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Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    
For the transition period from              to             
Commission File Number 1-6780
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12880541&doc=12
Incorporated in the State of North Carolina
I.R.S. Employer Identification No. 13-2607329
1 RAYONIER WAY
WILDLIGHT, FL 32097
(Principal Executive Office)
Telephone Number: (904) 357-9100

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol
Exchange
COMMON STOCK, $0.0 PAR VALUE
RYN
NEW YORK STOCK EXCHANGE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES x        NO  o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES x       NO  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  x
  
Accelerated filer  o
  
 
Non-accelerated filer  o
  
Smaller reporting company o
  
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES o        NO  x

As of April 26, 2019, there were outstanding 129,635,639 Common Shares of the registrant.


Table of Contents

TABLE OF CONTENTS
 
Item
 
 
Page
 
 
PART I - FINANCIAL INFORMATION
 
1.
 
 
 
 
 
 
 
 
 
 
 
2.
 
3.
 
4.
 
 
 
PART II - OTHER INFORMATION
 
1.
 
2.
 
6.
 
 
 
 

i


Table of Contents

PART I.        FINANCIAL INFORMATION

Item 1.         Financial Statements

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
 
 
Three Months Ended March 31,
 
 
2019
 
2018
SALES (NOTE 2)
 

$191,546

 

$203,196

Costs and Expenses
 
 
 
 
Cost of sales
 
(143,251
)
 
(138,488
)
Selling and general expenses
 
(9,810
)
 
(9,003
)
Other operating income, net (Note 16)
 
35

 
1,369


 
(153,026
)
 
(146,122
)
OPERATING INCOME
 
38,520

 
57,074

Interest expense
 
(7,710
)
 
(8,052
)
Interest and other miscellaneous income, net
 
1,332

 
620

INCOME BEFORE INCOME TAXES
 
32,142

 
49,642

Income tax expense (Note 9)
 
(4,349
)
 
(6,936
)
NET INCOME
 
27,793

 
42,706

Less: Net income attributable to noncontrolling interest
 
(2,999
)
 
(2,167
)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.
 
24,794

 
40,539

OTHER COMPREHENSIVE (LOSS) INCOME
 
 
 
 
Foreign currency translation adjustment, net of income tax expense of $0 and $0
 
6,033

 
9,688

Cash flow hedges, net of income tax expense of $335 and $368
 
(10,686
)
 
16,615

Amortization of pension and postretirement plans, net of income tax expense of $0 and $0
 
112

 
159

Total other comprehensive (loss) income
 
(4,541
)
 
26,462

COMPREHENSIVE INCOME
 
23,252

 
69,168

Less: Comprehensive income attributable to noncontrolling interest
 
(4,551
)
 
(4,483
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.
 

$18,701

 

$64,685

EARNINGS PER COMMON SHARE (NOTE 12)
 
 
 
 
Basic earnings per share attributable to Rayonier Inc.
 

$0.19

 

$0.31

Diluted earnings per share attributable to Rayonier Inc.
 

$0.19

 

$0.31


See Notes to Consolidated Financial Statements.

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Table of Contents

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 
March 31, 2019
 
December 31, 2018
ASSETS
CURRENT ASSETS
 
 
 
Cash and cash equivalents

$154,613

 

$148,374

Accounts receivable, less allowance for doubtful accounts of $8 and $8
32,031

 
26,151

Inventory (Note 17)
26,221

 
15,703

Prepaid expenses
17,283

 
17,016

Other current assets
738

 
609

Total current assets
230,886

 
207,853

TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION
2,395,625

 
2,401,327

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT
     INVESTMENTS (NOTE 7)
76,287

 
85,609

PROPERTY, PLANT AND EQUIPMENT
 
 
 
Land
4,131

 
4,131

Buildings
22,621

 
22,503

Machinery and equipment
3,772

 
3,534

Construction in progress
550

 
567

Total property, plant and equipment, gross
31,074

 
30,735

Less — accumulated depreciation
(8,533
)
 
(7,984
)
Total property, plant and equipment, net
22,541

 
22,751

RESTRICTED CASH (NOTE 18)
9,867

 
8,080

RIGHT OF USE ASSETS (NOTE 3)
105,745

 

OTHER ASSETS
43,259

 
55,046

TOTAL ASSETS

$2,884,210

 

$2,780,666

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
 
 
 
Accounts payable

$25,958

 

$18,019

Accrued taxes
4,028

 
3,178

Accrued payroll and benefits
4,732

 
10,416

Accrued interest
8,106

 
5,007

Deferred revenue
8,468

 
10,447

Other current liabilities
27,050

 
16,474

Total current liabilities
78,342

 
63,541

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS (NOTE 6)
972,707

 
972,567

PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15)
29,812

 
29,800

LONG-TERM LEASE LIABILITY (NOTE 3)
95,009

 

OTHER NON-CURRENT LIABILITIES
67,140

 
60,208

COMMITMENTS AND CONTINGENCIES (NOTES 8 and 10)

 

SHAREHOLDERS’ EQUITY
 
 
 
Common Shares, 480,000,000 shares authorized,129,513,566 and 129,488,675 shares issued and outstanding
886,304

 
884,263

Retained earnings
662,116

 
672,371

Accumulated other comprehensive (loss) income (Note 19)
(5,853
)
 
239

TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY
1,542,567

 
1,556,873

Noncontrolling interest
98,633

 
97,677

TOTAL SHAREHOLDERS’ EQUITY
1,641,200

 
1,654,550

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$2,884,210

 

$2,780,666


See Notes to Consolidated Financial Statements.

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Table of Contents

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except share data)

 
Common Shares
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Non-controlling Interest
 
Shareholders’
Equity
 
Shares
 
Amount
 
Balance, January 1, 2019
129,488,675

 

$884,263

 

$672,371

 

$239

 

$97,677

 

$1,654,550

Net income

 

 
24,794

 

 
2,999

 
27,793

Dividends ($0.27 per share)

 

 
(35,049
)
 

 

 
(35,049
)
Issuance of shares under incentive stock plans
26,031

 
597

 

 

 

 
597

Stock-based compensation

 
1,477

 

 

 

 
1,477

Repurchase of common shares
(1,140
)
 
(33
)
 

 

 

 
(33
)
Amortization of pension and postretirement plan liabilities

 

 

 
112

 

 
112

Foreign currency translation adjustment

 

 

 
4,680

 
1,353

 
6,033

Cash flow hedges

 

 

 
(10,884
)
 
198

 
(10,686
)
Distribution to minority shareholder

 

 

 

 
(3,594
)
 
(3,594
)
Balance, March 31, 2019
129,513,566

 

$886,304

 

$662,116

 

($5,853
)
 

$98,633

 

$1,641,200


 
Common Shares
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income
 
Non-controlling Interest
 
Shareholders’
Equity
 
Shares
 
Amount
 
Balance, January 1, 2018
128,970,776

 

$872,228

 

$707,378

 

$13,417

 

$99,917

 

$1,692,940

Net income

 

 
40,539

 

 
2,167

 
42,706

Dividends ($0.25 per share)

 

 
(32,634
)
 

 

 
(32,634
)
Issuance of shares under incentive stock plans
204,336

 
5,455

 

 

 

 
5,455

Stock-based compensation

 
1,262

 

 

 

 
1,262

Repurchase of common shares
(811
)
 
(18
)
 

 

 

 
(18
)
Actuarial change and amortization of pension and postretirement plan liabilities

 

 

 
159

 

 
159

Foreign currency translation adjustment

 

 

 
7,606

 
2,082

 
9,688

Cash flow hedges

 

 

 
16,381

 
234

 
16,615

Balance, March 31, 2018
129,174,301

 

$878,927

 

$715,283

 

$37,563

 

$104,400

 

$1,736,173



See Notes to Consolidated Financial Statements.



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Table of Contents

RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
 
Three Months Ended March 31,
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net income

$27,793

 

$42,706

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
36,491

 
34,537

Non-cash cost of land and improved development
4,030

 
1,624

Stock-based incentive compensation expense
1,477

 
1,262

Deferred income taxes
3,705

 
6,982

Amortization of losses from pension and postretirement plans
112

 
159

Other
1,491

 
6,271

Changes in operating assets and liabilities:
 
 
 
Receivables
(8,195
)
 
(10,473
)
Inventories
(1,343
)
 
(1,268
)
Accounts payable
6,389

 
3,921

Income tax receivable/payable

 
(290
)
All other operating activities
(1,033
)
 
(7,196
)
CASH PROVIDED BY OPERATING ACTIVITIES
70,917

 
78,235

INVESTING ACTIVITIES
 
 
 
Capital expenditures
(14,122
)
 
(13,192
)
Real estate development investments
(1,677
)
 
(2,340
)
Purchase of timberlands
(12,349
)
 
(12
)
Other
2,337

 
(2,105
)
CASH USED FOR INVESTING ACTIVITIES
(25,811
)
 
(17,649
)
FINANCING ACTIVITIES
 
 
 
Repayment of debt

 
(29,375
)
Dividends paid
(34,877
)
 
(32,123
)
Proceeds from the issuance of common shares under incentive stock plan
597

 
5,455

Repurchase of common shares
(33
)
 
(18
)
Distribution to minority shareholder
(3,594
)
 

Other
(16
)
 

CASH USED FOR FINANCING ACTIVITIES
(37,923
)
 
(56,061
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
843

 
807

CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 
 
 
Change in cash, cash equivalents and restricted cash
8,026

 
5,332

Balance, beginning of year
156,454

 
172,356

Balance, end of period

$164,480

 

$177,688

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 
 
 
Cash paid during the period:
 
 
 
Interest (a)

$2,120

 

$2,585

Income taxes
631

 
281

Non-cash investing activity:
 
 
 
Capital assets purchased on account
3,354

 
1,525

 
 
 
 
 
(a)
Interest paid is presented net of patronage payments received of $3.9 million and $3.7 million for the three months ended March 31, 2019 and March 31, 2018, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2018 Form 10-K.

See Notes to Consolidated Financial Statements.

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Table of Contents

RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)


1.
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, 2018, as filed with the SEC (the “2018 Form 10-K”).
SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES
For information on updated significant accounting policies due to the adoption of ASC 842, see Note 3 — Leases. For a full description of our other significant accounting policies, see Note 1 — Basis of Presentation in the 2018 Form 10-K.
RECENTLY ADOPTED STANDARDS
ASU 2016-02 (ASC 842)
The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), on January 1, 2019 and elected to apply the standard as of that day. As such, the Consolidated Balance Sheet as of March 31, 2019 includes right-of-use assets and lease liabilities related to the rights and obligations created by the Company’s long-term leases. Prior periods have not been restated.
The Company applied the following practical expedients in the transition to the new standard and allowed under ASC 842-10-65-1:
Practical Expedient
 
Description
Reassessment of expired or existing contracts
 
The Company elected not to reassess, at the application date, whether any expired or existing contracts contained leases, the lease classification for any expired or existing leases, and the accounting for initial direct costs for any existing leases.
Use of hindsight
 
The Company elected to use hindsight in determining the lease term (that is, when considering options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of right-to-use assets.
Reassessment of existing or expired land easements
 
The Company elected not to evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, as allowed under the transition practical expedient. Going forward, new or modified land easements will be evaluated under ASU No. 2016-02.
See Note 3 — Leases for additional qualitative and quantitative disclosures required under ASU No. 2016-02.
OTHER RECENTLY ADOPTED STANDARDS
The Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities in the first quarter ended March 31, 2019 with no material impact on the consolidated financial statements.
The Company adopted ASU No 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting in the first quarter ended March 31, 2019 with no impact on the consolidated financial statements.



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Table of Contents
RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)


NEW ACCOUNTING STANDARDS
In the first quarter 2019, the Financial Accounting Standards Board (“FASB”) did not issue any Accounting Standard Updates which are expected to have a material retrospective or future effect on the consolidated financial statements.
SUBSEQUENT EVENTS
The Company has evaluated events occurring from March 31, 2019 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 or disclosure.

2.    REVENUE
PERFORMANCE OBLIGATIONS
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 March 31, 2019 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. 
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 months ended March 31, 2019 and 2018 that was included in the contract liability balance at the beginning of each year:
 
Three Months Ended March 31,
 
2019
 
2018
Revenue recognized from contract liability balance at the beginning of the year (a)

$5,356

 

$6,372

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

6


Table of Contents
RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)


The following tables present our revenue from contracts with customers disaggregated by product type for the three months ended March 31, 2019 and 2018:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
Southern Timber
 
Pacific Northwest Timber
 
New Zealand Timber
 
Real Estate
 
Trading
 
Elim.
 
Total
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Pulpwood

$26,799

 

$2,820

 

$8,767

 

 

$4,326

 

 

$42,712

Sawtimber
23,152

 
17,277

 
45,863

 

 
27,512

 

 
113,804

Hardwood
1,086

 

 

 

 

 

 
1,086

Total Timber Sales
51,037

 
20,097

 
54,630

 

 
31,838

 

 
157,602

License Revenue, Primarily From Hunting
4,026

 
4

 
53

 

 

 

 
4,083

Other Non-Timber/Carbon Revenue
5,783

 
434

 
2,447

 

 

 

 
8,664

Agency Fee Income

 

 

 

 
198

 

 
198

Total Non-Timber Sales
9,809

 
438

 
2,500

 

 
198

 

 
12,945

Improved Development

 

 

 
341

 

 

 
341

Unimproved Development

 

 

 
1,000

 

 

 
1,000

Rural

 

 

 
12,665

 

 

 
12,665

Non-strategic / Timberlands

 

 

 
6,934

 

 

 
6,934

Other

 

 

 
59

 

 

 
59

Total Real Estate Sales

 

 

 
20,999

 

 

 
20,999

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue from Contracts with Customers
60,846

 
20,535

 
57,130

 
20,999

 
32,036

 

 
191,546

Intersegment

 

 

 

 
29

 
(29
)
 

Total Revenue

$60,846

 

$20,535

 

$57,130

 

$20,999

 

$32,065

 

($29
)
 

$191,546

 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Pulpwood

$21,606

 

$3,419

 

$5,844

 

 

$4,257

 

 

$35,126

Sawtimber
15,937

 
27,068

 
44,745

 

 
34,826

 

 
122,576

Hardwood
597

 

 

 

 

 

 
597

Total Timber Sales
38,140

 
30,487

 
50,589

 

 
39,083

 

 
158,299

License Revenue, Primarily from Hunting
4,084

 
25

 
52

 

 

 

 
4,161

Other Non-Timber/Carbon Revenue
1,364

 
862

 
2,323

 

 

 

 
4,549

Agency Fee Income

 

 

 

 
123

 

 
123

Total Non-Timber Sales
5,448

 
887

 
2,375

 

 
123

 

 
8,833

Improved Development

 

 

 
1,121

 

 

 
1,121

Unimproved Development

 

 

 
7,446

 

 

 
7,446

Rural

 

 

 
1,652

 

 

 
1,652

Non-strategic / Timberlands

 

 

 
25,845

 

 

 
25,845

Total Real Estate Sales

 

 

 
36,064

 

 

 
36,064

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue from Contracts with Customers
43,588

 
31,374

 
52,964

 
36,064

 
39,206

 

 
203,196

Intersegment

 

 

 

 
6

 
(6
)
 

Total Revenue

$43,588

 

$31,374

 

$52,964

 

$36,064

 

$39,212

 

($6
)
 

$203,196



7


Table of Contents
RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)


The following tables present our timber sales disaggregated by contract type for the three months ended March 31, 2019 and 2018:
 
 
 
 
 
 
 
 
 
 
Three Months Ended
Southern Timber
 
Pacific Northwest Timber
 
New Zealand Timber
 
Trading
 
Total
March 31, 2019
 
 
 
 
 
 
 
 
 
Stumpage Pay-as-Cut

$28,008

 

 

 

 

$28,008

Stumpage Lump Sum
2,095

 

 

 

 
2,095

Total Stumpage
30,103

 

 

 

 
30,103

 
 
 
 
 
 
 
 
 
 
Delivered Wood (Domestic)
19,338

 
20,097

 
20,700

 
2,124

 
62,259

Delivered Wood (Export)
1,596

 

 
33,930

 
29,714

 
65,240

Total Delivered
20,934

 
20,097

 
54,630

 
31,838

 
127,499

 
 
 
 
 
 
 
 
 
 
Total Timber Sales