Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 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 September 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	$	—	$	—		$	—		$	342,937		$	61,463		$	(19,309	)	$	385,091
Costs and Expenses
Cost of sales	—		—			—			254,969			32,376			(21,161		)	266,184
Selling and general expenses	—		2,566			—			12,584			612			—			15,762
Other operating expense  (income), net	—		45			—			(2,606		)	(1,610		)	—			(4,171		)
	—		2,611			—			264,947			31,378			(21,161		)	277,775
Equity in income of New Zealand joint venture	—		—			—			200			794			—			994
OPERATING (LOSS) INCOME	—		(2,611		)	—			78,190			30,879			1,852			108,310
Interest expense	—		(440		)	(12,139		)	328			(105		)	—			(12,356		)
Interest and miscellaneous income (expense), net	—		1,332			(1,121		)	(5,053		)	5,173			—			331
Equity in income from subsidiaries	104,909		106,350			76,971			—			—			(288,230		)	—
INCOME BEFORE INCOME TAXES	104,909		104,631			63,711			73,465			35,947			(286,378		)	96,285
Income tax benefit	—		278			4,840			3,506			—			—			8,624
NET INCOME	$	104,909	$	104,909		$	68,551		$	76,971		$	35,947		$	(286,378	)	$	104,909

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Three Months Ended September 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	$	—	$	—		$	—		$	349,311		$	69,040		$	(40,836	)	$	377,515
Costs and Expenses
Cost of sales	—		—			—			280,715			33,900			(45,412		)	269,203
Selling and general expenses	—		2,735			—			13,613			777			—			17,125
Other operating expense (income), net	—		54			—			679			(1,525		)	—			(792		)
	—		2,789			—			295,007			33,152			(45,412		)	285,536
Equity in income (loss) of New Zealand joint venture	—		—			—			147			(44		)	—			103
OPERATING (LOSS) INCOME	—		(2,789		)	—			54,451			35,844			4,576			92,082
Interest expense	—		(80		)	(12,682		)	(153		)	(28		)	—			(12,943		)
Interest and miscellaneous income (expense), net	—		1,335			(987		)	(5,178		)	5,175			—			345
Equity in income from subsidiaries	62,904		66,680			29,793			—			—			(159,377		)	—
INCOME BEFORE INCOME TAXES	62,904		65,146			16,124			49,120			40,991			(154,801		)	79,484
Income tax (expense) benefit	—		(2,242		)	4,989			(19,327		)	—			—			(16,580		)
NET INCOME	$	62,904	$	62,904		$	21,113		$	29,793		$	40,991		$	(154,801	)	$	62,904

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Nine Months Ended September 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	$	—	$	—		$	—		$	1,002,015		$	147,884		$	(49,681	)	$	1,100,218
Costs and Expenses
Cost of sales	—		—			—			750,375			90,630			(54,538		)	786,467
Selling and general expenses	—		7,497			—			38,639			2,051			—			48,187
Other operating expense  (income), net	—		130			—			(406		)	(5,304		)	—			(5,580		)
	—		7,627			—			788,608			87,377			(54,538		)	829,074
Equity in income of New Zealand joint venture	—		—			—			561			3,256			—			3,817
OPERATING (LOSS) INCOME	—		(7,627		)	—			213,968			63,763			4,857			274,961
Interest expense	—		(831		)	(37,350		)	73			(192		)	—			(38,300		)
Interest and miscellaneous income (expense), net	—		3,972			(3,313		)	(15,069		)	15,345			—			935
Equity in income from subsidiaries	219,774		224,142			166,190			—			—			(610,106		)	—
INCOME BEFORE INCOME TAXES	219,774		219,656			125,527			198,972			78,916			(605,249		)	237,596
Income tax benefit (expense)	—		118			14,842			(32,782		)	—			—			(17,822		)
NET INCOME	$	219,774	$	219,774		$	140,369		$	166,190		$	78,916		$	(605,249	)	$	219,774

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME For the Nine Months Ended September 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	$	—	$	—		$	—		$	928,643		$	203,909		$	(132,627	)	$	999,925
Costs and Expenses
Cost of sales	—		—			—			754,937			99,782			(109,723		)	744,996
Selling and general expenses	—		7,591			—			39,343			2,330			—			49,264
Other operating expense (income), net	—		73			—			(955		)	(5,738		)	—			(6,620		)
	—		7,664			—			793,325			96,374			(109,723		)	787,640
Equity in income of New Zealand joint venture	—		—			—			652			(18		)	—			634
OPERATING (LOSS) INCOME BEFORE GAIN ON SALE OF A PORTION OF THE INTEREST IN THE NEW ZEALAND JOINT VENTURE	—		(7,664		)	—			135,970			107,517			(22,904		)	212,919
Gain on sale of a portion of the interest in the New Zealand joint venture	—		—			—			7,697			4,670			—			12,367
OPERATING (LOSS) INCOME	—		(7,664		)	—			143,667			112,187			(22,904		)	225,286
Interest expense	—		70			(37,643		)	—			(107		)	—			(37,680		)
Interest and miscellaneous income (expense), net	—		11,595			(3,276		)	(21,835		)	14,459			—			943
Equity in income from subsidiaries	158,415		158,198			80,547			—			—			(397,160		)	—
INCOME BEFORE INCOME TAXES	158,415		162,199			39,628			121,832			126,539			(420,064		)	188,549
Income tax (expense) benefit	—		(3,784		)	14,935			(41,285		)	—			—			(30,134		)
NET INCOME	$	158,415	$	158,415		$	54,563		$	80,547		$	126,539		$	(420,064	)	$	158,415

Schedule of Condensed Consolidating Balance Sheet [Table Text Block]

	CONDENSED CONSOLIDATING BALANCE SHEETS As of September 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	$	—	$	42,375	$	276,435	$	10,274		$	33,201		$	—		$	362,285
Accounts receivable, less allowance for doubtful accounts	—		—		—		105,707			1,230			—			106,937
Inventory	—		76		—		128,716			—			(14,678		)	114,114
Intercompany interest receivable	—		—		—		—			4,257			(4,257		)	—
Income tax receivable	—		1,624		—		—			—			—			1,624
Prepaid and other current assets	—		1,222		816		51,314			10,106			—			63,458
Total current assets	—		45,297		277,251		296,011			48,794			(18,935		)	648,418
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		23		—		38,422			1,152,051			1,860			1,192,356
NET PROPERTY, PLANT AND EQUIPMENT	—		2,418		—		416,441			1,749			—			420,608
INVESTMENT IN JOINT VENTURE	—		—		—		(11,356		)	91,637			—			80,281
INVESTMENT IN SUBSIDIARIES	1,368,031		1,577,960		1,059,932		—			—			(4,005,923		)	—
OTHER ASSETS	—		27,555		7,285		656,407			6,741			(544,930		)	153,058
TOTAL ASSETS	$	1,368,031	$	1,653,253	$	1,344,468	$	1,395,925		$	1,300,972		$	(4,567,928	)	$	2,494,721
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	785	$	22	$	64,746		$	2,942		$	—		$	68,495
Current maturities of long-term debt	—		—		116,167		—			—			—			116,167
Accrued taxes	—		13		—		16,572			6,309			—			22,894
Accrued payroll and benefits	—		12,761		—		9,761			2,197			—			24,719
Accrued interest	—		278		10,773		891			—			—			11,942
Accrued customer incentives	—		—		—		9,265			—			—			9,265
Other current liabilities	—		1,656		—		19,730			14,251			—			35,637
Current liabilities for dispositions and discontinued operations	—		—		—		11,090			—			—			11,090
Total current liabilities	—		15,493		126,962		132,055			25,699			—			300,209
LONG-TERM DEBT	—		75,000		583,464		—			—			—			658,464
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		75,213			—			—			75,213
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		64,522		—		990			—			—			65,512
OTHER NON-CURRENT LIABILITIES	—		19,626		—		7,035			631			—			27,292
INTERCOMPANY PAYABLE	—		110,581		—		120,700			(7,440		)	(223,841		)	—
TOTAL LIABILITIES	—		285,222		710,426		335,993			18,890			(223,841		)	1,126,690
TOTAL SHAREHOLDERS’ EQUITY	1,368,031		1,368,031		634,042		1,059,932			1,282,082			(4,344,087		)	1,368,031
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,368,031	$	1,653,253	$	1,344,468	$	1,395,925		$	1,300,972		$	(4,567,928	)	$	2,494,721

	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
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	—		2,608		—		20,071			7,959			—			30,638
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 Nine Months Ended September 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	$	136,224		$	147,352		$	15,000		$	165,221		$	136,241		$	(273,768	)	$	326,270
INVESTING ACTIVITIES
Capital expenditures	—			(16		)	—			(60,950		)	(26,190		)	—			(87,156		)
Purchase of timberlands	—			—			—			(5,638		)	(88,524		)	—			(94,162		)
Jesup mill cellulose specialties expansion	—			—			—			(14,567		)	—			—			(14,567		)
Change in restricted cash	—			—			—			—			8,323			—			8,323
Investment In Subsidiaries	—			(73,736		)	68,613			—			—			5,123			—
Other	—			—			—			7,092			(71		)	—			7,021
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(73,752		)	68,613			(74,063		)	(106,462		)	5,123			(180,541		)
FINANCING ACTIVITIES
Issuance of debt	—			75,000			—			—			105,000			—			180,000
Repayment of debt	—			—			(75,000		)	—			(105,000		)	—			(180,000		)
Dividends paid	(136,563		)	—			—			—			—			—			(136,563		)
Proceeds from the issuance of common shares	8,248			—			—			—			—			—			8,248
Excess tax benefits on stock-based compensation	—			—			—			4,951			—			—			4,951
Debt issuance costs	—			(675		)	(676		)	—			(676		)	—			(2,027		)
Repurchase of common shares	(7,909		)	—			—			—			—			—			(7,909		)
Intercompany distributions	—			(135,309		)	(14,760		)	(87,508		)	(31,068		)	268,645			—
CASH USED FOR FINANCING ACTIVITIES	(136,224		)	(60,984		)	(90,436		)	(82,557		)	(31,744		)	268,645			(133,300		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			393			—			—			393
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			12,616			(6,823		)	8,994			(1,965		)	—			12,822
Balance, beginning of year	—			29,759			283,258			1,280			35,166			—			349,463
Balance, end of period	$	—		$	42,375		$	276,435		$	10,274		$	33,201		$	—		$	362,285

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Nine Months Ended September 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	$	104,652		$	146,909		$	25,000		$	296,986		$	196,190		$	(296,530	)	$	473,207
INVESTING ACTIVITIES
Capital expenditures	—			(818		)	—			(73,617		)	(21,179		)	—			(95,614		)
Intercompany purchase of timberlands and real estate	—			—			—			(41,253		)	(48,487		)	89,740			—
Change in restricted cash	—			—			—			—			(13,209		)	—			(13,209		)
Investment in Subsidiaries	—			—			164,281			—			—			(164,281		)	—
Other	—			—			—			6,590			(379		)	—			6,211
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	—			(818		)	164,281			(108,280		)	(83,254		)	(74,541		)	(102,612		)
FINANCING ACTIVITIES
Issuance of debt	—			—			75,000			—			82,000			—			157,000
Repayment of debt	—			(5,000		)	(4,650		)	—			(87,000		)	—			(96,650		)
Dividends paid	(120,156		)	—			—			—			—			—			(120,156		)
Proceeds from the issuance of common shares	21,532			—			—			—			—			—			21,532
Excess tax benefits on stock-based compensation	—			—			—			5,071			—			—			5,071
Debt issuance costs	—			—			(537		)	—			—			—			(537		)
Repurchase of common shares	(6,028		)	—			—			—			—			—			(6,028		)
Intercompany distributions	—			(104,652		)	(25,000		)	(193,178		)	(48,241		)	371,071			—
CASH (USED FOR) PROVIDED BY FINANCING ACTIVITIES	(104,652		)	(109,652		)	44,813			(188,107		)	(53,241		)	371,071			(39,768		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			(126		)	—			—			(126		)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			36,439			234,094			473			59,695			—			330,701
Balance, beginning of year	—			2,895			67,494			2,228			2,347			—			74,964
Balance, end of period	$	—		$	39,334		$	301,588		$	2,701		$	62,042		$	—		$	405,665