Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2011

CONSOLIDATING FINANCIAL STATEMENTS [Abstract]

Schedule of Condensed Consoldiating Income Statement [Table Text Block]

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Three Months Ended June 30, 2011
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	—		$	—		$	330,812		$	43,589		$	(17,004	)	$	357,397
Costs and Expenses
Cost of sales	—		—			—			251,107			30,257			(18,592		)	262,772
Selling and general expenses	—		2,215			—			12,985			792			—			15,992
Other operating expense  (income), net	—		36			—			1,903			(1,230		)	—			709
	—		2,251			—			265,995			29,819			(18,592		)	279,473
Equity in income of New Zealand joint venture	—		—			—			167			982			—			1,149
OPERATING (LOSS) INCOME	—		(2,251		)	—			64,984			14,752			1,588			79,073
Interest expense	—		(261		)	(12,161		)	(144		)	(62		)	—			(12,628		)
Interest and miscellaneous income (expense), net	—		1,303			(1,117		)	(4,992		)	5,120			—			314
Equity in income from subsidiaries	56,454		57,748			44,783			—			—			(158,985		)	—
INCOME BEFORE INCOME TAXES	56,454		56,539			31,505			59,848			19,810			(157,397		)	66,759
Income tax (expense) benefit	—		(85		)	4,845			(15,065		)	—			—			(10,305		)
NET INCOME	$	56,454	$	56,454		$	36,350		$	44,783		$	19,810		$	(157,397	)	$	56,454

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Three Months Ended June 30, 2010
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	—		$	—		$	294,765		$	33,410		$	(15,965	)	$	312,210
Costs and Expenses
Cost of sales	—		—			—			240,382			23,712			(21,154		)	242,940
Selling and general expenses	—		2,856			—			11,539			777			—			15,172
Other operating expense (income), net	—		24			—			425			(1,709		)	—			(1,260		)
	—		2,880			—			252,346			22,780			(21,154		)	256,852
Equity in income of New Zealand joint venture	—		—			—			150			836			—			986
OPERATING (LOSS) INCOME	—		(2,880		)	—			42,569			11,466			5,189			56,344
Interest expense	—		260			(12,656		)	175			(29		)	—			(12,250		)
Interest and miscellaneous income (expense), net	—		1,332			(1,040		)	(4,999		)	5,115			—			408
Equity in income from subsidiaries	38,558		40,186			27,141			—			—			(105,885		)	—
INCOME BEFORE INCOME TAXES	38,558		38,898			13,445			37,745			16,552			(100,696		)	44,502
Income tax (expense) benefit	—		(340		)	5,000			(10,604		)	—			—			(5,944		)
NET INCOME	$	38,558	$	38,558		$	18,445		$	27,141		$	16,552		$	(100,696	)	$	38,558

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Six Months Ended June 30, 2011
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	—		$	—		$	659,077		$	86,421		$	(30,371	)	$	715,127
Costs and Expenses
Cost of sales	—		—			—			495,404			58,254			(33,375		)	520,283
Selling and general expenses	—		4,931			—			26,055			1,439			—			32,425
Other operating expense  (income), net	—		85			—			2,201			(3,694		)	(1		)	(1,409		)
	—		5,016			—			523,660			55,999			(33,376		)	551,299
Equity in income of New Zealand joint venture	—		—			—			361			2,462			—			2,823
OPERATING (LOSS) INCOME	—		(5,016		)	—			135,778			32,884			3,005			166,651
Interest expense	—		(391		)	(25,211		)	(256		)	(87		)	—			(25,945		)
Interest and miscellaneous income (expense), net	—		2,640			(2,191		)	(10,016		)	10,172			—			605
Equity in income from subsidiaries	114,865		117,792			89,218			—			—			(321,875		)	—
INCOME BEFORE INCOME TAXES	114,865		115,025			61,816			125,506			42,969			(318,870		)	141,311
Income tax (expense) benefit	—		(160		)	10,002			(36,288		)	—			—			(26,446		)
NET INCOME	$	114,865	$	114,865		$	71,818		$	89,218		$	42,969		$	(318,870	)	$	114,865

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Six Months Ended June 30, 2010
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	—		$	—		$	579,333		$	134,868		$	(91,791	)	$	622,410
Costs and Expenses
Cost of sales	—		—			—			474,223			65,882			(64,311		)	475,794
Selling and general expenses	—		4,856			—			25,730			1,553			—			32,139
Other operating expense (income), net	—		20			—			(1,635		)	(4,213		)	—			(5,828		)
	—		4,876			—			498,318			63,222			(64,311		)	502,105
Equity in income of New Zealand joint venture	—		—			—			505			26			—			531
OPERATING (LOSS) INCOME BEFORE GAIN ON SALE OF A PORTION OF THE INTEREST IN THE NEW ZEALAND JOINT VENTURE	—		(4,876		)	—			81,520			71,672			(27,480		)	120,836
Gain on sale of a portion of the interest in the New Zealand joint venture	—		—			—			7,697			4,670			—			12,367
OPERATING (LOSS) INCOME	—		(4,876		)	—			89,217			76,342			(27,480		)	133,203
Interest expense	—		150			(24,960		)	153			(79		)	—			(24,736		)
Interest and miscellaneous income (expense), net	—		10,259			(2,289		)	(16,656		)	9,284			—			598
Equity in income from subsidiaries	95,511		91,520			50,756			—			—			(237,787		)	—
INCOME BEFORE INCOME TAXES	95,511		97,053			23,507			72,714			85,547			(265,267		)	109,065
Income tax (expense) benefit	—		(1,542		)	9,946			(21,958		)	—			—			(13,554		)
NET INCOME	$	95,511	$	95,511		$	33,453		$	50,756		$	85,547		$	(265,267	)	$	95,511

Schedule of Condensed Consolidating Balance Sheet [Table Text Block]

	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2011
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—	$	45,727	$	232,333	$	11,745		$	24,375		$	—		$	314,180
Accounts receivable, less allowance for doubtful accounts	—		42		—		105,978			2,282			—			108,302
Inventory	—		—		—		123,050			—			(14,021		)	109,029
Intercompany interest receivable	—		—		—		—			4,225			(4,225		)	—
Income tax receivable	—		1,755		—		—			—			—			1,755
Prepaid and other current assets	—		1,404		815		65,777			4,024			—			72,020
Total current assets	—		48,928		233,148		306,550			34,906			(18,246		)	605,286
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		245		—		38,079			1,089,122			1,860			1,129,306
NET PROPERTY, PLANT AND EQUIPMENT	—		2,551		—		404,102			1,716			—			408,369
INVESTMENT IN JOINT VENTURE	—		—		—		(12,290		)	89,759			—			77,469
INVESTMENT IN SUBSIDIARIES	1,302,979		1,431,789		1,027,229		—			—			(3,761,997		)	—
OTHER ASSETS	—		26,945		8,087		647,435			6,328			(547,438		)	141,357
TOTAL ASSETS	$	1,302,979	$	1,510,458	$	1,268,464	$	1,383,876		$	1,221,831		$	(4,325,821	)	$	2,361,787
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,288	$	42	$	64,541		$	1,272		$	—		$	67,143
Current maturities of long-term debt	—		—		116,167		—			—			—			116,167
Accrued taxes	—		9		—		13,809			4,541			—			18,359
Uncertain tax positions	—		430		—		16,000			—			—			16,430
Accrued payroll and benefits	—		10,080		—		9,981			1,648			—			21,709
Accrued interest	—		145		5,464		1,031			—			—			6,640
Accrued customer incentives	—		—		—		8,707			—			—			8,707
Other current liabilities	—		1,479		—		20,048			14,523			—			36,050
Current liabilities for dispositions and discontinued operations	—		—		—		11,625			—			—			11,625
Total current liabilities	—		13,431		121,673		145,742			21,984			—			302,830
LONG-TERM DEBT	—		—		581,297		—			—			—			581,297
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		76,928			—			—			76,928
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		64,076		—		1,061			—			—			65,137
OTHER NON-CURRENT LIABILITIES	—		19,268		—		12,717			631			—			32,616
INTERCOMPANY PAYABLE	—		110,704		—		120,199			(7,099		)	(223,804		)	—
TOTAL LIABILITIES	—		207,479		702,970		356,647			15,516			(223,804		)	1,058,808
TOTAL SHAREHOLDERS’ EQUITY	1,302,979		1,302,979		565,494		1,027,229			1,206,315			(4,102,017		)	1,302,979
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,302,979	$	1,510,458	$	1,268,464	$	1,383,876		$	1,221,831		$	(4,325,821	)	$	2,361,787

	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2010
	Rayonier Inc. (Parent Guarantor)		ROC (Subsidiary Guarantor)		Rayonier TRS Holdings Inc. (Issuer)		Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—	$	29,759	$	283,258	$	1,280		$	35,166		$	—		$	349,463
Accounts receivable, less allowance for doubtful accounts	—		1		—		81,288			1,351			—			82,640
Inventory	—		—		—		123,432			—			(13,397		)	110,035
Intercompany interest receivable	—		—		—		—			4,320			(4,320		)	—
Income tax receivable	—		1,750		—		19,984			—			—			21,734
Prepaid and other current assets	—		1,273		842		38,697			4,502			—			45,314
Total current assets	—		32,783		284,100		264,681			45,339			(17,717		)	609,186
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		37,398			1,098,870			1,663			1,137,931
NET PROPERTY, PLANT AND EQUIPMENT	—		2,819		—		380,577			1,711			197			385,304
INVESTMENT IN JOINT VENTURE	—		—		—		(12,282		)	80,765			—			68,483
INVESTMENT IN SUBSIDIARIES	1,251,582		1,392,465		987,381		—			—			(3,631,428		)	—
OTHER ASSETS	—		26,642		9,351		664,664			13,153			(551,061		)	162,749
TOTAL ASSETS	$	1,251,582	$	1,454,709	$	1,280,832	$	1,335,038		$	1,239,838		$	(4,198,346	)	$	2,363,653
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	823	$	20	$	55,052		$	2,090		$	—		$	57,985
Current maturities of long-term debt	—		—		93,057		—			—			—			93,057
Accrued taxes	—		—		—		8,283			2,054			—			10,337
Uncertain tax positions	—		430		—		—			—			—			430
Accrued payroll and benefits	—		13,507		—		9,590			2,369			—			25,466
Accrued interest	—		12		5,591		603			—			—			6,206
Accrued customer incentives	—		—		—		9,759			—			—			9,759
Other current liabilities	—		2,178		—		20,071			7,959			—			30,208
Current liabilities for dispositions and discontinued operations	—		—		—		11,500			—			—			11,500
Total current liabilities	—		16,950		98,668		114,858			14,472			—			244,948
LONG-TERM DEBT	—		—		675,103		—			—			—			675,103
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		81,660			—			—			81,660
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		63,759		—		2,576			—			—			66,335
OTHER NON-CURRENT LIABILITIES	—		19,811		—		23,552			662			—			44,025
INTERCOMPANY PAYABLE	—		102,607		—		125,011			(3,751		)	(223,867		)	—
TOTAL LIABILITIES	—		203,127		773,771		347,657			11,383			(223,867		)	1,112,071
TOTAL SHAREHOLDERS’ EQUITY	1,251,582		1,251,582		507,061		987,381			1,228,455			(3,974,479		)	1,251,582
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,251,582	$	1,454,709	$	1,280,832	$	1,335,038		$	1,239,838		$	(4,198,346	)	$	2,363,653

Schedule of Condensed Consolidating Cash Flows Statement [Table Text Block]

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2011
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	87,805		$	104,011		$	15,000		$	97,347		$	81,107		$	(190,403	)	$	194,867
INVESTING ACTIVITIES
Capital expenditures	—			(238		)	—			(47,800		)	(17,173		)	—			(65,211		)
Purchase of timberlands	—			—			—			—			(12,976		)	—			(12,976		)
Change in restricted cash	—			—			—			—			8,323			—			8,323
Investment In Subsidiaries	—			—			24,778			—			—			(24,778		)	—
Other	—			—			—			(878		)	(72		)	—			(950		)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(238		)	24,778			(48,678		)	(21,898		)	(24,778		)	(70,814		)
FINANCING ACTIVITIES
Issuance of debt	—			—			—			—			70,000			—			70,000
Repayment of debt	—			—			(75,000		)	—			(70,000		)	—			(145,000		)
Dividends paid	(87,871		)	—			—			—			—			—			(87,871		)
Proceeds from the issuance of common shares	7,894			—			—			—			—			—			7,894
Excess tax benefits on stock-based compensation	—			—			—			4,900			—			—			4,900
Debt issuance costs	—			(480		)	(703		)	—			(480		)	—			(1,663		)
Repurchase of common shares	(7,828		)	—			—			—			—			—			(7,828		)
Distributions to / from parent	—			(87,325		)	(15,000		)	(43,336		)	(69,520		)	215,181			—
CASH USED FOR FINANCING ACTIVITIES	(87,805		)	(87,805		)	(90,703		)	(38,436		)	(70,000		)	215,181			(159,568		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			232			—			—			232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			15,968			(50,925		)	10,465			(10,791		)	—			(35,283		)
Balance, beginning of year	—			29,759			283,258			1,280			35,166			—			349,463
Balance, end of period	$	—		$	45,727		$	232,333		$	11,745		$	24,375		$	—		$	314,180

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2010
	Rayonier Inc. (Parent Guarantor)			ROC (Subsidiary Guarantor)			Rayonier TRS Holdings Inc. (Issuer)			Subsidiaries of Rayonier TRS Holdings Inc. (Non- guarantors)			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	73,755		$	117,276		$	25,000		$	231,519		$	118,793		$	(210,543	)	$	355,800
INVESTING ACTIVITIES
Capital expenditures	—			(139		)	—			(58,842		)	(12,367		)	—			(71,348		)
Intercompany purchase of timberlands and real estate	—			—			—			(41,254		)	(22,936		)	64,190			—
Change in restricted cash	—			—			—			—			(10,043		)	—			(10,043		)
Investment in Subsidiaries	—			—			116,784			—			—			(116,784		)	—
Other	—			—			—			6,855			(1,980		)	—			4,875
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(139		)	116,784			(93,241		)	(47,326		)	(52,594		)	(76,516		)
FINANCING ACTIVITIES
Issuance of debt	—			—			75,000			—			52,000			—			127,000
Repayment of debt	—			(5,000		)	(4,650		)	—			(57,000		)	—			(66,650		)
Dividends paid	(79,990		)	—			—			—			—			—			(79,990		)
Proceeds from the issuance of common shares	12,232			—			—			—			—			—			12,232
Excess tax benefits on stock-based compensation	—			—			—			3,951			—			—			3,951
Debt issuance costs	—			—			(535		)	—			—			—			(535		)
Repurchase of common shares	(5,997		)	—			—			—			—			—			(5,997		)
Distributions to / from parent	—			(73,755		)	(25,000		)	(144,382		)	(20,000		)	263,137			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(73,755		)	(78,755		)	44,815			(140,431		)	(25,000		)	263,137			(9,989		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(75		)	—			—			(75		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			38,382			186,599			(2,228		)	46,467			—			269,220
Balance, beginning of year	—			2,895			67,494			2,228			2,347			—			74,964
Balance, end of period	$	—		$	41,277		$	254,093		$	—		$	48,814		$	—		$	344,184