Intersegment Eliminations [Member]

104,000

132,000

94,000

Revenues from External Customers and Long-Lived Assets [Line Items]

$ (3,000)

$ (2,000)

[1]	{F\|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjFhYzhhMzYwY2FiMTQyMWZhZjFjNzkwN2Y0MTBiMTc0fFRleHRTZWxlY3Rpb246MDBFNkY3Q0QzN0EwQTA4QTIwNDUyRkUwRkI4NDNCNzgM}
[2]	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million.
[3]	2013 included a fourth quarter sale of approximately 128,000 acres of New York timberlands for $57 million.

- Geographical Operating Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Apr. 30, 2013

Apr. 04, 2013

$ 147,360

$ 149,829

$ 163,145

$ 143,187

$ 238,515

$ 159,261

$ 154,889

$ 107,053

$ 603,521

$ 659,718

$ 378,608

Noncontrolling interest ownership percentage by noncontrolling owners

98,289

108,660

32,058

Identifiable Assets

2,453,115

3,685,501

2,453,115

3,685,501

35.00%

Matariki Forestry Group [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

Operating income gain from consolidation of New Zealand JV

16,000

16,000

Geographic Operating Information [Member] | United States [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

318,000

380,000

274,000

Geographic Operating Information [Member] | New Zealand [Member]

87,000

81,000

30,000

Identifiable Assets

1,884,000

3,077,000

1,884,000

3,077,000

Revenues from External Customers and Long-Lived Assets [Line Items]

^[1]

286,000

280,000

105,000

^[1]

11,000

28,000

$ 2,000

Identifiable Assets

^[1]

$ 569,000

$ 609,000

$ 569,000

$ 609,000

[1]	2013 included a $16 million operating income gain from the consolidation of the New Zealand JV. See Note 4 — Joint Venture Investment.

- Narrative (Details) $ in Millions	12 Months Ended
- Narrative (Details) $ in Millions	Dec. 31, 2014 USD ($)
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
AOCI balance expected to be reclassified in next twelve months	$ 0.9
Interest rate swaps [Member] \| Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] \| Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Percentage of JV variable debt hedged by long-term interest rate derivatives	81.00%
Minimum [Member]
Derivative [Line Items]
Foreign currency exposure hedged for forecasted sales in next three months	50.00%
Foreign currency exposure hedged for forecasted sales In next three to twelve months	50.00%
Percentage of Foreign Currency Exposure Hedged For Forecasted Sales In Next Twelve to Eighteen Months	50.00%
Maximum [Member]
Derivative [Line Items]
Foreign currency exposure hedged for forecasted sales in next three months	90.00%
Foreign currency exposure hedged for forecasted sales In next three to twelve months	75.00%

Derivative Financial Instruments and Hedging Activities - Schedule of derivatives on the Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency exchange contracts [Member] \| Other operating (income) expense
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in income	$ 0	$ 652
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency exchange contracts [Member] \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(1,069)	950
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency option contracts [Member] \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(1,647)	460
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| Foreign currency exchange contracts [Member] \| Other comprehensive income (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(145)	0
Not Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member] \| Other operating (income) expense
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	25	(1,607)
Not Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member] \| Other operating (income) expense
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	7	1,147
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member] \| Interest and miscellaneous (expense) income
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	5,882	(6,085)
Not Designated as Hedging Instrument [Member] \| Fuel hedge contracts [Member] \| Cost of sales (benefit)
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 160	$ (255)

Derivative Financial Instruments and Hedging Activities - Schedule of Notional Amounts of Outstanding Derivative Positions (Details) bbl in Thousands, $ in Thousands	Dec. 31, 2014 USD ($) bbl	Dec. 31, 2013 USD ($) bbl
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 28,540	$ 32,300
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency option contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	79,400	38,000
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| Foreign currency exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	27,419	0
Not Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	0	1,950
Not Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	0	4,000
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 161,968	$ 183,851
Not Designated as Hedging Instrument [Member] \| Fuel hedge contracts [Member]
Derivatives, Fair Value [Line Items]
Nonmonetary Notional Amount (in thousands of barrels) \| bbl	0	38

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

Dec. 31, 2014

Dec. 31, 2013

^[1]

$ 688

$ 1,781

Prepaid and other current assets [Member]

^[1]

(9,377)

(4,873)

^[1]

431

1,781

Other assets [Member]

Other current liabilities [Member]

^[1]

257

Other non-current liabilities [Member]

^[1]

(1,934)

(214)

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

^[1]

(7,443)

(4,659)

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

^[1]

132

915

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 option contracts [Member] | Prepaid and other current assets [Member]

^[1]

(272)

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

^[1]

299

673

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

^[1]

198

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

^[1]

(1,439)

(214)

Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency exchange contracts [Member] | Other current liabilities [Member]

^[1]

(196)

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

^[1]

(223)

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] | Prepaid and other current assets [Member]

^[1]

(7,247)

(4,659)

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

^[1]

$ 0

$ 160

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

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

Dec. 31, 2014

Dec. 31, 2013

$ (129,706)

$ (112,500)

(621,849)

(1,461,724)

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

^[1]

688

1,781

Carrying Amount [Member]

161,558

199,644

^[2]

6,688

68,944

(129,706)

(112,500)

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

(621,849)

(1,461,724)

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

Interest rate swaps

^[3]

(7,247)

(4,659)

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

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

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

^[3]

(304)

940

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

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

^[3]

(1,138)

467

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

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

^[3]

160

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

161,558

199,644

^[2]

6,688

68,944

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

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

Interest rate swaps

^[3]

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

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

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

^[3]

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

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

^[3]

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

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

^[3]

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

^[2]

(156,762)

(119,614)

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

(628,476)

(1,489,810)

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

Interest rate swaps

^[3]

(7,247)

(4,659)

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

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

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

^[3]

(304)

940

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

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

^[3]

(1,138)

467

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

Significant Acquisitions and Disposals [Line Items]

^[3]

$ 0

$ 160

[1]	See Note 7 — Fair Value Measurements for further information on the fair value of our derivatives including their classification within the fair value hierarchy.
[2]	Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary.
[3]	See Note 6 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

Timberland Acquisitions (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($) a acquisition	Dec. 31, 2013 USD ($) a acquisition
Significant Acquisitions and Disposals [Line Items]
Acres \| a	62,344	17,094,000
Cost \| $	$ 130,896	$ 20,401
Alabama, Florida, Georgia, Texas and Washington [Member]
Significant Acquisitions and Disposals [Line Items]
Number of timberland acquisition transactions \| acquisition	12
Acres \| a	61,798
Cost \| $	$ 130,000
New Zealand [Member]
Significant Acquisitions and Disposals [Line Items]
Number of timberland acquisition transactions \| acquisition	1
Acres \| a	546	0
Cost \| $	$ 923	$ 0
Florida, Georgia and Louisiana [Member]
Significant Acquisitions and Disposals [Line Items]
Number of timberland acquisition transactions \| acquisition		4
Acres \| a		17,094
Cost \| $		$ 20,400

Timberland Acquisitions - Summary of Timberland Acquisitions (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

$ 130,896

$ 20,401

Significant Acquisitions and Disposals [Line Items]

62,344

17,094,000

Alabama [Member]

$ 41,453

$ 0

Significant Acquisitions and Disposals [Line Items]

18,113

Florida [Member]

$ 22,157

$ 1,198

Significant Acquisitions and Disposals [Line Items]

15,774

640,000

Georgia [Member]

$ 46,525

$ 10,215

Significant Acquisitions and Disposals [Line Items]

16,573

9,036,000

Louisiana [Member]

$ 0

$ 8,894

Significant Acquisitions and Disposals [Line Items]

7,418,000

Texas [Member]

$ 17,960

$ 94

^[1]

Significant Acquisitions and Disposals [Line Items]

10,900

Washington [Member]

$ 1,878

$ 0

Significant Acquisitions and Disposals [Line Items]

438

New Zealand [Member]

$ 923

$ 0

HBU real estate not expected to be sold within next 12 months

546

[1]	Represents funds expended in early 2013 for an acquisition in late 2012.

Other Assets (Narrative) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Goodwill [Line Items]

$ 77,400

$ 68,200

Goodwill

$ 9,694

10,179

$ 0

Time period proceeds from LKE sale maintained with third party intermediary

180 days

Capitalized debt issuance costs

$ 3,700

7,000

Software Cost, Amortization Period

5 years

Capitalized computer software costs

$ 4,200

8,000

Reported Value Measurement [Member]

Goodwill [Line Items]

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

^[1]

6,688

$ 68,944

Goodwill [Line Items]

Goodwill

$ 9,700

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

Other Assets Other Assets - Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Changes to carrying amount
Goodwill Beginning Balance (net of $0 of accumulated impairment)	$ 10,179	$ 0
Acquisitions	0	10,496
Impairment	0	0
Foreign currency adjustment	(485)	(317)
Goodwill Ending Balance (net of $0 accumulated impairment)	$ 9,694	$ 10,179

Income Taxes - AFMC and CBPC - Narrative (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Dec. 31, 2009

tax_credit

$ / gal

Number of tax credits | tax_credit

Valuation allowance

$ 13,644

$ 33,889

^[1]

Alternative Fuel Mixture Credit [Member]

Tax credit amount per gallon | $ / gal

0.50

Cellulosic Biofuel Producer Credit [Member]

Tax credit amount per gallon | $ / gal

1.01

Valuation allowance

13,600

Exchange of Alternative Fuel Tax Benefit [Member]

Net tax benefit from AFMC for CBPC exchange

$ 18,800

$ 12,200

$ 5,800

[1]	Includes balances related to discontinued operations.

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current
U.S. federal	$ 27,521	$ 27,338	$ 26,539
State	1,353	1,462	1,241
Foreign	0	(261)	0
Total Current	28,874	28,539	27,780
Deferred
U.S. federal	(7,260)	22,649	110
State	(357)	1,211	5
Foreign	1,633	(2,119)	(263)
Total Deferred	(5,984)	21,741	(148)
Changes in valuation allowance	(13,289)	(14,595)	(572)
Total	$ 9,601	$ 35,685	$ 27,060

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax rate	$ (15,695)	$ (24,555)	$ 3,600
REIT income and taxable losses	32,058	52,812	27,724
Foreign operations	(159)	(95)	0
Loss on early redemption of Senior Exchangeable Notes	0	(859)	0
Other	112	101	251
Income tax benefit before discrete items	16,316	27,404	31,575
CBPC valuation allowance	(13,644)	0	0
Deferred tax inventory valuations	5,151	983	(4,920)
Uncertain tax positions	1,830	800	0
Return to accrual adjustments	0	0	(12)
Gain related to consolidation of New Zealand joint venture	0	5,634	0
Reversal of REIT BIG tax payable	0	485	0
Other	(52)	379	417
Total	$ 9,601	$ 35,685	$ 27,060
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%	(35.00%)
REIT income and taxable losses	(71.50%)	(75.30%)	(269.50%)
Foreign operations	0.40%	0.10%	(0.00%)
Loss on early redemption of Senior Exchangeable Notes	(0.00%)	1.20%	(0.00%)
Other	(0.30%)	(0.10%)	(2.50%)
Income tax benefit before discrete items	(36.40%)	(39.10%)	(307.00%)
CBPC valuation allowance	30.40%	0.00%	0.00%
Deferred tax inventory valuations	(11.50%)	(1.40%)	47.80%
Uncertain tax positions	(4.10%)	(1.10%)	0.00%
Return to accrual adjustments	(0.00%)	(0.00%)	0.10%
Gain related to consolidation of New Zealand joint venture	(0.00%)	(8.00%)	(0.00%)
Reversal of REIT BIG tax payable	0.00%	(0.70%)	0.00%
Other	0.20%	(0.60%)	(4.00%)
Income tax benefit as reported for continuing operations	(21.40%)	(50.90%)	(263.10%)

Income Taxes - Provision for Income Taxes from Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 01, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, tax effect of discontinued operation		$ 20,578	$ 106,397	$ 115,451
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, tax effect of discontinued operation		$ 20,578	84,398	111,802
Wood Products business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, tax effect of discontinued operation			$ 21,999	$ 3,648
Description of proceeds from divestiture of business	$80 million plus a working capital adjustment		$80 million plus a working capital adjustment
Base consideration received	$ 80,000		$ 80,000
Tax effect of gain on sale of discontinued operations			$ 21,100

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2014

Dec. 31, 2013

^[1]

Gross deferred tax assets:

Liabilities for dispositions and discontinued operations

$ 0

$ 28,050

Pension, postretirement and other employee benefits

1,994

43,058

Foreign and state NOL carryforwards

71,482

85,801

Tax credit carryforwards

13,644

52,682

Capitalized real estate costs

9,554

8,901

Total gross deferred tax assets

8,067

20,970

104,741

239,462

Less: Valuation allowance

(13,644)

(33,889)

Total deferred tax assets after valuation allowance

91,097

205,573

Gross deferred tax liabilities:

Accelerated depreciation

(1,796)

(57,695)

Repatriation of foreign earnings

(8,817)

(9,065)

New Zealand forests, roads and carbon credits

(78,008)

(85,681)

Timber installment sale

(7,511)

(7,360)

Total gross deferred tax liabilities

(1,304)

(5,247)

(97,436)

(165,048)

Net deferred tax (liability)/asset

(6,339)

40,525

Net deferred tax asset:

Current portion of deferred tax asset

39,100

Noncurrent portion of deferred tax asset

8,057

10,720

Current portion of defered tax liability

(7,893)

Noncurrent portion of deferred tax liability

(6,503)

(9,295)

Net deferred tax (liability)/asset

$ (6,339)

$ 40,525

[1]	Includes balances related to discontinued operations.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

^[1]

NOL Carryforwards

Total Valuation Allowance

$ (13,644)

$ (33,889)

Cellulosic Biofuel Producer Credit [Member]

NOL Carryforwards

Gross Amount, Tax Credits

13,644

Valuation Allowance, Tax Credits

$ (13,644)

Tax Credit Carryforward, Expiration Date

Dec. 31, 2017

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

NOL Carryforwards

Gross Amount, NOL Carryforwards

$ 330,589

Valuation Allowance, NOL Carryforwards

$ 0

[1]	Includes balances related to discontinued operations.

Income Taxes - Deferred Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Excess tax benefits (deficiency)	$ (0.8)	$ 8.4	$ 7.6

Income Taxes - Summary of Income Tax Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 10,547	$ 6,580	$ 6,580
Decreases related to prior year tax positions	(10,547)	(800)	0
Increases related to prior year tax positions	0	4,767	0
Ending balance	$ 0	$ 10,547	$ 6,580

Income Taxes - Unrecognized Tax Benefits - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities	$ 4,800
Income tax benefit	9,601	$ 35,685	$ 27,060
Unrecognized tax benefits that, if recognized, would affect the effective tax rate	0	6,600	2,600
Interest expense (benefit) on unrecognized income tax benefits	(500)	100	$ 200
Interest on income taxes accrued	0	500
Increased Domestic Production Deduction due to Inclusion of CBPC Income [Member]
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits expected		4,800
Unrecognized Tax Benefits Included in the Reserve Decrease Resulting from Settlements with Taxing Authorities	$ 900
Settlement with Taxing Authority [Member]
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits expected		$ 5,800
Significant change in unrecognized tax benefits, nature of event	positions on the Company’s 2010 tax return, on which the statute of limitations on examination expired during 2014
Unrecognized Tax Benefits, Decrease Resulting from Lapse of Statute of Limitations	$ 5,800
Income tax benefit	1,800
Decrease in deferred tax asset, non-current	$ 4,000

Income Taxes - Summary of Income Tax Examinations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Examination
Discontinued operation tax effect of discontinued operation	$ 20,578	$ 106,397	$ 115,451
Minimum [Member] \| U.S. Internal Revenue Service [Member]
Income Tax Examination
Open Tax Year	2011
Minimum [Member] \| State of Alabama [Member]
Income Tax Examination
Open Tax Year	2009
Minimum [Member] \| State of Florida [Member]
Income Tax Examination
Open Tax Year	2010
Minimum [Member] \| State of Georgia [Member]
Income Tax Examination
Open Tax Year	2010
Minimum [Member] \| New Zealand Inland Revenue [Member]
Income Tax Examination
Open Tax Year	2010
Maximum [Member] \| U.S. Internal Revenue Service [Member]
Income Tax Examination
Open Tax Year	2014
Maximum [Member] \| State of Alabama [Member]
Income Tax Examination
Open Tax Year	2013
Maximum [Member] \| State of Florida [Member]
Income Tax Examination
Open Tax Year	2014
Maximum [Member] \| State of Georgia [Member]
Income Tax Examination
Open Tax Year	2014
Maximum [Member] \| New Zealand Inland Revenue [Member]
Income Tax Examination
Open Tax Year	2014
Wood Products business [Member]
Income Tax Examination
Discontinued operation tax effect of discontinued operation		$ 21,999	$ 3,648

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

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Earnings Per Share [Abstract]

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

$ 8,025

$ 32,059

$ 4,024

$ 10,335

$ 32,144

$ 15,040

$ 39,631

^[1]

$ 19,028

$ 54,443

$ 105,843

^[1]

$ 16,774

(1,491)

1,902

Income from continuing operations attributable to Rayonier Inc.

55,934

103,941

16,774

Income from discontinued operations attributable to Rayonier Inc.

311

12,084

31,008

47,661

43,327

48,260

128,707

^[2]

43,403

267,955

^[2]

261,911

Shares used for determining basic earnings per common share

$ 8,857

$ 32,701

$ 16,353

$ 41,426

$ 79,652

$ 57,345

$ 87,164

^[1]

$ 147,735

^[2]

$ 99,337

$ 371,896

^[1],[2]

$ 278,685

126,458,710

125,717,311

122,711,802

Dilutive effect of:

Stock options

323,125

463,949

634,218

Performance and restricted shares

149,292

158,319

757,308

Assumed conversion of Senior Exchangeable Notes

^[3]

2,149,982

1,965,177

2,888,650

Assumed conversion of warrants

^[3]

1,957,154

1,800,345

1,710,445

Shares used for determining diluted earnings per common share

131,038,263

130,105,101

128,702,423

Basic earnings per common share attributable to Rayonier Inc.:

Continuing Operations (in dollars per share)

$ 0.07

$ 0.26

$ 0.03

$ 0.08

$ 0.25

$ 0.11

$ 0.31

$ 0.15

$ 0.44

$ 0.83

$ 0.14

Net Income (in dollars per share)

0.34

2.13

0.07

0.26

0.13

0.33

0.63

0.45

0.69

1.19

0.78

2.96

2.27

Diluted earnings per common share attributable to Rayonier Inc.:

Continuing Operations (in dollars per share)

0.07

0.25

0.03

0.08

0.25

0.11

0.30

0.15

0.43

0.80

0.13

Net income (in dollars per share)

0.00

0.09

0.24

0.37

0.33

0.37

0.98

0.33

2.06

2.04

$ 0.07

$ 0.25

$ 0.12

$ 0.32

$ 0.62

$ 0.44

$ 0.67

$ 1.13

$ 0.76

$ 2.86

$ 2.17

[1]	Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.
[2]	Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013.
[3]	The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount, based on the length of time the $41.5 million balance was outstanding before the exchange, was included for the year ended December 31, 2013. The year ended December 31, 2014 included the dilutive effect of the $131 million 2015 Notes, as this was the principal balance outstanding during the full year.The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

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

Stock options, performance and restricted shares [Member]

2,611,645

2,302,322

3,113,568

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

Assumed conversion of exchangeable note hedges [Member]

461,663

337,145

224,918

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

^[1]

2,149,982

1,965,177

2,888,650

[1]

The Senior Exchangeable Notes due 2012 (the “2012 Notes”) matured in October 2012 and $41.5 million of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) were redeemed by the noteholders in September and October 2013; however, no additional shares were issued due to offsetting exchangeable note hedges. Similarly, Rayonier will not issue additional shares upon future exchange or maturity of the remaining 2015 Notes due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges is excluded since they are anti-dilutive. As such, the dilutive effect of the assumed conversion of the 2012 Notes was included for the year ended December 31, 2012. The full dilutive effect of the 2015 Notes was included for the year ended December 31, 2012, while only a proportional amount, based on the length of time the $41.5 million balance was outstanding before the exchange, was included for the year ended December 31, 2013. The year ended December 31, 2014 included the dilutive effect of the $131 million 2015 Notes, as this was the principal balance outstanding during the full year.The warrants sold in conjunction with the 2012 Notes began maturing on January 15, 2013 and matured ratably through March 27, 2013, resulting in the issuance of 2,135,221 shares. The dilutive impact of these warrants was calculated based on the length of time they were outstanding before settlement. Rayonier will distribute additional shares upon maturity of the warrants associated with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than prior periods as it has been adjusted to reflect the spin-off of the Performance Fibers business. For further information, see Note 13 — Debt.

Earnings Per Common Share Earnings Per Share Footnote (Details)	12 Months Ended
	Dec. 31, 2013 USD ($) shares	Dec. 31, 2014 USD ($) $ / unit	Aug. 31, 2009 USD ($)
Class of Warrant or Right [Line Items]
Shares issued on conversion of warrants \| shares	0
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	2,135,221
Warrants on Senior Exchangeable Notes due 2015 [Member]
Class of Warrant or Right [Line Items]
Strike price of warrants \| $ / unit		28.12
Senior Exchangeable Notes due 2015 - Settlements 1, 2 and 3 [Member]
Class of Warrant or Right [Line Items]
Redemption amount settled \| $	$ 41,500,000
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
Class of Warrant or Right [Line Items]
Face amount \| $	$ 130,973,000	$ 130,973,000	$ 172,500,000.0
Strike price of warrants \| $ / unit		28.12

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

Dec. 31, 2014

Jun. 27, 2014

Dec. 31, 2013

Manufacturing and maintenance supplies

Finished goods

^[1],[2]

$ 8,383

$ 115,270

Work in progress

3,555

Raw materials

^[3]

659

17,661

2,332

Total inventory

^[4]

9,042

138,818

HBU Real Estate Held for Sale

HBU Real Estate Held for Sale

4,900

6,300

Seedling [Member]

Raw materials

700

200

New Zealand [Member] | Logs [Member]

Total inventory

$ 121,705

128,200

Finished goods

$ 3,400

$ 4,100

[1]	Includes $3.4 million and $4.1 million of New Zealand log inventory at December 31, 2014 and 2013, respectively.
[2]	Includes $4.9 million and $6.3 million of HBU real estate held for sale at December 31, 2014 and 2013, respectively.
[3]	Includes $0.7 million and $0.2 million of seedling inventory at December 31, 2014 and 2013, respectively.
[4]	2013 includes $128.2 million of inventory related to the Performance Fibers business.

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

Dec. 31, 2014

Dec. 31, 2013

Mar. 31, 2012

Nov. 30, 2011

Aug. 31, 2009

Less: Current maturities of long-term debt

$ 751,555

$ 1,574,224

(129,706)

(112,500)

New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.47% [Member] | Matariki Forestry Group [Member]

621,849

1,461,724

$ 184,099

193,311

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

4.47%

$ 325,000

325,000

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

3.75%

^[1]

$ 129,706

127,749

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

4.50%

^[1]

4.50%

$ 0

112,500

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

8.64%

^[2]

$ 53,801

65,165

Solid waste bond due 2020 at a variable rate of 1.3%

4.35%

^[2]

4.35%

$ 15,000

15,000

Revolving Credit Facility borrowings due 2016 at a variable interest rate of 1.34% [Member]

1.30%

$ 16,000

205,000

Term Credit Agreement borrowings due 2019 at a variable interest rate of 1.63% [Member]

1.34%

$ 0

500,000

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

1.63%

$ 27,949

$ 30,499

Maturities of Long-term Debt [Abstract]

0.00%

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million.
[2]	The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million.

Debt - Schedule of Maturities of Long-term Debt (Details) - USD ($)

Dec. 31, 2014

Dec. 31, 2013

Aug. 31, 2009

2015

^[1]

$ 130,973,000

2016

200,099,000

2017

^[2]

52,500,000

367,949,000

751,521,000

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

Maturities of Long-term Debt [Abstract]

Unamortized discount

^[3]

1,267,000

$ 3,224,000

Amount due upon maturity

130,973,000

$ 172,500,000.0

Secured Mortgage Notes Assumed with Timberland Acquisition [Member]

Maturities of Long-term Debt [Abstract]

Amount due upon maturity

53,000,000

Unamortized premium

$ 1,300,000

$ 2,200,000

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million.
[2]	The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million.
[3]	The discount for the 4.50% notes will be amortized through August 2015.

Debt - Term Credit Agreement (Narrative) (Details) - Term Credit Agreement due 2019 [Member]		1 Months Ended	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2014 USD ($) advance	Jun. 30, 2014 USD ($)
Debt Instrument [Line Items]
Issuance date of debt instrument		December 2012
Maximum borrowing capacity		$ 640,000,000		$ 100,000,000
Maturity date description		December 2019
Date through which borrowings can be made description		December 2017
Maximum number of advances \| advance			3
Basis spread on variable rate	1.63%
Commitment fee percentage	0.20%
Effective basis spread on variable rate	1.07%
Unused borrowing capacity	$ 100,000,000		$ 100,000,000

Debt - Revolving Credit Facility (Narrative) (Details) - Line of Credit [Member] - USD ($)		1 Months Ended
	Dec. 31, 2014	Apr. 30, 2011	Jun. 30, 2014	Aug. 31, 2011
April 2011 Line of Credit as Amended Second Quarter 2014 [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 200,000,000
Maturity date description		April 2016
Basis spread on variable rate	1.18%
Commitment fee percentage	0.20%
Remaining borrowing capacity	$ 182,000,000
Amount to secure standby letters of credit	$ 2,000,000
August 2006 Line of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 250,000,000
Maturity date description		August 2011
April 2011 Line of Credit [Member]
Line of Credit Facility [Line Items]
Issuance date of debt instrument		April 2011
Line of credit facility term		5 years
Maximum borrowing capacity before amendments		$ 300,000,000
Maximum borrowing capacity				$ 450,000,000

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

Debt - Senior Secured Facilities Agreement (Narrative) (Details) - Matariki Forestry Group [Member]	12 Months Ended
	Dec. 31, 2014 USD ($) tranche
Senior Secured Facilities Agreement as Amended July 2013 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 202,000,000
Line of credit facility description	comprised of two tranches. Tranche A, a $184 million revolving cash advance facility expires September 2016 and Tranche B, an $18 million working capital facility expires June 2015
Number of tranches \| tranche	2
Line of Credit Facility, Currency	New Zealand dollars
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 184,000,000
Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 18,000,000

Debt - Senior Secured Facilities Agreement - Revolving Credit Facility (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2011	Dec. 31, 2014	Dec. 31, 2013
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount, Net of Current Expirations		$ 149,000
Notional Amount		$ 161,968	$ 183,851
Weighted average interest rate		5.00%
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Remaining maturity		1 year
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Remaining maturity		5 years
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] \| Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member]
Debt Instrument [Line Items]
Percentage of JV variable debt hedged by long-term interest rate derivatives		81.00%
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] \| Matariki Forestry Group [Member]
Debt Instrument [Line Items]
Amount outstanding		$ 184,000
Interest rate during period		4.47%
Maturity date description		September 2016
Interest rate description		The interest rate is indexed to the 90 day New Zealand Bank bill rate and is generally repriced quarterly. The margin on the index rate fluctuates based on the interest coverage ratio
Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.80%
Notional Amounts Set to Expire January 2015 [Member] \| Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member]
Debt Instrument [Line Items]
Notional Amount		$ 13,000

Debt - Senior Secured Facilities Agreement - Working Capital Facility (Narrative) (Details) - Senior Secured Facilities Agreement as Amended July 2013, Working Capital Facility due 2014 [Member] - Matariki Forestry Group [Member]	12 Months Ended
	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 18,000,000
Description of variable rate basis	Official Cash Rate set by the Reserve Bank of New Zealand
Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.45%

Debt - Shareholder Loan (Narrative) (Details) - Noncontrolling interest shareholder loan at 0% interest rate [Member] - Matariki Forestry Group [Member]	12 Months Ended
	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Face amount	$ 28,000,000
Description	This loan represents part of the noncontrolling party’s investment in the New Zealand JV. The loan is secured by timberlands owned by the New Zealand JV and is subordinated to the Senior Secured Facilities Agreement. Although Rayonier Inc. is not liable for this loan, the shareholder loan instrument contains features with characteristics of both debt and equity and is therefore required to be classified as debt and consolidated

Debt - 3.75% Senior Notes issued March 2012 (Narrative) (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] - USD ($)	Dec. 31, 2014	Mar. 31, 2012
Debt Instrument [Line Items]
Face amount		$ 325,000,000
Fixed interest rate	3.75%	3.75%
Senior Notes [Member]
Debt Instrument [Line Items]
Face amount		$ 325,000,000
Fixed interest rate		3.75%

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

1 Months Ended

12 Months Ended

Nov. 30, 2011

USD ($)

Acres

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Number of acres acquired | a

62,344

17,094,000

Carrying value of debt

$ 751,555

$ 1,574,224

Secured Mortgage Notes Assumed with Timberland Acquisition [Member]

Noncash or part noncash acquisition, debt assumed, date

November 2011

Number of acres acquired | Acres

250

Debt instrument, collateral

approximately 250,000 acres of timberlands

Noncash or part noncash acquisition, debt assumed

$ 105,000

Maturity date description

4.35%

^[1]

Debt instrument term

7 years

August 2017

Repayments of secured debt

$ 21,000

$ 10,500

10,500

Carrying value of debt

^[1]

53,801

$ 65,165

Outstanding principal

$ 52,500

[1]	The mortgage notes due in 2017 were recorded at a premium of $1.3 million and $2.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $53 million.

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

1 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2014

USD ($)

$ / shares

$ / unit

Aug. 31, 2009

USD ($)

Sep. 30, 2014

USD ($)

note_holder

Dec. 31, 2014

USD ($)

$ / unit

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Loss on extinguishment of debt

$ 0

$ 3,974,000

$ 0

Number of note holder groups | note_holder

Effective rate

6.21%

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

Issuance date of debt instrument

August 2009

Face amount

$ 130,973,000

$ 172,500,000.0

$ 130,973,000

130,973,000

Terms of conversion feature

4.50%

^[1]

4.50%

^[1]

The principal will be settled in cash and any excess exchange value will be settled at the option of the Company in either cash or stock of Rayonier. Note holders may convert their notes to common stock of Rayonier, subject to certain provisions including the market price of the stock and the trading price of the convertible notes. The current exchange rate is 42.47 shares per $1,000 principal based on an exchange price of $23.54.

Conversion ratio (per $1,000 principal)

42.47

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

5,169,653

Conversion premium

22.50%

Effective conversion premium

46.00%

Effective conversion price | $ / shares

$ 28.12

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

23.54

Exercise price of warrants or rights | $ / unit

28.12

Exchange price the stock price must exceed

130.00%

Trading days

20 days

Principal amount redeemed

$ 41,500,000

Number of consecutive trading days for stock price

30 days

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

Loss on extinguishment of debt

$ (4,000,000)

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million.

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

Dec. 31, 2014

Dec. 31, 2013

Aug. 31, 2009

Net carrying amount of debt

$ 129,706,000

$ 127,749,000

Common stock

8,850,000

4.50% Senior Exchangeable Notes [Member]

Principal amount of debt

130,973,000

$ 172,500,000.0

Unamortized discount

^[1]

$ (1,267,000)

$ (3,224,000)

4.50%

^[2]

4.50%

[1]	The discount for the 4.50% notes will be amortized through August 2015.
[2]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million.

Debt - Interest Related to Convertible Debt (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Aug. 31, 2009

Amortization of debt discount

$ 1,092

$ 1,215

$ 6,323

4.50% Senior Exchangeable Notes [Member]

Contractual interest coupon

4.50%

^[1]

4.50%

$ 5,930

7,271

7,763

Amortization of debt discount

1,957

2,281

2,296

Convertible Debt [Member]

Total interest expense recognized

$ 7,887

$ 9,552

$ 10,059

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million.

Debt - Debt Covenants (Narrative) (Details) - USD ($)	12 Months Ended
Debt - Debt Covenants (Narrative) (Details) - USD ($)	Dec. 31, 2014	Jun. 30, 2014
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	the Company was in compliance with all covenants
Term Credit Agreement due 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	contains various covenants customary to credit agreements with borrowers having investment-grade debt ratings. These covenants are substantially identical to those of the credit facility
April 2011 Line of Credit as Amended Second Quarter 2014 [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 200,000,000
Covenant EBITDA to Consolidated Interest Expense [Member] \| April 2011 Line of Credit as Amended Second Quarter 2014 [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	interest coverage ratio based on the facility’s definition of EBITDA (“Covenant EBITDA”). Covenant EBITDA consists of earnings from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense, depreciation, depletion, amortization and the non-cash cost basis of real estate sold.
Subsidiary Debt as a Percentage of Consolidated Net Tangible Assets [Member] \| April 2011 Line of Credit as Amended Second Quarter 2014 [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Percentage	15.00%
Debt Instrument, Covenant Description	debt at subsidiaries (excluding Rayonier Operating Company LLC and TRS, which are borrowers under the agreement) is limited to 15 percent of Consolidated Net Tangible Assets. Consolidated Net Tangible Assets is defined as total assets less the sum of total current liabilities and intangible assets.
Matariki Forestry Group [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	In connection with the New Zealand JV’s Senior Secured Facilities Agreement, covenants must be met, including generation of sufficient cash flows to meet a minimum interest coverage ratio of 1.25 to 1 on a quarterly basis and maintenance of a leverage ratio of bank debt versus the forest and land valuation below the covenant’s maximum ratio of 40 percent
Matariki Forestry Group [Member] \| Senior Secured Facilities Agreement as Amended July 2013 [Member]
Debt Instrument [Line Items]
Debt Covenant Requirement, Percentage	40.00%
Debt Covenant Requirement, Ratio	125.00%
Maximum borrowing capacity	$ 202,000,000

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

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

^[1]

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

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

$ 1,755,243

$ 1,438,004

$ 1,755,243

$ 1,438,004

$ 1,323,073

Dividends ($1.68, $1.86, and $2.03 per share in 2012, 2013 and 2014, respectively)

$ 8,336

$ 32,059

$ 16,108

$ 41,343

$ 79,805

$ 58,367

$ 87,891

$ 147,735

^[2]

97,846

373,798

^[1],[2]

278,685

(256,861)

(233,321)

(208,286)

Issuance of shares under incentive stock plans

5,579

10,101

25,495

Stock-based compensation

7,869

11,710

15,116

Excell tax benefit (deficiency) on stock-based compensation

(791)

8,413

7,635

Repurchase of common shares

(1,858)

(11,326)

(7,783)

Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax

(24,147)

Net loss from pension and postretirement plans

54,046

61,869

(496)

Foreign currency translation adjustment

(15,847)

(5,710)

4,352

Joint venture cash flow hedges

(1,855)

3,629

213

Equity portion of convertible debt (Note 13)

$ 2,453

Settlement of warrants (Note 13)

Acquisition of noncontrolling interest

$ 96,336

Noncontrolling interest redemption of shares

(931)

(713)

Adjustments to Rayonier Advanced Materials

19,130

^[3]

(8,226)

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

$ 1,575,151

$ 1,755,243

$ 1,575,151

$ 1,755,243

$ 1,438,004

Dividends (per share)

$ 2.03

$ 1.86

$ 1.68

Common Shares [Member]

Beginning balance (in shares)

^[4]

126,257,870

123,332,444

126,257,870

123,332,444

122,035,177

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

$ 692,100

$ 670,749

$ 692,100

$ 670,749

$ 630,286

^[4]

561,701

1,001,426

1,467,024

Issuance of shares under incentive stock plans

$ 5,579

$ 10,101

$ 25,495

Stock-based compensation

7,869

11,710

15,116

Excell tax benefit (deficiency) on stock-based compensation

$ (791)

$ 8,413

$ 7,635

Repurchase of common shares, (in shares)

^[4]

(46,474)

(211,221)

(169,757)

Repurchase of common shares

$ (1,858)

$ (11,326)

$ (7,783)

Equity portion of convertible debt (Note 13)

$ 2,453

Settlement of warrants (Note 13)

^[4]

2,135,221

Ending balance (in shares)

$ (301)

^[4]

126,773,097

126,257,870

126,773,097

126,257,870

123,332,444

Retained Earnings [Member]

$ 702,598

$ 692,100

$ 702,598

$ 692,100

$ 670,749

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

1,015,209

876,634

1,015,209

876,634

806,235

Dividends ($1.68, $1.86, and $2.03 per share in 2012, 2013 and 2014, respectively)

99,337

371,896

278,685

(256,861)

(233,321)

(208,286)

Adjustments to Rayonier Advanced Materials

(61,318)

^[3]

(5,670)

Accumulated Other Comprehensive Income/(Loss) [Member]

790,697

1,015,209

790,697

1,015,209

876,634

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

Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax

(46,139)

(109,379)

(46,139)

(109,379)

(113,448)

24,147

Net loss from pension and postretirement plans

61,869

(496)

Foreign currency translation adjustment

(11,526)

(1,915)

4,352

Joint venture cash flow hedges

(1,206)

3,286

213

Adjustments to Rayonier Advanced Materials

80,749

^[3]

(2,556)

Non-controlling Interest [Member]

(4,825)

(46,139)

(4,825)

(46,139)

(109,379)

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

$ 94,073

$ 0

94,073

Foreign currency translation adjustment

(1,491)

1,902

(4,321)

(3,795)

Joint venture cash flow hedges

(649)

343

Acquisition of noncontrolling interest

96,336

Noncontrolling interest redemption of shares

931

(713)

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

$ 86,681

$ 94,073

$ 86,681

$ 94,073

$ 0

NORTH CAROLINA

Par value

$ 0

[1]	Income from continuing operations, Net income and Net income attributable to Rayonier Inc., for the quarter ended June 30, 2013 and year ended December 31, 2013, included a $16 million gain related to the consolidation of the New Zealand JV.
[2]	Income from discontinued operations, Net income and Net income attributable to Rayonier Inc. included a $43 million gain on the sale of Wood Products for the quarter ended March 31, 2013 and the year ended December 31, 2013.
[3]	Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized.
[4]	The Company’s common shares are registered in North Carolina and have a $0.00 par value.

Shareholders' Equity Tax Characteristics of Cash Dividend (Details) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Capital gain	$ 1.61	$ 0.72	$ 1.68
Qualified	0	1.14	0
Return of capital	0.42	0	0
Total cash dividend per common share	$ 2.03	$ 1.86	$ 1.68

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income/(loss) before reclassifications

$ (46,139)

$ (109,379)

36,922

44,814

Amounts reclassified from accumulated other comprehensive loss

4,392

18,426

41,314

63,240

Net losses transferred to Rayonier Advanced Materials Pension Plans

(4,825)

$ (46,139)

78,000

Additional Losses from Revaluation Related to Spinoff

$ 30,000

Discount rate

4.00%

4.60%

Net periodic pension cost

$ 5,000

Pension Benefits [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Discount rate

3.80%

4.60%

3.70%

Foreign currency translation losses [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income/(loss) before reclassifications

$ 36,914

$ 38,829

(11,381)

(1,915)

Amounts reclassified from accumulated other comprehensive loss

(11,381)

(1,915)

Net investment hedge of New Zealand JV [Member]

25,533

36,914

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income/(loss) before reclassifications

(145)

Amounts reclassified from accumulated other comprehensive loss

(145)

New Zealand joint venture cash flow hedges [Member]

(145)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income/(loss) before reclassifications

^[1]

(342)

(3,628)

^[1]

510

798

Amounts reclassified from accumulated other comprehensive loss

^[1]

(1,716)

2,488

^[1]

(1,206)

3,286

Unrecognized components of employee benefit plans [Member]

^[1]

(1,548)

(342)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Other comprehensive income/(loss) before reclassifications

(82,711)

(144,580)

47,938

^[2]

45,931

^[3]

Amounts reclassified from accumulated other comprehensive loss

6,108

^[4]

15,938

^[5]

54,046

61,869

Reclassification out of Accumulated Other Comprehensive Income [Member]

(28,665)

$ (82,711)

Discount rate

4.60%

3.70%

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Amounts reclassified from accumulated other comprehensive loss

(873)

$ 2,488

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

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Amounts reclassified from accumulated other comprehensive loss

(1,716)

2,488

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

$ 843

$ 0

[1]	Prior to the acquisition of a majority interest in the New Zealand JV in 2013, Rayonier recorded its proportionate share of the New Zealand JV’s cash flow hedges as increases or decreases to “Investment in Joint Venture” with corresponding adjustments to “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets. The New Zealand JV’s cash flow hedges have been consolidated as a result of the acquisition.
[2]	Reflects $78 million, net of taxes, of comprehensive income due to the transfer of losses to Rayonier Advanced Materials Pension Plans. This comprehensive income was offset by $30 million, net of taxes, of losses as a result of revaluations required due to the spin-off and at year-end. The actuarial losses were primarily caused by a decrease in the discount rate from 4.6 percent as of December 31, 2013 to 3.8 percent as of December 31, 2014. See Note 22 — Employee Benefit Plans for additional information.
[3]	The decrease in the unrecognized component of employee benefit plans was due to an actuarial gain resulting from an increase in the discount rate from 3.7 percent as of December 31, 2012 to 4.6 percent as of December 31, 2013, and higher than expected returns on plan assets in 2013.
[4]	This accumulated other comprehensive income component is comprised of $5 million from the computation of net periodic pension cost and the $1 million write-off of a deferred tax asset related to the revaluation and transfer of liabilities as a result of the spin-off.
[5]	This accumulated other comprehensive income component is included in the computation of net periodic pension cost. See Note 22 — Employee Benefit Plans for additional information.

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

3 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

$ 16,000

$ 0

$ 16,098

$ 0

Comprehensive loss attributable to noncontrolling interest

(26,511)

(18,487)

(17,011)

(6,462)

(1,550)

Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income

9,601

35,685

$ 27,060

4,392

18,426

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

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

Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income

^[1]

(1,716)

2,488

Reclassification out of Accumulated Other Comprehensive Income [Member]

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

2,159

Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income

(873)

2,488

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

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

Comprehensive loss attributable to noncontrolling interest

1,352

(295)

Net (gain) loss on cash flow hedges reclassified from accumulated other comprehensive income

797

(219)

(1,716)

2,488

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

843

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

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

(2,858)

843

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

$ (1,007)

$ 0

[1]

Other Operating Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Income and Expenses [Abstract]
Lease income, primarily for hunting	$ 17,569	$ 19,479	$ 15,937
Other non-timber income	2,314	2,714	3,346
Foreign exchange gains	3,498	901	0
Insurance recoveries	0	0	2,298
Gain (loss) on sale or disposal of property plant & equipment	48	287	(23)
Gain (loss) on foreign currency contracts, net	32	(192)	0
Legal and corporate development costs	(222)	(2,242)	(1,073)
Bankruptcy claim settlement	5,779	0	0
Miscellaneous (expense), net	(2,507)	(2,460)	(3,474)
Total	$ 26,511	$ 18,487	$ 17,011

Liabilities for Dispositions and Discontinued Operations - Schedule of Change in Environmental Loss Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	$ 76,378	$ 81,695	$ 90,824
Expenditures charged to liabilities	(5,096)	(8,570)	(9,926)
Increase to liabilities	2,558	3,253	797
Contribution to Rayonier Advanced Materials	(73,840)	0	0
Ending balance	0	76,378	81,695
Less: Current portion	0	(6,835)	(8,105)
Non-current portion	$ 0	$ 69,543	$ 73,590

Contingencies Narrative (Details) - Pending Litigation [Member] - claim	Jan. 09, 2015	Nov. 10, 2014
Loss Contingencies [Line Items]
Number of new claims filed		5
Subsequent Event [Member]
Loss Contingencies [Line Items]
Number of consolidated claims filed	1

Guarantees (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

$ 20,291

Standy 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 2015

Guarantees [Member]

$ 2,254

^[2]

Recorded liability for performance obligation

$ 43

^[2]

de minimis liability

Surety bonds [Member]

$ 682

^[3]

Guarantor obligations term

$ 0

^[3]

various dates in 2015 and 2016

[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. These letters of credit will expire at various dates during 2015 and will be renewed as required.
[2]	In conjunction with a timberland sale and note monetization in the 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At December 31, 2014, the Company has recorded 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 and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates in 2015 and 2016 and are expected to be renewed as required.

Commitments (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2014

USD ($)

lease

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

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

2015

^[1]

$ 472

2016

^[1]

262

2017

^[1]

191

2018

^[1]

1,419

2019

^[1]

4,525

Thereafter

^[1]

1,673

Purchase Obligation, Fiscal Year Maturity [Abstract]

^[1]

8,542

11,922

10,930

10,072

9,776

11,853

132,599

187,152

Operating Leases [Member]

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

Rent expense

1,000

$ 2,000

1,288

941

492

277

191

3,231

Timber Properties [Member]

Expenditures for long-term leases and deeds on timberlands

10,400

$ 10,400

$ 8,000

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

2015

^[2]

10,162

2016

^[2]

9,727

2017

^[2]

9,389

2018

^[2]

8,080

2019

^[2]

7,137

Thereafter

^[2]

130,884

Matariki Crown Forest Licenses [Member]

^[2]

175,379

Purchase Obligation, Fiscal Year Maturity [Abstract]

Rent expense

$ 2,200

Lessee Leasing Arrangements, Operating Leases, Termination Notice

35 years

Lessee Leasing Arrangements, Operating Leases, Renewal Term

1 year

Number of Fixed Term Forest Leases Expiring | lease

Number of Leases Under Termination Notice | lease

Operating Leases, Rent Expense, Terminating or Expiring

$ 200

United States [Member] | Timber Properties [Member] | Minimum [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

30 years

United States [Member] | Timber Properties [Member] | Maximum [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

65 years

New Zealand [Member] | Timber Properties [Member] | Minimum [Member]

Lessee Leasing Arrangements, Operating Leases, Term of Contract

30 years

New Zealand [Member] | Timber Properties [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 (foreign exchange contracts and options) 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.

Incentive Stock Plans Incentive Stock Plans - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) shares	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefits recognized related to stock-based compensation expense \| $	$ 1.7	$ 3.1	$ 4.0
Timber and Timberlands, Net [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost \| $	0.1	0.1	0.1
Selling and general expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost \| $	7.1	10.7	14.2
Cost of sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost \| $	$ 0.7	$ 0.9	$ 0.8
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in number of shares available for grants	1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in number of shares available for grants	2.27
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in number of shares available for grants	2.27
Rayonier Incentive Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	15,800,000
Plan description	shares to be granted for incentive stock options, non-qualified stock options, stock appreciation rights, performance shares, restricted stock and restricted stock units, subject to certain limitations.
Number of shares available for future grant	6,200,000
Incremental reduction of shares available for grant	shares available for issuance are reduced by 1 share for each option or right granted and by 2.27 shares for each performance share, restricted share or restricted stock unit granted
Policy for issuing shares	The Company issues new shares of stock upon the exercise of stock options, the granting of restricted stock, and the vesting of performance shares.

Incentive Stock Plans - Restricted Stock - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share \| shares	3
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Rayonier Adcanced Materials shares for every three Rayonier shares \| shares	1
Unrecognized compensation cost	$ 4.2
Weighted average period for recognition	3 years 6 months
Restricted Stock [Member] \| Reissued 2013 Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental value	$ 0.7
Weighted average period for recognition	24 months
Restricted Stock [Member] \| Performance Share Award 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.4
Weighted average period for recognition	2 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Maximum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

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

Restricted shares granted

186,783

^[1]

33,607

18,742

Weighted average price of restricted shares granted

$ 36.42

$ 57.54

$ 42.40

Intrinsic value of restricted stock outstanding

^[2]

$ 5.1

$ 1.7

$ 2.1

Fair value of restricted stock vested

1.3

1.8

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

$ 0.0

$ 0.3

$ 0.6

[1]	Includes restricted shares granted to Rayonier employees in replacement of the 2013 performance share awards.
[2]	Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2014

Incentive Stock Plans - Schedule of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]

Number of Shares, Beginning Balance

39,232

Number of Shares, Ending Balance

186,783

^[1]

33,607

18,742

Vested

(23,599)

Cancelled

(18,393)

184,023

^[2]

39,232

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]

Weighted Average Grant Date Fair Value, Beginning Balance

$ 55.66

Weighted Average Grant Date Fair Value, Ending Balance

36.42

$ 57.54

$ 42.40

Vested

55.86

Cancelled

39.90

$ 37.53

$ 55.66

[1]	Includes restricted shares granted to Rayonier employees in replacement of the 2013 performance share awards.
[2]	Represents all Rayonier restricted shares outstanding as of December 31, 2014, including 2012 restricted share awards held by Rayonier Advanced Materials employees.

Incentive Stock Plans - Performance Share Units - Narrative (Details) - Performance Shares [Member] $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Valuation method	Monte Carlo simulation model
Unrecognized compensation cost	$ 1.6
Weighted average period for recognition	2 years
Risk-free rate, description	The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award.
Dividend yield, description	The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

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

Common shares of Company stock reserved for performance shares

130,164

276,240

337,360

Weighted average fair value of performance share units granted

$ 40.33

$ 59.16

$ 56.36

Intrinsic value of outstanding performance share units

^[1]

$ 5.8

$ 22.1

$ 36.3

Fair value of performance shares vested

0.0

7.0

22.2

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

$ 1.8

$ 11.0

$ 7.2

[1]	Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2014.

Incentive Stock Plans - Schedule of Performance Share Activity (Details) - Performance Shares [Member] - $ / shares

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Number of Shares, Beginning Balance

524,746

Other Cancellations/Adjustments

^[1]

286,340

Units Distributed

(231,717)

Cancelled at Spin-off

(315,297)

(55,048)

Number of Shares, Ending Balance

209,024

524,746

Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]

Weighted Average Grant Date Fair Value, Beginning Balance

$ 54.57

Weighted average price of restricted shares granted

40.33

$ 59.16

$ 56.36

Units Distributed

50.63

Cancelled at Spin-off

48.28

Other Cancellations/Adjustments

46.59

Weighted Average Grant Date Fair Value, Ending Balance

$ 51.01

$ 54.57

[1]	Includes performance shares reissued to Rayonier employees subsequent to the cancellation of the 2014 performance shares at spin-off.

Incentive Stock Plans - Schedule of Assumptions used for Performance Shares (Details) - Performance Shares [Member]

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

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

23.20%

36.90%

Re-issued 2014 Performance Shares [Member]

0.40%

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

^[1]

19.70%

2014 Performance Shares, as originally issued [Member]

^[1]

0.70%

Maximum term

2 years 6 months

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

22.80%

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

0.80%

[1]	Represents assumptions used in the July 2014 valuation of re-issued 2014 performance share units with a remaining term of 2.5 years. The initial fair value of the 2014 awards assumed an expected volatility of 22.8% and a risk-free rate of 0.8%.

Incentive Stock Plans - Non-Qualified Employee Stock Options - Narrative (Details) - Stock Options [Member] $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term	10 years
Award vesting period	3 years
Valuation method	Black-Scholes option-pricing model
Expense recognition method	3 years
Unrecognized compensation cost	$ 0.6
Weighted average period for recognition	1 year 5 months

Incentive Stock Plans - Schedule of Assumptions Used to Determine Fair Value, Options (Details) - Stock Options [Member] - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

39.30%

^[1]

39.00%

39.30%

Dividend yield

4.60%

^[1]

3.40%

3.60%

Fair value per share of options granted

2.20%

^[1]

1.00%

1.30%

Expected life (in years)

6 years 3 months 18 days

^[1]

6 years 3 months 18 days

6 years 4 months 24 days

^[2]

$ 10.58

^[1]

$ 14.01

$ 11.85

Fair value of options granted (in millions)

$ 3.2

^[1]

$ 2.7

$ 2.8

2014 Rayonier Stock Options [Member]

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

Adjusted fair value per share of options granted

$ 8.23

2013 Rayonier Stock Options [Member]

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

Adjusted fair value per share of options granted

10.70

2012 Rayonier Stock Options [Member]

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

Adjusted fair value per share of options granted

$ 9.04

[1]	The majority of 2014 stock option awards were granted prior to the spin-off. As such, the weighted average assumptions and fair values reflect pre-spin information, including dividends, stock prices and grants to Rayonier Advanced Materials employees in addition to Rayonier employees.
[2]	The fair value per share of each option grant was adjusted at the spin-off to preserve the aggregate value of the original Rayonier stock option. The adjusted weighted average fair value per share applied to Rayonier employee awards was $8.23 for 2014 grants, $10.70 for 2013 grants and $9.04 for 2012 grants.

Incentive Stock Plans - Schedule of Stock Option Activity (Details) - Stock Options [Member]
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2014

USD ($)

$ / shares

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Number of Shares, Beginning Balance | shares

1,393,222

Granted | shares

305,305

Exercised | shares

(251,547)

Cancelled | shares

(44,585)

Modified in connection with spin-off | shares

(32,495)

Number of Shares, Ending Balance | shares

1,369,900

Number of Shares, Options vested and expected to vest | shares

1,367,044

Number of Shares, Options exercisable | shares

923,570

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Weighted Average Exercise Price (per common share), Beginning Balance

$ 33.79

^[1]

Modified in connection with spin-off

42.47

^[2]

Exercised

22.54

^[3]

Cancelled

31.48

^[3]

36.28

^[1]

Weighted Average Exercise Price (per common share), Ending Balance

27.21

^[4]

Weighted Average Exercise Price (per common share), Options vested and expected to vest

27.19

^[4]

Weighted Average Exercise Price (per common share), Options exercisable

$ 24.17

^[4]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Weighted Average Remaining Contractual term (in years), Options outstanding

6 years 1 month 6 days

Weighted Average Remaining Contractual term (in years), Options vested and expected to vest

6 years 1 month 6 days

Weighted Average Remaining Contractual term (in years), Options exercisable

4 years 10 months 24 days

Aggregate Intrinsic Value, Options outstanding | $

$ 4.9

Aggregate Intrinsic Value, Options vested and expected to vest | $

4.9

Aggregate Intrinsic Value, Options exercisable | $

$ 4.9

2014 Rayonier Stock Options [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Adjusted weighted-average exercise price

$ 31.52

[1]	Reflects exercise prices prior to the spin-off.
[2]	Represents the weighted-average exercise price at time of grant. Exercise prices were modified at the time of the spin-off. The adjusted weighted-average exercise price of 2014 grants was $31.52.
[3]	Represents the weighted-average of exercise prices in place at the time of exercise or cancellation. Pre-spin activity was not adjusted to reflect the subsequent modification of exercise prices.
[4]	Reflects exercise prices as of December 31, 2014.

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

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

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

Intrinsic value of options exercised

^[1]

$ 4.0

$ 12.3

$ 20.5

Fair value of options vested

$ 3.1

$ 2.6

$ 3.3

[1]	Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

Employee Benefit Plans - Narrative (Details) $ in Millions	12 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Millions	Dec. 31, 2014 USD ($) pension_plan	Dec. 31, 2013 USD ($)	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Net decrease in pension obligations	$ 100.0
Discount rate	4.00%	4.60%
Other comprehensive loss transferred	$ 78.0
Other comprehensive income loss, tax	$ 45.0
Defined benefit plans, general information	The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees
Number of Qualified Defined Benefit Plans \| pension_plan	1
Defined Benefit Plan, Unfunded Plan	an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans
Defined Benefit Plan, Other Information	The Company closed enrollment in its pension plans to salaried employees hired after December 31, 2005.
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.80%	4.60%	3.70%
Settlement Payment Amount		$ 3.0
Effect of Plan Amendment on Benefit Obligation		$ 2.8
Discount rate methodology	closely approximates interest rates on high quality, long-term obligations
Expected long-term return on plan assets	8.50%	8.50%	8.50%
Return on plan assets methodology	based on historical and expected long-term rates of return on broad equity and bond indices and consideration of the actual annualized rate of return
Pension [Member] \| Income from Discontinued Operations, net [Member]
Defined Benefit Plan Disclosure [Line Items]
Recognized Loss Due to Settlements, Net of Tax		$ 0.5
Performance Fibers business [Member] \| Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Description of Settlements and Curtailments	In connection with the spin-off of the Performance Fibers business, Rayonier entered into an Employee Matters Agreement with Rayonier Advanced Materials, (see Note 3— Discontinued Operations), which provides that employees of Rayonier Advanced Materials will no longer participate in benefit plans sponsored or maintained by Rayonier.
Wood Products business [Member] \| Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Description of Settlements and Curtailments		The Company sold its Wood Products business in March 2013. As a result of the sale, all employees covered by the Wood Products defined benefit pension plan are considered terminated employees. Amendments to the plan in June 2013 resulted in all such employees automatically vesting in the plan. Additionally, a one-time lump sum distribution was offered to terminated Wood Products plan participants or their beneficiaries.
Recognized Loss Due to Settlements, Net of Tax		$ 0.5

Employee Benefit Plans - Change in PBO and Assets and Reconciliations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
Noncurrent liabilities	$ (33,477)	$ (95,654)
Pension [Member]
Defined Benefit Plan, Change in Benefit Obligation [Rollforward]
Projected benefit obligation at beginning of year	413,638	454,470
Service cost	3,923	8,452	$ 8,407
Interest cost	10,707	16,682	17,284
Settlement loss	0	137
Actuarial (gain) loss	43,093	(44,786)
Plan amendments	0	0
Employee contributions	0	0
Benefits paid	(11,288)	(21,317)
Transferred to Rayonier Advanced Materials	(296,966)	0
Projected benefit obligation at end of year	87,355	413,638	454,470
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	341,905	320,699
Actual return on plan assets	21,399	42,285
Employer contributions	1,103	1,699
Employee contributions	0	0
Benefits paid	(11,288)	(21,317)
Other expense	(607)	(1,461)
Transferred to Rayonier Advanced Materials	(372,718)	0
Fair value of plan assets at end of year	55,546	341,905	320,699
Defined Benefit Plan, Funded Status of Plan [Abstract]
Net accrued benefit cost	(31,809)	(71,733)
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
Noncurrent assets	0	3,583
Current liabilities	(15)	(1,776)
Noncurrent liabilities	(31,794)	(73,540)
Net amount recognized	(31,809)	(71,733)
Postretirement [Member]
Defined Benefit Plan, Change in Benefit Obligation [Rollforward]
Projected benefit obligation at beginning of year	21,999	27,582
Service cost	402	1,056	918
Interest cost	537	937	956
Settlement loss	0	0
Actuarial (gain) loss	2,250	(3,206)
Plan amendments	0	(3,372)
Employee contributions	484	980
Benefits paid	(888)	(1,978)
Transferred to Rayonier Advanced Materials	0	0
Projected benefit obligation at end of year	1,226	21,999	27,582
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	404	998
Employee contributions	484	980
Benefits paid	(888)	(1,978)
Other expense	0	0
Transferred to Rayonier Advanced Materials	(23,558)	0
Fair value of plan assets at end of year	0	0	$ 0
Defined Benefit Plan, Funded Status of Plan [Abstract]
Net accrued benefit cost	(1,226)	(21,999)
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
Noncurrent assets	0	0
Current liabilities	(25)	(1,071)
Noncurrent liabilities	(1,201)	(20,928)
Net amount recognized	$ (1,226)	$ (21,999)

Employee Benefit Plans - Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Net gains (losses)	$ 37,559	$ 60,171	$ (17,630)
Prior service cost	0	0	0
Negative plan amendment	0	0	0
Amortization of losses	6,542	20,914	17,578
Amortization of prior service cost	576	1,356	1,308
Amortization of negative plan amendment	0	0	0
Postretirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Net gains (losses)	(2,250)	3,206	(2,021)
Prior service cost	0	0	0
Negative plan amendment	0	3,372	0
Amortization of losses	288	675	582
Amortization of prior service cost	8	66	80
Amortization of negative plan amendment	$ (137)	$ (105)	$ (55)

Employee Benefit Plans - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands

Dec. 31, 2014

Dec. 31, 2013

Deferred income tax benefit

$ 6,339

$ (40,525)

^[1]

Pension [Member]

Deferred income tax benefit

Prior service cost

(13)

(5,707)

Net losses

(30,965)

(110,728)

Negative plan amendment

2,425

36,685

AOCI

(28,553)

(79,750)

Postretirement [Member]

Deferred income tax benefit

Prior service cost

(49)

Net losses

(90)

(8,057)

Negative plan amendment

3,574

(22)

1,571

AOCI

$ (112)

$ (2,961)

[1]	Includes balances related to discontinued operations.

Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Projected benefit obligation	$ 87,355	$ 388,163
Accumulated benefit obligation	81,141	350,605
Fair value of plan assets	$ 55,546	$ 290,848

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Pension [Member]

Expected return on plan assets

Service cost

$ 3,923

$ 8,452

$ 8,407

Interest cost

10,707

16,682

17,284

(15,258)

(25,302)

(25,477)

Amortization of prior service cost

576

1,296

1,308

Amortization of losses

6,542

20,097

17,578

Amortization of negative plan amendment

Curtailment expense

Settlement expense

817

Net periodic benefit cost

^[1]

6,490

22,102

19,100

Postretirement [Member]

Expected return on plan assets

Service cost

402

1,056

918

Interest cost

537

937

956

Amortization of prior service cost

Amortization of losses

288

675

582

Amortization of negative plan amendment

(137)

(105)

(55)

Curtailment expense

Settlement expense

Net periodic benefit cost

^[1]

1,098

2,629

2,481

Income (Loss) from Discontinued Operations, Net [Member]

Net periodic benefit cost

$ 4,000

$ 14,900

$ 12,800

[1]	Net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 included $4.0 million, $14.9 million, and $12.8 million, respectively, recorded in “Income from discontinued operations, net” on the Consolidated Statements of Income and Comprehensive Income.

Employee Benefit Plans - AOCI Amortization in Next Fiscal Year (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Amortization of loss	$ 3,420
Amortization of prior service cost	13
Total amortization of AOCI loss	3,433
Postretirement [Member]
Defined Benefit Plan Disclosure [Line Items]
Amortization of loss	0
Amortization of prior service cost	0
Total amortization of AOCI loss	$ 0

Employee Benefit Plans - Assumptions Used in Calculations (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.00%	4.60%
Pension [Member]
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.80%	4.60%	3.70%
Rate of compensation increase	4.50%	4.60%	4.60%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate (pre-spin off)	4.60%	3.70%	4.20%
Discount rate (post-spin off)	4.04%	0.00%	0.00%
Expected long-term return on plan assets	8.50%	8.50%	8.50%
Rate of compensation increase	4.50%	4.60%	4.50%
Postretirement [Member]
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.96%	4.60%	3.60%
Rate of compensation increase	4.50%	4.50%	4.50%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate (pre-spin off)	4.60%	3.60%	4.10%
Discount rate (post-spin off)	4.00%	0.00%	0.00%
Expected long-term return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	4.50%	4.50%	4.50%

Employee Benefit Plans - Effect of 0.5% Change in Discount Rate and Long-term Return on Assets (Details) - Pension Benefits [Member] $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Effect of .5% Percentage Point Decrease in Discount Rate on Pension Expense	$ 0.4
Effect of .5% Percentage Point Decrease in Discount Rate on Projected Benefit Obligation	7.5
Effect of .5% Percentage Point Increase in Discount Rate on Pension Expense	(0.4)
Effect of .5% Percentage Point Increase in Discount Rate on Projected Benefit Obligation	(6.6)
Effect of .5% Percentage Point Decrease from Long-term Return on Assets on Pension Expense	0.1
Effect of .5% Percentage Point Increase from Long-term Return on Assets on Pension Expense	$ (0.1)

Employee Benefit Plans - Expected Health Care Cost Trend Rates (Details) - Postretirement [Member] - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]

Health care cost trend rate assumed for next year

^[1]

7.00%

Rate to which the cost trend rate is assumed to decline (ultimate trend rate)

^[1]

5.00%

Year that the rate reaches the ultimate trend rate

^[1]

2017

Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]

Effect of one percentage point increase on total of service and interest cost components

^[2]

$ 253

Effect of one percentage point decrease on total of service and interest cost components

^[2]

(208)

Effect of one percentage point increase on accumulated postretirement benefit obligation

^[2]

1,389

Effect of one percentage point decrease on accumulated postretirement benefit obligation

^[2]

$ (1,183)

[1]	The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business.
[2]	The entire postretirement medical plan was contributed to Rayonier Advanced Materials as a result of the spin-off of the Performance Fibers business.

Employee Benefit Plans - Investment of Plan Assets (Details) - Pension [Member] - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	100.00%	100.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Defined benefit plan, investment goals	The Company’s Pension and Savings Plan Committee and the Audit Committee of the Board of Directors oversee the pension plans’ investment program which is designed to maximize returns and provide sufficient liquidity to meet plan obligations while maintaining acceptable risk levels. The investment approach emphasizes diversification by allocating the plans’ assets among asset categories and selecting investment managers whose various investment methodologies will be minimally correlative with each other. Investments within the equity categories may include large capitalization, small capitalization and emerging market securities, while the international fixed income portfolio may include emerging markets debt.
Defined benefit plan, type of employer and related party securities included in plan assets	direct investment in Rayonier common stock
Defined Benefit Plan, Amount of Employer and Related Party Securities Included in Plan Assets	$ 0	$ 0
Domestic equity securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	42.00%	42.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	35.00%
Target allocation range maximum	45.00%
International equity securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	23.00%	26.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	20.00%
Target allocation range maximum	30.00%
Domestic fixed income securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	27.00%	25.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	25.00%
Target allocation range maximum	29.00%
International fixed income securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	4.00%	4.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	3.00%
Target allocation range maximum	7.00%
Real estate fund [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Actual Plan Asset Allocations	4.00%	3.00%
Defined Benefit Plan, Assets, Target Allocations [Abstract]
Target allocation range minimum	2.00%
Target allocation range maximum	4.00%

Employee Benefit Plans - Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Changes in valuation methodology	no changes in the methodology	no changes in the methodology
Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 55,546	$ 341,905	$ 320,699
Pension [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 15,149	110,676
Valuation methodology	Level 1 — Net asset value in an observable market.
Pension [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 40,397	231,229
Valuation methodology	Level 2 — Assets classified as level two are held in collective trust funds. The net asset value of a collective trust is calculated by determining the fair value of the fund’s underlying assets, deducting its liabilities, and dividing by the units outstanding as of the valuation date. These funds are not publicly traded; however, the unit price calculation is based on observable market inputs of the funds’ underlying assets.
Pension [Member] \| Domestic equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 22,883	139,694
Pension [Member] \| Domestic equity securities [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	4,557	29,293
Pension [Member] \| Domestic equity securities [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	18,326	110,401
Pension [Member] \| International equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	12,765	87,039
Pension [Member] \| International equity securities [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	6,277	55,692
Pension [Member] \| International equity securities [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	6,488	31,347
Pension [Member] \| Domestic fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	14,643	85,222
Pension [Member] \| Domestic fixed income securities [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	0	0
Pension [Member] \| Domestic fixed income securities [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	14,643	85,222
Pension [Member] \| International fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	2,428	15,134
Pension [Member] \| International fixed income securities [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	2,428	15,134
Pension [Member] \| International fixed income securities [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	0	0
Pension [Member] \| Real estate fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	1,887	9,678
Pension [Member] \| Real estate fund [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	1,887	9,678
Pension [Member] \| Real estate fund [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	0	0
Pension [Member] \| Short-term investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	940	5,138
Pension [Member] \| Short-term investments [Member] \| Fair Value, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	0	879
Pension [Member] \| Short-term investments [Member] \| Fair Value, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value	$ 940	$ 4,259

Employee Benefit Plans - Expected Benefit Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Estimated future employer contributions in next fiscal year, description	The Company has no mandatory pension contribution requirements in 2015, but may make discretionary contributions.
Pension Benefits [Member]
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2015	$ 2,729
2016	2,866
2017	3,041
2018	3,231
2019	3,450
2020 - 2024	20,807
Postretirement Benefits [Member]
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2015	25
2016	27
2017	28
2018	30
2019	33
2020 - 2024	$ 201

Employee Benefit Plans - Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]
Description of defined contribution pension and other postretirement plans	The Company provides defined contribution plans to all of its hourly and salaried employees.
Cost recognized	$ 1.6	$ 4.4	$ 2.7
Type of employer and related party securities included in plan assets	Rayonier common stock
Amount of employer and related party securities included in plan assets	$ 16.3	73.2
Contributions for 401k plan enhancement	$ 0.5	$ 1.1	$ 1.0

Quarterly Results for 2014 and 2013 (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ 147,360

$ 149,829

$ 163,145

$ 143,187

$ 238,515

$ 159,261

$ 154,889

$ 107,053

$ 603,521

$ 659,718

$ 378,608

126,776

118,088

123,096

115,900

197,249

129,002

127,861

76,660

483,860

530,772

305,479

8,025

32,059

4,024

10,335

32,144

15,040

39,631

^[1]

19,028

54,443

105,843

^[1]

16,774

311

12,084

31,008

47,661

43,327

48,260

128,707

^[2]

43,403

267,955

^[2]

261,911

8,336

32,059

16,108

41,343

79,805

58,367

87,891

^[1]

147,735

^[2]

97,846

373,798

^[1],[2]

278,685

BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

$ 8,857

$ 32,701

$ 16,353

$ 41,426

$ 79,652

$ 57,345

$ 87,164

^[1]

$ 147,735

^[2]

$ 99,337

$ 371,896

^[1],[2]

$ 278,685

$ 0.07

$ 0.26

$ 0.03

$ 0.08

$ 0.25

$ 0.11

$ 0.31

$ 0.15

$ 0.44

$ 0.83

$ 0.14

0.00

0.10

0.25

0.38

0.34

0.38

1.04

0.34

2.13

DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

0.07

0.26

0.13

0.33

0.63

0.45

0.69

1.19

0.78

2.96

2.27

0.07

0.25

0.03

0.08

0.25

0.11

0.30

0.15

0.43

0.80

0.13

0.00

0.09

0.24

0.37

0.33

0.37

0.98

0.33

2.06

2.04

Gain on disposition of business

$ 0.07

$ 0.25

$ 0.12

$ 0.32

$ 0.62

$ 0.44

$ 0.67

$ 1.13

$ 0.76

$ 2.86

$ 2.17

$ 43,000

$ 0

$ 42,121

$ 0

$ 16,000

$ 0

$ 16,098

$ 0

Understatement of Depletion Expense [Member]

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Scenario, Previously Reported [Member]

$ 2,000

Error Corrections and Prior Period Adjustments Restatement [Line Items]

163,145

386,686

121,105

302,650

6,056

43,292

12,084

18,140

43,292

BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

$ 18,385

$ 43,375

$ 0.05

$ 0.34

0.10

0.00

DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

0.15

0.34

0.05

0.34

0.09

0.00

Discontinued operations reclassification [Member]

$ 0.14

$ 0.34

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ (243,499)

(184,801)

(31,008)

31,008

BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

$ 0

$ (0.25)

0.25

DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

0.00

(0.24)

0.24

Restatement Adjustment [Member]

$ 0.00

Error Corrections and Prior Period Adjustments Restatement [Line Items]

$ 0

1,991

(1,949)

(2,032)

(1,949)

(2,032)

(1,949)

BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

$ (2,032)

$ (1,949)

$ (0.02)

$ (0.01)

0.00

DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

(0.02)

(0.01)

(0.02)

0.00

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

$ (0.02)

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

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

1 Months Ended

Mar. 31, 2012

Aug. 31, 2009

Dec. 31, 2014

Dec. 31, 2013

Issuance date of debt instrument

August 2009

Face amount

$ 172,500,000.0

$ 130,973,000

Maturity date description

4.50%

^[1]

August 2015

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

Issuance date of debt instrument

March 2012

Face amount

$ 325,000,000

Maturity date description

3.75%

2022

[1]	Our Senior Exchangeable Notes maturing in 2015 were discounted by $1.3 million and $3.2 million as of December 31, 2014 and 2013, respectively. Upon maturity the liability will be $131 million.

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

3 Months Ended

12 Months Ended

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

$ 147,360

$ 149,829

$ 163,145

$ 143,187

$ 238,515

$ 159,261

$ 154,889

$ 107,053

$ 603,521

$ 659,718

$ 378,608

126,776

118,088

123,096

115,900

197,249

129,002

127,861

76,660

483,860

530,772

305,479

47,883

55,433

58,632

(26,511)

(18,487)

(17,011)

505,232

567,718

347,100

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

562

550

98,289

92,562

32,058

16,000

16,098

98,289

108,660

32,058

(44,248)

(40,941)

(42,826)

(9,199)

2,439

482

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

44,842

70,158

(10,286)

9,601

35,685

27,060

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

8,025

32,059

4,024

10,335

32,144

15,040

39,631

^[1]

19,028

54,443

105,843

^[1]

16,774

311

12,084

31,008

47,661

43,327

48,260

128,707

^[2]

43,403

267,955

^[2]

261,911

Less: Net (loss) income attributable to noncontrolling interest

8,336

32,059

16,108

41,343

79,805

58,367

87,891

^[1]

147,735

^[2]

97,846

373,798

^[1],[2]

278,685

(1,491)

1,902

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

$ 8,857

$ 32,701

$ 16,353

$ 41,426

$ 79,652

$ 57,345

$ 87,164

^[1]

$ 147,735

^[2]

99,337

371,896

^[1],[2]

278,685

(15,847)

(5,710)

4,352

(1,855)

3,629

213

54,046

61,869

(496)

36,344

59,788

4,069

Less: Comprehensive loss attributable to noncontrolling interest

134,190

433,586

282,754

(6,462)

(1,550)

Rayonier Inc. (Parent Guarantor) [Member]

140,652

435,136

282,754

(1,701)

110

(1,701)

110

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

1,701

1,701

(110)

(13,247)

(13,088)

(10,717)

9,186

9,828

6,638

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

103,398

373,455

282,874

99,337

371,896

278,685

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

99,337

371,896

278,685

Less: Net (loss) income attributable to noncontrolling interest

99,337

371,896

278,685

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

99,337

371,896

(11,525)

(1,915)

4,352

(1,206)

3,286

213

54,046

61,869

(496)

41,315

63,240

4,069

Less: Comprehensive loss attributable to noncontrolling interest

140,652

435,136

282,754

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

140,652

435,136

14,578

9,821

10,575

3,275

4,730

962

17,853

14,551

11,537

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

(14,551)

(17,853)

(14,551)

(11,537)

(445)

(914)

(941)

(566)

3,237

5,519

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

122,425

384,567

289,486

103,561

372,339

282,527

(163)

1,116

347

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

103,398

373,455

282,874

Less: Net (loss) income attributable to noncontrolling interest

103,398

373,455

282,874

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

103,398

373,455

(11,526)

(1,915)

4,352

(1,206)

3,286

213

54,046

61,869

(496)

41,314

63,240

4,069

Less: Comprehensive loss attributable to noncontrolling interest

144,712

436,695

286,943

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

144,712

436,695

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

(23,126)

(27,516)

(37,971)

(2,534)

(7,534)

(3,334)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(15,697)

245,126

232,871

(41,357)

210,076

191,566

9,366

11,895

15,076

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

(31,991)

221,971

206,642

Less: Net (loss) income attributable to noncontrolling interest

(31,991)

221,971

206,642

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

(31,991)

221,971

(894)

(72)

(3)

(1,206)

637

88,174

20,589

(450)

86,074

21,154

(453)

Less: Comprehensive loss attributable to noncontrolling interest

54,083

243,125

206,189

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

54,083

243,125

603,521

659,718

378,608

483,860

530,772

305,479

33,305

45,612

48,057

(29,786)

(21,516)

(18,083)

487,379

554,868

335,453

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

562

550

105,412

16,098

116,142

121,510

43,705

(7,430)

577

6,803

(15,285)

(3,092)

(8,341)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

93,427

118,995

42,167

398

22,674

11,637

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

93,825

141,669

53,804

43,403

267,955

261,911

Less: Net (loss) income attributable to noncontrolling interest

137,228

409,624

315,715

(1,491)

1,902

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

138,719

407,722

(15,847)

(5,710)

4,353

(1,855)

3,629

213

88,174

20,589

(450)

70,472

18,508

4,116

Less: Comprehensive loss attributable to noncontrolling interest

207,700

428,132

319,831

(6,462)

(1,550)

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

214,162

429,682

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

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(210,126)

(1,003,148)

(805,231)

(210,126)

(1,003,148)

(805,231)

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

(210,126)

(1,003,148)

(805,231)

Less: Net (loss) income attributable to noncontrolling interest

(210,126)

(1,003,148)

(805,231)

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

(210,126)

(1,003,148)

23,945

3,902

(8,702)

3,618

(7,209)

(426)

(230,394)

(103,047)

1,396

(202,831)

(106,354)

(7,732)

Less: Comprehensive loss attributable to noncontrolling interest

(412,957)

(1,109,502)

(812,963)

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

(412,957)

(1,109,502)

14,578

9,821

10,575

3,275

4,730

962

17,853

14,551

11,537

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

(14,551)

(17,853)

(14,551)

(11,537)

(23,571)

(28,430)

(38,912)

(3,100)

(4,297)

2,185

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

138,719

407,722

315,715

94,195

360,444

267,451

9,203

13,011

15,423

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

103,398

373,455

282,874

Less: Net (loss) income attributable to noncontrolling interest

103,398

373,455

282,874

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

103,398

373,455

(11,527)

(1,915)

4,352

(1,206)

3,286

213

54,046

61,869

(496)

41,313

63,240

4,069

Less: Comprehensive loss attributable to noncontrolling interest

144,711

436,695

286,943

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

144,711

436,695

603,521

659,718

378,608

483,860

530,772

305,479

33,305

45,612

48,057

(29,786)

(21,516)

(18,083)

487,379

554,868

335,453

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

562

550

105,412

16,098

116,142

121,510

43,705

(7,430)

577

6,803

(15,285)

(3,092)

(8,341)

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

93,427

118,995

42,167

398

22,674

11,637

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

93,825

141,669

53,804

43,403

267,955

261,911

Less: Net (loss) income attributable to noncontrolling interest

137,228

409,624

315,715

(1,491)

1,902

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

138,719

407,722

(15,847)

(5,710)

4,353

(1,855)

3,629

213

88,174

20,589

(450)

70,472

18,508

4,116

Less: Comprehensive loss attributable to noncontrolling interest

207,700

428,132

319,831

(6,462)

(1,550)

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

214,162

429,682

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

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(242,117)

(781,177)

(598,589)

(242,117)

(781,177)

(598,589)

Income from discontinued operations, net of income tax expense of $20,578, $106,397 and $115,450

(242,117)

(781,177)

(598,589)

Less: Net (loss) income attributable to noncontrolling interest

(242,117)

(781,177)

(598,589)

Foreign currency translation adjustment, net of income tax benefit of $78, $0 and $0

(242,117)

(781,177)

23,052

3,830

(8,705)

2,412

(6,572)

(426)

(142,220)

(82,458)

946

(116,756)

(85,200)

(8,185)

Less: Comprehensive loss attributable to noncontrolling interest

(358,873)

(866,377)

$ (606,774)

$ (358,873)

$ (866,377)

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

Consolidating Financial Statements - Condensed Consolidating Balance Sheets (Details) - USD ($)
$ in Thousands

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Accounts receivable, less allowance for doubtful accounts

$ 161,558

$ 199,644

$ 280,596

$ 78,603

24,018

94,956

^[1]

9,042

138,818

39,100

12,665

12,992

7,080

33,584

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

214,363

519,094

2,083,743

2,049,378

6,706

860,821

148,303

256,208

2,453,115

3,685,501

20,211

69,293

129,706

112,500

11,405

8,551

10,547

6,390

24,948

8,433

9,531

9,580

Current liabilities for dispositions and discontinued operations

25,857

24,327

6,835

8,105

202,002

276,112

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

621,849

1,461,724

69,543

73,590

33,477

95,654

20,636

27,225

1,488,470

1,661,170

86,681

94,073

1,575,151

1,755,243

1,438,004

1,323,073

Rayonier Inc. (Parent Guarantor) [Member]

2,453,115

3,685,501

Accounts receivable, less allowance for doubtful accounts

102,218

130,181

252,888

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

102,218

130,181

1,463,303

1,627,315

248,233

228,032

2,763

3,689

1,816,517

1,989,217

3,047

Current liabilities for dispositions and discontinued operations

3,047

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

325,000

1,488,470

1,661,170

1,488,470

1,661,170

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

1,816,517

1,989,217

Accounts receivable, less allowance for doubtful accounts

304

3,966

8,977

2,003

2,363

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

2,014

2,677

433

2,612

1,923,185

1,837,760

16,610

32,519

1,942,242

1,875,568

2,687

1,522

4,855

5,780

3,253

11,382

(3)

538

Current liabilities for dispositions and discontinued operations

928

2,985

6,876

27,062

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

34,161

91,471

6,436

11,493

431,466

118,227

1,463,303

1,627,315

1,463,303

1,627,315

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

1,942,242

1,875,568

Accounts receivable, less allowance for doubtful accounts

8,094

10,719

19,358

59,976

1,409

2,300

681

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

9,509

13,706

640,678

1,148,221

21,500

20,659

1,759

3,739

673,446

1,186,325

123

1,564

129,706

112,500

2,520

2,742

Current liabilities for dispositions and discontinued operations

145

132,494

116,806

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

31,000

847,749

509,952

221,770

509,952

221,770

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

673,446

1,186,325

Accounts receivable, less allowance for doubtful accounts

51,235

58,440

4,384

9,650

22,609

92,646

9,042

138,818

38,419

12,665

12,992

5,071

31,215

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

100,622

372,530

2,083,743

2,049,378

6,273

858,209

127,171

216,261

2,317,809

3,496,378

17,401

66,207

11,394

3,696

4,767

3,137

13,566

31,281

22,816

9,580

Current liabilities for dispositions and discontinued operations

24,784

21,342

6,835

87,997

148,809

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

265,849

288,975

69,543

(684)

4,183

14,200

15,732

(153,754)

125,921

2,017,520

2,749,142

86,681

94,073

2,104,201

2,843,215

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

2,317,809

3,496,378

Accounts receivable, less allowance for doubtful accounts

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

(4,027,166)

(4,613,296)

(269,733)

(248,691)

(4,296,899)

(4,861,987)

(28,412)

(19,612)

Current liabilities for dispositions and discontinued operations

(28,412)

(19,612)

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

(277,712)

(244,148)

(3,990,775)

(4,598,227)

(3,990,775)

(4,598,227)

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

(4,296,899)

(4,861,987)

Accounts receivable, less allowance for doubtful accounts

8,105

11,023

23,324

68,953

1,409

2,310

681

2,009

2,369

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

11,523

16,383

433

2,612

2,053,911

2,764,211

21,500

20,659

18,369

36,258

2,105,736

2,840,123

2,810

3,086

129,706

112,500

4,855

5,780

3,253

11,382

2,517

3,280

Current liabilities for dispositions and discontinued operations

1,073

2,985

139,370

143,868

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

31,000

847,749

34,161

91,471

6,436

11,493

431,466

118,227

1,463,303

1,627,315

1,463,303

1,627,315

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

2,105,736

2,840,123

Accounts receivable, less allowance for doubtful accounts

51,235

58,440

4,384

9,650

22,609

92,646

9,042

138,818

38,419

12,665

12,992

5,071

31,215

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

100,622

372,530

2,083,743

2,049,378

6,273

858,209

127,171

216,261

2,317,809

3,496,378

17,401

66,207

11,394

3,696

4,767

3,137

13,566

31,281

22,816

9,580

Current liabilities for dispositions and discontinued operations

24,784

21,342

6,835

87,997

148,809

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

265,849

288,975

69,543

(684)

4,183

14,200

15,732

(153,754)

125,921

2,017,520

2,749,142

86,681

94,073

2,104,201

2,843,215

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

2,317,809

3,496,378

Accounts receivable, less allowance for doubtful accounts

$ 0

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION

(3,517,214)

(4,391,526)

(269,733)

(248,691)

(3,786,947)

(4,640,217)

(28,412)

(19,612)

Current liabilities for dispositions and discontinued operations

(28,412)

(19,612)

NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 17)

(277,712)

(244,148)

(3,480,823)

(4,376,457)

(3,480,823)

(4,376,457)