View Filing Data

Print Document View Excel Document

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2019	Aug. 02, 2019
Cover page.
Entity Registrant Name	RAYONIER INC.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Transition Report	false
Entity File Number	1-6780
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	13-2607329
Entity Address, Address Line One	1 RAYONIER WAY
Entity Address, City or Town	WILDLIGHT
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32097
City Area Code	904
Local Phone Number	357-9100
Title of 12(b) Security	COMMON SHARES, NO PAR VALUE
Trading Symbol	RYN
Entity Central Index key	0000052827
Current Fiscal year End Date	--12-31
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		129,630,052

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
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
Costs and Expenses, Total	(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	$ 27,793	39,338	$ 42,706	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)	6,033	(29,760)	9,688	429	(20,072)
Cash flow hedges, net of income tax (benefit) expense of ($91), ($2,008), $244 and ($1,640)	(19,519)	(10,686)	529	16,615	(30,205)	17,143
Amortization of pension and postretirement plans, net of income tax expense of $0, $0, $0 and $0	(112)	$ (112)	(178)	$ (159)	(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. (in dollars per share)	$ 0.14		$ 0.28		$ 0.34	$ 0.60
Diluted earnings per share attributable to Rayonier Inc. (in dollars per share)	$ 0.14		$ 0.28		$ 0.34	$ 0.59

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax expense	$ 0	$ 0	$ 0	$ 0
Cash flow hedges, income tax (expense) benefit	(91)	(2,008)	244	(1,640)
Amortization of pension and postretirement plans, tax expense	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
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
Inventory (Note 17)	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 INVESTMENTS (NOTE 7)	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
RESTRICTED CASH (NOTE 18)	3,754	8,080
RIGHT-OF-USE ASSETS (NOTE 3)	104,016	0
OTHER ASSETS	41,021	55,046
TOTAL ASSETS	2,861,051	2,780,666
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	0
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

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Allowance for doubtful accounts	$ 8	$ 8
Shareholders’ Equity:
Common shares, shares authorized (in shares)	480,000,000	480,000,000
Common shares, shares issued (in shares)	129,629,716	129,488,675
Common shares, shares outstanding (in shares)	129,629,716	129,488,675

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2017		128,970,776
Beginning balance at Dec. 31, 2017	$ 1,692,940	$ 872,228	$ 707,378	$ 13,417	$ 99,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,706		40,539		2,167
Dividends ($0.27, $0.27, $0.25, and $0.27 per share, respectively)	(32,634)		(32,634)
Issuance of shares under incentive stock plans (in shares)		204,336
Issuance of shares under incentive stock plans	5,455	$ 5,455
Stock-based compensation	1,262	$ 1,262
Repurchase of common shares (in shares)		(811)
Repurchase of common shares	(18)	$ (18)
Amortization of pension and postretirement plan liabilities	159			159
Foreign currency translation adjustment	9,688			7,606	2,082
Cash flow hedges	16,615			16,381	234
Ending balance (in shares) at Mar. 31, 2018		129,174,301
Ending balance at Mar. 31, 2018	1,736,173	$ 878,927	715,283	37,563	104,400
Beginning balance (in shares) at Dec. 31, 2017		128,970,776
Beginning balance at Dec. 31, 2017	1,692,940	$ 872,228	707,378	13,417	99,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	82,043
Amortization of pension and postretirement plan liabilities	338
Foreign currency translation adjustment	(20,072)
Cash flow hedges	17,143
Ending balance (in shares) at Jun. 30, 2018		129,451,268
Ending balance at Jun. 30, 2018	1,712,877	$ 880,560	716,328	16,601	99,388
Beginning balance (in shares) at Mar. 31, 2018		129,174,301
Beginning balance at Mar. 31, 2018	1,736,173	$ 878,927	715,283	37,563	104,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,338		36,258		3,080
Dividends ($0.27, $0.27, $0.25, and $0.27 per share, respectively)	(35,213)		(35,213)
Issuance of shares under incentive stock plans (in shares)		357,139
Issuance of shares under incentive stock plans	2,369	$ 2,369
Stock-based compensation	2,212	$ 2,212
Repurchase of common shares (in shares)		(80,172)
Repurchase of common shares	(2,948)	$ (2,948)
Amortization of pension and postretirement plan liabilities	178			178
Foreign currency translation adjustment	(29,760)			(22,857)	(6,903)
Cash flow hedges	529			1,717	(1,189)
Ending balance (in shares) at Jun. 30, 2018		129,451,268
Ending balance at Jun. 30, 2018	1,712,877	$ 880,560	716,328	16,601	99,388
Beginning balance (in shares) at Dec. 31, 2018		129,488,675
Beginning balance at Dec. 31, 2018	1,654,550	$ 884,263	672,371	239	97,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	27,793		24,794		2,999
Dividends ($0.27, $0.27, $0.25, and $0.27 per share, respectively)	(35,049)		(35,049)
Issuance of shares under incentive stock plans (in shares)		26,031
Issuance of shares under incentive stock plans	597	$ 597
Stock-based compensation	1,477	$ 1,477
Repurchase of common shares (in shares)		(1,140)
Repurchase of common shares	(33)	$ (33)
Amortization of pension and postretirement plan liabilities	112			112
Foreign currency translation adjustment	6,033			4,680	1,353
Cash flow hedges	(10,686)			(10,884)	198
Distribution to minority shareholder	(3,594)				(3,594)
Ending balance (in shares) at Mar. 31, 2019		129,513,566
Ending balance at Mar. 31, 2019	1,641,200	$ 886,304	662,116	(5,853)	98,633
Beginning balance (in shares) at Dec. 31, 2018		129,488,675
Beginning balance at Dec. 31, 2018	1,654,550	$ 884,263	672,371	239	97,677
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	48,713
Amortization of pension and postretirement plan liabilities	224
Foreign currency translation adjustment	429
Cash flow hedges	(30,205)
Ending balance (in shares) at Jun. 30, 2019		129,629,716
Ending balance at Jun. 30, 2019	1,600,298	$ 884,618	645,743	(29,511)	99,448
Beginning balance (in shares) at Mar. 31, 2019		129,513,566
Beginning balance at Mar. 31, 2019	1,641,200	$ 886,304	662,116	(5,853)	98,633
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,920		18,752		2,168
Dividends ($0.27, $0.27, $0.25, and $0.27 per share, respectively)	(35,125)		(35,125)
Issuance of shares under incentive stock plans (in shares)		250,344
Issuance of shares under incentive stock plans	177	$ 177
Stock-based compensation	2,344	$ 2,344
Repurchase of common shares (in shares)		(134,194)
Repurchase of common shares	(4,207)	$ (4,207)
Amortization of pension and postretirement plan liabilities	112			112
Foreign currency translation adjustment	(5,604)			(4,305)	(1,299)
Cash flow hedges	(19,519)			(19,465)	(54)
Ending balance (in shares) at Jun. 30, 2019		129,629,716
Ending balance at Jun. 30, 2019	$ 1,600,298	$ 884,618	$ 645,743	$ (29,511)	$ 99,448

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.27	$ 0.27	$ 0.27	$ 0.25

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

6 Months Ended

Jun. 30, 2019

Jun. 30, 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

Cash paid during the period:

Interest

^[1]

14,377

14,858

Income taxes

705

302

Non-cash investing activity:

Capital assets purchased on account

$ 3,407

$ 6,646

[1]	Interest paid is presented net of patronage payments received of $4.0 million and $3.8 million for the six months ended June 30, 2019 and June 30, 2018, respectively. For additional information on patronage payments, see Note 5 — Debt in the 2018 Form 10-K.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Cash Flows [Abstract]
Patronage refunds received, netted with interest paid	$ 4.0	$ 3.8

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 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.

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.

REVENUE

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

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,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenue recognized from contract liability balance at the beginning of the year (a)		$3,440		$5,429		$8,796		$11,800


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

The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2019 and 2018:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
June 30, 2019
Pulpwood		$19,310		$2,267		$8,581	—			$3,826	—				$33,984
Sawtimber	16,286		15,407		52,427		—		31,377		—			115,497
Hardwood	1,391		—		—		—		—		—			1,391
Total Timber Sales	36,987		17,674		61,008		—		35,203		—			150,872
License Revenue, Primarily From Hunting	4,296		103		142		—		—		—			4,541
Other Non-Timber/Carbon Revenue	4,914		779		977		—		—		—			6,670
Agency Fee Income	—		—		—		—		184		—			184
Total Non-Timber Sales	9,210		882		1,119		—		184		—			11,395
Improved Development	—		—		—		172		—		—			172
Unimproved Development	—		—		—		14,431		—		—			14,431
Rural	—		—		—		6,799		—		—			6,799
Non-strategic / Timberlands	—		—		—		1,123		—		—			1,123
Other	—		—		—		8		—		—			8
Total Real Estate Sales	—		—		—		22,533		—		—			22,533

Revenue from Contracts with Customers	46,197		18,556		62,127		22,533		35,387		—			184,800
Intersegment	—		—		—		—		74		(74		)	—
Total Revenue		$46,197		$18,556		$62,127		$22,533		$35,461		($74	)		$184,800

June 30, 2018
Pulpwood		$20,300		$4,625		$7,788	—			$3,804	—				$36,517
Sawtimber	15,776		26,654		61,219		—		42,162		—			145,811
Hardwood	1,214		—		—		—		—		—			1,214
Total Timber Sales	37,290		31,279		69,007		—		45,966		—			183,542
License Revenue, Primarily from Hunting	3,936		103		142		—		—		—			4,181
Other Non-Timber/Carbon Revenue	6,821		831		504		—		—		—			8,156
Agency Fee Income	—		—		—		—		167		—			167
Total Non-Timber Sales	10,757		934		646		—		167		—			12,504
Improved Development	—		—		—		1,345		—		—			1,345
Rural	—		—		—		4,827		—		—			4,827
Non-strategic / Timberlands	—		—		—		43,688		—		—			43,688
Total Real Estate Sales	—		—		—		49,860		—		—			49,860

Revenue from Contracts with Customers	48,047		32,213		69,653		49,860		46,133		—			245,906
Intersegment	—		—		—		—		29		(29		)	—
Total Revenue		$48,047		$32,213		$69,653		$49,860		$46,162		($29	)		$245,906



Six Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
June 30, 2019
Pulpwood		$46,109		$5,087		$17,349	—			$8,152	—				$76,697
Sawtimber	39,437		32,684		98,290		—		58,890		—			229,301
Hardwood	2,477		—		—		—		—		—			2,477
Total Timber Sales	88,023		37,771		115,639		—		67,042		—			308,475
License Revenue, Primarily From Hunting	8,420		205		195		—		—		—			8,820
Other Non-Timber/Carbon Revenue	10,600		1,115		3,423		—		—		—			15,138
Agency Fee Income	—		—		—		—		381		—			381
Total Non-Timber Sales	19,020		1,320		3,618		—		381		—			24,339
Improved Development	—		—		—		514		—		—			514
Unimproved Development	—		—		—		15,430		—		—			15,430
Rural	—		—		—		19,464		—		—			19,464
Non-strategic / Timberlands	—		—		—		8,056		—		—			8,056
Other	—		—		—		68		—		—			68
Total Real Estate Sales	—		—		—		43,532		—		—			43,532

Revenue from Contracts with Customers	107,043		39,091		119,257		43,532		67,423		—			376,346
Intersegment	—		—		—		—		103		(103		)	—
Total Revenue		$107,043		$39,091		$119,257		$43,532		$67,526		($103	)		$376,346

June 30, 2018
Pulpwood		$41,904		$8,044		$13,632	—			$8,062	—				$71,642
Sawtimber	31,713		53,721		105,964		—		76,987		—			268,385
Hardwood	1,811		—		—		—		—		—			1,811
Total Timber Sales	75,428		61,765		119,596		—		85,049		—			341,838
License Revenue, Primarily from Hunting	8,024		128		194		—		—		—			8,346
Other Non-Timber/Carbon Revenue	8,183		1,694		2,827		—		—		—			12,704
Agency Fee Income	—		—		—		—		289		—			289
Total Non-Timber Sales	16,207		1,822		3,021		—		289		—			21,339
Improved Development	—		—		—		2,465		—		—			2,465
Unimproved Development	—		—		—		7,446		—		—			7,446
Rural	—		—		—		6,480		—		—			6,480
Non-strategic / Timberlands	—		—		—		69,533		—		—			69,533
Total Real Estate Sales	—		—		—		85,924		—		—			85,924

Revenue from Contracts with Customers	91,635		63,587		122,617		85,924		85,338		—			449,101
Intersegment	—		—		—		—		35		(35		)	—
Total Revenue		$91,635		$63,587		$122,617		$85,924		$85,373		($35	)		$449,101

The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2019 and 2018:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
June 30, 2019
Stumpage Pay-as-Cut		$15,172	—		—		—			$15,172
Stumpage Lump Sum	581		—		—		—		581
Total Stumpage	15,753		—		—		—		15,753

Delivered Wood (Domestic)	17,041		17,674		21,739		2,669		59,123
Delivered Wood (Export)	4,193		—		39,269		32,534		75,996
Total Delivered	21,234		17,674		61,008		35,203		135,119

Total Timber Sales		$36,987		$17,674		$61,008		$35,203		$150,872

June 30, 2018
Stumpage Pay-as-Cut		$19,855	—		—		—			$19,855
Stumpage Lump Sum	256		4,605		—		—		4,861
Total Stumpage	20,111		4,605		—		—		24,716

Delivered Wood (Domestic)	15,166		26,674		25,647		1,567		69,054
Delivered Wood (Export)	2,013		—		43,360		44,399		89,772
Total Delivered	17,179		26,674		69,007		45,966		158,826

Total Timber Sales		$37,290		$31,279		$69,007		$45,966		$183,542



Six Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
June 30, 2019
Stumpage Pay-as-Cut		$43,180	—		—		—			$43,180
Stumpage Lump Sum	2,675		—		—		—		2,675
Total Stumpage	45,855		—		—		—		45,855

Delivered Wood (Domestic)	36,379		37,771		42,439		4,793		121,382
Delivered Wood (Export)	5,789		—		73,200		62,249		141,238
Total Delivered	42,168		37,771		115,639		67,042		262,620

Total Timber Sales		$88,023		$37,771		$115,639		$67,042		$308,475

June 30, 2018
Stumpage Pay-as-Cut		$42,364	—		—		—			$42,364
Stumpage Lump Sum	2,074		9,711		—		—		11,785
Total Stumpage	44,438		9,711		—		—		54,149

Delivered Wood (Domestic)	28,543		52,054		45,750		2,504		128,851
Delivered Wood (Export)	2,447		—		73,846		82,545		158,838
Total Delivered	30,990		52,054		119,596		85,049		287,689

Total Timber Sales		$75,428		$61,765		$119,596		$85,049		$341,838

LEASES

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

LEASES

ADOPTION OF ASC 842

For information on the adoption of ASC 842, including required transition disclosures, see Note 1 — Basis of Presentation.

TIMBERLAND LEASES

U.S. timberland leases typically have initial terms of approximately 30 to 65 years, with renewal provisions in some cases. New Zealand timberland lease terms typically range between 30 and 99 years. New Zealand lease arrangements generally consist of Crown Forest Licenses (“CFLs”), forestry rights and land leases. A CFL is a license arrangement to use government or privately owned land to operate a commercial forest. CFLs generally extend indefinitely and may only be terminated upon a 35-year termination notice. If no termination notice is given, the CFLs renew automatically each year for a one-year term. Alternatively, some CFLs extend for a specific term. Once a CFL is terminated, the Company may be able to obtain a forestry right from the subsequent owner. A forestry right is a license arrangement with a private entity to use their lands to operate a commercial forest. Forestry rights terminate either upon the issuance of a termination notice (which can last 35 to 45 years), completion of harvest, or a specified termination date.

As of June 30, 2019, the New Zealand subsidiary has two CFLs comprising 9,000 acres under termination notice that are currently being relinquished as harvest activities are concluding, as well as two fixed-term CFLs comprising 3,000 acres expiring in 2062. Additionally, the New Zealand subsidiary has two forestry rights comprising 32,000 acres under termination notice that are currently being relinquished as harvest activities are concluding.

OTHER NON-TIMBERLAND LEASES

In addition to timberland holdings, the Company leases properties for certain office locations. Significant leased properties include a regional office in Lufkin, Texas; a Pacific Northwest Timber office in Hoquiam, Washington and a New Zealand Timber and Trading headquarters in Auckland, New Zealand.

LEASE MATURITIES, LEASE COST AND OTHER LEASE INFORMATION

The following table details the Company’s undiscounted lease obligations as of June 30, 2019 by type of lease and year of expiration:



				Year of Expiration
Lease obligations	Total			Remaining 2019		2020		2021		2022		2023		Thereafter
Operating lease liabilities		$202,266			$5,874		$9,642		$9,494		$8,858		$8,318		$160,080
Total Undiscounted Cash Flows		$202,266			$5,874		$9,642		$9,494		$8,858		$8,318		$160,080
Imputed interest	(98,212		)
Balance at June 30, 2019	104,054
Less: Current portion	(10,305		)
Non-current portion at June 30, 2019		$93,749

The following table details components of the Company’s lease cost for the three and six months ended June 30, 2019:



	Three Months Ended June 30,		Six Months Ended June 30,
Lease Cost Components	2019		2019
Operating lease cost	2,396		4,833
Variable lease cost (a)	81		157
Total lease cost (b)		$2,477		$4,990


(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)	Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the three and six months ended June 30,2019.

The following table details components of the Company’s lease cost for the six months ended June 30, 2019:



	Six Months Ended June 30,
Supplemental cash flow information related to leases:	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	1,493
Investing cash flows from operating leases	3,340
Total cash flows from operating leases		$4,833

Weighted-average remaining lease term in years - operating leases	28
Weighted-average discount rate - operating leases	5		%

The Company applied the following practical expedients upon adoption of the the new standard as allowed under ASC 842:



Practical Expedient		Description
Short-term leases		The Company does not record right-of-use assets or lease liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised).
Separation of lease and non-lease components		The Company does not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

NEW ZEALAND SUBSIDIARY	6 Months Ended
NEW ZEALAND SUBSIDIARY	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
NEW ZEALAND SUBSIDIARY	NEW ZEALAND SUBSIDIARY The Company maintains a 77% controlling financial interest in Matariki Forestry Group (the “New Zealand subsidiary”), a joint venture that owns or leases approximately 410,000 legal acres of New Zealand timberland. Accordingly, the Company consolidates the New Zealand subsidiary’s balance sheet and results of operations. The portions of the consolidated financial position and results of operations attributable to the New Zealand subsidiary’s 23% noncontrolling interest are shown separately within the Consolidated Statements of Income and Comprehensive Income and Consolidated Statements of Shareholders’ Equity. Rayonier New Zealand Limited (“RNZ”), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the New Zealand subsidiary.

SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

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 income (expense), miscellaneous income (expense) and income tax expense, are not considered by management to be part of segment operations and are included under “unallocated interest expense and other.”

The following tables summarize the segment information for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2019			2018			2019			2018
Southern Timber		$46,197			$48,047			$107,043			$91,635
Pacific Northwest Timber	18,556			32,213			39,091			63,587
New Zealand Timber	62,127			69,653			119,257			122,617
Real Estate	22,533			49,860			43,532			85,924
Trading	35,461			46,162			67,526			85,373
Intersegment Eliminations	(74		)	(29		)	(103		)	(35		)
Total		$184,800			$245,906			$376,346			$449,101



	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME (LOSS)	2019			2018			2019			2018
Southern Timber		$14,741			$15,651			$36,261			$27,878
Pacific Northwest Timber	(3,815		)	5,625			(7,556		)	10,299
New Zealand Timber	12,797			17,768			28,517			33,725
Real Estate	15,468			18,864			25,495			46,918
Trading	(171		)	227			309			376
Corporate and other	(7,627		)	(6,490		)	(13,113		)	(10,476		)
Total Operating Income	31,393			51,645			69,913			108,720
Unallocated interest expense and other	(6,865		)	(5,197		)	(13,242		)	(12,630		)
Total Income before Income Taxes		$24,528			$46,448			$56,671			$96,090



	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2019		2018		2019		2018
Southern Timber		$12,880		$14,940		$32,608		$30,919
Pacific Northwest Timber	6,045		9,381		12,871		18,885
New Zealand Timber	7,189		8,026		13,508		13,743
Real Estate	1,199		13,739		4,534		16,805
Corporate and other	288		297		572		568
Total		$27,601		$46,383		$64,093		$80,920



	Three Months Ended June 30,				Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2019		2018		2019		2018
Real Estate		$1,617		$13,312		$5,647		$14,936
Total		$1,617		$13,312		$5,647		$14,936

DEBT

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

DEBT

Rayonier’s debt consisted of the following at June 30, 2019:



	June 30, 2019
Term Credit Agreement borrowings due 2024 at a variable interest rate of 4.1% at June 30, 2019 (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 4.3% at June 30, 2019 (b)	300,000
Total debt	975,000
Less: Deferred financing costs	(2,152		)
Long-term debt, net of deferred financing costs		$972,848


(a)	As of June 30, 2019, 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 June 30, 2019, 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:



2019	—
2020	—
2021	—
2022	325,000
2023	—
Thereafter	650,000
Total Debt		$975,000

2019 DEBT ACTIVITY

During the six months ended June 30, 2019, the Company made no borrowings or repayments on its Revolving Credit Facility. At June 30, 2019, the Company had available borrowings of $198.4 million under the Revolving Credit Facility, net of $1.6 million to secure its outstanding letters of credit.

During the six months ended June 30, 2019, the New Zealand subsidiary made no borrowings or repayments on its working capital facility. At June 30, 2019, the New Zealand subsidiary had NZ$20.0 million of available borrowings under its working capital facility.

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 June 30, 2019, the Company was in compliance with all applicable covenants.

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS

6 Months Ended

Jun. 30, 2019

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 improve the value of such properties.

An analysis of higher and better use timberlands and real estate development investments from December 31, 2018 to June 30, 2019 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, 2018		$59,189			$26,420			$85,609
Plus: Current portion (a)	4,239			7,680			11,919
Total Balance at December 31, 2018	63,428			34,100			97,528
Non-cash cost of land and improved development	(1,288		)	(376		)	(1,664		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,657		)	—			(1,657		)
Capitalized real estate development investments (b)	—			999			999
Capital expenditures (silviculture)	117			—			117
Intersegment transfers	76			—			76
Total Balance at June 30, 2019	60,676			34,723			95,399
Less: Current portion (a)	(3,476		)	(14,851		)	(18,327		)
Non-current portion at June 30, 2019		$57,200			$19,872			$77,072


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information.

(b)

Capitalized real estate development investments include $0.3 million of capitalized interest.

COMMITMENTS

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS

At June 30, 2019, the future minimum payments under non-cancellable commitments were as follows:



	Development Projects (a)		Pension Contributions (b)		Commitments (c)		Total
Remaining 2019		$1,742		$884		$1,329		$3,955
2020	—		442		619		1,061
2021	—		—		134		134
2022	—		—		3		3
2023	—		—		—		—
Thereafter	—		—		—		—
		$1,742		$1,326		$2,085		$5,153


(a)	Consists of payments expected to be made on the Company’s Wildlight development project.


(b)	Pension contribution requirements are based on actuarially determined estimates and IRS minimum funding requirements.

(c)

Commitments include payments expected to be made on foreign exchange contracts, timberland deeds and other purchase obligations.

INCOME TAXES

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

The Company’s timber operations are primarily conducted by the Company’s REIT entity, which is generally not subject to U.S. federal and state income tax. The New Zealand timber operations are conducted by the New Zealand subsidiary, which is subject to corporate-level tax in New Zealand. Non-REIT qualifying operations, which are subject to corporate-level tax, are conducted by various TRS entities. These operations include log trading and certain real estate activities, such as the sale, entitlement and development of HBU properties.

PROVISION FOR INCOME TAXES

The Company’s tax expense is principally related to New Zealand corporate-level tax on the New Zealand subsidiary income. The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income.



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Income tax expense		($3,608	)		($7,110	)		($7,958	)		($14,047	)

ANNUAL EFFECTIVE TAX RATE

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 following table contains the Company’s annualized effective tax rate.



	Six Months Ended June 30,
	2019		2018
Annualized effective tax rate	15.5	%	14.5	%

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company has been named as a defendant in various 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

6 Months Ended

Jun. 30, 2019

Guarantees [Abstract]

GUARANTEES

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

As of June 30, 2019, the following financial guarantees were outstanding:



Financial Commitments (a)	Maximum Potential Payment
Standby letters of credit (b)		$1,585
Surety bonds (c)	3,377
Total financial commitments		$4,962


(a)	The Company has not recorded any liabilities for these financial commitments in the Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on the Company’s own performance.


(b)	Approximately $0.6 million of the 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 2019 and 2020 and will be renewed as required.

(c)

Rayonier issues surety bonds primarily to secure performance obligations related to various operational activities and to provide collateral for outstanding claims under the Company’s previous workers’ compensation self-insurance programs in Washington and Florida. These surety bonds expire at various dates during 2019 and 2020 and are expected to be renewed as required.

EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2019

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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
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

Shares used for determining basic earnings per common share	129,380,282			129,067,325			129,277,490			128,935,003
Dilutive effect of:
Stock options	13,463			103,154			16,580			90,815
Performance and restricted shares	250,170			540,808			403,915			606,760
Shares used for determining diluted earnings per common share	129,643,915			129,711,287			129,697,985			129,632,578

Basic earnings per common share attributable to Rayonier Inc.:		$0.14			$0.28			$0.34			$0.60

Diluted earnings per common share attributable to Rayonier Inc.:		$0.14			$0.28			$0.34			$0.59



	Three Months Ended June 30,		Six Months Ended June 30,
	2019	2018	2019	2018
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options and performance shares	451,258	254,663	444,765	213,241

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2019

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 (loss) 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.

FOREIGN CURRENCY EXCHANGE AND OPTION CONTRACTS

The functional currency of Rayonier’s wholly owned subsidiary, Rayonier New Zealand Limited, and the New Zealand subsidiary is the New Zealand dollar. The New Zealand subsidiary is exposed to foreign currency risk on export sales and ocean freight payments which are mainly denominated in U.S. dollars. The New Zealand subsidiary 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 subsidiary’s trading operations is typically hedged based on the following three months forecasted sales and purchases. As of June 30, 2019, foreign currency exchange contracts and foreign currency option contracts had maturity dates through November 2020 and September 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 (loss) income until the forecasted transaction affects earnings. Changes in the value of derivative instruments after de-designation are recorded in earnings.

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 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 June 30, 2019:



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 subsidiary 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. Changes in fair value of the carbon option contracts are recorded in “Interest and other miscellaneous income, net” as the contracts did not qualify for hedge accounting treatment. As of June 30, 2019, carbon option contracts had maturity dates through April 2020.

The following tables demonstrate the impact, gross of tax, of the Company’s derivatives on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2019 and 2018.



		Three Months Ended June 30,
	Income Statement Location	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($219	)		($6,630	)
Foreign currency option contracts	Other comprehensive (loss) income	(107		)	(539		)
Interest rate swaps	Other comprehensive (loss) income	(19,284		)	5,690

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	—			(454		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	152			2,479
Carbon option contracts	Interest and other miscellaneous income, net	12			—



		Six Months Ended June 30,
	Income Statement Location	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		$900			($5,398	)
Foreign currency option contracts	Other comprehensive (loss) income	(30		)	(359		)
Interest rate swaps	Other comprehensive (loss) income	(30,831		)	21,287

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	135			2,608
Carbon option contracts	Interest and other miscellaneous income, net	415			—

During the next 12 months, the amount of the June 30, 2019 AOCI balance, net of tax, expected to be reclassified into earnings as a result of the maturation of the Company’s derivative instruments is a loss of approximately $0.5 million.

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



	Notional Amount
	June 30, 2019		December 31, 2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$100,500		$69,950
Foreign currency option contracts	20,000		24,000
Interest rate swaps	650,000		650,000

Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	—		9,396
Carbon options (a)	3,102		2,517

(a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of June 30, 2019.

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)
		June 30, 2019			December 31, 2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$304		—
	Other assets	159			—
	Other current liabilities	(1,083		)	(1,569		)
	Other non-current liabilities	(50		)	—
Foreign currency option contracts	Other current assets	123			217
	Other assets	63			102
	Other current liabilities	(37		)	(106		)
	Other non-current liabilities	(33		)	(68		)
Interest rate swaps	Other assets	4,159			23,735
	Other non-current liabilities	(11,256		)	—

Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	Other current assets	—			152
	Other current liabilities	—			(24		)
Carbon options	Other current liabilities	(2		)	(322		)

Total derivative contracts:
Other current assets			$427			$369
Other assets		4,381			23,837
Total derivative assets			$4,808			$24,206

Other current liabilities		(1,122		)	(2,021		)
Other non-current liabilities		(11,339		)	(68		)
Total derivative liabilities			($12,461	)		($2,089	)

(a) See Note 14 — 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

6 Months Ended

Jun. 30, 2019

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.

The following table presents the carrying amount and estimated fair values of financial instruments held by the Company at June 30, 2019 and December 31, 2018, using market information and what the Company believes to be appropriate valuation methodologies under GAAP:



	June 30, 2019							December 31, 2018
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		$130,956			$130,956	—			$148,374			$148,374	—
Restricted cash (b)	3,754			3,754		—		8,080			8,080		—
Long-term debt (c)	(972,848		)	—		(981,500	)	(972,567		)	—		(975,845	)
Interest rate swaps (d)	(7,097		)	—		(7,097	)	23,735			—		23,735
Foreign currency exchange contracts (d)	(670		)	—		(670	)	(1,442		)	—		(1,442	)
Foreign currency option contracts (d)	116			—		116		145			—		145
Carbon option contracts (d)	(2		)	—		(2	)	(322		)	—		(322	)


(a)	The Company did not have Level 3 assets or liabilities at June 30, 2019 and December 31, 2018.


(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 18 — Restricted Cash for additional information.


(c)	The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 6 — Debt for additional information.


(d)	See Note 13 — 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

6 Months Ended

Jun. 30, 2019

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 June 30, 2019, the Company has paid $0.4 million of the approximately $1.3 million in current year mandatory pension contribution requirements (based on actuarially determined estimates and IRS minimum funding requirements).

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



Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension						Postretirement
		Three Months Ended June 30,						Three Months Ended June 30,
		2019			2018			2019		2018
Service cost	Selling and general expenses	—			—				$1		$2
Interest cost	Interest and other miscellaneous income, net	799			759			13		13
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(777		)	(984		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	112			178			—		—
Net periodic benefit cost (credit)			$134			($47	)		$14		$15



Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension						Postretirement
		Six Months Ended June 30,						Six Months Ended June 30,
		2019			2018			2019		2018
Service cost	Selling and general expenses	—			—				$3		$3
Interest cost	Interest and other miscellaneous income, net	1,599			1,510			27		25
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(1,554		)	(1,968		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	224			338			—		1
Net periodic benefit cost (credit)			$269			($120	)		$30		$29

(a)

The weighted-average expected long-term rate of return on plan assets used in computing 2019 net periodic benefit cost for pension benefits is 5.7%.

OTHER OPERATING (EXPENSE) INCOME, NET

6 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

OTHER OPERATING (EXPENSE) INCOME, NET

Other operating (expense) income, net consisted of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Foreign currency (expense) income		($659	)		$1,267			($577	)		$514
Gain on sale or disposal of property and equipment	35			12			56			27
(Loss) gain on foreign currency exchange and option contracts	(60		)	386			(113		)	1,819
Log trading marketing fees	80			62			137			131
Income from the sale of unused Internet Protocol addresses	—			—			—			646
Other expense, net	(1,365		)	(68		)	(1,437		)	(108		)
Total		($1,969	)		$1,659			($1,934	)		$3,029

INVENTORY

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

INVENTORY

As of June 30, 2019 and December 31, 2018, Rayonier’s inventory consisted entirely of finished goods, as follows:



	June 30, 2019		December 31, 2018
Finished goods inventory
Real estate inventory (a)		$18,327		$11,919
Log inventory	5,270		3,784
Total inventory		$23,597		$15,703

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

See Note 7 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and December 31, 2018, the Company had $3.8 million and $8.1 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 six months ended June 30, 2019:



	June 30, 2019
Restricted cash deposited with LKE intermediary	$3,204
Restricted cash held in escrow	550
Total restricted cash shown in the Consolidated Balance Sheets	3,754
Cash and cash equivalents	130,956
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$134,710

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

6 Months Ended

Jun. 30, 2019

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

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following table summarizes the changes in AOCI by component for the six months ended June 30, 2019 and the year ended December 31, 2018. All amounts are presented net of tax and exclude portions attributable to noncontrolling interest.



	Foreign currency translation (loss) gains			Net investment hedges of New Zealand subsidiary			Cash flow hedges				Employee benefit plans				Total
Balance as of December 31, 2017		$15,975			$1,665			$16,184				($20,407	)			$13,417
Other comprehensive (loss) income before reclassifications	(16,985		)	(344		)	5,944				(1,594		)		(12,979		)
Amounts reclassified from accumulated other comprehensive (loss) income	—			—			(163		)		(36		)		(199		)
Net other comprehensive (loss)/income	(16,985		)	(344		)	5,781				(1,630		)		(13,178		)
Balance as of December 31, 2018		($1,010	)		$1,321			$21,965				($22,037	)			$239
Other comprehensive (loss) income before reclassifications	375			—			(30,211		)	(a)	—				(29,836		)
Amounts reclassified from accumulated other comprehensive (loss) income	—			—			(138		)		224			(b)	86
Net other comprehensive (loss)/income	375			—			(30,349		)		224				(29,750		)
Balance as of June 30, 2019		($635	)		$1,321			($8,384	)			($21,813	)			($29,511	)


(a)	Includes $30.8 million of other comprehensive income related to interest rate swaps. See Note 13 — Derivative Financial Instruments and Hedging Activities for additional information.


(b)	This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 15 — Employee Benefit Plans for additional information.

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2019 and June 30, 2018:



Details about accumulated other comprehensive (loss) income components	Amount reclassified from accumulated other comprehensive (loss) income						Affected line item in the income statement
	June 30, 2019			June 30, 2018			Affected line item in the income statement
Realized (gain) on foreign currency exchange contracts		($190	)		($1,654	)	Other operating (expense) income, net
Realized loss (gain) on foreign currency option contracts	(60		)	(165		)	Other operating (expense) income, net
Noncontrolling interest	58			419			Comprehensive (loss) income attributable to noncontrolling interest
Income tax expense from gain on foreign currency contracts	54			391			Income tax expense
Net gain from accumulated other comprehensive income		($138	)		($1,009	)

CONSOLIDATING FINANCIAL STATEMENTS

6 Months Ended

Jun. 30, 2019

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 June 30, 2019
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$184,800		—				$184,800
Costs and Expenses
Cost of sales	—			—			(140,454		)	—			(140,454		)
Selling and general expenses	—			(5,660		)	(5,324		)	—			(10,984		)
Other operating expense, net	—			(1,091		)	(878		)	—			(1,969		)
	—			(6,751		)	(146,656		)	—			(153,407		)
OPERATING (LOSS) INCOME	—			(6,751		)	38,144			—			31,393
Interest expense	(3,140		)	(4,769		)	(13		)	—			(7,922		)
Interest and miscellaneous income (expense), net	(457		)	928			586			—			1,057
Equity in income from subsidiaries	22,349			33,071			—			(55,420		)	—
INCOME BEFORE INCOME TAXES	18,752			22,479			38,717			(55,420		)	24,528
Income tax expense	—			(130		)	(3,478		)	—			(3,608		)
NET INCOME	18,752			22,349			35,239			(55,420		)	20,920
Less: Net income attributable to noncontrolling interest	—			—			(2,168		)	—			(2,168		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	18,752			22,349			33,071			(55,420		)	18,752
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(4,305		)	—			(5,604		)	4,305			(5,604		)
Cash flow hedges, net of income tax	(19,465		)	(19,284		)	(235		)	19,465			(19,519		)
Amortization of pension and postretirement plans, net of income tax	112			112			—			(112		)	112
Total other comprehensive (loss) income	(23,658		)	(19,172		)	(5,839		)	23,658			(25,011		)
COMPREHENSIVE (LOSS) INCOME	(4,906		)	3,177			29,400			(31,762		)	(4,091		)
Less: Comprehensive income attributable to noncontrolling interest	—			—			(815		)	—			(815		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		($4,906	)		$3,177			$28,585			($31,762	)		($4,906	)



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$245,906		—				$245,906
Costs and Expenses
Cost of sales	—			—			(184,418		)	—			(184,418		)
Selling and general expenses	—			(5,471		)	(6,031		)	—			(11,502		)
Other operating (expense) income, net	—			(40		)	1,699			—			1,659
	—			(5,511		)	(188,750		)	—			(194,261		)
OPERATING (LOSS) INCOME	—			(5,511		)	57,156			—			51,645
Interest expense	(3,139		)	(4,900		)	(63		)	—			(8,102		)
Interest and miscellaneous income (expense), net	2,734			746			(575		)	—			2,905
Equity in income from subsidiaries	36,663			46,419			—			(83,082		)	—
INCOME BEFORE INCOME TAXES	36,258			36,754			56,518			(83,082		)	46,448
Income tax expense	—			(91		)	(7,019		)	—			(7,110		)
NET INCOME	36,258			36,663			49,499			(83,082		)	39,338
Less: Net income attributable to noncontrolling interest	—			—			(3,080		)	—			(3,080		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	36,258			36,663			46,419			(83,082		)	36,258
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(22,856		)	341			(30,101		)	22,856			(29,760		)
Cash flow hedges, net of income tax	1,716			5,690			(5,161		)	(1,716		)	529
Amortization of pension and postretirement plans, net of income tax	178			178			—			(178		)	178
Total other comprehensive (loss) income	(20,962		)	6,209			(35,262		)	20,962			(29,053		)
COMPREHENSIVE INCOME	15,296			42,872			14,237			(62,120		)	10,285
Less: Comprehensive loss attributable to noncontrolling interest	—			—			5,011			—			5,011
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$15,296			$42,872			$19,248			($62,120	)		$15,296



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Six Months Ended June 30, 2019
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$376,346		—				$376,346
Costs and Expenses
Cost of sales	—			—			(283,705		)	—			(283,705		)
Selling and general expenses	—			(10,503		)	(10,291		)	—			(20,794		)
Other operating expense, net	—			(1,090		)	(844		)	—			(1,934		)
	—			(11,593		)	(294,840		)	—			(306,433		)
OPERATING (LOSS) INCOME	—			(11,593		)	81,506			—			69,913
Interest expense	(6,278		)	(9,316		)	(38		)	—			(15,632		)
Interest and miscellaneous income (expense), net	(913		)	1,892			1,411			—			2,390
Equity in income from subsidiaries	50,737			70,501			—			(121,238		)	—
INCOME BEFORE INCOME TAXES	43,546			51,484			82,879			(121,238		)	56,671
Income tax expense	—			(747		)	(7,211		)	—			(7,958		)
NET INCOME	43,546			50,737			75,668			(121,238		)	48,713
Less: Net income attributable to noncontrolling interest	—			—			(5,167		)	—			(5,167		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	43,546			50,737			70,501			(121,238		)	43,546
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	374			(90		)	520			(375		)	429
Cash flow hedges, net of income tax	(30,349		)	(30,832		)	627			30,349			(30,205		)
Amortization of pension and postretirement plans, net of income tax	224			224			—			(224		)	224
Total other comprehensive (loss) income	(29,751		)	(30,698		)	1,147			29,750			(29,552		)
COMPREHENSIVE INCOME	13,795			20,039			76,815			(91,488		)	19,161
Less: Comprehensive income attributable to noncontrolling interest	—			—			(5,366		)	—			(5,366		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$13,795			$20,039			$71,449			($91,488	)		$13,795



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Six Months Ended June 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$449,101		—				$449,101
Costs and Expenses
Cost of sales	—			—			(322,906		)	—			(322,906		)
Selling and general expenses	—			(9,859		)	(10,645		)	—			(20,504		)
Other operating (expense) income, net	(12		)	595			2,446			—			3,029
	(12		)	(9,264		)	(331,105		)	—			(340,381		)
OPERATING (LOSS) INCOME	(12		)	(9,264		)	117,996			—			108,720
Interest expense	(6,278		)	(9,555		)	(322		)	—			(16,155		)
Interest and miscellaneous income (expense), net	5,362			1,511			(3,348		)	—			3,525
Equity in income from subsidiaries	77,725			95,246			—			(172,971		)	—
INCOME BEFORE INCOME TAXES	76,797			77,938			114,326			(172,971		)	96,090
Income tax expense	—			(213		)	(13,834		)	—			(14,047		)
NET INCOME	76,797			77,725			100,492			(172,971		)	82,043
Less: Net income attributable to noncontrolling interest	—			—			(5,246		)	—			(5,246		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	76,797			77,725			95,246			(172,971		)	76,797
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(15,252		)	452			(20,524		)	15,252			(20,072		)
Cash flow hedges, net of income tax	18,097			21,287			(4,144		)	(18,097		)	17,143
Amortization of pension and postretirement plans, net of income tax	338			338			—			(338		)	338
Total other comprehensive (loss) income	3,183			22,077			(24,668		)	(3,183		)	(2,591		)
COMPREHENSIVE INCOME	79,980			99,802			75,824			(176,154		)	79,452
Less: Comprehensive loss attributable to noncontrolling interest	—			—			528			—			528
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$79,980			$99,802			$76,352			($176,154	)		$79,980



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2019
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$84		$92,874			$37,998		—				$130,956
Accounts receivable, less allowance for doubtful accounts	—		1,919			43,012			—			44,931
Inventory	—		—			23,597			—			23,597
Prepaid expenses	—		2,286			18,295			—			20,581
Other current assets	—		97			593			—			690
Total current assets	84		97,176			123,495			—			220,755
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,392,389			—			2,392,389
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—		—			77,072			—			77,072
NET PROPERTY, PLANT AND EQUIPMENT	—		16,439			5,605			—			22,044
RESTRICTED CASH	—		—			3,754			—			3,754
RIGHT-OF-USE ASSETS	—		35,291			68,725			—			104,016
INVESTMENT IN SUBSIDIARIES	1,771,540		3,009,380			—			(4,780,920		)	—
INTERCOMPANY RECEIVABLE	56,257		(644,161		)	587,904			—			—
OTHER ASSETS	2		169			40,850			—			41,021
TOTAL ASSETS		$1,827,883		$2,514,294			$3,299,794			($4,780,920	)		$2,861,051
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$4,227			$20,717		—				$24,944
Accrued taxes	—		170			5,765			—			5,935
Accrued payroll and benefits	—		3,123			2,328			—			5,451
Accrued interest	3,046		1,885			—			—			4,931
Deferred revenue	—		—			19,798			—			19,798
Other current liabilities	—		5,793			19,233			—			25,026
Total current liabilities	3,046		15,198			67,841			—			86,085
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,987		648,861			—			—			972,848
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		30,067			(684		)	—			29,383
LONG-TERM LEASE LIABILITY	—		30,130			63,619			—			93,749
OTHER NON-CURRENT LIABILITIES	—		18,498			60,190			—			78,688
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,500,850		1,771,540			3,009,380			(4,780,920		)	1,500,850
Noncontrolling interest	—		—			99,448			—			99,448
TOTAL SHAREHOLDERS’ EQUITY	1,500,850		1,771,540			3,108,828			(4,780,920		)	1,600,298
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,827,883		$2,514,294			$3,299,794			($4,780,920	)		$2,861,051



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2018
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$361		$104,777			$43,236		—				$148,374
Accounts receivable, less allowance for doubtful accounts	—		3,752			22,399			—			26,151
Inventory	—		—			15,703			—			15,703
Prepaid expenses	—		977			16,039			—			17,016
Other current assets	—		108			501			—			609
Total current assets	361		109,614			97,878			—			207,853
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,401,327			—			2,401,327
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—		—			85,609			—			85,609
NET PROPERTY, PLANT AND EQUIPMENT	—		16,940			5,811			—			22,751
RESTRICTED CASH	—		—			8,080			—			8,080
INVESTMENT IN SUBSIDIARIES	1,833,899		3,022,875			—			(4,856,774		)	—
INTERCOMPANY RECEIVABLE	49,461		(638,424		)	588,963			—			—
OTHER ASSETS	2		19,244			35,800			—			55,046
TOTAL ASSETS		$1,883,723		$2,530,249			$3,223,468			($4,856,774	)		$2,780,666
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$1,616			$16,403		—				$18,019
Accrued taxes	—		8			3,170			—			3,178
Accrued payroll and benefits	—		5,848			4,568			—			10,416
Accrued interest	3,047		1,960			—			—			5,007
Deferred revenue	—		—			10,447			—			10,447
Other current liabilities	—		216			16,258			—			16,474
Total current liabilities	3,047		9,648			50,846			—			63,541
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,803		648,764			—			—			972,567
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		30,484			(684		)	—			29,800
OTHER NON-CURRENT LIABILITIES	—		7,454			52,754			—			60,208
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,556,873		1,833,899			3,022,875			(4,856,774		)	1,556,873
Noncontrolling interest	—		—			97,677			—			97,677
TOTAL SHAREHOLDERS’ EQUITY	1,556,873		1,833,899			3,120,552			(4,856,774		)	1,654,550
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,883,723		$2,530,249			$3,223,468			($4,856,774	)		$2,780,666



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	Six Months Ended June 30, 2019
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($14,180	)		$25,406			$105,728		—			$116,954
INVESTING ACTIVITIES
Capital expenditures	—			—			(29,505		)	—		(29,505		)
Real estate development investments	—			—			(999		)	—		(999		)
Purchase of timberlands	—			—			(26,396		)	—		(26,396		)
Investment in subsidiaries	—			832			—			(832	)	—
Other	—			(7,539		)	3,651			—		(3,888		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			(6,707		)	(53,249		)	(832	)	(60,788		)
FINANCING ACTIVITIES
Dividends paid	(69,798		)	(1,309		)				—		(71,107		)
Proceeds from the issuance of common shares under incentive stock plan	774			—			—			—		774
Repurchase of common shares	(4,241		)	—			—			—		(4,241		)
Other	—			—			133			—		133
Distribution to minority shareholder	—			—			(3,594		)	—		(3,594		)
Intercompany distributions	87,168			(29,293		)	(58,707		)	832		—
CASH USED FOR FINANCING ACTIVITIES	13,903			(30,602		)	(62,168		)	832		(78,035		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			125			—		125
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(277		)	(11,903		)	(9,564		)	—		(21,744		)
Balance, beginning of year	361			104,777			51,316			—		156,454
Balance, end of period		$84			$92,874			$41,752		—			$134,710



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	Six Months Ended June 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($7,491	)		$57,280			$131,794		—			$181,583
INVESTING ACTIVITIES
Capital expenditures	—			(58		)	(25,862		)	—		(25,920		)
Real estate development investments	—			—			(4,501		)	—		(4,501		)
Purchase of timberlands	—			—			(31,234		)	—		(31,234		)
Investment in subsidiaries	—			40,441			—			(40,441	)	—
Other	—			—			113			—		113
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			40,383			(61,484		)	(40,441	)	(61,542		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,014			—		1,014
Repayment of debt	—			(50,000		)	(4,389		)	—		(54,389		)
Dividends paid	(67,053		)	—			—			—		(67,053		)
Proceeds from the issuance of common shares under incentive stock plan	7,824			—			—			—		7,824
Repurchase of common shares	(2,966		)	—			—			—		(2,966		)
Issuance of intercompany notes	(9,000		)	—			9,000			—		—
Intercompany distributions	107,102			(60,741		)	(86,802		)	40,441		—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	35,907			(110,741		)	(81,177		)	40,441		(115,570		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(578		)	—		(578		)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	28,416			(13,078		)	(11,445		)	—		3,893
Balance, beginning of year	48,564			25,042			98,750			—		172,356
Balance, end of period		$76,980			$11,964			$87,305		—			$176,249

BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

Leases

ASU 2016-02 (ASC 842)

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.

New Accounting Standards

SUMMARY OF UPDATES TO SIGNIFICANT ACCOUNTING POLICIES

RECENTLY ADOPTED STANDARDS

ASU 2016-02 (ASC 842)

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

NEW ACCOUNTING STANDARDS

Subsequent Events

SUBSEQUENT EVENTS

Revenue Recognition

PERFORMANCE OBLIGATIONS

CONTRACT BALANCES

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)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Contract with Customer, Liabilities

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,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenue recognized from contract liability balance at the beginning of the year (a)		$3,440		$5,429		$8,796		$11,800

(a)

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

Disaggregation of Revenue by Product

The following tables present our revenue from contracts with customers disaggregated by product type for the three and six months ended June 30, 2019 and 2018:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
June 30, 2019
Pulpwood		$19,310		$2,267		$8,581	—			$3,826	—				$33,984
Sawtimber	16,286		15,407		52,427		—		31,377		—			115,497
Hardwood	1,391		—		—		—		—		—			1,391
Total Timber Sales	36,987		17,674		61,008		—		35,203		—			150,872
License Revenue, Primarily From Hunting	4,296		103		142		—		—		—			4,541
Other Non-Timber/Carbon Revenue	4,914		779		977		—		—		—			6,670
Agency Fee Income	—		—		—		—		184		—			184
Total Non-Timber Sales	9,210		882		1,119		—		184		—			11,395
Improved Development	—		—		—		172		—		—			172
Unimproved Development	—		—		—		14,431		—		—			14,431
Rural	—		—		—		6,799		—		—			6,799
Non-strategic / Timberlands	—		—		—		1,123		—		—			1,123
Other	—		—		—		8		—		—			8
Total Real Estate Sales	—		—		—		22,533		—		—			22,533

Revenue from Contracts with Customers	46,197		18,556		62,127		22,533		35,387		—			184,800
Intersegment	—		—		—		—		74		(74		)	—
Total Revenue		$46,197		$18,556		$62,127		$22,533		$35,461		($74	)		$184,800

June 30, 2018
Pulpwood		$20,300		$4,625		$7,788	—			$3,804	—				$36,517
Sawtimber	15,776		26,654		61,219		—		42,162		—			145,811
Hardwood	1,214		—		—		—		—		—			1,214
Total Timber Sales	37,290		31,279		69,007		—		45,966		—			183,542
License Revenue, Primarily from Hunting	3,936		103		142		—		—		—			4,181
Other Non-Timber/Carbon Revenue	6,821		831		504		—		—		—			8,156
Agency Fee Income	—		—		—		—		167		—			167
Total Non-Timber Sales	10,757		934		646		—		167		—			12,504
Improved Development	—		—		—		1,345		—		—			1,345
Rural	—		—		—		4,827		—		—			4,827
Non-strategic / Timberlands	—		—		—		43,688		—		—			43,688
Total Real Estate Sales	—		—		—		49,860		—		—			49,860

Revenue from Contracts with Customers	48,047		32,213		69,653		49,860		46,133		—			245,906
Intersegment	—		—		—		—		29		(29		)	—
Total Revenue		$48,047		$32,213		$69,653		$49,860		$46,162		($29	)		$245,906



Six Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Real Estate		Trading		Elim.			Total
June 30, 2019
Pulpwood		$46,109		$5,087		$17,349	—			$8,152	—				$76,697
Sawtimber	39,437		32,684		98,290		—		58,890		—			229,301
Hardwood	2,477		—		—		—		—		—			2,477
Total Timber Sales	88,023		37,771		115,639		—		67,042		—			308,475
License Revenue, Primarily From Hunting	8,420		205		195		—		—		—			8,820
Other Non-Timber/Carbon Revenue	10,600		1,115		3,423		—		—		—			15,138
Agency Fee Income	—		—		—		—		381		—			381
Total Non-Timber Sales	19,020		1,320		3,618		—		381		—			24,339
Improved Development	—		—		—		514		—		—			514
Unimproved Development	—		—		—		15,430		—		—			15,430
Rural	—		—		—		19,464		—		—			19,464
Non-strategic / Timberlands	—		—		—		8,056		—		—			8,056
Other	—		—		—		68		—		—			68
Total Real Estate Sales	—		—		—		43,532		—		—			43,532

Revenue from Contracts with Customers	107,043		39,091		119,257		43,532		67,423		—			376,346
Intersegment	—		—		—		—		103		(103		)	—
Total Revenue		$107,043		$39,091		$119,257		$43,532		$67,526		($103	)		$376,346

June 30, 2018
Pulpwood		$41,904		$8,044		$13,632	—			$8,062	—				$71,642
Sawtimber	31,713		53,721		105,964		—		76,987		—			268,385
Hardwood	1,811		—		—		—		—		—			1,811
Total Timber Sales	75,428		61,765		119,596		—		85,049		—			341,838
License Revenue, Primarily from Hunting	8,024		128		194		—		—		—			8,346
Other Non-Timber/Carbon Revenue	8,183		1,694		2,827		—		—		—			12,704
Agency Fee Income	—		—		—		—		289		—			289
Total Non-Timber Sales	16,207		1,822		3,021		—		289		—			21,339
Improved Development	—		—		—		2,465		—		—			2,465
Unimproved Development	—		—		—		7,446		—		—			7,446
Rural	—		—		—		6,480		—		—			6,480
Non-strategic / Timberlands	—		—		—		69,533		—		—			69,533
Total Real Estate Sales	—		—		—		85,924		—		—			85,924

Revenue from Contracts with Customers	91,635		63,587		122,617		85,924		85,338		—			449,101
Intersegment	—		—		—		—		35		(35		)	—
Total Revenue		$91,635		$63,587		$122,617		$85,924		$85,373		($35	)		$449,101

The following tables present our timber sales disaggregated by contract type for the three and six months ended June 30, 2019 and 2018:



Three Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
June 30, 2019
Stumpage Pay-as-Cut		$15,172	—		—		—			$15,172
Stumpage Lump Sum	581		—		—		—		581
Total Stumpage	15,753		—		—		—		15,753

Delivered Wood (Domestic)	17,041		17,674		21,739		2,669		59,123
Delivered Wood (Export)	4,193		—		39,269		32,534		75,996
Total Delivered	21,234		17,674		61,008		35,203		135,119

Total Timber Sales		$36,987		$17,674		$61,008		$35,203		$150,872

June 30, 2018
Stumpage Pay-as-Cut		$19,855	—		—		—			$19,855
Stumpage Lump Sum	256		4,605		—		—		4,861
Total Stumpage	20,111		4,605		—		—		24,716

Delivered Wood (Domestic)	15,166		26,674		25,647		1,567		69,054
Delivered Wood (Export)	2,013		—		43,360		44,399		89,772
Total Delivered	17,179		26,674		69,007		45,966		158,826

Total Timber Sales		$37,290		$31,279		$69,007		$45,966		$183,542



Six Months Ended	Southern Timber		Pacific Northwest Timber		New Zealand Timber		Trading		Total
June 30, 2019
Stumpage Pay-as-Cut		$43,180	—		—		—			$43,180
Stumpage Lump Sum	2,675		—		—		—		2,675
Total Stumpage	45,855		—		—		—		45,855

Delivered Wood (Domestic)	36,379		37,771		42,439		4,793		121,382
Delivered Wood (Export)	5,789		—		73,200		62,249		141,238
Total Delivered	42,168		37,771		115,639		67,042		262,620

Total Timber Sales		$88,023		$37,771		$115,639		$67,042		$308,475

June 30, 2018
Stumpage Pay-as-Cut		$42,364	—		—		—			$42,364
Stumpage Lump Sum	2,074		9,711		—		—		11,785
Total Stumpage	44,438		9,711		—		—		54,149

Delivered Wood (Domestic)	28,543		52,054		45,750		2,504		128,851
Delivered Wood (Export)	2,447		—		73,846		82,545		158,838
Total Delivered	30,990		52,054		119,596		85,049		287,689

Total Timber Sales		$75,428		$61,765		$119,596		$85,049		$341,838

LEASES (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Operating Lease Maturities

The following table details the Company’s undiscounted lease obligations as of June 30, 2019 by type of lease and year of expiration:



				Year of Expiration
Lease obligations	Total			Remaining 2019		2020		2021		2022		2023		Thereafter
Operating lease liabilities		$202,266			$5,874		$9,642		$9,494		$8,858		$8,318		$160,080
Total Undiscounted Cash Flows		$202,266			$5,874		$9,642		$9,494		$8,858		$8,318		$160,080
Imputed interest	(98,212		)
Balance at June 30, 2019	104,054
Less: Current portion	(10,305		)
Non-current portion at June 30, 2019		$93,749

Lease Cost

The following table details components of the Company’s lease cost for the three and six months ended June 30, 2019:



	Three Months Ended June 30,		Six Months Ended June 30,
Lease Cost Components	2019		2019
Operating lease cost	2,396		4,833
Variable lease cost (a)	81		157
Total lease cost (b)		$2,477		$4,990


(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)	Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for these leases are expensed on a straight line basis over the lease term. Short-term lease expense was not material for the three and six months ended June 30,2019.

The following table details components of the Company’s lease cost for the six months ended June 30, 2019:



	Six Months Ended June 30,
Supplemental cash flow information related to leases:	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	1,493
Investing cash flows from operating leases	3,340
Total cash flows from operating leases		$4,833

Weighted-average remaining lease term in years - operating leases	28
Weighted-average discount rate - operating leases	5		%

The Company applied the following practical expedients upon adoption of the the new standard as allowed under ASC 842:



Practical Expedient		Description
Short-term leases		The Company does not record right-of-use assets or lease liabilities for short-term leases (a lease that at commencement date has a lease term of 12 months or less and does not contain a purchase option that is reasonably certain to be exercised).
Separation of lease and non-lease components		The Company does not separate non-lease components from the associated lease components if they have the same timing and pattern of transfer and, if accounted for separately, would both be classified as an operating lease.

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize the segment information for the three and six months ended June 30, 2019 and 2018:



	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2019			2018			2019			2018
Southern Timber		$46,197			$48,047			$107,043			$91,635
Pacific Northwest Timber	18,556			32,213			39,091			63,587
New Zealand Timber	62,127			69,653			119,257			122,617
Real Estate	22,533			49,860			43,532			85,924
Trading	35,461			46,162			67,526			85,373
Intersegment Eliminations	(74		)	(29		)	(103		)	(35		)
Total		$184,800			$245,906			$376,346			$449,101



	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME (LOSS)	2019			2018			2019			2018
Southern Timber		$14,741			$15,651			$36,261			$27,878
Pacific Northwest Timber	(3,815		)	5,625			(7,556		)	10,299
New Zealand Timber	12,797			17,768			28,517			33,725
Real Estate	15,468			18,864			25,495			46,918
Trading	(171		)	227			309			376
Corporate and other	(7,627		)	(6,490		)	(13,113		)	(10,476		)
Total Operating Income	31,393			51,645			69,913			108,720
Unallocated interest expense and other	(6,865		)	(5,197		)	(13,242		)	(12,630		)
Total Income before Income Taxes		$24,528			$46,448			$56,671			$96,090



	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2019		2018		2019		2018
Southern Timber		$12,880		$14,940		$32,608		$30,919
Pacific Northwest Timber	6,045		9,381		12,871		18,885
New Zealand Timber	7,189		8,026		13,508		13,743
Real Estate	1,199		13,739		4,534		16,805
Corporate and other	288		297		572		568
Total		$27,601		$46,383		$64,093		$80,920



	Three Months Ended June 30,				Six Months Ended June 30,
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	2019		2018		2019		2018
Real Estate		$1,617		$13,312		$5,647		$14,936
Total		$1,617		$13,312		$5,647		$14,936

DEBT (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Rayonier’s debt consisted of the following at June 30, 2019:



	June 30, 2019
Term Credit Agreement borrowings due 2024 at a variable interest rate of 4.1% at June 30, 2019 (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 4.3% at June 30, 2019 (b)	300,000
Total debt	975,000
Less: Deferred financing costs	(2,152		)
Long-term debt, net of deferred financing costs		$972,848


(a)	As of June 30, 2019, 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 June 30, 2019, 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:



2019	—
2020	—
2021	—
2022	325,000
2023	—
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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

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

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-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
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

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

6 Months Ended

Jun. 30, 2019

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, 2018 to June 30, 2019 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, 2018		$59,189			$26,420			$85,609
Plus: Current portion (a)	4,239			7,680			11,919
Total Balance at December 31, 2018	63,428			34,100			97,528
Non-cash cost of land and improved development	(1,288		)	(376		)	(1,664		)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,657		)	—			(1,657		)
Capitalized real estate development investments (b)	—			999			999
Capital expenditures (silviculture)	117			—			117
Intersegment transfers	76			—			76
Total Balance at June 30, 2019	60,676			34,723			95,399
Less: Current portion (a)	(3,476		)	(14,851		)	(18,327		)
Non-current portion at June 30, 2019		$57,200			$19,872			$77,072


(a)	The current portion of Higher and Better Use Timberlands and Real Estate Development Investments is recorded in Inventory. See Note 17 — Inventory for additional information.

(b)

Capitalized real estate development investments include $0.3 million of capitalized interest.

COMMITMENTS (Tables)

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Payments

At June 30, 2019, the future minimum payments under non-cancellable commitments were as follows:



	Development Projects (a)		Pension Contributions (b)		Commitments (c)		Total
Remaining 2019		$1,742		$884		$1,329		$3,955
2020	—		442		619		1,061
2021	—		—		134		134
2022	—		—		3		3
2023	—		—		—		—
Thereafter	—		—		—		—
		$1,742		$1,326		$2,085		$5,153


(a)	Consists of payments expected to be made on the Company’s Wildlight development project.


(b)	Pension contribution requirements are based on actuarially determined estimates and IRS minimum funding requirements.

(c)

Commitments include payments expected to be made on foreign exchange contracts, timberland deeds and other purchase obligations.

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table contains the income tax expense recognized on the Consolidated Statements of Income and Comprehensive Income.



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Income tax expense		($3,608	)		($7,110	)		($7,958	)		($14,047	)

Schedule of Effective Income Tax Rate Reconciliation

The following table contains the Company’s annualized effective tax rate.



	Six Months Ended June 30,
	2019		2018
Annualized effective tax rate	15.5	%	14.5	%

GUARANTEES (Tables)

6 Months Ended

Jun. 30, 2019

Guarantees [Abstract]

Schedule of Guarantor Obligations

As of June 30, 2019, the following financial guarantees were outstanding:



Financial Commitments (a)	Maximum Potential Payment
Standby letters of credit (b)		$1,585
Surety bonds (c)	3,377
Total financial commitments		$4,962


(a)	The Company has not recorded any liabilities for these financial commitments in the Consolidated Balance Sheets. The guarantees are not subject to measurement, as the guarantees are dependent on the Company’s own performance.


(b)	Approximately $0.6 million of the 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 2019 and 2020 and will be renewed as required.

(c)

EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
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

Shares used for determining basic earnings per common share	129,380,282			129,067,325			129,277,490			128,935,003
Dilutive effect of:
Stock options	13,463			103,154			16,580			90,815
Performance and restricted shares	250,170			540,808			403,915			606,760
Shares used for determining diluted earnings per common share	129,643,915			129,711,287			129,697,985			129,632,578

Basic earnings per common share attributable to Rayonier Inc.:		$0.14			$0.28			$0.34			$0.60

Diluted earnings per common share attributable to Rayonier Inc.:		$0.14			$0.28			$0.34			$0.59

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share



	Three Months Ended June 30,		Six Months Ended June 30,
	2019	2018	2019	2018
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options and performance shares	451,258	254,663	444,765	213,241

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019:



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 June 30,
	Income Statement Location	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		($219	)		($6,630	)
Foreign currency option contracts	Other comprehensive (loss) income	(107		)	(539		)
Interest rate swaps	Other comprehensive (loss) income	(19,284		)	5,690

Derivatives designated as a net investment hedge:
Foreign currency exchange contract	Other comprehensive (loss) income	—			(454		)

Derivatives not designated as hedging instruments:
Foreign currency exchange contracts	Interest and other miscellaneous income, net	152			2,479
Carbon option contracts	Interest and other miscellaneous income, net	12			—



		Six Months Ended June 30,
	Income Statement Location	2019			2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other comprehensive (loss) income		$900			($5,398	)
Foreign currency option contracts	Other comprehensive (loss) income	(30		)	(359		)
Interest rate swaps	Other comprehensive (loss) income	(30,831		)	21,287

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	135			2,608
Carbon option contracts	Interest and other miscellaneous income, net	415			—

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
	June 30, 2019		December 31, 2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts		$100,500		$69,950
Foreign currency option contracts	20,000		24,000
Interest rate swaps	650,000		650,000

Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	—		9,396
Carbon options (a)	3,102		2,517

(a) Notional amount for carbon options is calculated as the number of units outstanding multiplied by the spot price as of June 30, 2019.

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)
		June 30, 2019			December 31, 2018
Derivatives designated as cash flow hedges:
Foreign currency exchange contracts	Other current assets		$304		—
	Other assets	159			—
	Other current liabilities	(1,083		)	(1,569		)
	Other non-current liabilities	(50		)	—
Foreign currency option contracts	Other current assets	123			217
	Other assets	63			102
	Other current liabilities	(37		)	(106		)
	Other non-current liabilities	(33		)	(68		)
Interest rate swaps	Other assets	4,159			23,735
	Other non-current liabilities	(11,256		)	—

Derivative not designated as a hedging instrument:
Foreign currency exchange contracts	Other current assets	—			152
	Other current liabilities	—			(24		)
Carbon options	Other current liabilities	(2		)	(322		)

Total derivative contracts:
Other current assets			$427			$369
Other assets		4,381			23,837
Total derivative assets			$4,808			$24,206

Other current liabilities		(1,122		)	(2,021		)
Other non-current liabilities		(11,339		)	(68		)
Total derivative liabilities			($12,461	)		($2,089	)

(a) See Note 14 — 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)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping



	June 30, 2019							December 31, 2018
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		$130,956			$130,956	—			$148,374			$148,374	—
Restricted cash (b)	3,754			3,754		—		8,080			8,080		—
Long-term debt (c)	(972,848		)	—		(981,500	)	(972,567		)	—		(975,845	)
Interest rate swaps (d)	(7,097		)	—		(7,097	)	23,735			—		23,735
Foreign currency exchange contracts (d)	(670		)	—		(670	)	(1,442		)	—		(1,442	)
Foreign currency option contracts (d)	116			—		116		145			—		145
Carbon option contracts (d)	(2		)	—		(2	)	(322		)	—		(322	)


(a)	The Company did not have Level 3 assets or liabilities at June 30, 2019 and December 31, 2018.


(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 18 — Restricted Cash for additional information.


(c)	The carrying amount of long-term debt is presented net of capitalized debt costs on non-revolving debt. See Note 6 — Debt for additional information.

(d)

See Note 13 — 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)

6 Months Ended

Jun. 30, 2019

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

Schedule of Components of Net Periodic Benefit Cost

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



Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension						Postretirement
		Three Months Ended June 30,						Three Months Ended June 30,
		2019			2018			2019		2018
Service cost	Selling and general expenses	—			—				$1		$2
Interest cost	Interest and other miscellaneous income, net	799			759			13		13
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(777		)	(984		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	112			178			—		—
Net periodic benefit cost (credit)			$134			($47	)		$14		$15



Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension						Postretirement
		Six Months Ended June 30,						Six Months Ended June 30,
		2019			2018			2019		2018
Service cost	Selling and general expenses	—			—				$3		$3
Interest cost	Interest and other miscellaneous income, net	1,599			1,510			27		25
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(1,554		)	(1,968		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	224			338			—		1
Net periodic benefit cost (credit)			$269			($120	)		$30		$29

(a)

The weighted-average expected long-term rate of return on plan assets used in computing 2019 net periodic benefit cost for pension benefits is 5.7%.

OTHER OPERATING (EXPENSE) INCOME, NET (Tables)

6 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

Other operating (expense) income, net

Other operating (expense) income, net consisted of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Foreign currency (expense) income		($659	)		$1,267			($577	)		$514
Gain on sale or disposal of property and equipment	35			12			56			27
(Loss) gain on foreign currency exchange and option contracts	(60		)	386			(113		)	1,819
Log trading marketing fees	80			62			137			131
Income from the sale of unused Internet Protocol addresses	—			—			—			646
Other expense, net	(1,365		)	(68		)	(1,437		)	(108		)
Total		($1,969	)		$1,659			($1,934	)		$3,029

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

As of June 30, 2019 and December 31, 2018, Rayonier’s inventory consisted entirely of finished goods, as follows:



	June 30, 2019		December 31, 2018
Finished goods inventory
Real estate inventory (a)		$18,327		$11,919
Log inventory	5,270		3,784
Total inventory		$23,597		$15,703

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

See Note 7 — Higher And Better Use Timberlands and Real Estate Development Investments for additional information.

RESTRICTED CASH (Tables)

6 Months Ended

Jun. 30, 2019

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 six months ended June 30, 2019:



	June 30, 2019
Restricted cash deposited with LKE intermediary	$3,204
Restricted cash held in escrow	550
Total restricted cash shown in the Consolidated Balance Sheets	3,754
Cash and cash equivalents	130,956
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$134,710

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 six months ended June 30, 2019:



	June 30, 2019
Restricted cash deposited with LKE intermediary	$3,204
Restricted cash held in escrow	550
Total restricted cash shown in the Consolidated Balance Sheets	3,754
Cash and cash equivalents	130,956
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$134,710

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)

6 Months Ended

Jun. 30, 2019

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

Schedule of Accumulated Other Comprehensive Income (Loss)



	Foreign currency translation (loss) gains			Net investment hedges of New Zealand subsidiary			Cash flow hedges				Employee benefit plans				Total
Balance as of December 31, 2017		$15,975			$1,665			$16,184				($20,407	)			$13,417
Other comprehensive (loss) income before reclassifications	(16,985		)	(344		)	5,944				(1,594		)		(12,979		)
Amounts reclassified from accumulated other comprehensive (loss) income	—			—			(163		)		(36		)		(199		)
Net other comprehensive (loss)/income	(16,985		)	(344		)	5,781				(1,630		)		(13,178		)
Balance as of December 31, 2018		($1,010	)		$1,321			$21,965				($22,037	)			$239
Other comprehensive (loss) income before reclassifications	375			—			(30,211		)	(a)	—				(29,836		)
Amounts reclassified from accumulated other comprehensive (loss) income	—			—			(138		)		224			(b)	86
Net other comprehensive (loss)/income	375			—			(30,349		)		224				(29,750		)
Balance as of June 30, 2019		($635	)		$1,321			($8,384	)			($21,813	)			($29,511	)


(a)	Includes $30.8 million of other comprehensive income related to interest rate swaps. See Note 13 — Derivative Financial Instruments and Hedging Activities for additional information.

(b)

This component of other comprehensive income (loss) is included in the computation of net periodic pension and post-retirement costs. See Note 15 — Employee Benefit Plans for additional information.

Reclassification out of Accumulated Other Comprehensive Income

The following table presents details of the amounts reclassified in their entirety from AOCI to net income for the six months ended June 30, 2019 and June 30, 2018:



Details about accumulated other comprehensive (loss) income components	Amount reclassified from accumulated other comprehensive (loss) income						Affected line item in the income statement
	June 30, 2019			June 30, 2018			Affected line item in the income statement
Realized (gain) on foreign currency exchange contracts		($190	)		($1,654	)	Other operating (expense) income, net
Realized loss (gain) on foreign currency option contracts	(60		)	(165		)	Other operating (expense) income, net
Noncontrolling interest	58			419			Comprehensive (loss) income attributable to noncontrolling interest
Income tax expense from gain on foreign currency contracts	54			391			Income tax expense
Net gain from accumulated other comprehensive income		($138	)		($1,009	)

CONSOLIDATING FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2019

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 June 30, 2019
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$184,800		—				$184,800
Costs and Expenses
Cost of sales	—			—			(140,454		)	—			(140,454		)
Selling and general expenses	—			(5,660		)	(5,324		)	—			(10,984		)
Other operating expense, net	—			(1,091		)	(878		)	—			(1,969		)
	—			(6,751		)	(146,656		)	—			(153,407		)
OPERATING (LOSS) INCOME	—			(6,751		)	38,144			—			31,393
Interest expense	(3,140		)	(4,769		)	(13		)	—			(7,922		)
Interest and miscellaneous income (expense), net	(457		)	928			586			—			1,057
Equity in income from subsidiaries	22,349			33,071			—			(55,420		)	—
INCOME BEFORE INCOME TAXES	18,752			22,479			38,717			(55,420		)	24,528
Income tax expense	—			(130		)	(3,478		)	—			(3,608		)
NET INCOME	18,752			22,349			35,239			(55,420		)	20,920
Less: Net income attributable to noncontrolling interest	—			—			(2,168		)	—			(2,168		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	18,752			22,349			33,071			(55,420		)	18,752
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(4,305		)	—			(5,604		)	4,305			(5,604		)
Cash flow hedges, net of income tax	(19,465		)	(19,284		)	(235		)	19,465			(19,519		)
Amortization of pension and postretirement plans, net of income tax	112			112			—			(112		)	112
Total other comprehensive (loss) income	(23,658		)	(19,172		)	(5,839		)	23,658			(25,011		)
COMPREHENSIVE (LOSS) INCOME	(4,906		)	3,177			29,400			(31,762		)	(4,091		)
Less: Comprehensive income attributable to noncontrolling interest	—			—			(815		)	—			(815		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		($4,906	)		$3,177			$28,585			($31,762	)		($4,906	)



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	For the Three Months Ended June 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$245,906		—				$245,906
Costs and Expenses
Cost of sales	—			—			(184,418		)	—			(184,418		)
Selling and general expenses	—			(5,471		)	(6,031		)	—			(11,502		)
Other operating (expense) income, net	—			(40		)	1,699			—			1,659
	—			(5,511		)	(188,750		)	—			(194,261		)
OPERATING (LOSS) INCOME	—			(5,511		)	57,156			—			51,645
Interest expense	(3,139		)	(4,900		)	(63		)	—			(8,102		)
Interest and miscellaneous income (expense), net	2,734			746			(575		)	—			2,905
Equity in income from subsidiaries	36,663			46,419			—			(83,082		)	—
INCOME BEFORE INCOME TAXES	36,258			36,754			56,518			(83,082		)	46,448
Income tax expense	—			(91		)	(7,019		)	—			(7,110		)
NET INCOME	36,258			36,663			49,499			(83,082		)	39,338
Less: Net income attributable to noncontrolling interest	—			—			(3,080		)	—			(3,080		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	36,258			36,663			46,419			(83,082		)	36,258
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(22,856		)	341			(30,101		)	22,856			(29,760		)
Cash flow hedges, net of income tax	1,716			5,690			(5,161		)	(1,716		)	529
Amortization of pension and postretirement plans, net of income tax	178			178			—			(178		)	178
Total other comprehensive (loss) income	(20,962		)	6,209			(35,262		)	20,962			(29,053		)
COMPREHENSIVE INCOME	15,296			42,872			14,237			(62,120		)	10,285
Less: Comprehensive loss attributable to noncontrolling interest	—			—			5,011			—			5,011
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$15,296			$42,872			$19,248			($62,120	)		$15,296



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Six Months Ended June 30, 2019
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$376,346		—				$376,346
Costs and Expenses
Cost of sales	—			—			(283,705		)	—			(283,705		)
Selling and general expenses	—			(10,503		)	(10,291		)	—			(20,794		)
Other operating expense, net	—			(1,090		)	(844		)	—			(1,934		)
	—			(11,593		)	(294,840		)	—			(306,433		)
OPERATING (LOSS) INCOME	—			(11,593		)	81,506			—			69,913
Interest expense	(6,278		)	(9,316		)	(38		)	—			(15,632		)
Interest and miscellaneous income (expense), net	(913		)	1,892			1,411			—			2,390
Equity in income from subsidiaries	50,737			70,501			—			(121,238		)	—
INCOME BEFORE INCOME TAXES	43,546			51,484			82,879			(121,238		)	56,671
Income tax expense	—			(747		)	(7,211		)	—			(7,958		)
NET INCOME	43,546			50,737			75,668			(121,238		)	48,713
Less: Net income attributable to noncontrolling interest	—			—			(5,167		)	—			(5,167		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	43,546			50,737			70,501			(121,238		)	43,546
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	374			(90		)	520			(375		)	429
Cash flow hedges, net of income tax	(30,349		)	(30,832		)	627			30,349			(30,205		)
Amortization of pension and postretirement plans, net of income tax	224			224			—			(224		)	224
Total other comprehensive (loss) income	(29,751		)	(30,698		)	1,147			29,750			(29,552		)
COMPREHENSIVE INCOME	13,795			20,039			76,815			(91,488		)	19,161
Less: Comprehensive income attributable to noncontrolling interest	—			—			(5,366		)	—			(5,366		)
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$13,795			$20,039			$71,449			($91,488	)		$13,795



	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Six Months Ended June 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
SALES	—			—				$449,101		—				$449,101
Costs and Expenses
Cost of sales	—			—			(322,906		)	—			(322,906		)
Selling and general expenses	—			(9,859		)	(10,645		)	—			(20,504		)
Other operating (expense) income, net	(12		)	595			2,446			—			3,029
	(12		)	(9,264		)	(331,105		)	—			(340,381		)
OPERATING (LOSS) INCOME	(12		)	(9,264		)	117,996			—			108,720
Interest expense	(6,278		)	(9,555		)	(322		)	—			(16,155		)
Interest and miscellaneous income (expense), net	5,362			1,511			(3,348		)	—			3,525
Equity in income from subsidiaries	77,725			95,246			—			(172,971		)	—
INCOME BEFORE INCOME TAXES	76,797			77,938			114,326			(172,971		)	96,090
Income tax expense	—			(213		)	(13,834		)	—			(14,047		)
NET INCOME	76,797			77,725			100,492			(172,971		)	82,043
Less: Net income attributable to noncontrolling interest	—			—			(5,246		)	—			(5,246		)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	76,797			77,725			95,246			(172,971		)	76,797
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment, net of income tax	(15,252		)	452			(20,524		)	15,252			(20,072		)
Cash flow hedges, net of income tax	18,097			21,287			(4,144		)	(18,097		)	17,143
Amortization of pension and postretirement plans, net of income tax	338			338			—			(338		)	338
Total other comprehensive (loss) income	3,183			22,077			(24,668		)	(3,183		)	(2,591		)
COMPREHENSIVE INCOME	79,980			99,802			75,824			(176,154		)	79,452
Less: Comprehensive loss attributable to noncontrolling interest	—			—			528			—			528
COMPREHENSIVE INCOME ATTRIBUTABLE TO RAYONIER INC.		$79,980			$99,802			$76,352			($176,154	)		$79,980

Schedule of Condensed Consolidating Balance Sheets



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of June 30, 2019
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$84		$92,874			$37,998		—				$130,956
Accounts receivable, less allowance for doubtful accounts	—		1,919			43,012			—			44,931
Inventory	—		—			23,597			—			23,597
Prepaid expenses	—		2,286			18,295			—			20,581
Other current assets	—		97			593			—			690
Total current assets	84		97,176			123,495			—			220,755
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,392,389			—			2,392,389
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—		—			77,072			—			77,072
NET PROPERTY, PLANT AND EQUIPMENT	—		16,439			5,605			—			22,044
RESTRICTED CASH	—		—			3,754			—			3,754
RIGHT-OF-USE ASSETS	—		35,291			68,725			—			104,016
INVESTMENT IN SUBSIDIARIES	1,771,540		3,009,380			—			(4,780,920		)	—
INTERCOMPANY RECEIVABLE	56,257		(644,161		)	587,904			—			—
OTHER ASSETS	2		169			40,850			—			41,021
TOTAL ASSETS		$1,827,883		$2,514,294			$3,299,794			($4,780,920	)		$2,861,051
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$4,227			$20,717		—				$24,944
Accrued taxes	—		170			5,765			—			5,935
Accrued payroll and benefits	—		3,123			2,328			—			5,451
Accrued interest	3,046		1,885			—			—			4,931
Deferred revenue	—		—			19,798			—			19,798
Other current liabilities	—		5,793			19,233			—			25,026
Total current liabilities	3,046		15,198			67,841			—			86,085
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,987		648,861			—			—			972,848
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		30,067			(684		)	—			29,383
LONG-TERM LEASE LIABILITY	—		30,130			63,619			—			93,749
OTHER NON-CURRENT LIABILITIES	—		18,498			60,190			—			78,688
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,500,850		1,771,540			3,009,380			(4,780,920		)	1,500,850
Noncontrolling interest	—		—			99,448			—			99,448
TOTAL SHAREHOLDERS’ EQUITY	1,500,850		1,771,540			3,108,828			(4,780,920		)	1,600,298
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,827,883		$2,514,294			$3,299,794			($4,780,920	)		$2,861,051



	CONDENSED CONSOLIDATING BALANCE SHEETS
	As of December 31, 2018
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$361		$104,777			$43,236		—				$148,374
Accounts receivable, less allowance for doubtful accounts	—		3,752			22,399			—			26,151
Inventory	—		—			15,703			—			15,703
Prepaid expenses	—		977			16,039			—			17,016
Other current assets	—		108			501			—			609
Total current assets	361		109,614			97,878			—			207,853
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			2,401,327			—			2,401,327
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	—		—			85,609			—			85,609
NET PROPERTY, PLANT AND EQUIPMENT	—		16,940			5,811			—			22,751
RESTRICTED CASH	—		—			8,080			—			8,080
INVESTMENT IN SUBSIDIARIES	1,833,899		3,022,875			—			(4,856,774		)	—
INTERCOMPANY RECEIVABLE	49,461		(638,424		)	588,963			—			—
OTHER ASSETS	2		19,244			35,800			—			55,046
TOTAL ASSETS		$1,883,723		$2,530,249			$3,223,468			($4,856,774	)		$2,780,666
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	—			$1,616			$16,403		—				$18,019
Accrued taxes	—		8			3,170			—			3,178
Accrued payroll and benefits	—		5,848			4,568			—			10,416
Accrued interest	3,047		1,960			—			—			5,007
Deferred revenue	—		—			10,447			—			10,447
Other current liabilities	—		216			16,258			—			16,474
Total current liabilities	3,047		9,648			50,846			—			63,541
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,803		648,764			—			—			972,567
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		30,484			(684		)	—			29,800
OTHER NON-CURRENT LIABILITIES	—		7,454			52,754			—			60,208
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,556,873		1,833,899			3,022,875			(4,856,774		)	1,556,873
Noncontrolling interest	—		—			97,677			—			97,677
TOTAL SHAREHOLDERS’ EQUITY	1,556,873		1,833,899			3,120,552			(4,856,774		)	1,654,550
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$1,883,723		$2,530,249			$3,223,468			($4,856,774	)		$2,780,666

Schedule of Condensed Consolidating Statements of Cash Flows



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	Six Months Ended June 30, 2019
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($14,180	)		$25,406			$105,728		—			$116,954
INVESTING ACTIVITIES
Capital expenditures	—			—			(29,505		)	—		(29,505		)
Real estate development investments	—			—			(999		)	—		(999		)
Purchase of timberlands	—			—			(26,396		)	—		(26,396		)
Investment in subsidiaries	—			832			—			(832	)	—
Other	—			(7,539		)	3,651			—		(3,888		)
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			(6,707		)	(53,249		)	(832	)	(60,788		)
FINANCING ACTIVITIES
Dividends paid	(69,798		)	(1,309		)				—		(71,107		)
Proceeds from the issuance of common shares under incentive stock plan	774			—			—			—		774
Repurchase of common shares	(4,241		)	—			—			—		(4,241		)
Other	—			—			133			—		133
Distribution to minority shareholder	—			—			(3,594		)	—		(3,594		)
Intercompany distributions	87,168			(29,293		)	(58,707		)	832		—
CASH USED FOR FINANCING ACTIVITIES	13,903			(30,602		)	(62,168		)	832		(78,035		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			125			—		125
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(277		)	(11,903		)	(9,564		)	—		(21,744		)
Balance, beginning of year	361			104,777			51,316			—		156,454
Balance, end of period		$84			$92,874			$41,752		—			$134,710



	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	Six Months Ended June 30, 2018
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			Non- guarantors			Consolidating Adjustments		Total Consolidated
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES		($7,491	)		$57,280			$131,794		—			$181,583
INVESTING ACTIVITIES
Capital expenditures	—			(58		)	(25,862		)	—		(25,920		)
Real estate development investments	—			—			(4,501		)	—		(4,501		)
Purchase of timberlands	—			—			(31,234		)	—		(31,234		)
Investment in subsidiaries	—			40,441			—			(40,441	)	—
Other	—			—			113			—		113
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES	—			40,383			(61,484		)	(40,441	)	(61,542		)
FINANCING ACTIVITIES
Issuance of debt	—			—			1,014			—		1,014
Repayment of debt	—			(50,000		)	(4,389		)	—		(54,389		)
Dividends paid	(67,053		)	—			—			—		(67,053		)
Proceeds from the issuance of common shares under incentive stock plan	7,824			—			—			—		7,824
Repurchase of common shares	(2,966		)	—			—			—		(2,966		)
Issuance of intercompany notes	(9,000		)	—			9,000			—		—
Intercompany distributions	107,102			(60,741		)	(86,802		)	40,441		—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	35,907			(110,741		)	(81,177		)	40,441		(115,570		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			(578		)	—		(578		)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	28,416			(13,078		)	(11,445		)	—		3,893
Balance, beginning of year	48,564			25,042			98,750			—		172,356
Balance, end of period		$76,980			$11,964			$87,305		—			$176,249

REVENUE (Contract Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue recognized from contract liability balance at the beginning of the year	$ 3,440	$ 5,429	$ 8,796	$ 11,800

REVENUE (Disaggregation of Revenue by Product) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 184,800	$ 245,906	$ 376,346	$ 449,101
Total Revenue	184,800	245,906	376,346	449,101
Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	33,984	36,517	76,697	71,642
Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	115,497	145,811	229,301	268,385
Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,391	1,214	2,477	1,811
Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	150,872	183,542	308,475	341,838
License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,541	4,181	8,820	8,346
Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,670	8,156	15,138	12,704
Agency Fee Income
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	184	167	381	289
Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	11,395	12,504	24,339	21,339
Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	172	1,345	514	2,465
Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,431		15,430	7,446
Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,799	4,827	19,464	6,480
Non-strategic / Timberlands
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,123	43,688	8,056	69,533
Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8		68
Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,533	49,860	43,532	85,924
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	46,197	48,047	107,043	91,635
Total Revenue	46,197	48,047	107,043	91,635
Operating Segments \| Southern Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	19,310	20,300	46,109	41,904
Operating Segments \| Southern Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	16,286	15,776	39,437	31,713
Operating Segments \| Southern Timber \| Hardwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,391	1,214	2,477	1,811
Operating Segments \| Southern Timber \| Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	36,987	37,290	88,023	75,428
Operating Segments \| Southern Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,296	3,936	8,420	8,024
Operating Segments \| Southern Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	4,914	6,821	10,600	8,183
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 \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	9,210	10,757	19,020	16,207
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	18,556	32,213	39,091	63,587
Total Revenue	18,556	32,213	39,091	63,587
Operating Segments \| Pacific Northwest Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	2,267	4,625	5,087	8,044
Operating Segments \| Pacific Northwest Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	15,407	26,654	32,684	53,721
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	17,674	31,279	37,771	61,765
Operating Segments \| Pacific Northwest Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	103	103	205	128
Operating Segments \| Pacific Northwest Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	779	831	1,115	1,694
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 \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	882	934	1,320	1,822
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	62,127	69,653	119,257	122,617
Total Revenue	62,127	69,653	119,257	122,617
Operating Segments \| New Zealand Timber \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8,581	7,788	17,349	13,632
Operating Segments \| New Zealand Timber \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	52,427	61,219	98,290	105,964
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	61,008	69,007	115,639	119,596
Operating Segments \| New Zealand Timber \| License Revenue, Primarily From Hunting
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	142	142	195	194
Operating Segments \| New Zealand Timber \| Other Non-Timber/Carbon Revenue
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	977	504	3,423	2,827
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 \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,119	646	3,618	3,021
Operating Segments \| Real Estate
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	22,533	49,860	43,532	85,924
Total Revenue	22,533	49,860	43,532	85,924
Operating Segments \| Real Estate \| Improved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	172	1,345	514	2,465
Operating Segments \| Real Estate \| Unimproved Development
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	14,431		15,430	7,446
Operating Segments \| Real Estate \| Rural
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	6,799	4,827	19,464	6,480
Operating Segments \| Real Estate \| Non-strategic / Timberlands
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	1,123	43,688	8,056	69,533
Operating Segments \| Real Estate \| Other
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	8		68
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	35,387	46,133	67,423	85,338
Total Revenue	35,461	46,162	67,526	85,373
Operating Segments \| Trading \| Pulpwood
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	3,826	3,804	8,152	8,062
Operating Segments \| Trading \| Sawtimber
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	31,377	42,162	58,890	76,987
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	35,203	45,966	67,042	85,049
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	184	167	381	289
Operating Segments \| Trading \| Total Non-Timber Sales
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	184	167	381	289
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	(74)	(29)	(103)	(35)
Total Revenue	(74)	(29)	(103)	(35)
Intersegment Eliminations \| Trading
Disaggregation of Revenue [Line Items]
Revenue from Contracts with Customers	$ 74	$ 29	$ 103	$ 35

REVENUE (Disaggregation of Revenue by Contract Type) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total Timber Sales	$ 184,800	$ 245,906	$ 376,346	$ 449,101
Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	15,172	19,855	43,180	42,364
Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	581	4,861	2,675	11,785
Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	15,753	24,716	45,855	54,149
Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	135,119	158,826	262,620	287,689
Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Total Timber Sales	59,123	69,054	121,382	128,851
Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Total Timber Sales	75,996	89,772	141,238	158,838
Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	150,872	183,542	308,475	341,838
Southern Timber \| Stumpage Pay-as-Cut
Disaggregation of Revenue [Line Items]
Total Timber Sales	15,172	19,855	43,180	42,364
Southern Timber \| Stumpage Lump Sum
Disaggregation of Revenue [Line Items]
Total Timber Sales	581	256	2,675	2,074
Southern Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	15,753	20,111	45,855	44,438
Southern Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	21,234	17,179	42,168	30,990
Southern Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Total Timber Sales	17,041	15,166	36,379	28,543
Southern Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Total Timber Sales	4,193	2,013	5,789	2,447
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	0	4,605	0	9,711
Pacific Northwest Timber \| Total Stumpage
Disaggregation of Revenue [Line Items]
Total Timber Sales	0	4,605	0	9,711
Pacific Northwest Timber \| Total Delivered
Disaggregation of Revenue [Line Items]
Total Timber Sales	17,674	26,674	37,771	52,054
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Total Timber Sales	17,674	26,674	37,771	52,054
Pacific Northwest Timber \| Total Delivered \| Delivered Wood (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 \| 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	61,008	69,007	115,639	119,596
New Zealand Timber \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Total Timber Sales	21,739	25,647	42,439	45,750
New Zealand Timber \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Total Timber Sales	39,269	43,360	73,200	73,846
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 \| 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	35,203	45,966	67,042	85,049
Trading \| Total Delivered \| Delivered Wood (Domestic)
Disaggregation of Revenue [Line Items]
Total Timber Sales	2,669	1,567	4,793	2,504
Trading \| Total Delivered \| Delivered Wood (Export)
Disaggregation of Revenue [Line Items]
Total Timber Sales	32,534	44,399	62,249	82,545
Operating Segments \| Southern Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	46,197	48,047	107,043	91,635
Operating Segments \| Southern Timber \| Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	36,987	37,290	88,023	75,428
Operating Segments \| Pacific Northwest Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	18,556	32,213	39,091	63,587
Operating Segments \| Pacific Northwest Timber \| Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	17,674	31,279	37,771	61,765
Operating Segments \| New Zealand Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	62,127	69,653	119,257	122,617
Operating Segments \| New Zealand Timber \| Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	61,008	69,007	115,639	119,596
Operating Segments \| Trading
Disaggregation of Revenue [Line Items]
Total Timber Sales	35,387	46,133	67,423	85,338
Operating Segments \| Trading \| Timber
Disaggregation of Revenue [Line Items]
Total Timber Sales	$ 35,203	$ 45,966	$ 67,042	$ 85,049

LEASES - Narrative (Details)	6 Months Ended
LEASES - Narrative (Details)	Jun. 30, 2019 a lease
United States \| Minimum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract terms, in years	30 years
United States \| Maximum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract terms, in years	65 years
New Zealand \| Minimum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract terms, in years	30 years
New Zealand \| Maximum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Contract terms, in years	99 years
Matariki Crown Forest Licenses
Lessee, Lease, Description [Line Items]
Operating leases, renewal term	1 year
Matariki Crown Forest Licenses \| Timberland Leases
Lessee, Lease, Description [Line Items]
Operating leases, renewal term	35 years
Matariki Crown Forest Licenses \| Minimum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Lease termination period	35 years
Matariki Crown Forest Licenses \| Maximum \| Timberland Leases
Lessee, Lease, Description [Line Items]
Lease termination period	45 years
Matariki Crown Forest Licenses \| New Zealand
Lessee, Lease, Description [Line Items]
Number of leases under termination notice \| lease	2
Leases under termination notice \| a	9,000
Number of fixed term forest leases expiring \| lease	2
Fixed-term forest leases expiring, Acres \| a	3,000
Number of forestry rights under termination notice \| lease	2
Forestry rights under termination notice \| a	32,000

LEASES - Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Remaining 2019	$ 5,874
2020	9,642
2021	9,494
2022	8,858
2023	8,318
Thereafter	160,080
Operating lease liabilities	202,266
Imputed interest	(98,212)
Balance at June 30, 2019	104,054
Less: Current portion	(10,305)
Non-current portion at June 30, 2019	$ 93,749	$ 0

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,396	$ 4,833
Variable lease cost	81	157
Total lease cost	$ 2,477	$ 4,990

LEASES - Supplemental Cash Flow (Details) $ in Thousands	6 Months Ended
LEASES - Supplemental Cash Flow (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 1,493
Investing cash flows from operating leases	3,340
Total cash flows from operating leases	$ 4,833
Weighted-average remaining lease term in years - operating leases	28 years
Weighted-average discount rate - operating leases	5.00%

NEW ZEALAND SUBSIDIARY (Details) - Matariki Forestry Group a in Thousands	Jun. 30, 2019 a
Schedule of Equity Method Investments [Line Items]
Acres of timberland owned (acres)	410
Step acquisition percentage equity interest in acquiree	23.00%
Rayonier
Schedule of Equity Method Investments [Line Items]
Ownership percentage	77.00%

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Segment Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
SALES	$ 184,800	$ 245,906	$ 376,346	$ 449,101
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
SALES	46,197	48,047	107,043	91,635
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
SALES	18,556	32,213	39,091	63,587
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
SALES	62,127	69,653	119,257	122,617
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
SALES	22,533	49,860	43,532	85,924
Operating Segments \| Trading
Segment Reporting Information [Line Items]
SALES	35,461	46,162	67,526	85,373
Intersegment Eliminations
Segment Reporting Information [Line Items]
SALES	$ (74)	$ (29)	$ (103)	$ (35)

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Operating Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total Operating Income	$ 31,393	$ 51,645	$ 69,913	$ 108,720
Unallocated interest expense and other	(6,865)	(5,197)	(13,242)	(12,630)
INCOME BEFORE INCOME TAXES	24,528	46,448	56,671	96,090
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
Total Operating Income	14,741	15,651	36,261	27,878
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
Total Operating Income	(3,815)	5,625	(7,556)	10,299
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
Total Operating Income	12,797	17,768	28,517	33,725
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
Total Operating Income	15,468	18,864	25,495	46,918
Operating Segments \| Trading
Segment Reporting Information [Line Items]
Total Operating Income	(171)	227	309	376
Corporate and other
Segment Reporting Information [Line Items]
Total Operating Income	$ (7,627)	$ (6,490)	$ (13,113)	$ (10,476)

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Depreciation, Depletion and Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 27,601	$ 46,383	$ 64,093	$ 80,920
Operating Segments \| Southern Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	12,880	14,940	32,608	30,919
Operating Segments \| Pacific Northwest Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	6,045	9,381	12,871	18,885
Operating Segments \| New Zealand Timber
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	7,189	8,026	13,508	13,743
Operating Segments \| Real Estate
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	1,199	13,739	4,534	16,805
Corporate and other
Segment Reporting Information [Line Items]
DEPRECIATION, DEPLETION AND AMORTIZATION	$ 288	$ 297	$ 572	$ 568

SEGMENT AND GEOGRAPHICAL INFORMATION (Schedule of Non-Cash Cost of Land and Improved Development) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 1,617	$ 13,312	$ 5,647	$ 14,936
Real Estate
Segment Reporting Information [Line Items]
NON-CASH COST OF LAND AND IMPROVED DEVELOPMENT	$ 1,617	$ 13,312	$ 5,647	$ 14,936

DEBT (Schedule of Long Term Debt) (Details) - USD ($)	6 Months Ended
DEBT (Schedule of Long Term Debt) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 975,000,000
Less: Deferred financing costs	(2,152,000)
Long-term debt, net of deferred financing costs	972,848,000	$ 972,567,000
Term Credit Agreement borrowings due 2024 at a variable interest rate of 4.1% at June 30, 2019
Debt Instrument [Line Items]
Total debt	$ 350,000,000
Effective interest rate	4.10%
Debt instrument, interest rate during period	3.30%
Term Credit Agreement borrowings due 2024 at a variable interest rate of 4.1% at June 30, 2019 \| 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	$ 325,000,000
Fixed interest rate	3.75%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 4.3% at June 30, 2019
Debt Instrument [Line Items]
Total debt	$ 300,000,000
Effective interest rate	4.30%
Debt instrument, interest rate during period	2.80%
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 4.3% at June 30, 2019 \| LIBOR
Debt Instrument [Line Items]
Basis points on periodic interest rate	1.90%

DEBT (Schedule of Long Term Maturities) (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Debt Disclosure [Abstract]
2019	$ 0
2020	0
2021	0
2022	325,000
2023	0
Thereafter	650,000
Total Debt	$ 975,000

DEBT (Narrative) (Details) - 6 months ended Jun. 30, 2019 $ in Millions	USD ($)	NZD ($)
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 0
Total debt	975,000,000
Term Credit Agreement
Debt Instrument [Line Items]
Total debt	350,000,000
Revolving Credit Facility borrowings due 2020 \| Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Repayments of lines of credit	0
Remaining borrowing capacity	198,400,000
Maximum borrowing capacity	200,000,000
Working Capital Facility
Debt Instrument [Line Items]
Proceeds from lines of credit	0
Repayments of lines of credit	0
Remaining borrowing capacity		$ 20.0
Incremental Term Loan Agreement
Debt Instrument [Line Items]
Total debt	300,000,000
Standby Letters of Credit \| Revolving Credit Facility borrowings due 2020 \| Unsecured Revolving Credit Agreement Expiring 2020
Debt Instrument [Line Items]
Amount to secure outstanding letters of credit	$ 1,600,000

HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	$ 85,609
Plus: Current portion, Beginning Balance	11,919
Total Balance, Beginning Balance	97,528
Non-cash cost of land and improved development	(1,664)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,657)
Capitalized real estate development investments	999
Capital expenditures (silviculture)	117
Intersegment transfers	76
Total Balance, Ending Balance	95,399
Less: Current portion, Ending Balance	(18,327)
Non-current portion, Ending Balance	77,072
Capitalized interest	300
Land and Timber
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	59,189
Plus: Current portion, Beginning Balance	4,239
Total Balance, Beginning Balance	63,428
Non-cash cost of land and improved development	(1,288)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	(1,657)
Capitalized real estate development investments	0
Capital expenditures (silviculture)	117
Intersegment transfers	76
Total Balance, Ending Balance	60,676
Less: Current portion, Ending Balance	(3,476)
Non-current portion, Ending Balance	57,200
Development Investments
Real Estate, Land and Land Development Costs [Roll Forward]
Non-current portion, Beginning Balance	26,420
Plus: Current portion, Beginning Balance	7,680
Total Balance, Beginning Balance	34,100
Non-cash cost of land and improved development	(376)
Timber depletion from harvesting activities and basis of timber sold in real estate sales	0
Capitalized real estate development investments	999
Capital expenditures (silviculture)	0
Intersegment transfers	0
Total Balance, Ending Balance	34,723
Less: Current portion, Ending Balance	(14,851)
Non-current portion, Ending Balance	$ 19,872

COMMITMENTS (Future Minimum Payments) (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Commitments
Remaining 2019	$ 3,955
2020	1,061
2021	134
2022	3
2023	0
Thereafter	0
Commitments, total	5,153
Development Projects
Commitments
Remaining 2019	1,742
2020	0
2021	0
2022	0
2023	0
Thereafter	0
Commitments, total	1,742
Pension Contributions
Commitments
Remaining 2019	884
2020	442
2021	0
2022	0
2023	0
Thereafter	0
Commitments, total	1,326
Commitments
Commitments
Remaining 2019	1,329
2020	619
2021	134
2022	3
2023	0
Thereafter	0
Commitments, total	$ 2,085

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 3,608	$ 7,110	$ 7,958	$ 14,047
Annualized effective tax rate			15.50%	14.50%

GUARANTEES (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 4,962
Standby letters of credit
Guarantor Obligations [Line Items]
Maximum Potential Payment	1,585
Letter of credit for development project	600
Surety bonds
Guarantor Obligations [Line Items]
Maximum Potential Payment	$ 3,377

EARNINGS PER COMMON SHARE (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 20,920	$ 27,793	$ 39,338	$ 42,706	$ 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
Shares used for determining basic earnings per common share (in shares)	129,380,282		129,067,325		129,277,490	128,935,003
Dilutive effect of:
Stock options (in shares)	13,463		103,154		16,580	90,815
Performance and restricted shares (in shares)	250,170		540,808		403,915	606,760
Shares used for determining diluted earnings per common share (in shares)	129,643,915		129,711,287		129,697,985	129,632,578
Basic earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.14		$ 0.28		$ 0.34	$ 0.60
Diluted earnings per common share attributable to Rayonier Inc. (in dollars per share)	$ 0.14		$ 0.28		$ 0.34	$ 0.59

EARNINGS PER COMMON SHARE (Antidilutive Securities) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
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 (in shares)	451,258	254,663	444,765	213,241

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivatives designated as cash flow hedges: \| Designated as Hedging Instrument
Derivative [Line Items]
AOCI gain (loss) balance expected to be reclassified in next twelve months, net of tax			$ (500)
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%
Percent of forecast sales and purchases hedged for three to 12 months	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 \| Maximum
Derivative [Line Items]
Percent of forecast sales and purchases hedged for 3 months	90.00%		90.00%
Percent of forecast sales and purchases hedged for three to 12 months	75.00%		75.00%
Percent of forecast sales and purchases hedged for 12 to 18 months	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
Interest and other miscellaneous income, net \| Derivatives not designated as hedging instruments: \| Carbon option
Derivative [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 12	$ 0	$ 415	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Interest Rate Swaps) (Details) - Derivatives designated as cash flow hedges: - Designated as Hedging Instrument	6 Months Ended
	Jun. 30, 2019 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Designated as Hedging Instrument \| Foreign currency exchange contracts \| Derivatives designated as cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	$ (219)	$ (6,630)	$ 900	$ (5,398)
Designated as Hedging Instrument \| Foreign currency exchange contracts \| Derivatives designated as a net investment hedge:
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	0	(454)	0	(344)
Designated as Hedging Instrument \| Foreign currency option contracts \| Derivatives designated as cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(107)	(539)	(30)	(359)
Designated as Hedging Instrument \| Interest rate swaps \| Derivatives designated as cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Designated hedged item, gain (loss) recognized in other comprehensive income	(19,284)	5,690	(30,831)	21,287
Derivatives not designated as hedging instruments: \| 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	152	2,479	135	2,608
Derivatives not designated as hedging instruments: \| Carbon options \| Interest and other miscellaneous income, net
Derivative Instruments, Gain (Loss) [Line Items]
Non-designated hedged item, gain (loss) recognized in income	$ 12	$ 0	$ 415	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Notional Amounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	$ 100,500	$ 69,950
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency option contracts
Derivatives, Fair Value [Line Items]
Notional Amount	20,000	24,000
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount	650,000	650,000
Derivatives not designated as hedging instruments: \| Foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	0	9,396
Derivatives not designated as hedging instruments: \| Carbon option
Derivatives, Fair Value [Line Items]
Notional Amount	$ 3,102	$ 2,517

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Balance Sheet Location) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	$ 4,808	$ 24,206
Fair value, derivative liability	(12,461)	(2,089)
Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	427	369
Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	4,381	23,837
Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,122)	(2,021)
Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(11,339)	(68)
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	304	0
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency exchange contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	159	0
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(1,083)	(1,569)
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency exchange contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(50)	0
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency option contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	123	217
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency option contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	63	102
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency option contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(37)	(106)
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Foreign currency option contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(33)	(68)
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Interest rate swaps \| Other assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	4,159	23,735
Designated as Hedging Instrument \| Derivatives designated as cash flow hedges: \| Interest rate swaps \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	(11,256)	0
Derivatives not designated as hedging instruments: \| Foreign currency exchange contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value, derivative asset	0	152
Derivatives not designated as hedging instruments: \| Foreign currency exchange contracts \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	0	(24)
Derivatives not designated as hedging instruments: \| Carbon options \| Other current liabilities
Derivatives, Fair Value [Line Items]
Fair value, derivative liability	$ (2)	$ (322)

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	$ 12,461	$ 2,089
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	130,956	148,374
Restricted cash	3,754	8,080
Long-term debt	(972,848)	(972,567)
Carrying Amount \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(7,097)
Interest rate swaps, assets		23,735
Carrying Amount \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange contracts	(670)	(1,442)
Carrying Amount \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency option contracts	116	145
Carrying Amount \| Carbon option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	(2)	(322)
Fair Value \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	130,956	148,374
Restricted cash	3,754	8,080
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, liabilities	0
Interest rate swaps, assets		0
Fair Value \| Level 1 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange contracts	0	0
Fair Value \| Level 1 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency option contracts	0	0
Fair Value \| Level 1 \| Carbon option contracts
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
Long-term debt	(981,500)	(975,845)
Fair Value \| Level 2 \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps, liabilities	(7,097)
Interest rate swaps, assets		23,735
Fair Value \| Level 2 \| Foreign currency exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange contracts	(670)	(1,442)
Fair Value \| Level 2 \| Foreign currency option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency option contracts	116	145
Fair Value \| Level 2 \| Carbon option contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carbon option contracts	$ (2)	$ (322)

EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	3 Months Ended		6 Months Ended
EMPLOYEE BENEFIT PLANS (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) pension_plan	Jun. 30, 2018 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified defined benefit plans \| pension_plan			1
Weighted-average expected long-term rate of return on plan assets			5.70%
Pension
Defined Benefit Plan Disclosure [Line Items]
Pension contributions paid			$ 400
Minimum annual pension contribution	$ 1,300		1,300
Service cost	0	$ 0	0	$ 0
Interest cost	799	759	1,599	1,510
Expected return on plan assets	(777)	(984)	(1,554)	(1,968)
Amortization of losses	112	178	224	338
Net periodic benefit cost (credit)	134	(47)	269	(120)
Postretirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2	3	3
Interest cost	13	13	27	25
Expected return on plan assets	0	0	0	0
Amortization of losses	0	0	0	1
Net periodic benefit cost (credit)	$ 14	$ 15	$ 30	$ 29

OTHER OPERATING (EXPENSE) INCOME, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Income and Expenses [Abstract]
Foreign currency (expense) income	$ (659)	$ 1,267	$ (577)	$ 514
Gain on sale or disposal of property and equipment	35	12	56	27
(Loss) gain on foreign currency exchange and option contracts	(60)	386	(113)	1,819
Log trading marketing fees	80	62	137	131
Income from the sale of unused Internet Protocol addresses	0	0	0	646
Other expense, net	(1,365)	(68)	(1,437)	(108)
Total	$ (1,969)	$ 1,659	$ (1,934)	$ 3,029

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory [Line Items]
Inventory	$ 23,597	$ 15,703
Real estate inventory
Inventory [Line Items]
Inventory	18,327	11,919
Log inventory
Inventory [Line Items]
Inventory	$ 5,270	$ 3,784

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Restricted Cash and Investments [Abstract]
Maximum time period proceeds from LKE sale maintained with third party intermediary, days	180 days
Restricted deposits	$ 3.8	$ 8.1

RESTRICTED CASH - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets	$ 3,754	$ 8,080
Cash and cash equivalents	130,956	148,374
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	134,710	$ 156,454	$ 176,249	$ 172,356
Restricted cash deposited with LKE intermediary
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets	3,204
Restricted cash held in escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash shown in the Consolidated Balance Sheets	$ 550

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Schedule of Components) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,556,873
Other comprehensive (loss) income before reclassifications	(29,836)	$ (12,979)
Amounts reclassified from accumulated other comprehensive (loss) income	86	(199)
Net other comprehensive (loss)/income	(29,750)	(13,178)
Ending balance	1,500,850	1,556,873
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	239	13,417
Ending balance	(29,511)	239
Foreign currency translation (loss) gains
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,010)	15,975
Other comprehensive (loss) income before reclassifications	375	(16,985)
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net other comprehensive (loss)/income	375	(16,985)
Ending balance	(635)	(1,010)
Net investment hedges of New Zealand subsidiary
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	1,321	1,665
Other comprehensive (loss) income before reclassifications	0	(344)
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net other comprehensive (loss)/income	0	(344)
Ending balance	1,321	1,321
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	21,965	16,184
Other comprehensive (loss) income before reclassifications	(30,211)	5,944
Amounts reclassified from accumulated other comprehensive (loss) income	(138)	(163)
Net other comprehensive (loss)/income	(30,349)	5,781
Ending balance	(8,384)	21,965
Cash flow hedges \| Interest rate swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive (loss) income before reclassifications	30,800
Employee benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(22,037)	(20,407)
Other comprehensive (loss) income before reclassifications	0	(1,594)
Amounts reclassified from accumulated other comprehensive (loss) income	224	(36)
Net other comprehensive (loss)/income	224	(1,630)
Ending balance	$ (21,813)	$ (22,037)

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Reclassified AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net	$ (1,969)	$ 1,659	$ (1,934)	$ 3,029
Comprehensive (loss) income attributable to noncontrolling interest	(815)	5,011	(5,366)	528
Income tax expense	$ (3,608)	$ (7,110)	(7,958)	(14,047)
Net gain from accumulated other comprehensive income			86		$ (199)
Cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net gain from accumulated other comprehensive income			(138)	(1,009)
Cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Comprehensive (loss) income attributable to noncontrolling interest			58	419
Income tax expense			54	391
Cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income \| Realized (gain) on foreign currency exchange contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net			(190)	(1,654)
Cash flow hedges \| Reclassification out of Accumulated Other Comprehensive Income \| Realized loss (gain) on foreign currency option contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other operating (expense) income, net			$ (60)	$ (165)

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				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Statement of Income Captions [Line Items]
SALES	$ 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	(1,969)		1,659		(1,934)	3,029
Costs and Expenses, Total	(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 miscellaneous income (expense), net	1,057		2,905		2,390	3,525
Equity in income from subsidiaries	0		0		0	0
INCOME BEFORE INCOME TAXES	24,528		46,448		56,671	96,090
Income tax expense	(3,608)		(7,110)		(7,958)	(14,047)
NET INCOME	20,920	$ 27,793	39,338	$ 42,706	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
Foreign currency translation adjustment, net of income tax	(5,604)	6,033	(29,760)	9,688	429	(20,072)
Cash flow hedges, net of income tax	(19,519)	(10,686)	529	16,615	(30,205)	17,143
Amortization of pension and postretirement plans, net of income tax	112	$ 112	178	$ 159	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
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 (expense) income, net	0		0		0	0
Costs and Expenses, Total	0		0		0	0
OPERATING INCOME	0		0		0	0
Interest expense	0		0		0	0
Interest and miscellaneous income (expense), net	0		0		0	0
Equity in income from subsidiaries	(55,420)		(83,082)		(121,238)	(172,971)
INCOME BEFORE INCOME TAXES	(55,420)		(83,082)		(121,238)	(172,971)
Income tax expense	0		0		0	0
NET INCOME	(55,420)		(83,082)		(121,238)	(172,971)
Less: Net income attributable to noncontrolling interest	0		0		0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	(55,420)		(83,082)		(121,238)	(172,971)
Foreign currency translation adjustment, net of income tax	4,305		22,856		(375)	15,252
Cash flow hedges, net of income tax	19,465		(1,716)		30,349	(18,097)
Amortization of pension and postretirement plans, net of income tax	(112)		(178)		(224)	(338)
Total other comprehensive (loss) income	23,658		20,962		29,750	(3,183)
COMPREHENSIVE (LOSS) INCOME	(31,762)		(62,120)		(91,488)	(176,154)
Less: Comprehensive (income) loss attributable to noncontrolling interest	0		0		0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(31,762)		(62,120)		(91,488)	(176,154)
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 (expense) income, net	0		0		0	(12)
Costs and Expenses, Total	0		0		0	(12)
OPERATING INCOME	0		0		0	(12)
Interest expense	(3,140)		(3,139)		(6,278)	(6,278)
Interest and miscellaneous income (expense), net	(457)		2,734		(913)	5,362
Equity in income from subsidiaries	22,349		36,663		50,737	77,725
INCOME BEFORE INCOME TAXES	18,752		36,258		43,546	76,797
Income tax expense	0		0		0	0
NET INCOME	18,752		36,258		43,546	76,797
Less: Net income attributable to noncontrolling interest	0		0		0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	18,752		36,258		43,546	76,797
Foreign currency translation adjustment, net of income tax	(4,305)		(22,856)		374	(15,252)
Cash flow hedges, net of income tax	(19,465)		1,716		(30,349)	18,097
Amortization of pension and postretirement plans, net of income tax	112		178		224	338
Total other comprehensive (loss) income	(23,658)		(20,962)		(29,751)	3,183
COMPREHENSIVE (LOSS) INCOME	(4,906)		15,296		13,795	79,980
Less: Comprehensive (income) loss attributable to noncontrolling interest	0		0		0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	(4,906)		15,296		13,795	79,980
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	(5,660)		(5,471)		(10,503)	(9,859)
Other operating (expense) income, net	(1,091)		(40)		(1,090)	595
Costs and Expenses, Total	(6,751)		(5,511)		(11,593)	(9,264)
OPERATING INCOME	(6,751)		(5,511)		(11,593)	(9,264)
Interest expense	(4,769)		(4,900)		(9,316)	(9,555)
Interest and miscellaneous income (expense), net	928		746		1,892	1,511
Equity in income from subsidiaries	33,071		46,419		70,501	95,246
INCOME BEFORE INCOME TAXES	22,479		36,754		51,484	77,938
Income tax expense	(130)		(91)		(747)	(213)
NET INCOME	22,349		36,663		50,737	77,725
Less: Net income attributable to noncontrolling interest	0		0		0	0
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	22,349		36,663		50,737	77,725
Foreign currency translation adjustment, net of income tax	0		341		(90)	452
Cash flow hedges, net of income tax	(19,284)		5,690		(30,832)	21,287
Amortization of pension and postretirement plans, net of income tax	112		178		224	338
Total other comprehensive (loss) income	(19,172)		6,209		(30,698)	22,077
COMPREHENSIVE (LOSS) INCOME	3,177		42,872		20,039	99,802
Less: Comprehensive (income) loss attributable to noncontrolling interest	0		0		0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	3,177		42,872		20,039	99,802
Non- guarantors \| Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
SALES	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	(5,324)		(6,031)		(10,291)	(10,645)
Other operating (expense) income, net	(878)		1,699		(844)	2,446
Costs and Expenses, Total	(146,656)		(188,750)		(294,840)	(331,105)
OPERATING INCOME	38,144		57,156		81,506	117,996
Interest expense	(13)		(63)		(38)	(322)
Interest and miscellaneous income (expense), net	586		(575)		1,411	(3,348)
Equity in income from subsidiaries	0		0		0	0
INCOME BEFORE INCOME TAXES	38,717		56,518		82,879	114,326
Income tax expense	(3,478)		(7,019)		(7,211)	(13,834)
NET INCOME	35,239		49,499		75,668	100,492
Less: Net income attributable to noncontrolling interest	(2,168)		(3,080)		(5,167)	(5,246)
NET INCOME ATTRIBUTABLE TO RAYONIER INC.	33,071		46,419		70,501	95,246
Foreign currency translation adjustment, net of income tax	(5,604)		(30,101)		520	(20,524)
Cash flow hedges, net of income tax	(235)		(5,161)		627	(4,144)
Amortization of pension and postretirement plans, net of income tax	0		0		0	0
Total other comprehensive (loss) income	(5,839)		(35,262)		1,147	(24,668)
COMPREHENSIVE (LOSS) INCOME	29,400		14,237		76,815	75,824
Less: Comprehensive (income) loss attributable to noncontrolling interest	(815)		5,011		(5,366)	528
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.	$ 28,585		$ 19,248		$ 71,449	$ 76,352

CONSOLIDATING FINANCIAL STATEMENTS (Balance Sheets) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 130,956		$ 148,374
Accounts receivable, less allowance for doubtful accounts	44,931		26,151
Inventory	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 INVESTMENTS	77,072		85,609
NET PROPERTY, PLANT AND EQUIPMENT	22,044		22,751
RESTRICTED CASH	3,754		8,080
RIGHT-OF-USE ASSETS	104,016		0
INVESTMENT IN SUBSIDIARIES	0		0
INTERCOMPANY RECEIVABLE	0		0
OTHER ASSETS	41,021		55,046
TOTAL ASSETS	2,861,051		2,780,666
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	972,848		972,567
PENSION AND OTHER POSTRETIREMENT BENEFITS	29,383		29,800
LONG-TERM LEASE LIABILITY	93,749		0
OTHER NON-CURRENT LIABILITIES	78,688		60,208
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,500,850		1,556,873
Noncontrolling interest	99,448		97,677
TOTAL SHAREHOLDERS’ EQUITY	1,600,298	$ 1,641,200	1,654,550	$ 1,712,877	$ 1,736,173	$ 1,692,940
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,861,051		2,780,666
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 INVESTMENTS	0		0
NET PROPERTY, PLANT AND EQUIPMENT	0		0
RESTRICTED CASH	0		0
RIGHT-OF-USE ASSETS	0
INVESTMENT IN SUBSIDIARIES	(4,780,920)		(4,856,774)
INTERCOMPANY RECEIVABLE	0		0
OTHER ASSETS	0		0
TOTAL ASSETS	(4,780,920)		(4,856,774)
CURRENT LIABILITIES
Accounts payable	0		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
LONG-TERM LEASE LIABILITY	0
OTHER NON-CURRENT LIABILITIES	0		0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	(4,780,920)		(4,856,774)
Noncontrolling interest	0		0
TOTAL SHAREHOLDERS’ EQUITY	(4,780,920)		(4,856,774)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	(4,780,920)		(4,856,774)
Rayonier Inc. (Parent Issuer) \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	84		361
Accounts receivable, less allowance for doubtful accounts	0		0
Inventory	0		0
Prepaid expenses	0		0
Other current assets	0		0
Total current assets	84		361
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0		0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	0		0
NET PROPERTY, PLANT AND EQUIPMENT	0		0
RESTRICTED CASH	0		0
RIGHT-OF-USE ASSETS	0
INVESTMENT IN SUBSIDIARIES	1,771,540		1,833,899
INTERCOMPANY RECEIVABLE	56,257		49,461
OTHER ASSETS	2		2
TOTAL ASSETS	1,827,883		1,883,723
CURRENT LIABILITIES
Accounts payable	0		0
Accrued taxes	0		0
Accrued payroll and benefits	0		0
Accrued interest	3,046		3,047
Deferred revenue	0		0
Other current liabilities	0		0
Total current liabilities	3,046		3,047
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	323,987		323,803
PENSION AND OTHER POSTRETIREMENT BENEFITS	0		0
LONG-TERM LEASE LIABILITY	0
OTHER NON-CURRENT LIABILITIES	0		0
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,500,850		1,556,873
Noncontrolling interest	0		0
TOTAL SHAREHOLDERS’ EQUITY	1,500,850		1,556,873
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,827,883		1,883,723
Subsidiary Guarantors \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	92,874		104,777
Accounts receivable, less allowance for doubtful accounts	1,919		3,752
Inventory	0		0
Prepaid expenses	2,286		977
Other current assets	97		108
Total current assets	97,176		109,614
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0		0
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	0		0
NET PROPERTY, PLANT AND EQUIPMENT	16,439		16,940
RESTRICTED CASH	0		0
RIGHT-OF-USE ASSETS	35,291
INVESTMENT IN SUBSIDIARIES	3,009,380		3,022,875
INTERCOMPANY RECEIVABLE	(644,161)		(638,424)
OTHER ASSETS	169		19,244
TOTAL ASSETS	2,514,294		2,530,249
CURRENT LIABILITIES
Accounts payable	4,227		1,616
Accrued taxes	170		8
Accrued payroll and benefits	3,123		5,848
Accrued interest	1,885		1,960
Deferred revenue	0		0
Other current liabilities	5,793		216
Total current liabilities	15,198		9,648
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	648,861		648,764
PENSION AND OTHER POSTRETIREMENT BENEFITS	30,067		30,484
LONG-TERM LEASE LIABILITY	30,130
OTHER NON-CURRENT LIABILITIES	18,498		7,454
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	1,771,540		1,833,899
Noncontrolling interest	0		0
TOTAL SHAREHOLDERS’ EQUITY	1,771,540		1,833,899
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,514,294		2,530,249
Non- guarantors \| Reportable Legal Entities
CURRENT ASSETS
Cash and cash equivalents	37,998		43,236
Accounts receivable, less allowance for doubtful accounts	43,012		22,399
Inventory	23,597		15,703
Prepaid expenses	18,295		16,039
Other current assets	593		501
Total current assets	123,495		97,878
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	2,392,389		2,401,327
HIGHER AND BETTER USE TIMBERLANDS AND REAL ESTATE DEVELOPMENT INVESTMENTS	77,072		85,609
NET PROPERTY, PLANT AND EQUIPMENT	5,605		5,811
RESTRICTED CASH	3,754		8,080
RIGHT-OF-USE ASSETS	68,725
INVESTMENT IN SUBSIDIARIES	0		0
INTERCOMPANY RECEIVABLE	587,904		588,963
OTHER ASSETS	40,850		35,800
TOTAL ASSETS	3,299,794		3,223,468
CURRENT LIABILITIES
Accounts payable	20,717		16,403
Accrued taxes	5,765		3,170
Accrued payroll and benefits	2,328		4,568
Accrued interest	0		0
Deferred revenue	19,798		10,447
Other current liabilities	19,233		16,258
Total current liabilities	67,841		50,846
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS	0		0
PENSION AND OTHER POSTRETIREMENT BENEFITS	(684)		(684)
LONG-TERM LEASE LIABILITY	63,619
OTHER NON-CURRENT LIABILITIES	60,190		52,754
TOTAL RAYONIER INC. SHAREHOLDERS’ EQUITY	3,009,380		3,022,875
Noncontrolling interest	99,448		97,677
TOTAL SHAREHOLDERS’ EQUITY	3,108,828		3,120,552
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,299,794		$ 3,223,468

CONSOLIDATING FINANCIAL STATEMENTS (Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Cash Flows [Abstract]
CASH (USED FOR) 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)
Investment in subsidiaries	0	0
Other	(3,888)	113
CASH USED FOR INVESTING ACTIVITIES	(60,788)	(61,542)
FINANCING ACTIVITIES
Issuance of debt	0	1,014
Repayment of debt	0	(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)
Issuance of intercompany notes		0
Other	133	0
Distribution to minority shareholder	(3,594)	0
Intercompany distributions	0	0
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
Consolidating Adjustments
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	0	0
INVESTING ACTIVITIES
Capital expenditures	0	0
Real estate development investments	0	0
Purchase of timberlands	0	0
Investment in subsidiaries	(832)	(40,441)
Other	0	0
CASH USED FOR INVESTING ACTIVITIES	(832)	(40,441)
FINANCING ACTIVITIES
Issuance of debt		0
Repayment of debt		0
Dividends paid	0	0
Proceeds from the issuance of common shares under incentive stock plan	0	0
Repurchase of common shares	0	0
Issuance of intercompany notes		0
Other	0
Distribution to minority shareholder	0
Intercompany distributions	832	40,441
CASH USED FOR FINANCING ACTIVITIES	832	40,441
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	0	0
Balance, beginning of year	0	0
Balance, end of period	0	0
Rayonier Inc. (Parent Issuer) \| Reportable Legal Entities
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	(14,180)	(7,491)
INVESTING ACTIVITIES
Capital expenditures	0	0
Real estate development investments	0	0
Purchase of timberlands	0	0
Investment in subsidiaries	0	0
Other	0	0
CASH USED FOR INVESTING ACTIVITIES	0	0
FINANCING ACTIVITIES
Issuance of debt		0
Repayment of debt		0
Dividends paid	(69,798)	(67,053)
Proceeds from the issuance of common shares under incentive stock plan	774	7,824
Repurchase of common shares	(4,241)	(2,966)
Issuance of intercompany notes		9,000
Other	0
Distribution to minority shareholder	0
Intercompany distributions	87,168	107,102
CASH USED FOR FINANCING ACTIVITIES	13,903	35,907
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(277)	28,416
Balance, beginning of year	361	48,564
Balance, end of period	84	76,980
Subsidiary Guarantors \| Reportable Legal Entities
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	25,406	57,280
INVESTING ACTIVITIES
Capital expenditures	0	(58)
Real estate development investments	0	0
Purchase of timberlands	0	0
Investment in subsidiaries	832	40,441
Other	(7,539)	0
CASH USED FOR INVESTING ACTIVITIES	(6,707)	40,383
FINANCING ACTIVITIES
Issuance of debt		0
Repayment of debt		(50,000)
Dividends paid	(1,309)	0
Proceeds from the issuance of common shares under incentive stock plan	0	0
Repurchase of common shares	0	0
Issuance of intercompany notes		0
Other	0
Distribution to minority shareholder	0
Intercompany distributions	(29,293)	(60,741)
CASH USED FOR FINANCING ACTIVITIES	(30,602)	(110,741)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(11,903)	(13,078)
Balance, beginning of year	104,777	25,042
Balance, end of period	92,874	11,964
Non- guarantors \| Reportable Legal Entities
Statement of Cash Flows [Abstract]
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES	105,728	131,794
INVESTING ACTIVITIES
Capital expenditures	(29,505)	(25,862)
Real estate development investments	(999)	(4,501)
Purchase of timberlands	(26,396)	(31,234)
Investment in subsidiaries	0	0
Other	3,651	113
CASH USED FOR INVESTING ACTIVITIES	(53,249)	(61,484)
FINANCING ACTIVITIES
Issuance of debt		1,014
Repayment of debt		(4,389)
Dividends paid		0
Proceeds from the issuance of common shares under incentive stock plan	0	0
Repurchase of common shares	0	0
Issuance of intercompany notes		(9,000)
Other	133
Distribution to minority shareholder	(3,594)
Intercompany distributions	(58,707)	(86,802)
CASH USED FOR FINANCING ACTIVITIES	(62,168)	(81,177)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	125	(578)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash	(9,564)	(11,445)
Balance, beginning of year	51,316	98,750
Balance, end of period	$ 41,752	$ 87,305