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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Oct. 26, 2018
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, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		129,467,663

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
SALES (NOTE 2)	$ 200,890	$ 184,419	$ 649,991	$ 579,874
Costs and Expenses
Cost of sales	(143,261)	(136,983)	(466,167)	(418,421)
Selling and general expenses	(10,800)	(9,936)	(31,304)	(29,771)
Other operating (loss) income, net (Note 15)	(451)	1,771	2,577	3,744
Costs and Expenses, Total	(154,512)	(145,148)	(494,894)	(444,448)
OPERATING INCOME	46,378	39,271	155,097	135,426
Interest expense	(7,838)	(8,553)	(23,992)	(25,600)
Interest and other miscellaneous income, net	495	1,128	4,020	1,650
INCOME BEFORE INCOME TAXES	39,035	31,846	135,125	111,476
Income tax expense (Note 8)	(8,396)	(3,043)	(22,443)	(16,817)
NET INCOME	30,639	28,803	112,682	94,659	$ 161,579
Less: Net income attributable to noncontrolling interest	(7,207)	(4,115)	(12,453)	(9,968)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	23,432	24,688	100,229	84,691
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax expense of $0, $0, $0 and $0	(10,527)	(7,317)	(30,599)	16,599	9,114
Cash flow hedges, net of income tax benefit (expense) of $401, ($614), $2,012 and $534	4,142	(2,162)	21,285	(1,597)	5,693
Amortization of pension and postretirement plans, net of income tax expense of $711, $0, $711 and $0	(542)	116	(204)	349	$ (208)
Total other comprehensive (loss) income	(6,927)	(9,363)	(9,518)	15,351
COMPREHENSIVE INCOME	23,712	19,440	103,164	110,010
Less: Comprehensive income attributable to noncontrolling interest	(4,533)	(2,289)	(4,004)	(13,537)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 19,179	$ 17,151	$ 99,160	$ 96,473
EARNINGS PER COMMON SHARE (Note 11)
Basic earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.18	$ 0.19	$ 0.78	$ 0.67
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	0.18	0.19	0.77	0.67
Dividends declared per share (in dollars per share)	$ 0.27	$ 0.25	$ 0.79	$ 0.75	$ 1.00

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, income tax (expense) benefit	401	(614)	2,012	534
Amortization of pension and postretirement plans, tax expense	$ 711	$ 0	$ 711	$ 0

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 146,259	$ 112,653
Accounts receivable, less allowance for doubtful accounts of $8 and $23	43,089	27,693
Inventory (Note 16)	26,950	24,141
Prepaid expenses	15,849	15,993
Other current assets	2,443	3,047
Total current assets	234,590	183,527
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,386,949	2,462,066
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (NOTE 6)	79,747	80,797
PROPERTY, PLANT AND EQUIPMENT
Land	4,131	3,962
Buildings	23,149	23,618
Machinery and equipment	4,427	4,440
Construction in progress	635	627
Total property, plant and equipment, gross	32,342	32,647
Less — accumulated depreciation	(9,540)	(9,269)
Total property, plant and equipment, net	22,802	23,378
RESTRICTED CASH (NOTE 17)	45,418	59,703
OTHER ASSETS	72,709	49,010
TOTAL ASSETS	2,842,215	2,858,481
CURRENT LIABILITIES
Accounts payable	22,406	25,148
Current maturities of long-term debt (Note 5)	0	3,375
Accrued taxes	7,818	3,781
Accrued payroll and benefits	8,320	9,662
Accrued interest	7,963	5,054
Deferred revenue	13,867	9,721
Other current liabilities	21,249	11,807
Total current liabilities	81,623	68,548
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS (NOTE 5)	972,426	1,022,004
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 14)	28,925	31,905
OTHER NON-CURRENT LIABILITIES	58,142	43,084
COMMITMENTS AND CONTINGENCIES (NOTES 7 and 9)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 shares authorized,129,467,237 and 128,970,776 shares issued and outstanding	882,421	872,228
Retained earnings	705,531	707,378
Accumulated other comprehensive income (Note 18)	12,348	13,417
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,600,300	1,593,023
Noncontrolling interest	100,799	99,917
TOTAL SHAREHOLDERS’ EQUITY	1,701,099	1,692,940
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,842,215	$ 2,858,481

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current Assets:
Allowance for doubtful accounts	$ 8	$ 23
Shareholders’ Equity:
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	129,467,237	128,970,776
Common shares, shares outstanding (in shares)	129,467,237	128,970,776

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive Income	Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment due to adoption of ASU \| Accounting Standards Update 2016-16	$ (14,365)		$ (14,365)
Beginning balance (in shares) at Dec. 31, 2016		122,904,368
Beginning balance at Dec. 31, 2016	1,496,752	$ 709,867	700,887	$ 856	$ 85,142
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	161,579		148,842		12,737
Dividends ($1.00 and $0.79 per share, respectively)	(127,986)		(127,986)
Issuance of shares under incentive stock plans (in shares)		322,314
Issuance of shares under incentive stock plans	4,751	$ 4,751
Stock-based compensation	5,396	$ 5,396
Repurchase of common shares (in shares)		(5,906)
Repurchase of common shares	(176)	$ (176)
Actuarial change and amortization of pension and postretirement plan liabilities	(208)			(208)
Foreign currency translation adjustment	9,114			7,416	1,698
Cash flow hedges	5,693			5,353	340
Issuance of shares under equity offering, net of costs (in shares)		5,750,000
Issuance of shares under equity offering, net of costs	152,390	$ 152,390
Ending balance (in shares) at Dec. 31, 2017		128,970,776
Ending balance at Dec. 31, 2017	1,692,940	$ 872,228	707,378	13,417	99,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment due to adoption of ASU \| Accounting Standards Update 2018-02	0		711	(711)
Net income	112,682		100,229		12,453
Dividends ($1.00 and $0.79 per share, respectively)	(102,787)		(102,787)
Issuance of shares under incentive stock plans (in shares)		577,857
Issuance of shares under incentive stock plans	8,216	$ 8,216
Stock-based compensation	4,957	$ 4,957
Repurchase of common shares (in shares)		(81,396)
Repurchase of common shares	(2,980)	$ (2,980)
Amortization of pension and postretirement plan liabilities	(507)			(507)
Actuarial change and amortization of pension and postretirement plan liabilities	(204)
Foreign currency translation adjustment	(30,599)			(23,341)	(7,258)
Cash flow hedges	21,285			22,476	(1,191)
Dividend to New Zealand minority shareholder	(3,122)				(3,122)
Ending balance (in shares) at Sep. 30, 2018		129,467,237
Ending balance at Sep. 30, 2018	$ 1,701,099	$ 882,421	$ 705,531	12,348	$ 100,799
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect adjustment due to adoption of ASU \| Accounting Standards Update 2018-02				$ 700

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.27	$ 0.25	$ 0.79	$ 0.75	$ 1.00

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

OPERATING ACTIVITIES

Net income

$ 112,682

$ 94,659

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

Depreciation, depletion and amortization

115,726

96,602

Non-cash cost of land and improved development

17,051

8,631

Stock-based incentive compensation expense

4,957

4,084

Deferred income taxes

21,019

16,714

Amortization of losses from pension and postretirement plans

507

349

Gain on sale of large disposition of timberlands

(28,183)

Other

3,470

Changes in operating assets and liabilities:

Receivables

(15,261)

(18,639)

Inventories

1,085

(617)

Accounts payable

(825)

5,018

Income tax receivable/payable

(126)

All other operating activities

640

8,352

CASH PROVIDED BY OPERATING ACTIVITIES

261,051

186,873

INVESTING ACTIVITIES

Capital expenditures

(44,137)

(45,731)

Real estate development investments

(6,889)

(11,780)

Purchase of timberlands

(38,978)

(239,052)

Net proceeds from large disposition of timberlands

42,029

Rayonier office building under construction

(5,979)

Other

2,132

383

CASH (USED FOR) INVESTING ACTIVITIES

(87,872)

(260,130)

FINANCING ACTIVITIES

Issuance of debt

1,014

63,389

Repayment of debt

(54,416)

(95,216)

Dividends paid

(101,839)

(95,008)

Proceeds from the issuance of common shares under incentive stock plan

8,216

3,665

Proceeds from the issuance of common shares from equity offering, net of costs

152,390

Repurchase of common shares

(2,980)

Proceeds from shareholder distribution hedge

610

Distribution to minority shareholder

(3,122)

CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES

(152,517)

29,220

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(1,341)

1,113

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Change in cash, cash equivalents and restricted cash

^[1]

19,321

(42,924)

Balance, beginning of year

^[1]

172,356

157,617

Balance, end of period

^[1]

191,677

114,693

Cash paid during the period:

Interest

^[2]

20,910

23,540

Income taxes

824

495

Non-cash investing activity:

Capital assets purchased on account

$ 2,848

$ 4,376

[1]

Due to the adoption of ASU No. 2016-18, restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown and therefore changes in restricted cash are no longer reported as investing activities. Prior period amounts have been restated to conform to current period presentation. For additional information and a reconciliation of cash, see Note 17 — Restricted Cash.

[2]

Interest paid is presented net of patronage payments received of $4.1 million and $3.0 million for the nine months ended September 30, 2018 and September 30, 2017, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2017 Form 10-K.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statement of Cash Flows [Abstract]
Patronage refunds received, netted with interest paid	$ 4.1	$ 3.0

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any 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, 2017, as filed with the SEC (the “2017 Form 10-K”). SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES REVENUE See Note 2 — Revenue for significant accounting policies related to revenue that were revised upon adoption of Accounting Standards Codification (“ASC”) 606. COST OF SALES Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by the Company. As allowed under GAAP, the Company expenses closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year. When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale. For a full description of our significant accounting policies, see Note 2 — Summary of Significant Accounting Policies in the 2017 Form 10-K. RECLASSIFICATIONS Management has changed how it internally evaluates the business performance of its New Zealand Timber segment. In order to align segment reporting, the Company has reclassified New Zealand timberland sales from the New Zealand Timber segment to the Real Estate segment. All prior period amounts previously reported have been reclassified to reflect the realigned segments. See Note 4 — Segment and Geographic Information. RECENTLY ADOPTED STANDARDS In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU No. 2018-02 is effective for the Company's reporting period beginning on January 1, 2019; early adoption is permitted. The Company elected to adopt ASU No. 2018-02 during the third quarter of 2018, and elected to reclassify the income tax effects of the Tax Cuts and Jobs Act from AOCI to retained earnings. The reclassification decreased AOCI and increased retained earnings by $0.7 million, with zero net effect on total shareholders’ equity. See Note 8 — Income Taxes for additional information. The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018. The Company elected to apply the modified retrospective method to contracts that were not completed at the date of adoption. The Company also elected not to retrospectively restate contracts modified prior to January 1, 2018. A cumulative effect of adoption adjustment to the opening balance of retained earnings was not recorded as there was no accounting impact to any contracts with customers not completed at the date of adoption. See Note 2 — Revenue for additional information. In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires that an employer report the service cost component of net periodic benefit cost in the Consolidated Statements of Income in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU No. 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, and is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier adopted ASU No. 2017-07 during the first quarter ended March 31, 2018 and applied the update retrospectively to all periods presented. See Note 14 — Employee Benefit Plans for the components of net periodic benefit cost and the location of these items in the Consolidated Statements of Income and Comprehensive Income. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-18 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier adopted ASU No. 2016-18 in the first quarter ended March 31, 2018 and applied the update retrospectively to all periods presented. Restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown on the Consolidated Statements of Cash Flows, and therefore changes in restricted cash are no longer reported as cash flow activities. See Note 17 — Restricted Cash for additional information, including the nature of restrictions on the Company’s cash, cash equivalents, and restricted cash. The Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments in the first quarter ended March 31, 2018 with no material impact on the consolidated financial statements. The Company adopted ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments —Overall (Subtopic 825-10) in the third quarter ended September 30, 2018 with no material impact on the consolidated financial statements. NEW ACCOUNTING STANDARDS In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which currently requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. ASU No. 2016-02 also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. In January 2018, the FASB issued ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. This update provides an optional transition practical expedient to not evaluate existing or expired land easements that were not previously accounted for as leases under the current leases guidance. An entity that elects this practical expedient should evaluate new or modified land easements under ASU No. 2016-02, once adopted. An entity that does not elect this practical expedient should evaluate all existing or expired land easements in connection with the adoption of ASU No. 2016-02 to assess whether they meet the definition of a lease. This standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and is required to be applied on a modified retrospective basis beginning at the earliest period presented. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which will make more financial and non-financial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU No. 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted and the amended presentation and disclosure guidance is required to be applied on a prospective basis. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. As ASU No. 2018-13 only revises disclosure requirements, it will not have a material impact on the Company’s Consolidated Financial Statements. In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; early adoption is permitted. As ASU 2018-14 only revises disclosure requirements, it will not have a material impact on the Company’s Consolidated Financial Statements. SUBSEQUENT EVENTS The Company has evaluated events occurring from September 30, 2018 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition. See Note 9 — Contingencies for events that warranted disclosure.

REVENUE

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

REVENUE

ADOPTION OF ASC 606

For information on the adoption of ASC 606, including changes to significant accounting policies and required transition disclosures, see Note 1 — Basis of Presentation.

REVENUE RECOGNITION

The Company recognizes revenues when control of promised goods or services (“performance obligations”) is transferred to customers, in an amount that reflects the consideration expected in exchange for those goods or services (“transaction price”). The Company generally satisfies performance obligations within a year of entering into a contract and therefore has applied the disclosure exemption found under ASC 606-10-50-14. Unsatisfied performance obligations as of September 30, 2018 are primarily due to advances on stumpage contracts and unearned license revenue. These performance obligations are expected to be satisfied within the next twelve months. The Company generally collects payment within a year of satisfying performance obligations and therefore has elected not to adjust revenues for a financing component.

The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2018 and 2017:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
September 30, 2018
Pulpwood		$19,998		$3,560		$7,278	—			$2,487	—				$33,323
Sawtimber	13,734		23,495		56,663		—		28,321		—			122,213
Hardwood	1,071		—		—		—		—		—			1,071
Total Timber Sales	34,803		27,055		63,941		—		30,808		—			156,607
License Revenue, Primarily From Hunting	4,016		224		98		—		—		—			4,338
Other Non-Timber/Carbon Revenue	637		468		2,226		—		—		—			3,331
Agency Fee Income	—		—		—		—		172		—			172
Total Non-Timber Sales	4,653		692		2,324		—		172		—			7,841
Improved Development	—		—		—		1,352		—		—			1,352
Unimproved Development	—		—		—		1,175		—		—			1,175
Rural	—		—		—		4,489		—		—			4,489
Non-strategic / Timberlands	—		—		—		29,152		—		—			29,152
Large Dispositions	—		—		—		—		—		—			—
Total Real Estate Sales	—		—		—		36,168		—		—			36,168

Revenue from Contracts with Customers	39,456		27,747		66,265		36,168		30,980		—			200,616
Other Non-Timber Sales, Primarily Lease	206		68		—		—		—		—			274
Intersegment	—		—		—		—		30		(30		)	—
Total Revenue		$39,662		$27,815		$66,265		$36,168		$31,010		($30	)		$200,890

September 30, 2017
Pulpwood		$18,260		$2,515		$7,344	—			$3,425	—				$31,544
Sawtimber	12,485		16,131		62,569		—		36,828		—			128,013
Hardwood	1,152		—		—		—		—		—			1,152
Total Timber Sales	31,897		18,646		69,913		—		40,253		—			160,709
License Revenue, Primarily from Hunting	4,171		161		36		—		—		—			4,368
Other Non-Timber Revenue	1,042		233		146		—		—		—			1,421
Agency Fee Income	—		—		—		—		433		—			433
Total Non-Timber Sales	5,213		394		182		—		433		—			6,222
Improved Development	—		—		—		46		—		—			46
Unimproved Development	—		—		—		13,905		—		—			13,905
Rural	—		—		—		3,125		—		—			3,125
Non-strategic / Timberlands	—		—		—		164		—		—			164
Large Dispositions	—		—		—		—		—		—			—
Total Real Estate Sales	—		—		—		17,240		—		—			17,240

Revenue from Contracts with Customers	37,110		19,040		70,095		17,240		40,686		—			184,171
Other Non-Timber Sales, Primarily Lease	191		57		—		—		—		—			248
Total Revenue		$37,301		$19,097		$70,095		$17,240		$40,686	—				$184,419



Nine Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
September 30, 2018
Pulpwood		$61,898		$11,648		$20,910	—			$10,548	—				$105,004
Sawtimber	45,452		77,172		162,627		—		105,309		—			390,560
Hardwood	2,882		—		—		—		—		—			2,882
Total Timber Sales	110,232		88,820		183,537		—		115,857		—			498,446
License Revenue, Primarily From Hunting	12,137		450		292		—		—		—			12,879
Other Non-Timber/Carbon Revenue	8,320		1,923		5,053		—		—		—			15,296
Agency Fee Income	—		—		—		—		460		—			460
Total Non-Timber Sales	20,457		2,373		5,345		—		460		—			28,635
Improved Development	—		—		—		3,817		—		—			3,817
Unimproved Development	—		—		—		8,621		—		—			8,621
Rural	—		—		—		10,969		—		—			10,969
Non-strategic / Timberlands	—		—		—		98,685		—		—			98,685
Large Dispositions	—		—		—		—		—		—			—
Total Real Estate Sales	—		—		—		122,092		—		—			122,092

Revenue from Contracts with Customers	130,689		91,193		188,882		122,092		116,317		—			649,173
Other Non-Timber Sales, Primarily Lease	609		209		—		—		—		—			818
Intersegment	—		—		—		—		66		(66		)	—
Total Revenue		$131,298		$91,402		$188,882		$122,092		$116,383		($66	)		$649,991

September 30, 2017
Pulpwood		$52,407		$8,683		$18,956	—			$9,972	—				$90,018
Sawtimber	40,088		54,203		144,550		—		105,964		—			344,805
Hardwood	2,895		—		—		—		—		—			2,895
Total Timber Sales	95,390		62,886		163,506		—		115,936		—			437,718
License Revenue, Primarily from Hunting	11,809		354		154		—		—		—			12,317
Other Non-Timber Revenue	4,184		2,037		320		—		—		—			6,541
Agency Fee Income	—		—		—		—		1,051		—			1,051
Total Non-Timber Sales	15,993		2,391		474		—		1,051		—			19,909
Improved Development	—		—		—		189		—		—			189
Unimproved Development	—		—		—		16,405		—		—			16,405
Rural	—		—		—		15,357		—		—			15,357
Non-strategic / Timberlands	—		—		—		47,558		—		—			47,558
Large Dispositions	—		—		—		41,951		—		—			41,951
Total Real Estate Sales	—		—		—		121,460		—		—			121,460

Revenue from Contracts with Customers	111,383		65,277		163,980		121,460		116,987		—			579,087
Other Non-Timber Sales, Primarily Lease	584		203		—		—		—		—			787
Total Revenue		$111,967		$65,480		$163,980		$121,460		$116,987	—				$579,874

REVENUE RECOGNITION FOR TIMBER SALES AND NON-TIMBER INCOME

Revenue from the sale of timber is recognized when control passes to the buyer. The Company utilizes two primary methods or sales channels for the sale of timber – a stumpage/standing timber model and a delivered log model. The sales method the Company employs depends upon local market conditions and which method management believes will provide the best overall margins.

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

Under the delivered log model, the Company hires third-party loggers and haulers to harvest timber and deliver it to a buyer. Sales of domestic logs generally do not require an initial payment and are made to third-party customers on open credit terms. Sales of export logs generally require a letter of credit from an approved bank. Revenue is recognized when the logs are delivered and control has passed to the buyer. For domestic log sales, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log sales (primarily in New Zealand), control is considered passed to the buyer upon delivery onto the export vessel.

Non-timber income is primarily comprised of hunting and recreational licenses. Such income and any related cost are recognized ratably over the term of the agreement and included in “Sales” and “Cost of sales”, respectively. Payment is generally due upon contract execution.

The following table summarizes revenue recognition and general payment terms for timber sales:



Contract Type	Performance Obligation	Timing of Revenue Recognition	General Payment Terms
Stumpage Pay-as-Cut	Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber	As timber is severed (point-in-time)	Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance
Stumpage Lump Sum	Right to harvest an agreed upon acreage of standing timber	Contract execution (point-in-time)	Full payment due upon contract execution
Stumpage Agreed Volume	Right to harvest an agreed upon volume of standing timber	As timber is severed (over-time)	Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed
Delivered Wood (Domestic)	Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility	Upon delivery to customer’s facility (point-in-time)	No initial payment and on open credit terms; collection generally within 30 days of invoice
Delivered Wood (Export)	Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel	Upon delivery onto export vessel (point-in-time)	Letter of credit from an approved bank; collection generally within 30 days of delivery

The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2018 and 2017:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
September 30, 2018
Stumpage Pay-as-Cut		$16,984	—		—		—			$16,984
Stumpage Lump Sum	284		2,143		—		—		2,427
Stumpage Agreed Volume	—		—		—		—		—
Total Stumpage	17,268		2,143		—		—		19,411

Delivered Wood (Domestic)	15,856		24,912		24,771		1,813		67,352
Delivered Wood (Export)	1,679		—		39,170		28,995		69,844
Total Delivered	17,535		24,912		63,941		30,808		137,196

Total Timber Sales		$34,803		$27,055		$63,941		$30,808		$156,607

September 30, 2017
Stumpage Pay-as-Cut		$18,607	—		—		—			$18,607
Stumpage Lump Sum	1,954		3,987		—		—		5,941
Stumpage Agreed Volume	—		—		—		—		—
Total Stumpage	20,561		3,987		—		—		24,548

Delivered Wood (Domestic)	11,336		14,659		24,440		1,808		52,243
Delivered Wood (Export)	—		—		45,473		38,445		83,918
Total Delivered	11,336		14,659		69,913		40,253		136,161

Total Timber Sales		$31,897		$18,646		$69,913		$40,253		$160,709



Nine Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
September 30, 2018
Stumpage Pay-as-Cut		$59,348	—		—		—			$59,348
Stumpage Lump Sum	2,358		11,854		—		—		14,212
Stumpage Agreed Volume	—		—		—		—		—
Total Stumpage	61,706		11,854		—		—		73,560

Delivered Wood (Domestic)	44,399		76,966		70,521		4,317		196,203
Delivered Wood (Export)	4,127		—		113,016		111,540		228,683
Total Delivered	48,526		76,966		183,537		115,857		424,886

Total Timber Sales		$110,232		$88,820		$183,537		$115,857		$498,446

September 30, 2017
Stumpage Pay-as-Cut		$56,956	—		—		—			$56,956
Stumpage Lump Sum	6,997		6,574		—		—		13,571
Stumpage Agreed Volume	—		1,234		—		—		1,234
Total Stumpage	63,953		7,808		—		—		71,761

Delivered Wood (Domestic)	31,437		55,078		63,883		4,132		154,530
Delivered Wood (Export)	—		—		99,623		111,804		211,427
Total Delivered	31,437		55,078		163,506		115,936		365,957

Total Timber Sales		$95,390		$62,886		$163,506		$115,936		$437,718

REVENUE RECOGNITION FOR REAL ESTATE SALES

The Company recognizes revenue on sales of real estate generally at the point in time when cash has been received, the sale has closed, and control has passed to the buyer. A deposit of 5% is generally required at the time a purchase and sale agreement is executed, with the balance due at closing. On sales of real estate containing future performance obligations, revenue is recognized using the input method based on costs incurred to date relative to the total costs expected to fulfill the performance obligations in the contract with the customer.

REVENUE RECOGNITION FOR LOG TRADING

Log trading revenue is generally recognized when procured logs are delivered to the buyer and control has passed. For domestic log trading, control is considered passed to the buyer as the logs are delivered to the customer’s facility. For export log trading, control is considered passed to the buyer upon delivery onto the export vessel. The Trading segment also includes sales from log agency contracts, whereby the Company acts as an agent managing export services on behalf of third parties. Revenue for log agency fees are recognized net of related costs.

Contract Balances

The timing of revenue recognition, invoicing and cash collections results in accounts receivable and deferred revenue (contract liabilities) on the Consolidated Balance Sheets. Accounts receivable are recorded when the Company has an unconditional right to consideration for completed performance under the contract. Contract liabilities relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.

The following table summarizes revenue recognized during the three and nine months ended September 30, 2018 and 2017 that was included in the contract liability balance at the beginning of each year:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Revenue recognized from contract liability balance at the beginning of the year (a)		$355		$459		$8,685		$8,369


(a)	Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.

JOINT VENTURE INVESTMENT	9 Months Ended
JOINT VENTURE INVESTMENT	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
JOINT VENTURE INVESTMENT	JOINT VENTURE INVESTMENT (MATARIKI FORESTRY GROUP) The Company maintains a controlling financial interest in Matariki Forestry Group (the “New Zealand JV”), a joint venture that owns or leases approximately 407,000 legal acres of New Zealand timberland. Accordingly, the Company consolidates the New Zealand JV’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand JV’s 23% noncontrolling interest are shown separately within the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity. Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the New Zealand JV.

SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

Management has changed how it internally evaluates the business performance of its New Zealand Timber segment. In order to align segment reporting, the Company has reclassified New Zealand timberland sales from the New Zealand Timber segment to the Real Estate segment. All prior period amounts previously reported have been reclassified to reflect the realigned segments.

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

Operating income as presented in the Consolidated Statements of Income and Comprehensive Income is equal to segment income. Certain income (loss) items in the Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include interest expense, interest and other miscellaneous income and income tax expense, are not considered by management to be part of segment operations and are included under “Corporate and other” or “unallocated interest expense and other.”

The following tables summarize the segment information for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,					Nine Months Ended September 30,
SALES	2018			2017		2018			2017
Southern Timber		$39,662			$37,301		$131,298			$111,967
Pacific Northwest Timber	27,815			19,097		91,402			65,480
New Zealand Timber	66,265			70,095		188,882			163,980
Real Estate (a)	36,168			17,240		122,092			121,460
Trading	31,010			40,686		116,383			116,987
Intersegment Eliminations	(30		)	—		(66		)	—
Total		$200,890			$184,419		$649,991			$579,874

(a) The nine months ended September 30, 2017 includes $42.0 million of Large Dispositions.



	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING INCOME (LOSS)	2018			2017			2018			2017
Southern Timber		$9,183			$11,436			$37,061			$35,031
Pacific Northwest Timber	1,911			1,134			12,209			(1,278		)
New Zealand Timber	16,416			19,280			50,141			41,510
Real Estate (a)	24,726			11,437			71,645			72,052
Trading	304			1,142			680			3,380
Corporate and other	(6,162		)	(5,158		)	(16,639		)	(15,269		)
Total Operating Income	46,378			39,271			155,097			135,426
Unallocated interest expense and other	(7,343		)	(7,425		)	(19,972		)	(23,950		)
Total Income before Income Taxes		$39,035			$31,846			$135,125			$111,476

(a) The nine months ended September 30, 2017 includes $28.2 million of Large Dispositions.



	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2018		2017		2018		2017
Southern Timber		$13,672		$12,736		$44,591		$37,092
Pacific Northwest Timber	7,802		6,481		26,687		23,766
New Zealand Timber	7,544		8,478		21,287		20,477
Real Estate (a)	5,491		735		22,296		22,902
Trading	—		—		—		—
Corporate and other	297		277		865		469
Total		$34,806		$28,707		$115,726		$104,706

(a) The nine months ended September 30, 2017 includes $8.1 million from Large Dispositions.



NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	Three Months Ended September 30,				Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2018		2017		2018		2017
Southern Timber	—		—		—		—
Pacific Northwest Timber	—		—		—		—
New Zealand Timber	—		—		—		—
Real Estate (a)	2,115		1,272		17,051		14,374
Trading	—		—		—		—
Total		$2,115		$1,272		$17,051		$14,374

(a) The nine months ended September 30, 2017 includes $5.7 million from Large Dispositions.

DEBT

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

DEBT

Rayonier’s debt consisted of the following at September 30, 2018:



	September 30, 2018
Term Credit Agreement borrowings due 2024 at a variable interest rate of 3.7% at September 30, 2018 (a)		$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 4.0% at September 30, 2018 (b)	300,000
Total debt	975,000
Less: Deferred financing costs	(2,574		)
Long-term debt, net of deferred financing costs		$972,426

(a) As of September 30, 2018, the periodic interest rate on the term loan facility was LIBOR plus 1.625%. The Company estimates the effective

fixed interest rate on the term loan facility to be approximately 3.3% after consideration of interest rate swaps and estimated patronage refunds.

(b) As of September 30, 2018, the periodic interest rate on the incremental term loan was LIBOR plus 1.900%. The Company estimates the

effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and

estimated patronage refunds.

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



2018	—
2019	—
2020	—
2021	—
2022	325,000
Thereafter	650,000
Total Debt		$975,000

2018 DEBT ACTIVITY

During the nine months ended September 30, 2018, the Company made a repayment of $50.0 million on the Revolving Credit Facility. As of September 30, 2018, the Company had available borrowings of $189.8 million under the Revolving Credit Facility, net of $10.2 million to secure its outstanding letters of credit.

In addition, the New Zealand JV made borrowings and repayments of $1.0 million on its working capital facility. As of September 30, 2018, draws totaling NZ$40.0 million remain available on the working capital facility. The New Zealand JV also fully repaid its shareholder loan held by the noncontrolling interest party during the nine months ended September 30, 2018.

DEBT COVENANTS

In connection with the Company’s $350 million term credit agreement (the “Term Credit Agreement”), $300 million incremental term loan agreement (the “Incremental Term Loan Agreement”) and $200 million revolving credit facility (the “Revolving Credit Facility”), customary covenants must be met, the most significant of which include interest coverage and leverage ratios.

In addition to these financial covenants listed above, the Senior Notes, Term Credit Agreement, Incremental Term Loan Agreement and Revolving Credit Facility include customary covenants that limit the incurrence of debt and the disposition of assets, among others. At September 30, 2018, the Company was in compliance with all applicable covenants.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

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 real estate investment trust (“REIT”) entities to taxable REIT subsidiaries (“TRS”), higher and better use (“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 enhance the value of such properties.

An analysis of higher and better use timberlands and real estate development investments from December 31, 2017 to September 30, 2018 is shown below:



	Higher and Better Use Timberlands and Real Estate Development Investments
	Land and Timber			Development Investments			Total
Non-current portion at December 31, 2017		$59,653			$21,144			$80,797
Plus: Current portion (a)	6,702			11,648			18,350
Total Balance at December 31, 2017	66,355			32,792			99,147
Non-cash cost of land and improved development	(1,179		)	(2,961		)	(4,140		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,335		)	—			(1,335		)
Capitalized real estate development investments (b)	—			6,889			6,889
Capital expenditures (silviculture)	161			—			161
Intersegment transfers	1,399			—			1,399
Total Balance at September 30, 2018	65,401			36,720			102,121
Less: Current portion (a)	(5,858		)	(16,516		)	(22,374		)
Non-current portion at September 30, 2018		$59,543			$20,204			$79,747


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 16 — Inventory for additional information.


(b)	Capitalized real estate development investments include $0.5 million of capitalized interest.

COMMITMENTS

9 Months Ended

Sep. 30, 2018

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, 2018, the future minimum payments under non-cancellable operating leases, timberland leases and other commitments were as follows:



	Operating Leases		Timberland Leases (a)		Commitments (b)		Total
Remaining 2018		$331		$3,888		$5,480		$9,699
2019	1,173		8,677		3,239		13,089
2020	1,017		8,300		787		10,104
2021	849		8,301		612		9,762
2022	701		8,063		587		9,351
Thereafter (c)	717		142,876		929		144,522
		$4,788		$180,105		$11,634		$196,527


(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)	Commitments include $0.5 million of pension contribution requirements remaining in 2018 based on actuarially determined estimates and IRS minimum funding requirements, payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), construction of the Company’s Wildlight development project and other purchase obligations.

(c)

Includes 20 years of future minimum payments for perpetual Crown Forest Licenses (“CFL”). A CFL consists of a license to use public or government owned land to operate a commercial forest. The CFL's extend indefinitely and may only be terminated upon a 35-year termination notice from the government. If no termination notice is given, the CFLs renew automatically each year for a one-year term. As of September 30, 2018, the New Zealand JV has two CFL’s under termination notice that are currently being relinquished as harvest activities are concluding, as well as two fixed term CFL’s expiring in 2062. The annual license fee is determined based on current market rental value, with triennial rent reviews.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The operations conducted by the Company’s REIT entities are generally not subject to U.S. federal and state income tax. The New Zealand JV is subject to corporate level tax in New Zealand. Non-REIT qualifying operations are conducted by the Company’s TRS. The primary businesses performed in Rayonier’s TRS include log trading and certain real estate activities, such as the sale, entitlement and development of HBU properties. For the three and nine months ended September 30, 2018, the Company recorded income tax expense of $8.4 million and $22.4 million, respectively. For the three and nine months ended September 30, 2017, the Company recorded income tax expense of $3.0 million and $16.8 million, respectively. PROVISION FOR INCOME TAXES The Company’s effective tax rate is below the 21.0% U.S. statutory rate due to tax benefits associated with being a REIT. The Company’s annualized effective tax rate (“AETR”) as of September 30, 2018 and September 30, 2017 was 16.5% and 15.1%, respectively. The company’s tax expense is principally related to New Zealand corporate level tax on the New Zealand JV income. In accordance with GAAP, the Company recognizes the impact of a tax position if a position is “more-likely-than-not” to prevail. For the nine months ended September 30, 2018, there were no material changes in uncertain tax positions. U.S. TAX REFORM The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017 making significant changes to the Internal Revenue Code. Changes include a permanent reduction in the U.S. statutory corporate income tax rate from 35% to 21% effective January 1, 2018 and a one-time transition tax on the deemed repatriation of deferred foreign earnings in 2017. The Company has completed its assessment of the accounting implications of the Act. The remeasurement of U.S. deferred tax assets and liabilities resulting from the permanent reduction in the U.S. statutory corporate tax rate resulted in no P&L impact as the Company has a full valuation allowance against U.S. deferred tax assets (net of liabilities). Further, mandatory deemed repatriation had no material impact as the income inclusion was offset by net operating losses (NOL). The Act subjects a U.S. shareholder to current tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries effective January 1, 2018. For current year, the Company’s REIT entity has a GILTI income inclusion of $1.4 million. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Due to the Company’s REIT status and the corresponding distribution requirement, the Company has neither a deferred tax related to GILTI nor any current tax expense. ADOPTION OF ASU 2018-02 The Company evaluates releasing income tax effects from accumulated other comprehensive income each quarter as part of its analysis of AOCI. The Company elected to adopt ASU No. 2018-02 during the third quarter of 2018 and reclassified the resulting income tax effects from AOCI to retained earnings. The reclassification decreased AOCI and increased retained earnings by $0.7 million, with zero net effect on total shareholders’ equity.

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 30, 2018
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 and June 30, 2014, (the “November 2014 Announcement”), 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 (the “Derivative Claims”). Although these demands do not identify any claims against the Company, the Company has certain obligations to advance expenses and provide indemnification to certain current and former officers and directors of the Company. The Company has also incurred expenses as a result of costs arising from the investigation of the claims alleged in the various demands. Following the Company’s receipt of the Derivative Claims, it entered into a series of tolling agreements with the shareholders from whom it received demands (the “Demand Shareholders”). The last of these tolling agreements ended in March of 2017. On October 13, 2017, one of the Demand Shareholders filed an action in the United States District Court for the Middle District of Florida, currently styled Molloy v. Boynton, et al., Civil Action No. 3:17-cv-01157-TJC-MCR (the “Derivative Lawsuit”). The complaint alleges breaches of fiduciary duties and unjust enrichment and names as defendants former officers, Paul G. Boynton, Hans E. Vanden Noort and N. Lynn Wilson, and former directors, C. David Brown, II, Mark E. Gaumond, James H. Miller, Thomas I. Morgan and Ronald Townsend (the former officers and directors named as defendants are collectively the “Individual Defendants”). In November 2017, the parties reached an agreement to resolve all claims brought in the Derivative Lawsuit and agreed to negotiate in good faith regarding the amount of attorneys’ fees and expenses to be paid to the Demand Shareholders’ counsel, subject to court approval. The parties executed a term sheet on November 27, 2017, and agreed to schedule a mediation regarding the amount of attorneys’ fees and expenses. On November 30, 2017, Rayonier and certain of the Individual Defendants who had been served with the complaint filed an unopposed Motion to Stay or, in the Alternative, to Extend Time to Respond to the Complaint in order to allow the parties time to attempt to resolve the Derivative Lawsuit without further litigation. On December 6, 2017, the Court entered an order staying the case, directing that the case be administratively closed, and ordering the parties to file a joint status report with the Court not later than March 15, 2018. At December 31, 2017, the case was stayed, some of the Individual Defendants had not yet been served, none of the defendants had filed any responsive pleading or dispositive motion, and the Company could not determine whether there was a likelihood a material loss had been incurred nor could the range of any such loss be estimated. On March 13, 2018, the Demand Shareholders, Rayonier, certain of Rayonier’s directors’ and officers’ insurance carriers, and certain of the Individual Defendants participated in a mediation, at the conclusion of which the parties reached an agreement in principle to settle the case and amended the term sheet to memorialize such agreement. On April 17, 2018, Plaintiff filed with the Court Plaintiff’s Unopposed Motion for Preliminary Approval of Derivative Settlement and Memorandum of Legal Authority in Support (“Motion for Preliminary Approval”). The terms of the proposed settlement (the “Settlement”) are contained in the Stipulation and Agreement of Settlement (the “Stipulation”), which was attached to the Motion for Preliminary Approval and filed with the Court. The Stipulation, executed by all parties, included the material terms of the term sheet. Pursuant to the terms of the Settlement, which is subject to Court approval and objections by shareholders, the Company agreed to certain governance reforms and to cause certain of its directors’ and officers’ liability insurance carriers to fund a settlement payment for the Demand Shareholders’ attorneys’ fees and expenses as well as incentive awards to the Demand Shareholders in the aggregate amount of $1.995 million. On August 17, 2018, the Court granted the Motion for Preliminary Approval, established notice requirements and scheduled the final hearing as to approval of the Settlement for October 16, 2018. On September 11, 2018, Plaintiff filed with the Court Plaintiff’s Unopposed Motion for Final Approval of Derivative Settlement and Approval of the Agreed-Upon Attorneys’ Fees and Expenses (“Motion for Final Approval”). On October 9, 2018, the Court issued an order rescheduling the hearing on the Motion for Final Approval to October 30, 2018 and the hearing went forward on that date. On November 2, 2018, the Court issued an order granting the Motion for Final Approval and dismissed the case with prejudice. The payments agreed to on March 13, 2018, including the realized amount to be funded by the insurance carriers, were reflected in the Company’s Consolidated Financial Statements as of September 30, 2018. 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 large deductible insurance plans, primarily in the areas of executive risk, property, automobile and general liability. These pending lawsuits and claims, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flow.

GUARANTEES

9 Months Ended

Sep. 30, 2018

Guarantees [Abstract]

GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and various governmental agencies.

As of September 30, 2018, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)		$10,176	—
Guarantees (b)	2,254		43
Surety bonds (c)	1,284		—
Total financial commitments		$13,714		$43


(a)	Approximately $9.2 million of the irrevocable standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2018 and 2019 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, 2018, 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 outstanding claims under the Company’s previous workers’ compensation self-insurance programs in Washington and Florida. Rayonier has also obtained performance bonds to secure the development activity at the Company’s Wildlight development project. These surety bonds expire at various dates during 2018 and 2019 and are expected to be renewed as required.

EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Net Income		$30,639			$28,803			$112,682			$94,659
Less: Net income attributable to noncontrolling interest	(7,207		)	(4,115		)	(12,453		)	(9,968		)
Net income attributable to Rayonier Inc.		$23,432			$24,688			$100,229			$84,691

Shares used for determining basic earnings per common share	129,142,931			128,610,696			129,005,074			126,934,003
Dilutive effect of:
Stock options	73,372			84,380			85,000			94,528
Performance and restricted shares	539,571			270,704			584,364			315,476
Shares used for determining diluted earnings per common share	129,755,874			128,965,780			129,674,438			127,344,007

Basic earnings per common share attributable to Rayonier Inc.:		$0.18			$0.19			$0.78			$0.67

Diluted earnings per common share attributable to Rayonier Inc.:		$0.18			$0.19			$0.77			$0.67



	Three Months Ended September 30,		Nine Months Ended September 30,
	2018	2017	2018	2017
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options and performance shares	150,313	621,447	192,265	600,039

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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.

Accounting for derivative financial instruments is governed by ASC Topic 815, Derivatives and Hedging, (“ASC 815”). In accordance with ASC 815, the Company records its derivative instruments at fair value as either assets or liabilities in the Consolidated Balance Sheets. Changes in the instruments’ fair value are accounted for based on their intended use. Gains and losses on derivatives that are designated and qualify for cash flow hedge accounting are recorded as a component of 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, 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 de minimis 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 New Zealand JV typically hedges 35% to 90% of its estimated foreign currency exposure with respect to the following three months forecasted sales and purchases, 25% to 75% of forecasted sales and purchases for the forward three to 12 months and up to 50% 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, 2018, foreign currency exchange contracts and foreign currency option contracts had maturity dates through December 2019 and February 2020, 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.

Through our ownership in the New Zealand JV, the Company is exposed to foreign currency risk on shareholder distribution payments which are denominated in N.Z. dollars. On behalf of the Company, the New Zealand JV typically hedges 60% to 100% of its estimated foreign currency exposure with respect to the following three months anticipated distributions, up to 75% of anticipated distributions for the forward three to six months and up to 50% of the forward six to 12 months. For the three and nine months ended September 30, 2018, the change in fair value of the foreign exchange forward contracts of ($0.2) million and $2.4 million, respectively, was recorded as a (loss)/gain in “Interest and other miscellaneous income, net” as the contracts did not qualify for hedge accounting treatment. As of September 30, 2018, foreign exchange forward contracts had maturity dates through December 2018.

In March 2018, the Company entered into a foreign currency exchange contract (notional amount of NZ$37 million) to mitigate the risk of fluctuations in foreign currency exchange rates when translating the New Zealand JV’s balance sheet to U.S. dollars. This contract hedged the cash portion of the Company’s net investment in New Zealand and qualified as a net investment hedge. The fair value of this contract was 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. This hedge qualified 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 reviewed the hedge for ineffectiveness. In April 2018, the foreign currency exchange contract matured and the Company repatriated the cash. The Company did not have any ineffectiveness during the life of the hedge.

INTEREST RATE SWAPS

The Company is exposed to cash flow interest rate risk on its variable-rate Term Credit Agreement and Incremental Term Loan 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.

The following table contains information on the outstanding interest rate swaps as of September 30, 2018:



Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt		Total Effective Interest Rate (b)
August 2015	9 years	$170,000	Term Credit Agreement	2.20	%	1.63	%	3.83	%
August 2015	9 years	180,000	Term Credit Agreement	2.35	%	1.63	%	3.98	%
April 2016	10 years	100,000	Incremental Term Loan	1.60	%	1.90	%	3.50	%
April 2016	10 years	100,000	Incremental Term Loan	1.60	%	1.90	%	3.50	%
July 2016	10 years	100,000	Incremental Term Loan	1.26	%	1.90	%	3.16	%


(a)	All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.


(b)	Rate is before estimated patronage payments.

CARBON OPTIONS

The New Zealand JV enters into carbon options from time to time to sell carbon assets at certain prices. The fair value of carbon options is determined by a mark-to-market valuation using the Black-Scholes option pricing model, 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. For the three and nine months ended September 30, 2018, the change in fair value of the carbon option contracts of ($0.6) million and ($0.6) million, respectively, was recorded as a loss in “Interest and other miscellaneous income, net” as the contracts did not qualify for hedge accounting treatment. As of September 30, 2018, carbon option contracts had maturity dates through March 2019.

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, 2018 and 2017.



		Three Months Ended September 30,
	Income Statement Location	2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($1,402	)		($1,579	)
Foreign currency option contracts	Other comprehensive (loss) income	(29		)	(716		)
Interest rate swaps	Other comprehensive (loss) income	5,173			(533		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	(189		)	609
Carbon option contracts	Interest and other miscellaneous income, net	(577		)	—



		Nine Months Ended September 30,
	Income Statement Location	2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($6,800	)		$1,611
Foreign currency option contracts	Other comprehensive (loss) income	(388		)	219
Interest rate swaps	Other comprehensive (loss) income	26,461			(2,921		)

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	(344		)	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	2,419			283
Carbon option contracts	Interest and other miscellaneous income, net	(577		)	—

During the next 12 months, the amount of the September 30, 2018 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 $2.6 million.

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



	Notional Amount
	September 30, 2018		December 31, 2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$103,000		$107,400
Foreign currency option contracts	20,000		48,000
Interest rate swaps	650,000		650,000

Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	21,019		18,439
Carbon options (a)	7,500		—

(a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of September 30, 2018.

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, 2018			December 31, 2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$9			$2,286
	Other assets	—			538
	Other current liabilities	(3,528		)	(37		)
	Other non-current liabilities	(494		)	—
Foreign currency option contracts	Other current assets	40			389
	Other assets	79			137
	Other current liabilities	(104		)	(119		)
	Other non-current liabilities	(79		)	(55		)
Interest rate swaps	Other assets	41,900			17,473
	Other non-current liabilities	—			(2,033		)

Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	Other current assets	2,206			209
	Other current liabilities	(1		)	(189		)
Carbon options	Other current liabilities	(664		)	—

Total derivative contracts:
Other current assets			$2,255			$2,884
Other assets		41,979			18,148
Total derivative assets			$44,234			$21,032

Other current liabilities		(4,297		)	(345		)
Other non-current liabilities		(573		)	(2,088		)
Total derivative liabilities			($4,870	)		($2,433	)

(a) See Note 13 — 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.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

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

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at September 30, 2018 and December 31, 2017, using market information and what the Company believes to be appropriate valuation methodologies under GAAP:



	September 30, 2018							December 31, 2017
Asset (Liability) (a)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
Asset (Liability) (a)	Carrying Amount			Level 1		Level 2		Carrying Amount			Level 1		Level 2
Cash and cash equivalents		$146,259			$146,259	—			$112,653			$112,653	—
Restricted cash (b)	45,418			45,418		—		59,703			59,703		—
Current maturities of long-term debt	—			—		—		(3,375		)	—		(3,375	)
Long-term debt (c)	(972,426		)	—		(970,970	)	(1,022,004		)	—		(1,030,135	)
Interest rate swaps (d)	41,900			—		41,900		15,440			—		15,440
Foreign currency exchange contracts (d)	(1,808		)	—		(1,808	)	2,807			—		2,807
Foreign currency option contracts (d)	(64		)	—		(64	)	352			—		352
Carbon option contracts	(664		)	—		(664	)	—			—		—


(a)	The Company did not have Level 3 assets or liabilities at September 30, 2018 and December 31, 2017.


(b)	Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 17 — Restricted Cash for additional information.


(c)	The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt.


(d)	See Note 12 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets 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.

Carbon option contracts — The fair value of carbon option contracts is determined by a mark-to-market valuation using the Black-Scholes option pricing model, 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.

- 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

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2018

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

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. Both plans are closed to new participants. Effective December 31, 2016, the Company froze benefits for all employees participating in the pension plan. In lieu of the pension plan, the Company provides those employees with an enhanced 401(k) plan match. 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.

As of September 30, 2018, the Company has paid $2.3 million of the approximately $2.7 million in current year mandatory pension contribution requirements (based on actuarially determined estimates and IRS minimum funding requirements).

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



Components of Net Periodic Benefit (Credit) Cost	Income Statement Location (a)	Pension						Postretirement
		Three Months Ended September 30,						Three Months Ended September 30,
		2018			2017			2018		2017
Components of Net Periodic Benefit (Credit) Cost
Service cost	Selling and general expenses	—			—				$2		$2
Interest cost	Interest and other miscellaneous income, net	755			815			13		13
Expected return on plan assets (b)	Interest and other miscellaneous income, net	(983		)	(945		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	168			116			—		—
Net periodic benefit (credit) cost			($60	)		($14	)		$15		$15



Components of Net Periodic Benefit (Credit) Cost	Income Statement Location (a)	Pension						Postretirement
		Nine Months Ended September 30,						Nine Months Ended September 30,
		2018			2017			2018		2017
Components of Net Periodic Benefit (Credit) Cost
Service cost	Selling and general expenses	—			—				$5		$5
Interest cost	Interest and other miscellaneous income, net	2,266			2,444			38		39
Expected return on plan assets (b)	Interest and other miscellaneous income, net	(2,950		)	(2,836		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	505			349			2		—
Net periodic benefit (credit) cost			($179	)		($43	)		$45		$44

(a)

Due to the adoption of ASU No. 2017-07, the service cost component of net periodic benefit (credit) cost is now recorded to “Selling and general expenses” in the Consolidated Statements of Income and Comprehensive Income with other compensation costs arising from services rendered by employees during the period. The other components of net periodic benefit (credit) cost (interest cost, expected return on plan assets and amortization of losses) are now recorded to “Interest and other miscellaneous income, net” in the Consolidated Statements of Income. Prior period amounts have been reclassified to conform to current period presentation. See Note 1 — Basis of Presentation for additional information.


(b)	The weighted-average expected long-term rate of return on plan assets used in computing 2018 net periodic benefit cost for pension benefits is 7.2%.

OTHER OPERATING (LOSS) INCOME, NET

9 Months Ended

Sep. 30, 2018

Other Income and Expenses [Abstract]

OTHER OPERATING (LOSS) INCOME, NET

Other operating income, net comprised the following:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Foreign currency income (expense)		$242			$165			$264			$15
Loss on sale or disposal of property and equipment	(30		)	(63		)	(3		)	(69		)
(Loss) gain on foreign currency exchange and option contracts	(712		)	1,295			1,599			2,476
Log trading marketing fees	66			389			197			896
Income from the sale of unused Internet Protocol addresses	—			—			646			—
Income from New Zealand Timber settlement	—			—			—			420
Miscellaneous (expense) income, net	(17		)	(15		)	(126		)	6
Total		($451	)		$1,771			$2,577			$3,744

INVENTORY

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

INVENTORY

As of September 30, 2018 and December 31, 2017, Rayonier’s inventory was solely comprised of finished goods, as follows:



	September 30, 2018		December 31, 2017
Finished goods inventory
Real estate inventory (a)		$22,374		$18,350
Log inventory	4,576		5,791
Total inventory		$26,950		$24,141


(a)	Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months. See Note 6 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH

9 Months Ended

Sep. 30, 2018

Restricted Cash and Investments [Abstract]

RESTRICTED CASH

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, 2018 and December 31, 2017, the Company had $45.4 million and $59.7 million, respectively, of proceeds from real estate sales classified as restricted cash which were deposited with an LKE intermediary as well as cash held in escrow for a real estate sale.

The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the nine months ended September 30, 2018:



	September 30, 2018
Restricted cash deposited with LKE intermediary	$44,868
Restricted cash held in escrow	550
Total restricted cash shown in the Consolidated Balance Sheets	45,418
Cash and cash equivalents	146,259
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$191,677

ACCUMULATED OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2018

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

ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table summarizes the changes in AOCI by component for the nine months ended September 30, 2018 and the year ended December 31, 2017. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.



	Foreign currency translation gains			Net investment hedges of New Zealand JV			Cash flow hedges				Employee benefit plans				Total
Balance as of December 31, 2016		$8,559			$1,665			$10,831				($20,199	)			$856
Other comprehensive income before reclassifications	7,416			—			7,321				(673		)		14,064
Amounts reclassified from accumulated other comprehensive income	—			—			(1,968		)		465				(1,503		)
Net other comprehensive income/(loss)	7,416			—			5,353				(208		)		12,561
Balance as of December 31, 2017		$15,975			$1,665			$16,184				($20,407	)			$13,417
Other comprehensive (loss)/income before reclassifications	(22,997		)	(344		)	23,042			(a)	—				(299		)
Amounts reclassified from accumulated other comprehensive income	—			—			(566		)		(204		)	(b)	(770		)
Net other comprehensive (loss)/income	(22,997		)	(344		)	22,476				(204		)		(1,069		)
Balance as of September 30, 2018		($7,022	)		$1,321			$38,660				($20,611	)			$12,348


(a)	Includes $26.4 million of other comprehensive income related to interest rate swaps. See Note 12 — Derivative Financial Instruments and Hedging Activities for additional information.


(b)	This component of other comprehensive income includes $0.5 million in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information. Additionally, this component includes a $0.7 million adjustment related to the adoption of ASU 2018-02. See Note 1— Basis of Presentation.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the nine months ended September 30, 2018 and September 30, 2017:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income						Affected line item in the income statement
	September 30, 2018			September 30, 2017			Affected line item in the income statement
Realized gain on foreign currency exchange contracts		($865	)		($2,928	)	Other operating income, net
Realized gain on foreign currency option contracts	(156		)	(867		)	Other operating income, net
Noncontrolling interest	235			873			Comprehensive income attributable to noncontrolling interest
Income tax expense from gain on foreign currency contracts	220			818			Income tax expense
Net gain from accumulated other comprehensive income		($566	)		($2,104	)

CONSOLIDATING FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2018

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATING FINANCIAL STATEMENTS

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

In 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 INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended September 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$200,890		—				$200,890
Costs and Expenses
Cost of sales	—			—			(143,261		)	—			(143,261		)
Selling and general expenses	—			(5,094		)	(5,706		)	—			(10,800		)
Other operating loss, net	—			(50		)	(401		)	—			(451		)
	—			(5,144		)	(149,368		)	—			(154,512		)
OPERATING (LOSS) INCOME	—			(5,144		)	51,522			—			46,378
Interest expense	(3,138		)	(4,676		)	(24		)	—			(7,838		)
Interest and miscellaneous income (expense), net	1,743			1,755			(3,003		)	—			495
Equity in income from subsidiaries	24,827			33,539			—			(58,366		)	—
INCOME BEFORE INCOME TAXES	23,432			25,474			48,495			(58,366		)	39,035
Income tax expense	—			(647		)	(7,749		)	—			(8,396		)
NET INCOME	23,432			24,827			40,746			(58,366		)	30,639
Less: Net income attributable to noncontrolling interest	—			—			(7,207		)	—			(7,207		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	23,432			24,827			33,539			(58,366		)	23,432
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(8,090		)	—			(10,527		)	8,090			(10,527		)
Cash flow hedges, net of income tax	4,379			5,174			(1,032		)	(4,379		)	4,142
Amortization of pension and postretirement plans, net of income tax	(542		)	(542		)	—			542			(542		)
Total other comprehensive (loss) income	(4,253		)	4,632			(11,559		)	4,253			(6,927		)
COMPREHENSIVE INCOME	19,179			29,459			29,187			(54,113		)	23,712
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(4,533		)	—			(4,533		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$19,179			$29,459			$24,654			($54,113	)		$19,179



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended September 30, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$184,419		—				$184,419
Costs and Expenses
Cost of sales	—			—			(136,983		)	—			(136,983		)
Selling and general expenses	—			(4,096		)	(5,840		)	—			(9,936		)
Other operating (loss) income, net	—			(81		)	1,852			—			1,771
	—			(4,177		)	(140,971		)	—			(145,148		)
OPERATING (LOSS) INCOME	—			(4,177		)	43,448			—			39,271
Interest expense	(3,139		)	(4,982		)	(432		)	—			(8,553		)
Interest and miscellaneous income (expense), net	2,486			704			(2,062		)	—			1,128
Equity in income from subsidiaries	25,341			33,929			—			(59,270		)	—
INCOME BEFORE INCOME TAXES	24,688			25,474			40,954			(59,270		)	31,846
Income tax expense	—			(133		)	(2,910		)	—			(3,043		)
NET INCOME	24,688			25,341			38,044			(59,270		)	28,803
Less: Net income attributable to noncontrolling interest	—			—			(4,115		)	—			(4,115		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	24,688			25,341			33,929			(59,270		)	24,688
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax	(5,866		)	—			(7,317		)	5,866			(7,317		)
Cash flow hedges, net of income tax	(1,787		)	(533		)	(1,629		)	1,787			(2,162		)
Amortization of pension and postretirement plans, net of income tax	116			116			—			(116		)	116
Total other comprehensive income (loss)	(7,537		)	(417		)	(8,946		)	7,537			(9,363		)
COMPREHENSIVE INCOME	17,151			24,924			29,098			(51,733		)	19,440
Less: Comprehensive income attributable to noncontrolling interest	—			—			(2,289		)	—			(2,289		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$17,151			$24,924			$26,809			($51,733	)		$17,151



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Nine Months Ended September 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$649,991		—				$649,991
Costs and Expenses
Cost of sales	—			—			(466,167		)	—			(466,167		)
Selling and general expenses	—			(14,953		)	(16,351		)	—			(31,304		)
Other operating (loss) income, net	(12		)	545			2,044			—			2,577
	(12		)	(14,408		)	(480,474		)	—			(494,894		)
OPERATING (LOSS) INCOME	(12		)	(14,408		)	169,517			—			155,097
Interest expense	(9,417		)	(14,229		)	(346		)	—			(23,992		)
Interest and miscellaneous income (expense), net	7,105			3,265			(6,350		)	—			4,020
Equity in income from subsidiaries	102,553			128,786			—			(231,339		)	—
INCOME BEFORE INCOME TAXES	100,229			103,414			162,821			(231,339		)	135,125
Income tax expense	—			(861		)	(21,582		)	—			(22,443		)
NET INCOME	100,229			102,553			141,239			(231,339		)	112,682
Less: Net income attributable to noncontrolling interest	—			—			(12,453		)	—			(12,453		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	100,229			102,553			128,786			(231,339		)	100,229
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax	(23,341		)	452			(31,051		)	23,341			(30,599		)
Cash flow hedges, net of income tax	22,476			26,460			(5,175		)	(22,476		)	21,285
Amortization of pension and postretirement plans, net of income tax	(204		)	(204		)	—			204			(204		)
Total other comprehensive income (loss)	(1,069		)	26,708			(36,226		)	1,069			(9,518		)
COMPREHENSIVE INCOME	99,160			129,261			105,013			(230,270		)	103,164
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(4,004		)	—			(4,004		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$99,160			$129,261			$101,009			($230,270	)		$99,160



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Nine Months Ended September 30, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$579,874		—				$579,874
Costs and Expenses
Cost of sales	—			—			(418,421		)	—			(418,421		)
Selling and general expenses	—			(11,880		)	(17,891		)	—			(29,771		)
Other operating (loss) income, net	—			(212		)	3,956			—			3,744
	—			(12,092		)	(432,356		)	—			(444,448		)
OPERATING (LOSS) INCOME	—			(12,092		)	147,518			—			135,426
Interest expense	(9,417		)	(14,723		)	(1,460		)	—			(25,600		)
Interest and miscellaneous income (expense), net	7,033			2,087			(7,470		)	—			1,650
Equity in income from subsidiaries	87,075			112,253			—			(199,328		)	—
INCOME BEFORE INCOME TAXES	84,691			87,525			138,588			(199,328		)	111,476
Income tax expense	—			(450		)	(16,367		)	—			(16,817		)
NET INCOME	84,691			87,075			122,221			(199,328		)	94,659
Less: Net income attributable to noncontrolling interest	—			—			(9,968		)	—			(9,968		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	84,691			87,075			112,253			(199,328		)	84,691
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax	13,335			—			16,599			(13,335		)	16,599
Cash flow hedges, net of income tax	(1,902		)	(2,921		)	1,324			1,902			(1,597		)
Amortization of pension and postretirement plans, net of income tax	349			349			—			(349		)	349
Total other comprehensive income (loss)	11,782			(2,572		)	17,923			(11,782		)	15,351
COMPREHENSIVE INCOME	96,473			84,503			140,144			(211,110		)	110,010
Less: Comprehensive income attributable to noncontrolling interest	—			—			(13,537		)	—			(13,537		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$96,473			$84,503			$126,607			($211,110	)		$96,473



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of September 30, 2018
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$6,245		$92,747			$47,267		—				$146,259
Accounts receivable, less allowance for doubtful accounts	1,994		2,738			38,357			—			43,089
Inventory	—		—			26,950			—			26,950
Prepaid expenses	—		1,534			14,315			—			15,849
Other current assets	—		106			2,337			—			2,443
Total current assets	8,239		97,125			129,226			—			234,590
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,386,949			—			2,386,949
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—		—			79,747			—			79,747
NET PROPERTY, PLANT AND EQUIPMENT	—		17,198			5,604			—			22,802
RESTRICTED CASH	—		—			45,418			—			45,418
INVESTMENT IN SUBSIDIARIES	1,875,187		3,031,631			—			(4,906,818		)	—
INTERCOMPANY RECEIVABLE	48,671		(629,661		)	580,990			—			—
OTHER ASSETS	2		37,532			35,175			—			72,709
TOTAL ASSETS		$1,932,099		$2,553,825			$3,263,109			($4,906,818	)		$2,842,215
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$4,210			$18,196		—				$22,406
Accrued taxes	—		180			7,638			—			7,818
Accrued payroll and benefits	—		4,891			3,429			—			8,320
Accrued interest	6,094		1,869			—			—			7,963
Deferred revenue	—		—			13,867			—			13,867
Other current liabilities	1,994		1,029			18,226			—			21,249
Total current liabilities	8,088		12,179			61,356			—			81,623
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,711		648,715			—			—			972,426
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		29,609			(684		)	—			28,925
OTHER NON-CURRENT LIABILITIES	—		7,096			51,046			—			58,142
INTERCOMPANY PAYABLE	—		(18,961		)	18,961			—			—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,600,300		1,875,187			3,031,631			(4,906,818		)	1,600,300
Noncontrolling interest	—		—			100,799			—			100,799
TOTAL SHAREHOLDERS’ EQUITY	1,600,300		1,875,187			3,132,430			(4,906,818		)	1,701,099
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,932,099		$2,553,825			$3,263,109			($4,906,818	)		$2,842,215



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$48,564			$25,042			$39,047		—				$112,653
Accounts receivable, less allowance for doubtful accounts	—			3,726			23,967			—			27,693
Inventory	—			—			24,141			—			24,141
Prepaid expenses	—			759			15,234			—			15,993
Other current assets	—			14			3,033			—			3,047
Total current assets	48,564			29,541			105,422			—			183,527
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—			—			2,462,066			—			2,462,066
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—			—			80,797			—			80,797
NET PROPERTY, PLANT AND EQUIPMENT	—			21			23,357			—			23,378
RESTRICTED CASH	—			—			59,703			—			59,703
INVESTMENT IN SUBSIDIARIES	1,531,156			2,814,408			—			(4,345,564		)	—
INTERCOMPANY RECEIVABLE	40,067			(628,167		)	588,100			—			—
OTHER ASSETS	2			12,680			36,328			—			49,010
TOTAL ASSETS		$1,619,789			$2,228,483			$3,355,773			($4,345,564	)		$2,858,481
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—				$2,838			$22,310		—				$25,148
Current maturities of long-term debt	—			—			3,375			—			3,375
Accrued taxes	—			48			3,733			—			3,781
Accrued payroll and benefits	—			5,298			4,364			—			9,662
Accrued interest	3,047			1,995			12			—			5,054
Deferred revenue	—			—			9,721			—			9,721
Other current liabilities	—			564			11,243			—			11,807
Total current liabilities	3,047			10,743			54,758			—			68,548
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,434			663,570			35,000			—			1,022,004
PENSION AND OTHER POSTRETIREMENT BENEFITS	—			32,589			(684		)	—			31,905
OTHER NON-CURRENT LIABILITIES	—			9,386			33,698			—			43,084
INTERCOMPANY PAYABLE	(299,715		)	(18,961		)	318,676			—			—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,593,023			1,531,156			2,814,408			(4,345,564		)	1,593,023
Noncontrolling interest	—			—			99,917			—			99,917
TOTAL SHAREHOLDERS’ EQUITY	1,593,023			1,531,156			2,914,325			(4,345,564		)	1,692,940
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,619,789			$2,228,483			$3,355,773			($4,345,564	)		$2,858,481



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($16,590	)		$165,283			$112,358		—			$261,051
INVESTING ACTIVITIES
Capital expenditures	—			(58		)	(44,079		)	—		(44,137		)
Real estate development investments	—			—			(6,889		)	—		(6,889		)
Purchase of timberlands	—			—			(38,978		)	—		(38,978		)
Investment in subsidiaries	—			40,554			—			(40,554	)	—
Other	—			—			2,132			—		2,132
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			40,496			(87,814		)	(40,554	)	(87,872		)
FINANCING ACTIVITIES (a)
Issuance of debt	—			—			1,014			—		1,014
Repayment of debt	—			(50,000		)	(4,416		)	—		(54,416		)
Dividends paid	(101,839		)	—			—			—		(101,839		)
Proceeds from the issuance of common shares under incentive stock plan	8,216			—			—			—		8,216
Repurchase of common shares	(2,980		)	—			—			—		(2,980		)
Proceeds from shareholder distribution hedge	—			—			610			—		610
Distribution to minority shareholder	—			—			(3,122		)	—		(3,122		)
Issuance of intercompany notes	(9,000		)	—			9,000			—		—
Intercompany distributions	79,874			(88,074		)	(32,354		)	40,554		—
CASH USED FOR FINANCING ACTIVITIES	(25,729		)	(138,074		)	(29,268		)	40,554		(152,517		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(1,341		)	—		(1,341		)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(42,319		)	67,705			(6,065		)	—		19,321
Balance, beginning of year	48,564			25,042			98,750			—		172,356
Balance, end of period		$6,245			$92,747			$92,685		—			$191,677


(a)	Non-cash financing activity: In August 2018, Rayonier Inc. waived $308.7 million and $67.2 million of intercompany loans and accrued interest, respectively, due from non-guarantors.



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($40,090	)		$77,358			$149,605		—			$186,873
INVESTING ACTIVITIES
Capital expenditures	—			—			(45,731		)	—		(45,731		)
Real estate development investments	—			—			(11,780		)	—		(11,780		)
Purchase of timberlands	—			—			(239,052		)	—		(239,052		)
Net proceeds from large disposition	—			—			42,029			—		42,029
Rayonier office building under construction	—			—			(5,979		)	—		(5,979		)
Investment in subsidiaries	—			12,307			—			(12,307	)	—
Other	—			—			383			—		383
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			12,307			(260,130		)	(12,307	)	(260,130		)
FINANCING ACTIVITIES
Issuance of debt	—			25,000			38,389			—		63,389
Repayment of debt	—			(15,000		)	(80,216		)	—		(95,216		)
Dividends paid	(95,008		)	—			—			—		(95,008		)
Proceeds from the issuance of common shares under incentive stock plan	3,665			—			—			—		3,665
Proceeds from the issuance of common shares from equity offering, net of costs	152,390			—			—			—		152,390
Issuance of intercompany notes	(32,000		)	—			32,000			—		—
Intercompany distributions	52,809			(102,521		)	37,405			12,307		—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	81,856			(92,521		)	27,578			12,307		29,220
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			1,113			—		1,113
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	41,766			(2,856		)	(81,834		)	—		(42,924		)
Balance, beginning of year	21,453			9,461			126,703			—		157,617
Balance, end of period		$63,219			$6,605			$44,869		—			$114,693

BASIS OF PRESENTATION (Policies)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The year-end balance sheet information was derived from audited financial statements not included herein. In the opinion of management, these financial statements and notes reflect any 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, 2017, as filed with the SEC (the “2017 Form 10-K”).

Revenue Recognition for Real Estate Sales

COST OF SALES

Cost of sales associated with real estate sold includes the cost of the land, the cost of any timber on the property that was conveyed to the buyer, any real estate development costs and any closing costs including sales commissions that may be borne by the Company. As allowed under GAAP, the Company expenses closing costs, including sales commissions, when incurred for all real estate sales with future performance obligations expected to be satisfied within one year. When developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold through completion. Costs are allocated to each sold unit or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated periodically throughout the year, with adjustments being allocated prospectively to the remaining units available for sale.

REVENUE RECOGNITION FOR REAL ESTATE SALES

Reclassifications

RECLASSIFICATIONS

Recently Adopted Standards

RECENTLY ADOPTED STANDARDS

In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This standard allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU No. 2018-02 is effective for the Company's reporting period beginning on January 1, 2019; early adoption is permitted. The Company elected to adopt ASU No. 2018-02 during the third quarter of 2018, and elected to reclassify the income tax effects of the Tax Cuts and Jobs Act from AOCI to retained earnings. The reclassification decreased AOCI and increased retained earnings by $0.7 million, with zero net effect on total shareholders’ equity. See Note 8 — Income Taxes for additional information.

The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018. The Company elected to apply the modified retrospective method to contracts that were not completed at the date of adoption. The Company also elected not to retrospectively restate contracts modified prior to January 1, 2018. A cumulative effect of adoption adjustment to the opening balance of retained earnings was not recorded as there was no accounting impact to any contracts with customers not completed at the date of adoption. See Note 2 — Revenue for additional information.

In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires that an employer report the service cost component of net periodic benefit cost in the Consolidated Statements of Income in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Additionally, the other components of net periodic benefit cost (interest cost, expected return on plan assets and amortization of losses or gains) are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU No. 2017-07 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, and is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier adopted ASU No. 2017-07 during the first quarter ended March 31, 2018 and applied the update retrospectively to all periods presented. See Note 14 — Employee Benefit Plans for the components of net periodic benefit cost and the location of these items in the Consolidated Statements of Income and Comprehensive Income.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Consolidated Statements of Cash Flows. ASU No. 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. ASU No. 2016-18 is required to be applied retrospectively to all periods presented beginning in the period of adoption. Rayonier adopted ASU No. 2016-18 in the first quarter ended March 31, 2018 and applied the update retrospectively to all periods presented. Restricted cash is now included with cash and cash equivalents when reconciling the beginning-of-year and end-of-period total amounts shown on the Consolidated Statements of Cash Flows, and therefore changes in restricted cash are no longer reported as cash flow activities. See Note 17 — Restricted Cash for additional information, including the nature of restrictions on the Company’s cash, cash equivalents, and restricted cash.

The Company adopted ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments in the first quarter ended March 31, 2018 with no material impact on the consolidated financial statements.

The Company adopted ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments —Overall (Subtopic 825-10) in the third quarter ended September 30, 2018 with no material impact on the consolidated financial statements.

New Accounting Standards

NEW ACCOUNTING STANDARDS

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which currently requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. ASU No. 2016-02 also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. In January 2018, the FASB issued ASU No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842. This update provides an optional transition practical expedient to not evaluate existing or expired land easements that were not previously accounted for as leases under the current leases guidance. An entity that elects this practical expedient should evaluate new or modified land easements under ASU No. 2016-02, once adopted. An entity that does not elect this practical expedient should evaluate all existing or expired land easements in connection with the adoption of ASU No. 2016-02 to assess whether they meet the definition of a lease. This standard is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and is required to be applied on a modified retrospective basis beginning at the earliest period presented. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements.

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which will make more financial and non-financial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. ASU No. 2017-12 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted and the amended presentation and disclosure guidance is required to be applied on a prospective basis. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. As ASU No. 2018-13 only revises disclosure requirements, it will not have a material impact on the Company’s Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; early adoption is permitted. As ASU 2018-14 only revises disclosure requirements, it will not have a material impact on the Company’s Consolidated Financial Statements.

Subsequent Events

SUBSEQUENT EVENTS

The Company has evaluated events occurring from September 30, 2018 to the date of issuance of these Consolidated Financial Statements for potential recognition or disclosure in the consolidated financial statements. No events were identified that warranted recognition. See Note 9 — Contingencies for events that warranted disclosure.

Revenue Recognition

REVENUE RECOGNITION

Revenue Recognition for Timber Sales and Non-Timber Income

REVENUE RECOGNITION FOR TIMBER SALES AND NON-TIMBER INCOME

The following table summarizes revenue recognition and general payment terms for timber sales:



Contract Type	Performance Obligation	Timing of Revenue Recognition	General Payment Terms
Stumpage Pay-as-Cut	Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber	As timber is severed (point-in-time)	Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance
Stumpage Lump Sum	Right to harvest an agreed upon acreage of standing timber	Contract execution (point-in-time)	Full payment due upon contract execution
Stumpage Agreed Volume	Right to harvest an agreed upon volume of standing timber	As timber is severed (over-time)	Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed
Delivered Wood (Domestic)	Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility	Upon delivery to customer’s facility (point-in-time)	No initial payment and on open credit terms; collection generally within 30 days of invoice
Delivered Wood (Export)	Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel	Upon delivery onto export vessel (point-in-time)	Letter of credit from an approved bank; collection generally within 30 days of delivery

Revenue Recognition for Log Trading

REVENUE RECOGNITION FOR LOG TRADING

Segment Reporting

Derivatives

Offsetting Derivatives

OFFSETTING DERIVATIVES

Fair Value of Financial Instruments

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

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

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

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

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

Consolidation, Subsidiaries or Other Investments, Consolidated Entities

REVENUE (Tables)

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Product

The following tables present our revenue from contracts with customers disaggregated by product type for the three and nine months ended September 30, 2018 and 2017:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
September 30, 2018
Pulpwood		$19,998		$3,560		$7,278	—			$2,487	—				$33,323
Sawtimber	13,734		23,495		56,663		—		28,321		—			122,213
Hardwood	1,071		—		—		—		—		—			1,071
Total Timber Sales	34,803		27,055		63,941		—		30,808		—			156,607
License Revenue, Primarily From Hunting	4,016		224		98		—		—		—			4,338
Other Non-Timber/Carbon Revenue	637		468		2,226		—		—		—			3,331
Agency Fee Income	—		—		—		—		172		—			172
Total Non-Timber Sales	4,653		692		2,324		—		172		—			7,841
Improved Development	—		—		—		1,352		—		—			1,352
Unimproved Development	—		—		—		1,175		—		—			1,175
Rural	—		—		—		4,489		—		—			4,489
Non-strategic / Timberlands	—		—		—		29,152		—		—			29,152
Large Dispositions	—		—		—		—		—		—			—
Total Real Estate Sales	—		—		—		36,168		—		—			36,168

Revenue from Contracts with Customers	39,456		27,747		66,265		36,168		30,980		—			200,616
Other Non-Timber Sales, Primarily Lease	206		68		—		—		—		—			274
Intersegment	—		—		—		—		30		(30		)	—
Total Revenue		$39,662		$27,815		$66,265		$36,168		$31,010		($30	)		$200,890

September 30, 2017
Pulpwood		$18,260		$2,515		$7,344	—			$3,425	—				$31,544
Sawtimber	12,485		16,131		62,569		—		36,828		—			128,013
Hardwood	1,152		—		—		—		—		—			1,152
Total Timber Sales	31,897		18,646		69,913		—		40,253		—			160,709
License Revenue, Primarily from Hunting	4,171		161		36		—		—		—			4,368
Other Non-Timber Revenue	1,042		233		146		—		—		—			1,421
Agency Fee Income	—		—		—		—		433		—			433
Total Non-Timber Sales	5,213		394		182		—		433		—			6,222
Improved Development	—		—		—		46		—		—			46
Unimproved Development	—		—		—		13,905		—		—			13,905
Rural	—		—		—		3,125		—		—			3,125
Non-strategic / Timberlands	—		—		—		164		—		—			164
Large Dispositions	—		—		—		—		—		—			—
Total Real Estate Sales	—		—		—		17,240		—		—			17,240

Revenue from Contracts with Customers	37,110		19,040		70,095		17,240		40,686		—			184,171
Other Non-Timber Sales, Primarily Lease	191		57		—		—		—		—			248
Total Revenue		$37,301		$19,097		$70,095		$17,240		$40,686	—				$184,419



Nine Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
September 30, 2018
Pulpwood		$61,898		$11,648		$20,910	—			$10,548	—				$105,004
Sawtimber	45,452		77,172		162,627		—		105,309		—			390,560
Hardwood	2,882		—		—		—		—		—			2,882
Total Timber Sales	110,232		88,820		183,537		—		115,857		—			498,446
License Revenue, Primarily From Hunting	12,137		450		292		—		—		—			12,879
Other Non-Timber/Carbon Revenue	8,320		1,923		5,053		—		—		—			15,296
Agency Fee Income	—		—		—		—		460		—			460
Total Non-Timber Sales	20,457		2,373		5,345		—		460		—			28,635
Improved Development	—		—		—		3,817		—		—			3,817
Unimproved Development	—		—		—		8,621		—		—			8,621
Rural	—		—		—		10,969		—		—			10,969
Non-strategic / Timberlands	—		—		—		98,685		—		—			98,685
Large Dispositions	—		—		—		—		—		—			—
Total Real Estate Sales	—		—		—		122,092		—		—			122,092

Revenue from Contracts with Customers	130,689		91,193		188,882		122,092		116,317		—			649,173
Other Non-Timber Sales, Primarily Lease	609		209		—		—		—		—			818
Intersegment	—		—		—		—		66		(66		)	—
Total Revenue		$131,298		$91,402		$188,882		$122,092		$116,383		($66	)		$649,991

September 30, 2017
Pulpwood		$52,407		$8,683		$18,956	—			$9,972	—				$90,018
Sawtimber	40,088		54,203		144,550		—		105,964		—			344,805
Hardwood	2,895		—		—		—		—		—			2,895
Total Timber Sales	95,390		62,886		163,506		—		115,936		—			437,718
License Revenue, Primarily from Hunting	11,809		354		154		—		—		—			12,317
Other Non-Timber Revenue	4,184		2,037		320		—		—		—			6,541
Agency Fee Income	—		—		—		—		1,051		—			1,051
Total Non-Timber Sales	15,993		2,391		474		—		1,051		—			19,909
Improved Development	—		—		—		189		—		—			189
Unimproved Development	—		—		—		16,405		—		—			16,405
Rural	—		—		—		15,357		—		—			15,357
Non-strategic / Timberlands	—		—		—		47,558		—		—			47,558
Large Dispositions	—		—		—		41,951		—		—			41,951
Total Real Estate Sales	—		—		—		121,460		—		—			121,460

Revenue from Contracts with Customers	111,383		65,277		163,980		121,460		116,987		—			579,087
Other Non-Timber Sales, Primarily Lease	584		203		—		—		—		—			787
Total Revenue		$111,967		$65,480		$163,980		$121,460		$116,987	—				$579,874

The following tables present our timber sales disaggregated by contract type for the three and nine months ended September 30, 2018 and 2017:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
September 30, 2018
Stumpage Pay-as-Cut		$16,984	—		—		—			$16,984
Stumpage Lump Sum	284		2,143		—		—		2,427
Stumpage Agreed Volume	—		—		—		—		—
Total Stumpage	17,268		2,143		—		—		19,411

Delivered Wood (Domestic)	15,856		24,912		24,771		1,813		67,352
Delivered Wood (Export)	1,679		—		39,170		28,995		69,844
Total Delivered	17,535		24,912		63,941		30,808		137,196

Total Timber Sales		$34,803		$27,055		$63,941		$30,808		$156,607

September 30, 2017
Stumpage Pay-as-Cut		$18,607	—		—		—			$18,607
Stumpage Lump Sum	1,954		3,987		—		—		5,941
Stumpage Agreed Volume	—		—		—		—		—
Total Stumpage	20,561		3,987		—		—		24,548

Delivered Wood (Domestic)	11,336		14,659		24,440		1,808		52,243
Delivered Wood (Export)	—		—		45,473		38,445		83,918
Total Delivered	11,336		14,659		69,913		40,253		136,161

Total Timber Sales		$31,897		$18,646		$69,913		$40,253		$160,709



Nine Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
September 30, 2018
Stumpage Pay-as-Cut		$59,348	—		—		—			$59,348
Stumpage Lump Sum	2,358		11,854		—		—		14,212
Stumpage Agreed Volume	—		—		—		—		—
Total Stumpage	61,706		11,854		—		—		73,560

Delivered Wood (Domestic)	44,399		76,966		70,521		4,317		196,203
Delivered Wood (Export)	4,127		—		113,016		111,540		228,683
Total Delivered	48,526		76,966		183,537		115,857		424,886

Total Timber Sales		$110,232		$88,820		$183,537		$115,857		$498,446

September 30, 2017
Stumpage Pay-as-Cut		$56,956	—		—		—			$56,956
Stumpage Lump Sum	6,997		6,574		—		—		13,571
Stumpage Agreed Volume	—		1,234		—		—		1,234
Total Stumpage	63,953		7,808		—		—		71,761

Delivered Wood (Domestic)	31,437		55,078		63,883		4,132		154,530
Delivered Wood (Export)	—		—		99,623		111,804		211,427
Total Delivered	31,437		55,078		163,506		115,936		365,957

Total Timber Sales		$95,390		$62,886		$163,506		$115,936		$437,718

Revenue Performance Obligation, Expected Timing of Satisfaction

The following table summarizes revenue recognition and general payment terms for timber sales:



Contract Type	Performance Obligation	Timing of Revenue Recognition	General Payment Terms
Stumpage Pay-as-Cut	Right to harvest a unit (i.e. ton, MBF, JAS m3) of standing timber	As timber is severed (point-in-time)	Initial payment between 5% and 20% of estimated contract value; collection generally within 10 days of severance
Stumpage Lump Sum	Right to harvest an agreed upon acreage of standing timber	Contract execution (point-in-time)	Full payment due upon contract execution
Stumpage Agreed Volume	Right to harvest an agreed upon volume of standing timber	As timber is severed (over-time)	Payments made throughout contract term at the earlier of a specified harvest percentage or time elapsed
Delivered Wood (Domestic)	Delivery of a unit (i.e. ton, MBF, JAS m3) of timber to customer’s facility	Upon delivery to customer’s facility (point-in-time)	No initial payment and on open credit terms; collection generally within 30 days of invoice
Delivered Wood (Export)	Delivery of a unit (i.e. ton, MBF, JAS m3) onto export vessel	Upon delivery onto export vessel (point-in-time)	Letter of credit from an approved bank; collection generally within 30 days of delivery

Contract with Customer, Liabilities

The following table summarizes revenue recognized during the three and nine months ended September 30, 2018 and 2017 that was included in the contract liability balance at the beginning of each year:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Revenue recognized from contract liability balance at the beginning of the year (a)		$355		$459		$8,685		$8,369


(a)	Revenue recognized was primarily from hunting licenses and the use of advances on pay-as-cut timber sales.

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize the segment information for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,					Nine Months Ended September 30,
SALES	2018			2017		2018			2017
Southern Timber		$39,662			$37,301		$131,298			$111,967
Pacific Northwest Timber	27,815			19,097		91,402			65,480
New Zealand Timber	66,265			70,095		188,882			163,980
Real Estate (a)	36,168			17,240		122,092			121,460
Trading	31,010			40,686		116,383			116,987
Intersegment Eliminations	(30		)	—		(66		)	—
Total		$200,890			$184,419		$649,991			$579,874

(a) The nine months ended September 30, 2017 includes $42.0 million of Large Dispositions.



	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING INCOME (LOSS)	2018			2017			2018			2017
Southern Timber		$9,183			$11,436			$37,061			$35,031
Pacific Northwest Timber	1,911			1,134			12,209			(1,278		)
New Zealand Timber	16,416			19,280			50,141			41,510
Real Estate (a)	24,726			11,437			71,645			72,052
Trading	304			1,142			680			3,380
Corporate and other	(6,162		)	(5,158		)	(16,639		)	(15,269		)
Total Operating Income	46,378			39,271			155,097			135,426
Unallocated interest expense and other	(7,343		)	(7,425		)	(19,972		)	(23,950		)
Total Income before Income Taxes		$39,035			$31,846			$135,125			$111,476

(a) The nine months ended September 30, 2017 includes $28.2 million of Large Dispositions.



	Three Months Ended September 30,				Nine Months Ended September 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2018		2017		2018		2017
Southern Timber		$13,672		$12,736		$44,591		$37,092
Pacific Northwest Timber	7,802		6,481		26,687		23,766
New Zealand Timber	7,544		8,478		21,287		20,477
Real Estate (a)	5,491		735		22,296		22,902
Trading	—		—		—		—
Corporate and other	297		277		865		469
Total		$34,806		$28,707		$115,726		$104,706

(a) The nine months ended September 30, 2017 includes $8.1 million from Large Dispositions.



NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	Three Months Ended September 30,				Nine Months Ended September 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2018		2017		2018		2017
Southern Timber	—		—		—		—
Pacific Northwest Timber	—		—		—		—
New Zealand Timber	—		—		—		—
Real Estate (a)	2,115		1,272		17,051		14,374
Trading	—		—		—		—
Total		$2,115		$1,272		$17,051		$14,374

(a) The nine months ended September 30, 2017 includes $5.7 million from Large Dispositions.

DEBT (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Rayonier’s debt consisted of the following at September 30, 2018:



	September 30, 2018
Term Credit Agreement borrowings due 2024 at a variable interest rate of 3.7% at September 30, 2018 (a)		$350,000
Senior Notes due 2022 at a fixed interest rate of 3.75%	325,000
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 4.0% at September 30, 2018 (b)	300,000
Total debt	975,000
Less: Deferred financing costs	(2,574		)
Long-term debt, net of deferred financing costs		$972,426

(a) As of September 30, 2018, the periodic interest rate on the term loan facility was LIBOR plus 1.625%. The Company estimates the effective

fixed interest rate on the term loan facility to be approximately 3.3% after consideration of interest rate swaps and estimated patronage refunds.

(b) As of September 30, 2018, the periodic interest rate on the incremental term loan was LIBOR plus 1.900%. The Company estimates the

effective fixed interest rate on the incremental term loan facility to be approximately 2.8% after consideration of interest rate swaps and

estimated patronage refunds.

Schedule of Maturities of Long-Term Debt

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



2018	—
2019	—
2020	—
2021	—
2022	325,000
Thereafter	650,000
Total Debt		$975,000

- 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://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
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-Section S99
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

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

9 Months Ended

Sep. 30, 2018

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 investments from December 31, 2017 to September 30, 2018 is shown below:



	Higher and Better Use Timberlands and Real Estate Development Investments
	Land and Timber			Development Investments			Total
Non-current portion at December 31, 2017		$59,653			$21,144			$80,797
Plus: Current portion (a)	6,702			11,648			18,350
Total Balance at December 31, 2017	66,355			32,792			99,147
Non-cash cost of land and improved development	(1,179		)	(2,961		)	(4,140		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,335		)	—			(1,335		)
Capitalized real estate development investments (b)	—			6,889			6,889
Capital expenditures (silviculture)	161			—			161
Intersegment transfers	1,399			—			1,399
Total Balance at September 30, 2018	65,401			36,720			102,121
Less: Current portion (a)	(5,858		)	(16,516		)	(22,374		)
Non-current portion at September 30, 2018		$59,543			$20,204			$79,747


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 16 — Inventory for additional information.


(b)	Capitalized real estate development investments include $0.5 million of capitalized interest.

COMMITMENTS (Tables)

9 Months Ended

Sep. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Payments

At September 30, 2018, the future minimum payments under non-cancellable operating leases, timberland leases and other commitments were as follows:



	Operating Leases		Timberland Leases (a)		Commitments (b)		Total
Remaining 2018		$331		$3,888		$5,480		$9,699
2019	1,173		8,677		3,239		13,089
2020	1,017		8,300		787		10,104
2021	849		8,301		612		9,762
2022	701		8,063		587		9,351
Thereafter (c)	717		142,876		929		144,522
		$4,788		$180,105		$11,634		$196,527


(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)	Commitments include $0.5 million of pension contribution requirements remaining in 2018 based on actuarially determined estimates and IRS minimum funding requirements, payments expected to be made on derivative financial instruments (foreign exchange contracts and interest rate swaps), construction of the Company’s Wildlight development project and other purchase obligations.

(c)

GUARANTEES (Tables)

9 Months Ended

Sep. 30, 2018

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of September 30, 2018, the following financial guarantees were outstanding:



Financial Commitments	Maximum Potential Payment		Carrying Amount of Associated Liability
Standby letters of credit (a)		$10,176	—
Guarantees (b)	2,254		43
Surety bonds (c)	1,284		—
Total financial commitments		$13,714		$43


(a)	Approximately $9.2 million of the irrevocable standby letters of credit serve as credit support for infrastructure at the Company’s Wildlight development project. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation. These letters of credit will expire at various dates during 2018 and 2019 and will be renewed as required.

(b)

(c)

EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2018

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,
	2018			2017			2018			2017
Net Income		$30,639			$28,803			$112,682			$94,659
Less: Net income attributable to noncontrolling interest	(7,207		)	(4,115		)	(12,453		)	(9,968		)
Net income attributable to Rayonier Inc.		$23,432			$24,688			$100,229			$84,691

Shares used for determining basic earnings per common share	129,142,931			128,610,696			129,005,074			126,934,003
Dilutive effect of:
Stock options	73,372			84,380			85,000			94,528
Performance and restricted shares	539,571			270,704			584,364			315,476
Shares used for determining diluted earnings per common share	129,755,874			128,965,780			129,674,438			127,344,007

Basic earnings per common share attributable to Rayonier Inc.:		$0.18			$0.19			$0.78			$0.67

Diluted earnings per common share attributable to Rayonier Inc.:		$0.18			$0.19			$0.77			$0.67

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended September 30,		Nine Months Ended September 30,
	2018	2017	2018	2017
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options and performance shares	150,313	621,447	192,265	600,039

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

The following table contains information on the outstanding interest rate swaps as of September 30, 2018:



Outstanding Interest Rate Swaps (a)
Date Entered Into	Term	Notional Amount	Related Debt Facility	Fixed Rate of Swap		Bank Margin on Debt		Total Effective Interest Rate (b)
August 2015	9 years	$170,000	Term Credit Agreement	2.20	%	1.63	%	3.83	%
August 2015	9 years	180,000	Term Credit Agreement	2.35	%	1.63	%	3.98	%
April 2016	10 years	100,000	Incremental Term Loan	1.60	%	1.90	%	3.50	%
April 2016	10 years	100,000	Incremental Term Loan	1.60	%	1.90	%	3.50	%
July 2016	10 years	100,000	Incremental Term Loan	1.26	%	1.90	%	3.16	%


(a)	All interest rate swaps have been designated as interest rate cash flow hedges and qualify for hedge accounting.


(b)	Rate is before estimated patronage payments.

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



		Three Months Ended September 30,
	Income Statement Location	2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($1,402	)		($1,579	)
Foreign currency option contracts	Other comprehensive (loss) income	(29		)	(716		)
Interest rate swaps	Other comprehensive (loss) income	5,173			(533		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	(189		)	609
Carbon option contracts	Interest and other miscellaneous income, net	(577		)	—



		Nine Months Ended September 30,
	Income Statement Location	2018			2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($6,800	)		$1,611
Foreign currency option contracts	Other comprehensive (loss) income	(388		)	219
Interest rate swaps	Other comprehensive (loss) income	26,461			(2,921		)

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	(344		)	—

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	2,419			283
Carbon option contracts	Interest and other miscellaneous income, net	(577		)	—

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, 2018		December 31, 2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$103,000		$107,400
Foreign currency option contracts	20,000		48,000
Interest rate swaps	650,000		650,000

Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	21,019		18,439
Carbon options (a)	7,500		—

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, 2018			December 31, 2017
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$9			$2,286
	Other assets	—			538
	Other current liabilities	(3,528		)	(37		)
	Other non-current liabilities	(494		)	—
Foreign currency option contracts	Other current assets	40			389
	Other assets	79			137
	Other current liabilities	(104		)	(119		)
	Other non-current liabilities	(79		)	(55		)
Interest rate swaps	Other assets	41,900			17,473
	Other non-current liabilities	—			(2,033		)

Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	Other current assets	2,206			209
	Other current liabilities	(1		)	(189		)
Carbon options	Other current liabilities	(664		)	—

Total derivative contracts:
Other current assets			$2,255			$2,884
Other assets		41,979			18,148
Total derivative assets			$44,234			$21,032

Other current liabilities		(4,297		)	(345		)
Other non-current liabilities		(573		)	(2,088		)
Total derivative liabilities			($4,870	)		($2,433	)

(a) See Note 13 — 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, 2018

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping



	September 30, 2018							December 31, 2017
Asset (Liability) (a)	Carrying Amount			Fair Value				Carrying Amount			Fair Value
Asset (Liability) (a)	Carrying Amount			Level 1		Level 2		Carrying Amount			Level 1		Level 2
Cash and cash equivalents		$146,259			$146,259	—			$112,653			$112,653	—
Restricted cash (b)	45,418			45,418		—		59,703			59,703		—
Current maturities of long-term debt	—			—		—		(3,375		)	—		(3,375	)
Long-term debt (c)	(972,426		)	—		(970,970	)	(1,022,004		)	—		(1,030,135	)
Interest rate swaps (d)	41,900			—		41,900		15,440			—		15,440
Foreign currency exchange contracts (d)	(1,808		)	—		(1,808	)	2,807			—		2,807
Foreign currency option contracts (d)	(64		)	—		(64	)	352			—		352
Carbon option contracts	(664		)	—		(664	)	—			—		—


(a)	The Company did not have Level 3 assets or liabilities at September 30, 2018 and December 31, 2017.


(b)	Restricted cash represents the proceeds from like-kind exchange sales deposited with a third-party intermediary and cash held in escrow for a real estate sale. See Note 17 — Restricted Cash for additional information.


(c)	The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt.


(d)	See Note 12 — Derivative Financial Instruments and Hedging Activities for information regarding the Consolidated Balance Sheets classification of the Company’s derivative financial instruments.

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2018

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

Schedule of Components of Net Periodic Benefit Cost

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



Components of Net Periodic Benefit (Credit) Cost	Income Statement Location (a)	Pension						Postretirement
		Three Months Ended September 30,						Three Months Ended September 30,
		2018			2017			2018		2017
Components of Net Periodic Benefit (Credit) Cost
Service cost	Selling and general expenses	—			—				$2		$2
Interest cost	Interest and other miscellaneous income, net	755			815			13		13
Expected return on plan assets (b)	Interest and other miscellaneous income, net	(983		)	(945		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	168			116			—		—
Net periodic benefit (credit) cost			($60	)		($14	)		$15		$15



Components of Net Periodic Benefit (Credit) Cost	Income Statement Location (a)	Pension						Postretirement
		Nine Months Ended September 30,						Nine Months Ended September 30,
		2018			2017			2018		2017
Components of Net Periodic Benefit (Credit) Cost
Service cost	Selling and general expenses	—			—				$5		$5
Interest cost	Interest and other miscellaneous income, net	2,266			2,444			38		39
Expected return on plan assets (b)	Interest and other miscellaneous income, net	(2,950		)	(2,836		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	505			349			2		—
Net periodic benefit (credit) cost			($179	)		($43	)		$45		$44

(a)


(b)	The weighted-average expected long-term rate of return on plan assets used in computing 2018 net periodic benefit cost for pension benefits is 7.2%.

OTHER OPERATING (LOSS) INCOME, NET (Tables)

9 Months Ended

Sep. 30, 2018

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,
	2018			2017			2018			2017
Foreign currency income (expense)		$242			$165			$264			$15
Loss on sale or disposal of property and equipment	(30		)	(63		)	(3		)	(69		)
(Loss) gain on foreign currency exchange and option contracts	(712		)	1,295			1,599			2,476
Log trading marketing fees	66			389			197			896
Income from the sale of unused Internet Protocol addresses	—			—			646			—
Income from New Zealand Timber settlement	—			—			—			420
Miscellaneous (expense) income, net	(17		)	(15		)	(126		)	6
Total		($451	)		$1,771			$2,577			$3,744

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventory

As of September 30, 2018 and December 31, 2017, Rayonier’s inventory was solely comprised of finished goods, as follows:



	September 30, 2018		December 31, 2017
Finished goods inventory
Real estate inventory (a)		$22,374		$18,350
Log inventory	4,576		5,791
Total inventory		$26,950		$24,141


(a)	Represents cost of HBU real estate (including capitalized development investments) expected to be sold within 12 months. See Note 6 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH (Tables)

9 Months Ended

Sep. 30, 2018

Restricted Cash and Investments [Abstract]

Schedule of Restricted Cash

The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the nine months ended September 30, 2018:



	September 30, 2018
Restricted cash deposited with LKE intermediary	$44,868
Restricted cash held in escrow	550
Total restricted cash shown in the Consolidated Balance Sheets	45,418
Cash and cash equivalents	146,259
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$191,677

Schedule of Cash and Cash Equivalents

The following table contains the amounts of restricted cash recorded in the Consolidated Balance Sheets and Consolidated Statements of Cash Flows for the nine months ended September 30, 2018:



	September 30, 2018
Restricted cash deposited with LKE intermediary	$44,868
Restricted cash held in escrow	550
Total restricted cash shown in the Consolidated Balance Sheets	45,418
Cash and cash equivalents	146,259
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$191,677

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

9 Months Ended

Sep. 30, 2018

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

Schedule of Accumulated Other Comprehensive Income (Loss)



	Foreign currency translation gains			Net investment hedges of New Zealand JV			Cash flow hedges				Employee benefit plans				Total
Balance as of December 31, 2016		$8,559			$1,665			$10,831				($20,199	)			$856
Other comprehensive income before reclassifications	7,416			—			7,321				(673		)		14,064
Amounts reclassified from accumulated other comprehensive income	—			—			(1,968		)		465				(1,503		)
Net other comprehensive income/(loss)	7,416			—			5,353				(208		)		12,561
Balance as of December 31, 2017		$15,975			$1,665			$16,184				($20,407	)			$13,417
Other comprehensive (loss)/income before reclassifications	(22,997		)	(344		)	23,042			(a)	—				(299		)
Amounts reclassified from accumulated other comprehensive income	—			—			(566		)		(204		)	(b)	(770		)
Net other comprehensive (loss)/income	(22,997		)	(344		)	22,476				(204		)		(1,069		)
Balance as of September 30, 2018		($7,022	)		$1,321			$38,660				($20,611	)			$12,348


(a)	Includes $26.4 million of other comprehensive income related to interest rate swaps. See Note 12 — Derivative Financial Instruments and Hedging Activities for additional information.


(b)	This component of other comprehensive income includes $0.5 million in the computation of net periodic pension cost. See Note 14 — Employee Benefit Plans for additional information. Additionally, this component includes a $0.7 million adjustment related to the adoption of ASU 2018-02. See Note 1— Basis of Presentation.

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, 2018 and September 30, 2017:



Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income						Affected line item in the income statement
	September 30, 2018			September 30, 2017			Affected line item in the income statement
Realized gain on foreign currency exchange contracts		($865	)		($2,928	)	Other operating income, net
Realized gain on foreign currency option contracts	(156		)	(867		)	Other operating income, net
Noncontrolling interest	235			873			Comprehensive income attributable to noncontrolling interest
Income tax expense from gain on foreign currency contracts	220			818			Income tax expense
Net gain from accumulated other comprehensive income		($566	)		($2,104	)

CONSOLIDATING FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Financial Information Disclosure [Abstract]

Schedule of Consolidating Statements of Income and Comprehensive Income



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended September 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$200,890		—				$200,890
Costs and Expenses
Cost of sales	—			—			(143,261		)	—			(143,261		)
Selling and general expenses	—			(5,094		)	(5,706		)	—			(10,800		)
Other operating loss, net	—			(50		)	(401		)	—			(451		)
	—			(5,144		)	(149,368		)	—			(154,512		)
OPERATING (LOSS) INCOME	—			(5,144		)	51,522			—			46,378
Interest expense	(3,138		)	(4,676		)	(24		)	—			(7,838		)
Interest and miscellaneous income (expense), net	1,743			1,755			(3,003		)	—			495
Equity in income from subsidiaries	24,827			33,539			—			(58,366		)	—
INCOME BEFORE INCOME TAXES	23,432			25,474			48,495			(58,366		)	39,035
Income tax expense	—			(647		)	(7,749		)	—			(8,396		)
NET INCOME	23,432			24,827			40,746			(58,366		)	30,639
Less: Net income attributable to noncontrolling interest	—			—			(7,207		)	—			(7,207		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	23,432			24,827			33,539			(58,366		)	23,432
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(8,090		)	—			(10,527		)	8,090			(10,527		)
Cash flow hedges, net of income tax	4,379			5,174			(1,032		)	(4,379		)	4,142
Amortization of pension and postretirement plans, net of income tax	(542		)	(542		)	—			542			(542		)
Total other comprehensive (loss) income	(4,253		)	4,632			(11,559		)	4,253			(6,927		)
COMPREHENSIVE INCOME	19,179			29,459			29,187			(54,113		)	23,712
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(4,533		)	—			(4,533		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$19,179			$29,459			$24,654			($54,113	)		$19,179



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended September 30, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$184,419		—				$184,419
Costs and Expenses
Cost of sales	—			—			(136,983		)	—			(136,983		)
Selling and general expenses	—			(4,096		)	(5,840		)	—			(9,936		)
Other operating (loss) income, net	—			(81		)	1,852			—			1,771
	—			(4,177		)	(140,971		)	—			(145,148		)
OPERATING (LOSS) INCOME	—			(4,177		)	43,448			—			39,271
Interest expense	(3,139		)	(4,982		)	(432		)	—			(8,553		)
Interest and miscellaneous income (expense), net	2,486			704			(2,062		)	—			1,128
Equity in income from subsidiaries	25,341			33,929			—			(59,270		)	—
INCOME BEFORE INCOME TAXES	24,688			25,474			40,954			(59,270		)	31,846
Income tax expense	—			(133		)	(2,910		)	—			(3,043		)
NET INCOME	24,688			25,341			38,044			(59,270		)	28,803
Less: Net income attributable to noncontrolling interest	—			—			(4,115		)	—			(4,115		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	24,688			25,341			33,929			(59,270		)	24,688
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax	(5,866		)	—			(7,317		)	5,866			(7,317		)
Cash flow hedges, net of income tax	(1,787		)	(533		)	(1,629		)	1,787			(2,162		)
Amortization of pension and postretirement plans, net of income tax	116			116			—			(116		)	116
Total other comprehensive income (loss)	(7,537		)	(417		)	(8,946		)	7,537			(9,363		)
COMPREHENSIVE INCOME	17,151			24,924			29,098			(51,733		)	19,440
Less: Comprehensive income attributable to noncontrolling interest	—			—			(2,289		)	—			(2,289		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$17,151			$24,924			$26,809			($51,733	)		$17,151



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Nine Months Ended September 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$649,991		—				$649,991
Costs and Expenses
Cost of sales	—			—			(466,167		)	—			(466,167		)
Selling and general expenses	—			(14,953		)	(16,351		)	—			(31,304		)
Other operating (loss) income, net	(12		)	545			2,044			—			2,577
	(12		)	(14,408		)	(480,474		)	—			(494,894		)
OPERATING (LOSS) INCOME	(12		)	(14,408		)	169,517			—			155,097
Interest expense	(9,417		)	(14,229		)	(346		)	—			(23,992		)
Interest and miscellaneous income (expense), net	7,105			3,265			(6,350		)	—			4,020
Equity in income from subsidiaries	102,553			128,786			—			(231,339		)	—
INCOME BEFORE INCOME TAXES	100,229			103,414			162,821			(231,339		)	135,125
Income tax expense	—			(861		)	(21,582		)	—			(22,443		)
NET INCOME	100,229			102,553			141,239			(231,339		)	112,682
Less: Net income attributable to noncontrolling interest	—			—			(12,453		)	—			(12,453		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	100,229			102,553			128,786			(231,339		)	100,229
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax	(23,341		)	452			(31,051		)	23,341			(30,599		)
Cash flow hedges, net of income tax	22,476			26,460			(5,175		)	(22,476		)	21,285
Amortization of pension and postretirement plans, net of income tax	(204		)	(204		)	—			204			(204		)
Total other comprehensive income (loss)	(1,069		)	26,708			(36,226		)	1,069			(9,518		)
COMPREHENSIVE INCOME	99,160			129,261			105,013			(230,270		)	103,164
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(4,004		)	—			(4,004		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$99,160			$129,261			$101,009			($230,270	)		$99,160



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Nine Months Ended September 30, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$579,874		—				$579,874
Costs and Expenses
Cost of sales	—			—			(418,421		)	—			(418,421		)
Selling and general expenses	—			(11,880		)	(17,891		)	—			(29,771		)
Other operating (loss) income, net	—			(212		)	3,956			—			3,744
	—			(12,092		)	(432,356		)	—			(444,448		)
OPERATING (LOSS) INCOME	—			(12,092		)	147,518			—			135,426
Interest expense	(9,417		)	(14,723		)	(1,460		)	—			(25,600		)
Interest and miscellaneous income (expense), net	7,033			2,087			(7,470		)	—			1,650
Equity in income from subsidiaries	87,075			112,253			—			(199,328		)	—
INCOME BEFORE INCOME TAXES	84,691			87,525			138,588			(199,328		)	111,476
Income tax expense	—			(450		)	(16,367		)	—			(16,817		)
NET INCOME	84,691			87,075			122,221			(199,328		)	94,659
Less: Net income attributable to noncontrolling interest	—			—			(9,968		)	—			(9,968		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	84,691			87,075			112,253			(199,328		)	84,691
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of income tax	13,335			—			16,599			(13,335		)	16,599
Cash flow hedges, net of income tax	(1,902		)	(2,921		)	1,324			1,902			(1,597		)
Amortization of pension and postretirement plans, net of income tax	349			349			—			(349		)	349
Total other comprehensive income (loss)	11,782			(2,572		)	17,923			(11,782		)	15,351
COMPREHENSIVE INCOME	96,473			84,503			140,144			(211,110		)	110,010
Less: Comprehensive income attributable to noncontrolling interest	—			—			(13,537		)	—			(13,537		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$96,473			$84,503			$126,607			($211,110	)		$96,473

Schedule of Condensed Consolidating Balance Sheets



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of September 30, 2018
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$6,245		$92,747			$47,267		—				$146,259
Accounts receivable, less allowance for doubtful accounts	1,994		2,738			38,357			—			43,089
Inventory	—		—			26,950			—			26,950
Prepaid expenses	—		1,534			14,315			—			15,849
Other current assets	—		106			2,337			—			2,443
Total current assets	8,239		97,125			129,226			—			234,590
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,386,949			—			2,386,949
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—		—			79,747			—			79,747
NET PROPERTY, PLANT AND EQUIPMENT	—		17,198			5,604			—			22,802
RESTRICTED CASH	—		—			45,418			—			45,418
INVESTMENT IN SUBSIDIARIES	1,875,187		3,031,631			—			(4,906,818		)	—
INTERCOMPANY RECEIVABLE	48,671		(629,661		)	580,990			—			—
OTHER ASSETS	2		37,532			35,175			—			72,709
TOTAL ASSETS		$1,932,099		$2,553,825			$3,263,109			($4,906,818	)		$2,842,215
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$4,210			$18,196		—				$22,406
Accrued taxes	—		180			7,638			—			7,818
Accrued payroll and benefits	—		4,891			3,429			—			8,320
Accrued interest	6,094		1,869			—			—			7,963
Deferred revenue	—		—			13,867			—			13,867
Other current liabilities	1,994		1,029			18,226			—			21,249
Total current liabilities	8,088		12,179			61,356			—			81,623
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,711		648,715			—			—			972,426
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		29,609			(684		)	—			28,925
OTHER NON-CURRENT LIABILITIES	—		7,096			51,046			—			58,142
INTERCOMPANY PAYABLE	—		(18,961		)	18,961			—			—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,600,300		1,875,187			3,031,631			(4,906,818		)	1,600,300
Noncontrolling interest	—		—			100,799			—			100,799
TOTAL SHAREHOLDERS’ EQUITY	1,600,300		1,875,187			3,132,430			(4,906,818		)	1,701,099
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,932,099		$2,553,825			$3,263,109			($4,906,818	)		$2,842,215



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$48,564			$25,042			$39,047		—				$112,653
Accounts receivable, less allowance for doubtful accounts	—			3,726			23,967			—			27,693
Inventory	—			—			24,141			—			24,141
Prepaid expenses	—			759			15,234			—			15,993
Other current assets	—			14			3,033			—			3,047
Total current assets	48,564			29,541			105,422			—			183,527
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—			—			2,462,066			—			2,462,066
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—			—			80,797			—			80,797
NET PROPERTY, PLANT AND EQUIPMENT	—			21			23,357			—			23,378
RESTRICTED CASH	—			—			59,703			—			59,703
INVESTMENT IN SUBSIDIARIES	1,531,156			2,814,408			—			(4,345,564		)	—
INTERCOMPANY RECEIVABLE	40,067			(628,167		)	588,100			—			—
OTHER ASSETS	2			12,680			36,328			—			49,010
TOTAL ASSETS		$1,619,789			$2,228,483			$3,355,773			($4,345,564	)		$2,858,481
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—				$2,838			$22,310		—				$25,148
Current maturities of long-term debt	—			—			3,375			—			3,375
Accrued taxes	—			48			3,733			—			3,781
Accrued payroll and benefits	—			5,298			4,364			—			9,662
Accrued interest	3,047			1,995			12			—			5,054
Deferred revenue	—			—			9,721			—			9,721
Other current liabilities	—			564			11,243			—			11,807
Total current liabilities	3,047			10,743			54,758			—			68,548
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,434			663,570			35,000			—			1,022,004
PENSION AND OTHER POSTRETIREMENT BENEFITS	—			32,589			(684		)	—			31,905
OTHER NON-CURRENT LIABILITIES	—			9,386			33,698			—			43,084
INTERCOMPANY PAYABLE	(299,715		)	(18,961		)	318,676			—			—
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,593,023			1,531,156			2,814,408			(4,345,564		)	1,593,023
Noncontrolling interest	—			—			99,917			—			99,917
TOTAL SHAREHOLDERS’ EQUITY	1,593,023			1,531,156			2,914,325			(4,345,564		)	1,692,940
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,619,789			$2,228,483			$3,355,773			($4,345,564	)		$2,858,481

Schedule of Condensed Consolidating Statements of Cash Flows



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($16,590	)		$165,283			$112,358		—			$261,051
INVESTING ACTIVITIES
Capital expenditures	—			(58		)	(44,079		)	—		(44,137		)
Real estate development investments	—			—			(6,889		)	—		(6,889		)
Purchase of timberlands	—			—			(38,978		)	—		(38,978		)
Investment in subsidiaries	—			40,554			—			(40,554	)	—
Other	—			—			2,132			—		2,132
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			40,496			(87,814		)	(40,554	)	(87,872		)
FINANCING ACTIVITIES (a)
Issuance of debt	—			—			1,014			—		1,014
Repayment of debt	—			(50,000		)	(4,416		)	—		(54,416		)
Dividends paid	(101,839		)	—			—			—		(101,839		)
Proceeds from the issuance of common shares under incentive stock plan	8,216			—			—			—		8,216
Repurchase of common shares	(2,980		)	—			—			—		(2,980		)
Proceeds from shareholder distribution hedge	—			—			610			—		610
Distribution to minority shareholder	—			—			(3,122		)	—		(3,122		)
Issuance of intercompany notes	(9,000		)	—			9,000			—		—
Intercompany distributions	79,874			(88,074		)	(32,354		)	40,554		—
CASH USED FOR FINANCING ACTIVITIES	(25,729		)	(138,074		)	(29,268		)	40,554		(152,517		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(1,341		)	—		(1,341		)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(42,319		)	67,705			(6,065		)	—		19,321
Balance, beginning of year	48,564			25,042			98,750			—		172,356
Balance, end of period		$6,245			$92,747			$92,685		—			$191,677


(a)	Non-cash financing activity: In August 2018, Rayonier Inc. waived $308.7 million and $67.2 million of intercompany loans and accrued interest, respectively, due from non-guarantors.



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	For the Nine Months Ended September 30, 2017
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($40,090	)		$77,358			$149,605		—			$186,873
INVESTING ACTIVITIES
Capital expenditures	—			—			(45,731		)	—		(45,731		)
Real estate development investments	—			—			(11,780		)	—		(11,780		)
Purchase of timberlands	—			—			(239,052		)	—		(239,052		)
Net proceeds from large disposition	—			—			42,029			—		42,029
Rayonier office building under construction	—			—			(5,979		)	—		(5,979		)
Investment in subsidiaries	—			12,307			—			(12,307	)	—
Other	—			—			383			—		383
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			12,307			(260,130		)	(12,307	)	(260,130		)
FINANCING ACTIVITIES
Issuance of debt	—			25,000			38,389			—		63,389
Repayment of debt	—			(15,000		)	(80,216		)	—		(95,216		)
Dividends paid	(95,008		)	—			—			—		(95,008		)
Proceeds from the issuance of common shares under incentive stock plan	3,665			—			—			—		3,665
Proceeds from the issuance of common shares from equity offering, net of costs	152,390			—			—			—		152,390
Issuance of intercompany notes	(32,000		)	—			32,000			—		—
Intercompany distributions	52,809			(102,521		)	37,405			12,307		—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	81,856			(92,521		)	27,578			12,307		29,220
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			1,113			—		1,113
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	41,766			(2,856		)	(81,834		)	—		(42,924		)
Balance, beginning of year	21,453			9,461			126,703			—		157,617
Balance, end of period		$63,219			$6,605			$44,869		—			$114,693

BASIS OF PRESENTATION (Details) - Accounting Standards Update 2018-02 $ in Thousands	Dec. 31, 2017 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment due to adoption of ASU	$ 0
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment due to adoption of ASU	$ 711

REVENUE (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE (Narrative) (Details) $ in Thousands	Sep. 30, 2018 USD ($) method	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) method	Sep. 30, 2017 USD ($)
Revenue from Contract with Customer [Abstract]
Number of sales categories \| method	2		2
Contract duration			1 year
Retail estate sales, deposit required	5.00%		5.00%
Contract balances, recognized during period \| $	$ 355	$ 459	$ 8,685	$ 8,369

REVENUE (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 200,616	$ 184,171	$ 649,173	$ 579,087
Other Non-Timber Sales, Primarily Lease	274	248	818	787
Total Revenue	200,890	184,419	649,991	579,874
Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0		41,951
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,323	31,544	105,004	90,018
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	122,213	128,013	390,560	344,805
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,071	1,152	2,882	2,895
Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	156,607	160,709	498,446	437,718
License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,338	4,368	12,879	12,317
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,331	1,421	15,296	6,541
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	172	433	460	1,051
Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,841	6,222	28,635	19,909
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,352	46	3,817	189
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,175	13,905	8,621	16,405
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,489	3,125	10,969	15,357
Non-strategic / Timberlands
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,152	164	98,685	47,558
Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,168	17,240	122,092	121,460
Total Revenue	36,168		122,092
Real Estate \| Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers			0
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	39,456	37,110	130,689	111,383
Other Non-Timber Sales, Primarily Lease	206	191	609	584
Total Revenue	39,662	37,301	131,298	111,967
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,998	18,260	61,898	52,407
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	13,734	12,485	45,452	40,088
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,071	1,152	2,882	2,895
Operating Segments \| Southern Timber \| Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	34,803	31,897	110,232	95,390
Operating Segments \| Southern Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,016	4,171	12,137	11,809
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	637	1,042	8,320	4,184
Operating Segments \| Southern Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Southern Timber \| Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,653	5,213	20,457	15,993
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,747	19,040	91,193	65,277
Other Non-Timber Sales, Primarily Lease	68	57	209	203
Total Revenue	27,815	19,097	91,402	65,480
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,560	2,515	11,648	8,683
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	23,495	16,131	77,172	54,203
Operating Segments \| Pacific Northwest Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber \| Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	27,055	18,646	88,820	62,886
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	224	161	450	354
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	468	233	1,923	2,037
Operating Segments \| Pacific Northwest Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Pacific Northwest Timber \| Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	692	394	2,373	2,391
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	66,265	70,095	188,882	163,980
Other Non-Timber Sales, Primarily Lease	0	0	0	0
Total Revenue	66,265	70,095	188,882	163,980
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	7,278	7,344	20,910	18,956
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	56,663	62,569	162,627	144,550
Operating Segments \| New Zealand Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber \| Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	63,941	69,913	183,537	163,506
Operating Segments \| New Zealand Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	98	36	292	154
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,226	146	5,053	320
Operating Segments \| New Zealand Timber \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| New Zealand Timber \| Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,324	182	5,345	474
Operating Segments \| New Zealand Timber \| Non-strategic / Timberlands
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers		0		0
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,168	17,240	122,092	121,460
Other Non-Timber Sales, Primarily Lease	0	0	0	0
Total Revenue	36,168	17,240	122,092	121,460
Operating Segments \| Real Estate \| Large Dispositions
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	41,951
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,352	46	3,817	189
Operating Segments \| Real Estate \| Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,175	13,905	8,621	16,405
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,489	3,125	10,969	15,357
Operating Segments \| Real Estate \| Non-strategic / Timberlands
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	29,152	164	98,685	47,558
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,980	40,686	116,317	116,987
Other Non-Timber Sales, Primarily Lease	0	0	0	0
Total Revenue	31,010	40,686	116,383	116,987
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,487	3,425	10,548	9,972
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	28,321	36,828	105,309	105,964
Operating Segments \| Trading \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	30,808	40,253	115,857	115,936
Operating Segments \| Trading \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	0	0	0	0
Operating Segments \| Trading \| Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	172	433	460	1,051
Operating Segments \| Trading \| Non-timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	172	433	460	1,051
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(30)		(66)
Total Revenue	(30)	$ 0	(66)	$ 0
Intersegment Eliminations \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 30		$ 66

REVENUE (Revenue Recognition for Timber Sales) (Details)	9 Months Ended
	Sep. 30, 2018
Stumpage Pay-as-Cut
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation	10 days
Total Delivered \| Domestic
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment period after satisfaction of obligation	30 days
Payment period after satisfaction of obligation, letter of credit	30 days
Minimum \| Stumpage Pay-as-Cut
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial payment, percentage of estimated contract value	5.00%
Maximum \| Stumpage Pay-as-Cut
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Initial payment, percentage of estimated contract value	20.00%

REVENUE (Disaggregation of Revenue by Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Total Timber Sales	$ 200,616	$ 184,171	$ 649,173	$ 579,087
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	16,984	18,607	59,348	56,956
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	2,427	5,941	14,212	13,571
Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	1,234
Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	19,411	24,548	73,560	71,761
Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	137,196	136,161	424,886	365,957
Total Delivered \| Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	67,352	52,243	196,203	154,530
Total Delivered \| Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	69,844	83,918	228,683	211,427
Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	156,607	160,709	498,446	437,718
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	16,984	18,607	59,348	56,956
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	284	1,954	2,358	6,997
Southern Timber \| Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	17,268	20,561	61,706	63,953
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	17,535	11,336	48,526	31,437
Southern Timber \| Total Delivered \| Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	15,856	11,336	44,399	31,437
Southern Timber \| Total Delivered \| Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	1,679	0	4,127	0
Pacific Northwest Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Pacific Northwest Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	2,143	3,987	11,854	6,574
Pacific Northwest Timber \| Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	1,234
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	2,143	3,987	11,854	7,808
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	24,912	14,659	76,966	55,078
Pacific Northwest Timber \| Total Delivered \| Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	24,912	14,659	76,966	55,078
Pacific Northwest Timber \| Total Delivered \| Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber \| Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
New Zealand Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	63,941	69,913	183,537	163,506
New Zealand Timber \| Total Delivered \| Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	24,771	24,440	70,521	63,883
New Zealand Timber \| Total Delivered \| Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	39,170	45,473	113,016	99,623
Trading \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Trading \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Trading \| Stumpage Agreed Volume
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Trading \| Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	0	0	0
Trading \| Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	30,808	40,253	115,857	115,936
Trading \| Total Delivered \| Domestic
Disaggregation of Revenue [Line Items]
Total Timber Sales	1,813	1,808	4,317	4,132
Trading \| Total Delivered \| Export
Disaggregation of Revenue [Line Items]
Total Timber Sales	$ 28,995	$ 38,445	$ 111,540	$ 111,804

JOINT VENTURE INVESTMENT (Details) - Matariki Forestry Group	Sep. 30, 2018 a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned (acres)	407,000
Step acquisition percentage equity interest in acquiree	23.00%

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Segment Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
SALES	$ 200,890	$ 184,419	$ 649,991	$ 579,874
Real Estate
Segment Reporting Information [Line Items]
SALES	36,168		122,092
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	39,662	37,301	131,298	111,967
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	27,815	19,097	91,402	65,480
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	66,265	70,095	188,882	163,980
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	36,168	17,240	122,092	121,460
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	31,010	40,686	116,383	116,987
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (30)	$ 0	$ (66)	$ 0

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Operating Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
Total Operating Income	$ 46,378	$ 39,271	$ 155,097	$ 135,426
Unallocated interest expense and other	(7,343)	(7,425)	(19,972)	(23,950)
INCOME BEFORE INCOME TAXES	39,035	31,846	135,125	111,476
Real Estate \| Large Dispositions \| Timberland
Segment Reporting Information [Line Items]
Total Operating Income				(28,200)
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	9,183	11,436	37,061	35,031
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	1,911	1,134	12,209	(1,278)
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	16,416	19,280	50,141	41,510
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	24,726	11,437	71,645	72,052
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	304	1,142	680	3,380
Corporate and other
Segment Reporting Information [Line Items]
Total Operating Income	$ (6,162)	$ (5,158)	$ (16,639)	$ (15,269)

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Depreciation, Depletion and Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 34,806	$ 28,707	$ 115,726	$ 104,706
Real Estate \| Large Dispositions \| Timberland
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION				8,100
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	13,672	12,736	44,591	37,092
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	7,802	6,481	26,687	23,766
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	7,544	8,478	21,287	20,477
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	5,491	735	22,296	22,902
Operating Segments \| Trading
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	0	0	0	0
Corporate and other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 297	$ 277	$ 865	$ 469

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Non-Cash Cost of Land and Improved Development) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 2,115	$ 1,272	$ 17,051	$ 14,374
Southern Timber
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	0	0	0	0
Pacific Northwest Timber
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	0	0	0	0
New Zealand Timber
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	0	0	0	0
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2,115	1,272	17,051	14,374
Real Estate \| Timberland \| Large Dispositions
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT				5,700
Trading
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 0	$ 0	$ 0	$ 0

DEBT (Schedule of Long Term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 975,000
Less: Deferred financing costs	(2,574)
Long-term debt, net of deferred financing costs	972,426	$ 1,022,004
Term Credit Agreement borrowings due 2024 at a variable interest rate of 3.7% at September 30, 2018
Debt Instrument [Line Items]
Total debt	$ 350,000
Effective interest rate	3.70%
Debt instrument, interest rate during period	3.30%
Term Credit Agreement borrowings due 2024 at a variable interest rate of 3.7% at September 30, 2018 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.625%
Senior Notes due 2022 at a fixed interest rate of 3.75%
Debt Instrument [Line Items]
Total debt	$ 325,000
Fixed interest rate	3.75%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 4.0% at September 30, 2018
Debt Instrument [Line Items]
Total debt	$ 300,000
Effective interest rate	4.00%
Debt instrument, interest rate during period	2.80%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 4.0% at September 30, 2018 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.90%

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Debt Disclosure [Abstract]
2018	$ 0
2019	0
2020	0
2021	0
2022	325,000
Thereafter	650,000
Total Debt	$ 975,000

DEBT (Narrative) (Details) $ in Millions	9 Months Ended
DEBT (Narrative) (Details) $ in Millions	Sep. 30, 2018 USD ($)	Sep. 30, 2018 NZD ($)	Apr. 28, 2016 USD ($)	Aug. 31, 2015 USD ($)	Aug. 05, 2015 USD ($)
Debt Instrument [Line Items]
Total debt	$ 975,000,000
Term Credit Agreement
Debt Instrument [Line Items]
Total debt	350,000,000
Term Credit Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Total debt					$ 350,000,000
Term Credit Agreement \| Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 200,000,000
Revolving Credit Facility borrowings due 2020 at an average variable interest rate of 3.1% at March 31, 2018
Debt Instrument [Line Items]
Repayments of line of credit	50,000,000
Remaining borrowing capacity	189,800,000
Working Capital Facility
Debt Instrument [Line Items]
Repayments of line of credit	1,000,000
Remaining borrowing capacity		$ 40.0
Incremental Term Loan Agreement
Debt Instrument [Line Items]
Total debt			$ 300,000,000
Standby Letters of Credit \| Revolving Credit Facility borrowings due 2020 at an average variable interest rate of 3.1% at March 31, 2018
Debt Instrument [Line Items]
Amount to secure outstanding letters of credit	$ 10,200,000

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	$ 80,797
Plus: Current portion, Beginning Balance	18,350
Total Balance, Beginning Balance	99,147
Non-cash cost of land and improved development	(4,140)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,335)
Capitalized real estate development investments	6,889
Capital expenditures (silviculture)	161
Intersegment transfers	1,399
Total Balance, Ending Balance	102,121
Less: Current portion, Ending Balance	(22,374)
Non-current portion, Ending Balance	79,747
Capitalized interest	500
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	59,653
Plus: Current portion, Beginning Balance	6,702
Total Balance, Beginning Balance	66,355
Non-cash cost of land and improved development	(1,179)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,335)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	161
Intersegment transfers	1,399
Total Balance, Ending Balance	65,401
Less: Current portion, Ending Balance	(5,858)
Non-current portion, Ending Balance	59,543
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	21,144
Plus: Current portion, Beginning Balance	11,648
Total Balance, Beginning Balance	32,792
Non-cash cost of land and improved development	(2,961)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	6,889
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, Ending Balance	36,720
Less: Current portion, Ending Balance	(16,516)
Non-current portion, Ending Balance	$ 20,204

COMMITMENTS (Narrative) (Details) - Timberland Leases	Sep. 30, 2018
United States \| Minimum
Loss Contingencies [Line Items]
Contract terms, in years	30 years
United States \| Maximum
Loss Contingencies [Line Items]
Contract terms, in years	65 years
New Zealand \| Minimum
Loss Contingencies [Line Items]
Contract terms, in years	30 years
New Zealand \| Maximum
Loss Contingencies [Line Items]
Contract terms, in years	99 years

COMMITMENTS (Future Minimum Payments) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($) lease
Commitments
Remaining 2018	$ 5,480
2019	3,239
2020	787
2021	612
2022	587
Thereafter	929
Commitments, total	11,634
Total
Remaining 2018	9,699
2019	13,089
2020	10,104
2021	9,762
2022	9,351
Thereafter	144,522
Total	196,527
Pension contribution requirements remaining in fiscal year	$ 500
Matariki Crown Forest Licenses
Total
Future minimum payments	20 years
Number of leases under termination notice \| lease	2
Number of leases expiring in 2062 \| lease	2
Operating Leases
Leases
Remaining 2018	$ 331
2019	1,173
2020	1,017
2021	849
2022	701
Thereafter	717
Operating leases, total	4,788
Timberland Leases
Leases
Remaining 2018	3,888
2019	8,677
2020	8,300
2021	8,301
2022	8,063
Thereafter	142,876
Operating leases, total	$ 180,105
Timberland Leases \| Matariki Crown Forest Licenses
Total
Operating lease, termination notice	35 years
Operating lease, renewal term	1 year

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense	$ (8,396)	$ (3,043)	$ (22,443)	$ (16,817)
Effective income tax rate			16.50%	15.10%
Global intangible low-taxed income	1,400		$ 1,400
Accounting Standards Update 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment due to adoption of ASU					$ 0
Accounting Standards Update 2018-02 \| Accumulated Other Comprehensive Income
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment due to adoption of ASU	$ 700		$ 700		$ (711)

CONTINGENCIES (Details) $ in Thousands	Oct. 13, 2017 claim	Sep. 30, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of claims filed \| claim	1
Insurance settlement payable \| $		$ 1,995

GUARANTEES (Details) $ in Thousands	Sep. 30, 2018 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 13,714
Carrying Amount of Associated Liability	43
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	10,176
Carrying Amount of Associated Liability	0
Letter of credit for development project	9,200
Guarantees
Guarantor Obligations [Line Items]
Maximum Potential Payment	2,254
Carrying Amount of Associated Liability	43
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	1,284
Carrying Amount of Associated Liability	$ 0

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		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 30,639	$ 28,803	$ 112,682	$ 94,659	$ 161,579
Less: Net income attributable to noncontrolling interest	(7,207)	(4,115)	(12,453)	(9,968)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 23,432	$ 24,688	$ 100,229	$ 84,691
Shares used for determining basic earnings per common share (in shares)	129,142,931	128,610,696	129,005,074	126,934,003
Dilutive effect of:
Stock options (in shares)	73,372	84,380	85,000	94,528
Performance and restricted shares (in shares)	539,571	270,704	584,364	315,476
Shares used for determining diluted earnings per common share (in shares)	129,755,874	128,965,780	129,674,438	127,344,007
Basic earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.18	$ 0.19	$ 0.78	$ 0.67
Diluted earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.18	$ 0.19	$ 0.77	$ 0.67

EARNINGS PER COMMON SHARE (Antidilutive Securities) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock options and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the computations of diluted earnings per share	150,313	621,447	192,265	600,039

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) $ in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 NZD ($)	Dec. 31, 2017 USD ($)
Foreign currency exchange contracts
Derivative [Line Items]
Notional Amount					$ 37
Not Designated as Hedging Instrument \| Foreign currency exchange contracts
Derivative [Line Items]
Notional Amount	$ 21,019		$ 21,019			$ 18,439
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
AOCI gain (loss) balance expected to be reclassified in next twelve months, net of tax			(2,600)
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency exchange contracts
Derivative [Line Items]
Notional Amount	$ 103,000		$ 103,000			$ 107,400
New Zealand JV \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			3 months
New Zealand JV \| Minimum
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 3 months	35.00%		35.00%		35.00%
Percent of forecast sales and purchases hedged for three to 12 months	25.00%		25.00%		25.00%
New Zealand JV \| Minimum \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			3 months
New Zealand JV \| Minimum \| Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			12 months
New Zealand JV \| Minimum \| Foreign currency exchange contracts
Derivative [Line Items]
Percent of forecast distributions hedged for the next 3 months	60.00%		60.00%		60.00%
New Zealand JV \| Minimum \| Forecasted Distributions, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			3 months
New Zealand JV \| Minimum \| Forecasted Distributions, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			6 months
New Zealand JV \| Maximum
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 3 months	90.00%		90.00%		90.00%
Percent of forecast sales and purchases hedged for three to 12 months	75.00%		75.00%		75.00%
Percent of forecast sales and purchases hedged for 12 to 18 months	50.00%		50.00%		50.00%
New Zealand JV \| Maximum \| Forecasted Sales and Purchases, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			12 months
New Zealand JV \| Maximum \| Forecasted Sales and Purchases, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			18 months
New Zealand JV \| Maximum \| Foreign currency exchange contracts
Derivative [Line Items]
Percent of forecast distributions hedged for the next 3 months	100.00%		100.00%		100.00%
Percent of forecast distributions hedged for 6 months	75.00%		75.00%		75.00%
Percent of forecast distributions hedged for 6 to 12 months	50.00%		50.00%		50.00%
New Zealand JV \| Maximum \| Forecasted Distributions, term 2
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			6 months
New Zealand JV \| Maximum \| Forecasted Distributions, term 1
Derivative [Line Items]
Length of time, foreign currency cash flow hedge			12 months
Interest and other miscellaneous income, net \| Not Designated as Hedging Instrument \| Foreign currency exchange contracts
Derivative [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ (189)	$ 609	$ 2,419	$ 283

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Interest Rate Swaps) (Details) - Cash Flow Hedging - Designated as Hedging Instrument	9 Months Ended
	Sep. 30, 2018 USD ($)
Interest Rate Swap 1
Derivative [Line Items]
Term	9 years
Notional Amount	$ 170,000
Fixed Rate of Swap	2.20%
Bank Margin on Debt	1.63%
Total Effective Interest Rate	3.83%
Interest Rate Swap 2
Derivative [Line Items]
Term	9 years
Notional Amount	$ 180,000
Fixed Rate of Swap	2.35%
Bank Margin on Debt	1.63%
Total Effective Interest Rate	3.98%
Interest Rate Swap 3
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.50%
Interest Rate Swap 4
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.60%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.50%
Interest Rate Swap 5
Derivative [Line Items]
Term	10 years
Notional Amount	$ 100,000
Fixed Rate of Swap	1.26%
Bank Margin on Debt	1.90%
Total Effective Interest Rate	3.16%

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Income Statement Location) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Designated as Hedging Instrument \| Foreign currency exchange contracts \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	$ (1,402)	$ (1,579)	$ (6,800)	$ 1,611
Designated as Hedging Instrument \| Foreign currency exchange contracts \| Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income			(344)	0
Designated as Hedging Instrument \| Foreign currency option contracts \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(29)	(716)	(388)	219
Designated as Hedging Instrument \| Interest rate swaps \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	5,173	(533)	26,461	(2,921)
Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Interest and other miscellaneous income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	(189)	609	2,419	283
Not Designated as Hedging Instrument \| Carbon options \| Interest and other miscellaneous income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ (577)	$ 0	$ (577)	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Notional Amounts) (Details) $ in Thousands, $ in Millions	Sep. 30, 2018 USD ($)	Sep. 30, 2018 NZD ($)	Dec. 31, 2017 USD ($)
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount		$ 37
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 103,000		$ 107,400
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	20,000		48,000
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	650,000		650,000
Not Designated as Hedging Instrument \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 21,019		$ 18,439

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Balance Sheet Location) (Details) $ in Thousands, $ in Millions	Sep. 30, 2018 USD ($)	Sep. 30, 2018 NZD ($)	Dec. 31, 2017 USD ($)
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 44,234		$ 21,032
Fair value, derivative liability	(4,870)		(2,433)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	2,255		2,884
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	41,979		18,148
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(4,297)		(345)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(573)		(2,088)
Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount		$ 37
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	103,000		107,400
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	9		2,286
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0		538
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(3,528)		(37)
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency exchange contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(494)		0
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	20,000		48,000
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	40		389
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	79		137
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(104)		(119)
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign currency option contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(79)		(55)
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	650,000		650,000
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	41,900		17,473
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0		(2,033)
Not Designated as Hedging Instrument \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	21,019		18,439
Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	2,206		209
Not Designated as Hedging Instrument \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1)		(189)
Not Designated as Hedging Instrument \| Carbon options
Derivatives, Fair Value [Line Items]
Notional Amount	7,500		0
Not Designated as Hedging Instrument \| Carbon options \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ (664)		$ 0

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	$ 4,870	$ 2,433
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	146,259	112,653
Restricted cash	45,418	59,703
Current maturities of long-term debt	0	(3,375)
Long-term debt	(972,426)	(1,022,004)
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	41,900	15,440
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(1,808)
Foreign currency contracts, assets		2,807
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(64)
Foreign currency contracts, assets		352
Carrying Amount \| Carbon options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	(664)	0
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	146,259	112,653
Restricted cash	45,418	59,703
Current maturities of long-term debt	0	0
Long-term debt	0	0
Fair Value \| Level 1 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Fair Value \| Level 1 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	0
Foreign currency contracts, assets		0
Fair Value \| Level 1 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	0
Foreign currency contracts, assets		0
Fair Value \| Level 1 \| Carbon options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	0	0
Fair Value \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Current maturities of long-term debt	0	(3,375)
Long-term debt	(970,970)	(1,030,135)
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	41,900	15,440
Fair Value \| Level 2 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(1,808)
Foreign currency contracts, assets		2,807
Fair Value \| Level 2 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contracts, liabilities	(64)
Foreign currency contracts, assets		352
Fair Value \| Level 2 \| Carbon options
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	$ (664)	$ 0

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	Sep. 30, 2018 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2018 USD ($) pension_plan	Sep. 30, 2017 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Number of qualified defined benefit plans \| pension_plan			1
Weighted-average expected long-term rate of return on plan assets			7.20%
Pension
Defined Benefit Plan Disclosure [Line Items]
Pension contributions paid			$ 2,300
Minimum annual pension contribution	$ 2,700		2,700
Service cost	0	$ 0	0	$ 0
Interest cost	755	815	2,266	2,444
Expected return on plan assets	(983)	(945)	(2,950)	(2,836)
Amortization of losses	168	116	505	349
Net periodic benefit (credit) cost	(60)	(14)	(179)	(43)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2	5	5
Interest cost	13	13	38	39
Expected return on plan assets	0	0	0	0
Amortization of losses	0	0	2	0
Net periodic benefit (credit) cost	$ 15	$ 15	$ 45	$ 44

OTHER OPERATING (LOSS) INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other Income and Expenses [Abstract]
Foreign currency income (expense)	$ 242	$ 165	$ 264	$ 15
Loss on sale or disposal of property and equipment	(30)	(63)	(3)	(69)
(Loss) gain on foreign currency exchange and option contracts	(712)	1,295	1,599	2,476
Log trading marketing fees	66	389	197	896
Income from the sale of unused Internet Protocol addresses	0	0	646	0
Income from New Zealand Timber settlement	0	0	0	420
Miscellaneous (expense) income, net	(17)	(15)	(126)	6
Total	$ (451)	$ 1,771	$ 2,577	$ 3,744

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory [Line Items]
Inventory	$ 26,950	$ 24,141
Real Estate Inventory
Inventory [Line Items]
Inventory	22,374	18,350
Log inventory
Inventory [Line Items]
Inventory	$ 4,576	$ 5,791

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary, days	180 days
Restricted deposits	$ 45.4	$ 59.7

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($)
$ in Thousands

Sep. 30, 2018

Dec. 31, 2017

Sep. 30, 2017

Dec. 31, 2016

Restricted Cash and Cash Equivalents Items [Line Items]

Total restricted cash shown in the Consolidated Balance Sheets

$ 45,418

$ 59,703

Cash and cash equivalents

146,259

112,653

Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows

^[1]

191,677

$ 172,356

$ 114,693

$ 157,617

Deposited with intermediary

Restricted Cash and Cash Equivalents Items [Line Items]

Total restricted cash shown in the Consolidated Balance Sheets

44,868

Held in escrow

Restricted Cash and Cash Equivalents Items [Line Items]

Total restricted cash shown in the Consolidated Balance Sheets

$ 550

[1]

ACCUMULATED OTHER COMPREHENSIVE INCOME (Schedule of Components) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ 1,593,023
Other comprehensive (loss)/income before reclassifications			(299)		$ 14,064
Amounts reclassified from accumulated other comprehensive income			(770)		(1,503)
Net other comprehensive (loss)/income			(1,069)		12,561
Ending balance	$ 1,600,300		1,600,300		1,593,023
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			13,417	$ 856	856
Ending balance	12,348		12,348		13,417
Foreign currency translation gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			15,975	8,559	8,559
Other comprehensive (loss)/income before reclassifications			(22,997)		7,416
Amounts reclassified from accumulated other comprehensive income			0		0
Net other comprehensive (loss)/income			(22,997)		7,416
Ending balance	(7,022)		(7,022)		15,975
Net investment hedges of New Zealand JV
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			1,665	1,665	1,665
Other comprehensive (loss)/income before reclassifications			(344)		0
Amounts reclassified from accumulated other comprehensive income			0		0
Net other comprehensive (loss)/income			(344)		0
Ending balance	1,321		1,321		1,665
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			16,184	10,831	10,831
Other comprehensive (loss)/income before reclassifications			23,042		7,321
Amounts reclassified from accumulated other comprehensive income			(566)		(1,968)
Net other comprehensive (loss)/income			22,476		5,353
Ending balance	38,660		38,660		16,184
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive (loss)/income before reclassifications			26,400
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(20,407)	(20,199)	(20,199)
Other comprehensive (loss)/income before reclassifications			0		(673)
Amounts reclassified from accumulated other comprehensive income			(204)		465
Net other comprehensive (loss)/income			(204)		(208)
Ending balance	(20,611)		(20,611)		(20,407)
Pension
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amortization of losses	168	$ 116	505	$ 349
Accounting Standards Update 2018-02
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Cumulative-effect adjustment due to adoption of ASU					0
Accounting Standards Update 2018-02 \| Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Cumulative-effect adjustment due to adoption of ASU	$ 700		$ 700		(711)
Accounting Standards Update 2018-02 \| Retained Earnings
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Cumulative-effect adjustment due to adoption of ASU					$ 711

ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (loss) income, net	$ (451)	$ 1,771	$ 2,577	$ 3,744
Comprehensive income attributable to noncontrolling interest	(4,533)	(2,289)	(4,004)	(13,537)
Income tax expense	$ (8,396)	$ (3,043)	(22,443)	(16,817)
Net gain from accumulated other comprehensive income			(770)		$ (1,503)
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net gain from accumulated other comprehensive income			(566)	(2,104)
Cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive income attributable to noncontrolling interest			235	873
Income tax expense			220	818
Cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (loss) income, net			(865)	(2,928)
Cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (loss) income, net			$ (156)	$ (867)

CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Details) - Senior Notes due 2022 at a fixed interest rate of 3.75%	Mar. 31, 2012 USD ($)
Debt Instrument [Line Items]
Face amount	$ 325,000,000
Stated interest rate	3.75%

CONSOLIDATING FINANCIAL STATEMENTS (Income and Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Condensed Statement of Income Captions [Line Items]
SALES	$ 200,890	$ 184,419	$ 649,991	$ 579,874
Costs and Expenses
Cost of sales	(143,261)	(136,983)	(466,167)	(418,421)
Selling and general expenses	(10,800)	(9,936)	(31,304)	(29,771)
Other operating (loss) income, net	(451)	1,771	2,577	3,744
Costs and Expenses, Total	(154,512)	(145,148)	(494,894)	(444,448)
OPERATING INCOME	46,378	39,271	155,097	135,426
Interest expense	(7,838)	(8,553)	(23,992)	(25,600)
Interest and miscellaneous income (expense), net	495	1,128	4,020	1,650
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	39,035	31,846	135,125	111,476
Income tax expense	(8,396)	(3,043)	(22,443)	(16,817)
NET INCOME	30,639	28,803	112,682	94,659	$ 161,579
Less: Net income attributable to noncontrolling interest	(7,207)	(4,115)	(12,453)	(9,968)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	23,432	24,688	100,229	84,691
Foreign currency translation adjustment, net of income tax	(10,527)	(7,317)	(30,599)	16,599	9,114
Cash flow hedges, net of income tax	4,142	(2,162)	21,285	(1,597)	5,693
Amortization of pension and postretirement plans, net of income tax	(542)	116	(204)	349	$ (208)
Total other comprehensive (loss) income	(6,927)	(9,363)	(9,518)	15,351
COMPREHENSIVE INCOME	23,712	19,440	103,164	110,010
Less: Comprehensive income attributable to noncontrolling interest	(4,533)	(2,289)	(4,004)	(13,537)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	19,179	17,151	99,160	96,473
Consolidating Adjustments
Condensed Statement of Income Captions [Line Items]
SALES	0	0	0	0
Costs and Expenses
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating (loss) 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 income from subsidiaries	(58,366)	(59,270)	(231,339)	(199,328)
INCOME BEFORE INCOME TAXES	(58,366)	(59,270)	(231,339)	(199,328)
Income tax expense	0	0	0	0
NET INCOME	(58,366)	(59,270)	(231,339)	(199,328)
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	(58,366)	(59,270)	(231,339)	(199,328)
Foreign currency translation adjustment, net of income tax	8,090	5,866	23,341	(13,335)
Cash flow hedges, net of income tax	(4,379)	1,787	(22,476)	1,902
Amortization of pension and postretirement plans, net of income tax	542	(116)	204	(349)
Total other comprehensive (loss) income	4,253	7,537	1,069	(11,782)
COMPREHENSIVE INCOME	(54,113)	(51,733)	(230,270)	(211,110)
Less: Comprehensive income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	(54,113)	(51,733)	(230,270)	(211,110)
Rayonier Inc. (Parent Issuer) \| Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
SALES	0	0	0	0
Costs and Expenses
Cost of sales	0	0	0	0
Selling and general expenses	0	0	0	0
Other operating (loss) income, net	0	0	(12)	0
Costs and Expenses, Total	0	0	(12)	0
OPERATING INCOME	0	0	(12)	0
Interest expense	(3,138)	(3,139)	(9,417)	(9,417)
Interest and miscellaneous income (expense), net	1,743	2,486	7,105	7,033
Equity in income from subsidiaries	24,827	25,341	102,553	87,075
INCOME BEFORE INCOME TAXES	23,432	24,688	100,229	84,691
Income tax expense	0	0	0	0
NET INCOME	23,432	24,688	100,229	84,691
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	23,432	24,688	100,229	84,691
Foreign currency translation adjustment, net of income tax	(8,090)	(5,866)	(23,341)	13,335
Cash flow hedges, net of income tax	4,379	(1,787)	22,476	(1,902)
Amortization of pension and postretirement plans, net of income tax	(542)	116	(204)	349
Total other comprehensive (loss) income	(4,253)	(7,537)	(1,069)	11,782
COMPREHENSIVE INCOME	19,179	17,151	99,160	96,473
Less: Comprehensive income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	19,179	17,151	99,160	96,473
Subsidiary Guarantors \| Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
SALES	0	0	0	0
Costs and Expenses
Cost of sales	0	0	0	0
Selling and general expenses	(5,094)	(4,096)	(14,953)	(11,880)
Other operating (loss) income, net	(50)	(81)	545	(212)
Costs and Expenses, Total	(5,144)	(4,177)	(14,408)	(12,092)
OPERATING INCOME	(5,144)	(4,177)	(14,408)	(12,092)
Interest expense	(4,676)	(4,982)	(14,229)	(14,723)
Interest and miscellaneous income (expense), net	1,755	704	3,265	2,087
Equity in income from subsidiaries	33,539	33,929	128,786	112,253
INCOME BEFORE INCOME TAXES	25,474	25,474	103,414	87,525
Income tax expense	(647)	(133)	(861)	(450)
NET INCOME	24,827	25,341	102,553	87,075
Less: Net income attributable to noncontrolling interest	0	0	0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	24,827	25,341	102,553	87,075
Foreign currency translation adjustment, net of income tax	0	0	452	0
Cash flow hedges, net of income tax	5,174	(533)	26,460	(2,921)
Amortization of pension and postretirement plans, net of income tax	(542)	116	(204)	349
Total other comprehensive (loss) income	4,632	(417)	26,708	(2,572)
COMPREHENSIVE INCOME	29,459	24,924	129,261	84,503
Less: Comprehensive income attributable to noncontrolling interest	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	29,459	24,924	129,261	84,503
Non- guarantors \| Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
SALES	200,890	184,419	649,991	579,874
Costs and Expenses
Cost of sales	(143,261)	(136,983)	(466,167)	(418,421)
Selling and general expenses	(5,706)	(5,840)	(16,351)	(17,891)
Other operating (loss) income, net	(401)	1,852	2,044	3,956
Costs and Expenses, Total	(149,368)	(140,971)	(480,474)	(432,356)
OPERATING INCOME	51,522	43,448	169,517	147,518
Interest expense	(24)	(432)	(346)	(1,460)
Interest and miscellaneous income (expense), net	(3,003)	(2,062)	(6,350)	(7,470)
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	48,495	40,954	162,821	138,588
Income tax expense	(7,749)	(2,910)	(21,582)	(16,367)
NET INCOME	40,746	38,044	141,239	122,221
Less: Net income attributable to noncontrolling interest	(7,207)	(4,115)	(12,453)	(9,968)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	33,539	33,929	128,786	112,253
Foreign currency translation adjustment, net of income tax	(10,527)	(7,317)	(31,051)	16,599
Cash flow hedges, net of income tax	(1,032)	(1,629)	(5,175)	1,324
Amortization of pension and postretirement plans, net of income tax	0	0	0	0
Total other comprehensive (loss) income	(11,559)	(8,946)	(36,226)	17,923
COMPREHENSIVE INCOME	29,187	29,098	105,013	140,144
Less: Comprehensive income attributable to noncontrolling interest	(4,533)	(2,289)	(4,004)	(13,537)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 24,654	$ 26,809	$ 101,009	$ 126,607

CONSOLIDATING FINANCIAL STATEMENTS (Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 146,259	$ 112,653
Accounts receivable, less allowance for doubtful accounts	43,089	27,693
Inventory	26,950	24,141
Prepaid expenses	15,849	15,993
Other current assets	2,443	3,047
Total current assets	234,590	183,527
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,386,949	2,462,066
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	79,747	80,797
NET PROPERTY, PLANT AND EQUIPMENT	22,802	23,378
RESTRICTED CASH	45,418	59,703
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY RECEIVABLE	0	0
OTHER ASSETS	72,709	49,010
TOTAL ASSETS	2,842,215	2,858,481
CURRENT LIABILITIES
Accounts payable	22,406	25,148
Current maturities of long-term debt	0	3,375
Accrued taxes	7,818	3,781
Accrued payroll and benefits	8,320	9,662
Accrued interest	7,963	5,054
Deferred revenue	13,867	9,721
Other current liabilities	21,249	11,807
Total current liabilities	81,623	68,548
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	972,426	1,022,004
PENSION AND OTHER POSTRETIREMENT BENEFITS	28,925	31,905
OTHER NON-CURRENT LIABILITIES	58,142	43,084
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,600,300	1,593,023
Noncontrolling interest	100,799	99,917
TOTAL SHAREHOLDERS’ EQUITY	1,701,099	1,692,940	$ 1,496,752
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,842,215	2,858,481
Consolidating Adjustments
CURRENT ASSETS
Cash and cash equivalents	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Prepaid expenses	0	0
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
RESTRICTED CASH	0	0
INVESTMENT IN SUBSIDIARIES	(4,906,818)	(4,345,564)
INTERCOMPANY RECEIVABLE	0	0
OTHER ASSETS	0	0
TOTAL ASSETS	(4,906,818)	(4,345,564)
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	0	0
Deferred revenue	0	0
Other current liabilities	0	0
Total current liabilities	0	0
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	(4,906,818)	(4,345,564)
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	(4,906,818)	(4,345,564)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	(4,906,818)	(4,345,564)
Rayonier Inc. (Parent Issuer) \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	6,245	48,564
Accounts receivable, less allowance for doubtful accounts	1,994	0
Inventory	0	0
Prepaid expenses	0	0
Other current assets	0	0
Total current assets	8,239	48,564
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
RESTRICTED CASH	0	0
INVESTMENT IN SUBSIDIARIES	1,875,187	1,531,156
INTERCOMPANY RECEIVABLE	48,671	40,067
OTHER ASSETS	2	2
TOTAL ASSETS	1,932,099	1,619,789
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	6,094	3,047
Deferred revenue	0	0
Other current liabilities	1,994	0
Total current liabilities	8,088	3,047
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,711	323,434
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	(299,715)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,600,300	1,593,023
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,600,300	1,593,023
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,932,099	1,619,789
Subsidiary Guarantors \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	92,747	25,042
Accounts receivable, less allowance for doubtful accounts	2,738	3,726
Inventory	0	0
Prepaid expenses	1,534	759
Other current assets	106	14
Total current assets	97,125	29,541
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	17,198	21
RESTRICTED CASH	0	0
INVESTMENT IN SUBSIDIARIES	3,031,631	2,814,408
INTERCOMPANY RECEIVABLE	(629,661)	(628,167)
OTHER ASSETS	37,532	12,680
TOTAL ASSETS	2,553,825	2,228,483
CURRENT LIABILITIES
Accounts payable	4,210	2,838
Current maturities of long-term debt		0
Accrued taxes	180	48
Accrued payroll and benefits	4,891	5,298
Accrued interest	1,869	1,995
Deferred revenue	0	0
Other current liabilities	1,029	564
Total current liabilities	12,179	10,743
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	648,715	663,570
PENSION AND OTHER POSTRETIREMENT BENEFITS	29,609	32,589
OTHER NON-CURRENT LIABILITIES	7,096	9,386
INTERCOMPANY PAYABLE	(18,961)	(18,961)
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,875,187	1,531,156
Noncontrolling interest	0	0
TOTAL SHAREHOLDERS’ EQUITY	1,875,187	1,531,156
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,553,825	2,228,483
Non- guarantors \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	47,267	39,047
Accounts receivable, less allowance for doubtful accounts	38,357	23,967
Inventory	26,950	24,141
Prepaid expenses	14,315	15,234
Other current assets	2,337	3,033
Total current assets	129,226	105,422
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,386,949	2,462,066
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT COSTS	79,747	80,797
NET PROPERTY, PLANT AND EQUIPMENT	5,604	23,357
RESTRICTED CASH	45,418	59,703
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY RECEIVABLE	580,990	588,100
OTHER ASSETS	35,175	36,328
TOTAL ASSETS	3,263,109	3,355,773
CURRENT LIABILITIES
Accounts payable	18,196	22,310
Current maturities of long-term debt		3,375
Accrued taxes	7,638	3,733
Accrued payroll and benefits	3,429	4,364
Accrued interest	0	12
Deferred revenue	13,867	9,721
Other current liabilities	18,226	11,243
Total current liabilities	61,356	54,758
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	0	35,000
PENSION AND OTHER POSTRETIREMENT BENEFITS	(684)	(684)
OTHER NON-CURRENT LIABILITIES	51,046	33,698
INTERCOMPANY PAYABLE	18,961	318,676
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	3,031,631	2,814,408
Noncontrolling interest	100,799	99,917
TOTAL SHAREHOLDERS’ EQUITY	3,132,430	2,914,325
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,263,109	$ 3,355,773