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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	RAYONIER INC.
Trading Symbol	RYN
Entity Central Index Key	0000052827
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		123,753,204

Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
SALES	$ 151,657	$ 149,829	$ 407,764	$ 456,161
Costs and Expenses
Cost of sales	116,044	118,088	326,966	357,083
Selling and general expenses	10,689	8,806	34,315	35,904
Other operating income, net (Note 18)	(2,855)	(9,144)	(15,567)	(20,908)
Costs and Expenses, Total	123,878	117,750	345,714	372,079
OPERATING INCOME	27,779	32,079	62,050	84,082
Interest expense	(7,581)	(9,566)	(24,608)	(35,852)
Interest income and miscellaneous expense, net	(1,558)	(1,734)	(4,250)	(7,131)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	18,640	20,779	33,192	41,099
Income tax benefit	541	11,280	1,309	5,319
INCOME FROM CONTINUING OPERATIONS	19,181	32,059	34,501	46,418
DISCONTINUED OPERATIONS, NET (Note 2)
Income from discontinued operations, net of income tax expense of $0, $0, $0 and $21,231	0	0	0	43,092
NET INCOME	19,181	32,059	34,501	89,510	$ 97,846
Less: Net loss attributable to noncontrolling interest	(488)	(642)	(1,379)	(970)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,669	32,701	35,880	90,480
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax expense of $429 $0, $1,581 and $0	(13,370)	(37,877)	(53,087)	(16,426)	(15,847)
Cash flow hedges, net of income tax benefit of $185, $1,170, $1,687 and $1,270	(14,120)	(3,494)	(17,983)	(2,703)	$ (1,855)
Amortization of pension and postretirement plans, net of income tax expense of $66, $150, $404 and $37,025	890	2,265	2,414	63,235
Total other comprehensive (loss) income	(26,600)	(39,106)	(68,656)	44,106
COMPREHENSIVE (LOSS) INCOME	(7,419)	(7,047)	(34,155)	133,616
Less: Comprehensive loss attributable to noncontrolling interest	(5,363)	(12,426)	(18,884)	(6,573)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	$ (2,056)	$ 5,379	$ (15,271)	$ 140,189
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations (in dollars per share)	$ 0.16	$ 0.26	$ 0.28	$ 0.38
Discontinued Operations (in dollars per share)	0.00	0.00	0.00	0.34
Net Income, Basic (in dollars per share)	0.16	0.26	0.28	0.72
DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.
Continuing Operations (in dollars per share)	0.16	0.25	0.28	0.36
Discontinued Operations, (in dollars per share)	0.00	0.00	0.00	0.33
Net Income, Diluted (in dollars per share)	0.16	0.25	0.28	0.69
Dividends declared (in dollars per share)	$ 0.25	$ 0.80	$ 0.75	$ 1.78	$ 2.03

Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Income from discontinued operations, income tax expense	$ 0	$ 0		$ 21,231
Foreign currency translation adjustment, income tax benefit	429	0	1,581	0
Cash flow hedges, income tax benefit (expense)	185	1,170	1,687	1,270
Amortization of pension and postretirement plans, income tax expense	$ 66	$ 150	$ 404	$ 37,025

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 65,755	$ 161,558
Accounts receivable, less allowance for doubtful accounts of $42 and $42	19,296	24,018
Inventory (Note 15)	14,506	8,383
Prepaid and other current assets	24,066	19,745
Total current assets	123,623	213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,038,032	2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	67,274	77,433
PROPERTY, PLANT AND EQUIPMENT
Land	1,833	1,833
Buildings	8,918	8,961
Machinery and equipment	3,531	3,503
Construction in progress	660	579
Total property, plant and equipment, gross	14,942	14,876
Less — accumulated depreciation	(8,785)	(8,170)
Total property, plant and equipment, net	6,157	6,706
OTHER ASSETS	79,374	66,771
TOTAL ASSETS	2,314,460	2,453,115
CURRENT LIABILITIES
Accounts payable	19,301	20,211
Current maturities of long-term debt	0	129,706
Accrued taxes	17,238	11,405
Accrued payroll and benefits	5,673	6,390
Accrued interest	8,943	8,433
Other current liabilities	30,200	25,857
Total current liabilities	81,355	202,002
LONG-TERM DEBT	791,233	621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 14)	33,599	33,477
OTHER NON-CURRENT LIABILITIES	32,056	20,636
COMMITMENTS AND CONTINGENCIES (Notes 12 and 13)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized, 123,767,680 and 126,773,097 shares issued and outstanding	707,070	702,598
Retained earnings	657,326	790,697
Accumulated other comprehensive loss	(55,976)	(4,825)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,308,420	1,488,470
Noncontrolling interest	67,797	86,681
TOTAL SHAREHOLDERS’ EQUITY	1,376,217	1,575,151
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,314,460	$ 2,453,115

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 42	$ 42
Shareholders’ Equity:
Common shares, shares authorized	480,000,000	480,000,000
Common shares, shares issued	123,767,680	126,773,097
Common shares, shares outstanding	123,767,680	126,773,097

Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

OPERATING ACTIVITIES

Net income

$ 34,501

$ 89,510

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

Depreciation, depletion and amortization

85,784

90,316

Non-cash cost of land sold and real estate development costs recovered upon sale

9,532

8,644

Stock-based incentive compensation expense

3,522

6,780

Deferred income taxes

(4,745)

4,435

Non-cash adjustments to unrecognized tax benefit liability

135

(10,547)

Depreciation and amortization from discontinued operations

37,985

Amortization of losses from pension and postretirement plans

2,818

6,503

Other

1,074

2,946

Changes in operating assets and liabilities:

Receivables

1,895

263

Inventories

(9,403)

2,607

Accounts payable

1,854

33,297

Income tax receivable/payable

(947)

756

All other operating activities

17,383

15,670

Expenditures for dispositions and discontinued operations

(5,096)

CASH PROVIDED BY OPERATING ACTIVITIES

143,403

284,069

INVESTING ACTIVITIES

Capital expenditures

(38,517)

(45,242)

Capital expenditures from discontinued operations

(60,442)

Real estate development costs

(1,745)

(3,314)

Purchase of timberlands

(88,466)

(93,189)

Change in restricted cash

(17,835)

47,318

Other

3,692

(478)

CASH USED FOR INVESTING ACTIVITIES

(142,871)

(155,347)

FINANCING ACTIVITIES

Issuance of debt

379,027

1,295,163

Repayment of debt

(300,871)

(1,173,049)

Dividends paid

(94,280)

(225,877)

Proceeds from the issuance of common shares

1,322

4,645

Repurchase of common shares

(73,621)

(1,834)

Debt issuance costs

(1,678)

(12,380)

Net cash disbursed upon spin-off of Performance Fibers business

(31,420)

Other

(680)

CASH USED FOR FINANCING ACTIVITIES

(90,101)

(145,432)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(6,234)

(103)

CASH AND CASH EQUIVALENTS

Change in cash and cash equivalents

(95,803)

(16,813)

Balance, beginning of year

161,558

199,644

Balance, end of period

65,755

182,831

Cash paid during the period:

Interest

^[1]

21,944

38,248

Income taxes

421

10,453

Non-cash investing activity:

Capital assets purchased on account

1,945

2,310

Patronage refunds received, netted with interest paid

$ 1,300

$ 2,100

[1]	Interest paid is presented net of patronage refunds received of $1.3 million for the nine months ended September 30, 2015 and $2.1 million for the nine months ended September 30, 2014. For additional information on patronage refunds, see Note 13 — Debt in the 2014 Form 10-K.

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Basis of Presentation The unaudited consolidated financial statements and notes thereto of Rayonier Inc. and its subsidiaries (“Rayonier” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, these financial statements and notes reflect all adjustments (all of which are normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. These statements and notes should be read in conjunction with the financial statements and supplementary data included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC (the “2014 Form 10-K”). Reclassifications Certain 2014 amounts have been reclassified to conform to the current presentation, including changes in balance sheet presentation. During the first quarter of 2015, the Company reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets. Rayonier also reclassified long-term higher and better use (“HBU”) timberlands and real estate development costs from Other Assets to a separate balance sheet caption. These reclassifications are reflected in the September 30, 2015 and December 31, 2014 Consolidated Balance Sheets. Corresponding changes have also been made to the Consolidated Statements of Cash Flows for both periods presented. Certain 2014 amounts have also been adjusted for reclassification of discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014. Accordingly, the operating results of this business segment are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for the prior-year period. Certain administrative and general costs historically allocated to the Performance Fibers business that remained with Rayonier are reported in continuing operations. The Consolidated Statement of Cash Flows for the nine months ended September 30, 2014 has not been restated to exclude Performance Fibers cash flows. See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business. New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard 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. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers — Deferral of the Effective Date. ASU No. 2015-14 provides a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. This standard will be effective for Rayonier beginning January 1, 2018 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 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU No. 2015-03 requires that debt issuance costs be presented in the Balance Sheet as a direct deduction from the carrying amount of the debt liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, and is required to be applied on a retrospective basis. Early adoption is permitted. In August 2015, the FASB issued ASU No. 2015-15 which clarified and amended the guidance so that debt issuance costs related to a line-of-credit arrangement can continue to be deferred and presented as an asset on the balance sheet, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Rayonier intends to adopt ASU No. 2015-03 in the Company’s first quarter 2016 Form 10-Q and to defer and present debt issuance costs related to the Company’s revolving credit facility as an asset with subsequent amortization over the life of the facility. As of September 30, 2015, the Company had approximately $3.4 million and $0.6 million of capitalized debt costs related to its outstanding non-revolving debt and revolving credit facilities, respectively. In May 2015, the FASB issued ASU No. 2015–07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015–07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015–07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015–07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. Rayonier intends to adopt ASU No. 2015–07 in the Company’s first quarter 2016 Form 10-Q filing, which will not have a material impact on the consolidated financial statements. Subsequent Events Quarterly Dividend On October 19, 2015, the Company announced a fourth quarter dividend of 25 cents per share payable December 31, 2015, to shareholders of record on December 17, 2015.

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

Spin-Off of the Performance Fibers Business

On June 27, 2014, Rayonier completed the tax-free spin-off of its Performance Fibers business 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 Inc. (“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 of 2014.

In order to effect the spin-off and govern the Company’s 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. See Note 3 — Discontinued Operations in the 2014 Form 10-K for further details concerning these agreements.

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 and nine months ended September 30, 2014, as presented in "Income from discontinued operations, net" in the Consolidated Statements of Income and Comprehensive Income:



	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Sales		$—		$456,180
Cost of sales and other	—		(368,868		)
Transaction expenses	—		(22,989		)
Income from discontinued operations before income taxes	—		64,323
Income tax expense	—		(21,231		)
Income from discontinued operations, net		$—		$43,092

In accordance with Accounting Standards Codification (“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 and nine months ended September 30, 2014:



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

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



	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Depreciation and amortization		$—		$37,985
Capital expenditures	—		60,443

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



	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Hardwood purchases		$—		$3,935

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

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-Section 50
-Paragraph 3A
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

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-Name Accounting Standards Codification
-Topic 205
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-Paragraph 5D
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-Publisher FASB
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+ Details

EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Income from continuing operations		$19,181			$32,059			$34,501			$46,418
Less: Net loss from continuing operations attributable to noncontrolling interest	(488		)	(642		)	(1,379		)	(970		)
Income from continuing operations attributable to Rayonier Inc.		$19,669			$32,701			$35,880			$47,388

Income from discontinued operations, net, attributable to Rayonier Inc.	—			—			—			43,092

Net income attributable to Rayonier Inc.		$19,669			$32,701			$35,880			$90,480

Shares used for determining basic earnings per common share	125,143,706			126,501,837			126,125,802			126,428,279
Dilutive effect of:
Stock options	91,495			320,839			129,906			347,721
Performance and restricted shares	31,051			37,682			37,064			165,627
Assumed conversion of Senior Exchangeable Notes (a)	39,720			1,692,343			477,931			2,395,698
Assumed conversion of warrants (a)	—			1,237,812			—			2,344,335
Shares used for determining diluted earnings per common share	125,305,972			129,790,513			126,770,703			131,681,660
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations		$0.16			$0.26			$0.28			$0.38
Discontinued operations	—			—			—			0.34
Net income		$0.16			$0.26			$0.28			$0.72
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations		$0.16			$0.25			$0.28			$0.36
Discontinued operations	—			—			—			0.33
Net income		$0.16			$0.25			$0.28			$0.69



	Three Months Ended September 30,		Nine Months Ended September 30,
	2015	2014	2015	2014
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	994,549	374,562	906,582	485,850
Assumed conversion of exchangeable note hedges (a)	39,720	1,692,343	477,931	2,395,698
Total	1,034,269	2,066,905	1,384,513	2,881,548

(a) Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the conversion of the hedges is excluded since they are anti-dilutive. The dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the 2015 Notes were outstanding.

Rayonier will distribute additional shares upon the February 2016 maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.11 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three and nine months ended September 30, 2015 as the average stock price for these periods did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K.

INCOME TAXES

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The operations conducted by the Company’s real estate investment trust (“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 and are subject to U.S. federal and state income taxation. New Zealand operations are subject to New Zealand corporate income taxation. Prior to the June 27, 2014 spin-off of Rayonier Advanced Materials, the Company’s taxable REIT subsidiaries (“TRS”) operations included the Performance Fibers business. As such, during 2014 the income tax benefit from continuing operations was significantly impacted by the TRS businesses. Subsequent to the spin-off, the primary businesses performed in Rayonier’s taxable REIT subsidiaries include delivered logs, log trading and certain real estate activities, such as the sale and entitlement of development HBU properties.

Provision for Income Taxes from Continuing Operations

The Company’s effective tax rate is below the 35 percent U.S. statutory rate due to tax benefits associated with being a REIT. The income tax benefit for the three and nine months ended September 30, 2015 is principally related to the Matariki Forestry Group joint venture (the “New Zealand JV”). The prior year to date period’s benefit was due to losses at Rayonier's taxable operations primarily from interest and general administrative expenses not allowed to be allocated to the discontinued operations of the Performance Fibers business and is not comparable to the current year.

Provision for Income Taxes from Discontinued Operations

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

Note 2 — Discontinued Operations for additional information on the spin-off of the Performance Fibers business.

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



	Three Months Ended September 30,
	2015					2014
Income tax expense at federal statutory rate		$6,524		35.0	%		$7,273		35.0	%
REIT income and taxable losses	(9,259		)	(49.6	)	(16,673		)	(80.2	)
Foreign operations	(1,466		)	(7.9	)	(44		)	(0.2	)
Loss valuation allowance	2,742			14.7		—			—
Other	90			0.5		99			0.4
Income tax benefit before discrete items		($1,369	)	(7.3	)%		($9,345	)	(45.0	)%
CBPC^a valuation allowance	997			5.3		(990		)	(4.8	)
Uncertain tax positions	—			—		(1,830		)	(8.8	)
Return-to-accrual adjustments	(169		)	(0.9	)	885			4.3
Income tax benefit as reported for continuing operations		($541	)	(2.9	)%		($11,280	)	(54.3	)%



	Nine Months Ended September 30,
	2015					2014
Income tax expense at federal statutory rate		$11,617		35.0	%		$14,385		35.0	%
REIT income and taxable losses	(16,260		)	(48.9	)	(30,572		)	(74.4	)
Foreign operations	(3,029		)	(9.1	)	(88		)	(0.2	)
Loss valuation allowance	5,360			16.1		—			—
Other	175			0.5		196			0.5
Income tax benefit before discrete items		($2,137	)	(6.4	)%		($16,079	)	(39.1	)%
CBPC^a valuation allowance	997			3.0		14,584			35.5
Spin-off related costs	—			—		797			1.9
Deferred tax inventory valuations	—			—		(3,293		)	(8.0	)
Uncertain tax positions	—			—		(1,830		)	(4.5	)
Return-to-accrual adjustments	(169		)	(0.5	)	885			2.2
Other	—			—		(383		)	(0.9	)
Income tax benefit as reported for continuing operations		($1,309	)	(3.9	)%		($5,319	)	(12.9	)%

(a) Cellulosic biofuels producer credit.

Unrecognized Tax Benefits

During the third quarter of 2014, the Company removed a $5.8 million unrecognized tax benefit liability due to the expiration of the statute of limitations on examination of its 2010 tax return. This resulted in a $1.8 million income tax benefit in the prior year periods.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Higher and Better Use Timberlands and Real Estate Development Costs

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS

Rayonier continuously assesses potential alternative uses of its timberlands, as some properties may become more valuable for development, residential, recreation or other purposes. The Company periodically transfers, via a sale or contribution from the REIT to TRS, HBU timberlands to enable land-use entitlement, development or marketing activities. The Company also acquires HBU properties in connection with timberland acquisitions. These properties are managed as timberlands until sold or developed. While the majority of HBU sales involve rural and recreational land, the Company also selectively pursues various land-use entitlements on certain properties for residential, commercial and industrial development in order to enhance the long-term value of such properties. For selected development properties, Rayonier also invests in targeted infrastructure improvements, such as roadways and utilities, to accelerate the marketability and improve the value of such properties.

An analysis of higher and better use timberlands and real estate development costs from December 31, 2014 to September 30, 2015 is shown below:



	Higher and Better Use Timberlands and Real Estate Development Costs
	Land and Timber			Development Costs			Total
Non-current portion at December 31, 2014		$65,959			$11,474			$77,433
Plus: Current portion (a)	4,875			57			4,932
Total Balance at December 31, 2014	70,834			11,531			82,365
Non-cash cost of land sold and real estate development costs recovered upon sale	(5,640		)	(58		)	(5,698		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(2,876		)	—			(2,876		)
Capitalized real estate development costs (b)	—			2,029			2,029
Capital expenditures (silviculture)	121			—			121
Acquisitions	—			—			—
Intersegment transfers	1,861			—			1,861
Other	—			(29		)	(29		)
Total Balance at September 30, 2015	64,300			13,473			77,773
Less: Current portion (a)	(5,449		)	(5,050		)	(10,499		)
Non-current portion at September 30, 2015		$58,851			$8,423			$67,274


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 15 — Inventory for additional information.


(b)	Capitalized real estate development costs for the nine months ended September 30, 2015 of $2,029,000 consisted of $1,745,000 in cash outflows and a $284,000 change in accrued spending.

RESTRICTED DEPOSITS	9 Months Ended
RESTRICTED DEPOSITS	Sep. 30, 2015
Restricted Cash and Investments [Abstract]
Restricted Deposits	RESTRICTED DEPOSITS In order to qualify for like-kind exchange (“LKE”) treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of September 30, 2015 and December 31, 2014, the Company had $24.5 million and $6.7 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary.

SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for the nine months ended September 30, 2015 and the year ended December 31, 2014 is shown below (share amounts not in thousands):



	Rayonier Inc. Shareholders’ Equity
	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
	Shares (a)		Amount			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
Balance, December 31, 2013	126,257,870			$692,100			$1,015,209			($46,139	)		$94,073			$1,755,243
Net income (loss)	—		—			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
Net income (loss)	—		—			35,880			—			(1,379		)	34,501
Dividends ($0.75 per share)	—		—			(94,262		)	—			—			(94,262		)
Issuance of shares under incentive stock plans	167,021		1,322			—			—			—			1,322
Stock-based compensation	—		3,522			—			—			—			3,522
Tax deficiency on stock-based compensation	—		(272		)	—			—			—			(272		)
Repurchase of common shares (c) (d)	(3,172,438	)	(100		)	(75,873		)	—			—			(75,973		)
Net gain from pension and postretirement plans	—		—			—			2,414			—			2,414
Adjustments to Rayonier Advanced Materials (e)	—		—			884			—			—			884
Foreign currency translation adjustment	—		—			—			(37,101		)	(15,986		)	(53,087		)
Cash flow hedges	—		—			—			(16,464		)	(1,519		)	(17,983		)
Balance, September 30, 2015	123,767,680			$707,070			$657,326			($55,976	)		$67,797			$1,376,217


(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.


(c)	During the second and third quarter of 2015 the Company repurchased approximately $10.7 million and $65.2 million, respectively of common stock at average prices of $25.94 and $23.65 per share. As of September 30, 2015, the Company had 123.8 million shares of common stock outstanding and $24.1 million remaining under its share repurchase authorization announced in June 2015.

(d)

Includes $0.1 million of shares of the Company’s common stock purchased from employees in non-open market transactions. The shares of stock were sold by current and former employees of the Company in exchange for cash that was used to pay withholding taxes associated with the vesting of restricted stock awards under the Company’s stock incentive plan. The price per share surrendered is based on the closing price of the company’s stock on the respective vesting dates of the awards.


(e)	Primarily relates to return-to-accrual adjustments made in conjunction with the filing of the Company’s 2014 U.S. income tax return.

- Definition

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.

+ References

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+ Details

SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 30, 2015

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

Segment and Geographical Information

SEGMENT AND GEOGRAPHICAL INFORMATION

On June 27, 2014, the Company spun-off its Performance Fibers business and its operations are shown as discontinued operations for all periods presented. See Note 2 — Discontinued Operations for additional information. Effective with the fourth quarter of 2014, the Company realigned its segments considering the economic characteristics of each business unit and the way management internally evaluates business performance and makes capital allocation decisions. All prior period amounts have been reclassified to reflect the newly realigned segment structure. See Item 2 — Management’s Discussion and Analysis of Financial Condition — Our Company and Results of Operations for additional information.

Sales between operating segments are made based on estimated fair market value. 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.

Segment information for the three and nine months ended September 30, 2015 and 2014 were as follows:



	Three Months Ended September 30,			Nine Months Ended September 30,
SALES	2015	2014		2015	2014
Southern Timber	$34,797		$37,502	$103,009		$102,903
Pacific Northwest Timber	21,549	22,043		57,805	80,133
New Zealand Timber	41,065	48,479		121,482	130,786
Real Estate	35,232	26,689		65,968	66,236
Trading	19,014	15,116		59,500	80,027
Intersegment Eliminations	—	—		—	(3,924		)
Total	$151,657		$149,829	$407,764		$456,161



	Three Months Ended September 30,					Nine Months Ended September 30,
OPERATING INCOME	2015		2014			2015		2014
Southern Timber	$10,504			$12,802		$34,694			$32,181
Pacific Northwest Timber	3,081		4,446			7,356		25,873
New Zealand Timber	(915	)	1,943			3,834		6,603
Real Estate	20,001		16,399			34,004		44,888
Trading	428		2,499			614		1,955
Corporate and other	(5,320	)	(6,010		)	(18,452	)	(27,418		)
Total Operating Income	$27,779			$32,079		62,050		84,082
Unallocated interest expense and other	(9,139	)		($11,300	)	(28,858	)	(42,983		)
Total income from continuing operations before income taxes	$18,640			$20,779		$33,192			$41,099



	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2015		2014		2015		2014
Southern Timber		$14,404		$14,788		$41,356		$37,493
Pacific Northwest Timber	4,189		5,968		10,920		17,459
New Zealand Timber	7,021		9,314		22,207		23,477
Real Estate	6,269		3,807		11,087		11,140
Trading	—		—		—		—
Corporate and other	75		123		214		747
Total		$31,958		$34,000		$85,784		$90,316



	Three Months Ended September 30,				Nine Months Ended September 30,
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	2015		2014		2015		2014
Southern Timber	—		—		—		—
Pacific Northwest Timber	—		—		—		—
New Zealand Timber	—		41		—		2,137
Real Estate	4,594		3,205		9,532		6,507
Trading	—		—		—		—
Corporate and other	—		—		—		—
Total		$4,594		$3,246		$9,532		$8,644

- Definition

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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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 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 Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. 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 its New Zealand operations 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 and those which are no longer effective as hedging instruments, are recognized immediately in earnings. The Company’s hedge ineffectiveness was immaterial for all periods presented.

Foreign Currency Exchange and Option Contracts

The functional currency of Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited, and the New Zealand JV is the New Zealand dollar. The New Zealand JV is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The timber operations of the New Zealand JV are typically hedged 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. Foreign currency exposure from the New Zealand JV’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of September 30, 2015, foreign currency exchange contracts and foreign currency option contracts had maturity dates through February 2017 and April 2017, respectively.

Foreign currency exchange and option contracts hedging foreign currency risk on export sales and ocean freight payments 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.

The Company may de-designate these cash flow hedge relationships in advance or at the occurrence of the forecasted transaction. The portion of gains or losses on the derivative instrument previously accumulated in other comprehensive income for de-designated hedges remains in accumulated other comprehensive income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings. De-designated cash flow hedges are included in Derivatives not designated as hedging instruments in the table below.

In December 2014, the Company entered into a foreign currency exchange contract (notional amount of $22 million) and in August 2015 foreign currency option contracts (notional amount of $309 million) to mitigate the risk of fluctuations in foreign currency exchange rates when translating Rayonier New Zealand Limited and the New Zealand JV’s balance sheet to U.S. dollars. These contracts hedge a portion of the Company’s net investment in New Zealand and qualify as a net investment hedge. The fair value of these 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 hedges qualify for hedge accounting whereby fluctuations in fair market value during the life of the hedge are recorded in AOCI and remain there permanently unless a partial or full liquidation of the investment is made. At each reporting period, the Company reviews the hedges for ineffectiveness. Ineffectiveness can occur when changes to the investment or the hedged instrument are made such that the risk of foreign exchange movements are no longer mitigated by the hedging instrument. At that time, the amount related to the ineffectiveness of the hedge is recorded into earnings. The Company does not expect any ineffectiveness during the life of the hedges. The foreign currency exchange contract matures on December 21, 2015 and the foreign currency option contracts mature on February 3, 2016.

Interest Rate Swaps

The Company uses interest rate swaps to manage the New Zealand JV’s exposure to interest rate movements on its variable rate debt attributable to changes in the New Zealand Bank bill rate. By converting a portion of these borrowings from floating rates to fixed rates, the Company has reduced the impact of interest rate changes on its expected future cash outflows. As of September 30, 2015, the Company’s interest rate contracts hedged 81 percent of the New Zealand JV’s variable rate debt and had maturity dates through January 2020. Initially, these hedges qualified for hedge accounting; however, upon consolidation of the New Zealand JV in 2013, the hedges no longer qualified requiring all future changes in the fair market value of the hedges to be recorded in earnings.

The Company is exposed to cash flow interest rate risk on its variable-rate Term Credit Agreement (as discussed below), and uses variable-to-fixed interest rate swaps to hedge this exposure. For these derivative instruments, the Company reports the gains/losses from the fluctuations in the fair market value of the hedges in AOCI and reclassifies them to earnings as interest expense in the same period in which the hedged interest payments affect earnings.

In August 2015, the Company entered into a nine-year interest rate swap agreement for a notional amount of $170 million. This agreement fixes the LIBOR-related portion of the interest rate (LIBOR plus 1.625%) to an average rate of 2.20%. This derivative instrument has been designated as an interest rate cash flow hedge and qualifies for hedge accounting.

Also, in August 2015, the Company entered into a nine-year forward interest rate swap agreement with a start date in April 2016 for a notional amount of $180 million. This agreement fixes the LIBOR-related portion of the interest rate (LIBOR plus 1.625%) to an average rate of 2.35%. This derivative instrument has been designated as an interest rate cash flow hedge and qualifies for hedge accounting.

Fuel Hedge Contracts

The Company has 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 tables demonstrate the impact of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2015 and 2014.



		Three Months Ended September 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($289	)		($2,537	)
Foreign currency option contracts	Other comprehensive (loss) income	(788		)	(2,227		)
Interest rate swaps	Other comprehensive (loss) income	(13,644		)	—

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	1,151			—
Foreign currency option contracts	Other comprehensive (loss) income	2,084			—

Derivatives not designated as hedging instruments:
Foreign currency option contracts	Other operating (income) expense	847			—
Interest rate swaps	Interest income and miscellaneous (expense), net	(1,650		)	(1,765		)
Fuel hedge contracts	Cost of sales (benefit)	—			(62		)



		Nine Months Ended September 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($2,597	)		($1,868	)
Foreign currency option contracts	Other comprehensive (loss) income	(4,127		)	(2,006		)
Interest rate swaps	Other comprehensive (loss) income	(13,644		)	—

Derivatives designated as net investment hedges:
Foreign currency exchange contract	Other comprehensive (loss) income	4,258			—
Foreign currency option contracts	Other comprehensive (loss) income	2,084			—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	—			25
Foreign currency option contracts	Other operating (income) expense	1,394			7
Interest rate swaps	Interest and miscellaneous (expense) income, net	4,923			(3,628		)
Fuel hedge contracts	Cost of sales (benefit)	—			163

During the next 12 months, the amount of the September 30, 2015 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 $4.9 million.

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



	Notional Amount
	September 30, 2015		December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$25,840		$28,540
Foreign currency option contracts	129,100		79,400
Interest rate swaps	350,000		—

Derivatives designated as net investment hedges:
Foreign currency exchange contract	22,320		27,419
Foreign currency option contracts	308,647		—

Derivative not designated as a hedging instrument:
Interest rate swaps	121,163		161,968

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



	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		September 30, 2015			December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets		$24			$132
	Other assets	—			59
	Other current liabilities	(2,677		)	(272		)
	Other non-current liabilities	(1,087		)	—
Foreign currency option contracts	Prepaid and other current assets	127			299
	Other assets	218			198
	Other current liabilities	(4,222		)	(1,439		)
	Other non-current liabilities	(907		)	(196		)
Interest rate swaps	Other non-current liabilities	(13,644		)	—

Derivatives designated as net investment hedges:
Foreign currency exchange contract	Prepaid and other current assets	4,035			—
	Other current liabilities	—			(223		)
Foreign currency option contracts	Prepaid and other current assets	3,640			—
	Other current liabilities	(1,556		)	—

Derivative not designated as a hedging instrument:
Interest rate swaps	Other non-current liabilities	(8,733		)	(7,247		)

Total derivative contracts:
Prepaid and other current assets			$7,826			$431
Other assets		218			257
Total derivative assets			$8,044			$688

Other current liabilities		(8,455		)	(1,934		)
Other non-current liabilities		(24,371		)	(7,443		)
Total derivative liabilities			($32,826	)		($9,377	)


(a)	See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s 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.

- Definition

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.

+ References

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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair Value of Financial Instruments

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

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

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

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

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at September 30, 2015 and December 31, 2014, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:



	September 30, 2015							December 31, 2014
Asset (Liability)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$65,755			$65,755	—			$161,558			$161,558	—
Restricted cash (a)	24,523			24,523		—		6,688			6,688		—
Current maturities of long-term debt	—			—		—		(129,706		)	—		(156,762	)
Long-term debt	(791,233		)	—		(791,495	)	(621,849		)	—		(628,476	)
Interest rate swaps (b)	(22,377		)	—		(22,377	)	(7,247		)	—		(7,247	)
Foreign currency exchange contracts (b)	295			—		295		(304		)	—		(304	)
Foreign currency option contracts (b)	(2,700		)	—		(2,700	)	(1,138		)	—		(1,138	)


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


(b)	See Note 9 — 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

GUARANTEES

9 Months Ended

Sep. 30, 2015

Guarantees [Abstract]

Guarantees

GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies. As of September 30, 2015, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)		$16,685		$15,000
Guarantees (b)	2,254		43
Surety bonds (c)	781		—
Total financial commitments		$19,720		$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 2016 and will be renewed as required.

(b)

In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At September 30, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.


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

COMMITMENTS (COMMITMENTS)

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

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

At September 30, 2015, the future minimum payments under non-cancellable operating and timberland leases were as follows:



	Operating Leases		Timberland Leases (a)		Purchase Obligations (b)		Total
Remaining 2015		$458		$2,946		$2,434		$5,838
2016	1,658		9,278		8,200		19,136
2017	1,202		9,111		6,085		16,398
2018	539		7,515		5,556		13,610
2019	411		7,044		4,187		11,642
Thereafter	1,009		126,095		15,767		142,871
		$5,277		$161,989		$42,229		$209,495


(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.

CONTINGENCIES

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Contingencies

CONTINGENCIES

Following the Company’s November 10, 2014 earnings release and filing of the 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 Paul G. Boynton, Hans E. Vanden Noort, David L. Nunes, and H. Edwin Kiker 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-01395-TJC-JBT, in the United States District Court for the Middle District of Florida. The plaintiffs alleged 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 sought 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, which was granted on February 25, 2015. On April 7, 2015, the plaintiffs filed a Consolidated Class Action Complaint (the “Consolidated Complaint”). In the Consolidated Complaint, plaintiffs added allegations as to and added as a defendant N. Lynn Wilson, a former officer of Rayonier. With the filing of the Consolidated Complaint, David L. Nunes and H. Edwin Kiker were dropped from the case as defendants. Defendants timely filed Motions to Dismiss the Consolidated Complaint on May 15, 2015. After oral argument on Defendants' motions on August 25, 2015, the Court dismissed the Consolidated Complaint without prejudice, allowing plaintiffs leave to refile. Plaintiffs filed the Amended Consolidated Class Action Complaint (the "Amended Complaint") on September 25, 2015, which continued to assert claims against the Company, as well as Ms. Wilson and Messrs. Boynton and Vanden Noort. Defendants timely filed Motions to Dismiss the Amended Complaint on October 26, 2015, which are pending. At this preliminary stage, the Company cannot determine whether there is a reasonable likelihood a material loss has been incurred nor can the range of any such loss be estimated.

On November 26, 2014, December 29, 2014, January 26, 2015, February 13, 2015, and May 12, 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, the ultimate outcome of these matters cannot be predicted, nor can the range of potential expenses the Company may incur as a result of the obligations identified above be estimated.

In November 2014, the Company received a subpoena from 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 financial condition, results of operations, or cash flow, 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.

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2015

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

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Currently, the pension plans are closed to new participants. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change. In the first quarter of 2015, the Company lowered its return on asset assumption from 8.5 percent to 7.7 percent for 2015. In 2015, the Company has no mandatory pension contribution requirement.

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



	Pension						Postretirement
	Three Months Ended September 30,						Three Months Ended September 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$371			$378			$3		$3
Interest cost	830			786			13		18
Expected return on plan assets	(1,007		)	(1,135		)	—		—
Amortization of prior service cost	3			3			—		—
Amortization of losses	950			601			3		3
Net periodic benefit cost		$1,147			$633			$19		$24



	Pension						Postretirement
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$1,113			$3,545			$8		$328
Interest cost	2,489			9,921			39		423
Expected return on plan assets	(3,020		)	(14,123		)	—		—
Amortization of prior service cost	10			572			—		8
Amortization of losses	2,799			5,942			9		248
Amortization of negative plan amendment	—			—			—		(267		)
Net periodic benefit cost (a)		$3,391			$5,857			$56		$740


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

INVENTORY

9 Months Ended

Sep. 30, 2015

Inventory Disclosure [Abstract]

Inventory

INVENTORY

In the first quarter of 2015, Rayonier reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets, as discussed at Note 1 — Basis of Presentation. As of September 30, 2015 and December 31, 2014, Rayonier’s inventory was solely comprised of finished goods, as follows:



	September 30, 2015		December 31, 2014
Finished goods inventory
Real estate inventory (a)		$10,499		$4,932
Log inventory	4,007		3,451
Total inventory		$14,506		$8,383


(a)	Represents cost of HBU real estate (including capitalized development costs) expected to be sold within 12 months.

DEBT

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Debt

DEBT

Rayonier’s debt consisted of the following at September 30, 2015:



	September 30, 2015
Senior Notes due 2022 at a fixed interest rate of 3.75%		$325,000
Term Credit Agreement borrowings due 2024 at a variable interest rate of 1.8% at September 30, 2015	170,000
Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.4% at September 30, 2015	67,000
Mortgage notes due 2017 at fixed interest rates of 4.35%	42,739
Solid waste bond due 2020 at a variable interest rate of 1.3% at September 30, 2015	15,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.83% at September 30, 2015	149,860
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	21,634
Total debt	791,233
Less: Current maturities of long-term debt	—
Long-term debt		$791,233

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



2015	—
2016	149,860
2017 (a)	42,000
2018	—
2019	—
Thereafter	598,634
Total Debt		$790,494


(a)	The mortgage notes due in 2017 were recorded at a premium of $0.7 million as of September 30, 2015. Upon maturity the liability will be $42 million.

Term Credit Agreement

On August 5, 2015, the Company entered into a credit agreement with CoBank, ACB, as administrative agent, and a syndicate of Farm Credit institutions and other commercial banks to provide $550 million of new credit facilities, including a nine-year $350 million term loan facility. The Company has entered into an interest rate swap transaction to fix the cost of the term loan facility over its nine-year term. The periodic interest rate on the term credit agreement is LIBOR plus 1.625%, with an unused commitment fee of 0.175%. 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 estimates the effective interest rate for the third quarter was approximately 3.3% after consideration of the estimated patronage refunds and interest rate swaps. As of September 30, 2015, the Company had additional draws available of $180.0 million under the term credit agreement.

Revolving Credit Facility

In August 2015, the Company entered into a five-year $200 million unsecured revolving credit facility, replacing the previous $200 million revolving credit facility and $100 million farm credit facility which were scheduled to expire in April 2016 and December 2019, respectively. The periodic interest rate on the revolving credit facility is LIBOR plus 1.250%, with an unused commitment fee of 0.175%.

Net draws of $67.0 million were made in the third quarter of 2015 on the revolving credit facility. At September 30, 2015, the Company had available borrowings of $131.2 million under the revolving credit facility, net of $1.8 million to secure its outstanding letters of credit.

4.50% Senior Exchangeable Notes issued August 2009

In August 2015 the Company paid, upon maturity, $131 million of its 4.50% Senior Exchangeable Notes.

Joint Venture Debt

As of September 30, 2015, the New Zealand JV had $150 million of long-term variable rate debt maturing in September 2016. The Company intends to use proceeds from the term loan facility to fund a capital infusion into the New Zealand JV, which the New Zealand JV will in turn use for repayment of all outstanding amounts under its existing credit facility. The entire balance of the New Zealand JV Revolving Credit Facility remained classified as long-term debt at September 30, 2015 due to the ability and intent of the Company to refinance it on a long-term basis. This debt is subject to interest rate risk resulting from changes in the 90-day New Zealand Bank bill rate (“BKBM”). However, the New Zealand JV uses interest rate swaps to manage its exposure to interest rate movements on its bank loan by swapping a portion of these borrowings from floating rates to fixed rates. The notional amount of the outstanding interest rate swap contracts at September 30, 2015 was $121.0 million, or 81 percent of the variable rate debt. The interest rate swap contracts have maturities extending through January 2020. The periodic interest rate on New Zealand JV debt is BKBM plus 0.80% with an additional 0.80% credit line fee. The Company estimates the periodic effective interest rate on New Zealand JV debt for the third quarter was approximately 6.4% after consideration of interest rate swaps.

During the nine months ended September 30, 2015, the New Zealand JV made additional borrowings and repayments of $5.0 million on its working capital facility. Additional draws totaling $15 million remain available on the working capital facility. In addition, the New Zealand JV paid $1.4 million of its shareholder loan held with the non-controlling interest party. Favorable changes in exchange rates for the nine months through September 30, 2015 decreased debt on a U.S. dollar basis for the revolving facility and shareholder loan by $34.2 million and $4.9 million, respectively.

There were no other significant changes to the Company’s outstanding debt as reported in Note 13 — Debt in the 2014 Form 10-K.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2015

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

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2015 and the year ended December 31, 2014. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.



	Foreign currency translation gains/ (losses)			Net investment hedges			Cash flow hedges				Unrecognized components of employee benefit plans				Total
Balance as of December 31, 2013		$36,914		—				($342	)			($82,711	)			($46,139	)
Other comprehensive income/(loss) before reclassifications	(11,381		)	(145		)	510				47,938			(a)	36,922
Amounts reclassified from accumulated other comprehensive loss	—			—			(1,716		)		6,108			(b)	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	)
Other comprehensive income/(loss) before reclassifications	(43,420		)	6,319			(19,776		)	(d)	—				(56,877		)
Amounts reclassified from accumulated other comprehensive loss	—			—			3,312				2,414			(c)	5,726
Net other comprehensive income/(loss)	(43,420		)	6,319			(16,464		)		2,414				(51,151		)
Balance as of September 30, 2015		($17,887	)		$6,174			($18,012	)			($26,251	)			($55,976	)


(a)	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 at December 31, 2014 due to the spin-off. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information.


(b)	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.


(c)	This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information.


(d)	Includes$13.6 million of other comprehensive loss related to interest rate swaps entered into in third quarter 2015. See Note 9 — Derivative Financial Instruments and Hedging Activities for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2015 and September 30, 2014:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income						Affected line item in the income statement
	September 30, 2015			September 30, 2014
Realized loss (gain) on foreign currency exchange contracts		$3,928			($3,194	)	Other operating income, net
Realized loss (gain) on foreign currency option contracts	3,149			(1,058		)	Other operating income, net
Noncontrolling interest	(2,477		)	1,488			Comprehensive (loss) income attributable to noncontrolling interest
Income tax (benefit) expense on loss from foreign currency contracts	(1,288		)	835			Income tax benefit
Net loss (gain) on cash flow hedges reclassified from accumulated other comprehensive income	3,312			(1,929		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	—			843			Income tax expense
Net loss (gain) from accumulated other comprehensive income		$3,312			($1,086	)

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

OTHER OPERATING INCOME, NET

9 Months Ended

Sep. 30, 2015

Other Income and Expenses [Abstract]

Other Operating Income, Net

OTHER OPERATING INCOME, NET

Other operating income, net comprised the following:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Lease income, primarily from hunting leases		$4,349			$5,013			$14,348			$12,015
Other non-timber income	581			817			2,634			1,810
Foreign currency income (loss)	(149		)	4,304			67			4,292
Gain (loss) on sale or disposal of property and equipment	4			66			6			46
(Loss) gain on foreign currency exchange contracts	(2,297		)	—			(3,290		)	(32		)
Bankruptcy claim settlement	—			—			—			5,779
Gain (loss) on sale of carbon credits (a)	—			—			352			(307		)
Miscellaneous income (expense), net	367			(1,056		)	1,450			(2,695		)
Total		$2,855			$9,144			$15,567			$20,908


(a)	Loss in 2014 reflects surrender of carbon credit units.

CONSOLIDATING FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2015

CONSOLIDATING FINANCIAL STATEMENTS [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 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, Rayonier Operating Company LLC (“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 (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended September 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$151,657		—				$151,657
Costs and Expenses
Cost of sales	—			—			116,044			—			116,044
Selling and general expenses	—			4,412			6,277			—			10,689
Other operating expense (income), net	—			16			(2,871		)	—			(2,855		)
	—			4,428			119,450			—			123,878
OPERATING (LOSS) INCOME	—			(4,428		)	32,207			—			27,779
Interest expense	(3,227		)	(2,240		)	(2,114		)	—			(7,581		)
Interest and miscellaneous income (expense), net	1,980			583			(4,121		)	—			(1,558		)
Equity in income from subsidiaries	20,916			26,647			—			(47,563		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	19,669			20,562			25,972			(47,563		)	18,640
Income tax benefit	—			354			187			—			541
NET INCOME	19,669			20,916			26,159			(47,563		)	19,181
Less: Net loss attributable to noncontrolling interest	—			—			(488		)	—			(488		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,669			20,916			26,647			(47,563		)	19,669
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(8,662		)	(8,662		)	(13,370		)	17,324			(13,370		)
Cash flow hedges, net of income tax	(13,954		)	(13,954		)	(14,120		)	27,908			(14,120		)
Amortization of pension and postretirement plans, net of income tax	890			890			117			(1,007		)	890
Total other comprehensive loss	(21,726		)	(21,726		)	(27,373		)	44,225			(26,600		)
COMPREHENSIVE LOSS	(2,057		)	(810		)	(1,214		)	(3,338		)	(7,419		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(5,363		)	—			(5,363		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($2,057	)		($810	)		$4,149			($3,338	)		($2,056	)



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



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Nine Months Ended September 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$407,764		—				$407,764
Costs and Expenses
Cost of sales	—			—			326,966			—			326,966
Selling and general expenses	—			15,691			18,624			—			34,315
Other operating income, net	—			(445		)	(15,122		)	—			(15,567		)
	—			15,246			330,468			—			345,714
OPERATING (LOSS) INCOME	—			(15,246		)	77,296			—			62,050
Interest expense	(9,564		)	(7,304		)	(7,740		)	—			(24,608		)
Interest and miscellaneous income (expense), net	5,787			1,956			(11,993		)	—			(4,250		)
Equity in income from subsidiaries	39,657			58,010			—			(97,667		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	35,880			37,416			57,563			(97,667		)	33,192
Income tax benefit (expense)	—			2,241			(932		)	—			1,309
NET INCOME	35,880			39,657			56,631			(97,667		)	34,501
Less: Net loss attributable to noncontrolling interest	—			—			(1,379		)	—			(1,379		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	35,880			39,657			58,010			(97,667		)	35,880
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(37,100		)	(37,100		)	(53,088		)	74,201			(53,087		)
Cash flow hedges, net of income tax	(16,465		)	(16,465		)	(17,983		)	32,930			(17,983		)
Amortization of pension and postretirement plans, net of income tax	2,414			2,414			132			(2,546		)	2,414
Total other comprehensive loss	(51,151		)	(51,151		)	(70,939		)	104,585			(68,656		)
COMPREHENSIVE LOSS	(15,271		)	(11,494		)	(14,308		)	6,918			(34,155		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(18,884		)	—			(18,884		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($15,271	)		($11,494	)		$4,576			$6,918			($15,271	)



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$456,161		—				$456,161
Costs and Expenses
Cost of sales	—			—			357,083			—			357,083
Selling and general expenses	—			8,032			27,872			—			35,904
Other operating expense (income), net	—			3,094			(24,002		)	—			(20,908		)
	—			11,126			360,953			—			372,079
OPERATING (LOSS) INCOME	—			(11,126		)	95,208			—			84,082
Interest expense	(10,074		)	(21,121		)	(4,657		)	—			(35,852		)
Interest and miscellaneous income (expense), net	7,230			(3,780		)	(10,581		)	—			(7,131		)
Equity in income from subsidiaries	93,324			121,047			—			(214,371		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	90,480			85,020			79,970			(214,371		)	41,099
Income tax benefit (expense)	—			8,304			(2,985		)	—			5,319
INCOME FROM CONTINUING OPERATIONS	90,480			93,324			76,985			(214,371		)	46,418
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			43,092			—			43,092
NET INCOME	90,480			93,324			120,077			(214,371		)	89,510
Less: Net loss attributable to noncontrolling interest	—			—			(970		)	—			(970		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	90,480			93,324			121,047			(214,371		)	90,480
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(11,770		)	(11,770		)	(16,426		)	23,540			(16,426		)
Cash flow hedges, net of income tax	(1,756		)	(1,758		)	(2,703		)	3,514			(2,703		)
Amortization of pension and postretirement plans, net of income tax	63,235			63,235			90,214			(153,449		)	63,235
Total other comprehensive income	49,709			49,707			71,085			(126,395		)	44,106
COMPREHENSIVE INCOME	140,189			143,031			191,162			(340,766		)	133,616
Less: Comprehensive income attributable to noncontrolling interest	—			—			(6,573		)	—			(6,573		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$140,189			$143,031			$197,735			($340,766	)		$140,189



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of September 30, 2015
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$12,955		$10,760			$42,040		—				$65,755
Accounts receivable, less allowance for doubtful accounts	—		143			19,153			—			19,296
Inventory	—		—			14,506			—			14,506
Prepaid and other current assets	—		11,124			12,942			—			24,066
Total current assets	12,955		22,027			88,641			—			123,623
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,038,032			—			2,038,032
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS			—			67,274			—			67,274
NET PROPERTY, PLANT AND EQUIPMENT	—		377			5,780			—			6,157
INVESTMENT IN SUBSIDIARIES	1,357,910		2,213,466			—			(3,571,376		)	—
INTERCOMPANY NOTES RECEIVABLE	266,149		(2,914		)	—			(263,235		)	—
OTHER ASSETS	2,396		24,599			52,379			—			79,374
TOTAL ASSETS		$1,639,410		$2,257,555			$2,252,106			($3,834,611	)		$2,314,460
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$1,437			$17,864		—				$19,301
Accrued taxes	—		13			17,225			—			17,238
Accrued payroll and benefits	—		3,181			2,492			—			5,673
Accrued interest	5,990		500			37,782			(35,329		)	8,943
Other current liabilities	—		14,031			16,169			—			30,200
Total current liabilities	5,990		19,162			91,532			(35,329		)	81,355
LONG-TERM DEBT	325,000		252,000			214,233			—			791,233
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,283			(684		)	—			33,599
OTHER NON-CURRENT LIABILITIES	—		20,288			11,768			—			32,056
INTERCOMPANY PAYABLE	—		573,912			(257,486		)	(316,426		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,308,420		1,357,910			2,124,946			(3,482,856		)	1,308,420
Noncontrolling interest	—		—			67,797			—			67,797
TOTAL SHAREHOLDERS’ EQUITY	1,308,420		1,357,910			2,192,743			(3,482,856		)	1,376,217
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,639,410		$2,257,555			$2,252,106			($3,834,611	)		$2,314,460



	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	—		—		8,383			—			8,383
Prepaid and other current assets	—		2,009		17,736			—			19,745
Total current assets	102,218		11,523		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		77,433			—			77,433
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		45,639			—			66,771
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 INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,017,520			(3,480,823		)	1,488,470
Noncontrolling interest	—		—		86,681			—			86,681
TOTAL SHAREHOLDERS’ 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 STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$77,316			$92,414			$64,901			($91,228	)		$143,403
INVESTING ACTIVITIES
Capital expenditures	—			(78		)	(38,439		)	—			(38,517		)
Real estate development costs	—			—			(1,745		)	—			(1,745		)
Purchase of timberlands	—			—			(88,466		)	—			(88,466		)
Change in restricted cash	—			—			(17,835		)	—			(17,835		)
Investment in Subsidiaries	—			(75,946		)	—			75,946			—
Other	—			—			3,692			—			3,692
CASH USED FOR INVESTING ACTIVITIES	—			(76,024		)	(142,793		)	75,946			(142,871		)
FINANCING ACTIVITIES
Issuance of debt	—			374,000			5,027			—			379,027
Repayment of debt	—			(294,472		)	(6,399		)	—			(300,871		)
Dividends paid	(94,280		)	—			—			—			(94,280		)
Proceeds from the issuance of common shares	1,322			—			—			—			1,322
Repurchase of common shares	(73,621		)	—			—			—			(73,621		)
Debt issuance costs	—			(1,678		)	—			—			(1,678		)
Intercompany distributions	—			(91,585		)	76,303			15,282			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(166,579		)	(13,735		)	74,931			15,282			(90,101		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(6,234		)	—			(6,234		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(89,263		)	2,655			(9,195		)	—			(95,803		)
Balance, beginning of year	102,218			8,105			51,235			—			161,558
Balance, end of period		$12,955			$10,760			$42,040		—				$65,755



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$219,988			$238,010			$57,801			($231,730	)		$284,069
INVESTING ACTIVITIES
Capital expenditures	—			(400		)	(44,842		)	—			(45,242		)
Capital expenditures from discontinued operations	—			—			(60,442		)	—			(60,442		)
Real estate development costs	—			—			(3,314		)	—			(3,314		)
Purchase of timberlands	—			—			(93,189		)	—			(93,189		)
Change in restricted cash	—			—			47,318			—			47,318
Investment in Subsidiaries	—			855,014			—			(855,014		)	—
Other	—			—			(478		)	—			(478		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			854,614			(154,947		)	(855,014		)	(155,347		)
FINANCING ACTIVITIES
Issuance of debt	—			185,000			1,110,163			—			1,295,163
Repayment of debt	—			(1,002,500		)	(170,549		)	—			(1,173,049		)
Dividends paid	(225,877		)	—			—			—			(225,877		)
Proceeds from the issuance of common shares	4,645			—			—			—			4,645
Repurchase of common shares	(1,834		)	—			—			—			(1,834		)
Debt issuance costs	—			—			(12,380		)	—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(31,420		)	—			—			—			(31,420		)
Issuance of intercompany notes	(11,400		)	—			11,400			—			—
Intercompany distributions	—			(234,659		)	(852,085		)	1,086,744			—
Other	—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(265,886		)	(1,052,159		)	85,869			1,086,744			(145,432		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(103		)	—			(103		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(45,898		)	40,465			(11,380		)	—			(16,813		)
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period		$84,283			$51,488			$47,060		—				$182,831

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain 2014 amounts have been reclassified to conform to the current presentation, including changes in balance sheet presentation. During the first quarter of 2015, the Company reclassified seeds and seedlings from Inventory and Other Assets to Timber and Timberlands, Net to better reflect the intended use of the assets. Rayonier also reclassified long-term higher and better use (“HBU”) timberlands and real estate development costs from Other Assets to a separate balance sheet caption. These reclassifications are reflected in the September 30, 2015 and December 31, 2014 Consolidated Balance Sheets. Corresponding changes have also been made to the Consolidated Statements of Cash Flows for both periods presented. Certain 2014 amounts have also been adjusted for reclassification of discontinued operations. Rayonier completed the spin-off of its Performance Fibers business on June 27, 2014. Accordingly, the operating results of this business segment are reported as discontinued operations in the Company’s Consolidated Statements of Income and Comprehensive Income for the prior-year period. Certain administrative and general costs historically allocated to the Performance Fibers business that remained with Rayonier are reported in continuing operations. The Consolidated Statement of Cash Flows for the nine months ended September 30, 2014 has not been restated to exclude Performance Fibers cash flows. See Note 2 — Discontinued Operations for additional information regarding the spin-off of the Performance Fibers business.
New Accounting Standards	New Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, a comprehensive new revenue recognition standard 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. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers — Deferral of the Effective Date. ASU No. 2015-14 provides a one-year deferral of the effective date of the new standard, with an option for organizations to adopt early based on the original effective date. This standard will be effective for Rayonier beginning January 1, 2018 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 2015, the FASB issued ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU No. 2015-03 requires that debt issuance costs be presented in the Balance Sheet as a direct deduction from the carrying amount of the debt liability. ASU No. 2015-03 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period, and is required to be applied on a retrospective basis. Early adoption is permitted. In August 2015, the FASB issued ASU No. 2015-15 which clarified and amended the guidance so that debt issuance costs related to a line-of-credit arrangement can continue to be deferred and presented as an asset on the balance sheet, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. Rayonier intends to adopt ASU No. 2015-03 in the Company’s first quarter 2016 Form 10-Q and to defer and present debt issuance costs related to the Company’s revolving credit facility as an asset with subsequent amortization over the life of the facility. As of September 30, 2015, the Company had approximately $3.4 million and $0.6 million of capitalized debt costs related to its outstanding non-revolving debt and revolving credit facilities, respectively. In May 2015, the FASB issued ASU No. 2015–07, “Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015–07 requires that investments for which the fair value is measured at NAV using the practical expedient (investments in funds measured at NAV) under “Fair Value Measurements and Disclosures” (Topic 820) be excluded from the fair value hierarchy. ASU No. 2015–07 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. ASU No. 2015–07 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Early adoption is permitted. Rayonier intends to adopt ASU No. 2015–07 in the Company’s first quarter 2016 Form 10-Q filing, which will not have a material impact on the consolidated financial statements.
Subsequent Events	Subsequent Events Quarterly Dividend On October 19, 2015, the Company announced a fourth quarter dividend of 25 cents per share payable December 31, 2015, to shareholders of record on December 17, 2015.
Interest Expense Allocated to Discontinued Operations	In accordance with Accounting Standards Codification (“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).
Segment Reporting	Sales between operating segments are made based on estimated fair market value. 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.
Derivatives	Accounting for derivative financial instruments is governed by Accounting Standards Codification Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings when the hedged transaction materializes. 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 its New Zealand operations 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 and those which are no longer effective as hedging instruments, are recognized immediately in earnings.
Derivatives, Offsetting Fair Value Amounts	Derivative financial instruments are presented at their gross fair values in the Consolidated Balance Sheets. The Company’s derivative financial instruments are not subject to master netting arrangements, which would allow the right of offset.
Fair Value	The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model. Rayonier uses the following methods and assumptions in estimating the fair value of its financial instruments: Cash and cash equivalents and Restricted cash — The carrying amount is equal to fair market value. Debt — The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value. Interest rate swap agreements — The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates. Foreign currency exchange contracts — The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate. Foreign currency option contracts — The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.
Consolidation 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.

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

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



	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Sales		$—		$456,180
Cost of sales and other	—		(368,868		)
Transaction expenses	—		(22,989		)
Income from discontinued operations before income taxes	—		64,323
Income tax expense	—		(21,231		)
Income from discontinued operations, net		$—		$43,092

Schedule of Interest Expense Allocated to Discontinued Operations

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



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

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

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



	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Depreciation and amortization		$—		$37,985
Capital expenditures	—		60,443

Schedule of Elimination of Intercompany Hardwood Purchases

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



	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Hardwood purchases		$—		$3,935

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Income from continuing operations		$19,181			$32,059			$34,501			$46,418
Less: Net loss from continuing operations attributable to noncontrolling interest	(488		)	(642		)	(1,379		)	(970		)
Income from continuing operations attributable to Rayonier Inc.		$19,669			$32,701			$35,880			$47,388

Income from discontinued operations, net, attributable to Rayonier Inc.	—			—			—			43,092

Net income attributable to Rayonier Inc.		$19,669			$32,701			$35,880			$90,480

Shares used for determining basic earnings per common share	125,143,706			126,501,837			126,125,802			126,428,279
Dilutive effect of:
Stock options	91,495			320,839			129,906			347,721
Performance and restricted shares	31,051			37,682			37,064			165,627
Assumed conversion of Senior Exchangeable Notes (a)	39,720			1,692,343			477,931			2,395,698
Assumed conversion of warrants (a)	—			1,237,812			—			2,344,335
Shares used for determining diluted earnings per common share	125,305,972			129,790,513			126,770,703			131,681,660
Basic earnings per common share attributable to Rayonier Inc.:
Continuing operations		$0.16			$0.26			$0.28			$0.38
Discontinued operations	—			—			—			0.34
Net income		$0.16			$0.26			$0.28			$0.72
Diluted earnings per common share attributable to Rayonier Inc.:
Continuing operations		$0.16			$0.25			$0.28			$0.36
Discontinued operations	—			—			—			0.33
Net income		$0.16			$0.25			$0.28			$0.69



	Three Months Ended September 30,		Nine Months Ended September 30,
	2015	2014	2015	2014
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	994,549	374,562	906,582	485,850
Assumed conversion of exchangeable note hedges (a)	39,720	1,692,343	477,931	2,395,698
Total	1,034,269	2,066,905	1,384,513	2,881,548

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended September 30,		Nine Months Ended September 30,
	2015	2014	2015	2014
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	994,549	374,562	906,582	485,850
Assumed conversion of exchangeable note hedges (a)	39,720	1,692,343	477,931	2,395,698
Total	1,034,269	2,066,905	1,384,513	2,881,548

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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



	Three Months Ended September 30,
	2015					2014
Income tax expense at federal statutory rate		$6,524		35.0	%		$7,273		35.0	%
REIT income and taxable losses	(9,259		)	(49.6	)	(16,673		)	(80.2	)
Foreign operations	(1,466		)	(7.9	)	(44		)	(0.2	)
Loss valuation allowance	2,742			14.7		—			—
Other	90			0.5		99			0.4
Income tax benefit before discrete items		($1,369	)	(7.3	)%		($9,345	)	(45.0	)%
CBPC^a valuation allowance	997			5.3		(990		)	(4.8	)
Uncertain tax positions	—			—		(1,830		)	(8.8	)
Return-to-accrual adjustments	(169		)	(0.9	)	885			4.3
Income tax benefit as reported for continuing operations		($541	)	(2.9	)%		($11,280	)	(54.3	)%



	Nine Months Ended September 30,
	2015					2014
Income tax expense at federal statutory rate		$11,617		35.0	%		$14,385		35.0	%
REIT income and taxable losses	(16,260		)	(48.9	)	(30,572		)	(74.4	)
Foreign operations	(3,029		)	(9.1	)	(88		)	(0.2	)
Loss valuation allowance	5,360			16.1		—			—
Other	175			0.5		196			0.5
Income tax benefit before discrete items		($2,137	)	(6.4	)%		($16,079	)	(39.1	)%
CBPC^a valuation allowance	997			3.0		14,584			35.5
Spin-off related costs	—			—		797			1.9
Deferred tax inventory valuations	—			—		(3,293		)	(8.0	)
Uncertain tax positions	—			—		(1,830		)	(4.5	)
Return-to-accrual adjustments	(169		)	(0.5	)	885			2.2
Other	—			—		(383		)	(0.9	)
Income tax benefit as reported for continuing operations		($1,309	)	(3.9	)%		($5,319	)	(12.9	)%

(a) Cellulosic biofuels producer credit.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS (Tables)

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Schedule of Costs for Land, Timber and Real Estate Development

An analysis of higher and better use timberlands and real estate development costs from December 31, 2014 to September 30, 2015 is shown below:



	Higher and Better Use Timberlands and Real Estate Development Costs
	Land and Timber			Development Costs			Total
Non-current portion at December 31, 2014		$65,959			$11,474			$77,433
Plus: Current portion (a)	4,875			57			4,932
Total Balance at December 31, 2014	70,834			11,531			82,365
Non-cash cost of land sold and real estate development costs recovered upon sale	(5,640		)	(58		)	(5,698		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(2,876		)	—			(2,876		)
Capitalized real estate development costs (b)	—			2,029			2,029
Capital expenditures (silviculture)	121			—			121
Acquisitions	—			—			—
Intersegment transfers	1,861			—			1,861
Other	—			(29		)	(29		)
Total Balance at September 30, 2015	64,300			13,473			77,773
Less: Current portion (a)	(5,449		)	(5,050		)	(10,499		)
Non-current portion at September 30, 2015		$58,851			$8,423			$67,274


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 15 — Inventory for additional information.


(b)	Capitalized real estate development costs for the nine months ended September 30, 2015 of $2,029,000 consisted of $1,745,000 in cash outflows and a $284,000 change in accrued spending.

SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

An analysis of shareholders’ equity for the nine months ended September 30, 2015 and the year ended December 31, 2014 is shown below (share amounts not in thousands):



	Rayonier Inc. Shareholders’ Equity
	Common Shares					Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
	Shares (a)		Amount			Retained Earnings			Accumulated Other Comprehensive Income/(Loss)			Non-controlling Interest			Total Shareholders’ Equity
Balance, December 31, 2013	126,257,870			$692,100			$1,015,209			($46,139	)		$94,073			$1,755,243
Net income (loss)	—		—			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
Net income (loss)	—		—			35,880			—			(1,379		)	34,501
Dividends ($0.75 per share)	—		—			(94,262		)	—			—			(94,262		)
Issuance of shares under incentive stock plans	167,021		1,322			—			—			—			1,322
Stock-based compensation	—		3,522			—			—			—			3,522
Tax deficiency on stock-based compensation	—		(272		)	—			—			—			(272		)
Repurchase of common shares (c) (d)	(3,172,438	)	(100		)	(75,873		)	—			—			(75,973		)
Net gain from pension and postretirement plans	—		—			—			2,414			—			2,414
Adjustments to Rayonier Advanced Materials (e)	—		—			884			—			—			884
Foreign currency translation adjustment	—		—			—			(37,101		)	(15,986		)	(53,087		)
Cash flow hedges	—		—			—			(16,464		)	(1,519		)	(17,983		)
Balance, September 30, 2015	123,767,680			$707,070			$657,326			($55,976	)		$67,797			$1,376,217


(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.


(c)	During the second and third quarter of 2015 the Company repurchased approximately $10.7 million and $65.2 million, respectively of common stock at average prices of $25.94 and $23.65 per share. As of September 30, 2015, the Company had 123.8 million shares of common stock outstanding and $24.1 million remaining under its share repurchase authorization announced in June 2015.

(d)


(e)	Primarily relates to return-to-accrual adjustments made in conjunction with the filing of the Company’s 2014 U.S. income tax return.

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2015

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

Schedule of Segment Reporting Information, by Segment

Segment information for the three and nine months ended September 30, 2015 and 2014 were as follows:



	Three Months Ended September 30,			Nine Months Ended September 30,
SALES	2015	2014		2015	2014
Southern Timber	$34,797		$37,502	$103,009		$102,903
Pacific Northwest Timber	21,549	22,043		57,805	80,133
New Zealand Timber	41,065	48,479		121,482	130,786
Real Estate	35,232	26,689		65,968	66,236
Trading	19,014	15,116		59,500	80,027
Intersegment Eliminations	—	—		—	(3,924		)
Total	$151,657		$149,829	$407,764		$456,161



	Three Months Ended September 30,					Nine Months Ended September 30,
OPERATING INCOME	2015		2014			2015		2014
Southern Timber	$10,504			$12,802		$34,694			$32,181
Pacific Northwest Timber	3,081		4,446			7,356		25,873
New Zealand Timber	(915	)	1,943			3,834		6,603
Real Estate	20,001		16,399			34,004		44,888
Trading	428		2,499			614		1,955
Corporate and other	(5,320	)	(6,010		)	(18,452	)	(27,418		)
Total Operating Income	$27,779			$32,079		62,050		84,082
Unallocated interest expense and other	(9,139	)		($11,300	)	(28,858	)	(42,983		)
Total income from continuing operations before income taxes	$18,640			$20,779		$33,192			$41,099



	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2015		2014		2015		2014
Southern Timber		$14,404		$14,788		$41,356		$37,493
Pacific Northwest Timber	4,189		5,968		10,920		17,459
New Zealand Timber	7,021		9,314		22,207		23,477
Real Estate	6,269		3,807		11,087		11,140
Trading	—		—		—		—
Corporate and other	75		123		214		747
Total		$31,958		$34,000		$85,784		$90,316



	Three Months Ended September 30,				Nine Months Ended September 30,
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	2015		2014		2015		2014
Southern Timber	—		—		—		—
Pacific Northwest Timber	—		—		—		—
New Zealand Timber	—		41		—		2,137
Real Estate	4,594		3,205		9,532		6,507
Trading	—		—		—		—
Corporate and other	—		—		—		—
Total		$4,594		$3,246		$9,532		$8,644

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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



		Three Months Ended September 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($289	)		($2,537	)
Foreign currency option contracts	Other comprehensive (loss) income	(788		)	(2,227		)
Interest rate swaps	Other comprehensive (loss) income	(13,644		)	—

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	1,151			—
Foreign currency option contracts	Other comprehensive (loss) income	2,084			—

Derivatives not designated as hedging instruments:
Foreign currency option contracts	Other operating (income) expense	847			—
Interest rate swaps	Interest income and miscellaneous (expense), net	(1,650		)	(1,765		)
Fuel hedge contracts	Cost of sales (benefit)	—			(62		)



		Nine Months Ended September 30,
	Income Statement Location	2015			2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($2,597	)		($1,868	)
Foreign currency option contracts	Other comprehensive (loss) income	(4,127		)	(2,006		)
Interest rate swaps	Other comprehensive (loss) income	(13,644		)	—

Derivatives designated as net investment hedges:
Foreign currency exchange contract	Other comprehensive (loss) income	4,258			—
Foreign currency option contracts	Other comprehensive (loss) income	2,084			—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Other operating (income) expense	—			25
Foreign currency option contracts	Other operating (income) expense	1,394			7
Interest rate swaps	Interest and miscellaneous (expense) income, net	4,923			(3,628		)
Fuel hedge contracts	Cost of sales (benefit)	—			163

Schedule of Notional Amounts of Outstanding Derivative Positions

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



	Notional Amount
	September 30, 2015		December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$25,840		$28,540
Foreign currency option contracts	129,100		79,400
Interest rate swaps	350,000		—

Derivatives designated as net investment hedges:
Foreign currency exchange contract	22,320		27,419
Foreign currency option contracts	308,647		—

Derivative not designated as a hedging instrument:
Interest rate swaps	121,163		161,968

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

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



	Location on Balance Sheet	Fair Value Assets / (Liabilities) (a)
		September 30, 2015			December 31, 2014
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Prepaid and other current assets		$24			$132
	Other assets	—			59
	Other current liabilities	(2,677		)	(272		)
	Other non-current liabilities	(1,087		)	—
Foreign currency option contracts	Prepaid and other current assets	127			299
	Other assets	218			198
	Other current liabilities	(4,222		)	(1,439		)
	Other non-current liabilities	(907		)	(196		)
Interest rate swaps	Other non-current liabilities	(13,644		)	—

Derivatives designated as net investment hedges:
Foreign currency exchange contract	Prepaid and other current assets	4,035			—
	Other current liabilities	—			(223		)
Foreign currency option contracts	Prepaid and other current assets	3,640			—
	Other current liabilities	(1,556		)	—

Derivative not designated as a hedging instrument:
Interest rate swaps	Other non-current liabilities	(8,733		)	(7,247		)

Total derivative contracts:
Prepaid and other current assets			$7,826			$431
Other assets		218			257
Total derivative assets			$8,044			$688

Other current liabilities		(8,455		)	(1,934		)
Other non-current liabilities		(24,371		)	(7,443		)
Total derivative liabilities			($32,826	)		($9,377	)


(a)	See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping



	September 30, 2015							December 31, 2014
Asset (Liability)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
				Level 1		Level 2					Level 1		Level 2
Cash and cash equivalents		$65,755			$65,755	—			$161,558			$161,558	—
Restricted cash (a)	24,523			24,523		—		6,688			6,688		—
Current maturities of long-term debt	—			—		—		(129,706		)	—		(156,762	)
Long-term debt	(791,233		)	—		(791,495	)	(621,849		)	—		(628,476	)
Interest rate swaps (b)	(22,377		)	—		(22,377	)	(7,247		)	—		(7,247	)
Foreign currency exchange contracts (b)	295			—		295		(304		)	—		(304	)
Foreign currency option contracts (b)	(2,700		)	—		(2,700	)	(1,138		)	—		(1,138	)


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


(b)	See Note 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

GUARANTEES (Tables)

9 Months Ended

Sep. 30, 2015

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of September 30, 2015, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)		$16,685		$15,000
Guarantees (b)	2,254		43
Surety bonds (c)	781		—
Total financial commitments		$19,720		$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 2016 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 during 2015 and 2016 and are expected to be renewed as required.

COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Payments

At September 30, 2015, the future minimum payments under non-cancellable operating and timberland leases were as follows:



	Operating Leases		Timberland Leases (a)		Purchase Obligations (b)		Total
Remaining 2015		$458		$2,946		$2,434		$5,838
2016	1,658		9,278		8,200		19,136
2017	1,202		9,111		6,085		16,398
2018	539		7,515		5,556		13,610
2019	411		7,044		4,187		11,642
Thereafter	1,009		126,095		15,767		142,871
		$5,277		$161,989		$42,229		$209,495


(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.

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2015

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

Schedule of Net Benefit Costs

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



	Pension						Postretirement
	Three Months Ended September 30,						Three Months Ended September 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$371			$378			$3		$3
Interest cost	830			786			13		18
Expected return on plan assets	(1,007		)	(1,135		)	—		—
Amortization of prior service cost	3			3			—		—
Amortization of losses	950			601			3		3
Net periodic benefit cost		$1,147			$633			$19		$24



	Pension						Postretirement
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015		2014
Components of Net Periodic Benefit Cost
Service cost		$1,113			$3,545			$8		$328
Interest cost	2,489			9,921			39		423
Expected return on plan assets	(3,020		)	(14,123		)	—		—
Amortization of prior service cost	10			572			—		8
Amortization of losses	2,799			5,942			9		248
Amortization of negative plan amendment	—			—			—		(267		)
Net periodic benefit cost (a)		$3,391			$5,857			$56		$740


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

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2015

Inventory Disclosure [Abstract]

Schedule of Inventory

As of September 30, 2015 and December 31, 2014, Rayonier’s inventory was solely comprised of finished goods, as follows:



	September 30, 2015		December 31, 2014
Finished goods inventory
Real estate inventory (a)		$10,499		$4,932
Log inventory	4,007		3,451
Total inventory		$14,506		$8,383


(a)	Represents cost of HBU real estate (including capitalized development costs) expected to be sold within 12 months.

DEBT (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Rayonier’s debt consisted of the following at September 30, 2015:



	September 30, 2015
Senior Notes due 2022 at a fixed interest rate of 3.75%		$325,000
Term Credit Agreement borrowings due 2024 at a variable interest rate of 1.8% at September 30, 2015	170,000
Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.4% at September 30, 2015	67,000
Mortgage notes due 2017 at fixed interest rates of 4.35%	42,739
Solid waste bond due 2020 at a variable interest rate of 1.3% at September 30, 2015	15,000
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.83% at September 30, 2015	149,860
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate	21,634
Total debt	791,233
Less: Current maturities of long-term debt	—
Long-term debt		$791,233

Schedule of Maturities of Long-Term Debt

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



2015	—
2016	149,860
2017 (a)	42,000
2018	—
2019	—
Thereafter	598,634
Total Debt		$790,494


(a)	The mortgage notes due in 2017 were recorded at a premium of $0.7 million as of September 30, 2015. Upon maturity the liability will be $42 million.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 30, 2015

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

Schedule of Accumulated Other Comprehensive Income (Loss)



	Foreign currency translation gains/ (losses)			Net investment hedges			Cash flow hedges				Unrecognized components of employee benefit plans				Total
Balance as of December 31, 2013		$36,914		—				($342	)			($82,711	)			($46,139	)
Other comprehensive income/(loss) before reclassifications	(11,381		)	(145		)	510				47,938			(a)	36,922
Amounts reclassified from accumulated other comprehensive loss	—			—			(1,716		)		6,108			(b)	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	)
Other comprehensive income/(loss) before reclassifications	(43,420		)	6,319			(19,776		)	(d)	—				(56,877		)
Amounts reclassified from accumulated other comprehensive loss	—			—			3,312				2,414			(c)	5,726
Net other comprehensive income/(loss)	(43,420		)	6,319			(16,464		)		2,414				(51,151		)
Balance as of September 30, 2015		($17,887	)		$6,174			($18,012	)			($26,251	)			($55,976	)


(a)	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 at December 31, 2014 due to the spin-off. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information.


(b)	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.


(c)	This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information.


(d)	Includes$13.6 million of other comprehensive loss related to interest rate swaps entered into in third quarter 2015. See Note 9 — Derivative Financial Instruments and Hedging Activities for additional information.

Reclassification out of Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2015 and September 30, 2014:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income						Affected line item in the income statement
	September 30, 2015			September 30, 2014
Realized loss (gain) on foreign currency exchange contracts		$3,928			($3,194	)	Other operating income, net
Realized loss (gain) on foreign currency option contracts	3,149			(1,058		)	Other operating income, net
Noncontrolling interest	(2,477		)	1,488			Comprehensive (loss) income attributable to noncontrolling interest
Income tax (benefit) expense on loss from foreign currency contracts	(1,288		)	835			Income tax benefit
Net loss (gain) on cash flow hedges reclassified from accumulated other comprehensive income	3,312			(1,929		)
Income tax expense on pension plan contributed to Rayonier Advanced Materials	—			843			Income tax expense
Net loss (gain) from accumulated other comprehensive income		$3,312			($1,086	)

OTHER OPERATING INCOME, NET (Tables)

9 Months Ended

Sep. 30, 2015

Other Income and Expenses [Abstract]

Interest and Other Income

Other operating income, net comprised the following:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Lease income, primarily from hunting leases		$4,349			$5,013			$14,348			$12,015
Other non-timber income	581			817			2,634			1,810
Foreign currency income (loss)	(149		)	4,304			67			4,292
Gain (loss) on sale or disposal of property and equipment	4			66			6			46
(Loss) gain on foreign currency exchange contracts	(2,297		)	—			(3,290		)	(32		)
Bankruptcy claim settlement	—			—			—			5,779
Gain (loss) on sale of carbon credits (a)	—			—			352			(307		)
Miscellaneous income (expense), net	367			(1,056		)	1,450			(2,695		)
Total		$2,855			$9,144			$15,567			$20,908


(a)	Loss in 2014 reflects surrender of carbon credit units.

CONSOLIDATING FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2015

CONSOLIDATING FINANCIAL STATEMENTS [Abstract]

Schedule of Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income



	CONDENSED CONSOLIDATING STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME
	For the Three Months Ended September 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$151,657		—				$151,657
Costs and Expenses
Cost of sales	—			—			116,044			—			116,044
Selling and general expenses	—			4,412			6,277			—			10,689
Other operating expense (income), net	—			16			(2,871		)	—			(2,855		)
	—			4,428			119,450			—			123,878
OPERATING (LOSS) INCOME	—			(4,428		)	32,207			—			27,779
Interest expense	(3,227		)	(2,240		)	(2,114		)	—			(7,581		)
Interest and miscellaneous income (expense), net	1,980			583			(4,121		)	—			(1,558		)
Equity in income from subsidiaries	20,916			26,647			—			(47,563		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	19,669			20,562			25,972			(47,563		)	18,640
Income tax benefit	—			354			187			—			541
NET INCOME	19,669			20,916			26,159			(47,563		)	19,181
Less: Net loss attributable to noncontrolling interest	—			—			(488		)	—			(488		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,669			20,916			26,647			(47,563		)	19,669
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(8,662		)	(8,662		)	(13,370		)	17,324			(13,370		)
Cash flow hedges, net of income tax	(13,954		)	(13,954		)	(14,120		)	27,908			(14,120		)
Amortization of pension and postretirement plans, net of income tax	890			890			117			(1,007		)	890
Total other comprehensive loss	(21,726		)	(21,726		)	(27,373		)	44,225			(26,600		)
COMPREHENSIVE LOSS	(2,057		)	(810		)	(1,214		)	(3,338		)	(7,419		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(5,363		)	—			(5,363		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($2,057	)		($810	)		$4,149			($3,338	)		($2,056	)



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



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Nine Months Ended September 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$407,764		—				$407,764
Costs and Expenses
Cost of sales	—			—			326,966			—			326,966
Selling and general expenses	—			15,691			18,624			—			34,315
Other operating income, net	—			(445		)	(15,122		)	—			(15,567		)
	—			15,246			330,468			—			345,714
OPERATING (LOSS) INCOME	—			(15,246		)	77,296			—			62,050
Interest expense	(9,564		)	(7,304		)	(7,740		)	—			(24,608		)
Interest and miscellaneous income (expense), net	5,787			1,956			(11,993		)	—			(4,250		)
Equity in income from subsidiaries	39,657			58,010			—			(97,667		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	35,880			37,416			57,563			(97,667		)	33,192
Income tax benefit (expense)	—			2,241			(932		)	—			1,309
NET INCOME	35,880			39,657			56,631			(97,667		)	34,501
Less: Net loss attributable to noncontrolling interest	—			—			(1,379		)	—			(1,379		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	35,880			39,657			58,010			(97,667		)	35,880
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment	(37,100		)	(37,100		)	(53,088		)	74,201			(53,087		)
Cash flow hedges, net of income tax	(16,465		)	(16,465		)	(17,983		)	32,930			(17,983		)
Amortization of pension and postretirement plans, net of income tax	2,414			2,414			132			(2,546		)	2,414
Total other comprehensive loss	(51,151		)	(51,151		)	(70,939		)	104,585			(68,656		)
COMPREHENSIVE LOSS	(15,271		)	(11,494		)	(14,308		)	6,918			(34,155		)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(18,884		)	—			(18,884		)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.		($15,271	)		($11,494	)		$4,576			$6,918			($15,271	)



	CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$456,161		—				$456,161
Costs and Expenses
Cost of sales	—			—			357,083			—			357,083
Selling and general expenses	—			8,032			27,872			—			35,904
Other operating expense (income), net	—			3,094			(24,002		)	—			(20,908		)
	—			11,126			360,953			—			372,079
OPERATING (LOSS) INCOME	—			(11,126		)	95,208			—			84,082
Interest expense	(10,074		)	(21,121		)	(4,657		)	—			(35,852		)
Interest and miscellaneous income (expense), net	7,230			(3,780		)	(10,581		)	—			(7,131		)
Equity in income from subsidiaries	93,324			121,047			—			(214,371		)	—
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	90,480			85,020			79,970			(214,371		)	41,099
Income tax benefit (expense)	—			8,304			(2,985		)	—			5,319
INCOME FROM CONTINUING OPERATIONS	90,480			93,324			76,985			(214,371		)	46,418
DISCONTINUED OPERATIONS, NET
Income from discontinued operations, net of income tax	—			—			43,092			—			43,092
NET INCOME	90,480			93,324			120,077			(214,371		)	89,510
Less: Net loss attributable to noncontrolling interest	—			—			(970		)	—			(970		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	90,480			93,324			121,047			(214,371		)	90,480
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment	(11,770		)	(11,770		)	(16,426		)	23,540			(16,426		)
Cash flow hedges, net of income tax	(1,756		)	(1,758		)	(2,703		)	3,514			(2,703		)
Amortization of pension and postretirement plans, net of income tax	63,235			63,235			90,214			(153,449		)	63,235
Total other comprehensive income	49,709			49,707			71,085			(126,395		)	44,106
COMPREHENSIVE INCOME	140,189			143,031			191,162			(340,766		)	133,616
Less: Comprehensive income attributable to noncontrolling interest	—			—			(6,573		)	—			(6,573		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$140,189			$143,031			$197,735			($340,766	)		$140,189

Schedule of Condensed Consolidating Balance Sheets



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of September 30, 2015
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$12,955		$10,760			$42,040		—				$65,755
Accounts receivable, less allowance for doubtful accounts	—		143			19,153			—			19,296
Inventory	—		—			14,506			—			14,506
Prepaid and other current assets	—		11,124			12,942			—			24,066
Total current assets	12,955		22,027			88,641			—			123,623
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,038,032			—			2,038,032
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS			—			67,274			—			67,274
NET PROPERTY, PLANT AND EQUIPMENT	—		377			5,780			—			6,157
INVESTMENT IN SUBSIDIARIES	1,357,910		2,213,466			—			(3,571,376		)	—
INTERCOMPANY NOTES RECEIVABLE	266,149		(2,914		)	—			(263,235		)	—
OTHER ASSETS	2,396		24,599			52,379			—			79,374
TOTAL ASSETS		$1,639,410		$2,257,555			$2,252,106			($3,834,611	)		$2,314,460
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$1,437			$17,864		—				$19,301
Accrued taxes	—		13			17,225			—			17,238
Accrued payroll and benefits	—		3,181			2,492			—			5,673
Accrued interest	5,990		500			37,782			(35,329		)	8,943
Other current liabilities	—		14,031			16,169			—			30,200
Total current liabilities	5,990		19,162			91,532			(35,329		)	81,355
LONG-TERM DEBT	325,000		252,000			214,233			—			791,233
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		34,283			(684		)	—			33,599
OTHER NON-CURRENT LIABILITIES	—		20,288			11,768			—			32,056
INTERCOMPANY PAYABLE	—		573,912			(257,486		)	(316,426		)	—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,308,420		1,357,910			2,124,946			(3,482,856		)	1,308,420
Noncontrolling interest	—		—			67,797			—			67,797
TOTAL SHAREHOLDERS’ EQUITY	1,308,420		1,357,910			2,192,743			(3,482,856		)	1,376,217
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,639,410		$2,257,555			$2,252,106			($3,834,611	)		$2,314,460



	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	—		—		8,383			—			8,383
Prepaid and other current assets	—		2,009		17,736			—			19,745
Total current assets	102,218		11,523		99,963			—			213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		2,088,501			—			2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	—		—		77,433			—			77,433
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		45,639			—			66,771
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 INC. SHAREHOLDERS’ EQUITY	1,488,470		1,463,303		2,017,520			(3,480,823		)	1,488,470
Noncontrolling interest	—		—		86,681			—			86,681
TOTAL SHAREHOLDERS’ 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

Schedule of Condensed Consolidating Statements of Cash Flows



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30, 2015
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$77,316			$92,414			$64,901			($91,228	)		$143,403
INVESTING ACTIVITIES
Capital expenditures	—			(78		)	(38,439		)	—			(38,517		)
Real estate development costs	—			—			(1,745		)	—			(1,745		)
Purchase of timberlands	—			—			(88,466		)	—			(88,466		)
Change in restricted cash	—			—			(17,835		)	—			(17,835		)
Investment in Subsidiaries	—			(75,946		)	—			75,946			—
Other	—			—			3,692			—			3,692
CASH USED FOR INVESTING ACTIVITIES	—			(76,024		)	(142,793		)	75,946			(142,871		)
FINANCING ACTIVITIES
Issuance of debt	—			374,000			5,027			—			379,027
Repayment of debt	—			(294,472		)	(6,399		)	—			(300,871		)
Dividends paid	(94,280		)	—			—			—			(94,280		)
Proceeds from the issuance of common shares	1,322			—			—			—			1,322
Repurchase of common shares	(73,621		)	—			—			—			(73,621		)
Debt issuance costs	—			(1,678		)	—			—			(1,678		)
Intercompany distributions	—			(91,585		)	76,303			15,282			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(166,579		)	(13,735		)	74,931			15,282			(90,101		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(6,234		)	—			(6,234		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(89,263		)	2,655			(9,195		)	—			(95,803		)
Balance, beginning of year	102,218			8,105			51,235			—			161,558
Balance, end of period		$12,955			$10,760			$42,040		—				$65,755



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30, 2014
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES		$219,988			$238,010			$57,801			($231,730	)		$284,069
INVESTING ACTIVITIES
Capital expenditures	—			(400		)	(44,842		)	—			(45,242		)
Capital expenditures from discontinued operations	—			—			(60,442		)	—			(60,442		)
Real estate development costs	—			—			(3,314		)	—			(3,314		)
Purchase of timberlands	—			—			(93,189		)	—			(93,189		)
Change in restricted cash	—			—			47,318			—			47,318
Investment in Subsidiaries	—			855,014			—			(855,014		)	—
Other	—			—			(478		)	—			(478		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			854,614			(154,947		)	(855,014		)	(155,347		)
FINANCING ACTIVITIES
Issuance of debt	—			185,000			1,110,163			—			1,295,163
Repayment of debt	—			(1,002,500		)	(170,549		)	—			(1,173,049		)
Dividends paid	(225,877		)	—			—			—			(225,877		)
Proceeds from the issuance of common shares	4,645			—			—			—			4,645
Repurchase of common shares	(1,834		)	—			—			—			(1,834		)
Debt issuance costs	—			—			(12,380		)	—			(12,380		)
Net cash disbursed upon spin-off of Performance Fibers business	(31,420		)	—			—			—			(31,420		)
Issuance of intercompany notes	(11,400		)	—			11,400			—			—
Intercompany distributions	—			(234,659		)	(852,085		)	1,086,744			—
Other	—			—			(680		)	—			(680		)
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(265,886		)	(1,052,159		)	85,869			1,086,744			(145,432		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(103		)	—			(103		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(45,898		)	40,465			(11,380		)	—			(16,813		)
Balance, beginning of year	130,181			11,023			58,440			—			199,644
Balance, end of period		$84,283			$51,488			$47,060		—				$182,831

BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 19, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Line of Credit Facility [Line Items]
Dividends declared (in dollars per share)		$ 0.25	$ 0.80	$ 0.75	$ 1.78	$ 2.03
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Capitalized debt costs		$ 0.6		$ 0.6
Non Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Capitalized debt costs		$ 3.4		$ 3.4
Subsequent Event [Member]
Line of Credit Facility [Line Items]
Dividends declared (in dollars per share)	$ 0.25

DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands		9 Months Ended
	Jun. 27, 2014 USD ($) company shares	Sep. 30, 2015 USD ($) T	Sep. 30, 2014 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials debt		$ 791,233
Change in restricted cash		(17,835)	$ 47,318
Payments of dividends	$ 63,200	$ 94,280	$ 225,877
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
Change in restricted cash	75,000
Performance Fibers business [Member] \| Senior Notes [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials debt	550,000
Performance Fibers business [Member] \| Term Loans [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials debt	325,000
Performance Fibers business [Member] \| Revolving Credit Facility [Member] \| Line of Credit [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rayonier Advanced Materials debt	$ 75,000
Performance Fibers business [Member] \| Common Stock [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Rayonier Advanced Materials shares for every three Rayonier shares \| shares	1
Number of Rayonier shares for issuance of one Rayonier Advanced Materials share \| shares	3

DISCONTINUED OPERATIONS - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense	$ 0	$ 0		$ (21,231)
Income from discontinued operations, net	$ 0	0	$ 0	43,092
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales		0		456,180
Cost of sales and other		0		(368,868)
Transaction expenses		0		(22,989)
Income from discontinued operations before income taxes		0		64,323
Income tax expense		0		(21,231)
Income from discontinued operations, net		$ 0		$ 43,092

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

+ References + Details

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.14)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e1012-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721525-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721523-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e957-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5

+ Details

DISCONTINUED OPERATIONS - Interest Expense Allocated to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Performance Fibers business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense allocated to the Performance Fibers business	$ 0	$ (4,205)

DISCONTINUED OPERATIONS - Depreciation, Amortization, and Capital Expenditures (Details) - Performance Fibers business [Member] - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 0	$ 37,985
Capital expenditures	$ 0	$ 60,443

DISCONTINUED OPERATIONS - Elimination of Intercompany Hardwood Purchases (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]
Hardwood purchases	$ 0	$ 3,935

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

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Income amounts attributable to Rayonier Inc.

Income from continuing operations

$ 19,181

$ 32,059

$ 34,501

$ 46,418

Less: Net loss from continuing operations attributable to noncontrolling interest

(488)

(642)

(1,379)

(970)

Income from continuing operations attributable to Rayonier Inc.

19,669

32,701

35,880

47,388

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

43,092

NET INCOME ATTRIBUTABLE TO RAYONIER INC.

$ 19,669

$ 32,701

$ 35,880

$ 90,480

Shares used for determining basic earnings per common share (in shares)

125,143,706

126,501,837

126,125,802

126,428,279

Dilutive effect of:

Stock options (in shares)

91,495

320,839

129,906

347,721

Performance and restricted shares (in shares)

31,051

37,682

37,064

165,627

Assumed conversion of senior exchangeable notes (in shares)

^[1]

39,720

1,692,343

477,931

2,395,698

Assumed conversion of warrants (in shares)

^[1]

1,237,812

2,344,335

Shares used for determining diluted earnings per common share (in shares)

125,305,972

129,790,513

126,770,703

131,681,660

Basic earnings per common share attributable to Rayonier Inc.:

Continuing Operations, (in dollars per share)

$ 0.16

$ 0.26

$ 0.28

$ 0.38

Discontinued Operations, (in dollars per share)

0.00

0.34

Net Income, Basic (in dollars per share)

0.16

0.26

0.28

0.72

Diluted earnings per common share attributable to Rayonier Inc.:

Continuing Operations, (in dollars per share)

0.16

0.25

0.28

0.36

Discontinued Operations, (in dollars per share)

0.00

0.33

Net Income, Diluted (in dollars per share)

$ 0.16

$ 0.25

$ 0.28

$ 0.69

[1]

Rayonier did not issue additional shares upon maturity of the Senior Exchangeable Notes due August 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the conversion of the hedges is excluded since they are anti-dilutive. The dilutive effect of the 2015 Notes was included for the portion of the periods presented in which the 2015 Notes were outstanding.

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

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

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

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

1,034,269

2,066,905

1,384,513

2,881,548

Warrants on Senior Exchangeable Notes due 2015 [Member]

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

Strike price of warrants

$ 28.11

Stock options, performance and restricted shares [Member]

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

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

994,549

374,562

906,582

485,850

Assumed conversion of exchangeable note hedges [Member]

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

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

^[1]

39,720

1,692,343

477,931

2,395,698

[1]

INCOME TAXES - Provision for Income Taxes from Continuing Operations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations		$ 5.8
U.S. federal statutory tax rate	35.00%	35.00%	35.00%	35.00%
Income Tax Expense (Benefit) Due to Expired Unrecognized Tax Benefit Liability		$ 1.8

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	$ 6,524	$ 7,273	$ 11,617	$ 14,385
Income tax (benefit) expense at federal statutory rate (percent)	(35.00%)	(35.00%)	(35.00%)	(35.00%)
REIT income and taxable losses	$ (9,259)	$ (16,673)	$ (16,260)	$ (30,572)
REIT income and taxable losses (percent)	(49.60%)	(80.20%)	(48.90%)	(74.40%)
Foreign operations	$ (1,466)	$ (44)	$ (3,029)	$ (88)
Foreign operations (percent)	(7.90%)	(0.20%)	(9.10%)	(0.20%)
Loss valuation allowance	$ 2,742	$ 0	$ 5,360	$ 0
Net operating loss valuation allowance (percent)	14.70%	0.00%	16.10%	0.00%
Other	$ 90	$ 99	$ 175	$ 196
Other (percent)	0.50%	0.40%	0.50%	0.50%
Income tax benefit before discrete items	$ (1,369)	$ (9,345)	$ (2,137)	$ (16,079)
Income tax (benefit) expense before discrete items (percent)	(7.30%)	(45.00%)	(6.40%)	(39.10%)
CBPCa valuation allowance	$ 997	$ (990)	$ 997	$ 14,584
CBPC valuation allowance (percent)	5.30%	(4.80%)	3.00%	35.50%
Effective income tax rate reconciliation, uncertain tax positions, amount	$ 0	$ (1,830)	$ 0	$ (1,830)
Effective income tax rate reconciliation, uncertain tax positions, percent	(0.00%)	(8.80%)	(0.00%)	(4.50%)
Effective income tax reconciliation, return to accrual adjustments, change in amount	$ (169)	$ 885	$ (169)	$ 885
Effective income tax reconciliation, return to accrual adjustments, rate	(0.90%)	4.30%	(0.50%)	2.20%
Spin-off related costs			$ 0	$ 797
Spin-off related costs (percent)			(0.00%)	1.90%
Deferred tax inventory valuations			$ 0	$ (3,293)
Deferred tax inventory valuations (percent)			(0.00%)	(8.00%)
Other			$ 0	$ (383)
Other (percent)			0.00%	(0.90%)
Income tax benefit as reported for continuing operations	$ (541)	$ (11,280)	$ (1,309)	$ (5,319)
Income tax expense as reported for continuing operations (percent)	(2.90%)	(54.30%)	(3.90%)	(12.90%)

INCOME TAXES - Provision for Income Taxes from Discontinued Operations Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Loss Carryforwards [Line Items]
Income tax expense related to discontinued operations	$ 0	$ 0		$ 21,231
Performance Fibers business [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense related to discontinued operations		$ 0		$ 21,231

- Definition

+ References + Details

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS - Analysis of Higher and Better Use Timberlands and Real Estate Development Costs (Details) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Real Estate, Land and Land Development Costs [Roll Forward]

Non-current portion, Beginning Balance

$ 77,433

Plus: Current portion, Beginning Balance

^[1]

4,932

Total Balance, Beginning Balance

82,365

Non-cash cost of land sold and real estate development costs recovered upon sale

(5,698)

Timber depletion from harvesting activities and basis of timber sold in real estate sales

(2,876)

Capitalized real estate development costs

^[2]

2,029

Capital expenditures (silviculture)

121

Inventory, Real Estate, Land and Land Development Costs, Other

(77,433)

Total Balance, Ending Balance

77,773

Less: Current portion, Ending Balance

^[1]

(10,499)

Non-current portion, Ending Balance

67,274

Capitalized real estate development costs, cash outflows

1,745

$ 3,314

Capitalized real estate development costs, change in accrued spending

284

Inventory, Real Estate, Land and Land Development Costs, Acquisitions

Inventory, Real Estate, Land and Land Development Costs, Transfers

1,861

Inventory, Real Estate, Land and Land Development Costs, Other

Land and Timber [Member]

Real Estate, Land and Land Development Costs [Roll Forward]

Non-current portion, Beginning Balance

65,959

Plus: Current portion, Beginning Balance

^[1]

4,875

Total Balance, Beginning Balance

70,834

Non-cash cost of land sold and real estate development costs recovered upon sale

(5,640)

Timber depletion from harvesting activities and basis of timber sold in real estate sales

(2,876)

Capitalized real estate development costs

^[2]

Capital expenditures (silviculture)

121

Inventory, Real Estate, Land and Land Development Costs, Other

(65,959)

Total Balance, Ending Balance

64,300

Less: Current portion, Ending Balance

^[1]

(5,449)

Non-current portion, Ending Balance

58,851

Inventory, Real Estate, Land and Land Development Costs, Acquisitions

Inventory, Real Estate, Land and Land Development Costs, Transfers

1,861

Inventory, Real Estate, Land and Land Development Costs, Other

Development Costs [Member]

Real Estate, Land and Land Development Costs [Roll Forward]

Non-current portion, Beginning Balance

11,474

Plus: Current portion, Beginning Balance

^[1]

Total Balance, Beginning Balance

11,531

Non-cash cost of land sold and real estate development costs recovered upon sale

(58)

Timber depletion from harvesting activities and basis of timber sold in real estate sales

Capitalized real estate development costs

^[2]

2,029

Capital expenditures (silviculture)

Inventory, Real Estate, Land and Land Development Costs, Other

(11,474)

Total Balance, Ending Balance

13,473

Less: Current portion, Ending Balance

^[1]

(5,050)

Non-current portion, Ending Balance

8,423

Inventory, Real Estate, Land and Land Development Costs, Acquisitions

Inventory, Real Estate, Land and Land Development Costs, Transfers

Inventory, Real Estate, Land and Land Development Costs, Other

$ 29

[1]	The current portion of Higher and Better Use Timberlands and Real Estate Development Costs is recorded in Inventory. See Note 15 — Inventory for additional information.
[2]	Capitalized real estate development costs for the nine months ended September 30, 2015 of $2,029,000 consisted of $1,745,000 in cash outflows and a $284,000 change in accrued spending.

RESTRICTED DEPOSITS (Details) - USD ($) $ in Millions	9 Months Ended
RESTRICTED DEPOSITS (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary	180 days
Restricted deposits	$ 24.5	$ 6.7

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2015

Jun. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

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

Beginning balance

$ 1,575,151

$ 1,755,243

Net income (loss)

$ 19,181

$ 32,059

34,501

89,510

97,846

Dividends ($0.75 and $2.03 per share for the nine months ended June 30, 2015 and the year ended December 31, 2014, respectively)

(94,262)

(256,861)

Contribution to Rayonier Advanced Materials

19,130

Adjustments to Rayonier Advanced Materials

884

(8,226)

^[1]

Issuance of shares under incentive stock plans

1,322

5,579

Stock-based compensation

3,522

7,869

Tax deficiency on stock-based compensation

(272)

(791)

Repurchase of common shares

(75,973)

^[2],[3]

(1,858)

Net gain (loss) from pension and postretirement plans

2,414

(24,147)

Noncontrolling interest redemption of shares

(931)

Foreign currency translation adjustment

(13,370)

(37,877)

(53,087)

(16,426)

(15,847)

Cash Flow Hedges

(14,120)

$ (3,494)

(17,983)

$ (2,703)

(1,855)

Ending balance

$ 1,376,217

$ 1,575,151

Dividends [Abstract]

Dividends declared per share

$ 0.25

$ 0.80

$ 0.75

$ 1.78

$ 2.03

Average price of common stock repurchased (in dollars per share)

$ 23.65

$ 25.94

Number of common shares outstanding

123,767,680

126,773,097

Remaining share repurchase authorization amount

$ 24,100

Common shares, shares issued

123,767,680

126,773,097

Common Shares [Member]

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

Beginning balance (in shares)

^[4]

126,773,097

126,257,870

Beginning balance

$ 702,598

$ 692,100

Contribution to Rayonier Advanced Materials

$ (301)

Issuance of shares under incentive stock plan (in shares)

^[4]

167,021

561,701

Issuance of shares under incentive stock plans

$ 1,322

$ 5,579

Stock-based compensation

3,522

7,869

Tax deficiency on stock-based compensation

$ (272)

$ (791)

Repurchase of common shares (in shares)

^[4]

(3,172,438)

^[2],[3]

(46,474)

Repurchase of common shares

$ (100)

^[2],[3]

$ (1,858)

Ending balance (in shares)

^[4]

123,767,680

126,773,097

Ending balance

$ 707,070

$ 702,598

Retained Earnings [Member]

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

Beginning balance

790,697

1,015,209

Net income (loss)

35,880

99,337

Dividends ($0.75 and $2.03 per share for the nine months ended June 30, 2015 and the year ended December 31, 2014, respectively)

(94,262)

(256,861)

Contribution to Rayonier Advanced Materials

(61,318)

Adjustments to Rayonier Advanced Materials

884

(5,670)

^[1]

Repurchase of common shares

(75,873)

Ending balance

657,326

790,697

Accumulated Other Comprehensive Income (Loss) [Member]

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

Beginning balance

(4,825)

(46,139)

Contribution to Rayonier Advanced Materials

80,749

Adjustments to Rayonier Advanced Materials

^[1]

(2,556)

Net gain (loss) from pension and postretirement plans

2,414

(24,147)

Foreign currency translation adjustment

(37,101)

(11,526)

Cash Flow Hedges

(16,464)

(1,206)

Ending balance

(55,976)

(4,825)

Non-controlling Interest [Member]

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

Beginning balance

86,681

$ 94,073

94,073

Net income (loss)

(1,379)

(1,491)

Noncontrolling interest redemption of shares

(931)

Foreign currency translation adjustment

(15,986)

(4,321)

Cash Flow Hedges

(1,519)

(649)

Ending balance

67,797

$ 86,681

Common Shares [Member]

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

Repurchase of common shares

(65,200)

$ (10,700)

Dividends [Abstract]

Common Stock, Purchased from Employees in Non-open Market Transactions

$ 100

NORTH CAROLINA [Member]

Dividends [Abstract]

Par value (in dollars per share)

$ 0

[1]	Primarily relates to adjustments made to the Rayonier Advanced Materials contribution as income taxes and pension and postretirement plan assets and obligations were finalized.
[2]	During the second and third quarter of 2015 the Company repurchased approximately $10.7 million and $65.2 million, respectively of common stock at average prices of $25.94 and $23.65 per share. As of September 30, 2015, the Company had 123.8 million shares of common stock outstanding and $24.1 million remaining under its share repurchase authorization announced in June 2015.
[3]	Includes $0.1 million of shares of the Company’s common stock purchased from employees in non-open market transactions. The shares of stock were sold by current and former employees of the Company in exchange for cash that was used to pay withholding taxes associated with the vesting of restricted stock awards under the Company’s stock incentive plan. The price per share surrendered is based on the closing price of the company’s stock on the respective vesting dates of the awards.
[4]	The Company’s common shares are registered in North Carolina and have a $0.00 par value.

SEGMENT AND GEOGRAPHICAL INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
SALES	$ 151,657	$ 149,829	$ 407,764	$ 456,161
OPERATING INCOME	27,779	32,079	62,050	84,082
Unallocated Interest Expense and Other	(9,139)	(11,300)	(28,858)	(42,983)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	18,640	20,779	33,192	41,099
DEPRECIATION, DEPLETION AND AMORTIZATION	31,958	34,000	85,784	90,316
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	4,594	3,246	9,532	8,644
Southern Timber [Member]
Segment Reporting Information [Line Items]
SALES	34,797	37,502	103,009	102,903
OPERATING INCOME	10,504	12,802	34,694	32,181
DEPRECIATION, DEPLETION AND AMORTIZATION	14,404	14,788	41,356	37,493
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	0	0	0	0
Pacific Northwest Timber [Member]
Segment Reporting Information [Line Items]
SALES	21,549	22,043	57,805	80,133
OPERATING INCOME	3,081	4,446	7,356	25,873
DEPRECIATION, DEPLETION AND AMORTIZATION	4,189	5,968	10,920	17,459
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	0	0	0	0
New Zealand Timber [Member]
Segment Reporting Information [Line Items]
SALES	41,065	48,479	121,482	130,786
OPERATING INCOME	(915)	1,943	3,834	6,603
DEPRECIATION, DEPLETION AND AMORTIZATION	7,021	9,314	22,207	23,477
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	0	41	0	2,137
Real Estate [Member]
Segment Reporting Information [Line Items]
SALES	35,232	26,689	65,968	66,236
OPERATING INCOME	20,001	16,399	34,004	44,888
DEPRECIATION, DEPLETION AND AMORTIZATION	6,269	3,807	11,087	11,140
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	4,594	3,205	9,532	6,507
Trading [Member]
Segment Reporting Information [Line Items]
SALES	19,014	15,116	59,500	80,027
OPERATING INCOME	428	2,499	614	1,955
DEPRECIATION, DEPLETION AND AMORTIZATION	0	0	0	0
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	0	0	0	0
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
SALES	0	0	0	(3,924)
Corporate and Other [Member]
Segment Reporting Information [Line Items]
OPERATING INCOME	(5,320)	(6,010)	(18,452)	(27,418)
DEPRECIATION, DEPLETION AND AMORTIZATION	75	123	214	747
NON-CASH COST OF LAND SOLD AND REAL ESTATE COSTS RECOVERED UPON SALE	$ 0	$ 0	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 31, 2015	Sep. 30, 2015	Aug. 01, 2015	Dec. 31, 2014	Dec. 01, 2014
Derivative [Line Items]
Notional Amount			$ 309,000		$ 22,000
Derivative, Basis Spread on Variable Rate	1.625%
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 170,000
Derivative, term of contract	9 years
Derivative, fixed interest rate	2.20%
Forward Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount	$ 180,000
Derivative, term of contract	9 years
Derivative, fixed interest rate	2.35%
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount		$ 121,163		$ 161,968
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
AOCI balance expected to be reclassified in next twelve months, net of tax		(4,900)
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member] \| Cash Flow Hedging [Member]
Derivative [Line Items]
Notional Amount		350,000		$ 0
Matariki Forestry Group [Member] \| Not Designated as Hedging Instrument [Member] \| Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount		$ 121,000
Percent of New Zealand JV variable rate debt hedged		81.00%
New Zealand Timber [Member] \| Minimum [Member]
Derivative [Line Items]
Percent of forecast sales and purchases hedged for three months		50.00%
Percent of forecast sales and purchases hedged for three to 12 months		50.00%
New Zealand Timber [Member] \| Maximum [Member]
Derivative [Line Items]
Percent of forecast sales and purchases hedged for three months		90.00%
Percent of forecast sales and purchases hedged for three to 12 months		75.00%
Percent of forecast sales and purchases hedged for 12 to 18 months		50.00%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Designated as Hedging Instrument [Member] \| Other comprehensive (loss) income [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	$ 13,600
Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member] \| Other comprehensive (loss) income [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(289)	$ (2,537)	$ (2,597)	$ (1,868)
Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member] \| Other comprehensive (loss) income [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	1,151	0	4,258	0
Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(788)	(2,227)
Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member] \| Other comprehensive (loss) income [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income			(4,127)	(2,006)
Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member] \| Other comprehensive (loss) income [Member] \| Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	2,084	0	2,084	0
Designated as Hedging Instrument [Member] \| Interest rate swaps [Member] \| Other comprehensive (loss) income [Member] \| Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(13,644)	0	(13,644)	0
Not Designated as Hedging Instrument [Member] \| Foreign currency exchange contracts [Member] \| Other operating (income) expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income			0	25
Not Designated as Hedging Instrument [Member] \| Foreign currency option contracts [Member] \| Other operating (income) expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	847	0	1,394	7
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member] \| Interest and miscellaneous (expense) income, net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	1,650	1,765	(4,923)	3,628
Not Designated as Hedging Instrument [Member] \| Fuel hedge contracts [Member] \| Cost of sales (benefit) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 0	$ (62)	$ 0	$ 163

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Aug. 31, 2015	Aug. 01, 2015	Dec. 31, 2014	Dec. 01, 2014
Derivatives, Fair Value [Line Items]
Notional Amount			$ 309,000		$ 22,000
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount		$ 170,000
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 25,840			$ 28,540
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Foreign currency option contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	129,100			79,400
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	350,000			0
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| Foreign currency exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	22,320			27,419
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| Foreign currency option contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	308,647			0
Not Designated as Hedging Instrument [Member] \| Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 121,163			$ 161,968

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

Sep. 30, 2015

Aug. 31, 2015

Aug. 01, 2015

Dec. 31, 2014

Dec. 01, 2014

Derivatives, Fair Value [Line Items]

Notional Amount

$ 309,000

$ 22,000

Fair value, derivative asset

^[1]

$ 8,044

$ 688

Fair value, derivative liability

^[1]

(32,826)

(9,377)

Prepaid and other current assets [Member]

Derivatives, Fair Value [Line Items]

Fair value, derivative asset

^[1]

7,826

431

Other assets [Member]

Derivatives, Fair Value [Line Items]

Fair value, derivative asset

^[1]

218

257

Other current liabilities [Member]

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(8,455)

(1,934)

Other non-current liabilities [Member]

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(24,371)

(7,443)

Interest rate swaps [Member]

Derivatives, Fair Value [Line Items]

Notional Amount

$ 170,000

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

Derivatives, Fair Value [Line Items]

Notional Amount

25,840

28,540

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

Derivatives, Fair Value [Line Items]

Fair value, derivative asset

^[1]

132

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

Derivatives, Fair Value [Line Items]

Fair value, derivative asset

^[1]

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

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(2,677)

(272)

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

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(1,087)

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

Derivatives, Fair Value [Line Items]

Notional Amount

129,100

79,400

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

Derivatives, Fair Value [Line Items]

Fair value, derivative asset

^[1]

127

299

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

Derivatives, Fair Value [Line Items]

Fair value, derivative asset

^[1]

218

198

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

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(4,222)

(1,439)

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

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(907)

(196)

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate swaps [Member]

Derivatives, Fair Value [Line Items]

Notional Amount

350,000

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest rate swaps [Member] | Other non-current liabilities [Member]

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(13,644)

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

Derivatives, Fair Value [Line Items]

Notional Amount

22,320

27,419

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

Derivatives, Fair Value [Line Items]

Fair value, derivative asset

^[1]

4,035

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

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(223)

Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign currency option contracts [Member]

Derivatives, Fair Value [Line Items]

Notional Amount

308,647

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

Derivatives, Fair Value [Line Items]

Fair value, derivative asset

^[1]

3,640

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

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

(1,556)

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

Derivatives, Fair Value [Line Items]

Notional Amount

121,163

161,968

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

Derivatives, Fair Value [Line Items]

Fair value, derivative liability

^[1]

$ (8,733)

$ (7,247)

[1]	See Note 10 — Fair Value Measurements for further information on the fair value of the Company’s derivatives including their classification within the fair value hierarchy.

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

Sep. 30, 2015

Dec. 31, 2014

Carrying Value [Member]

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

Cash and cash equivalents

$ 65,755

$ 161,558

Restricted cash

^[1]

24,523

6,688

Current maturities of long-term debt

(129,706)

Long-term debt

(791,233)

(621,849)

Carrying Value [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]

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

Interest rate swaps

^[2]

(22,377)

(7,247)

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

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

Foreign currency exchange contracts

^[2]

295

Foreign currency option contracts

^[2]

304

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

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

Foreign currency option contracts

^[2]

(2,700)

(1,138)

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

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

Cash and cash equivalents

65,755

161,558

Restricted cash

^[1]

24,523

6,688

Current maturities of long-term debt

Long-term debt

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

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

Interest rate swaps

^[2]

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

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

Foreign currency exchange contracts

^[2]

Foreign currency option contracts

^[2]

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

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

Foreign currency option contracts

^[2]

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

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

Cash and cash equivalents

Restricted cash

^[1]

Current maturities of long-term debt

(156,762)

Long-term debt

(791,495)

(628,476)

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

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

Interest rate swaps

^[2]

(22,377)

(7,247)

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

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

Foreign currency exchange contracts

^[2]

295

Foreign currency option contracts

^[2]

304

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

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

Foreign currency option contracts

^[2]

$ (2,700)

$ (1,138)

[1]	Restricted cash is recorded in “Other Assets” and represents the proceeds from LKE sales deposited with a third-party intermediary.
[2]	See Note 9 — Derivative Financial Instruments and Hedging Activities for information regarding the Balance Sheet classification of the Company’s derivative financial instruments.

FAIR VALUE MEASUREMENTS - Fair Value Measurements Methods and Assumptions (Details)	9 Months Ended
	Sep. 30, 2015
Foreign currency exchange contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurements, valuation techniques	The fair value of foreign currency exchange contracts is determined by a mark-to-market valuation which estimates fair value by discounting the difference between the contracted forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate.
Foreign currency option contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurements, valuation techniques	The fair value of foreign currency option contracts is based on a mark-to-market calculation using the Black-Scholes option pricing model.
Borrowings [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurements, valuation techniques	The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities. The variable rate debt adjusts with changes in the market rate, therefore the carrying value approximates fair value.
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurements, valuation techniques	The fair value of interest rate contracts is determined by discounting the expected future cash flows, for each instrument, at prevailing interest rates.
Cash, Cash Equivalents and Restricted Cash [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurements, valuation techniques	The carrying amount is equal to fair market value

GUARANTEES (Details)
$ in Thousands

9 Months Ended

Sep. 30, 2015

USD ($)

Guarantor Obligations [Line Items]

Maximum Potential Payment

$ 19,720

Carrying Amount of Associated Liability

15,043

Standby letters of credit [Member]

Guarantor Obligations [Line Items]

Maximum Potential Payment

16,685

^[1]

Carrying Amount of Associated Liability

15,000

^[1]

Guarantor obligations collateral for industrial revenue bonds

$ 15,000

Guarantor obligations, term

various dates during 2016

Guarantees [Member]

Guarantor Obligations [Line Items]

Maximum Potential Payment

$ 2,254

^[2]

Carrying Amount of Associated Liability

$ 43

^[2]

Variable interest entity recorded liability for performance obligation

de minimis liability

Surety bonds [Member]

Guarantor Obligations [Line Items]

Maximum Potential Payment

$ 781

^[3]

Carrying Amount of Associated Liability

$ 0

^[3]

Surety Bond [Member]

Guarantor Obligations [Line Items]

Guarantor obligations, term

various dates during 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 2016 and will be renewed as required.
[2]	In conjunction with a timberland sale and note monetization in 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.3 million of obligations of a special-purpose entity that was established to complete the monetization. At September 30, 2015, the Company has a de minimis liability to reflect the fair market value of its obligation to perform under the make-whole agreement.
[3]	Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates during 2015 and 2016 and are expected to be renewed as required.

COMMITMENTS (Narrative) (Details) - Timber Properties [Member]	3 Months Ended
	Sep. 30, 2015
UNITED STATES \| Minimum [Member]
Loss Contingencies [Line Items]
Contract terms	30 years
UNITED STATES \| Maximum [Member]
Loss Contingencies [Line Items]
Contract terms	65 years
NEW ZEALAND \| Minimum [Member]
Loss Contingencies [Line Items]
Contract terms	30 years
NEW ZEALAND \| Maximum [Member]
Loss Contingencies [Line Items]
Contract terms	99 years

COMMITMENTS (Future Minimum Payments) (Details) $ in Thousands	Sep. 30, 2015 USD ($)
Loss Contingencies [Line Items]
Recorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year	$ 2,434
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year	5,838
Purchase obligation, 2016	8,200
Purchase obligation, 2017	6,085
Purchase obligation, 2018	5,556
Purchase obligation, 2019	4,187
Purchase obligation, thereafter	15,767
Purchase obligation, total	42,229
Total, 2016	19,136
Total, 2017	16,398
Total, 2018	13,610
Total, 2019	11,642
Total, thereafter	142,871
Total	209,495
Buildings, Machinery and Equipment [Member]
Loss Contingencies [Line Items]
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year	458
Operating leases, 2016	1,658
Operating leases 2017	1,202
Operating leases, 2018	539
Operating leases, 2019	411
Operating leases, thereafter	1,009
Operating leases, total	5,277
Timber Properties [Member]
Loss Contingencies [Line Items]
Operating leases, remaining 2015	2,946
Operating leases, 2016	9,278
Operating leases 2017	9,111
Operating leases, 2018	7,515
Operating leases, 2019	7,044
Operating leases, thereafter	126,095
Operating leases, total	$ 161,989

CONTINGENCIES (Details)	Jan. 09, 2015 claim plaintiff	Nov. 10, 2014 claim
Commitments and Contingencies Disclosure [Abstract]
Number of claims filed		5
Number of consolidated claims filed	1
Number of lead plaintiffs \| plaintiff	2

EMPLOYEE BENEFIT PLANS - Narrative (Details) - pension_plan		9 Months Ended
	Dec. 31, 2014	Sep. 30, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Number of qualified defined benefit plans		1
General information		The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees
Unfunded plan		an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan
Other information		Currently, the pension plans are closed to new participants.
Return on asset assumption	8.50%	7.70%

EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Pension [Member]

Defined Benefit Plan Disclosure [Line Items]

Service cost

$ 371

$ 378

$ 1,113

$ 3,545

Interest cost

830

786

2,489

9,921

Expected return on plan assets

(1,007)

(1,135)

(3,020)

(14,123)

Amortization of prior service cost

572

Amortization of losses

950

601

2,799

5,942

Amortization of negative plan amendment

Net periodic benefit cost

^[1]

1,147

633

3,391

5,857

Postretirement [Member]

Defined Benefit Plan Disclosure [Line Items]

Service cost

328

Interest cost

423

Expected return on plan assets

Amortization of prior service cost

Amortization of losses

248

Amortization of negative plan amendment

(267)

Net periodic benefit cost

^[1]

$ 19

$ 24

$ 56

740

Income from Discontinued Operations [Member]

Defined Benefit Plan Disclosure [Line Items]

Net periodic benefit cost

$ 4,000

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

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

Sep. 30, 2015

Dec. 31, 2014

Inventory [Line Items]

Inventory

$ 14,506

$ 8,383

Real Estate Inventory [Member]

Inventory [Line Items]

Inventory

^[1]

10,499

4,932

Log Inventory [Member]

Inventory [Line Items]

Inventory

$ 4,007

$ 3,451

[1]	Represents cost of HBU real estate (including capitalized development costs) expected to be sold within 12 months.

DEBT (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 791,233
Current maturities of long-term debt	0	$ 129,706
LONG-TERM DEBT	791,233	$ 621,849
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Total debt	$ 325,000
Interest rate	3.75%
Term Credit Agreement borrowings due 2024 at a variable interest rate of 1.8% at September 30, 2015
Debt Instrument [Line Items]
Total debt	$ 170,000
Interest rate	1.80%
Revolving Credit Facility borrowings due 2020 at a variable interest rate of 1.4% at September 30, 2015
Debt Instrument [Line Items]
Total debt	$ 67,000
Interest rate	1.40%
Mortgage notes due 2017 at fixed interest rates of 4.35%
Debt Instrument [Line Items]
Total debt	$ 42,739
Interest rate	4.35%
Solid waste bond due 2020 at a variable interest rate of 1.3% at September 30, 2015
Debt Instrument [Line Items]
Total debt	$ 15,000
Interest rate	1.30%
New Zealand JV Revolving Credit Facility due 2016 at a variable interest rate of 4.83% at September 30, 2015
Debt Instrument [Line Items]
Total debt	$ 149,860
Interest rate	4.83%
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate
Debt Instrument [Line Items]
Total debt	$ 21,634
Interest rate	0.00%

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Sep. 30, 2015 USD ($)
Debt Disclosure [Abstract]
2015	$ 0
2016	149,860
2017	42,000
2018	0
2019	0
Thereafter	598,634
Total debt	790,494
Debt Instrument, Unamortized Premium	$ 700

DEBT (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
DEBT (Narrative) (Details) - USD ($)	Aug. 05, 2015	Aug. 31, 2015	Sep. 30, 2015	Sep. 30, 2015	Aug. 01, 2015	Jul. 31, 2015	Dec. 31, 2014	Dec. 01, 2014
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 550,000,000
New Zealand JV long-term variable rate debt			$ 791,233,000	$ 791,233,000
Notional amount					$ 309,000,000			$ 22,000,000
Basis points on periodic interest rate	1.625%
Commitment fee percentage	0.175%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Notional amount		$ 170,000,000
Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Notional amount			121,163,000	121,163,000			$ 161,968,000
Term Loan Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Unused borrowing capacity amount			$ 180,000,000.0	$ 180,000,000.0
Periodic effective interest rate			3.30%	3.30%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity		$ 200,000,000				$ 200,000,000
Basis points on periodic interest rate		1.25%
Commitment fee percentage		0.00%
Revolving Credit Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Net debt borrowings			$ 67,000,000
Remaining borrowing capacity			131,200,000	$ 131,200,000
Amount to secure outstanding letters of credit			1,800,000	1,800,000
Farm Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 100,000,000
Working Capital Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Decrease in debt due to favorable changes in exchange rates				34,200,000
4.50% Senior Exchangeable Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 131,000,000
Interest rate		4.50%
Working Capital Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity			$ 15,000,000	$ 15,000,000
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate
Debt Instrument [Line Items]
Interest rate			0.00%	0.00%
New Zealand JV long-term variable rate debt			$ 21,634,000	$ 21,634,000
New Zealand JV noncontrolling interest shareholder loan at 0% interest rate \| Long-term Debt [Member]
Debt Instrument [Line Items]
Decrease in debt due to favorable changes in exchange rates				4,900,000
Matariki Forestry Group [Member] \| Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member]
Debt Instrument [Line Items]
New Zealand JV long-term variable rate debt			$ 150,000,000	$ 150,000,000
Periodic effective interest rate			6.40%	6.40%
Basis point credit line fee				0.80%
Matariki Forestry Group [Member] \| Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] \| New Zealand Bank Bill Rate [Member]
Debt Instrument [Line Items]
Basis points on periodic interest rate				0.80%
Matariki Forestry Group [Member] \| Senior Secured Facilities Agreement as Amended July 2013, Revolving Cash Advance Facility due 2016 [Member] \| Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member]
Debt Instrument [Line Items]
Notional amount			$ 121,000,000	$ 121,000,000
Percent of variable rate debt			81.00%	81.00%
Matariki Forestry Group [Member] \| Working Capital Facility [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Repayments of working capital facility				$ 5,000,000
Matariki Forestry Group [Member] \| New Zealand JV noncontrolling interest shareholder loan at 0% interest rate
Debt Instrument [Line Items]
Repayments of shareholder loan				$ 1,400,000
CoBank, ACB [Member]
Debt Instrument [Line Items]
Debt instrument, term	9 years

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

$ (4,825)

$ (46,139)

Other comprehensive income/(loss) before reclassifications

(56,877)

36,922

Amounts reclassified from accumulated other comprehensive loss

5,726

4,392

Net other comprehensive income/(loss)

(51,151)

41,314

Ending balance

$ (55,976)

(55,976)

(4,825)

Net losses transferred to Rayonier Advanced Materials Pension Plans

78,000

Additional losses from revaluation related to spinoff

30,000

Net periodic pension cost

5,000

Income tax expense on pension plan contributed to Rayonier Advanced Materials

843

Foreign currency translation gains (losses) [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

25,533

36,914

Other comprehensive income/(loss) before reclassifications

(43,420)

(11,381)

Amounts reclassified from accumulated other comprehensive loss

Net other comprehensive income/(loss)

(43,420)

(11,381)

Ending balance

(17,887)

25,533

Net investment hedges

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

(145)

Other comprehensive income/(loss) before reclassifications

6,319

(145)

Amounts reclassified from accumulated other comprehensive loss

Net other comprehensive income/(loss)

6,319

(145)

Ending balance

6,174

(145)

Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

(1,548)

(342)

Other comprehensive income/(loss) before reclassifications

(19,776)

510

Amounts reclassified from accumulated other comprehensive loss

3,312

(1,086)

(1,716)

Net other comprehensive income/(loss)

(16,464)

(1,206)

Ending balance

(18,012)

(1,548)

Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Amounts reclassified from accumulated other comprehensive loss

(3,312)

1,929

Income tax expense on pension plan contributed to Rayonier Advanced Materials

1,000

Unrecognized components of employee benefit plans [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

(28,665)

$ (82,711)

(82,711)

Other comprehensive income/(loss) before reclassifications

47,938

^[1]

Amounts reclassified from accumulated other comprehensive loss

2,414

^[2]

6,108

^[3]

Net other comprehensive income/(loss)

2,414

54,046

Ending balance

(26,251)

$ (26,251)

$ (28,665)

Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other comprehensive (loss) income [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Designated hedged item, gain (loss) recognized in other comprehensive income

$ 13,600

[1]	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 at December 31, 2014 due to the spin-off. See Note 22 — Employee Benefit Plans in the 2014 Form 10-K for additional information.
[2]	This component of other comprehensive income is included in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information.
[3]	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.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (55,976)		$ (55,976)		$ (4,825)	$ (46,139)
Other operating income, net	(2,855)	$ (9,144)	(15,567)	$ (20,908)
Comprehensive (loss) income attributable to noncontrolling interest	(5,363)	(12,426)	(18,884)	(6,573)
Income tax (expense) benefit	541	$ 11,280	1,309	5,319
Income tax expense on pension plan contributed to Rayonier Advanced Materials			0	843
Net loss (gain) from accumulated other comprehensive income			5,726		4,392
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (18,012)		(18,012)		(1,548)	$ (342)
Net loss (gain) from accumulated other comprehensive income			3,312	(1,086)	(1,716)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interest			(2,477)	1,488
Income tax (expense) benefit			(1,288)	835
Income tax expense on pension plan contributed to Rayonier Advanced Materials					$ 1,000
Net loss (gain) from accumulated other comprehensive income			(3,312)	1,929
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] \| Foreign Exchange Contract [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net			3,928	(3,194)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] \| Foreign Exchange Option [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating income, net			$ 3,149	$ (1,058)

OTHER OPERATING INCOME, NET (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Other Income and Expenses [Abstract]

Lease income, primarily from hunting leases

$ 4,349

$ 5,013

$ 14,348

$ 12,015

Other non-timber income

581

817

2,634

1,810

Foreign currency income (loss)

(149)

4,304

4,292

Gain (loss) on sale or disposal of property and equipment

(Loss) gain on foreign currency exchange contracts

(2,297)

(3,290)

(32)

Bankruptcy claim settlement

5,779

Gain (loss) on sale of carbon credits

^[1]

352

(307)

Miscellaneous income (expense), net

367

(1,056)

1,450

(2,695)

Total

$ 2,855

$ 9,144

$ 15,567

$ 20,908

[1]	Loss in 2014 reflects surrender of carbon credit units.

CONSOLIDATING FINANCIAL STATEMENTS - Narrative (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]	9 Months Ended
	Sep. 30, 2015 USD ($)
Debt Instrument [Line Items]
Issuance date	March 2012
Face amount	$ 325,000,000
Stated interest rate	3.75%
Maturity date	2022

CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of (Loss) Income and Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Statement [Abstract]
SALES	$ 151,657	$ 149,829	$ 407,764	$ 456,161
Cost of sales	116,044	118,088	326,966	357,083
Selling and general expenses	10,689	8,806	34,315	35,904
Other operating expense (income), net	(2,855)	(9,144)	(15,567)	(20,908)
Costs and Expenses, Total	123,878	117,750	345,714	372,079
OPERATING INCOME	27,779	32,079	62,050	84,082
Interest expense	(7,581)	(9,566)	(24,608)	(35,852)
Interest and miscellaneous income (expense), net	(1,558)	(1,734)	(4,250)	(7,131)
Equity in (loss) income from subsidiaries	0	0	0	0
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	18,640	20,779	33,192	41,099
Income tax (expense) benefit	541	11,280	1,309	5,319
INCOME FROM CONTINUING OPERATIONS	19,181	32,059	34,501	46,418
Income from discontinued operations, net	0	0	0	43,092
NET INCOME	19,181	32,059	34,501	89,510	$ 97,846
Less: Net loss attributable to noncontrolling interest	(488)	(642)	(1,379)	(970)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,669	32,701	35,880	90,480
Foreign currency translation adjustment, net of income tax expense of $429 $0, $1,581 and $0	(13,370)	(37,877)	(53,087)	(16,426)	(15,847)
New Zealand joint venture cash flow hedges	(14,120)	(3,494)	(17,983)	(2,703)	$ (1,855)
Amortization of pension and postretirement plans, net of income tax	890	2,265	2,414	63,235
Total other comprehensive (loss) income	(26,600)	(39,106)	(68,656)	44,106
COMPREHENSIVE (LOSS) INCOME	(7,419)	(7,047)	(34,155)	133,616
Less: Comprehensive loss attributable to noncontrolling interest	(5,363)	(12,426)	(18,884)	(6,573)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(2,056)	5,379	(15,271)	140,189
Rayonier Inc. (Parent Guarantor) [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
OPERATING INCOME	0	0	0	0
Interest expense	(3,227)	(3,685)	(9,564)	(10,074)
Interest and miscellaneous income (expense), net	1,980	1,799	5,787	7,230
Equity in (loss) income from subsidiaries	20,916	34,587	39,657	93,324
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	19,669	32,701	35,880	90,480
Income tax (expense) benefit	0	0	0	0
INCOME FROM CONTINUING OPERATIONS				90,480
Income from discontinued operations, net				0
NET INCOME	19,669	32,701	35,880	90,480
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	19,669	32,701	35,880	90,480
Foreign currency translation adjustment, net of income tax expense of $429 $0, $1,581 and $0	(8,662)	(27,317)	(37,100)	(11,770)
New Zealand joint venture cash flow hedges	(13,954)	(2,270)	(16,465)	(1,756)
Amortization of pension and postretirement plans, net of income tax	890	2,265	2,414	63,235
Total other comprehensive (loss) income	(21,726)	(27,322)	(51,151)	49,709
COMPREHENSIVE (LOSS) INCOME	(2,057)	5,379	(15,271)	140,189
Less: Comprehensive loss attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(2,057)	5,379	(15,271)	140,189
ROC (Subsidiary Guarantor) [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	4,412	3,488	15,691	8,032
Other operating expense (income), net	16	(854)	(445)	3,094
Costs and Expenses, Total	4,428	2,634	15,246	11,126
OPERATING INCOME	(4,428)	(2,634)	(15,246)	(11,126)
Interest expense	(2,240)	(2,981)	(7,304)	(21,121)
Interest and miscellaneous income (expense), net	583	554	1,956	(3,780)
Equity in (loss) income from subsidiaries	26,647	38,414	58,010	121,047
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	20,562	33,353	37,416	85,020
Income tax (expense) benefit	354	1,234	2,241	8,304
INCOME FROM CONTINUING OPERATIONS				93,324
Income from discontinued operations, net				0
NET INCOME	20,916	34,587	39,657	93,324
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	20,916	34,587	39,657	93,324
Foreign currency translation adjustment, net of income tax expense of $429 $0, $1,581 and $0	(8,662)	(27,317)	(37,100)	(11,770)
New Zealand joint venture cash flow hedges	(13,954)	(2,272)	(16,465)	(1,758)
Amortization of pension and postretirement plans, net of income tax	890	2,265	2,414	63,235
Total other comprehensive (loss) income	(21,726)	(27,324)	(51,151)	49,707
COMPREHENSIVE (LOSS) INCOME	(810)	7,263	(11,494)	143,031
Less: Comprehensive loss attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(810)	7,263	(11,494)	143,031
Non-guarantors [Member]
Income Statement [Abstract]
SALES	151,657	149,829	407,764	456,161
Cost of sales	116,044	118,088	326,966	357,083
Selling and general expenses	6,277	5,318	18,624	27,872
Other operating expense (income), net	(2,871)	(8,290)	(15,122)	(24,002)
Costs and Expenses, Total	119,450	115,116	330,468	360,953
OPERATING INCOME	32,207	34,713	77,296	95,208
Interest expense	(2,114)	(2,900)	(7,740)	(4,657)
Interest and miscellaneous income (expense), net	(4,121)	(4,087)	(11,993)	(10,581)
Equity in (loss) income from subsidiaries	0	0	0	0
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	25,972	27,726	57,563	79,970
Income tax (expense) benefit	187	10,046	(932)	(2,985)
INCOME FROM CONTINUING OPERATIONS				76,985
Income from discontinued operations, net				43,092
NET INCOME	26,159	37,772	56,631	120,077
Less: Net loss attributable to noncontrolling interest	(488)	(642)	(1,379)	(970)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	26,647	38,414	58,010	121,047
Foreign currency translation adjustment, net of income tax expense of $429 $0, $1,581 and $0	(13,370)	(37,738)	(53,088)	(16,426)
New Zealand joint venture cash flow hedges	(14,120)	(3,494)	(17,983)	(2,703)
Amortization of pension and postretirement plans, net of income tax	117	(4,120)	132	90,214
Total other comprehensive (loss) income	(27,373)	(45,352)	(70,939)	71,085
COMPREHENSIVE (LOSS) INCOME	(1,214)	(7,580)	(14,308)	191,162
Less: Comprehensive loss attributable to noncontrolling interest	(5,363)	(12,295)	(18,884)	(6,573)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	4,149	4,715	4,576	197,735
Consolidation Adjustments [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating expense (income), net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
OPERATING INCOME	0	0	0	0
Interest expense	0	0	0	0
Interest and miscellaneous income (expense), net	0	0	0	0
Equity in (loss) income from subsidiaries	(47,563)	(73,001)	(97,667)	(214,371)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	(47,563)	(73,001)	(97,667)	(214,371)
Income tax (expense) benefit	0	0	0	0
INCOME FROM CONTINUING OPERATIONS				(214,371)
Income from discontinued operations, net				0
NET INCOME	(47,563)	(73,001)	(97,667)	(214,371)
Less: Net loss attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	(47,563)	(73,001)	(97,667)	(214,371)
Foreign currency translation adjustment, net of income tax expense of $429 $0, $1,581 and $0	17,324	54,495	74,201	23,540
New Zealand joint venture cash flow hedges	27,908	4,542	32,930	3,514
Amortization of pension and postretirement plans, net of income tax	(1,007)	1,855	(2,546)	(153,449)
Total other comprehensive (loss) income	44,225	60,892	104,585	(126,395)
COMPREHENSIVE (LOSS) INCOME	(3,338)	(12,109)	6,918	(340,766)
Less: Comprehensive loss attributable to noncontrolling interest	0	(131)	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	$ (3,338)	$ (11,978)	$ 6,918	$ (340,766)

CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 65,755	$ 161,558	$ 182,831	$ 199,644
Accounts receivable, less allowance for doubtful accounts	19,296	24,018
Inventory	14,506	8,383
Prepaid and other current assets	24,066	19,745
Total current assets	123,623	213,704
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,038,032	2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	67,274	77,433
NET PROPERTY, PLANT AND EQUIPMENT	6,157	6,706
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	79,374	66,771
TOTAL ASSETS	2,314,460	2,453,115
CURRENT LIABILITIES
Accounts payable	19,301	20,211
Current maturities of long-term debt	0	129,706
Accrued taxes	17,238	11,405
Accrued payroll and benefits	5,673	6,390
Accrued interest	8,943	8,433
Other current liabilities	30,200	25,857
Total current liabilities	81,355	202,002
LONG-TERM DEBT	791,233	621,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	33,599	33,477
OTHER NON-CURRENT LIABILITIES	32,056	20,636
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,308,420	1,488,470
Noncontrolling interest	67,797	86,681
TOTAL SHAREHOLDERS’ EQUITY	1,376,217	1,575,151		1,755,243
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,314,460	2,453,115
Rayonier Inc. (Parent Guarantor) [Member]
CURRENT ASSETS
Cash and cash equivalents	12,955	102,218	84,283	130,181
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid and other current assets	0	0
Total current assets	12,955	102,218
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS		0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN SUBSIDIARIES	1,357,910	1,463,303
INTERCOMPANY NOTES RECEIVABLE	266,149	248,233
OTHER ASSETS	2,396	2,763
TOTAL ASSETS	1,639,410	1,816,517
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt		0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	5,990	3,047
Other current liabilities	0	0
Total current liabilities	5,990	3,047
LONG-TERM DEBT	325,000	325,000
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,308,420	1,488,470
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,308,420	1,488,470
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,639,410	1,816,517
ROC (Subsidiary Guarantor) [Member]
CURRENT ASSETS
Cash and cash equivalents	10,760	8,105	51,488	11,023
Accounts receivable, less allowance for doubtful accounts	143	1,409
Inventory	0	0
Prepaid and other current assets	11,124	2,009
Total current assets	22,027	11,523
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	377	433
INVESTMENT IN SUBSIDIARIES	2,213,466	2,053,911
INTERCOMPANY NOTES RECEIVABLE	(2,914)	21,500
OTHER ASSETS	24,599	18,369
TOTAL ASSETS	2,257,555	2,105,736
CURRENT LIABILITIES
Accounts payable	1,437	2,810
Current maturities of long-term debt		129,706
Accrued taxes	13	11
Accrued payroll and benefits	3,181	3,253
Accrued interest	500	2,517
Other current liabilities	14,031	1,073
Total current liabilities	19,162	139,370
LONG-TERM DEBT	252,000	31,000
PENSION AND OTHER POSTRETIREMENT BENEFITS	34,283	34,161
OTHER NON-CURRENT LIABILITIES	20,288	6,436
INTERCOMPANY PAYABLE	573,912	431,466
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,357,910	1,463,303
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,357,910	1,463,303
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,257,555	2,105,736
Non-guarantors [Member]
CURRENT ASSETS
Cash and cash equivalents	42,040	51,235	47,060	58,440
Accounts receivable, less allowance for doubtful accounts	19,153	22,609
Inventory	14,506	8,383
Prepaid and other current assets	12,942	17,736
Total current assets	88,641	99,963
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,038,032	2,088,501
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	67,274	77,433
NET PROPERTY, PLANT AND EQUIPMENT	5,780	6,273
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	52,379	45,639
TOTAL ASSETS	2,252,106	2,317,809
CURRENT LIABILITIES
Accounts payable	17,864	17,401
Current maturities of long-term debt		0
Accrued taxes	17,225	11,394
Accrued payroll and benefits	2,492	3,137
Accrued interest	37,782	31,281
Other current liabilities	16,169	24,784
Total current liabilities	91,532	87,997
LONG-TERM DEBT	214,233	265,849
PENSION AND OTHER POSTRETIREMENT BENEFITS	(684)	(684)
OTHER NON-CURRENT LIABILITIES	11,768	14,200
INTERCOMPANY PAYABLE	(257,486)	(153,754)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	2,124,946	2,017,520
Noncontrolling interest	67,797	86,681
TOTAL SHAREHOLDERS’ EQUITY	2,192,743	2,104,201
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,252,106	2,317,809
Consolidation Adjustments [Member]
CURRENT ASSETS
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid and other current assets	0	0
Total current assets	0	0
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN SUBSIDIARIES	(3,571,376)	(3,517,214)
INTERCOMPANY NOTES RECEIVABLE	(263,235)	(269,733)
OTHER ASSETS	0	0
TOTAL ASSETS	(3,834,611)	(3,786,947)
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt		0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	(35,329)	(28,412)
Other current liabilities	0	0
Total current liabilities	(35,329)	(28,412)
LONG-TERM DEBT	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(316,426)	(277,712)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	(3,482,856)	(3,480,823)
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	(3,482,856)	(3,480,823)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ (3,834,611)	$ (3,786,947)

CONSOLIDATING FINANCIAL STATEMENTS - Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Thousands		9 Months Ended
	Jun. 27, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		$ 143,403	$ 284,069
INVESTING ACTIVITIES
Capital expenditures		(38,517)	(45,242)
Capital expenditures from discontinued operations		0	(60,442)
Real estate development costs		(1,745)	(3,314)
Purchase of timberlands		(88,466)	(93,189)
Change in restricted cash		(17,835)	47,318
Investment in Subsidiaries		0	0
Other		3,692	(478)
CASH USED FOR INVESTING ACTIVITIES		(142,871)	(155,347)
FINANCING ACTIVITIES
Issuance of debt		379,027	1,295,163
Repayment of debt		(300,871)	(1,173,049)
Dividends paid	$ (63,200)	(94,280)	(225,877)
Proceeds from the issuance of common shares		1,322	4,645
Repurchase of common shares		(73,621)	(1,834)
Debt issuance costs		(1,678)	(12,380)
Net cash disbursed upon spin-off of Performance Fibers business		0	(31,420)
Issuance of Intercompany Notes			0
Intercompany distributions		0	0
Other		0	(680)
CASH USED FOR FINANCING ACTIVITIES		(90,101)	(145,432)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(6,234)	(103)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		(95,803)	(16,813)
Balance, beginning of year		161,558	199,644
Balance, end of period		65,755	182,831
Rayonier Inc. (Parent Guarantor) [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		77,316	219,988
INVESTING ACTIVITIES
Capital expenditures		0	0
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		0	0
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		0	0
FINANCING ACTIVITIES
Issuance of debt		0	0
Repayment of debt		0	0
Dividends paid		(94,280)	(225,877)
Proceeds from the issuance of common shares		1,322	4,645
Repurchase of common shares		(73,621)	(1,834)
Debt issuance costs		0	0
Net cash disbursed upon spin-off of Performance Fibers business			(31,420)
Issuance of Intercompany Notes			(11,400)
Intercompany distributions		0	0
Other			0
CASH USED FOR FINANCING ACTIVITIES		(166,579)	(265,886)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		(89,263)	(45,898)
Balance, beginning of year		102,218	130,181
Balance, end of period		12,955	84,283
ROC (Subsidiary Guarantor) [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		92,414	238,010
INVESTING ACTIVITIES
Capital expenditures		(78)	(400)
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		(75,946)	855,014
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		(76,024)	854,614
FINANCING ACTIVITIES
Issuance of debt		374,000	185,000
Repayment of debt		(294,472)	(1,002,500)
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs		(1,678)	0
Net cash disbursed upon spin-off of Performance Fibers business			0
Issuance of Intercompany Notes			0
Intercompany distributions		(91,585)	(234,659)
Other			0
CASH USED FOR FINANCING ACTIVITIES		(13,735)	(1,052,159)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		2,655	40,465
Balance, beginning of year		8,105	11,023
Balance, end of period		10,760	51,488
Non-guarantors [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		64,901	57,801
INVESTING ACTIVITIES
Capital expenditures		(38,439)	(44,842)
Capital expenditures from discontinued operations			(60,442)
Real estate development costs		(1,745)	(3,314)
Purchase of timberlands		(88,466)	(93,189)
Change in restricted cash		(17,835)	47,318
Investment in Subsidiaries		0	0
Other		3,692	(478)
CASH USED FOR INVESTING ACTIVITIES		(142,793)	(154,947)
FINANCING ACTIVITIES
Issuance of debt		5,027	1,110,163
Repayment of debt		(6,399)	(170,549)
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs		0	(12,380)
Net cash disbursed upon spin-off of Performance Fibers business			0
Issuance of Intercompany Notes			11,400
Intercompany distributions		76,303	(852,085)
Other			(680)
CASH USED FOR FINANCING ACTIVITIES		74,931	85,869
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(6,234)	(103)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		(9,195)	(11,380)
Balance, beginning of year		51,235	58,440
Balance, end of period		42,040	47,060
Consolidation Adjustments [Member]
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		(91,228)	(231,730)
INVESTING ACTIVITIES
Capital expenditures		0	0
Capital expenditures from discontinued operations			0
Real estate development costs		0	0
Purchase of timberlands		0	0
Change in restricted cash		0	0
Investment in Subsidiaries		75,946	(855,014)
Other		0	0
CASH USED FOR INVESTING ACTIVITIES		75,946	(855,014)
FINANCING ACTIVITIES
Issuance of debt		0	0
Repayment of debt		0	0
Dividends paid		0	0
Proceeds from the issuance of common shares		0	0
Repurchase of common shares		0	0
Debt issuance costs		0	0
Net cash disbursed upon spin-off of Performance Fibers business			0
Issuance of Intercompany Notes			0
Intercompany distributions		15,282	1,086,744
Other			0
CASH USED FOR FINANCING ACTIVITIES		15,282	1,086,744
EFFECT OF EXCHANGE RATE CHANGES ON CASH		0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents		0	0
Balance, beginning of year		0	0
Balance, end of period		$ 0	$ 0