10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 1-6780

RAYONIER INC.

Incorporated in the State of North Carolina

I.R.S. Employer Identification No. 13-2607329

1301 RIVERPLACE BOULEVARD

JACKSONVILLE, FL 32207

(Principal Executive Office)

Telephone Number: (904) 357-9100

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES x        NO  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES x       NO  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x	Accelerated filer  o
Non-accelerated filer  o	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES o        NO  x

As of July 19, 2012, there were outstanding 122,766,123 Common Shares of the registrant.

TABLE OF CONTENTS

Item		Page
	PART I - FINANCIAL INFORMATION
1.	Financial Statements (unaudited)	1
	Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2012 and 2011	1
	Condensed Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011	2
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011	3
	Notes to Condensed Consolidated Financial Statements	4
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
3.	Quantitative and Qualitative Disclosures about Market Risk	38
4.	Controls and Procedures	38
	PART II - OTHER INFORMATION
6.	Exhibits	39
	Signature	40

i

PART I.        FINANCIAL INFORMATION

Item 1.         Financial Statements

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
SALES	$	371,926		$	357,397		$	727,706		$	715,127
Costs and Expenses
Cost of sales	262,555			262,772			515,868			520,283
Selling and general expenses	16,250			15,992			35,868			32,425
Other operating (income) expense, net	(5,299		)	709			(6,446		)	(1,409		)
	273,506			279,473			545,290			551,299
Equity in income of New Zealand joint venture	170			1,149			184			2,823
OPERATING INCOME	98,590			79,073			182,600			166,651
Interest expense	(16,056		)	(12,628		)	(27,880		)	(25,945		)
Interest and miscellaneous income, net	85			314			59			605
INCOME BEFORE INCOME TAXES	82,619			66,759			154,779			141,311
Income tax expense	(13,540		)	(10,305		)	(32,264		)	(26,446		)
NET INCOME	69,079			56,454			122,515			114,865
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment	(8,081		)	7,442			(2,255		)	7,729
New Zealand joint venture cash flow hedges	(1,998		)	699			(793		)	132
Amortization of losses from pension and postretirement plans, net of income tax expense of $1,482, $927, $2,850 and $1,854	3,401			2,094			6,541			4,188
Total other comprehensive (loss) income	(6,678		)	10,235			3,493			12,049
COMPREHENSIVE INCOME	$	62,401		$	66,689		$	126,008		$	126,914
EARNINGS PER COMMON SHARE (Note 2)
Basic earnings per share	$	0.56		$	0.46		$	1.00		$	0.94
Diluted earnings per share	$	0.54		$	0.45		$	0.96		$	0.92
Dividends per share	$	0.40		$	0.36		$	0.80		$	0.72

See Notes to Condensed Consolidated Financial Statements.

1

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

	June 30, 2012			December 31, 2011
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	189,103		$	78,603
Accounts receivable, less allowance for doubtful accounts of $350 and $399	109,294			95,008
Inventory
Finished goods	91,394			96,261
Work in progress	4,440			5,544
Raw materials	14,763			18,295
Manufacturing and maintenance supplies	2,254			1,898
Total inventory	112,851			121,998
Prepaid and other current assets	89,083			48,893
Total current assets	500,331			344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	1,496,425			1,503,711
PROPERTY, PLANT AND EQUIPMENT
Land	28,982			26,917
Buildings	143,182			140,269
Machinery and equipment	1,403,852			1,355,897
Construction in progress	145,688			96,097
Total property, plant and equipment, gross	1,721,704			1,619,180
Less — accumulated depreciation	(1,158,928		)	(1,157,628		)
Total property, plant and equipment, net	562,776			461,552
INVESTMENT IN JOINT VENTURE (Note 5)	64,454			69,219
OTHER ASSETS	192,591			190,364
TOTAL ASSETS	$	2,816,577		$	2,569,348
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	72,732		$	72,873
Current maturities of long-term debt	—			28,110
Accrued taxes	40,961			5,223
Accrued payroll and benefits	23,305			26,846
Accrued interest	18,694			7,044
Accrued customer incentives	7,031			10,369
Other current liabilities	24,187			17,855
Current liabilities for dispositions and discontinued operations (Note 10)	9,843			9,931
Total current liabilities	196,753			178,251
LONG-TERM DEBT	1,018,093			819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 10)	76,596			80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 12)	140,073			140,623
OTHER NON-CURRENT LIABILITIES	24,952			27,279
COMMITMENTS AND CONTINGENCIES (Note 9 and 11)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 and 240,000,000 shares authorized, 122,538,279 and 122,035,177 shares issued and outstanding	640,177			630,286
Retained earnings	829,888			806,235
Accumulated other comprehensive loss	(109,955		)	(113,448		)
TOTAL SHAREHOLDERS' EQUITY	1,360,110			1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,816,577		$	2,569,348

See Notes to Condensed Consolidated Financial Statements.

2

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

	Six Months Ended June 30,
	2012			2011
OPERATING ACTIVITIES
Net income	$	122,515		$	114,865
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	66,174			62,863
Non-cash cost of real estate sold	2,401			1,749
Stock-based incentive compensation expense	9,460			8,021
Amortization of debt discount/premium	3,863			4,303
Deferred income taxes	(15,044		)	(945		)
Amortization of losses from pension and postretirement plans	9,391			6,042
Other	(2,168		)	(2,600		)
Changes in operating assets and liabilities:
Receivables	(13,773		)	(25,222		)
Inventories	7,096			1,067
Accounts payable	(9,518		)	10,114
Income tax receivable/payable	31,758			22,686
All other operating activities	1,524			(3,160		)
Expenditures for dispositions and discontinued operations	(4,803		)	(4,916		)
CASH PROVIDED BY OPERATING ACTIVITIES	208,876			194,867
INVESTING ACTIVITIES
Capital expenditures	(76,246		)	(65,211		)
Purchase of timberlands	(8,687		)	(12,976		)
Jesup mill cellulose specialties expansion (gross purchases of $72,662 and $3,576, net of purchases on account of $8,664 and $0)	(63,998		)	(3,576		)
Change in restricted cash	(14,427		)	8,323
Other	(704		)	2,626
CASH USED FOR INVESTING ACTIVITIES	(164,062		)	(70,814		)
FINANCING ACTIVITIES
Issuance of debt	355,000			70,000
Repayment of debt	(188,110		)	(145,000		)
Dividends paid	(98,201		)	(87,871		)
Proceeds from the issuance of common shares	3,980			7,894
Excess tax benefits on stock-based compensation	4,234			4,900
Debt issuance costs	(3,653		)	(1,663		)
Repurchase of common shares	(7,783		)	(7,828		)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	65,467			(159,568		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	219			232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	110,500			(35,283		)
Balance, beginning of year	78,603			349,463
Balance, end of period	$	189,103		$	314,180
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid (received) during the period:
Interest	$	10,936		$	19,479
Income taxes	$	10,989		$	(448	)
Non-cash investing activity:
Capital assets purchased on account	$	30,175		$	11,129

See Notes to Condensed Consolidated Financial Statements.

3

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

1. BASIS OF PRESENTATION

Basis of Presentation

The unaudited condensed 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 for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, these financial statements and notes reflect all 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, 2011, as filed with the SEC.

Subsequent Events

The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and one subsequent event was identified that warranted recognition or disclosure. On July 20, 2012, the Board of Directors approved an increase in the quarterly dividend per share from $0.40 per share to $0.44 per share effective for the third quarter 2012 distribution.

2. EARNINGS PER COMMON SHARE

The impact of the August 24, 2011 three-for-two stock split is reflected for all periods presented in the following table which provides details of the calculations of basic and diluted earnings per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net income	$	69,079	$	56,454	$	122,515	$	114,865
Shares used for determining basic earnings per common share	122,455,464		121,692,663		122,403,388		121,557,144
Dilutive effect of:
Stock options	669,298		741,561		692,622		731,064
Performance and restricted shares	726,368		951,940		727,968		916,987
Assumed conversion of Senior Exchangeable Notes (a) (b)	2,669,808		2,312,093		2,830,382		1,906,811
Assumed conversion of warrants (a) (b)	890,189		493,167		1,077,217		156,482
Shares used for determining diluted earnings per common share	127,411,127		126,191,424		127,731,577		125,268,488
Basic earnings per common share	$	0.56	$	0.46	$	1.00	$	0.94
Diluted earnings per common share	$	0.54	$	0.45	$	0.96	$	0.92

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	318,666	143,658	326,777	197,712
Assumed conversion of exchangeable note hedges (a)	2,669,808	2,312,093	2,830,382	1,906,811
Total	2,988,474	2,455,751	3,157,159	2,104,523

(a) Upon maturity of the Senior Exchangeable Notes (the "Notes"), Rayonier will not issue additional shares for the full difference between the strike price and the market price due to the offsetting exchangeable note hedges (the "hedges"). However, Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges are excluded since they are anti-dilutive. Rayonier will distribute additional shares upon maturity of the warrants if the stock price exceeds the strike prices of $41.59 for the Notes due 2012 and $39.67 for the Notes due 2015. For additional information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2011 Annual Report on Form 10-K and Note 13 — Debtof this Form 10-Q.

(b) The higher shares used for determining earnings per common share were primarily due to an increase in the average stock

4

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

price from $42.77 for the three months ended June 30, 2011 to $43.74 for the three months ended June 30, 2012 and from $41.25 for the six months ended June 30, 2011 to $44.40 for the six months ended June 30, 2012.

3. INCOME TAXES

Rayonier is a real estate investment trust ("REIT"). In general, only the taxable REIT subsidiaries, whose businesses include the Company's non-REIT qualified activities, are subject to corporate income taxes. However, the Company is subject to U.S. federal corporate income tax on built-in gains (the excess of fair market value over tax basis for property held upon REIT election at January 1, 2004) on taxable sales of such property during calendar years 2004 through 2010 and 2012 through 2013. In 2011, the law provided a built-in-gains tax holiday. Accordingly, the provision for corporate income taxes relates principally to current and deferred taxes on taxable REIT subsidiaries' income and certain property sales.

The Company's effective tax rate is below the 35 percent U.S. statutory tax rate primarily due to tax benefits associated with being a REIT. Effective tax rates for the quarter and year-to-date were 16.4 percent and 20.8 percent compared to 15.4 percent and 18.7 percent in 2011, respectively. The higher tax rate in 2012 was due to proportionately higher expected earnings from our taxable REIT subsidiaries, which was partially offset by the tax credit exchange discussed below.

The U.S. Internal Revenue Code allowed two credits for taxpayers that produced and used an alternative fuel in the operation of their business through December 31, 2009. The alternative fuel mixture credit ("AFMC") was a $.50 per gallon refundable, non-taxable excise tax credit, while the cellulosic biofuel producer credit ("CBPC") was a $1.01 per gallon credit that is nonrefundable, taxable and has limitations based on an entity's tax liability. Rayonier produces and uses an alternative fuel ("black liquor") at its Jesup, Georgia and Fernandina Beach, Florida Performance Fibers mills, which qualified for both credits. The Company claimed the AFMC on its 2009 tax return.

In the second quarters of 2012 and 2011, management approved the exchange of approximately 60 million gallons and 30 million gallons, respectively, of black liquor previously claimed for the AFMC for the CBPC. In order to complete the exchange, Rayonier is required to pay the IRS interest related to funds received for the AFMC in 2010. The net impact of the exchanges was $5.7 million and $4.1 million for the three months ended June 30, 2012 and 2011, respectively. The 2012 net benefit is recorded separately as a tax benefit of $9.1 million and interest expense of $3.4 million. There was minimal interest expense in 2011 related to the exchange. For additional information on the AFMC and CBPC, see Note 8 — Income Taxes in the Company's Annual Report on Form 10-K for the year ended December 31, 2011.

4. RESTRICTED DEPOSITS

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 that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of June 30, 2012 and December 31, 2011, the Company had $14.4 million and $0 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary.

5. JOINT VENTURE INVESTMENT

The Company holds a 26 percent interest in Matariki Forestry Group ("Matariki"), a joint venture ("JV") that owns or leases approximately 0.3 million acres of New Zealand timberlands. In addition to the investment, Rayonier New Zealand Limited ("RNZ"), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the JV forests and operates a log trading business.

Rayonier’s investment in the JV is accounted for using the equity method of accounting. Income from the JV is reported in the Forest Resources segment as operating income since the Company manages the forests, and its JV interest is an extension of the Company’s operations. A portion of Rayonier’s equity method investment is recorded at historical cost which generates a difference between the book value of the Company’s investment and its proportionate share of the JV’s net assets. The difference represents the Company’s unrecognized gain from RNZ’s sale of timberlands to the JV in 2005. The deferred gain is recognized on a straight-line basis over the estimated number of years the JV expects to harvest the timberlands.

5

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

6. SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for the six months ended June 30, 2012 and the year ended December 31, 2011 is shown below (share amounts not in thousands):

	Common Shares					Retained Earnings			Accumulated Other Comprehensive Loss			Shareholders’ Equity
	Shares		Amount
Balance, December 31, 2010	121,023,140		$	602,882		$	717,058		$	(68,358	)	$	1,251,582
Net income	—		—			276,005			—			276,005
Dividends ($1.52 per share)	—		—			(186,828		)	—			(186,828		)
Issuance of shares under incentive stock plans	1,220,731		13,451			—			—			13,451
Stock-based compensation	—		16,181			—			—			16,181
Excess tax benefit on stock-based compensation	—		5,681			—			—			5,681
Repurchase of common shares	(208,694	)	(7,909		)	—			—			(7,909		)
Net loss from pension and postretirement plans	—		—			—			(46,263		)	(46,263		)
Foreign currency translation adjustment	—		—			—			3,546			3,546
Joint venture cash flow hedges	—		—			—			(2,373		)	(2,373		)
Balance, December 31, 2011	122,035,177		$	630,286		$	806,235		$	(113,448	)	$	1,323,073
Net income	—		—			122,515			—			122,515
Dividends ($0.80 per share)	—		—			(98,862		)	—			(98,862		)
Issuance of shares under incentive stock plans	672,859		3,980			—			—			3,980
Stock-based compensation	—		9,460			—			—			9,460
Excess tax benefit on stock-based compensation	—		4,234			—			—			4,234
Repurchase of common shares	(169,757	)	(7,783		)	—			—			(7,783		)
Amortization of gains/losses from pension and postretirement plans	—		—			—			6,541			6,541
Foreign currency translation adjustment	—		—			—			(2,255		)	(2,255		)
Joint venture cash flow hedges	—		—			—			(793		)	(793		)
Balance, June 30, 2012	122,538,279		$	640,177		$	829,888		$	(109,955	)	$	1,360,110

7. SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates in four reportable business segments: Forest Resources, Real Estate, Performance Fibers and Wood Products. Forest Resources sales include all activities that relate to the harvesting of timber. Real Estate sales include all property sales, including those designated for higher and better use ("HBU"). The assets of the Real Estate segment include HBU property held by the Company’s real estate subsidiary, TerraPointe LLC. The Performance Fibers segment includes two major product lines, cellulose specialties and absorbent materials. The Wood Products segment is comprised of lumber operations. The Company’s remaining operations include harvesting and selling timber acquired from third parties (log trading). These operations are reported in "Other Operations." 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 the operating income of the segments.

Operating income (loss) as presented in the Condensed Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). Certain income (loss) items in the Condensed Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations.

6

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

Total assets, sales, operating income (loss) and depreciation, depletion and amortization by segment including Corporate were as follows:

	June 30,		December 31,
ASSETS	2012		2011
Forest Resources	$	1,627,553	$	1,603,515
Real Estate	112,555		102,682
Performance Fibers	769,780		646,447
Wood Products	21,294		21,264
Other Operations	21,735		24,576
Corporate and other	263,660		170,864
Total	$	2,816,577	$	2,569,348

	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2012			2011			2012			2011
Forest Resources	$	52,663		$	57,037		$	104,858		$	105,217
Real Estate	11,680			12,305			24,326			25,767
Performance Fibers	254,509			232,807			505,364			483,970
Wood Products	23,830			17,957			43,039			33,747
Other Operations	29,268			38,508			50,409			68,920
Intersegment Eliminations (a)	(24		)	(1,217		)	(290		)	(2,494		)
Total	$	371,926		$	357,397		$	727,706		$	715,127

(a) Intersegment eliminations primarily reflect sales from our Forest Resources segment to our Performance Fibers segment.

	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME (LOSS)	2012			2011			2012			2011
Forest Resources	$	8,249		$	11,838		$	16,254		$	22,888
Real Estate	5,999			5,009			12,477			12,380
Performance Fibers	83,727			71,102			164,357			146,811
Wood Products	4,129			(987		)	5,052			(534		)
Other Operations	1,148			(965		)	218			(166		)
Corporate and other	(4,662		)	(6,924		)	(15,758		)	(14,728		)
Total	$	98,590		$	79,073		$	182,600		$	166,651

	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2012		2011		2012		2011
Forest Resources	$	17,066	$	15,848	$	33,900	$	31,252
Real Estate	1,600		2,231		3,445		4,921
Performance Fibers	15,139		11,783		26,500		24,498
Wood Products	826		834		1,582		1,655
Corporate and other	375		298		747		537
Total	$	35,006	$	30,994	$	66,174	$	62,863

7

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

8. 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, estimated fair values and categorization under the fair value hierarchy of financial instruments held by the Company at June 30, 2012 and December 31, 2011, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:

	June 30, 2012								December 31, 2011
Asset (liability)	Carrying Amount			Fair Value					Carrying Amount			Fair Value
				Level 1		Level 2						Level 1		Level 2
Cash and cash equivalents	$	189,103		$	189,103	$	—		$	78,603		$	78,603	$	—
Restricted cash	14,427			14,427		—			—			—		—
Current maturities of long-term debt	—			—		—			(28,110		)	—		(29,319		)
Long-term debt	(1,018,093		)	—		(1,185,347		)	(819,229		)	—		(994,851		)

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.

Variable Interest Entity

Rayonier holds a variable interest in a bankruptcy-remote, limited liability subsidiary ("special-purpose entity") which was created in 2004 when Rayonier monetized a $25.0 million installment note and letter of credit received in connection with a timberland sale. The Company contributed the note and a letter of credit to the special-purpose entity and using the installment note and letter of credit as collateral, the special-purpose entity issued $22.6 million of 15-year Senior Secured Notes and remitted cash of $22.6 million to the Company. There are no restrictions that relate to the transferred financial assets. Rayonier maintains a $2.6 million interest in the entity and receives immaterial cash payments equal to the excess of interest received on the installment note over the interest paid on the Senior Secured Notes. The Company's interest is recorded at fair value and is included in "Other Assets" in the Condensed Consolidated Balance Sheets. In addition, the Company calculated and recorded a de minimus guarantee liability to reflect its obligation of up to $2.6 million under a make-whole agreement pursuant to which it guaranteed certain obligations of the entity. This guarantee obligation is also collateralized by the letter of credit. The Company's interest in the entity, together with the make-whole agreement, represents the maximum exposure to loss as a result of the Company's involvement with the special-purpose entity. Upon maturity of the Senior Secured Notes in 2019 and termination of the special-purpose entity, Rayonier will receive the remaining $2.6 million of cash. The Company determined, based upon an analysis under the variable interest entity guidance, that it does not have the power to direct activities that most significantly impact the entity's economic success. Therefore, Rayonier is not the primary beneficiary and is not required to consolidate the entity.

Assets measured at fair value on a recurring basis are summarized below:

Asset	Carrying Value at June 30, 2012		Level 2		Carrying Value at December 31, 2011		Level 2
Investment in special-purpose entity	$	2,690	$	2,690	$	2,690	$	2,690

The fair value of the investment in the special-purpose entity is determined by summing the discounted value of future principal and interest payments that Rayonier will receive from the special-purpose entity. The interest rate of a similar instrument is used

8

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

to determine the discounted value of the payments.

9. GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and state and foreign governmental agencies. As of June 30, 2012, the following financial guarantees were outstanding:

Financial Commitments	Maximum Potential Payment		Carrying Amount of Liability
Standby letters of credit (a)	$	20,046	$	15,000
Guarantees (b)	2,555		43
Surety bonds (c)	7,159		1,389
Total financial commitments	$	29,760	$	16,432

(a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2012 and 2013 and will be renewed as required.

(b) In conjunction with a timberland sale and note monetization in the first quarter of 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.6 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2012, the Company has a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

(c) Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates between 2012 and 2014 and are expected to be renewed as required.

10. LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

An analysis of the liabilities for dispositions and discontinued operations follows:

	June 30,			December 31,
	2012			2011
Balance, beginning of period	$	90,824		$	93,160
Expenditures charged to liabilities	(4,803		)	(9,209		)
Increase to liabilities	418			6,873
Balance, end of period	86,439			90,824
Less: Current portion	(9,843		)	(9,931		)
Non-current portion	$	76,596		$	80,893

The Company is exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of June 30, 2012, this amount could range up to $29 million, allocable over several of the applicable sites, and arises from uncertainty over the availability, feasibility or effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies.

The Company believes established liabilities are sufficient for probable costs expected to be incurred over the next 20 years with respect to its dispositions and discontinued operations. Remedial actions for these sites vary, but include on-site (and in certain cases off-site) removal or treatment of contaminated soils and sediments, recovery and treatment/remediation of groundwater, and source remediation and/or control.

11. CONTINGENCIES

Rayonier is engaged in various legal actions, including certain environmental proceedings, and has been named as a defendant in various other 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 self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These other 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.

9

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

12. EMPLOYEE BENEFIT PLANS

The Company has four qualified non-contributory defined benefit pension plans covering a significant majority of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. Currently, all qualified plans are closed to new participants. 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.

The net pension and postretirement benefit costs that have been recognized during the stated periods are shown in the following tables:

	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost
Service cost	$	2,102		$	1,695		$	227	$	182
Interest cost	4,321			4,522			242		236
Expected return on plan assets	(6,369		)	(6,455		)	—		—
Amortization of prior service cost	327			340			6		22
Amortization of losses	4,394			2,593			156		66
Net periodic benefit cost	$	4,775		$	2,695		$	631	$	506

	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost
Service cost	$	4,042		$	3,390		$	437	$	364
Interest cost	8,309			9,044			465		472
Expected return on plan assets	(12,248		)	(12,910		)	—		—
Amortization of prior service cost	629			680			12		44
Amortization of losses	8,451			5,186			299		132
Net periodic benefit cost	$	9,183		$	5,390		$	1,213	$	1,012

In 2012, the Company has no mandatory pension contribution requirements and does not expect to make any discretionary contributions.

13. DEBT

In March 2012, Rayonier issued $325 million of 3.75% Senior Notes due 2022. Approximately $150 million of the proceeds from these notes were used to repay borrowings outstanding under the Company's revolving credit facility. The Company had $430 million of available borrowing capacity under the revolving credit facility at June 30, 2012. The $300 million Senior Exchangeable Notes, which became exchangeable on July 15, 2012 and will remain so through maturity on October 15, 2012, are included in long-term debt due to the ability and intent of the Company to refinance them on a long-term basis.

As of March 31, 2012, the $172.5 million4.50% Senior Exchangeable Notes due 2015 became exchangeable at the option of the holders for the calendar quarter ending June 30, 2012. Per the indenture, in order for the notes to become exchangeable, the Company's stock price must exceed 130 percent of the exchange price for 20 trading days during a period of 30 consecutive trading days as of the last day of the quarter. During the quarter ending June 30, 2012, the note holders did not elect to exercise the exchange option. Based upon the average stock price for the 30 trading days ending June 30, 2012, these notes are not exchangeable in third quarter 2012.

An asset sales covenant in the Rayonier Forest Resources ("RFR") $112.5 million installment note agreement requires the

10

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

Company, subject to certain exceptions, to either reinvest cumulative timberland sale proceeds for individual sales greater than $10 million (the "excess proceeds") in timberland-related investments or, once the amount of excess proceeds not reinvested exceeds $50 million, to offer the note holders prepayment of the notes ratably in the amount of the excess proceeds. During April 2012, the excess proceeds exceeded the $50 million limit and as a result, repayment of $59.9 million was offered to the note holders through May 15, 2012, at which time they declined and the excess proceeds were reset to zero.    

There were no other significant changes to the Company's outstanding debt as reported in Note 11 — Debt of the Company's 2011 Annual Report on Form 10-K.

14. ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated Other Comprehensive Loss was comprised of the following:

	June 30, 2012			December 31, 2011
Foreign currency translation adjustments	$	32,222		$	34,477
Joint venture cash flow hedges	(4,634		)	(3,841		)
Unrecognized losses of employee benefit plans, net of tax	(137,543		)	(144,084		)
Total	$	(109,955	)	$	(113,448	)

11

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

15. CONSOLIDATING FINANCIAL STATEMENTS

The 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 October 2007, Rayonier TRS Holdings Inc. ("TRS") issued $300 million of 3.75% Senior Exchangeable Notes due 2012, and in August 2009 TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes for both transactions are fully and unconditionally guaranteed by Rayonier Inc. as the Parent Guarantor and Rayonier Operating Company LLC ("ROC") as the Subsidiary Guarantor. In connection with these exchangeable 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.

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME  AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012
	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	$	—		$	—		$	—		$	345,227		$	43,584		$	(16,885	)	$	371,926
Costs and Expenses
Cost of sales	—			—			—			250,845			26,716			(15,006		)	262,555
Selling and general expenses	—			1,904			—			13,067			1,279			—			16,250
Other operating income, net	—			(109		)	—			(2,330		)	(4,011		)	1,151			(5,299		)
	—			1,795			—			261,582			23,984			(13,855		)	273,506
Equity in income of New Zealand joint venture	—			—			—			167			3			—			170
OPERATING (LOSS) INCOME	—			(1,795		)	—			83,812			19,603			(3,030		)	98,590
Interest expense	(3,117		)	(212		)	(10,243		)	(1,635		)	(849		)	—			(16,056		)
Interest and miscellaneous income (expense), net	1,544			1,659			(834		)	(4,135		)	1,851			—			85
Equity in income from subsidiaries	70,652			70,948			60,407			—			—			(202,007		)	—
INCOME BEFORE INCOME TAXES	69,079			70,600			49,330			78,042			20,605			(205,037		)	82,619
Income tax benefit (expense)	—			52			4,043			(17,635		)	—			—			(13,540		)
NET INCOME	69,079			70,652			53,373			60,407			20,605			(205,037		)	69,079
OTHER COMPREHENSIVE (LOSS) INCOME	(6,678		)	(6,678		)	698			698			(10,556		)	15,838			(6,678		)
COMPREHENSIVE INCOME	$	62,401		$	63,974		$	54,071		$	61,105		$	10,049		$	(189,199	)	$	62,401

12

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE 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
OTHER COMPREHENSIVE INCOME	10,235		10,235			360			360			8,020			(18,975		)	10,235
COMPREHENSIVE INCOME	$	66,689	$	66,689		$	36,710		$	45,143		$	27,830		$	(176,372	)	$	66,689

13

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012
	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	$	—		$	—		$	—		$	680,665		$	81,755		$	(34,714	)	$	727,706
Costs and Expenses
Cost of sales	—			—			—			497,899			53,534			(35,565		)	515,868
Selling and general expenses	—			5,215			—			28,579			2,074			—			35,868
Other operating expense  (income), net	—			12			—			(818		)	(6,792		)	1,152			(6,446		)
	—			5,227			—			525,660			48,816			(34,413		)	545,290
Equity in income (loss) of New Zealand joint venture	—			—			—			338			(154		)	—			184
OPERATING (LOSS) INCOME	—			(5,227		)	—			155,343			32,785			(301		)	182,600
Interest expense	(4,366		)	(450		)	(20,469		)	(948		)	(1,647		)	—			(27,880		)
Interest and miscellaneous income (expense), net	3,455			2,986			(2,042		)	(8,039		)	3,699			—			59
Equity in income from subsidiaries	123,426			126,394			106,152			—			—			(355,972		)	—
INCOME BEFORE INCOME TAXES	122,515			123,703			83,641			146,356			34,837			(356,273		)	154,779
Income tax (expense) benefit	—			(277		)	8,217			(40,204		)	—			—			(32,264		)
NET INCOME	122,515			123,426			91,858			106,152			34,837			(356,273		)	122,515
OTHER COMPREHENSIVE INCOME (LOSS)	$	3,493		$	3,493		$	800		$	800		$	(3,424	)	$	(1,669	)	$	3,493
COMPREHENSIVE INCOME	$	126,008		$	126,919		$	92,658		$	106,952		$	31,413		$	(357,942	)	$	126,008

14

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE 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
OTHER COMPREHENSIVE INCOME	$	12,049	$	12,049		$	509		$	509		$	7,830		$	(20,897	)	$	12,049
COMPREHENSIVE INCOME	$	126,914	$	126,914		$	72,327		$	89,727		$	50,799		$	(339,767	)	$	126,914

15

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2012
	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	$	97,335	$	35,503	$	15,197	$	8,020		$	33,048	$	—		$	189,103
Accounts receivable, less allowance for doubtful accounts	—		90		—		106,621			2,583		—			109,294
Inventory	—		—		—		126,681			—		(13,830		)	112,851
Intercompany interest receivable	—		—		—		—			3,111		(3,111		)	—
Prepaid and other current assets	—		836		763		80,541			6,943		—			89,083
Total current assets	97,335		36,429		15,960		321,863			45,685		(16,941		)	500,331
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		40,375			1,454,261		1,789			1,496,425
NET PROPERTY, PLANT AND EQUIPMENT	—		2,461		—		557,123			3,192		—			562,776
INVESTMENT IN JOINT VENTURE	—		—		—		(10,550		)	75,004		—			64,454
INVESTMENT IN SUBSIDIARIES	1,383,682		1,584,771		1,260,411		—			—		(4,228,864		)	—
INTERCOMPANY NOTES RECEIVABLE	204,476		—		19,452		—			—		(223,928		)	—
OTHER ASSETS	3,544		26,804		4,998		687,091			19,717		(549,563		)	192,591
TOTAL ASSETS	$	1,689,037	$	1,650,465	$	1,300,821	$	1,595,902		$	1,597,859	$	(5,017,507	)	$	2,816,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,291	$	11	$	69,147		$	2,283	$	—		$	72,732
Accrued taxes	—		487		—		36,260			4,214		—			40,961
Accrued payroll and benefits	—		11,126		—		10,417			1,762		—			23,305
Accrued interest	3,927		413		10,295		3,450			609		—			18,694
Accrued customer incentives	—		—		—		7,031			—		—			7,031
Other current liabilities	—		2,504		—		8,293			13,390		—			24,187
Current liabilities for dispositions and discontinued operations	—		—		—		9,843			—		—			9,843
Total current liabilities	3,927		15,821		10,306		144,441			22,258		—			196,753
LONG-TERM DEBT	325,000		—		604,997		—			88,096		—			1,018,093
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		76,596			—		—			76,596
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		113,772		—		26,301			—		—			140,073
OTHER NON-CURRENT LIABILITIES	—		17,972		—		6,360			620		—			24,952
INTERCOMPANY PAYABLE	—		119,218		—		81,793			210,689		(411,700		)	—
TOTAL LIABILITIES	328,927		266,783		615,303		335,491			321,663		(411,700		)	1,456,467
TOTAL SHAREHOLDERS’ EQUITY	1,360,110		1,383,682		685,518		1,260,411			1,276,196		(4,605,807		)	1,360,110
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,689,037	$	1,650,465	$	1,300,821	$	1,595,902		$	1,597,859	$	(5,017,507	)	$	2,816,577

16

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 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	$	—	$	8,977		$	59,976	$	7,398		$	2,252	$	—		$	78,603
Accounts receivable, less allowance for doubtful accounts	—		3			—		94,399			606		—			95,008
Inventory	—		—			—		133,300			—		(11,302		)	121,998
Intercompany interest receivable	—		—			—		—			3,848		(3,848		)	—
Prepaid and other current assets	—		2,328			808		36,937			8,820		—			48,893
Total current assets	—		11,308			60,784		272,034			15,526		(15,150		)	344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		39,824			1,462,027		1,860			1,503,711
NET PROPERTY, PLANT AND EQUIPMENT	—		2,551			—		456,754			2,247		—			461,552
INVESTMENT IN JOINT VENTURE	—		—			—		(11,006		)	80,225		—			69,219
INVESTMENT IN SUBSIDIARIES	1,238,661		1,490,444			1,156,896		—			—		(3,886,001		)	—
INTERCOMPANY NOTES RECEIVABLE	204,420		—			19,073		—			—		(223,493		)	—
OTHER ASSETS	—		26,850			6,491		702,087			6,856		(551,920		)	190,364
TOTAL ASSETS	$	1,443,081	$	1,531,153		$	1,243,244	$	1,459,693		$	1,566,881	$	(4,674,704	)	$	2,569,348
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,801		$	10	$	69,648		$	1,414	$	—		$	72,873
Current maturities of long-term debt	—		—			28,110		—			—		—			28,110
Accrued taxes	—		(27		)	—		3,934			1,316		—			5,223
Accrued payroll and benefits	—		13,810			—		10,563			2,473		—			26,846
Accrued interest	8		246			5,442		739			609		—			7,044
Accrued customer incentives	—		—			—		10,369			—		—			10,369
Other current liabilities	—		1,886			—		9,199			6,770		—			17,855
Current liabilities for dispositions and discontinued operations	—		—			—		9,931			—		—			9,931
Total current liabilities	8		17,716			33,562		114,383			12,582		—			178,251
LONG-TERM DEBT	120,000		30,000			580,647		—			88,582		—			819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—			—		80,893			—		—			80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		112,904			—		27,719			—		—			140,623
OTHER NON-CURRENT LIABILITIES	—		20,210			—		6,396			673		—			27,279
INTERCOMPANY PAYABLE	—		111,662			—		73,406			203,208		(388,276		)	—
TOTAL LIABILITIES	120,008		292,492			614,209		302,797			305,045		(388,276		)	1,246,275
TOTAL SHAREHOLDERS’ EQUITY	1,323,073		1,238,661			629,035		1,156,896			1,261,836		(4,286,428		)	1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,443,081	$	1,531,153		$	1,243,244	$	1,459,693		$	1,566,881	$	(4,674,704	)	$	2,569,348

17

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2012
	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	$	3,173		$	51,579		$	12,000		$	94,485		$	86,639		$	(39,000	)	$	208,876
INVESTING ACTIVITIES
Capital expenditures	—			(165		)	—			(58,025		)	(18,056		)	—			(76,246		)
Purchase of timberlands	—			—			—			—			(8,687		)	—			(8,687		)
Jesup mill cellulose specialties expansion	—			—			—			(63,998		)	—			—			(63,998		)
Change in restricted cash	—			—			—			—			(14,427		)	—			(14,427		)
Investment in Subsidiaries	(5,181		)	—			(39,436		)	—			—			44,617			—
Other	—			(69		)	—			(962		)	327			—			(704		)
CASH USED FOR INVESTING ACTIVITIES	(5,181		)	(234		)	(39,436		)	(122,985		)	(40,843		)	44,617			(164,062		)
FINANCING ACTIVITIES
Issuance of debt	325,000			—			15,000			—			15,000			—			355,000
Repayment of debt	(120,000		)	(30,000		)	(23,110		)	—			(15,000		)	—			(188,110		)
Dividends paid	(98,201		)	—			—			—			—			—			(98,201		)
Proceeds from the issuance of common shares	3,980			—			—			—			—			—			3,980
Excess tax benefits on stock-based compensation	—			—			—			4,234			—			—			4,234
Debt issuance costs	(3,653		)	—			—			—			—			—			(3,653		)
Repurchase of common shares	(7,783		)	—			—			—			—			—			(7,783		)
Intercompany distributions	—			5,181			(9,233		)	24,669			(15,000		)	(5,617		)	—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	99,343			(24,819		)	(17,343		)	28,903			(15,000		)	(5,617		)	65,467
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			219			—			—			219
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	97,335			26,526			(44,779		)	622			30,796			—			110,500
Balance, beginning of year	—			8,977			59,976			7,398			2,252			—			78,603
Balance, end of period	$	97,335		$	35,503		$	15,197		$	8,020		$	33,048		$	—		$	189,103

18

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	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		)
Jesup mill cellulose specialties expansion	—			—			—			(3,576		)	—			—			(3,576		)
Change in restricted cash	—			—			—			—			8,323			—			8,323
Investment in Subsidiaries	—			—			24,778			—			—			(24,778		)	—
Other	—			—			—			2,698			(72		)	—			2,626
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		)
Intercompany distributions	—			(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

19

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. The notes are fully and unconditionally guaranteed by the following subsidiaries of Rayonier Inc.: ROC, Rayonier Louisiana Timberlands LLC, Rayonier TRS Holdings Inc. and substantially all domestic subsidiaries of TRS Holdings Inc. 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.

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	315,293		$	73,518		$	(16,885	)	$	371,926
Costs and Expenses
Cost of sales	—			224,027			53,534			(15,006		)	262,555
Selling and general expenses	—			11,841			4,409			—			16,250
Other operating income, net	—			(2,561		)	(3,889		)	1,151			(5,299		)
	—			233,307			54,054			(13,855		)	273,506
Equity in income of New Zealand joint venture	—			—			170			—			170
OPERATING INCOME	—			81,986			19,634			(3,030		)	98,590
Interest expense	(3,117		)	(12,089		)	(850		)	—			(16,056		)
Interest and miscellaneous income (expense), net	1,544			(3,320		)	1,861			—			85
Equity in income from subsidiaries	70,652			17,014			—			(87,666		)	—
INCOME BEFORE INCOME TAXES	69,079			83,591			20,645			(90,696		)	82,619
Income tax expense	—			(12,939		)	(601		)	—			(13,540		)
NET INCOME	69,079			70,652			20,044			(90,696		)	69,079
OTHER COMPREHENSIVE LOSS	(6,678		)	(6,678		)	(10,079		)	16,757			(6,678		)
COMPREHENSIVE INCOME	$	62,401		$	63,974		$	9,965		$	(73,939	)	$	62,401

20

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	294,277		$	80,123		$	(17,003	)	$	357,397
Costs and Expenses
Cost of sales	—		217,793			63,571			(18,592		)	262,772
Selling and general expenses	—		11,785			4,207			—			15,992
Other operating expense (income), net	—		794			(85		)	—			709
	—		230,372			67,693			(18,592		)	279,473
Equity in income of New Zealand joint venture	—		—			1,149			—			1,149
OPERATING INCOME	—		63,905			13,579			1,589			79,073
Interest expense	—		(12,566		)	(62		)	—			(12,628		)
Interest and miscellaneous (expense) income, net	—		(4,823		)	5,137			—			314
Equity in income from subsidiaries	56,454		20,328			—			(76,782		)	—
INCOME BEFORE INCOME TAXES	56,454		66,844			18,654			(75,193		)	66,759
Income tax (expense) benefit	—		(10,390		)	85			—			(10,305		)
NET INCOME	56,454		56,454			18,739			(75,193		)	56,454
OTHER COMPREHENSIVE INCOME	10,235		10,235			8,142			(18,377		)	10,235
COMPREHENSIVE INCOME	$	66,689	$	66,689		$	26,881		$	(93,570	)	$	66,689

21

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	627,935		$	134,485		$	(34,714	)	$	727,706
Costs and Expenses
Cost of sales	—			451,535			99,898			(35,565		)	515,868
Selling and general expenses	—			27,539			8,329			—			35,868
Other operating income, net	—			(1,581		)	(6,017		)	1,152			(6,446		)
	—			477,493			102,210			(34,413		)	545,290
Equity in income of New Zealand joint venture	—			—			184			—			184
OPERATING INCOME	—			150,442			32,459			(301		)	182,600
Interest expense	(4,366		)	(21,867		)	(1,647		)	—			(27,880		)
Interest and miscellaneous income (expense), net	3,455			(7,109		)	3,713			—			59
Equity in income from subsidiaries	123,426			33,669			—			(157,095		)	—
INCOME BEFORE INCOME TAXES	122,515			155,135			34,525			(157,396		)	154,779
Income tax expense	—			(31,709		)	(555		)	—			(32,264		)
NET INCOME	122,515			123,426			33,970			(157,396		)	122,515
OTHER COMPREHENSIVE INCOME (LOSS)	3,493			3,493			(3,049		)	(444		)	3,493
COMPREHENSIVE INCOME	$	126,008		$	126,919		$	30,921		$	(157,840	)	$	126,008

22

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	590,528		$	154,970		$	(30,371	)	$	715,127
Costs and Expenses
Cost of sales	—		433,359			120,299			(33,375		)	520,283
Selling and general expenses	—		24,554			7,871			—			32,425
Other operating expense (income), net	—		1,854			(3,262		)	(1		)	(1,409		)
	—		459,767			124,908			(33,376		)	551,299
Equity in income of New Zealand joint venture	—		—			2,823			—			2,823
OPERATING INCOME	—		130,761			32,885			3,005			166,651
Interest expense	—		(25,858		)	(87		)	—			(25,945		)
Interest and miscellaneous (expense) income, net	—		(9,586		)	10,191			—			605
Equity in income from subsidiaries	114,865		45,702			—			(160,567		)	—
INCOME BEFORE INCOME TAXES	114,865		141,019			42,989			(157,562		)	141,311
Income tax expense	—		(26,154		)	(292		)	—			(26,446		)
NET INCOME	114,865		114,865			42,697			(157,562		)	114,865
OTHER COMPREHENSIVE INCOME	12,049		12,049			7,861			(19,910		)	12,049
COMPREHENSIVE INCOME	$	126,914	$	126,914		$	50,558		$	(177,472	)	$	126,914

23

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2012
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		All Other Subsidiaries (Non- guarantors)		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	97,335	$	45,695	$	46,073	$	—		$	189,103
Accounts receivable, less allowance for doubtful accounts	—		100,423		8,871		—			109,294
Inventory	—		125,688		993		(13,830		)	112,851
Intercompany interest receivable	—		—		3,111		(3,111		)	—
Prepaid and other current assets	—		81,623		7,460		—			89,083
Total current assets	97,335		353,429		66,508		(16,941		)	500,331
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		115,833		1,378,803		1,789			1,496,425
NET PROPERTY, PLANT AND EQUIPMENT	—		558,690		4,086		—			562,776
INVESTMENT IN JOINT VENTURE	—		—		64,454		—			64,454
INVESTMENT IN SUBSIDIARIES	1,383,682		839,141		—		(2,222,823		)	—
INTERCOMPANY NOTES RECEIVABLE	204,476		—		—		(204,476		)	—
OTHER ASSETS	3,544		694,655		43,955		(549,563		)	192,591
TOTAL ASSETS	$	1,689,037	$	2,561,748	$	1,557,806	$	(2,992,014	)	$	2,816,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	68,140	$	4,592	$	—		$	72,732
Accrued taxes	—		36,879		4,082		—			40,961
Accrued payroll and benefits	—		20,853		2,452		—			23,305
Accrued interest	3,927		14,158		609		—			18,694
Accrued customer incentives	—		7,031		—		—			7,031
Other current liabilities	—		10,096		14,091		—			24,187
Current liabilities for dispositions and discontinued operations	—		9,843		—		—			9,843
Total current liabilities	3,927		167,000		25,826		—			196,753
LONG-TERM DEBT	325,000		604,997		88,096		—			1,018,093
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		76,596		—		—			76,596
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		140,073		—		—			140,073
OTHER NON-CURRENT LIABILITIES	—		23,469		1,483		—			24,952
INTERCOMPANY PAYABLE	—		165,931		226,317		(392,248		)	—
TOTAL LIABILITIES	328,927		1,178,066		341,722		(392,248		)	1,456,467
TOTAL SHAREHOLDERS’ EQUITY	1,360,110		1,383,682		1,216,084		(2,599,766		)	1,360,110
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,689,037	$	2,561,748	$	1,557,806	$	(2,992,014	)	$	2,816,577

24

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		All Other Subsidiaries (Non- guarantors)		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—	$	58,132	$	20,471	$	—		$	78,603
Accounts receivable, less allowance for doubtful accounts	—		90,658		4,350		—			95,008
Inventory	—		132,323		977		(11,302		)	121,998
Intercompany interest receivable	—		—		3,848		(3,848		)	—
Prepaid and other current assets	—		39,366		9,527		—			48,893
Total current assets	—		320,479		39,173		(15,150		)	344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		117,243		1,384,608		1,860			1,503,711
NET PROPERTY, PLANT AND EQUIPMENT	—		458,497		3,055		—			461,552
INVESTMENT IN JOINT VENTURE	—		—		69,219		—			69,219
INVESTMENT IN SUBSIDIARIES	1,238,661		801,838		—		(2,040,499		)	—
INTERCOMPANY NOTES RECEIVABLE	204,420		—		—		(204,420		)	—
OTHER ASSETS	—		710,663		31,622		(551,921		)	190,364
TOTAL ASSETS	$	1,443,081	$	2,408,720	$	1,527,677	$	(2,810,130	)	$	2,569,348
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	65,732	$	7,141	$	—		$	72,873
Current maturities of long-term debt	—		28,110		—		—			28,110
Accrued taxes	—		3,838		1,385		—			5,223
Accrued payroll and benefits	—		23,070		3,776		—			26,846
Accrued interest	8		6,427		609		—			7,044
Accrued customer incentives	—		10,369		—		—			10,369
Other current liabilities	—		10,319		7,536		—			17,855
Current liabilities for dispositions and discontinued operations	—		9,931		—		—			9,931
Total current liabilities	8		157,796		20,447		—			178,251
LONG-TERM DEBT	120,000		610,647		88,582		—			819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		80,893		—		—			80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		140,623		—		—			140,623
OTHER NON-CURRENT LIABILITIES	—		25,894		1,385		—			27,279
INTERCOMPANY PAYABLE	—		154,206		214,997		(369,203		)	—
TOTAL LIABILITIES	120,008		1,170,059		325,411		(369,203		)	1,246,275
TOTAL SHAREHOLDERS’ EQUITY	1,323,073		1,238,661		1,202,266		(2,440,927		)	1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,443,081	$	2,408,720	$	1,527,677	$	(2,810,130	)	$	2,569,348

25

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	3,173		$	139,606		$	81,097		$	(15,000	)	$	208,876
INVESTING ACTIVITIES
Capital expenditures	—			(58,219		)	(18,027		)	—			(76,246		)
Purchase of timberlands	—			(101		)	(8,586		)	—			(8,687		)
Jesup mill cellulose specialties expansion	—			(63,998		)	—			—			(63,998		)
Change in restricted cash	—			—			(14,427		)	—			(14,427		)
Investment in Subsidiaries	(5,181		)	—			—			5,181			—
Other	—			(1,030		)	326			—			(704		)
CASH USED FOR INVESTING ACTIVITIES	(5,181		)	(123,348		)	(40,714		)	5,181			(164,062		)
FINANCING ACTIVITIES
Issuance of debt	325,000			15,000			15,000			—			355,000
Repayment of debt	(120,000		)	(53,110		)	(15,000		)	—			(188,110		)
Dividends paid	(98,201		)	—			—			—			(98,201		)
Proceeds from the issuance of common shares	3,980			—			—			—			3,980
Excess tax benefits on stock-based compensation	—			4,234			—			—			4,234
Debt issuance costs	(3,653		)	—			—			—			(3,653		)
Repurchase of common shares	(7,783		)	—			—			—			(7,783		)
Intercompany distributions	—			5,181			(15,000		)	9,819			—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	99,343			(28,695		)	(15,000		)	9,819			65,467
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			219			—			219
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	97,335			(12,437		)	25,602			—			110,500
Balance, beginning of year	—			58,132			20,471			—			78,603
Balance, end of period	$	97,335		$	45,695		$	46,073		$	—		$	189,103

26

RAYONIER INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

(Dollar amounts in thousands unless otherwise stated)

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	87,805		$	178,470		$	85,437		$	(156,845	)	$	194,867
INVESTING ACTIVITIES
Capital expenditures	—			(48,003		)	(17,208		)	—			(65,211		)
Purchase of timberlands	—			—			(12,976		)	—			(12,976		)
Jesup mill cellulose specialties expansion	—			(3,576		)	—			—			(3,576		)
Change in restricted cash	—			—			8,323			—			8,323
Other	—			2,698			(72		)	—			2,626
CASH USED FOR INVESTING ACTIVITIES	—			(48,881		)	(21,933		)	—			(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	—			(1,183		)	(480		)	—			(1,663		)
Repurchase of common shares	(7,828		)	—			—			—			(7,828		)
Intercompany distributions	—			(87,325		)	(69,520		)	156,845			—
CASH USED FOR FINANCING ACTIVITIES	(87,805		)	(158,608		)	(70,000		)	156,845			(159,568		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			232			—			232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			(29,019		)	(6,264		)	—			(35,283		)
Balance, beginning of year	—			303,746			45,717			—			349,463
Balance, end of period	$	—		$	274,727		$	39,453		$	—		$	314,180

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

When we refer to "we," "us," "our," "the Company," or "Rayonier," we mean Rayonier Inc. and its consolidated subsidiaries. References herein to "Notes to Financial Statements" refer to the Notes to the Condensed Consolidated Financial Statements of Rayonier Inc. included in Item 1 of this Report.

The Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors which may affect future results. Our MD&A should be read in conjunction with the 2011 Annual Report on Form 10-K.

Forward-Looking Statements

Certain statements in this document regarding anticipated financial outcomes including earnings guidance, if any, business and market conditions, outlook and other similar statements relating to Rayonier's future financial and operational performance, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as "may," "will," "should," "expect," "estimate," "believe," "anticipate" and other similar language. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on these statements. The risk factors contained in Item 1A — Risk Factors in our 2011 Annual Report on Form 10-K, among others, could cause actual results to differ materially from those expressed in forward-looking statements that are made in this document.

Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward- looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-Q, 10-K, 8-K and other reports to the SEC.

Critical Accounting Policies and Use of Estimates

The preparation of financial statements requires us to make estimates, assumptions and judgments that affect our assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base these estimates and assumptions on historical data and trends, current fact patterns, expectations and other sources of information we believe are reasonable. Actual results may differ from these estimates. For a full description of our critical accounting policies, see Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2011 Annual Report on Form 10-K.

Segments

We are a leading international forest products company primarily engaged in timberland management, the sale and entitlement of real estate, and the production and sale of high value specialty cellulose fibers and fluff pulp. We operate in four reportable business segments: Forest Resources, Real Estate, Performance Fibers, and Wood Products. Forest Resources sales include all activities which relate to the harvesting of timber. Real Estate sales include all property sales, including those designated for higher and better use ("HBU"). The assets of the Real Estate segment include HBU property held by our real estate subsidiary, TerraPointe LLC. The Performance Fibers segment includes two major product lines, cellulose specialties and absorbent materials. The Wood Products segment is comprised of lumber operations. Our remaining operations include harvesting and selling timber acquired from third parties (log trading). These operations are combined and reported in "Other Operations." Sales between operating segments are made based on estimated fair market value, and intercompany sales, purchases and profits or losses are eliminated in consolidation.

We evaluate financial performance based on the operating income of the segments. Operating income, as presented in the Condensed Consolidated Statements of Income and Comprehensive Income, is equal to segment income (loss). Certain income (loss) items in the Condensed Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations.

28

Results of Operations

	Three Months Ended June 30,						Six Months Ended June 30,
Financial Information (in millions)	2012			2011			2012			2011
Sales
Forest Resources
Atlantic	$	16		$	18		$	31		$	31
Gulf States	9			7			19			16
Northern	26			29			50			53
New Zealand	2			3			5			5
Total Forest Resources	53			57			105			105
Real Estate
Development	—			—			—			1
Rural	11			10			23			22
Non-Strategic Timberlands	1			2			1			3
Total Real Estate	12			12			24			26
Performance Fibers
Cellulose specialties	220			192			432			386
Absorbent materials	35			41			73			98
Total Performance Fibers	255			233			505			484
Wood Products	24			18			43			34
Other Operations	28			39			51			69
Intersegment Eliminations	—			(2		)	—			(3		)
Total Sales	$	372		$	357		$	728		$	715
Operating Income (Loss)
Forest Resources	$	8		$	12		$	16		$	23
Real Estate	6			5			12			12
Performance Fibers	84			71			164			147
Wood Products	4			(1		)	5			(1		)
Other Operations	1			(1		)	—			—
Corporate and other	(4		)	(7		)	(14		)	(14		)
Operating Income	99			79			183			167
Interest Expense, Interest Income and Other	(16		)	(13		)	(28		)	(26		)
Income Tax Expense	(14		)	(10		)	(32		)	(26		)
Net Income	$	69		$	56		$	123		$	115
Diluted Earnings Per Share	$	0.54		$	0.45		$	0.96		$	0.92

29

FOREST RESOURCES

Sales (in millions)	2011		Changes Attributable to:						2012
Three Months Ended June 30,			Price			Volume/ Mix/Other
Atlantic	$	18	$	1		$	(3	)	$	16
Gulf States	7		—			2			9
Northern	29		(2		)	(1		)	26
New Zealand	3		—			(1		)	2
Total Sales	$	57	$	(1	)	$	(3	)	$	53

Sales (in millions)	2011		Changes Attributable to:						2012
Six Months Ended June 30,			Price			Volume/ Mix/Other
Atlantic	$	31	$	2		$	(2	)	$	31
Gulf States	16		(1		)	4			19
Northern	53		(3		)	—			50
New Zealand	5		—			—			5
Total Sales	$	105	$	(2	)	$	2		$	105

Operating Income (in millions)	2011		Changes Attributable to:									2012
Three Months Ended June 30,			Price			Volume/ Mix			Cost/Other
Atlantic	$	—	$	1		$	—		$	1		$	2
Gulf States	—		—			1			1			2
Northern	11		(2		)	(2		)	(3		)	4
New Zealand/Other	1		—			—			(1		)	—
Total Operating Income	$	12	$	(1	)	$	(1	)	$	(2	)	$	8

Operating Income (in millions)	2011		Changes Attributable to:									2012
Six Months Ended June 30,			Price			Volume/ Mix			Cost/Other
Atlantic	$	2	$	2		$	—		$	1		$	5
Gulf States	—		(1		)	1			2			2
Northern	18		(3		)	(4		)	(3		)	8
New Zealand/Other	3		—			—			(2		)	1
Total Operating Income	$	23	$	(2	)	$	(3	)	$	(2	)	$	16

In the Atlantic region, sales for the three and six months ended June 30, 2012 benefited from a 15 percent and 11 percent increase in pine stumpage prices from the prior year periods, respectively, reflecting stronger pulpwood demand and the impact of fire salvage on 2011 prices. The impact to sales from the increased stumpage prices was offset by a mix shift from higher-priced log sales in 2011 to stumpage sales in 2012.

The Atlantic region's change in operating income reflects higher pulpwood prices in the 2012 periods and approximately $2 million of forest fires losses in 2011.

In the Gulf States region, sales increased for the three and six months ended June 30, 2012 compared to the prior year periods as volumes rose 35 and 31 percent, respectively, mainly due to the integration of 2011 timberland acquisitions. These increases were partially offset by a six percent decline in average prices due to a shift from sawlogs to pulpwood for both 2012 periods. Operating income improved in 2012 primarily due to higher volumes and increased non-timber income.

In the Northern region, second quarter and year-to-date sales and operating income were below the prior year periods due to weaker Asian demand and higher logging costs. Volumes decreased 10 percent and five percent and prices declined five percent and two percent for the second quarter and year-to-date 2012 periods, respectively, compared to the prior year periods.

The New Zealand sales represent timberland management fees for services provided to our New Zealand joint venture ("JV")

30

in which we own 26 percent. The operating income primarily represents equity earnings related to the JV's timber activities, which declined in 2012 primarily due to lower Asian demand.

REAL ESTATE

Our real estate holdings are primarily in the southeastern U.S. We segregate these real estate holdings into three groups: development HBU, rural HBU and non-strategic timberlands. Our strategy is to extract maximum value from our HBU properties. We pursue entitlement activity on development property while maintaining a rural HBU program of sales for conservation, recreation and industrial uses.

Sales (in millions)	2011		Changes Attributable to:			2012
Three Months Ended June 30,			Price/Volume/Mix
Development	$	—	$	—		$	—
Rural	10		1			11
Non-Strategic Timberlands	2		(1		)	1
Total Sales	$	12	$	—		$	12

Sales (in millions)	2011		Changes Attributable to:			2012
Six Months Ended June 30,			Price/Volume/Mix
Development	$	1	$	(1	)	$	—
Rural	22		1			23
Non-Strategic Timberlands	3		(2		)	1
Total Sales	$	26	$	(2	)	$	24

Operating Income (in millions)	2011		Changes Attributable to:		2012
Three Months Ended June 30,			Price/Volume/Mix
Total Operating Income	$	5	$	1	$	6

Operating Income (in millions)	2011		Changes Attributable to:		2012
Six Months Ended June 30,			Price/Volume/Mix
Total Operating Income	$	12	$	—	$	12

Second quarter sales of $12 million was consistent with the prior year period while operating income of $6 million increased $1 million from 2011. Year-to-date, sales were $2 million below 2011 while operating income remained consistent with the prior year period. Although total acres sold were comparable with the prior year periods, margins improved slightly in the second quarter due to geographic property mix.

PERFORMANCE FIBERS

Sales (in millions)	2011		Changes Attributable to:					2012
Three Months Ended June 30,			Price			Volume/ Mix
Cellulose specialties	$	192	$	23		$	5	$	220
Absorbent materials	41		(6		)	—		35
Total Sales	$	233	$	17		$	5	$	255

31

Sales (in millions)	2011		Changes Attributable to:						2012
Six Months Ended June 30,			Price			Volume/ Mix
Cellulose specialties	$	386	$	50		$	(4	)	$	432
Absorbent materials	98		(15		)	(10		)	73
Total Sales	$	484	$	35		$	(14	)	$	505

Cellulose specialties sales improved in 2012 versus the prior year periods as prices increased 12 percent and 13 percent for the quarter and year-to-date, respectively, reflecting strong demand. Cellulose specialties volumes increased by two percent and decreased by one percent for the three and six months ended June 30, 2012 compared to the respective 2011 periods mainly due to the timing of customer orders.

Absorbent materials sales decreased from the prior year periods as prices declined 17 percent for both second quarter and year-to-date 2012, reflecting weaker markets. Volumes were comparable for second quarter 2012 compared to 2011, while year-to-date 2012 volumes were down 10 percent as a shift in customer orders from first quarter to second quarter 2012 was more than offset by minor production issues.

Operating Income (in millions)	2011		Changes Attributable to:							2012
Three Months Ended June 30,			Price		Volume/ Mix		Cost/Other
Total Operating Income	$	71	$	17	$	2	$	(6	)	$	84

Operating Income (in millions)	2011		Changes Attributable to:								2012
Six Months Ended June 30,			Price		Volume/ Mix			Cost/Other
Total Operating Income	$	147	$	35	$	(3	)	$	(15	)	$	164

Operating income improved for the three and six months ended June 30, 2012 over the prior year periods as higher cellulose specialties prices more than offset weaker absorbent materials prices and increases in chemical and labor costs.

As previously announced, we have commenced a cellulose specialties expansion ("CSE") project to convert a fiber line at our Jesup, Georgia mill from absorbent materials to cellulose specialties. The CSE is on pace to be completed by mid-2013. Upon completion of the CSE and customer product qualifications, we will be exiting the more commodity-like absorbent materials business and transitioning to producing only cellulose specialties. Over the next twelve months, we do not expect the CSE to have a material impact on our revenues or expenses, as the project will be in the construction phase.

Upon completion of the CSE, we will undergo a phase-in period to complete customer qualifications. After the phase-in period, we anticipate total sales and operating income to increase as we expect higher prices received for our cellulose specialties to more than offset higher input costs and depreciation, and the net 70,000 metric ton reduction in our Performance Fibers production capacity. For the quarter ended June 30, 2012, our cellulose specialties average sales price of $1,892 per metric ton was $1,173 higher than our absorbent materials average sales price per metric ton. Due to the uncertainty of the timing surrounding the phase-in period, and the potential for sales prices and raw material costs to change, we cannot reasonably estimate the impact of the CSE on our operating margins beyond mid-2013 at this time.

WOOD PRODUCTS

Sales (in millions)	2011		Changes Attributable to:				2012
Three Months Ended June 30,			Price		Volume
Total Sales	$	18	$	5	$	1	$	24

Sales (in millions)	2011		Changes Attributable to:				2012
Six Months Ended June 30,			Price		Volume
Total Sales	$	34	$	4	$	5	$	43

32

Operating (Loss) Income (in millions)	2011			Changes Attributable to:				2012
Three Months Ended June 30,				Price		Volume/Costs
Total Operating (Loss) Income	$	(1	)	$	5	$	—	$	4

Operating (Loss) Income (in millions)	2011			Changes Attributable to:				2012
Six Months Ended June 30,				Price		Volume/Costs
Total Operating (Loss) Income	$	(1	)	$	4	$	2	$	5

Wood Products results improved during the second quarter and six months ended June 30, 2012 due to increased demand as volumes rose 24 percent and 10 percent and prices increased seven percent and 16 percent from the respective prior year periods. The year-to-date 2012 results also benefited from lower wood and production costs.

OTHER OPERATIONS

Sales declined for the three and six months ended June 30, 2012 from the prior year periods due to lower export demand from our New Zealand log trading business. Second quarter and year-to-date operating results in 2012 and 2011 were close to break-even, with changes in operating income due to foreign exchange gains and losses.

Corporate and Other Expense/Eliminations

Corporate and other expenses for second quarter 2012 decreased from the prior year period primarily due to a $2 million favorable insurance settlement. Year-to-date corporate and other expenses were comparable to the prior year period as higher stock-based compensation expense from our prior CEO's retirement, offset the second quarter insurance settlement.

Interest Expense/Income and Income Tax Expense

Included in the second quarter 2012 and 2011 results were net benefits of $6 million and $4 million, respectively, relating to the exchange of the alternative fuel mixture credit ("AFMC") for the cellulosic biofuel producer credit associated with the production and use of black liquor in 2009. In order to complete the exchange, we are required to pay the IRS interest related to funds received in 2010 for the AFMC. The $6 million net benefit in the 2012 results is recorded separately as a tax benefit of $9 million and interest expense of $3 million. There was minimal interest expense in the 2011 periods related to the exchange.

Excluding the impact of the black liquor exchange discussed above, interest and other for the quarter and year-to-date periods were comparable and $1 million lower, respectively, as higher average outstanding debt in 2012 was more than offset by higher capitalized interest related to the CSE and lower borrowing rates.

The effective tax rates for the quarter and year-to-date were 16.4 percent and 20.8 percent compared to 15.4 percent and 18.7 percent in 2011, respectively, reflecting proportionately higher expected earnings from our taxable REIT subsidiaries in 2012. Also included in the three months ended June 30, 2012 and 2011 were tax benefits for the tax credit exchange as discussed above. See Note 3 —  Income Taxes for additional information.

Outlook

In Forest Resources, we will continue capitalizing on local market opportunities in the Southeast, while in the Northwest we will increase harvest volumes as Asian markets improve. In Performance Fibers, we anticipate another record year driven by strong cellulose specialties markets and we are on track to complete our CSE project by mid-2013. We expect full year earnings to be comparable to 2011, excluding special items. We expect full year CAD to range from $295 million to $310 million.

Our full year 2012 financial guidance is subject to a number of variables and uncertainties, including those discussed under Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations, Forward-Looking Statements of this Form 10-Q and Item 1A — Risk Factors in our 2011 Annual Report on Form 10-K. 

Employee Relations

On June 30, 2012, collective bargaining agreements covering approximately 700 hourly employees at our Jesup mill expired. However, all parties have agreed to extend the contracts while negotiations continue. While there can be no assurance, we expect to reach mutually satisfactory agreements with our unions. However, a work stoppage could have a material adverse effect on our business, results of operations and financial condition. See Item 1 — Business in our 2011 Annual Report on Form 10-K.

33

Liquidity and Capital Resources

Our operations have generally produced consistent cash flows and required limited capital resources. Short-term borrowings have helped fund cyclicality in working capital needs and long-term debt has been used to fund major acquisitions and strategic projects.

Summary of Liquidity and Financing Commitments (in millions of dollars)

	June 30,			December 31,
	2012			2011
Cash and cash equivalents (a)	$	189		$	79
Total debt	1,018			847
Shareholders’ equity	1,360			1,323
Total capitalization (total debt plus equity)	2,378			2,170
Debt to capital ratio	43		%	39		%

(a) Cash and cash equivalents consisted primarily of time deposits with original maturities of 90 days or less.

Cash Flows (in millions of dollars)

The following table summarizes our cash flows from operating, investing and financing activities for the six months ended June 30:

	2012			2011
Cash provided by (used for):
Operating activities	$	209		$	195
Investing activities	(164		)	(71		)
Financing activities	65			(160		)

Cash Provided by Operating Activities

Cash provided by operating activities increased primarily due to higher Performance Fibers operating results. Higher cash taxes in 2012 due to proportionately higher expected income from our taxable REIT subsidiaries was offset by lower cash interest payments due to timing.

Cash Used for Investing Activities

Cash used for investing activities rose mainly due to an increase in strategic capital for the Jesup mill CSE. The change in restricted cash from the timing of like-kind exchange transactions and higher capital expenditures in 2012 also contributed to the increase.

Cash Provided by (Used for) Financing Activities

Cash provided by financing activities increased mainly due to net borrowings of $167 million in 2012 versus net repayments of $75 million in 2011. This was partially offset by higher dividend payments due to the third quarter 2011 dividend rate increase.

Expected 2012 Expenditures

Capital expenditures in 2012 are forecasted to be between $150 million and $160 million, excluding strategic acquisitions and the CSE. We expect CSE expenditures in 2012 to range between $200 million and $210 million. As previously announced, we increased our quarterly dividend by 10 percent to $0.44 per share effective for the third quarter 2012 distribution, which will raise our quarterly dividend payment to approximately $54 million, compared to $49 million in second quarter 2012. Full year 2012 dividend payments are expected to increase to $ 206 million from $185 million assuming no change in the recently approved dividend rate. We have $300 million in Senior Exchangeable Notes which became exchangeable in July 2012 and will remain so through maturity in October 2012. As the notes are exchanged or mature, we expect to refinance them on a long-term basis.

We have no mandatory pension contributions in 2012 and do not expect to make any discretionary contributions. Cash payments for income taxes in 2012 are anticipated to be between $70 million and $80 million. Expenditures related to dispositions and discontinued operations are forecasted to be approximately $10 million. See Note 10 — Liabilities for Dispositions and Discontinued Operations for further information.

34

Performance and Liquidity Indicators

The discussion below is presented to enhance the reader’s understanding of our operating performance, liquidity, ability to generate cash and satisfy rating agency and creditor requirements. This information includes two measures of financial results: Earnings before Interest, Taxes, Depreciation, Depletion and Amortization ("EBITDA"), and Adjusted Cash Available for Distribution ("Adjusted CAD"). These measures are not defined by Generally Accepted Accounting Principles ("GAAP") and the discussion of EBITDA and Adjusted CAD is not intended to conflict with or change any of the GAAP disclosures described above. Management considers these measures to be important to estimate the enterprise and shareholder values of the Company as a whole and of its core segments, and for allocating capital resources. In addition, analysts, investors and creditors use these measures when analyzing our operating performance, financial condition and cash generating ability. Management uses EBITDA as a performance measure and Adjusted CAD as a liquidity measure. EBITDA is defined by the Securities and Exchange Commission. Adjusted CAD as defined, however, may not be comparable to similarly titled measures reported by other companies.

We reconcile EBITDA to Net Income for the consolidated Company and Operating Income for the Segments, as those are the nearest GAAP measures for each. Below is a reconciliation of Net Income to EBITDA for the respective periods (in millions of dollars):

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net Income to EBITDA Reconciliation
Net Income	$	69	$	56	$	123	$	115
Income tax expense	14		10		32		26
Interest, net	16		13		28		26
Depreciation, depletion and amortization	35		31		66		63
EBITDA	$	134	$	110	$	249	$	230

EBITDA by segment is a critical valuation measure used by our Chief Operating Decision Maker, existing shareholders and potential shareholders to measure how the Company is performing relative to the assets under management. EBITDA by segment for the respective periods was as follows (millions of dollars):

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
EBITDA by Segment
Forest Resources	$	25		$	28		$	50		$	54
Real Estate	8			7			15			17
Performance Fibers	99			83			190			171
Wood Products	5			—			7			1
Other Operations	1			(1		)	—			—
Corporate and other (a)	(4		)	(7		)	(13		)	(13		)
EBITDA	$	134		$	110		$	249		$	230

(a) The second quarter 2012 corporate and other results benefited from a favorable insurance settlement, but year-to-date Corporate EBITDA is comparable to 2011 due to the timing of expenses.

For the three and six months ended June 30, 2012, EBITDA was higher than the prior year periods primarily due to higher operating results.

35

The following tables reconcile Operating Income by segment to EBITDA by segment (millions of dollars):

	Forest Resources		Real Estate		Performance Fibers		Wood Products			Other Operations			Corporate and Other			Total
Three Months Ended June 30, 2012
Operating Income	$	8	$	6	$	84	$	4		$	1		$	(4	)	$	99
Add: Depreciation, depletion and amortization	17		2		15		1			—			—			35
EBITDA	$	25	$	8	$	99	$	5		$	1		$	(4	)	$	134
Three Months Ended June 30, 2011
Operating Income (Loss)	$	12	$	5	$	71	$	(1	)	$	(1	)	$	(7	)	$	79
Add: Depreciation, depletion and amortization	16		2		12		1			—			—			31
EBITDA	$	28	$	7	$	83	$	—		$	(1	)	$	(7	)	$	110
Six Months Ended June 30, 2012
Operating Income	$	16	$	12	$	164	$	5		$	—		$	(14	)	$	183
Add: Depreciation, depletion and amortization	34		3		26		2			—			1			66
EBITDA	$	50	$	15	$	190	$	7		$	—		$	(13	)	$	249
Six Months Ended June 30, 2011
Operating Income (Loss)	$	23	$	12	$	147	$	(1	)	$	—		$	(14	)	$	167
Add: Depreciation, depletion and amortization	31		5		24		2			—			1			63
EBITDA	$	54	$	17	$	171	$	1		$	—		$	(13	)	$	230

Adjusted CAD is a non-GAAP measure of cash generated during a period which is available for dividend distribution, repurchase of the Company's common shares, debt reduction and strategic acquisitions. We define CAD as Cash Provided by Operating Activities adjusted for capital spending, the change in committed cash, and other items which include cash provided by discontinued operations, proceeds from matured energy forward contracts, excess tax benefits on stock-based compensation and the change in capital expenditures purchased on account. Committed cash represents outstanding checks that have been drawn on our zero balance bank accounts but have not been paid. In compliance with SEC requirements for non-GAAP measures, we reduce CAD by mandatory debt repayments which results in the measure entitled "Adjusted CAD."

Below is a reconciliation of Cash Provided by Operating Activities to Adjusted CAD (in millions of dollars):

	Six Months Ended June 30,
	2012			2011
Cash provided by operating activities	$	209		$	195
Capital expenditures (a)	(76		)	(65		)
Change in committed cash	3			—
Excess tax benefits on stock-based compensation	4			5
Other	1			(1		)
CAD	141			134
Mandatory debt repayments	(23		)	—
Adjusted CAD	$	118		$	134

Cash used for investing activities	$	(164	)	$	(71	)
Cash provided by (used for) financing activities	$	65		$	(160	)

(a) Capital expenditures exclude strategic capital. Strategic capital totaled $73 million for the CSE and $9 million for timberland acquisitions for the six months ended June 30, 2012. Strategic capital totaled $4 million for the CSE and $13 million for timberland acquisitions for the six months ended June 30, 2011.

Adjusted CAD was lower in 2012 as higher operating results were more than offset by mandatory debt repayments and higher capital expenditures. Adjusted CAD generated in any period is not necessarily indicative of the amounts that may be generated in future periods.

36

Liquidity Facilities

In March 2012, we issued $325 million of 3.75% Senior Notes due 2022. Approximately $150 million of the proceeds from these notes were used to repay borrowings outstanding under our revolving credit facility. The Company had $430 million of available borrowings under this facility at June 30, 2012.

As of March 31, 2012, our $172.5 million 4.50% Senior Exchangeable Notes due 2015 became exchangeable at the option of the holders for the calendar quarter ending June 30, 2012. Per the indenture, in order for the notes to become exchangeable, the Company's stock price must exceed 130 percent of the exchange price for 20 trading days in a period of 30 consecutive trading days as of the last day of the quarter. During the quarter ended June 30, 2012, the note holders did not elect to exercise the exchange option. Based upon the average stock price for the 30 trading days ending June 30, 2012, these notes are not exchangeable in third quarter 2012.

In connection with our installment note and credit facility, covenants must be met, including ratios based on the covenant definition of EBITDA and ratios of cash flows to fixed charges. At June 30, 2012, we are in compliance with all of these covenants.

In addition to these financial covenants, the installment note, mortgage note and credit facility include customary covenants that limit the incurrence of debt, the disposition of assets, and the making of certain payments between Rayonier Forest Resources ("RFR") and Rayonier among others. An asset sales covenant in the RFR $112.5 installment note agreement requires us, subject to certain exceptions, to either reinvest cumulative timberland sales proceeds for individual sales greater than $10 million (the "excess proceeds") in timberland-related investments and activities or, once the amount of excess proceeds not reinvested exceeds $50 million, to offer the note holders prepayment of the notes ratably in the amount of the excess proceeds. During April 2012, the excess proceeds exceeded the $50 million limit and as a result, repayment of $59.9 million was offered to the note holders through May 15, 2012, at which time they declined and the excess proceeds were reset to zero. The amount of excess proceeds was $0 and $37.5 million at June 30, 2012 and December 31, 2011, respectively.

Contractual Financial Obligations and Off-Balance Sheet Arrangements

For the six months ended June 30, 2012, the only significant changes to the Contractual Financial Obligations table as presented in Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations of our 2011 Annual Report on Form 10-K, were the issuance of $325 million of 3.75% Senior Notes due 2022 and the repayment of $150 million on our revolving credit facility. As a result of these changes, interest payments on long-term debt are expected to increase by approximately $101 million through the year 2022. See Note 13 — Debt for additional information. See Note 9 — Guarantees for details on the letters of credit, surety bonds and guarantees as of June 30, 2012.

Sales Volumes by Segment:

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Forest Resources — in thousands of short green tons
Atlantic	823	863	1,560	1,508
Gulf States	403	299	845	645
Northern	426	476	868	912
Total	1,652	1,638	3,273	3,065
Real Estate — in acres
Development	15	50	35	107
Rural	4,036	4,019	9,488	9,464
Non-Strategic Timberlands	717	897	956	1,227
Total	4,768	4,966	10,479	10,798
Performance Fibers
Sales volume — in thousands of metric tons
Cellulose specialties	116	114	234	236
Absorbent materials	46	45	97	108
Total	162	159	331	344
Wood Products
Lumber sales volume — in millions of board feet	75	70	146	126

37

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market and Other Economic Risks

Our exposures to market risk have not changed materially since December 31, 2011. For quantitative and qualitative disclosures about market risk, see Item 7A — Quantitative and Qualitative Disclosures about Market Risk in our 2011 Annual Report on Form 10-K.

Item 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Rayonier management is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")), are designed with the objective of ensuring that information required to be disclosed by the Company in reports filed under the Exchange Act, such as this quarterly report on Form 10-Q, is (1) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Because of the inherent limitations in all control systems, no control evaluation can provide absolute assurance that all control exceptions and instances of fraud have been prevented or detected on a timely basis. Even systems determined to be effective can provide only reasonable assurance that their objectives are achieved.

Based on an evaluation of our disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that the design and operation of the disclosure controls and procedures were effective as of June 30, 2012.

In the quarter ended June 30, 2012, based upon the evaluation required by paragraph (d) of SEC Rule 13a-15, there were no changes in our internal control over financial reporting that would materially affect or are reasonably likely to materially affect our internal control over financial reporting.

38

PART II.    OTHER INFORMATION

Item 6.Exhibits

3.1	Amended and Restated Articles of Incorporation	Incorporated by reference to Exhibit 3.1 to the Registrant's May 23, 2012 Form 8-K
3.2	Bylaws	Incorporated by reference to Exhibit 3.2 to the Registrant's October 21, 2009 Form 8-K
10.1	Rayonier Incentive Stock Plan	Incorporated by reference to Exhibit 10.1 to the Registrant's May 23, 2012 Form 8-K
31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act	Filed herewith
31.2	Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act	Filed herewith
32	Certification pursuant to Section 906 of the Sarbanes-Oxley Act	Furnished herewith
101	The following financial information from our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2012, formatted in Extensible Business Reporting Language ("XBRL"), includes: (i) the Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Six Months Ended June 30, 2012 and 2011; (ii) the Condensed Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011 (iii) the Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2012 and 2011; and (iv) the Notes to Condensed Consolidated Financial Statements	Filed herewith

39

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	RAYONIER INC.
	(Registrant)
By:	/S/ HANS E. VANDEN NOORT
	Hans E. Vanden Noort Senior Vice President and Chief Financial Officer (Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer)

Date: July 27, 2012

40

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Paul G. Boynton, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rayonier Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 27, 2012

/S/ PAUL G. BOYNTON

Paul G. Boynton

Chairman, President and Chief Executive Officer, Rayonier Inc.

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Hans E. Vanden Noort, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Rayonier Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 27, 2012

/s/ HANS E. VANDEN NOORT

Hans E. Vanden Noort

Senior Vice President and

Chief Financial Officer, Rayonier Inc.

EX-32

EXHIBIT 32

CERTIFICATION

The undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to our knowledge:

1. The quarterly report on Form 10-Q of Rayonier Inc. (the "Company") for the period ended June 30, 2012 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

July 27, 2012

/s/ PAUL G. BOYNTON	/s/ HANS E. VANDEN NOORT
Paul G. Boynton	Hans E. Vanden Noort
Chairman, President and Chief Executive Officer, Rayonier Inc.	Senior Vice President and Chief Financial Officer, Rayonier Inc.

XML

Shareholders' Equity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent, Period Start			$ 1,323,073	$ 1,251,582	$ 1,251,582
Net Income	69,079	56,454	122,515	114,865	276,005
Dividends			(98,862)		(186,828)
Issuance of shares under incentive stock plans			3,980		13,451
Stock-based compensation			9,460		16,181
Excess tax benefit on stock-based compensation			4,234		5,681
Repurchase of common shares			(7,783)		(7,909)
Net gain (loss) from pension and postretirement plans	3,401	2,094	6,541	4,188	(46,263)
Foreign currency translation adjustment	(8,081)	7,442	(2,255)	7,729	3,546
Joint venture cash flow hedges	(1,998)	699	(793)	132	(2,373)
Stockholders' Equity Attributable to Parent, Period End	1,360,110		1,360,110		1,323,073
Dividends [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.40	$ 0.36	$ 0.80	$ 0.72	$ 1.52
Common Stock Including Additional Paid in Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent, Period Start			630,286	602,882	602,882
Shares Issued, Period Start			122,035,177	121,023,140	121,023,140
Issuance of shares under incentive stock plans			3,980		13,451
Issuance of shares under incentive stock plan, Shares			672,859		1,220,731
Stock-based compensation			9,460		16,181
Excess tax benefit on stock-based compensation			4,234		5,681
Repurchase of common shares			(7,783)		(7,909)
Stock Repurchased During Period, Shares			(169,757)		(208,694)
Shares Issued, Period End	122,538,279		122,538,279		122,035,177
Stockholders' Equity Attributable to Parent, Period End	640,177		640,177		630,286
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent, Period Start			806,235	717,058	717,058
Net Income			122,515		276,005
Dividends			(98,862)		(186,828)
Stockholders' Equity Attributable to Parent, Period End	829,888		829,888		806,235
Accumulated Other Comprehensive Income (Loss) [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity Attributable to Parent, Period Start			(113,448)	(68,358)	(68,358)
Net gain (loss) from pension and postretirement plans			6,541		(46,263)
Foreign currency translation adjustment			(2,255)		3,546
Joint venture cash flow hedges			(793)		(2,373)
Stockholders' Equity Attributable to Parent, Period End	$ (109,955)		$ (109,955)		$ (113,448)

XML

Consolidating Financial Statements Condensed Consolidating Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	$ 208,876	$ 194,867
INVESTING ACTIVITIES
Capital Expenditures	(76,246)	(65,211)
Purchase of timberlands	(8,687)	(12,976)
Jesup mill cellulose specialties expansion	(63,998)	(3,576)
Change in restricted cash	(14,427)	8,323
Investment in Subsidiaries	0	0
Other	(704)	2,626
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(164,062)	(70,814)
FINANCING ACTIVITIES
Issuance of debt	355,000	70,000
Repayment of debt	(188,110)	(145,000)
Dividends paid	(98,201)	(87,871)
Proceeds from the issuance of common shares	3,980	7,894
Excess tax benefits on stock-based compensation	4,234	4,900
Debt issuance costs	(3,653)	(1,663)
Repurchase of common shares	(7,783)	(7,828)
Intercompany distributions	0	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	65,467	(159,568)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	219	232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	110,500	(35,283)
Balance, beginning of year	78,603	349,463
Balance, end of period	189,103	314,180
Parent Company [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	3,173	87,805
INVESTING ACTIVITIES
Capital Expenditures	0	0
Purchase of timberlands	0	0
Jesup mill cellulose specialties expansion	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	(5,181)	0
Other	0	0
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(5,181)	0
FINANCING ACTIVITIES
Issuance of debt	325,000	0
Repayment of debt	(120,000)	0
Dividends paid	(98,201)	(87,871)
Proceeds from the issuance of common shares	3,980	7,894
Excess tax benefits on stock-based compensation	0	0
Debt issuance costs	(3,653)	0
Repurchase of common shares	(7,783)	(7,828)
Intercompany distributions	0	0
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	99,343	(87,805)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	97,335	0
Balance, beginning of year	0	0
Balance, end of period	97,335	0
Senior Exchangeable Notes due 2012 & 2015 [Member] | Guarantor Subsidiaries [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	51,579	104,011
INVESTING ACTIVITIES
Capital Expenditures	(165)	(238)
Purchase of timberlands	0	0
Jesup mill cellulose specialties expansion	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	0	0
Other	(69)	0
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(234)	(238)
FINANCING ACTIVITIES
Issuance of debt	0	0
Repayment of debt	(30,000)	0
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Excess tax benefits on stock-based compensation	0	0
Debt issuance costs	0	(480)
Repurchase of common shares	0	0
Intercompany distributions	5,181	(87,325)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(24,819)	(87,805)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	26,526	15,968
Balance, beginning of year	8,977	29,759
Balance, end of period	35,503	45,727
Senior Exchangeable Notes due 2012 & 2015 [Member] | Issuer Subsidiary [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	12,000	15,000
INVESTING ACTIVITIES
Capital Expenditures	0	0
Purchase of timberlands	0	0
Jesup mill cellulose specialties expansion	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	(39,436)	24,778
Other	0	0
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(39,436)	24,778
FINANCING ACTIVITIES
Issuance of debt	15,000	0
Repayment of debt	(23,110)	(75,000)
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Excess tax benefits on stock-based compensation	0	0
Debt issuance costs	0	(703)
Repurchase of common shares	0	0
Intercompany distributions	(9,233)	(15,000)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(17,343)	(90,703)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(44,779)	(50,925)
Balance, beginning of year	59,976	283,258
Balance, end of period	15,197	232,333
Senior Exchangeable Notes due 2012 & 2015 [Member] | Non-guarantor Subsidiaries of Rayonier TRS Holdings Inc [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	94,485	97,347
INVESTING ACTIVITIES
Capital Expenditures	(58,025)	(47,800)
Purchase of timberlands	0	0
Jesup mill cellulose specialties expansion	(63,998)	(3,576)
Change in restricted cash	0	0
Investment in Subsidiaries	0	0
Other	(962)	2,698
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(122,985)	(48,678)
FINANCING ACTIVITIES
Issuance of debt	0	0
Repayment of debt	0	0
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Excess tax benefits on stock-based compensation	4,234	4,900
Debt issuance costs	0	0
Repurchase of common shares	0	0
Intercompany distributions	24,669	(43,336)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	28,903	(38,436)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	219	232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	622	10,465
Balance, beginning of year	7,398	1,280
Balance, end of period	8,020	11,745
Senior Exchangeable Notes due 2012 & 2015 [Member] | Non-guarantor Subsidiaries All Other Subsidiaries [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	86,639	81,107
INVESTING ACTIVITIES
Capital Expenditures	(18,056)	(17,173)
Purchase of timberlands	(8,687)	(12,976)
Jesup mill cellulose specialties expansion	0	0
Change in restricted cash	(14,427)	8,323
Investment in Subsidiaries	0	0
Other	327	(72)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(40,843)	(21,898)
FINANCING ACTIVITIES
Issuance of debt	15,000	70,000
Repayment of debt	(15,000)	(70,000)
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Excess tax benefits on stock-based compensation	0	0
Debt issuance costs	0	(480)
Repurchase of common shares	0	0
Intercompany distributions	(15,000)	(69,520)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(15,000)	(70,000)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	30,796	(10,791)
Balance, beginning of year	2,252	35,166
Balance, end of period	33,048	24,375
Senior Exchangeable Notes due 2012 & 2015 [Member] | Consolidation, Eliminations [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	(39,000)	(190,403)
INVESTING ACTIVITIES
Capital Expenditures	0	0
Purchase of timberlands	0	0
Jesup mill cellulose specialties expansion	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	44,617	(24,778)
Other	0	0
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	44,617	(24,778)
FINANCING ACTIVITIES
Issuance of debt	0	0
Repayment of debt	0	0
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Excess tax benefits on stock-based compensation	0	0
Debt issuance costs	0	0
Repurchase of common shares	0	0
Intercompany distributions	(5,617)	215,181
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(5,617)	215,181
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	0	0
Balance, beginning of year	0	0
Balance, end of period	0	0
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Guarantor Subsidiaries [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	139,606	178,470
INVESTING ACTIVITIES
Capital Expenditures	(58,219)	(48,003)
Purchase of timberlands	(101)	0
Jesup mill cellulose specialties expansion	(63,998)	(3,576)
Change in restricted cash	0	0
Investment in Subsidiaries	0
Other	(1,030)	2,698
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(123,348)	(48,881)
FINANCING ACTIVITIES
Issuance of debt	15,000	0
Repayment of debt	(53,110)	(75,000)
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Excess tax benefits on stock-based compensation	4,234	4,900
Debt issuance costs	0	(1,183)
Repurchase of common shares	0	0
Intercompany distributions	5,181	(87,325)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(28,695)	(158,608)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	(12,437)	(29,019)
Balance, beginning of year	58,132	303,746
Balance, end of period	45,695	274,727
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-Guarantor Subsidiaries [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	81,097	85,437
INVESTING ACTIVITIES
Capital Expenditures	(18,027)	(17,208)
Purchase of timberlands	(8,586)	(12,976)
Jesup mill cellulose specialties expansion	0	0
Change in restricted cash	(14,427)	8,323
Investment in Subsidiaries	0
Other	326	(72)
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(40,714)	(21,933)
FINANCING ACTIVITIES
Issuance of debt	15,000	70,000
Repayment of debt	(15,000)	(70,000)
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Excess tax benefits on stock-based compensation	0	0
Debt issuance costs	0	(480)
Repurchase of common shares	0	0
Intercompany distributions	(15,000)	(69,520)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(15,000)	(70,000)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	219	232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	25,602	(6,264)
Balance, beginning of year	20,471	45,717
Balance, end of period	46,073	39,453
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation, Eliminations [Member]
Statement of Cash Flows [Abstract]
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES	(15,000)	(156,845)
INVESTING ACTIVITIES
Capital Expenditures	0	0
Purchase of timberlands	0	0
Jesup mill cellulose specialties expansion	0	0
Change in restricted cash	0	0
Investment in Subsidiaries	5,181
Other	0	0
CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	5,181	0
FINANCING ACTIVITIES
Issuance of debt	0	0
Repayment of debt	0	0
Dividends paid	0	0
Proceeds from the issuance of common shares	0	0
Excess tax benefits on stock-based compensation	0	0
Debt issuance costs	0	0
Repurchase of common shares	0	0
Intercompany distributions	9,819	156,845
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	9,819	156,845
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0	0
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	0	0
Balance, beginning of year	0	0
Balance, end of period	$ 0	$ 0

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Employee Benefit Plans Net Periodic Benefit Cost (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2,102	$ 1,695	$ 4,042	$ 3,390
Interest cost	4,321	4,522	8,309	9,044
Expected return on plan assets	(6,369)	(6,455)	(12,248)	(12,910)
Amortization of prior service cost	327	340	629	680
Amortization of losses	4,394	2,593	8,451	5,186
Net periodic benefit cost	4,775	2,695	9,183	5,390
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	227	182	437	364
Interest cost	242	236	465	472
Expected return on plan assets	0	0	0	0
Amortization of prior service cost	6	22	12	44
Amortization of losses	156	66	299	132
Net periodic benefit cost	$ 631	$ 506	$ 1,213	$ 1,012

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Liabilities for Dispositions and Discontinued Operations Narrative (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Environmental Remediation Obligations [Abstract]
Environmental Applicability, Impact and Conclusion Disclosures	The Company is exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of June 30, 2012, this amount could range up to $29 million, allocable over several of the applicable sites, and arises from uncertainty over the availability, feasibility or effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies.
Environmental Contingency, Loss Exposure in Excess of Accrual, High Estimate	$ 29
Environmental Loss Contingencies Term	20 years
Environmental Exit Costs, Nature of Costs	Remedial actions for these sites vary, but include on-site (and in certain cases off-site) removal or treatment of contaminated soils and sediments, recovery and treatment/remediation of groundwater, and source remediation and/or control.

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Basis Of Presentation (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011	Sep. 30, 2012 Dividend Declared [Member]	Jun. 30, 2012 Dividend Declared [Member]	Jun. 30, 2012 Dividend Declared [Member]
Subsequent Event [Line Items]
Subsequent Event, Date Evaluated, Description			The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued
Dividends Payable, Date Declared								Jul. 20, 2012
Quarterly dividend per share	$ 0.40	$ 0.36	$ 0.80	$ 0.72	$ 1.52	$ 0.44	$ 0.40

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Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2012

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity [Table Text Block]

An analysis of shareholders’ equity for the six months ended June 30, 2012 and the year ended December 31, 2011 is shown below (share amounts not in thousands):

	Common Shares					Retained Earnings			Accumulated Other Comprehensive Loss			Shareholders’ Equity
	Shares		Amount
Balance, December 31, 2010	121,023,140		$	602,882		$	717,058		$	(68,358	)	$	1,251,582
Net income	—		—			276,005			—			276,005
Dividends ($1.52 per share)	—		—			(186,828		)	—			(186,828		)
Issuance of shares under incentive stock plans	1,220,731		13,451			—			—			13,451
Stock-based compensation	—		16,181			—			—			16,181
Excess tax benefit on stock-based compensation	—		5,681			—			—			5,681
Repurchase of common shares	(208,694	)	(7,909		)	—			—			(7,909		)
Net loss from pension and postretirement plans	—		—			—			(46,263		)	(46,263		)
Foreign currency translation adjustment	—		—			—			3,546			3,546
Joint venture cash flow hedges	—		—			—			(2,373		)	(2,373		)
Balance, December 31, 2011	122,035,177		$	630,286		$	806,235		$	(113,448	)	$	1,323,073
Net income	—		—			122,515			—			122,515
Dividends ($0.80 per share)	—		—			(98,862		)	—			(98,862		)
Issuance of shares under incentive stock plans	672,859		3,980			—			—			3,980
Stock-based compensation	—		9,460			—			—			9,460
Excess tax benefit on stock-based compensation	—		4,234			—			—			4,234
Repurchase of common shares	(169,757	)	(7,783		)	—			—			(7,783		)
Amortization of gains/losses from pension and postretirement plans	—		—			—			6,541			6,541
Foreign currency translation adjustment	—		—			—			(2,255		)	(2,255		)
Joint venture cash flow hedges	—		—			—			(793		)	(793		)
Balance, June 30, 2012	122,538,279		$	640,177		$	829,888		$	(109,955	)	$	1,360,110

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Accumulated Other Comprehensive Loss (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	$ 32,222	$ 34,477
Joint venture cash flow hedges	(4,634)	(3,841)
Unrecognized losses of employee benefit plans, net of tax	(137,543)	(144,084)
Total	$ (109,955)	$ (113,448)

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Fair Value Measurements Variable Interest Entity (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2004
Variable Interest Entity [Line Items]
Type of Entity	bankruptcy-remote, limited liability subsidiary
Date involvement began	2004
Amount of installment note and letter of credit contributed to special purpose entity		$ 25.0
Amount of cash received		22.6
Interest cash payments received, net	immaterial cash payments
Classification of carrying amount of interest	"Other Assets"
Recorded liability for performance obligation	de minimus guarantee liability
Type of financial obligation	make-whole agreement
Cash to be received upon maturity	2.6
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Amount of notes issued by special purpose entity		22.6
Term of notes issued by special purpose entity		15-year
Variable Interest Entity Investment	$ 2.6
Maturity date of notes issued by special purpose entity	2019

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Restricted Deposits (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Restricted Cash and Investments [Abstract]
Maximum Time Period Proceeds From LKE Sale Maintained with Third Party Intermediary	180 days
Restricted Cash and Cash Equivalents	$ 14.4	$ 0

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Consolidating Financial Statements Condensed Consolidating Statements of Income and Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Income Statement [Abstract]
SALES	$ 371,926	$ 357,397	$ 727,706	$ 715,127
Costs and Expenses
Cost of sales	262,555	262,772	515,868	520,283
Selling and general expenses	16,250	15,992	35,868	32,425
Other operating (income) expense, net	(5,299)	709	(6,446)	(1,409)
Costs and Expenses, Total	273,506	279,473	545,290	551,299
Equity in income (loss) of New Zealand joint venture	170	1,149	184	2,823
OPERATING (LOSS) INCOME	98,590	79,073	182,600	166,651
Interest expense	(16,056)	(12,628)	(27,880)	(25,945)
Interest and miscellaneous income (expense), net	85	314	59	605
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	82,619	66,759	154,779	141,311
Income tax benefit (expense)	(13,540)	(10,305)	(32,264)	(26,446)
NET INCOME	69,079	56,454	122,515	114,865	276,005
OTHER COMPREHENSIVE (LOSS) INCOME	(6,678)	10,235	3,493	12,049
COMPREHENSIVE INCOME	62,401	66,689	126,008	126,914
Parent Company [Member]
Income Statement [Abstract]
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 (income) expense, net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
Equity in income (loss) of New Zealand joint venture	0	0	0	0
OPERATING (LOSS) INCOME	0	0	0	0
Interest expense	(3,117)	0	(4,366)	0
Interest and miscellaneous income (expense), net	1,544	0	3,455	0
Equity in income from subsidiaries	70,652	56,454	123,426	114,865
INCOME BEFORE INCOME TAXES	69,079	56,454	122,515	114,865
Income tax benefit (expense)	0	0	0	0
NET INCOME	69,079	56,454	122,515	114,865
OTHER COMPREHENSIVE (LOSS) INCOME	(6,678)	10,235	3,493	12,049
COMPREHENSIVE INCOME	62,401	66,689	126,008	126,914
Senior Exchangeable Notes due 2012 & 2015 [Member] | Guarantor Subsidiaries [Member]
Income Statement [Abstract]
SALES	0	0	0	0
Costs and Expenses
Cost of sales	0	0	0	0
Selling and general expenses	1,904	2,215	5,215	4,931
Other operating (income) expense, net	(109)	36	12	85
Costs and Expenses, Total	1,795	2,251	5,227	5,016
Equity in income (loss) of New Zealand joint venture	0	0	0	0
OPERATING (LOSS) INCOME	(1,795)	(2,251)	(5,227)	(5,016)
Interest expense	(212)	(261)	(450)	(391)
Interest and miscellaneous income (expense), net	1,659	1,303	2,986	2,640
Equity in income from subsidiaries	70,948	57,748	126,394	117,792
INCOME BEFORE INCOME TAXES	70,600	56,539	123,703	115,025
Income tax benefit (expense)	52	(85)	(277)	(160)
NET INCOME	70,652	56,454	123,426	114,865
OTHER COMPREHENSIVE (LOSS) INCOME	(6,678)	10,235	3,493	12,049
COMPREHENSIVE INCOME	63,974	66,689	126,919	126,914
Senior Exchangeable Notes due 2012 & 2015 [Member] | Issuer Subsidiary [Member]
Income Statement [Abstract]
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 (income) expense, net	0	0	0	0
Costs and Expenses, Total	0	0	0	0
Equity in income (loss) of New Zealand joint venture	0	0	0	0
OPERATING (LOSS) INCOME	0	0	0	0
Interest expense	(10,243)	(12,161)	(20,469)	(25,211)
Interest and miscellaneous income (expense), net	(834)	(1,117)	(2,042)	(2,191)
Equity in income from subsidiaries	60,407	44,783	106,152	89,218
INCOME BEFORE INCOME TAXES	49,330	31,505	83,641	61,816
Income tax benefit (expense)	4,043	4,845	8,217	10,002
NET INCOME	53,373	36,350	91,858	71,818
OTHER COMPREHENSIVE (LOSS) INCOME	698	360	800	509
COMPREHENSIVE INCOME	54,071	36,710	92,658	72,327
Senior Exchangeable Notes due 2012 & 2015 [Member] | Non-guarantor Subsidiaries of Rayonier TRS Holdings Inc [Member]
Income Statement [Abstract]
SALES	345,227	330,812	680,665	659,077
Costs and Expenses
Cost of sales	250,845	251,107	497,899	495,404
Selling and general expenses	13,067	12,985	28,579	26,055
Other operating (income) expense, net	(2,330)	1,903	(818)	2,201
Costs and Expenses, Total	261,582	265,995	525,660	523,660
Equity in income (loss) of New Zealand joint venture	167	167	338	361
OPERATING (LOSS) INCOME	83,812	64,984	155,343	135,778
Interest expense	(1,635)	(144)	(948)	(256)
Interest and miscellaneous income (expense), net	(4,135)	(4,992)	(8,039)	(10,016)
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	78,042	59,848	146,356	125,506
Income tax benefit (expense)	(17,635)	(15,065)	(40,204)	(36,288)
NET INCOME	60,407	44,783	106,152	89,218
OTHER COMPREHENSIVE (LOSS) INCOME	698	360	800	509
COMPREHENSIVE INCOME	61,105	45,143	106,952	89,727
Senior Exchangeable Notes due 2012 & 2015 [Member] | Non-guarantor Subsidiaries All Other Subsidiaries [Member]
Income Statement [Abstract]
SALES	43,584	43,589	81,755	86,421
Costs and Expenses
Cost of sales	26,716	30,257	53,534	58,254
Selling and general expenses	1,279	792	2,074	1,439
Other operating (income) expense, net	(4,011)	(1,230)	(6,792)	(3,694)
Costs and Expenses, Total	23,984	29,819	48,816	55,999
Equity in income (loss) of New Zealand joint venture	3	982	(154)	2,462
OPERATING (LOSS) INCOME	19,603	14,752	32,785	32,884
Interest expense	(849)	(62)	(1,647)	(87)
Interest and miscellaneous income (expense), net	1,851	5,120	3,699	10,172
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	20,605	19,810	34,837	42,969
Income tax benefit (expense)	0	0	0	0
NET INCOME	20,605	19,810	34,837	42,969
OTHER COMPREHENSIVE (LOSS) INCOME	(10,556)	8,020	(3,424)	7,830
COMPREHENSIVE INCOME	10,049	27,830	31,413	50,799
Senior Exchangeable Notes due 2012 & 2015 [Member] | Consolidation, Eliminations [Member]
Income Statement [Abstract]
SALES	(16,885)	(17,004)	(34,714)	(30,371)
Costs and Expenses
Cost of sales	(15,006)	(18,592)	(35,565)	(33,375)
Selling and general expenses	0	0	0	0
Other operating (income) expense, net	1,151	0	1,152	(1)
Costs and Expenses, Total	(13,855)	(18,592)	(34,413)	(33,376)
Equity in income (loss) of New Zealand joint venture	0	0	0	0
OPERATING (LOSS) INCOME	(3,030)	1,588	(301)	3,005
Interest expense	0	0	0	0
Interest and miscellaneous income (expense), net	0	0	0	0
Equity in income from subsidiaries	(202,007)	(158,985)	(355,972)	(321,875)
INCOME BEFORE INCOME TAXES	(205,037)	(157,397)	(356,273)	(318,870)
Income tax benefit (expense)	0	0	0	0
NET INCOME	(205,037)	(157,397)	(356,273)	(318,870)
OTHER COMPREHENSIVE (LOSS) INCOME	15,838	(18,975)	(1,669)	(20,897)
COMPREHENSIVE INCOME	(189,199)	(176,372)	(357,942)	(339,767)
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Guarantor Subsidiaries [Member]
Income Statement [Abstract]
SALES	315,293	294,277	627,935	590,528
Costs and Expenses
Cost of sales	224,027	217,793	451,535	433,359
Selling and general expenses	11,841	11,785	27,539	24,554
Other operating (income) expense, net	(2,561)	794	(1,581)	1,854
Costs and Expenses, Total	233,307	230,372	477,493	459,767
Equity in income (loss) of New Zealand joint venture	0	0	0	0
OPERATING (LOSS) INCOME	81,986	63,905	150,442	130,761
Interest expense	(12,089)	(12,566)	(21,867)	(25,858)
Interest and miscellaneous income (expense), net	(3,320)	(4,823)	(7,109)	(9,586)
Equity in income from subsidiaries	17,014	20,328	33,669	45,702
INCOME BEFORE INCOME TAXES	83,591	66,844	155,135	141,019
Income tax benefit (expense)	(12,939)	(10,390)	(31,709)	(26,154)
NET INCOME	70,652	56,454	123,426	114,865
OTHER COMPREHENSIVE (LOSS) INCOME	(6,678)	10,235	3,493	12,049
COMPREHENSIVE INCOME	63,974	66,689	126,919	126,914
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-Guarantor Subsidiaries [Member]
Income Statement [Abstract]
SALES	73,518	80,123	134,485	154,970
Costs and Expenses
Cost of sales	53,534	63,571	99,898	120,299
Selling and general expenses	4,409	4,207	8,329	7,871
Other operating (income) expense, net	(3,889)	(85)	(6,017)	(3,262)
Costs and Expenses, Total	54,054	67,693	102,210	124,908
Equity in income (loss) of New Zealand joint venture	170	1,149	184	2,823
OPERATING (LOSS) INCOME	19,634	13,579	32,459	32,885
Interest expense	(850)	(62)	(1,647)	(87)
Interest and miscellaneous income (expense), net	1,861	5,137	3,713	10,191
Equity in income from subsidiaries	0	0	0	0
INCOME BEFORE INCOME TAXES	20,645	18,654	34,525	42,989
Income tax benefit (expense)	(601)	85	(555)	(292)
NET INCOME	20,044	18,739	33,970	42,697
OTHER COMPREHENSIVE (LOSS) INCOME	(10,079)	8,142	(3,049)	7,861
COMPREHENSIVE INCOME	9,965	26,881	30,921	50,558
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation, Eliminations [Member]
Income Statement [Abstract]
SALES	(16,885)	(17,003)	(34,714)	(30,371)
Costs and Expenses
Cost of sales	(15,006)	(18,592)	(35,565)	(33,375)
Selling and general expenses	0	0	0	0
Other operating (income) expense, net	1,151	0	1,152	(1)
Costs and Expenses, Total	(13,855)	(18,592)	(34,413)	(33,376)
Equity in income (loss) of New Zealand joint venture	0	0	0	0
OPERATING (LOSS) INCOME	(3,030)	1,589	(301)	3,005
Interest expense	0	0	0	0
Interest and miscellaneous income (expense), net	0	0	0	0
Equity in income from subsidiaries	(87,666)	(76,782)	(157,095)	(160,567)
INCOME BEFORE INCOME TAXES	(90,696)	(75,193)	(157,396)	(157,562)
Income tax benefit (expense)	0	0	0	0
NET INCOME	(90,696)	(75,193)	(157,396)	(157,562)
OTHER COMPREHENSIVE (LOSS) INCOME	16,757	(18,377)	(444)	(19,910)
COMPREHENSIVE INCOME	$ (73,939)	$ (93,570)	$ (157,840)	$ (177,472)

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Employee Benefit Plans Narrative (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Defined Benefit Plans, General Information	The Company has four qualified non-contributory defined benefit pension plans covering a significant majority of its employees
Defined Benefit Plan, Unfunded Plan	an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans
Defined Benefit Plan, Other Information	Currently, all qualified plans are closed to new participants.
Pension Contributions	$ 0

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Earnings Per Common Share (Notes)

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Common Share [Text Block]

2. EARNINGS PER COMMON SHARE

The impact of the August 24, 2011 three-for-two stock split is reflected for all periods presented in the following table which provides details of the calculations of basic and diluted earnings per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net income	$	69,079	$	56,454	$	122,515	$	114,865
Shares used for determining basic earnings per common share	122,455,464		121,692,663		122,403,388		121,557,144
Dilutive effect of:
Stock options	669,298		741,561		692,622		731,064
Performance and restricted shares	726,368		951,940		727,968		916,987
Assumed conversion of Senior Exchangeable Notes (a) (b)	2,669,808		2,312,093		2,830,382		1,906,811
Assumed conversion of warrants (a) (b)	890,189		493,167		1,077,217		156,482
Shares used for determining diluted earnings per common share	127,411,127		126,191,424		127,731,577		125,268,488
Basic earnings per common share	$	0.56	$	0.46	$	1.00	$	0.94
Diluted earnings per common share	$	0.54	$	0.45	$	0.96	$	0.92

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	318,666	143,658	326,777	197,712
Assumed conversion of exchangeable note hedges (a)	2,669,808	2,312,093	2,830,382	1,906,811
Total	2,988,474	2,455,751	3,157,159	2,104,523

(a) Upon maturity of the Senior Exchangeable Notes (the "Notes"), Rayonier will not issue additional shares for the full difference between the strike price and the market price due to the offsetting exchangeable note hedges (the "hedges"). However, Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges are excluded since they are anti-dilutive. Rayonier will distribute additional shares upon maturity of the warrants if the stock price exceeds the strike prices of $41.59 for the Notes due 2012 and $39.67 for the Notes due 2015. For additional information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2011 Annual Report on Form 10-K and Note 13 — Debtof this Form 10-Q.

(b) The higher shares used for determining earnings per common share were primarily due to an increase in the average stock price from $42.77 for the three months ended June 30, 2011 to $43.74 for the three months ended June 30, 2012 and from $41.25 for the six months ended June 30, 2011 to $44.40 for the six months ended June 30, 2012.

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Fair Value Measurements Fair Values Measured on Recurring Basis (Details) (USD $) In Thousands, unless otherwise specified					6 Months Ended
	Jun. 30, 2012 Fair Value, Measurements, Recurring [Member] Carrying Value	Dec. 31, 2011 Fair Value, Measurements, Recurring [Member] Carrying Value	Jun. 30, 2012 Fair Value, Measurements, Recurring [Member] Level 2	Dec. 31, 2011 Fair Value, Measurements, Recurring [Member] Level 2	Jun. 30, 2012 Variable Interest Entity, Not Primary Beneficiary [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in special-purpose entity	$ 2,690	$ 2,690	$ 2,690	$ 2,690
Fair Value Measurements, Valuation Techniques					The fair value of the investment in the special-purpose entity is determined by summing the discounted value of future principal and interest payments that Rayonier will receive from the special-purpose entity. The interest rate of a similar instrument is used to determine the discounted value of the payments.

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Liabilities for Dispositions and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2012

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

Schedule of Change in Environmental Loss Contingencies [Table Text Block]

An analysis of the liabilities for dispositions and discontinued operations follows:

	June 30,			December 31,
	2012			2011
Balance, beginning of period	$	90,824		$	93,160
Expenditures charged to liabilities	(4,803		)	(9,209		)
Increase to liabilities	418			6,873
Balance, end of period	86,439			90,824
Less: Current portion	(9,843		)	(9,931		)
Non-current portion	$	76,596		$	80,893

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Guarantees (Tables)

6 Months Ended

Jun. 30, 2012

Guarantees [Abstract]

Schedule of Guarantor Obligations [Table Text Block]

The Company provides financial guarantees as required by creditors, insurance programs, and state and foreign governmental agencies. As of June 30, 2012, the following financial guarantees were outstanding:

Financial Commitments	Maximum Potential Payment		Carrying Amount of Liability
Standby letters of credit (a)	$	20,046	$	15,000
Guarantees (b)	2,555		43
Surety bonds (c)	7,159		1,389
Total financial commitments	$	29,760	$	16,432

(a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2012 and 2013 and will be renewed as required.

(b) In conjunction with a timberland sale and note monetization in the first quarter of 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.6 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2012, the Company has a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

(c) Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates between 2012 and 2014 and are expected to be renewed as required.

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Guarantees (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 29,760,000
Guarantor Obligations, Current Carrying Value	16,432,000
Variable Interest Entity Recorded Liability For Performance Obligation	de minimus guarantee liability
Financial Standby Letter of Credit [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	20,046,000	[1]
Guarantor Obligations, Current Carrying Value	15,000,000	[1]
Guarantor Obligations Collateral for Industrial Revenue Bonds	15,000,000
Guarantor Obligations, Term	various dates during 2012 and 2013
Financial Guarantee [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	2,555,000	[2]
Guarantor Obligations, Current Carrying Value	43,000	[2]
Variable Interest Entity Recorded Liability For Performance Obligation	de minimus liability
Guarantee Type, Other [Member]
Guarantor Obligations [Line Items]
Guarantor Obligations, Maximum Exposure, Undiscounted	7,159,000	[3]
Guarantor Obligations, Current Carrying Value	$ 1,389,000	[3]
Guarantor Obligations, Term	various dates between 2012 and 2014

[1] Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2012 and 2013 and will be renewed as required.

[2] In conjunction with a timberland sale and note monetization in the first quarter of 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.6 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2012, the Company has a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

[3] Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates between 2012 and 2014 and are expected to be renewed as required.

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2012

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

Schedule of Net Benefit Costs [Table Text Block]

The net pension and postretirement benefit costs that have been recognized during the stated periods are shown in the following tables:

	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost
Service cost	$	2,102		$	1,695		$	227	$	182
Interest cost	4,321			4,522			242		236
Expected return on plan assets	(6,369		)	(6,455		)	—		—
Amortization of prior service cost	327			340			6		22
Amortization of losses	4,394			2,593			156		66
Net periodic benefit cost	$	4,775		$	2,695		$	631	$	506

	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost
Service cost	$	4,042		$	3,390		$	437	$	364
Interest cost	8,309			9,044			465		472
Expected return on plan assets	(12,248		)	(12,910		)	—		—
Amortization of prior service cost	629			680			12		44
Amortization of losses	8,451			5,186			299		132
Net periodic benefit cost	$	9,183		$	5,390		$	1,213	$	1,012

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Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2012

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

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Accumulated Other Comprehensive Loss was comprised of the following:

	June 30, 2012			December 31, 2011
Foreign currency translation adjustments	$	32,222		$	34,477
Joint venture cash flow hedges	(4,634		)	(3,841		)
Unrecognized losses of employee benefit plans, net of tax	(137,543		)	(144,084		)
Total	$	(109,955	)	$	(113,448	)

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Basis Of Presentation (Notes)

6 Months Ended

Jun. 30, 2012

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation [Text Block]

1. BASIS OF PRESENTATION

Basis of Presentation

The unaudited condensed 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 for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, these financial statements and notes reflect all 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, 2011, as filed with the SEC.

Subsequent Events

The Company evaluated events and transactions that occurred after the balance sheet date but before financial statements were issued, and one subsequent event was identified that warranted recognition or disclosure. On July 20, 2012, the Board of Directors approved an increase in the quarterly dividend per share from $0.40 per share to $0.44 per share effective for the third quarter 2012 distribution.

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Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2012

Senior Exchangeable Notes due 2012 & 2015 [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Statement of Income and Comprehensive Income [Table Text Block]

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME  AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012
	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	$	—		$	—		$	—		$	345,227		$	43,584		$	(16,885	)	$	371,926
Costs and Expenses
Cost of sales	—			—			—			250,845			26,716			(15,006		)	262,555
Selling and general expenses	—			1,904			—			13,067			1,279			—			16,250
Other operating income, net	—			(109		)	—			(2,330		)	(4,011		)	1,151			(5,299		)
	—			1,795			—			261,582			23,984			(13,855		)	273,506
Equity in income of New Zealand joint venture	—			—			—			167			3			—			170
OPERATING (LOSS) INCOME	—			(1,795		)	—			83,812			19,603			(3,030		)	98,590
Interest expense	(3,117		)	(212		)	(10,243		)	(1,635		)	(849		)	—			(16,056		)
Interest and miscellaneous income (expense), net	1,544			1,659			(834		)	(4,135		)	1,851			—			85
Equity in income from subsidiaries	70,652			70,948			60,407			—			—			(202,007		)	—
INCOME BEFORE INCOME TAXES	69,079			70,600			49,330			78,042			20,605			(205,037		)	82,619
Income tax benefit (expense)	—			52			4,043			(17,635		)	—			—			(13,540		)
NET INCOME	69,079			70,652			53,373			60,407			20,605			(205,037		)	69,079
OTHER COMPREHENSIVE (LOSS) INCOME	(6,678		)	(6,678		)	698			698			(10,556		)	15,838			(6,678		)
COMPREHENSIVE INCOME	$	62,401		$	63,974		$	54,071		$	61,105		$	10,049		$	(189,199	)	$	62,401

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE 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
OTHER COMPREHENSIVE INCOME	10,235		10,235			360			360			8,020			(18,975		)	10,235
COMPREHENSIVE INCOME	$	66,689	$	66,689		$	36,710		$	45,143		$	27,830		$	(176,372	)	$	66,689

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012
	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	$	—		$	—		$	—		$	680,665		$	81,755		$	(34,714	)	$	727,706
Costs and Expenses
Cost of sales	—			—			—			497,899			53,534			(35,565		)	515,868
Selling and general expenses	—			5,215			—			28,579			2,074			—			35,868
Other operating expense  (income), net	—			12			—			(818		)	(6,792		)	1,152			(6,446		)
	—			5,227			—			525,660			48,816			(34,413		)	545,290
Equity in income (loss) of New Zealand joint venture	—			—			—			338			(154		)	—			184
OPERATING (LOSS) INCOME	—			(5,227		)	—			155,343			32,785			(301		)	182,600
Interest expense	(4,366		)	(450		)	(20,469		)	(948		)	(1,647		)	—			(27,880		)
Interest and miscellaneous income (expense), net	3,455			2,986			(2,042		)	(8,039		)	3,699			—			59
Equity in income from subsidiaries	123,426			126,394			106,152			—			—			(355,972		)	—
INCOME BEFORE INCOME TAXES	122,515			123,703			83,641			146,356			34,837			(356,273		)	154,779
Income tax (expense) benefit	—			(277		)	8,217			(40,204		)	—			—			(32,264		)
NET INCOME	122,515			123,426			91,858			106,152			34,837			(356,273		)	122,515
OTHER COMPREHENSIVE INCOME (LOSS)	$	3,493		$	3,493		$	800		$	800		$	(3,424	)	$	(1,669	)	$	3,493
COMPREHENSIVE INCOME	$	126,008		$	126,919		$	92,658		$	106,952		$	31,413		$	(357,942	)	$	126,008

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE 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
OTHER COMPREHENSIVE INCOME	$	12,049	$	12,049		$	509		$	509		$	7,830		$	(20,897	)	$	12,049
COMPREHENSIVE INCOME	$	126,914	$	126,914		$	72,327		$	89,727		$	50,799		$	(339,767	)	$	126,914

Schedule of Condensed Consolidating Balance Sheets [Table Text Block]

	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2012
	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	$	97,335	$	35,503	$	15,197	$	8,020		$	33,048	$	—		$	189,103
Accounts receivable, less allowance for doubtful accounts	—		90		—		106,621			2,583		—			109,294
Inventory	—		—		—		126,681			—		(13,830		)	112,851
Intercompany interest receivable	—		—		—		—			3,111		(3,111		)	—
Prepaid and other current assets	—		836		763		80,541			6,943		—			89,083
Total current assets	97,335		36,429		15,960		321,863			45,685		(16,941		)	500,331
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		40,375			1,454,261		1,789			1,496,425
NET PROPERTY, PLANT AND EQUIPMENT	—		2,461		—		557,123			3,192		—			562,776
INVESTMENT IN JOINT VENTURE	—		—		—		(10,550		)	75,004		—			64,454
INVESTMENT IN SUBSIDIARIES	1,383,682		1,584,771		1,260,411		—			—		(4,228,864		)	—
INTERCOMPANY NOTES RECEIVABLE	204,476		—		19,452		—			—		(223,928		)	—
OTHER ASSETS	3,544		26,804		4,998		687,091			19,717		(549,563		)	192,591
TOTAL ASSETS	$	1,689,037	$	1,650,465	$	1,300,821	$	1,595,902		$	1,597,859	$	(5,017,507	)	$	2,816,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,291	$	11	$	69,147		$	2,283	$	—		$	72,732
Accrued taxes	—		487		—		36,260			4,214		—			40,961
Accrued payroll and benefits	—		11,126		—		10,417			1,762		—			23,305
Accrued interest	3,927		413		10,295		3,450			609		—			18,694
Accrued customer incentives	—		—		—		7,031			—		—			7,031
Other current liabilities	—		2,504		—		8,293			13,390		—			24,187
Current liabilities for dispositions and discontinued operations	—		—		—		9,843			—		—			9,843
Total current liabilities	3,927		15,821		10,306		144,441			22,258		—			196,753
LONG-TERM DEBT	325,000		—		604,997		—			88,096		—			1,018,093
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		76,596			—		—			76,596
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		113,772		—		26,301			—		—			140,073
OTHER NON-CURRENT LIABILITIES	—		17,972		—		6,360			620		—			24,952
INTERCOMPANY PAYABLE	—		119,218		—		81,793			210,689		(411,700		)	—
TOTAL LIABILITIES	328,927		266,783		615,303		335,491			321,663		(411,700		)	1,456,467
TOTAL SHAREHOLDERS’ EQUITY	1,360,110		1,383,682		685,518		1,260,411			1,276,196		(4,605,807		)	1,360,110
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,689,037	$	1,650,465	$	1,300,821	$	1,595,902		$	1,597,859	$	(5,017,507	)	$	2,816,577

	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 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	$	—	$	8,977		$	59,976	$	7,398		$	2,252	$	—		$	78,603
Accounts receivable, less allowance for doubtful accounts	—		3			—		94,399			606		—			95,008
Inventory	—		—			—		133,300			—		(11,302		)	121,998
Intercompany interest receivable	—		—			—		—			3,848		(3,848		)	—
Prepaid and other current assets	—		2,328			808		36,937			8,820		—			48,893
Total current assets	—		11,308			60,784		272,034			15,526		(15,150		)	344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		39,824			1,462,027		1,860			1,503,711
NET PROPERTY, PLANT AND EQUIPMENT	—		2,551			—		456,754			2,247		—			461,552
INVESTMENT IN JOINT VENTURE	—		—			—		(11,006		)	80,225		—			69,219
INVESTMENT IN SUBSIDIARIES	1,238,661		1,490,444			1,156,896		—			—		(3,886,001		)	—
INTERCOMPANY NOTES RECEIVABLE	204,420		—			19,073		—			—		(223,493		)	—
OTHER ASSETS	—		26,850			6,491		702,087			6,856		(551,920		)	190,364
TOTAL ASSETS	$	1,443,081	$	1,531,153		$	1,243,244	$	1,459,693		$	1,566,881	$	(4,674,704	)	$	2,569,348
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,801		$	10	$	69,648		$	1,414	$	—		$	72,873
Current maturities of long-term debt	—		—			28,110		—			—		—			28,110
Accrued taxes	—		(27		)	—		3,934			1,316		—			5,223
Accrued payroll and benefits	—		13,810			—		10,563			2,473		—			26,846
Accrued interest	8		246			5,442		739			609		—			7,044
Accrued customer incentives	—		—			—		10,369			—		—			10,369
Other current liabilities	—		1,886			—		9,199			6,770		—			17,855
Current liabilities for dispositions and discontinued operations	—		—			—		9,931			—		—			9,931
Total current liabilities	8		17,716			33,562		114,383			12,582		—			178,251
LONG-TERM DEBT	120,000		30,000			580,647		—			88,582		—			819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—			—		80,893			—		—			80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		112,904			—		27,719			—		—			140,623
OTHER NON-CURRENT LIABILITIES	—		20,210			—		6,396			673		—			27,279
INTERCOMPANY PAYABLE	—		111,662			—		73,406			203,208		(388,276		)	—
TOTAL LIABILITIES	120,008		292,492			614,209		302,797			305,045		(388,276		)	1,246,275
TOTAL SHAREHOLDERS’ EQUITY	1,323,073		1,238,661			629,035		1,156,896			1,261,836		(4,286,428		)	1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,443,081	$	1,531,153		$	1,243,244	$	1,459,693		$	1,566,881	$	(4,674,704	)	$	2,569,348

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

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2012
	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	$	3,173		$	51,579		$	12,000		$	94,485		$	86,639		$	(39,000	)	$	208,876
INVESTING ACTIVITIES
Capital expenditures	—			(165		)	—			(58,025		)	(18,056		)	—			(76,246		)
Purchase of timberlands	—			—			—			—			(8,687		)	—			(8,687		)
Jesup mill cellulose specialties expansion	—			—			—			(63,998		)	—			—			(63,998		)
Change in restricted cash	—			—			—			—			(14,427		)	—			(14,427		)
Investment in Subsidiaries	(5,181		)	—			(39,436		)	—			—			44,617			—
Other	—			(69		)	—			(962		)	327			—			(704		)
CASH USED FOR INVESTING ACTIVITIES	(5,181		)	(234		)	(39,436		)	(122,985		)	(40,843		)	44,617			(164,062		)
FINANCING ACTIVITIES
Issuance of debt	325,000			—			15,000			—			15,000			—			355,000
Repayment of debt	(120,000		)	(30,000		)	(23,110		)	—			(15,000		)	—			(188,110		)
Dividends paid	(98,201		)	—			—			—			—			—			(98,201		)
Proceeds from the issuance of common shares	3,980			—			—			—			—			—			3,980
Excess tax benefits on stock-based compensation	—			—			—			4,234			—			—			4,234
Debt issuance costs	(3,653		)	—			—			—			—			—			(3,653		)
Repurchase of common shares	(7,783		)	—			—			—			—			—			(7,783		)
Intercompany distributions	—			5,181			(9,233		)	24,669			(15,000		)	(5,617		)	—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	99,343			(24,819		)	(17,343		)	28,903			(15,000		)	(5,617		)	65,467
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			219			—			—			219
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	97,335			26,526			(44,779		)	622			30,796			—			110,500
Balance, beginning of year	—			8,977			59,976			7,398			2,252			—			78,603
Balance, end of period	$	97,335		$	35,503		$	15,197		$	8,020		$	33,048		$	—		$	189,103

	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		)
Jesup mill cellulose specialties expansion	—			—			—			(3,576		)	—			—			(3,576		)
Change in restricted cash	—			—			—			—			8,323			—			8,323
Investment in Subsidiaries	—			—			24,778			—			—			(24,778		)	—
Other	—			—			—			2,698			(72		)	—			2,626
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		)
Intercompany distributions	—			(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

Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Statement of Income and Comprehensive Income [Table Text Block]

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	315,293		$	73,518		$	(16,885	)	$	371,926
Costs and Expenses
Cost of sales	—			224,027			53,534			(15,006		)	262,555
Selling and general expenses	—			11,841			4,409			—			16,250
Other operating income, net	—			(2,561		)	(3,889		)	1,151			(5,299		)
	—			233,307			54,054			(13,855		)	273,506
Equity in income of New Zealand joint venture	—			—			170			—			170
OPERATING INCOME	—			81,986			19,634			(3,030		)	98,590
Interest expense	(3,117		)	(12,089		)	(850		)	—			(16,056		)
Interest and miscellaneous income (expense), net	1,544			(3,320		)	1,861			—			85
Equity in income from subsidiaries	70,652			17,014			—			(87,666		)	—
INCOME BEFORE INCOME TAXES	69,079			83,591			20,645			(90,696		)	82,619
Income tax expense	—			(12,939		)	(601		)	—			(13,540		)
NET INCOME	69,079			70,652			20,044			(90,696		)	69,079
OTHER COMPREHENSIVE LOSS	(6,678		)	(6,678		)	(10,079		)	16,757			(6,678		)
COMPREHENSIVE INCOME	$	62,401		$	63,974		$	9,965		$	(73,939	)	$	62,401

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	294,277		$	80,123		$	(17,003	)	$	357,397
Costs and Expenses
Cost of sales	—		217,793			63,571			(18,592		)	262,772
Selling and general expenses	—		11,785			4,207			—			15,992
Other operating expense (income), net	—		794			(85		)	—			709
	—		230,372			67,693			(18,592		)	279,473
Equity in income of New Zealand joint venture	—		—			1,149			—			1,149
OPERATING INCOME	—		63,905			13,579			1,589			79,073
Interest expense	—		(12,566		)	(62		)	—			(12,628		)
Interest and miscellaneous (expense) income, net	—		(4,823		)	5,137			—			314
Equity in income from subsidiaries	56,454		20,328			—			(76,782		)	—
INCOME BEFORE INCOME TAXES	56,454		66,844			18,654			(75,193		)	66,759
Income tax (expense) benefit	—		(10,390		)	85			—			(10,305		)
NET INCOME	56,454		56,454			18,739			(75,193		)	56,454
OTHER COMPREHENSIVE INCOME	10,235		10,235			8,142			(18,377		)	10,235
COMPREHENSIVE INCOME	$	66,689	$	66,689		$	26,881		$	(93,570	)	$	66,689

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	627,935		$	134,485		$	(34,714	)	$	727,706
Costs and Expenses
Cost of sales	—			451,535			99,898			(35,565		)	515,868
Selling and general expenses	—			27,539			8,329			—			35,868
Other operating income, net	—			(1,581		)	(6,017		)	1,152			(6,446		)
	—			477,493			102,210			(34,413		)	545,290
Equity in income of New Zealand joint venture	—			—			184			—			184
OPERATING INCOME	—			150,442			32,459			(301		)	182,600
Interest expense	(4,366		)	(21,867		)	(1,647		)	—			(27,880		)
Interest and miscellaneous income (expense), net	3,455			(7,109		)	3,713			—			59
Equity in income from subsidiaries	123,426			33,669			—			(157,095		)	—
INCOME BEFORE INCOME TAXES	122,515			155,135			34,525			(157,396		)	154,779
Income tax expense	—			(31,709		)	(555		)	—			(32,264		)
NET INCOME	122,515			123,426			33,970			(157,396		)	122,515
OTHER COMPREHENSIVE INCOME (LOSS)	3,493			3,493			(3,049		)	(444		)	3,493
COMPREHENSIVE INCOME	$	126,008		$	126,919		$	30,921		$	(157,840	)	$	126,008

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	590,528		$	154,970		$	(30,371	)	$	715,127
Costs and Expenses
Cost of sales	—		433,359			120,299			(33,375		)	520,283
Selling and general expenses	—		24,554			7,871			—			32,425
Other operating expense (income), net	—		1,854			(3,262		)	(1		)	(1,409		)
	—		459,767			124,908			(33,376		)	551,299
Equity in income of New Zealand joint venture	—		—			2,823			—			2,823
OPERATING INCOME	—		130,761			32,885			3,005			166,651
Interest expense	—		(25,858		)	(87		)	—			(25,945		)
Interest and miscellaneous (expense) income, net	—		(9,586		)	10,191			—			605
Equity in income from subsidiaries	114,865		45,702			—			(160,567		)	—
INCOME BEFORE INCOME TAXES	114,865		141,019			42,989			(157,562		)	141,311
Income tax expense	—		(26,154		)	(292		)	—			(26,446		)
NET INCOME	114,865		114,865			42,697			(157,562		)	114,865
OTHER COMPREHENSIVE INCOME	12,049		12,049			7,861			(19,910		)	12,049
COMPREHENSIVE INCOME	$	126,914	$	126,914		$	50,558		$	(177,472	)	$	126,914

Schedule of Condensed Consolidating Balance Sheets [Table Text Block]

	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2012
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		All Other Subsidiaries (Non- guarantors)		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	97,335	$	45,695	$	46,073	$	—		$	189,103
Accounts receivable, less allowance for doubtful accounts	—		100,423		8,871		—			109,294
Inventory	—		125,688		993		(13,830		)	112,851
Intercompany interest receivable	—		—		3,111		(3,111		)	—
Prepaid and other current assets	—		81,623		7,460		—			89,083
Total current assets	97,335		353,429		66,508		(16,941		)	500,331
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		115,833		1,378,803		1,789			1,496,425
NET PROPERTY, PLANT AND EQUIPMENT	—		558,690		4,086		—			562,776
INVESTMENT IN JOINT VENTURE	—		—		64,454		—			64,454
INVESTMENT IN SUBSIDIARIES	1,383,682		839,141		—		(2,222,823		)	—
INTERCOMPANY NOTES RECEIVABLE	204,476		—		—		(204,476		)	—
OTHER ASSETS	3,544		694,655		43,955		(549,563		)	192,591
TOTAL ASSETS	$	1,689,037	$	2,561,748	$	1,557,806	$	(2,992,014	)	$	2,816,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	68,140	$	4,592	$	—		$	72,732
Accrued taxes	—		36,879		4,082		—			40,961
Accrued payroll and benefits	—		20,853		2,452		—			23,305
Accrued interest	3,927		14,158		609		—			18,694
Accrued customer incentives	—		7,031		—		—			7,031
Other current liabilities	—		10,096		14,091		—			24,187
Current liabilities for dispositions and discontinued operations	—		9,843		—		—			9,843
Total current liabilities	3,927		167,000		25,826		—			196,753
LONG-TERM DEBT	325,000		604,997		88,096		—			1,018,093
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		76,596		—		—			76,596
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		140,073		—		—			140,073
OTHER NON-CURRENT LIABILITIES	—		23,469		1,483		—			24,952
INTERCOMPANY PAYABLE	—		165,931		226,317		(392,248		)	—
TOTAL LIABILITIES	328,927		1,178,066		341,722		(392,248		)	1,456,467
TOTAL SHAREHOLDERS’ EQUITY	1,360,110		1,383,682		1,216,084		(2,599,766		)	1,360,110
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,689,037	$	2,561,748	$	1,557,806	$	(2,992,014	)	$	2,816,577

	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		All Other Subsidiaries (Non- guarantors)		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—	$	58,132	$	20,471	$	—		$	78,603
Accounts receivable, less allowance for doubtful accounts	—		90,658		4,350		—			95,008
Inventory	—		132,323		977		(11,302		)	121,998
Intercompany interest receivable	—		—		3,848		(3,848		)	—
Prepaid and other current assets	—		39,366		9,527		—			48,893
Total current assets	—		320,479		39,173		(15,150		)	344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		117,243		1,384,608		1,860			1,503,711
NET PROPERTY, PLANT AND EQUIPMENT	—		458,497		3,055		—			461,552
INVESTMENT IN JOINT VENTURE	—		—		69,219		—			69,219
INVESTMENT IN SUBSIDIARIES	1,238,661		801,838		—		(2,040,499		)	—
INTERCOMPANY NOTES RECEIVABLE	204,420		—		—		(204,420		)	—
OTHER ASSETS	—		710,663		31,622		(551,921		)	190,364
TOTAL ASSETS	$	1,443,081	$	2,408,720	$	1,527,677	$	(2,810,130	)	$	2,569,348
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	65,732	$	7,141	$	—		$	72,873
Current maturities of long-term debt	—		28,110		—		—			28,110
Accrued taxes	—		3,838		1,385		—			5,223
Accrued payroll and benefits	—		23,070		3,776		—			26,846
Accrued interest	8		6,427		609		—			7,044
Accrued customer incentives	—		10,369		—		—			10,369
Other current liabilities	—		10,319		7,536		—			17,855
Current liabilities for dispositions and discontinued operations	—		9,931		—		—			9,931
Total current liabilities	8		157,796		20,447		—			178,251
LONG-TERM DEBT	120,000		610,647		88,582		—			819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		80,893		—		—			80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		140,623		—		—			140,623
OTHER NON-CURRENT LIABILITIES	—		25,894		1,385		—			27,279
INTERCOMPANY PAYABLE	—		154,206		214,997		(369,203		)	—
TOTAL LIABILITIES	120,008		1,170,059		325,411		(369,203		)	1,246,275
TOTAL SHAREHOLDERS’ EQUITY	1,323,073		1,238,661		1,202,266		(2,440,927		)	1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,443,081	$	2,408,720	$	1,527,677	$	(2,810,130	)	$	2,569,348

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

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	3,173		$	139,606		$	81,097		$	(15,000	)	$	208,876
INVESTING ACTIVITIES
Capital expenditures	—			(58,219		)	(18,027		)	—			(76,246		)
Purchase of timberlands	—			(101		)	(8,586		)	—			(8,687		)
Jesup mill cellulose specialties expansion	—			(63,998		)	—			—			(63,998		)
Change in restricted cash	—			—			(14,427		)	—			(14,427		)
Investment in Subsidiaries	(5,181		)	—			—			5,181			—
Other	—			(1,030		)	326			—			(704		)
CASH USED FOR INVESTING ACTIVITIES	(5,181		)	(123,348		)	(40,714		)	5,181			(164,062		)
FINANCING ACTIVITIES
Issuance of debt	325,000			15,000			15,000			—			355,000
Repayment of debt	(120,000		)	(53,110		)	(15,000		)	—			(188,110		)
Dividends paid	(98,201		)	—			—			—			(98,201		)
Proceeds from the issuance of common shares	3,980			—			—			—			3,980
Excess tax benefits on stock-based compensation	—			4,234			—			—			4,234
Debt issuance costs	(3,653		)	—			—			—			(3,653		)
Repurchase of common shares	(7,783		)	—			—			—			(7,783		)
Intercompany distributions	—			5,181			(15,000		)	9,819			—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	99,343			(28,695		)	(15,000		)	9,819			65,467
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			219			—			219
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	97,335			(12,437		)	25,602			—			110,500
Balance, beginning of year	—			58,132			20,471			—			78,603
Balance, end of period	$	97,335		$	45,695		$	46,073		$	—		$	189,103

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	87,805		$	178,470		$	85,437		$	(156,845	)	$	194,867
INVESTING ACTIVITIES
Capital expenditures	—			(48,003		)	(17,208		)	—			(65,211		)
Purchase of timberlands	—			—			(12,976		)	—			(12,976		)
Jesup mill cellulose specialties expansion	—			(3,576		)	—			—			(3,576		)
Change in restricted cash	—			—			8,323			—			8,323
Other	—			2,698			(72		)	—			2,626
CASH USED FOR INVESTING ACTIVITIES	—			(48,881		)	(21,933		)	—			(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	—			(1,183		)	(480		)	—			(1,663		)
Repurchase of common shares	(7,828		)	—			—			—			(7,828		)
Intercompany distributions	—			(87,325		)	(69,520		)	156,845			—
CASH USED FOR FINANCING ACTIVITIES	(87,805		)	(158,608		)	(70,000		)	156,845			(159,568		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			232			—			232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			(29,019		)	(6,264		)	—			(35,283		)
Balance, beginning of year	—			303,746			45,717			—			349,463
Balance, end of period	$	—		$	274,727		$	39,453		$	—		$	314,180

XML

Segment and Geographical Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011		Dec. 31, 2011
Segment Reporting Information [Line Items]
Assets	$ 2,816,577				$ 2,816,577				$ 2,569,348
Sales	371,926		357,397		727,706		715,127
Operating Income (Loss)	98,590		79,073		182,600		166,651
Depreciation, depletion and amortization	35,006		30,994		66,174		62,863
Forest Resources [Member]
Segment Reporting Information [Line Items]
Assets	1,627,553				1,627,553				1,603,515
Sales	52,663		57,037		104,858		105,217
Operating Income (Loss)	8,249		11,838		16,254		22,888
Depreciation, depletion and amortization	17,066		15,848		33,900		31,252
Real Estate Segment [Member]
Segment Reporting Information [Line Items]
Assets	112,555				112,555				102,682
Sales	11,680		12,305		24,326		25,767
Operating Income (Loss)	5,999		5,009		12,477		12,380
Depreciation, depletion and amortization	1,600		2,231		3,445		4,921
Performance Fibers Segment [Member]
Segment Reporting Information [Line Items]
Assets	769,780				769,780				646,447
Sales	254,509		232,807		505,364		483,970
Operating Income (Loss)	83,727		71,102		164,357		146,811
Depreciation, depletion and amortization	15,139		11,783		26,500		24,498
Wood Products Segment [Member]
Segment Reporting Information [Line Items]
Assets	21,294				21,294				21,264
Sales	23,830		17,957		43,039		33,747
Operating Income (Loss)	4,129		(987)		5,052		(534)
Depreciation, depletion and amortization	826		834		1,582		1,655
All Other Segments [Member]
Segment Reporting Information [Line Items]
Assets	21,735				21,735				24,576
Sales	29,268		38,508		50,409		68,920
Operating Income (Loss)	1,148		(965)		218		(166)
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Sales	(24)	[1]	(1,217)	[1]	(290)	[1]	(2,494)	[1]
Unallocated Amount to Segment [Member]
Segment Reporting Information [Line Items]
Assets	263,660				263,660				170,864
Operating Income (Loss)	(4,662)		(6,924)		(15,758)		(14,728)
All Other Segments And Unallocated Amount To Segment [Member]
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	$ 375		$ 298		$ 747		$ 537

[1] Intersegment eliminations primarily reflect sales from our Forest Resources segment to our Performance Fibers segment

XML

Consolidating Financial Statements Condensed Consolidating Balance Sheets (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 189,103	$ 78,603	$ 314,180	$ 349,463
Accounts receivable, less allowance for doubtful accounts	109,294	95,008
Inventory	112,851	121,998
Intercompany interest receivable	0	0
Prepaid and other current assets	89,083	48,893
Total current assets	500,331	344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	1,496,425	1,503,711
NET PROPERTY, PLANT AND EQUIPMENT	562,776	461,552
INVESTMENT IN JOINT VENTURE	64,454	69,219
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	192,591	190,364
TOTAL ASSETS	2,816,577	2,569,348
CURRENT LIABILITIES
Accounts payable	72,732	72,873
Current maturities of long-term debt	0	28,110
Accrued taxes	40,961	5,223
Accrued payroll and benefits	23,305	26,846
Accrued interest	18,694	7,044
Accrued customer incentives	7,031	10,369
Other current liabilities	24,187	17,855
Current liabilities for dispositions and discontinued operations	9,843	9,931
Total current liabilities	196,753	178,251
LONG-TERM DEBT	1,018,093	819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	76,596	80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	140,073	140,623
OTHER NON-CURRENT LIABILITIES	24,952	27,279
INTERCOMPANY PAYABLE	0	0
TOTAL LIABILITIES	1,456,467	1,246,275
TOTAL SHAREHOLDERS' EQUITY	1,360,110	1,323,073		1,251,582
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,816,577	2,569,348
Parent Company [Member]
CURRENT ASSETS
Cash and cash equivalents	97,335	0	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Intercompany interest receivable	0	0
Prepaid and other current assets	0	0
Total current assets	97,335	0
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN JOINT VENTURE	0	0
INVESTMENT IN SUBSIDIARIES	1,383,682	1,238,661
INTERCOMPANY NOTES RECEIVABLE	204,476	204,420
OTHER ASSETS	3,544	0
TOTAL ASSETS	1,689,037	1,443,081
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt		0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	3,927	8
Accrued customer incentives	0	0
Other current liabilities	0	0
Current liabilities for dispositions and discontinued operations	0	0
Total current liabilities	3,927	8
LONG-TERM DEBT	325,000	120,000
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	0
TOTAL LIABILITIES	328,927	120,008
TOTAL SHAREHOLDERS' EQUITY	1,360,110	1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,689,037	1,443,081
Senior Exchangeable Notes due 2012 & 2015 [Member] | Guarantor Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	35,503	8,977	45,727	29,759
Accounts receivable, less allowance for doubtful accounts	90	3
Inventory	0	0
Intercompany interest receivable	0	0
Prepaid and other current assets	836	2,328
Total current assets	36,429	11,308
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
NET PROPERTY, PLANT AND EQUIPMENT	2,461	2,551
INVESTMENT IN JOINT VENTURE	0	0
INVESTMENT IN SUBSIDIARIES	1,584,771	1,490,444
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	26,804	26,850
TOTAL ASSETS	1,650,465	1,531,153
CURRENT LIABILITIES
Accounts payable	1,291	1,801
Current maturities of long-term debt		0
Accrued taxes	487	(27)
Accrued payroll and benefits	11,126	13,810
Accrued interest	413	246
Accrued customer incentives	0	0
Other current liabilities	2,504	1,886
Current liabilities for dispositions and discontinued operations	0	0
Total current liabilities	15,821	17,716
LONG-TERM DEBT	0	30,000
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	113,772	112,904
OTHER NON-CURRENT LIABILITIES	17,972	20,210
INTERCOMPANY PAYABLE	119,218	111,662
TOTAL LIABILITIES	266,783	292,492
TOTAL SHAREHOLDERS' EQUITY	1,383,682	1,238,661
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,650,465	1,531,153
Senior Exchangeable Notes due 2012 & 2015 [Member] | Issuer Subsidiary [Member]
CURRENT ASSETS
Cash and cash equivalents	15,197	59,976	232,333	283,258
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	0	0
Intercompany interest receivable	0	0
Prepaid and other current assets	763	808
Total current assets	15,960	60,784
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	0	0
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN JOINT VENTURE	0	0
INVESTMENT IN SUBSIDIARIES	1,260,411	1,156,896
INTERCOMPANY NOTES RECEIVABLE	19,452	19,073
OTHER ASSETS	4,998	6,491
TOTAL ASSETS	1,300,821	1,243,244
CURRENT LIABILITIES
Accounts payable	11	10
Current maturities of long-term debt		28,110
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	10,295	5,442
Accrued customer incentives	0	0
Other current liabilities	0	0
Current liabilities for dispositions and discontinued operations	0	0
Total current liabilities	10,306	33,562
LONG-TERM DEBT	604,997	580,647
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	0	0
TOTAL LIABILITIES	615,303	614,209
TOTAL SHAREHOLDERS' EQUITY	685,518	629,035
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,300,821	1,243,244
Senior Exchangeable Notes due 2012 & 2015 [Member] | Non-guarantor Subsidiaries of Rayonier TRS Holdings Inc [Member]
CURRENT ASSETS
Cash and cash equivalents	8,020	7,398	11,745	1,280
Accounts receivable, less allowance for doubtful accounts	106,621	94,399
Inventory	126,681	133,300
Intercompany interest receivable	0	0
Prepaid and other current assets	80,541	36,937
Total current assets	321,863	272,034
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	40,375	39,824
NET PROPERTY, PLANT AND EQUIPMENT	557,123	456,754
INVESTMENT IN JOINT VENTURE	(10,550)	(11,006)
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	687,091	702,087
TOTAL ASSETS	1,595,902	1,459,693
CURRENT LIABILITIES
Accounts payable	69,147	69,648
Current maturities of long-term debt		0
Accrued taxes	36,260	3,934
Accrued payroll and benefits	10,417	10,563
Accrued interest	3,450	739
Accrued customer incentives	7,031	10,369
Other current liabilities	8,293	9,199
Current liabilities for dispositions and discontinued operations	9,843	9,931
Total current liabilities	144,441	114,383
LONG-TERM DEBT	0	0
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	76,596	80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	26,301	27,719
OTHER NON-CURRENT LIABILITIES	6,360	6,396
INTERCOMPANY PAYABLE	81,793	73,406
TOTAL LIABILITIES	335,491	302,797
TOTAL SHAREHOLDERS' EQUITY	1,260,411	1,156,896
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,595,902	1,459,693
Senior Exchangeable Notes due 2012 & 2015 [Member] | Non-guarantor Subsidiaries All Other Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	33,048	2,252	24,375	35,166
Accounts receivable, less allowance for doubtful accounts	2,583	606
Inventory	0	0
Intercompany interest receivable	3,111	3,848
Prepaid and other current assets	6,943	8,820
Total current assets	45,685	15,526
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	1,454,261	1,462,027
NET PROPERTY, PLANT AND EQUIPMENT	3,192	2,247
INVESTMENT IN JOINT VENTURE	75,004	80,225
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	19,717	6,856
TOTAL ASSETS	1,597,859	1,566,881
CURRENT LIABILITIES
Accounts payable	2,283	1,414
Current maturities of long-term debt		0
Accrued taxes	4,214	1,316
Accrued payroll and benefits	1,762	2,473
Accrued interest	609	609
Accrued customer incentives	0	0
Other current liabilities	13,390	6,770
Current liabilities for dispositions and discontinued operations	0	0
Total current liabilities	22,258	12,582
LONG-TERM DEBT	88,096	88,582
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	620	673
INTERCOMPANY PAYABLE	210,689	203,208
TOTAL LIABILITIES	321,663	305,045
TOTAL SHAREHOLDERS' EQUITY	1,276,196	1,261,836
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,597,859	1,566,881
Senior Exchangeable Notes due 2012 & 2015 [Member] | Consolidation, Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	0	0	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	(13,830)	(11,302)
Intercompany interest receivable	(3,111)	(3,848)
Prepaid and other current assets	0	0
Total current assets	(16,941)	(15,150)
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	1,789	1,860
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN JOINT VENTURE	0	0
INVESTMENT IN SUBSIDIARIES	(4,228,864)	(3,886,001)
INTERCOMPANY NOTES RECEIVABLE	(223,928)	(223,493)
OTHER ASSETS	(549,563)	(551,920)
TOTAL ASSETS	(5,017,507)	(4,674,704)
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt		0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	0	0
Accrued customer incentives	0	0
Other current liabilities	0	0
Current liabilities for dispositions and discontinued operations	0	0
Total current liabilities	0	0
LONG-TERM DEBT	0	0
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(411,700)	(388,276)
TOTAL LIABILITIES	(411,700)	(388,276)
TOTAL SHAREHOLDERS' EQUITY	(4,605,807)	(4,286,428)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	(5,017,507)	(4,674,704)
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Guarantor Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	45,695	58,132	274,727	303,746
Accounts receivable, less allowance for doubtful accounts	100,423	90,658
Inventory	125,688	132,323
Intercompany interest receivable	0	0
Prepaid and other current assets	81,623	39,366
Total current assets	353,429	320,479
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	115,833	117,243
NET PROPERTY, PLANT AND EQUIPMENT	558,690	458,497
INVESTMENT IN JOINT VENTURE	0	0
INVESTMENT IN SUBSIDIARIES	839,141	801,838
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	694,655	710,663
TOTAL ASSETS	2,561,748	2,408,720
CURRENT LIABILITIES
Accounts payable	68,140	65,732
Current maturities of long-term debt		28,110
Accrued taxes	36,879	3,838
Accrued payroll and benefits	20,853	23,070
Accrued interest	14,158	6,427
Accrued customer incentives	7,031	10,369
Other current liabilities	10,096	10,319
Current liabilities for dispositions and discontinued operations	9,843	9,931
Total current liabilities	167,000	157,796
LONG-TERM DEBT	604,997	610,647
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	76,596	80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	140,073	140,623
OTHER NON-CURRENT LIABILITIES	23,469	25,894
INTERCOMPANY PAYABLE	165,931	154,206
TOTAL LIABILITIES	1,178,066	1,170,059
TOTAL SHAREHOLDERS' EQUITY	1,383,682	1,238,661
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	2,561,748	2,408,720
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Non-Guarantor Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	46,073	20,471	39,453	45,717
Accounts receivable, less allowance for doubtful accounts	8,871	4,350
Inventory	993	977
Intercompany interest receivable	3,111	3,848
Prepaid and other current assets	7,460	9,527
Total current assets	66,508	39,173
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	1,378,803	1,384,608
NET PROPERTY, PLANT AND EQUIPMENT	4,086	3,055
INVESTMENT IN JOINT VENTURE	64,454	69,219
INVESTMENT IN SUBSIDIARIES	0	0
INTERCOMPANY NOTES RECEIVABLE	0	0
OTHER ASSETS	43,955	31,622
TOTAL ASSETS	1,557,806	1,527,677
CURRENT LIABILITIES
Accounts payable	4,592	7,141
Current maturities of long-term debt		0
Accrued taxes	4,082	1,385
Accrued payroll and benefits	2,452	3,776
Accrued interest	609	609
Accrued customer incentives	0	0
Other current liabilities	14,091	7,536
Current liabilities for dispositions and discontinued operations	0	0
Total current liabilities	25,826	20,447
LONG-TERM DEBT	88,096	88,582
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	1,483	1,385
INTERCOMPANY PAYABLE	226,317	214,997
TOTAL LIABILITIES	341,722	325,411
TOTAL SHAREHOLDERS' EQUITY	1,216,084	1,202,266
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,557,806	1,527,677
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member] | Consolidation, Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	0	0	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Inventory	(13,830)	(11,302)
Intercompany interest receivable	(3,111)	(3,848)
Prepaid and other current assets	0	0
Total current assets	(16,941)	(15,150)
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	1,789	1,860
NET PROPERTY, PLANT AND EQUIPMENT	0	0
INVESTMENT IN JOINT VENTURE	0	0
INVESTMENT IN SUBSIDIARIES	(2,222,823)	(2,040,499)
INTERCOMPANY NOTES RECEIVABLE	(204,476)	(204,420)
OTHER ASSETS	(549,563)	(551,921)
TOTAL ASSETS	(2,992,014)	(2,810,130)
CURRENT LIABILITIES
Accounts payable	0	0
Current maturities of long-term debt		0
Accrued taxes	0	0
Accrued payroll and benefits	0	0
Accrued interest	0	0
Accrued customer incentives	0	0
Other current liabilities	0	0
Current liabilities for dispositions and discontinued operations	0	0
Total current liabilities	0	0
LONG-TERM DEBT	0	0
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	0	0
PENSION AND OTHER POSTRETIREMENT BENEFITS	0	0
OTHER NON-CURRENT LIABILITIES	0	0
INTERCOMPANY PAYABLE	(392,248)	(369,203)
TOTAL LIABILITIES	(392,248)	(369,203)
TOTAL SHAREHOLDERS' EQUITY	(2,599,766)	(2,440,927)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ (2,992,014)	$ (2,810,130)

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Condensed Consolidated Statements of Income and Comprehensive Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
SALES	$ 371,926	$ 357,397	$ 727,706	$ 715,127
Costs and Expenses
Cost of sales	262,555	262,772	515,868	520,283
Selling and general expenses	16,250	15,992	35,868	32,425
Other operating (income) expense, net	(5,299)	709	(6,446)	(1,409)
Costs and Expenses, Total	273,506	279,473	545,290	551,299
Equity in income of New Zealand joint venture	170	1,149	184	2,823
OPERATING INCOME	98,590	79,073	182,600	166,651
Interest expense	(16,056)	(12,628)	(27,880)	(25,945)
Interest and miscellaneous income, net	85	314	59	605
INCOME BEFORE INCOME TAXES	82,619	66,759	154,779	141,311
Income tax expense	(13,540)	(10,305)	(32,264)	(26,446)
NET INCOME	69,079	56,454	122,515	114,865	276,005
OTHER COMPREHENSIVE (LOSS) INCOME
Foreign currency translation adjustment	(8,081)	7,442	(2,255)	7,729	3,546
New Zealand joint venture cash flow hedges	(1,998)	699	(793)	132	(2,373)
Amortization of losses from pension and postretirement plans, net of income tax expense of $1,482, $927, $2,850 and $1,854	3,401	2,094	6,541	4,188	(46,263)
Total other comprehensive (loss) income	(6,678)	10,235	3,493	12,049
COMPREHENSIVE INCOME	$ 62,401	$ 66,689	$ 126,008	$ 126,914
EARNINGS PER COMMON SHARE (Note 2)
Basic earnings per share	$ 0.56	$ 0.46	$ 1.00	$ 0.94
Diluted earnings per share	$ 0.54	$ 0.45	$ 0.96	$ 0.92
Dividends per share	$ 0.40	$ 0.36	$ 0.80	$ 0.72	$ 1.52

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Liabilities for Dispositions and Discontinued Operations Analysis of Activity (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Accrual for Environmental Loss Contingencies [Roll Forward]
Balance, beginning of period	$ 90,824	$ 93,160
Expenditures charged to liabilities	(4,803)	(9,209)
Increase to liabilities	418	6,873
Balance, end of period	86,439	90,824
Less: Current portion	(9,843)	(9,931)
Non-current portion	$ 76,596	$ 80,893

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Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
OPERATING ACTIVITIES
Net Income	$ 122,515	$ 114,865
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	66,174	62,863
Non-cash cost of real estate sold	2,401	1,749
Stock-based incentive compensation expense	9,460	8,021
Amortization of debt discount/premium	3,863	4,303
Deferred income taxes	(15,044)	(945)
Amortization of losses from pension and postretirement plans	9,391	6,042
Other	(2,168)	(2,600)
Changes in operating assets and liabilities:
Receivables	(13,773)	(25,222)
Inventories	7,096	1,067
Accounts payable	(9,518)	10,114
Income tax receivable/payable	31,758	22,686
All other operating activities	1,524	(3,160)
Expenditures for dispositions and discontinued operations	(4,803)	(4,916)
CASH PROVIDED BY OPERATING ACTIVITIES	208,876	194,867
INVESTING ACTIVITIES
Capital expenditures	(76,246)	(65,211)
Purchase of timberlands	(8,687)	(12,976)
Jesup mill cellulose specialties expansion (gross purchases of $72,662 and $3,576, net of purchases on account of $8,664 and $0)	(63,998)	(3,576)
Change in restricted cash	(14,427)	8,323
Other	(704)	2,626
CASH USED FOR INVESTING ACTIVITIES	(164,062)	(70,814)
FINANCING ACTIVITIES
Issuance of debt	355,000	70,000
Repayment of debt	(188,110)	(145,000)
Dividends paid	(98,201)	(87,871)
Proceeds from the issuance of common shares	3,980	7,894
Excess tax benefits on stock-based compensation	4,234	4,900
Debt issuance costs	(3,653)	(1,663)
Repurchase of common shares	(7,783)	(7,828)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	65,467	(159,568)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	219	232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	110,500	(35,283)
Balance, beginning of year	78,603	349,463
Balance, end of period	189,103	314,180
Cash paid (received) during the period:
Interest	10,936	19,479
Income taxes	10,989	(448)
Non-cash investing activity:
Capital assets purchased on account	$ 30,175	$ 11,129

XML

Earnings Per Common Share Schedule of Antidilutive Shares (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,988,474		2,455,751		3,157,159		2,104,523
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	318,666		143,658		326,777		197,712
Contingently Issuable Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,669,808	[1]	2,312,093	[1]	2,830,382	[1]	1,906,811	[1]

[1] Upon maturity of the Senior Exchangeable Notes (the "Notes"), Rayonier will not issue additional shares for the full difference between the strike price and the market price due to the offsetting exchangeable note hedges (the "hedges"). However, Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges are excluded since they are anti-dilutive. Rayonier will distribute additional shares upon maturity of the warrants if the stock price exceeds the strike prices of $41.59 for the Notes due 2012 and $39.67 for the Notes due 2015. For additional information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2011 Annual Report on Form 10-K and Note 13 — Debt of this Form 10-Q.

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Consolidating Financial Statements (Notes)

6 Months Ended

Jun. 30, 2012

CONSOLIDATING FINANCIAL STATEMENTS [Abstract]

Consolidating Financial Statements [Text Block]

15. CONSOLIDATING FINANCIAL STATEMENTS

The 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 October 2007, Rayonier TRS Holdings Inc. ("TRS") issued $300 million of 3.75% Senior Exchangeable Notes due 2012, and in August 2009 TRS issued $172.5 million of 4.50% Senior Exchangeable Notes due 2015. The notes for both transactions are fully and unconditionally guaranteed by Rayonier Inc. as the Parent Guarantor and Rayonier Operating Company LLC ("ROC") as the Subsidiary Guarantor. In connection with these exchangeable 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.

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME  AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012
	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	$	—		$	—		$	—		$	345,227		$	43,584		$	(16,885	)	$	371,926
Costs and Expenses
Cost of sales	—			—			—			250,845			26,716			(15,006		)	262,555
Selling and general expenses	—			1,904			—			13,067			1,279			—			16,250
Other operating income, net	—			(109		)	—			(2,330		)	(4,011		)	1,151			(5,299		)
	—			1,795			—			261,582			23,984			(13,855		)	273,506
Equity in income of New Zealand joint venture	—			—			—			167			3			—			170
OPERATING (LOSS) INCOME	—			(1,795		)	—			83,812			19,603			(3,030		)	98,590
Interest expense	(3,117		)	(212		)	(10,243		)	(1,635		)	(849		)	—			(16,056		)
Interest and miscellaneous income (expense), net	1,544			1,659			(834		)	(4,135		)	1,851			—			85
Equity in income from subsidiaries	70,652			70,948			60,407			—			—			(202,007		)	—
INCOME BEFORE INCOME TAXES	69,079			70,600			49,330			78,042			20,605			(205,037		)	82,619
Income tax benefit (expense)	—			52			4,043			(17,635		)	—			—			(13,540		)
NET INCOME	69,079			70,652			53,373			60,407			20,605			(205,037		)	69,079
OTHER COMPREHENSIVE (LOSS) INCOME	(6,678		)	(6,678		)	698			698			(10,556		)	15,838			(6,678		)
COMPREHENSIVE INCOME	$	62,401		$	63,974		$	54,071		$	61,105		$	10,049		$	(189,199	)	$	62,401

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE 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
OTHER COMPREHENSIVE INCOME	10,235		10,235			360			360			8,020			(18,975		)	10,235
COMPREHENSIVE INCOME	$	66,689	$	66,689		$	36,710		$	45,143		$	27,830		$	(176,372	)	$	66,689

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012
	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	$	—		$	—		$	—		$	680,665		$	81,755		$	(34,714	)	$	727,706
Costs and Expenses
Cost of sales	—			—			—			497,899			53,534			(35,565		)	515,868
Selling and general expenses	—			5,215			—			28,579			2,074			—			35,868
Other operating expense  (income), net	—			12			—			(818		)	(6,792		)	1,152			(6,446		)
	—			5,227			—			525,660			48,816			(34,413		)	545,290
Equity in income (loss) of New Zealand joint venture	—			—			—			338			(154		)	—			184
OPERATING (LOSS) INCOME	—			(5,227		)	—			155,343			32,785			(301		)	182,600
Interest expense	(4,366		)	(450		)	(20,469		)	(948		)	(1,647		)	—			(27,880		)
Interest and miscellaneous income (expense), net	3,455			2,986			(2,042		)	(8,039		)	3,699			—			59
Equity in income from subsidiaries	123,426			126,394			106,152			—			—			(355,972		)	—
INCOME BEFORE INCOME TAXES	122,515			123,703			83,641			146,356			34,837			(356,273		)	154,779
Income tax (expense) benefit	—			(277		)	8,217			(40,204		)	—			—			(32,264		)
NET INCOME	122,515			123,426			91,858			106,152			34,837			(356,273		)	122,515
OTHER COMPREHENSIVE INCOME (LOSS)	$	3,493		$	3,493		$	800		$	800		$	(3,424	)	$	(1,669	)	$	3,493
COMPREHENSIVE INCOME	$	126,008		$	126,919		$	92,658		$	106,952		$	31,413		$	(357,942	)	$	126,008

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE 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
OTHER COMPREHENSIVE INCOME	$	12,049	$	12,049		$	509		$	509		$	7,830		$	(20,897	)	$	12,049
COMPREHENSIVE INCOME	$	126,914	$	126,914		$	72,327		$	89,727		$	50,799		$	(339,767	)	$	126,914

	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2012
	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	$	97,335	$	35,503	$	15,197	$	8,020		$	33,048	$	—		$	189,103
Accounts receivable, less allowance for doubtful accounts	—		90		—		106,621			2,583		—			109,294
Inventory	—		—		—		126,681			—		(13,830		)	112,851
Intercompany interest receivable	—		—		—		—			3,111		(3,111		)	—
Prepaid and other current assets	—		836		763		80,541			6,943		—			89,083
Total current assets	97,335		36,429		15,960		321,863			45,685		(16,941		)	500,331
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—		—		40,375			1,454,261		1,789			1,496,425
NET PROPERTY, PLANT AND EQUIPMENT	—		2,461		—		557,123			3,192		—			562,776
INVESTMENT IN JOINT VENTURE	—		—		—		(10,550		)	75,004		—			64,454
INVESTMENT IN SUBSIDIARIES	1,383,682		1,584,771		1,260,411		—			—		(4,228,864		)	—
INTERCOMPANY NOTES RECEIVABLE	204,476		—		19,452		—			—		(223,928		)	—
OTHER ASSETS	3,544		26,804		4,998		687,091			19,717		(549,563		)	192,591
TOTAL ASSETS	$	1,689,037	$	1,650,465	$	1,300,821	$	1,595,902		$	1,597,859	$	(5,017,507	)	$	2,816,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,291	$	11	$	69,147		$	2,283	$	—		$	72,732
Accrued taxes	—		487		—		36,260			4,214		—			40,961
Accrued payroll and benefits	—		11,126		—		10,417			1,762		—			23,305
Accrued interest	3,927		413		10,295		3,450			609		—			18,694
Accrued customer incentives	—		—		—		7,031			—		—			7,031
Other current liabilities	—		2,504		—		8,293			13,390		—			24,187
Current liabilities for dispositions and discontinued operations	—		—		—		9,843			—		—			9,843
Total current liabilities	3,927		15,821		10,306		144,441			22,258		—			196,753
LONG-TERM DEBT	325,000		—		604,997		—			88,096		—			1,018,093
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—		—		76,596			—		—			76,596
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		113,772		—		26,301			—		—			140,073
OTHER NON-CURRENT LIABILITIES	—		17,972		—		6,360			620		—			24,952
INTERCOMPANY PAYABLE	—		119,218		—		81,793			210,689		(411,700		)	—
TOTAL LIABILITIES	328,927		266,783		615,303		335,491			321,663		(411,700		)	1,456,467
TOTAL SHAREHOLDERS’ EQUITY	1,360,110		1,383,682		685,518		1,260,411			1,276,196		(4,605,807		)	1,360,110
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,689,037	$	1,650,465	$	1,300,821	$	1,595,902		$	1,597,859	$	(5,017,507	)	$	2,816,577

	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 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	$	—	$	8,977		$	59,976	$	7,398		$	2,252	$	—		$	78,603
Accounts receivable, less allowance for doubtful accounts	—		3			—		94,399			606		—			95,008
Inventory	—		—			—		133,300			—		(11,302		)	121,998
Intercompany interest receivable	—		—			—		—			3,848		(3,848		)	—
Prepaid and other current assets	—		2,328			808		36,937			8,820		—			48,893
Total current assets	—		11,308			60,784		272,034			15,526		(15,150		)	344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		—			—		39,824			1,462,027		1,860			1,503,711
NET PROPERTY, PLANT AND EQUIPMENT	—		2,551			—		456,754			2,247		—			461,552
INVESTMENT IN JOINT VENTURE	—		—			—		(11,006		)	80,225		—			69,219
INVESTMENT IN SUBSIDIARIES	1,238,661		1,490,444			1,156,896		—			—		(3,886,001		)	—
INTERCOMPANY NOTES RECEIVABLE	204,420		—			19,073		—			—		(223,493		)	—
OTHER ASSETS	—		26,850			6,491		702,087			6,856		(551,920		)	190,364
TOTAL ASSETS	$	1,443,081	$	1,531,153		$	1,243,244	$	1,459,693		$	1,566,881	$	(4,674,704	)	$	2,569,348
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	1,801		$	10	$	69,648		$	1,414	$	—		$	72,873
Current maturities of long-term debt	—		—			28,110		—			—		—			28,110
Accrued taxes	—		(27		)	—		3,934			1,316		—			5,223
Accrued payroll and benefits	—		13,810			—		10,563			2,473		—			26,846
Accrued interest	8		246			5,442		739			609		—			7,044
Accrued customer incentives	—		—			—		10,369			—		—			10,369
Other current liabilities	—		1,886			—		9,199			6,770		—			17,855
Current liabilities for dispositions and discontinued operations	—		—			—		9,931			—		—			9,931
Total current liabilities	8		17,716			33,562		114,383			12,582		—			178,251
LONG-TERM DEBT	120,000		30,000			580,647		—			88,582		—			819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		—			—		80,893			—		—			80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		112,904			—		27,719			—		—			140,623
OTHER NON-CURRENT LIABILITIES	—		20,210			—		6,396			673		—			27,279
INTERCOMPANY PAYABLE	—		111,662			—		73,406			203,208		(388,276		)	—
TOTAL LIABILITIES	120,008		292,492			614,209		302,797			305,045		(388,276		)	1,246,275
TOTAL SHAREHOLDERS’ EQUITY	1,323,073		1,238,661			629,035		1,156,896			1,261,836		(4,286,428		)	1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,443,081	$	1,531,153		$	1,243,244	$	1,459,693		$	1,566,881	$	(4,674,704	)	$	2,569,348

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2012
	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	$	3,173		$	51,579		$	12,000		$	94,485		$	86,639		$	(39,000	)	$	208,876
INVESTING ACTIVITIES
Capital expenditures	—			(165		)	—			(58,025		)	(18,056		)	—			(76,246		)
Purchase of timberlands	—			—			—			—			(8,687		)	—			(8,687		)
Jesup mill cellulose specialties expansion	—			—			—			(63,998		)	—			—			(63,998		)
Change in restricted cash	—			—			—			—			(14,427		)	—			(14,427		)
Investment in Subsidiaries	(5,181		)	—			(39,436		)	—			—			44,617			—
Other	—			(69		)	—			(962		)	327			—			(704		)
CASH USED FOR INVESTING ACTIVITIES	(5,181		)	(234		)	(39,436		)	(122,985		)	(40,843		)	44,617			(164,062		)
FINANCING ACTIVITIES
Issuance of debt	325,000			—			15,000			—			15,000			—			355,000
Repayment of debt	(120,000		)	(30,000		)	(23,110		)	—			(15,000		)	—			(188,110		)
Dividends paid	(98,201		)	—			—			—			—			—			(98,201		)
Proceeds from the issuance of common shares	3,980			—			—			—			—			—			3,980
Excess tax benefits on stock-based compensation	—			—			—			4,234			—			—			4,234
Debt issuance costs	(3,653		)	—			—			—			—			—			(3,653		)
Repurchase of common shares	(7,783		)	—			—			—			—			—			(7,783		)
Intercompany distributions	—			5,181			(9,233		)	24,669			(15,000		)	(5,617		)	—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	99,343			(24,819		)	(17,343		)	28,903			(15,000		)	(5,617		)	65,467
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			—			219			—			—			219
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	97,335			26,526			(44,779		)	622			30,796			—			110,500
Balance, beginning of year	—			8,977			59,976			7,398			2,252			—			78,603
Balance, end of period	$	97,335		$	35,503		$	15,197		$	8,020		$	33,048		$	—		$	189,103

	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		)
Jesup mill cellulose specialties expansion	—			—			—			(3,576		)	—			—			(3,576		)
Change in restricted cash	—			—			—			—			8,323			—			8,323
Investment in Subsidiaries	—			—			24,778			—			—			(24,778		)	—
Other	—			—			—			2,698			(72		)	—			2,626
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		)
Intercompany distributions	—			(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

In March 2012, Rayonier Inc. issued $325 million of 3.75% Senior Notes due 2022. The notes are fully and unconditionally guaranteed by the following subsidiaries of Rayonier Inc.: ROC, Rayonier Louisiana Timberlands LLC, Rayonier TRS Holdings Inc. and substantially all domestic subsidiaries of TRS Holdings Inc. 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.

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	315,293		$	73,518		$	(16,885	)	$	371,926
Costs and Expenses
Cost of sales	—			224,027			53,534			(15,006		)	262,555
Selling and general expenses	—			11,841			4,409			—			16,250
Other operating income, net	—			(2,561		)	(3,889		)	1,151			(5,299		)
	—			233,307			54,054			(13,855		)	273,506
Equity in income of New Zealand joint venture	—			—			170			—			170
OPERATING INCOME	—			81,986			19,634			(3,030		)	98,590
Interest expense	(3,117		)	(12,089		)	(850		)	—			(16,056		)
Interest and miscellaneous income (expense), net	1,544			(3,320		)	1,861			—			85
Equity in income from subsidiaries	70,652			17,014			—			(87,666		)	—
INCOME BEFORE INCOME TAXES	69,079			83,591			20,645			(90,696		)	82,619
Income tax expense	—			(12,939		)	(601		)	—			(13,540		)
NET INCOME	69,079			70,652			20,044			(90,696		)	69,079
OTHER COMPREHENSIVE LOSS	(6,678		)	(6,678		)	(10,079		)	16,757			(6,678		)
COMPREHENSIVE INCOME	$	62,401		$	63,974		$	9,965		$	(73,939	)	$	62,401

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	294,277		$	80,123		$	(17,003	)	$	357,397
Costs and Expenses
Cost of sales	—		217,793			63,571			(18,592		)	262,772
Selling and general expenses	—		11,785			4,207			—			15,992
Other operating expense (income), net	—		794			(85		)	—			709
	—		230,372			67,693			(18,592		)	279,473
Equity in income of New Zealand joint venture	—		—			1,149			—			1,149
OPERATING INCOME	—		63,905			13,579			1,589			79,073
Interest expense	—		(12,566		)	(62		)	—			(12,628		)
Interest and miscellaneous (expense) income, net	—		(4,823		)	5,137			—			314
Equity in income from subsidiaries	56,454		20,328			—			(76,782		)	—
INCOME BEFORE INCOME TAXES	56,454		66,844			18,654			(75,193		)	66,759
Income tax (expense) benefit	—		(10,390		)	85			—			(10,305		)
NET INCOME	56,454		56,454			18,739			(75,193		)	56,454
OTHER COMPREHENSIVE INCOME	10,235		10,235			8,142			(18,377		)	10,235
COMPREHENSIVE INCOME	$	66,689	$	66,689		$	26,881		$	(93,570	)	$	66,689

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—		$	627,935		$	134,485		$	(34,714	)	$	727,706
Costs and Expenses
Cost of sales	—			451,535			99,898			(35,565		)	515,868
Selling and general expenses	—			27,539			8,329			—			35,868
Other operating income, net	—			(1,581		)	(6,017		)	1,152			(6,446		)
	—			477,493			102,210			(34,413		)	545,290
Equity in income of New Zealand joint venture	—			—			184			—			184
OPERATING INCOME	—			150,442			32,459			(301		)	182,600
Interest expense	(4,366		)	(21,867		)	(1,647		)	—			(27,880		)
Interest and miscellaneous income (expense), net	3,455			(7,109		)	3,713			—			59
Equity in income from subsidiaries	123,426			33,669			—			(157,095		)	—
INCOME BEFORE INCOME TAXES	122,515			155,135			34,525			(157,396		)	154,779
Income tax expense	—			(31,709		)	(555		)	—			(32,264		)
NET INCOME	122,515			123,426			33,970			(157,396		)	122,515
OTHER COMPREHENSIVE INCOME (LOSS)	3,493			3,493			(3,049		)	(444		)	3,493
COMPREHENSIVE INCOME	$	126,008		$	126,919		$	30,921		$	(157,840	)	$	126,008

	CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
SALES	$	—	$	590,528		$	154,970		$	(30,371	)	$	715,127
Costs and Expenses
Cost of sales	—		433,359			120,299			(33,375		)	520,283
Selling and general expenses	—		24,554			7,871			—			32,425
Other operating expense (income), net	—		1,854			(3,262		)	(1		)	(1,409		)
	—		459,767			124,908			(33,376		)	551,299
Equity in income of New Zealand joint venture	—		—			2,823			—			2,823
OPERATING INCOME	—		130,761			32,885			3,005			166,651
Interest expense	—		(25,858		)	(87		)	—			(25,945		)
Interest and miscellaneous (expense) income, net	—		(9,586		)	10,191			—			605
Equity in income from subsidiaries	114,865		45,702			—			(160,567		)	—
INCOME BEFORE INCOME TAXES	114,865		141,019			42,989			(157,562		)	141,311
Income tax expense	—		(26,154		)	(292		)	—			(26,446		)
NET INCOME	114,865		114,865			42,697			(157,562		)	114,865
OTHER COMPREHENSIVE INCOME	12,049		12,049			7,861			(19,910		)	12,049
COMPREHENSIVE INCOME	$	126,914	$	126,914		$	50,558		$	(177,472	)	$	126,914

	CONDENSED CONSOLIDATING BALANCE SHEETS As of June 30, 2012
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		All Other Subsidiaries (Non- guarantors)		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	97,335	$	45,695	$	46,073	$	—		$	189,103
Accounts receivable, less allowance for doubtful accounts	—		100,423		8,871		—			109,294
Inventory	—		125,688		993		(13,830		)	112,851
Intercompany interest receivable	—		—		3,111		(3,111		)	—
Prepaid and other current assets	—		81,623		7,460		—			89,083
Total current assets	97,335		353,429		66,508		(16,941		)	500,331
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		115,833		1,378,803		1,789			1,496,425
NET PROPERTY, PLANT AND EQUIPMENT	—		558,690		4,086		—			562,776
INVESTMENT IN JOINT VENTURE	—		—		64,454		—			64,454
INVESTMENT IN SUBSIDIARIES	1,383,682		839,141		—		(2,222,823		)	—
INTERCOMPANY NOTES RECEIVABLE	204,476		—		—		(204,476		)	—
OTHER ASSETS	3,544		694,655		43,955		(549,563		)	192,591
TOTAL ASSETS	$	1,689,037	$	2,561,748	$	1,557,806	$	(2,992,014	)	$	2,816,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	68,140	$	4,592	$	—		$	72,732
Accrued taxes	—		36,879		4,082		—			40,961
Accrued payroll and benefits	—		20,853		2,452		—			23,305
Accrued interest	3,927		14,158		609		—			18,694
Accrued customer incentives	—		7,031		—		—			7,031
Other current liabilities	—		10,096		14,091		—			24,187
Current liabilities for dispositions and discontinued operations	—		9,843		—		—			9,843
Total current liabilities	3,927		167,000		25,826		—			196,753
LONG-TERM DEBT	325,000		604,997		88,096		—			1,018,093
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		76,596		—		—			76,596
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		140,073		—		—			140,073
OTHER NON-CURRENT LIABILITIES	—		23,469		1,483		—			24,952
INTERCOMPANY PAYABLE	—		165,931		226,317		(392,248		)	—
TOTAL LIABILITIES	328,927		1,178,066		341,722		(392,248		)	1,456,467
TOTAL SHAREHOLDERS’ EQUITY	1,360,110		1,383,682		1,216,084		(2,599,766		)	1,360,110
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,689,037	$	2,561,748	$	1,557,806	$	(2,992,014	)	$	2,816,577

	CONDENSED CONSOLIDATING BALANCE SHEETS As of December 31, 2011
	Rayonier Inc. (Parent Issuer)		Subsidiary Guarantors		All Other Subsidiaries (Non- guarantors)		Consolidating Adjustments			Total Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	—	$	58,132	$	20,471	$	—		$	78,603
Accounts receivable, less allowance for doubtful accounts	—		90,658		4,350		—			95,008
Inventory	—		132,323		977		(11,302		)	121,998
Intercompany interest receivable	—		—		3,848		(3,848		)	—
Prepaid and other current assets	—		39,366		9,527		—			48,893
Total current assets	—		320,479		39,173		(15,150		)	344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	—		117,243		1,384,608		1,860			1,503,711
NET PROPERTY, PLANT AND EQUIPMENT	—		458,497		3,055		—			461,552
INVESTMENT IN JOINT VENTURE	—		—		69,219		—			69,219
INVESTMENT IN SUBSIDIARIES	1,238,661		801,838		—		(2,040,499		)	—
INTERCOMPANY NOTES RECEIVABLE	204,420		—		—		(204,420		)	—
OTHER ASSETS	—		710,663		31,622		(551,921		)	190,364
TOTAL ASSETS	$	1,443,081	$	2,408,720	$	1,527,677	$	(2,810,130	)	$	2,569,348
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	—	$	65,732	$	7,141	$	—		$	72,873
Current maturities of long-term debt	—		28,110		—		—			28,110
Accrued taxes	—		3,838		1,385		—			5,223
Accrued payroll and benefits	—		23,070		3,776		—			26,846
Accrued interest	8		6,427		609		—			7,044
Accrued customer incentives	—		10,369		—		—			10,369
Other current liabilities	—		10,319		7,536		—			17,855
Current liabilities for dispositions and discontinued operations	—		9,931		—		—			9,931
Total current liabilities	8		157,796		20,447		—			178,251
LONG-TERM DEBT	120,000		610,647		88,582		—			819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS	—		80,893		—		—			80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS	—		140,623		—		—			140,623
OTHER NON-CURRENT LIABILITIES	—		25,894		1,385		—			27,279
INTERCOMPANY PAYABLE	—		154,206		214,997		(369,203		)	—
TOTAL LIABILITIES	120,008		1,170,059		325,411		(369,203		)	1,246,275
TOTAL SHAREHOLDERS’ EQUITY	1,323,073		1,238,661		1,202,266		(2,440,927		)	1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,443,081	$	2,408,720	$	1,527,677	$	(2,810,130	)	$	2,569,348

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2012
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	3,173		$	139,606		$	81,097		$	(15,000	)	$	208,876
INVESTING ACTIVITIES
Capital expenditures	—			(58,219		)	(18,027		)	—			(76,246		)
Purchase of timberlands	—			(101		)	(8,586		)	—			(8,687		)
Jesup mill cellulose specialties expansion	—			(63,998		)	—			—			(63,998		)
Change in restricted cash	—			—			(14,427		)	—			(14,427		)
Investment in Subsidiaries	(5,181		)	—			—			5,181			—
Other	—			(1,030		)	326			—			(704		)
CASH USED FOR INVESTING ACTIVITIES	(5,181		)	(123,348		)	(40,714		)	5,181			(164,062		)
FINANCING ACTIVITIES
Issuance of debt	325,000			15,000			15,000			—			355,000
Repayment of debt	(120,000		)	(53,110		)	(15,000		)	—			(188,110		)
Dividends paid	(98,201		)	—			—			—			(98,201		)
Proceeds from the issuance of common shares	3,980			—			—			—			3,980
Excess tax benefits on stock-based compensation	—			4,234			—			—			4,234
Debt issuance costs	(3,653		)	—			—			—			(3,653		)
Repurchase of common shares	(7,783		)	—			—			—			(7,783		)
Intercompany distributions	—			5,181			(15,000		)	9,819			—
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	99,343			(28,695		)	(15,000		)	9,819			65,467
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			219			—			219
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	97,335			(12,437		)	25,602			—			110,500
Balance, beginning of year	—			58,132			20,471			—			78,603
Balance, end of period	$	97,335		$	45,695		$	46,073		$	—		$	189,103

	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2011
	Rayonier Inc. (Parent Issuer)			Subsidiary Guarantors			All Other Subsidiaries (Non- guarantors)			Consolidating Adjustments			Total Consolidated
CASH PROVIDED BY OPERATING ACTIVITIES	$	87,805		$	178,470		$	85,437		$	(156,845	)	$	194,867
INVESTING ACTIVITIES
Capital expenditures	—			(48,003		)	(17,208		)	—			(65,211		)
Purchase of timberlands	—			—			(12,976		)	—			(12,976		)
Jesup mill cellulose specialties expansion	—			(3,576		)	—			—			(3,576		)
Change in restricted cash	—			—			8,323			—			8,323
Other	—			2,698			(72		)	—			2,626
CASH USED FOR INVESTING ACTIVITIES	—			(48,881		)	(21,933		)	—			(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	—			(1,183		)	(480		)	—			(1,663		)
Repurchase of common shares	(7,828		)	—			—			—			(7,828		)
Intercompany distributions	—			(87,325		)	(69,520		)	156,845			—
CASH USED FOR FINANCING ACTIVITIES	(87,805		)	(158,608		)	(70,000		)	156,845			(159,568		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	—			—			232			—			232
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	—			(29,019		)	(6,264		)	—			(35,283		)
Balance, beginning of year	—			303,746			45,717			—			349,463
Balance, end of period	$	—		$	274,727		$	39,453		$	—		$	314,180

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Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended		3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2009 Alternative Fuel Mixture Credit [Member]	Dec. 31, 2009 Cellulosic Biofuel Producer Credit [Member]	Jun. 30, 2012 Exchange of Alternative Fuel Tax Benefit [Member]	Jun. 30, 2011 Exchange of Alternative Fuel Tax Benefit [Member]
U.S. federal statutory income tax rate			35.00%
Effective tax rate	16.40%	15.40%	20.80%	18.70%
Tax Credit Amount per Gallon					$ 0.50	$ 1.01
Gallons Exchanged	60 million gallons	30 million gallons
Net Benefit of Exchange	5,700,000
Income Tax Benefit							9,100,000	4,100,000
Interest Expense	$ 16,056,000	$ 12,628,000	$ 27,880,000	$ 25,945,000			$ 3,400,000

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Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The impact of the August 24, 2011 three-for-two stock split is reflected for all periods presented in the following table which provides details of the calculations of basic and diluted earnings per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Net income	$	69,079	$	56,454	$	122,515	$	114,865
Shares used for determining basic earnings per common share	122,455,464		121,692,663		122,403,388		121,557,144
Dilutive effect of:
Stock options	669,298		741,561		692,622		731,064
Performance and restricted shares	726,368		951,940		727,968		916,987
Assumed conversion of Senior Exchangeable Notes (a) (b)	2,669,808		2,312,093		2,830,382		1,906,811
Assumed conversion of warrants (a) (b)	890,189		493,167		1,077,217		156,482
Shares used for determining diluted earnings per common share	127,411,127		126,191,424		127,731,577		125,268,488
Basic earnings per common share	$	0.56	$	0.46	$	1.00	$	0.94
Diluted earnings per common share	$	0.54	$	0.45	$	0.96	$	0.92

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three Months Ended June 30,		Six Months Ended June 30,
	2012	2011	2012	2011
Anti-dilutive shares excluded from the computations of diluted earnings per share:
Stock options, performance and restricted shares	318,666	143,658	326,777	197,712
Assumed conversion of exchangeable note hedges (a)	2,669,808	2,312,093	2,830,382	1,906,811
Total	2,988,474	2,455,751	3,157,159	2,104,523

(a) Upon maturity of the Senior Exchangeable Notes (the "Notes"), Rayonier will not issue additional shares for the full difference between the strike price and the market price due to the offsetting exchangeable note hedges (the "hedges"). However, Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges are excluded since they are anti-dilutive. Rayonier will distribute additional shares upon maturity of the warrants if the stock price exceeds the strike prices of $41.59 for the Notes due 2012 and $39.67 for the Notes due 2015. For additional information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2011 Annual Report on Form 10-K and Note 13 — Debtof this Form 10-Q.

(b) The higher shares used for determining earnings per common share were primarily due to an increase in the average stock price from $42.77 for the three months ended June 30, 2011 to $43.74 for the three months ended June 30, 2012 and from $41.25 for the six months ended June 30, 2011 to $44.40 for the six months ended June 30, 2012.

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Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Investing Activities:
Jesup mill cellulose specialties expansion, gross purchases	$ 72,662	$ 3,576
Jesup mill cellulose specialties expansion, purchases on account	$ 8,664	$ 0

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Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Amortization of losses from pension and postretirement benefit plans, income tax expense	$ 1,482	$ 927	$ 2,850	$ 1,854

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Liabilities for Dispositions and Discontinued Operations (Notes)

6 Months Ended

Jun. 30, 2012

Liabilities of Disposal Group, Including Discontinued Operation [Abstract]

Liabilities for Dispositions and Discontinued Operations [Text Block]

10. LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS

An analysis of the liabilities for dispositions and discontinued operations follows:

	June 30,			December 31,
	2012			2011
Balance, beginning of period	$	90,824		$	93,160
Expenditures charged to liabilities	(4,803		)	(9,209		)
Increase to liabilities	418			6,873
Balance, end of period	86,439			90,824
Less: Current portion	(9,843		)	(9,931		)
Non-current portion	$	76,596		$	80,893

The Company is exposed to the risk of reasonably possible additional losses in excess of the established liabilities. As of June 30, 2012, this amount could range up to $29 million, allocable over several of the applicable sites, and arises from uncertainty over the availability, feasibility or effectiveness of certain remediation technologies, additional or different contamination that may be discovered, development of new or more effective environmental remediation technologies and the exercise of discretion in interpretation of applicable law and regulations by governmental agencies.

The Company believes established liabilities are sufficient for probable costs expected to be incurred over the next 20 years with respect to its dispositions and discontinued operations. Remedial actions for these sites vary, but include on-site (and in certain cases off-site) removal or treatment of contaminated soils and sediments, recovery and treatment/remediation of groundwater, and source remediation and/or control.

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Document and Entity Information Document	6 Months Ended
	Jun. 30, 2012	Jul. 19, 2012
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Trading Symbol	RYN
Entity Registrant Name	RAYONIER INC.
Entity Central Index Key	0000052827
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		122,766,123

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Contingencies (Notes)

6 Months Ended

Jun. 30, 2012

Loss Contingency [Abstract]

Contingencies [Text Block]

11. CONTINGENCIES

Rayonier is engaged in various legal actions, including certain environmental proceedings, and has been named as a defendant in various other 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 self-insurance, primarily in the areas of workers’ compensation, property insurance and general liability. These other 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.

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 189,103	$ 78,603
Accounts receivable, less allowance for doubtful accounts of $350 and $399	109,294	95,008
Inventory
Finished goods	91,394	96,261
Work in progress	4,440	5,544
Raw materials	14,763	18,295
Manufacturing and maintenance supplies	2,254	1,898
Total Inventory	112,851	121,998
Prepaid and other current assets	89,083	48,893
Total current assets	500,331	344,502
TIMBER AND TIMBERLANDS, NET OF DEPLETION AND AMORTIZATION	1,496,425	1,503,711
PROPERTY, PLANT AND EQUIPMENT
Land	28,982	26,917
Buildings	143,182	140,269
Machinery and equipment	1,403,852	1,355,897
Construction in progress	145,688	96,097
Total property, plant and equipment, gross	1,721,704	1,619,180
Less—accumulated depreciation	(1,158,928)	(1,157,628)
Total property, plant and equipment, net	562,776	461,552
INVESTMENT IN JOINT VENTURE (Note 5)	64,454	69,219
OTHER ASSETS	192,591	190,364
TOTAL ASSETS	2,816,577	2,569,348
CURRENT LIABILITIES
Accounts payable	72,732	72,873
Current maturities of long-term debt	0	28,110
Accrued taxes	40,961	5,223
Accrued payroll and benefits	23,305	26,846
Accrued interest	18,694	7,044
Accrued customer incentives	7,031	10,369
Other current liabilities	24,187	17,855
Current liabilities for dispositions and discontinued operations (Note 10)	9,843	9,931
Total current liabilities	196,753	178,251
LONG-TERM DEBT	1,018,093	819,229
NON-CURRENT LIABILITIES FOR DISPOSITIONS AND DISCONTINUED OPERATIONS (Note 10)	76,596	80,893
PENSION AND OTHER POSTRETIREMENT BENEFITS (Note 12)	140,073	140,623
OTHER NON-CURRENT LIABILITIES	24,952	27,279
COMMITMENTS AND CONTINGENCIES (Note 9 and 11)
SHAREHOLDERS’ EQUITY
Common Shares, 480,000,000 and 240,000,000 shares authorized, 122,538,279 and 122,035,177 shares issued and outstanding	640,177	630,286
Retained earnings	829,888	806,235
Accumulated other comprehensive loss	(109,955)	(113,448)
TOTAL SHAREHOLDERS' EQUITY	1,360,110	1,323,073
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,816,577	$ 2,569,348

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Joint Venture Investment (Notes)

6 Months Ended

Jun. 30, 2012

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Joint Venture Investment [Text Block]

5. JOINT VENTURE INVESTMENT

The Company holds a 26 percent interest in Matariki Forestry Group ("Matariki"), a joint venture ("JV") that owns or leases approximately 0.3 million acres of New Zealand timberlands. In addition to the investment, Rayonier New Zealand Limited ("RNZ"), a wholly-owned subsidiary of Rayonier Inc., serves as the manager of the JV forests and operates a log trading business.

Rayonier’s investment in the JV is accounted for using the equity method of accounting. Income from the JV is reported in the Forest Resources segment as operating income since the Company manages the forests, and its JV interest is an extension of the Company’s operations. A portion of Rayonier’s equity method investment is recorded at historical cost which generates a difference between the book value of the Company’s investment and its proportionate share of the JV’s net assets. The difference represents the Company’s unrecognized gain from RNZ’s sale of timberlands to the JV in 2005. The deferred gain is recognized on a straight-line basis over the estimated number of years the JV expects to harvest the timberlands.

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Restricted Deposits (Notes)

6 Months Ended

Jun. 30, 2012

Restricted Cash and Investments [Abstract]

Restricted Deposits [Text Block]

4. RESTRICTED DEPOSITS

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 that the LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. As of June 30, 2012 and December 31, 2011, the Company had $14.4 million and $0 million, respectively, of proceeds from real estate sales classified as restricted cash in Other Assets, which were deposited with an LKE intermediary.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

Equity Method Investments, Policy [Policy Text Block]

Rayonier’s investment in the JV is accounted for using the equity method of accounting. Income from the JV is reported in the Forest Resources segment as operating income since the Company manages the forests, and its JV interest is an extension of the Company’s operations. A portion of Rayonier’s equity method investment is recorded at historical cost which generates a difference between the book value of the Company’s investment and its proportionate share of the JV’s net assets. The difference represents the Company’s unrecognized gain from RNZ’s sale of timberlands to the JV in 2005. The deferred gain is recognized on a straight-line basis over the estimated number of years the JV expects to harvest the timberlands.

Segment Reporting, Policy [Policy Text Block]

Operating income (loss) as presented in the Condensed Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). Certain income (loss) items in the Condensed Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations.

Fair Value of Financial Instruments [Policy Text Block]

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.

Consolidating Financial Statements [Policy Text Block]

The 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.

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Employee Benefit Plans (Notes)

6 Months Ended

Jun. 30, 2012

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

Employee Benefit Plans [Text Block]

12. EMPLOYEE BENEFIT PLANS

The Company has four qualified non-contributory defined benefit pension plans covering a significant majority of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plans. Currently, all qualified plans are closed to new participants. 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.

The net pension and postretirement benefit costs that have been recognized during the stated periods are shown in the following tables:

	Pension						Postretirement
	Three Months Ended June 30,						Three Months Ended June 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost
Service cost	$	2,102		$	1,695		$	227	$	182
Interest cost	4,321			4,522			242		236
Expected return on plan assets	(6,369		)	(6,455		)	—		—
Amortization of prior service cost	327			340			6		22
Amortization of losses	4,394			2,593			156		66
Net periodic benefit cost	$	4,775		$	2,695		$	631	$	506

	Pension						Postretirement
	Six Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost
Service cost	$	4,042		$	3,390		$	437	$	364
Interest cost	8,309			9,044			465		472
Expected return on plan assets	(12,248		)	(12,910		)	—		—
Amortization of prior service cost	629			680			12		44
Amortization of losses	8,451			5,186			299		132
Net periodic benefit cost	$	9,183		$	5,390		$	1,213	$	1,012

In 2012, the Company has no mandatory pension contribution requirements and does not expect to make any discretionary contributions.

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Fair Value Measurements (Notes)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements [Text Block]

8. 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, estimated fair values and categorization under the fair value hierarchy of financial instruments held by the Company at June 30, 2012 and December 31, 2011, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:

	June 30, 2012								December 31, 2011
Asset (liability)	Carrying Amount			Fair Value					Carrying Amount			Fair Value
				Level 1		Level 2						Level 1		Level 2
Cash and cash equivalents	$	189,103		$	189,103	$	—		$	78,603		$	78,603	$	—
Restricted cash	14,427			14,427		—			—			—		—
Current maturities of long-term debt	—			—		—			(28,110		)	—		(29,319		)
Long-term debt	(1,018,093		)	—		(1,185,347		)	(819,229		)	—		(994,851		)

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.

Variable Interest Entity

Rayonier holds a variable interest in a bankruptcy-remote, limited liability subsidiary ("special-purpose entity") which was created in 2004 when Rayonier monetized a $25.0 million installment note and letter of credit received in connection with a timberland sale. The Company contributed the note and a letter of credit to the special-purpose entity and using the installment note and letter of credit as collateral, the special-purpose entity issued $22.6 million of 15-year Senior Secured Notes and remitted cash of $22.6 million to the Company. There are no restrictions that relate to the transferred financial assets. Rayonier maintains a $2.6 million interest in the entity and receives immaterial cash payments equal to the excess of interest received on the installment note over the interest paid on the Senior Secured Notes. The Company's interest is recorded at fair value and is included in "Other Assets" in the Condensed Consolidated Balance Sheets. In addition, the Company calculated and recorded a de minimus guarantee liability to reflect its obligation of up to $2.6 million under a make-whole agreement pursuant to which it guaranteed certain obligations of the entity. This guarantee obligation is also collateralized by the letter of credit. The Company's interest in the entity, together with the make-whole agreement, represents the maximum exposure to loss as a result of the Company's involvement with the special-purpose entity. Upon maturity of the Senior Secured Notes in 2019 and termination of the special-purpose entity, Rayonier will receive the remaining $2.6 million of cash. The Company determined, based upon an analysis under the variable interest entity guidance, that it does not have the power to direct activities that most significantly impact the entity's economic success. Therefore, Rayonier is not the primary beneficiary and is not required to consolidate the entity.

Assets measured at fair value on a recurring basis are summarized below:

Asset	Carrying Value at June 30, 2012		Level 2		Carrying Value at December 31, 2011		Level 2
Investment in special-purpose entity	$	2,690	$	2,690	$	2,690	$	2,690

The fair value of the investment in the special-purpose entity is determined by summing the discounted value of future principal and interest payments that Rayonier will receive from the special-purpose entity. The interest rate of a similar instrument is used to determine the discounted value of the payments.

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Shareholders' Equity (Notes)

6 Months Ended

Jun. 30, 2012

Stockholders' Equity Note [Abstract]

Shareholders' Equity [Text Block]

6. SHAREHOLDERS’ EQUITY

An analysis of shareholders’ equity for the six months ended June 30, 2012 and the year ended December 31, 2011 is shown below (share amounts not in thousands):

	Common Shares					Retained Earnings			Accumulated Other Comprehensive Loss			Shareholders’ Equity
	Shares		Amount
Balance, December 31, 2010	121,023,140		$	602,882		$	717,058		$	(68,358	)	$	1,251,582
Net income	—		—			276,005			—			276,005
Dividends ($1.52 per share)	—		—			(186,828		)	—			(186,828		)
Issuance of shares under incentive stock plans	1,220,731		13,451			—			—			13,451
Stock-based compensation	—		16,181			—			—			16,181
Excess tax benefit on stock-based compensation	—		5,681			—			—			5,681
Repurchase of common shares	(208,694	)	(7,909		)	—			—			(7,909		)
Net loss from pension and postretirement plans	—		—			—			(46,263		)	(46,263		)
Foreign currency translation adjustment	—		—			—			3,546			3,546
Joint venture cash flow hedges	—		—			—			(2,373		)	(2,373		)
Balance, December 31, 2011	122,035,177		$	630,286		$	806,235		$	(113,448	)	$	1,323,073
Net income	—		—			122,515			—			122,515
Dividends ($0.80 per share)	—		—			(98,862		)	—			(98,862		)
Issuance of shares under incentive stock plans	672,859		3,980			—			—			3,980
Stock-based compensation	—		9,460			—			—			9,460
Excess tax benefit on stock-based compensation	—		4,234			—			—			4,234
Repurchase of common shares	(169,757	)	(7,783		)	—			—			(7,783		)
Amortization of gains/losses from pension and postretirement plans	—		—			—			6,541			6,541
Foreign currency translation adjustment	—		—			—			(2,255		)	(2,255		)
Joint venture cash flow hedges	—		—			—			(793		)	(793		)
Balance, June 30, 2012	122,538,279		$	640,177		$	829,888		$	(109,955	)	$	1,360,110

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Segment and Geographical Information (Notes)

6 Months Ended

Jun. 30, 2012

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment and Geographical Information [Text Block]

7. SEGMENT AND GEOGRAPHICAL INFORMATION

Rayonier operates in four reportable business segments: Forest Resources, Real Estate, Performance Fibers and Wood Products. Forest Resources sales include all activities that relate to the harvesting of timber. Real Estate sales include all property sales, including those designated for higher and better use ("HBU"). The assets of the Real Estate segment include HBU property held by the Company’s real estate subsidiary, TerraPointe LLC. The Performance Fibers segment includes two major product lines, cellulose specialties and absorbent materials. The Wood Products segment is comprised of lumber operations. The Company’s remaining operations include harvesting and selling timber acquired from third parties (log trading). These operations are reported in "Other Operations." 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 the operating income of the segments.

Operating income (loss) as presented in the Condensed Consolidated Statements of Income and Comprehensive Income is equal to segment income (loss). Certain income (loss) items in the Condensed Consolidated Statements of Income and Comprehensive Income are not allocated to segments. These items, which include gains (losses) from certain asset dispositions, interest income (expense), miscellaneous income (expense) and income tax (expense) benefit, are not considered by management to be part of segment operations.

Total assets, sales, operating income (loss) and depreciation, depletion and amortization by segment including Corporate were as follows:

	June 30,		December 31,
ASSETS	2012		2011
Forest Resources	$	1,627,553	$	1,603,515
Real Estate	112,555		102,682
Performance Fibers	769,780		646,447
Wood Products	21,294		21,264
Other Operations	21,735		24,576
Corporate and other	263,660		170,864
Total	$	2,816,577	$	2,569,348

	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2012			2011			2012			2011
Forest Resources	$	52,663		$	57,037		$	104,858		$	105,217
Real Estate	11,680			12,305			24,326			25,767
Performance Fibers	254,509			232,807			505,364			483,970
Wood Products	23,830			17,957			43,039			33,747
Other Operations	29,268			38,508			50,409			68,920
Intersegment Eliminations (a)	(24		)	(1,217		)	(290		)	(2,494		)
Total	$	371,926		$	357,397		$	727,706		$	715,127

(a) Intersegment eliminations primarily reflect sales from our Forest Resources segment to our Performance Fibers segment.

	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME (LOSS)	2012			2011			2012			2011
Forest Resources	$	8,249		$	11,838		$	16,254		$	22,888
Real Estate	5,999			5,009			12,477			12,380
Performance Fibers	83,727			71,102			164,357			146,811
Wood Products	4,129			(987		)	5,052			(534		)
Other Operations	1,148			(965		)	218			(166		)
Corporate and other	(4,662		)	(6,924		)	(15,758		)	(14,728		)
Total	$	98,590		$	79,073		$	182,600		$	166,651

	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2012		2011		2012		2011
Forest Resources	$	17,066	$	15,848	$	33,900	$	31,252
Real Estate	1,600		2,231		3,445		4,921
Performance Fibers	15,139		11,783		26,500		24,498
Wood Products	826		834		1,582		1,655
Corporate and other	375		298		747		537
Total	$	35,006	$	30,994	$	66,174	$	62,863

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Guarantees (Notes)

6 Months Ended

Jun. 30, 2012

Guarantees [Abstract]

Guarantees [Text Block]

9. GUARANTEES

The Company provides financial guarantees as required by creditors, insurance programs, and state and foreign governmental agencies. As of June 30, 2012, the following financial guarantees were outstanding:

Financial Commitments	Maximum Potential Payment		Carrying Amount of Liability
Standby letters of credit (a)	$	20,046	$	15,000
Guarantees (b)	2,555		43
Surety bonds (c)	7,159		1,389
Total financial commitments	$	29,760	$	16,432

(a) Approximately $15 million of the standby letters of credit serve as credit support for industrial revenue bonds. The remaining letters of credit support various insurance related agreements, primarily workers’ compensation and pollution liability policy requirements. These letters of credit will expire at various dates during 2012 and 2013 and will be renewed as required.

(b) In conjunction with a timberland sale and note monetization in the first quarter of 2004, the Company issued a make-whole agreement pursuant to which it guaranteed $2.6 million of obligations of a special-purpose entity that was established to complete the monetization. At June 30, 2012, the Company has a de minimus liability to reflect the fair market value of its obligation to perform under the make-whole agreement.

(c) Rayonier issues surety bonds primarily to secure timber harvesting obligations in the State of Washington and to provide collateral for the Company’s workers’ compensation self-insurance program in that state. These surety bonds expire at various dates between 2012 and 2014 and are expected to be renewed as required.

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Earnings Per Common Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended				6 Months Ended				12 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011		Dec. 31, 2011
Earnings Per Share [Abstract]
Net Income	$ 69,079		$ 56,454		$ 122,515		$ 114,865		$ 276,005
Shares used for determining basic earnings per share	122,455,464		121,692,663		122,403,388		121,557,144
Incremental Common Shares Attributable to Stock Options	669,298		741,561		692,622		731,064
Dilutive Effect of:
Incremental Common Shares Attributable to Performance and Restricted Shares	726,368		951,940		727,968		916,987
Assumed conversion of Senior Exchangeable Notes	2,669,808	[1],[2]	2,312,093	[1],[2]	2,830,382	[1],[2]	1,906,811	[1],[2]
Assumed conversion of warrants	890,189	[1],[2]	493,167	[1],[2]	1,077,217	[1],[2]	156,482	[1],[2]
Shares used for determining diluted earnings per common share	127,411,127		126,191,424		127,731,577		125,268,488
Basic earnings per common share	$ 0.56		$ 0.46		$ 1.00		$ 0.94
Diluted earnings per common share	$ 0.54		$ 0.45		$ 0.96		$ 0.92
Average Stock Price	$ 43.74		$ 42.77		$ 44.40		$ 41.25
Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member]
Statement [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	41.59				41.59
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
Statement [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	39.67				39.67

[1] Upon maturity of the Senior Exchangeable Notes (the "Notes"), Rayonier will not issue additional shares for the full difference between the strike price and the market price due to the offsetting exchangeable note hedges (the "hedges"). However, Accounting Standards Codification 260, Earnings Per Share requires the assumed conversion of the Notes to be included in dilutive shares if the average stock price for the period exceeds the strike prices, while the assumed conversion of the hedges are excluded since they are anti-dilutive. Rayonier will distribute additional shares upon maturity of the warrants if the stock price exceeds the strike prices of $41.59 for the Notes due 2012 and $39.67 for the Notes due 2015. For additional information on the potential dilutive impact of the Senior Exchangeable Notes, warrants and exchangeable note hedges, see Note 11 — Debt in the 2011 Annual Report on Form 10-K and Note 13 — Debt of this Form 10-Q.

[2] The higher shares used for determining earnings per common share were primarily due to an increase in the average stock price from $42.77 for the three months ended June 30, 2011 to $43.74 for the three months ended June 30, 2012 and from $41.25 for the six months ended June 30, 2011 to $44.40 for the six months ended June 30, 2012.

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Consolidating Financial Statements Text (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	October 2007
Debt Instrument, Face Amount	$ 300.0
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Debt Instrument, Maturity Date, Description	2012
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	August 2009
Debt Instrument, Face Amount	172.5
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Debt Instrument, Maturity Date, Description	2015
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	March 2012
Debt Instrument, Face Amount	$ 325.0
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Debt Instrument, Maturity Date, Description	2022

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Accumulated Other Comprehensive Loss (Notes)

6 Months Ended

Jun. 30, 2012

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

Accumulated Other Comprehensive Loss [Text Block]

14. ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated Other Comprehensive Loss was comprised of the following:

	June 30, 2012			December 31, 2011
Foreign currency translation adjustments	$	32,222		$	34,477
Joint venture cash flow hedges	(4,634		)	(3,841		)
Unrecognized losses of employee benefit plans, net of tax	(137,543		)	(144,084		)
Total	$	(109,955	)	$	(113,448	)

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Segment and Geographical Information (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Total assets, sales, operating income (loss) and depreciation, depletion and amortization by segment including Corporate were as follows:

	June 30,		December 31,
ASSETS	2012		2011
Forest Resources	$	1,627,553	$	1,603,515
Real Estate	112,555		102,682
Performance Fibers	769,780		646,447
Wood Products	21,294		21,264
Other Operations	21,735		24,576
Corporate and other	263,660		170,864
Total	$	2,816,577	$	2,569,348

	Three Months Ended June 30,						Six Months Ended June 30,
SALES	2012			2011			2012			2011
Forest Resources	$	52,663		$	57,037		$	104,858		$	105,217
Real Estate	11,680			12,305			24,326			25,767
Performance Fibers	254,509			232,807			505,364			483,970
Wood Products	23,830			17,957			43,039			33,747
Other Operations	29,268			38,508			50,409			68,920
Intersegment Eliminations (a)	(24		)	(1,217		)	(290		)	(2,494		)
Total	$	371,926		$	357,397		$	727,706		$	715,127

(a) Intersegment eliminations primarily reflect sales from our Forest Resources segment to our Performance Fibers segment.

	Three Months Ended June 30,						Six Months Ended June 30,
OPERATING INCOME (LOSS)	2012			2011			2012			2011
Forest Resources	$	8,249		$	11,838		$	16,254		$	22,888
Real Estate	5,999			5,009			12,477			12,380
Performance Fibers	83,727			71,102			164,357			146,811
Wood Products	4,129			(987		)	5,052			(534		)
Other Operations	1,148			(965		)	218			(166		)
Corporate and other	(4,662		)	(6,924		)	(15,758		)	(14,728		)
Total	$	98,590		$	79,073		$	182,600		$	166,651

	Three Months Ended June 30,				Six Months Ended June 30,
DEPRECIATION, DEPLETION AND AMORTIZATION	2012		2011		2012		2011
Forest Resources	$	17,066	$	15,848	$	33,900	$	31,252
Real Estate	1,600		2,231		3,445		4,921
Performance Fibers	15,139		11,783		26,500		24,498
Wood Products	826		834		1,582		1,655
Corporate and other	375		298		747		537
Total	$	35,006	$	30,994	$	66,174	$	62,863

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Debt (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	May 15, 2012	Apr. 09, 2012
Debt Instrument [Line Items]
Debt Covenant Requirement, Threshold of Individual Sales to Qualify as Excess Timberland Sales Proceeds	$ 10
Debt Covenant Requirement, Limit of Non-reinvestment of Excess Timberland Sales Proceeds	50
Debt Covenant Requirement, Period of Repayment Offer, Period Start			April 2012
Debt Covenant Requirement, Amount of Repayment Offer			59.9
Debt Covenant Requirement, Period of Repayment Offer, Period End		May 15, 2012
Debt Covenant Requirement, Excess Timberland Sales Proceeds After Repayment Offer	zero
April 2011 Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	150
Line of Credit Facility, Remaining Borrowing Capacity	430
Senior Notes due 2022 at a fixed interest rate of 3.75% [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	March 2012
Debt Instrument, Face Amount	325.0
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Debt Instrument, Maturity Date, Description	2022
Senior Exchangeable Notes due 2012 at a fixed interest rate of 3.75% [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	October 2007
Debt Instrument, Face Amount	300.0
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Debt Instrument, Maturity Date, Description	2012
Debt Instrument, Maturity Date	Oct. 15, 2012
Debt Instrument, Exchange Feature, Exchange Period, Beginning Date	Jul. 15, 2012
Senior Exchangeable Notes due 2015 at a fixed interest rate of 4.50% [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	August 2009
Debt Instrument, Face Amount	172.5
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Debt Instrument, Maturity Date, Description	2015
Debt Instrument, Exchange Feature, Exchange Period, End Date	Jun. 30, 2012
Debt Instrument, Exchange Feature, Description	Per the indenture, in order for the notes to become exchangeable, the Company's stock price must exceed 130 percent of the exchange price for 20 trading days during a period of 30 consecutive trading days as of the last day of the quarter.
Debt Instrument, Exchange Feature, Exchange Period, Beginning Date	Mar. 31, 2012
Installment note due 2014 at a fixed interest rate of 8.64% [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 112.5

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Fair Value Measurements Carrying Amounts and Fair Values (Details) (USD $) In Thousands, unless otherwise specified			6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2012 Cash, Cash Equivalents and Restricted Cash [Member]	Jun. 30, 2012 Borrowings [Member]	Jun. 30, 2012 Carrying Amount	Dec. 31, 2011 Carrying Amount	Jun. 30, 2012 Fair Value Level 1	Dec. 31, 2011 Fair Value Level 1	Jun. 30, 2012 Fair Value Level 2	Dec. 31, 2011 Fair Value Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents					$ 189,103	$ 78,603	$ 189,103	$ 78,603	$ 0	$ 0
Restricted cash	14,400	0			14,427	0	14,427	0	0	0
Current maturities of long-term debt	0	(28,110)			0	(28,110)	0	0	0	(29,319)
Long-term debt	$ (1,018,093)	$ (819,229)			$ (1,018,093)	$ (819,229)	$ 0	$ 0	$ (1,185,347)	$ (994,851)
Fair Value Measurements, Valuation Techniques			The carrying amount is equal to fair market value	The fair value of fixed rate debt is based upon quoted market prices for debt with similar terms and maturities.

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current Assets:
Accounts receivable, allowance for doubtful accounts	$ 350	$ 399
Shareholders' Equity:
Common stock, shares authorized	480,000,000	240,000,000
Common stock, shares issued	122,538,279	122,035,177
Common stock, shares outstanding	122,538,279	122,035,177

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Income Taxes (Notes)

6 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Abstract]

Income Taxes [Text Block]

3. INCOME TAXES

Rayonier is a real estate investment trust ("REIT"). In general, only the taxable REIT subsidiaries, whose businesses include the Company's non-REIT qualified activities, are subject to corporate income taxes. However, the Company is subject to U.S. federal corporate income tax on built-in gains (the excess of fair market value over tax basis for property held upon REIT election at January 1, 2004) on taxable sales of such property during calendar years 2004 through 2010 and 2012 through 2013. In 2011, the law provided a built-in-gains tax holiday. Accordingly, the provision for corporate income taxes relates principally to current and deferred taxes on taxable REIT subsidiaries' income and certain property sales.

The Company's effective tax rate is below the 35 percent U.S. statutory tax rate primarily due to tax benefits associated with being a REIT. Effective tax rates for the quarter and year-to-date were 16.4 percent and 20.8 percent compared to 15.4 percent and 18.7 percent in 2011, respectively. The higher tax rate in 2012 was due to proportionately higher expected earnings from our taxable REIT subsidiaries, which was partially offset by the tax credit exchange discussed below.

The U.S. Internal Revenue Code allowed two credits for taxpayers that produced and used an alternative fuel in the operation of their business through December 31, 2009. The alternative fuel mixture credit ("AFMC") was a $.50 per gallon refundable, non-taxable excise tax credit, while the cellulosic biofuel producer credit ("CBPC") was a $1.01 per gallon credit that is nonrefundable, taxable and has limitations based on an entity's tax liability. Rayonier produces and uses an alternative fuel ("black liquor") at its Jesup, Georgia and Fernandina Beach, Florida Performance Fibers mills, which qualified for both credits. The Company claimed the AFMC on its 2009 tax return.

In the second quarters of 2012 and 2011, management approved the exchange of approximately 60 million gallons and 30 million gallons, respectively, of black liquor previously claimed for the AFMC for the CBPC. In order to complete the exchange, Rayonier is required to pay the IRS interest related to funds received for the AFMC in 2010. The net impact of the exchanges was $5.7 million and $4.1 million for the three months ended June 30, 2012 and 2011, respectively. The 2012 net benefit is recorded separately as a tax benefit of $9.1 million and interest expense of $3.4 million. There was minimal interest expense in 2011 related to the exchange. For additional information on the AFMC and CBPC, see Note 8 — Income Taxes in the Company's Annual Report on Form 10-K for the year ended December 31, 2011.

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying amount, estimated fair values and categorization under the fair value hierarchy of financial instruments held by the Company at June 30, 2012 and December 31, 2011, using market information and what the Company believes to be appropriate valuation methodologies under generally accepted accounting principles:

	June 30, 2012								December 31, 2011
Asset (liability)	Carrying Amount			Fair Value					Carrying Amount			Fair Value
				Level 1		Level 2						Level 1		Level 2
Cash and cash equivalents	$	189,103		$	189,103	$	—		$	78,603		$	78,603	$	—
Restricted cash	14,427			14,427		—			—			—		—
Current maturities of long-term debt	—			—		—			(28,110		)	—		(29,319		)
Long-term debt	(1,018,093		)	—		(1,185,347		)	(819,229		)	—		(994,851		)

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

Assets measured at fair value on a recurring basis are summarized below:

Asset	Carrying Value at June 30, 2012		Level 2		Carrying Value at December 31, 2011		Level 2
Investment in special-purpose entity	$	2,690	$	2,690	$	2,690	$	2,690

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Joint Venture Investment (Details) (Matariki [Member])	Jun. 30, 2012 Acres
Matariki [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	26.00%
Acres Of Timberland Owned By Joint Venture	300,000

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Debt (Notes)

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Debt [Text Block]

13. DEBT

In March 2012, Rayonier issued $325 million of 3.75% Senior Notes due 2022. Approximately $150 million of the proceeds from these notes were used to repay borrowings outstanding under the Company's revolving credit facility. The Company had $430 million of available borrowing capacity under the revolving credit facility at June 30, 2012. The $300 million Senior Exchangeable Notes, which became exchangeable on July 15, 2012 and will remain so through maturity on October 15, 2012, are included in long-term debt due to the ability and intent of the Company to refinance them on a long-term basis.

As of March 31, 2012, the $172.5 million4.50% Senior Exchangeable Notes due 2015 became exchangeable at the option of the holders for the calendar quarter ending June 30, 2012. Per the indenture, in order for the notes to become exchangeable, the Company's stock price must exceed 130 percent of the exchange price for 20 trading days during a period of 30 consecutive trading days as of the last day of the quarter. During the quarter ending June 30, 2012, the note holders did not elect to exercise the exchange option. Based upon the average stock price for the 30 trading days ending June 30, 2012, these notes are not exchangeable in third quarter 2012.

An asset sales covenant in the Rayonier Forest Resources ("RFR") $112.5 million installment note agreement requires the Company, subject to certain exceptions, to either reinvest cumulative timberland sale proceeds for individual sales greater than $10 million (the "excess proceeds") in timberland-related investments or, once the amount of excess proceeds not reinvested exceeds $50 million, to offer the note holders prepayment of the notes ratably in the amount of the excess proceeds. During April 2012, the excess proceeds exceeded the $50 million limit and as a result, repayment of $59.9 million was offered to the note holders through May 15, 2012, at which time they declined and the excess proceeds were reset to zero.    

There were no other significant changes to the Company's outstanding debt as reported in Note 11 — Debt of the Company's 2011 Annual Report on Form 10-K.