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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2019
OR
|
| |
☐ | 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
RAYONIER INC.
(Exact name of registrant as specified in its charter)
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 SHARES, NO 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 ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 ☒ No ☐
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 | ☒ | Accelerated Filer | ☐ | | |
Non-accelerated Filer | ☐
| Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
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 ☐ No ☒
As of August 2, 2019, there were outstanding 129,630,052 Common Shares of the registrant.
TABLE OF CONTENTS
|
| | | |
Item | | | Page |
| | PART I - FINANCIAL INFORMATION | |
1. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
2. | | | |
3. | | | |
4. | | | |
| | PART II - OTHER INFORMATION | |
1. | | | |
2. | | | |
6. | | | |
| | | |
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 June 30, | | Six Months Ended June 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
SALES (NOTE 2) |
| $184,800 |
| |
| $245,906 |
| |
| $376,346 |
| |
| $449,101 |
|
Costs and Expenses | | | | | | | |
Cost of sales | (140,454 | ) | | (184,418 | ) | | (283,705 | ) | | (322,906 | ) |
Selling and general expenses | (10,984 | ) | | (11,502 | ) | | (20,794 | ) | | (20,504 | ) |
Other operating (expense) income, net (Note 16) | (1,969 | ) | | 1,659 |
| | (1,934 | ) | | 3,029 |
|
| (153,407 | ) | | (194,261 | ) | | (306,433 | ) | | (340,381 | ) |
OPERATING INCOME | 31,393 |
| | 51,645 |
| | 69,913 |
| | 108,720 |
|
Interest expense | (7,922 | ) | | (8,102 | ) | | (15,632 | ) | | (16,155 | ) |
Interest and other miscellaneous income, net | 1,057 |
| | 2,905 |
| | 2,390 |
| | 3,525 |
|
INCOME BEFORE INCOME TAXES | 24,528 |
| | 46,448 |
| | 56,671 |
| | 96,090 |
|
Income tax expense (Note 9) | (3,608 | ) | | (7,110 | ) | | (7,958 | ) | | (14,047 | ) |
NET INCOME | 20,920 |
| | 39,338 |
| | 48,713 |
| | 82,043 |
|
Less: Net income attributable to noncontrolling interest | (2,168 | ) | | (3,080 | ) | | (5,167 | ) | | (5,246 | ) |
NET INCOME ATTRIBUTABLE TO RAYONIER INC. | 18,752 |
| | 36,258 |
| | 43,546 |
| | 76,797 |
|
OTHER COMPREHENSIVE (LOSS) INCOME | | | | | | | |
Foreign currency translation adjustment, net of income tax expense of $0, $0, $0 and $0 | (5,604 | ) | | (29,760 | ) | | 429 |
| | (20,072 | ) |
Cash flow hedges, net of income tax (benefit) expense of ($91), ($2,008), $244 and ($1,640) | (19,519 | ) | | 529 |
| | (30,205 | ) | | 17,143 |
|
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0 | 112 |
| | 178 |
| | 224 |
| | 338 |
|
Total other comprehensive (loss) income | (25,011 | ) | | (29,053 | ) | | (29,552 | ) | | (2,591 | ) |
COMPREHENSIVE (LOSS) INCOME | (4,091 | ) | | 10,285 |
| | 19,161 |
| | 79,452 |
|
Less: Comprehensive (income) loss attributable to noncontrolling interest | (815 | ) | | 5,011 |
| | (5,366 | ) | | 528 |
|
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC. |
| ($4,906 | ) | |
| $15,296 |
| |
| $13,795 |
| |
| $79,980 |
|
EARNINGS PER COMMON SHARE (NOTE 12) | | | | | | | |
Basic earnings per share attributable to Rayonier Inc. |
| $0.14 |
| |
| $0.28 |
| |
| $0.34 |
| |
| $0.60 |
|
Diluted earnings per share attributable to Rayonier Inc. |
| $0.14 |
| |
| $0.28 |
| |
| $0.34 |
| |
| $0.59 |
|
See Notes to Consolidated Financial Statements.
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
|
| | | | | | | |
| June 30, 2019 | | December 31, 2018 |
ASSETS |
CURRENT ASSETS | | | |
Cash and cash equivalents |
| $130,956 |
| |
| $148,374 |
|
Accounts receivable, less allowance for doubtful accounts of $8 and $8 | 44,931 |
| | 26,151 |
|
| 23,597 |
| | 15,703 |
|
Prepaid expenses | 20,581 |
| | 17,016 |
|
Other current assets | 690 |
| | 609 |
|
Total current assets | 220,755 |
| | 207,853 |
|
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION | 2,392,389 |
| | 2,401,327 |
|
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT | 77,072 |
| | 85,609 |
|
PROPERTY, PLANT AND EQUIPMENT | | | |
Land | 4,131 |
| | 4,131 |
|
Buildings | 22,432 |
| | 22,503 |
|
Machinery and equipment | 3,681 |
| | 3,534 |
|
Construction in progress | 589 |
| | 567 |
|
Total property, plant and equipment, gross | 30,833 |
| | 30,735 |
|
Less — accumulated depreciation | (8,789 | ) | | (7,984 | ) |
Total property, plant and equipment, net | 22,044 |
| | 22,751 |
|
| 3,754 |
| | 8,080 |
|
| 104,016 |
| | — |
|
OTHER ASSETS | 41,021 |
| | 55,046 |
|
TOTAL ASSETS |
| $2,861,051 |
| |
| $2,780,666 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
CURRENT LIABILITIES | | | |
Accounts payable |
| $24,944 |
| |
| $18,019 |
|
Accrued taxes | 5,935 |
| | 3,178 |
|
Accrued payroll and benefits | 5,451 |
| | 10,416 |
|
Accrued interest | 4,931 |
| | 5,007 |
|
Deferred revenue | 19,798 |
| | 10,447 |
|
Other current liabilities | 25,026 |
| | 16,474 |
|
Total current liabilities | 86,085 |
| | 63,541 |
|
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS (NOTE 6) | 972,848 |
| | 972,567 |
|
PENSION AND OTHER POSTRETIREMENT BENEFITS (NOTE 15) | 29,383 |
| | 29,800 |
|
LONG-TERM LEASE LIABILITY (NOTE 3) | 93,749 |
| | — |
|
OTHER NON-CURRENT LIABILITIES | 78,688 |
| | 60,208 |
|
COMMITMENTS AND CONTINGENCIES (NOTES 8 and 10) |
| |
|
SHAREHOLDERS’ EQUITY | | | |
Common Shares, 480,000,000 shares authorized,129,629,716 and 129,488,675 shares issued and outstanding | 884,618 |
| | 884,263 |
|
Retained earnings | 645,743 |
| | 672,371 |
|
Accumulated other comprehensive (loss) income (Note 19) | (29,511 | ) | | 239 |
|
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY | 1,500,850 |
| | 1,556,873 |
|
Noncontrolling interest | 99,448 |
| | 97,677 |
|
TOTAL SHAREHOLDERS’ EQUITY | 1,600,298 |
| | 1,654,550 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| $2,861,051 |
| |
| $2,780,666 |
|
See Notes to Consolidated Financial Statements.
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 (Loss) Income | | 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 |
|
Net income | — |
| | — |
| | 18,752 |
| | — |
| | 2,168 |
| | 20,920 |
|
Dividends ($0.27 per share) | — |
| | — |
| | (35,125 | ) | | — |
| | — |
| | (35,125 | ) |
Issuance of shares under incentive stock plans | 250,344 |
| | 177 |
| | — |
| | — |
| | — |
| | 177 |
|
Stock-based compensation | — |
| | 2,344 |
| | — |
| | — |
| | — |
| | 2,344 |
|
Repurchase of common shares | (134,194 | ) | | (4,207 | ) | | — |
| | — |
| | — |
| | (4,207 | ) |
Amortization of pension and postretirement plan liabilities | — |
| | — |
| | — |
| | 112 |
| | — |
| | 112 |
|
Foreign currency translation adjustment | — |
| | — |
| | — |
| | (4,305 | ) | | (1,299 | ) | | (5,604 | ) |
Cash flow hedges | — |
| | — |
| | — |
| | (19,465 | ) | | (54 | ) | | (19,519 | ) |
Balance, June 30, 2019 | 129,629,716 |
| |
| $884,618 |
| |
| $645,743 |
| |
| ($29,511 | ) | |
| $99,448 |
| |
| $1,600,298 |
|
|
| | | | | | | | | | | | | | | | | | | | | | |
| 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 | ) |
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 |
|
Net income | — |
| | — |
| | 36,258 |
| | — |
| | 3,080 |
| | 39,338 |
|
Dividends ($0.27 per share) | — |
| | — |
| | (35,213 | ) | | — |
| | — |
| | (35,213 | ) |
Issuance of shares under incentive stock plans | 357,139 |
| | 2,369 |
| | — |
| | — |
| | — |
| | 2,369 |
|
Stock-based compensation | — |
| | 2,212 |
| | — |
| | — |
| | — |
| | 2,212 |
|
Repurchase of common shares | (80,172 | ) | | (2,948 | ) | | — |
| | — |
| | — |
| | (2,948 | ) |
Amortization of pension and postretirement plan liabilities | — |
| | — |
| | — |
| | 178 |
| | — |
| | 178 |
|
Foreign currency translation adjustment | — |
| | — |
| | — |
| | (22,857 | ) | | (6,903 | ) | | (29,760 | ) |
Cash flow hedges | — |
| | — |
| | — |
| | 1,717 |
| | (1,189 | ) | | 529 |
|
Balance, June 30, 2018 | 129,451,268 |
| |
| $880,560 |
| |
| $716,328 |
| |
| $16,601 |
| |
| $99,388 |
| |
| $1,712,877 |
|
See Notes to Consolidated Financial Statements.
RAYONIER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands) |
| | | | | | | |
| Six Months Ended June 30, |
| 2019 | | 2018 |
OPERATING ACTIVITIES | | | |
Net income |
| $48,713 |
| |
| $82,043 |
|
Adjustments to reconcile net income to cash provided by operating activities: | | | |
Depreciation, depletion and amortization | 64,093 |
| | 80,920 |
|
Non-cash cost of land and improved development | 5,647 |
| | 14,936 |
|
Stock-based incentive compensation expense | 3,821 |
| | 3,474 |
|
Deferred income taxes | 7,257 |
| | 13,653 |
|
Amortization of losses from pension and postretirement plans | 224 |
| | 338 |
|
Other | 987 |
| | (5,466 | ) |
Changes in operating assets and liabilities: | | | |
Receivables | (21,031 | ) | | (26,203 | ) |
Inventories | (994 | ) | | 1,014 |
|
Accounts payable | 5,558 |
| | 4,448 |
|
Income tax receivable/payable | — |
| | (84 | ) |
All other operating activities | 2,679 |
| | 12,510 |
|
CASH PROVIDED BY OPERATING ACTIVITIES | 116,954 |
| | 181,583 |
|
INVESTING ACTIVITIES | | | |
Capital expenditures | (29,505 | ) | | (25,920 | ) |
Real estate development investments | (999 | ) | | (4,501 | ) |
Purchase of timberlands | (26,396 | ) | | (31,234 | ) |
Other | (3,888 | ) | | 113 |
|
CASH USED FOR INVESTING ACTIVITIES | (60,788 | ) | | (61,542 | ) |
FINANCING ACTIVITIES | | | |
Issuance of debt | — |
| | 1,014 |
|
Repayment of debt | — |
| | (54,389 | ) |
Dividends paid | (71,107 | ) | | (67,053 | ) |
Proceeds from the issuance of common shares under incentive stock plan | 774 |
| | 7,824 |
|
Repurchase of common shares | (4,241 | ) | | (2,966 | ) |
Distribution to minority shareholder | (3,594 | ) | | — |
|
Other | 133 |
| | — |
|
CASH USED FOR FINANCING ACTIVITIES | (78,035 | ) | | (115,570 | ) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 125 |
| | (578 | ) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | | | |
Change in cash, cash equivalents and restricted cash | (21,744 | ) | | 3,893 |
|
Balance, beginning of year | 156,454 |
| | 172,356 |
|
Balance, end of period |
| $134,710 |
| |
| $176,249 |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | | | |
Cash paid during the period: | | | |
Interest (a) |
| $14,377 |
| |
| $14,858 |
|
Income taxes | 705 |
| | 302 |
|
Non-cash investing activity: | | | |
Capital assets purchased on account | 3,407 |
| | 6,646 |
|
See Notes to Consolidated Financial Statements.
RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
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 June 30, 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 as 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.
RAYONIER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)
(Dollar amounts in thousands unless otherwise stated)
NEW ACCOUNTING STANDARDS
During the six months ended June 30, 2019, the Financial Accounting Standards Board (“FASB”) has not issued 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 June 30, 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 June 30, 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 and six months ended June 30, 2019 and 2018 that was included in the contract liability balance at the beginning of each year:
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | |