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Document and Entity Information Document (USD $)
12 Months Ended
Dec. 31, 2013
Nov. 03, 2014
Jun. 30, 2013
Document and Entity Information [Abstract]      
Entity Registrant Name RAYONIER INC.    
Trading Symbol RYN    
Entity Central Index Key 0000052827    
Current Fiscal Year End Date --12-31    
Entity Filer Category Large Accelerated Filer    
Document Type 10-K/A    
Document Period End Date Dec. 31, 2013    
Document Fiscal Year Focus 2013    
Document Fiscal Period Focus FY    
Amendment Flag true    
Entity Common Stock, Shares Outstanding   126,726,146  
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 6,925,214,692
Amendment Description This Amendment No. 1 to the Annual Report on Form 10-K (this “Amended Form 10-K”) of Rayonier Inc. (the “Company”) for the fiscal year ended December 31, 2013 is being filed to amend and restate in their entirety the following items of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 that was filed on February 28, 2014 (the “Initial Form 10-K”): (i) Item 1 of Part I, “Business,” (ii) Item 1A of Part I, “Risk Factors,” (iii) Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations;” (iv) Item 8 of Part II, “Financial Statements and Supplementary Data,” (v) Item 9A of Part II, “Controls and Procedures” and (vi) Item 15 of Part IV, “Exhibits, Financial Statement Schedules.” On June 27, 2014, the Company spun off its Performance Fibers business to its shareholders as a newly formed publicly traded company named Rayonier Advanced Materials Inc. Following the spin-off, new management conducted a review of the Company’s operations and business strategies and identified issues related to its historical timber harvest levels, its estimate of merchantable timber inventory and the effect of such estimate on its calculation of depletion expense in each of the quarterly periods ended March 31, 2014 and June 30, 2014. At the direction of the Company’s Board of Directors, management commenced an internal review of these matters with the assistance of independent counsel, forensic accountants and financial advisers. As a result of the internal review, the Company concluded that it had previously included in its merchantable timber inventory for 2014 disclosed in Part I, Item 1 of the Initial Form 10-K, timber in specially designated parcels located in restricted, environmentally sensitive or economically inaccessible areas, which was incorrect, inconsistent with its definition of merchantable timber inventory, and a significant change from prior years. This Amended Form 10-K clarifies the Company’s current definition of merchantable timber inventory and, as further described in the table set forth below, corrects the disclosure of merchantable timber inventory as of December 31, 2013 in Part I, Item 1 of the Initial Form 10-K, consistent with that definition. In addition, the Company concluded that it understated its depletion expense in cost of goods sold (referred to as “Cost of sales” in the Company’s consolidated statements of income and comprehensive income) by approximately $2.0 million in each of the quarterly periods ended March 31, 2014 and June 30, 2014, which resulted in a corresponding overstatement of income from continuing operations of $1.9 million and $2.0 million, respectively, in those periods. The Company has filed, concurrently with this Amended Form 10-K, amendments to its Forms 10-Q for the quarterly periods ended March 31, 2014 and June 30, 2014 and restated its interim consolidated financial statements for those periods. Management and Ernst & Young LLP, the Company’s independent registered public accounting firm (“E&Y”), originally concluded that there was not a material weakness in the Company's internal control over financial reporting as of December 31, 2013, and this conclusion was reflected in the Initial Form 10-K. Subsequent to the Initial Form 10-K and in connection with the restatement discussed above, under the direction of the Company’s Chief Executive Officer and Chief Financial Officer, management conducted a reevaluation of the effectiveness of the Company’s internal control over financial reporting. After extensive consultation with E&Y and the Company’s forensic accountants, management has now concluded that the Company did not maintain effective control, as of December 31, 2013, over the accounting for depletion expense. Specifically, the Company’s controls related to the preparation and review of the annual depletion calculation which commenced in 2013 were not adequate to ensure that the changes in depletion rate estimates used to recognize depletion expense in 2014 were in accordance with accounting principles generally accepted in the United States of America. Further, these controls relied, in part, on electronic data from information technology systems with ineffective user access and program change management general controls. Accordingly, management has now concluded that the Company's internal control over financial reporting was ineffective at December 31, 2013 based on the aggregation of these deficiencies. E&Y has reached the same conclusion. As such, both management’s assessment and the report of E&Y on internal control over financial reporting as of December 31, 2013 should no longer be relied upon. E&Y has not withdrawn its audit report on the financial statements included in the Initial Form 10-K. However, the Company is filing this Amended Form 10-K to revise Management’s Report on Internal Control over Financial Reporting and the Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting, in each case, disclosing management’s determination that, as of December 31, 2013, there was a material weakness in the Company's internal control over financial reporting. However, the Company has concluded that the existence of this material weakness did not result in a material misstatement of the financial statements included in the Initial Form 10-K. In this regard, the Company determined that errors in depletion expense calculated in the years ended December 31, 2013 and 2012 were immaterial and did not require restatement. The cumulative effect of the immaterial errors in depletion expense for these and prior periods are reflected in the Company’s financial statements for the third quarter of 2014 as an out-of-period adjustment. This Amended Form 10-K sets forth the Initial Form 10-K in its entirety; however, pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amended Form 10-K amends and restates only the following Items of the Initial Form 10-K, and only with respect to the correction of merchantable timber inventory as of December 31, 2013 and matters relating to the material weaknesses in internal control over financial reporting: Part I Item 1. Business Item 1A. Risk Factors Part II Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 8. Financial Statements and Supplementary Data Item 9A. Controls and Procedures Part IV Item 15. Exhibits, Financial Statement Schedules With respect to Item 15, we are including for filing with this Amended Form 10-K only (i) certifications from our Chief Executive Officer and Chief Financial Officer as Exhibits 31.1 and 31.2, (ii) updated consents from E&Y and Deloitte & Touche LLP as Exhibits 23.1 and 23.2, (iii) updated powers of attorney as Exhibit 24, and (iv) various exhibits related to XBRL. Except as otherwise set forth in this Explanatory Note, this Amended Form 10-K does not modify or update other disclosures presented in the Initial Form 10-K. Accordingly, except for the items identified above, this Amended Form 10-K speaks as of February 28, 2014, the date of the Initial Form 10-K, and any forward-looking statements represent management’s views as of the date of the Initial Form 10-K and should not be assumed to be correct as of any date thereafter. This Amended Form 10-K should be read in conjunction with our other filings made with the Securities and Exchange Commission subsequent to the date of the Initial Form 10-K.